Cover Page - USD ($) $ in Millions	12 Months Ended
Cover Page - USD ($) $ in Millions	Dec. 31, 2024	Apr. 04, 2025	Jun. 30, 2024
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-36579
Entity Registrant Name	Adverum Biotechnologies, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-5258327
Entity Address, Address Line One	100 Cardinal Way
Entity Address, City or Town	Redwood City
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94063
City Area Code	650
Local Phone Number	656-9323
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	ADVM
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Document Financial Statement Error Correction	true
Document Financial Statement Restatement Recovery Analysis [Flag]	true
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float			$ 136.7
Entity Common Stock, Shares Outstanding		20,890,540
Documents Incorporated By Reference	Portions of the definitive proxy statement (the Proxy Statement) for the 2025 Annual Meeting of Stockholders of the registrant are incorporated by reference into Part III of this Annual Report on Form 10-K. If the Proxy Statement is not filed by April 30, 2025, then the registrant will file an amendment to this Form 10-K on Form 10-K/A to include the Part III information in this Form 10-K.
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Entity Central Index Key	0001501756

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2024
Audit Information [Abstract]
Auditor Name	Ernst & Young LLP
Auditor Firm ID	42
Auditor Location	San Francisco, California

CONSOLIDATED BALANCE SHEETS - USD ($) shares in Thousands, $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 60,652	$ 75,000
Short-term investments	65,039	21,526
Prepaid expenses and other current assets	5,609	6,247
Total current assets	131,300	102,773
Operating lease right-of-use assets	33,611	35,024
Property and equipment, net	11,607	14,764
Restricted cash	1,976	1,976
Deposit and other long-term assets	1,347	1,231
Total assets	179,841	155,768
Current liabilities:
Accounts payable	1,610	1,921
Accrued expenses and other current liabilities	15,620	12,584
Lease liability, current portion	5,668	5,476
Total current liabilities	22,898	19,981
Long-term liabilities:
Lease liability, net of current portion	86,037	68,565
Other non-current liabilities	192	0
Total liabilities	109,127	88,546
Commitments and contingencies (Note 8)
Stockholders’ equity:
Preferred stock, $0.0001 par value, 5,000 shares authorized; no shares issued and outstanding	0	0
Common stock, $0.0001 par value, 300,000 shares authorized at December 31, 2024: 20,848 and 10,143 shares issued and outstanding at December 31, 2024 and 2023, respectively	2	1
Additional paid-in capital	1,138,070	1,003,718
Accumulated other comprehensive loss	(407)	(473)
Accumulated deficit	(1,066,951)	(936,024)
Total stockholders’ equity	70,714	67,222
Total liabilities and stockholders’ equity	$ 179,841	$ 155,768
Common stock, shares issued (in shares)	20,848	10,143
Common stock, shares outstanding (in shares)	20,848	10,143
Common stock, shares authorized (in shares)	300,000	300,000
Common stock, par value (in USD per share)	$ 0.0001	$ 0.0001

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value (in USD per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in USD per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	300,000,000	300,000,000
Common stock, shares issued (in shares)	20,848,000	10,143,000
Common stock, shares outstanding (in shares)	20,848,000	10,143,000

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended						6 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2024	Dec. 31, 2023
Income Statement [Abstract]
License revenue	$ 1,000			$ 0	$ 0	$ 3,600		$ 3,600	$ 1,000	$ 3,600	$ 1,000	$ 3,600
Operating expenses:
Research and development	20,439	$ 17,097	$ 15,410	20,740	20,599	20,869	$ 32,507	41,468	52,946	62,208	77,041	77,486
General and administrative	14,999	15,807	13,789	14,319	13,481	15,586	29,596	29,067	44,595	43,386	63,118	55,056
Total operating expenses	35,438	32,904	29,199	35,059	34,080	36,455	62,103	70,535	97,541	105,594	140,159	132,542
Operating loss	(34,438)	(32,904)	(29,199)	(35,059)	(34,080)	(32,855)	(62,103)	(66,935)	(96,541)	(101,994)	(139,159)	(128,942)
Other income, net	2,087	2,406	2,052	1,661	1,576	1,200	4,458	2,776	6,545	4,437	8,232	5,748
Net loss before income taxes				(33,398)	(32,504)	(31,655)		(64,159)		(97,557)	(130,927)	(123,194)
Income tax benefit				(17)	(21)	(17)		(38)		(55)	0	1,078
Net loss	(32,351)	(30,498)	(27,147)	(33,415)	(32,525)	(31,672)	(57,645)	(64,197)	(89,996)	(97,612)	(130,927)	(122,116)
Other comprehensive gain (loss):
Net unrealized gain on marketable securities	241	(2)	(41)	66	198	739	(43)	937	198	1,003	105	1,057
Foreign currency translation adjustment	16	10	(19)	(12)	(5)	(7)	(9)	(12)	7	(24)	(39)	1
Comprehensive loss	$ (32,094)	$ (30,490)	$ (27,207)	$ (33,361)	$ (32,332)	$ (30,940)	$ (57,697)	$ (63,272)	$ (89,791)	$ (96,633)	$ (130,861)	$ (121,058)
Net loss per share - basic (in USD per share)	$ (1.55)	$ (1.46)	$ (1.65)	$ (3.31)	$ (3.23)	$ (3.16)	$ (3.08)	$ (6.39)	$ (4.64)	$ (9.69)	$ (6.62)	$ (12.11)
Net loss per share - diluted (in USD per share)	$ (1.55)	$ (1.46)	$ (1.65)	$ (3.31)	$ (3.23)	$ (3.16)	$ (3.08)	$ (6.39)	$ (4.64)	$ (9.69)	$ (6.62)	$ (12.11)
Weighted-average common shares outstanding - basic (in shares)	20,876	20,852	16,479	10,099	10,076	10,030	18,713	10,053	19,408	10,069	19,782	10,082
Weighted-average common shares outstanding - diluted (in shares)	20,876	20,852	16,479	10,099	10,076	10,030	18,713	10,053	19,408	10,069	19,782	10,082

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2022		10,012
Beginning balance at Dec. 31, 2022	$ 170,222	$ 1	$ 985,660	$ (1,531)	$ (813,908)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net unrealized gain on marketable securities	739
Foreign currency translation adjustment	(7)
Net loss	(31,672)
Ending balance at Mar. 31, 2023	143,845
Beginning balance (in shares) at Dec. 31, 2022		10,012
Beginning balance at Dec. 31, 2022	170,222	$ 1	985,660	(1,531)	(813,908)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net unrealized gain on marketable securities	937
Foreign currency translation adjustment	(12)
Net loss	(64,197)
Ending balance at Jun. 30, 2023	116,228
Beginning balance (in shares) at Dec. 31, 2022		10,012
Beginning balance at Dec. 31, 2022	170,222	$ 1	985,660	(1,531)	(813,908)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net unrealized gain on marketable securities	1,003
Foreign currency translation adjustment	(24)
Net loss	(97,612)
Ending balance at Sep. 30, 2023	87,257
Beginning balance (in shares) at Dec. 31, 2022		10,012
Beginning balance at Dec. 31, 2022	170,222	$ 1	985,660	(1,531)	(813,908)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	17,569		17,569
Common stock issued upon exercise of stock options, shares (in shares)		0
Common stock issued upon exercise of stock options	1		1
Common stock issued under employee stock purchase plan (in shares)		82
Common stock issued under employee stock purchase plan	488		488
Common stock issued upon release of restricted stock units (in shares)		49
Net unrealized gain on marketable securities	1,057			1,057
Foreign currency translation adjustment	1			1
Net loss	$ (122,116)				(122,116)
Ending balance (in shares) at Dec. 31, 2023	10,143	10,143
Ending balance at Dec. 31, 2023	$ 67,222	$ 1	1,003,718	(473)	(936,024)
Beginning balance at Mar. 31, 2023	143,845
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net unrealized gain on marketable securities	198
Foreign currency translation adjustment	(5)
Net loss	(32,525)
Ending balance at Jun. 30, 2023	116,228
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net unrealized gain on marketable securities	66
Foreign currency translation adjustment	(12)
Net loss	(33,415)
Ending balance at Sep. 30, 2023	87,257
Beginning balance at Dec. 31, 2023	67,222	$ 1	1,003,718	(473)	(936,024)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net unrealized gain on marketable securities	(41)
Foreign currency translation adjustment	(19)
Net loss	(27,147)
Ending balance at Mar. 31, 2024	$ 163,681
Beginning balance (in shares) at Dec. 31, 2023	10,143	10,143
Beginning balance at Dec. 31, 2023	$ 67,222	$ 1	1,003,718	(473)	(936,024)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net unrealized gain on marketable securities	(43)
Foreign currency translation adjustment	(9)
Net loss	(57,645)
Ending balance at Jun. 30, 2024	$ 137,400
Beginning balance (in shares) at Dec. 31, 2023	10,143	10,143
Beginning balance at Dec. 31, 2023	$ 67,222	$ 1	1,003,718	(473)	(936,024)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net unrealized gain on marketable securities	198
Foreign currency translation adjustment	7
Net loss	(89,996)
Ending balance at Sep. 30, 2024	$ 108,270
Beginning balance (in shares) at Dec. 31, 2023	10,143	10,143
Beginning balance at Dec. 31, 2023	$ 67,222	$ 1	1,003,718	(473)	(936,024)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	14,350		14,350
Issuance of common stock, net of issuance costs of $9 (in shares)		10,573
Stock Issued During Period, Value, New Issues	$ 119,361	$ 1	119,360
Common stock issued upon exercise of stock options, shares (in shares)	15	15
Common stock issued upon exercise of stock options	$ 146		146
Common stock issued under employee stock purchase plan (in shares)		88
Common stock issued under employee stock purchase plan	496		496
Common stock issued upon release of restricted stock units (in shares)		29
Net unrealized gain on marketable securities	105			105
Foreign currency translation adjustment	(39)			(39)
Net loss	$ (130,927)				(130,927)
Ending balance (in shares) at Dec. 31, 2024	20,848	20,848
Ending balance at Dec. 31, 2024	$ 70,714	$ 2	$ 1,138,070	$ (407)	$ (1,066,951)
Beginning balance at Mar. 31, 2024	163,681
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net unrealized gain on marketable securities	(2)
Foreign currency translation adjustment	10
Net loss	(30,498)
Ending balance at Jun. 30, 2024	137,400
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net unrealized gain on marketable securities	241
Foreign currency translation adjustment	16
Net loss	(32,351)
Ending balance at Sep. 30, 2024	$ 108,270

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Parenthetical)	12 Months Ended
	Dec. 31, 2024 USD ($)
Statement of Stockholders' Equity [Abstract]
Issuance costs	$ 8,449,000

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:
Net loss	$ (31,672)	$ (130,927)	$ (122,116)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		3,653	5,644
Stock-based compensation expense		14,350	17,569
Net accretion of discount on marketable securities		(1,907)	(1,935)
Non-cash lease expense	2,666	7,495	18,257
Non-cash sublease loss/(income)	(1,567)	14,000	(89)
Loss on disposal of property and equipment		2	50
Other		(39)	225
Changes in operating assets and liabilities:
Prepaid expenses and other current assets		638	298
Deposit and other long-term assets		(68)	182
Accounts payable		(262)	(369)
Accrued expenses and other liabilities	(939)	3,021	(5,396)
Lease liability		(2,418)	(3,222)
Net cash used in operating activities		(92,462)	(90,902)
Cash flows from investing activities:
Purchases of marketable securities		(101,901)	(36,718)
Maturities of marketable securities		60,400	134,401
Purchases of property and equipment		(388)	(808)
Net cash (used in) provided by investing activities		(41,889)	96,875
Cash flows from financing activities:
Proceeds from issuance of common stock and pre-funded warrants in private placement, net of issuance costs		119,361	0
Payment of deferred offering costs		0	(420)
Proceeds from issuance of common stock pursuant to option exercises		146	1
Proceeds from employee stock purchase plan		496	488
Net cash provided by financing activities		120,003	69
Net (decrease) increase in cash, cash equivalents and restricted cash		(14,348)	6,042
Cash, cash equivalents and restricted cash at beginning of period	70,934	76,976	70,934
Cash, cash equivalents and restricted cash at end of period		62,628	76,976
Cash and cash equivalents	67,552	60,652	75,000
Restricted cash	2,503	1,976	1,976
Cash, cash equivalents and restricted cash at end of period		62,628	76,976
Supplemental schedule of noncash information
Non-cash settlement of operating lease liability	$ 14,900	0	14,903
Remeasurement of operating lease right-of-use assets and liabilities		0	7,632
Fixed assets in accounts payable and current liabilities		$ 201	$ 91

Description of the Business	12 Months Ended
Description of the Business	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of the Business	Description of the Business Nature of the Business—Adverum Biotechnologies, Inc. (the “Company” or “Adverum”) was incorporated in Delaware on July 17, 2006 and is headquartered in Redwood City, California. The Company aims to establish gene therapy as a new standard of care for highly prevalent ocular diseases. The Company develops gene therapy product candidates intended to provide durable efficacy by inducing sustained expression of a therapeutic protein. Going Concern, Liquidity, Risks and Uncertainties—As of December 31, 2024, the Company has devoted substantially all of its efforts to product development and has not realized product sales revenues from its planned principal operations. The Company has a limited operating history, and the sales and income potential of the Company’s business and market are unproven. The Company has experienced net losses since its inception and, as of December 31, 2024, had an accumulated deficit of $1.1 billion. The Company used $92.5 million of cash in operations during the year ended December 31, 2024. The Company expects to continue to incur net losses and operating cash outflows for at least the next several years. A successful transition to attaining profitable operations is dependent upon achieving a level of revenue adequate to support the Company’s cost structure. As of December 31, 2024, the Company had cash, cash equivalents and short-term investments of $125.7 million, which are expected to fund the Company’s operations into the second half of 2025. The Company has determined that its cash and cash equivalents as of December 31, 2024 would be insufficient to fund its operations for a period of at least twelve months from the date these financial statements are issued, which raises substantial doubt regarding the Company’s ability to continue as a going concern. The Company’s financial statements have been prepared using the going concern basis of accounting, which contemplates the continuity of operations, realization of assets and the satisfaction of liabilities and commitments in the ordinary course of business. The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of the uncertainties described above. Management expects operating losses to continue for the foreseeable future. The Company plans to raise substantial additional capital to continue as a going concern, including through public or private equity or debt financings, third-party funding, revenue interest arrangements, collaborations, strategic alliances and licensing arrangements, or any combination of these approaches. The Company may be unable to raise additional funds or to enter into such agreements or arrangements on favorable terms, or at all. If the Company is unable to raise capital or enter into such agreements as and when needed, it may have to delay, limit, reduce or terminate its product development programs, commercialization efforts or other operations, or to cease operations or liquidate its assets. Although the Company has been successful in raising capital in the past, there is no assurance that it will be successful in obtaining such additional financing. Therefore, it is not considered probable that the Company’s plans to raise additional capital will alleviate the substantial doubt regarding its ability to continue as a going concern.

Restatement of Previously Issued Financial Statements

12 Months Ended

Dec. 31, 2024

Accounting Changes and Error Corrections [Abstract]

Restatement of Previously Issued Financial Statements

The Company has restated herein its audited consolidated financial statements for the year ended December 31, 2023 in accordance with Accounting Standards Codification (“ASC”) Topic 250, Accounting Changes and Error Corrections. In March 2025, the Company discovered that there were errors in its lease accounting related to tenant improvement allowances in connection with an operating lease agreement for a building in North Carolina, which the Company entered into in January 2021 and subsequently subleased in October 2021 (the operating lease agreement and sublease agreements, with their respective amendments, collectively, the “NC Leases”). The Company inappropriately omitted accounting for available tenant improvement allowance that resulted in a misstatement of its operating lease right-of-use asset and related lease liability. Additionally, the Company did not account for tenant improvement allowances that were conveyed to the subtenant, resulting in an overstatement of sublease income. The tables below reflect the adjustments related to this restatement, the amounts of which are included with reference (a).

The Company has also restated interim period financial statements for the first, second and third quarters of 2024 and 2023 as a result of these errors. See Note 14 Quarterly Financial Information (Unaudited) for additional information on the restated interim financial statements for the first, second, and third quarters of 2024 and 2023.

As part of this restatement, the Company has corrected certain other immaterial errors. While these other errors are quantitatively and qualitatively immaterial, individually and in the aggregate, because the Company is restating its consolidated financial statements for material errors, the Company has corrected other immaterial errors as well. These adjustments are described in more detail in references (b) and (c) and elsewhere in the section titled “Other Adjustments” below.

Other Adjustments

The adjustments to correct other errors that are quantitatively and qualitatively immaterial, individually and in the aggregate are as follows:

(b)The Company had previously recorded an out of period adjustment related to research and development expenses in the first quarter of 2023 that was the result of not recording a severance accrual of $0.2 million in 2022.

(c)The Company had previously understated its right-of-use assets and lease liability by $0.3 million related to its facilities in Redwood City, California at each balance sheet in 2024 and 2023.

The Company also identified certain errors as a result of imprecise calculations related to its research and development tax credits that should have been corrected in the consolidated financial statements for the year ended December 31, 2023. Such amounts are deemed immaterial to the Company’s income tax provision for the years ended December 31, 2024 and 2023.

The remainder of the notes to the Company’s financial statements have been restated, as applicable, to reflect the impacts from the restatement discussed above.

Impact of the Restatement

The following tables represent the restated amounts in the Consolidated Balance Sheet, Statement of Operations and Comprehensive Loss, and Statement of Cash Flows for the year ended December 31, 2023 (in thousands, except per share data).

The amounts as previously reported for fiscal year 2023 were derived from the Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed on March 18, 2024 and the amounts previously reported for the unaudited condensed consolidated quarterly financial information for the quarterly periods in the years ended December 31, 2023 and 2024 were derived from the Company’s Quarterly Reports on Form 10-Q for the quarterly periods within those years (the “Previously Reported Amounts”). The Previously Reported Amounts are labeled as “As Reported” in the tables below. The amounts labeled “Adjustment” represent the effects of this restatement described above.

The cumulative effect of the error on periods prior to 2023 was $11.3 million which is included in the beginning balance of the accumulated deficit of the restated Consolidated Balance Sheet for the year ended December 31, 2023.

Consolidated Balance Sheet


	As of December 31, 2023
	As Previously Reported		Adjustment		Reference	As Restated
Assets
Current assets:
Cash and cash equivalents	$	75,000	$	—		$	75,000
Short-term investments	21,526		—			21,526
Prepaid expenses and other current assets	6,247					6,247
Total current assets	102,773		—			102,773
Operating lease right-of-use assets	52,266		(17,242)		(a) (c)	35,024
Property and equipment, net	14,764		—			14,764
Restricted cash	1,976		—			1,976
Deposit and other long-term assets	1,231					1,231
Total assets	$	173,010	$	(17,242)		$	155,768
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$	1,921	$	—		$	1,921
Accrued expenses and other current liabilities	12,584		—			12,584

Lease liability, current portion	10,409		(4,933)		(a)	5,476
Total current liabilities	24,914		(4,933)			19,981
Long-term liabilities:

Lease liability, net of current portion	64,627		3,938		(a) (c)	68,565
Total liabilities	89,541		(995)			88,546
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.0001 par value, 5,000 shares authorized; no shares issued and outstanding	—		—			—
Common stock, $0.0001 par value, 300,000 shares authorized at December 31, 2023: 10,143 shares issued and outstanding at December 31, 2023	1		—			1
Additional paid-in capital	1,003,718		—			1,003,718
Accumulated other comprehensive loss	(473)		—			(473)
Accumulated deficit	(919,777)		(16,247)		(a) (b)	(936,024)
Total stockholders’ equity	83,469		(16,247)			67,222
Total liabilities and stockholders’ equity	$	173,010	$	(17,242)		$	155,768

Consolidated Statement of Operations and Comprehensive Loss


	Year ended December 31, 2023
	As Previously Reported		Adjustment		Reference	As Restated
License revenue	$	3,600	$	—		$	3,600
Operating expenses:
Research and development	77,676		(190)		(b)	77,486
General and administrative	49,915		5,141		(a)	55,056
Total operating expenses	127,591		4,951			132,542
Operating loss	(123,991)		(4,951)			(128,942)

Other income, net	5,748		—			5,748
Net loss before income taxes	(118,243)		(4,951)			(123,194)
Income tax benefit	1,078		—			1,078
Net loss	$	(117,165)	$	(4,951)		$	(122,116)
Other comprehensive gain:
Net unrealized gain on marketable securities	1,057		—			1,057
Foreign currency translation adjustment	1		—			1
Comprehensive loss	$	(116,107)	$	(4,951)		$	(121,058)
Net loss per share - basic and diluted	$	(11.62)	$	—		$	(12.11)
Weighted-average common shares outstanding - basic and diluted	10,082		—			10,082

Consolidated Statement of Cash Flows


	Year ended December 31, 2023
	As Previously Reported		Adjustment		Reference	As Restated
Cash flows from operating activities:
Net loss	$	(117,165)	$	(4,951)	(a) (b)	$	(122,116)
Adjustments to reconcile net loss to net cash used in operating activities:



Non-cash lease expense	13,027		5,230		(a)	18,257
Non-cash sublease income	—		(89)			(89)


Changes in operating assets and liabilities:



Accrued expenses and other liabilities	(5,206)		(190)		(b)	(5,396)





















Supplemental schedule of noncash information

Remeasurement of operating lease right-of-use assets and liabilities	$	13,711	$	(6,079)	(a) (c)	$	7,632

There was no impact on net cash used in operating activities or within any line items within investing and financing activities.

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Dec. 31, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation—The Company’s consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. Use of Estimates—The preparation of financial statements in conformity with U.S. GAAP requires management to make judgements, estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses, and related disclosures. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. These estimates form the basis for making judgments about the carrying values of assets and liabilities when these values are not readily apparent from other sources. Accounting estimates and judgements are inherently uncertain, and the actual results could differ from these estimates. March 2024 Reverse Stock Split—On March 21, 2024, the Company effected a 1-for-10 reverse stock split of its common stock. The par value and the authorized shares of the common stock were not adjusted as a result of the reverse stock split. All equity related information including per share amounts for all periods presented in these consolidated financial statements and the notes thereto have been adjusted retroactively, where applicable, to reflect this reverse stock split. Foreign Currency—Assets and liabilities of non-U.S. subsidiaries that operate in a local currency environment, where the local currency is the functional currency, are translated to U.S. dollars at exchange rates in effect at the balance sheet date, with the resulting translation adjustments directly recorded to a separate component of accumulated other comprehensive loss. Upon sale or upon complete or substantially complete liquidation of an investment in a foreign entity, the amount attributable to that entity and accumulated in the translation adjustment component of equity is removed from the separate component of equity and reported as part of the gain or loss on sale or liquidation of the investment for the period during which the sale or liquidation occurs. Income and expense accounts are translated at average exchange rates for the period. Transactions which are not in the functional currency of the entity are remeasured into the functional currency and gains or losses resulting from the remeasurement recorded in other income, net. Cash and Cash Equivalents—The Company considers all highly liquid investments purchased with original maturities of three months or less at the date of purchase to be cash equivalents. Cash and cash equivalents include cash held in banks, money market accounts and highly liquid debt securities. Cash equivalents are stated at fair value. Restricted Cash—Restricted cash primarily consists of cash collateral to letter of credit provided to the landlord in relation to a lease agreement. See Note 6, Leases for additional information. Short-Term Investments—All short-term investments in debt securities have been classified as “available for sale” and are carried at fair value. Unrealized gains and losses, net of any related tax effects, are excluded from earnings and are included in other comprehensive loss and reported as a separate component of stockholders’ equity until realized. The cost of securities sold is based on the specific-identification method. The amortized cost of securities is adjusted for amortization of premiums and accretion of discounts to maturity. Interest on short-term investments is included in other income, net in the Company’s consolidated statements of operations and comprehensive loss. In accordance with the Company’s investment policy, management invests to diversify credit risk and only invests in securities with high credit quality, including U.S. government securities. The Company assesses available-for-sale debt securities on a quarterly basis to see whether any unrealized loss is due to credit-related factors. Factors considered in determining whether an impairment is credit-related include the extent to which the investment’s fair value is less than its cost basis, declines in published credit ratings, changes in interest rates, and any other adverse factors related to the security. If it is determined that a credit-related impairment exists, the Company will measure the credit loss based on a discounted cash flow model. Credit-related impairments on available-for-sale debt securities are recognized as an allowance for credit losses with a corresponding adjustment to other income, net in the Company’s consolidated statement of operations. The unrealized loss position that is not credit-related is recorded, net of any related tax effects, in other comprehensive income until realized. There were no credit-related losses recognized for the periods presented. Accrued Interest Receivable—Accrued interest receivable related to the Company’s available-for-sale debt securities is presented within prepaid expenses and other current assets on the Company’s consolidated balance sheets. The Company has elected to exclude accrued interest receivable from both the fair value and the amortized cost basis of available-for-sale debt securities for the purposes of identifying and measuring any impairment. The Company writes off accrued interest receivable once it has determined that the asset is not realizable. Any write offs of accrued interest receivable are recorded by reversing interest income, recognizing credit loss expense, or a combination of both. To date, the Company has not written off any accrued interest receivables associated with its available-for-sale debt securities. Segment Reporting—The Company operates and manages its business as one reporting and operating segment, which is the business of developing and commercializing gene therapeutics. The Company’s chief executive officer, who is the chief operating decision maker (“CODM”), assesses segment performance and decides how to allocate resources based on total operating expenses as reported on the consolidated statements of operations and comprehensive loss. See Note 11, Segment Reporting, for additional information. Concentrations of Credit Risk and Other Uncertainties—Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents and short-term investments. Risks associated with cash, cash equivalents, short-term investments are mitigated by the Company’s investment policy, which limits the Company’s investing to securities having specified credit ratings. Management believes that the Company is not exposed to significant credit risk. The Company is subject to certain risks and uncertainties, including, but not limited to changes in any of the following areas that the Company believes could have a material adverse effect on future financial position or results of operations: the ability to obtain future financing; regulatory approval and market acceptance of, and reimbursement for, the Company’s product candidates; performance of third-party clinical research organizations and manufacturers; development of sales channels; protection of intellectual property; litigation or claims against the Company based on intellectual property, patent, product, regulatory or other factors; and the Company’s ability to attract and retain employees necessary to support growth. Property and Equipment—Property and equipment are recorded at cost, net of accumulated depreciation and amortization. Depreciation is recorded using the straight-line method over the estimated useful lives of the assets, generally three to five years. Leasehold improvements are capitalized and amortized over the shorter period of their expected lives or the lease term. Major replacements and improvements are capitalized, while general repairs and maintenance are expensed as incurred. Impairment of Long-Lived Assets—Long-lived assets, including property and equipment and finite-lived intangible assets, are reviewed for impairment whenever facts or circumstances either internally or externally may indicate that the carrying value of an asset may not be recoverable. If there is an indication of impairment, the Company tests for recoverability by comparing the estimated undiscounted future cash flows expected to result from the use of the asset to the carrying amount of the asset or asset group. If the asset or asset group is determined to be impaired, any excess of the carrying value of the asset or asset group over its estimated fair value is recognized as an impairment loss. Leases — For long-term operating leases, the Company recognizes a right-of-use asset and a lease liability on the Company's consolidated balance sheets. The Company determines if an arrangement contains a lease and the classification of the lease at inception. An arrangement contains a lease if there is an identified asset and if the Company controls the use of the identified asset throughout the period of use. The lease liability is determined as the present value of future lease payments and lease incentives over the expected lease term. Lease incentives are included in the measurement of the consideration in the contract at lease commencement when the Company is reasonably certain to incur costs to construct lessee assets. In order to determine the incremental borrowing rate, the Company determines its credit rating, adjusts the credit rating for the nature of the collateral, and benchmarks the borrowing rate against observable yields on comparable securities with a similar term. The incremental borrowing rate, the ROU asset and the lease liability are reevaluated upon a lease modification. It bases the ROU asset on the lease liability adjusted for any prepaid or deferred rent. The Company elected to combine lease and non-lease components for all underlying assets groups. The Company determines the lease term at the commencement date by considering whether renewal options and termination options are reasonably assured of exercise. For short term leases, the Company does not recognize a right-of-use asset and lease liability and recognizes the lease expense over the term of the lease on a straight-line basis. Rent expense for operating leases is recognized on a straight-line basis over the lease term and is included in operating expenses on the statements of operations and comprehensive loss. The variable lease payments primarily consist of common area maintenance and other operating costs. The Company assesses the probability of collecting lease payments under its sublease at each reporting date. The Company currently does not deem the collection of lease payments probable and therefore sublease income is constrained at the lesser of cash payments or straight-line sublease income. Sublease income/loss for operating leases is classified in general and administrative expenses based on payments collected and tenant improvement allowance disbursed to the subtenant. Revenue Recognition—The Company has primarily generated revenue through license, research and collaboration arrangements with its strategic partners. The Company recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the Company expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that the Company determines are within the scope of ASC 606, Revenue from Contracts with Customers, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the Company satisfies a performance obligation. At contract inception, once the contract is determined to be within the scope of ASC 606, the Company assesses the goods or services promised within each contract and determines those that are performance obligations. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. Research and Development Expenses—Research and development expenses are charged to expense as incurred. Research and development expenses include primarily personnel-related costs, stock-based compensation expense, laboratory supplies, consulting costs, external contract research and development expenses, including expenses incurred under agreements with contract research organizations (“CROs”), the cost of acquiring, developing and manufacturing clinical trial materials, and overhead expenses, such as rent, equipment depreciation, insurance and utilities. Advance payments for goods or services for future research and development activities are deferred and expensed as the goods are delivered or the related services are performed. The Company estimates research and clinical trial expenses based on the services performed pursuant to contracts with research institutions and clinical research organizations that conduct and manage nonclinical studies and clinical trials on the Company’s behalf. In accruing service fees, the Company estimates the time period over which services will be performed and the level of effort to be expended in each period. These estimates are based on communications with the third-party service providers and the Company’s estimates of accrued expenses and on information available at each balance sheet date. If the actual timing of the performance of services or the level of effort varies from the estimate, the Company adjusts the accrual accordingly. Fair Value Measurements—Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. The carrying amounts of the Company’s financial instruments, including cash equivalents approximate their fair values due to their short-term maturities. See Note 4, Fair Value Measurements for the methodologies and assumptions used in valuing financial instruments. Stock-based Compensation Expense—Stock-based compensation expense related to stock awards to employees is measured at fair value of the award on the date of the grant. The Company estimates the grant-date fair value, and the resulting stock-based compensation expense, using the Black-Scholes valuation model for stock options and employee stock purchase and using intrinsic value, which is the closing price of its common stock on the date of the grant, for restricted stock units (“RSUs”) and performance stock units (“PSUs”). Expense recognition of PSU and performance-based options commences when the associated performance-based criteria are determined to be probable. The fair value of the award that is ultimately expected to vest is recognized as expense on a straight-line basis over the requisite service period, which is generally the vesting period. The Black-Scholes valuation model requires the use of following assumptions: Expected Term—The expected term assumption represents the period that the Company’s stock-based awards are expected to be outstanding and is determined using the simplified method. Expected Volatility—Expected volatility is based on the Company’s historical stock price volatility. Expected Dividend—The Black-Scholes valuation model calls for a single expected dividend yield as an input. The Company has never paid dividends and has no plans to pay dividends. Risk-Free Interest Rate—The risk-free interest rate is based on the U.S. Treasury zero-coupon issues in effect at the time of grant for periods corresponding with the expected term of option. Income Taxes—The Company accounts for income taxes using the asset and liability method. The Company records deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. In evaluating the ability to recover its deferred income tax assets, the Company considers all available positive and negative evidence, including its operating results, ongoing tax planning and forecasts of future taxable income on a jurisdiction-by-jurisdiction basis. In the event the Company determines that it would be able to realize its deferred income tax assets in the future in excess of their net recorded amount, it would make an adjustment to the valuation allowance that would reduce the provision for income taxes. Conversely, in the event that all or part of the net deferred tax assets are determined not to be realizable in the future, an adjustment to the valuation allowance would be charged to earnings in the period when such determination is made. As of December 31, 2024 and 2023, the Company has recorded a full valuation allowance on its deferred tax assets. Tax benefits related to uncertain tax positions are recognized when it is more likely than not that a tax position will be sustained upon examination. Interest and penalties related to unrecognized tax liabilities are included within the provision for income tax. Comprehensive Loss—Comprehensive loss comprises net loss and other comprehensive loss. Other comprehensive loss consists of foreign currency translation adjustments and unrealized gain or loss on marketable securities. Basic and Diluted Net Loss Per Share— Basic net loss per share is calculated by dividing the net loss by the weighted-average number of shares of common stock outstanding for the period. Diluted net loss per share is computed by giving effect to all potential dilutive common stock equivalents outstanding for the period using the treasury stock method. Outstanding stock options, RSUs, and employee stock purchase plan (“ESPP”) are considered to be common stock equivalents and are only included in the calculation of diluted net loss per share when their effect is dilutive. Recent Accounting Pronouncements In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (“ASU 2024-03”). ASU 2024-03 requires disaggregated disclosures of certain categories of expenses in the notes to the financial statements that are included in expense line items on the face of the income statement in annual and interim periods. ASU 2024-03 is effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027. The Company is evaluating the impact of this guidance on its financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 requires enhanced annual disclosures regarding the rate reconciliation and income taxes paid. ASU 2023-09 is effective for annual periods beginning after December 15, 2024 and may be adopted on a prospective or retrospective basis. Early adoption is permitted. The Company is evaluating the impact of this guidance on its financial statements and related disclosures. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). The amendments in ASU 2023-07 are intended to improve reportable segment disclosure, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 is effective for annual periods beginning after December 15, 2023, and interim periods beginning after December 15, 2024. The amendments in this ASU should be applied retrospectively to all prior periods presented in the financial statements. The Company retrospectively adopted ASU 2023-07 on December 31, 2024. The adoption of ASU 2023-07 did not have a material financial impact on the Company’s consolidated financial statements.

Fair Value Measurements and Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements and Fair Value of Financial Instruments

The authoritative guidance on fair value measurements establishes a three-tier fair value hierarchy for disclosure of fair value measurements as follows:

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

Level 2: Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires management to make judgments and consider factors specific to the asset or liability.

The fair value of Level 1 securities is determined using quoted prices in active markets for identical assets. Level 1 securities consist of highly liquid money market funds. Financial assets and liabilities are considered Level 2 when their fair values are determined using inputs that are observable in the market or can be derived principally from or corroborated by observable market data such as pricing for similar securities, recently executed transactions, cash flow models with yield curves, and benchmark securities. In addition, Level 2 financial instruments are valued using comparisons to like-kind financial instruments and models that use readily observable market data as their basis. U.S. government and agency securities, commercial paper and corporate bonds are valued primarily using market prices of comparable securities, bid/ask quotes, interest rate yields and prepayment spreads and are included in Level 2.

The following is a summary of the Company’s cash equivalents and short-term investments (in thousands):


	December 31, 2024
	Amortized Cost Basis		Unrealized Gains		Unrealized Losses		Estimated Fair Value
Level 1
Money market funds	$	165	$	—	$	—	$	165
Level 2
Commercial paper	78,500		10		(9)		78,501
U.S. government and agency securities	41,210		56		—		41,266
Total cash equivalents and short-term investments	119,875		66		(9)		119,932
Less: Cash equivalents	(54,901)		—		8		(54,893)
Total short-term investments	$	64,974	$	66	$	(1)	$	65,039


	December 31, 2023
	Amortized Cost Basis		Unrealized Gains		Unrealized Losses		Estimated Fair Value
Level 1
Money market funds	$	10,204	$	—	$	—	$	10,204
Level 2
Commercial paper	64,693		—		(35)		64,658
U.S. government and agency securities	17,616		4		(17)		17,603
Total cash equivalents and short-term investments	92,513		4		(52)		92,465
Less: Cash equivalents	(70,972)		—		33		(70,939)
Total short-term investments	$	21,541	$	4	$	(19)	$	21,526

As the Company may sell these securities at any time for use in current operations even if the securities have not yet reached maturity, all marketable securities are classified as current assets in the Company’s consolidated balance sheets. As of December 31, 2024, all marketable securities had a remaining maturity of less than one year. The Company held 14 debt securities in an unrealized loss position with an aggregate fair value at December 31, 2024 of $54.2 million. These are highly liquid funds with high credit ratings with final maturity of less than one year from the balance sheet date. There were no individual securities that were in a significant unrealized loss position as of December 31, 2024 and 2023. The Company has not recorded an allowance for credit losses as of December 31, 2024 or 2023 related to these securities. The accrued interest receivable on available-for-sale marketable securities was immaterial at December 31, 2024 or 2023. The Company regularly reviews the securities in an unrealized loss position and evaluates the current expected credit loss by considering factors such as historical experience, market data, issuer-specific factors, and current economic conditions. The Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases. The Company has not recorded any impairment charges on available-for-sale securities.

- 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.

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+ Details

Revenue	12 Months Ended
Revenue	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenue	Revenue Lexeo On January 25, 2021, the Company and Lexeo Therapeutics, Inc (“Lexeo”) entered into a License Agreement pursuant to which the Company granted Lexeo an exclusive, worldwide, royalty-bearing license to certain of the Company’s intellectual property to develop, manufacture, and commercialize a gene therapy product to treat cardiomyopathy due to Friedreich’s Ataxia. Upon execution of the agreement, Lexeo paid the Company a one-time, non-creditable and non-refundable upfront payment of $7.5 million. Under the terms of the agreement, the Company is eligible to receive additional payments upon the achievement of certain milestones. Additionally, the Company will receive royalty payments on net sales subject to a cap and reductions based on patent expiry, anti-stacking, and a defined royalty floor percentage. In February 2023, Lexeo notified the Company that it had achieved the first development milestone; accordingly, the Company received and recognized $3.5 million of license revenue during the year ended December 31, 2023. Ray On February 6, 2023, the Company and Ray Therapeutics, Inc (“Ray”) entered into a License Agreement pursuant to which the Company granted Ray a non-exclusive, worldwide, royalty-bearing license to certain of the Company’s intellectual property to develop, manufacture, and commercialize a gene therapy product to treat retinitis pigmentosa and the right to develop the technology to treat other ocular diseases and disorders. Under the terms of the agreement, the Company is eligible to receive development, regulatory and commercial milestone payments and royalties on net sales once commercialized. In September 2024, Ray notified the Company that it achieved the first development milestone. Accordingly, the Company recognized $1.0 million of license revenue during the year ended December 31, 2024.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details

Leases

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Leases

Redwood City

The Company has a lease for facilities in Redwood City, California (“Redwood City Premises”), which expires December 31, 2031, with an option to extend for a period of eight years. Related to this lease, the Company provided the landlord with a letter of credit, as amended, in the amount of $2.0 million, which is classified as restricted cash under long-term assets on the Company’s consolidated balance sheets.

Prior to September 30, 2023, the Company had two facility leases in Redwood City. In March 2023, the Company entered into an amendment to accelerate the expiration of the lease for one of the facilities in its Redwood City Premises from December 31, 2031 to September 30, 2023. Concurrently, the Company entered into an agreement for additional tenant improvement allowance towards its other Redwood City Premises. The Company accounted for this amendment as a lease modification in accordance with ASC 842-10-25-11(d). As a result of the modification the Company revalued the lease liability based on the new and remaining lease terms, which resulted in a reduction to the lease liability of $7.9 million, and recognized the remeasurement to the lease liabilities as an adjustment to the right-of-use asset. The estimated value of non-cash consideration, composed primarily of leasehold improvements and furniture and fixtures, was $14.9 million, which was fully amortized as of September 30, 2023. There was no charge recognized in the consolidated statement of operations.

North Carolina

The Company has restated amounts related to this lease. See Notes 2 and 14.

On January 8, 2021, the Company entered into an operating lease agreement for a building in North Carolina (“NC Premises”). The lease commenced in April 2021, when the Company obtained control of the NC Premises, and the lease term expires in October 2037 with two options to extend the lease term for a period of five years each.

On October 26, 2021, the Company entered into a sublease agreement with Jaguar Gene Therapy, LLC (“Jaguar”) for the NC Premises through October 2037, the remainder of the lease term, and concurrently changed the terms of the head lease. In addition, the remainder of the tenant improvement allowance under the original lease of approximately $22.7 million was transferred to Jaguar.

On April 3, 2023, the Company entered into an amendment of the lease of its NC Premises with the landlord and subtenant. Under this amendment, the parties agreed to substantially reduce the total tenant improvement allowance in exchange for lower monthly rent. The Company accounted for this amendment as a lease modification in accordance with ASC 842-10-25-11(d). The Company remeasured the lease liability, resulting in an increase in the lease liability with a corresponding increase of the right-of-use asset of $0.3 million in the quarter ended June 30, 2023. There was no charge recognized in the consolidated statement of operations.

During the year ended December 31, 2022, management reassessed the probability of collection of the lease payments from Jaguar over the remaining term of a sublease. At that time, management assessed the collectibility to be less than probable and recognized an adjustment to eliminate the deferred rent receivable as a current period adjustment during the year ended December 31, 2022. Deferred rent receivable was zero as of December 31, 2024 and 2023. In April 2023, Jaguar assigned the sublease to Advanced Medicine Partners, LLC (at that time, a wholly-owned subsidiary of Jaguar, “AMP” or the “subtenant”) as the subtenant for the NC Premises for the remainder of the lease term. Pursuant to the sublease and the notice and waiver of assignment (the “assignment agreement”), Jaguar remained obligated for AMP’s proper performance under the sublease.

In February 2025, a lien totaling $4.8 million was filed by a third–party contractor against the subtenant’s interest in the NC Premises. The Company discharged the lien in March 2025 by depositing cash in the full amount with the applicable court in order to avoid a default under the head lease. Subsequently, the subtenant and Jaguar failed to remit the March 2025 rent and subsequent rent payments and defaulted, and failed to cure such defaults, under the sublease and the assignment agreement for the NC Premises. Subsequent to December 31, 2024, the subtenant made payments totaling $1.4 million for January and February 2025 rent and drew $2.3 million from the available tenant improvement allowance, at which point the subtenant discontinued rent payments. The Company assumed responsibility for rent payments in March 2025 and as of April 7, 2025 had made payments in the total payment of $1.9 million to satisfy outstanding rent and common area management fee obligations. See Note 15 Subsequent Events.

The Company recorded sublease loss of $14.0 million and sublease income of $0.1 million for the years ended December 31, 2024 and 2023, respectively, which was recognized in general and administrative expense.

As of December 31, 2024, the weighted-average remaining lease term was 11.2 years for the Company’s leases and the weighted-average Incremental Borrowing Rate (“IBR”) was 11.6%. As of December 31, 2023, the weighted-average remaining lease term was 11.6 years for the Company’s leases and the weighted-average IBR was 11.7%.

The following table summarizes the undiscounted future non-cancellable lease payments under the lease agreements as of December 31, 2024 (in thousands):


December 31,	Operating Leases

2025	$	12,142
2026	14,892
2027	15,278
2028	15,677
2029	16,089
Thereafter	93,087
Total undiscounted lease payments	$	167,165
Less: Imputed Interest	(75,460)


Total	$	91,705

Rent expense for the years ended December 31, 2024, and 2023 was $13.3 million and $25.3 million, respectively. Included in rent expense for the years ended December 31, 2024, and 2023 were variable lease costs for utilities, parking, maintenance, and real estate taxes of $2.3 million and $2.4 million, respectively. Cash paid for amounts included in the measurement of lease liabilities was $5.8 million and $7.5 million for the twelve months ended December 31, 2024 and 2023, respectively. During the years ended December 31, 2024 and 2023, the landlord made payments to the subtenant on the Company’s behalf for tenant improvement allowances in the amount of $20.5 million and $5.4 million and the subtenant made rent payments to the landlord on the Company’s behalf in the amount of $6.5 million and $5.5 million, respectively.

Balance Sheet Components

12 Months Ended

Dec. 31, 2024

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Components

Property and Equipment, Net

Property and equipment, net consisted of the following:


	December 31,
	2024		2023
	(In thousands)
Laboratory equipment	$	14,963	$	14,638
Leasehold improvements	13,779		13,586
Computer equipment and software	901		868

Construction in progress	9		184
Total property and equipment	29,652		29,276
Less accumulated depreciation and amortization	(18,045)		(14,512)
Property and equipment, net	$	11,607	$	14,764

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following:


	December 31,
	2024		2023
	(In thousands)
Employee compensation	$	9,540	$	8,040
Accrued nonclinical, clinical and process development costs	4,401		3,367
Accrued professional fees	554		351
State income tax payable	123		101
Other	1,002		725
Total accrued expenses and other current liabilities	$	15,620	$	12,584

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies License Agreements The Company is a party to various agreements, principally relating to licensed technology that requires future payments relating to milestones or royalties on future sales of specified products. The Company recognized license revenue of $1.0 million for the first development milestone in the Ray License Agreement and $3.5 million for the first development milestone in the Lexeo License Agreement during the years ended December 31, 2024 and 2023, respectively. See Note 5, Revenue, for additional information. Because achievement of these future milestones is not fixed and determinable, such amounts have not been included on the Company’s consolidated statements of operations and comprehensive loss.

Stockholders' Equity

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Stockholders' Equity

Stockholders’ Equity

February 2024 Private Placements

On February 7, 2024, the Company entered into a securities purchase agreement, pursuant to which the Company sold 10.5 million shares of its common stock and, in lieu of common stock, pre-funded warrants to purchase an aggregate of 75,000 shares of common stock (the “Pre-Funded Warrants”) to certain institutional and accredited investors in a private placement. The purchase price per share was $12.00, or $11.999 per Pre-Funded Warrant, which represents the purchase price per share minus the $0.001 per share exercise price of each Pre-Funded Warrant. Such Pre-Funded Warrants can be exercised at any time and have no expiration date.

The exercise of the outstanding Pre-Funded Warrants is subject to a beneficial ownership limitation of 9.99%. The Pre-Funded Warrants were classified as a component of stockholders’ equity. As of December 31, 2024, none of the Pre-Funded Warrants had been exercised.

Concurrently, the Company also entered into a securities purchase agreement with two directors of the Company (together with the private placement to certain institutional and accredited investors, the “Private Placements”). The Company issued and sold 23,000 shares at $13.50 per share on otherwise substantially the same terms as those set forth in the Securities Purchase Agreement.

At the close of the Private Placements on February 7, 2024, the Company received total gross proceeds of $127.8 million, before deducting placement agent fees and offering expenses.

Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss included $0.5 million and $0.4 million of accumulated currency translation adjustments as of December 31, 2024 and 2023, respectively.

Equity Incentive Plans

In July 2014, the Company’s board of directors and its stockholders approved the establishment of the 2014 Equity Incentive Award Plan (the “2014 Plan”). The 2014 Plan provided for annual increases in the number of shares available for issuance thereunder on the first business day of each fiscal year, beginning with the year ended December 31, 2015, equal to four percent (4%) of the number of shares of the Company’s common stock outstanding as of such date or a lesser number of shares as determined by the Company’s board of directors. In June 2024, the Company adopted the 2024 Equity Incentive Award Plan (the “2024 Plan”). The Company reserved 4,688,345 shares for issuance pursuant to awards under the 2024 Plan. As of the effective date of the 2024 Plan, no further awards may be granted under the 2014 Plan.

In October 2017, the Company adopted the 2017 Inducement Plan (the “Inducement Plan”). The Company originally reserved 600,000 shares for issuance pursuant to stock options and RSUs under the Inducement Plan. The only persons eligible to receive grants of stock options and RSUs under the Inducement Plan are individuals who satisfy the standards for inducement grants under Nasdaq guidance, that is, generally, a person not previously an employee or director of Adverum, or following a bona fide period of non-employment, as an inducement material to the individual’s entering into employment with Adverum.

The 2014 Plan, 2024 Plan and Inducement Plan are referred to collectively as the Plans. As of December 31, 2024, a total of 1,277,999 shares were available for future issuance under the Plans.

Stock Options

Stock options under the 2024 Plan and the Inducement Plan may be granted for periods of up to 10 years and at prices no less than 100% of the estimated fair value of the shares on the date of grant as determined by the board of directors, provided, however, that the exercise price of an ISO and NSO granted to a 10% stockholder may not be less than 110% of the estimated fair value of the shares on the date of grant. Stock options granted to employees and non-employees generally vest ratably over four years.

The following table summarizes stock option activity under the Company’s stock plans and related information:


(In thousands, except exercise prices and years)	Options Outstanding	Weighted- Average Exercise Price		Weighted- Average Remaining Contract Life (in years)	Aggregate Intrinsic Value (a)
















Balance at December 31, 2023	2,303	$	48.70	6.8	$	99
Granted	1,971	10.39
Exercised	(15)	9.97
Canceled/forfeited	(350)	50.28
Balance at December 31, 2024	3,909	$	29.39	8.1	$	—
Vested and expected to vest as of December 31, 2024	3,909	$	29.39	8.1	$	—
Exercisable at December 31, 2024	1,504	$	58.95	6.5	$	—

(a)The aggregate intrinsic value is calculated as the difference between the stock option exercise price and the closing price of the Company’s common stock as quoted on a national exchange.

The total intrinsic value of stock options exercised during the years ended December 31, 2024 and 2023 was not material.

The fair value of each stock option issued was estimated at the date of grant using the Black-Scholes valuation model with the following weighted-average assumptions:


	Options		Employee Stock Purchase Plan
	Years ended December 31,		Years ended December 31,
	2024	2023		2024	2023
Expected volatility	95%	90%		83%	78%
Expected term (in years)	6.0	6.0		1.3	1.3
Expected dividend yield	—	—		—	—
Risk-free interest rate	3.9%	4.2%		4.3%	5.0%

The weighted-average fair values of options granted during the years ended December 31, 2024 and 2023 were $8.12 and $7.96, respectively.

As of December 31, 2024, there was $17.1 million of unrecognized stock-based compensation expense related to stock options that was expected to be recognized over a weighted-average period of 2.6 years.

RSUs

RSUs are share awards that entitle the holder to receive freely tradable shares of the Company’s common stock upon vesting. The fair value of RSUs is based upon the closing sales price of the Company’s common stock on the grant date. RSUs granted to employees generally vest over a three-year period.

The following table summarizes the RSU activity under the Company’s stock plans and related information:


(In thousands, except grant date fair value and years)	Number of Units	Weighted- Average Grant Date Fair Value		Weighted- Average Remaining Contractual Term (in years)








Balance at December 31, 2023	154	21.73		1.4
Granted	160	12.04
Vested and released	(29)	26.20
Forfeited	(26)	14.22
Balance at December 31, 2024	259	$	16.00	1.2

During the years ended December 31, 2024 and 2023, total fair value of RSUs vested was $0.8 million and $1.5 million, respectively. The number of RSUs vested includes shares of common stock that the Company withheld on behalf of employees or sold to cover to satisfy the minimum statutory tax withholding requirements. As of December 31, 2024, there was $1.7 million of unrecognized compensation cost related to unvested RSUs that is expected to be recognized over a weighted-average period of 1.8 years.

ESPP

In July 2014, the Company approved the establishment of the 2014 Employee Stock Purchase Plan (the “ESPP”). The Company reserved 208,833 shares of its common stock for issuance and provided for annual increases in the number of shares available for issuance on the first business day of each fiscal year, beginning in 2015, equal to the lesser of one percent (1%) of the number of the Company’s common stock shares outstanding as of such date or a number of shares as determined by the Company’s board of directors. During the years ended December 31, 2024 and 2023, 88,199 and 82,422 shares were issued under the ESPP, respectively. As of December 31, 2024, a total of 533,978 shares of common stock were available for future issuance under the ESPP. As of December 31, 2024, there was $0.5 million of unrecognized compensation cost related to the ESPP.

Stock-Based Compensation Recognized in the Consolidated Statements of Operations and Comprehensive Loss

The following table presents the Company’s stock-based compensation expense:


	Years ended December 31,
	2024		2023
	(In thousands)
Research and development	$	4,544	$	4,969
General and administrative	9,806		12,600
Total share-based compensation expense	$	14,350	$	17,569

401(k) Savings Plan	12 Months Ended
401(k) Savings Plan	Dec. 31, 2024
Retirement Benefits [Abstract]
401(k) Savings Plan	401(k) Savings Plan The Company established a defined-contribution savings plan under Section 401(k) of the Code. The 401(k) Plan covers all employees who meet defined minimum age and service requirements, and allows participants to defer a portion of their annual compensation on a pretax basis. The amount of contributions that the Company made to the 401(k) Plan during the years ended December 31, 2024 and 2023 was $0.9 million.

Segment Reporting

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Segment Reporting

The CODM assesses performance for the Company’s single reportable segment and decides how to allocate resources based on the Company’s total operating expenses as reported on the consolidated statements of operations and comprehensive loss. The CODM’s review of total operating expenses at the consolidated level is used to monitor the Company’s spending as well as budget versus actual results. The Company’s reportable segment primarily generates revenue through its license agreements (see Note 5).

As part of the CODM’s review of the segment’s performance, the CODM reviews the Company’s operating expense information, grouped by certain detailed line items from the internal income statement reporting. This includes research and development costs as well as general and administrative expenses. Based upon the operating expense information, the CODM can reconcile to net loss as reported on the consolidated statements of operations and comprehensive loss, shown in the table below.

The following table presents the segment loss, including significant segment expenses, for the years ended December 31, 2024 and 2023 (in thousands):


	Years ended December 31,
	2024		2023 As Restated
	(In thousands)
License Revenue	$	1,000	$	3,600
Less:
Compensation and benefits expenses	56,546		54,572
Clinical trial and manufacturing	22,333		20,235
Facilities and IT	37,841		39,114
Other research and development expense	4,728		4,985
Other segment expenses(a)	18,711		13,636
Total operating expenses	140,159		132,542
Operating loss	(139,159)		(128,942)


Other income, net	8,232		5,748
Net loss before income taxes	(130,927)		(123,194)
Income tax benefit (provision)	—		1,078
Segment and consolidated net loss	$	(130,927)	$	(122,116)


(a)			Other segment expenses include professional services, consultants and contractors, travel and entertainment expenses, and general business expenses.

As of December 31, 2024 and 2023, all of the Company’s property and equipment was maintained in the United States. For each of the years ended December 31, 2024 and 2023, all of the Company’s license revenue was generated in the United States.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Income Taxes

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

As part of the restatement, the Company adjusted the 2023 California research and development tax credit amounts as a result of a research and development credit study performed during 2024. This resulted in a net decrease of $3.4 million in the deferred tax asset balance related to the California research and development tax credit (net of a decrease in unrecognized tax benefits of $1.9 million) and a corresponding decrease in valuation allowance in 2023.

The following table presents domestic and foreign components of loss before provision for income taxes:


	Years ended December 31,
	2024		2023 As Restated
	(In thousands)
U.S.	$	(130,768)	$	(123,040)
Foreign	(159)		(154)
Loss before income taxes	$	(130,927)	$	(123,194)

The components of the Company’s income tax (benefit) provision were as follows:


	Years ended December 31,
	2024		2023 As Restated
	(In thousands)
Current:


Foreign	$	—	$	(1,078)
Total current tax (benefit) provision	—		(1,078)
Deferred


Foreign	—		—
Total deferred tax provision	—		—
Total income tax (benefit) provision	$	—	$	(1,078)

The income tax provision for the years ended December 31, 2024 and 2023 differed from the amounts computed by applying the statutory federal income tax rate of 21% to pretax loss as a result of the following:


	Years ended December 31,
	2024		2023 As Restated
	(In thousands)
Federal income tax benefit at statutory rate	$	(27,495)	$	(25,871)
Stock compensation	3,189		6,001
Non-deductible expenses	41		21

Research and development tax credits	(5,642)		(1,810)
Change in valuation allowance	23,801		19,558
Foreign rate differential	(14)		(14)
Impact of internal reorganization	—		1,323
Uncertain tax positions	6,100		(1,078)
Other	20		792

Total tax (benefit) provision	$	—	$	(1,078)

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The following table presents significant components of the Company’s deferred tax assets and liabilities:


	As of December 31,
	2024		2023 As Restated
	(In thousands)
Deferred tax assets:
Net operating loss carryforwards	$	137,140	$	128,171
Accruals, reserve and other	1,972		1,749
Tax credit carryforwards	29,263		21,254
Stock-based compensation	6,349		7,274

Intangibles	7		11
Lease obligation	19,622		17,322
Capital losses	9,850		9,850
Section 174 R&D capitalization	35,842		29,688
Other	5		3
Total deferred tax assets before valuation allowance	240,050		215,322
Valuation allowance	(232,058)		(205,861)
Total deferred tax assets	7,992		9,461

Deferred tax liabilities:
Right-of-use assets	(7,149)		(8,153)
Property and equipment	(843)		(1,308)

Total deferred tax liabilities	$	(7,992)	$	(9,461)
Net deferred tax assets	$	—	$	—

The Company has evaluated the positive and negative evidence bearing upon the realizability of its deferred tax assets. Based on the Company’s history of operating losses, the Company has concluded that it is more likely than not that the benefit of its deferred tax assets will not be realized. Accordingly, the Company has provided a full valuation allowance for deferred tax assets as of December 31, 2024 and 2023. The valuation allowance increased approximately $26.2 million and $17.7 million during the years ended December 31, 2024 and 2023, respectively, mainly driven by net operating losses (“NOLs”).

As of December 31, 2024, the Company had U.S. federal NOLs carryforwards of approximately $552.7 million to offset any future federal income. Approximately $57.3 million of NOLs expire at various years beginning with 2032. As of December 31, 2024, the Company also had U.S. state NOL carryforwards of approximately $345.2 million to offset any future state income. U.S. state NOLs expire at various years beginning with 2037. At December 31, 2024, the Company also had approximately $49.5 million of foreign net operating loss carryforwards which may be available to offset future foreign income; these carryforwards do not expire.

As of December 31, 2024, the Company had federal research and development tax credit carryforwards of approximately $25.1 million available to reduce future tax liabilities which expire at various years beginning with 2036. As of December 31, 2024, the Company had state credit carryforwards of approximately $13.8 million available to reduce future tax liabilities which do not expire.

Under Section 382 and 383 of the Code, our ability to utilize NOL carryforwards or other tax attributes such as research tax credits, in any taxable year may be limited if the Company has experienced an “ownership change.” Generally, a Section 382 ownership change occurs if there is a cumulative increase of more than 50 percentage points in the stock ownership of one or more stockholders or groups of stockholders who own at least 5% of a corporation’s stock within a specified testing period. Similar rules may apply under state tax laws. The Company is conducting a Section 382 study, which is still subject to finalization, but which may show that the Company experienced an ownership change in 2024. If such an ownership change has occurred then up to vast majority of the NOLs, capital losses and research credit carryforwards presented in the consolidated financial statements would be subject to limitations and therefore may expire unutilized.

The Company files income tax returns in the U.S. federal, state, and foreign jurisdictions. The federal, state and foreign income tax returns are open under the statute of limitations subject to tax examinations for the tax years ended December 31, 2019 through December 31, 2023. To the extent the Company has tax attribute carryforwards, the tax years in which the attribute was generated may still be adjusted upon examination by the Internal Revenue Service, state or foreign tax authorities to the extent utilized in a future period.

The Company has total unrecognized tax benefits as of December 31, 2024 and 2023 of approximately $27.2 million and $22.8 million, respectively. If the unrecognized tax benefits for uncertain tax positions as of December 31, 2023, is recognized, there will be no impact to the effective tax rate as the tax benefit would increase the net deferred tax assets, which is currently offset with a full valuation allowance. A reconciliation of the unrecognized tax benefits is as follows:


	Years ended December 31,
	2024		2023 As Restated
	(In thousands)
Unrecognized tax benefits as of the beginning of the year	$	22,758	$	23,069
Increase related to tax positions taken during the prior year	—		43
Decrease related to tax positions taken during the prior year	(2,880)		—
Increase related to tax position taken during the current year	7,310		3,121
Decrease related to tax position taken during the current year	—		(3,475)
Unrecognized tax benefits as of the end of the year	$	27,188	$	22,758

The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. As of December 31, 2024 and 2023, the Company had no accrued interest and penalties related to uncertain tax positions and no amount has been recognized in the Company's consolidated statement of operations and comprehensive loss. There are no ongoing examinations by taxing authorities at this time.

- 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

Net Loss per Share

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Net Loss per Share

For the year ended December 31, 2024, the Pre-Funded Warrants to purchase the Company's shares of common stock issued in the Private Placements were included in the basic and diluted net loss per share calculation as the exercise price is non-substantive and virtually assured.

The following common stock equivalents outstanding at the end of the periods presented were excluded from the calculation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect:


	As of December 31,
	2024	2023
	(In thousands)
Stock options	3,909	2,303
Restricted stock units	259	154
ESPP	32	17

	4,200	2,474

Quarterly Financial Information (Unaudited)

12 Months Ended

Dec. 31, 2024

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Information

Quarterly Financial Information (Unaudited)

The previously reported financial information for the three months ended March 31, 2024, three and six months ended June 30, 2024 and the three and nine months ended September 30, 2024 and the comparable periods in 2023, has been restated. Relevant restated financial information for each period is included in this restatement and for other immaterial adjustments in the tables that follow.

Restatement Related to NC Premises

As described in Note 2, the Company inappropriately omitted accounting for available tenant improvement allowance that resulted in a misstatement of its operating lease right-of-use asset and related lease liability. Additionally, the Company did not account for a tenant improvement allowances that were conveyed to the subtenant resulting in an overstatement of sublease income. The tables below reflect the adjustments related to this restatement, the amounts of which are included with reference (a).

During the quarter ended June 30, 2024, the Company inappropriately assessed the collectibility of the sublease payments as probable and recorded a deferred rent receivable of $7.0 million. The Company corrected its collectibility assessment and recognized an adjustment to eliminate the $7.0 million and $7.1 million deferred rent receivable in the second and third quarters of 2024, respectively, the amounts of which are included in the tables below with reference (b).

Other Adjustments

As part of this restatement, the Company has corrected certain other immaterial errors. These adjustments are described in more detail references (c) and (d) as follows:

(c)The Company had previously recorded an out of period adjustment related to research and development expenses in the first quarter of 2023 that was the result of not recording a severance accrual of $0.2 million in 2022.

(d)The Company had previously understated its right-of-use assets and lease liability by $0.3 million related to its facilities in Redwood City, California at each balance sheet date in 2024 and 2023.

The unaudited interim financial statements reflect all adjustments which are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented (in thousands, except per share data).

Condensed Consolidated Balance Sheets


	September 30, 2024 (unaudited)
	As Previously Reported		Adjustment		Reference	As Restated
Assets
Current assets:
Cash and cash equivalents	$	92,851	$	—		$	92,851
Short-term investments	60,390		—			60,390
Prepaid expenses and other current assets	7,839		—			7,839
Total current assets	161,080		—			161,080
Operating lease right-of-use assets	50,695		(17,015)		(a) (d)	33,680
Property and equipment, net	12,215		—			12,215
Deferred rent receivable	7,116		(7,116)		(b)	—
Restricted cash	1,976		—			1,976
Deposit and other long-term assets	1,293		—			1,293
Total assets	$	234,375	$	(24,131)		$	210,244
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$	2,110	—			$	2,110
Accrued expenses and other current liabilities	14,886		—			14,886

Lease liability, current portion	10,661		(5,044)		(a)	5,617
Total current liabilities	27,657		(5,044)			22,613
Long-term liabilities:
Lease liability, net of current portion	62,602		16,759		(a) (d)	79,361
Total liabilities	90,259		11,715			101,974
Commitments and contingencies
Stockholders’ equity:
Preferred stock	—		—			—
Common stock	2		—			2
Additional paid-in capital	1,134,556		—			1,134,556
Accumulated other comprehensive loss	(268)		—			(268)
Accumulated deficit	(990,174)		(35,846)		(a) (b)	(1,026,020)
Total stockholders’ equity	144,116		(35,846)			108,270
Total liabilities and stockholders’ equity	$	234,375	$	(24,131)		$	210,244


	June 30, 2024 (unaudited)
	As Previously Reported		Adjustment		Reference	As Restated
Assets
Current assets:
Cash and cash equivalents	$	127,321	$	—		$	127,321
Short-term investments	46,506		—			46,506
Prepaid expenses and other current assets	5,591		—			5,591
Total current assets	179,418		—			179,418
Operating lease right-of-use assets	51,237		(17,241)		(a) (d)	33,996
Property and equipment, net	13,047					13,047
Deferred rent receivable	6,963		(6,963)		(b)	—
Restricted cash	1,976		—			1,976
Deposit and other long-term assets	1,162		—			1,162
Total assets	$	253,803	$	(24,204)		$	229,599
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	1,973		—			1,973
Accrued expenses and other current liabilities	9,912		—			9,912

Lease liability, current portion	10,576		(5,006)		(a)	5,570
Total current liabilities	22,461		(5,006)			17,455
Long-term liabilities:
Lease liability, net of current portion	63,313		11,431		(a) (d)	74,744
Total liabilities	85,774		6,425			92,199
Commitments and contingencies
Stockholders’ equity:
Preferred stock	—		—			—
Common stock	2		—			2
Additional paid-in capital	1,131,592		—			1,131,592
Accumulated other comprehensive loss	(525)		—			(525)
Accumulated deficit	(963,040)		(30,629)		(a) (b)	(993,669)
Total stockholders’ equity	168,029		(30,629)			137,400
Total liabilities and stockholders’ equity	$	253,803	$	(24,204)		$	229,599


	March 31, 2024 (unaudited)
	As Previously Reported		Adjustment		Reference	As Restated
Assets
Current assets:
Cash and cash equivalents	$	149,608	$	—		$	149,608
Short-term investments	43,720		—			43,720
Prepaid expenses and other current assets	5,802		—			5,802
Total current assets	199,130		—			199,130
Operating lease right-of-use assets	51,760		(17,282)		(a) (d)	34,478
Property and equipment, net	13,766		—			13,766
Restricted cash	1,976		—			1,976
Deposit and other long-term assets	1,196		—			1,196
Total assets	$	267,828	$	(17,282)		$	250,546
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	1,897		—			1,897
Accrued expenses and other current liabilities	9,160		—			9,160

Lease liability, current portion	10,492		(4,971)		(a)	5,521
Total current liabilities	21,549		(4,971)			16,578
Long-term liabilities:
Lease liability, net of current portion	63,991		6,296		(a) (d)	70,287
Total liabilities	85,540		1,325			86,865
Commitments and contingencies
Stockholders’ equity:
Preferred stock	—		—			—
Common stock	2		—			2
Additional paid-in capital	1,127,383		—			1,127,383
Accumulated other comprehensive loss	(533)		—			(533)
Accumulated deficit	(944,564)		(18,607)		(a)	(963,171)
Total stockholders’ equity	182,288		(18,607)			163,681
Total liabilities and stockholders’ equity	$	267,828	$	(17,282)		$	250,546


	September 30, 2023 (unaudited)
	As Previously Reported		Adjustment		Reference	As Restated
Assets
Current assets:
Cash and cash equivalents	$	105,366	$	—		$	105,366
Short-term investments	11,716		—			11,716
Prepaid expenses and other current assets	7,514		—			7,514
Total current assets	124,596		—			124,596
Operating lease right-of-use assets	52,757		(17,158)		(a) (d)	35,599
Property and equipment, net	15,497		—			15,497
Restricted cash	2,650		—			2,650
Deposit and other long-term assets	1,270		—			1,270
Total assets	$	196,770	$	(17,158)		$	179,612
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	2,170		—			2,170
Accrued expenses and other current liabilities	16,362		—			16,362

Lease liability, current portion	10,324		(4,897)		(a)	5,427
Total current liabilities	28,856		(4,897)			23,959
Long-term liabilities:

Lease liability, net of current portion	65,200		3,196		(a) (d)	68,396
Total liabilities	94,056		(1,701)			92,355
Commitments and contingencies
Stockholders’ equity:
Preferred stock	—		—			—
Common stock	1		—			1
Additional paid-in capital	999,328		—			999,328
Accumulated other comprehensive loss	(552)		—			(552)
Accumulated deficit	(896,063)		(15,457)		(a) (c)	(911,520)
Total stockholders’ equity	102,714		(15,457)			87,257
Total liabilities and stockholders’ equity	$	196,770	$	(17,158)		$	179,612


	June 30, 2023 (unaudited)
	As Previously Reported		Adjustment		Reference	As Restated
Assets
Current assets:
Cash and cash equivalents	$	111,187	$	—		$	111,187
Short-term investments	30,266		—			30,266
Prepaid expenses and other current assets	5,690		—			5,690
Total current assets	147,143		—			147,143
Operating lease right-of-use assets	58,287		(17,054)		(a) (d)	41,233
Property and equipment, net	32,041		—			32,041
Restricted cash	2,650		—			2,650
Deposit and other long-term assets	1,308		—			1,308
Total assets	$	241,429	$	(17,054)		$	224,375
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	1,418		—			1,418
Accrued expenses and other current liabilities	17,704		—			17,704

Lease liability, current portion	25,396		(4,861)		(a)	20,535
Total current liabilities	44,518		(4,861)			39,657
Long-term liabilities:

Lease liability, net of current portion	65,756		2,734		(a) (d)	68,490
Total liabilities	110,274		(2,127)			108,147
Commitments and contingencies
Stockholders’ equity:
Preferred stock	—		—			—
Common stock	1		—			1
Additional paid-in capital	994,938		—			994,938
Accumulated other comprehensive loss	(606)		—			(606)
Accumulated deficit	(863,178)		(14,927)		(a) (c)	(878,105)
Total stockholders’ equity	131,155		(14,927)			116,228
Total liabilities and stockholders’ equity	$	241,429	$	(17,054)		$	224,375


	March 31, 2023 (unaudited)
	As Previously Reported		Adjustment		Reference	As Restated
Assets
Current assets:
Cash and cash equivalents	$	67,552	$	—		$	67,552
Short-term investments	96,733		—			96,733
Prepaid expenses and other current assets	4,588		—			4,588
Total current assets	168,873		—			168,873
Operating lease right-of-use assets	69,503		(22,905)		(a) (d)	46,598
Property and equipment, net	33,347		—			33,347
Restricted cash	2,503		—			2,503
Deposit and other long-term assets	1,351		—			1,351
Total assets	$	275,577	$	(22,905)		$	252,672
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	2,863		—			2,863
Accrued expenses and other current liabilities	17,344		—			17,344

Lease liability, current portion	26,265		(5,531)		(a)	20,734
Total current liabilities	46,472		(5,531)			40,941
Long-term liabilities:

Lease liability, net of current portion	71,348		(3,462)		(a) (d)	67,886
Total liabilities	117,820		(8,993)			108,827
Commitments and contingencies
Stockholders’ equity:
Preferred stock	—		—			—
Common stock	1		—			1
Additional paid-in capital	990,223		—			990,223
Accumulated other comprehensive loss	(799)		—			(799)
Accumulated deficit	(831,668)		(13,912)		(a) (c)	(845,580)
Total stockholders’ equity	157,757		(13,912)			143,845
Total liabilities and stockholders’ equity	$	275,577	(22,905)			$	252,672

Quarterly and Year to Date Condensed Consolidated Statements of Operations and Comprehensive Loss


	Three Months Ended							Nine Months Ended
	September 30, 2024 (unaudited)							September 30, 2024 (unaudited)
	As Previously Reported		Adjustment		Reference	As Restated		As Previously Reported		Adjustment		Reference	As Restated
License revenue	$	1,000	$	—		$	1,000	$	1,000	$	—		$	1,000

Operating expenses:
Research and development	20,439		—			20,439		52,946		—			52,946
General and administrative	9,782		5,217		(a)	14,999		24,996		19,599		(a) (b)	44,595
Total operating expenses	30,221		5,217			35,438		77,942		19,599			97,541
Operating loss	(29,221)		(5,217)			(34,438)		(76,942)		(19,599)			(96,541)
Other income, net	2,087		—			2,087		6,545		—			6,545


Net loss	(27,134)		(5,217)			(32,351)		(70,397)		(19,599)			(89,996)
Other comprehensive gain (loss):
Net unrealized gain on marketable securities	241		—			241		198		—			198
Foreign currency translation adjustment	16		—			16		7		—			7
Comprehensive loss	$	(26,877)	$	(5,217)		$	(32,094)	$	(70,192)	$	(19,599)		$	(89,791)
Net loss per share — basic and diluted	$	(1.30)	—			$	(1.55)	$	(3.63)	—			$	(4.64)
Weighted-average common shares used to compute net loss per share - basic and diluted	20,876		—			20,876		19,408		—			19,408


	Three Months Ended							Six Months Ended
	June 30, 2024 (unaudited)							June 30, 2024 (unaudited)
	As Previously Reported		Adjustment		Reference	As Restated		As Previously Reported		Adjustment		Reference	As Restated


Operating expenses:
Research and development	$	17,097	$	—		$	17,097	$	32,507	$	—		$	32,507
General and administrative	3,785		12,022		(a) (b)	15,807		15,214		14,382		(a) (b)	29,596
Total operating expenses	20,882		12,022			32,904		47,721		14,382			62,103
Operating loss	(20,882)		(12,022)			(32,904)		(47,721)		(14,382)			(62,103)
Other income, net	2,406		—			2,406		4,458		—			4,458


Net loss	(18,476)		(12,022)			(30,498)		(43,263)		(14,382)			(57,645)
Other comprehensive gain (loss):
Net unrealized loss on marketable securities	(2)		—			(2)		(43)		—			(43)
Foreign currency translation adjustment	10		—			10		(9)		—			(9)
Comprehensive loss	$	(18,468)	(12,022)			$	(30,490)	$	(43,315)	$	(14,382)		$	(57,697)
Net loss per share — basic and diluted	$	(0.89)	—			$	(1.46)	$	(2.31)	—			$	(3.08)
Weighted-average common shares used to compute net loss per share - basic and diluted	20,852		—			20,852		18,713		—			18,713


	Three Months Ended
	March 31, 2024 (unaudited)
	As Previously Reported		Adjustment		Reference	As Restated


Operating expenses:
Research and development	$	15,410	$	—		$	15,410
General and administrative	11,429		2,360		(a)	13,789
Total operating expenses	26,839		2,360			29,199
Operating loss	(26,839)		(2,360)			(29,199)
Other income, net	2,052		—			2,052


Net loss	(24,787)		(2,360)			(27,147)
Other comprehensive gain (loss):
Net unrealized loss on marketable securities	(41)		—			(41)
Foreign currency translation adjustment	(19)		—			(19)
Comprehensive loss	$	(24,847)	$	(2,360)		$	(27,207)
Net loss per share — basic and diluted	$	(1.50)	—			$	(1.65)
Weighted-average common shares used to compute net loss per share - basic and diluted	16,479		—			16,479


	Three Months Ended							Nine Months Ended
	September 30, 2023 (unaudited)							September 30, 2023 (unaudited)
	As Previously Reported		Adjustment		Reference	As Restated		As Previously Reported		Adjustment		Reference	As Restated
License revenue	$	—	$	—		$	—	$	3,600	$	—		$	3,600

Operating expenses:
Research and development	20,740		—			20,740		62,398		(190)		(c)	62,208
General and administrative	13,789		530		(a)	14,319		39,035		4,351		(a)	43,386
Total operating expenses	34,529		530			35,059		101,433		4,161			105,594
Operating loss	(34,529)		(530)			(35,059)		(97,833)		(4,161)			(101,994)
Other income, net	1,661		—			1,661		4,437		—			4,437
Net loss before income taxes	(32,868)		(530)			(33,398)		(93,396)		(4,161)			(97,557)
Income tax provision	(17)					(17)		(55)					(55)
Net loss	(32,885)		(530)			(33,415)		(93,451)		(4,161)			(97,612)
Other comprehensive gain (loss):
Net unrealized gain on marketable securities	66		—			66		1,003		—			1,003
Foreign currency translation adjustment	(12)		—			(12)		(24)		—			(24)
Comprehensive loss	$	(32,831)	(530)			$	(33,361)	$	(92,472)	$	(4,161)		$	(96,633)
Net loss per share — basic and diluted	$	(3.26)	—			$	(3.31)	$	(9.28)	—			$	(9.69)
Weighted-average common shares used to compute net loss per share - basic and diluted	10,099		—			10,099		10,069		—			10,069


	Three Months Ended							Six Months Ended
	June 30, 2023 (unaudited)							June 30, 2023 (unaudited)
	As Previously Reported		Adjustment		Reference	As Restated		As Previously Reported		Adjustment		Reference	As Restated
License revenue	$	—	$	—		$	—	$	3,600	$	—		$	3,600

Operating expenses:
Research and development	$	20,599	$	—		$	20,599	$	41,658	$	(190)	(c)	$	41,468
General and administrative	12,466		1,015		(a)	13,481		25,246		3,821		(a)	29,067
Total operating expenses	33,065		1,015			34,080		66,904		3,631			70,535
Operating loss	(33,065)		(1,015)			(34,080)		(63,304)		(3,631)			(66,935)
Other income, net	1,576		—			1,576		2,776		—			2,776
Net loss before income taxes	(31,489)		(1,015)			(32,504)		(60,528)		(3,631)			(64,159)
Income tax provision	(21)					(21)		(38)					(38)
Net loss	(31,510)		(1,015)			(32,525)		(60,566)		(3,631)			(64,197)
Other comprehensive gain (loss):
Net unrealized gain on marketable securities	198		—			198		937		—			937
Foreign currency translation adjustment	(5)		—			(5)		(12)		—			(12)
Comprehensive loss	$	(31,317)	(1,015)			$	(32,332)	$	(59,641)	$	(3,631)		$	(63,272)
Net loss per share — basic and diluted	$	(3.13)	—			$	(3.23)	$	(6.02)	—			$	(6.39)
Weighted-average common shares used to compute net loss per share - basic and diluted	10,076		—			10,076		10,053		—			10,053


	Three Months Ended
	March 31, 2023 (unaudited)
	As Previously Reported		Adjustment		Reference	As Restated
License revenue	$	3,600	$	—		$	3,600

Operating expenses:
Research and development	$	21,059	$	(190)	(c)	$	20,869
General and administrative	12,780		2,806		(a)	15,586
Total operating expenses	33,839		2,616			36,455
Operating loss	(30,239)		(2,616)			(32,855)
Other income, net	1,200		—			1,200
Net loss before income taxes	(29,039)		(2,616)			(31,655)
Income tax provision	(17)		—			(17)
Net loss	(29,056)		(2,616)			(31,672)
Other comprehensive gain (loss):
Net unrealized gain on marketable securities	739		—			739
Foreign currency translation adjustment	(7)		—			(7)
Comprehensive loss	$	(28,324)	(2,616)			$	(30,940)
Net loss per share — basic and diluted	$	(2.90)	—			$	(3.16)
Weighted-average common shares used to compute net loss per share - basic and diluted	10,030		—			10,030

Statements of Cash Flows

The effects of this restatement on certain line items of the condensed consolidated statements of cash flows are summarized in the following tables (in thousands). There was no impact on net cash used in operating activities or within any line items within investing and financing activities.


	Nine Months Ended September 30, 2024
	As Previously Reported		Adjustments		Reference	As Restated
Cash flows from operating activities:
Net loss	$	(70,397)	$	(19,599)	(a) (b)	$	(89,996)
Adjustments to reconcile net loss to net cash used in operating activities:



Non-cash lease expense	1,571		4,006		(a)	5,577
Non-cash sublease loss	—		8,477		(a)	8,477


Changes in operating assets and liabilities:

Deposit and other long-term assets and deferred rent receivable	(7,178)		7,116		(b)	(62)


	Six Months Ended June 30, 2024
	As Previously Reported		Adjustments		Reference	As Restated
Cash flows from operating activities:
Net loss	$	(43,263)	$	(14,382)	(a) (b)	$	(57,645)
Adjustments to reconcile net loss to net cash used in operating activities:



Non-cash lease expense	1,029		2,654		(a)	3,683
Non-cash sublease loss	—		4,765		(a)	4,765

Changes in operating assets and liabilities:

Deposit and other long-term assets and deferred rent receivable	(6,894)		6,963		(b)	69


	Three Months Ended March 31, 2024
	As Previously Reported		Adjustments		Reference	As Restated
Cash flows from operating activities:
Net loss	$	(24,787)	$	(2,360)	(a)	$	(27,147)
Adjustments to reconcile net loss to net cash used in operating activities:



Non-cash lease expense	506		1,314		(a)	1,820
Non-cash sublease loss	—		1,046		(a)	1,046


	Nine Months Ended September 30, 2023
	As Previously Reported		Adjustments		Reference	As Restated
Cash flows from operating activities:
Net loss	$	(93,451)	$	(4,161)	(a) (c)	$	(97,612)
Adjustments to reconcile net loss to net cash used in operating activities:



Non-cash lease expense	12,466		3,916		(a)	16,382
Non-cash sublease loss	—		435		(a)	435


Changes in operating assets and liabilities:						—



Accrued expenses and other liabilities	(1,452)		(190)		(c)	(1,642)






















Supplemental schedule of noncash information

Remeasurement of operating lease right-of-use assets	$	13,711	$	(6,079)		$	7,632


	Six Months Ended June 30, 2023
	As Previously Reported		Adjustments		Reference	As Restated
Cash flows from operating activities:
Net loss	$	(60,566)	$	(3,631)	(a) (c)	(64,197)
Adjustments to reconcile net loss to net cash used in operating activities:



Non-cash lease expense	6,936		2,602		(a)	9,538
Non-cash sublease loss	—		1,219		(a)	1,219

Changes in operating assets and liabilities:



Accrued expenses and other liabilities	(525)		(190)		(c)	(715)





















Supplemental schedule of noncash information
Remeasurement of operating lease right-of-use assets	$	13,711	$	(6,079)		$	7,632


	Three Months Ended March 31, 2023
	As Previously Reported		Adjustments		Reference	As Restated
Cash flows from operating activities:
Net loss	$	(29,056)	$	(2,616)	(a) (c)	$	(31,672)
Adjustments to reconcile net loss to net cash used in operating activities:



Non-cash lease expense	1,427		1,239		(a)	2,666
Non-cash sublease loss	—		1,567			1,567

Changes in operating assets and liabilities:						—



Accrued expenses and other liabilities	(749)		(190)		(c)	(939)




















Supplemental schedule of noncash information
Remeasurement of operating lease right-of-use assets	$	8,004	$	(104)		$	7,900

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events In February 2025, a lien in the amount of $4.8 million was filed by a third-party contractor against the subtenant's interest in the NC Premises. The Company discharged the lien in March 2025 by depositing cash in the full amount with the applicable court in order to avoid a default under the head lease. Subsequently, the subtenant and Jaguar failed to remit the March 2025 rent and subsequent rent payments and defaulted, and failed to cure such defaults, under the sublease and the assignment agreement for the NC Premises. As a result, the Company assumed responsibility for such payments in March 2025 and as of April 7, 2025 had made a total amount of $1.9 million to satisfy outstanding rent and common area management fee obligations. The Company remains obligated under the head lease, including for all future remaining rent payments in an aggregate amount of up to $119.7 million for the remainder of the head lease term, of which $5.7 million is due between April 8 and December 31, 2025. As a result of the uncured defaults, the Company terminated the sublease and initiated a lawsuit against the subtenant and Jaguar in the Superior Court of Wake County, North Carolina to enforce its rights under the sublease and to seek recovery of losses and damages incurred due to the defaults by the subtenant and Jaguar.

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						6 Months Ended		9 Months Ended		12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2024	Dec. 31, 2023
Pay vs Performance Disclosure
Net loss	$ (32,351)	$ (30,498)	$ (27,147)	$ (33,415)	$ (32,525)	$ (31,672)	$ (57,645)	$ (64,197)	$ (89,996)	$ (97,612)	$ (130,927)	$ (122,116)

- Definition

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

+ References

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2024
Trading Arrangements, by Individual
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

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Risk Management and Strategy We have implemented and maintain various information security processes designed to identify, assess and manage material risks from cybersecurity threats to our critical computer networks, third-party hosted services, communications systems, hardware and software, and our critical data, including intellectual property, confidential information that is proprietary, strategic or competitive in nature, and clinical trial data (“Information Systems and Data”). Our information security function, which includes our Vice President of Information Technology (“IT”) and third-party service providers, legal department and security committee, helps identify, assess, and manage the Company’s cybersecurity threats and risks. Our information security function identifies and assesses risks from cybersecurity threats by monitoring and evaluating our threat environment using various methods including, for example: using automated tools, conducting audits, evaluating threats, and performing vulnerability assessments. Depending on the environment, systems, and data at issue, we implement and maintain various technical, physical, and organizational measures, processes, and policies designed to manage and mitigate material risks from cybersecurity threats to our Information Systems and Data, including, for example: cybersecurity insurance, physical security, incident detection and response, access controls, employee training, penetration testing, and systems monitoring. Our assessment and management of material risks from cybersecurity threats are integrated into the Company’s overall risk management processes. For example, our Vice President of IT, works with management to prioritize our risk management processes and mitigate cybersecurity threats that are more likely to lead to a material impact to our business. We use third-party service providers to assist us from time to time to identify, assess, and manage material risks from cybersecurity threats, including for example: cybersecurity software providers, managed cybersecurity service providers, penetration testing firms, and cybersecurity consultants. We use third-party service providers to perform a variety of functions throughout our business, such as contract research organizations, contract manufacturing organizations, and supply chain resources. We have a vendor management process to manage cybersecurity risks associated with certain of these providers. Depending on the nature of the services provided, the sensitivity of the Information Systems and Data at issue, and the identity of the provider, our vendor management process may involve different levels of diligence designed to help identify cybersecurity risks associated with a provider such as risk assessments and reviewing security assessments and reports. For a description of the risks from cybersecurity threats that may materially affect the Company and how they may do so, see our risk factors under Part 1. Item 1A. Risk Factors in this Annual Report on Form 10-K, including the risk factor entitled: If our information technology systems or those third parties with whom we work, or our data, are or were compromised, we could experience adverse consequences resulting from such compromise, including but not limited to regulatory investigations or actions; litigation; fines and penalties; disruptions of our business operations; reputational harm; loss of revenue or profits; material disruption of our product development programs; and other adverse consequences.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We have implemented and maintain various information security processes designed to identify, assess and manage material risks from cybersecurity threats to our critical computer networks, third-party hosted services, communications systems, hardware and software, and our critical data, including intellectual property, confidential information that is proprietary, strategic or competitive in nature, and clinical trial data (“Information Systems and Data”).
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Governance Our Board of Directors addresses the Company’s cybersecurity risk management as part of its general oversight function. The Board of Directors is responsible for overseeing Company’s cybersecurity risk management processes, including oversight of mitigation of risks from cybersecurity threats. Our cybersecurity risk assessment and management processes are implemented and maintained by certain Company management, including our Vice President of IT, who holds a Bachelor of Science in Computer Methods from California State University-Long Beach and has previously served as a Director and Associate Director of IT for large pharmaceutical companies. Our management, including our Chief Operating Officer and Vice President of IT, is responsible for hiring appropriate information security personnel, helping to integrate cybersecurity risk considerations into the Company’s overall risk management strategy, and helping prepare for cybersecurity incidents. Our cybersecurity incident response processes are designed to escalate certain cybersecurity incidents to members of management depending on the circumstances, including our Vice President of IT and General Counsel, who work with the Company’s incident response team to help the Company mitigate and remediate cybersecurity incidents of which they are notified. In addition, the Company’s incident response process includes reporting to the Audit Committee of the Board of Directors for certain cybersecurity incidents. The Board of Directors receives periodic reports from the management concerning the Company’s significant cybersecurity threats and risk and the processes the Company has implemented to address them. The Board of Directors also has access to various reports, summaries or presentations related to cybersecurity threats, risk, and mitigation.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Board of Directors addresses the Company’s cybersecurity risk management as part of its general oversight function. The Board of Directors is responsible for overseeing Company’s cybersecurity risk management processes, including oversight of mitigation of risks from cybersecurity threats.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Board of Directors addresses the Company’s cybersecurity risk management as part of its general oversight function. The Board of Directors is responsible for overseeing Company’s cybersecurity risk management processes, including oversight of mitigation of risks from cybersecurity threats. Our cybersecurity risk assessment and management processes are implemented and maintained by certain Company management, including our Vice President of IT, who holds a Bachelor of Science in Computer Methods from California State University-Long Beach and has previously served as a Director and Associate Director of IT for large pharmaceutical companies.
Cybersecurity Risk Role of Management [Text Block]	Our management, including our Chief Operating Officer and Vice President of IT, is responsible for hiring appropriate information security personnel, helping to integrate cybersecurity risk considerations into the Company’s overall risk management strategy, and helping prepare for cybersecurity incidents. Our cybersecurity incident response processes are designed to escalate certain cybersecurity incidents to members of management depending on the circumstances, including our Vice President of IT and General Counsel, who work with the Company’s incident response team to help the Company mitigate and remediate cybersecurity incidents of which they are notified. In addition, the Company’s incident response process includes reporting to the Audit Committee of the Board of Directors for certain cybersecurity incidents. The Board of Directors receives periodic reports from the management concerning the Company’s significant cybersecurity threats and risk and the processes the Company has implemented to address them. The Board of Directors also has access to various reports, summaries or presentations related to cybersecurity threats, risk, and mitigation.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our cybersecurity risk assessment and management processes are implemented and maintained by certain Company management, including our Vice President of IT, who holds a Bachelor of Science in Computer Methods from California State University-Long Beach and has previously served as a Director and Associate Director of IT for large pharmaceutical companies. Our management, including our Chief Operating Officer and Vice President of IT, is responsible for hiring appropriate information security personnel, helping to integrate cybersecurity risk considerations into the Company’s overall risk management strategy, and helping prepare for cybersecurity incidents.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our cybersecurity risk assessment and management processes are implemented and maintained by certain Company management, including our Vice President of IT, who holds a Bachelor of Science in Computer Methods from California State University-Long Beach and has previously served as a Director and Associate Director of IT for large pharmaceutical companies
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our cybersecurity incident response processes are designed to escalate certain cybersecurity incidents to members of management depending on the circumstances, including our Vice President of IT and General Counsel, who work with the Company’s incident response team to help the Company mitigate and remediate cybersecurity incidents of which they are notified. In addition, the Company’s incident response process includes reporting to the Audit Committee of the Board of Directors for certain cybersecurity incidents.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation—The Company’s consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.
Use of Estimates	Use of Estimates—The preparation of financial statements in conformity with U.S. GAAP requires management to make judgements, estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses, and related disclosures. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. These estimates form the basis for making judgments about the carrying values of assets and liabilities when these values are not readily apparent from other sources. Accounting estimates and judgements are inherently uncertain, and the actual results could differ from these estimates.
March 2024 Reverse Stock Split	March 2024 Reverse Stock Split—On March 21, 2024, the Company effected a 1-for-10 reverse stock split of its common stock. The par value and the authorized shares of the common stock were not adjusted as a result of the reverse stock split. All equity related information including per share amounts for all periods presented in these consolidated financial statements and the notes thereto have been adjusted retroactively, where applicable, to reflect this reverse stock split.
Foreign Currency	Foreign Currency—Assets and liabilities of non-U.S. subsidiaries that operate in a local currency environment, where the local currency is the functional currency, are translated to U.S. dollars at exchange rates in effect at the balance sheet date, with the resulting translation adjustments directly recorded to a separate component of accumulated other comprehensive loss. Upon sale or upon complete or substantially complete liquidation of an investment in a foreign entity, the amount attributable to that entity and accumulated in the translation adjustment component of equity is removed from the separate component of equity and reported as part of the gain or loss on sale or liquidation of the investment for the period during which the sale or liquidation occurs. Income and expense accounts are translated at average exchange rates for the period. Transactions which are not in the functional currency of the entity are remeasured into the functional currency and gains or losses resulting from the remeasurement recorded in other income, net.
Cash and Cash Equivalents	Cash and Cash Equivalents—The Company considers all highly liquid investments purchased with original maturities of three months or less at the date of purchase to be cash equivalents. Cash and cash equivalents include cash held in banks, money market accounts and highly liquid debt securities. Cash equivalents are stated at fair value.
Restricted Cash	Restricted Cash—Restricted cash primarily consists of cash collateral to letter of credit provided to the landlord in relation to a lease agreement. See Note 6, Leases for additional information.
Short-Term Investments	Short-Term Investments—All short-term investments in debt securities have been classified as “available for sale” and are carried at fair value. Unrealized gains and losses, net of any related tax effects, are excluded from earnings and are included in other comprehensive loss and reported as a separate component of stockholders’ equity until realized. The cost of securities sold is based on the specific-identification method. The amortized cost of securities is adjusted for amortization of premiums and accretion of discounts to maturity. Interest on short-term investments is included in other income, net in the Company’s consolidated statements of operations and comprehensive loss. In accordance with the Company’s investment policy, management invests to diversify credit risk and only invests in securities with high credit quality, including U.S. government securities. The Company assesses available-for-sale debt securities on a quarterly basis to see whether any unrealized loss is due to credit-related factors. Factors considered in determining whether an impairment is credit-related include the extent to which the investment’s fair value is less than its cost basis, declines in published credit ratings, changes in interest rates, and any other adverse factors related to the security. If it is determined that a credit-related impairment exists, the Company will measure the credit loss based on a discounted cash flow model. Credit-related impairments on available-for-sale debt securities are recognized as an allowance for credit losses with a corresponding adjustment to other income, net in the Company’s consolidated statement of operations. The unrealized loss position that is not credit-related is recorded, net of any related tax effects, in other comprehensive income until realized. There were no credit-related losses recognized for the periods presented.
Accrued Interest Receivable	Accrued Interest Receivable—Accrued interest receivable related to the Company’s available-for-sale debt securities is presented within prepaid expenses and other current assets on the Company’s consolidated balance sheets. The Company has elected to exclude accrued interest receivable from both the fair value and the amortized cost basis of available-for-sale debt securities for the purposes of identifying and measuring any impairment. The Company writes off accrued interest receivable once it has determined that the asset is not realizable. Any write offs of accrued interest receivable are recorded by reversing interest income, recognizing credit loss expense, or a combination of both. To date, the Company has not written off any accrued interest receivables associated with its available-for-sale debt securities.
Segment Reporting	Segment Reporting—The Company operates and manages its business as one reporting and operating segment, which is the business of developing and commercializing gene therapeutics. The Company’s chief executive officer, who is the chief operating decision maker (“CODM”), assesses segment performance and decides how to allocate resources based on total operating expenses as reported on the consolidated statements of operations and comprehensive loss. See Note 11, Segment Reporting, for additional information.
Concentrations of Credit Risk and Other Uncertainties	Concentrations of Credit Risk and Other Uncertainties—Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents and short-term investments. Risks associated with cash, cash equivalents, short-term investments are mitigated by the Company’s investment policy, which limits the Company’s investing to securities having specified credit ratings. Management believes that the Company is not exposed to significant credit risk. The Company is subject to certain risks and uncertainties, including, but not limited to changes in any of the following areas that the Company believes could have a material adverse effect on future financial position or results of operations: the ability to obtain future financing; regulatory approval and market acceptance of, and reimbursement for, the Company’s product candidates; performance of third-party clinical research organizations and manufacturers; development of sales channels; protection of intellectual property; litigation or claims against the Company based on intellectual property, patent, product, regulatory or other factors; and the Company’s ability to attract and retain employees necessary to support growth.
Property and Equipment	Property and Equipment—Property and equipment are recorded at cost, net of accumulated depreciation and amortization. Depreciation is recorded using the straight-line method over the estimated useful lives of the assets, generally three to five years. Leasehold improvements are capitalized and amortized over the shorter period of their expected lives or the lease term. Major replacements and improvements are capitalized, while general repairs and maintenance are expensed as incurred.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets—Long-lived assets, including property and equipment and finite-lived intangible assets, are reviewed for impairment whenever facts or circumstances either internally or externally may indicate that the carrying value of an asset may not be recoverable. If there is an indication of impairment, the Company tests for recoverability by comparing the estimated undiscounted future cash flows expected to result from the use of the asset to the carrying amount of the asset or asset group. If the asset or asset group is determined to be impaired, any excess of the carrying value of the asset or asset group over its estimated fair value is recognized as an impairment loss.
Leases	Leases — For long-term operating leases, the Company recognizes a right-of-use asset and a lease liability on the Company's consolidated balance sheets. The Company determines if an arrangement contains a lease and the classification of the lease at inception. An arrangement contains a lease if there is an identified asset and if the Company controls the use of the identified asset throughout the period of use. The lease liability is determined as the present value of future lease payments and lease incentives over the expected lease term. Lease incentives are included in the measurement of the consideration in the contract at lease commencement when the Company is reasonably certain to incur costs to construct lessee assets. In order to determine the incremental borrowing rate, the Company determines its credit rating, adjusts the credit rating for the nature of the collateral, and benchmarks the borrowing rate against observable yields on comparable securities with a similar term. The incremental borrowing rate, the ROU asset and the lease liability are reevaluated upon a lease modification. It bases the ROU asset on the lease liability adjusted for any prepaid or deferred rent. The Company elected to combine lease and non-lease components for all underlying assets groups. The Company determines the lease term at the commencement date by considering whether renewal options and termination options are reasonably assured of exercise. For short term leases, the Company does not recognize a right-of-use asset and lease liability and recognizes the lease expense over the term of the lease on a straight-line basis. Rent expense for operating leases is recognized on a straight-line basis over the lease term and is included in operating expenses on the statements of operations and comprehensive loss. The variable lease payments primarily consist of common area maintenance and other operating costs. The Company assesses the probability of collecting lease payments under its sublease at each reporting date. The Company currently does not deem the collection of lease payments probable and therefore sublease income is constrained at the lesser of cash payments or straight-line sublease income. Sublease income/loss for operating leases is classified in general and administrative expenses based on payments collected and tenant improvement allowance disbursed to the subtenant.
Revenue Recognition	Revenue Recognition—The Company has primarily generated revenue through license, research and collaboration arrangements with its strategic partners. The Company recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the Company expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that the Company determines are within the scope of ASC 606, Revenue from Contracts with Customers, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the Company satisfies a performance obligation. At contract inception, once the contract is determined to be within the scope of ASC 606, the Company assesses the goods or services promised within each contract and determines those that are performance obligations. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied.
Research and Development Expenses	Research and Development Expenses—Research and development expenses are charged to expense as incurred. Research and development expenses include primarily personnel-related costs, stock-based compensation expense, laboratory supplies, consulting costs, external contract research and development expenses, including expenses incurred under agreements with contract research organizations (“CROs”), the cost of acquiring, developing and manufacturing clinical trial materials, and overhead expenses, such as rent, equipment depreciation, insurance and utilities. Advance payments for goods or services for future research and development activities are deferred and expensed as the goods are delivered or the related services are performed. The Company estimates research and clinical trial expenses based on the services performed pursuant to contracts with research institutions and clinical research organizations that conduct and manage nonclinical studies and clinical trials on the Company’s behalf. In accruing service fees, the Company estimates the time period over which services will be performed and the level of effort to be expended in each period. These estimates are based on communications with the third-party service providers and the Company’s estimates of accrued expenses and on information available at each balance sheet date. If the actual timing of the performance of services or the level of effort varies from the estimate, the Company adjusts the accrual accordingly.
Fair Value Measurements	Fair Value Measurements—Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. The carrying amounts of the Company’s financial instruments, including cash equivalents approximate their fair values due to their short-term maturities. See Note 4, Fair Value Measurements for the methodologies and assumptions used in valuing financial instruments.
Stock-based Compensation Expense	Stock-based Compensation Expense—Stock-based compensation expense related to stock awards to employees is measured at fair value of the award on the date of the grant. The Company estimates the grant-date fair value, and the resulting stock-based compensation expense, using the Black-Scholes valuation model for stock options and employee stock purchase and using intrinsic value, which is the closing price of its common stock on the date of the grant, for restricted stock units (“RSUs”) and performance stock units (“PSUs”). Expense recognition of PSU and performance-based options commences when the associated performance-based criteria are determined to be probable. The fair value of the award that is ultimately expected to vest is recognized as expense on a straight-line basis over the requisite service period, which is generally the vesting period. The Black-Scholes valuation model requires the use of following assumptions: Expected Term—The expected term assumption represents the period that the Company’s stock-based awards are expected to be outstanding and is determined using the simplified method. Expected Volatility—Expected volatility is based on the Company’s historical stock price volatility. Expected Dividend—The Black-Scholes valuation model calls for a single expected dividend yield as an input. The Company has never paid dividends and has no plans to pay dividends. Risk-Free Interest Rate—The risk-free interest rate is based on the U.S. Treasury zero-coupon issues in effect at the time of grant for periods corresponding with the expected term of option.
Income Taxes	Income Taxes—The Company accounts for income taxes using the asset and liability method. The Company records deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. In evaluating the ability to recover its deferred income tax assets, the Company considers all available positive and negative evidence, including its operating results, ongoing tax planning and forecasts of future taxable income on a jurisdiction-by-jurisdiction basis. In the event the Company determines that it would be able to realize its deferred income tax assets in the future in excess of their net recorded amount, it would make an adjustment to the valuation allowance that would reduce the provision for income taxes. Conversely, in the event that all or part of the net deferred tax assets are determined not to be realizable in the future, an adjustment to the valuation allowance would be charged to earnings in the period when such determination is made. As of December 31, 2024 and 2023, the Company has recorded a full valuation allowance on its deferred tax assets. Tax benefits related to uncertain tax positions are recognized when it is more likely than not that a tax position will be sustained upon examination. Interest and penalties related to unrecognized tax liabilities are included within the provision for income tax.
Comprehensive Loss	Comprehensive Loss—Comprehensive loss comprises net loss and other comprehensive loss. Other comprehensive loss consists of foreign currency translation adjustments and unrealized gain or loss on marketable securities.
Basic and Diluted Net Loss Per Share	Basic and Diluted Net Loss Per Share— Basic net loss per share is calculated by dividing the net loss by the weighted-average number of shares of common stock outstanding for the period. Diluted net loss per share is computed by giving effect to all potential dilutive common stock equivalents outstanding for the period using the treasury stock method. Outstanding stock options, RSUs, and employee stock purchase plan (“ESPP”) are considered to be common stock equivalents and are only included in the calculation of diluted net loss per share when their effect is dilutive.
Recent Accounting Pronouncements and Recently Adopted Accounting Pronouncements	Recent Accounting Pronouncements In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (“ASU 2024-03”). ASU 2024-03 requires disaggregated disclosures of certain categories of expenses in the notes to the financial statements that are included in expense line items on the face of the income statement in annual and interim periods. ASU 2024-03 is effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027. The Company is evaluating the impact of this guidance on its financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 requires enhanced annual disclosures regarding the rate reconciliation and income taxes paid. ASU 2023-09 is effective for annual periods beginning after December 15, 2024 and may be adopted on a prospective or retrospective basis. Early adoption is permitted. The Company is evaluating the impact of this guidance on its financial statements and related disclosures. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). The amendments in ASU 2023-07 are intended to improve reportable segment disclosure, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 is effective for annual periods beginning after December 15, 2023, and interim periods beginning after December 15, 2024. The amendments in this ASU should be applied retrospectively to all prior periods presented in the financial statements. The Company retrospectively adopted ASU 2023-07 on December 31, 2024. The adoption of ASU 2023-07 did not have a material financial impact on the Company’s consolidated financial statements.

Restatement of Previously Issued Financial Statements (Tables)

12 Months Ended

Dec. 31, 2024

Accounting Changes and Error Corrections [Abstract]

Restatement of Previously Issued Financial Statements

Consolidated Balance Sheet


	As of December 31, 2023
	As Previously Reported		Adjustment		Reference	As Restated
Assets
Current assets:
Cash and cash equivalents	$	75,000	$	—		$	75,000
Short-term investments	21,526		—			21,526
Prepaid expenses and other current assets	6,247					6,247
Total current assets	102,773		—			102,773
Operating lease right-of-use assets	52,266		(17,242)		(a) (c)	35,024
Property and equipment, net	14,764		—			14,764
Restricted cash	1,976		—			1,976
Deposit and other long-term assets	1,231					1,231
Total assets	$	173,010	$	(17,242)		$	155,768
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$	1,921	$	—		$	1,921
Accrued expenses and other current liabilities	12,584		—			12,584

Lease liability, current portion	10,409		(4,933)		(a)	5,476
Total current liabilities	24,914		(4,933)			19,981
Long-term liabilities:

Lease liability, net of current portion	64,627		3,938		(a) (c)	68,565
Total liabilities	89,541		(995)			88,546
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.0001 par value, 5,000 shares authorized; no shares issued and outstanding	—		—			—
Common stock, $0.0001 par value, 300,000 shares authorized at December 31, 2023: 10,143 shares issued and outstanding at December 31, 2023	1		—			1
Additional paid-in capital	1,003,718		—			1,003,718
Accumulated other comprehensive loss	(473)		—			(473)
Accumulated deficit	(919,777)		(16,247)		(a) (b)	(936,024)
Total stockholders’ equity	83,469		(16,247)			67,222
Total liabilities and stockholders’ equity	$	173,010	$	(17,242)		$	155,768

Consolidated Statement of Operations and Comprehensive Loss


	Year ended December 31, 2023
	As Previously Reported		Adjustment		Reference	As Restated
License revenue	$	3,600	$	—		$	3,600
Operating expenses:
Research and development	77,676		(190)		(b)	77,486
General and administrative	49,915		5,141		(a)	55,056
Total operating expenses	127,591		4,951			132,542
Operating loss	(123,991)		(4,951)			(128,942)

Other income, net	5,748		—			5,748
Net loss before income taxes	(118,243)		(4,951)			(123,194)
Income tax benefit	1,078		—			1,078
Net loss	$	(117,165)	$	(4,951)		$	(122,116)
Other comprehensive gain:
Net unrealized gain on marketable securities	1,057		—			1,057
Foreign currency translation adjustment	1		—			1
Comprehensive loss	$	(116,107)	$	(4,951)		$	(121,058)
Net loss per share - basic and diluted	$	(11.62)	$	—		$	(12.11)
Weighted-average common shares outstanding - basic and diluted	10,082		—			10,082

Consolidated Statement of Cash Flows


	Year ended December 31, 2023
	As Previously Reported		Adjustment		Reference	As Restated
Cash flows from operating activities:
Net loss	$	(117,165)	$	(4,951)	(a) (b)	$	(122,116)
Adjustments to reconcile net loss to net cash used in operating activities:



Non-cash lease expense	13,027		5,230		(a)	18,257
Non-cash sublease income	—		(89)			(89)


Changes in operating assets and liabilities:



Accrued expenses and other liabilities	(5,206)		(190)		(b)	(5,396)





















Supplemental schedule of noncash information

Remeasurement of operating lease right-of-use assets and liabilities	$	13,711	$	(6,079)	(a) (c)	$	7,632

Fair Value Measurements and Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Cash Equivalents and Short-term Investments

The following is a summary of the Company’s cash equivalents and short-term investments (in thousands):


	December 31, 2024
	Amortized Cost Basis		Unrealized Gains		Unrealized Losses		Estimated Fair Value
Level 1
Money market funds	$	165	$	—	$	—	$	165
Level 2
Commercial paper	78,500		10		(9)		78,501
U.S. government and agency securities	41,210		56		—		41,266
Total cash equivalents and short-term investments	119,875		66		(9)		119,932
Less: Cash equivalents	(54,901)		—		8		(54,893)
Total short-term investments	$	64,974	$	66	$	(1)	$	65,039


	December 31, 2023
	Amortized Cost Basis		Unrealized Gains		Unrealized Losses		Estimated Fair Value
Level 1
Money market funds	$	10,204	$	—	$	—	$	10,204
Level 2
Commercial paper	64,693		—		(35)		64,658
U.S. government and agency securities	17,616		4		(17)		17,603
Total cash equivalents and short-term investments	92,513		4		(52)		92,465
Less: Cash equivalents	(70,972)		—		33		(70,939)
Total short-term investments	$	21,541	$	4	$	(19)	$	21,526

Leases (Tables)

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Schedule of Undiscounted Future Lease Payments under Operating Lease

The following table summarizes the undiscounted future non-cancellable lease payments under the lease agreements as of December 31, 2024 (in thousands):


December 31,	Operating Leases

2025	$	12,142
2026	14,892
2027	15,278
2028	15,677
2029	16,089
Thereafter	93,087
Total undiscounted lease payments	$	167,165
Less: Imputed Interest	(75,460)


Total	$	91,705

Balance Sheet Components (Tables)

12 Months Ended

Dec. 31, 2024

Balance Sheet Related Disclosures [Abstract]

Schedule of Property and Equipment, Net

Property and equipment, net consisted of the following:


	December 31,
	2024		2023
	(In thousands)
Laboratory equipment	$	14,963	$	14,638
Leasehold improvements	13,779		13,586
Computer equipment and software	901		868

Construction in progress	9		184
Total property and equipment	29,652		29,276
Less accumulated depreciation and amortization	(18,045)		(14,512)
Property and equipment, net	$	11,607	$	14,764

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following:


	December 31,
	2024		2023
	(In thousands)
Employee compensation	$	9,540	$	8,040
Accrued nonclinical, clinical and process development costs	4,401		3,367
Accrued professional fees	554		351
State income tax payable	123		101
Other	1,002		725
Total accrued expenses and other current liabilities	$	15,620	$	12,584

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Options Activity

The following table summarizes stock option activity under the Company’s stock plans and related information:


(In thousands, except exercise prices and years)	Options Outstanding	Weighted- Average Exercise Price		Weighted- Average Remaining Contract Life (in years)	Aggregate Intrinsic Value (a)
















Balance at December 31, 2023	2,303	$	48.70	6.8	$	99
Granted	1,971	10.39
Exercised	(15)	9.97
Canceled/forfeited	(350)	50.28
Balance at December 31, 2024	3,909	$	29.39	8.1	$	—
Vested and expected to vest as of December 31, 2024	3,909	$	29.39	8.1	$	—
Exercisable at December 31, 2024	1,504	$	58.95	6.5	$	—

(a)The aggregate intrinsic value is calculated as the difference between the stock option exercise price and the closing price of the Company’s common stock as quoted on a national exchange.

Schedule of Fair Value of Option Issued Valuation Assumptions

The fair value of each stock option issued was estimated at the date of grant using the Black-Scholes valuation model with the following weighted-average assumptions:


	Options		Employee Stock Purchase Plan
	Years ended December 31,		Years ended December 31,
	2024	2023		2024	2023
Expected volatility	95%	90%		83%	78%
Expected term (in years)	6.0	6.0		1.3	1.3
Expected dividend yield	—	—		—	—
Risk-free interest rate	3.9%	4.2%		4.3%	5.0%

Schedule of Restricted Stock Units Activity

The following table summarizes the RSU activity under the Company’s stock plans and related information:


(In thousands, except grant date fair value and years)	Number of Units	Weighted- Average Grant Date Fair Value		Weighted- Average Remaining Contractual Term (in years)








Balance at December 31, 2023	154	21.73		1.4
Granted	160	12.04
Vested and released	(29)	26.20
Forfeited	(26)	14.22
Balance at December 31, 2024	259	$	16.00	1.2

Schedule of Stock-based Compensation Expense

The following table presents the Company’s stock-based compensation expense:


	Years ended December 31,
	2024		2023
	(In thousands)
Research and development	$	4,544	$	4,969
General and administrative	9,806		12,600
Total share-based compensation expense	$	14,350	$	17,569

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following table presents the segment loss, including significant segment expenses, for the years ended December 31, 2024 and 2023 (in thousands):


	Years ended December 31,
	2024		2023 As Restated
	(In thousands)
License Revenue	$	1,000	$	3,600
Less:
Compensation and benefits expenses	56,546		54,572
Clinical trial and manufacturing	22,333		20,235
Facilities and IT	37,841		39,114
Other research and development expense	4,728		4,985
Other segment expenses(a)	18,711		13,636
Total operating expenses	140,159		132,542
Operating loss	(139,159)		(128,942)


Other income, net	8,232		5,748
Net loss before income taxes	(130,927)		(123,194)
Income tax benefit (provision)	—		1,078
Segment and consolidated net loss	$	(130,927)	$	(122,116)


(a)			Other segment expenses include professional services, consultants and contractors, travel and entertainment expenses, and general business expenses.

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Loss Before Income Taxes

The following table presents domestic and foreign components of loss before provision for income taxes:


	Years ended December 31,
	2024		2023 As Restated
	(In thousands)
U.S.	$	(130,768)	$	(123,040)
Foreign	(159)		(154)
Loss before income taxes	$	(130,927)	$	(123,194)

Schedule of Components of Income Tax (Benefit) Provision

The components of the Company’s income tax (benefit) provision were as follows:


	Years ended December 31,
	2024		2023 As Restated
	(In thousands)
Current:


Foreign	$	—	$	(1,078)
Total current tax (benefit) provision	—		(1,078)
Deferred


Foreign	—		—
Total deferred tax provision	—		—
Total income tax (benefit) provision	$	—	$	(1,078)

Schedule of Reconciliation of Income Tax Expense Computed Statutory Federal Income Tax and Financial Statements

The income tax provision for the years ended December 31, 2024 and 2023 differed from the amounts computed by applying the statutory federal income tax rate of 21% to pretax loss as a result of the following:


	Years ended December 31,
	2024		2023 As Restated
	(In thousands)
Federal income tax benefit at statutory rate	$	(27,495)	$	(25,871)
Stock compensation	3,189		6,001
Non-deductible expenses	41		21

Research and development tax credits	(5,642)		(1,810)
Change in valuation allowance	23,801		19,558
Foreign rate differential	(14)		(14)
Impact of internal reorganization	—		1,323
Uncertain tax positions	6,100		(1,078)
Other	20		792

Total tax (benefit) provision	$	—	$	(1,078)

Schedule of Deferred Tax Assets

The following table presents significant components of the Company’s deferred tax assets and liabilities:


	As of December 31,
	2024		2023 As Restated
	(In thousands)
Deferred tax assets:
Net operating loss carryforwards	$	137,140	$	128,171
Accruals, reserve and other	1,972		1,749
Tax credit carryforwards	29,263		21,254
Stock-based compensation	6,349		7,274

Intangibles	7		11
Lease obligation	19,622		17,322
Capital losses	9,850		9,850
Section 174 R&D capitalization	35,842		29,688
Other	5		3
Total deferred tax assets before valuation allowance	240,050		215,322
Valuation allowance	(232,058)		(205,861)
Total deferred tax assets	7,992		9,461

Deferred tax liabilities:
Right-of-use assets	(7,149)		(8,153)
Property and equipment	(843)		(1,308)

Total deferred tax liabilities	$	(7,992)	$	(9,461)
Net deferred tax assets	$	—	$	—

Schedule of Unrecognized Tax Benefits

A reconciliation of the unrecognized tax benefits is as follows:


	Years ended December 31,
	2024		2023 As Restated
	(In thousands)
Unrecognized tax benefits as of the beginning of the year	$	22,758	$	23,069
Increase related to tax positions taken during the prior year	—		43
Decrease related to tax positions taken during the prior year	(2,880)		—
Increase related to tax position taken during the current year	7,310		3,121
Decrease related to tax position taken during the current year	—		(3,475)
Unrecognized tax benefits as of the end of the year	$	27,188	$	22,758

Net Loss per Share (Tables)

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

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

The following common stock equivalents outstanding at the end of the periods presented were excluded from the calculation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect:


	As of December 31,
	2024	2023
	(In thousands)
Stock options	3,909	2,303
Restricted stock units	259	154
ESPP	32	17

	4,200	2,474

Quarterly Financial Information (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2024

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Financial Information

The unaudited interim financial statements reflect all adjustments which are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented (in thousands, except per share data).

Condensed Consolidated Balance Sheets


	September 30, 2024 (unaudited)
	As Previously Reported		Adjustment		Reference	As Restated
Assets
Current assets:
Cash and cash equivalents	$	92,851	$	—		$	92,851
Short-term investments	60,390		—			60,390
Prepaid expenses and other current assets	7,839		—			7,839
Total current assets	161,080		—			161,080
Operating lease right-of-use assets	50,695		(17,015)		(a) (d)	33,680
Property and equipment, net	12,215		—			12,215
Deferred rent receivable	7,116		(7,116)		(b)	—
Restricted cash	1,976		—			1,976
Deposit and other long-term assets	1,293		—			1,293
Total assets	$	234,375	$	(24,131)		$	210,244
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$	2,110	—			$	2,110
Accrued expenses and other current liabilities	14,886		—			14,886

Lease liability, current portion	10,661		(5,044)		(a)	5,617
Total current liabilities	27,657		(5,044)			22,613
Long-term liabilities:
Lease liability, net of current portion	62,602		16,759		(a) (d)	79,361
Total liabilities	90,259		11,715			101,974
Commitments and contingencies
Stockholders’ equity:
Preferred stock	—		—			—
Common stock	2		—			2
Additional paid-in capital	1,134,556		—			1,134,556
Accumulated other comprehensive loss	(268)		—			(268)
Accumulated deficit	(990,174)		(35,846)		(a) (b)	(1,026,020)
Total stockholders’ equity	144,116		(35,846)			108,270
Total liabilities and stockholders’ equity	$	234,375	$	(24,131)		$	210,244


	June 30, 2024 (unaudited)
	As Previously Reported		Adjustment		Reference	As Restated
Assets
Current assets:
Cash and cash equivalents	$	127,321	$	—		$	127,321
Short-term investments	46,506		—			46,506
Prepaid expenses and other current assets	5,591		—			5,591
Total current assets	179,418		—			179,418
Operating lease right-of-use assets	51,237		(17,241)		(a) (d)	33,996
Property and equipment, net	13,047					13,047
Deferred rent receivable	6,963		(6,963)		(b)	—
Restricted cash	1,976		—			1,976
Deposit and other long-term assets	1,162		—			1,162
Total assets	$	253,803	$	(24,204)		$	229,599
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	1,973		—			1,973
Accrued expenses and other current liabilities	9,912		—			9,912

Lease liability, current portion	10,576		(5,006)		(a)	5,570
Total current liabilities	22,461		(5,006)			17,455
Long-term liabilities:
Lease liability, net of current portion	63,313		11,431		(a) (d)	74,744
Total liabilities	85,774		6,425			92,199
Commitments and contingencies
Stockholders’ equity:
Preferred stock	—		—			—
Common stock	2		—			2
Additional paid-in capital	1,131,592		—			1,131,592
Accumulated other comprehensive loss	(525)		—			(525)
Accumulated deficit	(963,040)		(30,629)		(a) (b)	(993,669)
Total stockholders’ equity	168,029		(30,629)			137,400
Total liabilities and stockholders’ equity	$	253,803	$	(24,204)		$	229,599


	March 31, 2024 (unaudited)
	As Previously Reported		Adjustment		Reference	As Restated
Assets
Current assets:
Cash and cash equivalents	$	149,608	$	—		$	149,608
Short-term investments	43,720		—			43,720
Prepaid expenses and other current assets	5,802		—			5,802
Total current assets	199,130		—			199,130
Operating lease right-of-use assets	51,760		(17,282)		(a) (d)	34,478
Property and equipment, net	13,766		—			13,766
Restricted cash	1,976		—			1,976
Deposit and other long-term assets	1,196		—			1,196
Total assets	$	267,828	$	(17,282)		$	250,546
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	1,897		—			1,897
Accrued expenses and other current liabilities	9,160		—			9,160

Lease liability, current portion	10,492		(4,971)		(a)	5,521
Total current liabilities	21,549		(4,971)			16,578
Long-term liabilities:
Lease liability, net of current portion	63,991		6,296		(a) (d)	70,287
Total liabilities	85,540		1,325			86,865
Commitments and contingencies
Stockholders’ equity:
Preferred stock	—		—			—
Common stock	2		—			2
Additional paid-in capital	1,127,383		—			1,127,383
Accumulated other comprehensive loss	(533)		—			(533)
Accumulated deficit	(944,564)		(18,607)		(a)	(963,171)
Total stockholders’ equity	182,288		(18,607)			163,681
Total liabilities and stockholders’ equity	$	267,828	$	(17,282)		$	250,546


	September 30, 2023 (unaudited)
	As Previously Reported		Adjustment		Reference	As Restated
Assets
Current assets:
Cash and cash equivalents	$	105,366	$	—		$	105,366
Short-term investments	11,716		—			11,716
Prepaid expenses and other current assets	7,514		—			7,514
Total current assets	124,596		—			124,596
Operating lease right-of-use assets	52,757		(17,158)		(a) (d)	35,599
Property and equipment, net	15,497		—			15,497
Restricted cash	2,650		—			2,650
Deposit and other long-term assets	1,270		—			1,270
Total assets	$	196,770	$	(17,158)		$	179,612
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	2,170		—			2,170
Accrued expenses and other current liabilities	16,362		—			16,362

Lease liability, current portion	10,324		(4,897)		(a)	5,427
Total current liabilities	28,856		(4,897)			23,959
Long-term liabilities:

Lease liability, net of current portion	65,200		3,196		(a) (d)	68,396
Total liabilities	94,056		(1,701)			92,355
Commitments and contingencies
Stockholders’ equity:
Preferred stock	—		—			—
Common stock	1		—			1
Additional paid-in capital	999,328		—			999,328
Accumulated other comprehensive loss	(552)		—			(552)
Accumulated deficit	(896,063)		(15,457)		(a) (c)	(911,520)
Total stockholders’ equity	102,714		(15,457)			87,257
Total liabilities and stockholders’ equity	$	196,770	$	(17,158)		$	179,612


	June 30, 2023 (unaudited)
	As Previously Reported		Adjustment		Reference	As Restated
Assets
Current assets:
Cash and cash equivalents	$	111,187	$	—		$	111,187
Short-term investments	30,266		—			30,266
Prepaid expenses and other current assets	5,690		—			5,690
Total current assets	147,143		—			147,143
Operating lease right-of-use assets	58,287		(17,054)		(a) (d)	41,233
Property and equipment, net	32,041		—			32,041
Restricted cash	2,650		—			2,650
Deposit and other long-term assets	1,308		—			1,308
Total assets	$	241,429	$	(17,054)		$	224,375
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	1,418		—			1,418
Accrued expenses and other current liabilities	17,704		—			17,704

Lease liability, current portion	25,396		(4,861)		(a)	20,535
Total current liabilities	44,518		(4,861)			39,657
Long-term liabilities:

Lease liability, net of current portion	65,756		2,734		(a) (d)	68,490
Total liabilities	110,274		(2,127)			108,147
Commitments and contingencies
Stockholders’ equity:
Preferred stock	—		—			—
Common stock	1		—			1
Additional paid-in capital	994,938		—			994,938
Accumulated other comprehensive loss	(606)		—			(606)
Accumulated deficit	(863,178)		(14,927)		(a) (c)	(878,105)
Total stockholders’ equity	131,155		(14,927)			116,228
Total liabilities and stockholders’ equity	$	241,429	$	(17,054)		$	224,375


	March 31, 2023 (unaudited)
	As Previously Reported		Adjustment		Reference	As Restated
Assets
Current assets:
Cash and cash equivalents	$	67,552	$	—		$	67,552
Short-term investments	96,733		—			96,733
Prepaid expenses and other current assets	4,588		—			4,588
Total current assets	168,873		—			168,873
Operating lease right-of-use assets	69,503		(22,905)		(a) (d)	46,598
Property and equipment, net	33,347		—			33,347
Restricted cash	2,503		—			2,503
Deposit and other long-term assets	1,351		—			1,351
Total assets	$	275,577	$	(22,905)		$	252,672
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	2,863		—			2,863
Accrued expenses and other current liabilities	17,344		—			17,344

Lease liability, current portion	26,265		(5,531)		(a)	20,734
Total current liabilities	46,472		(5,531)			40,941
Long-term liabilities:

Lease liability, net of current portion	71,348		(3,462)		(a) (d)	67,886
Total liabilities	117,820		(8,993)			108,827
Commitments and contingencies
Stockholders’ equity:
Preferred stock	—		—			—
Common stock	1		—			1
Additional paid-in capital	990,223		—			990,223
Accumulated other comprehensive loss	(799)		—			(799)
Accumulated deficit	(831,668)		(13,912)		(a) (c)	(845,580)
Total stockholders’ equity	157,757		(13,912)			143,845
Total liabilities and stockholders’ equity	$	275,577	(22,905)			$	252,672

Quarterly and Year to Date Condensed Consolidated Statements of Operations and Comprehensive Loss


	Three Months Ended							Nine Months Ended
	September 30, 2024 (unaudited)							September 30, 2024 (unaudited)
	As Previously Reported		Adjustment		Reference	As Restated		As Previously Reported		Adjustment		Reference	As Restated
License revenue	$	1,000	$	—		$	1,000	$	1,000	$	—		$	1,000

Operating expenses:
Research and development	20,439		—			20,439		52,946		—			52,946
General and administrative	9,782		5,217		(a)	14,999		24,996		19,599		(a) (b)	44,595
Total operating expenses	30,221		5,217			35,438		77,942		19,599			97,541
Operating loss	(29,221)		(5,217)			(34,438)		(76,942)		(19,599)			(96,541)
Other income, net	2,087		—			2,087		6,545		—			6,545


Net loss	(27,134)		(5,217)			(32,351)		(70,397)		(19,599)			(89,996)
Other comprehensive gain (loss):
Net unrealized gain on marketable securities	241		—			241		198		—			198
Foreign currency translation adjustment	16		—			16		7		—			7
Comprehensive loss	$	(26,877)	$	(5,217)		$	(32,094)	$	(70,192)	$	(19,599)		$	(89,791)
Net loss per share — basic and diluted	$	(1.30)	—			$	(1.55)	$	(3.63)	—			$	(4.64)
Weighted-average common shares used to compute net loss per share - basic and diluted	20,876		—			20,876		19,408		—			19,408


	Three Months Ended							Six Months Ended
	June 30, 2024 (unaudited)							June 30, 2024 (unaudited)
	As Previously Reported		Adjustment		Reference	As Restated		As Previously Reported		Adjustment		Reference	As Restated


Operating expenses:
Research and development	$	17,097	$	—		$	17,097	$	32,507	$	—		$	32,507
General and administrative	3,785		12,022		(a) (b)	15,807		15,214		14,382		(a) (b)	29,596
Total operating expenses	20,882		12,022			32,904		47,721		14,382			62,103
Operating loss	(20,882)		(12,022)			(32,904)		(47,721)		(14,382)			(62,103)
Other income, net	2,406		—			2,406		4,458		—			4,458


Net loss	(18,476)		(12,022)			(30,498)		(43,263)		(14,382)			(57,645)
Other comprehensive gain (loss):
Net unrealized loss on marketable securities	(2)		—			(2)		(43)		—			(43)
Foreign currency translation adjustment	10		—			10		(9)		—			(9)
Comprehensive loss	$	(18,468)	(12,022)			$	(30,490)	$	(43,315)	$	(14,382)		$	(57,697)
Net loss per share — basic and diluted	$	(0.89)	—			$	(1.46)	$	(2.31)	—			$	(3.08)
Weighted-average common shares used to compute net loss per share - basic and diluted	20,852		—			20,852		18,713		—			18,713


	Three Months Ended
	March 31, 2024 (unaudited)
	As Previously Reported		Adjustment		Reference	As Restated


Operating expenses:
Research and development	$	15,410	$	—		$	15,410
General and administrative	11,429		2,360		(a)	13,789
Total operating expenses	26,839		2,360			29,199
Operating loss	(26,839)		(2,360)			(29,199)
Other income, net	2,052		—			2,052


Net loss	(24,787)		(2,360)			(27,147)
Other comprehensive gain (loss):
Net unrealized loss on marketable securities	(41)		—			(41)
Foreign currency translation adjustment	(19)		—			(19)
Comprehensive loss	$	(24,847)	$	(2,360)		$	(27,207)
Net loss per share — basic and diluted	$	(1.50)	—			$	(1.65)
Weighted-average common shares used to compute net loss per share - basic and diluted	16,479		—			16,479


	Three Months Ended							Nine Months Ended
	September 30, 2023 (unaudited)							September 30, 2023 (unaudited)
	As Previously Reported		Adjustment		Reference	As Restated		As Previously Reported		Adjustment		Reference	As Restated
License revenue	$	—	$	—		$	—	$	3,600	$	—		$	3,600

Operating expenses:
Research and development	20,740		—			20,740		62,398		(190)		(c)	62,208
General and administrative	13,789		530		(a)	14,319		39,035		4,351		(a)	43,386
Total operating expenses	34,529		530			35,059		101,433		4,161			105,594
Operating loss	(34,529)		(530)			(35,059)		(97,833)		(4,161)			(101,994)
Other income, net	1,661		—			1,661		4,437		—			4,437
Net loss before income taxes	(32,868)		(530)			(33,398)		(93,396)		(4,161)			(97,557)
Income tax provision	(17)					(17)		(55)					(55)
Net loss	(32,885)		(530)			(33,415)		(93,451)		(4,161)			(97,612)
Other comprehensive gain (loss):
Net unrealized gain on marketable securities	66		—			66		1,003		—			1,003
Foreign currency translation adjustment	(12)		—			(12)		(24)		—			(24)
Comprehensive loss	$	(32,831)	(530)			$	(33,361)	$	(92,472)	$	(4,161)		$	(96,633)
Net loss per share — basic and diluted	$	(3.26)	—			$	(3.31)	$	(9.28)	—			$	(9.69)
Weighted-average common shares used to compute net loss per share - basic and diluted	10,099		—			10,099		10,069		—			10,069


	Three Months Ended							Six Months Ended
	June 30, 2023 (unaudited)							June 30, 2023 (unaudited)
	As Previously Reported		Adjustment		Reference	As Restated		As Previously Reported		Adjustment		Reference	As Restated
License revenue	$	—	$	—		$	—	$	3,600	$	—		$	3,600

Operating expenses:
Research and development	$	20,599	$	—		$	20,599	$	41,658	$	(190)	(c)	$	41,468
General and administrative	12,466		1,015		(a)	13,481		25,246		3,821		(a)	29,067
Total operating expenses	33,065		1,015			34,080		66,904		3,631			70,535
Operating loss	(33,065)		(1,015)			(34,080)		(63,304)		(3,631)			(66,935)
Other income, net	1,576		—			1,576		2,776		—			2,776
Net loss before income taxes	(31,489)		(1,015)			(32,504)		(60,528)		(3,631)			(64,159)
Income tax provision	(21)					(21)		(38)					(38)
Net loss	(31,510)		(1,015)			(32,525)		(60,566)		(3,631)			(64,197)
Other comprehensive gain (loss):
Net unrealized gain on marketable securities	198		—			198		937		—			937
Foreign currency translation adjustment	(5)		—			(5)		(12)		—			(12)
Comprehensive loss	$	(31,317)	(1,015)			$	(32,332)	$	(59,641)	$	(3,631)		$	(63,272)
Net loss per share — basic and diluted	$	(3.13)	—			$	(3.23)	$	(6.02)	—			$	(6.39)
Weighted-average common shares used to compute net loss per share - basic and diluted	10,076		—			10,076		10,053		—			10,053


	Three Months Ended
	March 31, 2023 (unaudited)
	As Previously Reported		Adjustment		Reference	As Restated
License revenue	$	3,600	$	—		$	3,600

Operating expenses:
Research and development	$	21,059	$	(190)	(c)	$	20,869
General and administrative	12,780		2,806		(a)	15,586
Total operating expenses	33,839		2,616			36,455
Operating loss	(30,239)		(2,616)			(32,855)
Other income, net	1,200		—			1,200
Net loss before income taxes	(29,039)		(2,616)			(31,655)
Income tax provision	(17)		—			(17)
Net loss	(29,056)		(2,616)			(31,672)
Other comprehensive gain (loss):
Net unrealized gain on marketable securities	739		—			739
Foreign currency translation adjustment	(7)		—			(7)
Comprehensive loss	$	(28,324)	(2,616)			$	(30,940)
Net loss per share — basic and diluted	$	(2.90)	—			$	(3.16)
Weighted-average common shares used to compute net loss per share - basic and diluted	10,030		—			10,030

Condensed Consolidated Statements of Cash Flows

The effects of this restatement on certain line items of the condensed consolidated statements of cash flows are summarized in the following tables (in thousands). There was no impact on net cash used in operating activities or within any line items within investing and financing activities.


	Nine Months Ended September 30, 2024
	As Previously Reported		Adjustments		Reference	As Restated
Cash flows from operating activities:
Net loss	$	(70,397)	$	(19,599)	(a) (b)	$	(89,996)
Adjustments to reconcile net loss to net cash used in operating activities:



Non-cash lease expense	1,571		4,006		(a)	5,577
Non-cash sublease loss	—		8,477		(a)	8,477


Changes in operating assets and liabilities:

Deposit and other long-term assets and deferred rent receivable	(7,178)		7,116		(b)	(62)


	Six Months Ended June 30, 2024
	As Previously Reported		Adjustments		Reference	As Restated
Cash flows from operating activities:
Net loss	$	(43,263)	$	(14,382)	(a) (b)	$	(57,645)
Adjustments to reconcile net loss to net cash used in operating activities:



Non-cash lease expense	1,029		2,654		(a)	3,683
Non-cash sublease loss	—		4,765		(a)	4,765

Changes in operating assets and liabilities:

Deposit and other long-term assets and deferred rent receivable	(6,894)		6,963		(b)	69


	Three Months Ended March 31, 2024
	As Previously Reported		Adjustments		Reference	As Restated
Cash flows from operating activities:
Net loss	$	(24,787)	$	(2,360)	(a)	$	(27,147)
Adjustments to reconcile net loss to net cash used in operating activities:



Non-cash lease expense	506		1,314		(a)	1,820
Non-cash sublease loss	—		1,046		(a)	1,046


	Nine Months Ended September 30, 2023
	As Previously Reported		Adjustments		Reference	As Restated
Cash flows from operating activities:
Net loss	$	(93,451)	$	(4,161)	(a) (c)	$	(97,612)
Adjustments to reconcile net loss to net cash used in operating activities:



Non-cash lease expense	12,466		3,916		(a)	16,382
Non-cash sublease loss	—		435		(a)	435


Changes in operating assets and liabilities:						—



Accrued expenses and other liabilities	(1,452)		(190)		(c)	(1,642)






















Supplemental schedule of noncash information

Remeasurement of operating lease right-of-use assets	$	13,711	$	(6,079)		$	7,632


	Six Months Ended June 30, 2023
	As Previously Reported		Adjustments		Reference	As Restated
Cash flows from operating activities:
Net loss	$	(60,566)	$	(3,631)	(a) (c)	(64,197)
Adjustments to reconcile net loss to net cash used in operating activities:



Non-cash lease expense	6,936		2,602		(a)	9,538
Non-cash sublease loss	—		1,219		(a)	1,219

Changes in operating assets and liabilities:



Accrued expenses and other liabilities	(525)		(190)		(c)	(715)





















Supplemental schedule of noncash information
Remeasurement of operating lease right-of-use assets	$	13,711	$	(6,079)		$	7,632


	Three Months Ended March 31, 2023
	As Previously Reported		Adjustments		Reference	As Restated
Cash flows from operating activities:
Net loss	$	(29,056)	$	(2,616)	(a) (c)	$	(31,672)
Adjustments to reconcile net loss to net cash used in operating activities:



Non-cash lease expense	1,427		1,239		(a)	2,666
Non-cash sublease loss	—		1,567			1,567

Changes in operating assets and liabilities:						—



Accrued expenses and other liabilities	(749)		(190)		(c)	(939)




















Supplemental schedule of noncash information
Remeasurement of operating lease right-of-use assets	$	8,004	$	(104)		$	7,900

Description of the Business - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accumulated deficit	$ 1,066,951	$ 936,024	$ 1,026,020	$ 993,669	$ 963,171	$ 911,520	$ 878,105	$ 845,580
Cash used in operations	92,462	$ 90,902
Cash, cash equivalents, and short-term investments	$ 125,700

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Restatement of Previously Issued Financial Statements (Details) - USD ($) $ in Thousands	3 Months Ended						6 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Interim Period, Costs Not Allocable [Line Items]
Research and development expense reversal	$ (20,439)	$ (17,097)	$ (15,410)	$ (20,740)	$ (20,599)	$ (20,869)	$ (32,507)	$ (41,468)	$ (52,946)	$ (62,208)	$ (77,041)	$ (77,486)
Right-to-use asset	33,680	33,996	34,478	35,599	41,233	46,598	33,996	41,233	33,680	35,599	33,611	35,024
Lease liability											91,705
Accumulated deficit	1,026,020	993,669	963,171	911,520	878,105	845,580	993,669	878,105	1,026,020	911,520	$ 1,066,951	936,024
Adjustment
Interim Period, Costs Not Allocable [Line Items]
Research and development expense reversal	0	0	0	0	0	190	0	190	0	190		190
Right-to-use asset	(17,015)	(17,241)	(17,282)	(17,158)	(17,054)	(22,905)	(17,241)	(17,054)	(17,015)	(17,158)		(17,242)
Accumulated deficit	$ 35,846	$ 30,629	$ 18,607	$ 15,457	$ 14,927	13,912	$ 30,629	$ 14,927	$ 35,846	$ 15,457		$ 16,247	$ 11,300
Adjustment \| Redwood, California Facility Lease
Interim Period, Costs Not Allocable [Line Items]
Right-to-use asset						300
Lease liability						$ 300

- Definition

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

+ References + Details

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Restatement of Previously Issued Financial Statements - Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 60,652	$ 92,851	$ 127,321	$ 149,608	$ 75,000	$ 105,366	$ 111,187	$ 67,552
Short-term investments	65,039	60,390	46,506	43,720	21,526	11,716	30,266	96,733
Prepaid expenses and other current assets	5,609	7,839	5,591	5,802	6,247	7,514	5,690	4,588
Total current assets	131,300	161,080	179,418	199,130	102,773	124,596	147,143	168,873
Operating lease right-of-use assets	33,611	33,680	33,996	34,478	35,024	35,599	41,233	46,598
Property and equipment, net	11,607	12,215	13,047	13,766	14,764	15,497	32,041	33,347
Restricted cash	1,976	1,976	1,976	1,976	1,976	2,650	2,650	2,503
Deposit and other long-term assets	1,347	1,293	1,162	1,196	1,231	1,270	1,308	1,351
Total assets	179,841	210,244	229,599	250,546	155,768	179,612	224,375	252,672
Current liabilities:
Accounts payable	1,610	2,110	1,973	1,897	1,921	2,170	1,418	2,863
Accrued expenses and other current liabilities	15,620	14,886	9,912	9,160	12,584	16,362	17,704	17,344
Lease liability, current portion	5,668	5,617	5,570	5,521	5,476	5,427	20,535	20,734
Total current liabilities	22,898	22,613	17,455	16,578	19,981	23,959	39,657	40,941
Long-term liabilities:
Lease liability, net of current portion	86,037	79,361	74,744	70,287	68,565	68,396	68,490	67,886
Total liabilities	109,127	101,974	92,199	86,865	88,546	92,355	108,147	108,827
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.0001 par value, 5,000 shares authorized; no shares issued and outstanding	0	0	0	0	0	0	0	0
Common stock, $0.0001 par value, 300,000 shares authorized at December 31, 2024: 20,848 and 10,143 shares issued and outstanding at December 31, 2024 and 2023, respectively	2	2	2	2	1	1	1	1
Additional paid-in capital	1,138,070	1,134,556	1,131,592	1,127,383	1,003,718	999,328	994,938	990,223
Accumulated other comprehensive loss	(407)	(268)	(525)	(533)	(473)	(552)	(606)	(799)
Accumulated deficit	(1,066,951)	(1,026,020)	(993,669)	(963,171)	(936,024)	(911,520)	(878,105)	(845,580)
Total stockholders’ equity	70,714	108,270	137,400	163,681	67,222	87,257	116,228	143,845	$ 170,222
Total liabilities and stockholders’ equity	$ 179,841	210,244	229,599	250,546	155,768	179,612	224,375	252,672
As Previously Reported
Current assets:
Cash and cash equivalents		92,851	127,321	149,608	75,000	105,366	111,187	67,552
Short-term investments		60,390	46,506	43,720	21,526	11,716	30,266	96,733
Prepaid expenses and other current assets		7,839	5,591	5,802	6,247	7,514	5,690	4,588
Total current assets		161,080	179,418	199,130	102,773	124,596	147,143	168,873
Operating lease right-of-use assets		50,695	51,237	51,760	52,266	52,757	58,287	69,503
Property and equipment, net		12,215	13,047	13,766	14,764	15,497	32,041	33,347
Restricted cash		1,976	1,976	1,976	1,976	2,650	2,650	2,503
Deposit and other long-term assets		1,293	1,162	1,196	1,231	1,270	1,308	1,351
Total assets		234,375	253,803	267,828	173,010	196,770	241,429	275,577
Current liabilities:
Accounts payable		2,110	1,973	1,897	1,921	2,170	1,418	2,863
Accrued expenses and other current liabilities		14,886	9,912	9,160	12,584	16,362	17,704	17,344
Lease liability, current portion		10,661	10,576	10,492	10,409	10,324	25,396	26,265
Total current liabilities		27,657	22,461	21,549	24,914	28,856	44,518	46,472
Long-term liabilities:
Lease liability, net of current portion		62,602	63,313	63,991	64,627	65,200	65,756	71,348
Total liabilities		90,259	85,774	85,540	89,541	94,056	110,274	117,820
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.0001 par value, 5,000 shares authorized; no shares issued and outstanding		0	0	0	0	0	0	0
Common stock, $0.0001 par value, 300,000 shares authorized at December 31, 2024: 20,848 and 10,143 shares issued and outstanding at December 31, 2024 and 2023, respectively		2	2	2	1	1	1	1
Additional paid-in capital		1,134,556	1,131,592	1,127,383	1,003,718	999,328	994,938	990,223
Accumulated other comprehensive loss		(268)	(525)	(533)	(473)	(552)	(606)	(799)
Accumulated deficit		(990,174)	(963,040)	(944,564)	(919,777)	(896,063)	(863,178)	(831,668)
Total stockholders’ equity		144,116	168,029	182,288	83,469	102,714	131,155	157,757
Total liabilities and stockholders’ equity		234,375	253,803	267,828	173,010	196,770	241,429	275,577
Adjustment
Current assets:
Cash and cash equivalents		0	0	0	0	0	0	0
Short-term investments		0	0	0	0	0	0	0
Prepaid expenses and other current assets		0	0	0		0	0	0
Total current assets		0	0	0	0	0	0	0
Operating lease right-of-use assets		(17,015)	(17,241)	(17,282)	(17,242)	(17,158)	(17,054)	(22,905)
Property and equipment, net		0		0	0	0	0	0
Restricted cash		0	0	0	0	0	0	0
Deposit and other long-term assets		0	0	0		0	0	0
Total assets		(24,131)	(24,204)	(17,282)	(17,242)	(17,158)	(17,054)	(22,905)
Current liabilities:
Accounts payable		0	0	0	0	0	0	0
Accrued expenses and other current liabilities		0	0	0	0	0	0	0
Lease liability, current portion		(5,044)	(5,006)	(4,971)	(4,933)	(4,897)	(4,861)	(5,531)
Total current liabilities		(5,044)	(5,006)	(4,971)	(4,933)	(4,897)	(4,861)	(5,531)
Long-term liabilities:
Lease liability, net of current portion		16,759	11,431	6,296	3,938	3,196	2,734	(3,462)
Total liabilities		11,715	6,425	1,325	(995)	(1,701)	(2,127)	(8,993)
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.0001 par value, 5,000 shares authorized; no shares issued and outstanding		0	0	0	0	0	0	0
Common stock, $0.0001 par value, 300,000 shares authorized at December 31, 2024: 20,848 and 10,143 shares issued and outstanding at December 31, 2024 and 2023, respectively		0	0	0	0	0	0	0
Additional paid-in capital		0	0	0	0	0	0	0
Accumulated other comprehensive loss		0	0	0	0	0	0	0
Accumulated deficit		(35,846)	(30,629)	(18,607)	(16,247)	(15,457)	(14,927)	(13,912)	$ (11,300)
Total stockholders’ equity		(35,846)	(30,629)	(18,607)	(16,247)	(15,457)	(14,927)	(13,912)
Total liabilities and stockholders’ equity		$ (24,131)	$ (24,204)	$ (17,282)	$ (17,242)	$ (17,158)	$ (17,054)	$ (22,905)

Restatement of Previously Issued Financial Statements - Balance Sheet Additional Items (Details) - $ / shares	Dec. 31, 2024	Dec. 31, 2023
Accounting Changes and Error Corrections [Abstract]
Preferred stock, par value (in USD per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in USD per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	300,000,000	300,000,000
Common stock, shares issued (in shares)	20,848,000	10,143,000
Common stock, shares outstanding (in shares)	20,848,000	10,143,000

Restatement of Previously Issued Financial Statements - Consolidated Statement of Operations and Comprehensive Loss (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						6 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2024	Dec. 31, 2023
Income Statement [Abstract]
License revenue	$ 1,000			$ 0	$ 0	$ 3,600		$ 3,600	$ 1,000	$ 3,600	$ 1,000	$ 3,600
Operating expenses:
Research and development	20,439	$ 17,097	$ 15,410	20,740	20,599	20,869	$ 32,507	41,468	52,946	62,208	77,041	77,486
General and administrative	14,999	15,807	13,789	14,319	13,481	15,586	29,596	29,067	44,595	43,386	63,118	55,056
Total operating expenses	35,438	32,904	29,199	35,059	34,080	36,455	62,103	70,535	97,541	105,594	140,159	132,542
Operating loss	(34,438)	(32,904)	(29,199)	(35,059)	(34,080)	(32,855)	(62,103)	(66,935)	(96,541)	(101,994)	(139,159)	(128,942)
Other income, net	2,087	2,406	2,052	1,661	1,576	1,200	4,458	2,776	6,545	4,437	8,232	5,748
Net loss before income taxes				(33,398)	(32,504)	(31,655)		(64,159)		(97,557)	(130,927)	(123,194)
Income tax benefit (provision)				(17)	(21)	(17)		(38)		(55)	0	1,078
Net loss	(32,351)	(30,498)	(27,147)	(33,415)	(32,525)	(31,672)	(57,645)	(64,197)	(89,996)	(97,612)	(130,927)	(122,116)
Other comprehensive gain:
Net unrealized gain on marketable securities	241	(2)	(41)	66	198	739	(43)	937	198	1,003	105	1,057
Foreign currency translation adjustment	16	10	(19)	(12)	(5)	(7)	(9)	(12)	7	(24)	(39)	1
Comprehensive loss	$ (32,094)	$ (30,490)	$ (27,207)	$ (33,361)	$ (32,332)	$ (30,940)	$ (57,697)	$ (63,272)	$ (89,791)	$ (96,633)	$ (130,861)	$ (121,058)
Net loss per share - basic (in USD per share)	$ (1.55)	$ (1.46)	$ (1.65)	$ (3.31)	$ (3.23)	$ (3.16)	$ (3.08)	$ (6.39)	$ (4.64)	$ (9.69)	$ (6.62)	$ (12.11)
Net loss per share - diluted (in USD per share)	$ (1.55)	$ (1.46)	$ (1.65)	$ (3.31)	$ (3.23)	$ (3.16)	$ (3.08)	$ (6.39)	$ (4.64)	$ (9.69)	$ (6.62)	$ (12.11)
Weighted-average common shares used to compute net loss per share - basic (in shares)	20,876	20,852	16,479	10,099	10,076	10,030	18,713	10,053	19,408	10,069	19,782	10,082
Weighted-average common shares outstanding - diluted (in shares)	20,876	20,852	16,479	10,099	10,076	10,030	18,713	10,053	19,408	10,069	19,782	10,082
As Previously Reported
Income Statement [Abstract]
License revenue	$ 1,000			$ 0	$ 0	$ 3,600		$ 3,600	$ 1,000	$ 3,600		$ 3,600
Operating expenses:
Research and development	20,439	$ 17,097	$ 15,410	20,740	20,599	21,059	$ 32,507	41,658	52,946	62,398		77,676
General and administrative	9,782	3,785	11,429	13,789	12,466	12,780	15,214	25,246	24,996	39,035		49,915
Total operating expenses	30,221	20,882	26,839	34,529	33,065	33,839	47,721	66,904	77,942	101,433		127,591
Operating loss	(29,221)	(20,882)	(26,839)	(34,529)	(33,065)	(30,239)	(47,721)	(63,304)	(76,942)	(97,833)		(123,991)
Other income, net	2,087	2,406	2,052	1,661	1,576	1,200	4,458	2,776	6,545	4,437		5,748
Net loss before income taxes				(32,868)	(31,489)	(29,039)		(60,528)		(93,396)		(118,243)
Income tax benefit (provision)				(17)	(21)	(17)		(38)		(55)		1,078
Net loss	(27,134)	(18,476)	(24,787)	(32,885)	(31,510)	(29,056)	(43,263)	(60,566)	(70,397)	(93,451)		(117,165)
Other comprehensive gain:
Net unrealized gain on marketable securities	241	(2)	(41)	66	198	739	(43)	937	198	1,003		1,057
Foreign currency translation adjustment	16	10	(19)	(12)	(5)	(7)	(9)	(12)	7	(24)		1
Comprehensive loss	$ (26,877)	$ (18,468)	$ (24,847)	$ (32,831)	$ (31,317)	$ (28,324)	$ (43,315)	$ (59,641)	$ (70,192)	$ (92,472)		$ (116,107)
Net loss per share - basic (in USD per share)	$ (1.30)	$ (0.89)	$ (1.50)	$ (3.26)	$ (3.13)	$ (2.90)	$ (2.31)	$ (6.02)	$ (3.63)	$ (9.28)		$ (11.62)
Net loss per share - diluted (in USD per share)	$ (1.30)	$ (0.89)	$ (1.50)	$ (3.26)	$ (3.13)	$ (2.90)	$ (2.31)	$ (6.02)	$ (3.63)	$ (9.28)		$ (11.62)
Weighted-average common shares used to compute net loss per share - basic (in shares)	20,876	20,852	16,479	10,099	10,076	10,030	18,713	10,053	19,408	10,069		10,082
Weighted-average common shares outstanding - diluted (in shares)	20,876	20,852	16,479	10,099	10,076	10,030	18,713	10,053	19,408	10,069		10,082
Adjustment
Income Statement [Abstract]
License revenue	$ 0			$ 0	$ 0	$ 0		$ 0	$ 0	$ 0		$ 0
Operating expenses:
Research and development	0	$ 0	$ 0	0	0	(190)	$ 0	(190)	0	(190)		(190)
General and administrative	5,217	12,022	2,360	530	1,015	2,806	14,382	3,821	19,599	4,351		5,141
Total operating expenses	5,217	12,022	2,360	530	1,015	2,616	14,382	3,631	19,599	4,161		4,951
Operating loss	(5,217)	(12,022)	(2,360)	(530)	(1,015)	(2,616)	(14,382)	(3,631)	(19,599)	(4,161)		(4,951)
Other income, net	0	0	0	0	0	0	0	0	0	0		0
Net loss before income taxes				(530)	(1,015)	(2,616)		(3,631)		(4,161)		(4,951)
Income tax benefit (provision)						0						0
Net loss	(5,217)	(12,022)	(2,360)	(530)	(1,015)	(2,616)	(14,382)	(3,631)	(19,599)	(4,161)		(4,951)
Other comprehensive gain:
Net unrealized gain on marketable securities	0	0	0	0	0	0	0	0	0	0		0
Foreign currency translation adjustment	0	0	0	0	0	0	0	0	0	0		0
Comprehensive loss	$ (5,217)	$ (12,022)	$ (2,360)	$ (530)	$ (1,015)	$ (2,616)	$ (14,382)	$ (3,631)	$ (19,599)	$ (4,161)		$ (4,951)
Net loss per share - basic (in USD per share)	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0		$ 0
Net loss per share - diluted (in USD per share)	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0		$ 0
Weighted-average common shares used to compute net loss per share - basic (in shares)	0	0	0	0	0	0	0	0	0	0		0
Weighted-average common shares outstanding - diluted (in shares)	0	0	0	0	0	0	0	0	0	0		0

Restatement of Previously Issued Financial Statements - Consolidated Statement of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended						6 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:
Net loss	$ (32,351)	$ (30,498)	$ (27,147)	$ (33,415)	$ (32,525)	$ (31,672)	$ (57,645)	$ (64,197)	$ (89,996)	$ (97,612)	$ (130,927)	$ (122,116)
Adjustments to reconcile net loss to net cash used in operating activities:
Non-cash lease expense			1,820			2,666	3,683	9,538	5,577	16,382	7,495	18,257
Non-cash sublease income			1,046			(1,567)	4,765	1,219	8,477	435	14,000	(89)
Changes in operating assets and liabilities:
Accrued expenses and other liabilities						(939)		(715)		(1,642)	3,021	(5,396)
Supplemental schedule of noncash information
Remeasurement of operating lease right-of-use assets and liabilities											$ 0	7,632
As Previously Reported
Cash flows from operating activities:
Net loss	(27,134)	(18,476)	(24,787)	(32,885)	(31,510)	(29,056)	(43,263)	(60,566)	(70,397)	(93,451)		(117,165)
Adjustments to reconcile net loss to net cash used in operating activities:
Non-cash lease expense			506			1,427	1,029	6,936	1,571	12,466		13,027
Non-cash sublease income			0			0	0	0	0	0		0
Changes in operating assets and liabilities:
Accrued expenses and other liabilities						(749)		(525)		(1,452)		(5,206)
Supplemental schedule of noncash information
Remeasurement of operating lease right-of-use assets and liabilities												13,711
Adjustment
Cash flows from operating activities:
Net loss	$ (5,217)	$ (12,022)	(2,360)	$ (530)	$ (1,015)	(2,616)	(14,382)	(3,631)	(19,599)	(4,161)		(4,951)
Adjustments to reconcile net loss to net cash used in operating activities:
Non-cash lease expense			1,314			1,239	2,654	2,602	4,006	3,916		5,230
Non-cash sublease income			$ 1,046			(1,567)	$ 4,765	1,219	$ 8,477	435		(89)
Changes in operating assets and liabilities:
Accrued expenses and other liabilities						$ (190)		$ (190)		$ (190)		(190)
Supplemental schedule of noncash information
Remeasurement of operating lease right-of-use assets and liabilities												$ (6,079)

Summary of Significant Accounting Policies - Additional Information (Details)	12 Months Ended
	Dec. 31, 2024 segment
Summary Of Significant Accounting Policies [Line Items]
Reverse stock split ratio	0.10
Number of reportable segments	1
Number of operating segments	1
Minimum
Summary Of Significant Accounting Policies [Line Items]
Estimated useful life of assets (in years)	3 years
Maximum
Summary Of Significant Accounting Policies [Line Items]
Estimated useful life of assets (in years)	5 years

Fair Value Measurements and Fair Value of Financial Instruments - Schedule of Cash Equivalents and Short-term Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	$ 64,974	$ 21,541
Unrealized Gains	66	4
Unrealized Losses	(1)	(19)
Estimated Fair Value	65,039	21,526
Less: Cash equivalents, amortized cost basis	(54,901)	(70,972)
Less: Cash equivalents	0	0
Less: Cash equivalents, unrealized losses	8	33
Less: Cash equivalents, estimated fair value	(54,893)	(70,939)
Total cash equivalents and short-term investments
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	119,875	92,513
Unrealized Gains	66	4
Unrealized Losses	(9)	(52)
Estimated Fair Value	119,932	92,465
Level 1 \| Money market funds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	165	10,204
Unrealized Gains	0	0
Unrealized Losses	0	0
Estimated Fair Value	165	10,204
Level 2 \| Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	78,500	64,693
Unrealized Gains	10	0
Unrealized Losses	(9)	(35)
Estimated Fair Value	78,501	64,658
Level 2 \| U.S. government and agency securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	41,210	17,616
Unrealized Gains	56	4
Unrealized Losses	0	(17)
Estimated Fair Value	$ 41,266	$ 17,603

Fair Value Measurements and Fair Value of Financial Instruments - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) security	Dec. 31, 2023 USD ($)
Fair Value Disclosures [Abstract]
Number of securities, unrealized loss position \| security	14
Marketable securities in an unrealized loss	$ 54.2
Allowance for credit losses	0.0	$ 0.0
Impairment charges on available-for-sale securities	$ 0.0	$ 0.0

Revenue (Details) - USD ($) $ in Thousands		3 Months Ended				6 Months Ended	9 Months Ended		12 Months Ended
Revenue (Details) - USD ($) $ in Thousands	Jan. 25, 2021	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
License revenue		$ 1,000	$ 0	$ 0	$ 3,600	$ 3,600	$ 1,000	$ 3,600	$ 1,000	$ 3,600
Ray Therapeutics, Inc
Disaggregation of Revenue [Line Items]
License revenue									$ 1,000
Lexeo Therapeutics, Inc
Disaggregation of Revenue [Line Items]
License fees received	$ 7,500

- Definition

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

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
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-Section 50
-Paragraph 1
-Subparagraph (i)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

Leases - Additional Information (Details) $ in Thousands		1 Months Ended				3 Months Ended	12 Months Ended
Leases - Additional Information (Details) $ in Thousands	Jan. 08, 2021 segment	Apr. 07, 2025 USD ($)	Mar. 31, 2025 USD ($)	Feb. 28, 2025 USD ($)	Mar. 31, 2023 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Sep. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 29, 2023 lease	Oct. 26, 2021 USD ($)
Lessee, Lease, Description [Line Items]
Restricted cash					$ 2,503	$ 2,650	$ 1,976	$ 1,976	$ 1,976	$ 1,976	$ 1,976	$ 2,650
Number of facility leases \| lease													2
Decrease in lease liability					7,900		2,418	3,222
Non-cash settlement of operating lease liability					$ 14,900		0	14,903
Deferred rent receivable									$ 0	$ 0
Rent expense							13,300	25,300
Variable lease costs							2,300	2,400
Operating lease payments							5,800	7,500
Sublease Tenant \| Landlord
Lessee, Lease, Description [Line Items]
Payments for tenant improvement allowance							20,500	5,400
Landlord \| Sublease Tenant
Lessee, Lease, Description [Line Items]
Operating lease payments							6,500	$ 5,500
Building
Lessee, Lease, Description [Line Items]
Restricted cash							$ 2,000
Building \| CALIFORNIA
Lessee, Lease, Description [Line Items]
Lease renewal term (in years)							8 years
Manufacturing Facility
Lessee, Lease, Description [Line Items]
Weighted-average remaining lease term (in years)							11 years 2 months 12 days	11 years 7 months 6 days
Weighted-average IBR (as percent)							11.60%	11.70%
Manufacturing Facility \| NORTH CAROLINA
Lessee, Lease, Description [Line Items]
Lease renewal term (in years)	5 years
Number of renewal contracts \| segment	2
Leasehold improvement allowance														$ 22,700
Re-measurement of operating lease liabilities						300
Re-measurement of operating lease right-of-use assets						$ 300
Deferred rent receivable								$ 0
Sublease Income							$ 14,000	$ 100
Manufacturing Facility \| NORTH CAROLINA \| Subsequent Event \| Loss Contingency, Lien On Subtenant's Leasehold Interest
Lessee, Lease, Description [Line Items]
Amount of lien filed against subtenant				$ 4,800
Payments for rent		$ 1,900	$ 1,900	1,400
Tenant Improvements				$ 2,300

Leases - Schedule of Future Non-cancellable Lease Payments under Operating Lease (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Operating Leases
2025	$ 12,142
2026	14,892
2027	15,278
2028	15,677
2029	16,089
Thereafter	93,087
Total undiscounted lease payments	167,165
Less: Imputed Interest	(75,460)
Total	$ 91,705

Balance Sheet Components - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 29,652				$ 29,276
Less accumulated depreciation and amortization	(18,045)				(14,512)
Property and equipment, net	11,607	$ 12,215	$ 13,047	$ 13,766	14,764	$ 15,497	$ 32,041	$ 33,347
Laboratory equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	14,963				14,638
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	13,779				13,586
Computer equipment and software
Property, Plant and Equipment [Line Items]
Total property and equipment	901				868
Construction in progress
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 9				$ 184

Balance Sheet Components - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Balance Sheet Related Disclosures [Abstract]
Employee compensation	$ 9,540				$ 8,040
Accrued nonclinical, clinical and process development costs	4,401				3,367
Accrued professional fees	554				351
State income tax payable	123				101
Other	1,002				725
Total accrued expenses and other current liabilities	$ 15,620	$ 14,886	$ 9,912	$ 9,160	$ 12,584	$ 16,362	$ 17,704	$ 17,344

Commitments and Contingencies (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended	9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2024	Dec. 31, 2023
Other Commitments [Line Items]
License revenue	$ 1,000	$ 0	$ 0	$ 3,600	$ 3,600	$ 1,000	$ 3,600	$ 1,000	$ 3,600
Ray Therapeutics, Inc
Other Commitments [Line Items]
License revenue								$ 1,000
Lexeo Therapeutics, Inc
Other Commitments [Line Items]
License revenue									$ 3,500

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

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-Topic 270
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
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-URI https://asc.fasb.org/1943274/2147479941/924-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

Stockholders' Equity - Additional Information (Details) $ / shares in Units, $ in Millions		12 Months Ended
	Feb. 07, 2024 USD ($) director $ / shares shares	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Jun. 30, 2024 shares	Oct. 31, 2017 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accumulated currency translation adjustments \| $		$ 0.5	$ 0.4
Total intrinsic value of stock options exercised \| $		$ 0.0	$ 0.0
Weighted-average fair values of options granted (in USD per share) \| $ / shares		$ 8.12	$ 7.96
Unrecognized stock-based compensation expense related to awards \| $		$ 17.1
Unrecognized stock-based compensation, weighted-average period (in years)		2 years 7 months 6 days
Stock-Based Compensation
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future grants (in shares)		1,277,999
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award price as a percentage of grant date fair value, minimum		100.00%
Incentive Stock Options (ISOs) and Non-Qualified Stock Options (NSOs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award price as a percentage of grant date fair value, minimum		110.00%
Significant stockholder threshold ownership percentage		10.00%
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted to employees and non-employees vesting period (in years)		3 years
Unrecognized stock-based compensation, weighted-average period (in years)		1 year 9 months 18 days
Total fair values of RSUs vested \| $		$ 0.8	$ 1.5
Unrecognized compensation cost \| $		$ 1.7
2014 Equity Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of annual increase in number of shares available for future issuance		4.00%
Shares available for future grants (in shares)				0
2017 Inducement Plan \| Stock Options and Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock shares available for future grant (in shares)					600,000
2014 Plan And Inducement Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted to employees and non-employees vesting period (in years)		4 years
2014 Plan And Inducement Plan \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted period		10 years
2014 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future grants (in shares)		533,978
Common stock shares available for future grant (in shares)		208,833
Unrecognized compensation cost \| $		$ 0.5
Percentage increase in shares issued		1.00%
Common stock issued under employee stock purchase plan (in shares)		88,199	82,422
2024 Equity Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock shares authorized for issuance (in shares)				4,688,345
Private Placement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares issued in transaction (in shares)	10,500,000
Share price (in USD per share) \| $ / shares	$ 12.00
Total gross proceeds \| $	$ 127.8
Private Placement \| Two Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares issued in transaction (in shares)	23,000
Share price (in USD per share) \| $ / shares	$ 13.50
Number of directors \| director	2
Private Placement \| Pre-Funded Warrants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock issued upon exercise of warrants (in shares)	75,000
Share price (in USD per share) \| $ / shares	$ 11.999
Exercise Price Per Share (in USD per share) \| $ / shares	$ 0.001
Beneficial ownership interest limitation (percent)		9.99%
Warrants exercised (in shares)		0

Stockholders' Equity - Schedule of Stock Options Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Options Outstanding
Beginning Balance (in shares)	2,303
Granted (in shares)	1,971
Exercised (in shares)	(15)
Cancelled/forfeited (in shares)	(350)
Ending Balance (in shares)	3,909	2,303
Vested and expected to vest (in shares)	3,909
Exercisable (in shares)	1,504
Weighted- Average Exercise Price
Beginning Balance (in USD per share)	$ 48.70
Granted (in USD per share)	10.39
Exercised (in USD per share)	9.97
Cancelled/forfeited (in USD per share)	50.28
Ending Balance (in USD per share)	29.39	$ 48.70
Vested and expected to vest (in USD per share)	29.39
Exercisable (in USD per share)	$ 58.95
Weighted- Average Remaining Contract Life (in years)
Weighted- Average Remaining Contract Life (in years)	8 years 1 month 6 days	6 years 9 months 18 days
Vested and expected to vest	8 years 1 month 6 days
Exercisable	6 years 6 months
Outstanding, Aggregate Intrinsic Value	$ 0	$ 99
Vested and expected to vest, Aggregate Intrinsic Value	0
Exercisable, Aggregate Intrinsic Value	$ 0

Stockholders' Equity - Schedule of Fair Value of Option Issued Valuation Assumptions (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	95.00%	90.00%
Expected term (in years)	6 years	6 years
Expected dividend yield	0.00%	0.00%
Risk-free interest rate	3.90%	4.20%
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	83.00%	78.00%
Expected term (in years)	1 year 3 months 18 days	1 year 3 months 18 days
Expected dividend yield	0.00%	0.00%
Risk-free interest rate	4.30%	5.00%

- Definition

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

+ References

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+ Details

Stockholders' Equity - Schedule of Restricted Stock Units Activity (Details) - Restricted stock units - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Number of Units
Beginning Balance (in shares)	154
Granted (in shares)	160
Vested and released (in shares)	(29)
Forfeited (in shares)	(26)
Ending Balance (in shares)	259	154
Weighted- Average Grant Date Fair Value
Beginning Balance (in USD per share)	$ 21.73
Granted (in USD per share)	12.04
Vested and released (in USD per share)	26.20
Forfeited (in USD per share)	14.22
Ending Balance (in USD per share)	$ 16.00	$ 21.73
Weighted- Average Remaining Contractual Term (in years)
Weighted- Average Remaining Contractual Term (in years)	1 year 2 months 12 days	1 year 4 months 24 days

Stockholders' Equity - Schedule of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	$ 14,350	$ 17,569
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	4,544	4,969
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	$ 9,806	$ 12,600

401(k) Savings Plan (Details) - USD ($) $ in Millions	12 Months Ended
401(k) Savings Plan (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Retirement Benefits [Abstract]
Contribution by company	$ 0.9	$ 0.9

Segment Reporting (Details) $ in Thousands	3 Months Ended						6 Months Ended		9 Months Ended		12 Months Ended
Segment Reporting (Details) $ in Thousands	Sep. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2024 USD ($) segment	Dec. 31, 2023 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| segment											1
License revenue	$ 1,000			$ 0	$ 0	$ 3,600		$ 3,600	$ 1,000	$ 3,600	$ 1,000	$ 3,600
Less:
Total operating expenses	35,438	$ 32,904	$ 29,199	35,059	34,080	36,455	$ 62,103	70,535	97,541	105,594	140,159	132,542
Operating loss	(34,438)	(32,904)	(29,199)	(35,059)	(34,080)	(32,855)	(62,103)	(66,935)	(96,541)	(101,994)	(139,159)	(128,942)
Other income, net	(2,087)	(2,406)	(2,052)	(1,661)	(1,576)	(1,200)	(4,458)	(2,776)	(6,545)	(4,437)	(8,232)	(5,748)
Net loss before income taxes				(33,398)	(32,504)	(31,655)		(64,159)		(97,557)	(130,927)	(123,194)
Income tax benefit (provision)				(17)	(21)	(17)		(38)		(55)	0	1,078
Net loss	$ (32,351)	$ (30,498)	$ (27,147)	$ (33,415)	$ (32,525)	$ (31,672)	$ (57,645)	$ (64,197)	$ (89,996)	$ (97,612)	(130,927)	(122,116)
Reportable Segment
Segment Reporting Information [Line Items]
License revenue											1,000	3,600
Less:
Compensation and benefits expenses											56,546	54,572
Clinical trial and manufacturing											22,333	20,235
Facilities and IT											37,841	39,114
Other research and development expense											4,728	4,985
Other segment expenses											18,711	13,636
Total operating expenses											140,159	132,542
Operating loss											(139,159)	(128,942)
Other income, net											(8,232)	(5,748)
Net loss before income taxes											(130,927)	(123,194)
Income tax benefit (provision)											0	1,078
Net loss											$ (130,927)	$ (122,116)

Income Taxes - Schedule of Components of Loss Before Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2023	Sep. 30, 2023	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
U.S.						$ (130,768)	$ (123,040)
Foreign						(159)	(154)
Net loss before income taxes	$ (33,398)	$ (32,504)	$ (31,655)	$ (64,159)	$ (97,557)	$ (130,927)	$ (123,194)

- Definition

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

+ References

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+ Details

Income Taxes- Schedule of Components of Income Tax (Benefit) Provision (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2023	Sep. 30, 2023	Dec. 31, 2024	Dec. 31, 2023
Current:
Foreign						$ 0	$ (1,078)
Total current tax (benefit) provision						0	(1,078)
Deferred
Foreign						0	0
Total deferred tax provision						0	0
Total income tax (benefit) provision	$ 17	$ 21	$ 17	$ 38	$ 55	$ 0	$ (1,078)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Income Taxes - Schedule of Reconciliation of Income Tax Expense Computed Statutory Federal Income Tax and Financial Statements (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2023	Sep. 30, 2023	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Federal income tax benefit at statutory rate						$ (27,495)	$ (25,871)
Stock compensation						3,189	6,001
Non-deductible expenses						41	21
Research and development tax credits						(5,642)	(1,810)
Change in valuation allowance						23,801	19,558
Foreign rate differential						(14)	(14)
Impact of internal reorganization						0	1,323
Uncertain tax positions						6,100	(1,078)
Other						20	792
Total income tax (benefit) provision	$ 17	$ 21	$ 17	$ 38	$ 55	$ 0	$ (1,078)

Income Taxes - Schedule of Deferred Tax Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets:
Net operating loss carryforwards	$ 137,140	$ 128,171
Accruals, reserve and other	1,972	1,749
Tax credit carryforwards	29,263	21,254
Stock-based compensation	6,349	7,274
Intangibles	7	11
Lease obligation	19,622	17,322
Capital losses	9,850	9,850
Section 174 R&D capitalization	35,842	29,688
Other	5	3
Total deferred tax assets before valuation allowance	240,050	215,322
Valuation allowance	(232,058)	(205,861)
Total deferred tax assets	7,992	9,461
Deferred tax liabilities:
Right-of-use assets	(7,149)	(8,153)
Property and equipment	(843)	(1,308)
Total deferred tax liabilities	(7,992)	(9,461)
Net deferred tax assets	$ 0	$ 0

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Taxes [Line Items]
Research and development tax credits	$ (5,642)	$ (1,810)
Increase in valuation allowance due to net operating loss	26,200	17,700
Unrecognized tax benefits	27,188	22,758	$ 23,069
Accrued interest or penalties related to uncertain tax positions	0	0
Interest and penalties recognized	0	0
CALIFORNIA
Income Taxes [Line Items]
Research and development tax credits		3,400
Decrease in unrecognized tax benefits		$ 1,900
Domestic tax authority
Income Taxes [Line Items]
NOL carryforwards	552,700
NOL carryforwards subject to expiration	57,300
Domestic tax authority \| Research Tax Credit Carryforward
Income Taxes [Line Items]
Tax credit carryforwards	25,100
State credit carryforwards
Income Taxes [Line Items]
NOL carryforwards	345,200
State credit carryforwards \| Research Tax Credit Carryforward
Income Taxes [Line Items]
Tax credit carryforwards	13,800
Foreign Tax Jurisdiction
Income Taxes [Line Items]
NOL carryforwards	$ 49,500

Income Taxes - Schedule of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Reconciliation of Unrecognized Tax Benefits [Roll Forward]
Unrecognized tax benefits as of the beginning of the year	$ 22,758	$ 23,069
Increase related to tax positions taken during the prior year	0	43
Decrease related to tax positions taken during the prior year	(2,880)	0
Increase related to tax position taken during the current year	7,310	3,121
Decrease related to tax position taken during the current year	0	(3,475)
Unrecognized tax benefits as of the end of the year	$ 27,188	$ 22,758

Net Loss per Share (Details) - shares shares in Thousands	12 Months Ended
Net Loss per Share (Details) - shares shares in Thousands	Dec. 31, 2024	Dec. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive common stock equivalents excluded from calculation of diluted net loss per share (in shares)	4,200	2,474
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive common stock equivalents excluded from calculation of diluted net loss per share (in shares)	3,909	2,303
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive common stock equivalents excluded from calculation of diluted net loss per share (in shares)	259	154
ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive common stock equivalents excluded from calculation of diluted net loss per share (in shares)	32	17

Quarterly Financial Information (Unaudited) - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended						6 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2024	Dec. 31, 2023
Interim Period, Costs Not Allocable [Line Items]
Deferred rent receivable	$ 0	$ 0					$ 0		$ 0
Research and development expense reversal	(20,439)	(17,097)	$ (15,410)	$ (20,740)	$ (20,599)	$ (20,869)	(32,507)	$ (41,468)	(52,946)	$ (62,208)	$ (77,041)	$ (77,486)
Right-to-use asset	33,680	33,996	34,478	35,599	41,233	46,598	33,996	41,233	33,680	35,599	33,611	35,024
Lease liability											$ 91,705
Adjustment
Interim Period, Costs Not Allocable [Line Items]
Deferred rent receivable	(7,116)	(6,963)					(6,963)		(7,116)
Research and development expense reversal	0	0	0	0	0	190	0	190	0	190		190
Right-to-use asset	$ (17,015)	$ (17,241)	$ (17,282)	$ (17,158)	$ (17,054)	(22,905)	$ (17,241)	$ (17,054)	$ (17,015)	$ (17,158)		$ (17,242)
Adjustment \| Redwood, California Facility Lease
Interim Period, Costs Not Allocable [Line Items]
Right-to-use asset						300
Lease liability						$ 300

- 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

Quarterly Financial Information (Unaudited) - Schedule Of Quarterly Information - Condensed Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 60,652	$ 92,851	$ 127,321	$ 149,608	$ 75,000	$ 105,366	$ 111,187	$ 67,552
Short-term investments	65,039	60,390	46,506	43,720	21,526	11,716	30,266	96,733
Prepaid expenses and other current assets	5,609	7,839	5,591	5,802	6,247	7,514	5,690	4,588
Total current assets	131,300	161,080	179,418	199,130	102,773	124,596	147,143	168,873
Operating lease right-of-use assets	33,611	33,680	33,996	34,478	35,024	35,599	41,233	46,598
Property and equipment, net	11,607	12,215	13,047	13,766	14,764	15,497	32,041	33,347
Deferred rent receivable		0	0
Restricted cash	1,976	1,976	1,976	1,976	1,976	2,650	2,650	2,503
Deposit and other long-term assets	1,347	1,293	1,162	1,196	1,231	1,270	1,308	1,351
Total assets	179,841	210,244	229,599	250,546	155,768	179,612	224,375	252,672
Current liabilities:
Accounts payable	1,610	2,110	1,973	1,897	1,921	2,170	1,418	2,863
Accrued expenses and other current liabilities	15,620	14,886	9,912	9,160	12,584	16,362	17,704	17,344
Lease liability, current portion	5,668	5,617	5,570	5,521	5,476	5,427	20,535	20,734
Total current liabilities	22,898	22,613	17,455	16,578	19,981	23,959	39,657	40,941
Long-term liabilities:
Lease liability, net of current portion	86,037	79,361	74,744	70,287	68,565	68,396	68,490	67,886
Total liabilities	109,127	101,974	92,199	86,865	88,546	92,355	108,147	108,827
Commitments and contingencies
Stockholders’ equity:
Preferred stock	0	0	0	0	0	0	0	0
Common stock	2	2	2	2	1	1	1	1
Additional paid-in capital	1,138,070	1,134,556	1,131,592	1,127,383	1,003,718	999,328	994,938	990,223
Accumulated other comprehensive loss	(407)	(268)	(525)	(533)	(473)	(552)	(606)	(799)
Accumulated deficit	(1,066,951)	(1,026,020)	(993,669)	(963,171)	(936,024)	(911,520)	(878,105)	(845,580)
Total stockholders’ equity	70,714	108,270	137,400	163,681	67,222	87,257	116,228	143,845	$ 170,222
Total liabilities and stockholders’ equity	$ 179,841	210,244	229,599	250,546	155,768	179,612	224,375	252,672
As Previously Reported
Current assets:
Cash and cash equivalents		92,851	127,321	149,608	75,000	105,366	111,187	67,552
Short-term investments		60,390	46,506	43,720	21,526	11,716	30,266	96,733
Prepaid expenses and other current assets		7,839	5,591	5,802	6,247	7,514	5,690	4,588
Total current assets		161,080	179,418	199,130	102,773	124,596	147,143	168,873
Operating lease right-of-use assets		50,695	51,237	51,760	52,266	52,757	58,287	69,503
Property and equipment, net		12,215	13,047	13,766	14,764	15,497	32,041	33,347
Deferred rent receivable		7,116	6,963
Restricted cash		1,976	1,976	1,976	1,976	2,650	2,650	2,503
Deposit and other long-term assets		1,293	1,162	1,196	1,231	1,270	1,308	1,351
Total assets		234,375	253,803	267,828	173,010	196,770	241,429	275,577
Current liabilities:
Accounts payable		2,110	1,973	1,897	1,921	2,170	1,418	2,863
Accrued expenses and other current liabilities		14,886	9,912	9,160	12,584	16,362	17,704	17,344
Lease liability, current portion		10,661	10,576	10,492	10,409	10,324	25,396	26,265
Total current liabilities		27,657	22,461	21,549	24,914	28,856	44,518	46,472
Long-term liabilities:
Lease liability, net of current portion		62,602	63,313	63,991	64,627	65,200	65,756	71,348
Total liabilities		90,259	85,774	85,540	89,541	94,056	110,274	117,820
Commitments and contingencies
Stockholders’ equity:
Preferred stock		0	0	0	0	0	0	0
Common stock		2	2	2	1	1	1	1
Additional paid-in capital		1,134,556	1,131,592	1,127,383	1,003,718	999,328	994,938	990,223
Accumulated other comprehensive loss		(268)	(525)	(533)	(473)	(552)	(606)	(799)
Accumulated deficit		(990,174)	(963,040)	(944,564)	(919,777)	(896,063)	(863,178)	(831,668)
Total stockholders’ equity		144,116	168,029	182,288	83,469	102,714	131,155	157,757
Total liabilities and stockholders’ equity		234,375	253,803	267,828	173,010	196,770	241,429	275,577
Adjustment
Current assets:
Cash and cash equivalents		0	0	0	0	0	0	0
Short-term investments		0	0	0	0	0	0	0
Prepaid expenses and other current assets		0	0	0		0	0	0
Total current assets		0	0	0	0	0	0	0
Operating lease right-of-use assets		(17,015)	(17,241)	(17,282)	(17,242)	(17,158)	(17,054)	(22,905)
Property and equipment, net		0		0	0	0	0	0
Deferred rent receivable		(7,116)	(6,963)
Restricted cash		0	0	0	0	0	0	0
Deposit and other long-term assets		0	0	0		0	0	0
Total assets		(24,131)	(24,204)	(17,282)	(17,242)	(17,158)	(17,054)	(22,905)
Current liabilities:
Accounts payable		0	0	0	0	0	0	0
Accrued expenses and other current liabilities		0	0	0	0	0	0	0
Lease liability, current portion		(5,044)	(5,006)	(4,971)	(4,933)	(4,897)	(4,861)	(5,531)
Total current liabilities		(5,044)	(5,006)	(4,971)	(4,933)	(4,897)	(4,861)	(5,531)
Long-term liabilities:
Lease liability, net of current portion		16,759	11,431	6,296	3,938	3,196	2,734	(3,462)
Total liabilities		11,715	6,425	1,325	(995)	(1,701)	(2,127)	(8,993)
Commitments and contingencies
Stockholders’ equity:
Preferred stock		0	0	0	0	0	0	0
Common stock		0	0	0	0	0	0	0
Additional paid-in capital		0	0	0	0	0	0	0
Accumulated other comprehensive loss		0	0	0	0	0	0	0
Accumulated deficit		(35,846)	(30,629)	(18,607)	(16,247)	(15,457)	(14,927)	(13,912)	$ (11,300)
Total stockholders’ equity		(35,846)	(30,629)	(18,607)	(16,247)	(15,457)	(14,927)	(13,912)
Total liabilities and stockholders’ equity		$ (24,131)	$ (24,204)	$ (17,282)	$ (17,242)	$ (17,158)	$ (17,054)	$ (22,905)

Quarterly Financial Information (Unaudited) - Schedule Of Quarterly Information - Condensed Consolidated Statements of Operations and Comprehensive Loss (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						6 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2024	Dec. 31, 2023
Income Statement [Abstract]
License revenue	$ 1,000			$ 0	$ 0	$ 3,600		$ 3,600	$ 1,000	$ 3,600	$ 1,000	$ 3,600
Operating expenses:
Research and development	20,439	$ 17,097	$ 15,410	20,740	20,599	20,869	$ 32,507	41,468	52,946	62,208	77,041	77,486
General and administrative	14,999	15,807	13,789	14,319	13,481	15,586	29,596	29,067	44,595	43,386	63,118	55,056
Total operating expenses	35,438	32,904	29,199	35,059	34,080	36,455	62,103	70,535	97,541	105,594	140,159	132,542
Operating loss	(34,438)	(32,904)	(29,199)	(35,059)	(34,080)	(32,855)	(62,103)	(66,935)	(96,541)	(101,994)	(139,159)	(128,942)
Other income, net	2,087	2,406	2,052	1,661	1,576	1,200	4,458	2,776	6,545	4,437	8,232	5,748
Net loss before income taxes				(33,398)	(32,504)	(31,655)		(64,159)		(97,557)	(130,927)	(123,194)
Income tax benefit (provision)				(17)	(21)	(17)		(38)		(55)	0	1,078
Net loss	(32,351)	(30,498)	(27,147)	(33,415)	(32,525)	(31,672)	(57,645)	(64,197)	(89,996)	(97,612)	(130,927)	(122,116)
Other comprehensive gain (loss):
Net unrealized gain on marketable securities	241	(2)	(41)	66	198	739	(43)	937	198	1,003	105	1,057
Foreign currency translation adjustment	16	10	(19)	(12)	(5)	(7)	(9)	(12)	7	(24)	(39)	1
Comprehensive loss	$ (32,094)	$ (30,490)	$ (27,207)	$ (33,361)	$ (32,332)	$ (30,940)	$ (57,697)	$ (63,272)	$ (89,791)	$ (96,633)	$ (130,861)	$ (121,058)
Net loss per share - basic (in USD per share)	$ (1.55)	$ (1.46)	$ (1.65)	$ (3.31)	$ (3.23)	$ (3.16)	$ (3.08)	$ (6.39)	$ (4.64)	$ (9.69)	$ (6.62)	$ (12.11)
Net loss per share - diluted (in USD per share)	$ (1.55)	$ (1.46)	$ (1.65)	$ (3.31)	$ (3.23)	$ (3.16)	$ (3.08)	$ (6.39)	$ (4.64)	$ (9.69)	$ (6.62)	$ (12.11)
Weighted-average common shares used to compute net loss per share - basic (in shares)	20,876	20,852	16,479	10,099	10,076	10,030	18,713	10,053	19,408	10,069	19,782	10,082
Weighted-average common shares outstanding - diluted (in shares)	20,876	20,852	16,479	10,099	10,076	10,030	18,713	10,053	19,408	10,069	19,782	10,082
As Previously Reported
Income Statement [Abstract]
License revenue	$ 1,000			$ 0	$ 0	$ 3,600		$ 3,600	$ 1,000	$ 3,600		$ 3,600
Operating expenses:
Research and development	20,439	$ 17,097	$ 15,410	20,740	20,599	21,059	$ 32,507	41,658	52,946	62,398		77,676
General and administrative	9,782	3,785	11,429	13,789	12,466	12,780	15,214	25,246	24,996	39,035		49,915
Total operating expenses	30,221	20,882	26,839	34,529	33,065	33,839	47,721	66,904	77,942	101,433		127,591
Operating loss	(29,221)	(20,882)	(26,839)	(34,529)	(33,065)	(30,239)	(47,721)	(63,304)	(76,942)	(97,833)		(123,991)
Other income, net	2,087	2,406	2,052	1,661	1,576	1,200	4,458	2,776	6,545	4,437		5,748
Net loss before income taxes				(32,868)	(31,489)	(29,039)		(60,528)		(93,396)		(118,243)
Income tax benefit (provision)				(17)	(21)	(17)		(38)		(55)		1,078
Net loss	(27,134)	(18,476)	(24,787)	(32,885)	(31,510)	(29,056)	(43,263)	(60,566)	(70,397)	(93,451)		(117,165)
Other comprehensive gain (loss):
Net unrealized gain on marketable securities	241	(2)	(41)	66	198	739	(43)	937	198	1,003		1,057
Foreign currency translation adjustment	16	10	(19)	(12)	(5)	(7)	(9)	(12)	7	(24)		1
Comprehensive loss	$ (26,877)	$ (18,468)	$ (24,847)	$ (32,831)	$ (31,317)	$ (28,324)	$ (43,315)	$ (59,641)	$ (70,192)	$ (92,472)		$ (116,107)
Net loss per share - basic (in USD per share)	$ (1.30)	$ (0.89)	$ (1.50)	$ (3.26)	$ (3.13)	$ (2.90)	$ (2.31)	$ (6.02)	$ (3.63)	$ (9.28)		$ (11.62)
Net loss per share - diluted (in USD per share)	$ (1.30)	$ (0.89)	$ (1.50)	$ (3.26)	$ (3.13)	$ (2.90)	$ (2.31)	$ (6.02)	$ (3.63)	$ (9.28)		$ (11.62)
Weighted-average common shares used to compute net loss per share - basic (in shares)	20,876	20,852	16,479	10,099	10,076	10,030	18,713	10,053	19,408	10,069		10,082
Weighted-average common shares outstanding - diluted (in shares)	20,876	20,852	16,479	10,099	10,076	10,030	18,713	10,053	19,408	10,069		10,082
Adjustment
Income Statement [Abstract]
License revenue	$ 0			$ 0	$ 0	$ 0		$ 0	$ 0	$ 0		$ 0
Operating expenses:
Research and development	0	$ 0	$ 0	0	0	(190)	$ 0	(190)	0	(190)		(190)
General and administrative	5,217	12,022	2,360	530	1,015	2,806	14,382	3,821	19,599	4,351		5,141
Total operating expenses	5,217	12,022	2,360	530	1,015	2,616	14,382	3,631	19,599	4,161		4,951
Operating loss	(5,217)	(12,022)	(2,360)	(530)	(1,015)	(2,616)	(14,382)	(3,631)	(19,599)	(4,161)		(4,951)
Other income, net	0	0	0	0	0	0	0	0	0	0		0
Net loss before income taxes				(530)	(1,015)	(2,616)		(3,631)		(4,161)		(4,951)
Income tax benefit (provision)						0						0
Net loss	(5,217)	(12,022)	(2,360)	(530)	(1,015)	(2,616)	(14,382)	(3,631)	(19,599)	(4,161)		(4,951)
Other comprehensive gain (loss):
Net unrealized gain on marketable securities	0	0	0	0	0	0	0	0	0	0		0
Foreign currency translation adjustment	0	0	0	0	0	0	0	0	0	0		0
Comprehensive loss	$ (5,217)	$ (12,022)	$ (2,360)	$ (530)	$ (1,015)	$ (2,616)	$ (14,382)	$ (3,631)	$ (19,599)	$ (4,161)		$ (4,951)
Net loss per share - basic (in USD per share)	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0		$ 0
Net loss per share - diluted (in USD per share)	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0		$ 0
Weighted-average common shares used to compute net loss per share - basic (in shares)	0	0	0	0	0	0	0	0	0	0		0
Weighted-average common shares outstanding - diluted (in shares)	0	0	0	0	0	0	0	0	0	0		0

Quarterly Financial Information (Unaudited) - Schedule Of Restatements Of Quarterly Information - Condensed Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended						6 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:
Net loss	$ (32,351)	$ (30,498)	$ (27,147)	$ (33,415)	$ (32,525)	$ (31,672)	$ (57,645)	$ (64,197)	$ (89,996)	$ (97,612)	$ (130,927)	$ (122,116)
Adjustments to reconcile net loss to net cash used in operating activities:
Non-cash lease expense			1,820			2,666	3,683	9,538	5,577	16,382	7,495	18,257
Non-cash sublease loss/(income)			1,046			(1,567)	4,765	1,219	8,477	435	14,000	(89)
Changes in operating assets and liabilities:
Deposit and other long-term assets and deferred rent receivable							69		(62)		(68)	182
Accrued expenses and other liabilities						(939)		(715)		(1,642)	$ 3,021	(5,396)
Supplemental schedule of noncash information
Remeasurement of operating lease right-of-use assets						7,900		7,632		7,632
As Previously Reported
Cash flows from operating activities:
Net loss	(27,134)	(18,476)	(24,787)	(32,885)	(31,510)	(29,056)	(43,263)	(60,566)	(70,397)	(93,451)		(117,165)
Adjustments to reconcile net loss to net cash used in operating activities:
Non-cash lease expense			506			1,427	1,029	6,936	1,571	12,466		13,027
Non-cash sublease loss/(income)			0			0	0	0	0	0		0
Changes in operating assets and liabilities:
Deposit and other long-term assets and deferred rent receivable							(6,894)		(7,178)
Accrued expenses and other liabilities						(749)		(525)		(1,452)		(5,206)
Supplemental schedule of noncash information
Remeasurement of operating lease right-of-use assets						8,004		13,711		13,711
Adjustment
Cash flows from operating activities:
Net loss	$ (5,217)	$ (12,022)	(2,360)	$ (530)	$ (1,015)	(2,616)	(14,382)	(3,631)	(19,599)	(4,161)		(4,951)
Adjustments to reconcile net loss to net cash used in operating activities:
Non-cash lease expense			1,314			1,239	2,654	2,602	4,006	3,916		5,230
Non-cash sublease loss/(income)			$ 1,046			(1,567)	4,765	1,219	8,477	435		(89)
Changes in operating assets and liabilities:
Deposit and other long-term assets and deferred rent receivable							$ 6,963		$ 7,116
Accrued expenses and other liabilities						(190)		(190)		(190)		$ (190)
Supplemental schedule of noncash information
Remeasurement of operating lease right-of-use assets						$ (104)		$ (6,079)		$ (6,079)

Subsequent Events (Details) - USD ($) $ in Thousands	1 Months Ended
Subsequent Events (Details) - USD ($) $ in Thousands	Apr. 07, 2025	Mar. 31, 2025	Feb. 28, 2025	Dec. 31, 2024
Subsequent Event [Line Items]
Total undiscounted lease payments				$ 167,165
Remaining lease obligation due between April 8 and December 31, 2025				$ 12,142
Subsequent Event \| NORTH CAROLINA \| Manufacturing Facility \| Loss Contingency, Lien On Subtenant's Leasehold Interest
Subsequent Event [Line Items]
Amounts due			$ 4,800
Payments for rent	$ 1,900	$ 1,900	$ 1,400
Total undiscounted lease payments	119,700
Remaining lease obligation due between April 8 and December 31, 2025	$ 5,700