0001798749-23-000056 | 10-Q | XBRL Viewer | Aerovate Therapeutics INC

COMMITMENTS AND CONTINGENCIES - SCHEDULE OF SUPPLEMENTAL CASH FLOW (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
COMMITMENTS AND CONTINGENCIES
Cash paid included in operating cash flows	$ 246	$ 113

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)

6 Months Ended

Jun. 30, 2023

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

(a) Basis of Presentation

The accompanying unaudited condensed consolidated financial statements as of June 30, 2023 and for the three and six months ended June 30, 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 and six months ended June 30, 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”).

Use of Estimates

(b) 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

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 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 June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Numerator:
Net loss	$	(19,025)	$	(11,991)	$	(35,545)	$	(22,901)
Net loss available to common stockholders	$	(19,025)	$	(11,991)	$	(35,545)	$	(22,901)

Denominator:
Weighted-average common stock outstanding, basic and diluted		25,166,505		24,410,503		24,973,250		24,410,448
Net loss per share, basic and diluted	$	(0.76)	$	(0.49)	$	(1.42)	$	(0.94)

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 June 30,
	2023	2022
Options to purchase common stock	5,158,609	3,953,390
Unvested restricted stock units	31,066	1,631
	5,189,675	3,955,021

Recently Issued and Recently Adopted Accounting Pronouncements

(d) 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.

ORGANIZATION AND NATURE OF OPERATIONS	6 Months Ended
Jun. 30, 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) 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 June 30, 2023, 2,662,721 shares were sold under the Sales Agreement generating approximately $44.3 million of net proceeds after deducting Agent commissions and other offering costs. Following execution of the sale, the Company reclassified $0.6 million of deferred offering costs into additional paid-in capital. (c) Liquidity and Management Plans 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 June 30, 2023, the Company had cash, cash equivalents and available-for-sale securities of $150.1 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, cash equivalents and available-for-sale securities will provide sufficient funds to enable the Company to meet its obligations for at least twelve months from the filing date of this report.

ORGANIZATION AND NATURE OF OPERATIONS

6 Months Ended

Jun. 30, 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) 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 June 30, 2023, 2,662,721 shares were sold under the Sales Agreement generating approximately $44.3 million of net proceeds after deducting Agent commissions and other offering costs. Following execution of the sale, the Company reclassified $0.6 million of deferred offering costs into additional paid-in capital.

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 June 30, 2023, the Company had cash, cash equivalents and available-for-sale securities of $150.1 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, cash equivalents and available-for-sale securities will provide sufficient funds to enable the Company to meet its obligations for at least twelve months from the filing date of this report.

COMMITMENTS AND CONTINGENCIES - SCHEDULE OF RENT EXPENSES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
COMMITMENTS AND CONTINGENCIES
Operating lease	$ 111	$ 92	$ 221	$ 142
Short-term lease		11		46
Total rent expense	$ 111	$ 103	$ 221	$ 188

STOCK-BASED COMPENSATION - SCHEDULE OF UNVESTED RESTRICTED STOCK UNIT ACTIVITY (Details) - Restricted stock units	6 Months Ended
	Jun. 30, 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	$ 21.62
Number of units, Granted \| shares	3,000
Weighted Average Grant date fair value, Granted \| $ / shares	$ 24.58
Number of units, Vested \| shares	(815)
Weighted Average Grant date fair value, Vested \| $ / shares	$ 12.26
Number of units, forfeited \| shares
Weighted Average Grant date fair value, Forfeited \| $ / shares
Number of units, Ending \| shares	31,066
Weighted Average Grant date fair value, Ending \| $ / shares	$ 22.15

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 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
	June 30,		Assets		Inputs		Inputs
	2023		(Level 1)		(Level 2)		(level 3)
Assets:
Cash equivalents
Money market funds	$	44,750	$	44,750	$	—	$	—
Commercial paper		4,992		—		4,992		—
Total cash equivalents		49,742		44,750		4,992		—

Short-term investments
Commercial paper		47,750		—		47,750		—
Agency bonds		38,458		—		38,458		—
U.S. Treasury bills		2,987		2,987		—		—
Total short-term investments		89,195		2,987		86,208		—

Total fair value of assets	$	138,937	$	47,737	$	91,200	$	—


			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 June 30, 2023
				Gross		Gross
		Amortized		unrealized		unrealized		Estimated fair
	Maturity	cost		gains		losses		value
Commercial paper	1 year or less		47,827		2		(79)		47,750
U.S. Treasury bills	2 years or less		2,995		—		(9)		2,986
Agency bonds	2 years or less		38,596		—		(137)		38,459
		$	89,418	$	2	$	(225)	$	89,195


		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 bonds	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 June 30, 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	$	37,293	$	(79)	$	—	$	—	$	37,293	$	(79)
U.S. Treasury bills		2,193		(9)		—		—		2,193		(9)
Agency bonds		32,957		(132)		5,501		(5)		38,458		(137)
	$	72,443	$	(220)	$	5,501	$	(5)	$	77,944	$	(225)


		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 bonds		22,964		(133)		—		—		22,964		(133)
	$	59,863	$	(223)	$	24,833	$	(261)	$	84,696	$	(484)

- 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).

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+ Details

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - SCHEDULE OF NET LOSS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
Net loss	$ (19,025)	$ (16,520)	$ (11,991)	$ (10,910)	$ (35,545)	$ (22,901)
Net loss available to common stockholders	$ (19,025)		$ (11,991)		$ (35,545)	$ (22,901)
Weighted-average common stock outstanding, basic	25,166,505		24,410,503		24,973,250	24,410,448
Weighted-average common stock outstanding, diluted	25,166,505		24,410,503		24,973,250	24,410,448
Net loss per share, basic	$ (0.76)		$ (0.49)		$ (1.42)	$ (0.94)
Net loss per share, diluted	$ (0.76)		$ (0.49)		$ (1.42)	$ (0.94)

- Definition

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

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- Definition

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

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+ Details

COMMITMENTS AND CONTINGENCIES

6 Months Ended

Jun. 30, 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 an 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 June 30, 2023, the future minimum annual lease payments under the operating leases were as follows (in thousands):


	Total Minimum
	Lease Payments
2023		$	162
2024			508
2025			242
Total operating lease payments			912
Less: Amount representing interest			(57)
Present value of net minimum lease payments		$	855

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 as of June 30, 2023 and as of December 31, 2022 were as follows (in thousands except lease term and discount rate):


	June 30,			December 31,
Operating lease liabilities:	2023			2022
Current		379			385
Non-current		476			705
Total lease liabilities	$	855		$	1,090
Weighted-average remaining lease term (in years)		2.0			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):


	Six months ended June 30,
	2023		2022
Cash paid included in operating cash flows	$	246	$	113

Rent expense was as follows (in thousands):


	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
Operating lease	$	111	$	92	$	221	$	142
Short-term lease		—		11		—		46
Total rent expense	$	111	$	103	$	221	$	188

BALANCE SHEET COMPONENTS

6 Months Ended

Jun. 30, 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):


	June 30,		December 31,
	2023		2022
Prepaid expenses	$	2,185	$	1,503
Prepaid research and development		189		478
Other current assets		—		295
Total prepaid expenses and other current assets	$	2,374	$	2,276

Accrued and Other Current Liabilities

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


	June 30,		December 31,
	2023		2022
Accrued research and development	$	5,268	$	2,751
Accrued payroll and other employee benefits		1,525		1,691
Other		583		380
Total accrued and other current liabilities	$	7,376	$	4,822

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%

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

6 Months Ended

Jun. 30, 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) Use of Estimates

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Numerator:
Net loss	$	(19,025)	$	(11,991)	$	(35,545)	$	(22,901)
Net loss available to common stockholders	$	(19,025)	$	(11,991)	$	(35,545)	$	(22,901)

Denominator:
Weighted-average common stock outstanding, basic and diluted		25,166,505		24,410,503		24,973,250		24,410,448
Net loss per share, basic and diluted	$	(0.76)	$	(0.49)	$	(1.42)	$	(0.94)


	As of June 30,
	2023	2022
Options to purchase common stock	5,158,609	3,953,390
Unvested restricted stock units	31,066	1,631
	5,189,675	3,955,021

(d) Recently Issued and Recently Adopted Accounting Pronouncements

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flow from operating activities:
Net loss	$ (35,545)	$ (22,901)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	5,418	2,248
Depreciation and amortization expense	43	28
Accretion of discounts and amortization of premiums on investments, net	(1,310)	(32)
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(98)	5,493
Other long-term assets	(55)	(428)
Accounts payable	2,894	875
Accrued and other liabilities	2,554	191
Operating lease assets and liabilities, net	(43)	(11)
Other liabilities	(225)
Net cash used in operating activities	(26,367)	(14,537)
Cash flow from investing activities:
Purchases of short-term investments	(48,346)	(71,791)
Maturities of short-term investments	67,750	59,744
Purchases of property and equipment	(46)	(158)
Net cash provided by (used in) investing activities	19,358	(12,205)
Cash flow from financing activities:
Proceeds from sale of common stock in connection with ATM, net	44,888
Payments for offering costs	(159)
Proceeds from issuance of common stock under ESPP	228
Proceeds from issuance of common stock upon exercise of stock options	556	2
Net cash provided by financing activities	45,513	2
Net increase (decrease) in cash and cash equivalents	38,504	(26,740)
Cash and cash equivalents at the beginning of the year	22,397	54,197
Cash and cash equivalents at the end of the period	60,901	27,457
Supplemental disclosure of noncash investing and financing activities:
Right-of-use asset obtained in exchange for operating lease liability		765
Offering costs included in accounts payable	$ 75	$ 1

COMMITMENTS AND CONTINGENCIES (Tables)

6 Months Ended

Jun. 30, 2023

COMMITMENTS AND CONTINGENCIES

SCHEDULE OF FUTURE MINIMUM ANNUAL LEASE PAYMENTS FOR OPERATING LEASES

As of June 30, 2023, the future minimum annual lease payments under the operating leases were as follows (in thousands):


	Total Minimum
	Lease Payments
2023		$	162
2024			508
2025			242
Total operating lease payments			912
Less: Amount representing interest			(57)
Present value of net minimum lease payments		$	855

SCHEDULE OF SUPPLEMENTAL CASH FLOW


	June 30,			December 31,
Operating lease liabilities:	2023			2022
Current		379			385
Non-current		476			705
Total lease liabilities	$	855		$	1,090
Weighted-average remaining lease term (in years)		2.0			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):


	Six months ended June 30,
	2023		2022
Cash paid included in operating cash flows	$	246	$	113

SCHEDULE OF RENT EXPENSES

Rent expense was as follows (in thousands):


	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
Operating lease	$	111	$	92	$	221	$	142
Short-term lease		—		11		—		46
Total rent expense	$	111	$	103	$	221	$	188

SHARE-BASED COMPENSATION - SCHEDULE OF STOCK-BASED COMPENSATION EXPENSE BY TYPE OF AWARDS (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	$ 3,034	$ 1,224	$ 5,418	$ 2,248
Stock options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	2,940	1,206	5,229	2,230
Employee stock purchase plan awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	43	$ 18	90	$ 18
Restricted stock awards and units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	$ 51		$ 99

- 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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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

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	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities	5,189,675	3,955,021
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities	5,158,609	3,953,390
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities	31,066	1,631

STOCKHOLDERS' EQUITY

6 Months Ended

Jun. 30, 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 June 30, 2023, the Company had reserved the following shares of common stock, on an as-converted basis, for future issuance:


		June 30, 2023
Common stock options granted and outstanding		5,158,609
Shares reserved for issuance under the 2021 Plan		776,157
Reserved for vesting of outstanding restricted stock units		31,066
Reserved for future ESPP issuances		449,494
Total		6,415,326

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Paragraph 1
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Operating expenses:
Research and development	$ 16,034	$ 8,363	$ 29,522	$ 15,618
General and administrative	4,302	3,852	8,453	7,615
Total operating expenses	20,336	12,215	37,975	23,233
Loss from operations	(20,336)	(12,215)	(37,975)	(23,233)
Other income (expense):
Interest income	1,312	230	2,432	338
Other expense	(1)	(6)	(2)	(6)
Total other income	1,311	224	2,430	332
Net loss	(19,025)	(11,991)	(35,545)	(22,901)
Comprehensive loss:
Net loss	(19,025)	(11,991)	(35,545)	(22,901)
Other comprehensive loss:
Unrealized gain (loss) on securities	(22)	(141)	243	(726)
Comprehensive loss	$ (19,047)	$ (12,132)	$ (35,302)	$ (23,627)
Net loss per share, basic	$ (0.76)	$ (0.49)	$ (1.42)	$ (0.94)
Net loss per share, diluted	$ (0.76)	$ (0.49)	$ (1.42)	$ (0.94)
Weighted-average shares of common stock outstanding, basic	25,166,505	24,410,503	24,973,250	24,410,448
Weighted-average shares of common stock outstanding, diluted	25,166,505	24,410,503	24,973,250	24,410,448

FAIR VALUE OF FINANCIAL INSTRUMENTS - SCHEDULE OF FAIR VALUE INSTRUMENTS (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	$ 89,195	$ 106,823
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents	49,742	18,436
Total short-term investments	89,195	106,823
Total fair value of assets	138,937	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	44,750	18,436
Total short-term investments	2,987	26,841
Total fair value of assets	47,737	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	4,992
Total short-term investments	86,208	79,982
Total fair value of assets	91,200	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	44,750	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	44,750	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 cash equivalents	4,992
Commercial paper \| Fair Value, Recurring \| Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents	4,992
Commercial paper \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	47,750	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	47,750	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	2,987	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	2,987	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 bonds \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	38,458	24,405
Agency bonds \| 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 bonds \| 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	$ 38,458	24,405
Agency bonds \| 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 FAIR VALUE OF STOCK OPTIONS ASSUMPTIONS (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected volatility, minimum	73.90%	73.80%	73.90%	73.60%
Expected volatility, maximum	76.30%	76.50%	76.70%	76.50%
Risk-free interest rate, minimum	3.60%	2.50%	3.50%	1.60%
Risk-free interest rate, maximum	3.80%	3.40%	4.30%	3.40%
Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)	5 years 6 months	5 years 6 months	5 years 3 months 18 days	5 years 6 months
Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)	6 years 1 month 6 days	6 years 1 month 6 days	6 years 1 month 6 days	6 years 1 month 6 days

- Definition

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

+ References

+ Details

STOCK-BASED COMPENSATION - SCHEDULE OF STOCK-BASED COMPENSATION EXPENSE RECOGNIZED FOR STOCK OPTION GRANTS (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 3,034	$ 1,224	$ 5,418	$ 2,248
General and Administrative Expense
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	1,352	779	2,437	1,547
Research and Development Expense
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 1,682	$ 445	$ 2,981	$ 701

COMMITMENTS AND CONTINGENCIES - SCHEDULE OF FUTURE MINIMUM ANNUAL LEASE PAYMENTS FOR OPERATING LEASES (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
COMMITMENTS AND CONTINGENCIES
2023	$ 162
2024	508
2025	242
Total operating lease payments	912
Less: Amount representing interest	(57)
Present value of net minimum lease payments	855	$ 1,090
Operating lease liabilities:
Current	379	385
Non-current	$ 476	$ 705
Weighted-average remaining lease term (in years)	2 years	2 years 4 months 24 days
Weighted-average incremental borrowing rate	6.00%	6.00%

BALANCE SHEET COMPONENTS - SCHEDULE OF PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
BALANCE SHEET COMPONENTS
Prepaid expenses	$ 2,185	$ 1,503
Prepaid research and development	189	478
Other current assets		295
Total prepaid expenses and other current assets	$ 2,374	$ 2,276

STOCKHOLDERS' EQUITY - SCHEDULE OF COMMON STOCK SHARES RESERVED FOR ON AND AS-CONVERTED BASIS, FOR FUTURE ISSUANCE (Details)	Jun. 30, 2023 shares
Subsidiary, Sale of Stock [Line Items]
Common stock reserved for future issuance	6,415,326
Common Stock
Subsidiary, Sale of Stock [Line Items]
Common stock reserved for future issuance	5,158,609
Stock options
Subsidiary, Sale of Stock [Line Items]
Common stock reserved for future issuance	776,157
Restricted stock units
Subsidiary, Sale of Stock [Line Items]
Common stock reserved for future issuance	31,066
Employee stock purchase plan awards
Subsidiary, Sale of Stock [Line Items]
Common stock reserved for future issuance	449,494

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 60,901	$ 22,397
Short-term investments	89,195	106,823
Prepaid expenses and other current assets	2,374	2,276
Total current assets	152,470	131,496
Property and equipment, net	245	242
Operating lease right-of-use assets	811	1,003
Other long-term assets	2,229	2,560
Total assets	155,755	135,301
Current liabilities:
Accounts payable	5,529	2,575
Accrued and other current liabilities	7,376	4,822
Operating lease liabilities	379	385
Total current liabilities	13,284	7,782
Operating lease liabilities, net of current portion	476	705
Other liabilities	69	71
Total liabilities	13,829	8,558
Commitments and contingencies (Note 5)
Stockholders' equity:
Preferred stock, $0.0001 par value; 10,000,000 shares authorized as of June 30, 2023 and December 31, 2022, respectively; no shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively
Common stock, $0.0001 par value; 150,000,000 shares authorized at June 30, 2023 and December 31, 2022, respectively; 27,601,098 and 24,722,974 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively	3	2
Additional paid-in capital	265,594	215,110
Accumulated other comprehensive loss	(223)	(466)
Accumulated deficit	(123,448)	(87,903)
Total stockholders' equity	141,926	126,743
Total liabilities and stockholders' equity	$ 155,755	$ 135,301

STOCK-BASED COMPENSATION

6 Months Ended

Jun. 30, 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 June 30, 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 June 30, 2023, 3,741,678 options had been granted under the 2021 Plan, with 776,157 shares authorized under the 2021 Plan available for future issuance. As of June 30, 2023, a total of 1,416,931 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 six months ended June 30, 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	1,336,001		24.01
Exercised	(200,722)		2.77
Cancelled/Forfeited	(86,889)		9.62
Outstanding at June 30, 2023	5,158,609	$	13.30	8.58		29,918
Vested and exercisable at June 30, 2023	1,542,769		9.71	8.16		12,211
Vested and expected to vest at June 30, 2023	5,158,609		13.30	8.58		29,918

The weighted-average grant date fair value of stock option grants was $16.28 per share for the six months ended June 30, 2023. All exercisable options are vested and all outstanding options are vested or expected to vest.

As of June 30, 2023, there was approximately $33.8 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 2.6 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 June 30, 2023, 27,735 shares had been issued under the ESPP, and 449,494 shares authorized under the ESPP Plan were available for issuance.

As of June 30, 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 six months ended June 30, 2023 was as follows:


		Weighted-
		Average Grant
		Date Fair Value
	Units	Per Unit
Unvested restricted stock units as of December 31, 2022	28,881	$	21.62
Granted	3,000		24.58
Vested	(815)		12.26
Forfeited	—		—
Unvested restricted stock units as of June 30, 2023	31,066	$	22.15

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 June 30, 2023, the Company had unrecognized stock-based compensation expense related to its unvested restricted stock units of $0.5 million, which is expected to be recognized over the remaining weighted-average vesting period of 2.8 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 June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Expected term (in years)	5.5 - 6.1		5.5 - 6.1		5.3 - 6.1		5.5 - 6.1
Expected volatility	73.9 - 76.3	%	73.8 - 76.5	%	73.9 - 76.7	%	73.6 - 76.5	%
Risk-free interest rate	3.6 - 3.8	%	2.5 - 3.4	%	3.5 - 4.3	%	1.6 - 3.4	%
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 June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Research and development	$	1,682	$	445	$	2,981	$	701
General and administrative		1,352		779		2,437		1,547
Total	$	3,034	$	1,224	$	5,418	$	2,248

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 June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Stock options	$	2,940	$	1,206	$	5,229	$	2,230
Restricted stock awards and units		51		—		99		—
Employee stock purchase plan awards		43		18		90		18
Total	$	3,034	$	1,224	$	5,418	$	2,248

STOCK-BASED COMPENSATION (Tables)

6 Months Ended

Jun. 30, 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	1,336,001		24.01
Exercised	(200,722)		2.77
Cancelled/Forfeited	(86,889)		9.62
Outstanding at June 30, 2023	5,158,609	$	13.30	8.58		29,918
Vested and exercisable at June 30, 2023	1,542,769		9.71	8.16		12,211
Vested and expected to vest at June 30, 2023	5,158,609		13.30	8.58		29,918

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	$	21.62
Granted	3,000		24.58
Vested	(815)		12.26
Forfeited	—		—
Unvested restricted stock units as of June 30, 2023	31,066	$	22.15

SCHEDULE OF FAIR VALUE OF STOCK OPTIONS ASSUMPTIONS


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Expected term (in years)	5.5 - 6.1		5.5 - 6.1		5.3 - 6.1		5.5 - 6.1
Expected volatility	73.9 - 76.3	%	73.8 - 76.5	%	73.9 - 76.7	%	73.6 - 76.5	%
Risk-free interest rate	3.6 - 3.8	%	2.5 - 3.4	%	3.5 - 4.3	%	1.6 - 3.4	%
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 June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Research and development	$	1,682	$	445	$	2,981	$	701
General and administrative		1,352		779		2,437		1,547
Total	$	3,034	$	1,224	$	5,418	$	2,248


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Stock options	$	2,940	$	1,206	$	5,229	$	2,230
Restricted stock awards and units		51		—		99		—
Employee stock purchase plan awards		43		18		90		18
Total	$	3,034	$	1,224	$	5,418	$	2,248

BALANCE SHEET COMPONENTS - SCHEDULE OF ACCRUED AND OTHER CURRENT LIABILITIES - (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
BALANCE SHEET COMPONENTS
Accrued research and development	$ 5,268	$ 2,751
Accrued payroll and other employee benefits	1,525	1,691
Other	583	380
Total accrued and other current liabilities	$ 7,376	$ 4,822

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)

6 Months Ended

Jun. 30, 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 June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Numerator:
Net loss	$	(19,025)	$	(11,991)	$	(35,545)	$	(22,901)
Net loss available to common stockholders	$	(19,025)	$	(11,991)	$	(35,545)	$	(22,901)

Denominator:
Weighted-average common stock outstanding, basic and diluted		25,166,505		24,410,503		24,973,250		24,410,448
Net loss per share, basic and diluted	$	(0.76)	$	(0.49)	$	(1.42)	$	(0.94)

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


	As of June 30,
	2023	2022
Options to purchase common stock	5,158,609	3,953,390
Unvested restricted stock units	31,066	1,631
	5,189,675	3,955,021

STOCK-BASED COMPENSATION - SCHEDULE OF OPTION ACTIVITY UNDER 2021 PLAN AND 2018 PLAN (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 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 6 months 29 days	8 years 5 months 15 days
Aggregate Intrinsic Value Outstanding, beginning balance	$ 82,490
Options Granted	1,336,001
Weighted-Average Exercise Price, Granted	$ 24.01
Options Exercised	(200,722)
Weighted-Average Exercise Price, Exercised	$ 2.77
Options, Cancelled/Forfeited	(86,889)
Weighted-Average Exercise Price, Cancelled/Forfeited	$ 9.62
Options Outstanding, ending balance	5,158,609	4,110,219
Weighted-Average Exercise Price Outstanding, ending balance	$ 13.30	$ 9.23
Aggregate Intrinsic Value Outstanding, ending balance	$ 29,918	$ 82,490
Options, Vested and exercisable	1,542,769
Weighted-Average Exercise Price, Vested and exercisable	$ 9.71
Weighted- Average Remaining Contractual Term, Vested and exercisable	8 years 1 month 28 days
Aggregate Intrinsic Value, Vested and exercisable	$ 12,211
Options, Vested and expected to vest	5,158,609
Weighted-Average Exercise Price, Vested and expected to vest	$ 13.30
Weighted- Average Remaining Contractual Term, Vested and expected to vest	8 years 6 months 29 days
Aggregate Intrinsic Value, Vested and expected to vest	$ 29,918

FAIR VALUE OF FINANCIAL INSTRUMENTS

6 Months Ended

Jun. 30, 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
	June 30,		Assets		Inputs		Inputs
	2023		(Level 1)		(Level 2)		(level 3)
Assets:
Cash equivalents
Money market funds	$	44,750	$	44,750	$	—	$	—
Commercial paper		4,992		—		4,992		—
Total cash equivalents		49,742		44,750		4,992		—

Short-term investments
Commercial paper		47,750		—		47,750		—
Agency bonds		38,458		—		38,458		—
U.S. Treasury bills		2,987		2,987		—		—
Total short-term investments		89,195		2,987		86,208		—

Total fair value of assets	$	138,937	$	47,737	$	91,200	$	—


			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, agency bonds 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 June 30, 2023
				Gross		Gross
		Amortized		unrealized		unrealized		Estimated fair
	Maturity	cost		gains		losses		value
Commercial paper	1 year or less		47,827		2		(79)		47,750
U.S. Treasury bills	2 years or less		2,995		—		(9)		2,986
Agency bonds	2 years or less		38,596		—		(137)		38,459
		$	89,418	$	2	$	(225)	$	89,195


		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 bonds	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 June 30, 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	$	37,293	$	(79)	$	—	$	—	$	37,293	$	(79)
U.S. Treasury bills		2,193		(9)		—		—		2,193		(9)
Agency bonds		32,957		(132)		5,501		(5)		38,458		(137)
	$	72,443	$	(220)	$	5,501	$	(5)	$	77,944	$	(225)


		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 bonds		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 June 30, 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 June 30, 2023 and December 31, 2022, no allowance for credit losses was recorded. During the six months ended June 30, 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 gain (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 $0.5 million as of June 30, 2023 and $0.3 million as of 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

ORGANIZATION AND NATURE OF OPERATIONS (Details) - USD ($) $ in Thousands		6 Months Ended
	Apr. 05, 2023	Jun. 30, 2023	Jun. 30, 2022
Subsidiary, Sale of Stock [Line Items]
Proceeds from issuance of common stock		$ 44,888
Deferring offering costs into additional paid in capital		600
Cash and cash equivalents and short term investment		$ 150,100
BofA Securities, Inc.
Subsidiary, Sale of Stock [Line Items]
Aggregate amount of shares	$ 75,000
Shares sold		2,662,721
Proceeds from issuance of common stock		$ 44,300

STOCK-BASED COMPENSATION (Details) - USD ($) $ / shares in Units, $ in Millions		1 Months Ended	6 Months Ended
	Jan. 01, 2023	Jun. 30, 2021	Jun. 30, 2023	Jan. 01, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock option grants per share			$ 16.28
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 \| 2021 Stock Option and Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares authorized			776,157
Common stock available for issuance, awards granted			3,741,678
Stock options \| 2018 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock available for issuance, awards granted			1,416,931
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			$ 33.8
Unrecognized stock-based compensation weighted-average period			2 years 7 months 6 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			$ 0.5
Weighted- average remaining vesting period			2 years 9 months 18 days
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	449,494
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			27,735

STOCKHOLDERS' EQUITY (Tables)

6 Months Ended

Jun. 30, 2023

STOCKHOLDERS' EQUITY

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

As of June 30, 2023, the Company had reserved the following shares of common stock, on an as-converted basis, for future issuance:


		June 30, 2023
Common stock options granted and outstanding		5,158,609
Shares reserved for issuance under the 2021 Plan		776,157
Reserved for vesting of outstanding restricted stock units		31,066
Reserved for future ESPP issuances		449,494
Total		6,415,326

FAIR VALUE OF FINANCIAL INSTRUMENTS - SCHEDULE OF SHORT-TERM INVESTMENTS WITH UNREALIZED LOSSES (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Short-term investments, Less than 12 months, Fair Value	$ 72,443	$ 59,863
Short-term investments, Less than 12 months, Unrealized Losses	(220)	(223)
Short-term investments, 12 months or Greater, Fair Value	5,501	24,833
Short-term investments, 12 months or Greater, Unrealized Losses	(5)	(261)
Short-term investments, Total Fair Value	77,944	84,696
Short-term investments, Total Unrealized Losses	(225)	(484)
Commercial paper
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Short-term investments, Less than 12 months, Fair Value	37,293	34,928
Short-term investments, Less than 12 months, Unrealized Losses	(79)	(84)
Short-term investments, Total Fair Value	37,293	34,928
Short-term investments, Total Unrealized Losses	(79)	(84)
U.S. Treasury bills
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Short-term investments, Less than 12 months, Fair Value	2,193	1,971
Short-term investments, Less than 12 months, Unrealized Losses	(9)	(6)
Short-term investments, 12 months or Greater, Fair Value		24,833
Short-term investments, 12 months or Greater, Unrealized Losses		(261)
Short-term investments, Total Fair Value	2,193	26,804
Short-term investments, Total Unrealized Losses	(9)	(267)
Agency bonds
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Short-term investments, Less than 12 months, Fair Value	32,957	22,964
Short-term investments, Less than 12 months, Unrealized Losses	(132)	(133)
Short-term investments, 12 months or Greater, Fair Value	5,501
Short-term investments, 12 months or Greater, Unrealized Losses	(5)
Short-term investments, Total Fair Value	38,458	22,964
Short-term investments, Total Unrealized Losses	$ (137)	$ (133)

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, 2021	24,410,393
Beginning balance, value at Dec. 31, 2021	$ 2	208,867	(59)	(36,392)	172,418
Net loss					(22,901)
Ending balance, shares at Jun. 30, 2022	24,418,434
Ending balance, value at Jun. 30, 2022	$ 2	211,129	(785)	(59,293)	151,053
Beginning balance, shares at Mar. 31, 2022	24,410,393
Beginning balance, value at Mar. 31, 2022	$ 2	209,891	(644)	(47,302)	161,947
Unrealized loss on investments			(141)		(141)
Issuance of common stock upon exercise of stock options		14			14
Issuance of common stock upon exercise of stock options (in shares)	8,041
Stock based compensation		1,224			1,224
Net loss				(11,991)	(11,991)
Ending balance, shares at Jun. 30, 2022	24,418,434
Ending balance, value at Jun. 30, 2022	$ 2	211,129	(785)	(59,293)	151,053
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
Issuance of common stock upon exercise of stock options		223			223
Issuance of common stock upon exercise of stock options (in shares)	93,966
Stock based compensation		2,384			2,384
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
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
Issuance of common stock upon exercise of stock options (in shares)					200,722
Net loss					$ (35,545)
Ending balance, shares at Jun. 30, 2023	27,601,098
Ending balance, value at Jun. 30, 2023	$ 3	265,594	(223)	(123,448)	141,926
Beginning balance, shares at Mar. 31, 2023	24,816,940
Beginning balance, value at Mar. 31, 2023	$ 2	217,717	(201)	(104,423)	113,095
Unrealized loss on investments			(22)		(22)
Issuance of common stock in connection with ATM, net	$ 1	44,282			44,283
Issuance of common stock in connection with ATM, net, shares	2,662,721
Issuance of common stock upon exercise of stock options		333			333
Issuance of common stock upon exercise of stock options (in shares)	106,756
Issuance of common stock under ESPP		228			228
Issuance of common stock under ESPP, shares	13,866
Vesting of restricted stock units, shares	815
Stock based compensation		3,034			3,034
Net loss				(19,025)	(19,025)
Ending balance, shares at Jun. 30, 2023	27,601,098
Ending balance, value at Jun. 30, 2023	$ 3	$ 265,594	$ (223)	$ (123,448)	$ 141,926

FAIR VALUE OF FINANCIAL INSTRUMENTS - SCHEDULE OF SHORT TERM INVESTMENT (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Amortized cost	$ 89,418	$ 107,289
Gross unrealized gains	2	18
Gross unrealized loss	(225)	(484)
Estimated fair value	89,195	106,823
Short-Term Investments
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Accrued interest receivable	500	300
Commercial paper
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Amortized cost	47,827	55,645
Gross unrealized gains	2	16
Gross unrealized loss	(79)	(84)
Estimated fair value	47,750	55,577
U.S. Treasury bills
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Amortized cost	2,995	27,108
Gross unrealized gains
Gross unrealized loss	(9)	(267)
Estimated fair value	2,986	26,841
Agency bonds
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Amortized cost	38,596	24,536
Gross unrealized gains		2
Gross unrealized loss	(137)	(133)
Estimated fair value	$ 38,459	$ 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 bonds
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Maturity term	2 years	2 years

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2023	Aug. 10, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2023
Document Fiscal Period Focus	Q2
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		27,649,226

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 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	27,601,098	24,722,974
Common stock, shares outstanding	27,601,098	24,722,974

STOCKHOLDERS' EQUITY (Details)		1 Months Ended
STOCKHOLDERS' EQUITY (Details)	Jul. 02, 2021 $ / shares shares	Aug. 31, 2018 $ / shares shares	Jun. 30, 2023 Vote $ / shares shares	Dec. 31, 2022 $ / shares shares
Accumulated Other Comprehensive Income (Loss) [Line Items]
Common Stock, Shares Authorized	150,000,000		150,000,000	150,000,000
Common Stock, Par or Stated Value Per Share \| $ / 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
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of shares issued	9,984,463
RA Capital Healthcare Fund, L.P
Accumulated Other Comprehensive Income (Loss) [Line Items]
Share price \| $ / shares		$ 0.0012
Number of shares issued		241,467
Number of votes for each share of common stock \| Vote			1

BALANCE SHEET COMPONENTS (Tables)

6 Months Ended

Jun. 30, 2023

BALANCE SHEET COMPONENTS

SCHEDULE OF PREPAID EXPENSES AND OTHER CURRENT ASSETS

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


	June 30,		December 31,
	2023		2022
Prepaid expenses	$	2,185	$	1,503
Prepaid research and development		189		478
Other current assets		—		295
Total prepaid expenses and other current assets	$	2,374	$	2,276

SCHEDULE OF ACCRUED AND OTHER CURRENT LIABILITIES

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


	June 30,		December 31,
	2023		2022
Accrued research and development	$	5,268	$	2,751
Accrued payroll and other employee benefits		1,525		1,691
Other		583		380
Total accrued and other current liabilities	$	7,376	$	4,822