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Quarterly Financial Information (Unaudited) | 12 Months Ended
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Dec. 31, 2024
Quarterly Financial Information Disclosure [Abstract] |
Quarterly Financial Information | Quarterly Financial Information (Unaudited) The previously reported financial information for the three months ended March 31, 2024, three and six months ended June 30, 2024 and the three and nine months ended September 30, 2024 and the comparable periods in 2023, has been restated. Relevant restated financial information for each period is included in this restatement and for other immaterial adjustments in the tables that follow. Restatement Related to NC Premises As described in Note 2, the Company inappropriately omitted accounting for available tenant improvement allowance that resulted in a misstatement of its operating lease right-of-use asset and related lease liability. Additionally, the Company did not account for a tenant improvement allowances that were conveyed to the subtenant resulting in an overstatement of sublease income. The tables below reflect the adjustments related to this restatement, the amounts of which are included with reference (a). During the quarter ended June 30, 2024, the Company inappropriately assessed the collectibility of the sublease payments as probable and recorded a deferred rent receivable of $7.0 million. The Company corrected its collectibility assessment and recognized an adjustment to eliminate the $7.0 million and $7.1 million deferred rent receivable in the second and third quarters of 2024, respectively, the amounts of which are included in the tables below with reference (b). Other Adjustments As part of this restatement, the Company has corrected certain other immaterial errors. These adjustments are described in more detail references (c) and (d) as follows: (c)The Company had previously recorded an out of period adjustment related to research and development expenses in the first quarter of 2023 that was the result of not recording a severance accrual of $0.2 million in 2022. (d)The Company had previously understated its right-of-use assets and lease liability by $0.3 million related to its facilities in Redwood City, California at each balance sheet date in 2024 and 2023. The unaudited interim financial statements reflect all adjustments which are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented (in thousands, except per share data). Condensed Consolidated Balance Sheets
| September 30, 2024 (unaudited)
| As Previously Reported |  | Adjustment |  | Reference |  | As Restated
Assets |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |
Cash and cash equivalents | $ | 92,851 |  |  | $ | — |  |  |  |  | $ | 92,851 |
Short-term investments | 60,390 |  |  | — |  |  |  |  | 60,390 |
Prepaid expenses and other current assets | 7,839 |  |  | — |  |  |  |  | 7,839 |
Total current assets | 161,080 |  |  | — |  |  |  |  | 161,080 |
Operating lease right-of-use assets | 50,695 |  |  | (17,015) |  |  | (a) (d) |  | 33,680 |
Property and equipment, net | 12,215 |  |  | — |  |  |  |  | 12,215 |
Deferred rent receivable | 7,116 |  |  | (7,116) |  |  | (b) |  | — |
Restricted cash | 1,976 |  |  | — |  |  |  |  | 1,976 |
Deposit and other long-term assets | 1,293 |  |  | — |  |  |  |  | 1,293 |
Total assets | $ | 234,375 |  |  | $ | (24,131) |  |  |  |  | $ | 210,244 |
Liabilities and stockholders’ equity |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |
Accounts payable | $ | 2,110 |  |  | — |  |  |  |  | $ | 2,110 |
Accrued expenses and other current liabilities | 14,886 |  |  | — |  |  |  |  | 14,886 |
Lease liability, current portion | 10,661 |  |  | (5,044) |  |  | (a) |  | 5,617 |
Total current liabilities | 27,657 |  |  | (5,044) |  |  |  |  | 22,613 |
Long-term liabilities: |  |  |  |  |  |  |
Lease liability, net of current portion | 62,602 |  |  | 16,759 |  |  | (a) (d) |  | 79,361 |
Total liabilities | 90,259 |  |  | 11,715 |  |  |  |  | 101,974 |
Commitments and contingencies |  |  |  |  |  |  |
Stockholders’ equity: |  |  |  |  |  |  |
Preferred stock | — |  |  | — |  |  |  |  | — |
Common stock | 2 |  |  | — |  |  |  |  | 2 |
Additional paid-in capital | 1,134,556 |  |  | — |  |  |  |  | 1,134,556 |
Accumulated other comprehensive loss | (268) |  |  | — |  |  |  |  | (268) |
Accumulated deficit | (990,174) |  |  | (35,846) |  |  | (a) (b) |  | (1,026,020) |
Total stockholders’ equity | 144,116 |  |  | (35,846) |  |  |  |  | 108,270 |
Total liabilities and stockholders’ equity | $ | 234,375 |  |  | $ | (24,131) |  |  |  |  | $ | 210,244 |
| June 30, 2024 (unaudited)
| As Previously Reported |  | Adjustment |  | Reference |  | As Restated
Assets |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |
Cash and cash equivalents | $ | 127,321 |  |  | $ | — |  |  |  |  | $ | 127,321 |
Short-term investments | 46,506 |  |  | — |  |  |  |  | 46,506 |
Prepaid expenses and other current assets | 5,591 |  |  | — |  |  |  |  | 5,591 |
Total current assets | 179,418 |  |  | — |  |  |  |  | 179,418 |
Operating lease right-of-use assets | 51,237 |  |  | (17,241) |  |  | (a) (d) |  | 33,996 |
Property and equipment, net | 13,047 |  |  |  |  |  |  | 13,047 |
Deferred rent receivable | 6,963 |  |  | (6,963) |  |  | (b) |  | — |
Restricted cash | 1,976 |  |  | — |  |  |  |  | 1,976 |
Deposit and other long-term assets | 1,162 |  |  | — |  |  |  |  | 1,162 |
Total assets | $ | 253,803 |  |  | $ | (24,204) |  |  |  |  | $ | 229,599 |
Liabilities and stockholders’ equity |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |
Accounts payable | 1,973 |  |  | — |  |  |  |  | 1,973 |
Accrued expenses and other current liabilities | 9,912 |  |  | — |  |  |  |  | 9,912 |
Lease liability, current portion | 10,576 |  |  | (5,006) |  |  | (a) |  | 5,570 |
Total current liabilities | 22,461 |  |  | (5,006) |  |  |  |  | 17,455 |
Long-term liabilities: |  |  |  |  |  |  |
Lease liability, net of current portion | 63,313 |  |  | 11,431 |  |  | (a) (d) |  | 74,744 |
Total liabilities | 85,774 |  |  | 6,425 |  |  |  |  | 92,199 |
Commitments and contingencies |  |  |  |  |  |  |
Stockholders’ equity: |  |  |  |  |  |  |
Preferred stock | — |  |  | — |  |  |  |  | — |
Common stock | 2 |  |  | — |  |  |  |  | 2 |
Additional paid-in capital | 1,131,592 |  |  | — |  |  |  |  | 1,131,592 |
Accumulated other comprehensive loss | (525) |  |  | — |  |  |  |  | (525) |
Accumulated deficit | (963,040) |  |  | (30,629) |  |  | (a) (b) |  | (993,669) |
Total stockholders’ equity | 168,029 |  |  | (30,629) |  |  |  |  | 137,400 |
Total liabilities and stockholders’ equity | $ | 253,803 |  |  | $ | (24,204) |  |  |  |  | $ | 229,599 |
| March 31, 2024 (unaudited)
| As Previously Reported |  | Adjustment |  | Reference |  | As Restated
Assets |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |
Cash and cash equivalents | $ | 149,608 |  |  | $ | — |  |  |  |  | $ | 149,608 |
Short-term investments | 43,720 |  |  | — |  |  |  |  | 43,720 |
Prepaid expenses and other current assets | 5,802 |  |  | — |  |  |  |  | 5,802 |
Total current assets | 199,130 |  |  | — |  |  |  |  | 199,130 |
Operating lease right-of-use assets | 51,760 |  |  | (17,282) |  |  | (a) (d) |  | 34,478 |
Property and equipment, net | 13,766 |  |  | — |  |  |  |  | 13,766 |
Restricted cash | 1,976 |  |  | — |  |  |  |  | 1,976 |
Deposit and other long-term assets | 1,196 |  |  | — |  |  |  |  | 1,196 |
Total assets | $ | 267,828 |  |  | $ | (17,282) |  |  |  |  | $ | 250,546 |
Liabilities and stockholders’ equity |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |
Accounts payable | 1,897 |  |  | — |  |  |  |  | 1,897 |
Accrued expenses and other current liabilities | 9,160 |  |  | — |  |  |  |  | 9,160 |
Lease liability, current portion | 10,492 |  |  | (4,971) |  |  | (a) |  | 5,521 |
Total current liabilities | 21,549 |  |  | (4,971) |  |  |  |  | 16,578 |
Long-term liabilities: |  |  |  |  |  |  |
Lease liability, net of current portion | 63,991 |  |  | 6,296 |  |  | (a) (d) |  | 70,287 |
Total liabilities | 85,540 |  |  | 1,325 |  |  |  |  | 86,865 |
Commitments and contingencies |  |  |  |  |  |  |
Stockholders’ equity: |  |  |  |  |  |  |
Preferred stock | — |  |  | — |  |  |  |  | — |
Common stock | 2 |  |  | — |  |  |  |  | 2 |
Additional paid-in capital | 1,127,383 |  |  | — |  |  |  |  | 1,127,383 |
Accumulated other comprehensive loss | (533) |  |  | — |  |  |  |  | (533) |
Accumulated deficit | (944,564) |  |  | (18,607) |  |  | (a) |  | (963,171) |
Total stockholders’ equity | 182,288 |  |  | (18,607) |  |  |  |  | 163,681 |
Total liabilities and stockholders’ equity | $ | 267,828 |  |  | $ | (17,282) |  |  |  |  | $ | 250,546 |
| September 30, 2023 (unaudited)
| As Previously Reported |  | Adjustment |  | Reference |  | As Restated
Assets |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |
Cash and cash equivalents | $ | 105,366 |  |  | $ | — |  |  |  |  | $ | 105,366 |
Short-term investments | 11,716 |  |  | — |  |  |  |  | 11,716 |
Prepaid expenses and other current assets | 7,514 |  |  | — |  |  |  |  | 7,514 |
Total current assets | 124,596 |  |  | — |  |  |  |  | 124,596 |
Operating lease right-of-use assets | 52,757 |  |  | (17,158) |  |  | (a) (d) |  | 35,599 |
Property and equipment, net | 15,497 |  |  | — |  |  |  |  | 15,497 |
Restricted cash | 2,650 |  |  | — |  |  |  |  | 2,650 |
Deposit and other long-term assets | 1,270 |  |  | — |  |  |  |  | 1,270 |
Total assets | $ | 196,770 |  |  | $ | (17,158) |  |  |  |  | $ | 179,612 |
Liabilities and stockholders’ equity |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |
Accounts payable | 2,170 |  |  | — |  |  |  |  | 2,170 |
Accrued expenses and other current liabilities | 16,362 |  |  | — |  |  |  |  | 16,362 |
Lease liability, current portion | 10,324 |  |  | (4,897) |  |  | (a) |  | 5,427 |
Total current liabilities | 28,856 |  |  | (4,897) |  |  |  |  | 23,959 |
Long-term liabilities: |  |  |  |  |  |  |
Lease liability, net of current portion | 65,200 |  |  | 3,196 |  |  | (a) (d) |  | 68,396 |
Total liabilities | 94,056 |  |  | (1,701) |  |  |  |  | 92,355 |
Commitments and contingencies |  |  |  |  |  |  |
Stockholders’ equity: |  |  |  |  |  |  |
Preferred stock | — |  |  | — |  |  |  |  | — |
Common stock | 1 |  |  | — |  |  |  |  | 1 |
Additional paid-in capital | 999,328 |  |  | — |  |  |  |  | 999,328 |
Accumulated other comprehensive loss | (552) |  |  | — |  |  |  |  | (552) |
Accumulated deficit | (896,063) |  |  | (15,457) |  |  | (a) (c) |  | (911,520) |
Total stockholders’ equity | 102,714 |  |  | (15,457) |  |  |  |  | 87,257 |
Total liabilities and stockholders’ equity | $ | 196,770 |  |  | $ | (17,158) |  |  |  |  | $ | 179,612 |
| June 30, 2023 (unaudited)
| As Previously Reported |  | Adjustment |  | Reference |  | As Restated
Assets |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |
Cash and cash equivalents | $ | 111,187 |  |  | $ | — |  |  |  |  | $ | 111,187 |
Short-term investments | 30,266 |  |  | — |  |  |  |  | 30,266 |
Prepaid expenses and other current assets | 5,690 |  |  | — |  |  |  |  | 5,690 |
Total current assets | 147,143 |  |  | — |  |  |  |  | 147,143 |
Operating lease right-of-use assets | 58,287 |  |  | (17,054) |  |  | (a) (d) |  | 41,233 |
Property and equipment, net | 32,041 |  |  | — |  |  |  |  | 32,041 |
Restricted cash | 2,650 |  |  | — |  |  |  |  | 2,650 |
Deposit and other long-term assets | 1,308 |  |  | — |  |  |  |  | 1,308 |
Total assets | $ | 241,429 |  |  | $ | (17,054) |  |  |  |  | $ | 224,375 |
Liabilities and stockholders’ equity |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |
Accounts payable | 1,418 |  |  | — |  |  |  |  | 1,418 |
Accrued expenses and other current liabilities | 17,704 |  |  | — |  |  |  |  | 17,704 |
Lease liability, current portion | 25,396 |  |  | (4,861) |  |  | (a) |  | 20,535 |
Total current liabilities | 44,518 |  |  | (4,861) |  |  |  |  | 39,657 |
Long-term liabilities: |  |  |  |  |  |  |
Lease liability, net of current portion | 65,756 |  |  | 2,734 |  |  | (a) (d) |  | 68,490 |
Total liabilities | 110,274 |  |  | (2,127) |  |  |  |  | 108,147 |
Commitments and contingencies |  |  |  |  |  |  |
Stockholders’ equity: |  |  |  |  |  |  |
Preferred stock | — |  |  | — |  |  |  |  | — |
Common stock | 1 |  |  | — |  |  |  |  | 1 |
Additional paid-in capital | 994,938 |  |  | — |  |  |  |  | 994,938 |
Accumulated other comprehensive loss | (606) |  |  | — |  |  |  |  | (606) |
Accumulated deficit | (863,178) |  |  | (14,927) |  |  | (a) (c) |  | (878,105) |
Total stockholders’ equity | 131,155 |  |  | (14,927) |  |  |  |  | 116,228 |
Total liabilities and stockholders’ equity | $ | 241,429 |  |  | $ | (17,054) |  |  |  |  | $ | 224,375 |
| March 31, 2023 (unaudited)
| As Previously Reported |  | Adjustment |  | Reference |  | As Restated
Assets |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |
Cash and cash equivalents | $ | 67,552 |  |  | $ | — |  |  |  |  | $ | 67,552 |
Short-term investments | 96,733 |  |  | — |  |  |  |  | 96,733 |
Prepaid expenses and other current assets | 4,588 |  |  | — |  |  |  |  | 4,588 |
Total current assets | 168,873 |  |  | — |  |  |  |  | 168,873 |
Operating lease right-of-use assets | 69,503 |  |  | (22,905) |  |  | (a) (d) |  | 46,598 |
Property and equipment, net | 33,347 |  |  | — |  |  |  |  | 33,347 |
Restricted cash | 2,503 |  |  | — |  |  |  |  | 2,503 |
Deposit and other long-term assets | 1,351 |  |  | — |  |  |  |  | 1,351 |
Total assets | $ | 275,577 |  |  | $ | (22,905) |  |  |  |  | $ | 252,672 |
Liabilities and stockholders’ equity |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |
Accounts payable | 2,863 |  |  | — |  |  |  |  | 2,863 |
Accrued expenses and other current liabilities | 17,344 |  |  | — |  |  |  |  | 17,344 |
Lease liability, current portion | 26,265 |  |  | (5,531) |  |  | (a) |  | 20,734 |
Total current liabilities | 46,472 |  |  | (5,531) |  |  |  |  | 40,941 |
Long-term liabilities: |  |  |  |  |  |  |
Lease liability, net of current portion | 71,348 |  |  | (3,462) |  |  | (a) (d) |  | 67,886 |
Total liabilities | 117,820 |  |  | (8,993) |  |  |  |  | 108,827 |
Commitments and contingencies |  |  |  |  |  |  |
Stockholders’ equity: |  |  |  |  |  |  |
Preferred stock | — |  |  | — |  |  |  |  | — |
Common stock | 1 |  |  | — |  |  |  |  | 1 |
Additional paid-in capital | 990,223 |  |  | — |  |  |  |  | 990,223 |
Accumulated other comprehensive loss | (799) |  |  | — |  |  |  |  | (799) |
Accumulated deficit | (831,668) |  |  | (13,912) |  |  | (a) (c) |  | (845,580) |
Total stockholders’ equity | 157,757 |  |  | (13,912) |  |  |  |  | 143,845 |
Total liabilities and stockholders’ equity | $ | 275,577 |  |  | (22,905) |  |  |  |  | $ | 252,672 |
Quarterly and Year to Date Condensed Consolidated Statements of Operations and Comprehensive Loss
| Three Months Ended |  | Nine Months Ended
| September 30, 2024 (unaudited) |  | September 30, 2024 (unaudited)
| As Previously Reported |  | Adjustment |  | Reference |  | As Restated |  | As Previously Reported |  | Adjustment |  | Reference |  | As Restated
License revenue | $ | 1,000 |  |  | $ | — |  |  |  |  | $ | 1,000 |  |  | $ | 1,000 |  |  | $ | — |  |  |  |  | $ | 1,000 |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Research and development | 20,439 |  |  | — |  |  |  |  | 20,439 |  |  | 52,946 |  |  | — |  |  |  |  | 52,946 |
General and administrative | 9,782 |  |  | 5,217 |  |  | (a) |  | 14,999 |  |  | 24,996 |  |  | 19,599 |  |  | (a) (b) |  | 44,595 |
Total operating expenses | 30,221 |  |  | 5,217 |  |  |  |  | 35,438 |  |  | 77,942 |  |  | 19,599 |  |  |  |  | 97,541 |
Operating loss | (29,221) |  |  | (5,217) |  |  |  |  | (34,438) |  |  | (76,942) |  |  | (19,599) |  |  |  |  | (96,541) |
Other income, net | 2,087 |  | — |  |  |  |  | 2,087 |  | 6,545 |  | — |  |  |  |  | 6,545
Net loss | (27,134) |  |  | (5,217) |  |  |  |  | (32,351) |  |  | (70,397) |  |  | (19,599) |  |  |  |  | (89,996) |
Other comprehensive gain (loss): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net unrealized gain on marketable securities | 241 |  |  | — |  |  |  |  | 241 |  |  | 198 |  |  | — |  |  |  |  | 198 |
Foreign currency translation adjustment | 16 |  |  | — |  |  |  |  | 16 |  |  | 7 |  |  | — |  |  |  |  | 7 |
Comprehensive loss | $ | (26,877) |  |  | $ | (5,217) |  |  |  |  | $ | (32,094) |  |  | $ | (70,192) |  |  | $ | (19,599) |  |  |  |  | $ | (89,791) |
Net loss per share — basic and diluted | $ | (1.30) |  |  | — |  |  |  |  | $ | (1.55) |  |  | $ | (3.63) |  |  | — |  |  |  |  | $ | (4.64) |
Weighted-average common shares used to compute net loss per share - basic and diluted | 20,876 |  |  | — |  |  |  |  | 20,876 |  |  | 19,408 |  |  | — |  |  |  |  | 19,408 |
| Three Months Ended |  | Six Months Ended
| June 30, 2024 (unaudited) |  | June 30, 2024 (unaudited)
| As Previously Reported |  | Adjustment |  | Reference |  | As Restated |  | As Previously Reported |  | Adjustment |  | Reference |  | As Restated
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Research and development | $ | 17,097 |  |  | $ | — |  |  |  |  | $ | 17,097 |  |  | $ | 32,507 |  |  | $ | — |  |  |  |  | $ | 32,507 |
General and administrative | 3,785 |  |  | 12,022 |  |  | (a) (b) |  | 15,807 |  |  | 15,214 |  |  | 14,382 |  |  | (a) (b) |  | 29,596 |
Total operating expenses | 20,882 |  |  | 12,022 |  |  |  |  | 32,904 |  |  | 47,721 |  |  | 14,382 |  |  |  |  | 62,103 |
Operating loss | (20,882) |  |  | (12,022) |  |  |  |  | (32,904) |  |  | (47,721) |  |  | (14,382) |  |  |  |  | (62,103) |
Other income, net | 2,406 |  |  | — |  |  |  |  | 2,406 |  |  | 4,458 |  |  | — |  |  |  |  | 4,458 |
Net loss | (18,476) |  |  | (12,022) |  |  |  |  | (30,498) |  |  | (43,263) |  |  | (14,382) |  |  |  |  | (57,645) |
Other comprehensive gain (loss): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net unrealized loss on marketable securities | (2) |  |  | — |  |  |  |  | (2) |  |  | (43) |  |  | — |  |  |  |  | (43) |
Foreign currency translation adjustment | 10 |  |  | — |  |  |  |  | 10 |  |  | (9) |  |  | — |  |  |  |  | (9) |
Comprehensive loss | $ | (18,468) |  |  | (12,022) |  |  |  |  | $ | (30,490) |  |  | $ | (43,315) |  |  | $ | (14,382) |  |  |  |  | $ | (57,697) |
Net loss per share — basic and diluted | $ | (0.89) |  |  | — |  |  |  |  | $ | (1.46) |  |  | $ | (2.31) |  |  | — |  |  |  |  | $ | (3.08) |
Weighted-average common shares used to compute net loss per share - basic and diluted | 20,852 |  |  | — |  |  |  |  | 20,852 |  |  | 18,713 |  |  | — |  |  |  |  | 18,713 |
| Three Months Ended |  |
| March 31, 2024 (unaudited) |  |  |  |  |  |
| As Previously Reported |  | Adjustment |  | Reference |  | As Restated |  |  |  |  |  |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |
Research and development | $ | 15,410 |  |  | $ | — |  |  |  |  | $ | 15,410 |  |  |  |  |  |  |
General and administrative | 11,429 |  |  | 2,360 |  |  | (a) |  | 13,789 |  |  |  |  |  |  |
Total operating expenses | 26,839 |  |  | 2,360 |  |  |  |  | 29,199 |  |  |  |  |  |  |
Operating loss | (26,839) |  |  | (2,360) |  |  |  |  | (29,199) |  |  |  |  |  |  |
Other income, net | 2,052 |  |  | — |  |  |  |  | 2,052 |  |  |  |  |  |  |
Net loss | (24,787) |  |  | (2,360) |  |  |  |  | (27,147) |  |  |  |  |  |  |
Other comprehensive gain (loss): |  |  |  |  |  |  |  |  |  |  |  |  |
Net unrealized loss on marketable securities | (41) |  |  | — |  |  |  |  | (41) |  |  |  |  |  |  |
Foreign currency translation adjustment | (19) |  |  | — |  |  |  |  | (19) |  |  |  |  |  |  |
Comprehensive loss | $ | (24,847) |  |  | $ | (2,360) |  |  |  |  | $ | (27,207) |  |  |  |  |  |  |
Net loss per share — basic and diluted | $ | (1.50) |  |  | — |  |  |  |  | $ | (1.65) |  |  |  |  |  |  |
Weighted-average common shares used to compute net loss per share - basic and diluted | 16,479 |  |  | — |  |  |  |  | 16,479 |  |  |  |  |  |  |
| Three Months Ended |  | Nine Months Ended
| September 30, 2023 (unaudited) |  | September 30, 2023 (unaudited)
| As Previously Reported |  | Adjustment |  | Reference |  | As Restated |  | As Previously Reported |  | Adjustment |  | Reference |  | As Restated
License revenue | $ | — |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | 3,600 |  |  | $ | — |  |  |  |  | $ | 3,600 |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Research and development | 20,740 |  |  | — |  |  |  |  | 20,740 |  |  | 62,398 |  |  | (190) |  |  | (c) |  | 62,208 |
General and administrative | 13,789 |  |  | 530 |  |  | (a) |  | 14,319 |  |  | 39,035 |  |  | 4,351 |  |  | (a) |  | 43,386 |
Total operating expenses | 34,529 |  |  | 530 |  |  |  |  | 35,059 |  |  | 101,433 |  |  | 4,161 |  |  |  |  | 105,594 |
Operating loss | (34,529) |  |  | (530) |  |  |  |  | (35,059) |  |  | (97,833) |  |  | (4,161) |  |  |  |  | (101,994) |
Other income, net | 1,661 |  | — |  |  |  |  | 1,661 |  | 4,437 |  | — |  |  |  |  | 4,437
Net loss before income taxes | (32,868) |  |  | (530) |  |  |  |  | (33,398) |  |  | (93,396) |  |  | (4,161) |  |  |  |  | (97,557) |
Income tax provision | (17) |  |  |  |  |  |  | (17) |  |  | (55) |  |  |  |  |  |  | (55) |
Net loss | (32,885) |  |  | (530) |  |  |  |  | (33,415) |  |  | (93,451) |  |  | (4,161) |  |  |  |  | (97,612) |
Other comprehensive gain (loss): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net unrealized gain on marketable securities | 66 |  |  | — |  |  |  |  | 66 |  |  | 1,003 |  |  | — |  |  |  |  | 1,003 |
Foreign currency translation adjustment | (12) |  |  | — |  |  |  |  | (12) |  |  | (24) |  |  | — |  |  |  |  | (24) |
Comprehensive loss | $ | (32,831) |  |  | (530) |  |  |  |  | $ | (33,361) |  |  | $ | (92,472) |  |  | $ | (4,161) |  |  |  |  | $ | (96,633) |
Net loss per share — basic and diluted | $ | (3.26) |  |  | — |  |  |  |  | $ | (3.31) |  |  | $ | (9.28) |  |  | — |  |  |  |  | $ | (9.69) |
Weighted-average common shares used to compute net loss per share - basic and diluted | 10,099 |  |  | — |  |  |  |  | 10,099 |  |  | 10,069 |  |  | — |  |  |  |  | 10,069 |
| Three Months Ended |  | Six Months Ended
| June 30, 2023 (unaudited) |  | June 30, 2023 (unaudited)
| As Previously Reported |  | Adjustment |  | Reference |  | As Restated |  | As Previously Reported |  | Adjustment |  | Reference |  | As Restated
License revenue | $ | — |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | 3,600 |  |  | $ | — |  |  |  |  | $ | 3,600 |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Research and development | $ | 20,599 |  |  | $ | — |  |  |  |  | $ | 20,599 |  |  | $ | 41,658 |  |  | $ | (190) |  |  | (c) |  | $ | 41,468 |
General and administrative | 12,466 |  |  | 1,015 |  |  | (a) |  | 13,481 |  |  | 25,246 |  |  | 3,821 |  |  | (a) |  | 29,067 |
Total operating expenses | 33,065 |  |  | 1,015 |  |  |  |  | 34,080 |  |  | 66,904 |  |  | 3,631 |  |  |  |  | 70,535 |
Operating loss | (33,065) |  |  | (1,015) |  |  |  |  | (34,080) |  |  | (63,304) |  |  | (3,631) |  |  |  |  | (66,935) |
Other income, net | 1,576 |  |  | — |  |  |  |  | 1,576 |  |  | 2,776 |  |  | — |  |  |  |  | 2,776 |
Net loss before income taxes | (31,489) |  |  | (1,015) |  |  |  |  | (32,504) |  |  | (60,528) |  |  | (3,631) |  |  |  |  | (64,159) |
Income tax provision | (21) |  |  |  |  |  |  | (21) |  |  | (38) |  |  |  |  |  |  | (38) |
Net loss | (31,510) |  |  | (1,015) |  |  |  |  | (32,525) |  |  | (60,566) |  |  | (3,631) |  |  |  |  | (64,197) |
Other comprehensive gain (loss): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net unrealized gain on marketable securities | 198 |  |  | — |  |  |  |  | 198 |  |  | 937 |  |  | — |  |  |  |  | 937 |
Foreign currency translation adjustment | (5) |  |  | — |  |  |  |  | (5) |  |  | (12) |  |  | — |  |  |  |  | (12) |
Comprehensive loss | $ | (31,317) |  |  | (1,015) |  |  |  |  | $ | (32,332) |  |  | $ | (59,641) |  |  | $ | (3,631) |  |  |  |  | $ | (63,272) |
Net loss per share — basic and diluted | $ | (3.13) |  |  | — |  |  |  |  | $ | (3.23) |  |  | $ | (6.02) |  |  | — |  |  |  |  | $ | (6.39) |
Weighted-average common shares used to compute net loss per share - basic and diluted | 10,076 |  |  | — |  |  |  |  | 10,076 |  |  | 10,053 |  |  | — |  |  |  |  | 10,053 |
| Three Months Ended |  |
| March 31, 2023 (unaudited) |  |  |  |  |  |
| As Previously Reported |  | Adjustment |  | Reference |  | As Restated |  |  |  |  |  |
License revenue | $ | 3,600 |  |  | $ | — |  |  |  |  | $ | 3,600 |  |  |  |  |  |  |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |
Research and development | $ | 21,059 |  |  | $ | (190) |  |  | (c) |  | $ | 20,869 |  |  |  |  |  |  |
General and administrative | 12,780 |  |  | 2,806 |  |  | (a) |  | 15,586 |  |  |  |  |  |  |
Total operating expenses | 33,839 |  |  | 2,616 |  |  |  |  | 36,455 |  |  |  |  |  |  |
Operating loss | (30,239) |  |  | (2,616) |  |  |  |  | (32,855) |  |  |  |  |  |  |
Other income, net | 1,200 |  |  | — |  |  |  |  | 1,200 |  |  |  |  |  |  |
Net loss before income taxes | (29,039) |  |  | (2,616) |  |  |  |  | (31,655) |  |  |  |  |  |  |
Income tax provision | (17) |  |  | — |  |  |  |  | (17) |  |  |  |  |  |  |
Net loss | (29,056) |  |  | (2,616) |  |  |  |  | (31,672) |  |  |  |  |  |  |
Other comprehensive gain (loss): |  |  |  |  |  |  |  |  |  |  |  |  |
Net unrealized gain on marketable securities | 739 |  |  | — |  |  |  |  | 739 |  |  |  |  |  |  |
Foreign currency translation adjustment | (7) |  |  | — |  |  |  |  | (7) |  |  |  |  |  |  |
Comprehensive loss | $ | (28,324) |  |  | (2,616) |  |  |  |  | $ | (30,940) |  |  |  |  |  |  |
Net loss per share — basic and diluted | $ | (2.90) |  |  | — |  |  |  |  | $ | (3.16) |  |  |  |  |  |  |
Weighted-average common shares used to compute net loss per share - basic and diluted | 10,030 |  |  | — |  |  |  |  | 10,030 |  |  |  |  |  |  |
Statements of Cash Flows The effects of this restatement on certain line items of the condensed consolidated statements of cash flows are summarized in the following tables (in thousands). There was no impact on net cash used in operating activities or within any line items within investing and financing activities.
| Nine Months Ended September 30, 2024
| As Previously Reported |  | Adjustments |  | Reference |  | As Restated
Cash flows from operating activities: |  |  |  |  |  |  |
Net loss | $ | (70,397) |  |  | $ | (19,599) |  |  | (a) (b) |  | $ | (89,996) |
Adjustments to reconcile net loss to net cash used in operating activities: |  |  |  |  |  |  |
Non-cash lease expense | 1,571 |  |  | 4,006 |  |  | (a) |  | 5,577 |
Non-cash sublease loss | — |  |  | 8,477 |  |  | (a) |  | 8,477 |
Changes in operating assets and liabilities: |  |  |  |  |  |  |
Deposit and other long-term assets and deferred rent receivable | (7,178) |  |  | 7,116 |  |  | (b) |  | (62) |
| Six Months Ended June 30, 2024
| As Previously Reported |  | Adjustments |  | Reference |  | As Restated
Cash flows from operating activities: |  |  |  |  |  |  |
Net loss | $ | (43,263) |  |  | $ | (14,382) |  |  | (a) (b) |  | $ | (57,645) |
Adjustments to reconcile net loss to net cash used in operating activities: |  |  |  |  |  |  |
Non-cash lease expense | 1,029 |  |  | 2,654 |  |  | (a) |  | 3,683 |
Non-cash sublease loss | — |  |  | 4,765 |  |  | (a) |  | 4,765 |
Changes in operating assets and liabilities: |  |  |  |  |  |  |
Deposit and other long-term assets and deferred rent receivable | (6,894) |  |  | 6,963 |  |  | (b) |  | 69 |
| Three Months Ended March 31, 2024
| As Previously Reported |  | Adjustments |  | Reference |  | As Restated
Cash flows from operating activities: |  |  |  |  |  |  |
Net loss | $ | (24,787) |  |  | $ | (2,360) |  |  | (a) |  | $ | (27,147) |
Adjustments to reconcile net loss to net cash used in operating activities: |  |  |  |  |  |  |
Non-cash lease expense | 506 |  |  | 1,314 |  |  | (a) |  | 1,820 |
Non-cash sublease loss | — |  |  | 1,046 |  |  | (a) |  | 1,046 |
| Nine Months Ended September 30, 2023
| As Previously Reported |  | Adjustments |  | Reference |  | As Restated
Cash flows from operating activities: |  |  |  |  |  |  |
Net loss | $ | (93,451) |  |  | $ | (4,161) |  |  | (a) (c) |  | $ | (97,612) |
Adjustments to reconcile net loss to net cash used in operating activities: |  |  |  |  |  |  |
Non-cash lease expense | 12,466 |  |  | 3,916 |  |  | (a) |  | 16,382 |
Non-cash sublease loss | — |  |  | 435 |  |  | (a) |  | 435 |
Changes in operating assets and liabilities: |  |  |  |  |  |  | — |
Accrued expenses and other liabilities | (1,452) |  |  | (190) |  |  | (c) |  | (1,642) |
Supplemental schedule of noncash information |  |  |  |  |  |  |
Remeasurement of operating lease right-of-use assets | $ | 13,711 |  |  | $ | (6,079) |  |  |  |  | $ | 7,632 |
| Six Months Ended June 30, 2023
| As Previously Reported |  | Adjustments |  | Reference |  | As Restated
Cash flows from operating activities: |  |  |  |  |  |  |
Net loss | $ | (60,566) |  |  | $ | (3,631) |  |  | (a) (c) |  | (64,197) |
Adjustments to reconcile net loss to net cash used in operating activities: |  |  |  |  |  |  |
Non-cash lease expense | 6,936 |  |  | 2,602 |  |  | (a) |  | 9,538 |
Non-cash sublease loss | — |  |  | 1,219 |  |  | (a) |  | 1,219 |
Changes in operating assets and liabilities: |  |  |  |  |  |  |
Accrued expenses and other liabilities | (525) |  |  | (190) |  |  | (c) |  | (715) |
Supplemental schedule of noncash information |  |  |  |  |  |  |
Remeasurement of operating lease right-of-use assets | $ | 13,711 |  |  | $ | (6,079) |  |  |  |  | $ | 7,632 |
| Three Months Ended March 31, 2023
| As Previously Reported |  | Adjustments |  | Reference |  | As Restated
Cash flows from operating activities: |  |  |  |  |  |  |
Net loss | $ | (29,056) |  |  | $ | (2,616) |  |  | (a) (c) |  | $ | (31,672) |
Adjustments to reconcile net loss to net cash used in operating activities: |  |  |  |  |  |  |
Non-cash lease expense | 1,427 |  |  | 1,239 |  |  | (a) |  | 2,666 |
Non-cash sublease loss | — |  |  | 1,567 |  |  |  |  | 1,567 |
Changes in operating assets and liabilities: |  |  |  |  |  |  | — |
Accrued expenses and other liabilities | (749) |  |  | (190) |  |  | (c) |  | (939) |
Supplemental schedule of noncash information |  |  |  |  |  |  |
Remeasurement of operating lease right-of-use assets | $ | 8,004 |  |  | $ | (104) |  |  |  |  | $ | 7,900 |

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