0001701541-24-000030 | 10-Q | XBRL Viewer | Black Diamond Therapeutics INC

FAIR VALUE MEASUREMENTS

6 Months Ended

Jun. 30, 2024

The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy used to determine such fair values:


	Fair value measurements at June 30, 2024 using:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	31,821	$	—	$	—	$	31,821
Investments:
Commercial paper	—		74,395		—		74,395
Corporate bonds	—		15,765		—		15,765

Total	$	31,821	$	90,160	$	—	$	121,981


	Fair value measurements at December 31, 2023 using:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	30,803	$	—	$	—	$	30,803
Investments:
Commercial paper	—		44,871		—		44,871
Corporate bonds	—		30,308		—		30,308

Total	$	30,803	$	75,179	$	—	$	105,982

When developing fair value estimates, the Company maximizes the use of observable inputs and minimizes the use of unobservable inputs. When available, the Company uses quoted market prices to measure fair value. The valuation technique used to measure fair value for the Company's Level 1 and Level 2 assets is a market approach, using prices and other relevant information generated by market transactions involving identical or comparable assets. If market prices are not available, the fair value measurement is based on models that use primarily market-based parameters including yield curves, volatilities, credit ratings and currency rates. In certain cases where market rate assumptions are not available, the Company is required to make judgments about assumptions market participants would use to estimate the fair value of a financial instrument.

There were no transfers in or out of Level 3 categories in the periods presented.

- 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

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+ Details

BENEFIT PLANS	6 Months Ended
BENEFIT PLANS	Jun. 30, 2024
Retirement Benefits [Abstract]
BENEFIT PLANS	BENEFIT PLANS The Company has a tax-qualified 401(k) and Profit Sharing defined contribution plan (the 401(k) Plan). Under the 401(k) Plan, the Company provides an employer safe harbor matching contribution equal to 100% of a participant’s eligible contributions of up to 6% of eligible compensation, subject to limits established by the Internal Revenue Code of 1986, as amended, and any regulations promulgated thereunder (the Code). All matching contributions are fully vested when made. During the three and six months ended June 30, 2024 and 2023, the Company contributed $152, $500, $167 and $543, respectively, to the 401(k) Plan.

NET LOSS PER SHARE - Schedule of Antidilutive Securities Excluded from Computation of Net Loss per Share (Details) - shares	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	11,486,243	8,394,723
Options to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	11,369,628	8,167,502
Unvested restricted stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	0	77,254
Shares issuable under employee stock purchase plan
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	86,858	102,351
Unvested performance restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	19,000	36,859
Warrants to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	10,757	10,757

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 32,811	$ 56,221
Investments	90,160	75,179
Prepaid expenses and other current assets	3,783	2,634
Total current assets	126,754	134,034
Property and equipment, net	1,558	1,730
Restricted cash	822	823
Right-of-use assets	20,515	21,980
Other non-current assets	337	0
Total assets	149,986	158,567
Current liabilities:
Accounts payable	763	2,324
Accrued expenses and other current liabilities	17,676	17,322
Total current liabilities	18,439	19,646
Non-current operating lease liabilities	20,526	22,185
Total liabilities	38,965	41,831
Commitments and contingencies (Note 11)
Stockholders' equity:
Preferred stock, $0.0001 par value; 10,000,000 shares authorized at June 30, 2024 and December 31, 2023; no shares issued or outstanding at June 30, 2024 and December 31, 2023	0	0
Common stock; $0.0001 par value; 500,000,000 shares authorized at June 30, 2024 and December 31, 2023; 56,408,487 shares issued and outstanding at June 30, 2024 and 51,645,557 shares issued and outstanding at December 31, 2023	7	7
Additional paid-in capital	566,694	534,187
Accumulated other comprehensive loss	(115)	(27)
Accumulated deficit	(455,565)	(417,431)
Total stockholders' equity	111,021	116,736
Total liabilities and stockholders' equity	$ 149,986	$ 158,567

Insider Trading Arrangements	3 Months Ended	6 Months Ended
Insider Trading Arrangements	Jun. 30, 2024 shares	Jun. 30, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Elizabeth Buck [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On May 30, 2024, Elizabeth Buck, our Chief Scientific Officer, entered into a trading arrangement intended to satisfy the affirmative defense of Rule 10b5-1(c) (the Buck 10b5-1 Plan). The Buck 10b5-1 Plan is scheduled to commence on August 29, 2024, and will run through August 31, 2025. The aggregate maximum number of shares of common stock that may be sold pursuant to the Buck 10b5-1 Plan is up to 160,000 shares.
Name	Elizabeth Buck
Title	Chief Scientific Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	May 30, 2024
Expiration Date	August 31, 2025
Arrangement Duration	367 days
Aggregate Available	160,000	160,000

INVESTMENTS

6 Months Ended

Jun. 30, 2024

Investments, Debt and Equity Securities [Abstract]

INVESTMENTS

As of June 30, 2024, investments were comprised of the following:


	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Commercial paper	$	74,489	$	—	$	(94)	$	74,395
Corporate bonds	15,786		—		(21)		15,765

Total	$	90,275	$	—	$	(115)	$	90,160

As of December 31, 2023, investments were comprised of the following:


	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Commercial paper	$	44,880	$	4	$	(13)	$	44,871
Corporate bonds	30,326		—		(18)		30,308

Total	$	75,206	$	4	$	(31)	$	75,179

As of June 30, 2024, all marketable securities held by the Company had remaining contractual maturities of one year or less.

As of December 31, 2023, all marketable securities held by the Company had remaining contractual maturities of one year or less.

As of June 30, 2024, the Company reviewed its investment portfolio to assess the unrealized losses on its available-for-sale investments. The Company evaluated whether it intended to sell the security and whether it was more likely than not that the Company would be required to sell the security before recovering its amortized cost basis. The Company also determined no portion of the unrealized losses relate to a credit loss. There have been no impairments of the Company’s assets measured and carried at fair value during the six months ended June 30, 2024 and the year ended December 31, 2023.

FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis


	Fair value measurements at June 30, 2024 using:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	31,821	$	—	$	—	$	31,821
Investments:
Commercial paper	—		74,395		—		74,395
Corporate bonds	—		15,765		—		15,765

Total	$	31,821	$	90,160	$	—	$	121,981


	Fair value measurements at December 31, 2023 using:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	30,803	$	—	$	—	$	30,803
Investments:
Commercial paper	—		44,871		—		44,871
Corporate bonds	—		30,308		—		30,308

Total	$	30,803	$	75,179	$	—	$	105,982

NATURE OF BUSINESS AND BASIS OF PRESENTATION	6 Months Ended
NATURE OF BUSINESS AND BASIS OF PRESENTATION	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
NATURE OF BUSINESS AND BASIS OF PRESENTATION	NATURE OF BUSINESS AND BASIS OF PRESENTATION Black Diamond Therapeutics, Inc. (the Company) is a clinical-stage oncology company developing MasterKey therapies that target families of oncogenic mutations in patients with cancer. The Company was originally organized as a limited liability company in December 2014 under the name ASET Therapeutics LLC. In September 2016, the Company was converted to a corporation under the laws of the State of Delaware under the name ASET Therapeutics, Inc. The Company changed its name to Black Diamond Therapeutics, Inc. in January 2018. Since its inception, the Company has devoted substantially all of its efforts to raising capital, obtaining financing and incurring research and development costs related to the development and advancement of its product candidates identified by its Mutation-Allostery-Pharmacology (MAP) drug discovery engine. The Company is subject to risks and uncertainties common to clinical-stage companies in the biotechnology industry. There can be no assurance that the Company’s research and development will be successfully completed, that adequate protection for the Company’s technology will be obtained, that any products developed will obtain necessary government regulatory approval or that any products, if approved, will be commercially viable. The Company operates in an environment of rapid technological innovation and substantial competition from pharmaceutical and biotechnological companies. In addition, the Company is dependent upon the services of its employees, consultants and service providers. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales. On November 14, 2022, the Company filed a shelf registration statement on Form S-3 (the Shelf Registration Statement), with the Securities and Exchange Commission (the SEC), which covers the offering, issuance and sale of the Company’s common stock, preferred stock, debt securities, warrants and/or units of any combination thereof up to a maximum offering price of $500 million. The Company simultaneously entered into an Open Market Sale AgreementSM with Jefferies LLC (Jefferies), as sales agent, to provide for the issuance and sale by the Company of up to $150 million of its common stock from time to time through Jefferies (the ATM Program). The Shelf Registration Statement became effective on November 22, 2022. As of June 30, 2024, the Company sold 4,490,853 shares of its common stock pursuant to the ATM Program, resulting in gross proceeds to the Company of approximately $25.0 million ($24.5 million net of offering costs). On July 5, 2023, the Company completed an underwritten public offering (the Follow-on Offering) of 15,000,000 shares of the Company’s common stock at a price to the public of $5.00 per share. The aggregate net proceeds from the Follow-on Offering totaled approximately $71.9 million, after deducting underwriting discounts and commissions. The accompanying consolidated financial statements have been prepared on the basis of continuity of operations, realization of assets, and the satisfaction of liabilities and commitments in the ordinary course of business. Historically, the Company has funded its operations primarily with proceeds from the sale of common stock and preferred stock. The Company has had recurring losses and negative cash flows from operations in all periods since inception and had an accumulated deficit of $455.6 million as of June 30, 2024. The Company expects to continue to generate operating losses for the foreseeable future. As of August 6, 2024, the issuance date of the condensed consolidated financial statements, the Company expects that its cash, cash equivalents and investments will be sufficient to fund its currently planned operations for at least the next 12 months from the filing date of these condensed consolidated financial statements. The Company will seek additional funding through private or public equity financings, debt financings, collaborations, strategic alliances and marketing, distribution or licensing arrangements. The Company may not be able to obtain financing on acceptable terms, or at all, and the Company may not be able to enter into collaborations or other arrangements. The terms of any financing may adversely affect the holdings or the rights of the Company's stockholders. If the Company is unable to obtain funding, the Company could be forced to delay, reduce or eliminate some or all of its research and development programs, product portfolio expansion or commercialization efforts, or reduce headcount and general and administrative costs, which could adversely affect its business prospects. Although management continues to pursue these plans, there is no assurance that the Company will be successful in obtaining sufficient funding on terms acceptable to the Company to fund continuing operations, if at all.

EQUITY METHOD INVESTMENT	6 Months Ended
EQUITY METHOD INVESTMENT	Jun. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
EQUITY METHOD INVESTMENT	EQUITY METHOD INVESTMENT In December 2022, the Company received 9,000,000 shares of common stock in a newly formed antibody-focused precision oncology company, Revelio Therapeutics, Inc. (Revelio) (formerly known as Launchpad Therapeutics, Inc.), in exchange for contributing early discovery-stage antibody programs and granting Revelio a license to use its MAP drug discovery engine to discover, develop and commercialize large molecule therapeutics. As of December 31, 2023 and June 30, 2024, the Company had a voting interest in Revelio of 39.1% and 21.2%, respectively, and one seat on Revelio’s Board of Directors, which provides the Company with significant influence over Revelio. Other investors in Revelio include Versant Ventures and New Enterprise Associates (NEA), who are shareholders of the Company. The Company accounted for the transaction under the equity method. As of June 30, 2024 and the year ended December 31, 2023, the carrying value of the investment in Revelio was zero. Since the Company has no obligation to provide financing support to Revelio, the Company is not required to record further losses exceeding the carrying value of the investment. The Company also determined that its investment in Revelio is not material or significant to its operations or financial position.

STOCK-BASED COMPENSATION

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION

2020 Stock Option and Incentive Plan

The 2020 Stock Option and Incentive Plan (the 2020 Plan) was approved by the Company’s board of directors on December 5, 2019, and the Company’s stockholders on January 14, 2020 and became effective on the date immediately prior to the date on which the registration statement for the Company’s initial public offering (IPO) was declared effective. The 2020 Plan provides for the grant of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock units, restricted stock awards, unrestricted stock awards, cash-based awards and dividend equivalent rights to the Company’s officers, employees, directors and consultants. The 2020 Plan provides for an annual increase, to be added on the first day of each fiscal year, by up to 4% of the Company’s outstanding shares of common stock as of the last day of the prior year. On January 1, 2024, 2,065,822 shares of common stock, representing 4% of the Company’s outstanding shares of common stock as of December 31, 2023, were added to the 2020 Plan.

2020 Employee Stock Purchase Plan

The 2020 Employee Stock Purchase Plan (the 2020 ESPP) was approved by the Company’s board of directors on December 5, 2019, and the Company’s stockholders on January 14, 2020, and became effective on the date immediately prior to the date on which the registration statement for the Company’s IPO was declared effective. The 2020 ESPP provides for an annual increase, to be added on the first day of each fiscal year, by up to 1% of the number of shares of the Company’s common stock outstanding on the immediately preceding December 31. The number of authorized shares reserved for issuance under the 2020 ESPP was increased by 326,364 shares effective as of January 1, 2024.

Stock-based compensation expense

The Company recorded stock-based compensation expense in the following award type categories included within the condensed consolidated statements of operations and comprehensive loss:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Stock options	$	5,204	$	2,475	$	6,827	$	4,930
Restricted stock units	2		80		18		191
Employee Stock Purchase Plan and Other	80		91		154		196
	$	5,286	$	2,646	$	6,999	$	5,317

For the six months ended June 30, 2024, the Company issued 13,952 shares of common stock under its 2020 Plan in accordance with its policy where non-employee directors may elect to receive their compensation in the form of common stock in lieu of cash.

The Company recorded stock-based compensation expense in the following expense categories of its condensed consolidated statements of operations and comprehensive loss:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Research and development	$	733	$	833	$	1,368	$	1,782
General and administrative	4,553		1,813		5,631		3,535
	$	5,286	$	2,646	$	6,999	$	5,317

Options

The following table summarizes the stock option activity under the Company’s equity awards plans:


	Options	Weighted Average Exercise Price		Weighted Average Remaining Life (in Years)	Intrinsic Value (in thousands)
Outstanding December 31, 2023	8,135,711	$	7.85	8.0	$	1,146
Granted	3,604,552	$	4.95
Exercised	(216,713)	$	2.19
Cancelled or forfeited	(115,824)	$	4.21
Expired	(38,098)	$	22.04
Outstanding June 30, 2024	11,369,628	$	7.02	8.1	$	9,170
Options vested or expected to vest at June 30, 2024	11,369,628	$	7.02	8.1	$	9,170
Options exercisable at June 30, 2024	4,259,001	$	11.21	6.5	$	3,344

For the six months ended June 30, 2024, total unrecognized compensation cost related to the unvested stock-options was $17,264, which is expected to be recognized over a weighted average period of 2.9 years.

Restricted stock units

The fair values of restricted stock units are based on the market value of the Company’s stock on the date of the grant. Under terms of the time-based restricted stock agreements covering the common stock, shares of restricted common stock are subject to a vesting schedule. The following table summarizes time-based restricted stock activity since January 1, 2024:


	Number of shares	Weighted average grant date fair value




Unvested restricted common stock as of December 31, 2023	20,799	$	2.41

Vested	(19,449)	$	2.40
Cancelled or forfeited	(1,350)	$	2.55
Unvested restricted common stock as of June 30, 2024	—	$	—

The total fair value of time-based restricted stock units vested during the six months ended June 30, 2024 was $48.

For the six months ended June 30, 2024, there was no unrecognized compensation cost related to the time-based unvested restricted stock units.

The Company had 19,000 performance restricted stock units outstanding at the year ended December 31, 2023. For the six months ended June 30, 2024, the Company granted no performance restricted stock units to its employees, released no performance restricted stock units due to the achievement of certain financing milestones, and had no performance restricted stock units forfeited. As of June 30, 2024, the Company had 19,000 performance restricted stock units outstanding.

Recognition of stock-based compensation expense associated with performance restricted stock units commences when the performance conditions are considered probable of achievement, using management’s best estimates, which consider the inherent risk and uncertainty regarding the future outcomes of the milestones.

As of June 30, 2024, for performance-based restricted stock units that were outstanding, the achievement of the milestones that had not been met was considered not probable, and therefore no expense has been recognized related to these awards in the six months ended June 30, 2024.

Employee stock purchase plan

The 2020 ESPP enables eligible employees to purchase shares of the Company's common stock at the end of each six-month offering period at a price equal to 85% of the fair market value of the shares on the first business day or the last business day of the offering period, whichever is lower. Eligible employees generally included all employees. Offering periods begin on the first trading day of January and July of each year and end on the last trading day in June and December of each year, except for the first offering period which began on the first trading day in March and ended on the last trading day in June. Share purchases are funded through payroll deductions of up to 10% of an employee’s eligible compensation for each payroll period, up to $25 each calendar year.

During the six months ended June 30, 2024 and 2023, there were 26,659 and 33,202 shares, respectively, issued under the 2020 ESPP.

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2024	Aug. 01, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-38501
Entity Registrant Name	BLACK DIAMOND THERAPEUTICS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-4254660
Entity Address, Address Line One	One Main Street, 14th Floor
Entity Address, City or Town	Cambridge
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02142
City Area Code	(617)
Local Phone Number	252-0848
Title of each class	Common stock, par value $0.0001
Trading Symbol(s)	BDTX
Name of each exchange on which registered	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
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		56,504,895
Amendment Flag	false
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2024
Entity Central Index Key	0001701541
Current Fiscal Year End Date	--12-31

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net loss	$ (38,134)	$ (40,027)
Adjustment to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	6,999	5,317
Depreciation expense	172	236
(Accretion) amortization on investments	(2,037)	130
Noncash rent expense	1,465	1,388
(Gain) Loss on sale of equipment	(38)	37
Changes in current assets and liabilities:
Prepaid expenses and other current assets	(1,149)	1,434
Other non-current assets	(337)	0
Accounts payable	(1,561)	826
Accrued expenses and other current liabilities	354	(2,223)
Non-current operating lease liabilities	(1,659)	(1,517)
Net cash used in operating activities	(35,925)	(34,399)
Cash flows from investing activities:
Proceeds from sale of equipment	38	95
Proceeds from sales and maturities of investments	79,000	41,886
Purchases of investments	(92,032)	0
Net cash (used in) provided by investing activities	(12,994)	41,981
Cash flows from financing activities:
Proceeds from exercise of common stock options and ESPP	514	51
Proceeds from issuance of common stock, net of issuance costs	24,994	0
Net cash provided by financing activities	25,508	51
Net (decrease) increase in cash and cash equivalents	(23,411)	7,633
Cash, cash equivalents and restricted cash, beginning of period	57,044	35,483
Cash, cash equivalents and restricted cash, end of period	33,633	43,116
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents
Cash and cash equivalents, end of period	32,811	41,888
Restricted cash, end of period	822	1,228
Cash, cash equivalents and restricted cash, end of period	$ 33,633	$ 43,116

STOCK-BASED COMPENSATION (Tables)

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-Based Compensation

The Company recorded stock-based compensation expense in the following award type categories included within the condensed consolidated statements of operations and comprehensive loss:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Stock options	$	5,204	$	2,475	$	6,827	$	4,930
Restricted stock units	2		80		18		191
Employee Stock Purchase Plan and Other	80		91		154		196
	$	5,286	$	2,646	$	6,999	$	5,317

The Company recorded stock-based compensation expense in the following expense categories of its condensed consolidated statements of operations and comprehensive loss:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Research and development	$	733	$	833	$	1,368	$	1,782
General and administrative	4,553		1,813		5,631		3,535
	$	5,286	$	2,646	$	6,999	$	5,317

Schedule of Stock Option Activity

The following table summarizes the stock option activity under the Company’s equity awards plans:


	Options	Weighted Average Exercise Price		Weighted Average Remaining Life (in Years)	Intrinsic Value (in thousands)
Outstanding December 31, 2023	8,135,711	$	7.85	8.0	$	1,146
Granted	3,604,552	$	4.95
Exercised	(216,713)	$	2.19
Cancelled or forfeited	(115,824)	$	4.21
Expired	(38,098)	$	22.04
Outstanding June 30, 2024	11,369,628	$	7.02	8.1	$	9,170
Options vested or expected to vest at June 30, 2024	11,369,628	$	7.02	8.1	$	9,170
Options exercisable at June 30, 2024	4,259,001	$	11.21	6.5	$	3,344

Schedule of Restricted Stock Activity

The following table summarizes time-based restricted stock activity since January 1, 2024:


	Number of shares	Weighted average grant date fair value




Unvested restricted common stock as of December 31, 2023	20,799	$	2.41

Vested	(19,449)	$	2.40
Cancelled or forfeited	(1,350)	$	2.55
Unvested restricted common stock as of June 30, 2024	—	$	—

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net loss	$ (19,909)	$ (18,225)	$ (19,152)	$ (20,875)	$ (38,134)	$ (40,027)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
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-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (SX 210.5-03(20))
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-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (SX 210.4-08(g)(1)(ii))
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

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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-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
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-Subparagraph (a)
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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/exampleRef
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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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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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Reference 34: 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/1943274/2147482740/230-10-45-28

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
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-Name Accounting Standards Codification
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Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

FAIR VALUE MEASUREMENTS - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - Recurring - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Assets:
Total	$ 121,981	$ 105,982
Money market funds
Assets:
Cash equivalents:	31,821	30,803
Commercial paper
Assets:
Investments:	74,395	44,871
Corporate bonds
Assets:
Investments:	15,765	30,308
Level 1
Assets:
Total	31,821	30,803
Level 1 \| Money market funds
Assets:
Cash equivalents:	31,821	30,803
Level 1 \| Commercial paper
Assets:
Investments:	0	0
Level 1 \| Corporate bonds
Assets:
Investments:	0	0
Level 2
Assets:
Total	90,160	75,179
Level 2 \| Money market funds
Assets:
Cash equivalents:	0	0
Level 2 \| Commercial paper
Assets:
Investments:	74,395	44,871
Level 2 \| Corporate bonds
Assets:
Investments:	15,765	30,308
Level 3
Assets:
Total	0	0
Level 3 \| Money market funds
Assets:
Cash equivalents:	0	0
Level 3 \| Commercial paper
Assets:
Investments:	0	0
Level 3 \| Corporate bonds
Assets:
Investments:	$ 0	$ 0

NET LOSS PER SHARE (Tables)

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Schedule of Computation of Net Loss per Share

The following table summarizes the computation of basic and diluted net loss per share attributable to common shareholders of the Company (in thousands, except share and per share amounts):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Net loss	$	(19,909)	$	(19,152)	$	(38,134)	$	(40,027)
Weighted average common shares outstanding, basic and diluted	55,155,220		36,516,114		53,482,034		36,500,085
Net loss per share, basic and diluted	$	(0.36)	$	(0.52)	$	(0.71)	$	(1.09)

Schedule of Antidilutive Securities Excluded from Computation of Net Loss per Share

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


	Six Months Ended June 30,
	2024	2023
Options to purchase common stock	11,369,628	8,167,502
Unvested restricted stock	—	77,254
Shares issuable under employee stock purchase plan	86,858	102,351
Unvested performance restricted stock units	19,000	36,859
Warrants to purchase common stock	10,757	10,757
	11,486,243	8,394,723

STOCK-BASED COMPENSATION - Schedule of Stock-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 5,286	$ 2,646	$ 6,999	$ 5,317
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	733	833	1,368	1,782
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	4,553	1,813	5,631	3,535
Stock options
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	5,204	2,475	6,827	4,930
Restricted stock units
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	2	80	18	191
Employee Stock Purchase Plan and Other
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 80	$ 91	$ 154	$ 196

STOCK-BASED COMPENSATION - Schedule of Restricted Stock Activity (Details) - Unvested restricted stock	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Number of shares
Unvested restricted common stock, beginning balance (in shares) \| shares	20,799
Vested (in shares) \| shares	(19,449)
Cancelled or forfeited (in shares) \| shares	(1,350)
Unvested restricted common stock, ending balance (in shares) \| shares	0
Weighted average grant date fair value
Unvested restricted common stock, beginning balance (in dollars per share) \| $ / shares	$ 2.41
Vested (in dollars per share) \| $ / shares	2.40
Cancelled or forfeited (in dollars per share) \| $ / shares	2.55
Unvested restricted common stock, ending balance (in dollars per share) \| $ / shares	$ 0

INVESTMENTS - Narrative (Details) - USD ($)	6 Months Ended	12 Months Ended
INVESTMENTS - Narrative (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Impairment of fair value assets	$ 0	$ 0

LEASES

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

LEASES

The Company has historically entered into lease arrangements for its facilities. As of June 30, 2024, the Company had two operating leases with required future minimum payments. The Company determined the classification of these leases to be operating leases and recorded right-of-use assets and lease liabilities as of the effective dates. The Company’s leases generally do not include termination or purchase options.

Operating leases

In July 2020, the Company entered into a seven-year agreement with an option to extend for five additional years to lease two floors totaling approximately 25,578 square feet of office space for its principal office, which is located in Cambridge, MA. The lease on the first floor commenced on August 1, 2020 and the lease on the second floor commenced March 9, 2021. The Company recognized the respective lease balances on the condensed consolidated balance sheets when the lease of each floor commenced. Under the terms of the lease, the Company was required to issue a $1,168 letter of credit as security for the lease, which was reduced to $779 in August 2023 pursuant to the terms of the lease agreement. Additionally, on December 12, 2022, the Company entered into a sublease for one floor of its Cambridge, Massachusetts office space. The sublease terminates on August 31, 2028, which is also the date on which the Company's lease terminates. Sublease income is recognized on a straight-line basis over the term of the sublease agreement. The Company was not relieved of its primary obligation under the Cambridge office lease as a result of the sublease.

In December 2020, the Company entered into an eleven-year agreement to lease approximately 18,120 square feet of office and laboratory space in New York, NY. The Company has an option to extend the lease for five additional years. The lease commenced August 26, 2021 and the related lease balance was recognized on the condensed consolidated balance sheet. Additionally, on June 19, 2024, the Company entered into a sublease for its office and laboratory space in New York, NY. The sublease terminates on June 30, 2026, with the option to extend to June 30, 2027. Sublease income is recognized on a straight-line basis over the term of the sublease agreement. The Company was not relieved of its primary obligation under the New York lease as a result of the sublease.

The following table contains a summary of the lease costs recognized under ASC 842 and other information pertaining to the Company’s operating lease for the three and six months ended June 30, 2024 and 2023:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Lease Cost
Operating lease cost	$	1,054	$	1,054	$	2,108	$	2,108
Short-term lease cost	16		11		33		28
Variable lease cost	202		126		439		382
Sublease income	(615)		(335)		(1,071)		(470)
Total lease cost	$	657	$	856	$	1,509	$	2,048


Other Operating Lease Information	June 30, 2024			June 30, 2023

Cash paid for amounts included in the measurement of lease liability	$	2,160		$	2,103
Weighted-average remaining lease term	6.4			7.4
Weighted-average discount rate	5.3		%	5.3		%

The variable lease costs for the three and six months ended June 30, 2024 and 2023 include common area maintenance and other operating charges. As the Company’s leases do not provide an implicit rate, the Company utilized its incremental borrowing rate to discount lease payments, which reflects the fixed rate at which the Company could borrow on a collateralized basis the amount of the lease payments in the same currency, for a similar term, in a similar economic environment.

Future minimum lease payments under the Company’s operating leases as of June 30, 2024 were as follows:


	As of June 30, 2024
2024 (excluding the six months ended June 30, 2024)	$	2,199
2025	4,477
2026	4,599
2027	4,724
2028	3,926
Thereafter	8,324
Total lease payments	28,249
Less: interest	(4,467)
Total lease liability	$	23,782

INVESTMENTS (Tables)

6 Months Ended

Jun. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of Marketable Securities

As of June 30, 2024, investments were comprised of the following:


	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Commercial paper	$	74,489	$	—	$	(94)	$	74,395
Corporate bonds	15,786		—		(21)		15,765

Total	$	90,275	$	—	$	(115)	$	90,160

As of December 31, 2023, investments were comprised of the following:


	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Commercial paper	$	44,880	$	4	$	(13)	$	44,871
Corporate bonds	30,326		—		(18)		30,308

Total	$	75,206	$	4	$	(31)	$	75,179

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

LEASES - Schedule of Future Minimum Lease Payments (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Lessee, Operating Lease, Liability, to be Paid [Abstract]
2024 (excluding the six months ended June 30, 2024)	$ 2,199
2025	4,477
2026	4,599
2027	4,724
2028	3,926
Thereafter	8,324
Total lease payments	28,249
Less: interest	(4,467)
Total lease liability	$ 23,782

PROPERTY AND EQUIPMENT (Tables)

6 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

Property and equipment, net consisted of the following:


	June 30, 2024		December 31, 2023

Furniture and fixtures	$	17	$	17

Leasehold improvements	2,512		2,512

Property and equipment	2,529		2,529
Less: accumulated depreciation	(971)		(799)
Total Property and Equipment, net	$	1,558	$	1,730

STOCK-BASED COMPENSATION - Schedule of Stock Option Activity (Details) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares
Options
Outstanding, beginning balance (in shares) \| shares	8,135,711
Granted (in shares) \| shares	3,604,552
Exercised (in shares) \| shares	(216,713)
Canceled or forfeited (in shares) \| shares	(115,824)
Expired (in shares) \| shares	(38,098)
Outstanding, ending balance (in shares) \| shares	11,369,628	8,135,711
Options vested or expected to vest (in shares) \| shares	11,369,628
Options exercisable (in shares) \| shares	4,259,001
Weighted Average Exercise Price
Outstanding, beginning balance (in dollars per share) \| $ / shares	$ 7.85
Granted (in dollars per share) \| $ / shares	4.95
Exercised (in dollars per share) \| $ / shares	2.19
Cancelled or forfeited (in dollars per share) \| $ / shares	4.21
Expired (in dollars per share) \| $ / shares	22.04
Outstanding, ending balance (in dollars per share) \| $ / shares	7.02	$ 7.85
Options vested or expected to vest (in dollars per share) \| $ / shares	7.02
Options exercisable (in dollars per share) \| $ / shares	$ 11.21
Weighted Average Remaining Life and Intrinsic Value
Options outstanding, remaining life (in years)	8 years 1 month 6 days	8 years
Options vested or expected to vest, remaining life (in years)	8 years 1 month 6 days
Options exercisable, remaining life (in years)	6 years 6 months
Options outstanding, intrinsic value \| $	$ 9,170	$ 1,146
Options vested or expected to vest, intrinsic value \| $	9,170
Options exercisable, intrinsic value \| $	$ 3,344

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

6 Months Ended

Jun. 30, 2024

Payables and Accruals [Abstract]

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Accrued expenses and other current liabilities consisted of the following:


	June 30, 2024		December 31, 2023
Contracted research services	$	9,986	$	8,071
Payroll and related expenses	3,489		5,175
Professional and consulting fees	945		963
Current portion of operating lease liability	3,256		3,113
Total accrued expenses and other current liabilities	$	17,676	$	17,322

STOCK-BASED COMPENSATION - Narrative (Details) - USD ($)		3 Months Ended		6 Months Ended
	Jan. 01, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Jan. 14, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost, options		$ 17,264,000		$ 17,264,000
Stock-based compensation expense		5,286,000	$ 2,646,000	$ 6,999,000	$ 5,317,000
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost, recognition period (in years)				2 years 10 months 24 days
Stock-based compensation expense		5,204,000	2,475,000	$ 6,827,000	4,930,000
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of units vested				48,000
Unrecognized compensation cost		0		0
Stock-based compensation expense		$ 2,000	$ 80,000	$ 18,000	$ 191,000
Unvested performance restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units outstanding (in shares)						19,000
Units vested (in shares)				0
Performance restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units outstanding (in shares)		19,000		19,000
Units granted (in shares)				0
Units forfeited (in shares)				0
Stock-based compensation expense				$ 0
2020 Stock Option Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Increase of authorized shares, percent of common stock outstanding	4.00%						4.00%
Number of additional shares authorized (in shares)	2,065,822
2020 Stock Option Plan \| Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued under share-based compensation plan				13,952
2020 ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Increase of authorized shares, percent of common stock outstanding							1.00%
Number of additional shares authorized (in shares)	326,364
2020 ESPP \| Shares issuable under employee stock purchase plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued under share-based compensation plan				26,659	33,202
Award purchase period (in months)				6 months
Maximum percent of fair market value of common stock				85.00%
Maximum employee subscription rate		10.00%		10.00%
Maximum employee subscription amount				$ 25,000

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Contracted research services	$ 9,986	$ 8,071
Payroll and related expenses	3,489	5,175
Professional and consulting fees	945	963
Current portion of operating lease liability	$ 3,256	$ 3,113
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Total accrued expenses and other current liabilities	Total accrued expenses and other current liabilities
Total accrued expenses and other current liabilities	$ 17,676	$ 17,322

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	56,408,487	51,645,557
Common stock, shares outstanding (in shares)	56,408,487	51,645,557

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common stock	Additional paid-in capital	Accumulated other comprehensive income (loss)	Accumulated deficit
Beginning balance (in shares) at Dec. 31, 2022		36,434,297
Beginning balance at Dec. 31, 2022	$ 115,695	$ 5	$ 452,503	$ (1,824)	$ (334,989)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of restricted stock units (in shares)		23,575
Surrender of shares for taxes (in shares)		(3,903)
Issuance of common stock related to ESPP (in shares)		33,202
Issuance of common stock related to ESPP	51		51
Stock-based compensation (in shares)		24,776
Stock-based compensation	2,671		2,671
Unrealized gain (loss) on investments	648			648
Net loss	(20,875)				(20,875)
Ending balance (in shares) at Mar. 31, 2023		36,511,947
Ending balance at Mar. 31, 2023	98,190	$ 5	455,225	(1,176)	(355,864)
Beginning balance (in shares) at Dec. 31, 2022		36,434,297
Beginning balance at Dec. 31, 2022	115,695	$ 5	452,503	(1,824)	(334,989)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Unrealized gain (loss) on investments	1,163
Net loss	(40,027)
Ending balance (in shares) at Jun. 30, 2023		36,533,525
Ending balance at Jun. 30, 2023	82,199	$ 5	457,871	(661)	(375,016)
Beginning balance (in shares) at Mar. 31, 2023		36,511,947
Beginning balance at Mar. 31, 2023	98,190	$ 5	455,225	(1,176)	(355,864)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of restricted stock units (in shares)		1,875
Stock-based compensation (in shares)		19,703
Stock-based compensation	2,646		2,646
Unrealized gain (loss) on investments	515			515
Net loss	(19,152)				(19,152)
Ending balance (in shares) at Jun. 30, 2023		36,533,525
Ending balance at Jun. 30, 2023	$ 82,199	$ 5	457,871	(661)	(375,016)
Beginning balance (in shares) at Dec. 31, 2023	51,645,557	51,645,557
Beginning balance at Dec. 31, 2023	$ 116,736	$ 7	534,187	(27)	(417,431)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, net of issuance costs (in shares)		800,000
Issuance of common stock, net of issuance costs	4,000		4,000
Exercise of common stock options (in shares)		47,741
Exercise of common stock options	86		86
Vesting of restricted stock units (in shares)		1,250
Issuance of common stock related to ESPP (in shares)		26,659
Issuance of common stock related to ESPP	64		64
Stock-based compensation (in shares)		6,419
Stock-based compensation	1,713		1,713
Unrealized gain (loss) on investments	(68)			(68)
Net loss	(18,225)				(18,225)
Ending balance (in shares) at Mar. 31, 2024		52,527,626
Ending balance at Mar. 31, 2024	$ 104,306	$ 7	540,050	(95)	(435,656)
Beginning balance (in shares) at Dec. 31, 2023	51,645,557	51,645,557
Beginning balance at Dec. 31, 2023	$ 116,736	$ 7	534,187	(27)	(417,431)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of common stock options (in shares)	216,713
Unrealized gain (loss) on investments	$ (88)
Net loss	$ (38,134)
Ending balance (in shares) at Jun. 30, 2024	56,408,487	56,408,487
Ending balance at Jun. 30, 2024	$ 111,021	$ 7	566,694	(115)	(455,565)
Beginning balance (in shares) at Mar. 31, 2024		52,527,626
Beginning balance at Mar. 31, 2024	104,306	$ 7	540,050	(95)	(435,656)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, net of issuance costs (in shares)		3,690,853
Issuance of common stock, net of issuance costs	20,994		20,994
Exercise of common stock options (in shares)		168,972
Exercise of common stock options	389		389
Vesting of restricted stock units (in shares)		18,199
Surrender of shares for taxes (in shares)		(4,696)
Surrender of shares for taxes	(25)		(25)
Stock-based compensation (in shares)		7,533
Stock-based compensation	5,286		5,286
Unrealized gain (loss) on investments	(20)			(20)
Net loss	$ (19,909)				(19,909)
Ending balance (in shares) at Jun. 30, 2024	56,408,487	56,408,487
Ending balance at Jun. 30, 2024	$ 111,021	$ 7	$ 566,694	$ (115)	$ (455,565)

PROPERTY AND EQUIPMENT

6 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT

Property and equipment, net consisted of the following:


	June 30, 2024		December 31, 2023

Furniture and fixtures	$	17	$	17

Leasehold improvements	2,512		2,512

Property and equipment	2,529		2,529
Less: accumulated depreciation	(971)		(799)
Total Property and Equipment, net	$	1,558	$	1,730

Depreciation expense for the six months ended June 30, 2024 and 2023 was $172 and $236, respectively.

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)

6 Months Ended

Jun. 30, 2024

Payables and Accruals [Abstract]

Schedule of Accrued Expenses

Accrued expenses and other current liabilities consisted of the following:


	June 30, 2024		December 31, 2023
Contracted research services	$	9,986	$	8,071
Payroll and related expenses	3,489		5,175
Professional and consulting fees	945		963
Current portion of operating lease liability	3,256		3,113
Total accrued expenses and other current liabilities	$	17,676	$	17,322

PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Thousands	6 Months Ended
PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property and equipment	$ 2,529		$ 2,529
Less: accumulated depreciation	(971)		(799)
Total Property and Equipment, net	1,558		1,730
Depreciation expense	172	$ 236
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment	17		17
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment	$ 2,512		$ 2,512

LEASES - Narrative (Details) $ in Thousands	6 Months Ended
LEASES - Narrative (Details) $ in Thousands	Jun. 30, 2024 contract	Aug. 31, 2023 USD ($)	Dec. 31, 2020 ft²	Jul. 31, 2020 USD ($) ft²
Lessee, Lease, Description [Line Items]
Number of leases \| contract	2
Principal office, lease two
Lessee, Lease, Description [Line Items]
Lease term (in years)				7 years
Lease term, optional extension (in years)				5 years
Area leased (square feet)				25,578
Letter of credit outstanding \| $		$ 779		$ 1,168
Operating Lease, Office and Laboratory Space, NY
Lessee, Lease, Description [Line Items]
Lease term (in years)			11 years
Lease term, optional extension (in years)			5 years
Area leased (square feet)			18,120

NET LOSS PER SHARE

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

NET LOSS PER SHARE

Net loss per share

The following table summarizes the computation of basic and diluted net loss per share attributable to common shareholders of the Company (in thousands, except share and per share amounts):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Net loss	$	(19,909)	$	(19,152)	$	(38,134)	$	(40,027)
Weighted average common shares outstanding, basic and diluted	55,155,220		36,516,114		53,482,034		36,500,085
Net loss per share, basic and diluted	$	(0.36)	$	(0.52)	$	(0.71)	$	(1.09)

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


	Six Months Ended June 30,
	2024	2023
Options to purchase common stock	11,369,628	8,167,502
Unvested restricted stock	—	77,254
Shares issuable under employee stock purchase plan	86,858	102,351
Unvested performance restricted stock units	19,000	36,859
Warrants to purchase common stock	10,757	10,757
	11,486,243	8,394,723

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Jun. 30, 2024
Accounting Policies [Abstract]
Principles of consolidation and unaudited interim financial information	Black Diamond Therapeutics, Inc. (the Company) is a clinical-stage oncology company developing MasterKey therapies that target families of oncogenic mutations in patients with cancer. The Company was originally organized as a limited liability company in December 2014 under the name ASET Therapeutics LLC. In September 2016, the Company was converted to a corporation under the laws of the State of Delaware under the name ASET Therapeutics, Inc. The Company changed its name to Black Diamond Therapeutics, Inc. in January 2018. Since its inception, the Company has devoted substantially all of its efforts to raising capital, obtaining financing and incurring research and development costs related to the development and advancement of its product candidates identified by its Mutation-Allostery-Pharmacology (MAP) drug discovery engine. The Company is subject to risks and uncertainties common to clinical-stage companies in the biotechnology industry. There can be no assurance that the Company’s research and development will be successfully completed, that adequate protection for the Company’s technology will be obtained, that any products developed will obtain necessary government regulatory approval or that any products, if approved, will be commercially viable. The Company operates in an environment of rapid technological innovation and substantial competition from pharmaceutical and biotechnological companies. In addition, the Company is dependent upon the services of its employees, consultants and service providers. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales. Principles of consolidation The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) and include the accounts of the Company and its wholly owned subsidiaries, Black Diamond Therapeutics Security Corporation and Black Diamond Therapeutics (Canada), Inc., after elimination of all significant intercompany accounts and transactions. On October 10, 2023, Black Diamond Therapeutics (Canada), Inc. was dissolved by way of voluntary dissolution. Unaudited interim financial information The condensed consolidated financial statements of the Company included herein have been prepared, without audit, pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted from this Quarterly Report, as is permitted by such rules and regulations. Accordingly, these condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. In the opinion of the Company’s management, all adjustments (consisting of normal and recurring adjustments) considered necessary for a fair statement of the results for the interim periods presented have been included.
Principles of consolidation	Principles of consolidation The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) and include the accounts of the Company and its wholly owned subsidiaries, Black Diamond Therapeutics Security Corporation and Black Diamond Therapeutics (Canada), Inc., after elimination of all significant intercompany accounts and transactions. On October 10, 2023, Black Diamond Therapeutics (Canada), Inc. was dissolved by way of voluntary dissolution.
Use of estimates	Use of estimates The preparation of the Company’s condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, the accrual of research and development expenses and the valuation of stock-based awards. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results may differ from those estimates or assumptions.
Recently issued accounting pronouncements	Recently issued accounting pronouncements In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09). ASU 2023-09 requires that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income (or loss) by the applicable statutory income tax rate). The standard is effective for annual and interim periods beginning after December 15, 2024. Adoption of the standard requires certain changes to be made prospectively, with some changes to be made retrospectively. The adoption is not expected to have a material impact on the Company’s consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, Improvements to Reportable Segment Disclosures (Topic 280) (ASU 2023-07) which requires enhanced disclosure of (1) significant segment expenses that are regularly provided to the chief operating decision maker (CODM) and included within each reported measure of segment profit or loss, (2) the amount and description of the composition of other segment items which reconcile to segment profit or loss, and (3) the title and position of the entity’s CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and allocating resources. The amendments also expand the interim segment disclosure requirements. This new guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments in this ASU apply retrospectively to all prior periods presented in the financial statements. The Company is in the process of assessing the impact on its financial statements from the adoption of the new guidance and the period in which the new guidance will be adopted. In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements - Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative (ASU 2023-06). The standard is effective for annual and interim periods beginning after December 15, 2024. Adoption of the standard requires certain changes to be made prospectively, with some changes to be made retrospectively. The adoption is not expected to have a material impact on the Company’s consolidated financial statements.

INVESTMENTS - Schedule of Marketable Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 90,275	$ 75,206
Unrealized Gains	0	4
Unrealized Losses	(115)	(31)
Fair Value	90,160	75,179
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	74,489	44,880
Unrealized Gains	0	4
Unrealized Losses	(94)	(13)
Fair Value	74,395	44,871
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	15,786	30,326
Unrealized Gains	0	0
Unrealized Losses	(21)	(18)
Fair Value	$ 15,765	$ 30,308

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 103
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-103

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481830/320-10-45-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(6))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479130/326-30-45-1

+ 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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-Paragraph 2
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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-Section 50
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-Subparagraph (d)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

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-Topic 320
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

LEASES - Summary of Lease Cost and Other Operating Lease Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Lease Cost
Operating lease cost	$ 1,054	$ 1,054	$ 2,108	$ 2,108
Short-term lease cost	16	11	33	28
Variable lease cost	202	126	439	382
Sublease income	(615)	(335)	(1,071)	(470)
Total lease cost	$ 657	$ 856	1,509	2,048
Other Operating Lease Information
Cash paid for amounts included in the measurement of lease liability			$ 2,160	$ 2,103
Weighted-average remaining lease term (in years)	6 years 4 months 24 days	7 years 4 months 24 days	6 years 4 months 24 days	7 years 4 months 24 days
Weighted-average discount rate	5.30%	5.30%	5.30%	5.30%

NATURE OF BUSINESS AND BASIS OF PRESENTATION (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended		6 Months Ended
	Jul. 05, 2023	Nov. 14, 2022	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2024	Dec. 31, 2023
Subsidiary, Sale of Stock [Line Items]
Sale of stock, gross			$ 20,994	$ 4,000
Accumulated deficit			$ 455,565		$ 455,565	$ 417,431
Shelf Registration Statement
Subsidiary, Sale of Stock [Line Items]
Sale of stock, authorized consideration		$ 500,000
ATM Program
Subsidiary, Sale of Stock [Line Items]
Sale of stock, authorized consideration		$ 150,000
Number of shares sold (in shares)					4,490,853
Sale of stock, gross					$ 25,000
Sale of stock, net of offering costs					$ 24,500
Follow-on Offering
Subsidiary, Sale of Stock [Line Items]
Number of shares sold (in shares)	15,000,000
Stock price (in dollars per share)	$ 5.00
Proceeds from equity financing	$ 71,900

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Jun. 30, 2024
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The following is a summary of significant accounting policies followed in the preparation of these condensed consolidated financial statements. Principles of consolidation The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) and include the accounts of the Company and its wholly owned subsidiaries, Black Diamond Therapeutics Security Corporation and Black Diamond Therapeutics (Canada), Inc., after elimination of all significant intercompany accounts and transactions. On October 10, 2023, Black Diamond Therapeutics (Canada), Inc. was dissolved by way of voluntary dissolution. Unaudited interim financial information The condensed consolidated financial statements of the Company included herein have been prepared, without audit, pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted from this Quarterly Report, as is permitted by such rules and regulations. Accordingly, these condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. In the opinion of the Company’s management, all adjustments (consisting of normal and recurring adjustments) considered necessary for a fair statement of the results for the interim periods presented have been included. Use of estimates The preparation of the Company’s condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, the accrual of research and development expenses and the valuation of stock-based awards. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results may differ from those estimates or assumptions. The Company continues to monitor the impact of global economic developments, political unrest, high inflation, disruptions in capital markets, changes in international trade relationships and military conflicts, and health crises, on all aspects of its business, and has considered the impact of these factors on estimates within its financial statements. The extent to which future developments may impact the Company’s business, results of operations or financial condition are uncertain and cannot be predicted with confidence and there may be changes to estimates in future periods. As of the date of issuance of these condensed consolidated financial statements, the Company has not experienced material business disruptions or incurred impairment losses in the carrying value of its assets as a result of these factors and is not aware of any specific related event or circumstance that would require it to update its estimates. Recently issued accounting pronouncements In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09). ASU 2023-09 requires that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income (or loss) by the applicable statutory income tax rate). The standard is effective for annual and interim periods beginning after December 15, 2024. Adoption of the standard requires certain changes to be made prospectively, with some changes to be made retrospectively. The adoption is not expected to have a material impact on the Company’s consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, Improvements to Reportable Segment Disclosures (Topic 280) (ASU 2023-07) which requires enhanced disclosure of (1) significant segment expenses that are regularly provided to the chief operating decision maker (CODM) and included within each reported measure of segment profit or loss, (2) the amount and description of the composition of other segment items which reconcile to segment profit or loss, and (3) the title and position of the entity’s CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and allocating resources. The amendments also expand the interim segment disclosure requirements. This new guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments in this ASU apply retrospectively to all prior periods presented in the financial statements. The Company is in the process of assessing the impact on its financial statements from the adoption of the new guidance and the period in which the new guidance will be adopted. In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements - Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative (ASU 2023-06). The standard is effective for annual and interim periods beginning after December 15, 2024. Adoption of the standard requires certain changes to be made prospectively, with some changes to be made retrospectively. The adoption is not expected to have a material impact on the Company’s consolidated financial statements.

EQUITY METHOD INVESTMENT (Details) - Revelio Therapeutics - USD ($)	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Common shares received from equity method investment (in shares)			9,000,000
Equity method investment, ownership percentage	21.20%	39.10%
Equity method investment	$ 0	$ 0

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

COMMITMENTS AND CONTINGENCIES	6 Months Ended
COMMITMENTS AND CONTINGENCIES	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES The Company enters into contracts in the normal course of business with contract research organizations (CROs), contract manufacturing organizations (CMOs) and other third parties for preclinical research studies, clinical trials and testing and manufacturing services. These contracts do not contain minimum purchase commitments and are cancelable upon prior written notice. Payments due upon cancellation consist only of payments for services provided or expenses incurred, including noncancelable obligations of service providers, up to the date of cancellation. License agreements The Company is a party to license agreements, which include contingent payments. These payments will become payable if and when certain development, regulatory and commercial milestones are achieved. As of June 30, 2024, the satisfaction and timing of the contingent payments is uncertain and not reasonably estimable. Indemnification agreements In the ordinary course of business, the Company may provide indemnification of varying scope and terms to vendors, lessors, business partners and other parties with respect to certain matters including, but not limited to, losses arising out of breach of such agreements or from intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements with members of its board of directors and executive officers that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is, in many cases, unlimited. To date, the Company has not incurred any material costs as a result of such indemnifications. The Company is not aware of any indemnification arrangements that could have a material effect on its financial position, results of operations or cash flows, and it has not accrued any liabilities related to such obligations in its consolidated financial statements as of June 30, 2024 or December 31, 2023. Legal proceedings The Company is not currently party to and is not aware of any material legal proceedings. At each reporting date, the Company evaluates whether or not a potential loss amount or a potential range of loss is probable and reasonably estimable under the provisions of the authoritative guidance that addresses accounting for contingencies. The Company expenses as incurred the costs related to such legal proceedings.

NET LOSS PER SHARE - Computation of Net Loss per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Net loss	$ (19,909)	$ (18,225)	$ (19,152)	$ (20,875)	$ (38,134)	$ (40,027)
Weighted average common shares outstanding, basic (in shares)	55,155,220		36,516,114		53,482,034	36,500,085
Weighted average common shares outstanding, diluted (in shares)	55,155,220		36,516,114		53,482,034	36,500,085
Net loss per share, basic (in dollars per share)	$ (0.36)		$ (0.52)		$ (0.71)	$ (1.09)
Net loss per share, diluted (in dollars per share)	$ (0.36)		$ (0.52)		$ (0.71)	$ (1.09)

- 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

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

+ References

+ Details

LEASES (Tables)

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

Schedule of Lease Cost and Other Operating Lease Information


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Lease Cost
Operating lease cost	$	1,054	$	1,054	$	2,108	$	2,108
Short-term lease cost	16		11		33		28
Variable lease cost	202		126		439		382
Sublease income	(615)		(335)		(1,071)		(470)
Total lease cost	$	657	$	856	$	1,509	$	2,048


Other Operating Lease Information	June 30, 2024			June 30, 2023

Cash paid for amounts included in the measurement of lease liability	$	2,160		$	2,103
Weighted-average remaining lease term	6.4			7.4
Weighted-average discount rate	5.3		%	5.3		%

Schedule of Future Minimum Lease Payments

Future minimum lease payments under the Company’s operating leases as of June 30, 2024 were as follows:


	As of June 30, 2024
2024 (excluding the six months ended June 30, 2024)	$	2,199
2025	4,477
2026	4,599
2027	4,724
2028	3,926
Thereafter	8,324
Total lease payments	28,249
Less: interest	(4,467)
Total lease liability	$	23,782

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Operating expenses:
Research and development	$ 12,556	$ 13,154	$ 26,101	$ 27,907
General and administrative	9,574	6,878	16,275	13,686
Total operating expenses	22,130	20,032	42,376	41,593
Loss from operations	(22,130)	(20,032)	(42,376)	(41,593)
Other income (expense):
Interest income	464	539	1,101	1,161
Other income (expense)	1,757	341	3,141	405
Total other income (expense), net	2,221	880	4,242	1,566
Net loss	$ (19,909)	$ (19,152)	$ (38,134)	$ (40,027)
Net loss per share, basic (in dollars per share)	$ (0.36)	$ (0.52)	$ (0.71)	$ (1.09)
Net loss per share, diluted (in dollars per share)	$ (0.36)	$ (0.52)	$ (0.71)	$ (1.09)
Weighted average common shares outstanding, basic (in shares)	55,155,220	36,516,114	53,482,034	36,500,085
Weighted average common shares outstanding, diluted (in shares)	55,155,220	36,516,114	53,482,034	36,500,085
Comprehensive loss:
Net loss	$ (19,909)	$ (19,152)	$ (38,134)	$ (40,027)
Other comprehensive income (loss):
Unrealized gain (loss) on investments, net	(20)	515	(88)	1,163
Comprehensive loss	$ (19,929)	$ (18,637)	$ (38,222)	$ (38,864)

BENEFIT PLANS (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
BENEFIT PLANS (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Retirement Benefits [Abstract]
Employer contribution, matching contribution percentage			100.00%
Employer contribution, percent of each participant's salary			6.00%
Employer contribution amount	$ 152	$ 167	$ 500	$ 543