0000950170-24-092275 | 10-Q | XBRL Viewer

Print Document

Fair Value Measurements - Schedule of Assets Measured at Fair Value on Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Restricted cash	$ 5,841	$ 5,811
Total	704,460	439,152
Money Market Fund
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash equivalents	36,428	78,010
US government agencies
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash equivalents	2,995
Marketable securities, current	90,727	114,384
Marketable securities, non-current	30,470	28,307
Commercial Paper
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash equivalents	10,960	997
Marketable securities, current	23,588
Corporate Bonds
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Marketable securities, current	163,068	127,278
Marketable securities, non-current	133,375	33,127
US Treasuries
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash equivalents	13,450	27,985
Marketable securities, current	164,958	23,253
Marketable securities, non-current	28,600
Level 1
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Restricted cash	5,841	5,811
Total	249,277	136,056
Level 1 \| Money Market Fund
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash equivalents	36,428	78,010
Level 1 \| US government agencies
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash equivalents	0
Level 1 \| Commercial Paper
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash equivalents	0	997
Level 1 \| US Treasuries
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash equivalents	13,450	27,985
Marketable securities, current	164,958	23,253
Marketable securities, non-current	28,600
Level 2
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total	455,183	303,096
Level 2 \| US government agencies
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash equivalents	2,995
Marketable securities, current	90,727	114,384
Marketable securities, non-current	30,470	28,307
Level 2 \| Commercial Paper
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash equivalents	10,960
Marketable securities, current	23,588
Level 2 \| Corporate Bonds
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Marketable securities, current	163,068	127,278
Marketable securities, non-current	$ 133,375	$ 33,127

Other Commitments and Contingencies	6 Months Ended
Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Other Commitments and Contingencies	9. Other Commitments and Contingencies Legal Proceedings In the ordinary course of business, the Company may be subject to legal proceedings, claims and litigation as the Company operates in an industry susceptible to patent legal claims. The Company accounts for estimated losses with respect to legal proceedings and claims when such losses are probable and estimable. Legal costs associated with these matters are expensed when incurred. The Company is not currently a party to any legal proceedings. Indemnification Arrangements As permitted under Delaware law, the Company has agreements whereby it indemnifies its investors, employees, officers, and directors (collectively, the “Indemnified Parties”) for certain events or occurrences while the Indemnified Parties are, or were serving, at its request in such capacity. The term of the indemnification period is for the Indemnified Parties’ lifetime. The Company believes the estimated fair value of these indemnification agreements is minimal. The Company enters into standard indemnification agreements in the ordinary course of business. Pursuant to these agreements, the Company indemnifies, holds harmless, and agrees to reimburse the indemnified party for losses suffered or incurred by the indemnified party, generally the Company’s business partners or customers, in connection with any U.S. patent or any copyright or other intellectual property infringement claim by any third party with respect to the Company’s products. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is unlimited. The Company is not aware of any claims under indemnification arrangements, and it has not accrued any liabilities related to such obligations as of June 30, 2024 or December 31, 2023.

Other Commitments and Contingencies

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Other Commitments and Contingencies

9. Other Commitments and Contingencies

Legal Proceedings

In the ordinary course of business, the Company may be subject to legal proceedings, claims and litigation as the Company operates in an industry susceptible to patent legal claims. The Company accounts for estimated losses with respect to legal proceedings and claims when such losses are probable and estimable. Legal costs associated with these matters are expensed when incurred. The Company is not currently a party to any legal proceedings.

Indemnification Arrangements

As permitted under Delaware law, the Company has agreements whereby it indemnifies its investors, employees, officers, and directors (collectively, the “Indemnified Parties”) for certain events or occurrences while the Indemnified Parties are, or were serving, at its request in such capacity. The term of the indemnification period is for the Indemnified Parties’ lifetime. The Company believes the estimated fair value of these indemnification agreements is minimal. The Company enters into standard indemnification agreements in the ordinary course of business. Pursuant to these agreements, the Company indemnifies, holds harmless, and agrees to reimburse the indemnified party for losses suffered or incurred by the indemnified party, generally the Company’s business partners or customers, in connection with any U.S. patent or any copyright or other intellectual property infringement claim by any third party with respect to the Company’s products. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is unlimited. The Company is not aware of any claims under indemnification arrangements, and it has not accrued any liabilities related to such obligations as of June 30, 2024 or December 31, 2023.

Leases - Summary of Undiscounted Future Lease Payments for Operating and Finance Leases (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Operating Leases
2024 (excluding the first and second quarters)	$ 5,907
2025	12,074
2026	12,436
2027	12,809
2028	13,193
Thereafter	74,424
Total minimum lease payments	130,843
Less amounts representing interest or imputed interest	(44,597)
Present value of lease liabilities	86,246
Finance Leases
2024 (excluding the first and second quarters)	525
2025	915
2026	566
2027	108
2028	0
Thereafter	0
Total minimum lease payments	2,114
Less amounts representing interest or imputed interest	(179)
Present value of lease liabilities	$ 1,935

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (42,062)	$ (38,799)	$ (90,619)	$ (79,727)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-10

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479105/946-220-45-7

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 23: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 34: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Organization and Nature of Business - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended	6 Months Ended
	Jan. 09, 2024	Aug. 18, 2022	Mar. 31, 2024	Jun. 30, 2024	Dec. 31, 2023
Organization and Nature of Business [Line Items]
Accumulated deficit				$ 621,371	$ 530,752
Cash, cash equivalents and marketable securities				702,400
Aggregate proceeds from issuance of private placement				$ 14,900
Common Stock Per Share Exercise Price				$ 0.0001	$ 0.0001
Pre-funded warrants
Organization and Nature of Business [Line Items]
Pre-funded warrants outstanding			11,640,594
Warrants exercised			0
Increase or decrease pre-funded warrants, maximum			19.99%
Minimum pre-funded warrants, exercise			4.99%
Maximum pre-funded warrants, exercise			9.99%
Prior notice period, minimum			61 days
Underwriters
Organization and Nature of Business [Line Items]
Issuance of shares, Shares	1,633,663
Private Investment in Public Equity "PIPE"
Organization and Nature of Business [Line Items]
Issuance of shares, Shares		2,769,228
Common stock per share		$ 26
Pre-funded warrants to purchase		$ 3,000,000
Pre-funded warrant purchase price		$ 25.9999
Pre-funded warrants per share		$ 0.0001
Offering expenses		$ 149,800
2024 Follow-on Public Offering
Organization and Nature of Business [Line Items]
Issuance of shares, Shares	3,884,158
Common stock per share	$ 25.25
Aggregate Gross Proceeds	$ 316,200
2024 Follow-on Public Offering \| Pre-funded warrants
Organization and Nature of Business [Line Items]
Pre-funded warrant purchase price	$ 25.2499
2024 Follow-on Public Offering \| Common Stock \| Pre-funded warrants
Organization and Nature of Business [Line Items]
Number of Common Stock Purchased in Place of Pre funded Warrants	8,640,594
Common Stock Per Share Exercise Price	$ 0.0001

Equity-Based Compensation - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Aug. 20, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity-based compensation expense	$ 14,341,000	$ 11,181,000	$ 26,309,000	$ 20,565,000
Research and Development Expense
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity-based compensation expense	7,257,000	5,704,000	13,340,000	10,432,000
General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity-based compensation expense	7,084,000	5,477,000	12,969,000	10,133,000
Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Intrinsic value of stock options exercised	$ 1,800,000	$ 1,400,000	$ 8,600,000	$ 6,900,000
Weighted-average fair value of options granted	$ 19.28	$ 17.5	$ 25.92	$ 18.45
Unrecognized stock-based compensation expense	$ 90,900,000		$ 90,900,000
Unrecognized compensation cost, recognition period			2 years 3 months 18 days
Equity-based compensation expense	12,241,000	$ 10,086,000	$ 22,603,000	$ 18,619,000
Employee Stock Option \| Research and Development Expense
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity-based compensation expense	5,935,000	4,976,000	10,975,000	9,160,000
Employee Stock Option \| General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity-based compensation expense	$ 6,306,000	$ 5,110,000	$ 11,628,000	$ 9,459,000
Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation cost, recognition period			2 years 3 months 18 days
Granted	12,150	47,697	243,984	263,986
Unrecognized stock-based compensation expense	$ 17,400,000		$ 17,400,000
Equity-based compensation expense	1,900,000	$ 900,000	3,300,000	$ 1,500,000
Restricted Stock \| Research and Development Expense
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity-based compensation expense	1,200,000	600,000	2,100,000	1,000
Restricted Stock \| General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity-based compensation expense	$ 700,000	$ 300,000	$ 1,200,000	$ 500,000
2020 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares authorized for issuance under plan					4,457,370
Maximum number of shares to be issued, percentage			4.00%
Shares remaining available for future grants	3,668,601		3,668,601
2020 ESPP
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares authorized for issuance under plan					445,653
Shares remaining available for future grants	1,957,168		1,957,168
Share-based compensation, description			The 2020 ESPP initially reserved and authorized the issuance of up to a total of 445,653 shares of common stock to participating employees. The 2020 ESPP provides that the number of shares reserved and available for issuance will automatically increase on January 1, 2021 and each January 1 thereafter through January 1, 2030, by the lesser of (i) 438,898 shares of common stock, (ii) 1% of the Company’s outstanding number of shares of common stock on the immediately preceding December 31 or (iii) such lesser number of shares of common stock as determined by the administrator of the 2020 ESPP
2020 ESPP \| Lesser of Potential Outcome 1
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Maximum number of shares to be issued, percentage			1.00%
Number of additional shares authorized			438,898
2018 Plan \| Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted			243,984

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Assets Measured at Fair Value on Recurring Basis

The following tables present information about the Company’s financial assets measured at fair value on a recurring basis and indicates the level of the fair value hierarchy utilized to determine such fair values as of June 30, 2024 and December 31, 2023 (in thousands):


	Fair Value Measurements at June 30, 2024:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents
Money market fund	$	36,428	$	—	$	—	$	36,428
US treasuries		13,450		—		—		13,450
US government agencies		—		2,995		—		2,995
Commercial Paper		—		10,960		—		10,960
Marketable securities, current
US treasuries		164,958		—		—		164,958
US government agencies		—		90,727		—		90,727
Commercial Paper		—		23,588		—		23,588
Corporate bonds		—		163,068		—		163,068
Marketable securities, non-current
US treasuries		28,600		—		—		28,600
US government agencies		—		30,470		—		30,470
Corporate bonds		—		133,375		—		133,375
Restricted cash		5,841		—		—		5,841
Total	$	249,277	$	455,183	$	—	$	704,460


	Fair Value Measurements at December 31, 2023:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents
Money market fund	$	78,010	$	—	$	—	$	78,010
US treasuries		27,985		—		—		27,985
Commercial Paper		997		—		—		997
Marketable securities, current
US treasuries		23,253		—		—		23,253
US government agencies		—		114,384		—		114,384
Corporate bonds		—		127,278		—		127,278
Marketable securities, non-current
US treasuries		—		—		—		-
US government agencies		—		28,307		—		28,307
Corporate bonds		—		33,127		—		33,127
Restricted cash		5,811						5,811
Total	$	136,056	$	303,096	$	—	$	439,152

Marketable Securities (Tables)

6 Months Ended

Jun. 30, 2024

Marketable Securities [Abstract]

Summary of Available-for-Sale Debt Securities

The following tables summarize the available-for-sale debt securities held at June 30, 2024 and December 31, 2023 (in thousands):


Description	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
June 30, 2024
US treasury securities	$	193,850	$	6	$	(298	)	$	193,558
US government agencies		121,559		3		(365	)	$	121,197
Commercial Paper		23,621		—		(33	)	$	23,588
Corporate securities		297,847		—		(1,404	)	$	296,443
Total	$	636,877	$	9	$	(2,100	)	$	634,786


Description	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
December 31, 2023
US treasury securities	$	23,361	$	5	$	(113	)	$	23,253
US government agencies		142,948		48		(305	)		142,691
Corporate securities		160,598		113		(306	)		160,405
Total	$	326,907	$	166	$	(724	)	$	326,349

- Definition

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

+ References

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

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

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

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

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

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

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

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

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

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

+ Details

Collaborations - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended			6 Months Ended		12 Months Ended
	Jul. 07, 2020	May 09, 2019	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Unsatisfied performance obligation			$ 49,100			$ 49,100
Cost reimbursement payment received						5,800
Unbilled accounts receivable			1,700			1,700
Research and development			59,202		$ 45,767	$ 108,021	$ 87,994
Remaining research term of collaboration						1 year 3 months 18 days
Revenue recognized			25,650		16,513	$ 35,937	25,979
Deferred Revenue			5,900			5,900
Revenue Recognized						55,000
Milestone Two [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Revenue recognized recorded in deferred revenue			6,400			8,800
Unconstrained Consideration				$ 55,000				$ 55,000
Collaboration Target 1
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Collaboration revenue recognised			19,400
Sanofi Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Upfront payment	$ 150,000
Collaboration agreement transaction price	150,000
Revenue recognized recorded in deferred revenue			25,700		9,900	35,900	17,600
Unsatisfied performance obligation			22,400	54,700		22,400		54,700
Revenue recognized						35,900		32,600
Sanofi Agreement \| Milestone One [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Collaboration revenue recognised				40,000
Sanofi Agreement \| Milestone Two [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Collaboration revenue recognised				15,000
Sanofi Agreement \| Collaboration Target 1
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Collaboration agreement transaction price	120,000
Revenue recognized recorded in deferred revenue					8,800		15,900
Sanofi Agreement \| Collaboration Target 2
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Collaboration agreement transaction price	30,000
Revenue recognized recorded in deferred revenue					1,100		1,700
Sanofi Agreement \| Maximum
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Development milestone payments	1,480,000
Commercial Milestone Payments	700,000
Sanofi Agreement \| Minimum \| IRAK4 Program
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Development milestone payments	1,000,000
Commercial Milestone Payments	$ 400,000
Vertex Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Unsatisfied performance obligation			0	$ 0		0		$ 0
Initial research term of collaboration		4 years
Extended research term of collaboration		1 year
Revenue recognized			$ 0		$ 6,600	$ 0	$ 8,400
Vertex Agreement \| Series B-1 Preferred Stock
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Collaboration agreement transaction price		$ 55,900
Non refundable upfront payment received		$ 50,000
Issuance of shares, Shares		3,059,695
Stock issued price per share		$ 6.54
Preferred stock premium		$ 5,900
Vertex Agreement \| Maximum
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Eligible to receive payments including development, regulatory and commercial milestones		$ 170,000

Leases - Components of Lease Costs (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 costs	$ 2,501	$ 2,521	$ 4,991	$ 5,042
Amortization of right-to-use assets, finance leases	381	370	795	739
Interest expense for finance lease liabilities	41	44	90	96
Variable lease costs	1,386	220	2,590	440
Total lease costs	$ 4,309	$ 3,155	$ 8,466	$ 6,317

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Operating activities
Net loss	$ (90,619)	$ (79,727)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	26,309	20,565
Lease impairment charge	4,925	0
Depreciation and amortization	3,399	1,779
Premiums and discounts on available-for-sale marketable securities	(7,093)	(2,743)
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(2,076)	(3,994)
Accounts receivable	15,000	0
Contract asset	2,059	(1,585)
Other long term assets	227	0
Accounts payable	106	(513)
Accrued expenses and other current liabilities	(7,591)	(6,252)
Deferred revenue	(32,203)	(18,537)
Operating lease right-of-use assets	1,244	2,055
Operating lease liabilities	4,149	9,554
Other assets and liabilities	(363)	174
Net cash used in operating activities	(82,527)	(79,224)
Investing activities
Purchase of property and equipment, net	(12,091)	(14,777)
Purchases of investments	(526,860)	(114,477)
Maturities of investments	223,986	189,677
Net cash (used in) provided by investing activities	(314,965)	60,423
Financing activities
Proceeds from issuance of common stock and accompanying pre-funded warrants from public offering, net of underwriting discounts and issuance costs	301,373	0
Proceeds from issuance of common stock through At-The Market Sales Agreement, net of issuance costs	48,740	0
Proceeds from stock option exercises	4,562	2,163
Proceeds from employee stock purchase plan	1,135	962
Payments on finance leases	(642)	(661)
Net cash provided by financing activities	355,168	2,464
Net decrease in cash, cash equivalents and restricted cash	(42,324)	(16,337)
Cash, cash equivalents and restricted cash at beginning of period	115,777	74,524
Cash, cash equivalents and restricted cash at end of period	73,453	58,187
Supplemental disclosure of cash flow activities
Right-of-use assets obtained in exchange for new operating lease liabilities	0	48,833
Cash paid for interest	90	78
Supplemental disclosure of noncash investing and financing activities
Property and equipment purchases included in accounts payable and accrued expenses	853	1,061
Cash and cash equivalents	67,612	52,386
Restricted cash	5,841	5,801
Total cash, cash equivalents, and restricted cash	$ 73,453	$ 58,187

Equity-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2024

Summary of Stock Option Activity

A summary of stock option activity under the 2020 Plan during the six months ended June 30, 2024 is as follows (in thousands except share and per share data):


	Number of Options Outstanding			Weighted Average Strike Price per Option		Weighted Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value
Outstanding at December 31, 2023		8,113,164		$	28.25		7.69	$	49,622
Granted		2,393,371			42.02
Exercised		(355,339	)		12.84
Forfeited		(248,360	)		34.29
Outstanding at June 30, 2024		9,902,836		$	31.98		7.80	$	57,034
Exercisable at June 30, 2024		5,684,450		$	27.94		6.86	$	53,039

Summary of Equity-Based Compensation Expense

The following table outlines our equity-based compensation expense for stock options for the three and six months ended June 30, 2024 and 2023:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Research and development	$	5,935	$	4,976	$	10,975	$	9,160
General and administrative		6,306		5,110		11,628		9,459
Total equity-based compensation	$	12,241	$	10,086	$	22,603	$	18,619

Summary of Weighted-Average Assumptions

The weighted-average assumptions that the Company used in the Black-Scholes option pricing model to determine the grant date fair value of stock options granted to employees and non-employees for the three and six months ended June 30, 2024 and 2023 were as follows:


	Three Months Ended June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
Expected term (in years)		5.71			5.95			5.78			5.85
Volatility		65	%		62	%		65	%		62	%
Risk-free interest rate		4.25	%		3.71	%		4.14	%		4.06	%
Dividend yield		0.00	%		0.00	%		0.00	%		0.00	%

Employee Stock Option

Summary of Equity-Based Compensation Expense

Total equity-based compensation expense recorded as research and development and general and administrative expenses for employees, directors, and non-employees during the three and six months ended June 30, 2024 and 2023 is as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Research and development	$	7,257	$	5,704	$	13,340	$	10,432
General and administrative		7,084		5,477		12,969		10,133
Total equity-based compensation	$	14,341	$	11,181	$	26,309	$	20,565

Summary of Restricted Stock Activity

The Company has granted shares of restricted stock units with service-based and performance-based vesting conditions. A summary of restricted stock activity during the six months ended June 30, 2024 is as follows:


	Number of Units Outstanding			Grant Date Fair Value per Share
Unvested at December 31, 2023		593,140		$	25.36
Granted		243,984			42.73
Vested		(163,903	)		25.32
Forfeited		(36,636	)		27.24
Unvested at June 30, 2024		636,585		$	31.92

Accrued Expenses - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Accrued Liabilities, Current [Abstract]
Research and development expenses	$ 12,358	$ 15,099
Payroll and payroll-related	6,141	11,227
Professional fees	4,200	3,854
Other	1,081	3,684
Accrued expenses	$ 23,780	$ 33,864

Property and Equipment - Summary of Property and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Property Plant And Equipment [Line Items]
Total property and equipment	$ 64,210	$ 58,574
Less accumulated depreciation	(12,475)	(10,440)
Property and equipment, net	51,735	48,134
Lab and Office Equipment Under Finance Right of Use Asset
Property Plant And Equipment [Line Items]
Total property and equipment	5,749	6,725
Lab Equipment
Property Plant And Equipment [Line Items]
Total property and equipment	10,235	5,098
Computer Equipment
Property Plant And Equipment [Line Items]
Total property and equipment	966	582
Furniture & Fixtures
Property Plant And Equipment [Line Items]
Total property and equipment	3,255	1,064
Leasehold Improvements
Property Plant And Equipment [Line Items]
Total property and equipment	43,953	7,802
Assets Not Yet in Service
Property Plant And Equipment [Line Items]
Total property and equipment	$ 52	$ 37,303

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2024	Aug. 02, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Trading Symbol	KYMR
Entity Registrant Name	KYMERA THERAPEUTICS, INC.
Entity Central Index Key	0001815442
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		61,753,243
Entity Shell Company	false
Entity File Number	001-39460
Entity Tax Identification Number	81-2992166
Entity Address, Address Line One	500 North Beacon Street
Entity Address, Address Line Two	4th Floor
Entity Address, City or Town	Watertown
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02472
City Area Code	857
Local Phone Number	285-5300
Entity Interactive Data Current	Yes
Entity Incorporation, State or Country Code	DE
Document Quarterly Report	true
Document Transition Report	false
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Security Exchange Name	NASDAQ

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
Income Statement [Abstract]
Collaboration Revenues	$ 25,650	$ 16,513	$ 35,937	$ 25,979
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	us-gaap:RelatedPartyMember	us-gaap:RelatedPartyMember	us-gaap:RelatedPartyMember	us-gaap:RelatedPartyMember
Operating expenses:
Research and development	$ 59,202	$ 45,767	$ 108,021	$ 87,994
General and administrative	17,373	14,129	31,747	26,694
Impairment of long-lived assets	0	0	4,925	0
Total operating expenses	76,575	59,896	144,693	114,688
Loss from operations	(50,925)	(43,383)	(108,756)	(88,709)
Other income (expense):
Interest and other Income	8,924	4,632	18,268	9,085
Interest and other expense	(61)	(48)	(131)	(103)
Total other income:	8,863	4,584	18,137	8,982
Net loss	(42,062)	(38,799)	(90,619)	(79,727)
Other comprehensive loss:
Unrealized (loss) gain on marketable securities	(322)	(597)	(1,547)	1,314
Total comprehensive loss	(42,384)	(39,396)	(92,166)	(78,413)
Net loss	$ (42,062)	$ (38,799)	$ (90,619)	$ (79,727)
Net loss per share, basic and diluted	$ (0.58)	$ (0.67)	$ (1.26)	$ (1.37)
Net loss per share, basic and diluted	$ (0.58)	$ (0.67)	$ (1.26)	$ (1.37)
Weighted average common shares outstanding, basic and diluted	73,059,398	58,326,963	71,908,963	58,257,387
Weighted average common shares outstanding, basic and diluted	73,059,398	58,326,963	71,908,963	58,257,387

Organization and Nature of Business

6 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Nature of Business

1. Organization and Nature of Business

Kymera Therapeutics, Inc., together with its subsidiary Kymera Securities Corporation, is referred to on a consolidated basis as the “Company”. The Company is a biopharmaceutical company focused on discovering and developing small molecule therapeutics that selectively degrade disease-causing proteins by harnessing the body’s own natural cellular process, a method known as targeted protein degradation. The Company has devoted its efforts principally to research and development since formation. The Company has not yet completed product development, filed for or obtained regulatory approvals for any products, nor verified the market acceptance and demand for such products. As a result, the Company is subject to a number of risks common to emerging companies in the biotech industry. Principal among these risks are the uncertainties of the product discovery and development process, dependence on key individuals, development of the same or similar technological innovations by the Company’s competitors, protection of proprietary technology, compliance with government regulations and approval requirements, the Company’s ability to access capital and uncertainty of market acceptance of products.

The Company has historical net losses and anticipates that it will continue to incur losses for the foreseeable future and had an accumulated deficit of $621.4 million as of June 30, 2024. The Company has funded these losses principally through issuance of preferred stock, convertible notes, common stock, including its initial public offering and concurrent private placement completed in August 2020 (“IPO”), follow-on offering and concurrent private placement completed in July 2021 (“2021 Follow-on”) offering, August 2022 Private Investment in Public Equity (“PIPE”) offering, follow-on offering completed in January 2024 ("2024 Follow-on"), sales under our Sales Agreement with Cowen, and from cash proceeds received in connection with the Company’s collaboration agreements with Vertex Pharmaceuticals Incorporated (“Vertex”) and Genzyme Corporation (“Sanofi”) (see Note 5). The Company expects to continue to incur operating losses and negative cash flows until such time as it generates a level of revenue that is sufficient to support its cost structure.

As of June 30, 2024, the Company had cash, cash equivalents and marketable securities of $702.4 million. The Company believes these cash, cash equivalents and marketable securities will be sufficient to fund its operations and capital expenditure requirements through at least twelve months from the issuance of these condensed consolidated financial statements.

The Company expects to finance the future research and development costs of its product portfolio with its existing cash, cash equivalents and marketable securities, or through strategic financing opportunities that could include, but are not limited to future offerings of its equity, collaboration agreements, or the incurrence of debt. However, there is no guarantee that any of these strategic or financing opportunities will be executed or realized on favorable terms, if at all, and some could be dilutive to existing stockholders. If the Company fails to obtain additional future capital, it may be unable to complete its planned preclinical studies and clinical trials.

Private Investment in Public Equity “PIPE” offering

On August 18, 2022, the Company and certain accredited investors entered into a securities purchase agreement pursuant to which the Company agreed to sell and issue to such investors in a private placement (i) an aggregate of 2,769,228 shares of the Company’s common stock at a purchase price of $26.00 per share, and (ii) 3,000,000 pre-funded warrants to purchase common stock, at a purchase price of $25.9999 per Pre-Funded Warrant. The Pre-Funded Warrants have an exercise price of $0.0001 per share of common stock. The offering closed on August 22, 2022, resulting in net proceeds of $149.8 million after offering expenses.

2024 Follow-on Public Offering

On January 9, 2024, the Company completed a follow-on offering of its common stock and, in lieu of common stock to certain investors, pre-funded warrants to purchase shares of its common stock. The Company issued and sold 3,884,158 shares of common stock, including full exercise of the underwriters’ over-allotment option to purchase an additional 1,633,663 shares, at a public offering price of $25.25 per share. Additionally, in lieu of common stock to certain investors, the Company issued and sold pre-funded warrants to purchase 8,640,594 shares of its common stock at a public offering price of $25.2499 per pre-funded warrant, which represents the per share public offering price of each share of common stock less the $0.0001 per share exercise price for each pre-funded warrant. The aggregate gross proceeds before deducting underwriting discounts and commissions, and other estimated offering expenses payable by the Company were approximately $316.2 million.

Pre-funded warrants

In connection with certain offerings mentioned above the Company has issued pre-funded warrants to purchase common stock in lieu of common stock. As the pre-funded warrants are indexed to the Company’s common stock (and otherwise meet the requirements to be classified in equity), the Company recorded the consideration received from the issuance of the pre-funded warrants as additional paid-in capital on the Company’s consolidated balance sheets. The pre-funded warrants are exercisable at any time. The holders of Pre-Funded Warrants may not exercise the warrant if the holder, together with its affiliates, would beneficially own more than 4.99% (or, at the election of the holder, 9.99%) of the number of shares of the Common Stock outstanding immediately after giving effect to such exercise. The holders of Pre-Funded Warrants may increase or decrease such percentages not in excess of 19.99% by providing at least 61 days’ prior notice to the Company.

During the three and six months ended June 30, 2024, no pre-funded warrants were exercised. As of June 30, 2024, there were 11,640,594 pre-funded warrants outstanding.

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2024
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiary Kymera Securities Corporation. All intercompany transactions and balances have been eliminated in consolidation.
Basis of Presentation	Basis of Presentation The unaudited interim condensed consolidated financial statements of the Company included herein have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) as found in the Accounting Standards Codification (“ASC”), Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”) and the rules and regulations of the SEC. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted from this report, as is permitted by such rules and regulations. Accordingly, these condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the 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 February 22, 2024. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements as of and for the year ended December 31, 2023, and, in the opinion of management, reflect all adjustments necessary, all of which were normal and recurring, for the fair statement of the Company’s financial position as of June 30, 2024, and the results of operations, equity, and cash flows for the six months ended June 30, 2024 and 2023. The results for the three and six months ended June 30, 2024 are not necessarily indicative of the results for the year ended December 31, 2024 or for any future period.
Significant Accounting Policies	Significant Accounting Policies The significant accounting policies used in preparation of these condensed consolidated financial statements for the three and six months ended June 30, 2024 are consistent with those discussed in Note 2 to the consolidated financial statements in the 2023 Annual Report on Form 10-K.

Accrued Expenses (Tables)

6 Months Ended

Jun. 30, 2024

Accrued Liabilities, Current [Abstract]

Schedule of Accrued Liabilities

Accrued expenses consisted of the following as of June 30, 2024 and December 31, 2023 (in thousands):


	June 30, 2024		December 31, 2023
Research and development expenses	$	12,358	$	15,099
Payroll and payroll-related		6,141		11,227
Professional fees		4,200		3,854
Other		1,081		3,684
Accrued expenses	$	23,780	$	33,864

Leases - Summary of Weighted Average Remaining Lease Terms and Discount Rates (Details)	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Operating lease, remaining lease term	10 years 10 days	10 years 7 months 9 days
Finance lease, remaining lease term	2 years 3 months 7 days	2 years 2 months 15 days
Operating lease, discount rate	8.73%	8.82%
Finance lease, discount rate	8.14%	8.50%

Net Loss per Share - Schedule of Diluted Net Loss Per Share Attributable to Common Stockholders Anti-Diluted Effect (Details) - shares	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive stock	10,539,421	8,841,699
Unvested Restricted Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive stock	636,585	467,092
Options to Purchase Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive stock	9,902,836	8,374,607

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Fair value assets, level 3 to level 2 transfers, amount	$ 0
Fair value assets, level 2 to level 3 transfers, amount		$ 0

Collaborations - Change in Accounts Receivable, Contract Asset and Liabilities (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Accounts receivable and contract assets, Beginning balance	$ 18,762
Accounts receivable and contract assets, Additions	9,526
Accounts receivable and contract assets, Deductions	(26,584)
Accounts receivable and contract assets, Ending balance	1,704
Contract Liabilities, Beginning balance	54,651
Contract Liabilities, Additions	3,734
Contract Liabilities, Deductions	(35,937)
Contract Liabilities, Ending balance	22,448
Billed Receivables - Sanofi
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Accounts receivable and contract assets, Beginning balance	15,000
Accounts receivable and contract assets, Additions	5,792
Accounts receivable and contract assets, Deductions	(20,792)
Accounts receivable and contract assets, Ending balance	0
Unbilled Receivables - Sanofi
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Accounts receivable and contract assets, Beginning balance	3,762
Accounts receivable and contract assets, Additions	3,734
Accounts receivable and contract assets, Deductions	(5,792)
Accounts receivable and contract assets, Ending balance	1,704
Deferred Revenue - Sanofi
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Contract Liabilities, Beginning balance	54,651
Contract Liabilities, Additions	3,734
Contract Liabilities, Deductions	(35,937)
Contract Liabilities, Ending balance	$ 22,448

Equity-Based Compensation - Summary of Stock Option Activity (Details) - 2020 Plan $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]
Outstanding at beginning of period \| shares	8,113,164
Granted \| shares	2,393,371
Exercised \| shares	(355,339)
Forfeited \| shares	(248,360)
Outstanding at end of period \| shares	9,902,836	8,113,164
Exercisable at June 30, 2024 \| shares	5,684,450
Weighted Average Strike Price Per Option
Outstanding at beginning of period \| $ / shares	$ 28.25
Granted \| $ / shares	42.02
Exercised \| $ / shares	12.84
Forfeited \| $ / shares	34.29
Outstanding at end of period \| $ / shares	31.98	$ 28.25
Exercisable at June 30, 2024 \| $ / shares	$ 27.94
Weighted Average Remaining Contractual Term (in years)
Outstanding	7 years 9 months 18 days	7 years 8 months 8 days
Exercisable at June 30, 2024	6 years 10 months 9 days
Aggregate Intrinsic Value
Outstanding at beginning of period \| $	$ 49,622
Outstanding at end of period \| $	57,034	$ 49,622
Exercisable at June 30, 2024 \| $	$ 53,039

Marketable Securities

6 Months Ended

Jun. 30, 2024

Marketable Securities [Abstract]

Marketable Securities

4. Marketable Securities

The following tables summarize the available-for-sale debt securities held at June 30, 2024 and December 31, 2023 (in thousands):


Description	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
June 30, 2024
US treasury securities	$	193,850	$	6	$	(298	)	$	193,558
US government agencies		121,559		3		(365	)	$	121,197
Commercial Paper		23,621		—		(33	)	$	23,588
Corporate securities		297,847		—		(1,404	)	$	296,443
Total	$	636,877	$	9	$	(2,100	)	$	634,786


Description	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
December 31, 2023
US treasury securities	$	23,361	$	5	$	(113	)	$	23,253
US government agencies		142,948		48		(305	)		142,691
Corporate securities		160,598		113		(306	)		160,405
Total	$	326,907	$	166	$	(724	)	$	326,349

As of June 30, 2024, the Company held 147 securities that had been in an unrealized loss position for less than 12 months with an aggregate fair value of $527.9 million. As of December 31, 2023, the Company held 109 securities that had been in an unrealized loss position for less than 12 months with an aggregate fair value of $229.7 million. As of June 30, 2024, the Company held 41 securities that had been in an unrealized loss position for greater than 12 months with an aggregate fair value of $91.6 million As of December 31, 2023, the Company held 16 securities that had been in an unrealized loss position for greater than 12 months with an aggregate fair value of $36.6 million.

As of June 30, 2024 the Company had 134 securities with a fair value of $442.3 million with a contractual maturity of less than 12 months and 61 securities with a fair value of $192.4 million with a contractual maturity of greater than 12 months. As of December 31, 2023 the Company had 124 securities with a fair value of $264.9 million with a contractual maturity of less than 12 months and 27 securities with a fair value of $61.4 million with a contractual maturity of greater than 12 months.

The Company is required to determine whether a decline in the fair value below the amortized cost basis of available-for-sale securities is due to credit-related factors. At each reporting date, the Company performs an evaluation of impairment to determine if any unrealized losses are the result of credit losses. Impairment is assessed at the individual security level. Factors considered in determining whether a loss resulted from a credit loss or other factors include the Company’s intent and ability to hold the investment until the recovery of its amortized cost basis, the extent to which the fair value is less than the amortized cost basis, the length of time and extent to which fair value has been less than the cost basis, the financial condition of the issuer, any historical failure of the issuer to make scheduled interest or principal payments, any changes to the rating of the security by a rating agency, any adverse legal or regulatory events affecting the issuer or issuer’s industry, and any significant deterioration in economic conditions.

Unrealized losses on available-for-sale securities presented in the previous table have not been recognized in the condensed consolidated statements of operations because the securities are high credit quality, investment grade securities that the Company does not intend to sell and will not be required to sell prior to their anticipated recovery, and the decline in fair value is attributable to factors other than credit losses. Based on its evaluation, the Company determined it does not have any credit losses related to its available-for-sale securities as of June 30, 2024 and December 31, 2023.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) (Parenthetical) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Private placement, net of issuance costs	$ 14.9
Issuance of common stock under ATM	$ 1.2

Marketable Securities - Summary of Available-for-Sale Debt Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Marketable Securities [Line Items]
Amortized Cost	$ 636,877	$ 326,907
Unrealized Gains	9	166
Unrealized Losses	(2,100)	(724)
Fair Value	634,786	326,349
US Treasury Securities
Marketable Securities [Line Items]
Amortized Cost	193,850	23,361
Unrealized Gains	6	5
Unrealized Losses	(298)	(113)
Fair Value	193,558	23,253
US Government Agencies
Marketable Securities [Line Items]
Amortized Cost	121,559	142,948
Unrealized Gains	3	48
Unrealized Losses	(365)	(305)
Fair Value	121,197	142,691
Commercial Paper
Marketable Securities [Line Items]
Amortized Cost	23,621
Unrealized Gains	0
Unrealized Losses	(33)
Fair Value	23,588
Corporate Securities
Marketable Securities [Line Items]
Amortized Cost	297,847	160,598
Unrealized Gains	0	113
Unrealized Losses	(1,404)	(306)
Fair Value	$ 296,443	$ 160,405

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 103
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-103

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481830/320-10-45-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(6))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479130/326-30-45-1

+ Details

Collaborations (Tables)

6 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Change in Accounts Receivable, Contract Asset and Liabilities

The following table presents the changes in accounts receivable, contract assets and contract liabilities for the six months ended June 30, 2024 (in thousands):


	Balance at December 31, 2023		Additions		Deductions			Balance at June 30, 2024
Accounts receivable and contract assets:
Billed receivables - Sanofi	$	15,000	$	5,792	$	(20,792	)	$	—
Unbilled receivables - Sanofi		3,762		3,734		(5,792	)		1,704
Total accounts receivable and contract assets	$	18,762	$	9,526	$	(26,584	)	$	1,704
Contract liabilities:
Deferred revenue - Sanofi		54,651		3,734		(35,937	)		22,448
Total contract liabilities	$	54,651	$	3,734	$	(35,937	)	$	22,448

Net Loss per Share

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Net Loss per Share

13. Net Loss per Share

Net Loss per Share

Basic and diluted loss per share is computed by dividing net loss by the weighted-average common shares outstanding for the period, including the pre-funded warrants given their nominal exercise price (in thousands, except for share and per share data):


	Three Months Ended June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
Numerator:
Net loss	$	(42,062	)	$	(38,799	)	$	(90,619	)	$	(79,727	)
Denominator:
Weighted average common shares outstanding, basic and diluted		73,059,398			58,326,963			71,908,963			58,257,387
Net loss per share, basic and diluted	$	(0.58	)	$	(0.67	)	$	(1.26	)	$	(1.37	)

The Company’s potentially dilutive securities, which include restricted stock and stock options, have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. Therefore, the weighted-average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same. The Company excluded the following from the computation of diluted net loss per share attributable to common stockholders at June 30, 2024 and 2023 because including them would have had an anti-dilutive effect:


	Six Months Ended June 30,
	2024		2023
Unvested restricted stock		636,585		467,092
Options to purchase common stock		9,902,836		8,374,607
Total		10,539,421		8,841,699

Equity-Based Compensation

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Equity-Based Compensation

10. Equity-Based Compensation

2018 Stock Option and Grant Plan

In November 2018, the Company adopted, and its stockholders approved, the 2018 Stock Option and Grant Plan (the “2018 Plan”), which provides for the granting of stock options and other equity-based awards at the discretion of the Board of Directors or any subcommittee of the Board of Directors to the Company’s employees, officers, directors, and independent contractors. No further grants will be made under the 2018 Plan. However, the 2018 Plan will continue to govern outstanding equity awards granted thereunder. To the extent outstanding options granted under the 2018 Plan are cancelled, forfeited or otherwise terminated without being exercised and would otherwise have been returned to the share reserve under the 2018 Plan, the number of shares underlying such awards will be available for future grant under the 2020 Stock Option and Incentive Plan.

2020 Stock Option and Incentive Plan

In August 2020, the Company and its stockholders approved the 2020 Stock Option and Incentive Plan (the “2020 Plan”), which became effective on August 20, 2020. The 2020 Plan replaced the 2018 Plan as the Company’s Board of Directors has determined not to make additional awards under the 2018 Plan following the closing of the Company’s IPO. The 2020 Plan allows the Company to make equity-based and cash-based incentive awards to its officers, employees, directors and consultants. The Company has initially reserved 4,457,370 shares of its common stock for the issuance of awards under the 2020 Plan, which includes the shares of common stock remaining available for issuance under its 2018 Plan as of the business day immediately prior to the effective date of the registration statement. The 2020 Plan provides that the number of shares reserved and available for issuance will automatically increase on January 1, 2021 and each January 1 thereafter, by 4% of the Company’s outstanding number of shares of common stock on the immediately preceding December 31, or such lesser number of shares as determined by the Company’s compensation committee. These limits are subject to adjustment in the event of a stock split, stock dividend or other change in the Company’s capitalization. In June 2024, in connection with the Company's 2024 annual shareholder meeting, shareholders approved an amendment to the 2020 stock option plan that redefined the definition of common stock outstanding for the purposes of calculating the annual increase to the shares available for issuance. After the amendment, outstanding equity includes all outstanding common shares as well as outstanding pre-funded warrants. As of June 30, 2024, there were an aggregate of 3,668,601 shares remaining available for future grants.

2020 Employee Stock Purchase Plan

In August 2020, the Company and its stockholders approved the 2020 Employee Stock Purchase Plan (the “2020 ESPP”), which became effective August 20, 2020. The 2020 ESPP initially reserved and authorized the issuance of up to a total of 445,653 shares of common stock to participating employees. The 2020 ESPP provides that the number of shares reserved and available for issuance will automatically increase on January 1, 2021 and each January 1 thereafter through January 1, 2030, by the lesser of (i) 438,898 shares of common stock, (ii) 1% of the Company’s outstanding number of shares of common stock on the immediately preceding December 31 or (iii) such lesser number of shares of common stock as determined by the administrator of the 2020 ESPP. The number of shares reserved under the 2020 ESPP is subject to adjustment in the event of a stock split, stock dividend or other change in the Company’s capitalization. As of June 30, 2024, there were an aggregate 1,957,168 shares remaining available for future grants.

Stock Options

A summary of stock option activity under the 2020 Plan during the six months ended June 30, 2024 is as follows (in thousands except share and per share data):


	Number of Options Outstanding			Weighted Average Strike Price per Option		Weighted Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value
Outstanding at December 31, 2023		8,113,164		$	28.25		7.69	$	49,622
Granted		2,393,371			42.02
Exercised		(355,339	)		12.84
Forfeited		(248,360	)		34.29
Outstanding at June 30, 2024		9,902,836		$	31.98		7.80	$	57,034
Exercisable at June 30, 2024		5,684,450		$	27.94		6.86	$	53,039

The intrinsic value of stock options exercised during the three months ended June 30, 2024 and 2023 was $1.8 million and $1.4 million, respectively. The intrinsic value of stock options exercised during the six months ended June 30, 2024 and 2023 was $8.6 million and $6.9 million, respectively.

The weighted-average fair value of options granted during the three months ended June 30, 2024 and 2023 was $19.28 and $17.50, respectively. The weighted-average fair value of options granted during the six months ended June 30, 2024 and 2023 was $25.92 and $18.45 respectively.

As of June 30, 2024, the total unrecognized stock-based compensation expense for unvested stock options was $90.9 million, with a weighted average recognition period of 2.3 years.

The following table outlines our equity-based compensation expense for stock options for the three and six months ended June 30, 2024 and 2023:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Research and development	$	5,935	$	4,976	$	10,975	$	9,160
General and administrative		6,306		5,110		11,628		9,459
Total equity-based compensation	$	12,241	$	10,086	$	22,603	$	18,619


	Three Months Ended June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
Expected term (in years)		5.71			5.95			5.78			5.85
Volatility		65	%		62	%		65	%		62	%
Risk-free interest rate		4.25	%		3.71	%		4.14	%		4.06	%
Dividend yield		0.00	%		0.00	%		0.00	%		0.00	%

Restricted Stock Units


	Number of Units Outstanding			Grant Date Fair Value per Share
Unvested at December 31, 2023		593,140		$	25.36
Granted		243,984			42.73
Vested		(163,903	)		25.32
Forfeited		(36,636	)		27.24
Unvested at June 30, 2024		636,585		$	31.92

During the three months ended June 30, 2024 and 2023, the Company granted 12,150 and 47,697 restricted stock units, respectively. During the six months ended June 30, 2024 and 2023, the Company granted 243,984 and 263,986 restricted stock units, respectively. As of June 30, 2024, the total unrecognized stock-based compensation expense for unvested restricted stock was $17.4 million with a weighted average recognition period of 2.3 years.

During the three months ended June 30, 2024 the Company recognized approximately $1.9 million of expense for restricted stock of which $1.2 million and $0.7 million was recorded in research and development and general and administrative expense, respectively. During the six months ended June 30, 2024 the Company recognized approximately $3.3 million of expense for restricted stock of which $2.1 million and $1.2 million was recorded in research and development and general and administrative expense, respectively. During the three months ended June 30, 2023 the Company recognized approximately $0.9 million of expense for restricted stock of which $0.6 million and $0.3 million was recorded in research and development and general and administrative expense, respectively. During the six months ended June 30, 2023 the Company recognized approximately $1.5 million of expense for restricted stock of which $1.0 million and $0.5 million was recorded in research and development and general and administrative expense, respectively.

Equity-Based Compensation Expense


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Research and development	$	7,257	$	5,704	$	13,340	$	10,432
General and administrative		7,084		5,477		12,969		10,133
Total equity-based compensation	$	14,341	$	11,181	$	26,309	$	20,565

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 accompanying condensed consolidated financial statements reflect the application of certain significant accounting policies as described in this note, and elsewhere in the accompanying condensed consolidated financial statements and notes.

Principles of Consolidation

The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiary Kymera Securities Corporation. All intercompany transactions and balances have been eliminated in consolidation.

Basis of Presentation

The unaudited interim condensed consolidated financial statements of the Company included herein have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) as found in the Accounting Standards Codification (“ASC”), Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”) and the rules and regulations of the SEC. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted from this report, as is permitted by such rules and regulations. Accordingly, these condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the 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 February 22, 2024.

The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements as of and for the year ended December 31, 2023, and, in the opinion of management, reflect all adjustments necessary, all of which were normal and recurring, for the fair statement of the Company’s financial position as of June 30, 2024, and the results of operations, equity, and cash flows for the six months ended June 30, 2024 and 2023. The results for the three and six months ended June 30, 2024 are not necessarily indicative of the results for the year ended December 31, 2024 or for any future period.

Significant Accounting Policies

The significant accounting policies used in preparation of these condensed consolidated financial statements for the three and six months ended June 30, 2024 are consistent with those discussed in Note 2 to the consolidated financial statements in the 2023 Annual Report on Form 10-K.

Property and Equipment (Tables)

6 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

Summary of Property and Equipment

Property and equipment consisted of the following as of June 30, 2024 and December 31, 2023 (in thousands):


	June 30, 2024			December 31, 2023
Lab and office equipment under finance right-of-use asset	$	5,749		$	6,725
Lab equipment		10,235			5,098
Computer equipment		966			582
Furniture & fixtures		3,255			1,064
Leasehold improvements		43,953			7,802
Assets not yet in service		52			37,303
Total property and equipment		64,210			58,574
Less accumulated depreciation		(12,475	)		(10,440	)
Property and equipment, net	$	51,735		$	48,134

Leases (Tables)

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

Components of Lease Costs

The components of the lease costs for the three and six months ended June 30, 2024 and 2023, were as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Operating lease costs	$	2,501	$	2,521	$	4,991	$	5,042
Finance lease costs:
Amortization of right-to-use assets, finance leases		381		370		795		739
Interest expense for finance lease liabilities		41		44		90		96
Variable lease costs		1,386		220		2,590		440
Total lease costs	$	4,309	$	3,155	$	8,466	$	6,317

Supplemental Cash Flow Information Relating to Leases

Supplemental cash flow information relating to the Company’s leases for the six months ended June 30, 2024 and 2023, were as follows (in thousands):


	Six Months Ended June 30,
	2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used in operating leases	$	3,617	$	1,320
Operating cash flows used in finance leases	$	736	$	661
Financing cash flows used in finance leases	$	90	$	96

Summary of Weighted Average Remaining Lease Terms and Discount Rates

Weighted average remaining lease terms and discount rates as of June 30, 2024 and 2023 were as follows:


	Six Months Ended June 30,
	2024			2023
Remaining lease term:
Operating lease	10.03 years			10.61 years
Finance lease	2.27 years			2.21 years
Discount Rate:
Operating lease		8.73	%		8.82	%
Finance lease		8.14	%		8.50	%

Summary of Undiscounted Future Lease Payments for Operating and Finance Leases

The undiscounted future lease payments for operating and finance leases as of June 30, 2024, were as follows (in thousands):


Fiscal Year	Operating Leases			Finance Leases
2024 (excluding the first and second quarters)	$	5,907		$	525
2025		12,074			915
2026		12,436			566
2027		12,809			108
2028		13,193			—
Thereafter		74,424			—
Total minimum lease payments	$	130,843		$	2,114
Less amounts representing interest or imputed interest		(44,597	)		(179	)
Present value of lease liabilities	$	86,246		$	1,935

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, authorized	150,000,000	150,000,000
Common stock, issued	61,572,383	55,390,259
Common Stock, outstanding	61,572,383	55,390,259

Leases - Additional Information (Details) $ in Thousands		1 Months Ended	6 Months Ended
Leases - Additional Information (Details) $ in Thousands	Dec. 20, 2021 USD ($) ft²	Oct. 31, 2019 ft²	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Lessee Lease Description [Line Items]
Operating Lease, Liability, Noncurrent			$ 74,822	$ 77,028
impairment charge			4,900
Land, Buildings and Improvements [Member]
Lessee Lease Description [Line Items]
Operating Lease, Liability, Noncurrent			48,900
Operating Lease, Payments			48,900
landlord [Member]
Lessee Lease Description [Line Items]
Property And Equipment Improvements			13,200
Tenant Improvement Allowance			20,100
Watertown, Massachusetts
Lessee Lease Description [Line Items]
Lease term	134 months
Watertown, Massachusetts \| Noncancelable Facility Lease Agreement
Lessee Lease Description [Line Items]
Area of office space \| ft²	100,624	34,522
Lease term		120 months
Lease expiration date		Mar. 31, 2030
Lease additional term	5 years	5 years
Tenant incentive allowance receivable	$ 20,100
Base Rent	$ 800
Annual increase percentage of rent	3.00%
Watertown, Massachusetts \| Noncancelable Facility Lease Agreement \| Restricted Cash \| Letter of Credit \| 2019 Lease
Lessee Lease Description [Line Items]
Security deposit			1,300	1,300
Watertown, Massachusetts \| Noncancelable Facility Lease Agreement \| Restricted Cash \| Letter of Credit \| 2021 Lease
Lessee Lease Description [Line Items]
Security deposit			$ 4,500	$ 4,500
Watertown, Massachusetts \| Facility Sublease Agreement
Lessee Lease Description [Line Items]
Lease commencement date	Dec. 31, 2023

Other Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Indemnified Parties
Loss Contingencies [Line Items]
Liabilities accrued	$ 0	$ 0

- 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 (Tables)

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Summary of Basic and Diluted Loss Per Share


	Three Months Ended June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
Numerator:
Net loss	$	(42,062	)	$	(38,799	)	$	(90,619	)	$	(79,727	)
Denominator:
Weighted average common shares outstanding, basic and diluted		73,059,398			58,326,963			71,908,963			58,257,387
Net loss per share, basic and diluted	$	(0.58	)	$	(0.67	)	$	(1.26	)	$	(1.37	)

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

The Company excluded the following from the computation of diluted net loss per share attributable to common stockholders at June 30, 2024 and 2023 because including them would have had an anti-dilutive effect:


	Six Months Ended June 30,
	2024		2023
Unvested restricted stock		636,585		467,092
Options to purchase common stock		9,902,836		8,374,607
Total		10,539,421		8,841,699

Marketable Securities - Additional Information (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024 USD ($) Security	Dec. 31, 2023 USD ($) Security
Marketable Securities [Abstract]
Number of available-for-sale debt securities, continuous unrealized loss position for less than 12 months \| Security	147	109
Aggregate fair value of available-for-sale debt securities, continuous unrealized loss position for less than 12 months	$ 527,900	$ 229,700
Number of securities decline in market value for in an unrealized loss position \| Security	41	16
Aggregate fair value of available-for-sale debt securities, continuous unrealized loss position for greater than 12 months	$ 91,600	$ 36,600
Number of available-for-sale debt securities, contractual maturity of less than 12 months \| Security	134	124
Fair value of available-for-sale debt securities, contractual maturity of less than 12 months	$ 442,300	$ 264,900
Number of available-for-sale debt securities, contractual maturity of greater than 12 months \| Security	61	27
Fair value of available-for-sale debt securities, contractual maturity of greater than 12 months	$ 192,445	$ 61,434
Available-for-sale securities, credit losses	$ 0	$ 0

Insider Trading Arrangements

3 Months Ended

Jun. 30, 2024

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

Item 5. Other Information.

The following table discloses any officer (as defined in Rule 16a-1(f) under the Securities Exchange Act of 1934, as amended) or director who adopted a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K) during the three months ended June 30, 2024:

      Name and Title

      Type of Trading Arrangement

      Action Taken (Date of Action)

      Duration or End Date

      Aggregate Number of Securities to be Sold

      Description of Trading Arrangement

      Pamela Esposito
Director

      Trading plan intended to satisfy the affirmative defense conditions of Securities Exchange Act Rule 10b5- 1(c)

      Adoption (June 18, 2024)

      July 1, 2025

      53,063

      Exercises of vested stock options and sales of shares of the Company’s common stock pursuant to the terms of the trading plan

Other than as disclosed above, no other officer or director adopted, modified or terminated a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K) during the three months ended June 30, 2024.

Rule 10b5-1 Arrangement Adopted

false

Non-Rule 10b5-1 Arrangement Adopted

false

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

Rule 10b5-1 Arrangement Modified

false

Non-Rule 10b5-1 Arrangement Modified

false

Pamela Esposito [Member]

Trading Arrangements, by Individual

Name

Pamela Esposito

Title

Director

Rule 10b5-1 Arrangement Adopted

true

June 18, 2024

July 1, 2025

378 days

53,063

Equity-Based Compensation - Summary of Equity-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total equity-based compensation	$ 14,341	$ 11,181	$ 26,309	$ 20,565
Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total equity-based compensation	7,257	5,704	13,340	10,432
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total equity-based compensation	7,084	5,477	12,969	10,133
Employee Stock Option
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total equity-based compensation	12,241	10,086	22,603	18,619
Employee Stock Option \| Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total equity-based compensation	5,935	4,976	10,975	9,160
Employee Stock Option \| General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total equity-based compensation	$ 6,306	$ 5,110	$ 11,628	$ 9,459

Related Party Transactions

6 Months Ended

Jun. 30, 2024

Related Party Transactions

11. Related-Party Transactions

Other than the collaborations discussed in Note 5, the Company had no related party transactions for the periods presented in the accompanying condensed consolidated financial statements, which have not otherwise been discussed in these notes to the condensed consolidated financial statements.

- Definition

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

+ References

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

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

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

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

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

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

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

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

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

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

+ Details

Income Taxes

6 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

12. Income Taxes

Income taxes for the three and six months ended June 30, 2024 and 2023 have been calculated based on an estimated annual effective tax rate and certain discrete items. The company recorded immaterial income tax expense related to investment income for the three and six months ended June 30, 2024 and 2023.

The Company has never been examined by the Internal Revenue Service or any other jurisdiction for any tax years and, as such, all years within the applicable statutes of limitations are potentially subject to audit.

- 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
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

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

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

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

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Leases

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

Leases

7. Leases

In October 2019, the Company entered into a noncancelable facility lease agreement (the “2019 Lease”) for 34,522 square feet of research and development and office space in Watertown, Massachusetts. The term of the 2019 Lease is 120 months and expires on March 31, 2030. The 2019 Lease has an option to be extended for an additional five years. The lease is not reasonably certain to be extended and as such the additional term is not included in the measurement of the lease. The 2019 Lease includes a rent escalation clause, and rent expense is being recorded on a straight-line basis. In accordance with the lease agreement, the Company is required to maintain a security deposit and provided a letter of credit to the landlord, which is recorded in restricted cash as of June 30, 2024 and December 31, 2023. The letter of credit totaled $1.3 million and $1.3 million as of June 30, 2024 and December 31, 2023, respectively.

In December 2021, the Company entered into a noncancelable lease (the “2021 Lease”) for 100,624 square feet of office and laboratory space in Watertown, Massachusetts, which the Company began occupying in February 2024. The 2021 Lease is subject to base rent of $0.8 million per month beginning two months after the commencement date, plus the Company’s ratable share of taxes, maintenance and other operating expenses. Base rent is subject to a 3% annual increase over the lease term of approximately 134 months following the commencement date. The Company also has two consecutive options to extend the term of the lease for five years each at then-market rates. The 2021 Lease also includes a tenant improvement allowance of approximately $20.1 million. In connection with the signing of the 2021 Lease, the Company issued a letter of credit for $4.5 million which is classified as restricted cash as of June 30, 2024 and December 31, 2023.

The 2021 Lease required the landlord to build-out the base building prior to the construction of the Company’s premises. The Company concluded the accounting commencement date occurred when the landlord completed the build-out of the base building and control passed to the Company, which occurred in early January 2023. The Company assessed the classification of the 2021 Lease at the accounting commencement date and concluded the lease should be accounted for as an operating lease. The Company recorded an operating lease liability of $48.9 million, measured as the present value of the remaining lease payments discounted using the incremental borrowing rate as of the accounting commencement date. The Company recorded an operating lease right-of-use asset of $48.9 million, measured as the present value of the remaining lease payments, net of the tenant incentives.

The Company concluded the improvements paid for by the landlord in connection with the tenant improvement allowance represent lessee assets and therefore recorded $20.1 million of leasehold improvements in property and equipment. The Company recorded an additional $13.2 million of leasehold improvements in excess of the tenant improvement allowance, all of which were placed in service as of June 30, 2024.

Upon occupancy of the 2021 Lease facility in February of 2024, the Company exited the 2019 Lease facility and is actively looking to sublease the entire facility for the remaining noncancellable lease term through March 31, 2030. These actions resulted in an impairment charge of $4.9 million in the six months ended June 30, 2024. The Company continues to evaluate the potential recovery of the ROU asset under sublease scenarios, and thus it is possible that additional impairments could be identified in future periods, and such amounts could be material.

The impairment charge reduces the carrying value of the associated ROU asset, leasehold improvements and certain furniture and fixture assets that remained in the facility to their estimated fair values. The fair values are estimated using a discounted cash flows approach based on forecasted future cash flows expected to be derived from the property based on current sublease market rent, which is considered a level 3 input in the fair value hierarchy, and other key assumptions such as future sublease market conditions and the discount rate.

The Company’s finance lease obligations consist of certain property and equipment financed through finance leases.

The components of the lease costs for the three and six months ended June 30, 2024 and 2023, were as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Operating lease costs	$	2,501	$	2,521	$	4,991	$	5,042
Finance lease costs:
Amortization of right-to-use assets, finance leases		381		370		795		739
Interest expense for finance lease liabilities		41		44		90		96
Variable lease costs		1,386		220		2,590		440
Total lease costs	$	4,309	$	3,155	$	8,466	$	6,317

Supplemental cash flow information relating to the Company’s leases for the six months ended June 30, 2024 and 2023, were as follows (in thousands):


	Six Months Ended June 30,
	2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used in operating leases	$	3,617	$	1,320
Operating cash flows used in finance leases	$	736	$	661
Financing cash flows used in finance leases	$	90	$	96

Weighted average remaining lease terms and discount rates as of June 30, 2024 and 2023 were as follows:


	Six Months Ended June 30,
	2024			2023
Remaining lease term:
Operating lease	10.03 years			10.61 years
Finance lease	2.27 years			2.21 years
Discount Rate:
Operating lease		8.73	%		8.82	%
Finance lease		8.14	%		8.50	%

The undiscounted future lease payments for operating and finance leases as of June 30, 2024, were as follows (in thousands):


Fiscal Year	Operating Leases			Finance Leases
2024 (excluding the first and second quarters)	$	5,907		$	525
2025		12,074			915
2026		12,436			566
2027		12,809			108
2028		13,193			—
Thereafter		74,424			—
Total minimum lease payments	$	130,843		$	2,114
Less amounts representing interest or imputed interest		(44,597	)		(179	)
Present value of lease liabilities	$	86,246		$	1,935

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid In Capital	Accumulated Deficit	Accumulated Other Comprehensive Gain (Loss)
Beginning Balance at Dec. 31, 2022	$ 490,151	$ 6	$ 878,884	$ (383,790)	$ (4,949)
Shares, Outstanding, Beginning Balance at Dec. 31, 2022		55,039,380
Exercise of stock options	2,163		2,163
Exercise of stock options, Shares		276,692
Vesting restricted stock, Shares		34,764
Issuance of shares under employee stock purchase plan	962		962
Issuance of shares under employee stock purchase plan, Shares		39,423
Stock-based compensation expense	20,565		20,565
Unrealized loss on marketable securities	1,547				1,547
Net loss	(79,727)			(79,727)
Ending Balance at Jun. 30, 2023	435,428	$ 6	902,574	(463,517)	(3,635)
Shares, Outstanding, Ending Balance at Jun. 30, 2023		55,390,259
Beginning Balance at Mar. 31, 2023	462,005	$ 6	889,755	(424,718)	(3,038)
Shares, Outstanding, Beginning Balance at Mar. 31, 2023		55,276,226
Exercise of stock options	676		676
Exercise of stock options, Shares		67,987
Vesting restricted stock, Shares		6,623
Issuance of shares under employee stock purchase plan	962		962
Issuance of shares under employee stock purchase plan, Shares		39,423
Stock-based compensation expense	11,181		11,181
Unrealized loss on marketable securities	(597)				(597)
Net loss	(38,799)			(38,799)
Ending Balance at Jun. 30, 2023	435,428	$ 6	902,574	(463,517)	(3,635)
Shares, Outstanding, Ending Balance at Jun. 30, 2023		55,390,259
Beginning Balance at Dec. 31, 2023	394,971	$ 6	926,269	(530,752)	(552)
Shares, Outstanding, Beginning Balance at Dec. 31, 2023		55,585,305
Issuance of common stock and accompanying pre-funded warrants from public offering, net of issuance costs	301,373		301,373
Issuance of common stock and accompanying pre-funded warrants from public offering, net of issuance costs, shares		3,884,158
Issuance of common stock through At-The Market Sales Agreement, net of issuance costs of $1.2 million		1,519,453
Issuance of common stock through at-the market sales agreement, net of issuance costs	48,740		48,740
Exercise of stock options	4,562		4,562
Exercise of stock options, Shares		355,339
Vesting restricted stock, Shares		163,903
Issuance of shares under employee stock purchase plan	1,135		1,135
Issuance of shares under employee stock purchase plan, Shares		64,225
Stock-based compensation expense	26,309		26,309
Unrealized loss on marketable securities	(1,314)				(1,314)
Net loss	(90,619)			(90,619)
Ending Balance at Jun. 30, 2024	684,924	$ 6	1,308,388	(621,371)	(2,099)
Shares, Outstanding, Ending Balance at Jun. 30, 2024		61,572,383
Beginning Balance at Mar. 31, 2024	711,203	$ 6	1,292,283	(579,309)	(1,777)
Shares, Outstanding, Beginning Balance at Mar. 31, 2024		61,353,146
Exercise of stock options	630		630
Exercise of stock options, Shares		74,318
Vesting restricted stock, Shares		80,694
Issuance of shares under employee stock purchase plan	1,134		1,134
Issuance of shares under employee stock purchase plan, Shares		64,225
Stock-based compensation expense	14,341		14,341
Unrealized loss on marketable securities	(322)				(322)
Net loss	(42,062)			(42,062)
Ending Balance at Jun. 30, 2024	$ 684,924	$ 6	$ 1,308,388	$ (621,371)	$ (2,099)
Shares, Outstanding, Ending Balance at Jun. 30, 2024		61,572,383

Net Loss per Share - Summary of Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Net Income (Loss)	$ (42,062)	$ (38,799)	$ (90,619)	$ (79,727)
Weighted average common shares outstanding, basic	73,059,398	58,326,963	71,908,963	58,257,387
Weighted average common shares outstanding, diluted	73,059,398	58,326,963	71,908,963	58,257,387
Net loss per share, basic	$ (0.58)	$ (0.67)	$ (1.26)	$ (1.37)
Net loss per share, diluted	$ (0.58)	$ (0.67)	$ (1.26)	$ (1.37)

- Definition

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

+ References

+ Details

- 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.

+ References

+ Details

- Definition

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

+ References

+ Details

Leases - Supplemental Cash Flow Information Relating to Leases (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Operating cash flows used in operating leases	$ 3,617	$ 1,320
Operating cash flows used in finance leases	736	661
Financing cash flows used in finance leases	$ 90	$ 96

Property and Equipment - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Property Plant And Equipment [Line Items]
Depreciation expense	$ 1,900	$ 900	$ 3,400	$ 1,800
Property and equipment right of use assets under finance leases with cost basis	64,210		64,210		$ 58,574
Amortization of right-to-use assets, finance leases	381	$ 370	795	$ 739
Lab and Office Equipment Under Finance Right of Use Asset
Property Plant And Equipment [Line Items]
Property and equipment right of use assets under finance leases with cost basis	5,749		5,749		6,725
Accumulated amortization	$ 3,800		$ 3,800		$ 4,100

Collaborations

6 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Collaborations

5. Collaborations

Sanofi Agreement

Agreement Terms

On July 7, 2020, the Company entered into a collaboration agreement, or the Sanofi Agreement, with Sanofi, to co-develop drug candidates directed to two biological targets. Under the Sanofi Agreement, the Company granted to Sanofi a worldwide exclusive license to develop, manufacture and commercialize certain lead compounds generated during the collaboration directed against IRAK4, or Collaboration Target 1, and one additional undisclosed target in an undisclosed field of use, or Collaboration Target 2. Such license is exercisable on a collaboration target-by-collaboration target basis only after specified milestones. For compounds directed against IRAK4, the field of use includes diagnosis, treatment, cure, mitigation or prevention of any diseases, disorders or conditions, excluding oncology and immuno-oncology.

Pursuant to the Sanofi Agreement, the Company is responsible for discovery and preclinical research and conducting a Phase 1 clinical trial for at least one degrader directed against IRAK4 plus up to three backup degraders. With respect to both targets, Sanofi is responsible for development, manufacturing, and commercialization of product candidates after a specified development milestone occurs with respect to each collaboration candidate.

In addition, pursuant to the Sanofi Agreement, Sanofi will grant to the Company an exclusive option, or Opt-In Right, exercisable on a collaboration target-by-collaboration target basis that will include the right to (i) to fund 50% of the United States development costs for collaboration products directed against such target in the applicable field of use and (ii) share equally in the net profits and net losses of commercializing collaboration products directed against such target in the applicable field of use in the United States. In addition, if the Company exercises the Opt-In Right, Sanofi will grant to the Company an exclusive option, applicable to each collaboration target, which upon exercise will allow the Company to conduct certain co-promotion activities in the field in the United States.

The Sanofi Agreement, unless earlier terminated, will expire on a product-by-product basis on the date of expiration of all payment obligations under the Sanofi Agreement with respect to such product. The Company or Sanofi may terminate the agreement upon the other party’s material breach or insolvency or for certain patent challenges. In addition, Sanofi may terminate the Sanofi Agreement for convenience or for a material safety event upon advance prior written notice, and the Company may terminate the Sanofi Agreement with respect to any collaboration candidate if, following Sanofi’s assumption of responsibility for the development, commercialization or manufacturing of collaboration candidates with respect to a particular target, Sanofi ceases to exploit any collaboration candidates directed to such target for a specified period.

In consideration for the exclusive licenses granted to Sanofi under the Sanofi Agreement, Sanofi paid to the Company an upfront payment of $150.0 million. The Company will also be reimbursed for certain research activities for a certain backup degrader under the IRAK4 program as well as contract manufacturing costs for the lead KT-474 program, unless certain criteria are not met for an initial IRAK4 degrader. In addition to the upfront payment and the reimbursements, the Company is eligible to receive certain development milestone payments of up to $1.48 billion in the aggregate, of which more than $1.0 billion relates to the IRAK4 program, upon the achievement of certain developmental or regulatory events. The Company will be eligible to receive certain commercial milestone payments up to $700.0 million in the aggregate, of which $400.0 million relates to the IRAK4 program, which are payable upon the achievement of certain net sales thresholds. The Company will be eligible to receive tiered royalties for each program on net sales ranging from the high-single digits to high teens, subject to low-single digits upward adjustments in certain circumstances.

On November 15, 2022, we entered into an Amended and Restated Collaboration and License Agreement with Sanofi, or the Amended Sanofi Agreement, which amended the Original Sanofi Agreement to revise certain research terms and responsibilities set forth under the Original Sanofi Agreement. The Amended Sanofi Agreement also specifies details around the timing and number of Phase 2 trials required under the terms of the collaboration. The Amended Sanofi Agreement became effective on December 5, 2022.

Additionally with respect to Sanofi, on December 2, 2022, Sanofi provided the Company with written notice of its intention to advance the collaboration target 1 candidate, KT-474, into Phase 2 clinical trials. In the fourth quarter of 2023, the Company achieved two milestones of $40.0 million and $15.0 million relating to the dosing of the first patient in the Phase 2 clinical trial for the first and second indications, respectively. Further, in July 2024, the Company announced that Sanofi intends to expand the ongoing Phase 2 trials to more rapidly progress towards pivotal studies with the intention of accelerating overall timelines.

In September 2023, the Company and Sanofi mutually agreed to cease activities related to Collaboration Target 2.

Accounting Treatment

The Company analyzed the discovery and pre-clinical research activities as well as the exclusive license grants under the Sanofi Agreement and concluded that the arrangement was indicative of a vendor-customer relationship and would be accounted for under ASC 606.

The Company identified the following material promises under the arrangement: (1) research services for Collaboration Target 1, (2) research license for Collaboration Target 1, (3) exclusive license for Collaboration Target 1, (4) research services for Collaboration Target 2, (5) research license for Collaboration Target 2, (6) exclusive license for Collaboration Target 2, (7) option to extend the research term, and (8) optional research services during the development period.

The Company determined that Collaboration Targets 1 and 2 are distinct from each other. The research associated with degraders directed to each target is at different stages and the licensed field, should development activities be successful, are different from each other. As such, all promises associated with each target are considered distinct from promises associated with the other target.

The research and development services for each collaboration target were determined not to be distinct from the research license and the exclusive license and have been combined into a single performance obligation for each collaboration target. That is, two performance obligations were identified, the combined research services, research license and exclusive license for Collaboration Target 1 and the combined research services, research license and exclusive license for Collaboration Target 2. The exclusive license for each target is not distinct from the pre-clinical and clinical research and development services under the Sanofi Agreement, primarily due to the highly specialized nature of the research and novel technology involved with developing protein degraders – the pre-clinical activities and studies and first phase 1 clinical trial could not be conducted by another party in the manner required.

The option to extend the research term and optional research services during the development period were evaluated as material rights. The fees associated with each option are at or above the standalone selling price. As such, the underlying options are not performance obligations and fees associated with each option are excluded from the transaction price until the underlying option is exercised.

The Company determined the total transaction price to be $150.0 million, which consists solely of the upfront payment. All milestone payments and option payments are constrained as the achievement of such milestones are contingent upon the success of the underlying research and development activities and are generally outside the control of the Company. The reimbursement of costs for the IRAK4 backup degrader is also treated as constrained variable consideration as the criteria for reimbursement may not always be met, under which circumstances the Company would be responsible for the costs related to the backup degrader. Upon becoming unconstrained, the reimbursement consideration will be added to the transaction price and allocated to Collaboration Target 1.

The Company allocated the upfront payment to each performance obligation based on the relative standalone selling price, as follows:

•

Collaboration Target 1: $120.0 million

•

Collaboration Target 2: $30.0 million

The Company determined the allocation of the $150.0 million transaction price between Collaboration Target 1 and Collaboration Target 2 based on the value of the research and development for the programs from projected research and development costs for each collaboration target plus a developer’s profit and the total potential milestones for each collaboration target.

The Company recognizes revenue associated with each performance obligation as the research and development services are provided using an input method, according to costs incurred as related to the research and development activities for each individual program and the costs expected to be incurred in the future to satisfy that individual performance obligation. The transfer of control occurs over this time period and, in management’s judgment, is the best measure of progress towards satisfying each performance obligation. The amounts received that have not yet been recognized as revenue are deferred as a contract liability on the Company’s consolidated balance sheet and will be recognized over the remaining research and development period until the performance obligation is satisfied. Milestone and reimbursement consideration added to the transaction price will be recognized as revenue with a cumulative catch-up upon becoming unconstrained. The performance obligation associated with Collaboration Target 1 has not been fully satisfied as of June 30, 2024. The performance obligation associated with Collaboration Target 2 has been fully satisfied. In the three months ended June 30, 2024, the Company recognized $25.7 million in revenue under the Sanofi Agreement, all of which was associated with Collaboration Target 1. In the six months ended June 30, 2024, the Company recognized $35.9 million in revenue under the Sanofi Agreement, all of which was associated with Collaboration Target 1. In the three months ended June 30, 2023, the Company recognized $9.9 million in revenue under the Sanofi Agreement, of which $8.8 million was associated with Collaboration Target 1 and $1.1 million was associated with Collaboration Target 2. In the six months ended June 30, 2023, the Company recognized $17.6 million in revenue

under the Sanofi Agreement, of which $15.9 million was associated with Collaboration Target 1 and $1.7 million was associated with Collaboration Target 2. Of the $35.9 million of revenue recognized in the six months ended June 30, 2024, $32.6 million was recognized from amounts that were recorded in deferred revenue as of December 31, 2023. The aggregate amount of the transaction price allocated to the Company’s unsatisfied performance obligations and recorded in deferred revenue at June 30, 2024 and December 31, 2023 is $22.4 million and $54.7 million, respectively. This decrease was the result of on-going activity under the collaboration agreement as well as a $19.4 million cumulative catch-up to revenue related to the change in expected future costs to satisfy the Company's performance obligation under Collaboration Target 1 that occurred during the three months ended June 30, 2024. During the six months ended June 30, 2024, the Company received $5.8 million in cost reimbursement payments. As of June 30, 2024, the Company recorded a contract asset for unbilled accounts receivable of $1.7 million related to reimbursable research and development costs under the Sanofi Agreement for activities performed during the second quarter of 2024. The Company will recognize the deferred revenue related to the research and development services based on a cost input method, as described, over the remaining research term, which is a maximum of 1.3 years as of June 30, 2024.

Any additional consideration related to performance-based milestones will be recognized when the risk of probable reversal is resolved, at which point the Company shall adjust the transaction price determined for the agreement accordingly and recognize revenue on a cumulative-catch up basis, reallocating the revised arrangement consideration to the performance obligations. Any consideration related to sales milestone payments and royalties will be recognized when the related milestone events or sales occur and therefore are recognized at the later of when the related sales occur or the relevant performance obligation is satisfied. As part of its evaluation of constraining the milestones, the Company considered numerous factors, including the fact that the achievement of the research and development milestones are contingent upon the results of the underlying research and development activities and are thus outside of the control of the Company. In the fourth quarter of 2023, the Company achieved two development milestones relating to the dosing of the first patient in the KT-474 Phase 2 clinical trials for the first and second indications, respectively. In connection with these milestones the Company unconstrained $55.0 million of consideration in the fourth quarter of 2023. During the three and six month periods ended June 30, 2024, the Company recognized $6.4 million and $8.8 million of revenue from the unconstrained milestones, respectively. As of June 30, 2024, $49.1 million of the $55.0 million of consideration has been recorded as revenue, with the remaining $5.9 million recorded as deferred revenue.

Vertex Agreement

On May 9, 2019 (the “Effective Date”), the Company entered into a collaboration agreement (the “Vertex Agreement”) with Vertex to advance small molecule protein degraders against up to six targets. Under the Vertex Agreement, Vertex had the exclusive option to license the rights to the product candidates developed for the designated targets at which point Vertex would control development and commercialization. Pursuant to the Vertex Agreement, the Company was only responsible for discovery and preclinical research on the targets, and Vertex was responsible for development, manufacturing, and commercialization of the product candidates after it exercises its option to license. The initial research term of the collaboration was four (4) years, extendable for an additional one (1) year period upon mutual agreement by the parties and payment by Vertex of certain per-target fees.

The Company was eligible to receive up to $170.0 million in payments per target, including development, regulatory and commercial milestones as well as option exercise payments. In addition, Vertex was obligated to pay the Company tiered royalties on future net sales on any products that may result from the Vertex Agreement. None of the payments under the Vertex Agreement are refundable. The Company may also perform follow-on research for an optioned target upon Vertex’s request and at Vertex’s expense.

The term of the Vertex Agreement began on the Effective Date and expired upon the completion of the initial research term on May 9, 2023.

Vertex provided the Company with a non-refundable upfront payment of $50.0 million and purchased 3,059,695 shares of the Company’s Series B-1 Convertible Preferred Stock (the “Series B-1 Preferred Stock”) at $6.54 a share, pursuant to a separate, but simultaneously executed Share Purchase Agreement. The shares were purchased at a premium of $5.9 million, which was included in the transaction price and will be recognized as revenue over the period of performance. As a result of this purchase, Vertex was considered a related party. Vertex is no longer considered a related party.

Accounting Treatment

The Company analyzed the joint research activities required under the Vertex Agreement and concluded that the arrangement was indicative of a vendor-customer relationship and would be accounted for under ASC 606.

The Company identified the following material promises under the arrangement: (1) the non-exclusive, royalty-free research license; (2) the research and development services to be performed on up to six targets; and (3) the option to license each of the targets for development, manufacturing, and commercialization efforts. The research and development services were determined not to be distinct from the research and development license and have been combined into a single performance obligation. The Company determined that the option to license the targets in the future was not priced at a discount, and that the option exercise fee for each target is at or above the standalone selling price for research at this stage of development; as such, the options and the underlying licenses are excluded from the performance obligation and the option exercise fees are excluded from the transaction price until the underlying option is exercised.

As part of its evaluation of constraining the research and development milestones, the Company considered numerous factors, including the fact that the achievement of the research and development milestones is contingent upon the results of the underlying research and development activities and is thus outside of the control of the Company.

At the commencement of the arrangement, two units of accounting were identified: the issuance of 3,059,695 shares of the Series B-1 Preferred Stock and the research activities the Company will perform over the Research Term. The Company determined the total transaction price to be $55.9 million, which consists of $5.9 million attributed to the premium from the shares of Series B-1 Preferred Stock sold to Vertex and the $50.0 million upfront payment. To determine the fair value of the Series B-1 Preferred Stock issued to Vertex, the Company performed a valuation of the shares of the Company’s common and preferred stock, which took into consideration recent financings, and the Company’s recent development and future exit strategies, as well as a discount for lack of marketability.

The Company recognizes revenue associated with the performance obligation as the research and development services are provided using an input method, according to the costs incurred as related to the research and development activities on each program and the costs expected to be incurred in the future to satisfy the performance obligation. The transfer of control occurs over this time period and, in management’s judgment, is the best measure of progress towards satisfying the performance obligation. The Vertex collaboration agreement expired upon completion of the initial research term in May of 2023. Accordingly, the Company fully satisfied its performance obligation and recognized all remaining deferred revenue associated with the Vertex collaboration in May 2023. No revenue was recognized during the three and six months ended June 30, 2024, under the Vertex Agreement. During the three and six months ended June 30, 2023, the Company recognized $6.6 million and $8.4 million respectively under the Vertex Agreement, all of which was included in deferred revenue as of December 31, 2022. There were no unsatisfied performance obligations as of June 30, 2024. The aggregate amount of the transaction price allocated to the Company’s unsatisfied performance obligation and recorded in deferred revenue is $0 at both June 30, 2024 and December 31, 2023.

The following table presents the changes in accounts receivable, contract assets and contract liabilities for the six months ended June 30, 2024 (in thousands):


	Balance at December 31, 2023		Additions		Deductions			Balance at June 30, 2024
Accounts receivable and contract assets:
Billed receivables - Sanofi	$	15,000	$	5,792	$	(20,792	)	$	—
Unbilled receivables - Sanofi		3,762		3,734		(5,792	)		1,704
Total accounts receivable and contract assets	$	18,762	$	9,526	$	(26,584	)	$	1,704
Contract liabilities:
Deferred revenue - Sanofi		54,651		3,734		(35,937	)		22,448
Total contract liabilities	$	54,651	$	3,734	$	(35,937	)	$	22,448

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 67,612	$ 109,966
Marketable securities (Note 4)	442,341	264,915
Accounts receivable	0	15,000
Contract assets	1,704	3,762
Prepaid expenses and other current assets	13,750	11,674
Total current assets	525,407	405,317
Marketable securities, non-current (Note 4)	192,445	61,434
Property and equipment, net (Note 6)	51,735	48,134
Right-of-use assets, operating leases	48,704	52,945
Other non-current assets	1,889	2,118
Restricted cash	5,841	5,811
Total assets	826,021	575,759
Current liabilities:
Accounts payable	6,510	7,075
Accrued expenses (Note 8)	23,780	33,864
Deferred revenue	19,259	37,883
Operating lease liabilities	11,424	5,068
Finance lease liabilities	992	1,277
Other current liabilities	178	524
Total current liabilities	62,143	85,691
Non-current liabilities
Deferred revenue, net of current portion	3,189	16,768
Operating lease liabilities, net of current portion	74,822	77,028
Finance lease liabilities, net of current portion	943	1,301
Total liabilities	141,097	180,788
Stockholders’ equity:
Common stock, $0.0001 par value; 150,000,000 shares authorized at June 30, 2024 and December 31, 2023, 61,572,383 and 55,390,259 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively	6	6
Additional paid-in capital	1,308,388	926,269
Accumulated deficit	(621,371)	(530,752)
Accumulated other comprehensive loss	(2,099)	(552)
Total stockholders’ equity	684,924	394,971
Total liabilities and stockholders’ equity	$ 826,021	$ 575,759

Property and Equipment

6 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment

6. Property and Equipment

Property and equipment consisted of the following as of June 30, 2024 and December 31, 2023 (in thousands):


	June 30, 2024			December 31, 2023
Lab and office equipment under finance right-of-use asset	$	5,749		$	6,725
Lab equipment		10,235			5,098
Computer equipment		966			582
Furniture & fixtures		3,255			1,064
Leasehold improvements		43,953			7,802
Assets not yet in service		52			37,303
Total property and equipment		64,210			58,574
Less accumulated depreciation		(12,475	)		(10,440	)
Property and equipment, net	$	51,735		$	48,134

Depreciation expense for the three months ended June 30, 2024 and 2023 was $1.9 million and $0.9 million, respectively. Depreciation expense for the six months ended June 30, 2024 and 2023 was $3.4 million and $1.8 million, respectively.

Included in property and equipment is lab and office equipment right-of-use assets under finance leases with a cost basis of $5.7 million and $6.7 million and accumulated amortization expense of $3.8 million and $4.1 million as of June 30, 2024 and December 31, 2023, respectively.

Amortization expense related to right-of-use assets during the three months ended June 30, 2024 and 2023 was $0.4 million and $0.4 million, respectively. Amortization expense related to right-of-use assets during the six months ended June 30, 2024 and 2023 was $0.8 million and $0.7 million, respectively.

Equity-Based Compensation - Summary of Weighted-Average Assumptions (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Expected term (in years)	5 years 8 months 15 days	5 years 11 months 12 days	5 years 9 months 10 days	5 years 10 months 6 days
Volatility	65.00%	62.00%	65.00%	62.00%
Risk-free interest rate	4.25%	3.71%	4.14%	4.06%
Dividend yield	0.00%	0.00%	0.00%	0.00%

Equity-Based Compensation - Summary of Restricted Stock Activity (Details) - Restricted Stock - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Number of Units Outstanding
Granted	12,150	47,697	243,984	263,986
2018 Plan
Number of Units Outstanding
Unvested at beginning of period			593,140
Granted			243,984
Vested			(163,903)
Forfeited			(36,636)
Unvested at end of period	636,585		636,585
Grant Date Fair Value per Share
Unvested at beginning of period			$ 25.36
Granted			42.73
Vested			25.32
Forfeited			27.24
Unvested at end of period	$ 31.92		$ 31.92

Fair Value Measurements

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

3. Fair Value Measurements


	Fair Value Measurements at June 30, 2024:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents
Money market fund	$	36,428	$	—	$	—	$	36,428
US treasuries		13,450		—		—		13,450
US government agencies		—		2,995		—		2,995
Commercial Paper		—		10,960		—		10,960
Marketable securities, current
US treasuries		164,958		—		—		164,958
US government agencies		—		90,727		—		90,727
Commercial Paper		—		23,588		—		23,588
Corporate bonds		—		163,068		—		163,068
Marketable securities, non-current
US treasuries		28,600		—		—		28,600
US government agencies		—		30,470		—		30,470
Corporate bonds		—		133,375		—		133,375
Restricted cash		5,841		—		—		5,841
Total	$	249,277	$	455,183	$	—	$	704,460


	Fair Value Measurements at December 31, 2023:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents
Money market fund	$	78,010	$	—	$	—	$	78,010
US treasuries		27,985		—		—		27,985
Commercial Paper		997		—		—		997
Marketable securities, current
US treasuries		23,253		—		—		23,253
US government agencies		—		114,384		—		114,384
Corporate bonds		—		127,278		—		127,278
Marketable securities, non-current
US treasuries		—		—		—		-
US government agencies		—		28,307		—		28,307
Corporate bonds		—		33,127		—		33,127
Restricted cash		5,811						5,811
Total	$	136,056	$	303,096	$	—	$	439,152

During the six months ended June 30, 2024 and the year ended December 31, 2023, there were no transfers in or out of Level 3.

- 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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Accrued Expenses

6 Months Ended

Jun. 30, 2024

Accrued Liabilities, Current [Abstract]

Accrued Expenses

8. Accrued Expenses

Accrued expenses consisted of the following as of June 30, 2024 and December 31, 2023 (in thousands):


	June 30, 2024		December 31, 2023
Research and development expenses	$	12,358	$	15,099
Payroll and payroll-related		6,141		11,227
Professional fees		4,200		3,854
Other		1,081		3,684
Accrued expenses	$	23,780	$	33,864