0000950170-24-123245 | 10-Q | XBRL Viewer

Accrued Liabilities

9 Months Ended

Sep. 30, 2024

6. Accrued Liabilities

Accrued liabilities consisted of the following:


	September 30,		December 31,
(in thousands)	2024		2023
Employee-related expenses	$	4,138	$	5,962
Professional fees		1,326		1,245
Clinical expenses		2,299		1,495
Manufacturing expenses		512		842
Research and development expenses		272		1,059
Other		306		274
Total accrued liabilities	$	8,853	$	10,877

Accrued Liabilities (Tables)

9 Months Ended

Sep. 30, 2024

Payables and Accruals [Abstract]

Schedule of Accrued Liabilities

Accrued liabilities consisted of the following:


	September 30,		December 31,
(in thousands)	2024		2023
Employee-related expenses	$	4,138	$	5,962
Professional fees		1,326		1,245
Clinical expenses		2,299		1,495
Manufacturing expenses		512		842
Research and development expenses		272		1,059
Other		306		274
Total accrued liabilities	$	8,853	$	10,877

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities
Net loss	$ (86,202)	$ (91,602)
Adjustments to reconcile net loss to net cash used in operations:
Depreciation expense	2,663	2,600
Non-cash lease expense	3,752	3,513
Stock-based compensation	8,138	11,468
Interest amortization on marketable securities	(1,137)	(3,674)
Changes in operating assets and liabilities:
Operating lease liabilities	(2,806)	(2,646)
Prepaid expenses and other current assets	(859)	2,558
Accounts payable and accrued liabilities	(1,446)	2,678
Other assets	2,300	(1,161)
Net cash used in operating activities	(75,597)	(76,266)
Cash flow from investing activities
Purchases of marketable securities	(9,914)	(58,369)
Proceeds from maturities of marketable securities	107,000	120,000
Purchases of property and equipment	(157)	(958)
Net cash provided by investing activities	96,929	60,673
Cash flow from financing activities
Payment of issuance costs related to underwritten public offering and concurrent private placement		(717)
Proceeds from the issuance of common stock from at-the-market sales agreement, net of issuance costs	297	4,593
Repurchases of shares for tax withholdings upon vesting of restricted stock unit awards	(303)	(1,165)
Proceeds from stock option exercises and the issuance of shares under ESPP	112	202
Net cash provided by financing activities	106	2,913
Net decrease in cash, cash equivalents and restricted cash equivalents	21,438	(12,680)
Cash, cash equivalents and restricted cash equivalents, beginning of period	33,773	60,119
Cash, cash equivalents and restricted cash equivalents, end of period	55,211	47,439
Supplemental disclosure of non-cash activities
Right-of-use assets obtained in exchange for lease obligations		37
Purchases of property and equipment in accounts payable and accrued liabilities		63
Financing costs associated with the sale of common stock included in accounts payable and accrued expenses	$ 22	$ 30

Marketable Securities (Tables)

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Summary of Amortized Cost and Estimated Fair Value of Marketable Securities by Contractual Maturity

The amortized cost and estimated fair value of marketable securities, by remaining contractual maturity, are as follows:


	September 30, 2024
(in thousands)	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses		Fair Value

Maturing after one year through five years
U.S. Treasuries		9,943		68		—		10,011
Total	$	9,943	$	68	$	—	$	10,011


	December 31, 2023
(in thousands)	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses			Fair Value

Maturing in one year or less
U.S. Treasury Bill	$	8,806	$	6	$	—		$	8,812
U.S. Treasuries		97,086		12		(95	)		97,003
Total	$	105,892	$	18	$	(95	)	$	105,815

The Company did not have any individual securities in an unrealized loss position as of September 30, 2024.

Summary of Fair Value and Gross Unrealized Losses of Marketable Securities

The following table summarizes the fair value and gross unrealized losses aggregated by category and the length of time that individual securities were in an unrealized loss position as of December 31, 2023:


	December 31, 2023
	Less than twelve months				Greater than twelve months					Total
(in thousands)	Fair value		Unrealized loss		Fair value		Unrealized loss			Fair value		Unrealized loss
U.S. Treasuries	$	—	$	—	$	53,447	$	(95	)	$	53,447	$	(95	)
Total	$	—	$	—	$	53,447	$	(95	)	$	53,447	$	(95	)

Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Property Plant And Equipment [Line Items]
Total	$ 18,227	$ 18,141
Less: Accumulated depreciation	(10,753)	(8,091)
Property and equipment, net	7,474	10,050
Laboratory Equipment
Property Plant And Equipment [Line Items]
Total	10,089	10,028
Manufacturing Equipment
Property Plant And Equipment [Line Items]
Total	7,065	6,936
Computer Equipment
Property Plant And Equipment [Line Items]
Total	432	432
Furniture, Fixtures and Other
Property Plant And Equipment [Line Items]
Total	606	599
Construction in Progress
Property Plant And Equipment [Line Items]
Total	$ 35	$ 146

Significant Agreements

9 Months Ended

Sep. 30, 2024

Significant Agreements [Abstract]

Significant Agreements

9. Significant Agreements

Since December 31, 2023, there have been no material changes to the key terms of the Company’s license agreements. For further information regarding the Company’s existing license agreements, please see Note 10 to the consolidated financial statements included in the 2023 Annual Report.

Leases - Summary of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Operating lease cost	$ 1,951	$ 1,950	$ 5,853	$ 5,851
Variable lease cost	681	663	1,890	1,921
Total lease cost	$ 2,632	$ 2,613	$ 7,743	$ 7,772

Property and Equipment, Net

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

5. Property and Equipment, Net

Property and equipment, net consisted of the following:


	September 30,			December 31,
(in thousands)	2024			2023
Laboratory equipment	$	10,089		$	10,028
Manufacturing equipment		7,065			6,936
Computer equipment		432			432
Furniture, fixtures and other		606			599
Construction in progress		35			146
Total		18,227			18,141
Less: Accumulated depreciation		(10,753	)		(8,091	)
Property and equipment, net	$	7,474		$	10,050

Depreciation expense for the three and nine months ended September 30, 2024 was $0.9 million and $2.7 million, respectively, and for the three and nine months ended September 30, 2023 was $0.9 million and $2.6 million, respectively.

Marketable Securities - Summary of Fair Value and Gross Unrealized Losses of Marketable Securities (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Debt Securities, Available-for-Sale [Line Items]
Greater than twelve months Fair value	$ 53,447
Greater than twelve months Unrealized loss	(95)
Total Fair value	53,447
Total Unrealized loss	(95)
U.S. Treasuries
Debt Securities, Available-for-Sale [Line Items]
Greater than twelve months Fair value	53,447
Greater than twelve months Unrealized loss	(95)
Total Fair value	53,447
Total Unrealized loss	$ (95)

- Definition

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

+ References

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+ Details

Net Loss Per Share (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Net Loss Per Share

The following table sets forth the computation of the Company’s basic and diluted net loss per share for the three and nine months ended September 30, 2024 and 2023:


	Three Months Ended September 30,						Nine Months Ended September 30,
(in thousands, except share and per share amounts)	2024			2023			2024			2023
Numerator:
Net loss attributable to common stockholders	$	(27,559	)	$	(33,190	)	$	(86,202	)	$	(91,602	)
Denominator:
Weighted-average number of common shares outstanding, basic and diluted		68,465,801			67,607,713			68,266,044			66,973,771
Net loss per share attributable to common stockholders, basic and diluted	$	(0.40	)	$	(0.49	)	$	(1.26	)	$	(1.37	)

Potential Dilutive Securities Excluded from Computation of Diluted Net Loss Per Share

The Company’s potentially dilutive securities were stock options, unvested restricted stock and restricted stock units. Based on the amounts outstanding as of September 30, 2024 and 2023, the Company excluded the following potential common shares from the computation of diluted net loss per share attributable to common stockholders because including them would have had an anti-dilutive effect:


	As of September 30,
	2024		2023
Options to purchase common stock		9,703,165	8,434,200
Unvested restricted stock		2,575		12,874
Restricted stock units		1,406,736	1,051,206

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Net Loss Per Share - Schedule of Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Net loss attributable to common stockholders	$ (27,559)	$ (33,190)	$ (86,202)	$ (91,602)
Denominator, basic
Weighted-average number of common shares outstanding, basic	68,465,801	67,607,713	68,266,044	66,973,771
Net loss per share attributable to common stockholders, basic	$ (0.4)	$ (0.49)	$ (1.26)	$ (1.37)
Denominator, diluted
Weighted-average number of common shares outstanding, diluted	68,465,801	67,607,713	68,266,044	66,973,771
Net loss per share attributable to common stockholders, diluted	$ (0.4)	$ (0.49)	$ (1.26)	$ (1.37)

- Definition

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

+ References

+ Details

- Definition

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

+ References

+ Details

- Definition

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

+ References

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+ Details

Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 900	$ 900	$ 2,663	$ 2,600

Leases - Summary of Amounts Reported in Condensed Consolidated Balance Sheets and Weighted-average Lease Term and Discount rate Information (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets
Operating lease right-of-use assets	$ 36,296	$ 40,048
Liabilities
Operating lease liabilities, current	4,163	3,830
Operating lease liabilities, non-current	28,691	31,830
Total lease liabilities	$ 32,854	$ 35,660
Weighted Average Lease Term and Discount Rate
Weighted-average remaining lease term (years)	6 years	6 years 8 months 12 days
Weighted-average discount rate	8.20%	8.20%

Nature of the Business - Additional Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Nature Of Business [Line Items]
Incorporation date	Dec. 30, 2015
Cash and marketable securities	$ 62,800
Accumulated deficit	$ (426,282)	$ (340,080)

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Marketable Securities

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

3. Marketable Securities

The amortized cost and estimated fair value of marketable securities, by remaining contractual maturity, are as follows:


	September 30, 2024
(in thousands)	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses		Fair Value

Maturing after one year through five years
U.S. Treasuries		9,943		68		—		10,011
Total	$	9,943	$	68	$	—	$	10,011


	December 31, 2023
(in thousands)	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses			Fair Value

Maturing in one year or less
U.S. Treasury Bill	$	8,806	$	6	$	—		$	8,812
U.S. Treasuries		97,086		12		(95	)		97,003
Total	$	105,892	$	18	$	(95	)	$	105,815

The Company did not have any individual securities in an unrealized loss position as of September 30, 2024. The following table summarizes the fair value and gross unrealized losses aggregated by category and the length of time that individual securities were in an unrealized loss position as of December 31, 2023:


	December 31, 2023
	Less than twelve months				Greater than twelve months					Total
(in thousands)	Fair value		Unrealized loss		Fair value		Unrealized loss			Fair value		Unrealized loss
U.S. Treasuries	$	—	$	—	$	53,447	$	(95	)	$	53,447	$	(95	)
Total	$	—	$	—	$	53,447	$	(95	)	$	53,447	$	(95	)

The Company did not record any impairments to marketable securities or reserves for credit losses related to its marketable debt securities during the periods presented.

Marketable Securities - Additional Information (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Credit losses related to marketable securities	$ 0	$ 0

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

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

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


	September 30, 2024
(in thousands)	Level 1		Level 2		Level 3		Total

Cash equivalents
Money market funds	$	52,682	$	—	$	—	$	52,682
Marketable securities
U.S. Treasuries		—		10,011		—		10,011
Total marketable securities		—		10,011		—		10,011
Restricted cash equivalents
Money market funds		2,413		—		—		2,413
Total	$	55,095	$	10,011	$	—	$	65,106


	December 31, 2023
(in thousands)	Level 1		Level 2		Level 3		Total

Cash equivalents
Money market funds	$	31,164	$	—	$	—	$	31,164
Marketable securities
U.S. Treasury Bill		8,812		—		—		8,812
U.S. Treasuries		—		97,003		—		97,003
Total marketable securities		8,812		97,003		—		105,815
Restricted cash equivalents
Money market funds		2,413		—		—		2,413
Total	$	42,389	$	97,003	$	—	$	139,392

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
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	400,000,000	400,000,000
Common stock, shares issued	68,665,640	67,901,610
Common stock, shares outstanding	68,663,065	67,891,311

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Operating expenses:
Research and development	$ 21,817	$ 27,606	$ 67,962	$ 73,418
General and administrative	6,696	7,710	21,912	24,494
Total operating expenses	28,513	35,316	89,874	97,912
Loss from operations	(28,513)	(35,316)	(89,874)	(97,912)
Other income:
Interest income	954	2,126	3,672	6,310
Total other income	954	2,126	3,672	6,310
Net loss	$ (27,559)	$ (33,190)	$ (86,202)	$ (91,602)
Net loss per share attributable to common stockholders, basic	$ (0.4)	$ (0.49)	$ (1.26)	$ (1.37)
Net loss per share attributable to common stockholders, diluted	$ (0.4)	$ (0.49)	$ (1.26)	$ (1.37)
Weighted-average common shares outstanding, basic	68,465,801	67,607,713	68,266,044	66,973,771
Weighted-average common shares outstanding, diluted	68,465,801	67,607,713	68,266,044	66,973,771
Other comprehensive income (loss):
Unrealized gain (loss) on available for sale marketable securities	$ 138	$ 156	$ 145	$ 490
Total other comprehensive income (loss)	138	156	145	490
Comprehensive loss	$ (27,421)	$ (33,034)	$ (86,057)	$ (91,112)

Fair Value Measurements - Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total	$ 65,106	$ 139,392
Marketable Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total	10,011	105,815
Marketable Securities \| U.S. Treasury Bill
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total		8,812
Marketable Securities \| U.S. Treasuries
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total	10,011	97,003
Cash Equivalents \| Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total	52,682	31,164
Restricted Cash Equivalents \| Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total	2,413	2,413
Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total	55,095	42,389
Level 1 \| Marketable Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total		8,812
Level 1 \| Marketable Securities \| U.S. Treasury Bill
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total		8,812
Level 1 \| Cash Equivalents \| Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total	52,682	31,164
Level 1 \| Restricted Cash Equivalents \| Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total	2,413	2,413
Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total	10,011	97,003
Level 2 \| Marketable Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total	10,011	97,003
Level 2 \| Marketable Securities \| U.S. Treasuries
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total	$ 10,011	$ 97,003

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock options granted	2,174,100	2,247,844
Weighted-average grant-date fair value of stock options granted	$ 1.49	$ 3.65
Unrecognized compensation expense related to stock options	$ 9.3
Unrecognized share based compensation expense, recognition period	2 years 6 months
Number unvested options	2,575
Weighted average exercise price of options exercised and unvested	$ 4.9
Employee Stock Purchase Plan 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares issued	74,326	44,977
Weighted average purchase price	$ 1.48	$ 3.76
Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting rights description	vest over 48 months with 25% vesting after one year followed by ratable monthly vesting over the remaining three years
Vesting period	48 months
Contractual term	10 years
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units granted	1,196,217	659,672
Weighted average grant date fair value of restricted stock, granted	$ 2.29	$ 5.49
Unrecognized compensation expense related to related to restricted stock units	$ 3.9
Unrecognized share based compensation expense, recognition period	2 years 4 months 24 days
Common Stock \| Employee Stock Purchase Plan 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for future issuance	1,894,294
Tranche One \| Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	1 year
Vesting percentage	25.00%
Tranche Two \| Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	3 years
2023 Inducement Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for future issuance	2,635,312
2021 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for future issuance	2,457,705

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2024	Nov. 01, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Entity Registrant Name	VOR BIOPHARMA INC.
Entity Central Index Key	0001817229
Entity File Number	001-39979
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-1591163
Entity Address, Address Line One	100 Cambridgepark Drive
Entity Address, Address Line Two	Suite 101
Entity Address, City or Town	Cambridge
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02140
City Area Code	617
Local Phone Number	655-6580
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Common Stock, Shares Outstanding		68,673,612
Entity Shell Company	false
Document Quarterly Report	true
Document Transition Report	false
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	VOR
Security Exchange Name	NASDAQ

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). Certain comparative amounts have been reclassified to conform to the current period presentation, including the presentation of non-cash lease expense in the condensed consolidated statements of cash flows. 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”) issued by the Financial Accounting Standards Board (“FASB”).
Use of Estimates	Use of Estimates The preparation of the condensed consolidated financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the condensed consolidated financial statements and the reported amount of expenses during the reporting period. Actual results could differ from those estimates. Management considers many factors in selecting appropriate financial accounting policies in developing the estimates and assumptions that are used in the preparation of the condensed consolidated financial statements. Management must apply significant judgment in this process. Management’s estimation process often may yield a range of potentially reasonable estimates and management must select an amount that falls within that range of reasonable estimates. Estimates are used in the following areas, among others: accrued expenses and research and development expenses.
Unaudited Interim Financial Information	Unaudited Interim Financial Information The condensed consolidated financial statements of the Company included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiary. All intercompany transactions and balances have been eliminated in consolidation. In the opinion of management, the information furnished reflects all adjustments, all of which are of a normal and recurring nature, necessary for a fair presentation of the results for the reported interim periods. The results of operations for interim periods are not necessarily indicative of results to be expected for the full year or any other interim period. The accompanying condensed consolidated balance sheet as of December 31, 2023 has been derived from the Company’s audited consolidated financial statements for the year ended December 31, 2023. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to rules and regulations. However, the Company believes that the disclosures are adequate to make the information presented not misleading. These unaudited interim condensed consolidated financial statements should be read in conjunction with the audited annual consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Annual Report”). During the nine months ended September 30, 2024, there have been no changes to the Company’s significant accounting policies as described in the 2023 Annual Report.

Stock-Based Compensation

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

7. Stock-Based Compensation

2023 Inducement Plan

As of September 30, 2024, the Company had 2,635,312 shares of its common stock available for future issuance under the 2023 Inducement Plan.

2021 Equity Incentive Plan

As of September 30, 2024, the Company had 2,457,705 shares of its common stock available for future issuance under its 2021 Equity Incentive Plan.

Stock Options

The Company’s stock options generally vest over 48 months with 25% vesting after one year followed by ratable monthly vesting over the remaining three years and have a contractual term of 10 years. The weighted-average assumptions used principally in determining the fair value of options granted were as follows:


	Nine Months Ended September 30,
	2024			2023
Expected term (in years)		6.0			6.0
Expected volatility		88.9	%		81.7	%
Risk-free interest rate		4.1	%		3.8	%
Dividend yield		—			—

During the nine months ended September 30, 2024 and 2023, the Company granted stock options to purchase 2,174,100 shares and 2,247,844 shares of its common stock, respectively, with a weighted-average grant-date fair value of $1.49 and $3.65 per share,

respectively. As of September 30, 2024, total unrecognized compensation expense related to stock options was $9.3 million, which is expected to be recognized over a weighted-average period of 2.5 years.

As of September 30, 2024, options for 2,575 shares of Company common stock with a weighted-average exercise price of $4.90 were exercised and unvested. An immaterial amount of underlying proceeds from the unvested exercises is recorded in other current liabilities on the condensed consolidated balance sheet.

Restricted Stock Units

During the nine months ended September 30, 2024 and 2023, the Company granted 1,196,217 restricted stock units and 659,672 restricted stock units, respectively, with a weighted-average grant date fair value of $2.29 and $5.49 per share, respectively. As of September 30, 2024, total unrecognized compensation expense related to restricted stock units was $3.9 million, which is expected to be recognized over a weighted-average period of 2.4 years.

Employee Stock Purchase Plan

As of September 30, 2024, the Company had 1,894,294 shares of its common stock available for issuance under its Employee Stock Purchase Plan (“ESPP”).

During the nine months ended September 30, 2024, the Company issued 74,326 shares of common stock with a weighted-average purchase price of $1.48 under the ESPP, which resulted in an immaterial amount of compensation expense. During the nine months ended September 30, 2023, the Company issued 44,977 shares of common stock with a weighted-average purchase price of $3.76 under the ESPP, which resulted in an immaterial amount of compensation expense.

Stock-Based Compensation

Stock-based compensation expense was allocated as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2024		2023		2024		2023
Research and development	$	1,148	$	1,527	$	3,825	$	6,345
General and administrative		1,116		1,635		4,313		5,123
Total stock-based compensation expense	$	2,264	$	3,162	$	8,138	$	11,468

Property and Equipment, Net (Tables)

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

Property and equipment, net consisted of the following:


	September 30,			December 31,
(in thousands)	2024			2023
Laboratory equipment	$	10,089		$	10,028
Manufacturing equipment		7,065			6,936
Computer equipment		432			432
Furniture, fixtures and other		606			599
Construction in progress		35			146
Total		18,227			18,141
Less: Accumulated depreciation		(10,753	)		(8,091	)
Property and equipment, net	$	7,474		$	10,050

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	$ 52,798	$ 31,360	$ 45,026
Restricted cash equivalents	2,413	2,413	2,413
Total cash, cash equivalents and restricted cash equivalents as shown on the statements of cash flows	$ 55,211	$ 33,773	$ 47,439	$ 60,119

Net Loss Per Share - Potential Dilutive Securities Excluded from Computation of Diluted Net Loss Per Share (Details) - shares	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Stock Options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potential dilutive securities excluded from computation of diluted net loss per share	9,703,165	8,434,200
Unvested Restricted Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potential dilutive securities excluded from computation of diluted net loss per share	2,575	12,874
Restricted Stock Units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potential dilutive securities excluded from computation of diluted net loss per share	1,406,736	1,051,206

Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Employee-related expenses	$ 4,138	$ 5,962
Professional fees	1,326	1,245
Clinical expenses	2,299	1,495
Manufacturing expenses	512	842
Research and development expenses	272	1,059
Other	306	274
Total accrued liabilities	$ 8,853	$ 10,877

Fair Value Measurements - Additional Information (Details)	9 Months Ended
	Sep. 30, 2024 USD ($)
Fair Value Disclosures [Abstract]
Fair value assets, level 1 to level 2 transfers amount	$ 0
Fair value assets, level 2 to level 1 transfers amount	0
Fair value assets, transfers into level 3	0
Fair value assets, transfers out of level 3	$ 0

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 52,798	$ 31,360
Marketable securities	10,011	105,815
Prepaid expenses	4,202	3,153
Other current assets	285	475
Total current assets	67,296	140,803
Restricted cash equivalents	2,413	2,413
Property and equipment, net	7,474	10,050
Operating lease right-of-use assets	36,296	40,048
Other assets	2,512	4,812
Total assets	115,991	198,126
Current liabilities:
Accounts payable	1,316	815
Accrued liabilities	8,853	10,877
Operating lease liabilities	4,163	3,830
Other current liabilities	13	50
Total current liabilities	14,345	15,572
Long-term liabilities:
Operating lease liabilities—non-current	28,691	31,830
Total liabilities	43,036	47,402
Stockholders' equity:
Preferred stock, $0.0001 par value; 10,000,000 shares authorized as of September 30, 2024 and December 31, 2023; 0 shares issued and outstanding as of September 30, 2024 and December 31, 2023
Common stock, $0.0001 par value; 400,000,000 shares authorized as of September 30, 2024 and December 31, 2023; 68,665,640 and 67,901,610 shares issued and 68,663,065 and 67,891,311 shares outstanding as of September 30, 2024 and December 31, 2023, respectively	7	7
Additional paid-in capital	499,162	490,874
Accumulated other comprehensive loss	68	(77)
Accumulated deficit	(426,282)	(340,080)
Total stockholders' equity	72,955	150,724
Total liabilities and stockholders' equity	$ 115,991	$ 198,126

Leases - Summary of Other Lease Activity (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash Paid For Amounts Included In The Measurement Of Lease Liabilities [Abstract]
Operating cash flows for operating leases	$ 4,906	$ 4,263
Right-of-use assets obtained in exchange for lease obligations		$ 37

Stock-Based Compensation - Summary of Weighted-Average Assumptions Used Principally in Determining Fair Value of Options Granted (Details) - Stock Options	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)	6 years	6 years
Expected volatility	88.90%	81.70%
Risk-free interest rate	4.10%	3.80%
Dividend yield	0.00%	0.00%

- 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
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+ Details

Fair Value Measurements

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

4. Fair Value Measurements

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


	September 30, 2024
(in thousands)	Level 1		Level 2		Level 3		Total

Cash equivalents
Money market funds	$	52,682	$	—	$	—	$	52,682
Marketable securities
U.S. Treasuries		—		10,011		—		10,011
Total marketable securities		—		10,011		—		10,011
Restricted cash equivalents
Money market funds		2,413		—		—		2,413
Total	$	55,095	$	10,011	$	—	$	65,106


	December 31, 2023
(in thousands)	Level 1		Level 2		Level 3		Total

Cash equivalents
Money market funds	$	31,164	$	—	$	—	$	31,164
Marketable securities
U.S. Treasury Bill		8,812		—		—		8,812
U.S. Treasuries		—		97,003		—		97,003
Total marketable securities		8,812		97,003		—		105,815
Restricted cash equivalents
Money market funds		2,413		—		—		2,413
Total	$	42,389	$	97,003	$	—	$	139,392

The fair value of the Company’s cash equivalents and restricted cash equivalents is based on quoted market prices in active markets with no valuation adjustment. The fair value of marketable securities was determined based on observable market inputs. There were no transfers between levels during the nine months ended September 30, 2024.

Prepaid expenses, accounts payable and accrued expenses are stated at their respective historical carrying values, which approximate fair value due to their short-term nature.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
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+ Details

Leases (Tables)

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

Summary of Lease Expense

The elements of lease expense were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2024		2023		2024		2023
Operating lease cost	$	1,951	$	1,950	$	5,853	$	5,851
Variable lease cost		681		663		1,890		1,921
Total lease cost	$	2,632	$	2,613	$	7,743	$	7,772

Summary of Amounts Reported in Condensed Consolidated Balance Sheets and Weighted-average Lease Term and Discount rate Information

Amounts reported in the condensed consolidated balance sheets and the weighted-average lease term and discount rate information were as follows:


(in thousands except weighted-average amounts)	September 30, 2024			December 31, 2023
Assets
Operating lease right-of-use assets	$	36,296		$	40,048
Liabilities
Operating lease liabilities, current	$	4,163		$	3,830
Operating lease liabilities, non-current		28,691			31,830
Total lease liabilities	$	32,854		$	35,660
Weighted-Average Lease Term and Discount Rate
Weighted-average remaining lease term (years)		6.0		6.7
Weighted-average discount rate		8.2	%		8.2	%

Summary of Other Lease Activity

The following table represents other lease activity:


	Nine Months Ended September 30,
(in thousands)	2024		2023
Other Information
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	$	4,906	$	4,263
Right-of-use assets obtained in exchange for lease obligations	$	—	$	37

Stock-Based Compensation - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 2,264	$ 3,162	$ 8,138	$ 11,468
Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	1,148	1,527	3,825	6,345
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 1,116	$ 1,635	$ 4,313	$ 5,123

Leases - Additional Information (Details) - USD ($) $ in Millions			9 Months Ended
	Apr. 29, 2022	Jan. 28, 2022	Sep. 30, 2024
Standby Letters of Credit
Lessee Lease Description [Line Items]
Increase in irrevocable line of credit facility			$ 2.4
First Lease Amendment
Lessee Lease Description [Line Items]
Operating lease commencement date		Jan. 28, 2022
Aggregate total fixed rent payments		$ 8.4
Second Lease Amendment
Lessee Lease Description [Line Items]
Operating lease commencement date	Apr. 29, 2022
Aggregate total fixed rent payments	$ 22.3
Cambridgepark Lease
Lessee Lease Description [Line Items]
Lessee, Operating Lease, Existence of Option to Extend [true false]			false

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (27,559)	$ (27,839)	$ (30,804)	$ (33,190)	$ (29,979)	$ (28,433)	$ (86,202)	$ (91,602)

- Definition

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

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+ Details

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Summary of Weighted-Average Assumptions Used Principally in Determining Fair Value of Options Granted

The weighted-average assumptions used principally in determining the fair value of options granted were as follows:


	Nine Months Ended September 30,
	2024			2023
Expected term (in years)		6.0			6.0
Expected volatility		88.9	%		81.7	%
Risk-free interest rate		4.1	%		3.8	%
Dividend yield		—			—

Summary of Stock-Based Compensation Expense

Stock-based compensation expense was allocated as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2024		2023		2024		2023
Research and development	$	1,148	$	1,527	$	3,825	$	6,345
General and administrative		1,116		1,635		4,313		5,123
Total stock-based compensation expense	$	2,264	$	3,162	$	8,138	$	11,468

Net Loss Per Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Net Loss Per Share

10. Net Loss Per Share

The following table sets forth the computation of the Company’s basic and diluted net loss per share for the three and nine months ended September 30, 2024 and 2023:


	Three Months Ended September 30,						Nine Months Ended September 30,
(in thousands, except share and per share amounts)	2024			2023			2024			2023
Numerator:
Net loss attributable to common stockholders	$	(27,559	)	$	(33,190	)	$	(86,202	)	$	(91,602	)
Denominator:
Weighted-average number of common shares outstanding, basic and diluted		68,465,801			67,607,713			68,266,044			66,973,771
Net loss per share attributable to common stockholders, basic and diluted	$	(0.40	)	$	(0.49	)	$	(1.26	)	$	(1.37	)


	As of September 30,
	2024		2023
Options to purchase common stock		9,703,165	8,434,200
Unvested restricted stock		2,575		12,874
Restricted stock units		1,406,736	1,051,206

Marketable Securities - Summary of Amortized Cost and Estimated Fair Value of Marketable Securities by Contractual Maturity (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	$ 9,943	$ 105,892
Gross Unrealized Holding Gains	68	18
Gross Unrealized Holding losses		(95)
Fair Value	10,011	105,815
Maturing in One Year or Less \| U.S. Treasury Bill
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost		8,806
Gross Unrealized Holding Gains		6
Fair Value		8,812
Maturing in One Year or Less \| U.S. Treasuries
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost		97,086
Gross Unrealized Holding Gains		12
Gross Unrealized Holding losses		(95)
Fair Value		$ 97,003
Maturing after One Year through Five Years \| U.S. Treasuries
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	9,943
Gross Unrealized Holding Gains	68
Fair Value	$ 10,011

- Definition

Amount 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

- 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

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
Beginning Balance at Dec. 31, 2022	$ 250,607	$ 7	$ 473,587	$ (770)	$ (222,217)
Beginning Balance, Shares at Dec. 31, 2022		65,996,138
Issuance of common stock upon vesting of RSUs, net of shares withheld for taxes, and exercise of stock options	(340)		(340)
Issuance of common stock upon vesting of RSUs, net of shares withheld for taxes, and exercise of stock options, shares		205,485
Issuance of common stock from at-the-market/ open market sales agreement	3,717		3,717
Issuance of common stock from at-the-market/ open market sales agreement, Shares		733,274
Stock-based compensation expense	4,068		4,068
Other comprehensive income (loss)	596			596
Net loss	(28,433)				(28,433)
Ending Balance at Mar. 31, 2023	230,215	$ 7	481,032	(174)	(250,650)
Ending Balance, Shares at Mar. 31, 2023		66,934,897
Beginning Balance at Dec. 31, 2022	250,607	$ 7	473,587	(770)	(222,217)
Beginning Balance, Shares at Dec. 31, 2022		65,996,138
Other comprehensive income (loss)	490
Net loss	(91,602)
Ending Balance at Sep. 30, 2023	174,781	$ 7	488,873	(280)	(313,819)
Ending Balance, Shares at Sep. 30, 2023		67,785,469
Beginning Balance at Mar. 31, 2023	230,215	$ 7	481,032	(174)	(250,650)
Beginning Balance, Shares at Mar. 31, 2023		66,934,897
Issuance of common stock from at-the-market/ open market sales agreement	555		555
Issuance of common stock from at-the-market/ open market sales agreement, Shares		116,888
Issuance of shares upon vesting of RSUs, net of shares withheld for taxes, exercise of stock options, and issuance of common stock under ESPP	(317)		(317)
Issuance of shares upon vesting of RSUs, net of shares withheld for taxes, exercise of stock options, and issuance of common stock under ESPP, shares		381,775
Stock-based compensation expense	4,238		4,238
Other comprehensive income (loss)	(262)			(262)
Net loss	(29,979)				(29,979)
Ending Balance at Jun. 30, 2023	204,450	$ 7	485,508	(436)	(280,629)
Ending Balance, Shares at Jun. 30, 2023		67,433,560
Issuance of common stock upon vesting of RSUs, net of shares withheld for taxes, and exercise of stock options	(183)		(183)
Issuance of common stock upon vesting of RSUs, net of shares withheld for taxes, and exercise of stock options, shares		219,409
Issuance of common stock from at-the-market/ open market sales agreement	386		386
Issuance of common stock from at-the-market/ open market sales agreement, Shares		132,500
Stock-based compensation expense	3,162		3,162
Other comprehensive income (loss)	156			156
Net loss	(33,190)				(33,190)
Ending Balance at Sep. 30, 2023	174,781	$ 7	488,873	(280)	(313,819)
Ending Balance, Shares at Sep. 30, 2023		67,785,469
Beginning Balance at Dec. 31, 2023	$ 150,724	$ 7	490,874	(77)	(340,080)
Beginning Balance, Shares at Dec. 31, 2023	67,891,311	67,891,311
Issuance of common stock upon vesting of RSUs, net of shares withheld for taxes, and exercise of stock options	$ (169)		(169)
Issuance of common stock upon vesting of RSUs, net of shares withheld for taxes, and exercise of stock options, shares		184,998
Issuance of common stock from at-the-market/ open market sales agreement	213		213
Issuance of common stock from at-the-market/ open market sales agreement, Shares		139,462
Stock-based compensation expense	3,081		3,081
Other comprehensive income (loss)	(10)			(10)
Net loss	(30,804)				(30,804)
Ending Balance at Mar. 31, 2024	123,035	$ 7	493,999	(87)	(370,884)
Ending Balance, Shares at Mar. 31, 2024		68,215,771
Beginning Balance at Dec. 31, 2023	$ 150,724	$ 7	490,874	(77)	(340,080)
Beginning Balance, Shares at Dec. 31, 2023	67,891,311	67,891,311
Other comprehensive income (loss)	$ 145
Net loss	(86,202)
Ending Balance at Sep. 30, 2024	$ 72,955	$ 7	499,162	68	(426,282)
Ending Balance, Shares at Sep. 30, 2024	68,663,065	68,663,065
Beginning Balance at Mar. 31, 2024	$ 123,035	$ 7	493,999	(87)	(370,884)
Beginning Balance, Shares at Mar. 31, 2024		68,215,771
Issuance of shares upon vesting of RSUs, net of shares withheld for taxes, exercise of stock options, and issuance of common stock under ESPP	74		74
Issuance of shares upon vesting of RSUs, net of shares withheld for taxes, exercise of stock options, and issuance of common stock under ESPP, shares		142,113
Stock-based compensation expense	2,793		2,793
Other comprehensive income (loss)	17			17
Net loss	(27,839)				(27,839)
Ending Balance at Jun. 30, 2024	98,080	$ 7	496,866	(70)	(398,723)
Ending Balance, Shares at Jun. 30, 2024		68,357,884
Issuance of common stock upon vesting of RSUs, net of shares withheld for taxes, and exercise of stock options	(57)		(57)
Issuance of common stock upon vesting of RSUs, net of shares withheld for taxes, and exercise of stock options, shares		195,547
Issuance of common stock from at-the-market/ open market sales agreement	89		89
Issuance of common stock from at-the-market/ open market sales agreement, Shares		109,634
Stock-based compensation expense	2,264		2,264
Other comprehensive income (loss)	138			138
Net loss	(27,559)				(27,559)
Ending Balance at Sep. 30, 2024	$ 72,955	$ 7	$ 499,162	$ 68	$ (426,282)
Ending Balance, Shares at Sep. 30, 2024	68,663,065	68,663,065

Nature of the Business

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Nature of the Business

1. Nature of the Business

Vor Biopharma Inc. (the “Company”) is a clinical-stage cell and genome engineering company that combines a novel patient engineering approach with targeted therapies to provide a single company solution for patients suffering from hematological malignancies. The Company’s proprietary platform leverages its expertise in hematopoietic stem cell (“HSC”) biology, genome engineering and targeted therapy development to genetically modify HSCs to remove surface targets expressed by cancer cells. The Company is headquartered in Cambridge, Massachusetts. The Company was incorporated on December 30, 2015.

Risks and Uncertainties

The Company is subject to a number of risks common to development stage companies in the biotechnology industry, including, but not limited to, risks of failure of preclinical studies and clinical trials, dependence on key personnel, protection of proprietary technology, reliance on third party organizations, risks of obtaining regulatory approval for any product candidate that it may develop, development by competitors of technological innovations, compliance with government regulations, adverse macroeconomic conditions and the need to obtain additional financing.

The Company anticipates that it will continue to incur significant operating losses for the next several years as it continues to develop its product candidates. As a result, the Company’s continued operations are dependent on its ability to raise additional funding. If the Company is unable to obtain additional funding on a timely basis, it may be forced to significantly curtail, delay, or discontinue one or more of its planned research or development programs or be unable to expand its operations.

Liquidity and Capital Resources

As of September 30, 2024, the Company had $62.8 million of cash, cash equivalents and marketable securities and an accumulated deficit of $426.3 million. The Company anticipates that it will continue to incur significant operating losses for the next several years as it continues to develop its product candidates. As a result, the Company’s continued operations are dependent on its ability to raise additional funding. Based on its current business plan and current capital resources, combined with the need to raise additional funding and the uncertainty regarding the availability of such additional funding, management has concluded that there is substantial doubt regarding the Company’s ability to continue as a going concern within one year after the date these condensed consolidated financial statements are issued. Management's plans to alleviate the conditions that raise substantial doubt regarding the Company’s ability to continue as a going concern include obtaining additional funding through equity or debt offerings and/or pursuant to collaboration or licensing arrangements. However, additional funding may not be available on terms acceptable to the Company or at all. The Company may also seek to reduce current spending requirements where necessary. Management has concluded the likelihood that its plans to successfully obtain sufficient additional funding from one or more of these sources, or adequately reduce expenditures, while reasonably possible, is less than probable.

If, for any reason, the Company utilizes its capital resources more quickly than anticipated or is unable to obtain additional funding on a timely basis, it may be required to revise its business plan and strategy. This may result in the Company significantly curtailing, delaying or discontinuing one or more of its research and development programs. As a result, the Company’s business, financial condition, and results of operations could be materially affected. The accompanying condensed consolidated financial statements do not include any adjustments to the carrying amounts and classification of assets and liabilities that may be necessary if the Company were unable to continue as a going concern.

Leases

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

Leases

8. Leases

Cambridgepark Lease Amendments

On June 15, 2021, the Company entered into the first lease amendment (“First Lease Amendment”) and second lease amendment (“Second Lease Amendment” and, together with the First Lease Amendment, the “Lease Amendments”) with PPF Off 100 Cambridge Park Drive, LLC (the “Landlord”). The Lease Amendments amended the Company’s lease agreement for its corporate office and laboratory facilities with the Landlord in Cambridge, Massachusetts to add additional leased space in the same building (the “Amended Cambridgepark Lease”).

The First Lease Amendment and Second Lease Amendment commenced for accounting purposes on January 28, 2022 and April 29, 2022, respectively. The terms of the Lease Amendments are through September 2030 for approximately $8.4 million and $22.3 million in fixed payments for the First Lease Amendment and Second Lease Amendment, respectively. There are no options to extend the Lease Amendments.

Payments due associated with the Lease Amendments include fixed and variable payments. Variable payments relate to the Company’s share of the Landlord’s operating costs associated with the underlying assets and are recognized when the event on which those payments are assessed occurs. The Amended Cambridgepark Lease does not contain a residual value guarantee. The Lease Amendments term end dates are coterminous with the existing lease agreement. In conjunction with the Lease Amendments, the Company was required to increase its irrevocable standby letter of credit to $2.4 million for the benefit of the Landlord, which has been secured by money market investments and is presented as restricted cash equivalents.

For further information regarding the Company’s Cambridgepark lease, please see Note 9 to the consolidated financial statements included in the 2023 Annual Report.

The elements of lease expense were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2024		2023		2024		2023
Operating lease cost	$	1,951	$	1,950	$	5,853	$	5,851
Variable lease cost		681		663		1,890		1,921
Total lease cost	$	2,632	$	2,613	$	7,743	$	7,772

Amounts reported in the condensed consolidated balance sheets and the weighted-average lease term and discount rate information were as follows:


(in thousands except weighted-average amounts)	September 30, 2024			December 31, 2023
Assets
Operating lease right-of-use assets	$	36,296		$	40,048
Liabilities
Operating lease liabilities, current	$	4,163		$	3,830
Operating lease liabilities, non-current		28,691			31,830
Total lease liabilities	$	32,854		$	35,660
Weighted-Average Lease Term and Discount Rate
Weighted-average remaining lease term (years)		6.0		6.7
Weighted-average discount rate		8.2	%		8.2	%

The following table represents other lease activity:


	Nine Months Ended September 30,
(in thousands)	2024		2023
Other Information
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	$	4,906	$	4,263
Right-of-use assets obtained in exchange for lease obligations	$	—	$	37

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). Certain comparative amounts have been reclassified to conform to the current period presentation, including the presentation of non-cash lease expense in the condensed consolidated statements of cash flows. 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”) issued by the Financial Accounting Standards Board (“FASB”). Use of Estimates The preparation of the condensed consolidated financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the condensed consolidated financial statements and the reported amount of expenses during the reporting period. Actual results could differ from those estimates. Management considers many factors in selecting appropriate financial accounting policies in developing the estimates and assumptions that are used in the preparation of the condensed consolidated financial statements. Management must apply significant judgment in this process. Management’s estimation process often may yield a range of potentially reasonable estimates and management must select an amount that falls within that range of reasonable estimates. Estimates are used in the following areas, among others: accrued expenses and research and development expenses. Unaudited Interim Financial Information The condensed consolidated financial statements of the Company included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiary. All intercompany transactions and balances have been eliminated in consolidation. In the opinion of management, the information furnished reflects all adjustments, all of which are of a normal and recurring nature, necessary for a fair presentation of the results for the reported interim periods. The results of operations for interim periods are not necessarily indicative of results to be expected for the full year or any other interim period. The accompanying condensed consolidated balance sheet as of December 31, 2023 has been derived from the Company’s audited consolidated financial statements for the year ended December 31, 2023. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to rules and regulations. However, the Company believes that the disclosures are adequate to make the information presented not misleading. These unaudited interim condensed consolidated financial statements should be read in conjunction with the audited annual consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Annual Report”). During the nine months ended September 30, 2024, there have been no changes to the Company’s significant accounting policies as described in the 2023 Annual Report.