0000950170-25-036329 | 10-K | XBRL Viewer

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Income Taxes - Summary of Net Operating Loss and Tax Carryforwards (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)
Operating Loss Carryforwards [Line Items]
Net operating losses, state expiration begin year	2036
Net operating losses, state expiration year	2040
Tax credits, federal expiration begin year	2040
Tax credits, federal expiration year	2044
Tax credits, state expiration description	Do Not Expire
Federal
Operating Loss Carryforwards [Line Items]
Tax credits	$ 19,339
State
Operating Loss Carryforwards [Line Items]
Net operating losses	63,519
Tax credits	$ 8,186
Post-December 31, 2017
Operating Loss Carryforwards [Line Items]
Net operating losses, federal expiration description	Do Not Expire
Post-December 31, 2017 \| Federal
Operating Loss Carryforwards [Line Items]
Net operating losses	$ 291,837
Pre-January 1, 2018
Operating Loss Carryforwards [Line Items]
Net operating losses, federal expiration begin year	2036
Net operating losses, federal expiration year	2037
Pre-January 1, 2018 \| Federal
Operating Loss Carryforwards [Line Items]
Net operating losses	$ 3,093

Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Balance at Dec. 31, 2022	$ 243,376	$ 7	$ 522,945	$ (378)	$ (279,198)
Balance, shares at Dec. 31, 2022		66,857,113
Issuance of common stock in connection with at-the-market sales, net of issuance costs, shares		535,767
Issuance of common stock in connection with at-the-market sales, net of issuance costs	3,868		3,868
Issuance of common stock upon exercise of pre-funded warrants, shares		302,517
Issuance of common stock upon exercise of stock options and vesting of restricted stock units, shares		265,047
Issuance of common stock upon exercise of stock options and vesting of restricted stock units	29		29
Issuance of common stock pursuant to employee stock purchase plan, shares		369,898
Issuance of common stock pursuant to employee stock purchase plan	653		653
Stock-based compensation	15,309		15,309
Vesting of early exercised stock options	1		1
Other comprehensive income	272			272
Net loss	(124,084)				(124,084)
Balance at Dec. 31, 2023	139,424	$ 7	542,805	(106)	(403,282)
Balance, shares at Dec. 31, 2023		68,330,342
Issuance of common stock and pre-funded warrants, net of issuance costs, shares		8,888,890
Issuance of common stock and pre-funded warrants, net of issuance costs	46,762	$ 1	46,761
Issuance of common stock upon exercise of pre-funded warrants, shares		8,156,447
Issuance of common stock upon exercise of pre-funded warrants	8		8
Issuance of common stock upon exercise of stock options and vesting of restricted stock units, shares		743,041
Issuance of common stock upon exercise of stock options and vesting of restricted stock units	113		113
Issuance of common stock pursuant to employee stock purchase plan, shares		423,620
Issuance of common stock pursuant to employee stock purchase plan	866		866
Issuance of warrant	175		175
Stock-based compensation	16,501		16,501
Other comprehensive income	134			134
Net loss	(111,129)				(111,129)
Balance at Dec. 31, 2024	$ 92,854	$ 8	$ 607,229	$ 28	$ (514,411)
Balance, shares at Dec. 31, 2024		86,542,340

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP).
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Significant estimates and assumptions made in the accompanying financial statements include, but are not limited to, the valuation of equity-based awards and accrued expenses related to research and development activities. The Company bases its estimates on historical experience, the current economic environment, and on various other assumptions that are believed to be reasonable under the circumstances. Actual results may differ from those estimates or assumptions.
Fair Value Measurements	Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The accounting guidance establishes a three-tiered hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value as follows: Level 1 - Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2 - Inputs other than quoted market prices included in Level 1 are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life. Level 3 - Inputs 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. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The Company’s cash and cash equivalents, prepaid expenses and other current assets, accounts payable and accrued expenses and other current liabilities approximate their fair value due to their short-term nature.
Concentration of Credit Risk	Concentrations of Credit Risk Financial instruments that potentially subject the Company to concentration of risk consist principally of cash, cash equivalents and marketable securities. The Company maintains deposits in cash and cash equivalents in federally insured financial institutions that it believes have high credit quality. Such deposits may exceed federally insured limits. The Company is exposed to credit risk in the event of default by the financial institutions holding its cash and cash equivalents and the issuers of its investments in marketable securities to the extent recorded in the balance sheets. The Company has not experienced any losses on its deposits of cash and cash equivalents.
Risks and Uncertainties	Risks and Uncertainties The Company is subject to certain risks including, but not limited to, the ability to obtain future financing, possible failure of ongoing and future clinical trials, the need to obtain regulatory approvals for its product candidates, the need to successfully commercialize and gain market acceptance of the Company’s product candidates, competitive developments, protection of proprietary technology, the ability to make milestone, royalty or other payments due under licensing agreements, and the Company’s ability to attract and retain employees necessary to support its business plan.
Segment Information	Segment Information The Company views its operations and manages its business as one operating segment, which is the business of discovering and developing potential treatments that address the underlying drivers of heart disease. The Company’s long-lived assets are located in the United States.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments purchased with an original maturity of three months or less on the date of purchase to be cash equivalents. Cash equivalents primarily consist of money market funds that are stated at fair value.
Restricted Cash	Restricted Cash The restricted cash primarily represents the security deposit for the Company’s operating lease in South San Francisco, California. The security deposit is in the form of a letter of credit secured by restricted cash.
Marketable Securities	Marketable Securities The Company invests in marketable securities, primarily securities issued by the U.S. government and its agencies, commercial paper and corporate bonds. All marketable securities have been classified as available-for-sale and are carried at estimated fair value as determined based upon quoted market prices or pricing models for similar securities. Management determines the appropriate classification of its marketable debt securities at the time of purchase and reevaluates such designation at each balance sheet date. The Company evaluates securities for impairment at the end of each reporting period. Factors considered in the evaluation include whether a decline in fair value below the amortized cost basis is due to credit-related factors or non-credit-related factors, the financial condition and near-term prospect of the issuer, and the Company’s intent and ability to hold the investment to allow for anticipated recovery in fair value. A credit-related impairment is recognized as an allowance on the balance sheet with a corresponding adjustment to earnings. Any impairment that is not credit-related is reported as a component of other comprehensive loss. Realized gains and losses are included in other income (expense), net. The cost of securities sold is based on the specific-identification method. Interest earned on marketable securities is included in interest income.
Property and Equipment, Net	Property and Equipment, Net Property and equipment are stated at cost, less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, generally three to five years. Leasehold improvements are amortized over the shorter of the assets’ expected lives or the remaining lease term. Costs for capital assets not yet placed into service are capitalized as construction in progress and are not depreciated until the asset is placed in service. Upon retirement or sale, the cost of disposed assets and their related accumulated depreciation are removed from the balance sheets. Any resulting gains or losses on dispositions of property and equipment are included as a component of other income (expense), net, within the Company’s statements of operations and comprehensive loss. Repair and maintenance costs, which are not considered improvements and do not extend the useful life of property and equipment, are expensed as incurred.
Impairment for Long-Lived Assets	Impairment for Long-Lived Assets Long-lived assets, including construction in progress, are reviewed for impairment annually or whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by comparing the carrying amount of an asset to the estimated undiscounted future net cash flows expected to be generated by the asset. If the carrying amount of the asset exceeds its estimated future cash flows, an impairment charge is recognized in the amount by which the carrying amount of the asset exceeds the fair value of the asset. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary. There was no impairment of long-lived assets for any of the periods presented.
Leases	Leases The Company determines if an arrangement is a lease at inception. Operating lease right-of-use (ROU) assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized based on the present value of lease payments over the lease term at the commencement date of the lease. ROU assets also include any initial direct costs incurred and any lease payments made at or before the lease commencement date, less any lease incentive received. The Company uses the rate implicit in the lease in determining the present value of lease payments and, if that rate is not readily determinable, the Company uses its incremental borrowing rate based on the information available at the date of lease commencement. The incremental borrowing rate reflects the rate of interest that a lessee would have to pay to borrow, on a collateralized basis over a similar term, an amount equal to the lease payments in a similar economic environment. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Company’s non-lease components are primarily related to property taxes, insurance, and common area maintenance, which vary based on future outcomes, and are recognized as rent expense when incurred.
Research and Development Expense	Research and Development Expenses Research and development costs are expensed as incurred. Research and development expenses include, among others, consulting fees, salaries, benefits, travel, stock-based compensation, laboratory supplies and other non-capital equipment utilized for in-house research, allocated facilities and overhead costs, fees related to licensing agreements, fees paid to contract research organizations that conduct research and development activities on the Company’s behalf and costs related to compliance with regulatory requirements. Goods or services incurred for research and development activities that have not yet been invoiced are recorded as liabilities within accrued expenses and other current liabilities on the Company’s balance sheets. The Company has and may continue to acquire the rights to licensed technology that represents in-process research and development to use and develop in the commercialization of new product candidates. The upfront payments made to acquire licenses, product or rights, or payments made related to future milestone payments are recognized as research and development expenses provided that there is no alternative future use of the rights in other research and development projects, up to the point of regulatory approval. Milestone payments are expensed when the specific milestone has been achieved. Non-refundable advance payments for goods or services to be rendered as part of future research and development activities are capitalized on the Company’s balance sheets until the goods or services are received. Classification between prepaid expenses and other current assets and other non-current assets is based on an evaluation of when the goods will be delivered and/or services will be performed, with such amounts subsequently amortized to expense once incurred.
Stock-Based Compensation	Stock-Based Compensation The Company measures and records expense related to all equity awards granted to employees and non-employees in the statements of operations and comprehensive loss based on their grant date fair values, including stock options and restricted stock awards. For stock-based awards that vest subject to the satisfaction of a service requirement, the expense is recognized using the straight-line method over the requisite service period, which is generally the vesting period. Forfeitures are recognized as they occur. The fair value of restricted stock awards is determined on the date of grant based on the estimated fair value of the Company’s common stock on that date. For purposes of determining the estimated fair value of options granted to employees and nonemployees, the Company uses the Black-Scholes option pricing model. See Note 8, Stock-Based Compensation to the Company's financial statements for the specific assumptions used in applying the Black-Scholes valuation model.
Income Taxes	Income Taxes The Company accounts for income taxes using the asset and liability method. The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. A valuation allowance is recorded for deferred tax assets if it is more likely than not that some portion or all of the deferred tax assets will not be realized. As of December 31, 2024 and 2023, the Company has recorded a full valuation allowance on its net deferred tax assets. Tax benefits related to uncertain tax positions are recognized when it is more likely than not that a tax position will be sustained during an audit. Interest and penalties, if any, related to unrecognized tax benefits are included within the provision for income tax.
Net Loss Per Share	Net Loss Per Share Basic net loss per share is calculated by dividing the net loss by the weighted-average number of shares of the Company’s common stock outstanding for the period, without consideration for potential dilutive shares of common stock. Basic shares of common stock outstanding include the weighted-average effect of the Company’s pre-funded warrants issued in November 2022 and February 2024 (see Note 6, Stockholders' Equity) because the pre-funded warrants have a nominal exercise price. As the Company is in a loss position for the periods presented, diluted net loss per share is the same as basic net loss per share, since the effects of potentially dilutive securities are antidilutive. Shares related to early exercised stock options that are subject to repurchase are excluded from the basic and diluted net loss per share calculation until the Company’s repurchase right lapses.
Emerging Growth Company Status	Emerging Growth Company Status The Company is an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (JOBS Act). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. The Company has elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that it (a) is no longer an emerging growth company or (b) affirmatively and irrevocably opts out of the extended transition period provided in the JOBS Act. As a result, these financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates.
Recently Adopted Accounting Standards and Recently Issued Accounting Pronouncements Not Yet Adopted	Recently Adopted Accounting Standards In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (ASU 2023-07), which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. In addition, ASU 2023-07 enhances interim disclosure requirements, clarifies circumstances in which an entity can disclose multiple segment measures of profit or loss, provides new segment disclosure requirements for entities with a single reportable segment, and contains other disclosure requirements. ASU 2023-07 is effective for annual periods beginning after December 15, 2023, and interim periods beginning after December 15, 2024. The adoption of ASU 2023-07 did not have any effect on the Company's financial statements. See Note 12, Segment Reporting to our financial statements for the disclosure pursuant to the adoption of ASU 2023-07. Recently Issued Accounting Pronouncements Not Yet Adopted In November 2024, the FASB issued ASU No. 2024-03, Income Statement (Topic 220): Reporting Comprehensive Income - Expense Disaggregation Disclosures, Disaggregation of Income Statement Expenses (ASU 2024-03), which requires public companies to disclose, in interim and annual reporting periods, additional information about certain expenses in the financial statements. The amendments in this ASU will be effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is evaluating the impact of this standard on its financial statements and related disclosures. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09), which requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. ASU 2023-09 is effective for the Company beginning January 1, 2025. The Company is evaluating the impact of this standard on its financial statements and related disclosures.

Summary of Significant Accounting Policies - Additional Information (Details)	12 Months Ended
	Dec. 31, 2024 USD ($) Segment	Dec. 31, 2023 USD ($)
Significant Accounting Policies [Line Items]
Impairment of long lived assets \| $	$ 0	$ 0
Number of operating segment \| Segment	1
ASU 2023-07
Significant Accounting Policies [Line Items]
Accounting standards update, adopted [true false]	true
Accounting standards update, immaterial effect [true false]	true
Accounting standards update, adoption date	Dec. 15, 2024
Minimum
Significant Accounting Policies [Line Items]
Property and equipment, useful life	3 years
Maximum
Significant Accounting Policies [Line Items]
Property and equipment, useful life	5 years

Balance Sheet Components - Summary of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Balance Sheet Related Disclosures [Abstract]
Accrued compensation and related expenses	$ 5,595	$ 8,700
Accrued research and development expenses	1,446	2,583
Accrued professional services	432	743
Accrued taxes	348	280
Other current liabilities	214	478
Total accrued and other current liabilities	$ 8,035	$ 12,784

Term Loan - Additional Information (Details) - Silicon Valley Bank Loan Agreement - USD ($) $ in Millions	Aug. 06, 2024	Dec. 31, 2024
Line of Credit Facility [Line Items]
Maximum borrowing capacity of term loans	$ 45.0
Funds under loan agreement		$ 0.0
Interest Rate During Period	8.50%
Commence Date	Jan. 01, 2026
Extension Date	Jul. 01, 2026
First Tranche
Line of Credit Facility [Line Items]
Borrowing capacity of term loans	$ 15.0
Second Tranche
Line of Credit Facility [Line Items]
Borrowing capacity of term loans	5.0
Third Tranche
Line of Credit Facility [Line Items]
Borrowing capacity of term loans	2.5
Fourth Tranche
Line of Credit Facility [Line Items]
Borrowing capacity of term loans	2.5
Final Tranche
Line of Credit Facility [Line Items]
Borrowing capacity of term loans	$ 20.0

Balance Sheet Components - Summary of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Property Plant And Equipment [Line Items]
Total property and equipment	$ 68,148	$ 67,617
Less: accumulated depreciation and amortization	(32,290)	(24,340)
Total property and equipment, net	35,858	43,277
Leasehold Improvements
Property Plant And Equipment [Line Items]
Total property and equipment	26,159	25,608
Laboratory Equipment
Property Plant And Equipment [Line Items]
Total property and equipment	19,770	19,973
Manufacturing Equipment
Property Plant And Equipment [Line Items]
Total property and equipment	17,738	17,716
Construction in Progress
Property Plant And Equipment [Line Items]
Total property and equipment	1,915	1,730
Computer Equipment and Software
Property Plant And Equipment [Line Items]
Total property and equipment	1,664	1,614
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Total property and equipment	$ 902	$ 976

Stock-Based Compensation

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Note 8. Stock-Based Compensation

2024 Inducement Equity Incentive Plan

In September 2024, the Board of Directors (the Board) adopted the Company's 2024 Inducement Equity Incentive Plan (the Inducement Plan), and subject to the adjustment provisions of the Inducement Plan, reserved 1,200,000 shares of the Company’s common stock for issuance pursuant to equity awards granted under the Inducement Plan. The Inducement Plan allows the Company to make equity awards to prospective employees of the Company as an inducement to such individual's commencement of employment with the Company.

Total shares reserved and available for grant under the Inducement Plan as of December 31, 2024, are 1,188,000.

2021 Equity Incentive Plan

Under the Company's 2021 Equity Incentive Plan (2021 Plan), 4,000,000 shares of the Company’s common stock were initially reserved for issuance of equity awards to employees, directors, and consultants, under terms and provisions established by the Board. The number of shares of common stock available for issuance under the 2021 Plan automatically increases on the first day of January for a period of ten years, commencing on January 1, 2022, in an amount equal to the lesser of: 4,000,000 shares; 4% of the outstanding shares of the Company’s common stock as of the last day of the immediately preceding year; or such other amount as the Board may determine.

Total shares reserved and available for grant under the 2021 Plan as of December 31, 2024, are 1,791,393.

Stock Option Activity

The following table summarizes stock option activity:


	Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life		Aggregate Intrinsic Value
				(in dollars)		(Years)		(In thousands)
Outstanding as of December 31, 2023		8,343,434		$	7.47
Granted		2,754,100		$	4.81
Exercised		(50,945	)	$	2.20
Cancelled		(1,792,613	)	$	8.47
Outstanding as of December 31, 2024		9,253,976		$	6.51		7.22	$	406
Exercisable as of December 31, 2024		5,339,995		$	7.29		6.56	$	406

The aggregate intrinsic value is the value of the Company’s closing stock price on the last trading day of the year in excess of the weighted-average exercise price multiplied by the number of options outstanding or exercisable. The total intrinsic value of options exercised during the years ended December 31, 2024 and 2023, was $74.9 thousand and $36.7 thousand, respectively.

The weighted-average grant-date fair value of options granted during the years ended December 31, 2024 and 2023 was $3.73 and $2.62 per share, respectively.

As of December 31, 2024, there was $16.2 million of unrecognized stock-based compensation cost related to stock options, which is expected to be recognized over an estimated weighted-average period of 2.3 years.

Stock Option Valuation

The fair value of the Company’s stock option awards is estimated on the date of grant using the Black-Scholes option pricing model using the following assumptions:

The assumptions used to determine the fair value of options granted were as follows. Each of these inputs is subjective, involve inherent uncertainties, and generally requires significant judgment. The assumptions used to determine the fair value of the awards represent management’s best estimates.


	Year Ended December 31,
	2024	2023
Expected term (in years)	5.5 – 6.1	5.5 – 6.1
Expected volatility	89% – 93%	93% – 95%
Risk-free interest rate	3.9% – 4.5%	3.4% – 4.5%
Expected dividend yield	—%	—%

Expected Term— The Company determines the expected term, which represents the period that stock-based awards are expected to be outstanding, in accordance with the simplified method due to its limited operating history, which is presumed to be the mid-point between the contractual term and the vesting period.

Expected Volatility— As there is limited trading history for the Company’s common stock, the Company determines its computation of expected volatility on the historical volatility of a representative group of public companies with similar characteristics to the Company, including stage of product development and life science industry focus. The historical volatility is calculated based on a period of time commensurate with the expected term assumption.

Risk-Free Interest Rate— The Company bases the risk-free interest rate on U.S. Treasury zero coupon issues in effect at the time of grant for periods corresponding with the expected term assumption.

Expected Dividend Yield— The expected dividend yield is assumed to be zero as the Company has never paid and has no plans to pay any dividends on its common stock.

Restricted Stock Units

Restricted stock units (RSUs) are awards that entitle the holder to receive freely tradable shares of the Company’s common stock upon the completion of a specific period of continued service. RSUs generally vest over a two to four year period and are subject to forfeiture if employment terminates prior to the release of vesting restrictions. RSUs are valued at the market price of the underlying common stock on the date of grant. The Company recognizes noncash compensation expense for the fair value of RSUs on a straight-line basis over the requisite service period of the awards. The following table summarizes activity of RSUs granted to employees with service-based vesting under the 2021 Plan.


	Shares			Weighted Average Grant Date Fair Value per Share		Weighted- Average Remaining Contractual Life		Aggregate Intrinsic Value
				(in dollars)		(Years)		(In thousands)
Unvested as of December 31, 2023		1,088,276		$	3.34
Granted		1,314,865		$	4.52
Vested		(692,096	)	$	3.51
Forfeited		(356,867	)	$	4.32
Unvested as of December 31, 2024		1,354,178		$	4.14		1.21	$	1,936

As of December 31, 2024, there was $4.9 million of unrecognized stock-based compensation cost related to RSUs, which is expected to be recognized over an estimated weighted-average period of 2.2 years.

2021 Employee Stock Purchase Plan

Under the Company's 2021 Employee Stock Purchase Plan (ESPP), the Company initially reserved 800,000 shares for future issuance. The number of shares of common stock available for issuance under the ESPP automatically increases on the first day of each fiscal year beginning with 2022 in an amount equal to the lesser of: 800,000 shares; 1% of the outstanding shares of the Company’s common stock as of the last day of the immediately preceding year; or such other amount as the Board may determine. As of December 31, 2024, 1,665,077 shares were reserved for future issuance under the ESPP. Under the Company’s ESPP, employees are generally eligible to participate and can purchase shares on each purchase date established semi-annually through payroll deductions at the lower of 85% of the fair market value of the Company’s stock at the commencement of the offering period or each purchase date of the offering period. Each offering period spans 6 months. The ESPP permits eligible employees to purchase common stock through payroll deductions for up to 15% of qualified compensation, up to an annual limit of $25,000 per the Internal Revenue Service. The first offering period commenced in January 2022. For the years ended December 30, 2024 and 2023, the stock-based compensation expense for ESPP was not material.

Stock-Based Compensation

The following table summarizes stock-based compensation recognized in the Company’s statements of operations and comprehensive loss:


	Year Ended December 31,
	2024		2023
Research and development	$	8,200	$	7,039
General and administrative		8,302		8,270
Total stock-based compensation	$	16,502	$	15,309

Subsequent Events - Additional Information (Details) $ / shares in Units, $ in Thousands					12 Months Ended
	Mar. 05, 2025 USD ($) $ / shares shares	Feb. 06, 2025 $ / shares shares	Jan. 24, 2025 Employee $ / shares shares	Feb. 12, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($)	Feb. 28, 2025 USD ($)
Subsequent Event [Line Items]
Proceeds from issuance of common stock at the market \| $					$ 3,868
Follow-On Offering
Subsequent Event [Line Items]
Number of units completed \| shares				8,888,890
Common stock, per share \| $ / shares				$ 4.5
Proceeds from issuance of common stock at the market \| $				$ 46,800
Underwriting discounts and commissions \| $				$ 3,000
Subsequent Events
Subsequent Event [Line Items]
Reduction in exercise price of eligible stock option awards \| $ / shares			$ 1.21
Stock option repricing impact in stock option awards \| shares			4,100,000
Stock option repricing, affected number of employees \| Employee			89
Grant awarded upon achievement of milestones \| $						$ 8,000
Subsequent Events \| Follow-On Offering
Subsequent Event [Line Items]
Number of units completed \| shares	75,000,000
Public offering price per unit \| $ / shares	$ 0.7
Common stock, per share \| $ / shares	$ 1
Proceeds from issuance of common stock at the market \| $	$ 48,900
Underwriting discounts and commissions \| $	3,200
Other offering expenses \| $	$ 500
Subsequent Events \| Series A Warrant \| Follow-On Offering
Subsequent Event [Line Items]
Warrant expiration term	5 years
Warrants issued to purchase shares of common stock \| shares	1
Warrants, exercise price \| $ / shares	$ 0.8
Subsequent Events \| Series B Warrant \| Follow-On Offering
Subsequent Event [Line Items]
Warrants expires date	Jun. 30, 2026
Warrants issued to purchase shares of common stock \| shares	0.5
Warrants, exercise price \| $ / shares	$ 0.7
Subsequent Events \| Chief Executive Officer
Subsequent Event [Line Items]
Number of shares underlying repriced option \| shares		915,875
Subsequent Events \| Chief Executive Officer \| Minimum
Subsequent Event [Line Items]
Stock options exercise price per share \| $ / shares		$ 5.25

Balance Sheet Components - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Balance Sheet Related Disclosures [Abstract]
Depreciation and amortization expense	$ 8.5	$ 8.7

Subsequent Events

12 Months Ended

Dec. 31, 2024

Subsequent Events [Abstract]

Subsequent Events

Note 13. Subsequent Events

Repricing

On January 22, 2025, the Compensation Committee of the Company's Board approved a repricing of certain outstanding vested and unvested stock option awards under the 2016 Plan and 2021 Plan for eligible employees and certain other service providers (the Repricing Participants). The per share exercise price of eligible stock option awards was reduced to $1.21, the closing price of the Company's common stock on January 24, 2025 (the Repricing Effective Date). To receive the benefit of the repricing, Repricing Participants must remain a Service Provider (as such term is defined in the 2016 Plan or 2021 Plan) through the period that begins on the Repricing Effective Date through July 24, 2025 (the Retention Date) and not exercise any of their repriced stock options prior to the Retention Date. Employees who exercise their repriced stock options prior to the Retention Date must pay a premium exercise price that is equal to the exercise price per share of such stock option immediately prior to the Repricing Effective Date. No other changes were made to the terms and conditions of the eligible stock option awards. The stock option repricing impacted 4.1 million stock option awards and affected 89 employees and service providers.

On February 6, 2025, the Company's Board approved an option repricing applicable to Faraz Ali, the Company's Chief Executive Officer, with terms mirroring the aforementioned repricing approved on January 22,

2025, except that for Mr. Ali, the options eligible for repricing were limited to options with exercise prices higher than $5.25 per share. The total number of shares underlying Mr. Ali’s repriced options was 915,875 shares.

CIRM Grant

In February 2025, the Company announced it was awarded an $8 million grant from the California Institute for Regenerative Medicine (CIRM) to support RIDGE-1, the Company's Phase 1b clinical trial of TN-401 gene therapy for the potential treatment of plakophilin 2-associated arrhythmogenic right ventricular cardiomyopathy. The award is payable to the Company upon achievement of milestones to be determined by CIRM in collaboration with the Company. Additionally, if CIRM determines, in its sole discretion, that the Company has not complied with the terms and conditions of the grant, CIRM may suspend or permanently cease disbursements. Funds received under this grant may only be used for allowable project costs specifically identified with the CIRM-funded project. Such costs can include, but are not limited to, salary for personnel, itemized supplies, consultants, and itemized clinical study costs. Under the terms of the grant, the Company will co-fund the research project with CIRM and the amount of the Company’s co-funding requirement is predetermined as a part of the award. The Company expects to begin receiving funds from the grant beginning in the first half of 2025.

Follow-on Offering

On March 5, 2025, the Company completed an underwritten public offering of 75,000,000 units, priced at a public offering price of $0.70 per unit, with each unit consisting of one share of its common stock, a warrant to purchase one share of its common stock at an exercise price of $0.80 per share, which will be immediately exercisable and will expire five years from the date of issuance (a Series A Warrant) and a warrant to purchase one-half of a share of its common stock at an exercise price of $0.70 per share, which will be immediately exercisable and expire on June 30, 2026 (a Series B Warrant), under its registration statement on Form S-3 (File No. 333-266741). The Company received net proceeds of approximately $48.9 million, after deducting underwriting discounts and commissions of approximately $3.2 million and other offering expenses of approximately $0.5 million.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 2. Summary of Significant Accounting Policies

Basis of Presentation

The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP).

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Significant estimates and assumptions made in the accompanying financial statements include, but are not limited to, the valuation of equity-based awards and accrued expenses related to research and development activities. The

Company bases its estimates on historical experience, the current economic environment, and on various other assumptions that are believed to be reasonable under the circumstances. Actual results may differ from those estimates or assumptions.

Fair Value Measurements

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The accounting guidance establishes a three-tiered hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value as follows:

Level 1 - Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.

Level 2 - Inputs other than quoted market prices included in Level 1 are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life.

Level 3 - Inputs 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.

To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.

The Company’s cash and cash equivalents, prepaid expenses and other current assets, accounts payable and accrued expenses and other current liabilities approximate their fair value due to their short-term nature.

Concentrations of Credit Risk

Financial instruments that potentially subject the Company to concentration of risk consist principally of cash, cash equivalents and marketable securities. The Company maintains deposits in cash and cash equivalents in federally insured financial institutions that it believes have high credit quality. Such deposits may exceed federally insured limits. The Company is exposed to credit risk in the event of default by the financial institutions holding its cash and cash equivalents and the issuers of its investments in marketable securities to the extent recorded in the balance sheets. The Company has not experienced any losses on its deposits of cash and cash equivalents.

Risks and Uncertainties

The Company is subject to certain risks including, but not limited to, the ability to obtain future financing, possible failure of ongoing and future clinical trials, the need to obtain regulatory approvals for its product candidates, the need to successfully commercialize and gain market acceptance of the Company’s product candidates, competitive developments, protection of proprietary technology, the ability to make milestone, royalty or other payments due under licensing agreements, and the Company’s ability to attract and retain employees necessary to support its business plan.

Segment Information

The Company views its operations and manages its business as one operating segment, which is the business of discovering and developing potential treatments that address the underlying drivers of heart disease. The Company’s long-lived assets are located in the United States.

Cash and Cash Equivalents

The Company considers all highly liquid investments purchased with an original maturity of three months or less on the date of purchase to be cash equivalents. Cash equivalents primarily consist of money market funds that are stated at fair value.

Restricted Cash

The restricted cash primarily represents the security deposit for the Company’s operating lease in South San Francisco, California. The security deposit is in the form of a letter of credit secured by restricted cash.

Marketable Securities

The Company invests in marketable securities, primarily securities issued by the U.S. government and its agencies, commercial paper and corporate bonds. All marketable securities have been classified as available-for-sale and are carried at estimated fair value as determined based upon quoted market prices or pricing models for similar securities. Management determines the appropriate classification of its marketable debt securities at the time of purchase and reevaluates such designation at each balance sheet date. The Company evaluates securities for impairment at the end of each reporting period. Factors considered in the evaluation include whether a decline in fair value below the amortized cost basis is due to credit-related factors or non-credit-related factors, the financial condition and near-term prospect of the issuer, and the Company’s intent and ability to hold the investment to allow for anticipated recovery in fair value. A credit-related impairment is recognized as an allowance on the balance sheet with a corresponding adjustment to earnings. Any impairment that is not credit-related is reported as a component of other comprehensive loss. Realized gains and losses are included in other income (expense), net. The cost of securities sold is based on the specific-identification method. Interest earned on marketable securities is included in interest income.

Property and Equipment, Net

Property and equipment are stated at cost, less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, generally three to five years. Leasehold improvements are amortized over the shorter of the assets’ expected lives or the remaining lease term. Costs for capital assets not yet placed into service are capitalized as construction in progress and are not depreciated until the asset is placed in service.

Upon retirement or sale, the cost of disposed assets and their related accumulated depreciation are removed from the balance sheets. Any resulting gains or losses on dispositions of property and equipment are included as a component of other income (expense), net, within the Company’s statements of operations and comprehensive loss. Repair and maintenance costs, which are not considered improvements and do not extend the useful life of property and equipment, are expensed as incurred.

Impairment for Long-Lived Assets

Long-lived assets, including construction in progress, are reviewed for impairment annually or whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by comparing the carrying amount of an asset to the estimated undiscounted future net cash flows expected to be generated by the asset. If the carrying amount of the asset exceeds its estimated future cash flows, an impairment charge is recognized in the amount by which the carrying amount of the asset exceeds the fair value of the asset. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary. There was no impairment of long-lived assets for any of the periods presented.

Leases

The Company determines if an arrangement is a lease at inception. Operating lease right-of-use (ROU) assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized based on the present value of lease payments over the lease term at the commencement date of the lease. ROU assets also include any initial direct costs incurred and any lease payments made at or before the lease commencement date, less any lease incentive received. The Company uses the rate implicit in the lease in determining the present value of lease payments and, if that rate is not readily determinable, the Company uses its incremental borrowing rate based on the information available at the date of lease commencement. The incremental borrowing rate reflects the rate of interest that a lessee would have to pay to borrow, on a collateralized basis over a similar term, an amount equal to the lease payments in a similar economic environment. The Company’s lease terms

may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term.

The Company’s non-lease components are primarily related to property taxes, insurance, and common area maintenance, which vary based on future outcomes, and are recognized as rent expense when incurred.

Research and Development Expenses

Research and development costs are expensed as incurred. Research and development expenses include, among others, consulting fees, salaries, benefits, travel, stock-based compensation, laboratory supplies and other non-capital equipment utilized for in-house research, allocated facilities and overhead costs, fees related to licensing agreements, fees paid to contract research organizations that conduct research and development activities on the Company’s behalf and costs related to compliance with regulatory requirements.

Goods or services incurred for research and development activities that have not yet been invoiced are recorded as liabilities within accrued expenses and other current liabilities on the Company’s balance sheets.

The Company has and may continue to acquire the rights to licensed technology that represents in-process research and development to use and develop in the commercialization of new product candidates. The upfront payments made to acquire licenses, product or rights, or payments made related to future milestone payments are recognized as research and development expenses provided that there is no alternative future use of the rights in other research and development projects, up to the point of regulatory approval. Milestone payments are expensed when the specific milestone has been achieved.

Non-refundable advance payments for goods or services to be rendered as part of future research and development activities are capitalized on the Company’s balance sheets until the goods or services are received.

Classification between prepaid expenses and other current assets and other non-current assets is based on an evaluation of when the goods will be delivered and/or services will be performed, with such amounts subsequently amortized to expense once incurred.

Stock-Based Compensation

The Company measures and records expense related to all equity awards granted to employees and non-employees in the statements of operations and comprehensive loss based on their grant date fair values, including stock options and restricted stock awards. For stock-based awards that vest subject to the satisfaction of a service requirement, the expense is recognized using the straight-line method over the requisite service period, which is generally the vesting period. Forfeitures are recognized as they occur.

The fair value of restricted stock awards is determined on the date of grant based on the estimated fair value of the Company’s common stock on that date.

For purposes of determining the estimated fair value of options granted to employees and nonemployees, the Company uses the Black-Scholes option pricing model. See Note 8, Stock-Based Compensation to the Company's financial statements for the specific assumptions used in applying the Black-Scholes valuation model.

Income Taxes

The Company accounts for income taxes using the asset and liability method. The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse.

A valuation allowance is recorded for deferred tax assets if it is more likely than not that some portion or all of the deferred tax assets will not be realized. As of December 31, 2024 and 2023, the Company has recorded a full valuation allowance on its net deferred tax assets.

Tax benefits related to uncertain tax positions are recognized when it is more likely than not that a tax position will be sustained during an audit. Interest and penalties, if any, related to unrecognized tax benefits are included within the provision for income tax.

Net Loss Per Share

Basic net loss per share is calculated by dividing the net loss by the weighted-average number of shares of the Company’s common stock outstanding for the period, without consideration for potential dilutive shares of common stock. Basic shares of common stock outstanding include the weighted-average effect of the Company’s pre-funded warrants issued in November 2022 and February 2024 (see Note 6, Stockholders' Equity) because the pre-funded warrants have a nominal exercise price. As the Company is in a loss position for the periods presented, diluted net loss per share is the same as basic net loss per share, since the effects of potentially dilutive securities are antidilutive. Shares related to early exercised stock options that are subject to repurchase are excluded from the basic and diluted net loss per share calculation until the Company’s repurchase right lapses.

Emerging Growth Company Status

The Company is an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (JOBS Act). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. The Company has elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that it (a) is no longer an emerging growth company or (b) affirmatively and irrevocably opts out of the extended transition period provided in the JOBS Act. As a result, these financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates.

Recently Adopted Accounting Standards

In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (ASU 2023-07), which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. In addition, ASU 2023-07 enhances interim disclosure requirements, clarifies circumstances in which an entity can disclose multiple segment measures of profit or loss, provides new segment disclosure requirements for entities with a single reportable segment, and contains other disclosure requirements. ASU 2023-07 is effective for annual periods beginning after December 15, 2023, and interim periods beginning after December 15, 2024. The adoption of ASU 2023-07 did not have any effect on the Company's financial statements. See Note 12, Segment Reporting to our financial statements for the disclosure pursuant to the adoption of ASU 2023-07.

Recently Issued Accounting Pronouncements Not Yet Adopted

In November 2024, the FASB issued ASU No. 2024-03, Income Statement (Topic 220): Reporting Comprehensive Income - Expense Disaggregation Disclosures, Disaggregation of Income Statement Expenses (ASU 2024-03), which requires public companies to disclose, in interim and annual reporting periods, additional information about certain expenses in the financial statements. The amendments in this ASU will be effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is evaluating the impact of this standard on its financial statements and related disclosures.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09), which requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. ASU 2023-09 is effective for the Company beginning January 1, 2025. The Company is evaluating the impact of this standard on its financial statements and related disclosures.

Balance Sheet Components - Summary of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Balance Sheet Related Disclosures [Abstract]
Prepaid expenses	$ 5,087	$ 5,783
Other current assets	842	1,157
Total prepaid expenses and other current assets	$ 5,929	$ 6,940

Organization and Description of the Business

12 Months Ended

Dec. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Description of the Business

Note 1. Organization and Description of the Business

Description of the Business

Tenaya Therapeutics, Inc. (the Company) was incorporated in the state of Delaware in August 2016 and is headquartered in South San Francisco, California. The Company is a clinical-stage biotechnology company focused on discovering, developing and delivering curative therapies that address the underlying drivers of heart disease. The Company’s lead product candidates include TN-201, a gene therapy for myosin binding protein C3-associated hypertrophic cardiomyopathy, TN-401, a gene therapy for plakophilin 2-associated arrhythmogenic right ventricular cardiomyopathy, and TN-301, a small molecule for heart failure with preserved ejection fraction.

Liquidity

The Company has incurred net losses since inception and expects such losses to continue in the future as it conducts research and development activities. As of December 31, 2024, the Company had an accumulated deficit of $514.4 million. The Company incurred a net loss of $111.1 million and $124.1 million during the years ended December 31, 2024 and 2023, respectively. The Company had $61.4 million of cash, cash equivalents and investments in marketable securities as of December 31, 2024.

On March 5, 2025, the Company completed an underwritten offering of its common stock and accompanying warrants. The Company received net proceeds of approximately $48.9 million, after deducting underwriting discounts and commissions of approximately $3.2 million and other offering expenses of approximately $0.5 million. See Note 13, Subsequent Events, for further details.

On August 6, 2024, the Company entered into a Loan Agreement with Silicon Valley Bank (SVB), a division of First-Citizens Bank & Trust Company (the Loan Agreement). As of the filing date of this annual report, under the Loan Agreement, the Company has the right to draw down $22.5 million at its discretion, up to an additional $2.5 million upon the satisfaction of a clinical milestone or the receipt of specified proceeds from equity financings and other qualified funding, and up to an additional $20.0 million that may be available at SVB's discretion, subject to specified conditions. See Note 5, Term Loan, for further details.

Management recognizes the need to raise additional capital to fully implement its business plan. The Company may seek to raise capital through equity financings, debt financings, license agreements, collaborative agreements or other sources of financing. Management believes that its existing cash, cash equivalents and investments in marketable securities as of December 31, 2024, along with the $48.9 million of proceeds from the March 2025 follow-on offering, as well as the $22.5 million of funds available under its Loan Agreement with SVB, will be sufficient to fund the Company’s operations for at least the next twelve months following the date these financial statements are filed with the Securities and Exchange Commission (SEC).

Stockholders' Equity - Schedule of Common Stock Reserved for Issuance (Details)	Dec. 31, 2024 shares
Class of Stock [Line Items]
Common stock reserved for issuance	15,424,472
2021 Equity Incentive Plan
Class of Stock [Line Items]
Common stock reserved for issuance	4,000,000
Outstanding Lender Warrant
Class of Stock [Line Items]
Common stock reserved for issuance	171,848
Outstanding Stock Options and Awards
Class of Stock [Line Items]
Common stock reserved for issuance	10,608,154
Shares Available for Further Issuance under the 2024 Inducement Equity Incentive Plan
Class of Stock [Line Items]
Common stock reserved for issuance	1,188,000
Shares Available for Further Issuance under the 2021 Equity Incentive Plan
Class of Stock [Line Items]
Common stock reserved for issuance	1,791,393
Shares Available for Further Issuance under the 2021 Employee Stock Purchase Plan
Class of Stock [Line Items]
Common stock reserved for issuance	1,665,077

- 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 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Income Taxes - Schedule of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Balance at beginning of year	$ 4,521	$ 3,141
Additions based on tax positions related to current year	1,414	1,423
Additions based on tax positions related to prior years	422
Reductions for tax positions related to prior years		(43)
Balance at end of year	$ 6,357	$ 4,521

Commitments and Contingencies

12 Months Ended

Dec. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 4. Commitments and Contingencies

Facility Leases

In December 2016, the Company entered into a lease agreement for office and laboratory space in South San Francisco, California. The lease was initially set to expire in May 2025 with two five-year renewal options. In June 2024, the Company amended the lease to extend the term to November 2027. Pursuant to the terms of the amended lease, the Company has one remaining five-year renewal option.

In February 2021, the Company entered into a lease agreement for office and manufacturing space in Union City, California. The lease commenced in May 2021 and has a ten-year term with one five-year renewal option.

Information related to operating lease activity during the years ended December 31, 2024 and 2023 was as follows (in thousands):


	Year Ended December 31,
	2024		2023
	(In thousands)
Operating lease cost	$	4,549	$	4,356
Variable lease cost		1,456		1,265
Short-term lease cost	—			5
Total lease cost	$	6,005	$	5,626

Operating lease right-of-use assets obtained in exchange for lease obligations	$	5,302	$	1,448
Cash paid for amounts included in the measurement of lease liabilities	$	5,277	$	5,347

As of December 31, 2024, the Company’s operating leases had a weighted average remaining lease term of 4.8 years and a weighted average discount rate of 8.9%. Future minimum lease payments under the Company’s operating leases as of December 31, 2024 were as follows:


	Amount
	(In thousands)
2025	$	3,861
2026		3,864
2027		3,775
2028		1,471
2029		1,515
Thereafter		2,491
Total undiscounted future minimum lease payments	$	16,977
Imputed interest		(3,369	)
Total operating lease liabilities	$	13,608

Purchase Commitments

The Company enters into contractual agreements with various suppliers in the normal course of its business, including vendors that provide machinery and equipment. All contracts are terminable, with varying provisions regarding termination. If a contract with a specific vendor were to be terminated, the Company would only be obligated for the products or services that the Company had received through the time of termination.

Indemnification

From time to time, the Company may become involved in litigation and other legal actions. The Company estimates the range of liability related to any pending litigation where the amount and range of loss can be estimated. The Company records its best estimate of a loss when the loss is considered probable. Where a liability is probable and there is a range of estimated loss with no best estimate in the range, the Company records a charge equal to at least the minimum estimated liability for a loss contingency when both of the following conditions are met: (i) information available prior to issuance of the financial statements indicates that it is probable that a liability had been incurred at the date of the financial statements and (ii) the range of loss can be reasonably estimated. The Company was not involved in any material litigation as of December 31, 2024 and 2023.

In the normal course of business, the Company enters into agreements that may include indemnification provisions. Pursuant to such agreements, the Company may indemnify, hold harmless and defend an indemnified party for losses suffered or incurred by the indemnified party. In some cases, the indemnification will continue after the termination of the agreement. The maximum potential amounts of future payments the Company could be required to make under these provisions is not determinable. In addition, the Company has entered into indemnification agreements with its directors and certain officers that may require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers. As of December 31, 2024 and 2023, the Company did not have any material indemnification claims that were probable or reasonably possible and, consequently, has not recorded any related liabilities.

Fair Value Measurements - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Impairment charges on marketable securities related to other-than-temporary	$ 0
Maximum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale marketable securities contractual maturities term	1 year

Organization and Description of the Business - Additional Information (Details) - USD ($)			12 Months Ended
	Mar. 05, 2025	Feb. 12, 2024	Dec. 31, 2024	Dec. 31, 2023	Aug. 06, 2024
Organization And Description Of Business [Line Items]
Accumulated deficit			$ (514,411,000)	$ (403,282,000)
Net loss			(111,129,000)	(124,084,000)
Cash, cash equivalents and investments in marketable securities			$ 61,400,000
Proceeds from issuance of common stock at the market				$ 3,868,000
Follow-On Offering
Organization And Description Of Business [Line Items]
Proceeds from issuance of common stock at the market		$ 46,800,000
Underwriting discounts and commissions		3,000,000
Offering expenses		$ 200,000
Subsequent Events \| Follow-On Offering
Organization And Description Of Business [Line Items]
Proceeds from issuance of common stock at the market	$ 48,900,000
Underwriting discounts and commissions	3,200,000
Offering expenses	$ 500,000
Silicon Valley Bank Loan Agreement
Organization And Description Of Business [Line Items]
Current loan amount available					$ 22,500,000
Silicon Valley Bank Loan Agreement \| Maximum
Organization And Description Of Business [Line Items]
Additional amount available upon satisfaction of certain milestones					2,500,000
Remaining amount available					$ 20,000,000

Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, authorized	200,000,000	200,000,000
Preferred stock, issued	0	0
Preferred stock, outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, authorized	1,000,000,000	1,000,000,000
Common stock, issued	86,542,340	68,330,342
Common stock, outstanding	86,542,340	68,330,342

Net Loss Per Share (Tables)

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Schedule of Antidilutive Securities Excluded from Computation of Diluted Net Loss Per Share

The following potentially dilutive securities were excluded from the calculation of diluted net loss per share for the periods presented because the effect would have been anti-dilutive:


	December 31,
	2024		2023
Outstanding stock options and restricted stock units		10,608,154		9,431,710
Outstanding Lender Warrant		171,848		—
Total		10,780,002		9,431,710

Net Loss Per Share

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Net Loss Per Share

Note 10. Net Loss Per Share

Basic and diluted loss per share are computed by dividing net loss by the weighted-average number of common shares outstanding during the reporting period. Basic weighted-average shares of common stock outstanding includes the weighted-average effect of the Company’s pre-funded warrants.

The following potentially dilutive securities were excluded from the calculation of diluted net loss per share for the periods presented because the effect would have been anti-dilutive:


	December 31,
	2024		2023
Outstanding stock options and restricted stock units		10,608,154		9,431,710
Outstanding Lender Warrant		171,848		—
Total		10,780,002		9,431,710

Income Taxes

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

Note 9. Income Taxes

No provision for or benefit from income taxes was recorded during the years ended December 31, 2024 and 2023. The Company has established a full valuation allowance against its net deferred tax assets due to the uncertainty regarding the realization of such assets. All losses to date have been incurred in the United States. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets

and liabilities for financial reporting purposes and the amounts used for income tax purposes, as well as operating losses and tax credit carryforwards.

Effective Tax Rate Reconciliation

The effective tax rate of the Company’s provision for income taxes differs from the federal statutory rate and the effective tax rate reconciliation is as follows:


	December 31,
	2024			2023
U.S. federal taxes at statutory rate		21.0	%		21.0	%
State taxes (net of federal benefit)		1.0			1.2
Credits		2.7			3.7
Stock-based compensation		(0.2	)		(0.3	)
Change in valuation allowance		(22.6	)		(24.4	)
Other		(1.9	)		(1.2	)
Total	—%			—%

Deferred Income Taxes

The tax effects of significant items comprising the Company’s deferred income taxes are as follows:


	December 31,
	2024			2023
	(In thousands)
Deferred tax assets:
Net operating losses	$	66,609		$	52,757
Capitalized research and development expenditure		36,151			29,318
Tax credits		19,292			15,047
Stock-based compensation		3,624			2,880
Lease Liability		2,862			2,613
Accrued expenses and other		1,188			1,713
Total deferred tax assets		129,726			104,328
Valuation allowance		(126,332	)		(101,290	)
Deferred tax assets, net of valuation allowance		3,394			3,038
Deferred tax liabilities:
Right-of-use asset		(2,500	)		(2,098	)
Property and equipment		(894	)		(940	)
Net deferred tax assets	$	—		$	—

Beginning January 1, 2022, the Tax Cuts and Jobs Act eliminated the option to deduct research and development expenditures in the current year and requires taxpayers to capitalize such expenses pursuant to Internal Revenue Code (IRC) Section 174. The capitalized expenses are amortized over a 5-year period for domestic expenses and a 15-year period for foreign expenses.

The tax benefit of net operating losses, capitalized research expenses, temporary differences and credit carryforwards are recorded as an asset to the extent that the Company assesses that realization is more likely than not. Realization of the future tax benefits is dependent on the Company’s ability to generate sufficient taxable income within the carryforward period. As a result of the Company’s recent history of operating losses, the Company believes that recognition of deferred tax assets arising from the above-mentioned future tax benefits is currently not likely to be realized and, accordingly, has provided a full valuation allowance. The valuation allowance increased by $25.0 million and $30.2 million during the years ended December 31, 2024 and 2023. The increase in valuation allowance during the year ended December 31, 2024, was primarily due to the increase in deferred tax assets from 2024 federal net operating losses and the IRC Section 174 capitalized expenses.

Net Operating Loss and Tax Credit Carryforwards

As of December 31, 2024, the Company’s net operating loss and tax carryforwards are summarized as follows:


(In thousands)	Amount		Expiration in years
Net operating losses, federal (post-December 31, 2017)	$	291,837	Do Not Expire
Net operating losses, federal (pre-January 1, 2018)	$	3,093	2036 - 2037
Net operating losses, state	$	63,519	2036 - 2040
Tax credits, federal	$	19,339	2040 - 2044
Tax credits, state	$	8,186	Do Not Expire

Under Section 382 of the Internal Revenue Code of 1986, as amended, the ability to utilize net operating loss carryforwards or other tax attributes, such as research tax credits, in any taxable year may be limited if the Company has experienced an “ownership change”. This annual limitation may result in the expiration of net operating losses and credits before utilization. As of December 31, 2024, the Company concluded that there were no ownership changes during 2024. The Company’s ability to use its remaining net operating loss carryforwards may be further limited if the Company experiences a Section 382 ownership change as a result of future changes in its stock ownership.

Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:


	December 31,
	2024		2023
	(In thousands)
Balance at beginning of year	$	4,521	$	3,141
Additions based on tax positions related to current year		1,414		1,423
Additions based on tax positions related to prior years		422		—
Reductions for tax positions related to prior years		—		(43	)
Balance at end of year	$	6,357	$	4,521

The entire amount of the unrecognized tax benefits would not impact the Company’s effective tax rate if recognized as the Company continues to maintain a full valuation allowance against its deferred tax assets. The Company has elected to include interest and penalties as a component of tax expense. During the years ended December 31, 2024 and 2023, the Company did not recognize accrued interest and penalties related to unrecognized tax benefits. The Company does not anticipate that the amount of existing unrecognized tax benefits will significantly increase or decrease during the next 12 months.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

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

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

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

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

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

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

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

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

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 17
-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

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

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

+ Details

Stock-Based Compensation - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Jul. 31, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock reserved for issuance	15,424,472
Intrinsic value of options exercised	$ 74,900	$ 36,700
Weighted-average grant-date fair value of options granted	$ 3.73	$ 2.62
Unrecognized stock-based compensation	$ 16,200,000
Weighted-average period	2 years 3 months 18 days
Restricted Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized stock-based compensation cost	$ 4,900,000
Weighted-average period	2 years 2 months 12 days
Restricted Stock \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period	2 years
Restricted Stock \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period	4 years
2021 Employee Stock Purchase Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock reserved for issuance	1,665,077		800,000
Participants to purchase common stock through payroll deduction maximum percentage of eligible compensation	15.00%
Participants to purchase shares through payroll deduction at lower percentage of fair market value	85.00%
Number of shares of common stock that may be issued in accordance with the plan	800,000
Percentage of shares of common stock outstanding on last day of immediately preceding year	1.00%
Participants to purchase common stock through payroll deduction annual limit of eligible compensation	$ 25,000
Weighted-average period	6 months
2024 Inducement Equity Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock reserved for issuance	1,200,000
Shares reserved and available for grant	1,188,000
2021 Equity Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock reserved for issuance	4,000,000
Common stock shares available for issuance period	10 years
Number of shares of common stock that may be issued in accordance with the plan	4,000,000
Percentage of shares of common stock outstanding on last day of immediately preceding year	4.00%
Shares reserved and available for grant	1,791,393

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Summary of Stock Option Activity

The following table summarizes stock option activity:


	Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life		Aggregate Intrinsic Value
				(in dollars)		(Years)		(In thousands)
Outstanding as of December 31, 2023		8,343,434		$	7.47
Granted		2,754,100		$	4.81
Exercised		(50,945	)	$	2.20
Cancelled		(1,792,613	)	$	8.47
Outstanding as of December 31, 2024		9,253,976		$	6.51		7.22	$	406
Exercisable as of December 31, 2024		5,339,995		$	7.29		6.56	$	406

Summary of Fair Value of Stock Option Awards

The assumptions used to determine the fair value of the awards represent management’s best estimates.


	Year Ended December 31,
	2024	2023
Expected term (in years)	5.5 – 6.1	5.5 – 6.1
Expected volatility	89% – 93%	93% – 95%
Risk-free interest rate	3.9% – 4.5%	3.4% – 4.5%
Expected dividend yield	—%	—%

Summary of Restricted Stock Activity

The following table summarizes activity of RSUs granted to employees with service-based vesting under the 2021 Plan.


	Shares			Weighted Average Grant Date Fair Value per Share		Weighted- Average Remaining Contractual Life		Aggregate Intrinsic Value
				(in dollars)		(Years)		(In thousands)
Unvested as of December 31, 2023		1,088,276		$	3.34
Granted		1,314,865		$	4.52
Vested		(692,096	)	$	3.51
Forfeited		(356,867	)	$	4.32
Unvested as of December 31, 2024		1,354,178		$	4.14		1.21	$	1,936

Summary of Stock-based Compensation

The following table summarizes stock-based compensation recognized in the Company’s statements of operations and comprehensive loss:


	Year Ended December 31,
	2024		2023
Research and development	$	8,200	$	7,039
General and administrative		8,302		8,270
Total stock-based compensation	$	16,502	$	15,309

Workforce Reduction

12 Months Ended

Dec. 31, 2024

Restructuring and Related Activities [Abstract]

Workforce Reduction

Note 11. Workforce Reduction

On May 14, 2024, the Company announced cost containment measures, including a committed plan to reduce its workforce (the Workforce Reduction) by approximately 22%. The cost containment measures align with the Company's focus on generating data from its clinical-stage gene therapy programs. The Workforce Reduction was

completed as of September 30, 2024. During the year ended December 31, 2024, the Company recognized $1.4 million of aggregate charges, primarily related to employee cash severance and continuing health insurance benefits.

Commitments and Contingencies - Summary of Operating Lease Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Operating lease cost	$ 4,549	$ 4,356
Variable lease cost	1,456	1,265
Short-term lease cost	0	5
Total lease cost	6,005	5,626
Operating lease right-of-use assets obtained in exchange for lease obligations	5,302	1,448
Cash paid for amounts included in the measurement of lease liabilities	$ 5,277	$ 5,347

Term Loan

12 Months Ended

Dec. 31, 2024

Line of Credit Facility [Abstract]

Term Loan

Note 5. Term Loan

Loan Agreement

On August 6, 2024, the Company entered into the Loan Agreement with SVB. Pursuant to the terms of the Loan Agreement, term loans in an aggregate principal amount of up to $45 million may be made under multiple tranches. The tranches can be drawn as follows: the first tranche of up to $15.0 million became available on the closing date and is available for draw down through June 30, 2025; the second tranche of $5 million and the third tranche of $2.5 million became available in October 2024 and December 2024, respectively, upon the achievement of certain clinical milestones and are available for draw down through December 31, 2025; the fourth tranche of $2.5 million is subject to the achievement of a clinical milestone or satisfaction of certain capitalization requirements, and if achieved, would be available for draw down through December 31, 2025; and the final tranche of $20.0 million is available for drawn down through July 31, 2026, on such terms as may be agreed by the parties and subject to approval by SVB's credit committee. With the exception of the final tranche, and subject to achievement of the applicable milestones and other requirements with respect to each tranche, draw downs are at the Company's election. As of December 31, 2024, the Company has not drawn any funds under the Loan Agreement.

Interest will accrue on the term loan advances at a rate per annum that is equal to the greater of 8.50% and the prime rate and will be payable monthly in arrears. Principal payments on any term loan advances that are borrowed would commence on January 1, 2026, subject to extension to July 1, 2026, upon the satisfaction of certain milestones.

As security for its obligations under the Loan Agreement, the Company granted SVB a security interest in substantially all of the assets of the Company, other than its intellectual property.

- 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 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Stock-Based Compensation - Summary of Stock-based Compensation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation	$ 16,502	$ 15,309
Research and Development
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation	8,200	7,039
General and Administrative
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation	$ 8,302	$ 8,270

- 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.

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+ Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (111,129)	$ (124,084)

- 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

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Schedule of Operating Expenses by Function

The following table provides information about the Company’s operating expenses by function and includes a reconciliation to net income.


	Year Ended December 31,
	2024			2023
Operating expenses:
Research and development
Clinical	$	26,024		$	23,426
Manufacturing (pre-commercial)		23,433			30,143
Research		20,858			26,566
Other		16,427			17,903
Total Research and development		86,742			98,038
General and administrative		29,206			33,155
Total operating expenses		115,948			131,193
Loss from operations		(115,948	)		(131,193	)
Other income, net:
Interest income		4,737			7,056
Other income, net		82			53
Total other income, net		4,819			7,109
Net loss before income tax expense		(111,129	)		(124,084	)
Income tax expense		—			—
Net loss	$	(111,129	)	$	(124,084	)

Balance Sheet Components (Tables)

12 Months Ended

Dec. 31, 2024

Balance Sheet Related Disclosures [Abstract]

Summary of Property and Equipment, Net

Property and equipment, net, consists of the following:


	December 31,
	2024			2023
	(In thousands)
Leasehold improvements	$	26,159		$	25,608
Laboratory equipment		19,770			19,973
Manufacturing equipment		17,738			17,716
Construction in progress		1,915			1,730
Computer equipment and software		1,664			1,614
Furniture and fixtures		902			976
Total property and equipment	$	68,148		$	67,617
Less: accumulated depreciation and amortization		(32,290	)		(24,340	)
Total property and equipment, net	$	35,858		$	43,277

Summary of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following:


	December 31,
	2024		2023
	(In thousands)
Accrued compensation and related expenses	$	5,595	$	8,700
Accrued research and development expenses		1,446		2,583
Accrued professional services		432		743
Accrued taxes		348		280
Other current liabilities		214		478
Total accrued and other current liabilities	$	8,035	$	12,784

Summary of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consist of the following:


	December 31,
	2024		2023
	(In thousands)
Prepaid expenses	$	5,087	$	5,783
Other current assets		842		1,157
Total prepaid expenses and other current assets	$	5,929	$	6,940

Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands			12 Months Ended
	Feb. 12, 2024	Aug. 10, 2022	Dec. 31, 2024	Dec. 31, 2023	Jun. 30, 2024
Class of Stock [Line Items]
Common stock voting rights			The holders of common stock are entitled to one vote per share on all matters to be voted on by the stockholders of the Company and are entitled to dividends, if and when declared by the board of directors, subject to the prior rights of the preferred stockholders.
Proceeds from issuance of common stock at the market				$ 3,868
Lender Warrant \| Silicon Valley Bank Loan Agreement
Class of Stock [Line Items]
Warrants expires date			Aug. 06, 2034
Number of share exercisable					73,649
Warrant exercisable percentage					0.075%
Warrants, exercise price					$ 2.55
Warrant issued to purchase shares of common stock					171,848
Follow On Offering
Class of Stock [Line Items]
Number of common shares	8,888,890
Common stock, per share	$ 4.5
Proceeds from issuance of common stock at the market	$ 46,800
Underwriting discounts and commissions	3,000
Offering expenses	$ 200
Pre Funded Warrant \| Follow On Offering
Class of Stock [Line Items]
Warrants issued to purchase shares of common stock	2,222,271
Class of warrant price per share	$ 4.499
Warrants, exercise price	$ 0.001		$ 0.001
Maximum \| Lender Warrant \| Silicon Valley Bank Loan Agreement
Class of Stock [Line Items]
Additional warrants exercisable			98,199
Common Stock \| At-the-Market Equity Offering
Class of Stock [Line Items]
Maximum aggregate offering price		$ 75,000
Maximum additional shares issuable			$ 71,000

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2024	Mar. 04, 2025	Jun. 30, 2024
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Trading Symbol	TNYA
Entity Registrant Name	TENAYA THERAPEUTICS, INC.
Entity Central Index Key	0001858848
Entity File Number	001-40656
Entity Incorporation, State or Country Code	DE
Document Annual Report	true
Document Transition Report	false
Entity Tax Identification Number	81-3789973
Entity Address, Address Line One	171 Oyster Point Boulevard
Entity Address, Address Line Two	Suite 500
Entity Address, City or Town	South San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94080
City Area Code	650
Local Phone Number	825-6990
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction	false
Entity Shell Company	false
Title of 12(b) Security	Common Stock $0.0001 par value per share
Security Exchange Name	NASDAQ
Entity Public Float			$ 170.5
Entity Common Stock, Shares Outstanding		87,582,646
Documents Incorporated by Reference	Portions of the definitive proxy statement for the Registrant’s 2024 Annual Meeting of Stockholders are incorporated by reference in Part III of this Form 10-K. Such definitive proxy statement will be filed with the Securities and Exchange Commission within 120 days after the end of the Registrant’s 2024 fiscal year ended December 31, 2024.
Auditor Firm ID	34
Auditor Name	Deloitte & Touche LLP
Auditor Location	San Francisco, California
Auditor Opinion [Text Block]	Opinion on the Financial Statements We have audited the accompanying balance sheets of Tenaya Therapeutics, Inc. (the "Company") as of December 31, 2024 and 2023, the related statements of operations and comprehensive loss, stockholders' equity, and cash flows, for each of the two years in the period ended December 31, 2024, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the two years in the period ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

Balance Sheet Components

12 Months Ended

Dec. 31, 2024

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Components

Note 3. Balance Sheet Components

Property and Equipment, Net

Property and equipment, net, consists of the following:


	December 31,
	2024			2023
	(In thousands)
Leasehold improvements	$	26,159		$	25,608
Laboratory equipment		19,770			19,973
Manufacturing equipment		17,738			17,716
Construction in progress		1,915			1,730
Computer equipment and software		1,664			1,614
Furniture and fixtures		902			976
Total property and equipment	$	68,148		$	67,617
Less: accumulated depreciation and amortization		(32,290	)		(24,340	)
Total property and equipment, net	$	35,858		$	43,277

Depreciation and amortization expense for the years ended December 31, 2024 and 2023 was $8.5 million and $8.7 million, respectively.

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following:


	December 31,
	2024		2023
	(In thousands)
Accrued compensation and related expenses	$	5,595	$	8,700
Accrued research and development expenses		1,446		2,583
Accrued professional services		432		743
Accrued taxes		348		280
Other current liabilities		214		478
Total accrued and other current liabilities	$	8,035	$	12,784

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consist of the following:


	December 31,
	2024		2023
	(In thousands)
Prepaid expenses	$	5,087	$	5,783
Other current assets		842		1,157
Total prepaid expenses and other current assets	$	5,929	$	6,940

Income Taxes - Schedule of Effective Tax Rate Reconciliation (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
U.S. federal taxes at statutory rate	21.00%	21.00%
State taxes (net of federal benefit)	1.00%	1.20%
Credits	2.70%	3.70%
Stock-based compensation	(0.20%)	(0.30%)
Change in valuation allowance	(22.60%)	(24.40%)
Other	(1.90%)	(1.20%)

Workforce Reduction - Additional Information (Details) - Workforce Reduction $ in Millions	May 14, 2024 USD ($)
Restructuring Cost and Reserve [Line Items]
Percentage of reduction in workforce	22.00%
Estimates aggregate charges	$ 1.4

- 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

Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 4,323	$ 45,681
Short-term investments in marketable securities	57,123	58,961
Prepaid expenses and other current assets	5,929	6,940
Total current assets	67,375	111,582
Property and equipment, net	35,858	43,277
Operating lease right-of-use assets	11,890	9,979
Other noncurrent assets	4,817	5,677
Total assets	119,940	170,515
Current liabilities:
Accounts payable	5,162	5,630
Accrued and other current liabilities	8,035	12,784
Operating lease liabilities, current	2,778	4,319
Total current liabilities	15,975	22,733
Operating lease liabilities, noncurrent	10,830	8,105
Other noncurrent liabilities	281	253
Total liabilities	27,086	31,091
Commitments and contingencies (Note 4)
Stockholders' equity:
Preferred stock, $0.0001 par value; 200,000,000 shares authorized as of December 31, 2024 and 2023; no shares issued and outstanding as of December 31, 2024 and 2023
Common stock, $0.0001 par value; 1,000,000,000 shares authorized as of December 31, 2024 and 2023; 86,542,340 and 68,330,342 shares issued and outstanding as of December 31, 2024 and 2023	8	7
Additional paid-in capital	607,229	542,805
Accumulated other comprehensive income (loss)	28	(106)
Accumulated deficit	(514,411)	(403,282)
Total stockholders' equity	92,854	139,424	$ 243,376
Total liabilities and stockholders' equity	$ 119,940	$ 170,515

Commitment and Contingencies (Tables)

12 Months Ended

Dec. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Summary of Operating Lease Activity

Information related to operating lease activity during the years ended December 31, 2024 and 2023 was as follows (in thousands):


	Year Ended December 31,
	2024		2023
	(In thousands)
Operating lease cost	$	4,549	$	4,356
Variable lease cost		1,456		1,265
Short-term lease cost	—			5
Total lease cost	$	6,005	$	5,626

Operating lease right-of-use assets obtained in exchange for lease obligations	$	5,302	$	1,448
Cash paid for amounts included in the measurement of lease liabilities	$	5,277	$	5,347

Summary of Future Minimum Lease Payments Under Operating Lease

Future minimum lease payments under the Company’s operating leases as of December 31, 2024 were as follows:


	Amount
	(In thousands)
2025	$	3,861
2026		3,864
2027		3,775
2028		1,471
2029		1,515
Thereafter		2,491
Total undiscounted future minimum lease payments	$	16,977
Imputed interest		(3,369	)
Total operating lease liabilities	$	13,608

Fair Value Measurements

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 7. Fair Value Measurements

Level 1 - Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.

The following tables summarize the Company’s financial assets measured at fair value on a recurring basis by level within the fair value hierarchy:


		December 31, 2024
	Valuation Hierarchy	Amortized Cost		Unrealized Gain		Unrealized Loss			Fair Value
		(In thousands)
Assets:
Cash equivalents:
Money market funds	Level 1		1,289		—		—			1,289
Marketable securities:
U.S. treasuries	Level 1		49,135		28		(12	)		49,151
Commercial paper	Level 2		3,974		3		—			3,977
Government agencies bonds	Level 2		3,987		8		—			3,995
Total financial assets		$	58,385	$	39	$	(12	)	$	58,412


		December 31, 2023
	Valuation Hierarchy	Amortized Cost		Unrealized Gain		Unrealized Loss			Fair Value
		(In thousands)
Assets:
Cash equivalents:
Money market funds	Level 1	$	91	$	—	$	—		$	91
U.S. treasuries	Level 1		3,595		—		—			3,595
Commercial paper	Level 2		34,901		—		(18	)		34,883
Government agencies bonds	Level 2		6,389		1		—			6,390
Marketable securities:
U.S. treasuries	Level 1		16,182		4		(15	)		16,171
Commercial paper	Level 2		2,971		—		(2	)		2,969
Government agencies bonds	Level 2		39,897		6		(82	)		39,821
Total financial assets		$	104,026	$	11	$	(117	)	$	103,920

Money market funds and U.S. treasury securities are classified as Level 1 because they are valued using quoted market prices in active markets for identical assets. Financial instruments classified within Level 2 of the fair value hierarchy are valued based on observable inputs or can be derived from non-binding quotes from the Company’s investment managers, which are based on proprietary valuation models of independent pricing services. These models generally use inputs such as observable market data, quoted market prices for similar instruments, or historical pricing trends of a security relative to its peers.

The Company believes it is more likely than not that its marketable securities in an unrealized loss position will be held until maturity or the recovery of the cost basis of the investment. As of December 31, 2024, the

Company has not recorded any allowance for credit losses on its investment securities. Based upon its quarterly impairment review, the Company determined that the unrealized losses were not attributed to credit risk, but were primarily driven by the broader change in interest rates.

As of December 31, 2024, all available-for-sale marketable securities had remaining maturities of less than one year.

The Company's financial liability measured at fair value on a recurring basis consists of the Remaining Lender Warrant issued in connection with the Loan Agreement (see Note 6, Stockholders' Equity). The fair value of the warrant liability was determined based on significant inputs not observable in the market, which represents a Level 3 measurement within the fair value hierarchy. The Company utilized the Black-Scholes option valuation model to fair value the warrant liability. The fair value is estimated using the Black-Scholes option-pricing model and adjusted for the likelihood of draw downs. The expected term is based on the remaining contractual term of the warrant. The Company estimates its expected stock volatility based on the historical volatility of a set of peer companies, which are publicly traded, and expects to continue to do so until it has adequate historical data regarding the volatility of its own publicly-traded stock price. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of measurement for time periods approximately equal to the expected term of the Lender Warrant. The Company uses an expected dividend yield of zero based on the fact that the Company has never paid cash dividends and does not expect to pay cash dividends in the foreseeable future. The warrant liability is subject to re-measurement at each balance sheet date, and any change in fair value is recognized as a gain or loss in our statement of operations and comprehensive loss. During the year ended December 31, 2024, the fair value of the warrant liability and its change were not material.

The carrying amount of the Company’s remaining financial assets and liabilities, which include cash, receivables and payables, approximate their fair values due to their short-term nature.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Operating expenses:
Research and development	$ 86,742	$ 98,038
General and administrative	29,206	33,155
Total operating expenses	115,948	131,193
Loss from operations	(115,948)	(131,193)
Other income, net:
Interest income	4,737	7,056
Other income, net	82	53
Total other income, net	4,819	7,109
Net loss before income tax expense	(111,129)	(124,084)
Net loss	(111,129)	(124,084)
Other comprehensive income (loss):
Net unrealized gain on marketable securities	134	272
Comprehensive loss	$ (110,995)	$ (123,812)
Net loss per share, basic	$ (1.31)	$ (1.68)
Net loss per share, diluted	$ (1.31)	$ (1.68)
Weighted-average shares used in computing net loss per share, basic	84,822,468	73,786,126
Weighted-average shares used in computing net loss per share, diluted	84,822,468	73,786,126

Fair Value Measurements - Summary of Fair Value of Financial Assets Measured at Fair Value on Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized Cost	$ 58,385	$ 104,026
Unrealized Gain	39	11
Unrealized Loss	(12)	(117)
Fair Value	58,412	103,920
Money Market Funds \| Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized Cost	1,289	91
Fair Value	1,289	91
U.S. Treasuries \| Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized Cost		3,595
Fair Value		3,595
Commercial Paper \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized Cost		34,901
Unrealized Loss		(18)
Fair Value		34,883
Government Agencies Bonds \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized Cost		6,389
Unrealized Gain		1
Fair Value		6,390
U.S. Treasuries \| Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized Cost	49,135	16,182
Unrealized Gain	28	4
Unrealized Loss	(12)	(15)
Fair Value	49,151	16,171
Commercial Paper \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized Cost	3,974	2,971
Unrealized Gain	3
Unrealized Loss		(2)
Fair Value	3,977	2,969
Government Agencies Bonds \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized Cost	3,987	39,897
Unrealized Gain	8	6
Unrealized Loss		(82)
Fair Value	$ 3,995	$ 39,821

Commitments and Contingencies - Additional Information (Details)	1 Months Ended			12 Months Ended
	Jun. 30, 2024 Option	Feb. 28, 2021 RenewalOption	Dec. 31, 2016	Dec. 31, 2024
Commitments And Contingencies [Line Items]
Weighted-average discount rate				8.90%
Weighted-average remaining lease term				4 years 9 months 18 days
Union City, California
Commitments And Contingencies [Line Items]
Number of lease renewal term \| RenewalOption		1
Lease renewal term		5 years
Lease commenced month and year		2021-05
Term of lease		10 years
Office and Laboratory Space \| South San Francisco, California
Commitments And Contingencies [Line Items]
Lease renewal term			5 years
Lease, option to extend				In June 2024, the Company amended the lease to extend the term to November 2027
Lessee, Operating Lease, Existence of Option to Extend [true false]	true
Lease expiration month and year, end	2027-11
Number of option remaining to extend the lease term \| Option \| Option	1
Lease initial expiration month and year			2025-05

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

Schedule of Common Stock Reserved for Issuance

As of December 31, 2024, total shares of common stock reserved for issuance, on an as-if converted basis, are as follows:


	December 31, 2024
Outstanding stock options and awards		10,608,154
Outstanding Lender Warrant		171,848
Shares available for further issuance under the 2024 Inducement Equity Incentive Plan		1,188,000
Shares available for further issuance under the 2021 Equity Incentive Plan		1,791,393
Shares available for further issuance under the 2021 Employee Stock Purchase Plan		1,665,077
Total		15,424,472

Stockholders' Equity

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

Stockholders' Equity

Note 6. Stockholders’ Equity

Common Stock

The holders of common stock are entitled to one vote per share on all matters to be voted on by the stockholders of the Company and are entitled to dividends, if and when declared by the board of directors, subject to the prior rights of the preferred stockholders. Common stock issued and outstanding on the balance sheets and statements of stockholders’ equity includes shares related to early exercised options and restricted stock that are subject to repurchase. Common stock issued and outstanding is reduced for any repurchases of early exercised stock options and restricted stock.

Lender Warrant

In connection with the Loan Agreement, the Company issued to SVB a warrant to purchase up to 171,848 shares of our common stock (the Lender Warrant). The Lender Warrant became exercisable for 73,649 shares upon closing (the Initial Lender Warrant), which represented 0.075% of the Company's common stock and common stock equivalents outstanding as of the day before the closing, on a fully-diluted basis, at an exercise price of $2.55 per share. The Initial Lender Warrant was classified as equity and its fair value was recorded in the stockholders’ equity section of the balance sheet. The Lender Warrant will become exercisable for up to an additional 98,199 shares pro-rated based on amounts actually advanced for the various tranches under the Loan Agreement (the Remaining Lender Warrant). The Remaining Lender Warrant under the Loan Agreement is considered an outstanding instrument upon closing of the Loan Agreement for accounting purposes. In accordance with Accounting Standards Codification (ASC) 815-40, Derivatives and Hedging - Contracts in Entity's Own Equity, the Remaining Lender Warrant is recognized at its fair value as a warrant liability given the variable settlement amount of the warrant shares and included in other non-current liabilities within the balance sheet. The Lender Warrant expires on August 6, 2034.

“At-the-Market” Equity Offering

On August 10, 2022, the Company entered into a sales agreement (Sales Agreement) with Leerink Partners LLC (formerly SVB Securities LLC) to establish an at-the-market (ATM) offering defined in Rule 415 under the Securities Act. Pursuant to the Sales Agreement, the Company is permitted to offer and sell, from time to time, shares of its common stock having a maximum aggregate offering price of up to $75.0 million. As of December 31, 2024, the Company may issue and sell up to approximately $71.0 million in additional shares of its common stock under the ATM. On March 3, 2025, the Company suspended and terminated the prospectus related to its common

stock issuable pursuant to the Sales Agreement. As a result, the Company will not make any sales of our securities pursuant to the Sales Agreement unless and until a new prospectus, prospectus supplement or a new registration statement is filed.

Follow-On Offerings

On February 12, 2024, the Company completed an underwritten offering of 8,888,890 shares of its common stock at a price of $4.50 per share and, to an investor in lieu of common stock, pre-funded warrants to purchase 2,222,271 shares of its common stock at a price of $4.499 per pre-funded warrant. The pre-funded warrants can be exercised at any time after issuance for an exercise price of $0.001 per share, subject to certain ownership limitations. The Company received net proceeds of approximately $46.8 million, after deducting underwriting discounts and commissions of approximately $3.0 million and offering expenses of $0.2 million. As of December 31, 2024, all pre-funded warrants have been exercised for an exercise price of $0.001 per share.

As of December 31, 2024, total shares of common stock reserved for issuance, on an as-if converted basis, are as follows:


	December 31, 2024
Outstanding stock options and awards		10,608,154
Outstanding Lender Warrant		171,848
Shares available for further issuance under the 2024 Inducement Equity Incentive Plan		1,188,000
Shares available for further issuance under the 2021 Equity Incentive Plan		1,791,393
Shares available for further issuance under the 2021 Employee Stock Purchase Plan		1,665,077
Total		15,424,472

- Definition

The entire disclosure for equity.

+ References

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

Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Stock issuance costs		$ 501
Follow On Offering
Stock issuance costs	$ 3,236
At The Market Sales
Stock issuance costs		$ 120

Segment Reporting

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Segment Reporting

Note 12. Segment Reporting

The Company is a clinical-stage biotechnology company focused on discovering, developing and delivering curative therapies that address the underlying drivers of heart disease and has one operating and reportable segment. The Company’s chief operating decision marker (CODM) is the chief executive officer.

The statement of operations includes research and development expenses, general and administrative costs, interest income, and income taxes; the Company has not generated any revenue. In addition to reviewing the expenses in the Company’s statement of operations, the CODM is regularly provided with operating expenses by function. The CODM does not review assets at a different asset level or category than the amounts disclosed in the Company’s balance sheet. The Company’s long-lived assets are located in the United States.

The following table provides information about the Company’s operating expenses by function and includes a reconciliation to net income.


	Year Ended December 31,
	2024			2023
Operating expenses:
Research and development
Clinical	$	26,024		$	23,426
Manufacturing (pre-commercial)		23,433			30,143
Research		20,858			26,566
Other		16,427			17,903
Total Research and development		86,742			98,038
General and administrative		29,206			33,155
Total operating expenses		115,948			131,193
Loss from operations		(115,948	)		(131,193	)
Other income, net:
Interest income		4,737			7,056
Other income, net		82			53
Total other income, net		4,819			7,109
Net loss before income tax expense		(111,129	)		(124,084	)
Income tax expense		—			—
Net loss	$	(111,129	)	$	(124,084	)

- Definition

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

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+ Details

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Summary of Fair Value of Financial Assets Measured at Fair Value on Recurring Basis

The following tables summarize the Company’s financial assets measured at fair value on a recurring basis by level within the fair value hierarchy:


		December 31, 2024
	Valuation Hierarchy	Amortized Cost		Unrealized Gain		Unrealized Loss			Fair Value
		(In thousands)
Assets:
Cash equivalents:
Money market funds	Level 1		1,289		—		—			1,289
Marketable securities:
U.S. treasuries	Level 1		49,135		28		(12	)		49,151
Commercial paper	Level 2		3,974		3		—			3,977
Government agencies bonds	Level 2		3,987		8		—			3,995
Total financial assets		$	58,385	$	39	$	(12	)	$	58,412


		December 31, 2023
	Valuation Hierarchy	Amortized Cost		Unrealized Gain		Unrealized Loss			Fair Value
		(In thousands)
Assets:
Cash equivalents:
Money market funds	Level 1	$	91	$	—	$	—		$	91
U.S. treasuries	Level 1		3,595		—		—			3,595
Commercial paper	Level 2		34,901		—		(18	)		34,883
Government agencies bonds	Level 2		6,389		1		—			6,390
Marketable securities:
U.S. treasuries	Level 1		16,182		4		(15	)		16,171
Commercial paper	Level 2		2,971		—		(2	)		2,969
Government agencies bonds	Level 2		39,897		6		(82	)		39,821
Total financial assets		$	104,026	$	11	$	(117	)	$	103,920

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income taxes expense	$ 0	$ 0
Increase in valuation allowance, deferred tax assets	25,000,000	30,200,000
Accrued interest and penalties related to unrecognized tax benefits	$ 0	$ 0

- Definition

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

+ References

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+ Details

Stock-Based Compensation - Summary of Fair Value of Stock Option Awards (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected volatility, minimum	89.00%	93.00%
Expected volatility, maximum	93.00%	95.00%
Risk-free interest rate, minimum	3.90%	3.40%
Risk free interest rate, maximum	4.50%	4.50%
Expected dividend yield	0.00%	0.00%
Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)	5 years 6 months	5 years 6 months
Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)	6 years 1 month 6 days	6 years 1 month 6 days

- 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

Commitments and Contingencies - Summary of Future Minimum Lease Payments Under Operating Leases (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2025	$ 3,861
2026	3,864
2027	3,775
2028	1,471
2029	1,515
Thereafter	2,491
Total undiscounted future minimum lease payments	16,977
Imputed interest	(3,369)
Total operating lease liabilities	$ 13,608

Segment Reporting - Schedule of Operating Expenses by Function (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Operating Expenses [Abstract]
Research and development	$ 86,742	$ 98,038
General and administrative	29,206	33,155
Total operating expenses	115,948	131,193
Loss from operations	(115,948)	(131,193)
Other income, net:
Interest income	4,737	7,056
Other income, net	82	53
Total other income, net	4,819	7,109
Net loss before income tax expense	(111,129)	(124,084)
Net loss	(111,129)	(124,084)
Clinical
Operating Expenses [Abstract]
Research and development	26,024	23,426
Manufacturing (pre-commercial)
Operating Expenses [Abstract]
Research and development	23,433	30,143
Research
Operating Expenses [Abstract]
Research and development	20,858	26,566
Other
Operating Expenses [Abstract]
Research and development	$ 16,427	$ 17,903

Income Taxes - Schedule of Deferred Income Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets:
Net operating losses	$ 66,609	$ 52,757
Capitalized research and development expenditure	36,151	29,318
Tax credits	19,292	15,047
Stock-based compensation	3,624	2,880
Lease liability	2,862	2,613
Accrued expenses and other	1,188	1,713
Total deferred tax assets	129,726	104,328
Valuation allowance	(126,332)	(101,290)
Deferred tax assets, net of valuation allowance	3,394	3,038
Deferred tax liabilities:
Right-of-use asset	(2,500)	(2,098)
Property and equipment	$ (894)	$ (940)

Net Loss Per Share - Schedule of Antidilutive Securities Excluded from Computation of Diluted Net Loss Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities were not included in the calculation of diluted net loss per share	10,780,002	9,431,710
Outstanding Stock Options and Restricted Stock Units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities were not included in the calculation of diluted net loss per share	10,608,154	9,431,710
Outstanding Lender Warrant
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities were not included in the calculation of diluted net loss per share	171,848

Stock-Based Compensation - Summary of Stock Option Activity (Details) - 2021 Equity Incentive Plan $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares, Outstanding Beginning Balance \| shares	8,343,434
Granted \| shares	2,754,100
Exercised \| shares	(50,945)
Cancelled \| shares	(1,792,613)
Shares, Outstanding Ending Balance \| shares	9,253,976
Shares, Exercisable as of December 31, 2024 \| shares	5,339,995
Weighted-Average Exercise Price Per Share, Outstanding Beginning Balance \| $ / shares	$ 7.47
Granted \| $ / shares	4.81
Exercised \| $ / shares	2.20
Cancelled \| $ / shares	8.47
Weighted-Average Exercise Price Per Share, Outstanding Ending Balance \| $ / shares	6.51
Weighted-Average Exercise Price Per Share, Exercisable as of December 31, 2024 \| $ / shares	$ 7.29
Weighted-Average Remaining Contractual Life, Outstanding	7 years 2 months 19 days
Weighted-Average Remaining Contractual Life, Exercisable as of December 31, 2024	6 years 6 months 21 days
Aggregate Intrinsic Value, Outstanding \| $	$ 406
Aggregate Intrinsic Value, Exercisable as of December 31, 2024 \| $	$ 406

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Effective Tax Rate Reconciliation

The effective tax rate of the Company’s provision for income taxes differs from the federal statutory rate and the effective tax rate reconciliation is as follows:


	December 31,
	2024			2023
U.S. federal taxes at statutory rate		21.0	%		21.0	%
State taxes (net of federal benefit)		1.0			1.2
Credits		2.7			3.7
Stock-based compensation		(0.2	)		(0.3	)
Change in valuation allowance		(22.6	)		(24.4	)
Other		(1.9	)		(1.2	)
Total	—%			—%

Schedule of Deferred Income Taxes

The tax effects of significant items comprising the Company’s deferred income taxes are as follows:


	December 31,
	2024			2023
	(In thousands)
Deferred tax assets:
Net operating losses	$	66,609		$	52,757
Capitalized research and development expenditure		36,151			29,318
Tax credits		19,292			15,047
Stock-based compensation		3,624			2,880
Lease Liability		2,862			2,613
Accrued expenses and other		1,188			1,713
Total deferred tax assets		129,726			104,328
Valuation allowance		(126,332	)		(101,290	)
Deferred tax assets, net of valuation allowance		3,394			3,038
Deferred tax liabilities:
Right-of-use asset		(2,500	)		(2,098	)
Property and equipment		(894	)		(940	)
Net deferred tax assets	$	—		$	—

Summary of Net Operating Loss and Tax Carryforwards

As of December 31, 2024, the Company’s net operating loss and tax carryforwards are summarized as follows:


(In thousands)	Amount		Expiration in years
Net operating losses, federal (post-December 31, 2017)	$	291,837	Do Not Expire
Net operating losses, federal (pre-January 1, 2018)	$	3,093	2036 - 2037
Net operating losses, state	$	63,519	2036 - 2040
Tax credits, federal	$	19,339	2040 - 2044
Tax credits, state	$	8,186	Do Not Expire

Schedule of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:


	December 31,
	2024		2023
	(In thousands)
Balance at beginning of year	$	4,521	$	3,141
Additions based on tax positions related to current year		1,414		1,423
Additions based on tax positions related to prior years		422		—
Reductions for tax positions related to prior years		—		(43	)
Balance at end of year	$	6,357	$	4,521

Segment Reporting - Additional Information (Details)	12 Months Ended
Segment Reporting - Additional Information (Details)	Dec. 31, 2024 Segment
Segment Reporting [Abstract]
Number of operating segment	1
Number of reportable segment	1
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	Chief Executive Officer [Member]
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description	The statement of operations includes research and development expenses, general and administrative costs, interest income, and income taxes; the Company has not generated any revenue. In addition to reviewing the expenses in the Company’s statement of operations, the CODM is regularly provided with operating expenses by function. The CODM does not review assets at a different asset level or category than the amounts disclosed in the Company’s balance sheet. The Company’s long-lived assets are located in the United States.

Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
Statements of Cash Flows - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:
Net loss	$ (111,129)	$ (124,084)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	8,468	8,687
Amortization (accretion) of premium (discount) on marketable securities	(184)	315
Stock-based compensation	16,501	15,309
Non-cash operating lease expense	3,391	3,132
Other	383	217
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	857	101
Other noncurrent assets	656	(601)
Accounts payable	(581)	(3,282)
Accrued and other current liabilities	(4,745)	2,256
Operating lease liabilities	(4,118)	(4,123)
Other noncurrent liabilities		1
Net cash used in operating activities	(90,501)	(102,072)
Cash flows from investing activities:
Purchases of property and equipment	(1,025)	(1,239)
Purchases of marketable securities	(87,069)	(56,644)
Proceeds from sales of marketable securities	7,997
Proceeds from maturities of marketable securities	81,211	106,623
Other	17	(25)
Net cash provided by investing activities	1,131	48,715
Cash flows from financing activities:
Proceeds from issuance of common stock and pre-funded warrants in follow-on offering, net of issuance costs	46,762
Proceeds from exercise of stock options and employee stock purchase plan	979	682
Proceeds from exercises of pre-funded warrants	8
Proceeds from at-the-market sales, net of issuance costs		3,868
Payment of accrued offering costs		(501)
Net cash provided by financing activities	47,749	4,049
Net change in cash, cash equivalents and restricted cash	(41,621)	(49,308)
Cash and cash equivalents and restricted cash at beginning of period	46,363	95,671
Cash and cash equivalents and restricted cash at end of period	4,742	46,363
Components of cash, cash equivalents and restricted cash:
Cash and cash equivalents	4,323	45,681
Restricted cash included in other noncurrent assets	419	682
Cash, cash equivalents and restricted cash	4,742	46,363
Supplemental disclosure of non-cash investing and financing activities:
Property and equipment included in accounts payable and accrued and other current liabilities	358	$ 249
Issuance of warrant in connection with Loan Agreement	$ 175

Stock-Based Compensation - Summary of Restricted Stock Activity (Details) - 2021 Equity Incentive Plan - Restricted Stock $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Unvested as of December 31, 2023 \| shares	1,088,276
Granted \| shares	1,314,865
Vested \| shares	(692,096)
Forfeited \| shares	(356,867)
Unvested as of December 31, 2024 \| shares	1,354,178
Weighted Average Grant Date Fair Value per Share
Unvested as of December 31, 2023 \| $ / shares	$ 3.34
Granted \| $ / shares	4.52
Vested \| $ / shares	3.51
Forfeited \| $ / shares	4.32
Unvested as of December 31, 2024 \| $ / shares	$ 4.14
Weighted-Average Remaining Contractual Life, Unvested	1 year 2 months 15 days
Aggregate Intrinsic Value, Unvested \| $	$ 1,936