0000950170-23-040631 | 10-Q | XBRL Viewer

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Summary of Stock-Based Compensation Expense

Total stock-based compensation expense recognized was as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Research and development	$	2,381	$	1,888	$	4,587	$	3,574
General and administrative		2,642		2,447		5,201		5,111
Total stock-based compensation	$	5,023	$	4,335	$	9,788	$	8,685

Summary of Stock Option Activity

Stock Options

A summary of stock option activity for the six months ended June 30, 2023 is set forth below:


	Number of Shares Underlying Outstanding Options			Weighted Average Exercise Price		Weighted- Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding, December 31, 2022		6,203,020		$	14.44		8.4	$	780
Options granted		2,561,200		$	7.53
Options exercised		(946	)	$	4.76
Options forfeited or cancelled		(424,242	)	$	12.68
Outstanding, June 30, 2023		8,339,032		$	12.41		8.4	$	20
Options exercisable, June 30, 2023		3,181,499		$	13.92		7.7	$	20
Vested and expected to vest, June 30, 2023		8,339,032		$	12.41		8.4	$	20

Schedule of Assumptions to Estimate Fair Value of Stock Options Using Black-Scholes Option Pricing Model

The assumptions used in the Black Scholes Model to calculate stock-based compensation are as follows:


	Three Months Ended June 30,		Six Months Ended June 30,
	2023	2022	2023	2022
Fair value of common stock	$2.43 - $5.84	$11.49 - $14.74	$2.43 - $9.15	$11.49 - $19.97
Expected term (years)	5.5 - 6.1	5.5 - 6.1	5.5 - 6.1	5.5 - 6.1
Volatility	84.6% - 86.5%	77.4% - 79.8%	83.3% - 86.5%	77.4% - 79.8%
Risk free rates	3.5% - 4.1%	2.8% - 3.0%	3.5% - 4.2%	1.6% - 3.0%
Dividend rate	0.0%	0.0%	0.0%	0.0%

Summary of Restricted Stock Unit Activity

The summary of RSU activity and related information for the six months ended June 30, 2023 is set forth below:


	Number of Units Outstanding			Weighted Average Grant Date Fair Value
Outstanding, December 31, 2022		197,580		$	7.8
RSUs granted		513,700		$	7.6
RSUs vested		(3,205	)	$	17.2
RSUs forfeited		(38,225	)	$	7.4
Outstanding, June 30, 2023		669,850		$	7.6

Third Party Agreements

6 Months Ended

Jun. 30, 2023

Revenue Recognition and Deferred Revenue [Abstract]

Third Party Agreements

8. Third Party Agreements

Regeneron

On July 29, 2016, the Company entered into a license and collaboration agreement with Regeneron, which was amended in April 2019, with such amendment becoming effective in connection with Regeneron’s investment in the Company’s Series B redeemable convertible preferred stock private placement transaction in July 2019 (as amended, the Regeneron Agreement).

Financial Terms. The Company received a non-refundable upfront payment of $25.0 million from Regeneron upon execution of the Regeneron Agreement and an aggregate of $20.0 million of additional payments for research funding from Regeneron as of June 30, 2023. In addition, Regeneron may have to pay the Company additional amounts in the future

consisting of up to an aggregate of $80.0 million of option exercise fees, as specified in the Regeneron Agreement. Per the terms of the agreement, Regeneron must pay the Company high single digit royalties as a percentage of net sales for immune cell products (ICPs) to targets for which it has exclusive rights, and low single digit royalties as a percentage of net sales on any non-ICP product comprising a targeting moiety generated by the Company through the use of Regeneron’s proprietary mice. The Company must pay Regeneron mid-single to low double digit, but less than teens, of royalties as a percentage of net sales of ICPs to targets for which the Company has exercised exclusive rights, and low to mid-single digit of royalties as a percentage of net sales of targeting moieties generated from the Company’s license to use Regeneron’s proprietary mice. Royalties are payable until the longer of the expiration or invalidity of the licensed patent rights or twelve (12) years from first commercial sale. No royalties have been earned or paid under the Regeneron Agreement through June 30, 2023.

On January 28, 2022, Regeneron exercised its option to license the exclusive, worldwide rights to ADI-002, an allogeneic gamma delta CAR T cell therapy directed against Glypican-3, pursuant to the Regeneron Agreement. In conjunction with the exercise of the option, Regeneron paid an exercise fee of $20.0 million to the Company on January 28, 2022, and the Company completed the transfer of the associated license rights to Regeneron during the first quarter of 2022. The $20.0 million option exercise fee, plus $5.0 million of revenue recognized relating to the combined performance obligation, resulted in an aggregate of $25.0 million recorded as revenue for the six months ended June 30, 2022. The Company's obligations under the combined performance obligation were completed during the year ended December 31, 2022.

Regeneron is responsible, at its sole cost, for all development, manufacturing and commercialization of ADI-002 and must pay the Company high single digit royalties as a percentage of any net sales of ADI-002 for a period commencing on the first commercial sale until the longer of (i) the expiration or invalidity of the licensed patent rights or (ii) a low double digit amount of years from first commercial sale.

As of June 30, 2023 and 2022, there were no contract assets related to the Regeneron Agreement. The following tables present changes in the Company’s contract liabilities for the six months ended June 30, 2023 and 2022 (in thousands):

Six Months Ended June 30, 2023

Balance at
Beginning 
of Period

Deductions

Balance at
End of Period

Contract liability

—

—

—


Six Months Ended June 30, 2022	Balance at Beginning of Period		Deductions (1)			Balance at End of Period
Contract liability	$	4,805	$	(4,805	)	$	—

(1)

Deductions to contract liabilities relate to deferred revenue recognized as revenue during the reporting period.

Twist Bioscience

In March 2021, the Company entered into an Antibody Discovery Agreement (the Twist Agreement) with Twist Bioscience Corporation (Twist). Under the terms of the Twist Agreement, Twist will utilize its proprietary platform technology to assist the Company with the discovery of novel antibodies related to target antigens selected by the Company. The Company maintains the sole and exclusive rights to any program antibodies discovered under the Twist Agreement and has the right to patent, assign, license or transfer any work product under the agreement. Furthermore, the Company has the right to sublicense its rights to program antibodies to third parties. The Company may terminate the Twist Agreement at any time, with or without cause, upon a specified period advance written notice.

Per the terms of the agreement, the Company will pay Twist an upfront, non-refundable project initiation fee, a technology access fee, as well as a project fee for each project entered into under the agreement. Additionally, the Company will pay fees for development and regulatory milestones in the tens of millions of dollars and low single digit royalties on net sales to Twist for programs initiated under the agreement. In November 2022, the Company entered into an amendment to the Twist Agreement (the Twist Amendment). The Twist Amendment updates the language associated with Twist's audit rights as well as the amounts associated with technology access fees.

On a cumulative basis as of June 30, 2023, the Company has incurred and expensed $1.0 million related to project initiation fees, technology access fees and projects fees as research and development expense related to this agreement.

Organization and Nature of Business	6 Months Ended
Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Nature of Business	1. Organization and Nature of the Business Adicet Bio, Inc. (formerly resTORbio, Inc. (resTORbio), together with its subsidiaries, the Company) is a clinical stage biotechnology company discovering and developing allogeneic gamma delta T cell therapies for cancer. The Company is advancing a pipeline of “off-the-shelf” gamma delta T cells, engineered with chimeric antigen receptors (CARs) and adaptors (CAds), to enhance selective tumor targeting and facilitate innate and adaptive anti-tumor immune response for durable activity in patients. The Company's approach to activate, engineer, and manufacture allogeneic gamma delta T cell product candidates derived from the peripheral blood cells of unrelated donors allows it to generate new product candidates in a rapid and cost-efficient manner. Adicet Bio, Inc. (when referred to prior to the merger, Former Adicet) was incorporated in November 2014 in Delaware. On September 15, 2020, Former Adicet completed a merger (Merger) with resTORbio, pursuant to which Former Adicet merged with a wholly owned subsidiary of resTORbio in an all-stock transaction with Former Adicet surviving as a wholly owned subsidiary of resTORbio and changing its name to “Adicet Therapeutics, Inc.” (Adicet Therapeutics). In connection with the Merger, the Company changed its name from “resTORbio, Inc.” to “Adicet Bio, Inc.” The Company’s principal executive offices are located in Boston, Massachusetts. The Company also has offices in Redwood City, California. Adicet Bio Israel Ltd. (formerly Applied Immune Technologies Ltd.) (Adicet Israel) is a wholly owned subsidiary of the Company and is located in Haifa, Israel. Adicet Israel was founded in 2006. During 2019, the Company consolidated its operations, including research and development activities, in the United States and as a result, substantially reduced its operations in Israel. Liquidity The Company has incurred significant net operating losses and negative cash flows from operations and has an accumulated deficit of $301.4 million as of June 30, 2023. The Company has historically financed its operations primarily through a collaboration and licensing arrangement, public and private placements of equity securities and debt, and cash received in the Merger with resTORbio. To date, none of the Company’s product candidates have been approved for sale and therefore the Company has not generated any revenue from product sales. Management expects operating losses and negative cash flows to continue for the foreseeable future, until such time, if ever, that it can generate significant sales of its product candidates currently in development. On March 12, 2021, the Company entered into a Capital On Demand™ Sales Agreement (the Sales Agreement) with JonesTrading Institutional Services LLC, as sales agent, to provide for the offering, issuance and sale of up to an aggregate amount of $75.0 million of shares of common stock from time to time in “at-the-market” (ATM) offerings under a registration statement on Form S-3 (File No. 333-254193) (2021 Shelf Registration Statement) filed with the U.S. Securities and Exchange Commission (the SEC), which was declared effective on March 30, 2021. In August 2022, pursuant to the Sales Agreement and subject to the limitations thereof, the Company sold an aggregate of 2,611,723 shares of common stock at $17.23 per share resulting in net proceeds to the Company of $43.4 million after deducting sales agent commissions and expenses. In November 2022, the Company filed a new prospectus supplement to the 2021 Shelf Registration Statement for the offer and sale of up to $100.0 million of shares of common stock from time to time through the sales agent, which includes the $30.0 million of shares of common stock not sold under the original prospectus and up to an additional $70.0 million of shares of common stock. The Company expects that its cash and cash equivalents, including the net proceeds it received from its ATM offering, will be sufficient to fund its forecasted operating expenses, capital expenditure requirements and debt service payments for at least the next twelve months from the issuance of these interim consolidated financial statements. All of the Company’s revenue to date has been generated from a collaboration and license agreement with Regeneron Pharmaceuticals Inc, (Regeneron). The Company does not expect to generate any significant product revenue until it obtains regulatory approval of and commercializes any of the Company’s product candidates or enters into additional collaborative agreements with third parties, and it does not know when, or if, either will occur. The Company expects to continue to incur significant losses for the foreseeable future, and it expects the losses to increase as the Company continues the development of, and seeks regulatory approvals for, its product candidates and begins to commercialize any approved products. The Company is subject to all of the risks typically related to the development of new product candidates, including, but not limited to, raising additional capital, development by its competitors of new technological innovations, risk of failure in preclinical and clinical studies, safety and efficacy of its product candidates in clinical trials, the risk of relying on external parties such as contract research organizations (CROs) and contract drug manufacturing organizations (CDMOs), the regulatory approval process, market acceptance of the Company’s products once approved, lack of marketing and sales history, dependence on key personnel and protection of proprietary technology and it may encounter unforeseen expenses, difficulties, complications, delays, and other unknown factors that may adversely affect its business. Until such time as the Company can generate significant revenue from product sales, if ever, the Company expects to finance its operations through the sale of equity, debt financings, collaborative or other arrangements with corporate or other sources of financing. Adequate funding may not be available to the Company on acceptable terms or at all. The Company’s failure to raise capital as and when needed could have a negative impact on its financial condition and the Company’s ability to pursue its business strategies. Although the Company continues to pursue these plans, there is no assurance that the Company will be successful in obtaining sufficient funding on terms acceptable to the Company to fund continuing operations, if at all.

Organization and Nature of Business

6 Months Ended

Jun. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Nature of Business

1. Organization and Nature of the Business

Adicet Bio, Inc. (formerly resTORbio, Inc. (resTORbio), together with its subsidiaries, the Company) is a clinical stage biotechnology company discovering and developing allogeneic gamma delta T cell therapies for cancer. The Company is advancing a pipeline of “off-the-shelf” gamma delta T cells, engineered with chimeric antigen receptors (CARs) and adaptors (CAds), to enhance selective tumor targeting and facilitate innate and adaptive anti-tumor immune response for durable activity in patients. The Company's approach to activate, engineer, and manufacture allogeneic gamma delta T cell product candidates derived from the peripheral blood cells of unrelated donors allows it to generate new product candidates in a rapid and cost-efficient manner.

Adicet Bio, Inc. (when referred to prior to the merger, Former Adicet) was incorporated in November 2014 in Delaware. On September 15, 2020, Former Adicet completed a merger (Merger) with resTORbio, pursuant to which Former Adicet merged with a wholly owned subsidiary of resTORbio in an all-stock transaction with Former Adicet surviving as a wholly owned subsidiary of resTORbio and changing its name to “Adicet Therapeutics, Inc.” (Adicet Therapeutics). In connection with the Merger, the Company changed its name from “resTORbio, Inc.” to “Adicet Bio, Inc.” The Company’s principal executive offices are located in Boston, Massachusetts. The Company also has offices in Redwood City, California.

Adicet Bio Israel Ltd. (formerly Applied Immune Technologies Ltd.) (Adicet Israel) is a wholly owned subsidiary of the Company and is located in Haifa, Israel. Adicet Israel was founded in 2006. During 2019, the Company consolidated its operations, including research and development activities, in the United States and as a result, substantially reduced its operations in Israel.

Liquidity

The Company has incurred significant net operating losses and negative cash flows from operations and has an accumulated deficit of $301.4 million as of June 30, 2023. The Company has historically financed its operations primarily through a collaboration and licensing arrangement, public and private placements of equity securities and debt, and cash received in the Merger with resTORbio. To date, none of the Company’s product candidates have been approved for sale and therefore the Company has not generated any revenue from product sales. Management expects operating losses and negative cash flows to continue for the foreseeable future, until such time, if ever, that it can generate significant sales of its product candidates currently in development.

On March 12, 2021, the Company entered into a Capital On Demand™ Sales Agreement (the Sales Agreement) with JonesTrading Institutional Services LLC, as sales agent, to provide for the offering, issuance and sale of up to an aggregate amount of $75.0 million of shares of common stock from time to time in “at-the-market” (ATM) offerings under a registration statement on Form S-3 (File No. 333-254193) (2021 Shelf Registration Statement) filed with the U.S. Securities and Exchange Commission (the SEC), which was declared effective on March 30, 2021. In August 2022, pursuant to the Sales Agreement and subject to the limitations thereof, the Company sold an aggregate of 2,611,723 shares of common stock at $17.23 per share resulting in net proceeds to the Company of $43.4 million after deducting sales agent commissions and expenses. In November 2022, the Company filed a new prospectus supplement to the 2021 Shelf Registration Statement for the offer and sale of up to $100.0 million of shares of common stock from time to time through the sales agent, which includes the $30.0 million of shares of common stock not sold under the original prospectus and up to an additional $70.0 million of shares of common stock.

The Company expects that its cash and cash equivalents, including the net proceeds it received from its ATM offering, will be sufficient to fund its forecasted operating expenses, capital expenditure requirements and debt service payments for at least the next twelve months from the issuance of these interim consolidated financial statements.

All of the Company’s revenue to date has been generated from a collaboration and license agreement with Regeneron Pharmaceuticals Inc, (Regeneron). The Company does not expect to generate any significant product revenue until it obtains regulatory approval of and commercializes any of the Company’s product candidates or enters into additional collaborative agreements with third parties, and it does not know when, or if, either will occur. The Company expects to continue to incur significant losses for the foreseeable future, and it expects the losses to increase as the Company continues the development of, and seeks regulatory approvals for, its product candidates and begins to commercialize any approved products. The Company is subject to all of the risks typically related to the development of new product candidates, including, but not limited to, raising additional capital, development by its competitors of new technological innovations, risk of failure in preclinical and clinical studies, safety and efficacy of its product candidates in clinical trials, the risk of relying on external parties such as contract research organizations (CROs) and contract drug manufacturing organizations (CDMOs), the regulatory approval process, market acceptance of the Company’s products once approved, lack of marketing and sales

history, dependence on key personnel and protection of proprietary technology and it may encounter unforeseen expenses, difficulties, complications, delays, and other unknown factors that may adversely affect its business.

Until such time as the Company can generate significant revenue from product sales, if ever, the Company expects to finance its operations through the sale of equity, debt financings, collaborative or other arrangements with corporate or other sources of financing. Adequate funding may not be available to the Company on acceptable terms or at all. The Company’s failure to raise capital as and when needed could have a negative impact on its financial condition and the Company’s ability to pursue its business strategies. Although the Company continues to pursue these plans, there is no assurance that the Company will be successful in obtaining sufficient funding on terms acceptable to the Company to fund continuing operations, if at all.

Net Income (Loss) per Share (Additional Information) (Details) - shares	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	9,008,882	6,285,004
Employee Stock Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	8,339,032	5,747,844
Restricted Stock Units (RSUs) [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	669,850	537,160

Third Party Agreements - Summary of Change in Company's Contract Liabilities (Details) - Contract Liability - USD ($)
$ in Thousands

6 Months Ended

Jun. 30, 2023

Jun. 30, 2022

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Balance at beginning of period

$ 0

$ 4,805

Additions (Deductions) (1)

(4,805)

^[1]

Balance at end of period

$ 0

[1]	Deductions to contract liabilities relate to deferred revenue recognized as revenue during the reporting period.

Related Party - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Redeemable convertible preferred stock	0	0	0
Regeneron Pharmaceuticals, Inc.
Related Party Transaction [Line Items]
Revenue from related party	$ 0	$ 0
Regeneron Pharmaceuticals, Inc. \| Series B Convertible Preferred Stock [ Member ]
Related Party Transaction [Line Items]
Redeemable convertible preferred stock	883,568	883,568

Net Loss per Share (Tables)

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders

The following table sets forth the computation of basic and diluted net loss per share (in thousands, except share and per share data):


	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Net loss - basic and diluted	$	(32,403	)	$	(22,538	)	$	(63,284	)	$	(17,920	)
Weighted-average shares used in computing net loss per share, basic and diluted		42,957,035			40,075,060			42,957,242			39,975,503
Net loss per share, basic and diluted		(0.75	)		(0.56	)		(1.47	)		(0.45	)

Schedule of Potentially Dilutive Securities Excluded from Computation of Diluted Net Loss Per Share

The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share for the period presented because including them would have been antidilutive:


	As of June 30,
	2023		2022
Options to purchase common stock		8,339,032		5,747,844
Unvested restricted stock units		669,850		537,160
Total		9,008,882		6,285,004

Property and Equipment, Net - Summary of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Property Plant And Equipment [Line Items]
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration]	Leasehold Improvements
Total property and equipment	$ 41,094	$ 37,463
Less: Accumulated depreciation and amortization	(11,517)	(8,753)
Property and equipment, net	29,577	28,710
Laboratory Equipment
Property Plant And Equipment [Line Items]
Total property and equipment	$ 11,743	7,503
Useful life (in years)	3 years
Leasehold Improvements
Property Plant And Equipment [Line Items]
Total property and equipment	$ 26,299	19,959
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Total property and equipment	$ 951	184
Useful life (in years)	3 years
Construction In Progress
Property Plant And Equipment [Line Items]
Total property and equipment	$ 1,570	9,292
Computer Equipment
Property Plant And Equipment [Line Items]
Total property and equipment	$ 178	172
Useful life (in years)	3 years
Software
Property Plant And Equipment [Line Items]
Total property and equipment	$ 353	$ 353
Useful life (in years)	3 years

Commitments and Contingences

6 Months Ended

Jun. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingences

10. Commitments and Contingencies

Operating Leases

The Company leases office and laboratory space in Redwood City, California, and Boston, Massachusetts.

Redwood City

In 2018, Adicet Therapeutics executed a non-cancelable lease agreement, as amended in 2022, pursuant to which the Company leases office and laboratory facility at 1000 Bridge Parkway and a portion of 1200 Bridge Parkway in Redwood City, California (the Redwood City Lease).

On January 9, 2023, Adicet Therapeutics entered into a third lease amendment with Westport Office Park, LLC (the Third Amendment). The Third Amendment further amends the Redwood City Lease and increases the tenant improvement allowance as of January 1, 2023 by an additional $3.0 million. The Company expects to utilize the full allowance for the continued buildout of office and laboratory space at 1000 Bridge Parkway. Per the terms of this amendment, this additional allowance will be repaid through equal monthly payments of principal amortization and interest on a monthly basis over the term of the lease at an interest rate of eight percent (8%) per annum. The Company received the allowance on February 21, 2023.

On August 7, 2023, Adicet Therapeutics entered into a fourth lease amendment with Westport Office Park, LLC (the Fourth Amendment). The Fourth Amendment amends the period over which the tenant improvement allowance received in the Third Amendment will be amortized and identifies the monthly amortization payable by the Company.

Boston

In 2018, the Company entered into a lease agreement, as amended in 2019, for office space at 500 Boylston St, Boston, Massachusetts (500 Boylston Lease). Under the terms of the 500 Boylston Lease, the Company was permitted to assign, sublease or transfer this lease, with the consent of the landlord.

On July 19, 2021, the Company entered into a sublease agreement with RFS OPCO LLC (Sublessee), whereby the Company agreed to sublease to Sublessee all of the 9,501 rentable square feet of 500 Boylston St. The expected undiscounted cash flows to be received from the sublease as of June 30, 2023 is as follows (in thousands):


	June 30, 2023
2023	$	354
2024		722
2025		736
2026		438
2027 and thereafter		—
Total	$	2,250

Further, the Company remains liable for the remaining lease payments under the Master Lease, totaling $2.0 million, which is included in the future minimum lease payments table below.

The future minimum lease payments under all non-cancelable operating lease obligations as of June 30, 2023 were as follows (in thousands):


	June 30, 2023
2023	$	2,392
2024		5,015
2025		4,662
2026		4,009
2027 and thereafter		12,090
Total undiscounted lease payments		28,168
Less: imputed interest		(5,526	)
Total operating lease liability		22,642
Less: current portion		(3,039	)
Operating lease liability, net of current maturities	$	19,603

The following table presents the operating lease cost and information related to the operating lease right-of-use assets, net and operating lease liabilities for the quarter ended June 30, 2023 (in thousands):


	Three Months Ended
	June 30, 2023
Lease Cost
Operating lease cost	$	1,090
Short-term lease cost		48
Sublease income		(179	)
Total lease cost	$	959
Other Information
Operating cash flows used for lease liabilities		1,618
Weighted-average remaining lease term - operating leases		6.1
Weighted-average discount rate - operating leases		7	%

For the six months ended June 30, 2023, the Company recognized $2.2 million and $0.1 million in operating lease and short-term lease costs, respectively. Additionally, for the six months ended June 30, 2023, the Company recognized $0.4 million in sublease income.

Net Loss per Share - Schedule of Potentially Dilutive Securities Excluded from Computation of Diluted Net Loss Per Share (Details) - shares	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	9,008,882	6,285,004
Options To Purchase Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	8,339,032	5,747,844
Unvested Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	669,850	537,160

Subsequent Events

6 Months Ended

Jun. 30, 2023

Subsequent Events [Abstract]

Subsequent Events

16. Subsequent Event

On August 8, 2023, the board of directors approved a stock option repricing (the Option Repricing) to be effective on August 14, 2023 (the Effective Date) in accordance with the terms of the Company’s 2015 Stock Incentive Plan and 2018 Plan (together, the Plans). Pursuant to the Option Repricing, the exercise price of each stock option previously granted under the Plans, totaling 6,431,077 options, will be amended to reduce the exercise price of such options to the closing price of the Company’s common stock on the Nasdaq Global Market on the Effective Date. Under the terms of the Option Repricing, a repriced option will revert to its original exercise price if, prior to the one year anniversary of the Effective Date, (a) the

option holder’s employment is terminated by the Company with cause or by the option holder or (b) the option is exercised. The repriced options will retain their existing terms and conditions as set forth in the Plans and applicable award agreements.

In addition, as of the Effective Date, the Company will issue 1,418,043 options to purchase shares of common stock under the 2018 Plan to eligible employees who held inducement awards as of August 8, 2023. These new options will be issued to eligible employees because their inducement awards granted under Nasdaq Listing Rule 5635(c)(4) are not eligible for repricing. The prior inducement awards will remain outstanding under their original terms.

The Company expects to record the impact of the Option Repricing in the quarter ending September 30, 2023.

Property and Equipment, Net

6 Months Ended

Jun. 30, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

5. Property and Equipment, net

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


	Useful life (in years)	June 30, 2023			December 31, 2022
Laboratory equipment	3	$	11,743		$	7,503
Leasehold improvements	Lesser of useful life or lease term		26,299			19,959
Furniture and fixtures	3		951			184
Construction in progress	—		1,570			9,292
Computer equipment	3		178			172
Software	3		353			353
			41,094			37,463
Less: Accumulated depreciation and amortization			(11,517	)		(8,753	)
Property and equipment, net		$	29,577		$	28,710

Depreciation and amortization expense was $1.5 million and $0.4 million for the three months ended June 30, 2023 and 2022, respectively. Depreciation and amortization expense was $2.8 million and $0.8 million for the six months ended June

30, 2023 and 2022, respectively. The increase in expense is primarily due to the completion of the Company's good manufacturing practice (GMP) cell processing and vector manufacturing suite at the Company's office in Redwood City, California (1000 Bridge Parkway) in February 2023.

Construction in progress has decreased by $7.7 million during the six months ended June 30, 2023, compared to the balance at December 31, 2022, due to the Company's completion of the Company's GMP cell processing and vector manufacturing suite in February 2023. The remaining $1.6 million in construction in progress as of June 30, 2023 is primarily related to lab and computer equipment not yet placed into service.

Stockholders' Equity - Schedule of Number of Shares of Common Stock Reserved for Future Issuance (Details) - shares	Jun. 30, 2023	Dec. 31, 2022
Class Of Stock [Line Items]
Number of shares of common stock reserved for future issuance	12,417,202	9,272,305
Unvested Restricted Stock Units
Class Of Stock [Line Items]
Number of shares of common stock reserved for future issuance	669,850	197,580
Stock Options Available for Future Grant
Class Of Stock [Line Items]
Number of shares of common stock reserved for future issuance	3,408,320	2,871,705
Options Issued and Outstanding
Class Of Stock [Line Items]
Number of shares of common stock reserved for future issuance	8,339,032	6,203,020

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 272
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-Section 45
-Paragraph 3
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-URI https://asc.fasb.org//1943274/2147483014/272-10-45-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Commitments and Contingencies - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]
2023	$ 2,392
2024	5,015
2025	4,662
2026	4,009
2027 and thereafter	12,090
Total undiscounted lease payments	28,168
Less: imputed interest	(5,526)
Total operating lease liability	22,642
Less: current portion	(3,039)	$ (2,492)
Operating lease liability, net of current portion	$ 19,603	$ 18,531

Prepaid Expenses and Other Current Assets

6 Months Ended

Jun. 30, 2023

Prepaid Expense and Other Assets, Current [Abstract]

Prepaid Expenses and Other Current Assets

4. Prepaid Expenses and Other Current Assets

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


	June 30, 2023		December 31, 2022
Prepaid insurance	$	697	$	1,251
Interest receivable		639		435
Prepaid software subscription and licensing fees		521		529
Prepaid maintenance		389		295
Prepayments to CROs and CDMOs		282		492
Prepaid lab supplies		179		—
Other prepaid expenses and current assets		489		380
Total prepaid expenses and other current assets	$	3,196	$	3,382

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Oct. 31, 2021	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
RSUs granted (includes PSUs)				2,561,200
Expense related to options granted		$ 5,023	$ 4,335	$ 9,788	$ 8,685
Weighted-Average Exercise Price, Options exercised				$ 4.76
Performance Restricted Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
RSUs Vested				0
Restricted Stock Units (RSUs) [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
RSUs Vested				3,205
RSUs granted (includes PSUs)	560,000
Expense related to options granted		$ 200
Weighted-Average Grant Date Fair Value,Vested				$ 17.2

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Summary of Lease Costs and Other Information


	Three Months Ended
	June 30, 2023
Lease Cost
Operating lease cost	$	1,090
Short-term lease cost		48
Sublease income		(179	)
Total lease cost	$	959
Other Information
Operating cash flows used for lease liabilities		1,618
Weighted-average remaining lease term - operating leases		6.1
Weighted-average discount rate - operating leases		7	%

Schedule Of Sublease Income

e expected undiscounted cash flows to be received from the sublease as of June 30, 2023 is as follows (in thousands):


	June 30, 2023
2023	$	354
2024		722
2025		736
2026		438
2027 and thereafter		—
Total	$	2,250

Schedule of Future Minimum Lease Payments

The future minimum lease payments under all non-cancelable operating lease obligations as of June 30, 2023 were as follows (in thousands):


	June 30, 2023
2023	$	2,392
2024		5,015
2025		4,662
2026		4,009
2027 and thereafter		12,090
Total undiscounted lease payments		28,168
Less: imputed interest		(5,526	)
Total operating lease liability		22,642
Less: current portion		(3,039	)
Operating lease liability, net of current maturities	$	19,603

Subsequent Events (Additional Information) (Details)	Jun. 30, 2023 shares
Subsequent Event [Line Items]
Number of Shares Underlying Outstanding Options, Vested and Unvested	8,339,032

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation The unaudited interim consolidated financial statements and related disclosures have been prepared in conformity with accounting principles generally accepted in the United States of America (United States GAAP or GAAP). Significant Accounting Policies The Company’s significant accounting policies are described in Note 2, "Summary of Significant Accounting Policies," to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. There have been no material changes to the significant accounting policies during the six months ended June 30, 2023. Unaudited Interim Financial Information The accompanying unaudited consolidated financial statements as of June 30, 2023, and for the three and six months ended June 30, 2023, have been prepared by the Company, pursuant to the rules and regulations of the SEC, for interim financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. However, the Company believes that the disclosures are adequate to make the information presented not misleading. These unaudited consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto for the year ended December 31, 2022. In the opinion of management, all adjustments, consisting only of normal recurring adjustments necessary for a fair statement of the Company’s consolidated financial position as of June 30, 2023 and consolidated results of operations for the three and six months ended June 30, 2023 and 2022 and consolidated cash flows for the six months ended June 30, 2023 and 2022 have been made. The results of operations for the three and six months ended June 30, 2023 are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2023. Concentration of Credit Risk Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of cash and cash equivalents. The Company’s cash and cash equivalents are held at two financial institutions in the U.S. and one financial institution in Israel and such amounts may, at times, exceed insured limits. The Company invests its cash equivalents in treasury securities and money market funds. The Company limits its credit risk associated with cash equivalents by placing them with banks and institutions it believes are highly creditworthy and in highly rated investments. The Company has not experienced any losses on its deposits of cash and cash equivalents to date. Risks and Uncertainties The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry, including, but not limited to, development by competitors of new technological innovations, protection of proprietary technology, dependence on key personnel, compliance with government regulations and the need to obtain additional financing to fund operations. Product candidates currently under development will require significant additional research and development efforts, including extensive preclinical studies, clinical trials, and regulatory approval, prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel infrastructure and extensive compliance and reporting. The Company’s product candidates are still in development and, to date, none of the Company’s product candidates have been approved for sale and, therefore, the Company has not generated any revenue from product sales. There can be no assurance that the Company’s research and development will be successfully completed, that adequate protection for the Company’s intellectual property will be obtained or maintained, that any products developed will obtain necessary government regulatory approval or that any approved products will be commercially viable. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will generate revenue from product sales. The Company operates in an environment of rapid change in technology and substantial competition from other pharmaceutical and biotechnology companies. Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (FASB) or other standard setting bodies and adopted by the Company as of the specified effective date, unless otherwise discussed below. Recently Adopted Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (ASU 2016-13), which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. This ASU replaces the existing incurred loss impairment model with an expected loss model. It also eliminates the concept of other-than-temporary impairment and requires credit losses related to available-for-sale debt securities to be recorded through an allowance for credit losses rather than as a reduction in the amortized cost basis of the securities. These changes will result in earlier recognition of credit losses. For SEC filers that are eligible to be smaller reporting companies, this ASU is effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. Early adoption is permitted. The Company adopted the provisions of ASU 2016-13 in the first quarter of 2023. There was no impact to the consolidated financial statements and related disclosures. In January 2017, the FASB issued ASU No. 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment (ASU 2017-04). The new guidance simplifies the subsequent measurement of goodwill by removing the second step of the two-step impairment test. The amendment requires an entity to perform its annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. SEC filers that are eligible to be smaller reporting companies should adopt the amendments in this update for its annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2022. The amendment should be applied on a prospective basis. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company adopted the provisions of ASU 2017-04 in the first quarter of 2023. The impact on its consolidated financial statements and related disclosures was not material.

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities
Net income (loss)	$ (63,284)	$ (17,920)
Adjustments to reconcile net loss to net cash used in operating activities:
Noncash lease expense	1,335	1,304
Depreciation and amortization expense	2,764	757
Stock-based compensation expense	9,788	8,685
Loss on disposal of property and equipment	0	18
Amortization of deferred debt issuance costs	28	18
Changes in operating assets and liabilities:
Accounts receivable - related party	0	185
Prepaid expenses and other current assets	186	1,280
Other non-current assets	177	408
Accounts payable	(1,624)	(1,186)
Contract liabilities — related party	0	(4,805)
Operating lease liabilities	1,618	(902)
Accrued and other current and non-current liabilities	19	1,558
Net cash used in operating activities	(48,993)	(10,600)
Cash flows from investing activities
Purchases of property and equipment	(3,422)	(5,481)
Net cash provided by (used in) investing activities	(3,422)	(5,481)
Cash flows from financing activities
Proceeds from Employee Stock Purchase Plan	225	203
Proceeds from exercise of stock options	4	277
Taxes withheld and paid related to net share settlement of equity awards	(10)	(1,106)
Deferred issuance costs	0	(345)
Net cash provided by (used in) financing activities	219	(971)
Net change in cash, cash equivalents and restricted cash	(52,196)	(17,052)
Cash, cash equivalents and restricted cash, at the beginning of period	257,656	277,694
Cash, cash equivalents and restricted cash, at the end of period	205,460	260,642
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	205,460
Cash, cash equivalents and restricted cash, at the end of period	205,460	260,642
Supplemental disclosures of noncash investing and financing activities
Purchases of property and equipment included in accounts payable	670	4,469
Operating right-of-use assets obtained in exchange for operating lease liabilities	$ 0	$ 2,343

Stock-Based Compensation - Summary of Stock Option Activity (Details) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Number of Shares Underlying Outstanding Options, Beginning balance \| shares	6,203,020
Number of Shares Underlying Outstanding Options, Options granted \| shares	2,561,200
Number of Shares Underlying Outstanding Options, Options exercised \| shares	(946)
Number of Shares Underlying Outstanding Options, Options forfeited or cancelled \| shares	(424,242)
Number of Shares Underlying Outstanding Options, Ending balance \| shares	8,339,032	6,203,020
Number of Shares Underlying Outstanding Options exercisable \| shares	3,181,499
Number of Shares Underlying Outstanding Options, Vested and expected to vest \| shares	8,339,032
Weighted-Average Exercise Price, Outstanding beginning \| $ / shares	$ 14.44
Weighted-Average Exercise Price, Options granted \| $ / shares	7.53
Weighted-Average Exercise Price, Options exercised \| $ / shares	4.76
Weighted-Average Exercise Price, Options forfeited or cancelled \| $ / shares	12.68
Weighted-Average Exercise Price, Outstanding ending \| $ / shares	12.41	$ 14.44
Weighted-Average Exercise Price, Options exercisable \| $ / shares	13.92
Weighted-Average Exercise Price, Vested and expected to vest \| $ / shares	$ 12.41
Weighted-Average Remaining Contract Term, Outstanding	8 years 4 months 24 days	8 years 4 months 24 days
Weighted-Average Remaining Contract Term, Options exercisable	7 years 8 months 12 days
Weighted-Average Remaining Contract Term, Vested and expected to vest	8 years 4 months 24 days
Aggregate Intrinsic Value, Outstanding \| $	$ 20	$ 780
Aggregate Intrinsic Value, Options exercisable \| $	20
Aggregate Intrinsic Value, Vested and expected to vest \| $	$ 20

Stock-Based Compensation

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

12. Stock-based Compensation

Stock-based Compensation Expense

Total stock-based compensation expense recognized was as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Research and development	$	2,381	$	1,888	$	4,587	$	3,574
General and administrative		2,642		2,447		5,201		5,111
Total stock-based compensation	$	5,023	$	4,335	$	9,788	$	8,685

Stock Options

A summary of stock option activity for the six months ended June 30, 2023 is set forth below:


	Number of Shares Underlying Outstanding Options			Weighted Average Exercise Price		Weighted- Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding, December 31, 2022		6,203,020		$	14.44		8.4	$	780
Options granted		2,561,200		$	7.53
Options exercised		(946	)	$	4.76
Options forfeited or cancelled		(424,242	)	$	12.68
Outstanding, June 30, 2023		8,339,032		$	12.41		8.4	$	20
Options exercisable, June 30, 2023		3,181,499		$	13.92		7.7	$	20
Vested and expected to vest, June 30, 2023		8,339,032		$	12.41		8.4	$	20

The assumptions used in the Black Scholes Model to calculate stock-based compensation are as follows:


	Three Months Ended June 30,		Six Months Ended June 30,
	2023	2022	2023	2022
Fair value of common stock	$2.43 - $5.84	$11.49 - $14.74	$2.43 - $9.15	$11.49 - $19.97
Expected term (years)	5.5 - 6.1	5.5 - 6.1	5.5 - 6.1	5.5 - 6.1
Volatility	84.6% - 86.5%	77.4% - 79.8%	83.3% - 86.5%	77.4% - 79.8%
Risk free rates	3.5% - 4.1%	2.8% - 3.0%	3.5% - 4.2%	1.6% - 3.0%
Dividend rate	0.0%	0.0%	0.0%	0.0%

Restricted Stock Units

In October 2021, the Company granted 560,000 Restricted Stock Units (RSUs) with service and performance conditions to certain employees, none of which vested during the three months ended June 30, 2023. Vesting of these awards is contingent on the occurrence of certain milestone events and fulfilment of any remaining service condition. As a result, the related compensation cost is recognized as an expense when achievement of the milestone is considered probable. The expense

recognized for these awards is based on the grant date fair value of the Company's common stock multiplied by the number of units granted. The Company recognized $0.2 million of related expense during the three months ended June 30, 2023.

The summary of RSU activity and related information for the six months ended June 30, 2023 is set forth below:


	Number of Units Outstanding			Weighted Average Grant Date Fair Value
Outstanding, December 31, 2022		197,580		$	7.8
RSUs granted		513,700		$	7.6
RSUs vested		(3,205	)	$	17.2
RSUs forfeited		(38,225	)	$	7.4
Outstanding, June 30, 2023		669,850		$	7.6

Stock-based Compensation - Summary of Restricted Stock Unit Activity (Details) - RSUs [Member]	6 Months Ended
	Jun. 30, 2023 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding, December 31, 2022 \| shares	197,580
RSUs granted \| shares	513,700
RSUs Vested \| shares	(3,205)
RSUs forfeited \| shares	(38,225)
Outstanding, March 31, 2023 \| shares	669,850
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted-Average Grant Date Fair Value, Beginning \| $ / shares	$ 7.8
Weighted-Average Grant Date Fair Value, Granted \| $ / shares	7.6
Weighted-Average Grant Date Fair Value,Vested \| $ / shares	17.2
Weighted-Average Grant Date Fair Value, Forfeited \| $ / shares	7.4
Weighted-Average Grant Date Fair Value, Ending \| $ / shares	$ 7.6

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Taxes Disclosure [Line Items]
Income tax provision	$ 0	$ 0	$ 0	$ 0
COVID-19
Income Taxes Disclosure [Line Items]
Income tax provision			$ 0	$ 0

- Definition

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

+ References + Details

Term Loan - Additional Information (Details) - USD ($) $ in Millions	Jun. 30, 2023	May 30, 2023
Class Of Warrant Or Right [Line Items]
Available under the Loan Agreement	$ 10.6
Pacific western bank [Member]
Class Of Warrant Or Right [Line Items]
Total loan accounts outside		$ 2.5
Demand Deposit Accounts		35.0
Combined balances in demand deposit accounts	$ 200.0
Term Loan cash maintain		$ 35.0

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The unaudited interim consolidated financial statements and related disclosures have been prepared in conformity with accounting principles generally accepted in the United States of America (United States GAAP or GAAP).
Significant Accounting Policies	Significant Accounting Policies The Company’s significant accounting policies are described in Note 2, "Summary of Significant Accounting Policies," to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. There have been no material changes to the significant accounting policies during the six months ended June 30, 2023.
Unaudited Interim Financial Information	Unaudited Interim Financial Information The accompanying unaudited consolidated financial statements as of June 30, 2023, and for the three and six months ended June 30, 2023, have been prepared by the Company, pursuant to the rules and regulations of the SEC, for interim financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. However, the Company believes that the disclosures are adequate to make the information presented not misleading. These unaudited consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto for the year ended December 31, 2022. In the opinion of management, all adjustments, consisting only of normal recurring adjustments necessary for a fair statement of the Company’s consolidated financial position as of June 30, 2023 and consolidated results of operations for the three and six months ended June 30, 2023 and 2022 and consolidated cash flows for the six months ended June 30, 2023 and 2022 have been made. The results of operations for the three and six months ended June 30, 2023 are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2023.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of cash and cash equivalents. The Company’s cash and cash equivalents are held at two financial institutions in the U.S. and one financial institution in Israel and such amounts may, at times, exceed insured limits. The Company invests its cash equivalents in treasury securities and money market funds. The Company limits its credit risk associated with cash equivalents by placing them with banks and institutions it believes are highly creditworthy and in highly rated investments. The Company has not experienced any losses on its deposits of cash and cash equivalents to date.
Risks and Uncertainties	Risks and Uncertainties The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry, including, but not limited to, development by competitors of new technological innovations, protection of proprietary technology, dependence on key personnel, compliance with government regulations and the need to obtain additional financing to fund operations. Product candidates currently under development will require significant additional research and development efforts, including extensive preclinical studies, clinical trials, and regulatory approval, prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel infrastructure and extensive compliance and reporting. The Company’s product candidates are still in development and, to date, none of the Company’s product candidates have been approved for sale and, therefore, the Company has not generated any revenue from product sales. There can be no assurance that the Company’s research and development will be successfully completed, that adequate protection for the Company’s intellectual property will be obtained or maintained, that any products developed will obtain necessary government regulatory approval or that any approved products will be commercially viable. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will generate revenue from product sales. The Company operates in an environment of rapid change in technology and substantial competition from other pharmaceutical and biotechnology companies.
Recent Accounting Pronouncements	Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (FASB) or other standard setting bodies and adopted by the Company as of the specified effective date, unless otherwise discussed below. Recently Adopted Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (ASU 2016-13), which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. This ASU replaces the existing incurred loss impairment model with an expected loss model. It also eliminates the concept of other-than-temporary impairment and requires credit losses related to available-for-sale debt securities to be recorded through an allowance for credit losses rather than as a reduction in the amortized cost basis of the securities. These changes will result in earlier recognition of credit losses. For SEC filers that are eligible to be smaller reporting companies, this ASU is effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. Early adoption is permitted. The Company adopted the provisions of ASU 2016-13 in the first quarter of 2023. There was no impact to the consolidated financial statements and related disclosures. In January 2017, the FASB issued ASU No. 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment (ASU 2017-04). The new guidance simplifies the subsequent measurement of goodwill by removing the second step of the two-step impairment test. The amendment requires an entity to perform its annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. SEC filers that are eligible to be smaller reporting companies should adopt the amendments in this update for its annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2022. The amendment should be applied on a prospective basis. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company adopted the provisions of ASU 2017-04 in the first quarter of 2023. The impact on its consolidated financial statements and related disclosures was not material.

Accrued and Other Current Liabilities

6 Months Ended

Jun. 30, 2023

Payables and Accruals [Abstract]

Accrued and Other Current Liabilities

6. Accrued and Other Current Liabilities

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


	June 30, 2023		December 31, 2022
Accrued CDMO costs		6,359		4,390
Accrued compensation	$	4,007	$	5,703
Accrued CRO costs		1,082		657
Accrued professional services		802		1,356
Accrued other research and development expenses		402		674
Accrued other liabilities		27		31
Total accrued and other liabilities	$	12,679	$	12,811

Consolidated Statements of Operations and Comprehensive Loss (unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Revenue related party				$ 24,990
Operating expenses:
Research and development	28,362	16,178	55,118	29,661
General and administrative	6,528	6,529	13,093	13,330
Total operating expenses	34,890	22,707	68,211	42,991
Loss from operations	(34,890)	(22,707)	(68,211)	(18,001)
Interest income	2,615	325	5,279	357
Interest expense	(4)	(18)	(23)	(36)
Other expense, net	(124)	(138)	(329)	(240)
Loss before income tax provision	(32,403)	(22,538)	(63,284)	(17,920)
Income tax provision	0	0	0	0
Net loss	$ (32,403)	$ (22,538)	$ (63,284)	$ (17,920)
Net loss per share attributable to common stockholders, basic	$ (0.75)	$ (0.56)	$ (1.47)	$ (0.45)
Net loss per share attributable to common stockholders, diluted	$ (0.75)	$ (0.56)	$ (1.47)	$ (0.45)
Weighted-average common shares used in computing net income (loss) per share attributable to common stockholders, basic	42,957,035	40,075,060	42,957,242	39,975,503
Weighted-average common shares used in computing net income (loss) per share attributable to common stockholders, diluted	42,957,035	40,075,060	42,957,242	39,975,503

Third Party Agreements - Additional Information (Details) - USD ($) $ in Millions		6 Months Ended
	Jan. 28, 2022	Jun. 30, 2023
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Research and development in process 1		$ 1.0
License agreement termination description		twelve (12) years
Regeneron Pharmaceuticals, Inc.
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Revenue recognized		$ 5.0
Exercise Fee Paid	$ 20.0	20.0
Licence agreement additional revenue recognised		25.0
Non refundable upfront payment received		25.0
Additional payment for research funding received		20.0
Regeneron Pharmaceuticals, Inc. \| Maximum
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Licence agreement additional amount payable of option exercise fees		$ 80.0

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of Financial Assets and Liabilities Measured on Recurring Basis

The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values (in thousands):


	June 30, 2023
	Level 1		Level 2		Level 3		Total
Assets:
Treasury securities (1) (2)	$	155,249	$	—	$	—	$	155,249
Money market funds (1) (3)	$	1,938	$	—	$	—	$	1,938
Total fair value of assets	$	157,187	$	—	$	—	$	157,187


	December 31, 2022
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds (1) (2)	$	75,701	$	—	$	—	$	75,701
Total fair value of assets	$	75,701	$	—	$	—	$	75,701

(1)

Included in cash and cash equivalents in the consolidated balance sheets.

(2)

Treasury securities are included within Level 1 of the fair value hierarchy because they are actively traded and valued using quoted market prices.

(3)

Money market funds are included within Level 1 of the fair value hierarchy because they are valued using quoted market prices.

Commitments and Contingencies - Summary of Lease Costs and Other Information (Details) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Operating lease cost	$ 1,090	$ 2,200
Short-term lease cost	48	100
Sublease Income	(179)	$ (400)
Total lease cost	959
Operating cash flows used for lease liabilities	$ 1,618
Weighted-average remaining lease term - operating leases	6 years 1 month 6 days	6 years 1 month 6 days
Weighted-average discount rate - operating leases	7.00%	7.00%

Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Property, Plant and Equipment [Abstract]
Changes In Construction In Progress			$ 7,700
Remaining amount of construction in progress	$ 1,600		1,600
Depreciation and amortization expense	$ 1,500	$ 400	$ 2,764	$ 757

Accrued and Other Current Liabilities - Summary of Accrued and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accrued CMO costs	$ 6,359	$ 4,390
Accrued compensation	4,007	5,703
Accrued CRO costs	1,082	657
Accrued professional services	802	1,356
Accrued other research and development expenses	402	674
Accrued other liabilities	27	31
Total accrued and other liabilities	$ 12,679	$ 12,811

Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2023

Stockholders' Equity Note [Abstract]

Schedule of Number of Shares of Common Stock Reserved for Future Issuance

The Company has the following shares of common stock reserved for future issuance:


	June 30, 2023		December 31, 2022
Stock options and restricted stock units available for future grant		3,408,320		2,871,705
Stock options issued and outstanding		8,339,032		6,203,020
Unvested restricted stock units		669,850		197,580
Total common stock reserved		12,417,202		9,272,305

Accrued and Other Current Liabilities (Tables)

6 Months Ended

Jun. 30, 2023

Payables and Accruals [Abstract]

Summary of Accrued and Other Current Liabilities

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


	June 30, 2023		December 31, 2022
Accrued CDMO costs		6,359		4,390
Accrued compensation	$	4,007	$	5,703
Accrued CRO costs		1,082		657
Accrued professional services		802		1,356
Accrued other research and development expenses		402		674
Accrued other liabilities		27		31
Total accrued and other liabilities	$	12,679	$	12,811

Goodwill and Other Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Goodwill	$ 19,462	$ 19,462

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 205,460	$ 257,656
Prepaid expenses and other current assets	3,196	3,382
Total current assets	208,656	261,038
Property and equipment, net	29,577	28,710
Operating lease right-of-use asset	18,933	20,269
Goodwill	19,462	19,462
Other non-current assets	1,005	1,211
Total assets	277,633	330,690
Current liabilities:
Accounts payable	3,121	4,404
Accrued and other current liabilities	12,679	12,811
Operating lease liability	3,039	2,492
Total current liabilities	18,839	19,707
Operating lease liability, net of current portion	19,603	18,531
Other non-current liabilities	130	114
Total liabilities	38,572	38,352
Commitments and contingencies (Note 10)
Stockholders’ equity:
Preferred stock, $0.0001 par value, 10,000,000 shares authorized as of June 30, 2023 and December 31, 2022, respectively; none issued and outstanding as of June 30, 2023 and December 31, 2022, respectively	0	0
Common stock, $0.0001 par value, 150,000,000 shares authorized as of June 30, 2023 and December 31, 2022, respectively; 43,066,158 and 42,954,820 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively	4	4
Additional paid-in capital	540,455	530,448
Accumulated deficit	(301,398)	(238,114)
Accumulated other comprehensive income	0	0
Total stockholders’ equity	239,061	292,338
Total liabilities and stockholders’ equity	$ 277,633	$ 330,690

Term Loan

6 Months Ended

Jun. 30, 2023

Term Loan [Abstract]

Term Loan

7. Term Loan

On April 28, 2020, the Company entered into a Loan and Security Agreement (the Loan Agreement) as amended on July 8, 2020, September 14, 2020, September 15, 2020, October 21, 2022, December 2, 2022 (the 2022 Loan Amendment) and May 30, 2023 with Pacific Western Bank (PacWest).

On March 13, 2023, the Company and PacWest executed a letter agreeing that, notwithstanding the covenants included in the 2022 Loan Amendment, until June 30, 2023 (i) the Company and its subsidiaries will not be required to maintain the lesser of $200 million or seventy percent (70%) of its combined balances in demand deposit accounts, money market funds and/or insured cash sweep (ICS) accounts with PacWest and (ii) the Company must maintain its combined balances at PacWest or its affiliates, including Pacific Western Asset Management (the Letter).

On May 30, 2023, the Company further amended its Loan Agreement with PacWest (the 2023 Loan Amendment). Pursuant to the 2023 Loan Amendment, the Company must maintain the lesser of (i) $35.0 million or (ii) all of the Company’s combined balances in demand deposit accounts, money market accounts, and/or insured cash sweep accounts with PacWest. If the Company’s total cash and investments drop to less than $35.0 million, the 2023 Loan Amendment permits the Company to maintain cash and/or investments in one or more accounts outside of PacWest up to a total of $2.5 million.

As of June 30, 2023, the Company has $10.6 million available under the Loan Agreement. Additionally, as of the date of this Quarterly Report on Form 10-Q, the Company is in compliance with such covenants as stated in the 2023 Loan Amendment and had no indebtedness outstanding under the Loan Agreement.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

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

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Stock-Based Compensation - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	$ 5,023	$ 4,335	$ 9,788	$ 8,685
Research and Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	2,381	1,888	4,587	3,574
General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	$ 2,642	$ 2,447	$ 5,201	$ 5,111

- Definition

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

+ References

+ Details

Net Loss per Share - Schedule of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Net loss - basic and diluted	$ (32,403)	$ (22,538)	$ (63,284)	$ (17,920)
Weighted-average shares used in computing net income (loss) per share attributable to common shareholders, diluted	42,957,035	40,075,060	42,957,242	39,975,503
Net loss per share attributable to common stockholders, basic	$ (0.75)	$ (0.56)	$ (1.47)	$ (0.45)
Net loss per share attributable to common stockholders, diluted	$ (0.75)	$ (0.56)	$ (1.47)	$ (0.45)

- Definition

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

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+ Details

- Definition

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

+ References

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+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

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+ Details

Income Taxes

6 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Abstract]

Income Taxes

14. Income Taxes

The Company recognized no income tax expense during the three and six months ended June 30, 2023 and 2022. The Company maintains a full valuation allowance against its deferred tax assets due to the Company’s history of losses as of June 30, 2023.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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+ Details

Commitments and Contingencies - Schedule of Sublease Income (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2023	$ 354
2024	722
2025	736
2026	438
Total	$ 2,250

Third Party Agreements (Tables)

6 Months Ended

Jun. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Summary of Change in Company's Contract Liabilities

The following tables present changes in the Company’s contract liabilities for the six months ended June 30, 2023 and 2022 (in thousands):

Six Months Ended June 30, 2023

Balance at
Beginning 
of Period

Deductions

Balance at
End of Period

Contract liability

—

—

—


Six Months Ended June 30, 2022	Balance at Beginning of Period		Deductions (1)			Balance at End of Period
Contract liability	$	4,805	$	(4,805	)	$	—

(1)

Deductions to contract liabilities relate to deferred revenue recognized as revenue during the reporting period.

License Funding and Other Agreements - Additional Information (Details) - National Institute of Health - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	6 Months Ended
	May 31, 2019	Jun. 30, 2023	Jun. 30, 2023
Research And Development Arrangement Contract To Perform For Others [Line Items]
Grant term	5 years
Grants receivable	$ 1,500
Qualifying expenses on cumulative basis			$ 1,300
Funding Agreement
Research And Development Arrangement Contract To Perform For Others [Line Items]
Qualifying expenses		$ 0
Qualifying expenses on cumulative basis			$ 1,300

License Funding and Other Agreements

6 Months Ended

Jun. 30, 2023

License Funding And Other Agreements [Abstract]

License, Funding and Other Agreements

9. License, Funding and Other Agreements

National Institute of Health

In May 2019, the Company was awarded a 5-year grant for up to $1.5 million from the National Institutes of Health (the NIH) to study RTB101 and the regulation of antiviral immunity in the elderly. The Company is entitled to use the award solely to conduct the research. The Company is solely responsible for commencing and conducting the research and will furnish periodic progress updates to the NIH throughout the term of the award. After completing the research, the Company must provide the NIH with a formal report describing the work performed and the results of the research.

For funds received under the NIH funding agreement, the Company recognizes a reduction in research and development expenses in an amount equal to the qualifying expenses incurred in each period up to the amount funded by the NIH. Qualifying expenses incurred by the Company in advance of funding by the NIH are recorded in the consolidated balance sheets as other current assets. For the three months ended June 30, 2023, no qualifying expenses have been incurred and no amounts have been funded by the NIH. On a cumulative basis as of June 30, 2023, $1.3 million has been incurred and $1.3 million has been funded by the NIH.

Commitments and Contingencies - Additional Information (Details) $ in Thousands		3 Months Ended	6 Months Ended
	Jan. 01, 2023 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Jul. 19, 2021 ft²
Long Term Purchase Commitment [Line Items]
Area of Sublease \| ft²				9,501
Sublease Income		$ 179	$ 400
Operating lease cost		1,090	2,200
Short-term lease cost		$ 48	100
Operating lease payments			$ 2,000
Westport Office Park, LLC [Member]
Long Term Purchase Commitment [Line Items]
Debt Instrument, Basis Spread on Variable Rate	8.00%
Tenant Improvements	$ 3,000

Prepaid Expenses and Other Current Assets - Summary of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid insurance	$ 697	$ 1,251
Prepaid software subscription and licensing fees	521	529
Interest receivable	639	435
Prepayments to CROs	282	492
Prepaid maintenance	389	295
Prepaid rent	179	0
Other prepaid expenses and current assets	489	380
Total prepaid expenses and other current assets	$ 3,196	$ 3,382

Fair Value Measurements

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

3. Fair Value Measurements

The Company determines the fair value of financial and non-financial assets and liabilities using the fair value hierarchy which establishes three level of inputs that may be used to measure fair value, as follows:

Level 1 — Observable inputs, such as 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 which reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model.

In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as considers counterparty credit risk in its assessment of fair value.

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.


	June 30, 2023
	Level 1		Level 2		Level 3		Total
Assets:
Treasury securities (1) (2)	$	155,249	$	—	$	—	$	155,249
Money market funds (1) (3)	$	1,938	$	—	$	—	$	1,938
Total fair value of assets	$	157,187	$	—	$	—	$	157,187


	December 31, 2022
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds (1) (2)	$	75,701	$	—	$	—	$	75,701
Total fair value of assets	$	75,701	$	—	$	—	$	75,701

(1)

Included in cash and cash equivalents in the consolidated balance sheets.

(2)

Treasury securities are included within Level 1 of the fair value hierarchy because they are actively traded and valued using quoted market prices.

(3)

Money market funds are included within Level 1 of the fair value hierarchy because they are valued using quoted market prices.

- Definition

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

+ References + Details

Related Party

6 Months Ended

Jun. 30, 2023

Related Party

15. Related Party

As of June 30, 2023, Regeneron owned 883,568 shares of the Company’s common stock. Regeneron became a related party in July 2019 as a result of Series B redeemable convertible preferred stock financing which was subsequently converted into common stock. For the three and six months ended June 30, 2023, the Company recorded no revenue from the Regeneron Agreement. See Note 8 for a discussion of the Regeneron Agreement.

- Definition

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

+ References

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

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

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

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
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-Publisher FASB
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (e)
-Publisher FASB
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-Paragraph 1
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-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

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

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

+ Details

Fair Value Measurements - Schedule of Financial Assets and Liabilities Measured on Recurring Basis (Details) - Fair Value, Recurring - USD ($)
$ in Thousands

Jun. 30, 2023

Dec. 31, 2022

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Total fair value of assets

$ 157,187

$ 75,701

Fair Value, Inputs, Level 1

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Total fair value of assets

157,187

75,701

Fair Value, Inputs, Level 2

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Total fair value of assets

Fair Value, Inputs, Level 3

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Total fair value of assets

Money Market Funds

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Total fair value of assets

^[1]

1,938

^[2]

75,701

^[3]

Money Market Funds | Fair Value, Inputs, Level 1

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Total fair value of assets

^[1]

1,938

^[2]

75,701

^[3]

Money Market Funds | Fair Value, Inputs, Level 2

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Total fair value of assets

^[1]

^[2]

^[3]

Money Market Funds | Fair Value, Inputs, Level 3

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Total fair value of assets

^[1]

^[2]

$ 0

^[3]

Sweep repurchase agreements

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Total fair value of assets

^[1],[3]

155,249

Sweep repurchase agreements | Fair Value, Inputs, Level 1

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Total fair value of assets

^[1],[3]

155,249

Sweep repurchase agreements | Fair Value, Inputs, Level 2

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Total fair value of assets

^[1],[3]

Sweep repurchase agreements | Fair Value, Inputs, Level 3

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Total fair value of assets

^[1],[3]

$ 0

[1]	Included in cash and cash equivalents in the consolidated balance sheets.
[2]	Money market funds are included within Level 1 of the fair value hierarchy because they are valued using quoted market prices.
[3]	Treasury securities are included within Level 1 of the fair value hierarchy because they are actively traded and valued using quoted market prices.

Net Loss per Share

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Net Income (Loss) per Share

13. Net Loss per Share

The following table sets forth the computation of basic and diluted net loss per share (in thousands, except share and per share data):


	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Net loss - basic and diluted	$	(32,403	)	$	(22,538	)	$	(63,284	)	$	(17,920	)
Weighted-average shares used in computing net loss per share, basic and diluted		42,957,035			40,075,060			42,957,242			39,975,503
Net loss per share, basic and diluted		(0.75	)		(0.56	)		(1.47	)		(0.45	)


	As of June 30,
	2023		2022
Options to purchase common stock		8,339,032		5,747,844
Unvested restricted stock units		669,850		537,160
Total		9,008,882		6,285,004

Property and Equipment, Net (Tables)

6 Months Ended

Jun. 30, 2023

Property, Plant and Equipment [Abstract]

Summary of Property and Equipment, Net

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


	Useful life (in years)	June 30, 2023			December 31, 2022
Laboratory equipment	3	$	11,743		$	7,503
Leasehold improvements	Lesser of useful life or lease term		26,299			19,959
Furniture and fixtures	3		951			184
Construction in progress	—		1,570			9,292
Computer equipment	3		178			172
Software	3		353			353
			41,094			37,463
Less: Accumulated depreciation and amortization			(11,517	)		(8,753	)
Property and equipment, net		$	29,577		$	28,710

Consolidated Statements of Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Common Stock	Additional Pain In Capital	Accumulated Deficit
Balance at Dec. 31, 2021	$ 303,129	$ 4	$ 471,449	$ (168,324)
Balance, shares at Dec. 31, 2021		39,736,914
Issuance of common stock upon exercise of stock options	93		93
Issuance of common stock upon exercise of stock options, shares		10,099
Issuance of common stock upon vesting of restricted stock, shares		224,000
Shares withheld for taxes	(1,106)		(1,106)
Shares withheld for taxes, shares		(85,197)
Stock-based compensation expense	4,350		4,350
Net income	4,618			4,618
Balance at Mar. 31, 2022	311,084	$ 4	474,786	(163,706)
Balance, shares at Mar. 31, 2022		39,885,816
Balance at Dec. 31, 2021	303,129	$ 4	471,449	(168,324)
Balance, shares at Dec. 31, 2021		39,736,914
Net income	(17,920)
Balance at Jun. 30, 2022	293,267	$ 4	479,507	(186,244)
Balance, shares at Jun. 30, 2022		40,020,755
Balance at Mar. 31, 2022	311,084	$ 4	474,786	(163,706)
Balance, shares at Mar. 31, 2022		39,885,816
Issuance of common stock upon exercise of stock options	183		183
Issuance of common stock upon exercise of stock options, shares		17,854
Issuance of common stock upon vesting of restricted stock, shares		100,731
Shares withheld for taxes	(203)		(203)
Shares withheld for taxes, shares		16,354
Stock-based compensation expense	4,335		4,335
Net income	(22,538)			(22,538)
Balance at Jun. 30, 2022	293,267	$ 4	479,507	(186,244)
Balance, shares at Jun. 30, 2022		40,020,755
Balance at Dec. 31, 2022	292,338	$ 4	530,448	(238,114)
Balance, shares at Dec. 31, 2022		42,954,820
Issuance of common stock upon exercise of stock options	3		3
Issuance of common stock upon exercise of stock options, shares		713
Issuance of common stock upon vesting of restricted stock, shares		3,205
Shares withheld for taxes	(10)		(10)
Shares withheld for taxes, shares		(1,307)
Stock-based compensation expense	4,765		4,765
Net income	(30,881)			(30,881)
Balance at Mar. 31, 2023	266,215	$ 4	535,206	(268,995)
Balance, shares at Mar. 31, 2023		42,957,431
Balance at Dec. 31, 2022	$ 292,338	$ 4	530,448	(238,114)
Balance, shares at Dec. 31, 2022		42,954,820
Issuance of common stock upon exercise of stock options, shares	946
Net income	$ (63,284)
Balance at Jun. 30, 2023	239,061	$ 4	540,455	(301,398)
Balance, shares at Jun. 30, 2023		43,066,158
Balance at Mar. 31, 2023	266,215	$ 4	535,206	(268,995)
Balance, shares at Mar. 31, 2023		42,957,431
Issuance of common stock upon exercise of stock options	1		1
Issuance of common stock upon exercise of stock options, shares		233
Purchase of common stock under ESPP	225		225
Purchase of common stock under ESPP Shares		108,494
Stock-based compensation expense	5,023		5,023
Net income	(32,403)			(32,403)
Balance at Jun. 30, 2023	$ 239,061	$ 4	$ 540,455	$ (301,398)
Balance, shares at Jun. 30, 2023		43,066,158

Prepaid Expenses and Other Current Assets (Tables)

6 Months Ended

Jun. 30, 2023

Prepaid Expense and Other Assets, Current [Abstract]

Summary of Prepaid Expenses and Other Current Assets

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


	June 30, 2023		December 31, 2022
Prepaid insurance	$	697	$	1,251
Interest receivable		639		435
Prepaid software subscription and licensing fees		521		529
Prepaid maintenance		389		295
Prepayments to CROs and CDMOs		282		492
Prepaid lab supplies		179		—
Other prepaid expenses and current assets		489		380
Total prepaid expenses and other current assets	$	3,196	$	3,382

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2023	Aug. 07, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2023
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2023
Entity Registrant Name	Adicet Bio, Inc.
Entity Central Index Key	0001720580
Trading Symbol	ACET
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity File Number	001-38359
Entity Tax Identification Number	81-3305277
Entity Address, Address Line One	200 Berkeley Street
Entity Address, Address Line Two	19th Floor
Entity Address, City or Town	Boston
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02116
City Area Code	650
Local Phone Number	503-9095
Entity Common Stock, Shares Outstanding		43,066,158
Security Exchange Name	NASDAQ
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Document Quarterly Report	true
Document Transition Report	false
Entity Incorporation, State or Country Code	DE

Consolidated Balance Sheets (Parenthetical) (unaudited) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	43,066,158	42,954,820
Common stock, shares outstanding	43,066,158	42,954,820
Preferred Stock, par value	$ 0.0001	$ 0.0001
Preferred stock shares authorized	10,000,000	10,000,000
Preferred stock shares issued	0	0
Preferred stock shares outstanding	0	0

Organization and Nature of the Business - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands			1 Months Ended
	Aug. 31, 2022	Mar. 12, 2021	Nov. 30, 2022	Jun. 30, 2023	Dec. 31, 2022
Schedule Of Equity Method Investments [Line Items]
Accumulated deficit				$ (301,398)	$ (238,114)
Adicet Therapeutics [Member]
Schedule Of Equity Method Investments [Line Items]
Accumulated deficit				$ 301,400
2021 Sales Agreement
Schedule Of Equity Method Investments [Line Items]
Aggregate number of shares sold	2,611,723
Sale of Stock, Price Per Share	$ 17.23
Sales agent commissions and expenses	$ 43,400
Common Stock not sold			$ 30,000
Additional Common Stock not sold			70,000
Aggregate gross proceeds			$ 100,000
Maximum \| 2021 Sales Agreement
Schedule Of Equity Method Investments [Line Items]
Aggregate gross proceeds		$ 75,000

Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Class Of Stock [Line Items]
Common stock, shares authorized	150,000,000	150,000,000
Dividends Payable	$ 0
Common stock shares issued, par value	$ 0.0001	$ 0.0001

- 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

Stock-Based Compensation - Schedule of Assumptions to Estimate Fair Value of Stock Options Using Black-Scholes Option Pricing Model (Details) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected volatility, minimum	84.60%	77.40%	83.30%	77.40%
Expected volatility, maximum	86.50%	79.80%	86.50%	79.80%
Risk free rates, minimum	3.50%	2.80%	3.50%	1.60%
Risk free rates, maximum	4.10%	3.00%	4.20%	3.00%
Dividend rate	0.00%	0.00%	0.00%	0.00%
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Fair value of common stock	$ 2.43	$ 11.49	$ 2.43	$ 11.49
Expected term	5 years 6 months	5 years 6 months	5 years 6 months	5 years 6 months
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Fair value of common stock	$ 5.84	$ 14.74	$ 9.15	$ 19.97
Expected term	6 years 1 month 6 days	6 years 1 month 6 days	6 years 1 month 6 days	6 years 1 month 6 days

Stockholders' Equity

6 Months Ended

Jun. 30, 2023

Stockholders' Equity Note [Abstract]

Stockholders' Equity

11. Stockholders' Equity

Common Stock

The Company’s Certificate of Incorporation, as amended, authorized the Company to issue 150,000,000 shares of common stock, par value $0.0001 per share, as of June 30, 2023.

Common stockholders are entitled to dividends if and when declared by the board of directors of the Company subject to the prior rights of the preferred stockholders. As of June 30, 2023, no dividends on common stock had been declared by the board of directors.

The Company has the following shares of common stock reserved for future issuance:


	June 30, 2023		December 31, 2022
Stock options and restricted stock units available for future grant		3,408,320		2,871,705
Stock options issued and outstanding		8,339,032		6,203,020
Unvested restricted stock units		669,850		197,580
Total common stock reserved		12,417,202		9,272,305

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details