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Stock-Based Compensation - Summary of Restricted Stock Awards (Details) - Restricted Stock [Member]	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares, Unvested \| shares	149,975
Number of shares, Granted \| shares	63,000
Number of shares, Vested \| shares	(24,579)
Number of shares, Unvested \| shares	188,396
Unvested, weighted average grant date fair value per share, beginning balance \| $ / shares	$ 6.03
Granted, weighted average grant date fair value \| $ / shares	2.81
Vested, weighted average grant date fair value per share \| $ / shares	6.38
Unvested, weighted average grant date fair value per share, ending balance \| $ / shares	$ 4.91

- 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.

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+ Details

Certain Balance Sheet Accounts - Summary of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Balance Sheet Related Disclosures [Abstract]
Recoverable research and development tax credits	$ 2,021	$ 2,024
Deferred transaction costs	952	0
Other assets	625	552
Prepaid expenses	571	847
Prepaid research and development expenses	23	34
Total prepaid expenses and other current assets	$ 4,192	$ 3,457

Investments - Investments in a continual unrealized loss position (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Debt Securities, Available-for-Sale [Line Items]
Continuous unrealized loss position, less than 12 months	$ 8,201
US Treasury Securities [Member]
Debt Securities, Available-for-Sale [Line Items]
Continuous unrealized loss position, less than 12 months	5,967
US Government Debt Securities [Member]
Debt Securities, Available-for-Sale [Line Items]
Continuous unrealized loss position, less than 12 months	$ 2,234

- Definition

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+ Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (1,697)	$ (22,290)

- 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

Net Loss Per Share - Schedule of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Net Income (Loss)	$ (1,697)	$ (22,290)
Weighted Average Number of Shares Outstanding, Basic	27,638,528	26,492,438
Weighted-average number of shares outstanding, Diluted	27,638,528	26,492,438
Earnings Per Share, Basic	$ (0.06)	$ (0.84)
Earnings Per Share, Diluted	$ (0.06)	$ (0.84)

- Definition

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

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- Definition

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

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+ Details

- Definition

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

+ References

+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 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

Description of Organization and Summary of Significant Accounting Policies - Additional Information (Details) $ / shares in Units, $ in Thousands		3 Months Ended
	Apr. 10, 2024 USD ($) $ / shares shares	Mar. 31, 2024 USD ($) Segments	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)	Oct. 31, 2023 Employee	Feb. 07, 2023
Subsidiary Sale Of Stock [Line Items]
Legal Fees		$ 952		$ 0
Workforce reduction, percentage						55.00%
Accumulated deficit		(157,676)		(155,979)
Cash and cash equivalents		$ 105,031		$ 93,112
Number of operating segments \| Segments		1
Workforce Reduction Number Of Employees \| Employee					10
Proceeds from Issuance of Common Stock		$ 15	$ 1
Fair Value Inputs Level 1, 2 and 3 [Member]
Subsidiary Sale Of Stock [Line Items]
Fair value transfer amount		$ 0
Private Placement [Member] \| Acquisition Agreement [Member] \| Subsequent Event [Member]
Subsidiary Sale Of Stock [Line Items]
Stock Issued During Period, Shares, New Issues \| shares	31,238,282
Sale of Stock, Price Per Share \| $ / shares	$ 3.84
Proceeds from Issuance of Common Stock	$ 120,000
Eliem Therapeutics [Member]
Subsidiary Sale Of Stock [Line Items]
Entity incorporation date		Oct. 18, 2018

Commitments and Contingencies

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

4. Commitments and Contingencies

Facility Leases

The Company leases office space in the U.S. and U.K. under non-cancelable operating leases.

In May 2021, the Company entered into an agreement for office space in Cambridge, U.K. The term of this lease is for a period of 24 months, which commenced on July 1, 2021. In March 2023, the Company agreed to extend this lease until June 30, 2024. This extension was accounted for as a lease modification under ASC 842, Leases and the ROU asset and lease liability were remeasured at the modification date. The remeasurement of the lease resulted in an increase in both the operating right-of-use asset and the operating lease liability of approximately $0.3 million.

In November 2021, the Company agreed to lease approximately 5,000 square feet of office space in Bellevue, Washington. The term of this lease is 39 months, which commenced on November 1, 2021. The lease contains rent escalation clauses and an option to extend the term of the lease for an additional 3-year period at a market rate determined according to the lease. At the lease's inception and as of December 31, 2023, the Company does not expect that it will exercise its option to extend the lease, and therefore the period covered by this option is not included in the lease term.

In July 2023, the Company entered into a non-cancellable sublease agreement for the Bellevue office space, under the terms of which the Company is entitled to receive $0.2 million in lease payments over the term of the sublease, which commenced in July 2023 and ends concurrently with the original lease in January 2025.

In advance of the sublease, the Company ceased use of and vacated the Bellevue office space in June 2023. The Company considered these circumstances to be an indicator of impairment and recorded an ROU asset impairment loss during the second quarter of 2023 of $0.2 million, which was the amount by which the carrying value of the lease ROU asset exceeded the fair value. The fair value is based on the discounted cash flows of anticipated net rental income for the office space subleased.

As of March 31, 2024, the remaining weighted-average lease term was 0.6 years and the weighted-average incremental borrowing rate used to determine the operating lease liability was 7.5%.

For each of the three months ended March 31, 2024 and 2023, the Company incurred $0.1 million in rent expense. Sublease income was $33,000 for the three months ended March 31, 2024, which was classified as a reduction in rent expense.

As of March 31, 2024, the annual future minimum lease payments due under the Company’s non-cancelable operating leases are as follows:


	Operating Lease			Sublease			Net Operating
Year Ending December 31,	Payments			Income			Lease Payments
2024 (remaining 9 months)	$	215			(99	)		116
2025		15			(11	)		4
Total undiscounted lease payments	$	230		$	(110	)	$	120
Present value adjustment		(5	)
Total operating lease liabilities	$	225

Legal Proceedings

From time to time, the Company may have certain contingent liabilities that arise in the ordinary course of its business activities. The Company accrues a liability for such matters when it is probable that future expenditures will be made and that such expenditures can be reasonably estimated. Significant judgment is required to determine both probability and the estimated amount. As of the date of these condensed consolidated financial statements, the Company is not party to any material legal matters or claims.

Indemnification

In the ordinary course of business, the Company enters into agreements that may include indemnification provisions. Pursuant to such agreements, the Company may indemnify, hold harmless, and defend an indemnified party for losses suffered or incurred by the indemnified party. Some of the provisions will limit losses to those arising from third-party actions. In some cases, the indemnification will continue after the termination of the agreement. The maximum potential amount of future payments the Company could be required to make under these provisions is not determinable. The Company has never incurred material costs to defend lawsuits or settle claims related to these indemnification provisions. The Company intends to enter into indemnification agreements with its directors and officers that may require the Company to indemnify its directors and officers against liabilities that may arise by reason of their status or service as directors or officers to the fullest extent permitted by Delaware corporate law. The Company currently has directors’ and officers’ insurance coverage that reduces its exposure and enables the Company to recover a portion of any future amounts paid. The Company believes the estimated fair value of these indemnification agreements in excess of applicable insurance coverage is immaterial.

Restructuring Costs (Additional Information) (Details) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)	Oct. 31, 2023 Employee	Feb. 07, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 0.0
Workforce reduction, percentage					55.00%
Workforce Reduction Number Of Employees \| Employee				10
Restructuring Costs [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring costs		$ 15.8
Total Restructuring Charges			$ 18.8

- 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

Restructuring Costs - Schedule of restructuring costs in statement of operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Restructuring Cost and Reserve [Line Items]
General and Administrative Expense	$ 1,914	$ 17,718
Research and Development Expense	$ 1,091	5,720
Severance and Benefits Costs [Member]
Restructuring Cost and Reserve [Line Items]
General and Administrative Expense		5,437
Research and Development Expense		1,342
Total Restructuring Costs		6,779
Stock-based Compensation [Member]
Restructuring Cost and Reserve [Line Items]
General and Administrative Expense		8,520
Research and Development Expense		488
Total Restructuring Costs		9,008
Total Restructuring Cost Recorded [Member]
Restructuring Cost and Reserve [Line Items]
General and Administrative Expense		13,957
Research and Development Expense		1,830
Total Restructuring Costs		$ 15,787

- 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

Certain Balance Sheet Accounts - Summary of Other Long-Term Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Balance Sheet Related Disclosures [Abstract]
Total other long-term assets	$ 0	$ 15

Stock-Based Compensation

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

5. Stock-Based Compensation

2019 Plan

In 2019, the Company adopted the 2019 Equity Incentive Plan (the 2019 Plan). The 2019 Plan provides for the Company to grant qualified stock options, non-qualified stock options, and restricted stock awards to employees, non-employee directors and consultants of the Company under terms and provisions established by the Company's board of directors. Under the terms of the 2019 Plan, options are granted at an exercise price no less than fair value of the Company’s common stock on the grant date, except in certain cases related to employees outside of the U.S. Option awards granted typically have 10-year terms measured from the option grant date. While no shares are available for future issuance under the 2019 Plan, it continues to govern outstanding equity awards granted thereunder.

2021 Plan and ESPP

The compensation committee of the Company's board of directors adopted and the Company's stockholders approved the 2021 Equity Incentive Plan (the 2021 Plan) and the 2021 Employee Stock Purchase Plan (the ESPP), which became effective in August 2021. The 2021 Plan provides for the grant of incentive stock options, non-statutory stock options, restricted stock awards, restricted stock units, stock appreciation rights and other stock-based awards. The Company's employees, officers, directors and consultants are eligible to receive awards under the 2021 Plan. Under the terms of the 2021 Plan, options are granted at an exercise price no less than fair value of the Company’s common stock on the grant date, except in certain cases related to significant corporate transactions. Option awards granted typically have 10-year terms measured from the option grant date. As of March 31, 2024, the total number of shares authorized for issuance under the 2021 Plan was 6,912,316. Any shares that are returned under the 2019 Plan as a result of cancellation or forfeiture become available under the 2021 Plan. Further, the number of shares of common stock reserved for issuance under the 2021 Plan automatically increases on January 1 of each year, beginning on January 1, 2022, and continuing through and including January 1, 2031, by 5% of the total number of shares of common stock outstanding on December 31 of the immediately preceding calendar year, or a lesser number of shares determined by the Company's board of directors prior to the applicable January 1st.

The ESPP allows employees, including executive officers, to contribute up to 15% of their earnings, subject to certain limitations, for the purchase of the Company's common stock at a price per share equal to the lower of (a) 85% of the fair market value of a share of common stock on the first day of the offering period, or (b) 85% of the fair market value of a share of common stock on the last day of the offering period. As of March 31, 2024, there were 1,064,225 shares of common stock reserved for future issuance under the ESPP. The number of shares of common stock reserved for issuance under the ESPP will automatically increase on January 1 of each calendar year, beginning on January 1, 2022 and continuing through and including January 1, 2031, by the lesser of (1) 1% of the total number of shares of the Company's common stock outstanding on December 31 of the preceding calendar year or (2) a number of shares determined by the Company's board of directors. Shares subject to purchase rights granted under the ESPP that terminate without having been exercised in full will not reduce the number of shares available for issuance under the ESPP.

As of March 31, 2024, no shares have been granted or purchased under the ESPP.

Stock Options

Awards with vesting conditions under both plans typically include either: (i) vesting 25% on the first anniversary of the grant date with the remainder vesting monthly over the following three years or (ii) monthly vesting over four years.

No stock option awards were granted during the three months ended March 31, 2024 or 2023.

The activity for stock options is as follows:


	Options Outstanding			Weighted Average Exercise Price		Weighted Average Remaining Contract Terms (in years)		Aggregate Intrinsic Values (in thousands)
Balance as of December 31, 2023		4,586,476		$	5.40		2.28	$	1,060
Options expired		(307,853	)		6.95
Options exercised		(10,999	)		1.32				17
Options forfeited		(6,097	)		13.8
Balance as of March 31, 2024		4,261,527		$	5.29		2.13	$	1,073
Vested and expected to vest, March 31, 2024		4,261,527		$	5.29		2.13	$	1,073
Options exercisable as of March 31, 2024		3,794,290		$	5.36		1.39	$	932

The aggregate intrinsic value disclosed in the above table is based on the difference between the exercise price of the stock option and the fair value of the Company’s common stock as of the respective period-end dates.

The Black-Scholes option pricing model for employee and nonemployee stock options incorporates the following assumptions:

•

Fair Value of Common Stock — The fair value of each share of common stock is based on the closing price of the Company's common stock on the date of grant as reported on the Nasdaq Global Market.

•

Volatility — The expected stock price volatilities are estimated based on the historical and implied volatilities of comparable publicly traded companies as the Company does not have sufficient history of trading its common stock.

•

Risk-free Interest Rate — The risk-free interest rates are based on US Treasury yields in effect at the grant date for notes with comparable terms as the awards.

•

Expected Term — The expected term represents the period that the Company’s stock options are expected to be outstanding and is determined using the simplified method (based on the mid-point between the vesting date and the end of the contractual term).

•

Dividend Yield — The expected dividend yield assumption is based on the Company’s current expectations about its anticipated dividend policy.

Restricted Stock

The Company has: (i) restricted stock awards with service conditions that vest 25% on the first anniversary of the grant date and the remainder vesting monthly over the following three years and (ii) restricted stock units that vest quarterly over a two year or two and a half year period. The restricted stock awards are subject to repurchase by the Company at the original purchase price in the event that the award recipient’s employment or relationship is terminated prior to the shares vesting.

The activity for restricted stock awards and units is as follows:


	Number of Shares			Weighted-Average Grant Date Fair Value
Unvested at December 31, 2023		149,975		$	6.03
Granted		63,000			2.81
Vested		(24,579	)		6.38
Unvested at March 31, 2024		188,396		$	4.91

Modifications & Accelerations

Certain equity awards are subject to provisions in which the vesting of these awards is automatically accelerated upon the occurrence of events such as an involuntary termination in connection with a reduction in force. Further, in connection with the Restructuring Plan, the Company modified the terms of certain equity awards for impacted employees including partial or full acceleration of vesting of stock options and restricted stock awards upon separation and extension of exercise periods for stock options post-separation. As a result of: (i) the contractual acceleration and (ii) the discretionary modification of equity awards in connection with the Restructuring Plan, the Company recorded incremental stock-based compensation expense of $9.0 million for the three months ended March 31, 2023, of which $0.5 million and $8.5 million is included in research and development expense and general and administrative expense, respectively.

Stock-Based Compensation

The following table sets forth stock-based compensation for stock options, restricted stock awards, and restricted stock units included in the Company’s condensed consolidated statements of operations and comprehensive loss (in thousands):


	Three Months Ended March 31,
	2024		2023
Research and development expense	$	269	$	1,032
General and administrative expense		196		9,139
Total stock-based compensation expense	$	465	$	10,171

As of March 31, 2024, there was $1.5 million of total unrecognized compensation cost related to unvested stock options, which is expected to be recognized over a weighted average period of 1.75 years. Further, there was $0.9 million of unrecognized compensation cost related to unvested restricted stock awards and units, which is expected to be recognized over a weighted average period of 1.3 years.

Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholder's Deficit (Unaudited) - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Loss [Member]	Accumulated Deficit [Member]
Beginning balance at Dec. 31, 2022	$ 128,715	$ 3	$ 249,930	$ (358)	$ (120,860)
Beginning balance, shares at Dec. 31, 2022		26,390,186
Vesting Of Restricted Stock Awards Shares		19,608
Exercise of stock options	1		1
Exercise of stock options , shares		406,194
Stock-based compensation	10,171		10,171
Other comprehensive loss	263			263
Net loss	(22,290)				(22,290)
Ending balance at Mar. 31, 2023	116,860	$ 3	260,102	(95)	(143,150)
Ending balance, shares at Mar. 31, 2023		26,815,988
Beginning balance at Dec. 31, 2023	107,599	$ 3	263,577	(2)	(155,979)
Beginning balance, shares at Dec. 31, 2023		27,626,435
Vesting Of Restricted Stock Awards Shares		24,579
Exercise of stock options	$ 15		15
Exercise of stock options , shares	10,999	10,999
Stock-based compensation	$ 465		465
Other comprehensive loss	2			2
Net loss	(1,697)				(1,697)
Ending balance at Mar. 31, 2024	$ 106,384	$ 3	$ 264,057	$ 0	$ (157,676)
Ending balance, shares at Mar. 31, 2024		27,662,013

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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+ Details

Net Loss Per Share

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Net Loss Per Share

6. Net Loss Per Share

The following table shows the computation of basic and diluted net loss per share (in thousands, except share and per share data):


	Three Months Ended March 31,
	2024			2023
Net loss	$	(1,697	)	$	(22,290	)
Weighted-average number of shares outstanding used to compute net loss per share, basic and diluted		27,638,528			26,492,438
Net loss per share, basic and diluted	$	(0.06	)	$	(0.84	)

The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share for the periods presented because their effect would have been anti-dilutive:


	Three Months Ended March 31,
	2024		2023
Common stock options		4,261,527		5,466,938
Unvested restricted stock awards and units		188,396		271,220
Total potentially dilutive shares		4,449,923		5,738,158

Commitments and Contingencies - Future Minimum Lease Payments Under Non-Cancelable Operating Leases (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Gross Operating Lease Payments [Member]
Lessee, Lease, Description [Line Items]
2024 (remaining 9 months)	$ 215
2025	15
Total undiscounted lease payments	230
Present value adjustment	(5)
Total operating lease liabilities	225
Sublease Income [Member]
Lessee, Lease, Description [Line Items]
2024 (remaining 9 months)	(99)
2025	(11)
Total undiscounted sublease income	(110)
Net Operating Lease Payments [Member]
Lessee, Lease, Description [Line Items]
2024 (remaining 9 months)	116
2025	4
Total undiscounted lease payments	$ 120

Description of Organization and Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Description of Organization and Summary of Significant Accounting Policies

1. Description of Organization and Summary of Significant Accounting Policies

Organization

Eliem Therapeutics, Inc. (Eliem or the Company) is a biotechnology company focused on developing novel therapies for neuronal excitability disorders to address unmet needs in psychiatry, epilepsy, chronic pain, and other disorders of the peripheral and central nervous systems. The Company was incorporated on October 18, 2018 as a Delaware corporation and is headquartered in Delaware.

On February 7, 2023, the Company’s board of directors approved a restructuring plan (the Restructuring Plan) to conserve financial resources and better align the Company’s workforce with current business needs, as a result of the decision to pause development of ETX-155 and focus on the Company’s preclinical Kv7 program. As part of the Restructuring Plan, the Company's workforce was reduced by approximately 55%, with substantially all of the reduction in personnel completed in the first half of 2023.

On July 20, 2023, the Company announced that it made the determination to pause further development of its Kv7 program and to conduct a comprehensive exploration of strategic alternatives focused on maximizing stockholder value. As part of that effort, the Company is exploring a variety of options, including seeking a partner for further development of both Kv7 and ETX-155. The Company further reduced its workforce by 10 employees in October 2023.

On April 10, 2024, after a comprehensive review of strategic alternatives, including identifying and reviewing potential candidates for a strategic transaction, the Company entered into an Agreement and Plan of Merger and Reorganization (the Acquisition Agreement) with Tango Merger Sub, Inc. (Transitory Subsidiary), a Delaware corporation and a wholly owned subsidiary of the Company, Tenet Medicines, Inc. (Tenet), a Delaware corporation that is majority-owned by funds affiliated with RA Capital Management, L.P. (RA Capital Management), and, solely in his capacity as company equityholder representative, Stephen Thomas. The Acquisition Agreement provides for the acquisition of Tenet by the Company through the merger of Transitory Subsidiary into Tenet, with Tenet surviving as a wholly owned subsidiary of the Company (the Acquisition). Tenet is a privately held development stage biotechnology company focused on advancing its clinical stage program TNT119, an anti-CD19 monoclonal antibody designed for broad range of autoimmune disorders, including systemic lupus erythematosus (SLE), immune thrombocytopenia (ITP), and membranous nephropathy (MN).

Concurrently with the execution of the Acquisition Agreement, the Company entered into a Securities Purchase Agreement (the Securities Purchase Agreement) with several accredited institutional investors, pursuant to which the Company agreed to issue and sell to such investors in a private placement an aggregate of 31,238,282 shares of its common stock, at a price of $3.84 per share (the Private Placement). The Company expects to receive aggregate gross proceeds from the Private Placement of approximately $120.0 million, before deducting estimated offering costs.

For additional information on the Acquisition and Private Placement, please refer to Note 8, Subsequent Events, to the interim condensed consolidated financial statements.

Basis of Presentation and Principles of Consolidation

The accompanying interim condensed consolidated financial statements of the Company and its wholly owned subsidiary have been prepared in conformity with accounting principles generally accepted in the United States (U.S. GAAP) and accordance with the rules and regulations of the U.S. Securities and Exchange Commission (SEC) for Quarterly Reports on Form 10-Q. All intercompany transactions and balances have been eliminated in consolidation.

The accompanying condensed consolidated balance sheet as of March 31, 2024, and condensed consolidated statements of operations and comprehensive loss, condensed consolidated statements of cash flows, and condensed consolidated statements of stockholders’ equity for the three months ended March 31, 2024 and 2023, are unaudited. The consolidated balance sheet as of December 31, 2023 was derived from the audited financial statements as of and for the year ended December 31, 2023, but does not include all disclosures required by U.S. GAAP. The unaudited interim condensed financial statements have been prepared on a basis consistent with the audited annual financial statements as of and for the year ended December 31, 2023, and, in the opinion of management, reflect all adjustments, consisting solely of normal recurring adjustments, necessary for the fair statement of the Company’s financial position as of March 31, 2024, the condensed results of its operations as of the three months ended March 31, 2024 and 2023, and its cash flows for the three months ended March 31, 2024 and 2023. The financial data and other information disclosed in these notes related to the three months ended March 31, 2024 and 2023 are also unaudited. The condensed results of operations for the three months ended March 31, 2024 are not necessarily indicative of the results to be expected for the full year ending December 31, 2024 or any other period. These interim condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in the Company’s Annual Report on Form 10-K filed with the SEC on March 28, 2024.

Liquidity

Since inception, the Company has experienced recurring losses from operations and generated negative cash flows from operations. The Company has an accumulated deficit of $157.7 million as of March 31, 2024 and expects to incur additional losses from operations in the future. The Company estimates the available cash and cash equivalents of $105.0 million as of March 31, 2024 will be sufficient to meet its projected operating requirements for at least the next twelve months from the filing date of these unaudited condensed consolidated financial statements and the Company anticipates that it will need to raise substantial financing in the future to fund its operations.

The Company may finance future cash needs through the sale of equity, debt financings, or other capital sources, which could include income from collaborations, strategic partnerships or other strategic arrangements. There are no assurances that the Company will be able to raise sufficient amounts of funding in the future on acceptable terms, or at all.

Use of Estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect reported amounts and disclosures. Accordingly, actual results could differ from those estimates. Estimates include those related to the accrual of research and development expenses, recoverable research and development tax credits, and the valuation of stock-based awards. The Company evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors and adjusts those estimates and assumptions when facts and circumstances dictate. Actual results could differ from those estimates.

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash, cash equivalents, and marketable securities. The Company’s cash is held by two financial institutions in the United States (U.S.) and two financial institutions in the U.K. The Company does not believe that it is subject to unusual credit risk beyond the normal credit risk associated with commercial banking relationships. The Company’s deposits held in the U.S. and U.K. may exceed the insured limits of the Federal Depository Insurance Corporation and Financial Services Compensation Scheme, respectively. As of March 31, 2024, the Company has investments in money market funds which are held in a segregated account at a third-party custodian. The Company has established guidelines relative to credit ratings and maturities intended to safeguard principal balances and maintain liquidity. Through March 31, 2024, and the date of this filing, the Company has not experienced any losses on such deposits.

Risks and Uncertainties

The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry, including, but not limited to, development by competitors of new technological innovations, protection of proprietary technology, dependence on key personnel, reliance on single-source vendors and collaborators, availability of raw materials, patentability of the Company’s products and processes and clinical efficacy and safety of any product the Company may develop, compliance with government regulations and the need to obtain additional financing to fund operations. Any product candidates the Company may develop in the future will require significant additional research and development efforts, including extensive preclinical studies, clinical trials, and regulatory approval, prior to commercialization. These efforts will require significant amounts of additional capital, adequate personnel infrastructure and extensive compliance and reporting.

There can be no assurance that any future research and development will be successfully completed, that adequate protection for the Company’s intellectual property will be obtained or maintained, that any products developed will obtain necessary government regulatory approval or that any approved products will be commercially viable. Even if any future product development efforts are successful, it is uncertain when, if ever, the Company will generate revenue from product sales. The Company operates in an environment of rapid technological change and substantial competition from other pharmaceutical and biotechnology companies. In addition, the Company is dependent upon the services of its employees, consultants and other third parties.

Segments

Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision-maker (the CODM). The Company’s CODM is its executive chairman who reviews financial information together with certain operating metrics principally to make decisions about how to allocate resources and to measure the Company’s performance. Management has determined that the Company operates as a single operating and reportable segment. The Company’s CODM evaluates financial information on a consolidated basis. As the Company operates as one operating segment, all required segment financial information is found in the interim condensed consolidated financial statements.

Fair Value Measurement

Assets and liabilities recorded at fair value on a recurring basis in the balance sheet are categorized based upon the level of judgment associated with the inputs used to measure their fair values. Fair value is defined as the exchange price that would be received for an asset or an exit price that would be paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The Company measures fair value based on a three-tier hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value as follows:

Level 1—Observable inputs such as unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.

Level 2—Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable for the assets or liabilities. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active.

Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

In determining fair value, the Company utilizes quoted market prices, or valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as considers counterparty credit risk in its assessment of fair value.

There were no transfers into or out of Level 3 for any of the periods presented.

The Company’s fair value measurements as of March 31, 2024 and December 31, 2023 was as follows (in thousands):


	March 31, 2024
	Level 1		Level 2		Balance
Assets:
Cash equivalents:
Money market funds	$	103,239	$	—	$	103,239
Total assets	$	103,239	$	—	$	103,239


	December 31, 2023
	Level 1		Level 2		Balance
Assets:
Cash equivalents:
Money market funds	$	89,197	$	—	$	89,197
Marketable securities:
U.S. Treasury securities		8,962		—		8,962
U.S. government agency debt securities		—		4,724		4,724
Total marketable securities		8,962		4,724		13,686
Total assets	$	98,159	$	4,724	$	102,883

Summary of Significant Accounting Policies

Deferred Transaction Costs

The Company capitalized certain legal, accounting and other third-party fees that are directly associated with the Acquisition and the Securities Purchase Agreement. After consummation, the deferred transaction costs associated with the Acquisition will be included in the total purchase consideration and the deferred transaction costs associated with the Securities Purchase Agreement will be recorded as a reduction of additional paid-in capital generated as a result of the offering. As of March 31, 2024, deferred transaction costs, primarily legal fees, were $1.0 million, were recorded in prepaid expenses and other current assets and accrued expenses and other current liabilities in the condensed consolidated balance sheet. Should the Acquisition or Securities Purchase Agreement not be completed, the deferred transaction costs would be expensed immediately as a charge to operating expenses in the consolidated statement of operations and comprehensive loss.

See Note 2 to the consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 for additional information.

Recently Adopted Accounting Pronouncements

In August 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging —Contracts in Entity’s Own Equity (Subtopic 815-40)—Accounting For Convertible Instruments and Contracts in an Entity’s Own Equity. The standard simplifies accounting for convertible instruments by removing major separation models required under current GAAP. Consequently, more convertible debt instruments will be reported as a single liability instrument with no separate accounting for embedded conversion features. ASU 2020-06 removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception, which will permit more equity contracts to qualify for it. The standard also simplifies the diluted net income per share calculation in certain areas. The effective date of this update for non-public companies is for fiscal years beginning after December 15, 2023, including interim periods therein. Early adoption is permitted for fiscal years beginning after December 15, 2020 and interim periods therein. The Company adopted ASU 2020-06 on January 1, 2024, which did not have a material impact on its consolidated financial statements.

Recently Accounting Pronouncements Not Yet Adopted

In November 2023, the FASB issued ASU No. 2023-07 (ASU 2023-07), Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures which requires, among other things, the following: (i) enhanced disclosures about significant segment expenses that are regularly provided to the CODM and included in a segment's reported measure of profit or loss; (ii) disclosure of the amount and description of the composition of other segment items, as defined in ASU 2023-07, by reportable segment; and (iii) reporting the disclosures about each reportable segment's profit or loss and assets on an annual and interim basis. The provisions of ASU 2023-07 are 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 Company expects ASU 2023-07 to require additional disclosures in the notes to its consolidated financial statements.

In December 2023, the FASB issued ASU No. 2023-09 (ASU 2023-09), Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires, among other things, the following for public business entities: (i) enhanced disclosures of specific categories of reconciling items included in the rate reconciliation, as well as additional information for any of these items meeting certain qualitative and quantitative thresholds; (ii) disclosure of the nature, effect and underlying causes of each individual reconciling item disclosed in the rate reconciliation and the judgment used in categorizing them if not otherwise evident; and (iii) enhanced disclosures for income taxes paid, which includes federal, state, and foreign taxes, as well as for individual jurisdictions over a certain quantitative threshold. The amendments in ASU 2023-09 eliminate the requirement to disclose the nature and estimate of the range of the reasonably possible change in unrecognized tax benefits for the 12 months after the balance sheet date. The effective date of this update for non-public companies is for fiscal years beginning after December 15, 2025; early adoption is permitted. The Company expects ASU 2023-09 to require additional disclosures in the notes to its consolidated financial statements.

There were no other significant updates to the recently issued accounting standards other than as disclosed herewith for the three months ended March 31, 2024. Although there are several other new accounting pronouncements issued or proposed by the FASB, the Company does not believe any of those accounting pronouncements have had or will have a material impact on its financial position or operating results.

Stock-Based Compensation - Summary of Share-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	$ 465	$ 10,171
Research and Development Expense
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	269	1,032
General and Administrative Expense
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	$ 196	$ 9,139

- 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

Subsequent Events (Additional Information) (Details) $ / shares in Units, $ in Thousands			3 Months Ended
	May 14, 2024 USD ($)	Apr. 10, 2024 USD ($) $ / shares shares	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)
Subsequent Event [Line Items]
Proceeds from the exercise of stock options			$ 15	$ 1
Subsequent Event [Member] \| Eliem [Member] \| Note Purchase Agreement [Member]
Subsequent Event [Line Items]
Aggregate principal amount	$ 15,000
Remaining loan commitment amount	$ 10,000
Simple interest	6.00%
Loan term	12 months
Aggregate loan proceeds	$ 15,000
Subsequent Event [Member] \| Eliem [Member] \| Note Purchase Agreement [Member] \| Initial Loan [Member]
Subsequent Event [Line Items]
Initial loan amount	$ 5,000
Subsequent Event [Member] \| Private Placement [Member] \| Acquisition Agreement [Member]
Subsequent Event [Line Items]
Issuance of common stock \| shares		31,238,282
Per share price \| $ / shares		$ 3.84
Proceeds from the exercise of stock options		$ 120,000
Exchange ratio		0.154
Termination fees		$ 1,000
Termination related expense		$ 500

Restructuring Costs (Tables)

3 Months Ended

Mar. 31, 2024

Restructuring and Related Activities [Abstract]

Schedule of restructuring liability

The activity in the restructuring liability was as follows for the three months ended March 31, 2024 (in thousands):


	Restructuring Liability
Restructuring liability as of December 31, 2023	$	1,077
Restructuring costs incurred during the period		20
Restructuring costs paid during the period		(782	)
Restructuring liability as of March 31, 2024	$	315

Schedule of restructuring costs

A summary of the restructuring costs recorded in the statement of operations and comprehensive loss for the three months ended March 31, 2023 is as follows (in thousands):


	Three Months Ended March 31, 2023
	Severance and Benefits Costs		Stock-based Compensation		Total Restructuring Cost Recorded
General and administrative expense	$	5,437	$	8,520	$	13,957
Research and development expense		1,342		488		1,830
Total restructuring costs	$	6,779	$	9,008	$	15,787

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Future Minimum Lease Payments Under Non-Cancelable Operating Leases

As of March 31, 2024, the annual future minimum lease payments due under the Company’s non-cancelable operating leases are as follows:


	Operating Lease			Sublease			Net Operating
Year Ending December 31,	Payments			Income			Lease Payments
2024 (remaining 9 months)	$	215			(99	)		116
2025		15			(11	)		4
Total undiscounted lease payments	$	230		$	(110	)	$	120
Present value adjustment		(5	)
Total operating lease liabilities	$	225

Redeemable Convertible Preferred Stock - Additional Information (Details) - shares	Mar. 31, 2024	Dec. 31, 2023
Temporary Equity [Line Items]
Common stock	27,723,824	27,699,446

Certain Balance Sheet Accounts

3 Months Ended

Mar. 31, 2024

Balance Sheet Related Disclosures [Abstract]

Certain Balance Sheet Accounts

3. Certain Balance Sheet Accounts

Prepaid Expenses and Other Current Assets

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


	March 31, 2024		December 31, 2023
Recoverable research and development tax credits	$	2,021	$	2,024
Deferred transaction costs		952		—
Other assets		625		552
Prepaid expenses		571		847
Prepaid research and development expenses		23		34
Total prepaid expenses and other current assets	$	4,192	$	3,457

Accrued Expenses and Other Current Liabilities

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


	March 31, 2024		December 31, 2023
Accrued payroll expenses	$	1,025	$	1,111
Accrued transaction costs		952		—
Accrued restructuring expenses		315		1,066
Other accrued expenses		304		90
Accrued research and development expense		22		28
Other current liabilities		22		138
Total accrued expenses and other current liabilities	$	2,640	$	2,433

Restructuring Costs - Schedule of restructuring liability (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Restructuring and Related Activities [Abstract]
Restructuring Liability, Beginning Balance	$ 1,077
Restructuring costs incurred during the period	20
Restructuring costs paid during the period	(782)
Restructuring Liability, Ending Balance	$ 315

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating expenses:
Research and development	$ 1,091	$ 5,720
General and administrative	1,914	17,718
Total operating expenses	3,005	23,438
Loss from operations	(3,005)	(23,438)
Other income (expense):
Foreign currency gain (loss)	(33)	248
Interest Income, Net	1,341	900
Total other income (expense)	1,308	1,148
Net loss	$ (1,697)	$ (22,290)
Net loss per share, basic	$ (0.06)	$ (0.84)
Net loss per share, diluted	$ (0.06)	$ (0.84)
Weighted-average number of shares outstanding used to compute net loss per share, basic	27,638,528	26,492,438
Weighted-average number of shares outstanding used to compute net loss per share, diluted	27,638,528	26,492,438
Comprehensive loss:
Net Income (Loss)	$ (1,697)	$ (22,290)
Other comprehensive loss
Unrealized gain (loss) on investments, net of tax of $0	2	263
Comprehensive loss	$ (1,695)	$ (22,027)

Net Loss Per Share (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Net Loss Per Share

The following table shows the computation of basic and diluted net loss per share (in thousands, except share and per share data):


	Three Months Ended March 31,
	2024			2023
Net loss	$	(1,697	)	$	(22,290	)
Weighted-average number of shares outstanding used to compute net loss per share, basic and diluted		27,638,528			26,492,438
Net loss per share, basic and diluted	$	(0.06	)	$	(0.84	)

Schedule of Antidilutive Securities Excluded from Computation of Net Loss Per Share Attributable to Common Stockholders


	Three Months Ended March 31,
	2024		2023
Common stock options		4,261,527		5,466,938
Unvested restricted stock awards and units		188,396		271,220
Total potentially dilutive shares		4,449,923		5,738,158

Certain Balance Sheet Accounts (Tables)

3 Months Ended

Mar. 31, 2024

Balance Sheet Related Disclosures [Abstract]

Summary of Prepaid Expenses and Other Current Assets

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


	March 31, 2024		December 31, 2023
Recoverable research and development tax credits	$	2,021	$	2,024
Deferred transaction costs		952		—
Other assets		625		552
Prepaid expenses		571		847
Prepaid research and development expenses		23		34
Total prepaid expenses and other current assets	$	4,192	$	3,457

Summary of Accrued Expenses

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


	March 31, 2024		December 31, 2023
Accrued payroll expenses	$	1,025	$	1,111
Accrued transaction costs		952		—
Accrued restructuring expenses		315		1,066
Other accrued expenses		304		90
Accrued research and development expense		22		28
Other current liabilities		22		138
Total accrued expenses and other current liabilities	$	2,640	$	2,433

Net Loss Per Share - Schedule of Antidilutive Securities Excluded from Computation of Net Loss Per Share Attributable to Common Stockholders (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Redeemable convertible preferred stock	4,449,923	5,738,158
Common Stock Options [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Redeemable convertible preferred stock	4,261,527	5,466,938
Unvested Restricted Stock Awards [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Redeemable convertible preferred stock	188,396	271,220

Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Option Granted	0	0
Employees Including Executive Officers Earning Contribution	15.00%
Percentage of fair market value, common stock	85.00%
Share-based payment award, option vesting period	3 years
Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based payment award, award vesting rights, percentage	25.00%
Number of shares, Granted	63,000
Unrecognized compensation cost	$ 0.9
Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based payment award, award vesting rights, percentage	25.00%
Share-based payment award, option vesting period	4 years
Incremental Share Based Compensation Expense		$ 9.0
Unrecognized compensation cost	$ 1.5
Unrecognized compensation, weighted average amortization period	1 year 9 months
Unvested Restricted Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation, weighted average amortization period	1 year 3 months 18 days
Research and Development Expense
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Incremental Share Based Compensation Expense		0.5
General and Administrative Expense
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Incremental Share Based Compensation Expense		$ 8.5
2019 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based payment award, description	Under the terms of the 2019 Plan, options are granted at an exercise price no less than fair value of the Company’s common stock on the grant date, except in certain cases related to employees outside of the U.S. Option awards granted typically have 10-year terms measured from the option grant date. While no shares are available for future issuance under the 2019 Plan, it continues to govern outstanding equity awards granted thereunder.
Share-based payment award, expiration period	10 years
2021 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based payment award, description	The compensation committee of the Company's board of directors adopted and the Company's stockholders approved the 2021 Equity Incentive Plan (the 2021 Plan) and the 2021 Employee Stock Purchase Plan (the ESPP), which became effective in August 2021. The 2021 Plan provides for the grant of incentive stock options, non-statutory stock options, restricted stock awards, restricted stock units, stock appreciation rights and other stock-based awards. The Company's employees, officers, directors and consultants are eligible to receive awards under the 2021 Plan. Under the terms of the 2021 Plan, options are granted at an exercise price no less than fair value of the Company’s common stock on the grant date, except in certain cases related to significant corporate transactions. Option awards granted typically have 10-year terms measured from the option grant date.
Share-based payment award, number of shares authorized	6,912,316
Number of Shares of Common Stock Outstanding Percentage	5.00%
ESPP
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based payment award, description	The ESPP allows employees, including executive officers, to contribute up to 15% of their earnings, subject to certain limitations, for the purchase of the Company's common stock at a price per share equal to the lower of (a) 85% of the fair market value of a share of common stock on the first day of the offering period, or (b) 85% of the fair market value of a share of common stock on the last day of the offering period. As of March 31, 2024, there were 1,064,225 shares of common stock reserved for future issuance under the ESPP. The number of shares of common stock reserved for issuance under the ESPP will automatically increase on January 1 of each calendar year, beginning on January 1, 2022 and continuing through and including January 1, 2031, by the lesser of (1) 1% of the total number of shares of the Company's common stock outstanding on December 31 of the preceding calendar year or (2) a number of shares determined by the Company's board of directors. Shares subject to purchase rights granted under the ESPP that terminate without having been exercised in full will not reduce the number of shares available for issuance under the ESPP.
Number of Shares of Common Stock Outstanding Percentage	1.00%
Common stock reserved for future issuance	1,064,225
Number of shares, Granted	0

Investments

3 Months Ended

Mar. 31, 2024

Investments [Abstract]

Investments

2. Investments

As of March 31, 2024, the Company had no available-for-sale securities.

As of December 31, 2023, investments consist of the following available-for-sale securities, all of which matured during the current period (in thousands):


	December 31, 2023
	Amortized Cost		Unrealized Loss			Estimated Fair Value
Short-term marketable securities:
U.S. Treasury securities	$	8,962	$	—		$	8,962
U.S. government agency debt securities		4,726		(2	)		4,724
Total short-term marketable securities	$	13,688	$	(2	)	$	13,686

There was no material realized gain or loss on available-for-sale securities during the period ended March 31, 2024 or December 31, 2023.

As of December 31, 2023, investments in a continual unrealized loss position for less than 12 months consist of the following (in thousands):


	December 31, 2023
	Fair Value
U.S. Treasury securities	$	5,967
U.S. government agency debt securities		2,234
Total available-for-sale securities	$	8,201

Investments - Additional Information (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Summary of Investment Holdings [Line Items]
Available for Sale Securities	$ 0

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147483580/946-220-50-3

+ Details

Description of Organization and Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Schedule of Fair Value Measurements

The Company’s fair value measurements as of March 31, 2024 and December 31, 2023 was as follows (in thousands):


	March 31, 2024
	Level 1		Level 2		Balance
Assets:
Cash equivalents:
Money market funds	$	103,239	$	—	$	103,239
Total assets	$	103,239	$	—	$	103,239


	December 31, 2023
	Level 1		Level 2		Balance
Assets:
Cash equivalents:
Money market funds	$	89,197	$	—	$	89,197
Marketable securities:
U.S. Treasury securities		8,962		—		8,962
U.S. government agency debt securities		—		4,724		4,724
Total marketable securities		8,962		4,724		13,686
Total assets	$	98,159	$	4,724	$	102,883

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 105,031	$ 93,112
Short-term marketable securities	0	13,686
Prepaid expenses and other current assets	4,192	3,457
Total current assets	109,223	110,255
Operating lease right-of-use assets	111	199
Other long-term assets	0	15
Total assets	109,334	110,469
Current liabilities:
Accounts payable	85	66
Accrued expenses and other current liabilities	2,640	2,433
Operating lease liabilities	225	334
Total current liabilities	2,950	2,833
Operating lease liabilities, net of current portion	0	15
Other long-term liabilities	0	22
Total liabilities	2,950	2,870
Commitments and contingencies (Note 4)
Stockholders' equity
Common stock, $0.0001 par value per share, 250,000,000 shares authorized; 27,723,824 and 27,699,446 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively	3	3
Additional paid-in capital	264,057	263,577
Accumulated other comprehensive loss	(0)	(2)
Accumulated deficit	(157,676)	(155,979)
Total stockholders' equity	106,384	107,599
Total liabilities and stockholders' equity	$ 109,334	$ 110,469

Investments (Tables)

3 Months Ended

Mar. 31, 2024

Investments [Abstract]

Investments consist of available-for-sale securities

As of December 31, 2023, investments consist of the following available-for-sale securities, all of which matured during the current period (in thousands):


	December 31, 2023
	Amortized Cost		Unrealized Loss			Estimated Fair Value
Short-term marketable securities:
U.S. Treasury securities	$	8,962	$	—		$	8,962
U.S. government agency debt securities		4,726		(2	)		4,724
Total short-term marketable securities	$	13,688	$	(2	)	$	13,686

Investments in a continual unrealized loss position

As of December 31, 2023, investments in a continual unrealized loss position for less than 12 months consist of the following (in thousands):


	December 31, 2023
	Fair Value
U.S. Treasury securities	$	5,967
U.S. government agency debt securities		2,234
Total available-for-sale securities	$	8,201

- 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
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-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
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-Name Accounting Standards Codification
-Section 50
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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

Condensed Consolidated Statements of Operations and Comprehensive Loss (Parenthetical) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Income Statement [Abstract]
Income tax	$ 0

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2024	May 09, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Entity Registrant Name	ELIEM THERAPEUTICS, INC.
Entity Central Index Key	0001768446
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Shell Company	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity File Number	001-40708
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	83-2273741
Entity Address, Address Line One	PMB #117
Entity Address, Address Line Two	2801 Centerville Road 1st Floor
Entity Address, City or Town	Wilmington
Entity Address, State or Province	DE
Entity Address, Postal Zip Code	19808-1609
City Area Code	1-877
Local Phone Number	354-3689
Document Transition Report	false
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	ELYM
Security Exchange Name	NASDAQ
Document Quarterly Report	true
Entity Common Stock, Shares Outstanding		29,091,166

Investments - Investments consists of available-for-sale securities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Mar. 31, 2024
Debt Securities, Available-for-Sale [Line Items]
Available for Sale Securities		$ 0
Short Term Marketable Securities [Member]
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	$ 13,688
Unrealized Loss	(2)
Available for Sale Securities	13,686
Short Term Marketable Securities [Member] \| US Treasury Securities [Member]
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	8,962
Unrealized Loss	0
Available for Sale Securities	8,962
Short Term Marketable Securities [Member] \| US Government Debt Securities [Member]
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	4,726
Unrealized Loss	(2)
Available for Sale Securities	$ 4,724

- 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

Description of Organization and Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Organization

For additional information on the Acquisition and Private Placement, please refer to Note 8, Subsequent Events, to the interim condensed consolidated financial statements.

Basis of Presentation and Principles of Consolidation

Liquidity

Use of Estimates

Concentration of Credit Risk

Risks and Uncertainties

Segments

Fair Value Measurement

Level 1—Observable inputs such as unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.

Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

There were no transfers into or out of Level 3 for any of the periods presented.

The Company’s fair value measurements as of March 31, 2024 and December 31, 2023 was as follows (in thousands):


	March 31, 2024
	Level 1		Level 2		Balance
Assets:
Cash equivalents:
Money market funds	$	103,239	$	—	$	103,239
Total assets	$	103,239	$	—	$	103,239


	December 31, 2023
	Level 1		Level 2		Balance
Assets:
Cash equivalents:
Money market funds	$	89,197	$	—	$	89,197
Marketable securities:
U.S. Treasury securities		8,962		—		8,962
U.S. government agency debt securities		—		4,724		4,724
Total marketable securities		8,962		4,724		13,686
Total assets	$	98,159	$	4,724	$	102,883

Summary of Significant Accounting Policies

Deferred Transaction Costs

See Note 2 to the consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 for additional information.

Recently Adopted Accounting Pronouncements

Recently Accounting Pronouncements Not Yet Adopted

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Summary of Stock Option Activities

The activity for stock options is as follows:


	Options Outstanding			Weighted Average Exercise Price		Weighted Average Remaining Contract Terms (in years)		Aggregate Intrinsic Values (in thousands)
Balance as of December 31, 2023		4,586,476		$	5.40		2.28	$	1,060
Options expired		(307,853	)		6.95
Options exercised		(10,999	)		1.32				17
Options forfeited		(6,097	)		13.8
Balance as of March 31, 2024		4,261,527		$	5.29		2.13	$	1,073
Vested and expected to vest, March 31, 2024		4,261,527		$	5.29		2.13	$	1,073
Options exercisable as of March 31, 2024		3,794,290		$	5.36		1.39	$	932

Summary of Restricted Stock Awards

The activity for restricted stock awards and units is as follows:


	Number of Shares			Weighted-Average Grant Date Fair Value
Unvested at December 31, 2023		149,975		$	6.03
Granted		63,000			2.81
Vested		(24,579	)		6.38
Unvested at March 31, 2024		188,396		$	4.91

Summary of Share-based Compensation Expense


	Three Months Ended March 31,
	2024		2023
Research and development expense	$	269	$	1,032
General and administrative expense		196		9,139
Total stock-based compensation expense	$	465	$	10,171

Certain Balance Sheet Accounts - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Balance Sheet Related Disclosures [Abstract]
Accrued payroll expenses	$ 1,025	$ 1,111
Accrued transaction costs	952	0
Accrued restructuring expenses	315	1,066
Other accrued expenses	304	90
Accrued research and development expenses	22	28
Other current liabilities	22	138
Total accrued expenses	$ 2,640	$ 2,433

Description of Organization and Summary of Significant Accounting Policies - Schedule of Fair Value Measurements (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Assets:
Assets, Fair Value Disclosure	$ 103,239	$ 102,883
Money Market Funds [Member]
Assets:
Assets, Fair Value Disclosure	103,239	89,197
US Government Debt Securities [Member]
Assets:
Assets, Fair Value Disclosure		8,962
US Government Agencies Debt Securities [Member]
Assets:
Assets, Fair Value Disclosure		4,724
Total Marketable Securities [Member]
Assets:
Assets, Fair Value Disclosure		13,686
Level 1 [Member]
Assets:
Assets, Fair Value Disclosure	103,239	98,159
Level 1 [Member] \| Money Market Funds [Member]
Assets:
Assets, Fair Value Disclosure	103,239	89,197
Level 1 [Member] \| US Government Debt Securities [Member]
Assets:
Assets, Fair Value Disclosure		8,962
Level 1 [Member] \| US Government Agencies Debt Securities [Member]
Assets:
Assets, Fair Value Disclosure		0
Level 1 [Member] \| Total Marketable Securities [Member]
Assets:
Assets, Fair Value Disclosure		8,962
Level 2 [Member]
Assets:
Assets, Fair Value Disclosure	0	4,724
Level 2 [Member] \| Money Market Funds [Member]
Assets:
Assets, Fair Value Disclosure	$ 0	0
Level 2 [Member] \| US Government Debt Securities [Member]
Assets:
Assets, Fair Value Disclosure		0
Level 2 [Member] \| US Government Agencies Debt Securities [Member]
Assets:
Assets, Fair Value Disclosure		4,724
Level 2 [Member] \| Total Marketable Securities [Member]
Assets:
Assets, Fair Value Disclosure		$ 4,724

Subsequent Events

3 Months Ended

Mar. 31, 2024

Subsequent Events [Abstract]

Subsequent Events

8. Subsequent Events

Acquisition Agreement and Private Placement with a Related Party

On April 10, 2024, after a comprehensive review of strategic alternatives, including identifying and reviewing potential candidates for a strategic transaction, the Company entered into the Acquisition Agreement. The Acquisition Agreement provides for the acquisition of Tenet by the Company through the merger of Transitory Subsidiary into Tenet, with Tenet surviving as a wholly owned subsidiary of the Company. Tenet is a privately held development stage biotechnology company focused on advancing its clinical stage program, TNT119, an anti-CD19 monoclonal antibody designed for broad range of autoimmune disorders, including SLE, ITP, and MN.

Concurrently with the execution of the Acquisition Agreement, the Company entered into the Securities Purchase Agreement with several accredited institutional investors, pursuant to which the Company agreed to issue and sell to such investors in a private placement an aggregate of 31,238,282 shares of its common stock, at a price of $3.84 per share. The Company expects to receive aggregate gross proceeds from the Private Placement of approximately $120.0 million, before deducting estimated offering costs.

At the effective time of the Acquisition, by virtue of the Acquisition and without any action on the part of the holders of common stock of Tenet, (i) all issued and outstanding shares of the common stock of Tenet and (ii) all securities convertible into shares of common stock of Tenet will be converted into the right to receive, in the aggregate, a number of shares of the Company’s common stock (the Aggregate Consideration) (rounded to the nearest whole share) equal to fifteen and two-fifths percent (15.4%) of the outstanding shares of the Company’s common stock as of immediately following the closing of the Acquisition (and for the avoidance of doubt, before giving effect to the issuance of any securities pursuant to the Private Placement), calculated on a fully-diluted basis using the treasury stock method (including, for clarity, calculated by disregarding any out-of-the-money outstanding stock options of the Company).

Upon the unanimous recommendation of a special committee of the Company’s board of directors consisting solely of independent and disinterested directors, the Company’s board of directors determined that the terms of the Acquisition and the other transactions are fair to and in the best interests of the Company and the unaffiliated stockholders, approved the execution of the Acquisition Agreement and, subject to the terms and conditions of the Acquisition Agreement, recommended that the Company’s stockholders vote to, among other things, issue the Aggregate Consideration issuable in connection with the Acquisition under the rules of The Nasdaq Stock Market LLC (the Company Voting Proposals).

The Acquisition and the Private Placement are expected to close in the middle of 2024, subject to the satisfaction of customary closing conditions, including regarding receipt of the required approvals by the parties’ stockholders (including the affirmative vote of a majority of the aggregate voting power held by disinterested stockholders of the Company), the accuracy of the representations and warranties and compliance by the parties with their respective covenants.

The Acquisition Agreement contains certain termination rights of each of the Company and Tenet, including if the Company’s stockholders fail to adopt and approve the Company Voting Proposals. Upon termination of the Acquisition Agreement under specified circumstances, the Company may be required to pay Tenet a termination fee of $1.0 million and reimburse Tenet’s transaction-related expenses up to a maximum of $0.5 million.

Bridge Note with Related Party

On May 14, 2024, the Company and Tenet entered into a Senior Secured Promissory Note (the Note) providing for the Company to make short-term loans (the Loan or Loans) to Tenet up to an aggregate principal amount of $15.0 million. On or about the date of execution of the Note, the Company made an initial Loan to Tenet of $5.0 million. Tenet requested the Loan in order to provide it with sufficient cash to fund its operations prior to the consummation of the Acquisition. Tenet’s ability to borrow the remaining $10.0 million under the Note is subject to certain conditions and restrictions on use.

The Loans will bear simple interest at a fixed rate per annum of 6%. All outstanding Loans, together with accrued interest, will become due and payable upon the earlier of (i) 12 months from the date of issuance the Note, (ii) the occurrence of specified corporate transactions, or (iii) Tenet’s receipt of at least $15.0 million in gross proceeds from the closing of a bona fide equity and/or debt financing.

Under the Note, Tenet granted the Company a continuing, first-priority perfected security interest in all of Tenet’s present and future assets, properties and rights, whether tangible or intangible, including, without limitation, the intellectual property of Tenet. The Note contains certain customary representations and warranties and certain customary events of default.

Commitments and Contingencies - Additional Information (Details)		1 Months Ended	3 Months Ended
	Nov. 30, 2021 SquareFeet	Mar. 31, 2023	Mar. 31, 2024 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Jul. 31, 2023 USD ($)	May 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Operating lease, term of contract	39 months						24 months
Lease expiration date		Jun. 30, 2024
Increase in operating lease right-of-use asset			$ 300,000
Operating lease, total space of the office \| SquareFeet	5,000
Additional operating lease, term of contract	3 years
Operating lease sublease payment						$ 200,000
Right of use asset impairment loss				$ 200,000
Weighted-average lease term			7 months 6 days
Weighted-average incremental borrowing rate			7.50%
Rent expense			$ 100,000		$ 100,000
Sublease income			$ 33,000

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	250,000,000	250,000,000
Common stock, shares issued	27,723,824	27,699,446
Common stock, shares outstanding	27,723,824	27,699,446

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net loss	$ (1,697)	$ (22,290)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	465	10,171
Non-cash operating lease expense	88	122
Accretion of discounts and amortization of premiums on investments, net	(63)	(491)
Foreign currency loss (gain) from remeasurement	28	(231)
Changes in operating assets and liabilities:
Prepaid expenses and other assets	216	25
Long-term assets	15	(1,119)
Accounts payable	20	114
Accrued expenses and other liabilities	(745)	(1,459)
Operating lease liabilities	(124)	(107)
Long-term liabilities	(22)	88
Net cash used in operating activities	(1,819)	(15,177)
Cash flow from investing activities:
Purchase of marketable securities	0	(17,452)
Proceeds from maturities of marketable securities	13,751	23,249
Net cash provided by investing activities	13,751	5,797
Cash flows from financing activities
Proceeds from the exercise of stock options	15	1
Net cash provided by financing activities	15	1
Effect of exchange rate changes on cash and cash equivalents	(28)	231
Net change in cash and cash equivalents	11,919	(9,148)
Cash and cash equivalents at beginning of period	93,112	43,585
Cash and cash equivalents at end of period	105,031	34,437
Supplemental disclosure of cash operating activities:
Cash paid for leases included in operating cash outflows	133	121
Supplemental disclosure of non-cash investing and financing activities:
Deferred transaction costs accrued but not yet paid	952	0
Right-of-use assets obtained in exchange for lease liabilities	$ 0	$ 313

Restructuring Costs

3 Months Ended

Mar. 31, 2024

Restructuring and Related Activities [Abstract]

Restructuring Costs

7. Restructuring Costs

On February 7, 2023, the Company's board of directors approved a restructuring plan to conserve financial resources and better align the Company's workforce with current business needs. As part of the Restructuring Plan, the Company's workforce was reduced by approximately 55%, with substantially all of the reduction in personnel completed in the first half of 2023. The Company further reduced its workforce by 10 employees in October 2023.

The Company incurred aggregate restructuring costs of $18.8 million, substantially all of which were recognized in 2023 and have been fully recognized as of March 31, 2024. Restructuring costs incurred during the three months ended March 31, 2024 were not material.

The activity in the restructuring liability was as follows for the three months ended March 31, 2024 (in thousands):


	Restructuring Liability
Restructuring liability as of December 31, 2023	$	1,077
Restructuring costs incurred during the period		20
Restructuring costs paid during the period		(782	)
Restructuring liability as of March 31, 2024	$	315

Substantially all of the remaining restructuring liability as of March 31, 2024 was paid in April 2024.

During the three months ended March 31, 2023, the Company recorded restructuring costs of $15.8 million. These costs primarily related to severance payments, healthcare benefits and stock-based compensation.

A summary of the restructuring costs recorded in the statement of operations and comprehensive loss for the three months ended March 31, 2023 is as follows (in thousands):


	Three Months Ended March 31, 2023
	Severance and Benefits Costs		Stock-based Compensation		Total Restructuring Cost Recorded
General and administrative expense	$	5,437	$	8,520	$	13,957
Research and development expense		1,342		488		1,830
Total restructuring costs	$	6,779	$	9,008	$	15,787

Employees affected by the reduction in workforce under the Restructuring Plan obtained involuntary termination benefits that are provided pursuant to a one-time benefit arrangement. For employees who were notified of their termination in February 2023 and have no requirement to provide future service beyond a minimum retention period, the Company recognized the liability for the full termination benefits at fair value in the first quarter of 2023. For employees who are required to provide services beyond a minimum retention period to receive their termination benefits, the Company recognizes the termination benefits ratably over their future service periods. The service periods began in February 2023 and the majority ended at various dates through the third quarter of 2023.

Employees who were notified of their termination in October 2023 had no requirement to provide future service beyond a minimum retention period, and therefore the Company recognized the liability for the full termination benefits at fair value in the fourth quarter of 2023.

Stock-Based Compensation - Summary of Stock Option Activities (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Number of options outstanding, beginning of period	4,586,476
Number of options, cancelled and forfeited	(6,097)
Options expired	(307,853)
Number of options exercised	(10,999)
Number of options outstanding, ending of period	4,261,527	4,586,476
Number of options, vested and expected to vest	4,261,527
Number of options exercisable, end of period	3,794,290
Weighted average exercise price outstanding, beginning of period	$ 5.4
Weighted average exercise price, options cancelled and forfeited	$ 13.8
Share Based Compensation Arrangements By Share Based Payment Award Options Expired In Period Weighted Average Exercise Price	6.95
Weighted average exercise price, options exercised	$ 1.32
Weighted average exercise price outstanding, end of period	5.29	$ 5.4
Weighted average exercise price, options vested and expected to vest	5.29
Weighted average exercise price, options exercisable	$ 5.36
Weighted average remaining contracted terms (in years) outstanding	2 years 1 month 17 days	2 years 3 months 10 days
Weighted average remaining contracted terms (in years), vested and expected to vest	2 years 1 month 17 days
Weighted average remaining contracted terms (in years), exercisable at end of period	1 year 4 months 20 days
Aggregate intrinsic value outstanding, beginning of period	$ 1,060
Aggregate intrinsic value options exercised	17
Aggregate intrinsic value outstanding, end of period	1,073	$ 1,060
Aggregate intrinsic value options vested and expected to vest	1,073
Aggregate intrinsic value options exercisable	$ 932