0001798749-23-000039 | 10-Q | XBRL Viewer | Aerovate Therapeutics INC

BALANCE SHEET COMPONENTS - SCHEDULE OF ACCRUED AND OTHER CURRENT LIABILITIES - (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
BALANCE SHEET COMPONENTS
Accrued research and development	$ 4,267	$ 2,751
Accrued payroll and other employee benefits	1,019	1,691
Other	252	380
Total accrued and other current liabilities	$ 5,538	$ 4,822

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Gain/(Loss)	Accumulated Deficit	Total
Beginning balance, shares at Dec. 31, 2021	24,410,393
Beginning balance, value at Dec. 31, 2021	$ 2	$ 208,867	$ (59)	$ (36,392)	$ 172,418
Unrealized loss on investments			(585)		(585)
Stock based compensation		1,024			1,024
Net loss				(10,910)	(10,910)
Ending balance, shares at Mar. 31, 2022	24,410,393
Ending balance, value at Mar. 31, 2022	$ 2	209,891	(644)	(47,302)	161,947
Beginning balance, shares at Dec. 31, 2022	24,722,974
Beginning balance, value at Dec. 31, 2022	$ 2	215,110	(466)	(87,903)	126,743
Unrealized gain on investments			265		265
Stock based compensation		2,384			2,384
Issuance of common stock upon exercise of stock options		223			$ 223
Issuance of common stock upon exercise of stock options (in shares)	93,966				93,966
Net loss				(16,520)	$ (16,520)
Ending balance, shares at Mar. 31, 2023	24,816,940
Ending balance, value at Mar. 31, 2023	$ 2	$ 217,717	$ (201)	$ (104,423)	$ 113,095

- Definition

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

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Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

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BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Details)	Jun. 22, 2021
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
Stockholders' equity, reverse stock split	0.321956

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - SCHEDULE OF NET LOSS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
Net loss	$ (16,520)	$ (10,910)
Net loss available to common stockholders	$ (16,520)	$ (10,910)
Weighted-average common stock outstanding, basic	24,777,847	24,410,393
Weighted-average common stock outstanding, diluted	24,777,847	24,410,393
Net loss per share, basic	$ (0.67)	$ (0.45)
Net loss per share, diluted	$ (0.67)	$ (0.45)

- Definition

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

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

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+ Details

- Definition

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

+ References

+ Details

- Definition

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

+ References

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

COMMITMENTS AND CONTINGENCIES - SCHEDULE OF FUTURE MINIMUM ANNUAL LEASE PAYMENTS FOR OPERATING LEASES (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
COMMITMENTS AND CONTINGENCIES
2023	$ 284
2024	508
2025	242
Total operating lease payments	1,034
Less: Amount representing interest	(70)
Present value of net minimum lease payments	964	$ 1,090
Operating lease liabilities:
Current	373	385
Non-current	$ 591	$ 705
Weighted-average remaining lease term (in years)	2 years 2 months 12 days	2 years 4 months 24 days
Weighted-average incremental borrowing rate	6.00%	6.00%

STOCKHOLDERS' EQUITY - SCHEDULE OF COMMON STOCK SHARES RESERVED FOR ON AND AS-CONVERTED BASIS, FOR FUTURE ISSUANCE (Details)	Mar. 31, 2023 shares
Subsidiary, Sale of Stock [Line Items]
Common stock reserved for future issuance	6,536,763
Common Stock
Subsidiary, Sale of Stock [Line Items]
Common stock reserved for future issuance	5,107,865
Stock options
Subsidiary, Sale of Stock [Line Items]
Common stock reserved for future issuance	933,657
Restricted stock units
Subsidiary, Sale of Stock [Line Items]
Common stock reserved for future issuance	31,881
ESPP
Subsidiary, Sale of Stock [Line Items]
Common stock reserved for future issuance	463,360

STOCKHOLDERS' EQUITY (Details)		1 Months Ended
STOCKHOLDERS' EQUITY (Details)	Jul. 02, 2021 $ / shares shares	Aug. 31, 2018 $ / shares shares	Mar. 31, 2023 Vote $ / shares shares	Dec. 31, 2022 $ / shares shares
Subsidiary, Sale of Stock [Line Items]
Common stock, shares authorized	150,000,000		150,000,000	150,000,000
Common stock, par value \| $ / shares	$ 0.0001		$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000		10,000,000	10,000,000
Preferred stock, par value \| $ / shares	$ 0.0001		$ 0.0001	$ 0.0001
Conversion of stock shares issued	14,182,854
IPO
Subsidiary, Sale of Stock [Line Items]
Number of shares issued	9,984,463
RA Capital Healthcare Fund, L.P
Subsidiary, Sale of Stock [Line Items]
Number of shares issued		241,467
Share price \| $ / shares		$ 0.0012
Number of votes for each share of common stock \| Vote			1

FAIR VALUE OF FINANCIAL INSTRUMENTS - SCHEDULE OF SHORT TERM INVESTMENT (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Amortized cost	$ 92,559	$ 107,289
Gross unrealized gains	7	18
Gross unrealized loss	(208)	(484)
Estimated fair value	$ 92,358	$ 106,823
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other long-term assets	Other long-term assets
Short-Term Investments
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Accrued interest receivable	$ 300	$ 300
Commercial paper
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Amortized cost	53,734	55,645
Gross unrealized gains	5	16
Gross unrealized loss	(53)	(84)
Estimated fair value	53,686	55,577
U.S. Treasury bills
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Amortized cost	12,525	27,108
Gross unrealized gains
Gross unrealized loss	(57)	(267)
Estimated fair value	12,468	26,841
Agency bond
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Amortized cost	26,300	24,536
Gross unrealized gains	2	2
Gross unrealized loss	(98)	(133)
Estimated fair value	$ 26,204	$ 24,405
Maximum \| Commercial paper
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Maturity term	1 year	1 year
Maximum \| U.S. Treasury bills
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Maturity term	2 years	1 year
Maximum \| Agency bond
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Maturity term	2 years	2 years

COMMITMENTS AND CONTINGENCIES (Details)		1 Months Ended
COMMITMENTS AND CONTINGENCIES (Details)	Apr. 30, 2022 USD ($) ft²	Aug. 31, 2021 USD ($) ft²
Lessee, Lease, Description [Line Items]
Lease, option to extend		true
Waltham Lease
Lessee, Lease, Description [Line Items]
Area of land \| ft²		5,000
Operating lease term		39 months
Renewal term		3 years
Payment for rent \| $		$ 18,000
Lease rent percentage		2.00%
Foster City Lease
Lessee, Lease, Description [Line Items]
Area of land \| ft²	3,500
Operating lease term	39 months
Renewal term	1 year
Payment for rent \| $	$ 22,600
Lease rent percentage	3.00%

STOCK-BASED COMPENSATION - SCHEDULE OF UNVESTED RESTRICTED STOCK UNIT ACTIVITY (Details) - Restricted stock units	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of units, beginning \| shares	28,881
Weighted Average Grant date fair value, beginning \| $ / shares
Number of units, Granted \| shares	3,000
Weighted Average Grant date fair value, Granted \| $ / shares	$ 24.58
Number of units, Vested \| shares
Weighted Average Grant date fair value, Vested \| $ / shares
Number of units, forfeited \| shares
Weighted Average Grant date fair value, Forfeited \| $ / shares
Number of units, Ending \| shares	31,881
Weighted Average Grant date fair value, Ending \| $ / shares	$ 21.90

STOCKHOLDERS' EQUITY (Tables)

3 Months Ended

Mar. 31, 2023

STOCKHOLDERS' EQUITY

SCHEDULE OF COMMON STOCK SHARES RESERVED FOR ON AND AS-CONVERTED BASIS, FOR FUTURE ISSUANCE

As of March 31, 2023, the Company had reserved the following shares of common stock, on an as-converted basis, for future issuance:


		March 31, 2023
Common stock options granted and outstanding		5,107,865
Shares reserved for issuance under the 2021 Plan		933,657
Reserved for vesting of outstanding restricted stock units		31,881
Reserved for future ESPP issuances		463,360
Total		6,536,763

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 26,571	$ 22,397
Short-term investments	92,358	106,823
Prepaid expenses and other current assets	1,640	2,276
Total current assets	120,569	131,496
Property and equipment, net	267	242
Operating lease right-of-use assets	908	1,003
Other long-term assets	2,649	2,560
Total assets	124,393	135,301
Current liabilities:
Accounts payable	4,726	2,575
Accrued and other current liabilities	5,538	4,822
Operating lease liabilities	373	385
Total current liabilities	10,637	7,782
Operating lease liabilities, net of current portion	591	705
Other liabilities	70	71
Total liabilities	11,298	8,558
Commitments and contingencies (Note 5)
Stockholders' equity:
Preferred stock, $0.0001 par value; 10,000,000 shares authorized as of March 31, 2023 and December 31, 2022, respectively; no shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively
Common stock, $0.0001 par value; 150,000,000 shares authorized at March 31, 2023 and December 31, 2022, respectively; 24,816,940 and 24,722,974 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively	2	2
Additional paid-in capital	217,717	215,110
Accumulated other comprehensive loss	(201)	(466)
Accumulated deficit	(104,423)	(87,903)
Total stockholders' equity	113,095	126,743
Total liabilities and stockholders' equity	$ 124,393	$ 135,301

BALANCE SHEET COMPONENTS - SCHEDULE OF PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
BALANCE SHEET COMPONENTS
Prepaid expenses	$ 1,114	$ 1,503
Other current assets	266	295
Prepaid research and development	260	478
Total prepaid expenses and other current assets	$ 1,640	$ 2,276

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flow from operating activities:
Net loss	$ (16,520)	$ (10,910)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	2,384	1,024
Depreciation and amortization expense	21	11
Accretion of discounts and amortization of premiums on investments, net	(671)	29
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	636	2,129
Other long-term assets	(89)	(25)
Accounts payable	2,121	1,587
Accrued and other liabilities	716	497
Operating lease assets and liabilities, net	(31)	(3)
Other liabilities	9
Net cash used in operating activities	(11,424)	(5,661)
Cash flow from investing activities:
Purchases of short-term investments	(15,609)	(32,890)
Maturities of short-term investments	31,000	12,519
Purchases of property and equipment	(16)	(28)
Net cash provided by (used in) investing activities	15,375	(20,399)
Cash flow from financing activities:
Proceeds from exercise of stock options	223
Net cash provided by financing activities	223
Net increase (decrease) in cash and cash equivalents	4,174	(26,060)
Cash and cash equivalents at the beginning of the year	22,397	54,197
Cash and cash equivalents at the end of the period	26,571	28,137
Supplemental disclosure of noncash investing and financing activities:
Deferred offering costs included in accounts payable	104
Purchases of property and equipment in accounts payable	$ 30	$ 85

BALANCE SHEET COMPONENTS

3 Months Ended

Mar. 31, 2023

BALANCE SHEET COMPONENTS

BALANCE SHEET COMPONENTS

(4) BALANCE SHEET COMPONENTS

Prepaid Expenses and Other Current Assets

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


	March 31,		December 31,
	2023		2022
Prepaid expenses	$	1,114	$	1,503
Other current assets		266		295
Prepaid research and development		260		478
Total prepaid expenses and other current assets	$	1,640	$	2,276

Accrued and Other Current Liabilities

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


	March 31,		December 31,
	2023		2022
Accrued research and development	$	4,267	$	2,751
Accrued payroll and other employee benefits		1,019		1,691
Other		252		380
Total accrued and other current liabilities	$	5,538	$	4,822

STOCK-BASED COMPENSATION - SCHEDULE OF FAIR VALUE OF STOCK OPTIONS ASSUMPTIONS (Details)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected volatility, minimum	74.08%	73.64%
Expected volatility, maximum	76.71%	75.68%
Risk-free interest rate, minimum	3.46%	1.37%
Risk-free interest rate, maximum	4.28%	2.55%
Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)	5 years 3 months 18 days	5 years 3 months 18 days
Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)	6 years 1 month 6 days	6 years 1 month 6 days

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2023	May 10, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2023
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--12-31
Entity File Number	001-40544
Entity Registrant Name	AEROVATE THERAPEUTICS, INC.
Entity Central Index Key	0001798749
Entity Tax Identification Number	83-1377888
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	930 Winter Street
Entity Address, Address Line Two	Suite M-500
Entity Address, City or Town	Waltham
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02451
City Area Code	617
Local Phone Number	443-2400
Title of 12(b) Security	Common stock, par value $0.0001 per share
Trading Symbol	AVTE
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		24,923,874

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2023

FAIR VALUE OF FINANCIAL INSTRUMENTS

SCHEDULE OF FAIR VALUE INSTRUMENTS

The following tables summarize the Company’s financial assets measured at fair value on a recurring basis and their respective input levels based on the fair value hierarchy (in thousands):


			Fair Value Measurements Using
			Quoted Prices in
			Active Markets		Significant Other		Significant
			for Identical		Observable		Unobservable
	March 31,		Assets		Inputs		Inputs
	2023		(Level 1)		(Level 2)		(level 3)
Assets:
Cash equivalents
Money market funds	$	26,049	$	26,049	$	—	$	—
Total cash equivalents		26,049		26,049		—		—

Short-term investments
Commercial paper		53,686		—		53,686		—
U.S. Treasury bills		12,468		12,468		—		—
Agency bonds		26,204		—		26,204		—
Total short-term investments		92,358		12,468		79,890		—

Total fair value of assets	$	118,407	$	38,517	$	79,890	$	—


			Fair Value Measurements Using
			Quoted Prices in
			Active Markets		Significant Other		Significant
			for Identical		Observable		Unobservable
	December 31,		Assets		Inputs		Inputs
	2022		(Level 1)		(Level 2)		(level 3)
Assets:
Cash equivalents
Money market funds	$	18,436	$	18,436	$	—	$	—
Total cash equivalents		18,436		18,436		—		—

Short-term investments
Commercial paper		55,577		—		55,577		—
U.S. Treasury bills		26,841		26,841		—		—
Agency Bonds		24,405		—		24,405		—
Total short-term investments		106,823		26,841		79,982		—

Total fair value of assets	$	125,259	$	45,277	$	79,982	$	—

SCHEDULE OF SHORT TERM INVESTMENT

The following tables summarize the Company’s short-term investments (in thousands):


		As of March 31, 2023
				Gross		Gross
		Amortized		unrealized		unrealized		Estimated fair
	Maturity	cost		gains		losses		value
Commercial paper	1 year or less		53,734		5		(53)		53,686
U.S. Treasury bills	2 years or less		12,525		—		(57)		12,468
Agency bond	2 years or less		26,300		2		(98)		26,204
		$	92,559	$	7	$	(208)	$	92,358


		As of December 31, 2022
				Gross		Gross
		Amortized		unrealized		unrealized		Estimated fair
	Maturity	cost		gains		losses		value
Commercial paper	1 year or less	$	55,645	$	16	$	(84)	$	55,577
U.S. Treasury bills	1 year or less		27,108		—		(267)		26,841
Agency bond	2 years or less		24,536		2		(133)		24,405
		$	107,289	$	18	$	(484)	$	106,823

SCHEDULE OF SHORT-TERM INVESTMENTS WITH UNREALIZED LOSSES

The following tables summarize the Company’s short-term investments with unrealized losses for less than 12 months and 12 months or greater (in thousands):


		As of March 31, 2023
		Less than 12 months			12 months or Greater
			Unrealized				Unrealized		Total		Total Unrealized
		Fair Value	Losses		Fair Value		Losses		Fair Value		Losses
Commercial paper	$	35,656	$	(53)	$	—	$	—	$	35,656	$	(53)
U.S. Treasury bills		1,980		(3)		10,488		(54)		12,468		(57)
Agency bond		23,985		(98)		—		—		23,985		(98)
	$	61,621	$	(154)	$	10,488	$	(54)	$	72,109	$	(208)


		As of December 31, 2022
		Less than 12 months			12 months or Greater
			Unrealized				Unrealized		Total		Total Unrealized
		Fair Value	Losses		Fair Value		Losses		Fair Value		Losses
Commercial paper	$	34,928	$	(84)	$	—	$	—	$	34,928	$	(84)
U.S. Treasury bills		1,971		(6)		24,833		(261)		26,804		(267)
Agency bond		22,964		(133)		—		—		22,964		(133)
	$	59,863	$	(223)	$	24,833	$	(261)	$	84,696	$	(484)

BALANCE SHEET COMPONENTS (Tables)

3 Months Ended

Mar. 31, 2023

BALANCE SHEET COMPONENTS

SCHEDULE OF PREPAID EXPENSES AND OTHER CURRENT ASSETS

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


	March 31,		December 31,
	2023		2022
Prepaid expenses	$	1,114	$	1,503
Other current assets		266		295
Prepaid research and development		260		478
Total prepaid expenses and other current assets	$	1,640	$	2,276

SCHEDULE OF ACCRUED AND OTHER CURRENT LIABILITIES

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


	March 31,		December 31,
	2023		2022
Accrued research and development	$	4,267	$	2,751
Accrued payroll and other employee benefits		1,019		1,691
Other		252		380
Total accrued and other current liabilities	$	5,538	$	4,822

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	24,816,940	24,722,974
Common stock, shares outstanding	24,816,940	24,722,974

STOCKHOLDERS' EQUITY

3 Months Ended

Mar. 31, 2023

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY

(6) STOCKHOLDERS’ EQUITY

On July 2, 2021, the Company’s certificate of amendment to its certificate of incorporation became effective, which provided 150,000,000 authorized shares of common stock with a par value of $0.0001 per share and 10,000,000 authorized shares of undesignated preferred stock with a par value of $0.0001 per share.

In August 2018, the Company issued 241,467 shares of common stock to RA Capital Healthcare Fund, L.P. at a price of $0.0012 per share. On July 2, 2021, in conjunction with the Company’s initial public offering, or IPO, the Company issued 9,984,463 shares of its common stock and all outstanding shares of the Company’s redeemable convertible preferred stock were converted into 14,182,854 shares of the Company’s common stock.

The holders of the common stock are entitled to one vote for each share of common stock held at all meetings of stockholders.

As of March 31, 2023, the Company had reserved the following shares of common stock, on an as-converted basis, for future issuance:


		March 31, 2023
Common stock options granted and outstanding		5,107,865
Shares reserved for issuance under the 2021 Plan		933,657
Reserved for vesting of outstanding restricted stock units		31,881
Reserved for future ESPP issuances		463,360
Total		6,536,763

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-URI https://asc.fasb.org/topic&trid=2208762

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI https://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 16
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496180-112644

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 50
-Paragraph 6
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126731327&loc=SL126733271-114008

+ Details

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 31, 2023

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

SCHEDULE OF NET LOSS PER SHARE

The following table summarizes the Company’s net loss per share (in thousands, except share and per share amounts):


	Three Months Ended March 31,
	2023		2022
Numerator:
Net loss	$	(16,520)	$	(10,910)
Net loss available to common stockholders	$	(16,520)	$	(10,910)

Denominator:
Weighted-average common stock outstanding, basic and diluted		24,777,847		24,410,393
Net loss per share, basic and diluted	$	(0.67)	$	(0.45)

SCHEDULE OF POTENTIALLY DILUTIVE SECURITIES NOT INCLUDED IN THE CALCULATION OF DILUTED NET LOSS PER SHARE

Potentially dilutive securities not included in the calculation of diluted net loss per share attributable to common stockholders because to do so would have had an anti-dilutive effect are as follows (in common stock equivalent shares):


	As of March 31,
	2023	2022
Options to purchase common stock	5,107,865	3,703,931
Unvested restricted stock units	31,881	—
	5,139,746	3,703,931

STOCK-BASED COMPENSATION - SCHEDULE OF OPTION ACTIVITY UNDER 2021 PLAN AND 2018 PLAN (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
STOCK-BASED COMPENSATION
Options Outstanding, beginning balance	4,110,219
Weighted-Average Exercise Price Outstanding, beginning balance	$ 9.23
Weighted- Average Remaining Contractual Term, Outstanding	8 years 8 months 19 days	8 years 5 months 15 days
Aggregate Intrinsic Value Outstanding, beginning balance	$ 82,490
Options Granted	1,158,501
Weighted-Average Exercise Price, Granted	$ 25.01
Options Exercised	(93,966)
Weighted-Average Exercise Price, Exercised	$ 2.37
Options, Cancelled/Forfeited	(66,889)
Weighted-Average Exercise Price, Cancelled/Forfeited	$ 6.28
Options Outstanding, ending balance	5,107,865	4,110,219
Weighted-Average Exercise Price Outstanding, ending balance	$ 12.97	$ 9.23
Aggregate Intrinsic Value Outstanding, ending balance	$ 42,611	$ 82,490
Options, Vested and exercisable	1,242,496
Weighted-Average Exercise Price, Vested and exercisable	$ 8.41
Weighted- Average Remaining Contractual Term, Vested and exercisable	8 years 10 days
Aggregate Intrinsic Value, Vested and exercisable	$ 14,718
Options, Vested and expected to vest	5,107,865
Weighted-Average Exercise Price, Vested and expected to vest	$ 12.97
Weighted- Average Remaining Contractual Term, Vested and expected to vest	8 years 8 months 19 days
Aggregate Intrinsic Value, Vested and expected to vest	$ 42,611

ORGANIZATION AND NATURE OF OPERATIONS

3 Months Ended

Mar. 31, 2023

ORGANIZATION AND NATURE OF OPERATIONS

ORGANIZATION AND NATURE OF OPERATIONS

(1) ORGANIZATION AND NATURE OF OPERATIONS

(a) Organization and Nature of Operations

Aerovate Therapeutics Inc. (“Aerovate” or the “Company”) was incorporated in the state of Delaware in July 2018, and is headquartered in Waltham, Massachusetts. The Company has a wholly owned subsidiary, Aerovate Securities Corporation. The Company is a clinical-stage biopharmaceutical company that is focused on the development of drugs that meaningfully improve the lives of patients with rare cardiopulmonary disease. The Company’s initial focus is on advancing AV-101, the Company’s dry powder inhaled formulation of imatinib for the treatment of pulmonary arterial hypertension (“PAH”). The Company initiated a global Phase 2b/Phase 3 trial of AV-101 in adults with PAH in December 2021.

(b) Initial Public Offering

On July 2, 2021, the Company completed its initial public offering (“IPO”). The Company’s Registration Statement on Form S-1 (File No. 333-256949) relating to the IPO was declared effective by the Securities and Exchange Commission (“SEC”) on June 29, 2021. The shares began trading on The Nasdaq Global Market on June 30, 2021. The Company issued 9,984,463 shares of its common stock, including 1,302,321 shares associated with the full exercise of the underwriters’ option to purchase additional shares, at an offering price of $14.00 per share. Immediately prior to the closing of the Company’s IPO on July 2, 2021, all outstanding shares of the Company’s redeemable convertible preferred stock were converted into 14,182,854 shares of the Company’s common stock. In aggregate, the shares issued in the IPO generated approximately $126.9 million in net proceeds after deducting underwriting discounts and commissions and other offering costs.

At-the-Market Offering

On April 5, 2023, the Company entered into an ATM Equity Offering^SM Sales Agreement, or the Sales Agreement, with BofA Securities, Inc., or the Agent, pursuant to which the Company can sell, from time to time, at its option, up to an aggregate of $75.0 million of shares of its common stock, through the Agent, as its sales agent. As of May 15, 2023, no shares were sold under the Sales Agreement.

Since inception, the Company has devoted substantially all of its resources to research and development activities, business planning, establishing and maintaining its intellectual property portfolio, hiring personnel, raising capital, and providing general and administrative support for these operations and has not realized revenues from its planned principal operations. The Company has incurred losses and negative cash flows from operations since inception. In addition, the Company expects to incur substantial operating losses for the next several years as it continues its research and development activities. As of March 31, 2023, the Company had cash and cash equivalents and short-term investments of $118.9 million.

Management plans to continue to incur substantial costs in order to conduct research and development activities and additional capital will be needed to undertake these activities. The Company intends to raise such capital through debt or equity financings or other arrangements to fund operations. Management believes that the Company’s current cash and cash equivalents and short-term investments will provide sufficient funds to enable the Company to meet its obligations for at least twelve months from the filing date of this report.

SHARE-BASED COMPENSATION - SCHEDULE OF STOCK-BASED COMPENSATION EXPENSE BY TYPE OF AWARDS (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	$ 2,384	$ 1,024
Stock options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	2,289	$ 1,024
Employee stock purchase plan awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	47
Restricted stock awards and units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	$ 48

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)

3 Months Ended

Mar. 31, 2023

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

(a) Basis of Presentation

The accompanying unaudited condensed consolidated financial statements as of March 31, 2023 and for the three months ended March 31, 2023 and 2022 have been prepared in conformity with generally accepted accounting principles (“GAAP”) in the United States of America for interim financial information and pursuant to Article 10 of Regulation S-X of the Securities Act of 1933, as amended (the Securities Act). Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. These unaudited condensed consolidated financial statements include only normal and recurring adjustments that the Company believes are necessary to fairly state the Company’s financial position and the results of its operations and cash flows.

The results for the three months ended March 31, 2023 are not necessarily indicative of the results expected for the full fiscal year or any subsequent interim period. The condensed consolidated balance sheet as of December 31, 2022 has been derived from the audited financial statements at that date but does not include all disclosures required by GAAP for complete financial statements. Because all of the disclosures required by GAAP for complete financial statements are not included herein, these unaudited condensed consolidated financial statements and the notes accompanying them should be read in conjunction with the Company’s audited financial statements for the year ended December 31, 2022. Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”).

Reverse Stock Split

(b) Reverse Stock Split

On June 22, 2021, the Company effected a 1-for-3.1060103 reverse stock split (the “Reverse Stock Split”) of its issued and outstanding common stock. Accordingly, the conversion ratio for the Company’s outstanding convertible preferred stock was proportionately adjusted such that the common stock issuable upon conversion of such preferred stock was decreased in proportion to the Reverse Stock Split. The par value of the common stock was not adjusted as a result of the Reverse Stock Split. All references to common stock, options to purchase common stock, early exercised options, share data, per share data, convertible preferred stock (to the extent presented on an as-converted to common stock basis) and related information contained in these financial statements have been retrospectively adjusted to reflect the effect of the Reverse Stock Split for all periods presented.

Use of Estimates

The preparation of the Company’s consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of expenses during the reporting period. Reported amounts and note disclosures reflect the overall economic conditions that are most likely to occur and anticipated measures management intends to take. The full extent to which the COVID-19 pandemic will directly or indirectly impact our business, results of operations, and financial condition will depend on future developments that are highly uncertain, including as a result of new information that may emerge concerning COVID-19 and the actions taken to contain or treat it, as well as the economic impact on local, regional, national and international markets. Actual results could differ materially from those estimates. Accounting estimates and management judgements reflected in the consolidated financial statements include: normal recurring accruals, including the accrual for research and development expenses, stock-based compensation, fair value of investments, and operating lease right-of-use assets and lease liabilities. Estimates and assumptions are reviewed quarterly. Any revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected.

Net Loss Per Share

(d) Net Loss Per Share

Basic net loss per share is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding for the period, without consideration of potential dilutive securities. Diluted net loss per share is computed by dividing the net loss attributable to common stockholders by the sum of the weighted average number of common shares plus the potential dilutive effects of potential dilutive securities outstanding during the period. Potential dilutive securities are excluded from diluted earnings or loss per share if the effect of such inclusion is antidilutive. The Company’s potentially dilutive securities, which include convertible preferred stock prior to the conversion of such shares to common stock and outstanding stock options under the Company’s equity incentive plan, have been excluded from the computation of diluted net loss per share as they would be anti-dilutive to the net loss per share. For all periods presented, there is no difference in the number of shares used to calculate basic and diluted shares outstanding due to the Company’s net loss position.

The following table summarizes the Company’s net loss per share (in thousands, except share and per share amounts):


	Three Months Ended March 31,
	2023		2022
Numerator:
Net loss	$	(16,520)	$	(10,910)
Net loss available to common stockholders	$	(16,520)	$	(10,910)

Denominator:
Weighted-average common stock outstanding, basic and diluted		24,777,847		24,410,393
Net loss per share, basic and diluted	$	(0.67)	$	(0.45)


	As of March 31,
	2023	2022
Options to purchase common stock	5,107,865	3,703,931
Unvested restricted stock units	31,881	—
	5,139,746	3,703,931

Recently Issued and Recently Adopted Accounting Pronouncements

(e) Recently Issued and Recently Adopted Accounting Pronouncements

From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies that are adopted by the Company as of the specified effective date. The Company has evaluated recently issued accounting pronouncements and does not believe any will have a material impact on the Company’s condensed consolidated financial statements or related financial statement disclosures.

FAIR VALUE OF FINANCIAL INSTRUMENTS - SCHEDULE OF SHORT-TERM INVESTMENTS WITH UNREALIZED LOSSES (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-Sale [Line Items]
Short-term investments, Less than 12 months, Fair Value	$ 61,621	$ 59,863
Short-term investments, Less than 12 months, Unrealized Losses	(154)	(223)
Short-term investments, 12 months or Greater, Fair Value	10,488	24,833
Short-term investments, 12 months or Greater, Unrealized Losses	(54)	(261)
Short-term investments, Total Fair Value	72,109	84,696
Short-term investments, Total Unrealized Losses	(208)	(484)
Commercial paper
Debt Securities, Available-for-Sale [Line Items]
Short-term investments, Less than 12 months, Fair Value	35,656	34,928
Short-term investments, Less than 12 months, Unrealized Losses	(53)	(84)
Short-term investments, Total Fair Value	35,656	34,928
Short-term investments, Total Unrealized Losses	(53)	(84)
U.S. Treasury bills
Debt Securities, Available-for-Sale [Line Items]
Short-term investments, Less than 12 months, Fair Value	1,980	1,971
Short-term investments, Less than 12 months, Unrealized Losses	(3)	(6)
Short-term investments, 12 months or Greater, Fair Value	10,488	24,833
Short-term investments, 12 months or Greater, Unrealized Losses	(54)	(261)
Short-term investments, Total Fair Value	12,468	26,804
Short-term investments, Total Unrealized Losses	(57)	(267)
Agency bond
Debt Securities, Available-for-Sale [Line Items]
Short-term investments, Less than 12 months, Fair Value	23,985	22,964
Short-term investments, Less than 12 months, Unrealized Losses	(98)	(133)
Short-term investments, Total Fair Value	23,985	22,964
Short-term investments, Total Unrealized Losses	$ (98)	$ (133)

STOCK-BASED COMPENSATION - SCHEDULE OF STOCK-BASED COMPENSATION EXPENSE RECOGNIZED FOR STOCK OPTION GRANTS (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 2,384	$ 1,024
General and Administrative Expense
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	1,085	256
Research and Development Expense
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 1,299	$ 768

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating expenses:
Research and development	$ 13,488	$ 7,255
General and administrative	4,151	3,764
Total operating expenses	17,639	11,019
Loss from operations	(17,639)	(11,019)
Other income (expense):
Interest income	1,120	109
Other expense	(1)
Total other income	1,119	109
Net loss	(16,520)	(10,910)
Comprehensive loss:
Net loss	(16,520)	(10,910)
Other comprehensive loss:
Unrealized gain (loss) on securities	265	(585)
Comprehensive loss	$ (16,255)	$ (11,495)
Net loss per share, basic	$ (0.67)	$ (0.45)
Net loss per share, diluted	$ (0.67)	$ (0.45)
Weighted-average shares of common stock outstanding, basic	24,777,847	24,410,393
Weighted-average shares of common stock outstanding, diluted	24,777,847	24,410,393

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - SCHEDULE OF POTENTIALLY DILUTIVE SECURITIES NOT INCLUDED IN THE CALCULATION OF DILUTED NET LOSS PER SHARE (Details) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities	5,139,746	3,703,931
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities	5,107,865	3,703,931
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities	31,881

COMMITMENTS AND CONTINGENCIES

3 Months Ended

Mar. 31, 2023

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

(5) COMMITMENTS AND CONTINGENCIES

In August 2021, the Company entered into a lease agreement (the “Waltham Lease”) for approximately 5,000 square feet of office space in Waltham, Massachusetts for the Company’s corporate headquarters. The Waltham Lease has a term of thirty-nine months (“Lease Term”), unless extended or earlier terminated. The Company has the option to extend the Waltham Lease for one additional period of three years. The Lease Term has an initial abatement period, and the initial base rent payable will be approximately $18,000 per month following the abatement period. The initial base rent payable will increase by approximately 2% per year over the Lease Term. The Waltham Lease commencement date was September 1, 2021.

In April 2022, the Company entered into a lease agreement (the “Foster City Lease”) for approximately 3,500 square feet of office space in Foster City, California. The Foster City Lease has a term of thirty-nine months, unless extended or earlier terminated. The Company has the option to extend the Foster City Lease for on additional period of one year. The base rent payable under the Lease Term will be $22,600 per month and will be subject to annual increase of 3% on each anniversary.

As of March 31, 2023, the future minimum annual lease payments under the operating leases were as follows (in thousands):


	Total Minimum
	Lease Payments
2023		$	284
2024			508
2025			242
Total operating lease payments			1,034
Less: Amount representing interest			(70)
Present value of net minimum lease payments		$	964

As the Company’s leases do not provide an implicit rate, the Company uses an incremental borrowing rate based on the information available at the lease commencement date. The components of operating leases for the three months ended March 31, 2023 and year ended and December 31, 2022 were as follows (in thousands except lease term and discount rate):


	March 31,			December 31,
Operating lease liabilities:	2023			2022
Current		373			385
Non-current		591			705
Total lease liabilities	$	964		$	1,090
Weighted-average remaining lease term (in years)		2.2			2.4
Weighted-average incremental borrowing rate		6	%		6	%

Supplemental cash flow information related to cash paid for amounts included in the measurement of operating lease liabilities was as follows (in thousands):


	Three months ended March 31,
	2023		2022
Cash paid included in operating cash flows	$	123	$	54

Operating lease expense was as follows (in thousands):


	Three months ended March 31,
	2023		2022
Operating lease	$	111	$	51
Short-term lease		—		34
Total rent expense	$	111	$	85

STOCK-BASED COMPENSATION (Tables)

3 Months Ended

Mar. 31, 2023

STOCK-BASED COMPENSATION

SCHEDULE OF OPTION ACTIVITY UNDER 2021 PLAN AND 2018 PLAN


				Weighted-
				Average
				Remaining	Aggregate
		Weighted-Average		Contractual Term	Intrinsic Value
	Options	Exercise Price		(in years)	(in thousands)
Vested and expected to vest at December 31, 2022	4,110,219	$	9.23	8.46	$	82,490
Granted	1,158,501		25.01
Exercised	(93,966)		2.37
Cancelled/Forfeited	(66,889)		6.28
Outstanding at March 31, 2023	5,107,865	$	12.97	8.72		42,611
Vested and exercisable at March 31, 2023	1,242,496		8.41	8.03		14,718
Vested and expected to vest at March 31, 2023	5,107,865		12.97	8.72		42,611

SCHEDULE OF UNVESTED STOCK UNIT ACTIVITY


		Weighted-
		Average Grant
		Date Fair Value
	Units	Per Unit
Unvested restricted stock units as of December 31, 2022	28,881		—
Granted	3,000	$	24.58
Vested	—		—
Forfeited	—		—
Unvested restricted stock units as of March 31, 2023	31,881	$	21.90

SCHEDULE OF FAIR VALUE OF STOCK OPTIONS ASSUMPTIONS


	Three Months Ended March 31,
	2023		2022
Expected term (in years)	5.3 - 6.1		5.3 - 6.1
Expected volatility	74.08 - 76.71	%	73.64 - 75.68	%
Risk-free interest rate	3.46 - 4.28	%	1.37 - 2.55	%
Expected dividend	—		—

SCHEDULE OF STOCK-BASED COMPENSATION EXPENSE RECOGNIZED FOR STOCK OPTION GRANTS

Stock-based compensation expense recognized for all equity awards has been reported in the statements of operations and comprehensive loss as follows (in thousands):


	Three Months Ended March 31,
	2023		2022
Research and development	$	1,299	$	768
General and administrative		1,085		256
Total	$	2,384	$	1,024

Stock-based compensation expense by type of award included within the consolidated statements of operations and comprehensive income (loss) was as follows:


	Three Months Ended March 31,
	2023		2022
Stock options	$	2,289	$	1,024
Restricted stock awards and units		48		—
Employee stock purchase plan awards		47		—
Total	$	2,384	$	1,024

STOCK-BASED COMPENSATION

3 Months Ended

Mar. 31, 2023

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION

(7) STOCK-BASED COMPENSATION

(a) Stock Option Plan

The Company’s 2021 Stock Option and Incentive Plan (the “2021 Plan”) was adopted by the Company’s board of directors and approved by the Company’s stockholders in June 2021 and became effective as of June 29, 2021. Upon the effectiveness of the 2021 Plan, the Company’s 2018 Equity Incentive Plan (the “2018 Plan”) was terminated and no further grants may be made thereunder. The Company’s 2021 Plan allows for the grant of incentive stock options, non-qualified stock options, stock appreciation rights, stock bonuses, restricted stock, stock units and other forms of awards including cash awards to its officers, directors, employees, consultants and advisors.

As of March 31, 2023, a total of 4,565,333 shares of the Company’s common stock were authorized for issuance with respect to awards granted under the 2021 Plan. The share limit will automatically increase on the first trading day in January of each year (commencing with 2022) by an amount equal to the lesser of (1) 4% of the total number of outstanding shares of the Company’s common stock on the last trading day in December in the prior year, or (2) such lesser number as determined by the Company’s board of directors. The number of shares available under the 2021 Plan increased by 976,415 and 988,918 shares, effective January 1, 2022 and January 1, 2023, respectively, as determined by the Company’s board of directors.

Any shares subject to awards granted under the 2021 Plan or the 2018 Plan that are not paid, delivered or exercised before they expire or are canceled or terminated, or otherwise fail to vest, as well as shares used to pay the purchase or exercise price of such awards or related tax withholding obligations, will become available for new award grants under the 2021 Plan.

As of March 31, 2023, 3,631,676 options had been granted under the 2021 Plan, with 933,657 shares authorized under the 2021 Plan available for future issuance. As of March 31, 2023, a total of 1,513,414 options had been granted and were outstanding under the 2018 Plan.

The options that are granted under the 2021 Plan and the 2018 Plan are exercisable at various dates as determined upon grant and terminate within 10 years of the date of grant. The vesting period generally occurs over three to four years.

The following table summarizes the option activity under the 2021 Plan and 2018 Plan for the three months ended March 31, 2023:


				Weighted-
				Average
				Remaining	Aggregate
		Weighted-Average		Contractual Term	Intrinsic Value
	Options	Exercise Price		(in years)	(in thousands)
Vested and expected to vest at December 31, 2022	4,110,219	$	9.23	8.46	$	82,490
Granted	1,158,501		25.01
Exercised	(93,966)		2.37
Cancelled/Forfeited	(66,889)		6.28
Outstanding at March 31, 2023	5,107,865	$	12.97	8.72		42,611
Vested and exercisable at March 31, 2023	1,242,496		8.41	8.03		14,718
Vested and expected to vest at March 31, 2023	5,107,865		12.97	8.72		42,611

The weighted-average grant date fair value of stock option grants was $16.97 per share for the three months ended March 31, 2023. All exercisable options are vested and all outstanding options are vested or expected to vest.

As of March 31, 2023, there was $34.6 million of total unrecognized stock-based compensation expense related to unvested stock options granted under the 2021 Plan and 2018 Plan, which is expected to be recognized over a weighted-average period of approximately 2.8 years.

(b) Employee Stock Purchase Plan

The Company’s Employee Stock Purchase Plan (the “ESPP”) was adopted by the Company’s board of directors and stockholders in June 2021 and became effective upon the consummation of the IPO. A total of 230,000 shares of the Company’s common stock was initially available for issuance under the ESPP. The share limit will automatically increase on the first trading day in January of each year (commencing with 2022) by an amount equal to the lesser of (1) 1% of the total number of outstanding shares of the Company’s common stock on the last trading day in December in the prior year, or (2) such lesser number as determined by the Company’s board of directors. The number of shares available under the 2021 Plan increased by 247,229 shares effective January 1, 2023 as determined by the Company’s board of directors. The ESPP allows eligible employees to purchase shares of the Company’s common stock at a discount through payroll deductions of up to 15% of their eligible compensation, subject to any plan limitations. The ESPP provides for six-month offering periods, and at the end of each offering period, employees are able to purchase shares at 85% of the lower of the fair market value of the Company’s common stock on the first trading day of the offering period or on the last trading day of the offering period. As of March 31, 2023, 13,869 shares had been issued under the ESPP, and 463,360 shares authorized under the ESPP Plan were available for issuance.

As of March 31, 2023, 31,881 restricted stock units had been awarded under the 2021 Plan. A summary of the status of and changes in unvested restricted stock unit activity under the Company’s equity award plans for the three months ended March 31, 2023 was as follows:


		Weighted-
		Average Grant
		Date Fair Value
	Units	Per Unit
Unvested restricted stock units as of December 31, 2022	28,881		—
Granted	3,000	$	24.58
Vested	—		—
Forfeited	—		—
Unvested restricted stock units as of March 31, 2023	31,881	$	21.90

Stock-based compensation of restricted stock units is based on the fair value of the Company’s common stock on the date of grant and recognized over the vesting period. The vesting period generally occurs over three to four years.

As of March 31, 2023, the Company had unrecognized stock-based compensation expense related to its unvested restricted stock units of $0.6 million, which is expected to be recognized over the remaining weighted-average vesting period of 3.0 years.

(d) Stock-Based Compensation Expense

The Company estimated the fair value of stock options using the Black-Scholes valuation model. The Company accounts for any forfeitures of options when they occur. Previously recognized compensation expense for an award is reversed in the period that the award is forfeited. The fair value of stock options was estimated using the following assumptions:


	Three Months Ended March 31,
	2023		2022
Expected term (in years)	5.3 - 6.1		5.3 - 6.1
Expected volatility	74.08 - 76.71	%	73.64 - 75.68	%
Risk-free interest rate	3.46 - 4.28	%	1.37 - 2.55	%
Expected dividend	—		—

Stock-based compensation expense recognized for all equity awards has been reported in the statements of operations and comprehensive loss as follows (in thousands):


	Three Months Ended March 31,
	2023		2022
Research and development	$	1,299	$	768
General and administrative		1,085		256
Total	$	2,384	$	1,024

Stock-based compensation expense by type of award included within the consolidated statements of operations and comprehensive income (loss) was as follows:


	Three Months Ended March 31,
	2023		2022
Stock options	$	2,289	$	1,024
Restricted stock awards and units		48		—
Employee stock purchase plan awards		47		—
Total	$	2,384	$	1,024

COMMITMENTS AND CONTINGENCIES - SCHEDULE OF RENT EXPENSES (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
COMMITMENTS AND CONTINGENCIES
Operating lease	$ 111	$ 51
Short-term lease		34
Total rent expense	$ 111	$ 85

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

3 Months Ended

Mar. 31, 2023

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

(2) BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

(a) Basis of Presentation

(b) Reverse Stock Split

(d) Net Loss Per Share

The following table summarizes the Company’s net loss per share (in thousands, except share and per share amounts):


	Three Months Ended March 31,
	2023		2022
Numerator:
Net loss	$	(16,520)	$	(10,910)
Net loss available to common stockholders	$	(16,520)	$	(10,910)

Denominator:
Weighted-average common stock outstanding, basic and diluted		24,777,847		24,410,393
Net loss per share, basic and diluted	$	(0.67)	$	(0.45)


	As of March 31,
	2023	2022
Options to purchase common stock	5,107,865	3,703,931
Unvested restricted stock units	31,881	—
	5,139,746	3,703,931

(e) Recently Issued and Recently Adopted Accounting Pronouncements

COMMITMENTS AND CONTINGENCIES - SCHEDULE OF SUPPLEMENTAL CASH FLOW (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
COMMITMENTS AND CONTINGENCIES
Cash paid included in operating cash flows	$ 123	$ 54

ORGANIZATION AND NATURE OF OPERATIONS (Details) - USD ($) $ / shares in Units, $ in Millions	May 15, 2023	Apr. 05, 2023	Jul. 02, 2021	Mar. 31, 2023
Subsidiary, Sale of Stock [Line Items]
Cash and cash equivalents and short term investment				$ 118.9
BofA Securities, Inc.
Subsidiary, Sale of Stock [Line Items]
Aggregate amount of shares		$ 75.0
Shares sold	0
IPO
Subsidiary, Sale of Stock [Line Items]
Number of shares issued			9,984,463
Number of shares conversion securities			14,182,854
Proceeds from issuance of public offering			$ 126.9
Over-Allotment Option
Subsidiary, Sale of Stock [Line Items]
Number of shares issued			1,302,321
Sale of price per share			$ 14.00

FAIR VALUE OF FINANCIAL INSTRUMENTS

3 Months Ended

Mar. 31, 2023

FAIR VALUE OF FINANCIAL INSTRUMENTS

FAIR VALUE OF FINANCIAL INSTRUMENTS

(3) FAIR VALUE OF FINANCIAL INSTRUMENTS

The following tables summarize the Company’s financial assets measured at fair value on a recurring basis and their respective input levels based on the fair value hierarchy (in thousands):


			Fair Value Measurements Using
			Quoted Prices in
			Active Markets		Significant Other		Significant
			for Identical		Observable		Unobservable
	March 31,		Assets		Inputs		Inputs
	2023		(Level 1)		(Level 2)		(level 3)
Assets:
Cash equivalents
Money market funds	$	26,049	$	26,049	$	—	$	—
Total cash equivalents		26,049		26,049		—		—

Short-term investments
Commercial paper		53,686		—		53,686		—
U.S. Treasury bills		12,468		12,468		—		—
Agency bonds		26,204		—		26,204		—
Total short-term investments		92,358		12,468		79,890		—

Total fair value of assets	$	118,407	$	38,517	$	79,890	$	—


			Fair Value Measurements Using
			Quoted Prices in
			Active Markets		Significant Other		Significant
			for Identical		Observable		Unobservable
	December 31,		Assets		Inputs		Inputs
	2022		(Level 1)		(Level 2)		(level 3)
Assets:
Cash equivalents
Money market funds	$	18,436	$	18,436	$	—	$	—
Total cash equivalents		18,436		18,436		—		—

Short-term investments
Commercial paper		55,577		—		55,577		—
U.S. Treasury bills		26,841		26,841		—		—
Agency Bonds		24,405		—		24,405		—
Total short-term investments		106,823		26,841		79,982		—

Total fair value of assets	$	125,259	$	45,277	$	79,982	$	—

Cash Equivalents and Short-Term Investments

Financial assets measured at fair value on a recurring basis consist of the Company’s cash equivalents and short-term investments. Cash equivalents consisted of money market funds and commercial paper, and short-term investments consisted of U.S. Treasury bills, corporate debt securities and commercial paper. The Company obtains pricing information from its investment manager and generally determines the fair value of investment securities using standard observable inputs, including reported trades, broker/dealer quotes, and bids and/or offers.

The following tables summarize the Company’s short-term investments (in thousands):


		As of March 31, 2023
				Gross		Gross
		Amortized		unrealized		unrealized		Estimated fair
	Maturity	cost		gains		losses		value
Commercial paper	1 year or less		53,734		5		(53)		53,686
U.S. Treasury bills	2 years or less		12,525		—		(57)		12,468
Agency bond	2 years or less		26,300		2		(98)		26,204
		$	92,559	$	7	$	(208)	$	92,358


		As of December 31, 2022
				Gross		Gross
		Amortized		unrealized		unrealized		Estimated fair
	Maturity	cost		gains		losses		value
Commercial paper	1 year or less	$	55,645	$	16	$	(84)	$	55,577
U.S. Treasury bills	1 year or less		27,108		—		(267)		26,841
Agency bond	2 years or less		24,536		2		(133)		24,405
		$	107,289	$	18	$	(484)	$	106,823

The following tables summarize the Company’s short-term investments with unrealized losses for less than 12 months and 12 months or greater (in thousands):


		As of March 31, 2023
		Less than 12 months			12 months or Greater
			Unrealized				Unrealized		Total		Total Unrealized
		Fair Value	Losses		Fair Value		Losses		Fair Value		Losses
Commercial paper	$	35,656	$	(53)	$	—	$	—	$	35,656	$	(53)
U.S. Treasury bills		1,980		(3)		10,488		(54)		12,468		(57)
Agency bond		23,985		(98)		—		—		23,985		(98)
	$	61,621	$	(154)	$	10,488	$	(54)	$	72,109	$	(208)


		As of December 31, 2022
		Less than 12 months			12 months or Greater
			Unrealized				Unrealized		Total		Total Unrealized
		Fair Value	Losses		Fair Value		Losses		Fair Value		Losses
Commercial paper	$	34,928	$	(84)	$	—	$	—	$	34,928	$	(84)
U.S. Treasury bills		1,971		(6)		24,833		(261)		26,804		(267)
Agency bond		22,964		(133)		—		—		22,964		(133)
	$	59,863	$	(223)	$	24,833	$	(261)	$	84,696	$	(484)

The Company considers whether unrealized losses have resulted from a credit loss or other factors. The unrealized losses on the Company’s available-for-sale securities as of March 31, 2023 and December 31, 2022 were caused by fluctuations in market value and interest rates as a result of the economic environment and not credit risk. As of March 31, 2023 and December 31, 2022, no allowance for credit losses was recorded. During the three months

ended March 31, 2023 the Company did not recognize any impairment losses related to its short-term investments. It is neither management’s intention to sell nor is it more likely than not that the Company will be required to sell these investments prior to recovery of their cost basis or recovery of fair value. Unrealized gains and losses are included in accumulated other comprehensive loss.

Accrued interest receivable is written off through net realized investment gains (losses) at the time the issuer of the bond defaults or is expected to default on payment. Accrued interest receivable related to short-term investments was $0.3 million as of March 31, 2023 and December 31, 2022.

- Definition

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

+ References + Details

COMMITMENTS AND CONTINGENCIES (Tables)

3 Months Ended

Mar. 31, 2023

COMMITMENTS AND CONTINGENCIES

SCHEDULE OF FUTURE MINIMUM ANNUAL LEASE PAYMENTS FOR OPERATING LEASES

As of March 31, 2023, the future minimum annual lease payments under the operating leases were as follows (in thousands):


	Total Minimum
	Lease Payments
2023		$	284
2024			508
2025			242
Total operating lease payments			1,034
Less: Amount representing interest			(70)
Present value of net minimum lease payments		$	964

SCHEDULE OF SUPPLEMENTAL CASH FLOW


	March 31,			December 31,
Operating lease liabilities:	2023			2022
Current		373			385
Non-current		591			705
Total lease liabilities	$	964		$	1,090
Weighted-average remaining lease term (in years)		2.2			2.4
Weighted-average incremental borrowing rate		6	%		6	%

Supplemental cash flow information related to cash paid for amounts included in the measurement of operating lease liabilities was as follows (in thousands):


	Three months ended March 31,
	2023		2022
Cash paid included in operating cash flows	$	123	$	54

SCHEDULE OF RENT EXPENSES

Operating lease expense was as follows (in thousands):


	Three months ended March 31,
	2023		2022
Operating lease	$	111	$	51
Short-term lease		—		34
Total rent expense	$	111	$	85

STOCK-BASED COMPENSATION (Details) - USD ($) $ / shares in Units, $ in Millions		1 Months Ended	3 Months Ended
	Jan. 01, 2023	Jun. 30, 2021	Mar. 31, 2023	Jan. 01, 2022
2021 Stock Option and Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Percentage on total number of shares outstanding			4.00%
Number of shares authorized	988,918		4,565,333	976,415
Stock options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock option grants per share			$ 16.97
Stock options \| 2021 Stock Option and Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares authorized			933,657
Common stock available for issuance, awards granted			3,631,676
Stock options \| 2018 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock available for issuance, awards granted			1,513,414
Stock options \| 2021 Plan and 2018 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expiration period			10 years
Unrecognized stock based compensation			$ 34.6
Unrecognized stock-based compensation weighted-average period			2 years 9 months 18 days
Stock options \| Minimum \| 2021 Plan and 2018 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vested term			3 years
Stock options \| Maximum \| 2021 Plan and 2018 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vested term			4 years
Restricted stock units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Restricted stock units award			3,000
Unrecognized stock based compensation			$ 0.6
Weighted- average remaining vesting period			3 years
Restricted stock units \| 2021 Stock Option and Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Restricted stock units award			31,881
Restricted stock units \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vested term			3 years
Restricted stock units \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vested term			4 years
ESPP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares authorized		230,000	463,360
Number of additional shares authorized	247,229
Percentage of common stock purchase price		15.00%	1.00%
Offering period			6 months
Discount percentage on marker price		85.00%
Shares issued			13,869

FAIR VALUE OF FINANCIAL INSTRUMENTS - SCHEDULE OF FAIR VALUE INSTRUMENTS (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	$ 92,358	$ 106,823
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents	26,049	18,436
Total short-term investments	92,358	106,823
Total fair value of assets	118,407	125,259
Fair Value, Recurring \| Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents	26,049	18,436
Total short-term investments	12,468	26,841
Total fair value of assets	38,517	45,277
Fair Value, Recurring \| Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents
Total short-term investments	79,890	79,982
Total fair value of assets	79,890	79,982
Fair Value, Recurring \| Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents
Total short-term investments
Total fair value of assets
Money market funds \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents	26,049	18,436
Money market funds \| Fair Value, Recurring \| Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents	26,049	18,436
Money market funds \| Fair Value, Recurring \| Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents
Money market funds \| Fair Value, Recurring \| Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents
Commercial paper \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	53,686	55,577
Commercial paper \| Fair Value, Recurring \| Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments
Commercial paper \| Fair Value, Recurring \| Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	53,686	55,577
Commercial paper \| Fair Value, Recurring \| Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments
U.S. Treasury bills \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	12,468	26,841
U.S. Treasury bills \| Fair Value, Recurring \| Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	12,468	26,841
U.S. Treasury bills \| Fair Value, Recurring \| Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments
U.S. Treasury bills \| Fair Value, Recurring \| Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments
Agency bond \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	26,204	24,405
Agency bond \| Fair Value, Recurring \| Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments
Agency bond \| Fair Value, Recurring \| Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	$ 26,204	24,405
Agency bond \| Fair Value, Recurring \| Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments

STOCK-BASED COMPENSATION - SCHEDULE OF UNVESTED RESTRICTED STOCK UNIT ACTIVITY (Details) - Restricted stock units	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of units, beginning \| shares	28,881
Weighted Average Grant date fair value, beginning \| $ / shares
Number of units, Granted \| shares	3,000
Weighted Average Grant date fair value, Granted \| $ / shares	$ 24.58
Number of units, Vested \| shares
Weighted Average Grant date fair value, Vested \| $ / shares
Number of units, forfeited \| shares
Weighted Average Grant date fair value, Forfeited \| $ / shares
Number of units, Ending \| shares	31,881
Weighted Average Grant date fair value, Ending \| $ / shares	$ 21.90