0000950170-24-059507 | 10-Q | XBRL Viewer

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Term Loan - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	Mar. 31, 2024	Jan. 22, 2024	May 30, 2023	Mar. 13, 2023	Apr. 28, 2020
Class Of Warrant Or Right [Line Items]
Available under the Loan Agreement	$ 12.7
Class of Warrant or Right, Exercise Price of Warrants or Rights		$ 2.3999
Pacific western bank [Member]
Class Of Warrant Or Right [Line Items]
Total loan accounts outside			$ 2.5
Banc of California [Member]
Class Of Warrant Or Right [Line Items]
term loan to finance leasehold improvements 1					$ 5.5
Demand Deposit Accounts			35.0
Combined balances in demand deposit accounts				$ 200.0
Term Loan cash maintain			$ 35.0
Banc of California [Member] \| Maximum
Class Of Warrant Or Right [Line Items]
term loan to finance leasehold improvements 1	$ 5.5				15.0
Banc of California [Member] \| Minimum
Class Of Warrant Or Right [Line Items]
term loan to finance leasehold improvements 1					$ 1.0

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
	Mar. 31, 2024	Mar. 31, 2023
Net loss - basic and diluted	$ (28,016)	$ (30,881)
Weighted-average shares used in computing net loss per share, basic	79,071,652	42,955,688
Weighted-average shares used in computing net loss per share, diluted	79,071,652	42,955,688
Net loss per share attributable to common stockholders, basic	$ (0.35)	$ (0.72)
Net loss per share attributable to common stockholders, diluted	$ (0.35)	$ (0.72)

- Definition

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

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- Definition

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

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- Definition

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

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+ Details

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2024

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 March 31,
	2024		2023
Research and development	$	2,539	$	2,207
General and administrative		3,140		2,558
Total stock-based compensation	$	5,679	$	4,765

Summary of Stock Option Activity

Stock Options

A summary of stock option activity for the three months ended March 31, 2024 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, 2023		9,383,105		$	10.64		8.2	$	45
Options granted		3,565,150		$	2.61
Options exercised		(88,283	)	$	2.14
Options forfeited or cancelled		(147,198	)	$	11.23
Outstanding, March 31, 2024		12,712,774		$	8.44		8.5	$	400
Options exercisable, March 31, 2024		4,429,344		$	13.35		7.3	$	20
Vested and expected to vest, March 31, 2024		12,712,774		$	8.44		8.5	$	400

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

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


	Three Months Ended March 31,
	2024	2023
Fair value of common stock	$2.35 - $3.12	$5.76 - $9.15
Expected term (years)	6.0 - 6.1	6.0 - 6.1
Volatility	82.15% - 84.06%	83.25% - 86.19%
Risk free rates	3.93% - 4.27%	3.55% - 4.22%
Dividend rate	0.0%	0.0%

Summary of Restricted Stock Unit Activity

The summary of RSU activity and related information for the three months ended March 31, 2024 is set forth below:


	Number of Units Outstanding			Weighted Average Grant Date Fair Value
Outstanding, December 31, 2023		454,200		$	7.69
RSUs granted		488,300		$	2.72
RSUs vested		(148,980	)	$	7.62
RSUs forfeited		(2,100	)	$	3.12
Outstanding, March 31, 2024		791,420		$	4.61

Stock-Based Compensation - Schedule of Assumptions to Estimate Fair Value of Stock Options Using Black-Scholes Option Pricing Model (Details) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected volatility, minimum	82.15%	83.25%
Expected volatility, maximum	84.06%	86.19%
Risk free rates, minimum	3.93%	3.55%
Risk free rates, maximum	4.27%	4.22%
Dividend rate	0.00%	0.00%
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Fair value of common stock	$ 2.35	$ 5.76
Expected term	6 years	6 years
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Fair value of common stock	$ 3.12	$ 9.15
Expected term	6 years 1 month 6 days	6 years 1 month 6 days

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of Sublease Income


	March 31, 2024
2024	$	541
2025		736
2026		438
2027 and thereafter		—
Total	$	1,715

Summary of Lease Costs and Other Information

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 March 31, 2024 (in thousands):


	Three Months Ended
	March 31, 2024
Lease Cost
Operating lease cost	$	1,139,001
Short-term lease cost		29,571
Sublease income		(181,765	)
Total lease cost	$	986,807
Other Information
Operating cash flows used for lease liabilities	$	(888	)
Weighted-average remaining lease term - operating leases		5.5
Weighted-average discount rate - operating leases		7	%

Schedule Of Future Lease payments

The future minimum lease payments under all non-cancelable operating lease obligations as of March 31, 2024 were as follows (in thousands):


	March 31, 2024
2024		3,774
2025		4,662
2026		4,009
2027		3,714
2028 and thereafter		8,376
Total undiscounted lease payments		24,535
Less: imputed interest		(4,499	)
Total operating lease liability		20,036
Less: current portion		(3,322	)
Operating lease liability, net of current maturities	$	16,714

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (28,016)	$ (30,881)

- Definition

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

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+ Details

Commitments and Contingencies - Additional Information (Details) $ in Thousands		3 Months Ended
	Jan. 09, 2023 USD ($)	Mar. 31, 2024 USD ($)	Sep. 01, 2023 USD ($)	Jul. 19, 2021 ft²
Long Term Purchase Commitment [Line Items]
Area of sublease \| ft²				9,501
Short-term lease cost		$ 29,571
Sublease income		181,765
Operating lease payments		$ 1,500
Westport Office Park, LLC [Member]
Long Term Purchase Commitment [Line Items]
Tenant improvements	$ 3,000
Debt instrument, basis spread on variable rate	8.00%
Letters of credit			$ 2,100

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	(c) On January 22, 2024, Chen Schor, our President and Chief Executive Officer, terminated a trading plan pursuant to Rule 10b5-1 of the Securities Exchange Act of 1934, as amended. Mr. Schor’s Rule 10b5-1 trading plan, adopted on September 27, 2023, provided for the sale from time to time of a maximum of 28,500 shares of our common stock pursuant to the terms of the plan. If Mr. Schor’s Rule 10b5-1 trading plan had not been terminated, it would have expired on September 7, 2025, or earlier if all transactions under the trading arrangement were completed. The trading arrangement is intended to satisfy the affirmative defense in Rule 10b5-1(c).
Chen Schor [Member]
Trading Arrangements, by Individual
Name	Chen Schor
Title	President and Chief Executive Officer
Rule 10b5-1 Arrangement Adopted	true
Non-Rule 10b5-1 Arrangement Adopted	false
Adoption Date	September 27, 2023
Rule 10b5-1 Arrangement Terminated	true
Non-Rule 10b5-1 Arrangement Terminated	false
Termination Date	January 22, 2024
Aggregate Available	28,500
Expiration Date	September 7, 2025

Prepaid Expenses and Other Current Assets (Tables)

3 Months Ended

Mar. 31, 2024

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):


	March 31, 2024		December 31, 2023
Prepaid insurance	$	795	$	1,014
Prepaid software subscription and licensing fees		686		582
Prepaid maintenance		339		373
Prepaid employee benefits		292		—
Prepayments to CROs and CDMOs		36		53
Prepaid professional services		—		82
Other prepaid expenses and current assets		613		457
Total prepaid expenses and other current assets	$	2,761	$	2,561

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
	Aug. 08, 2023	Mar. 31, 2024	Mar. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
RSUs Vested		148,980
Aggregate gross proceeds		$ 19,266	$ 0
RSUs granted (includes PSUs)		3,565,150
Expense related to options granted		$ 5,679	$ 4,765
Weighted-Average Grant Date Fair Value,Vested		$ 7.62
Weighted-Average Exercise Price, Warrants exercised		$ 2.14
Black-Scholes option-pricing model [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-Based Payment Arrangement, Incremental Cost, Amount recognized over the remaining vesting period of the repriced options		$ 2,200
Share-Based Payment Arrangement, Plan Modification, Incremental Cost	$ 4,600	$ 800
2015 Stock Incentive Plan Member
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares Available for Grant, Options granted	6,431,077
Restricted Stock Units (RSUs) [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Exercise Price	$ 2.14

Stock-Based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Number of Shares Underlying Outstanding Options, Beginning balance	9,383,105
Number of Shares Underlying Outstanding Options, Options granted	3,565,150
Number of Shares Underlying Outstanding Options, Options exercised	(88,283)
Number of Shares Underlying Outstanding Options, Options forfeited or cancelled	(147,198)
Number of Shares Underlying Outstanding Options, Ending balance	12,712,774	9,383,105
Number of Shares Underlying Outstanding Options exercisable	4,429,344
Number of Shares Underlying Outstanding Options, Vested and expected to vest	12,712,774
Weighted-Average Exercise Price, Outstanding beginning	$ 10.64
Weighted-Average Exercise Price, Warrants issued	2.61
Weighted-Average Exercise Price, Warrants exercised	2.14
Weighted-Average Exercise Price, Options forfeited or cancelled	11.23
Weighted-Average Exercise Price, Outstanding ending	8.44	$ 10.64
Weighted-Average Exercise Price, Options exercisable	13.35
Weighted-Average Exercise Price, Vested and expected to vest	$ 8.44
Weighted-Average Remaining Contract Term, Outstanding	8 years 6 months	8 years 2 months 12 days
Weighted-Average Remaining Contract Term, Options exercisable	7 years 3 months 18 days
Weighted-Average Remaining Contract Term, Vested and expected to vest	8 years 6 months
Aggregate Intrinsic Value, Outstanding	$ 400	$ 45
Aggregate Intrinsic Value, Options exercisable	20
Aggregate Intrinsic Value, Vested and expected to vest	$ 400

Prepaid Expenses and Other Current Assets

3 Months Ended

Mar. 31, 2024

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):


	March 31, 2024		December 31, 2023
Prepaid insurance	$	795	$	1,014
Prepaid software subscription and licensing fees		686		582
Prepaid maintenance		339		373
Prepaid employee benefits		292		—
Prepayments to CROs and CDMOs		36		53
Prepaid professional services		—		82
Other prepaid expenses and current assets		613		457
Total prepaid expenses and other current assets	$	2,761	$	2,561

Commitments and Contingencies - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]
2024	$ 3,774
2025	4,662
2026	4,009
2027	3,714
2028 and thereafter	8,376
Total undiscounted lease payments	24,535
Less: imputed interest	(4,499)
Total operating lease liability	20,036
Less: current portion	(3,322)	$ (3,221)
Operating lease liability, net of current portion	$ 16,714	$ 17,703

Subsequent Events (Additional Information) (Details)	Mar. 31, 2024 shares
Subsequent Event [Line Items]
Number of Shares Underlying Outstanding Options, Vested and Unvested	12,712,774

Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	Jan. 22, 2024	Mar. 31, 2024	Dec. 31, 2023
Class Of Stock [Line Items]
Common Stock, Shares Subscribed but Unissued	32,379,667
Common Stock, Shares, Issued	5,325,000	82,169,503	43,270,386
Common stock, shares authorized		150,000,000	150,000,000
Underwriting Discounts And Commissions And Other Offering Expenses	$ 91,700
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 2.3999
Exercise of warrant, shares	8,445,333
Dividends Payable		$ 0
Common stock shares issued, par value	$ 0.0001	$ 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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Net Loss per Share (Tables)

3 Months Ended

Mar. 31, 2024

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 March 31,
	2024			2023
Net loss - basic and diluted	$	(28,016	)	$	(30,881	)
Weighted-average shares used in computing net loss per share, basic and diluted		79,071,652			42,955,688
Net loss per share, basic and diluted		(0.35	)		(0.72	)

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 March 31,
	2024		2023
Options to purchase common stock		12,712,774		8,141,595
Unvested restricted stock units		791,420		647,100
Total		13,504,194		8,788,695

Property and Equipment, Net

3 Months Ended

Mar. 31, 2024

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)	March 31, 2024			December 31, 2023
Leasehold improvements	Lesser of useful life or lease term	$	26,643		$	26,643
Laboratory equipment	3		13,346			13,165
Furniture and fixtures	3		951			951
Construction in progress	—		366			265
Computer equipment	3		189			189
Software	3		411			411
			41,906			41,624
Less: Accumulated depreciation and amortization			(16,499	)		(14,847	)
Property and equipment, net		$	25,407		$	26,777

Depreciation and amortization expense was $1.7 million and $1.3 million for the three months ended March 31, 2024 and 2023, respectively.

Consolidated Statements of Stockholders Equity (Parenthetical) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Statement of Stockholders' Equity [Abstract]
Stock issuance cost	$ 0.6
Adjustments to Additional Paid in Capital, Warrant Issued	$ 6.3

Accrued and Other Current Liabilities

3 Months Ended

Mar. 31, 2024

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):


	March 31, 2024		December 31, 2023
Accrued compensation	$	4,117	$	6,514
Accrued CDMO costs		5,991		5,679
Accrued professional services		826		625
Accrued other research and development expenses		277		354
Accrued CRO costs		383		257
Accrued other liabilities		3		12
Total accrued and other liabilities	$	11,597	$	13,441

Prepaid Expenses and Other Current Assets - Summary of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid insurance	$ 795	$ 1,014
Prepaid software subscription and licensing fees	686	582
Prepaid maintenance	339	373
Prepaid employee benefits	292	0
Prepayments to CROs and CDMOs	36	53
Prepaid Professional Services	0	82
Other prepaid expenses and current assets	613	457
Total prepaid expenses and other current assets	$ 2,761	$ 2,561

Organization and Nature of Business

3 Months Ended

Mar. 31, 2024

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 autoimmune diseases and cancer. The Company is advancing a pipeline of “off-the-shelf” gamma delta T cells, engineered with chimeric antigen receptors (CARs), to facilitate durable activity in patients.

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 $408.8 as of March 31, 2024. 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 JonesTrading 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. In August 2022, pursuant to the JonesTrading 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 JonesTrading ATM Program). In January 2024, the Company raised aggregate net proceeds of approximately $19.3 million through the JonesTrading ATM Program. In March 2024, the Company terminated the JonesTrading ATM Program.

On January 22, 2024, Adicet entered into an Underwriting Agreement (the Underwriting Agreement) with Jefferies LLC (Jefferies) and Guggenheim Securities, LLC (the Underwriters) related to an underwritten public offering (the Offering) of 27,054,667 shares (the Shares) of common stock of the Company, par value $0.0001 per share (the Common Stock), and, in lieu of Common Stock to an investor, pre-funded warrants (the Pre-Funded Warrants) to purchase 8,445,333 shares of Common Stock (the Warrant Shares). The Shares were sold at a public offering price of $2.40 per share and the Pre-Funded Warrants were sold at a public offering price of $2.3999 per underlying share, which represents the per share public offering price of each share of common stock minus the $0.0001 per share exercise price for each pre-funded warrant. The purchase price paid by the Underwriters to the Company was $2.256 per Share and $2.2559 per Pre-Funded Warrant, representing a discount to the Underwriters of 6.0%. In addition, the Company granted the Underwriters an option exercisable for 30 days from the date of the Underwriting Agreement to purchase, at the public offering price less underwriting discounts and commissions, up to an additional 5,325,000 shares of Common Stock. On January 23, 2024, the Underwriters exercised this option in full. The Company received net proceeds from the Offering, after deducting the underwriting discount and commissions and other estimated offering expenses, of approximately $91.7 million. The Company may receive nominal proceeds, if any, from the exercise of the Pre-Funded Warrants.

In March 2024, the Company entered into an Open Market Sales AgreementSM (the Jefferies Sales Agreement) with Jefferies to sell shares of its Common Stock from time to time, through an ATM equity offering program under which Jefferies will act as sales agent or principal. As of March 31, 2024, no shares of common stock have been sold under the Jefferies Sales Agreement.

The Company expects that its cash and cash equivalents, including the proceeds raised through the JonesTrading ATM Program and the 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 unaudited interim consolidated financial statements.

All of the Company’s revenue to date has been generated from a collaboration and license agreement (the Regeneron 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 development and 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.

Third Party Agreements - Additional Information (Details) - USD ($) $ in Millions		3 Months Ended
	Jan. 28, 2022	Mar. 31, 2024
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

Stockholders' Equity - Schedule of Number of Shares of Common Stock Reserved for Future Issuance (Details) - shares	Mar. 31, 2024	Dec. 31, 2023
Class Of Stock [Line Items]
Number of shares of common stock reserved for future issuance	22,750,192	12,310,790
Unvested Restricted Stock Units
Class Of Stock [Line Items]
Number of shares of common stock reserved for future issuance	791,420	454,200
Stock Options Available for Future Grant
Class Of Stock [Line Items]
Number of shares of common stock reserved for future issuance	800,665	2,473,485
Employee Stock Option
Class Of Stock [Line Items]
Number of shares of common stock reserved for future issuance	12,712,774	9,383,105
Common Stock Warrants
Class Of Stock [Line Items]
Number of shares of common stock reserved for future issuance	8,445,333	0

- Definition

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

+ References

+ Details

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Financial Assets and Liabilities Measured on Recurring Basis


	March 31, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Treasury securities (1) (2)	$	200,000	$	—	$	—	$	200,000
Total fair value of assets	$	200,000	$	—	$	—	$	200,000


	December 31, 2023
	Level 1		Level 2		Level 3		Total
Assets:
Treasury securities (1) (2)	$	115,143	$	—	$	—	$	115,143
Total fair value of assets	$	115,143	$	—	$	—	$	115,143

(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.

Income Taxes

3 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

13. Income Taxes

The Company recognized no income tax expense during the three ended March 31, 2024 and 2023. The Company maintains a full valuation allowance against its deferred tax assets due to the Company’s history of losses as of March 31, 2024.

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 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(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

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

Mar. 31, 2024

Dec. 31, 2023

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

Total fair value of assets

$ 200,000

$ 115,143

Fair Value, Inputs, Level 1

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

Total fair value of assets

200,000

115,143

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

Treasury Securities

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

Total fair value of assets

^[1],[2]

200,000

115,143

Treasury Securities | Fair Value, Inputs, Level 1

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

Total fair value of assets

^[1],[2]

200,000

115,143

Treasury Securities | 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]

Treasury Securities | 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

[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.

Fair Value Measurements

3 Months Ended

Mar. 31, 2024

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.

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):


	March 31, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Treasury securities (1) (2)	$	200,000	$	—	$	—	$	200,000
Total fair value of assets	$	200,000	$	—	$	—	$	200,000


	December 31, 2023
	Level 1		Level 2		Level 3		Total
Assets:
Treasury securities (1) (2)	$	115,143	$	—	$	—	$	115,143
Total fair value of assets	$	115,143	$	—	$	—	$	115,143

(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.

- 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

Commitments and Contingencies - Summary of Lease Costs and Other Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Operating lease cost	$ 1,139,001
Short-term lease cost	29,571
Sublease Income	(181,765)
Total lease cost	986,807
Operating cash flows used for lease liabilities	$ (888)
Weighted-average remaining lease term - operating leases	5 years 6 months
Weighted-average discount rate - operating leases	7.00%

Consolidated Statements of Operations and Comprehensive Loss (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating expenses:
Research and development	$ 23,897	$ 26,756
General and administrative	6,974	6,566
Total operating expenses	30,871	33,322
Loss from operations	(30,871)	(33,322)
Interest income	2,918	2,666
Interest expense	(2)	(19)
Other expense, net	(61)	(206)
Loss before income tax provision	(28,016)	(30,881)
Income tax provision	0	0
Net loss	$ (28,016)	$ (30,881)
Net loss per share attributable to common stockholders, basic	$ (0.35)	$ (0.72)
Net loss per share attributable to common stockholders, diluted	$ (0.35)	$ (0.72)
Weighted-average common shares used in computing net income (loss) per share attributable to common stockholders, basic	79,071,652	42,955,688
Weighted-average common shares used in computing net income (loss) per share attributable to common stockholders, diluted	79,071,652	42,955,688

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2024
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, 2023. There have been no material changes to the significant accounting policies during the three months ended March 31, 2024.
Unaudited Interim Financial Information	Unaudited Interim Financial Information The accompanying unaudited consolidated financial statements as of March 31, 2024, and for the three months ended March 31, 2024, 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, 2023. 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 March 31, 2024 and consolidated results of operations for the three months ended March 31, 2024 and 2023 and consolidated cash flows for the three months ended March 31, 2024 and 2023 have been made. The results of operations for the three months ended March 31, 2024 are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2024.
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. 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. Accounting Pronouncements Not Yet Adopted In September 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which enhances the transparency and usefulness of income tax disclosures. This amendment requires public issuers to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income, or loss, by the applicable statutory income tax rate. Additionally, this amendment requires issuers to disclose the amount of income taxes paid (net of refunds received) disaggregated by federal (national), state, and foreign taxes as well as the amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater than 5 percent of total income taxes paid (net of refunds received). For SEC filers, this ASU is effective for fiscal years beginning after December 15, 2025. Early adoption is permitted. The Company is currently evaluating the impact the adoption that this ASU will have on its consolidated financial statements and related disclosures.

Net Loss per Share

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Net Loss per Share

12. 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 March 31,
	2024			2023
Net loss - basic and diluted	$	(28,016	)	$	(30,881	)
Weighted-average shares used in computing net loss per share, basic and diluted		79,071,652			42,955,688
Net loss per share, basic and diluted		(0.35	)		(0.72	)


	As of March 31,
	2024		2023
Options to purchase common stock		12,712,774		8,141,595
Unvested restricted stock units		791,420		647,100
Total		13,504,194		8,788,695

Commitments and Contingencies - Schedule of Sublease Income (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2024	$ 541
2025	736
2026	438
2027 and thereafter	0
Total	$ 1,715

Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Property, Plant and Equipment [Line Items]
Depreciation and amortization expense	$ 1,651	$ 1,254
PropertyPlantAndEquipmentMember
Property, Plant and Equipment [Line Items]
Depreciation and amortization expense	$ 1,700	$ 1,300

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2024
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, 2023. There have been no material changes to the significant accounting policies during the three months ended March 31, 2024. Unaudited Interim Financial Information The accompanying unaudited consolidated financial statements as of March 31, 2024, and for the three months ended March 31, 2024, 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, 2023. 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 March 31, 2024 and consolidated results of operations for the three months ended March 31, 2024 and 2023 and consolidated cash flows for the three months ended March 31, 2024 and 2023 have been made. The results of operations for the three months ended March 31, 2024 are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2024. 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. 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. Accounting Pronouncements Not Yet Adopted In September 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which enhances the transparency and usefulness of income tax disclosures. This amendment requires public issuers to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income, or loss, by the applicable statutory income tax rate. Additionally, this amendment requires issuers to disclose the amount of income taxes paid (net of refunds received) disaggregated by federal (national), state, and foreign taxes as well as the amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater than 5 percent of total income taxes paid (net of refunds received). For SEC filers, this ASU is effective for fiscal years beginning after December 15, 2025. Early adoption is permitted. The Company is currently evaluating the impact the adoption that this ASU will have on its consolidated financial statements and related disclosures.

Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2024

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:


	March 31, 2024		December 31, 2023
Stock options and restricted stock units available for future grant		800,665		2,473,485
Stock options issued and outstanding		12,712,774		9,383,105
Unvested restricted stock units		791,420		454,200
Common stock warrants issued and outstanding		8,445,333		—
Total common stock reserved		22,750,192		12,310,790

Schedule Of Outstanding Warrants To Purchase Shares of Common Stock

The following provides a roll forward of outstanding pre-funded warrants to purchase common stock as of March 31, 2024:


Issuance Date	Number of Shares of Common Stock Issuable		Weighted Average Exercise Price
Outstanding, December 31, 2023		—		—
Warrants issued		8,445,333		0.0001
Warrants exercised		—		—
Warrants forfeited		—		—
Outstanding, March 31, 2024		8,445,333		0.0001

Stockholders' Equity

3 Months Ended

Mar. 31, 2024

Stockholders' Equity Note [Abstract]

Stockholders' Equity

10. 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 March 31, 2024.

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 March 31, 2024, 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:


	March 31, 2024		December 31, 2023
Stock options and restricted stock units available for future grant		800,665		2,473,485
Stock options issued and outstanding		12,712,774		9,383,105
Unvested restricted stock units		791,420		454,200
Common stock warrants issued and outstanding		8,445,333		—
Total common stock reserved		22,750,192		12,310,790

On January 22, 2024, the Company entered into the Underwriting Agreement with Jefferies and Guggenheim Securities, LLC, as representatives of the Underwriters, related to the Offering of 32,379,667 shares of our common stock, which included 5,325,000 shares sold and issued upon the exercise in full by the Underwriters of their option to purchase additional shares of common stock, and, in lieu of common stock to certain investors, pre-funded warrants to purchase 8,445,333 shares of common stock. The pre-funded warrants were sold at a public offering price of $2.3999 per pre-funded warrant, which represents the per share public offering price of each share of common stock minus the $0.0001 per share exercise price for each pre-funded warrant. The pre-funded warrants do not have an expiration date and are exercisable at any time. The pre-funded warrants are classified as equity within the Company's unaudited consolidated balance sheet. The Company received net proceeds from the Offering, after deducting the underwriting discount and commissions and other estimated offering expenses, of approximately $91.7 million. The Company may receive nominal proceeds, if any, from the exercise of the pre-funded warrants.

The following provides a roll forward of outstanding pre-funded warrants to purchase common stock as of March 31, 2024:


Issuance Date	Number of Shares of Common Stock Issuable		Weighted Average Exercise Price
Outstanding, December 31, 2023		—		—
Warrants issued		8,445,333		0.0001
Warrants exercised		—		—
Warrants forfeited		—		—
Outstanding, March 31, 2024		8,445,333		0.0001

- Definition

The entire disclosure for equity.

+ References

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

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

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

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

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

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

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

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

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

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

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

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

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

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

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

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

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

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 247,589	$ 159,711
Prepaid expenses and other current assets	2,761	2,561
Total current assets	250,350	162,272
Property and equipment, net	25,407	26,777
Operating lease right-of-use asset	16,647	17,424
Other non-current assets	691	822
Total assets	293,095	207,295
Current liabilities:
Accounts payable	2,542	2,625
Accrued and other current liabilities	11,597	13,441
Operating lease liability	3,322	3,221
Total current liabilities	17,461	19,287
Operating lease liability, net of current portion	16,714	17,703
Other non-current liabilities	116	130
Total liabilities	34,291	37,120
Commitments and contingencies (Note 9)
Stockholders’ equity:
Preferred stock, $0.0001 par value, 10,000,000 shares authorized as of March 31, 2024 and December 31, 2023, respectively; none issued and outstanding as of March 31, 2024 and December 31, 2023, respectively	0	0
Common stock, $0.0001 par value, 150,000,000 shares authorized as of March 31, 2024 and December 31, 2023, respectively; 82,169,503 and 43,270,386 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively	8	4
Additional paid-in capital	667,584	550,943
Accumulated deficit	(408,788)	(380,772)
Total stockholders’ equity	258,804	170,175
Total liabilities and stockholders’ equity	$ 293,095	$ 207,295

Stock-Based Compensation

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

11. Stock-based Compensation

Stock-based Compensation Expense

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


	Three Months Ended March 31,
	2024		2023
Research and development	$	2,539	$	2,207
General and administrative		3,140		2,558
Total stock-based compensation	$	5,679	$	4,765

Stock Options

A summary of stock option activity for the three months ended March 31, 2024 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, 2023		9,383,105		$	10.64		8.2	$	45
Options granted		3,565,150		$	2.61
Options exercised		(88,283	)	$	2.14
Options forfeited or cancelled		(147,198	)	$	11.23
Outstanding, March 31, 2024		12,712,774		$	8.44		8.5	$	400
Options exercisable, March 31, 2024		4,429,344		$	13.35		7.3	$	20
Vested and expected to vest, March 31, 2024		12,712,774		$	8.44		8.5	$	400

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


	Three Months Ended March 31,
	2024	2023
Fair value of common stock	$2.35 - $3.12	$5.76 - $9.15
Expected term (years)	6.0 - 6.1	6.0 - 6.1
Volatility	82.15% - 84.06%	83.25% - 86.19%
Risk free rates	3.93% - 4.27%	3.55% - 4.22%
Dividend rate	0.0%	0.0%

Restricted Stock Units (RSUs)

The summary of RSU activity and related information for the three months ended March 31, 2024 is set forth below:


	Number of Units Outstanding			Weighted Average Grant Date Fair Value
Outstanding, December 31, 2023		454,200		$	7.69
RSUs granted		488,300		$	2.72
RSUs vested		(148,980	)	$	7.62
RSUs forfeited		(2,100	)	$	3.12
Outstanding, March 31, 2024		791,420		$	4.61

Option repricing

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 (the 2015 Plan) and Second Amended and Restated 2018 Stock Option and Incentive Plan (the 2018 Plan, and together with the 2015 Plan, the Plans). Pursuant to the Option Repricing, the exercise price of each stock option previously granted under the Plans, totaling 6,431,077 options, was amended to reduce the exercise price of such options to $2.14 per share, 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 otherwise retained their existing terms and conditions as set forth in the Plans and applicable award agreements. The stock option modification resulted in $4.6 million of incremental compensation cost, which was calculated using the Black-Scholes option-pricing model. Of the incremental compensation cost, $0.8 million was recognized in the three months ended March 31, 2024, and $2.2 million will be recognized on the straight-line basis over the remaining vesting period of the repriced options. The incremental cost is included in general and administrative expense and research and development expense on the condensed consolidated statements of operations and comprehensive loss.

Consolidated Statements of Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Common Stock	Additional Pain In Capital	Accumulated Deficit
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 (Loss)	(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, 2023	170,175	$ 4	550,943	(380,772)
Balance, shares at Dec. 31, 2023		43,270,386
Issuance of common stock upon exercise of stock options	$ 189		189
Issuance of common stock upon exercise of stock options, shares	88,283	88,283
Issuance of common stock upon vesting of restricted stock, shares		148,980
Shares withheld for taxes	$ (141)		(141)
Shares withheld for taxes, shares		(67,813)
Issuance of common stock pursuant to at-the-market offering, net of issuance costs of $0.6 million, Amount	19,266	$ 1	19,265
Issuance of common stock pursuant to at-the-market offering, net of issuance costs of $0.6 million, Share		6,350,000
Issuance of common stock and pre-funded warrants pursuant to underwritten public offering, net of issuance costs of $6.3 million, Amount	91,652	$ 3	91,649
Issuance of common stock and pre-funded warrants pursuant to underwritten public offering, net of issuance costs of $6.3 million, Share		32,379,667
Stock-based compensation expense	5,679		5,679
Net Income (Loss)	(28,016)			(28,016)
Balance at Mar. 31, 2024	$ 258,804	$ 8	$ 667,584	$ (408,788)
Balance, shares at Mar. 31, 2024		82,169,503

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2024	May 10, 2024
Cover [Abstract]
Entity Incorporation, State or Country Code	DE
Entity Common Stock, Shares Outstanding		82,173,503
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2024
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2024
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	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	131 Dartmouth Street
Entity Address, Address Line Two	3rd 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
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

Related Party - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Jan. 22, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Issuance of common stock	82,169,503	5,325,000	43,270,386
Regeneron Pharmaceuticals, Inc.
Related Party Transaction [Line Items]
Issuance of common stock	883,568
Revenue from related party	$ 0

Stock-Based Compensation - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	$ 5,679	$ 4,765
Research and Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	2,539	2,207
General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	$ 3,140	$ 2,558

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 35
-Paragraph 1D
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-Subparagraph (c)(2)(iii)(02)
-Publisher FASB
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(03)
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

Accrued and Other Current Liabilities (Tables)

3 Months Ended

Mar. 31, 2024

Payables and Accruals [Abstract]

Summary of Accrued and Other Current Liabilities

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


	March 31, 2024		December 31, 2023
Accrued compensation	$	4,117	$	6,514
Accrued CDMO costs		5,991		5,679
Accrued professional services		826		625
Accrued other research and development expenses		277		354
Accrued CRO costs		383		257
Accrued other liabilities		3		12
Total accrued and other liabilities	$	11,597	$	13,441

Stock-based Compensation - Summary of Restricted Stock Unit Activity (Details)	3 Months Ended
	Mar. 31, 2024 $ / 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, 2023 \| shares	454,200
RSUs granted \| shares	488,300
RSUs Vested \| shares	(148,980)
RSUs forfeited \| shares	(2,100)
Outstanding, March 31, 2024 \| shares	791,420
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	$ 7.69
Weighted-Average Grant Date Fair Value, Granted \| $ / shares	2.72
Weighted-Average Grant Date Fair Value,Vested \| $ / shares	7.62
Weighted-Average Grant Date Fair Value, Forfeited \| $ / shares	3.12
Weighted-Average Grant Date Fair Value, Ending \| $ / shares	$ 4.61

Stockholders' Equity - Schedule of Outstanding Warrants to Purchase Shares of Common Stock (Details)	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Weighted-Average Exercise Price, Outstanding beginning	$ 10.64
Weighted-Average Exercise Price, Warrants issued	2.61
Weighted-Average Exercise Price, Warrants exercised	2.14
Weighted-Average Exercise Price, Outstanding ending	$ 8.44
Warrant [Member]
Outstanding, December 31, 2023 \| shares	0
Number of shares of common stock issuable, Issued \| shares	8,445,333
Number of shares of common stock issuable, Exercised \| shares	0
Number of shares of common stock issuable, Forfeited \| shares	0
Outstanding, March 31, 2024 \| shares	8,445,333
Weighted-Average Exercise Price, Outstanding beginning	$ 0
Weighted-Average Exercise Price, Warrants issued	0.0001
Weighted-Average Exercise Price, Warrants exercised	0
Weighted Average Exercise Price, Warrants forfeited	0
Weighted-Average Exercise Price, Outstanding ending	$ 0.0001

Commitments and Contingences

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingences

9. 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 fully utilized the allowance for the continued buildout of office and laboratory space at 1000 Bridge Parkway in 2023. 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 and increased the operating lease liability accordingly.

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.

On September 1, 2023, Adicet Therapeutics amended its letter of credit with Westport Office Park, LLC. The amendment reduced the amount of the letter of credit associated with 1000 Bridge Parkway by $2.1 million resulting in an updated letter of credit amount of $2.1 million.

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 March 31, 2024 is as follows (in thousands):


	March 31, 2024
2024	$	541
2025		736
2026		438
2027 and thereafter		—
Total	$	1,715

Further, the Company remains liable for the remaining lease payments under the 500 Boylston Lease, totaling $1.5 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 March 31, 2024 were as follows (in thousands):


	March 31, 2024
2024		3,774
2025		4,662
2026		4,009
2027		3,714
2028 and thereafter		8,376
Total undiscounted lease payments		24,535
Less: imputed interest		(4,499	)
Total operating lease liability		20,036
Less: current portion		(3,322	)
Operating lease liability, net of current maturities	$	16,714


	Three Months Ended
	March 31, 2024
Lease Cost
Operating lease cost	$	1,139,001
Short-term lease cost		29,571
Sublease income		(181,765	)
Total lease cost	$	986,807
Other Information
Operating cash flows used for lease liabilities	$	(888	)
Weighted-average remaining lease term - operating leases		5.5
Weighted-average discount rate - operating leases		7	%

Related Party

3 Months Ended

Mar. 31, 2024

Related Party

14. Related Party

As of March 31, 2024, 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 months ended March 31, 2024, the Company recorded no revenue from 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
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

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

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

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

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

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

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

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

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

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

+ Details

Organization and Nature of the Business - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands					1 Months Ended		3 Months Ended
	Jan. 23, 2024	Jan. 22, 2024	Aug. 31, 2022	Mar. 12, 2021	Jan. 31, 2024	Nov. 30, 2022	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Schedule Of Equity Method Investments [Line Items]
Outstanding warrants, Weighted average exercise price		$ 2.3999
Aggregate Net Proceed					$ 19,300
Common stock price per share		$ 0.0001					$ 0.0001		$ 0.0001
Issuance of common stock		5,325,000					82,169,503		43,270,386
Estimated offering expenses	$ 91,700
Aggregate gross proceeds							$ 19,266	$ 0
Accumulated deficit							(408,788)		$ (380,772)
Underwriting discounts and commissions and other offering expenses		$ 91,700
Adicet Therapeutics [Member]
Schedule Of Equity Method Investments [Line Items]
Accumulated deficit							$ 408,800
Jefferies LLC [Member]
Schedule Of Equity Method Investments [Line Items]
Purchase price per share		$ 2.256
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
Common Stock [Member]
Schedule Of Equity Method Investments [Line Items]
Issuance of common stock		5,325,000
Common Stock [Member] \| Jefferies LLC [Member]
Schedule Of Equity Method Investments [Line Items]
Outstanding warrants, Weighted average exercise price		$ 2.4
Warrants outstanding		8,445,333
Common stock price per share					$ 0.0001
Issuance of common stock		27,054,667
Pre Funded Warrant [Member] \| Jefferies LLC [Member]
Schedule Of Equity Method Investments [Line Items]
Underwriting agreement to purchase					30
Discount on underwriters warrant		6.00%
Purchase price per share		$ 2.2559
Outstanding warrants, Weighted average exercise price		2.3999
Pre Funded Warrant [Member] \| Jefferies LLC [Member] \| Initial Public Offering
Schedule Of Equity Method Investments [Line Items]
Outstanding warrants, Weighted average exercise price		$ 0.0001
Maximum \| 2021 Sales Agreement
Schedule Of Equity Method Investments [Line Items]
Aggregate gross proceeds				$ 75,000

Net Loss per Share - Schedule of Potentially Dilutive Securities Excluded from Computation of Diluted Net Loss Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	13,504,194	8,788,695
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	12,712,774	8,141,595
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	791,420	647,100

Property and Equipment, Net (Tables)

3 Months Ended

Mar. 31, 2024

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)	March 31, 2024			December 31, 2023
Leasehold improvements	Lesser of useful life or lease term	$	26,643		$	26,643
Laboratory equipment	3		13,346			13,165
Furniture and fixtures	3		951			951
Construction in progress	—		366			265
Computer equipment	3		189			189
Software	3		411			411
			41,906			41,624
Less: Accumulated depreciation and amortization			(16,499	)		(14,847	)
Property and equipment, net		$	25,407		$	26,777

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Taxes Disclosure [Line Items]
Income tax provision	$ 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

Third Party Agreements

3 Months Ended

Mar. 31, 2024

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 March 31, 2024. 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 March 31, 2024.

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 year ended December 31, 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.

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 March 31, 2024, 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.

Property and Equipment, Net - Summary of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Property Plant And Equipment [Line Items]
Lesser of useful life or lease term	Leasehold Improvements
Total property and equipment	$ 41,906	$ 41,624
Less: Accumulated depreciation and amortization	(16,499)	(14,847)
Property and equipment, net	25,407	26,777
Laboratory Equipment
Property Plant And Equipment [Line Items]
Total property and equipment	$ 13,346	13,165
Useful life (in years)	3 years
Leasehold Improvements
Property Plant And Equipment [Line Items]
Total property and equipment	$ 26,643	26,643
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Total property and equipment	$ 951	951
Useful life (in years)	3 years
Construction In Progress
Property Plant And Equipment [Line Items]
Total property and equipment	$ 366	265
Useful life (in years)
Computer Equipment
Property Plant And Equipment [Line Items]
Total property and equipment	$ 189	189
Useful life (in years)	3 years
Software
Property Plant And Equipment [Line Items]
Total property and equipment	$ 411	$ 411
Useful life (in years)	3 years

Consolidated Balance Sheets (Parenthetical) (unaudited) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common stock price per share	$ 0.0001	$ 0.0001
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	82,169,503	43,270,386
Common stock, shares outstanding	82,169,503	43,270,386
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

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities
Net loss	$ (28,016)	$ (30,881)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense	1,651	1,254
Noncash lease expense	777	561
Stock-based compensation expense	5,679	4,765
Amortization of deferred debt issuance costs	39	17
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(200)	214
Other non-current assets	92	84
Accounts payable	(208)	(2,333)
Operating lease liabilities	(888)	2,474
Accrued and other current and non-current liabilities	(1,775)	(249)
Net cash used in operating activities	(22,849)	(24,094)
Cash flows from investing activities
Purchases of property and equipment	(239)	(1,915)
Net cash provided by (used in) investing activities	(239)	(1,915)
Cash flows from financing activities
Proceeds from issuance of common stock pursuant to at-the-market offering, net of issuance costs	19,266	0
Proceeds from issuance of common stock and pre-funded warrants pursuant to underwritten public offering, net of issuance costs	91,652	0
Proceeds from exercise of stock options	189	3
Taxes withheld and paid related to net share settlement of equity awards	(141)	(10)
Net cash provided by (used in) financing activities	110,966	(7)
Net change in cash and cash equivalents	87,878	(26,016)
Cash and cash equivalents at the beginning of period	159,711	257,656
Cash and cash equivalents, at the end of period	247,589	231,640
Supplemental disclosures of noncash investing and financing activities
Purchases of property and equipment included in accounts payable and accrued expenses	$ 320	$ 1,081

Term Loan

3 Months Ended

Mar. 31, 2024

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, 2021 (the 2021 Loan Amendment), December 2, 2022 (the 2022 Loan Amendment) and May 30, 2023 with Banc of California (formerly known as Pacific Western Bank) to finance leasehold improvements for the facilities in Redwood City, CA and other purposes permitted under the Loan Agreement. Under the 2021 Loan Amendment, Banc of California will provide one or more Term Loans (as defined in the 2021 Loan Amendment), as well as Non-Formula Ancillary Services which shall not exceed $5.5 million in the aggregate. Non-Formula Ancillary Services are defined as automated clearinghouse transactions, corporate credit card services, letters of credit, or other treasury management services. Per the terms of the Loan Agreement, the aggregate sum of the outstanding Term Loans and Non-Formula Ancillary Services shall at no time exceed $15.0 million, which each Term Loan to be in an amount of not less than $1.0 million.

On March 13, 2023, the Company and Banc of California 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 Banc of California and (ii) the Company must maintain its combined balances at Banc of California or its affiliates, including Pacific Western Asset Management (the Letter).

On May 30, 2023, the Company further amended its Loan Agreement with Banc of California (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 Banc of California. 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 Banc of California up to a total of $2.5 million.

As of March 31, 2024, the Company had $12.7 million available under the Loan Agreement. Additionally, as of March 31, 2024, the Company was in compliance with such covenants as stated in the 2023 Loan Amendment and had no indebtedness outstanding under the Loan Agreement. In April 2024, the Term Loans under the Loan Agreement expired. The Non-Formula Ancillary Services, which shall not exceed $5.5 million in the aggregate, remain available under the Loan Agreement as of the date of this Quarterly Report on Form 10-Q.

- 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
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-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
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-Paragraph 1
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Paragraph 1B
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Paragraph 1I
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Accrued and Other Current Liabilities - Summary of Accrued and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accrued compensation	$ 4,117	$ 6,514
Accrued CDMO costs	5,991	5,679
Accrued professional services	826	625
Accrued other research and development expenses	277	354
Accrued CRO costs	383	257
Accrued other liabilities	3	12
Total accrued and other liabilities	$ 11,597	$ 13,441