0000950170-24-032516 | 10-K | XBRL Viewer

Common Stock	12 Months Ended
Dec. 31, 2023
Class of Stock Disclosures [Abstract]
Common Stock	10. Common Stock The Company’s Certificate of Incorporation, as amended and restated, authorizes the Company to issue shares of common stock with a par value of $0.001 per share. The holder of each share of common stock is entitled to one vote in respect of each share of stock held. In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Company, the funds and assets available for distribution to the stockholders of the Company will be distributed among the holders of shares of common stock, pro rata based on the number of shares of common stock held by each such holder. The holders of Common Stock are also entitled to receive dividends whenever funds and assets are legally available and when declared by the board of directors. No dividends have been declared as of December 31, 2023. The Company increased the number of shares of common stock authorized to be issued to 200,000,000 shares in August 2021, at the time in which the Certificate of Incorporation was amended and restated. As of December 31, 2023 and 2022, there were 102,202,759 and 88,179,374 shares of common stock issued and outstanding, respectively.

Common Stock

12 Months Ended

Dec. 31, 2023

Class of Stock Disclosures [Abstract]

10. Common Stock

The Company’s Certificate of Incorporation, as amended and restated, authorizes the Company to issue shares of common stock with a par value of $0.001 per share. The holder of each share of common stock is entitled to one vote in respect of each share of stock held. In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Company, the funds and assets available for distribution to the stockholders of the Company will be distributed among the holders of shares of common stock, pro rata based on the number of shares of common stock held by each such holder. The holders of Common Stock are also entitled to receive dividends whenever funds and assets are legally available and when declared by the board of directors. No dividends have been declared as of December 31, 2023.

The Company increased the number of shares of common stock authorized to be issued to 200,000,000 shares in August 2021, at the time in which the Certificate of Incorporation was amended and restated. As of December 31, 2023 and 2022, there were 102,202,759 and 88,179,374 shares of common stock issued and outstanding, respectively.

- Definition

The entire disclosure for equity.

+ References

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+ Details

Nature of the Business and Basis of Presentation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended		12 Months Ended
	Aug. 11, 2023	Jan. 31, 2024	Sep. 30, 2022	Dec. 31, 2023	Dec. 31, 2022
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Stock issuance cost				$ 241	$ 8
Private Placement [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of units issued in transaction	13,196,671
Unit price	$ 5.15
Gross proceeds	$ 80,000
Stock issuance cost	200
Net proceeds from private placement	$ 79,800
Private Placement [Member] \| Pre-funded Warrants [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Unit price	$ 5.1499
Warrants to purchase shares of common stock	2,340,579
Exercise price	$ 0.0001
At-the-Market Stock Offering [Member] \| Common Stock [Member] \| Jefferies LLC
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of units issued in transaction				0
Potential proceeds from shares reserved for future issuance			$ 100,000
At-the-Market Stock Offering [Member] \| Common Stock [Member] \| Jefferies LLC \| Subsequent Event [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of units issued in transaction		4,001,200
Gross proceeds		$ 41,700
At-the-Market Stock Offering [Member] \| Maximum [Member] \| Common Stock [Member] \| Jefferies LLC
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Potential proceeds from shares reserved for future issuance			$ 100,000

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 66,385	$ 59,968
Marketable securities	270,500	306,165
Accounts receivable		2,000
Restricted cash	856	567
Prepaid expenses and other current assets	8,797	6,572
Total current assets	346,538	375,272
Property and equipment, net	9,908	10,884
Operating lease right-of-use assets	43,508	46,886
Restricted cash, net of current portion	2,567	3,423
Other assets	46	5
Total assets	402,567	436,470
Current liabilities:
Accounts payable	2,785	4,453
Accrued expenses and other current liabilities	15,401	17,495
Operating lease liabilities	2,082	1,770
Deferred revenue	25,670	31,792
Income tax payable		35
Total current liabilities	45,938	55,545
Operating lease liabilities, net of current portion	36,838	39,361
Deferred revenue, net of current portion	66,683	92,088
Total liabilities	149,459	186,994
Commitments and contingencies (Note 8)
Preferred stock, $0.001 par value; 10,000,000 shares authorized; no shares issued and outstanding as of December 31, 2023 and 2022, respectively
Stockholders' equity:
Common stock, $0.001 par value; 200,000,000 shares authorized at December 31, 2023 and December 31, 2022, respectively; 102,202,759 and 88,179,374 shares issued and outstanding as of December 31, 2023 and 2022, respectively	102	88
Additional paid-in capital	624,076	522,605
Accumulated other comprehensive income (loss)	186	(3,705)
Accumulated deficit	(371,256)	(269,512)
Total stockholders' equity	253,108	249,476
Total liabilities and stockholders' equity	$ 402,567	$ 436,470

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities
Net loss	$ (101,744)	$ (108,176)
Adjustments to reconcile net loss to net cash from operating activities:
Depreciation	2,415	1,608
Noncash operating lease expense	3,606	2,420
Stock-based compensation	19,079	14,230
Accretion on marketable securities	(3,394)
Other, net	22	(669)
Changes in operating assets and liabilities:
Accounts Receivable	2,000
Prepaid expenses and other current assets	(2,225)	(2,056)
Right-of-use asset		(10,125)
Other long-term assets	(41)	122
Accounts payable	(1,705)	1,097
Accrued expenses and other liabilities	(2,029)	7,629
Operating lease liabilities	(2,439)	1,700
Deferred revenue	(31,527)	(16,860)
Net cash used in operating activities	(117,982)	(109,080)
Cash flows from investing activities
Purchase of property and equipment	(1,526)	(7,692)
Sales and maturities of marketable securities	353,526	242,595
Purchases of marketable securities	(310,574)	(208,504)
Net cash provided by investing activities	41,426	26,399
Cash flows from financing activities
Proceeds from issuance of common shares and pre-funded warrants	80,017
Proceeds from issuance of common stock upon exercise of stock options and purchase of shares under ESPP	1,941	1,623
Return of capital from a stockholder - related party	689
Payment of transaction costs	(241)	(8)
Net cash provided by financing activities	82,406	1,615
Net change in cash, cash equivalents and restricted cash	5,850	(81,066)
Cash, cash equivalents and restricted cash, beginning of period	63,958	145,024
Cash, cash equivalents and restricted cash, end of period	69,808	63,958
Supplemental cash flow information:
Cash paid for leases	5,882	1,413
Supplemental disclosure of noncash investing and financing activity:
Purchases of property and equipment included in accounts payable and accrued expenses	38	131
Operating lease liabilities from obtaining right-of-use assets		48,352
Revaluation of right-of-use asset and lease liability upon lease remeasurement	$ (228)	$ 300

Supplemental Balance Sheet Information - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Depreciation expense	$ 2,415	$ 1,608

Equity Incentive Plans

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Equity Incentive Plans

11. Equity Incentive Plans

2017 Stock Option and Grant Plan

In March 2017, the Company’s stockholders approved the 2017 Stock Option and Grant Plan (the 2017 Plan), under which stock options and RSAs were granted to eligible employees, officers, directors, consultants, or other key persons who provide services to the Company. Such issuances under the 2017 Plan were subject to vesting, forfeiture and other restrictions as deemed appropriate by the board of directors at the time of issuance.

Upon effectiveness of the 2021 Stock Option and Incentive Plan (the 2021 Plan) in August 2021, the remaining shares available under the 2017 Plan ceased to be available for issuance and no future issuances will be made under the 2017 Plan. The shares of common stock underlying outstanding awards under the 2017 Plan that are forfeited, cancelled, reacquired by the Company prior to vesting, expire or are otherwise terminated (other than by exercise) will be added to the shares of common stock available for issuance under the 2021 Plan.

2021 Stock Option and Incentive Plan

In August 2021, the Company's stockholders approved the 2021 Plan under which stock options, restricted stock units and other equity-based awards or any combination of these may be granted to eligible employees, officers, directors, consultants, or other key persons who provide services to the Company. Such issuances are subject to vesting, forfeiture and other restrictions as deemed appropriate by the board of directors at the time of issuance.

Upon approval, the maximum number of shares of stock reserved and available for issuance under the 2021 Plan was 9,498,725 shares. The number of shares available for future grant will automatically increase on the first day of each fiscal year by an amount equal to the least of: (i) five percent of the number of shares of Stock issued and outstanding on the immediately preceding December 31 or (ii) such lesser number of shares as determined by the 2021 Plan Administrator, as appointed by the board of directors. Awards that are returned to the Company's equity plan as a result of forfeiture, cancellation, are reacquired by the Company prior to vesting, expiration, or any other form of termination (other than by exercise) are automatically made available for issuance under the 2021 Plan. As of December 31, 2023, there were 6,305,845 shares available for future grant under the 2021 Plan and on January 1, 2024, the number of shares available for future grant under the 2021 Plan increased by 5,110,138 shares.

2021 Employee Stock Purchase Plan

The 2021 Employee Stock Purchase Plan (the 2021 ESPP) was adopted and approved by the Company’s board of directors and by the Company’s stockholders and became effective in August 2021. An aggregate of 949,873 shares were reserved for issuance. The 2021 ESPP provides that the number of shares reserved and available for issuance will automatically increase each January 1, beginning on January 1, 2022 and each January 1 thereafter, by the least of (i) 1% of the outstanding number of shares of the Company’s common stock on the immediately preceding December 31, (ii) 949,873 shares or (iii) such number of shares as determined by the administrator. During the year ended December 31, 2023, the Company issued 290,241 shares of common stock under the 2021 ESPP. As of December 31, 2023, there were 2,300,812 shares available for future purchase under the 2021 ESPP and on January 1, 2024, the number of shares available for future purchase under the 2021 ESPP increased by 949,873 shares.

2023 Inducement Plan

In February 2023, the Company's board of directors approved the 2023 Inducement Plan (the Inducement Plan), under which the Company reserved 3,000,000 shares of common stock, to be used exclusively for grants of non-qualified stock options, restricted stock units and other equity-based awards,or any combination of these to individuals who were not previously employees or directors of the Company. Such issuances are subject to vesting, forfeiture and other restrictions as deemed appropriate by the board of directors at the time of issuance. Awards that are returned to the Company's equity plan as a result of forfeiture, cancellation, are reacquired by the Company prior to vesting, expiration, or any other form of termination (other than by exercise) are automatically made available for issuance under the Inducement Plan. As of December 31, 2023, there were 2,256,250 shares available for future grant under the Inducement Plan.

Restricted Stock Units

The following table summarizes the RSU activity of the Company’s plans as of and for the years ended December 31, 2023:


	Number of Stock Units			Weighted Average Grant Date Fair Value Per Share
Unvested and outstanding as of December 31, 2022		—		$	-
Granted		847,888			5.13
Vested		(37,500	)		2.67
Forfeited		(52,874	)		4.88
Unvested and outstanding as of December 31, 2023		757,514		$	5.25

The weighted-average grant date fair value per share of RSUs granted was $5.13 for the year ended December 31, 2023. No RSUs were granted during the year ended December 31, 2022.

As of December 31, 2023, total unrecognized compensation expense related to RSUs was $3.0 million, which the Company expects to recognize over a remaining weighted-average period of 2.1 years.

Stock Options

The following table summarizes the stock option activity of the Company’s plans as of and for the years ended December 31, 2023:


	Number of shares			Weighted Average Exercise Price		Weighted Average Contractual Term		Aggregate Intrinsic Value
						(in years)
Options outstanding as of December 31, 2022		12,924,086		$	6.50		8.13	$	24,267,448
Granted		5,427,552		$	5.41
Exercised		(498,973	)	$	2.22
Cancelled		(1,117,705	)	$	7.48
Options outstanding as of December 31, 2023		16,734,960		$	6.21		7.83	$	62,640,906
Options exercisable as of December 31, 2023		7,878,781		$	5.86		6.97	$	32,213,577

The aggregate intrinsic value of options is calculated as the difference between the exercise price of the options and the fair value of the Company’s common stock for those options that had exercise prices lower than the fair value of the Company’s common stock.

The total intrinsic value of options exercised totaled $2.8 million and $3.1 million for the years ended December 31, 2023 and 2022, respectively. The weighted-average grant date fair value per share of stock options granted was $5.41 and $5.48 for the years ended December 31, 2023 and 2022, respectively.

As of December 31, 2023, total unrecognized compensation expense related to stock options was $34.6 million, which the Company expects to recognize over a remaining weighted-average period of 2.4 years. Substantially all options outstanding as of December 31, 2023 are expected to vest.

Stock Option Valuation

The weighted average assumptions used to estimate the grant date fair value of the stock options using the Black-Scholes option pricing model were as follows:


	2023	2022
Expected option life (in years)	6.2	6.2
Expected volatility	72%	72%
Risk-free interest rate	4.1%	2.2%
Expected dividend yield	— %	— %

Stock-Based Compensation Expense

The Company measures stock-based awards at their grant-date fair value and records compensation expense on a straight-line basis over the vesting period of the awards. The Company recorded stock-based compensation expense in the following expense categories in its accompanying statements of operations:


	Year Ended December 31,
	2023		2022
	(in thousands)
Research and development	$	10,047	$	6,812
General and administrative		9,032		7,418
Total	$	19,079	$	14,230

Net Loss Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	17,492,474	12,924,086
Stock options to purchase common stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	16,734,960	12,924,086
Unvested restricted common stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	757,514

401(K) Savings Plan - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Retirement Benefits [Abstract]
Defined contribution plan, description	The Company maintains a 401(k) retirement savings plan for employees who satisfy certain eligibility requirements. The savings plan is intended to qualify for favorable tax treatment under Section 401(a) of the Code and contains a cash or deferred feature that is intended to meet the requirements of Section 401(k) of the Code. Participants may make pre-tax and certain after-tax (Roth) salary deferral contributions to the plan from their eligible earnings up to the statutorily prescribed annual limit under the Code. Participants who are 50 years of age or older may contribute additional amounts based on the statutory limits for catch-up contributions. Participant contributions are held in trust as required by law.
Amount of matching contributions made by company	$ 0.9	$ 0.7

Nature of the Business and Basis of Presentation

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Nature of the Business and Basis of Presentation

1. Nature of the Business and Basis of Presentation

Tango Therapeutics, Inc. is a precision oncology company committed to the discovery and development of novel drugs in defined patient populations with high unmet medical need.

Tango Therapeutics, Inc. (together with its consolidated subsidiaries, Tango or the Company) formerly known as BCTG Acquisition Corp. (BCTG), was incorporated in Delaware on May 21, 2020. BCTG was a special purpose acquisition company (SPAC) formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination.

Private Placement

On August 10, 2023, the Company entered into a securities purchase agreement with a select group of institutional and accredited healthcare specialist investors for the private placement of 13,196,671 shares of common stock at a price of $5.15 per share and pre-funded warrants to purchase 2,340,579 shares of common stock at a purchase price of $5.1499 per pre-funded warrant, resulting in gross proceeds of $80.0 million. The pre-funded warrants have an exercise price of $0.0001 per share of common stock, were immediately exercisable and will remain exercisable until exercised in full. After deducting expenses related to the private placement of $0.2 million, the net proceeds to the Company from the private placement were $79.8 million. The private placement closed on August 11, 2023.

At-the-Market Stock Offering

In September 2022, the Company entered into a sales agreement (the Sales Agreement) with Jefferies LLC (Jefferies) which permitted the Company to sell from time to time, at its option, up to an aggregate of $100.0 million of shares of its common stock through Jefferies, as sales agent. Sales of the common stock, if any, will be made by methods deemed to be "at-the-market" stock offerings. The Sales Agreement will terminate upon the earliest of: (a) the sale of $100.0 million of shares of the Company's common stock or (b) the termination of the Sales Agreement by the Company or Jefferies. As of December 31, 2023, the Company had not sold any shares of common stock under this program.

In January 2024, the Company sold 4,001,200 shares of common stock under this program for net proceeds of $41.7 million.

Basis of Presentation

The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The accompanying consolidated financial statements reflect the operations of Tango and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated. The functional and reporting currency of the Company and its subsidiaries is the U.S. dollar.

Leases - Summary of Elements of Lease Cost (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Operating leases
Operating lease cost	$ 5,526	$ 4,079
Variable lease cost	3,815	476
Sublease Income	(1,467)	(101)
Total operating lease costs	7,874	4,454
Other information
Operating cash flows used for operating leases	$ 5,188	$ 82
Weighted average remaining lease term in years	9 years 1 month 6 days	10 years
Weighted average discount rate	8.00%	8.00%

Common Stock - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Aug. 31, 2021
Class of Stock Disclosures [Abstract]
Common stock par value	$ 0.001	$ 0.001
Common stock voting description	The holder of each share of common stock is entitled to one vote in respect of each share of stock held.
Dividends declared	$ 0
Common stock authorized	200,000,000	200,000,000	200,000,000
Common stock issued	102,202,759	88,179,374
Common shares outstanding	102,202,759	88,179,374

Business Combination - Additional Information (Details) - Private Placement [Member] $ / shares in Units, $ in Millions	Aug. 11, 2023 USD ($) $ / shares shares
Business Acquisition [Line Items]
Number of units issued in transaction \| shares	13,196,671
Unit price \| $ / shares	$ 5.15
Gross proceeds \| $	$ 80.0

Supplemental Balance Sheet Information (Tables)

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Property, Plant and Equipment

Property and equipment, net consists of the following:


	December 31,
	2023			2022
	(in thousands)
Laboratory equipment	$	8,788		$	7,720
Computer equipment		2,312			2,235
Computer software		125			125
Furniture and fixtures		1,777			1,699
Leasehold improvements		2,857			2,778
Construction in progress		38			8
		15,897			14,565
Less: Accumulated depreciation		(5,989	)		(3,681	)
Property and equipment, net	$	9,908		$	10,884

Schedule of Accrued Expenses and Other Current Liabilities Current

Accrued expenses and other current liabilities include the following:


	December 31,
	2023		2022
	(in thousands)
Payroll and employee-related costs	$	7,910	$	5,738
Research and development costs		6,204		10,490
Other		1,287		1,267
Total accrued expenses and other current liabilities	$	15,401	$	17,495

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Fair value assets transfer from Level 1 to Level 2	$ 0	$ 0
Fair value assets transfer from Level 2 to Level 1	0	0
Fair value liabilities transfer from Level 1 to Level 2	0	0
Fair value liabilities transfer from Level 2 to Level 1	$ 0	$ 0

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Schedule of Reconciliation of Cash and Cash Equivalents and Restricted Cash

The reconciliation of cash and cash equivalents and restricted cash to amounts presented in the consolidated statements of cash flows are as follows:


	December 31,
	2023		2022
	(in thousands)
Cash and cash equivalents	$	66,385	$	59,968
Restricted cash		3,423		3,990
Cash, cash equivalents and restricted cash	$	69,808	$	63,958

Summary of estimated useful lives of property and equipment

The estimated useful lives of the Company’s property and equipment are as follows:


Asset		Estimated useful life
Computer equipment		3 years
Computer software		5 years
Furniture and fixtures		7 years
Laboratory equipment		7 years
Leasehold improvements		Shorter of remaining lease term or 10 years

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Use of Estimates

The preparation of consolidated financial statements requires that the Company make estimates, judgments and assumptions that may affect the reported amounts of assets, liabilities, equity, revenues and expenses and related disclosures. Significant estimates and assumptions made in the consolidated financial statements include, but are not limited to, the revenue recognized from collaboration agreements, the valuation of stock-based awards and the accrual for research and development expenses. On an ongoing basis, the Company evaluates its estimates, judgments and methodologies. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets, liabilities and equity and the amount of revenues and expenses. As of the date of issuance of these consolidated financial statements, the Company is not aware of any specific event or circumstance that would require the Company to update estimates, judgments or revise the carrying value of any assets or liabilities. Actual results may differ from these estimates under different assumptions or conditions. Changes in estimates are reflected in reported results in the period in which they become known.

Segment Information

Operating segments are defined as components of an enterprise for which separate financial information is available for evaluation by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The Company operates in one operating segment, the business of discovering and developing precision oncology therapies. The Company's CEO is the chief operating decision maker.

Cash Equivalents

All highly liquid marketable securities purchased with an original maturity date of 90 days or less at the date of purchase are considered to be cash equivalents. Cash equivalents consisted of money market funds and U.S. Treasury bills as of December 31, 2023 and 2022.

Investments in Marketable Securities

Marketable debt securities consist of investments with original maturities greater than 90 days. The Company classifies its investments with maturities beyond one year as short-term, based on their highly liquid nature and because such marketable securities represent the investment of cash that is available for current operations. The Company considers its investment portfolio of marketable securities to be available-for-sale. Accordingly, these investments are recorded at fair value, which is based on quoted market prices. Unrealized gains are reported as a component of accumulated other comprehensive income in stockholders’ equity. Amortization and accretion of premiums and discounts are recorded in interest income. Realized gains and losses are included as a component of other income, net in the consolidated statements of operations.

The Company evaluates its investments with unrealized losses for impairment. When assessing investments for unrealized declines in value, the Company considers whether the decline in value is related to a credit loss or non-credit loss. For credit losses, the Company reduces the investment to fair value through an allowance for credit losses recorded to the balance sheet and corresponding charge to the statement of operations. The allowance for credit losses and corresponding impairment charge is adjusted each period for changes in fair value. For non-credit losses, the Company reduces the investment to fair value through a charge to the statement of comprehensive loss, reported as a component of accumulated other comprehensive income (loss) in stockholders’ equity. No credit losses were recorded during the periods presented.

Fair Value Measurements

The accounting standard for fair value measurements defines fair value, establishes a framework for measuring fair value in accordance with U.S. GAAP, and requires certain disclosures about fair value measurements. Under this standard, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable:

•

Level 1 — Fair values are determined utilizing prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access.

•

Level 2 — Fair values are determined by utilizing quoted prices for identical or similar assets and liabilities in active markets or other market observable inputs such as interest rates, yield curves, and foreign currency spot rates.

•

Level 3 — Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.

The fair value of the Company’s cash equivalents and marketable securities are determined according to the fair value hierarchy described below (see Note 4). The carrying values of the Company’s accounts receivable, accounts payable and accrued expenses approximate their fair values due to the short-term nature of these assets and liabilities.

Concentration of Credit Risk and Significant Suppliers

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist of cash, cash equivalents and marketable debt securities. The Company’s cash, cash equivalent and marketable securities balances are

held by major financial institutions that management believes to be creditworthy. The Company uses multiple financial institutions to limit the amount of credit exposure to any one financial institution. Substantially all the Company’s cash, cash equivalent and marketable debt securities were invested in money market funds, U.S. Treasury bills, and U.S. government agency bonds at December 31, 2023 and 2022. At times, the Company’s cash deposits may exceed the amount of federal insurance provided on such deposits. The Company has not experienced any losses in such accounts and believes it is not exposed to significant credit risk beyond the normal credit risk associated with commercial banking relationships.

The Company relies, and expects to continue to rely, on a small number of vendors to perform research activities and clinical trial activities that continue to progress its product candidates for its development programs. These programs could be adversely affected by a significant interruption in the related processes of these vendors.

Restricted Cash

Cash accounts with any type of restriction are considered restricted cash and are classified on the balance sheet based on the length of the restrictive obligation. As of December 31, 2023 and 2022, the Company recorded restricted cash of $3.4 million and $4.0 million, respectively, all of which was related to security deposits associated with the Company’s facility leases. The restricted cash balance as of December 31, 2023 related to the non-current and current security deposit balances associated with the Company’s ongoing facility lease in Boston, Massachusetts. The current portion of the security deposit balance relates to amount expected to be returned in less than a year from the December 31, 2023 balance sheet date as a scheduled security deposit reduction due to the passage of time on the overall lease. The restricted cash balance as of December 31, 2022 related to the non-current and current security deposit balances associated with the Company’s facility leases in Boston, Massachusetts and Cambridge, Massachusetts. The security deposit associated with the Company's facility lease in Boston, Massachusetts is recorded as non-current in its balance sheet as of December 31, 2022 because the deposit is required for a duration of greater than a year. The security deposit associated with the Company's previous facility lease in Cambridge, Massachusetts is recorded as current in its balance sheet as of December 31, 2022 because the deposit associated with the terminated lease was returned less than a year from the balance sheet date. The security deposit associated with the Company's previous facility lease in Cambridge, Massachusetts was released to the Company in March 2023.

The reconciliation of cash and cash equivalents and restricted cash to amounts presented in the consolidated statements of cash flows are as follows:


	December 31,
	2023		2022
	(in thousands)
Cash and cash equivalents	$	66,385	$	59,968
Restricted cash		3,423		3,990
Cash, cash equivalents and restricted cash	$	69,808	$	63,958

Property and Equipment

Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization expense is recognized using the straight-line method over the estimated useful lives of each asset. Estimated useful lives are periodically assessed to determine if changes are appropriate. The estimated useful lives of the Company’s property and equipment are as follows:


Asset		Estimated useful life
Computer equipment		3 years
Computer software		5 years
Furniture and fixtures		7 years
Laboratory equipment		7 years
Leasehold improvements		Shorter of remaining lease term or 10 years

The Company reviews long-lived assets, such as property and equipment, for impairment when events or changes in circumstances indicate the carrying value of the assets may not be recoverable. If indicators of impairment are present, the assets are tested for recoverability by comparing the carrying amount of the assets to the related estimated future undiscounted cash flows that the assets are expected to generate. If the expected cash flows are less than the carrying value of the asset group, then the asset group is considered to be impaired and its carrying value is written down to fair value, based on the related estimated discounted future cash flows. To date, no such impairment losses have been recorded.

Costs for assets not yet placed into service are capitalized as construction-in-progress and depreciated or amortized in accordance with the above useful lives once placed into service. Upon retirement or sale, the related cost and accumulated depreciation and amortization are removed from the accounts and any resulting gain or loss is included in the consolidated statements of operations. Repairs and maintenance costs are expensed as incurred.

Operating Leases

At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on specific facts and circumstances and the existence of an identified asset(s), if any, and its control over the use of the identified asset(s), if applicable. Upon lease commencement, operating lease liabilities and their corresponding right-of-use assets are recorded on the balance sheet based at the present value of lease payments over the expected lease term. Leases with an initial term of 12 months or less are not recorded on the balance sheet. Lease expense is recognized over the expected term on a straight-line basis.

Lease payments are discounted at the lease commencement date using the interest rate implicit in the lease contract. As this rate is typically not readily determinable, the Company determines an incremental borrowing rate that is used to discount lease payments, which reflects the fixed rate at which the Company could borrow on a collateralized basis the amount of the lease payments in the same currency, for a similar term, in a similar economic environment. Certain prospective adjustments to the right-of-use asset may be required for items such as initial direct costs paid or incentives received.

The Company elected to account for lease and non-lease components as a single lease component, however non-lease components that are variable, such as common area maintenance and utilities, are generally paid separately from rent based on actual costs incurred and therefore are not included in the right-of-use asset and operating lease liability and are reflected as an expense in the period incurred. The Company’s lease terms often include renewal options. The amounts determined for the Company’s right-of-use assets and lease liabilities generally do not assume that any renewal options or any early-termination provisions, if any, are exercised, unless it is reasonably certain that the Company will exercise such options.

Revenue Recognition

At contract inception, the Company assesses whether the collaboration arrangements are within the scope of ASC Topic 808, Collaborative Arrangements, or ASC 808, to determine whether such arrangements involve joint operating activities performed by parties that are both active participants in the activities and exposed to significant risks and rewards dependent on the commercial success of such activities. This assessment is performed based on the responsibilities of all parties in the arrangement. For collaboration arrangements within the scope of ASC 808 that contain multiple elements, the Company first determines which elements of the arrangement are within the scope of ASC 808 and which elements are within the scope of ASC 606 (as described below). For elements of collaboration arrangements that are accounted for pursuant to ASC 808, an appropriate recognition method is determined and applied consistently, either by analogy to authoritative accounting literature or by applying a reasonable and rational policy election. To date, the Company has not entered into any arrangements within the scope of ASC 808.

The Company’s revenues are generated through its license and collaboration agreements with Gilead. Refer to Note 3, “Collaboration Agreements” elsewhere in these notes to the Company's consolidated financial statements.

The Company recognizes revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers. ASC 606 provides a five-step framework whereby revenue is recognized when control of promised goods or services is transferred to a customer at an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of ASC 606, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) performance obligations are satisfied. The Company only applies this framework to contracts when it is likely that the entity will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of ASC 606, the Company assesses whether the goods or services promised within each contract are distinct and, therefore, represent a separate performance obligation. Goods and services that are determined not to be distinct are combined with other promised goods and services until a distinct bundle is identified. The Company then allocates the transaction price (that is, the amount of consideration the Company expects to be entitled to from a customer in exchange for the promised goods or services) to each performance obligation and recognizes the associated revenue when (or as) each performance obligation is satisfied. The Company’s estimate of the transaction price for each contract includes all variable consideration to which the Company expects to be entitled, subject to the constraint on variable consideration. Variable

consideration is not constrained if the potential reversal of cumulative revenue recognized at the contract level is not significant.

In determining the appropriate amount of revenue to be recognized as the Company fulfills its obligations under active agreements, the Company must use its judgment to determine: (a) the number of performance obligations based on the determination under step (ii) above; (b) the transaction price under step (iii) above; (c) the stand-alone selling price for each performance obligation identified in the contract for the allocation of transaction price in step (iv) above; and (d) the contract term and pattern of satisfaction of the performance obligations under step (v) above. The Company uses judgment to determine whether milestones or other variable consideration, except for royalties, should be included in the transaction price as described further below. The transaction price is allocated to the identified performance obligations on a relative stand-alone selling price basis, for which the Company recognizes revenue as or when the performance obligations under the contract are satisfied. In certain instances, the timing of satisfying these obligations can be difficult to estimate. Accordingly, the Company’s estimates may change in the future and those changes could be material. Such changes to estimates would result in a change in amounts of revenue recognized. If these estimates and judgments change over the course of these agreements, it may affect the timing and amount of revenue that the Company recognizes and records in future periods.

Amounts due to the Company for satisfying the revenue recognition criteria or that are contractually due based upon the terms of the collaboration agreements are recorded as accounts receivable in the Company’s consolidated balance sheet. Amounts received prior to satisfying the revenue recognition criteria are recorded as deferred revenue in the Company’s consolidated balance sheets. Amounts expected to be recognized as revenue within the one year following the balance sheet date are classified as current deferred revenue. Amounts not expected to be recognized as revenue within the one year following the balance sheet date are classified as deferred revenue, net of current portion. Amounts recognized as revenue, but not yet received or invoiced are generally recognized as contract assets.

Exclusive License Rights — If the license to the Company’s intellectual property is determined to be distinct from the other promises or performance obligations identified in the arrangement, which generally include research and development services, the Company recognizes revenue from non-refundable, upfront fees allocated to the license when the license is transferred to the customer and the customer is able to use and benefit from the license. In assessing whether a license is distinct from the other promises, the Company considers relevant facts and circumstances of each arrangement, including the research and development capabilities of the collaboration partner and the availability of the associated expertise in the general marketplace. In addition, the Company considers whether the collaboration partner can benefit from the license for its intended purpose without the receipt of the remaining promises, whether the value of the license is dependent on the unsatisfied promises, whether there are other vendors that could provide the remaining promises and whether it is separately identifiable from the remaining promises. For licenses that are combined with other promises, the Company utilizes judgment to assess the nature of the combined performance obligation and whether the license is the predominant promise within the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue. If the license is the predominant promise, and it is determined that the license represents functional intellectual property (“IP”), revenue is recognized at the point in time when control of the license is transferred. If it is determined that the license does not represent functional IP, revenue is recognized over time using an appropriate method of measuring progress.

Research and Development Services — The obligations under the Company’s collaboration agreements may include research and development services to be performed by the Company to benefit the collaboration partner. For performance obligations that include research and development services, the Company generally recognizes revenue allocated to such performance obligations based on an appropriate measure of progress. The Company utilizes judgment to determine the appropriate method of measuring progress for purposes of recognizing revenue, which is generally an input measure such as costs incurred. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition. The measure of progress, and thereby periods of which revenue should be recognized, are subject to estimates by management and may change over the course of the contract. Reimbursements from the partner that are the result of a collaborative relationship with the partner, instead of a customer relationship, such as co-development activities, are recorded as a reduction to research and development expense. No collaborative arrangements existed that would result in such reimbursements for the periods presented.

Customer Options — The Company’s arrangements may provide a collaborator with the right to acquire additional goods or services in the future. Under these agreements, fees may be due to the Company (i) upon the exercise of the customer option or (ii) in equal installment payments over an agreed upon period. If an arrangement is determined to contain customer options that allow the customer to acquire additional goods or services, the additional goods and services underlying the customer options are evaluated in order to determine if these additional goods or services are distinct from those included as a performance obligation at the outset of the arrangement. If the additional services are not determined to be

distinct, the variable consideration pertaining to the customer option is added to the initial transaction price at the time in which the option exercise becomes probable, so long as a potential for reversal of cumulative revenue recognized at the contract level is not significant. Any such adjustments to the transaction price are recorded on a cumulative catch-up basis, which would affect revenues and earnings in the period of adjustment. If the additional services are distinct, the Company evaluates the customer options for material rights, or options to acquire additional goods or services for free or at a discount. If the customer options are determined to represent a material right, the material right is recognized as a separate performance obligation at the inception of the arrangement. The Company allocates the transaction price to material rights based on the relative stand-alone selling price, which is determined based on the identified discount and the probability that the customer will exercise the option. Amounts allocated to a material right are not recognized as revenue until, at the earliest, the option is exercised or expires.

Milestone Payments — At the inception of an arrangement that includes development milestone payments, the Company evaluates whether the milestones are considered likely of being achieved and estimates the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant reversal of cumulative revenue recognized would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the control of the Company, such as regulatory approvals, are not considered probable of being achieved until those approvals are received. The Company evaluates factors such as the scientific, clinical, regulatory, commercial and other risks that must be overcome to achieve the particular milestone in making this assessment. There is considerable judgment involved in determining whether it is probable that a significant revenue reversal would not occur. At the end of each subsequent reporting period, the Company reevaluates the probability of achievement of all milestones subject to constraint and, if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect revenues and earnings in the period of adjustment. If a milestone or other variable consideration relates specifically to the Company’s efforts to satisfy a single performance obligation or to a specific outcome from satisfying the performance obligation, the Company generally allocates the milestone amount entirely to that performance obligation once it is probable that a significant revenue reversal would not occur.

Royalties — For arrangements that include sales-based royalties, including milestone payments based on a level of sales, where the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (i) when the related sales occur or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). To date, the Company has not recognized any royalty revenue resulting from licensing agreements.

Research and Development Expenses

Research and development expenses consist primarily of costs incurred for our drug discovery efforts and the development of our product candidates. These expenses include salaries, employee benefits, and stock-based compensation expense for our research and development personnel, materials, supplies, depreciation on and maintenance of research equipment, the cost of services provided by outside CROs and consultants to conduct research and development activities including costs of clinical trials and manufacturing, and the allocable portions of facility costs, such as rent, utilities, and general support services. All costs incurred to fulfill the Company’s obligations under the collaboration with Gilead are classified as research and development expenses. All costs associated with research and development are expensed as incurred.

Management estimates the Company’s accrued research and development expenses as of each balance sheet date in the Company’s financial statements based on facts and circumstances known to the Company at that time. If the actual timing of the performance of services or the level of effort varies from the estimate, the Company will adjust the accrual accordingly. Nonrefundable advance payments for goods and services are deferred and recognized as expense in the period that the related goods are consumed or services are performed.

Patent Costs

All patent-related costs incurred in connection with filing and prosecuting patent applications are expensed as incurred due to the uncertainty about the recovery of the expenditure. Amounts incurred are classified as general and administrative expenses.

Stock-Based Compensation

The Company measures the cost of employee services received in exchange for stock-based awards based on the grant-date fair value of the awards. The Company calculates the fair value of restricted stock awards based on the grant date fair

value of the underlying common stock. The Company recognizes stock-based compensation expense on a straight-line basis over the requisite service period of the awards for service-based awards, which is generally the vesting period. The Company recognizes stock-based compensation for performance-based awards when the underlying performance conditions are considered probable of occurrence and recognizes the cumulative effect of current and prior period changes in the period of change.

The fair value of common stock underlying stock-based awards is based on an estimate at each grant date using the market price of our common stock and each of the assumptions discussed below.

Expected Term — The expected term of the stock options is estimated using the “simplified method,” as prescribed in SEC’s Staff Accounting Bulletin (SAB) No. 107, as the Company has limited historical information from which to develop reasonable expectations about future exercise patterns and post-vesting employment termination behavior for its stock option grants. The simplified method is the midpoint between the vesting period and the contractual term of the option.

Expected Volatility — Since there is limited historical data for the Company’s common stock and limited company-specific historical volatility, the Company has determined the share price volatility for options granted based on an analysis of the volatility used by a peer group of publicly traded companies. In evaluating similarity, the Company considers factors such as industry, stage of life cycle and size.

Risk-free Interest Rate — The risk-free rate is based on the U.S. Treasury yield curve commensurate with the expected life of the option.

Dividend Rate — The expected dividend is assumed to be zero as the Company has never paid dividends and has no current plans to do so.

The assumptions used in estimating the fair value of stock-based awards represent management’s estimate and involve inherent uncertainties and the application of management’s judgment. As a result, if factors change and management uses different assumptions, stock-based compensation expense could be materially different for future awards.

Stock-based compensation is classified in the accompanying consolidated statements of operations and comprehensive loss based on the function to which the related services are provided. Forfeitures are accounted for as they occur. Any consideration paid by employees on exercising stock options and the corresponding portion previously credited to additional paid-in capital are credited to share capital.

Deferred Financing Costs

The Company capitalizes certain legal, professional accounting and other third-party fees that are directly associated with in-process equity financings as deferred offering costs until such financings are consummated. After consummation of an equity financing, these costs are recorded in shareholders’ equity as a reduction of additional paid-in capital generated as a result of the offering.

Income Taxes

The Company accounts for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period corresponding to the enactment date. A valuation allowance is established when it is more likely than not that all or some portion of the deferred tax assets will not be realized through generating sufficient future taxable income.

The Company assesses all material positions taken in any income tax return, including all significant uncertain positions, in all tax years that are still subject to assessment or challenge by relevant taxing authorities. The Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not such tax position will be sustained on examination by the taxing authorities, based solely on the technical merits of the respective tax position. The tax benefits recognized in the financial statements from such a tax position should be measured based on the largest benefit having a more

likely than not likelihood of being realized upon ultimate settlement with the tax authority. The recognition and measurement of tax benefits requires significant judgments that are subject to change as new information becomes available.

Penalties and interest expense related to income taxes are included as components of income tax expense and interest expense, respectively, as necessary.

Comprehensive Income (Loss)

Comprehensive income (loss) includes net income (loss) as well as other changes in stockholders’ equity that result from transactions and economic events other than those with stockholders. The Company’s only element of other comprehensive income (loss) for the years ended December 31, 2023 and 2022 was unrealized gains (losses) on investments in marketable securities.

Net Loss Per Share

Basic net loss per share attributable to common stockholders is computed by dividing net loss by the weighted-average number of shares of common shares outstanding during each reporting period. The weighted-average number of shares of common stock outstanding used in the basic net loss per share calculation does not include unvested restricted stock awards as these instruments are considered contingently issuable shares until they vest. Diluted net loss per share attributable to common stockholders includes the effect, if any, from the potential exercise or conversion of securities, such as convertible preferred stock and stock options, which would result in the issuance of incremental shares of common stock. For diluted net loss per share, the weighted-average number of shares of common stock is the same for basic net loss per share due to the fact that when a net loss exists, dilutive securities are not included in the calculation as the impact is anti-dilutive. The Company’s unvested restricted stock entitles the holder to participate in dividends and earnings of the Company, and, if the Company were to recognize net income, it would apply the two-class method to calculate earnings per share. The two-class method is not applicable during periods with a net loss, as the holders of the unvested restricted stock have no obligation to fund losses.

The two-class method of computing net loss per share would be applicable in a reporting period that resulted in a net income position, as the Company has issued shares that meet the definition of participating securities. The two-class method determines net loss per share for each class of common and participating securities according to dividends declared or accumulated and participation rights in undistributed earnings. The two-class method requires income available to common stockholders for the period to be allocated between common and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed.

Issued and unexercised pre-funded warrants are classified as a component of permanent equity in the Company's consolidated balance sheet as they are freestanding financial instruments that are immediately exercisable, do not embody an obligation for the Company to repurchase its own shares and permit the holders to receive a fixed number of shares of common stock upon exercise. All shares underlying pre-funded warrants are included in the weighted-average number of shares of common stock used to calculate basic and diluted net loss per common share because the shares may be issued for little or no consideration, are fully vested and are exercisable after the original issuance date of the pre-funded warrants.

Commitments and Contingencies

Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred.

Subsequent Events

The Company considers events or transactions that occur after the balance sheet date but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. Subsequent events have been evaluated as required.

Emerging Growth Company Status

The Company is an “emerging growth company,” as defined in the Jumpstart Our Business Startups Act (JOBS Act), and may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies. Section 107 of the JOBS Act provides that an emerging growth

company can take advantage of the extended transition period afforded by the JOBS Act for the implementation of new or revised accounting standards. The Company has elected to use the extended transition period for complying with new or revised accounting standards and as a result of this election, its consolidated financial statements may not be comparable to companies that comply with public company effective dates. The Company may take advantage of these exemptions up until the last day of the fiscal year following the fifth anniversary of an initial public offering or such earlier time that it is no longer an emerging growth company. However, the Company has not yet delayed the adoption of any new accounting standards.

Recently Adopted Accounting Pronouncements

From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies that the Company adopts as of the specified effective date. Unless otherwise discussed below, the Company does not believe that the adoption of recently issued standards have or may have a material impact on its consolidated financial statements and disclosures.

Recently Issued Accounting Pronouncements

In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures." The standard is intended to improve financial reporting by requiring disclosure of incremental segment information on an annual and interim basis for all public entities to enable investors to develop more decision-useful financial analyses. The standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Upon adoption, the standard should be applied retrospectively to all prior periods presented in the financial statements. Early adoption is permitted. The Company is evaluating the potential impact of this adoption on the consolidated financial statements and related disclosures.

In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures." The standard is intended to enhance the existing income tax disclosures to provide information to better assess how an entity’s operations and related tax risks and tax planning and operational opportunities affect its tax rate and prospects for future cash flows. The standard is effective for annual periods beginning after December 15, 2024. Upon adoption, the standard should be applied on a prospective basis, although retrospective application is permitted. Early adoption is permitted. The Company is evaluating the potential impact of this adoption on the consolidated financial statements and related disclosures.

Collaboration Agreements - Additional Information (Details)	1 Months Ended			3 Months Ended	12 Months Ended
	Jun. 30, 2023 USD ($)	Aug. 31, 2020 USD ($) Program	Oct. 31, 2018 Program	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2018 USD ($)	Sep. 30, 2021 USD ($)	Dec. 31, 2020 USD ($)
2018 Gilead Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of licensed product \| Program			5
Non-refundable upfront payment received					$ 50,000,000		$ 50,000,000
Amended Gilead Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research term		7 years
Number of licensed product \| Program		15
Non-refundable upfront payment received					$ 125,000,000
Milestone payments receivable		$ 410,000,000
Temporary equity, par value		125,000,000
Research extension fee								$ 24,000,000	$ 24,000,000
Contract with customer liability, revenue recognized				$ 5,000,000
License fee amount	$ 5,000,000
Amended Gilead Agreement [Member] \| Minimum [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Ownership percentage in common stock					10.00%
Amended Gilead Agreement [Member] \| Series B-1 Preferred Stock [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Temporary equity, par value		$ 20,000,000
Gilead Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Transaction price allocated to performance obligation					$ 199,000,000
Short-term deferred revenue					25,700,000	$ 31,800,000
Long-term deferred revenue					66,700,000	92,100,000
Gilead Agreement [Member] \| Collaboration Revenue [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Contract with customer liability, revenue recognized					$ 31,500,000	$ 24,900,000

Redeemable Convertible Preferred Stock - Additional Information (Details) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Redeemable convertible preferred stock shares authorized	10,000,000	10,000,000
Redeemable convertible preferred stock Par or Stated Value Per Share	$ 0.001	$ 0.001
Redeemable convertible preferred stock, issued	0	0
Redeemable convertible preferred stock, outstanding	0	0

- Definition

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

+ References

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+ Details

Marketable Securities - Summary of Fair value and Gross Unrealized Losses on Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-Sale [Line Items]
Securities Less than twelve months, Fair value	$ 59,857	$ 113,132
Securities Less than twelve months, Unrealized loss	(34)	(1,267)
Securities Greater than twelve months, Fair value	32,164	122,997
Securities Greater than twelve months, Unrealized loss	(161)	(2,459)
Securities, Total Fair value	92,021	236,129
Securities, Total Unrealized loss	(195)	(3,726)
U.S. Treasury Bills [Member]
Debt Securities, Available-for-Sale [Line Items]
Securities Less than twelve months, Fair value	18,662	44,213
Securities Less than twelve months, Unrealized loss	(12)	(640)
Securities Greater than twelve months, Fair value	14,948	84,997
Securities Greater than twelve months, Unrealized loss	(44)	(1,970)
Securities, Total Fair value	33,610	129,210
Securities, Total Unrealized loss	(56)	(2,610)
U.S. Government Agency Bonds [Member]
Debt Securities, Available-for-Sale [Line Items]
Securities Less than twelve months, Fair value	41,195	68,919
Securities Less than twelve months, Unrealized loss	(22)	(627)
Securities Greater than twelve months, Fair value	17,216	38,000
Securities Greater than twelve months, Unrealized loss	(117)	(489)
Securities, Total Fair value	58,411	106,919
Securities, Total Unrealized loss	$ (139)	$ (1,116)

- Definition

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

+ References

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+ Details

Commitments and Contingencies - Additional Information (Details) - Medivir Agreement [Member] $ in Millions	Mar. 31, 2020 USD ($)
Commitments and Contingencies (Details) [Line Items]
Upfront payment	$ 0.4
Milestone payments	1.4
Specified Regulatory Approval And Sales Milestones [Member]
Commitments and Contingencies (Details) [Line Items]
Contractual obligation	25.0
Specified Clinical Milestones [Member]
Commitments and Contingencies (Details) [Line Items]
Contractual obligation	0.7
Specified Regulatory And Sales Milestones For Genetic Context [Member]
Commitments and Contingencies (Details) [Line Items]
Contractual obligation	$ 5.0

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Use of Estimates

Segment Information

Cash Equivalents

Investments in Marketable Securities

Fair Value Measurements

•

Level 1 — Fair values are determined utilizing prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access.

•

Level 3 — Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.

Concentration of Credit Risk and Significant Suppliers

Restricted Cash

The reconciliation of cash and cash equivalents and restricted cash to amounts presented in the consolidated statements of cash flows are as follows:


	December 31,
	2023		2022
	(in thousands)
Cash and cash equivalents	$	66,385	$	59,968
Restricted cash		3,423		3,990
Cash, cash equivalents and restricted cash	$	69,808	$	63,958

Property and Equipment


Asset		Estimated useful life
Computer equipment		3 years
Computer software		5 years
Furniture and fixtures		7 years
Laboratory equipment		7 years
Leasehold improvements		Shorter of remaining lease term or 10 years

Operating Leases

Revenue Recognition

consideration is not constrained if the potential reversal of cumulative revenue recognized at the contract level is not significant.

Research and Development Expenses

Patent Costs

Stock-Based Compensation

The fair value of common stock underlying stock-based awards is based on an estimate at each grant date using the market price of our common stock and each of the assumptions discussed below.

Risk-free Interest Rate — The risk-free rate is based on the U.S. Treasury yield curve commensurate with the expected life of the option.

Dividend Rate — The expected dividend is assumed to be zero as the Company has never paid dividends and has no current plans to do so.

Deferred Financing Costs

Income Taxes

Penalties and interest expense related to income taxes are included as components of income tax expense and interest expense, respectively, as necessary.

Comprehensive Gain (Loss)

Comprehensive Income (Loss)

Net Loss Per Share

Commitments and Contingencies

Subsequent Events

Emerging Growth Company Status

Recently Adopted Accounting Pronouncements

Recently Issued Accounting Pronouncements

Income Taxes - Schedule of Deferred Tax Assets and Liabilities Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets
Net operating loss carryforwards	$ 16,579	$ 7,601
Research and development credit carryforwards	18,798	10,893
Operating lease liability	12,621	13,454
Deferred revenue	24,644	31,628
Accruals and reserves	1,904	1,498
Capitalized research costs	48,257	28,173
Other	4,561	2,830
Total gross deferred tax assets	127,364	96,077
Valuation allowance	(113,397)	(81,044)
Net deferred tax assets	13,967	15,033
Deferred tax liabilities
Depreciation	(2,126)	(2,310)
Right-of-use asset	(11,841)	(12,723)
Total gross deferred tax liabilities	$ (13,967)	$ (15,033)

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (101,744)	$ (108,176)

- Definition

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

+ References

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-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-7

Reference 35: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-28

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B

Reference 38: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 39: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

Marketable Securities - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-Sale [Line Items]
Fair Value	$ 270,500,000	$ 306,165,000
Impairments to marketable securities or reserves for credit losses	0
Marketable securities, Accrued interest	$ 1,800,000	$ 500,000
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration]	Marketable Securities, Current	Marketable Securities, Current
U.S. Government Agency Bonds [Member]
Debt Securities, Available-for-Sale [Line Items]
Fair Value	$ 75,737,000	$ 106,920,000
Marketable Debt Securities [Member]
Debt Securities, Available-for-Sale [Line Items]
Fair Value	42,600,000
Impairments to marketable securities or reserves for credit losses	$ 0	$ 0

- Definition

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

+ References

+ Details

Equity Incentive Plans - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares, Options outstanding Beginning balance	12,924,086
Number of shares Granted	5,427,552
Number of shares Exercised	(498,973)
Number of shares Cancelled	(1,117,705)
Number of shares, Options outstanding Ending balance	16,734,960	12,924,086
Number of shares Options exercisable	7,878,781
Weighted Average Exercise Price, Options outstanding Beginning balance	$ 6.50
Weighted Average Exercise Price Granted	5.41
Weighted Average Exercise Price Exercised	2.22
Weighted Average Exercise Price Cancelled	7.48
'Weighted Average Exercise Price, Options outstanding Ending balance	6.21	$ 6.50
Weighted Average Exercise Price Options exercisable	$ 5.86
'Weighted Average Contractual Term, Options outstanding	7 years 9 months 29 days	8 years 1 month 17 days
Weighted Average Contractual Term Options exercisable	6 years 11 months 19 days
Aggregate Intrinsic Value, Options outstanding	$ 62,640,906	$ 24,267,448
Aggregate Intrinsic Value Options exercisable	$ 32,213,577

Equity Incentive Plans - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions		12 Months Ended
	Jan. 01, 2024	Dec. 31, 2023	Dec. 31, 2022	Feb. 28, 2023
Stock Options [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized stock-based compensation expense		$ 34.6
Weighted-average amortization period		2 years 4 months 24 days
Total intrinsic value of options exercised		$ 2.8	$ 3.1
Weighted-average grant date fair value per share of stock options granted		$ 5.41	$ 5.48
2021 Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Maximum of number of shares reserved and available for issuance		9,498,725
Maximum number of shares issued as a proportion of outstanding capital stock on preceding December 31		5.00%
Number of shares available for future grant		6,305,845
2021 Employee Stock Purchase Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Maximum number of shares issued as a proportion of outstanding capital stock on preceding December 31		1.00%
Common stock, shares issued		290,241
Number of shares available for future grant		949,873
Number Of shares available for future purchase.		2,300,812
Number of shares reserved for issuance		949,873
2023 Inducement Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for future grant		2,256,250
Number of shares reserved for issuance				3,000,000
Subsequent Event [Member] \| 2021 Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Increase in number of shares available for grant	5,110,138
Subsequent Event [Member] \| 2021 Employee Stock Purchase Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Increase in number of shares available for grant	949,873
RSU [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted common stock awards issued		847,888
Unrecognized stock-based compensation expense		$ 3.0
Weighted-average amortization period		2 years 1 month 6 days
Restricted stock awards, outstanding		757,514
Weighted-average grant date fair value per share of stock options granted		$ 5.13	$ 0

Collaboration Agreements

12 Months Ended

Dec. 31, 2023

Collaboration Agreements [Abstract]

Collaboration Agreements

3. Collaboration Agreements

In October 2018, the Company entered into a Research Collaboration and License Agreement (the 2018 Gilead Agreement) with Gilead Sciences, Inc. (Gilead). Pursuant to the terms of the 2018 Gilead Agreement, we received an initial upfront payment of $50.0 million. Gilead had the option to obtain exclusive, worldwide licenses to develop and commercialize up to five validated programs (Gilead Program License).

In August 2020, the Company and Gilead entered into an Amended Research Collaboration and License Agreement (the Gilead Agreement), which superseded and replaced the 2018 Gilead Agreement. The Gilead Agreement represents a continuation of the initial target discovery and validation research and development efforts begun under the 2018 Gilead Agreement. Under the Gilead Agreement:

•

The Company received upfront, non-refundable consideration of $125.0 million from Gilead upon execution of the Gilead Agreement in 2020;

•

The term of the 2018 Gilead Agreement ended on the date the Gilead Agreement was executed. The Gilead Agreement has a research term of seven years;

•

Gilead expanded its option to license up to 15 programs for which Gilead may obtain exclusive, worldwide licenses to develop and commercialize therapies, subject to applicable license fees;

•

Prior to exercising its option to license a program, Gilead may “extend” such program, in which case Gilead will pay research option-extension fees and the Company will continue to collaborate with Gilead to discover and develop programs, potentially through early clinical development;

•

Gilead has the option to “reserve” a target during which Gilead may: (i) license the target, (ii) “extend” the target, or (iii) decline the target, during the designated reserve target period. If, during the reserve target period

Tango elects to work on the reserved target, Tango will retain full rights to the target program and Gilead receives a right of first negotiation in connection with any future partnering or licensing of such target by Tango, if any; and

•

For up to five programs licensed by Gilead, the Company has the option to co-develop and co-promote the lead product in the U.S., subject to certain exceptions, and is eligible to receive tiered royalties in the first decile on ex-U.S. sales.

The Company is eligible to receive up to $410.0 million per program in license, research option-extension, and clinical, regulatory, and commercial milestones and royalties on future sales of commercialized products, if any.

In August 2020, Gilead also made an equity investment of $20.0 million into the Company as a participant in the Company’s Series B-1 preferred stock offering. At the time of the original investment, including as of the December 31, 2023 balance sheet date, Gilead maintains an ownership of less than 10% of the Company's common stock and is thus not considered to be a related party to the Company.

Accounting for the Gilead Collaboration

The Gilead Agreement is accounted under ASC 606.The Company identified a single combined performance obligation under the Gilead Agreement consisting of the research services and continued participation on the joint steering committee during the research term. For research option-extension fees, the Company determined that the additional goods and services relating to the continued research services were not distinct from the early-stage research services already promised to Gilead under the on-going research plan. Consideration pertaining to each of the research option-extensions is paid to the Company in equal quarterly installment payments over an agreed upon payment schedule. The research option-extension consideration are added to the transaction price under the Gilead Agreement. For license fees, as the Company has no continued involvement in the advancement of the program, Gilead can benefit from the license on its own, and the license is separately identifiable from the research services.

Gilead Revenue Recognized

The total transaction price allocated to the combined performance obligation under the Gilead Agreement was $199.0 million at December 31, 2023. The total transaction price was comprised of the $50.0 million upfront payment pursuant to the 2018 Gilead Agreement, the $125.0 million upfront payment pursuant to the Gilead Agreement, and $24.0 million payment pursuant to the research option-extension fee in December 2020 and in September 2021. During the years ended December 31, 2023 and 2022, the Company recognized $31.5 million and $24.9 million, respectively, of collaboration revenue associated with the Gilead agreements based on performance completed during each period.

The Company reevaluates the transaction price and the total estimated costs expected to be incurred to satisfy the performance obligations at the end of each reporting period and as uncertain events, such as changes to the expected timing and cost of certain research and development activities that the Company is responsible for, are resolved or other changes in circumstances occur. As of December 31, 2023 and 2022, the Company had short-term deferred revenue of $25.7 million and $31.8 million, respectively, and long-term deferred revenue of $66.7 million and $92.1 million, respectively, related to the Gilead collaboration. The remaining long-term deferred revenue is expected to be recognized proportionally to the completed obligations over an expected remaining contractual term of approximately 3.6 years.

In June 2023, Gilead licensed a program for a $5.0 million license fee. The $5.0 million license fee was received and recognized as revenue in the second quarter of 2023 as the Company has no continued involvement in the advancement of the program, Gilead can benefit from the license on its own, and the license is separately identifiable from the research services.

Amounts due to the Company that have not yet been received are recorded as accounts receivable and amounts received that have not yet been recognized as revenue are recorded as deferred revenue on the Company’s consolidated balance sheets.

Costs incurred pursuant to the Gilead Agreements are recorded as research and development expense

Summary of Significant Accounting Policies - Schedule of Reconciliation of Cash and Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Schedule of Investments [Abstract]
Cash and cash equivalents	$ 66,385	$ 59,968
Restricted cash	3,423	3,990
Cash, cash equivalents and restricted cash	$ 69,808	$ 63,958

Net Loss Per Share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

Basic and diluted net loss per share attributable to common stockholders was calculated as follows:


	Year Ended December 31,
	(in thousands, except share and per share data)
	2023			2022
Numerator:
Net loss	$	(101,744	)	$	(108,176	)
Denominator:
Weighted-average common stock outstanding – basic and diluted	$	94,572,448			87,820,037
Net loss per common share – basic and diluted	$	(1.08	)	$	(1.23	)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect:


	Year Ended December 31,
	2023		2022
Stock options to purchase common stock		16,734,960		12,924,086
Unvested restricted common stock		757,514		—
Total		17,492,474		12,924,086

Supplemental Balance Sheet Information - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 15,897	$ 14,565
Less: Accumulated depreciation	(5,989)	(3,681)
Property and equipment, net	9,908	10,884
Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	8,788	7,720
Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	2,312	2,235
Computer Software [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	125	125
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	1,777	1,699
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	2,857	2,778
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 38	$ 8

Summary of Significant Accounting Policies - Additional Information (Details)	12 Months Ended
	Dec. 31, 2023 USD ($) Segment	Dec. 31, 2022 USD ($)
Significant Accounting Policies [Line Items]
Number of operating segments \| Segment	1
Impairments to marketable securities or reserves for credit losses	$ 0
Restricted cash	3,400,000	$ 4,000,000
Impairment of long-lived assets	0
Expected dividend assumed	$ 0
Maximum [Member]
Significant Accounting Policies [Line Items]
Cash and cash equivalent maturity period	90 days
Minimum [Member]
Significant Accounting Policies [Line Items]
Marketable debt securities maturities duration	90 days

Redeemable Convertible Preferred Stock

12 Months Ended

Dec. 31, 2023

Temporary Equity Disclosure [Abstract]

Redeemable Convertible Preferred Stock

9. Redeemable Convertible Preferred Stock

Undesignated Preferred Stock

The Company’s Certificate of Incorporation, as amended and restated, authorizes the Company to issue shares of preferred stock with a par value of $0.001 per share. The number of shares of preferred stock authorized to be issued is 10,000,000 shares as of December 31, 2023. The shares of preferred stock are currently undesignated and no shares are issued or outstanding.

Equity Incentive Plans - Schedule of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 19,079	$ 14,230
Research and Development [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	10,047	6,812
General and Administrative [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 9,032	$ 7,418

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Accumulated Deficit [Member]
Balance at the beginning at Dec. 31, 2021	$ 344,747	$ 88	$ 506,760	$ (765)	$ (161,336)
Balance at the beginning (in Shares) at Dec. 31, 2021		87,598,184
Issuance of common stock from exercise of options and employee stock purchase plan (in Shares)		581,190
Issuance of common stock from exercise of options and employee stock purchase plan	1,623		1,623
Business combination and PIPE financing, issuance costs	(8)		(8)
Stock based compensation expense	14,230		14,230
Other comprehensive income (loss)	(2,940)			(2,940)
Net Income (Loss)	(108,176)				(108,176)
Balance at the ending at Dec. 31, 2022	249,476	$ 88	522,605	(3,705)	(269,512)
Balance at the ending (in Shares) at Dec. 31, 2022		88,179,374
Common shares issued in offering, net of issuance costs	67,722	$ 14	67,708
Common shares issued in offering, net of issuance costs (in Shares)		13,196,671
Pre-funded warrants issued	12,054		12,054
Return of capital from a stockholder - related party	689		689
Issuance of common stock from exercise of options and employee stock purchase plan (in Shares)		826,714
Issuance of common stock from exercise of options and employee stock purchase plan	1,941		1,941
Stock based compensation expense	19,079		19,079
Other comprehensive income (loss)	3,891			3,891
Net Income (Loss)	(101,744)				(101,744)
Balance at the ending at Dec. 31, 2023	$ 253,108	$ 102	$ 624,076	$ 186	$ (371,256)
Balance at the ending (in Shares) at Dec. 31, 2023		102,202,759

Equity Incentive Plans - Schedule of Weighted Average Assumptions Used to Estimate Grant Date Fair Value of Stock Options (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected option life (in years)	6 years 2 months 12 days	6 years 2 months 12 days
Expected volatility	72.00%	72.00%
Risk-free interest rate	4.10%	2.20%

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

Fair Value Measurements - Summary Financial Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment, Type [Extensible Enumeration]	Marketable Debt Securities [Member]	Marketable Debt Securities [Member]
Fair Value Measurements Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents, Money market funds	$ 14,361	$ 7,577
Cash equivalents, U.S. Treasury bills	4,710	199,245
Total assets	289,571	329,772
Fair Value Measurements Recurring [Member] \| U.S. Treasury Bills [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable debt securities	194,763	16,030
Fair Value Measurements Recurring [Member] \| U.S. Government Agency Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable debt securities	75,737	106,920
Level 1 [Member] \| Fair Value Measurements Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents, Money market funds	14,361	7,577
Total assets	14,361	7,577
Level 2 [Member] \| Fair Value Measurements Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents, U.S. Treasury bills	4,710	199,245
Total assets	275,210	322,195
Level 2 [Member] \| Fair Value Measurements Recurring [Member] \| U.S. Treasury Bills [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable debt securities	194,763	16,030
Level 2 [Member] \| Fair Value Measurements Recurring [Member] \| U.S. Government Agency Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable debt securities	$ 75,737	$ 106,920

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Reconciliation of U.S. Federal Statutory Income Tax Rate to Company's Effective Income Tax Rate

A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective income tax rate is as follows:


	Year Ended December 31,
	2023			2022
Income taxes at U.S. federal statutory rate		21.0	%		21.0	%
State income taxes, net of federal benefit	6.7				5.8
Federal and state research and development tax credits	6.3				3.5
Stock-based compensation expense		(2.1	)		(1.5	)
Nondeductible/nontaxable permanent items		(0.2	)		(0.1	)
Other		—			0.3
Change in valuation allowance		(31.8	)		(29.1	)
Effective tax rate		(0.1	)%		(0.1	)%

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to significant components of the deferred tax assets and liabilities are as follows:


	Year Ended December 31,
	2023			2022
	(in thousands)
Deferred tax assets
Net operating loss carryforwards	$	16,579		$	7,601
Research and development credit carryforwards		18,798			10,893
Operating lease liability		12,621			13,454
Deferred revenue		24,644			31,628
Accruals and reserves		1,904			1,498
Capitalized research costs		48,257			28,173
Other		4,561			2,830
Total gross deferred tax assets		127,364			96,077
Valuation allowance		(113,397	)		(81,044	)
Net deferred tax assets	$	13,967		$	15,033
Deferred tax liabilities
Depreciation	$	(2,126	)	$	(2,310	)
Right-of-use asset		(11,841	)		(12,723	)
Total gross deferred tax liabilities		(13,967	)		(15,033	)
Net deferred taxes	$	—		$	—

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Summary of Elements of Lease Cost

The elements of lease cost were as follows (in thousands, unless otherwise noted):


	Year Ended December 31,
Operating leases	2023			2022
Operating lease cost	$	5,526		$	4,079
Variable lease cost		3,815			476
Sublease Income		(1,467	)		(101	)
Total operating lease costs	$	7,874		$	4,454

Other information	December 31, 2023			December 31, 2022
Operating cash flows used for operating leases	$	5,188		$	(82	)
Weighted average remaining lease term in years		9.1			10.0
Weighted average discount rate		8	%		8	%

Summary of Future Minimum Lease Payments Under Operating Leases

Future minimum lease payments due under operating leases are as follows (in thousands):


Year Ending December 31,	Future minimum lease payments
2024	$	5,101
2025	$	5,608
2026	$	5,776
2027	$	5,949
2028	$	6,128
Thereafter	$	26,982
Total lease payments		55,544
Less: imputed interest		(16,624	)
Total operating lease liabilities	$	38,920

Insider Trading Arrangements

3 Months Ended

12 Months Ended

Dec. 31, 2023

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

Insider Adoption or Termination of Trading Arrangements

During the fiscal quarter ended December 31, 2023, none of our directors or officers informed us of the adoption or termination of a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as those terms are defined in Regulation S-K, Item 408, except as described in the table below:


Name and Title	Date Adopted	Character of Trading Arrangement (1)	Aggregate Number of Shares of Common Stock to be Purchased or Sold Pursuant to Trading Arrangement	Duration (2)	Other Material Terms	Date Terminated
Lesley Ann Calhoun, Director	11/6/2023	Rule 10b5-1 Trading Arrangement	Up to 20,000 shares to be sold	11/1/2024	N/A	N/A

(1) This trading arrangement, identified as a “Rule 10b5-1Trading Arrangement” is intended to satisfy the affirmative defense of Rule 10b5-1(c).

(2) This trading arrangement permits transactions through and including the earlier to occur of (a) the completion of all purchases or sales or (b) the date listed in the table. This trading arrangement, identified as a “Rule 10b5-1 Trading Arrangement” only permits transactions upon expiration of the applicable mandatory cooling-off period under Rule 10b5-1.

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

Arrangement Duration

215 days

TrdArrExpirationDate

11/1/2024

Lesley Ann Calhoun

Trading Arrangements, by Individual

Name

Lesley Ann Calhoun

Title

Director

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

11/6/2023

Aggregate Available

20,000

Income Taxes - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Taxes [Line Items]
Tax provision or benefits	$ 134,000	$ 54,000
Valuation allowance, increase	32,400,000
Total gross deferred tax assets	$ 127,364,000	96,077,000
Percentage of increase in ownership percentage over a three year period	50.00%
Unrecognized tax benefits	$ 0	0
Accrued interest or penalties	0	$ 0
Federal [Member]
Income Taxes [Line Items]
Operating loss carryforwards	66,300,000
Operating loss carry forward with expiration of usage	2,800,000
Operating loss carry forward with expiration of usage indefinite	$ 63,500,000
Operating loss carryforwards, expiration year	2036
Research and development expenditures amortization period	5 years
Federal [Member] \| Research and Development [Member]
Income Taxes [Line Items]
Tax credit carryforwards	$ 13,400,000
Tax credit carryforwards, expiration year	2034
State [Member]
Income Taxes [Line Items]
Operating loss carryforwards	$ 54,300,000
Operating Loss carryforwards expiration starting year	2036
State [Member] \| Research and Development [Member]
Income Taxes [Line Items]
Tax credit carryforwards	$ 7,100,000
Tax credit carryforwards, expiration year	2030
Foreign [Member]
Income Taxes [Line Items]
Research and development expenditures amortization period	15 years
Internal Revenue Code Section 174 [Member]
Income Taxes [Line Items]
Total gross deferred tax assets	$ 171,200,000

Equity Incentive Plans (Tables)

12 Months Ended

Dec. 31, 2023

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Summary of Restricted Stock Awards Activity

The following table summarizes the RSU activity of the Company’s plans as of and for the years ended December 31, 2023:


	Number of Stock Units			Weighted Average Grant Date Fair Value Per Share
Unvested and outstanding as of December 31, 2022		—		$	-
Granted		847,888			5.13
Vested		(37,500	)		2.67
Forfeited		(52,874	)		4.88
Unvested and outstanding as of December 31, 2023		757,514		$	5.25

Schedule of Stock Option Activity

The following table summarizes the stock option activity of the Company’s plans as of and for the years ended December 31, 2023:


	Number of shares			Weighted Average Exercise Price		Weighted Average Contractual Term		Aggregate Intrinsic Value
						(in years)
Options outstanding as of December 31, 2022		12,924,086		$	6.50		8.13	$	24,267,448
Granted		5,427,552		$	5.41
Exercised		(498,973	)	$	2.22
Cancelled		(1,117,705	)	$	7.48
Options outstanding as of December 31, 2023		16,734,960		$	6.21		7.83	$	62,640,906
Options exercisable as of December 31, 2023		7,878,781		$	5.86		6.97	$	32,213,577

Schedule of Weighted Average Assumptions Used to Estimate Grant Date Fair Value of Stock Options

The weighted average assumptions used to estimate the grant date fair value of the stock options using the Black-Scholes option pricing model were as follows:


	2023	2022
Expected option life (in years)	6.2	6.2
Expected volatility	72%	72%
Risk-free interest rate	4.1%	2.2%
Expected dividend yield	— %	— %

Schedule of Stock-based Compensation Expense

The Company recorded stock-based compensation expense in the following expense categories in its accompanying statements of operations:


	Year Ended December 31,
	2023		2022
	(in thousands)
Research and development	$	10,047	$	6,812
General and administrative		9,032		7,418
Total	$	19,079	$	14,230

- 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

401(K) Savings Plan

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

401(K) Savings Plan

13. 401(K) Savings Plan

The Company maintains a 401(k) retirement savings plan for employees who satisfy certain eligibility requirements. The savings plan is intended to qualify for favorable tax treatment under Section 401(a) of the Code and contains a cash or deferred feature that is intended to meet the requirements of Section 401(k) of the Code. Participants may make pre-tax and certain after-tax (Roth) salary deferral contributions to the plan from their eligible earnings up to the statutorily prescribed annual limit under the Code. Participants who are 50 years of age or older may contribute additional amounts based on the statutory limits for catch-up contributions. Participant contributions are held in trust as required by law. The Company made matching contributions to participants in the 401(k) plan of $0.9 million and $0.7 million during the years ended December 31, 2023 and 2022, respectively.

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

12. Income Taxes

During the year ended December 31, 2023, the Company recorded a total tax provision of $0.1 million. During the year ended December 31, 2022, the Company recorded a total tax provision of less than $0.1 million. All of the Company’s operating losses since inception have been generated in the United States.

A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective income tax rate is as follows:


	Year Ended December 31,
	2023			2022
Income taxes at U.S. federal statutory rate		21.0	%		21.0	%
State income taxes, net of federal benefit	6.7				5.8
Federal and state research and development tax credits	6.3				3.5
Stock-based compensation expense		(2.1	)		(1.5	)
Nondeductible/nontaxable permanent items		(0.2	)		(0.1	)
Other		—			0.3
Change in valuation allowance		(31.8	)		(29.1	)
Effective tax rate		(0.1	)%		(0.1	)%

The tax effects of temporary differences that give rise to significant components of the deferred tax assets and liabilities are as follows:


	Year Ended December 31,
	2023			2022
	(in thousands)
Deferred tax assets
Net operating loss carryforwards	$	16,579		$	7,601
Research and development credit carryforwards		18,798			10,893
Operating lease liability		12,621			13,454
Deferred revenue		24,644			31,628
Accruals and reserves		1,904			1,498
Capitalized research costs		48,257			28,173
Other		4,561			2,830
Total gross deferred tax assets		127,364			96,077
Valuation allowance		(113,397	)		(81,044	)
Net deferred tax assets	$	13,967		$	15,033
Deferred tax liabilities
Depreciation	$	(2,126	)	$	(2,310	)
Right-of-use asset		(11,841	)		(12,723	)
Total gross deferred tax liabilities		(13,967	)		(15,033	)
Net deferred taxes	$	—		$	—

As of December 31, 2023, the Company had U.S. federal and state net operating loss (NOL) carryforwards of $66.3 million and $54.3 million, respectively, which may be available to offset future taxable income. The federal NOLs include

$2.8 million which expire at various dates beginning in 2036 and $63.5 million which carry forward indefinitely. The state NOLs expire at various dates beginning in 2036. As of December 31, 2023, the Company also had U.S. federal and state research and development tax credit carryforwards of $13.4 million and $7.1 million, respectively, which may be available to offset future taxable income. The federal credits will expire beginning in 2034, and the state credits will expire beginning in 2030.

Utilization of the U.S. federal and state net operating loss carryforwards and research and development tax credit carryforwards may be subject to a substantial annual limitation under Section 382 of the Internal Revenue Code, and corresponding provisions of state law, due to ownership changes that have occurred previously or that could occur in the future. These ownership changes may limit the amount of carryforwards that can be utilized annually to offset future taxable income or tax liabilities. In general, an ownership change results from transactions increasing the ownership of certain stockholders or public groups in the stock of a corporation by more than 50% over a three-year period. The Company last performed an analysis of ownership changes through December 31, 2021 and determined that on February 6, 2017 and August 17, 2020, ownership changes had occurred. Based on this analysis, the Company’s ability to use its pre-change tax attributes to offset federal and state taxable income are subject to annual limitations and a portion of the attributes generated prior to February 6, 2017 expired unutilized.

ASC 740 requires a valuation allowance to reduce the deferred tax assets reported, if based on the weight of the evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. The Company has evaluated the positive and negative evidence bearing upon its ability to realize the deferred tax assets. Management has considered the Company’s history of cumulative net losses incurred since inception and its lack of commercialization of any products or generation of any revenue from product sales since inception and has concluded that it is more likely than not that the Company will not realize the benefits of the deferred tax assets. Accordingly, a full valuation allowance has been established against the net deferred tax assets as of December 31, 2023 and 2022. Management reevaluates the positive and negative evidence at each reporting period. The Company recorded an increase to the valuation allowance of $32.4 million during 2023 related primarily to the increase in net operating loss carryforwards, research and development tax credit carryforwards, and capitalized research costs.

Beginning in 2022, the Tax Cuts and Jobs Act of 2017 eliminates the option to deduct research and development expenditures currently and requires taxpayers to amortize them over five years for domestically incurred expenditures and over fifteen years for foreign incurred expenditures, pursuant to Internal Revenue Code Section 174. As of December 31, 2023, the Company has recorded a gross deferred tax asset of $171.2 million related to the capitalized IRC Section 174 expenditures.

As of December 31, 2023 and 2022, the Company had not recorded any amounts for unrecognized tax benefits. The Company’s policy is to record interest and penalties related to income taxes as part of its income tax provision. As of December 31, 2023 and 2022, the Company had no accrued interest or penalties related to uncertain tax positions in the consolidated statements of operations and comprehensive loss.

The Company files income tax returns in the U.S. federal, Massachusetts, Oregon, Minnesota and California jurisdictions, as prescribed by tax laws. In the normal course of business, the Company is subject to examination by federal and state jurisdictions, where applicable. The statute of limitations for federal and state tax authorities is generally closed for years prior to December 31, 2019, although carryforward attributes that were generated prior to 2019 may still be subject to change upon examination if they are utilized to offset taxable income in subsequent tax years. There are currently no federal or state income tax audits in progress.

- Definition

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

+ References

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

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

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

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

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

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 17
-Subparagraph (b)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Paragraph 1
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-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section S99
-Paragraph 2
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2023	Mar. 12, 2024	Jun. 30, 2023
Cover [Abstract]
Entity Registrant Name	TANGO THERAPEUTICS, INC.
Entity Central Index Key	0001819133
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Document Type	10-K
Trading Symbol	TNGX
Document Period End Date	Dec. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Common Stock, Shares Outstanding		106,718,315
Entity Public Float			$ 177.4
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Small Business	true
Entity Shell Company	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity File Number	001-39485
Entity Tax Identification Number	85-1195036
Entity Address, Address Line One	201 Brookline Ave
Entity Address, Address Line Two	Suite 901
Entity Address, City or Town	Boston
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02215
City Area Code	857
Local Phone Number	320-4900
Document Annual Report	true
Document Transition Report	false
Entity Incorporation, State or Country Code	DE
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common stock, par value $0.001 per share
Security Exchange Name	NASDAQ
Auditor Firm ID	238
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Boston, Massachusetts

Business Combination - Summary of Weighted-Average Common Shares, Basic and Diluted (Details) - shares	Dec. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Common Stock Shares	102,202,759	88,179,374

- 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

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022	Aug. 31, 2021
Temporary Equity, Par or Stated Value Per Share	$ 0.001	$ 0.001
Temporary Equity, Shares Authorized	10,000,000	10,000,000
Temporary Equity, Shares Issued	0	0
Temporary Equity, Shares Outstanding	0	0
Common Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Common Stock, Shares Authorized	200,000,000	200,000,000	200,000,000
Common Stock, Shares, Issued	102,202,759	88,179,374
Common Stock, Shares, Outstanding	102,202,759	88,179,374

Marketable Securities - Summary of Debt Securities, Available For Sale (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	$ 270,314	$ 309,870
Gross Unrealized Gains	381	21
Gross Unrealized Loss	(195)	(3,726)
Fair Value	270,500	306,165
U.S. Treasury Bills [Member]
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	194,461	201,834
Gross Unrealized Gains	358	21
Gross Unrealized Loss	(56)	(2,610)
Fair Value	194,763	199,245
U.S. Government Agency Bonds [Member]
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	75,853	108,036
Gross Unrealized Gains	23
Gross Unrealized Loss	(139)	(1,116)
Fair Value	$ 75,737	$ 106,920

- 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

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Collaboration revenue	$ 36,527	$ 24,860
Operating expenses:
Research and development	115,198	105,906
General and administrative	35,502	30,025
Total operating expenses	150,700	135,931
Loss from operations	(114,173)	(111,071)
Other income :
Interest income	6,619	1,456
Other income , net	5,944	1,493
Total other income, net	12,563	2,949
Loss before income taxes	(101,610)	(108,122)
Provision for income taxes	(134)	(54)
Net loss	$ (101,744)	$ (108,176)
Net loss per common share - basic	$ (1.08)	$ (1.23)
Net loss per common share - diluted	$ (1.08)	$ (1.23)
Weighted-average common stock outstanding - basic	94,572,448	87,820,037
Weighted-average common stock outstanding - diluted	94,572,448	87,820,037
Net Income (Loss)	$ (101,744)	$ (108,176)
Other comprehensive income (loss):
Unrealized gain (loss) on marketable securities	3,891	(2,940)
Comprehensive loss	(97,853)	(111,116)
Collaboration Revenue [Member]
Collaboration revenue	31,527	$ 24,860
License Revenue [Member]
Collaboration revenue	$ 5,000

Leases - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended					12 Months Ended
	Aug. 31, 2022	Nov. 30, 2021	Sep. 30, 2019	Mar. 31, 2018	Jul. 31, 2017	Dec. 31, 2023	Dec. 31, 2022
Lessee, Lease, Description [Line Items]
Operating lease liability						$ 38,920
Operating lease right-of-use assets						$ 43,508	$ 46,886
Lease payment discount rate						8.00%	8.00%
Sublease income						$ 1,467	$ 101
Maximum [Member]
Lessee, Lease, Description [Line Items]
Additional extension period					3 years
100 Binney Street in Cambridge [Member]
Lessee, Lease, Description [Line Items]
Operating leases, non-cancelable term					8 years
Operating leases, option to extend					option to extend for one additional three-year period
Letter of credit to provide for amount that collateralized with cash		$ 600		$ 600
Lease termination agreement month and year		2021-11
Lease terminate option description		The lease termination agreement was a modification of the original lease agreement that provided for, among other things, the acceleration of the expiration of the original term of the lease from June 30, 2026 to an earlier lease termination date of September 30, 2022.
100 Binney Street in Cambridge [Member] \| Minimum [Member]
Lessee, Lease, Description [Line Items]
Additional extension period					1 year
Lease expiration date		Jun. 30, 2026
100 Binney Street in Cambridge [Member] \| Maximum [Member]
Lessee, Lease, Description [Line Items]
Lease expiration date		Sep. 30, 2022
201 Brookline Avenue in Boston [Member]
Lessee, Lease, Description [Line Items]
Operating leases, non-cancelable term			10 years
Operating leases, option to extend			true
Additional extension period			5 years
Operating lease liability	$ 37,900
Operating lease right-of-use assets	48,000
Tenant obligation payments for leasehold improvements	10,100
Annual rent payable	$ 5,100
Percentage of increase in annual rent payable	3.00%
Minimum rent payments to be paid over original term	$ 61,000
Letter of credit to provide for amount that collateralized with cash			$ 3,400
Lease payment discount rate	8.00%
Sublease income						$ 1,500	$ 100

Fair Value Measurements

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

. Fair Value Measurements

The following tables present information about the Company’s financial assets measured at fair value on a recurring basis:


	Fair Market Value Measurements as of December 31, 2023
	Level 1		Level 2		Level 3		Total
	(in thousands)
Cash equivalents:
Money market funds	$	14,361	$	—	$	—	$	14,361
U.S. Treasury bills		—		4,710		—		4,710
Marketable debt securities:
U.S. Treasury bills		—		194,763		—		194,763
U.S. government agency bonds		—		75,737		—		75,737
Total assets	$	14,361	$	275,210	$	—	$	289,571


	Fair Market Value Measurements as of December 31, 2022
	Level 1		Level 2		Level 3		Total
	(in thousands)
Cash equivalents
Money market funds	$	7,577	$	—	$	—	$	7,577
U.S. Treasury bills		—		16,030		—		16,030
Marketable debt securities
U.S. Treasury bills		—		199,245		—		199,245
U.S. government agency bonds		—		106,920		—		106,920
Total assets	$	7,577	$	322,195	$	—	$	329,772

There were no transfers between fair value levels during the years ended December 31, 2023 and 2022.

Leases - Summary of Future Minimum Lease Payments Under Operating Leases (Detail) $ in Thousands	Dec. 31, 2023 USD ($)
Leases [Abstract]
2024	$ 5,101
2025	5,608
2026	5,776
2027	5,949
2028	6,128
Thereafter	26,982
Total lease payments	55,544
Less: imputed interest	(16,624)
Total operating lease liabilities	$ 38,920

Net Loss Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Numerator:
Net loss	$ (101,744)	$ (108,176)
Denominator:
Weighted-average common stock outstanding - basic	94,572,448	87,820,037
Weighted-average common stock outstanding - diluted	94,572,448	87,820,037
Net loss per common share - basic	$ (1.08)	$ (1.23)
Net loss per common share - diluted	$ (1.08)	$ (1.23)

- Definition

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

+ References

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- Definition

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

+ References

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+ Details

- Definition

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

+ References

+ Details

Commitments and Contingencies

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

8. Commitments and Contingencies

License Agreement

In March 2020, the Company entered into a License Agreement (the Medivir Agreement) with Medivir AB (Medivir), pursuant to which the Company obtained an exclusive license to all patents, know-how and other intellectual property associated with a preclinical-stage research program. Pursuant to the Medivir Agreement, the Company made an upfront payment of $0.4 million.

Under the terms of the Medivir Agreement, the Company is obligated to pay Medivir in connection with development, regulatory and commercial activities. The Company has agreed to make certain milestone payments of $1.4 million in the aggregate for the first licensed product that achieves specified clinical milestones, plus $25.0 million for the first licensed product that achieves specified regulatory approval and sales milestones, in each case, in either of the first two specified genetic contexts and $0.7 million in the aggregate if that first licensed product achieves specified clinical milestones, plus $5.0 million if that first licensed product achieves specified regulatory and sales milestones for a third genetic context or the second licensed product achieves such specified development, regulatory and sales milestones in either of the first two specified genetic contexts. The Company has the right to reduce these milestone payments by a specified amount in the event the licensed product is not covered by Medivir’s patents or if payments are due to a third party for a license under such third party’s intellectual property rights. The Company is also obligated to pay Medivir a low single-digit royalty on net sales of any product covered by a licensed patent. The Medivir Agreement expires on the date of expiration of all royalty obligations. Either party may terminate the Medivir Agreement earlier upon an uncured material breach of the other party.

Upfront fees paid pursuant to the Medivir License Agreement were recorded to research and development expense.

Other Funding Commitments

As of December 31, 2023, the Company had ongoing preclinical and clinical studies. The Company enters into contracts in the normal course of business with contract research organizations in connection with preparation and operation

of clinical trials, professional consultants for expert advice and other vendors for clinical supply manufacturing or other preclinical and clinical services. These contracts are generally cancellable, with notice, at the Company's option and do not have significant cancellation penalties.

Guarantees

The Company enters into certain agreements with other parties in the ordinary course of business that contain indemnification provisions. These typically include agreements with directors and officers, business partners, contractors, landlords, construction companies, contract research organizations, clinical trial sites, and other parties. Under these provisions, the Company generally indemnifies and holds harmless the indemnified party for losses suffered or incurred by the indemnified party under the terms of the contract, including as a result of the Company’s activities. These indemnification provisions generally survive termination of the underlying agreement. The maximum potential amount of future payments the Company could be required to make under these indemnification provisions is unlimited. However, to date the Company has not incurred material costs to defend lawsuits or settle claims related to these indemnification provisions. As a result, the estimated fair value of these obligations is minimal.

Litigation

The Company, from time to time, may be party to litigation arising in the ordinary course of business. The Company was not subject to any material legal proceedings as of December 31, 2023, and no material legal proceedings are currently pending or threatened. Because of uncertainties related to claims, proceedings and litigation, assessments of potential liabilities are based on the Company's best estimates based on information available at the time of the assessment. On a periodic basis, as additional information becomes available, or based on specific events such as the outcome of litigation, court decisions or settlement of claims (and offers of settlement), the Company may reassess the potential liability related to these matters and may revise these estimates, which could result in a material adverse effect on the operating results of the Company. Costs associated with involvement in legal proceedings are expensed as incurred. The outcome of any such proceedings, regardless of the merits, is inherently uncertain. If the Company were to be unable to prevail in any such proceedings, the consolidated financial position, results of operations, and future cash flows of the Company may be materially impacted.

Equity Incentive Plans - Summary of Restricted Stock Units Activity (Details) - RSU [Member]	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested restricted common stock outstanding, Granted \| shares	847,888
Unvested restricted common stock outstanding, Vested \| shares	(37,500)
Unvested restricted common stock outstanding, Forfeited \| shares	(52,874)
Unvested restricted common stock outstanding, Number of Shares Ending balance \| shares	757,514
Unvested restricted common stock outstanding, Weighted average grant-date fair value, Granted \| $ / shares	$ 5.13
Unvested restricted common stock outstanding, Weighted average grant-date fair value, Vested \| $ / shares	2.67
Unvested restricted common stock outstanding, Weighted average grant-date fair value, Forfeited \| $ / shares	4.88
Unvested restricted common stock outstanding, Weighted average grant-date fair value Ending balance \| $ / shares	$ 5.25

Income Taxes - Schedule of Reconciliation of U.S. Federal Statutory Income Tax Rate to Company's Effective Income Tax Rate (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income taxes at U.S. federal statutory rate	21.00%	21.00%
State income taxes, net of federal benefit	6.70%	5.80%
Federal and state research and development tax credits	6.30%	3.50%
Stock-based compensation expense	(2.10%)	(1.50%)
Nondeductible/nontaxable permanent items	(0.20%)	(0.10%)
Other	(0.00%)	0.30%
Change in valuation allowance	(31.80%)	(29.10%)
Effective tax rate	(0.10%)	(0.10%)

Marketable Securities (Tables)

12 Months Ended

Dec. 31, 2023

Marketable Securities [Abstract]

Summary of Debt Securities, Available-for-sale

The following table summarizes the Company’s marketable debt securities, classified as available-for-sale:


	Fair Value Measurements as of December 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Loss			Fair Value
	(in thousands)
Marketable debt securities:
U.S. Treasury bills	$	194,461	$	358	$	(56	)	$	194,763
U.S. government agency bonds		75,853		23		(139	)		75,737
	$	270,314	$	381	$	(195	)	$	270,500


	Fair Value Measurements as of December 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Loss			Fair Value
	(in thousands)
Marketable debt securities:
U.S. Treasury bills	$	201,834	$	21	$	(2,610	)	$	199,245
U.S. government agency bonds		108,036		—		(1,116	)		106,920
	$	309,870	$	21	$	(3,726	)	$	306,165

Summary of Fair value and Gross Unrealized Losses on Securities

The following table summarizes the fair value and gross unrealized losses aggregated by category and the length of time that individual securities have been in an unrealized loss position:


	December 31, 2023
	Less than twelve months					Greater than twelve months					Total
	Fair value		Unrealized loss			Fair value		Unrealized loss			Fair value		Unrealized loss
	(in thousands)
U.S. Treasury bills	$	18,662	$	(12	)	$	14,948	$	(44	)	$	33,610	$	(56	)
U.S. government agency bonds		41,195		(22	)		17,216		(117	)		58,411		(139	)
	$	59,857	$	(34	)	$	32,164	$	(161	)	$	92,021	$	(195	)


	December 31, 2022
	Less than twelve months					Greater than twelve months					Total
	Fair value		Unrealized loss			Fair value		Unrealized loss			Fair value		Unrealized loss
	(in thousands)
U.S. Treasury bills	$	44,213	$	(640	)	$	84,997	$	(1,970	)	$	129,210	$	(2,610	)
U.S. government agency bonds		68,919		(627	)		38,000		(489	)		106,919		(1,116	)
	$	113,132	$	(1,267	)	$	122,997	$	(2,459	)	$	236,129	$	(3,726	)

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Business Combination - Summary of Common Stock Outstanding After Consummation of Business Combination and PIPE Financing Transaction (Details) - shares	Dec. 31, 2023	Dec. 31, 2022
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Common shares outstanding	102,202,759	88,179,374

Marketable Securities

12 Months Ended

Dec. 31, 2023

Marketable Securities [Abstract]

Marketable Securities

5. Marketable Securities

The Company values its marketable securities using independent pricing services which normally derive security prices from recently reported trades for identical or similar securities, making adjustments based on significant observable transactions. At each balance sheet date, observable market inputs may include trade information, broker or dealer quotes, bids, offers or a combination of these data sources.

The following table summarizes the Company’s marketable debt securities, classified as available-for-sale:


	Fair Value Measurements as of December 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Loss			Fair Value
	(in thousands)
Marketable debt securities:
U.S. Treasury bills	$	194,461	$	358	$	(56	)	$	194,763
U.S. government agency bonds		75,853		23		(139	)		75,737
	$	270,314	$	381	$	(195	)	$	270,500


	Fair Value Measurements as of December 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Loss			Fair Value
	(in thousands)
Marketable debt securities:
U.S. Treasury bills	$	201,834	$	21	$	(2,610	)	$	199,245
U.S. government agency bonds		108,036		—		(1,116	)		106,920
	$	309,870	$	21	$	(3,726	)	$	306,165

The Company holds marketable debt securities with an aggregate fair value of $42.6 million as of December 31, 2023 with contractual maturity dates greater than one year.

The following table summarizes the fair value and gross unrealized losses aggregated by category and the length of time that individual securities have been in an unrealized loss position:


	December 31, 2023
	Less than twelve months					Greater than twelve months					Total
	Fair value		Unrealized loss			Fair value		Unrealized loss			Fair value		Unrealized loss
	(in thousands)
U.S. Treasury bills	$	18,662	$	(12	)	$	14,948	$	(44	)	$	33,610	$	(56	)
U.S. government agency bonds		41,195		(22	)		17,216		(117	)		58,411		(139	)
	$	59,857	$	(34	)	$	32,164	$	(161	)	$	92,021	$	(195	)


	December 31, 2022
	Less than twelve months					Greater than twelve months					Total
	Fair value		Unrealized loss			Fair value		Unrealized loss			Fair value		Unrealized loss
	(in thousands)
U.S. Treasury bills	$	44,213	$	(640	)	$	84,997	$	(1,970	)	$	129,210	$	(2,610	)
U.S. government agency bonds		68,919		(627	)		38,000		(489	)		106,919		(1,116	)
	$	113,132	$	(1,267	)	$	122,997	$	(2,459	)	$	236,129	$	(3,726	)

The Company holds investment grade marketable securities considered to be in an unrealized loss position. Although these marketable securities are held at an unrealized loss position at December 31, 2023, the Company does not intend to sell the marketable securities prior to the value of the securities being recovered and the Company has concluded that it is more likely than not that the marketable securities cost basis values will be recovered prior to sale of the securities and that there are no conditions or events that might require the Company to sell the securities before recovery of the cost basis occurs. Further, the Company did not record any impairments to marketable securities or reserves for credit losses related to its marketable debt securities during the periods then ended. Marketable securities include $1.8 million and $0.5 million in accrued interest at December 31, 2023 and December 31, 2022, respectively.

Supplemental Balance Sheet Information

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Supplemental Balance Sheet Information

. Supplemental Balance Sheet Information

Property and Equipment

Property and equipment, net consists of the following:


	December 31,
	2023			2022
	(in thousands)
Laboratory equipment	$	8,788		$	7,720
Computer equipment		2,312			2,235
Computer software		125			125
Furniture and fixtures		1,777			1,699
Leasehold improvements		2,857			2,778
Construction in progress		38			8
		15,897			14,565
Less: Accumulated depreciation		(5,989	)		(3,681	)
Property and equipment, net	$	9,908		$	10,884

Depreciation expense was $2.4 million and $1.6 million for the years ended December 31, 2023 and 2022, respectively.

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities include the following:


	December 31,
	2023		2022
	(in thousands)
Payroll and employee-related costs	$	7,910	$	5,738
Research and development costs		6,204		10,490
Other		1,287		1,267
Total accrued expenses and other current liabilities	$	15,401	$	17,495

Net Loss Per Share

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Net Loss Per Share

14. Net Loss Per Share

Basic and diluted net loss per share attributable to common stockholders was calculated as follows:


	Year Ended December 31,
	(in thousands, except share and per share data)
	2023			2022
Numerator:
Net loss	$	(101,744	)	$	(108,176	)
Denominator:
Weighted-average common stock outstanding – basic and diluted	$	94,572,448			87,820,037
Net loss per common share – basic and diluted	$	(1.08	)	$	(1.23	)

In August 2023, the Company completed a private placement, in which 13,196,671 shares of common stock were sold together with pre-funded warrants to purchase 2,340,579 shares of common stock with an exercise price of $0.0001 per share. The pre-funded warrants were classified as a component of permanent equity in the Company's consolidated balance sheet as they are freestanding financial instruments that are immediately exercisable, do not embody an obligation for the Company to repurchase its own shares and permit the holders to receive a fixed number of shares of common stock upon exercise. All of the shares underlying the pre-funded warrants have been included in the weighted-average number of shares of common stock used to calculate basic and diluted net loss per common share because the shares may be issued for little or no consideration, are fully vested and are exercisable after the original issuance date of the pre-funded warrants.

The Company’s potential dilutive securities, which include common stock options, have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. Therefore, the weighted-average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same. The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect:


	Year Ended December 31,
	2023		2022
Stock options to purchase common stock		16,734,960		12,924,086
Unvested restricted common stock		757,514		—
Total		17,492,474		12,924,086

Supplemental Balance Sheet Information - Schedule of Accrued Expenses and Other Current Liabilities Current (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Payroll and employee-related costs	$ 7,910	$ 5,738
Research and development costs	6,204	10,490
Other current liabilities	1,287	1,267
Total accrued expenses and other current liabilities	$ 15,401	$ 17,495

Net Loss Per Share - Additional Information (Details) - Private Placement [Member]	Aug. 11, 2023 $ / shares shares
Class of Warrant or Right [Line Items]
Number of shares sold	13,196,671
Pre-funded Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants to purchase shares of common stock	2,340,579
Exercise price \| $ / shares	$ 0.0001

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

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

The following tables present information about the Company’s financial assets measured at fair value on a recurring basis:


	Fair Market Value Measurements as of December 31, 2023
	Level 1		Level 2		Level 3		Total
	(in thousands)
Cash equivalents:
Money market funds	$	14,361	$	—	$	—	$	14,361
U.S. Treasury bills		—		4,710		—		4,710
Marketable debt securities:
U.S. Treasury bills		—		194,763		—		194,763
U.S. government agency bonds		—		75,737		—		75,737
Total assets	$	14,361	$	275,210	$	—	$	289,571


	Fair Market Value Measurements as of December 31, 2022
	Level 1		Level 2		Level 3		Total
	(in thousands)
Cash equivalents
Money market funds	$	7,577	$	—	$	—	$	7,577
U.S. Treasury bills		—		16,030		—		16,030
Marketable debt securities
U.S. Treasury bills		—		199,245		—		199,245
U.S. government agency bonds		—		106,920		—		106,920
Total assets	$	7,577	$	322,195	$	—	$	329,772

Collaboration Agreements - Additional Information (Details1)	Dec. 31, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue remaining performance obligations expected remaining contractual term	3 years 7 months 6 days

Summary of Significant Accounting Policies - Summary of Estimated Useful Lives of Property and Equipment (Details)	12 Months Ended
	Dec. 31, 2023
Computer Software [Member]
Significant Accounting Policies [Line Items]
Property and equipment estimated useful life	5 years
Computer Equipment [Member]
Significant Accounting Policies [Line Items]
Property and equipment estimated useful life	3 years
Furniture and Fixtures [Member]
Significant Accounting Policies [Line Items]
Property and equipment estimated useful life	7 years
Laboratory Equipment [Member]
Significant Accounting Policies [Line Items]
Property and equipment estimated useful life	7 years
Leasehold Improvements [Member]
Significant Accounting Policies [Line Items]
Property and equipment, estimated useful life	Shorter of remaining lease term or 10 years

Business Combination - Summary of Redeemable Convertible Preferred Stock Issued and Outstanding After Consummation of Business Combination (Details) - shares	Dec. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Redeemable convertible preferred stock, issued	0	0
Redeemable convertible preferred stock, outstanding	0	0
Common Stock Shares	102,202,759	88,179,374

- 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

Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

7. Leases

Operating Leases

In July 2017, the Company entered into a lease of office and laboratory space at 100 Binney Street in Cambridge, Massachusetts. The lease commenced in March 2018 and lease payments commenced in June 2018. This lease had an original term of eight years with an option to extend for one additional three-year period. The lease agreement required the Company to provide a letter of credit for $0.6 million that was collateralized with cash. In November 2021, the Company entered into a lease termination agreement for this leased office and laboratory space. The lease termination agreement was a modification of the original lease agreement that provided for, among other things, the acceleration of the expiration of the original term of the lease from June 30, 2026 to an earlier lease termination date of September 30, 2022. The $0.6 million letter of credit associated with the lease was recorded as short-term restricted cash on the balance sheet as of December 31, 2022 was released to the Company in March 2023.

In September 2019, the Company entered into a new lease for office and laboratory space at 201 Brookline Avenue in Boston, Massachusetts. The lease, as amended and restated in November 2021, has a non-cancelable term of ten years with an option to extend for up to two additional five-year periods. The lease commenced in August 2022, when the Company obtained access to the space for its' intended use. The lease agreement provides for initial tenant improvement allowances. The lease agreement required the Company to provide an initial letter of credit for $3.4 million that is collateralized with cash that is recorded as restricted cash in the accompanying balance sheets. The letter of credit is subject to reductions as lease anniversary dates are achieved.

In August 2022, upon commencement of the 201 Brookline Avenue lease, the Company recorded an operating lease liability in the amount of $37.9 million and related operating lease right-of-use asset in the amount of $48.0 million. Payments totaling $10.1 million for tenant improvements, and net of tenant improvement allowance reimbursements, made prior to the lease commencement date were reclassified as an increase to the right-of-use asset upon the commencement of the lease. The fixed annual rent payable under the lease is $5.1 million, increasing by 3% annually from the rent commencement date. The minimum rent payments to be paid over the 10-year term of the lease total $61.0 million. The additional rental payments associated with the renewal option were not included in the calculation of the operating lease right-of-use asset and associated operating lease liability as the renewal was not considered probable of occurring. The discount rate applied to the lease payments is 8.0%.

In December 2022, the Company entered into an operating lease agreement to sublease a portion of the 201 Brookline Avenue premise to an unrelated third party. The sublease will expire on December 31, 2024. Sublease income recognized under the sublease agreement for the years ended December 31, 2023 was approximately $1.5 million, and was recorded as a reduction of the related lease expense. There was $0.1 million of sublease income recognized during the year ended December 31, 2022.

The Company’s rent payments for facility leases during the years ended December 31, 2023 and 2022 are classified as operating lease costs in the table below. The leases are both considered net leases and therefore the non-lease components, such as common area maintenance, are paid separately from rent based on actual costs incurred; therefore, the non-lease components are not included in the right-of-use asset and lease liability and are reflected as an expense in the period incurred. The non-lease components are classified as variable costs in the chart below. As of December 31, 2023 and 2022,

right-of-use assets under operating leases totaled $43.5 million and $46.9 million, respectively. The elements of lease cost were as follows (in thousands, unless otherwise noted):


	Year Ended December 31,
Operating leases	2023			2022
Operating lease cost	$	5,526		$	4,079
Variable lease cost		3,815			476
Sublease Income		(1,467	)		(101	)
Total operating lease costs	$	7,874		$	4,454

Other information	December 31, 2023			December 31, 2022
Operating cash flows used for operating leases	$	5,188		$	(82	)
Weighted average remaining lease term in years		9.1			10.0
Weighted average discount rate		8	%		8	%

Future minimum lease payments due under operating leases are as follows (in thousands):


Year Ending December 31,	Future minimum lease payments
2024	$	5,101
2025	$	5,608
2026	$	5,776
2027	$	5,949
2028	$	6,128
Thereafter	$	26,982
Total lease payments		55,544
Less: imputed interest		(16,624	)
Total operating lease liabilities	$	38,920