0001558370-24-002791 | 10-K | XBRL Viewer | Structure Therapeutics INC

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Commitments and Contingencies - Additional information (Details) $ in Millions	1 Months Ended	12 Months Ended
	Jun. 30, 2023 USD ($) ft² Y	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Nov. 30, 2021 ft²	Jun. 30, 2021 ft²
Lessee, Lease, Description [Line Items]
Operating lease cost		$ 1.8	$ 1.1
Short term lease costs		$ 0.9	0.7
Weighted average remaining lease term		3 years 2 months 12 days
Weighted average discount rate		7.50%
Cash paid		$ 0.6	0.4
Area of office lease \| ft²	8,400
Annual base rent	$ 0.3
Area of subleased property \| ft²	11,800
Sub lease annual base rent	$ 0.5
Sub lease, percentage of increase to annual base rent	3.00%
Other non-current liabilities
Lessee, Lease, Description [Line Items]
Asset retirement obligation		$ 0.3	$ 0.0
Fair Value \| Asset retirement obligations
Lessee, Lease, Description [Line Items]
Lease arrangement, measurement input	0.4
Settlement term \| Asset retirement obligations
Lessee, Lease, Description [Line Items]
Lease arrangement, measurement input \| Y	3.4
Discount rate \| Asset retirement obligations
Lessee, Lease, Description [Line Items]
Lease arrangement, measurement input	6.8
Office Space Lease
Lessee, Lease, Description [Line Items]
Area of office space (in sq ft) \| ft²	22,500			4,050	5,900
Annual base rent	$ 0.7

CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED SHARES AND SHAREHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands	Series A redeemable convertible preferred shares	Series A+ redeemable convertible preferred shares	Series B redeemable convertible preferred stock	Series B1 redeemable convertible preferred stock	Ordinary shares Common shares IPO	Ordinary shares Common shares Private Placement	Ordinary shares Common shares	Non-voting ordinary shares Common shares Private Placement	Non-voting ordinary shares Common shares	Non-voting ordinary shares	Additional Paid-In Capital IPO	Additional Paid-In Capital Private Placement	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit	IPO	Private Placement	Total
Beginning balance at Dec. 31, 2021	$ 32,001	$ 26,000	$ 100,000	$ 8,959
Beginning balance (in shares) at Dec. 31, 2021	19,200,000	12,800,000	24,702,000	2,161,000
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of redeemable convertible preferred shares, net of issuance costs of $1,515			$ 31,500
Issuance of redeemable convertible preferred shares, net of issuance costs of $1,515 (in shares)			8,155,000
Accretion of redeemable convertible preferred shares to their redemption value			$ 1,515
Ending balance at Dec. 31, 2022	$ 32,001	$ 26,000	$ 133,015	$ 8,959														$ 199,975
Ending balance (in shares) at Dec. 31, 2022	19,200,000	12,799,681	32,857,004	2,161,402														67,018,087
Beginning balance at Dec. 31, 2021							$ 1								$ (64,736)			$ (64,735)
Beginning balance (in shares) at Dec. 31, 2021							10,894,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accretion of redeemable convertible preferred shares to their redemption value													$ (620)		(895)			(1,515)
Repurchase of restricted stock awards													(6)					(6)
Repurchase of restricted stock awards (in shares)							(450,000)
Issuance of ordinary shares upon exercise of vested share options													33					33
Issuance of ordinary shares upon exercise of vested share options (in shares)							83,000
Share-based compensation expense													2,514					2,514
Unrealized gain (loss) on investments, net														$ (110)				(110)
Net loss															(51,321)			(51,321)
Ending balance at Dec. 31, 2022							$ 1						1,921	(110)	(116,952)			$ (115,140)
Ending balance (in shares) at Dec. 31, 2022							10,527,000											10,527,000
Increase (Decrease) in Temporary Equity [Roll Forward]
Conversion of redeemable convertible preferred shares into ordinary shares upon initial public offering	$ (32,001)	$ (26,000)	$ (133,015)	$ (8,959)
Conversion of redeemable convertible preferred shares into ordinary shares upon initial public offering (in Shares)	(19,200,000)	(12,800,000)	(32,857,000)	(2,161,000)
Issuance of redeemable convertible preferred shares, net of issuance costs of $1,515 (in shares)								2,401,000
Ending balance at Dec. 31, 2023																		$ 0
Ending balance (in shares) at Dec. 31, 2023	0	0	0	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of ordinary shares upon exercise of vested share options							$ 1						799					$ 800
Issuance of ordinary shares upon exercise of vested share options (in shares)							498,000											498,000
Share-based compensation expense													8,191					$ 8,191
Unrealized gain (loss) on investments, net														631				631
Net loss															(89,620)			(89,620)
Conversion of redeemable convertible preferred shares into ordinary shares upon initial public offering							$ 7						199,968					199,975
Conversion of redeemable convertible preferred shares into ordinary shares upon initial public offering (in shares)							67,018,000
Issuance of shares, net of issuance costs and underwriting discount					$ 3	$ 2					$ 166,667	$ 281,457				$ 166,670	$ 281,459
Issuance of shares, net of issuance costs and underwriting discount (in shares)					37,053,000	21,617,000				9,812,438
Net exercise of ordinary share warrants (in Shares)							106,000
Exchange of ordinary shares to non-voting ordinary shares							$ (1)		$ 1
Exchange of ordinary shares to non-voting ordinary shares (in shares)							(7,411,000)		7,411,000
Conversion of non-voting ordinary shares into ordinary shares							$ 1		$ (1)
Conversion of non-voting ordinary shares into ordinary shares ( in shares)							9,812,438		(9,812,000)
Ending balance at Dec. 31, 2023							$ 14						$ 659,003	$ 521	$ (206,572)			$ 452,966
Ending balance (in shares) at Dec. 31, 2023							139,220,000											139,220,000

Redeemable Convertible Preferred Shares

12 Months Ended

Dec. 31, 2023

Redeemable Convertible Preferred Shares

Redeemable Convertible Preferred Shares

7. Redeemable Convertible Preferred Shares

Under the Company’s Memorandum and Articles of Association, as amended, prior to the IPO, the Company’s redeemable convertible preferred shares were issuable in series.

As of December 31, 2022, redeemable convertible preferred shares consisted of the following (in thousands, except share and per share amounts):



	DECEMBER 31, 2022
				SHARES ISSUED
	SHARES	ORIGINAL		AND	CARRYING		LIQUIDATION
SERIES	AUTHORIZED	ISSUE PRICE		OUTSTANDING	VALUE		VALUE
A	19,200,000	$	1.6667	19,200,000	$	32,001	$	32,001
A+	12,799,681		2.0313	12,799,681		26,000		26,000
B	32,857,004		4.0483	32,857,004		133,015		133,015
B-1	2,161,402		3.2386	2,161,402		8,959		7,000
	67,018,087			67,018,087	$	199,975	$	198,016

Dividends on redeemable convertible preferred shares are noncumulative and none were declared through conversion. Upon closing of the Company’s IPO, all outstanding redeemable convertible preferred shares automatically converted into 67,018,087 ordinary shares on a one-for-one basis and therefore no redeemable convertible preferred shares were outstanding as of December 31, 2023.

Composition of Certain Consolidated Financial Statement Line Items - Property and equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Summary of Significant Accounting Policies
Property and equipment, gross	$ 3,872	$ 1,380
Less: Accumulated depreciation	(644)	(349)
Property and equipment, net	3,228	1,031
Laboratory equipment
Summary of Significant Accounting Policies
Property and equipment, gross	1,960	1,098
Furniture and fixtures
Summary of Significant Accounting Policies
Property and equipment, gross	243	115
Computer equipment and software
Summary of Significant Accounting Policies
Property and equipment, gross	309	58
Leasehold improvements
Summary of Significant Accounting Policies
Property and equipment, gross	$ 1,360	$ 109

Related Party Transactions (Details) $ / shares in Units, $ in Thousands		1 Months Ended			3 Months Ended	12 Months Ended
	Sep. 29, 2023 USD ($) $ / shares shares	Nov. 30, 2023 USD ($)	May 31, 2023 $ / shares shares	Oct. 31, 2020 USD ($)	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares	Dec. 31, 2022 USD ($) $ / shares
Related Party Transactions
Proceeds from private placement financing, gross						$ 300,000
Ordinary shares, par value (in dollars per share) \| $ / shares					$ 0.0001	$ 0.0001	$ 0.0001
Investors
Related Party Transactions
Percentage of issued share capital			5.00%
Number Of Ordinary Shares Exchanged \| shares			7,410,518
Exchange of ordinary shares to non-voting ordinary shares (in shares) \| shares			7,410,518
Ordinary shares, par value (in dollars per share) \| $ / shares			$ 0.0001
Exchange ratio			1
Investors
Related Party Transactions
Percentage of issued share capital	5.00%
Ordinary shares
Related Party Transactions
Conversion of Stock, Shares Issued \| shares					9,812,438
Non-Voting Ordinary Shares
Related Party Transactions
Conversion of Stock, Shares Converted \| shares					9,812,438
Non-Voting Ordinary Shares \| Investors
Related Party Transactions
Number of shares agreed to issue under share purchase agreement \| shares	2,401,920
Share purchase price \| $ / shares	$ 12.49
Non-Voting Ordinary Shares \| Investors
Related Party Transactions
Number of shares agreed to issue under share purchase agreement \| shares	2,401,920
Proceeds from private placement financing, gross	$ 30,000
Share purchase price \| $ / shares	$ 12.49
American Depositary Shares (ADSs) \| Investors
Related Party Transactions
Share purchase price \| $ / shares	37.47
American Depositary Shares (ADSs) \| Investors
Related Party Transactions
Share purchase price \| $ / shares	$ 37.47
Software platform use for research purposes \| Schrodinger, Inc.
Related Party Transactions
Payments made						$ 300	$ 200
Accounts payable					$ 500	500	$ 0
Software platform use for research purposes \| Lhotse Collaboration Agreement \| Schrodinger, Inc.
Related Party Transactions
Aggregate payment made					800	800
Collaboration agreement term				10 years
Collaboration agreement extension term				3 years
Payments payable					0	0
Software platform use for research purposes \| Aconcagua Collaboration Agreement \| Schrodinger, Inc.
Related Party Transactions
Aggregate payment made					300	300
Collaboration agreement term		10 years
Collaboration agreement extension term		3 years
Payments payable		$ 89,000			$ 0	$ 0
Software platform use for research purposes \| Maximum \| Lhotse Collaboration Agreement \| Schrodinger, Inc.
Related Party Transactions
Aggregate payment				$ 17,000

Shareholders' Equity - Summary of share option activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
NUMBER OF SHARES AVAILABLE FOR GRANT
Beginning balance (in shares)	977
Additional shares authorized	12,000
Granted	(5,451)
Forfeited	666
Ending balance (in shares)	8,192	977
NUMBER OF SHARES UNDERLYING OUTSTANDING OPTIONS
Beginning balance (in shares)	7,612
Granted	5,451
Exercised	(498)
Forfeited	(666)
Ending balance (in shares)	11,899	7,612
Exercisable	4,602
Vested and expected to vest	11,899
WEIGHTED-AVERAGE EXERCISE PRICE
Beginning balance (in dollars per share)	$ 1.62
Granted (in dollars per share)	7.00
Exercised (in dollars per share)	1.61
Forfeited (in dollars per share)	4.22
Ending balance (in dollars per share)	3.94	$ 1.62
Exercisable (in dollars per share)	1.42
Vested and expected to vest (in dollars per share)	$ 3.94
WEIGHTED- AVERAGE REMAINING CONTRACTUAL TERM and AGGREGATE INTRINSIC VALUE
Outstanding	8 years 3 months 7 days	8 years 6 months 25 days
Exercisable	7 years 4 months 9 days
Vested and expected to vest	8 years 3 months 7 days
Outstanding	$ 117,093	$ 13,283
Exercisable	55,995
Vested and expected to vest	$ 117,093

Income Taxes - Loss before income tax expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Loss before income expense:
Domestic loss	$ (79,895)	$ (44,258)
Foreign income (loss)	(9,489)	(7,046)
Loss before provision for income taxes	$ (89,384)	$ (51,304)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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+ Details

Net Loss Per Share - Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Numerator:
Net Income (Loss)	$ (89,620)	$ (51,321)
Less: Accretion of redeemable convertible preferred shares to their redemption value		(1,515)
Net loss attributable to ordinary shareholders	$ (89,620)	$ (52,836)
Denominator:
Weighted-average ordinary shares outstanding	110,263	10,933
Less: weighted-average unvested restricted ordinary shares subject to repurchase	(65)	(1,349)
Weighted-average ordinary shares used in computing net loss per share attributable to ordinary shareholders, basic	110,198	9,584
Weighted-average ordinary shares used in computing net loss per share attributable to ordinary shareholders, diluted	110,198	9,584
Net loss per share attributable to ordinary shareholders, basic	$ (0.81)	$ (5.51)
Net loss per share attributable to ordinary shareholders, diluted	$ (0.81)	$ (5.51)

Term Loan (Details) - SVB Agreement - USD ($) $ / shares in Units, $ in Millions	1 Months Ended
	Feb. 28, 2023	Dec. 31, 2023	Aug. 04, 2020
Principal amount			$ 8.0
Exercise price		$ 0.48
SVB Warrant \| SVB
Number of shares		112,279
Cashless Exercise of Warrants	106,060

Insider Trading Arrangements - Xichen Lin

3 Months Ended

Dec. 31, 2023

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

Trading Arrangements

During the three months ended December 31, 2023, the following officer (as defined in Rule 16a-1(f) under the Exchange Act) adopted a “Rule 10b5-1 trading arrangement” (as such term is defined in Item 408(a) of Regulation S-K).


			Type of Trading Arrangement
Name and Position	Action	Date	Rule 10b5-1*	Non- Rule 10b5-1**	Total ADSs to be Sold	Expiration Date
Xichen Lin, Ph.D., Chief Scientific Officer	Adoption	December 28, 2023	X		106,666	December 15, 2024

* Contract, instruction or written plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act.
** “Non-Rule 10b5-1 trading arrangement” as defined in Item 408(c) of Regulation S-K under the Exchange Act.

Name

Xichen Lin

Title

Chief Scientific Officer

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

December 28, 2023

Aggregate Available

106,666

Expiration Date

December 15, 2024

Defined Contribution Plan (Details) - USD ($) $ in Millions	12 Months Ended
Defined Contribution Plan (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Defined Contribution Plan
Percentage of matching contributions contributed by eligible employees	100.00%	100.00%
Percentage of employees eligible compensation	4.00%	4.00%
Matching contributions	$ 0.2	$ 0.2

Income Taxes - Net deferred tax asset and liability (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Income Taxes
Net operating loss	$ 29,217	$ 18,918
Research and experimentation expenses	16,911	5,986
Research credits	2,631	866
Compensation	1,737	1,336
Operating lease liability	1,030	57
Related party accrued expenses	1,036	651
Prepaid expenses	198
Property and equipment		18
Unrealized gains and losses	15
Other		74
Total deferred tax assets	52,775	27,906
Valuation allowance	(51,551)	(27,740)
Net deferred tax assets	1,224	166
Right-of-use assets	(960)	(43)
Property and equipment	(110)
Revenue	(77)
Unrealized gains and losses		(63)
Other	(32)
Total deferred tax liabilities	(1,179)	(106)
Net deferred tax assets	$ 45	$ 60

Ordinary Shares

12 Months Ended

Dec. 31, 2023

Ordinary Shares

Ordinary Shares

8. Ordinary Shares

As of December 31, 2023, the Company’s Memorandum and Articles of Association, as amended, authorizes the Company to issue 500,000,000 ordinary shares and 100,000,000 undesignated shares, of which 9,812,438 shares have been designated as non-voting ordinary shares and 90,187,562 remain undesignated shares, all with a par value of $0.0001 per share. The undesignated shares may be designated by the Company’s board of directors in accordance with the Company’s Articles of Association.

In May 2023 and September 2023, the Company’s board of directors designated 7,410,518 and 2,401,920 non-voting ordinary shares, respectively, in accordance with the Articles of Association. The non-voting ordinary shares rank on parity with the ordinary shares as to distributions of assets upon liquidation, dissolution or winding up of the Company, whether voluntary or involuntary. The non-voting ordinary shares are entitled on an equal basis to any dividends declared on the ordinary shares on an as-converted to ordinary share basis. Each non-voting ordinary shareholder has the right to convert each non-voting ordinary share into one ordinary share, subject to appropriate adjustment in the event of any dividend, split, reverse

split, combination or other similar recapitalization with respect to the ordinary shares, at such holder’s election by providing written notice to the Company.

In May 2023, the Company entered into an Exchange Agreement with Biotechnology Value Fund, L.P., Biotechnology Value Fund II, L.P., and Biotechnology Value Trading Fund OS, L.P. (collectively referred to as “BVF”), who in the aggregate hold more than 5% of the Company’s issued share capital, pursuant to which BVF delivered to the Company, a total of 7,410,518 ordinary shares of the Company, in exchange for the Company’s delivery of 7,410,518 newly designated non-voting ordinary shares, par value $0.0001 per share. The exchange did not result in any change in the aggregate number of outstanding shares of the Company as the exchange was implemented on a one-for-one basis.

On September 29, 2023, the Company entered into a share purchase agreement to issue certain shares to Purchasers, including 2,401,920 newly designated non-voting ordinary shares at a purchase price of $12.49 per share (or the equivalent of $37.47 per ADS) in the Private Placement which closed on October 3, 2023.

As of December 31, 2023, all outstanding non-voting ordinary shares had been converted into 9,812,438 ordinary shares.

Ordinary shareholders, including non-voting ordinary shareholders, are entitled to dividends if and when declared by the Company’s board of directors subject to the prior rights of the preferred shareholders. As of December 31, 2023 and 2022, no dividends on ordinary shares had been declared by the board of directors.

The Company has the following ordinary shares reserved for future issuance (in thousands):



	DECEMBER 31,
	2023	2022
Share options issued and outstanding	11,899	7,612
Share options available for future grant	8,192	977
Ordinary shares available for employee share purchase plan	1,000	—
Conversion of redeemable convertible preferred shares	—	67,018
Ordinary share warrants	—	112
Total ordinary shares reserved	21,091	75,719

- Definition

The entire disclosure for equity.

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-Topic 505
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-Topic 505
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Shareholders' Equity - Additional information (Details) - USD ($) $ / shares in Units, $ in Millions		1 Months Ended	12 Months Ended
	Apr. 29, 2019	Apr. 30, 2019	Dec. 31, 2023	Dec. 31, 2022	May 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of securities called by each warrant or right					1
Undesignated shares, shares authorized			90,187,562	0
Undesignated shares, par value			$ 0.0001	$ 0.0001
Aggregate intrinsic value of options exercised			$ 3.9	$ 0.2
Total fair value of options vested			5.5	$ 1.5
Total unrecognized compensation expense related to unvested shares options			$ 31.0
Remaining weighted-average vesting period			3 years 1 month 6 days
Weighted-average per share grant-date fair value			$ 6.21	$ 1.96
Restricted Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period	4 years
Ordinary shares previously issued	5,891,064
Weighted-average per share grant-date fair value of restricted shares	$ 0.33
Total unrecognized compensation expense related to unvested restricted shares	$ 1.9
Requisite service period	4 years
Fair value of restricted shares vested			$ 0.1	$ 0.4
Restricted Stock \| Vesting after one year from the vesting commencement date
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage	25.00%
Restricted Stock \| Vesting ratably on a monthly basis over the following three years
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage	75.00%
Employee Stock Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total unrecognized compensation expense related to unvested restricted shares			$ 0.6
Remaining weighted-average vesting period			1 year 10 months 24 days
2019 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expiration term		10 years
2019 Plan \| Maximum \| Scenario of voting power more than 10%
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expiration term		5 years
2019 Plan \| Incentive and nonstatutory share options \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Exercise price as percent of estimated fair value		100.00%
2019 Plan \| Incentive share options \| Minimum \| Employee
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Exercise price as percent of estimated fair value		110.00%
Percentage of voting power of share		10.00%
2019 Plan \| Options and Restricted share awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period		4 years

Composition of Certain Consolidated Financial Statement Line Items (Tables)

12 Months Ended

Dec. 31, 2023

Composition of Certain Consolidated Financial Statement Line Items

Schedule of property and equipment

Property and equipment, net consists of the following (in thousands):



	DECEMBER 31,
	2023		2022
Laboratory equipment	$	1,960	$	1,098
Furniture and fixtures		243		115
Computer equipment and software		309		58
Leasehold improvements		1,360		109
	$	3,872	$	1,380
Less: Accumulated depreciation		(644)		(349)
Property and equipment, net	$	3,228	$	1,031

Schedule of accrued expenses and other current liabilities

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



	DECEMBER 31,
	2023		2022
Accrued compensation	$	4,325	$	3,544
Accrued research and development expenses		4,719		1,818
Accrued clinical expenses		5,412		438
Accrued professional services		2,633		313
Income tax and VAT payable		356		174
Accrued other liabilities		1,113		454
Total accrued expenses and other current liabilities	$	18,558	$	6,741

Organization and Nature of the Business

12 Months Ended

Dec. 31, 2023

Organization and Nature of the Business

Organization and Nature of the Business

1.	Organization and Nature of the Business

Structure Therapeutics Inc. (the “Company”) is a clinical stage global biopharmaceutical company aiming to develop and deliver novel oral therapeutics to treat a wide range of chronic diseases with unmet medical need. The Company was incorporated in February 2019 in the Cayman Islands, with operating subsidiaries in the United States and China. In June 2022, the Company changed its name from ShouTi Inc. to Structure Therapeutics Inc.

Prior to the formation of the Company, the operating activities were carried out by the subsidiaries of the Company. Structure Therapeutics USA Inc., a Delaware corporation (“StructureTx US”), was incorporated on June 6, 2016 (previously known as ShouTi Inc.). On January 20, 2017, StructureTx US was reorganized as a limited liability company. Annapurna Bio, Inc. (“Annapurna”), a Delaware corporation, was incorporated on January 26, 2017, and Gasherbrum Bio, Inc. (“Gasherbrum”), a Delaware corporation, was incorporated on April 19, 2017.

On April 18, 2019, Annapurna, Gasherbrum, StructureTx US and the Company entered into a share exchange agreement (the “Share Exchange Agreement”). As a result of the Share Exchange Agreement, StructureTx US, Annapurna and Gasherbrum became wholly-owned subsidiaries of the Company. At the closing of the Share Exchange Agreement on April 18, 2019, the Company issued to the shareholders of Annapurna, Gasherbrum, and StructureTx US an aggregate of 10,766,250 ordinary shares (the “Share Exchange”). On April 19, 2019, ShouTi LLC was converted into ShouTi Inc., a Delaware corporation, which subsequently changed its name to Structure Therapeutics USA Inc. The Share Exchange was accounted for as a capital transaction.

On June 28, 2019, ShouTi Hong Kong Ltd (“ShouTi Hong Kong”) was incorporated as a wholly-owned subsidiary of the Company. On July 26, 2019, Shanghai ShouTi Biotechnology Co., Ltd (“Shanghai ShouTi”) was incorporated as a wholly-owned subsidiary of ShouTi Hong Kong. On April 1, 2020, Lhotse Bio, Inc. (“Lhotse”) was incorporated as a wholly-owned subsidiary of the Company.

On February 10, 2021, the Company incorporated Basecamp Bio Inc. (“Basecamp Bio”) in the Cayman Islands with a wholly owned subsidiary, Basecamp Bio Hong Kong Limited (“Basecamp HK”) in Hong Kong. Shanghai Basecamp Biotechnology Co., Ltd., a wholly owned subsidiary of Basecamp HK, was established on March 26, 2021 in Shanghai, China. The purpose of Basecamp Bio is to develop certain of the Company’s technologies in Mainland China.

On July 11, 2023, Aconcagua Bio, Inc. (“Aconcagua”) and Gimigela Bio, Inc. (“Gimigela”) were incorporated in the United States as wholly-owned subsidiaries of the Company.

The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries.

Initial Public Offering

In February 2023, the Company closed its initial public offering (“IPO”) of American Depositary Shares (“ADSs”). Each ADS represents three ordinary shares. The net proceeds from the IPO were approximately $166.7 million after deducting underwriting discounts and commissions and estimated offering costs.

Upon the closing of the IPO, all outstanding shares of the Company’s redeemable convertible preferred shares converted into 67,018,087 ordinary shares. In connection with the completion of its IPO, the Company’s memorandum of association was amended and restated to provide for 500,000,000 authorized ordinary shares with a par value of $0.0001 per share and 100,000,000 authorized undesignated shares with

a par value of $0.0001 per share, of such class or classes as may be designated by the Company’s board of directors in accordance with the Company’s articles of association.

Private Placement

On September 29, 2023, the Company entered into a share purchase agreement with certain institutional investors (the “Purchasers”), pursuant to which the Company agreed to sell and issue to the Purchasers an aggregate of 21,617,295 ordinary shares and 2,401,920 newly designated non-voting ordinary shares at a purchase price of $12.49 per Share (or the equivalent of $37.47 per ADS), the closing price of its ADS on the Nasdaq Global Market on September 28, 2023 (the “Private Placement”). Each holder of non-voting ordinary shares had the right to convert each non-voting ordinary share held by such holder into one ordinary share, subject to certain beneficial ownership limitations. The Private Placement closed on October 3, 2023, and the Company received $281.5 million in net proceeds after deducting placement agent fees and other private placement expenses. As of December 31, 2023, all outstanding non-voting ordinary shares had been converted into ordinary shares.

Liquidity and Capital Resources

The Company has incurred significant net operating losses and negative cash flows from operations since inception and had an accumulated deficit of $206.6 million as of December 31, 2023. Prior to completion of its IPO, the Company has financed its operations primarily through the private placement of equity securities. In February 2023, the Company completed its IPO for net proceeds of approximately $166.7 million, after deducting underwriting discounts and estimated offering costs. In October 2023, the Company closed its Private Placement for net proceeds of approximately $281.5 million after deducting placement agent fees and other private placement expenses.

As of December 31, 2023, the Company had cash, cash equivalents and short-term investments of $467.3 million. Based on its current business plan, the Company believes that its current cash, cash equivalents and short-term investments will be sufficient to fund its projected operations for at least 12 months from the date of the issuance of these consolidated financial statements.

Impact of Geopolitical and Macroeconomic Factors

There may be significant uncertainty resulting from the impact of other geopolitical and macroeconomic factors, including global pandemics, inflation, supply chain issues, rising interest rates, future bank failures, increased geopolitical tensions between the U.S. and China and the impact of the Russia/Ukraine conflict and the Israel-Hamas war. No adjustments have been made to these financial statements as a result of these uncertainties.

Income Taxes - Current and deferred income tax provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Current tax provision (benefit):
State	$ 5	$ 3
Foreign	217	74
Current tax provision (benefit)	222	77
Deferred tax provision (benefit):
Foreign	14	(60)
Total provision (benefit) for income taxes:	$ 236	$ 17

- Definition

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

+ References + Details

Fair Value Measurements - Level of the fair value hierarchy (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair Value Measurements
Total fair value of financial assets	$ 461,974	$ 83,744
Level 1
Fair Value Measurements
Total fair value of financial assets	209,378	30,757
Level 2
Fair Value Measurements
Total fair value of financial assets	252,596	52,987
Recurring \| Money market funds
Fair Value Measurements
Total fair value of financial assets	124,443	18,994
Recurring \| Cash equivalents
Fair Value Measurements
Total fair value of financial assets	124,443	18,994
Recurring \| U.S. government bonds
Fair Value Measurements
Total fair value of financial assets	84,935	11,763
Recurring \| U.S. government agency bonds
Fair Value Measurements
Total fair value of financial assets	82,340	1,794
Recurring \| Corporate debt securities
Fair Value Measurements
Total fair value of financial assets	170,256	51,193
Recurring \| Short-term investments
Fair Value Measurements
Total fair value of financial assets	337,531	64,750
Recurring \| Level 1 \| Money market funds
Fair Value Measurements
Total fair value of financial assets	124,443	18,994
Recurring \| Level 1 \| Cash equivalents
Fair Value Measurements
Total fair value of financial assets	124,443	18,994
Recurring \| Level 1 \| U.S. government bonds
Fair Value Measurements
Total fair value of financial assets	84,935	11,763
Recurring \| Level 1 \| Short-term investments
Fair Value Measurements
Total fair value of financial assets	84,935	11,763
Recurring \| Level 2 \| U.S. government agency bonds
Fair Value Measurements
Total fair value of financial assets	82,340	1,794
Recurring \| Level 2 \| Corporate debt securities
Fair Value Measurements
Total fair value of financial assets	170,256	51,193
Recurring \| Level 2 \| Short-term investments
Fair Value Measurements
Total fair value of financial assets	$ 252,596	$ 52,987

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of Presentation

The consolidated financial statements and related disclosures have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The functional and reporting currency of the Company and its subsidiaries is the U.S. dollar. The aggregate foreign currency transaction loss included in determining net loss was not material for the periods presented.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of expenses during the reporting periods. Such estimates include lease liability, accruals for research and development activities, ordinary share valuation prior to the IPO, and related share-based compensation and certain other accrued liabilities. Actual results could differ from those estimates.

Segments

The Company operates and manages its business as one reportable and operating segment, which is the business of research and development of medicines that target chronic diseases with unmet medical need. The Company’s Chief Executive Officer, who is the chief operating decision maker, reviews financial information on an aggregate basis for purposes of allocating resources and evaluating financial performance. The Company’s long-lived assets are primarily in China.

Concentration of Credit Risk

The Company is exposed to credit risk from its deposits of cash, cash equivalents and short-term investments in excess of the amount of insurance provided on such deposits. The Company invests its cash, cash equivalents and short-term investments in money market funds, corporate debt securities, U.S. government bonds and U.S. government agency bonds. The Company limits its credit risk associated with cash, cash equivalents and short-term investments by investing in investment-grade securities and using banks and institutions it believes are creditworthy. The Company has not experienced any losses on its deposits of cash, cash equivalents and short-term investments to date. The Company has no off-balance sheet concentrations of credit risk, such as foreign currency exchange contracts, option contracts or other hedging arrangements.

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, compliance with government regulations and the need to obtain additional financing to fund operations. Product candidates currently under development will require significant additional research and development efforts, including extensive preclinical studies, clinical trials and regulatory approval prior to commercialization. These efforts require significant amounts of additional resources, adequate personnel, infrastructure and extensive compliance and reporting.

The Company’s product candidates are still in development and, to date, none of the Company’s product candidates have been approved for sale and, therefore, the Company has not generated any revenue from any of its products.

There can be no assurance that the Company’s 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 the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will generate any revenue from any of its products. The Company operates in an environment of rapid change in technology and substantial competition from other pharmaceutical and biotechnology companies.

The Company relies and expects to continue to rely on a small number of vendors to manufacture supplies and materials for use in its clinical trial programs. These programs could be adversely affected by a significant interruption in these manufacturing services.

Cash and Cash Equivalents

The Company considers all highly-liquid investments purchased with maturities of 90 days or less from the original date of purchase to be cash equivalents. As of December 31, 2023 and 2022, the Company’s cash and cash equivalents consist of cash deposited with banks and investments in money market funds.

Short-Term Investments

The Company classifies its investments as available-for-sale and records them at fair value based upon market prices at period end. Unrealized gains and losses that are deemed temporary in nature are recorded in accumulated other comprehensive income as a separate component of shareholders’ equity (deficit). Dividend and interest income are recognized when earned. Realized gains and losses are included in earnings and are derived using the specific identification method for determining the cost of investments sold. The Company may sell these securities at any time for use in current operations.

Credit Losses

For short-term investments in an unrealized loss position, the Company periodically assesses its portfolio for impairment. The assessment first considers the intent or requirement to sell the available-for-sale debt securities. If either of these criteria are met, the amortized cost basis is written down to fair value through earnings.

If not met, the Company evaluates whether the decline resulted from credit losses or other factors by considering the extent to which fair value is less than amortized cost, any changes to the rating of the short-term investments by a rating agency, and any adverse conditions specifically related to the short-term investments, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the short-term investments is compared to the amortized cost basis of the short-term investments. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded, with a corresponding adjustment to interest and other income (expense), net, limited by the amount that the fair value is less than the amortized cost basis. The Company has elected to exclude accrued interest from both the fair value and the amortized cost basis of the available-for-sale debt securities for the purposes of identifying and measuring an impairment. The Company writes off accrued interest as a reduction of interest income when an issuer has defaulted on interest payments due on a security. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive loss. At December 31, 2023 and 2022, gross unrealized losses on the Company’s available-for-sale securities were not material and, accordingly, no credit loss reserves were recognized.

Fair Value of Financial Instruments

The Company establishes the fair value of its assets and liabilities using the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date and established a fair value hierarchy based on the inputs used to measure fair value.

The carrying value of cash and cash equivalents, accounts payable and accrued liabilities approximate fair value due to their relatively short maturities. The Company determines the fair value of financial and non-

financial assets and liabilities using the fair value hierarchy which establishes three levels of inputs that may be used to measure fair value (see Note 4).

Property and Equipment, Net

Property and equipment, net is stated at cost less accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets, generally two to five years. Leasehold improvements are amortized using the straight-line method over the shorter of the assets’ estimated useful lives or the remaining term of the lease. When assets are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the balance sheet, and any resulting gain or loss is reflected in operating expenses in the period realized. Maintenance and repairs are charged to operating expenses as incurred.

Impairment of Long-Lived Assets

Long-lived assets consist primarily of property and equipment, net, and are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require that a long-lived asset be tested for possible impairment, the Company compares the undiscounted cash flows expected to be generated by the asset group to the carrying amount of the asset group. If the carrying amount of the long-lived asset is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying amount exceeds its fair value. During the years ended December 31, 2023 and 2022, the Company did not recognize any such impairment charges.

Deferred Offering Costs

The Company capitalizes, within other non-current assets, certain legal, accounting and other third-party fees that are directly related to the Company’s in-process equity financings, including its IPO and Private Placements, until such financings are consummated. After consummation of the equity financing, these costs are recorded as a reduction of the proceeds received as a result of the offering. Should a planned equity financing be abandoned, terminated or significantly delayed, the deferred offering costs will be immediately written off to general and administrative expenses. Upon closing the IPO and Private Placement, all deferred offering costs were charged against the proceeds from the IPO and Private Placement and recorded in shareholders equity (deficit) as a reduction of additional paid-in capital. As of December 31, 2023 and 2022, deferred offering costs were $0 and $3.4 million, respectively.

Accrued Research and Development Expenses

The Company has entered into various agreements with contract manufacturing organizations (“CMOs”) and contract research organizations (“CROs”). The Company’s research and development accruals are estimated based on the level of services performed, progress of the studies, including the phase or completion of events, and contracted costs. The estimated costs of research and development provided, but not yet invoiced, are included in other current liabilities on the consolidated balance sheets. If the actual timing of the performance of services or the level of effort varies from the original estimates, the Company will adjust the accrual accordingly. Payments made to CMOs and CROs under these arrangements in advance of the performance of the related services are recorded as prepaid expenses and other current assets on the consolidated balance sheets until the services are rendered.

Leases

The Company determines if an arrangement is, or contains, a lease at inception and then classifies the lease as operating or financing based on the underlying terms and conditions of the contract. Leases with terms greater than one year are initially recognized on the consolidated balance sheets as right-of-use assets and lease liabilities based on the present value of lease payments over the expected lease term. The Company has also elected to not apply the recognition requirement to any leases within its existing classes of assets with a term of 12 months or less and does not include any options to purchase the underlying asset that the Company is reasonably certain to exercise. As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Variable lease payments are excluded from the right-of-use assets and operating lease liabilities and are recognized in the period in which the obligation for those payments is incurred. The Company elected the practical expedient not to separate non-lease components from lease components for the Company’s facility leases and to account for the lease and non-lease components as a single lease component.

Redeemable Convertible Preferred Shares

The Company recorded all shares of redeemable convertible preferred shares at the amount of proceeds received, less amounts allocated to redeemable convertible preferred shares tranche liability and issuance costs. The fair value of Series B-1 redeemable convertible preferred shares issued in connection with the Basecamp Bio share exchange transaction was estimated at fair value based on market-based factors similar to those used in determining the fair value of ordinary shares. Though not mandatorily redeemable, the redeemable convertible preferred shares were recorded outside of permanent equity because in certain events considered not solely within the Company’s control, such as a merger, acquisition, or sale of all or substantially all of the Company’s assets (each, a “deemed liquidation event”), the redeemable convertible preferred shares could become redeemable at the option of the holders of at least a majority of the then outstanding shares on or after April 29, 2026. The Company made an accounting policy election to recognize changes in the redemption value of redeemable convertible preferred shares immediately as they occur and adjust the carrying value of redeemable convertible preferred shares to equal it to its redemption value at the end of each reporting period. All outstanding shares of the redeemable convertible preferred shares converted into ordinary shares upon effectiveness of the Company’s IPO in 2023.

Research and Development Expenses

Research and development expenses include costs directly attributable to the conduct of research and development programs, including payroll and related expenses, costs for CMOs, costs for CROs, materials, supplies, consulting costs, and the allocated portions of facility costs, such as rent, utilities, insurance, information technology costs and general support services. Research and development costs are expensed within the consolidated statements of operations and comprehensive loss as incurred.

Fair Value of Ordinary Shares

Prior to the IPO, the fair value of the Company’s ordinary shares was determined by its Board of Directors with input from management and third-party valuation specialists. The Company’s approach to estimate the fair value of the Company’s ordinary shares is consistent with the methods outlined in the American Institute of Certified Public Accountants Practice Aid, Valuation of Privately-Held-Company Equity Securities Issued as Compensation. Determining the best estimated fair value of the Company’s ordinary shares requires significant judgment and management considers several factors, including the Company’s stage of development, equity market conditions affecting comparable public companies, significant milestones and

progress of research and development efforts. Subsequent to the Company’s IPO, the fair value of the Company’s ordinary shares is determined based on its closing market price of the Company’s ADS, which each represents three ordinary shares.

Share-Based Compensation

The Company accounts for share-based compensation arrangements with employees and non-employees using a fair value method which requires the recognition of compensation expense for costs related to all share-based payments including share options. The fair value method requires the Company to estimate the fair value of share-based payment awards on the date of grant using an option-pricing model. The Company uses the Black-Scholes option-pricing model to estimate the fair value of options granted that are expensed on a straight-line basis over the requisite service period, which is generally the vesting period. The Company accounts for forfeitures as they occur. Option valuation models, including the Black-Scholes option-pricing model, require the input of several assumptions.

The Company has granted share options to employees based in China. The exercise of share options granted to such employees was conditioned on a liquidity event, such as an IPO or change in control, which was not considered probable until consummated. The liquidity event condition was satisfied upon the closing of the IPO, and the Company recognized cumulative share-based compensation expense for share options granted to employees based in China.

In February 2023, the Company’s board of directors approved the grant of performance share options for 1,200,000 ordinary shares, which were granted under the 2023 Equity Incentive Plan. Each share option will vest over four years, subject to the achievement in the first year following the grant of certain clinical milestones as determined by the Company’s compensation committee, and subject to the employees’ continuous service through each vesting date. The achievement of performance milestones was not probable as of December 31, 2023. As such, no share-based compensation expense was recognized for performance share options during the year ended December 31, 2023.

Income Taxes

Income taxes are accounted for using an asset and liability approach that requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the consolidated financial statement and tax bases of assets and liabilities at the applicable enacted tax rates. The Company will establish a valuation allowance for deferred tax assets if it is more likely than not that these items will expire before the Company is able to realize its benefits or that future deductibility is uncertain.

The Company recognizes the tax benefit from uncertain tax positions only if it is more likely than not that the tax position will be sustained on examination by the tax authorities, based on the technical merits of the position. The tax position is measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. The Company recognizes interest and penalties related to income tax matters in its provision for income taxes. As of December 31, 2023 and 2022, the unrecognized income tax benefits were $0.9 million and $0.3 million, respectively.

Net Loss Per Share Attributable to Ordinary Shareholders

Basic net loss per ordinary share is calculated by dividing the net loss attributable to ordinary shareholders by the weighted-average number of ordinary shares, including non-voting ordinary shares, outstanding during the period, without consideration of potentially dilutive securities. Net loss attributable to ordinary shareholders is computed as net loss less accretion of redeemable convertible preferred shares. Diluted net loss per share is computed by dividing the net loss attributable to ordinary shareholders by the weighted-

average number of ordinary shares, including non-voting ordinary shares, and potentially dilutive securities outstanding for the period. For purposes of the diluted net loss per share calculation, the redeemable convertible preferred shares, ordinary share warrants, unvested restricted ordinary shares subject to repurchase and share options are considered to be potentially dilutive securities. Basic and diluted net loss per share attributable to ordinary shareholders is presented in conformity with the two-class method required for participating securities as the redeemable convertible preferred shares are considered a participating security because they participate in dividends with ordinary shares. The holders of redeemable convertible preferred shares do not have a contractual obligation to share in the Company’s losses. As such, the net loss was attributed entirely to ordinary shareholders, including non-voting ordinary shares. Because the Company has reported a net loss for all periods presented, diluted net loss per ordinary share is the same as basic net loss per ordinary share for those periods.

Comprehensive Income (Loss)

Comprehensive income (loss) is defined as a change in equity of a business enterprise during a period, resulting from transactions from non-owner sources. Other comprehensive income (loss) represents unrealized gains or losses on short-term investments that are reported as a component of shareholders’ equity (deficit) on the consolidated balance sheets.

JOBS Act Accounting Election

The Company is an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (“JOBS Act”). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. The Company has elected to use this extended transition period for complying with certain new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date the Company (i) is no longer an emerging growth company or (ii) affirmatively and irrevocably opts out of the extended transition period provided in the JOBS Act. As a result, these consolidated financial statements may not be comparable to companies that comply with new or revised accounting pronouncements as of public company effective dates.

Recent Accounting Pronouncements

Recently Adopted Accounting Pronouncements

In June 2016, the Financial Accounting Standards Board (“FASB”) issued Account Standards Update (“ASU”) No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. This ASU replaces the existing incurred loss impairment model with an expected loss model. It also eliminates the concept of other-than-temporary impairment and requires credit losses related to available-for-sale debt securities to be recorded through an allowance for credit losses rather than as a reduction in the amortized cost basis of the securities. These changes will result in earlier recognition of credit losses. The amendments in this ASU are effective for the Company for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company adopted ASU 2016-13 as of January 1, 2023 and the adoption did not have a material impact on the Company’s consolidated financial statements and related disclosures.

Accounting Pronouncements Not Yet Adopted

In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures. This ASU requires greater disaggregation of information about a reporting entity's effective tax rate reconciliation as well

as information on income taxes paid. This ASU applies to all entities subject to income taxes and is intended to help investors better understand an entity’s exposure to potential changes in jurisdictional tax legislation and assess income tax information that affects cash flow forecasts and capital allocation decisions. This ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. This ASU should be applied on a prospective basis although retrospective application is permitted. The Company is currently evaluating the impact the adoption of this ASU will have on its consolidated financial statements and related disclosures

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments in this ASU require disclosures, on an annual and interim basis, of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”), as well as the aggregate amount of other segment items included in the reported measure of segment profit or loss. This ASU requires that a public entity disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. Public entities will be required to provide all annual disclosures currently required by Topic 280 in interim periods, and entities with a single reportable segment are required to provide all the disclosures required by the amendments in this ASU and existing segment disclosures in Topic 280. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments in this ASU should be applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the impact of this standard on its consolidated financial statements and related disclosures, and does not expect the standard will have a material impact on the Company’s consolidated financial statements and related disclosures.

Fair Value Measurements

12 Months Ended

Dec. 31, 2023

Fair Value Measurements

Fair Value Measurements

4. Fair Value Measurements

The Company determines the fair value of financial and non-financial assets and liabilities using the fair value hierarchy which establishes three levels of inputs that may be used to measure fair value, as follows:

Level 1—Observable inputs, such as quoted prices in active markets for identical assets or liabilities;

Level 2—Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and

Level 3—Unobservable inputs which reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model.

In determining fair value, the Company utilizes 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.

Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires management to make judgments and consider factors specific to the asset or liability.

The following tables present information about the Company’s financial assets measured at fair value on a recurring basis and indicates the level of the fair value hierarchy utilized to determine such fair values (in thousands):



	DECEMBER 31,
	2023								2022
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL		LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Money market funds	$	124,443	$	—	$	—	$	124,443	$	18,994	$	—	$	—	$	18,994
Cash equivalents		124,443		—		—		124,443		18,994		—		—		18,994

U.S. government bonds		84,935		—		—		84,935		11,763		—		—		11,763
U.S. government agency bonds		—		82,340		—		82,340		—		1,794		—		1,794
Corporate debt securities		—		170,256		—		170,256		—		51,193		—		51,193
Short-term investments		84,935		252,596		—		337,531		11,763		52,987		—		64,750
Total fair value of financial assets	$	209,378	$	252,596	$	—	$	461,974	$	30,757	$	52,987	$	—	$	83,744



	DECEMBER 31,
	2023								2022
		AMORTIZED	UNREALIZED				FAIR			AMORTIZED	UNREALIZED				FAIR
	COST		LOSSES		GAINS		VALUE		COST		LOSSES		GAINS		VALUE
Money market funds	$	124,443	$	—	$	—	$	124,443	$	18,994	$	—	$	—	$	18,994
Cash equivalents		124,443		—		—		124,443		18,994		—		—		18,994

U.S. government bonds		84,783		(35)		187		84,935		11,820		(57)		—		11,763
U.S. government agency bonds		82,185		(16)		171		82,340		1,801		(7)		—		1,794
Corporate debt securities		170,042		(39)		253		170,256		51,239		(49)		3		51,193
Short-term investments		337,010		(90)		611		337,531		64,860		(113)		3		64,750
Total fair value of financial assets	$	461,453	$	(90)	$	611	$	461,974	$	83,854	$	(113)	$	3	$	83,744

As of December 31, 2023 and 2022, the Company did not have any liabilities measured at fair value on a recurring basis. There were no transfers in and out of Level 3 during the years ended December 31, 2023 and 2022.

The unrealized losses for marketable securities related to changes in interest rates and the Company has the intent and ability to hold the underlying securities until the estimated date of recovery of its amortized cost. No allowance for credit losses was recorded at either December 31, 2023 or 2022, and no impairment losses were recognized for the years ended December 31, 2023 and 2022.

Money market funds and U.S. government bonds are included within Level 1 of the fair value hierarchy because they are valued using quoted market prices. Corporate debt securities and U.S. government agency bonds are classified within Level 2 of the fair value hierarchy as they take into consideration valuations obtained from third-party pricing services. The pricing services utilize industry standard valuation models, including both income-based and market-based approaches, for which all significant inputs are observable, either directly or indirectly, to estimate the fair value. These inputs include reported trades of and broker/dealer quotes on similar securities, issuer credit spreads, benchmark securities, prepayment/default projections based on historical data and other observable inputs.

- Definition

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

+ References + Details

Ordinary Shares (Tables)

12 Months Ended

Dec. 31, 2023

Ordinary Shares

Schedule of ordinary shares reserved for future issuance

The Company has the following ordinary shares reserved for future issuance (in thousands):



	DECEMBER 31,
	2023	2022
Share options issued and outstanding	11,899	7,612
Share options available for future grant	8,192	977
Ordinary shares available for employee share purchase plan	1,000	—
Conversion of redeemable convertible preferred shares	—	67,018
Ordinary share warrants	—	112
Total ordinary shares reserved	21,091	75,719

Composition of Certain Consolidated Financial Statement Line Items - Accrued expenses and other current liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Composition of Certain Consolidated Financial Statement Line Items
Accrued compensation	$ 4,325	$ 3,544
Accrued research and development expenses	4,719	1,818
Accrued clinical expenses	5,412	438
Accrued professional services	2,633	313
Income tax and VAT payable	356	174
Accrued other liabilities	1,113	454
Total accrued expenses and other current liabilities	$ 18,558	$ 6,741

Ordinary Shares - Schedule of ordinary shares reserved for future issuance (Details) - shares shares in Thousands	Dec. 31, 2023	Dec. 31, 2022
Ordinary Shares
Conversion of redeemable convertible preferred shares		67,018
Share options available for future grant	8,192	977
Ordinary shares available for employee share purchase plan	1,000
Share options issued and outstanding	11,899	7,612
Ordinary share warrants		112
Total ordinary shares reserved	21,091	75,719

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Taxes

Income Taxes

10. Income Taxes

The following table presents loss before income tax expense (in thousands):



	YEAR ENDED
	DECEMBER 31,
	2023		2022
Loss before income expense:
Domestic loss	$	(79,895)	$	(44,258)
Foreign income (loss)		(9,489)		(7,046)
Loss before income tax expense	$	(89,384)	$	(51,304)

The following table presents the current and deferred income tax provision for income taxes (in thousands):



	YEAR ENDED
	DECEMBER 31,
	2023		2022
Current tax provision (benefit):
Federal	$	—	$	—
State		5		3
Foreign		217		74
		222		77
Deferred tax provision (benefit):
Federal		—		—
State		—		—
Foreign		14		(60)

Total provision (benefit) for income taxes:	$	236	$	17

The Company is domiciled in the Cayman Islands. A reconciliation of the expected tax computed at the zero tax rate for the Cayman Islands to the total provision for income taxes was as follows:



	DECEMBER 31,
	2023		2022
Expected tax at 0%	—	%	—	%
State income tax, net of federal tax	6.5		3.8
Share-based compensation	(1.9)		(0.6)
Non-deductible expenses	0.1		(0.1)
U.S. income tax differential	18.8		18.2
Other foreign income tax differential	0.8		0.3
Research credits	1.7		0.8
Other	0.4		0.5
Change in valuation allowance	(26.7)		(22.9)
Effective tax rate	(0.3)	%	—	%

Deferred income taxes as of each of the following periods reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes.

Significant components of the Company’s net deferred tax asset or liability were as follows (in thousands):



	DECEMBER 31,
	2023		2022
Net operating loss	$	29,217	$	18,918
Research and experimentation expenses		16,911		5,986
Research credits		2,631		866
Compensation		1,737		1,336
Operating lease liability		1,030		57
Related party accrued expenses		1,036		651
Prepaid expenses		198		—
Property and equipment		—		18
Unrealized gains and losses		15
Other		—		74
Total deferred tax assets		52,775		27,906
Valuation allowance		(51,551)		(27,740)
Net deferred tax assets		1,224		166

Right-of-use assets		(960)		(43)
Property and equipment		(110)		—
Revenue		(77)		—
Unrealized gains and losses		—		(63)
Other		(32)		—
Total deferred tax liabilities		(1,179)		(106)
Net deferred tax assets	$	45	$	60

Realization of the Company’s deferred tax assets is dependent upon the Company generating sufficient taxable income in future years to obtain benefit from the reversal of temporary differences.

Management considered all available evidence under existing tax law and anticipated expiration of tax statutes and determined that a valuation allowance of $51.6 million and $27.7 million was required as of December 31, 2023 and 2022, respectively for those deferred tax assets that are not expected to provide future tax benefits.

As of December 31, 2023, the Company had available net operating loss carryforwards of $84.8 million for federal income tax purposes, all of which were generated after 2017. The federal net operating loss carryforwards are not subject to expiration.

As of December 31, 2023, the net operating losses for state purposes was $146.5 million and will begin to expire in 2037 if not utilized.

As of December 31, 2023, the net operating losses for Australia purposes was $3.3 million and are not subject to expiration.

As of December 31, 2023, the Company has federal and state income tax credit carryforwards, net of reserves, of $2.2 million and $0.5 million, respectively. The federal credit carryovers begin to expire in 2039 and the state credit carryovers do not expire.

The Company has not completed a study to determine whether any ownership change per the provisions of Section 382 of the Internal Revenue Code of 1986, as amended (the “Code”), as well as similar state provisions, has occurred. Utilization of the Company’s net operating loss and income tax credit carryforwards may be subject to a substantial annual limitation due to ownership changes that may have occurred or that could occur in the future. These ownership changes may limit the amount of the net operating loss and income tax credit carryover that can be utilized annually to offset future taxable income. In general, an “ownership change” as defined by Section 382 of the Code results from a transaction or series of transactions over a three-year period resulting in an ownership change of more than 50% of the outstanding ordinary shares of a company by certain shareholders.

Uncertain Tax Positions

In accordance with authoritative guidance, the impact of an uncertain income tax position on the income tax return must be recognized at the largest amount that is more-likely-than-not to be sustained upon audit by the relevant taxing authority. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. The Company does not anticipate that there will be a substantial change in unrecognized tax benefits within the next 12 months.

The following table reconciles the change in unrecognized tax benefits for the years as follows (in thousands):



	DECEMBER 31,
	2023		2022
Beginning of year	$	289	$	107
Additions for tax positions related to current year		574		198
Additions for tax positions related to prior years		14		—
Reductions for tax positions related to prior years		—		(16)
End of year	$	877	$	289

The total unrecognized tax benefits do not impact the Company’s effective tax rate.

The Company recognizes interest and penalties related to unrecognized tax positions within the income tax expense line in the accompanying consolidated statements of operations and comprehensive loss. There were no accrued interest and penalties associated with uncertain tax positions as of December 31, 2023 and 2022.

The Company and its subsidiaries are subject to U.S. federal, state and foreign income tax, and in the normal course of business, its income tax returns are subject to examination by the relevant taxing authorities. As of December 31, 2023, the 2018 to 2022 tax years remained subject to examination in the U.S. federal tax and various state tax jurisdictions. The Company is not currently under examination by federal, state, or foreign jurisdictions.

Indefinite Reinvestment of Foreign Earnings

The Company considers the earnings of certain subsidiaries to be indefinitely invested outside the Cayman Islands on the basis of estimates that future domestic cash generation will be sufficient to meet future domestic cash needs and the specific plans for reinvestment of those subsidiary earnings. The Company has not recorded a deferred tax liability related to the income taxes and foreign withholding taxes on indefinitely reinvested undistributed earnings of foreign subsidiaries. If the Company decides to repatriate the foreign earnings, it would need to adjust the income tax provision in the period it was determined that the earnings

would no longer be indefinitely invested outside the Cayman Islands. The Company’s subsidiaries in the United States do not have undistributed earnings to distribute. As of December 31, 2023, a subsidiary in China has no undistributed earnings.

On December 22, 2017 the legislation commonly known as the Tax Cuts and Jobs Act (“TCJA”) was signed into law. The TCJA resulted in significant changes to the treatment of research or experimental (“R&E”) expenditures under Internal Revenue Code Section 174. For tax years beginning after December 31, 2021, taxpayers are required to capitalize and amortize all R&E expenditures that are paid or incurred in connection with their trade or business which represent costs in the experimental or laboratory sense. Specifically, costs for U.S.-based R&E activities must be amortized over five years and costs for foreign R&E activities must be amortized over 15 years; both using a midyear convention. In 2023, the Company has capitalized $58.9 million of research and development costs. After amortization, there remains a future temporary deductible item in the amount of $80.5 million.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Ordinary Shares - Additional information (Details)		1 Months Ended		12 Months Ended
Ordinary Shares - Additional information (Details)	Sep. 29, 2023 $ / shares shares	Sep. 30, 2023 shares	May 31, 2023 $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares
Ordinary shares, shares authorized				500,000,000	432,982,000
Ordinary shares, par value (in dollars per share) \| $ / shares				$ 0.0001	$ 0.0001
Undesignated shares, shares authorized				90,187,562	0
Number of securities called by each warrant or right			1
Biotechnology Value Fund, Biotechnology Value Fund II, And Biotechnology Value Trading Fund OS, L.P.
Ordinary shares, par value (in dollars per share) \| $ / shares			$ 0.0001
Percentage of issued share capital			5.00%
Number Of Ordinary Shares Exchanged			7,410,518
Exchange ratio			1
Exchange of ordinary shares to non-voting ordinary shares (in shares)			7,410,518
Ordinary shares
Ordinary shares, shares authorized				500,000,000
Non-voting ordinary shares
Shares issued		2,401,920	7,410,518	9,812,438
Non-voting ordinary shares \| Biotechnology Value Fund, Biotechnology Value Fund II, And Biotechnology Value Trading Fund OS, L.P.
Share purchase price \| $ / shares	$ 12.49
Number of shares agreed to issue under share purchase agreement	2,401,920
Undesignated shares
Ordinary shares, shares authorized				100,000,000
Common shares \| Dividend Declared
Dividends declared \| $				$ 0	$ 0
Common shares \| Ordinary shares
Exchange of ordinary shares to non-voting ordinary shares (in shares)				(7,411,000)
Conversion of non-voting ordinary shares into ordinary shares ( in shares)				9,812,438
Common shares \| Non-voting ordinary shares
Exchange of ordinary shares to non-voting ordinary shares (in shares)				7,411,000
Conversion of non-voting ordinary shares into ordinary shares ( in shares)				(9,812,000)

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (89,620)	$ (51,321)

- 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 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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+ Details

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 129,792	$ 26,091
Short-term investments	337,531	64,750
Prepaid expenses and other current assets	6,285	2,248
Total current assets	473,608	93,089
Property and equipment, net	3,228	1,031
Operating right-of-use assets	5,136	262
Other non-current assets	45	3,463
Total assets	482,017	97,845
Current liabilities:
Accounts payable	4,742	6,009
Accrued expenses and other current liabilities	18,558	6,741
Operating lease liabilities, current portion	1,440	260
Total current liabilities	24,740	13,010
Operating lease liabilities, net of current portion	4,013
Other non-current liabilities	298
Total liabilities	29,051	13,010
Commitments and contingencies (Note 6)
Redeemable convertible preferred shares	0	199,975
Shareholders' equity (deficit):
Undesignated shares - $0.0001 par value; 90,188 and 0 shares authorized as of December 31, 2023 and December 31, 2022, respectively
Ordinary shares - $0.0001 par value; 500,000 and 432,982 shares authorized as of December 31, 2023 and December 31, 2022, respectively; 139,220 and 10,527 shares issued and outstanding as of December 31, 2023 and December 31, 2022, respectively	14	1
Additional paid-in capital	659,003	1,921
Accumulated other comprehensive income (loss)	521	(110)
Accumulated deficit	(206,572)	(116,952)
Total shareholders' equity (deficit)	452,966	(115,140)
Total liabilities, redeemable convertible preferred shares and shareholders' equity (deficit)	$ 482,017	97,845
Series A redeemable convertible preferred shares
Current liabilities:
Redeemable convertible preferred shares		32,001
Series A+ redeemable convertible preferred shares
Current liabilities:
Redeemable convertible preferred shares		26,000
Series B redeemable convertible preferred stock
Current liabilities:
Redeemable convertible preferred shares		133,015
Series B1 redeemable convertible preferred stock
Current liabilities:
Redeemable convertible preferred shares		$ 8,959

Net Loss Per Share

12 Months Ended

Dec. 31, 2023

Net Loss Per Share

Net Loss Per Share

11. Net Loss Per Share

The following table sets forth the computation of basic and diluted net loss per share attributable to ordinary shareholders, which excludes unvested restricted shares and shares which are legally outstanding, but subject to repurchase by the Company (in thousands, except per share amounts):



	YEAR ENDED
	DECEMBER 31,
	2023		2022
Numerator:
Net loss attributable to ordinary shareholders	$	(89,620)	$	(51,321)
Accretion of redeemable convertible preferred shares to their redemption value		—		(1,515)
Net loss attributable to ordinary shareholders	$	(89,620)	$	(52,836)
Denominator:
Weighted-average ordinary shares outstanding		110,263		10,933
Less: weighted-average unvested restricted ordinary shares subject to repurchase		(65)		(1,349)
Weighted-average ordinary shares used in computing net loss per share attributable to ordinary shareholders, basic and diluted		110,198		9,584
Net loss per share attributable to ordinary shareholders, basic and diluted	$	(0.81)	$	(5.51)

The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share attributable to ordinary shareholders for the periods presented because including them would have been antidilutive (in thousands):




	DECEMBER 31,
	2023	2022
Options to purchase ordinary shares	11,899	7,612
Shares committed under ESPP	106	—
Redeemable convertible preferred shares	—	67,018
Ordinary share warrants	—	112
Unvested restricted ordinary share awards	—	327
Total	12,005	75,069

Redeemable Convertible Preferred Shares (Tables)

12 Months Ended

Dec. 31, 2023

Redeemable Convertible Preferred Shares

Schedule of redeemable convertible preferred shares

As of December 31, 2022, redeemable convertible preferred shares consisted of the following (in thousands, except share and per share amounts):



	DECEMBER 31, 2022
				SHARES ISSUED
	SHARES	ORIGINAL		AND	CARRYING		LIQUIDATION
SERIES	AUTHORIZED	ISSUE PRICE		OUTSTANDING	VALUE		VALUE
A	19,200,000	$	1.6667	19,200,000	$	32,001	$	32,001
A+	12,799,681		2.0313	12,799,681		26,000		26,000
B	32,857,004		4.0483	32,857,004		133,015		133,015
B-1	2,161,402		3.2386	2,161,402		8,959		7,000
	67,018,087			67,018,087	$	199,975	$	198,016

CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED SHARES AND SHAREHOLDERS' EQUITY (DEFICIT) (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
IPO
Issuance of ordinary shares, issuance costs and underwriting discount	$ 18,586
Private Placement
Issuance of ordinary shares, issuance costs and underwriting discount	$ 18,538
Series B redeemable convertible preferred stock
Issuance of redeemable convertible preferred shares, issuance costs		$ 1,515

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Operating expenses:
Research and development	$ 70,103	$ 36,193
General and administrative	32,672	16,368
Total operating expenses	102,775	52,561
Loss from operations	(102,775)	(52,561)
Interest and other income (expense), net	13,391	1,257
Loss before provision for income taxes	(89,384)	(51,304)
Provision for income taxes	236	17
Net loss	(89,620)	(51,321)
Less: Accretion of redeemable convertible preferred shares to their redemption value		(1,515)
Net loss attributable to ordinary shareholders	$ (89,620)	$ (52,836)
Net loss per share attributable to ordinary shareholders, basic	$ (0.81)	$ (5.51)
Net loss per share attributable to ordinary shareholders, diluted	$ (0.81)	$ (5.51)
Weighted-average ordinary shares used in computing net loss per share attributable to ordinary shareholders, basic	110,198	9,584
Weighted-average ordinary shares used in computing net loss per share attributable to ordinary shareholders, diluted	110,198	9,584
Other comprehensive loss:
Unrealized gain (loss) on investments, net	$ 631	$ (110)
Total other comprehensive income (loss)	631	(110)
Comprehensive loss	$ (88,989)	$ (51,431)

Fair Value Measurements - Financial assets measured at fair value (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair Value Measurements
Amortized cost	$ 461,453	$ 83,854
Unrealized loss	(90)	(113)
Unrealized gain	611	3
Fair value	461,974	83,744
Money market funds
Fair Value Measurements
Amortized cost	124,443	18,994
Fair value	124,443	18,994
Cash equivalents
Fair Value Measurements
Amortized cost	124,443	18,994
Fair value	124,443	18,994
U.S. government bonds
Fair Value Measurements
Amortized cost	84,783	11,820
Unrealized loss	(35)	(57)
Unrealized gain	187
Fair value	84,935	11,763
U.S. government agency bonds
Fair Value Measurements
Amortized cost	82,185	1,801
Unrealized loss	(16)	(7)
Unrealized gain	171
Fair value	82,340	1,794
Corporate debt securities
Fair Value Measurements
Amortized cost	170,042	51,239
Unrealized loss	(39)	(49)
Unrealized gain	253	3
Fair value	170,256	51,193
Short-term investments
Fair Value Measurements
Amortized cost	337,010	64,860
Unrealized loss	(90)	(113)
Unrealized gain	611	3
Fair value	$ 337,531	$ 64,750

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2023
Summary of Significant Accounting Policies
Basis of Presentation	Basis of Presentation The consolidated financial statements and related disclosures have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The functional and reporting currency of the Company and its subsidiaries is the U.S. dollar. The aggregate foreign currency transaction loss included in determining net loss was not material for the periods presented.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of expenses during the reporting periods. Such estimates include lease liability, accruals for research and development activities, ordinary share valuation prior to the IPO, and related share-based compensation and certain other accrued liabilities. Actual results could differ from those estimates.
Segments	Segments The Company operates and manages its business as one reportable and operating segment, which is the business of research and development of medicines that target chronic diseases with unmet medical need. The Company’s Chief Executive Officer, who is the chief operating decision maker, reviews financial information on an aggregate basis for purposes of allocating resources and evaluating financial performance. The Company’s long-lived assets are primarily in China.
Concentration of Credit Risk	Concentration of Credit Risk The Company is exposed to credit risk from its deposits of cash, cash equivalents and short-term investments in excess of the amount of insurance provided on such deposits. The Company invests its cash, cash equivalents and short-term investments in money market funds, corporate debt securities, U.S. government bonds and U.S. government agency bonds. The Company limits its credit risk associated with cash, cash equivalents and short-term investments by investing in investment-grade securities and using banks and institutions it believes are creditworthy. The Company has not experienced any losses on its deposits of cash, cash equivalents and short-term investments to date. The Company has no off-balance sheet concentrations of credit risk, such as foreign currency exchange contracts, option contracts or other hedging arrangements.
Risks and Uncertainties	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, compliance with government regulations and the need to obtain additional financing to fund operations. Product candidates currently under development will require significant additional research and development efforts, including extensive preclinical studies, clinical trials and regulatory approval prior to commercialization. These efforts require significant amounts of additional resources, adequate personnel, infrastructure and extensive compliance and reporting. The Company’s product candidates are still in development and, to date, none of the Company’s product candidates have been approved for sale and, therefore, the Company has not generated any revenue from any of its products. There can be no assurance that the Company’s 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 the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will generate any revenue from any of its products. The Company operates in an environment of rapid change in technology and substantial competition from other pharmaceutical and biotechnology companies. The Company relies and expects to continue to rely on a small number of vendors to manufacture supplies and materials for use in its clinical trial programs. These programs could be adversely affected by a significant interruption in these manufacturing services.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly-liquid investments purchased with maturities of 90 days or less from the original date of purchase to be cash equivalents. As of December 31, 2023 and 2022, the Company’s cash and cash equivalents consist of cash deposited with banks and investments in money market funds.
Short-Term Investments	Short-Term Investments The Company classifies its investments as available-for-sale and records them at fair value based upon market prices at period end. Unrealized gains and losses that are deemed temporary in nature are recorded in accumulated other comprehensive income as a separate component of shareholders’ equity (deficit). Dividend and interest income are recognized when earned. Realized gains and losses are included in earnings and are derived using the specific identification method for determining the cost of investments sold. The Company may sell these securities at any time for use in current operations.
Credit Losses	Credit Losses For short-term investments in an unrealized loss position, the Company periodically assesses its portfolio for impairment. The assessment first considers the intent or requirement to sell the available-for-sale debt securities. If either of these criteria are met, the amortized cost basis is written down to fair value through earnings. If not met, the Company evaluates whether the decline resulted from credit losses or other factors by considering the extent to which fair value is less than amortized cost, any changes to the rating of the short-term investments by a rating agency, and any adverse conditions specifically related to the short-term investments, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the short-term investments is compared to the amortized cost basis of the short-term investments. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded, with a corresponding adjustment to interest and other income (expense), net, limited by the amount that the fair value is less than the amortized cost basis. The Company has elected to exclude accrued interest from both the fair value and the amortized cost basis of the available-for-sale debt securities for the purposes of identifying and measuring an impairment. The Company writes off accrued interest as a reduction of interest income when an issuer has defaulted on interest payments due on a security. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive loss. At December 31, 2023 and 2022, gross unrealized losses on the Company’s available-for-sale securities were not material and, accordingly, no credit loss reserves were recognized.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company establishes the fair value of its assets and liabilities using the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date and established a fair value hierarchy based on the inputs used to measure fair value. The carrying value of cash and cash equivalents, accounts payable and accrued liabilities approximate fair value due to their relatively short maturities. The Company determines the fair value of financial and non- financial assets and liabilities using the fair value hierarchy which establishes three levels of inputs that may be used to measure fair value (see Note 4).
Property and Equipment, Net	Property and Equipment, Net Property and equipment, net is stated at cost less accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets, generally two to five years. Leasehold improvements are amortized using the straight-line method over the shorter of the assets’ estimated useful lives or the remaining term of the lease. When assets are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the balance sheet, and any resulting gain or loss is reflected in operating expenses in the period realized. Maintenance and repairs are charged to operating expenses as incurred.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets Long-lived assets consist primarily of property and equipment, net, and are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require that a long-lived asset be tested for possible impairment, the Company compares the undiscounted cash flows expected to be generated by the asset group to the carrying amount of the asset group. If the carrying amount of the long-lived asset is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying amount exceeds its fair value. During the years ended December 31, 2023 and 2022, the Company did not recognize any such impairment charges.
Deferred Offering Costs	Deferred Offering Costs The Company capitalizes, within other non-current assets, certain legal, accounting and other third-party fees that are directly related to the Company’s in-process equity financings, including its IPO and Private Placements, until such financings are consummated. After consummation of the equity financing, these costs are recorded as a reduction of the proceeds received as a result of the offering. Should a planned equity financing be abandoned, terminated or significantly delayed, the deferred offering costs will be immediately written off to general and administrative expenses. Upon closing the IPO and Private Placement, all deferred offering costs were charged against the proceeds from the IPO and Private Placement and recorded in shareholders equity (deficit) as a reduction of additional paid-in capital. As of December 31, 2023 and 2022, deferred offering costs were $0 and $3.4 million, respectively.
Accrued Research and Development Expenses	Accrued Research and Development Expenses The Company has entered into various agreements with contract manufacturing organizations (“CMOs”) and contract research organizations (“CROs”). The Company’s research and development accruals are estimated based on the level of services performed, progress of the studies, including the phase or completion of events, and contracted costs. The estimated costs of research and development provided, but not yet invoiced, are included in other current liabilities on the consolidated balance sheets. If the actual timing of the performance of services or the level of effort varies from the original estimates, the Company will adjust the accrual accordingly. Payments made to CMOs and CROs under these arrangements in advance of the performance of the related services are recorded as prepaid expenses and other current assets on the consolidated balance sheets until the services are rendered.
Leases	Leases The Company determines if an arrangement is, or contains, a lease at inception and then classifies the lease as operating or financing based on the underlying terms and conditions of the contract. Leases with terms greater than one year are initially recognized on the consolidated balance sheets as right-of-use assets and lease liabilities based on the present value of lease payments over the expected lease term. The Company has also elected to not apply the recognition requirement to any leases within its existing classes of assets with a term of 12 months or less and does not include any options to purchase the underlying asset that the Company is reasonably certain to exercise. As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Variable lease payments are excluded from the right-of-use assets and operating lease liabilities and are recognized in the period in which the obligation for those payments is incurred. The Company elected the practical expedient not to separate non-lease components from lease components for the Company’s facility leases and to account for the lease and non-lease components as a single lease component.
Redeemable Convertible Preferred Shares	Redeemable Convertible Preferred Shares The Company recorded all shares of redeemable convertible preferred shares at the amount of proceeds received, less amounts allocated to redeemable convertible preferred shares tranche liability and issuance costs. The fair value of Series B-1 redeemable convertible preferred shares issued in connection with the Basecamp Bio share exchange transaction was estimated at fair value based on market-based factors similar to those used in determining the fair value of ordinary shares. Though not mandatorily redeemable, the redeemable convertible preferred shares were recorded outside of permanent equity because in certain events considered not solely within the Company’s control, such as a merger, acquisition, or sale of all or substantially all of the Company’s assets (each, a “deemed liquidation event”), the redeemable convertible preferred shares could become redeemable at the option of the holders of at least a majority of the then outstanding shares on or after April 29, 2026. The Company made an accounting policy election to recognize changes in the redemption value of redeemable convertible preferred shares immediately as they occur and adjust the carrying value of redeemable convertible preferred shares to equal it to its redemption value at the end of each reporting period. All outstanding shares of the redeemable convertible preferred shares converted into ordinary shares upon effectiveness of the Company’s IPO in 2023.
Research and Development Expenses	Research and Development Expenses Research and development expenses include costs directly attributable to the conduct of research and development programs, including payroll and related expenses, costs for CMOs, costs for CROs, materials, supplies, consulting costs, and the allocated portions of facility costs, such as rent, utilities, insurance, information technology costs and general support services. Research and development costs are expensed within the consolidated statements of operations and comprehensive loss as incurred.
Fair Value of Ordinary Shares	Fair Value of Ordinary Shares Prior to the IPO, the fair value of the Company’s ordinary shares was determined by its Board of Directors with input from management and third-party valuation specialists. The Company’s approach to estimate the fair value of the Company’s ordinary shares is consistent with the methods outlined in the American Institute of Certified Public Accountants Practice Aid, Valuation of Privately-Held-Company Equity Securities Issued as Compensation. Determining the best estimated fair value of the Company’s ordinary shares requires significant judgment and management considers several factors, including the Company’s stage of development, equity market conditions affecting comparable public companies, significant milestones and progress of research and development efforts. Subsequent to the Company’s IPO, the fair value of the Company’s ordinary shares is determined based on its closing market price of the Company’s ADS, which each represents three ordinary shares.
Share-Based Compensation	Share-Based Compensation The Company accounts for share-based compensation arrangements with employees and non-employees using a fair value method which requires the recognition of compensation expense for costs related to all share-based payments including share options. The fair value method requires the Company to estimate the fair value of share-based payment awards on the date of grant using an option-pricing model. The Company uses the Black-Scholes option-pricing model to estimate the fair value of options granted that are expensed on a straight-line basis over the requisite service period, which is generally the vesting period. The Company accounts for forfeitures as they occur. Option valuation models, including the Black-Scholes option-pricing model, require the input of several assumptions. The Company has granted share options to employees based in China. The exercise of share options granted to such employees was conditioned on a liquidity event, such as an IPO or change in control, which was not considered probable until consummated. The liquidity event condition was satisfied upon the closing of the IPO, and the Company recognized cumulative share-based compensation expense for share options granted to employees based in China. In February 2023, the Company’s board of directors approved the grant of performance share options for 1,200,000 ordinary shares, which were granted under the 2023 Equity Incentive Plan. Each share option will vest over four years, subject to the achievement in the first year following the grant of certain clinical milestones as determined by the Company’s compensation committee, and subject to the employees’ continuous service through each vesting date. The achievement of performance milestones was not probable as of December 31, 2023. As such, no share-based compensation expense was recognized for performance share options during the year ended December 31, 2023.
Income Taxes	Income Taxes Income taxes are accounted for using an asset and liability approach that requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the consolidated financial statement and tax bases of assets and liabilities at the applicable enacted tax rates. The Company will establish a valuation allowance for deferred tax assets if it is more likely than not that these items will expire before the Company is able to realize its benefits or that future deductibility is uncertain. The Company recognizes the tax benefit from uncertain tax positions only if it is more likely than not that the tax position will be sustained on examination by the tax authorities, based on the technical merits of the position. The tax position is measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. The Company recognizes interest and penalties related to income tax matters in its provision for income taxes. As of December 31, 2023 and 2022, the unrecognized income tax benefits were $0.9 million and $0.3 million, respectively.
Net Loss Per Share Attributable to Ordinary Shareholders	Net Loss Per Share Attributable to Ordinary Shareholders Basic net loss per ordinary share is calculated by dividing the net loss attributable to ordinary shareholders by the weighted-average number of ordinary shares, including non-voting ordinary shares, outstanding during the period, without consideration of potentially dilutive securities. Net loss attributable to ordinary shareholders is computed as net loss less accretion of redeemable convertible preferred shares. Diluted net loss per share is computed by dividing the net loss attributable to ordinary shareholders by the weighted- average number of ordinary shares, including non-voting ordinary shares, and potentially dilutive securities outstanding for the period. For purposes of the diluted net loss per share calculation, the redeemable convertible preferred shares, ordinary share warrants, unvested restricted ordinary shares subject to repurchase and share options are considered to be potentially dilutive securities. Basic and diluted net loss per share attributable to ordinary shareholders is presented in conformity with the two-class method required for participating securities as the redeemable convertible preferred shares are considered a participating security because they participate in dividends with ordinary shares. The holders of redeemable convertible preferred shares do not have a contractual obligation to share in the Company’s losses. As such, the net loss was attributed entirely to ordinary shareholders, including non-voting ordinary shares. Because the Company has reported a net loss for all periods presented, diluted net loss per ordinary share is the same as basic net loss per ordinary share for those periods.
Comprehensive Income (Loss)	Comprehensive Income (Loss) Comprehensive income (loss) is defined as a change in equity of a business enterprise during a period, resulting from transactions from non-owner sources. Other comprehensive income (loss) represents unrealized gains or losses on short-term investments that are reported as a component of shareholders’ equity (deficit) on the consolidated balance sheets.
JOBS Act Accounting Election	JOBS Act Accounting Election The Company is an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (“JOBS Act”). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. The Company has elected to use this extended transition period for complying with certain new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date the Company (i) is no longer an emerging growth company or (ii) affirmatively and irrevocably opts out of the extended transition period provided in the JOBS Act. As a result, these consolidated financial statements may not be comparable to companies that comply with new or revised accounting pronouncements as of public company effective dates.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued Account Standards Update (“ASU”) No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. This ASU replaces the existing incurred loss impairment model with an expected loss model. It also eliminates the concept of other-than-temporary impairment and requires credit losses related to available-for-sale debt securities to be recorded through an allowance for credit losses rather than as a reduction in the amortized cost basis of the securities. These changes will result in earlier recognition of credit losses. The amendments in this ASU are effective for the Company for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company adopted ASU 2016-13 as of January 1, 2023 and the adoption did not have a material impact on the Company’s consolidated financial statements and related disclosures. Accounting Pronouncements Not Yet Adopted In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures. This ASU requires greater disaggregation of information about a reporting entity's effective tax rate reconciliation as well as information on income taxes paid. This ASU applies to all entities subject to income taxes and is intended to help investors better understand an entity’s exposure to potential changes in jurisdictional tax legislation and assess income tax information that affects cash flow forecasts and capital allocation decisions. This ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. This ASU should be applied on a prospective basis although retrospective application is permitted. The Company is currently evaluating the impact the adoption of this ASU will have on its consolidated financial statements and related disclosures In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments in this ASU require disclosures, on an annual and interim basis, of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”), as well as the aggregate amount of other segment items included in the reported measure of segment profit or loss. This ASU requires that a public entity disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. Public entities will be required to provide all annual disclosures currently required by Topic 280 in interim periods, and entities with a single reportable segment are required to provide all the disclosures required by the amendments in this ASU and existing segment disclosures in Topic 280. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments in this ASU should be applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the impact of this standard on its consolidated financial statements and related disclosures, and does not expect the standard will have a material impact on the Company’s consolidated financial statements and related disclosures.

Composition of Certain Consolidated Financial Statement Line Items

12 Months Ended

Dec. 31, 2023

Composition of Certain Consolidated Financial Statement Line Items

Composition of Certain Consolidated Financial Statement Line Items

3. Composition of Certain Consolidated Financial Statement Line Items

Property and equipment, net consists of the following (in thousands):



	DECEMBER 31,
	2023		2022
Laboratory equipment	$	1,960	$	1,098
Furniture and fixtures		243		115
Computer equipment and software		309		58
Leasehold improvements		1,360		109
	$	3,872	$	1,380
Less: Accumulated depreciation		(644)		(349)
Property and equipment, net	$	3,228	$	1,031

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



	DECEMBER 31,
	2023		2022
Accrued compensation	$	4,325	$	3,544
Accrued research and development expenses		4,719		1,818
Accrued clinical expenses		5,412		438
Accrued professional services		2,633		313
Income tax and VAT payable		356		174
Accrued other liabilities		1,113		454
Total accrued expenses and other current liabilities	$	18,558	$	6,741

Defined Contribution Plan

12 Months Ended

Dec. 31, 2023

Defined Contribution Plan

Defined Contribution Plan

12. Defined Contribution Plan

The Company maintains a defined contribution plan under Section 401(k) of the Code covering substantially all full-time U.S. employees. Employee contributions are voluntary and are determined on an individual basis subject to the maximum allowable under federal tax regulations. For the years ended December 31, 2023 and 2022, the Company started to make safe-harbor matching contributions of 100% of each dollar contributed by eligible employees, up to 4% of an employee’s eligible compensation. The Company may also make discretionary contributions to the 401(k) plan. During the years ended December 31, 2023 and 2022, matching contributions were $0.2 million and $0.2 million, respectively.

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies.

Schedule of maturities of operating lease liabilities

The maturities of operating lease liabilities as of December 31, 2023, were as follows (in thousands):



	DECEMBER 31,
	2023
2024	$	1,801
2025		2,002
2026		1,954
2027		384
Total undiscounted lease payments		6,141
Less: imputed interest		688
Total operating lease liability		5,453
Less: current portion		1,440
Operating lease liability, net of current portion	$	4,013

Shareholders' Equity - Employee Share Purchase Plan and Equity Incentive Plan (Details) $ in Millions	1 Months Ended				12 Months Ended
	Jan. 31, 2024 shares	Feb. 28, 2023 item shares	Jan. 31, 2023 shares	Apr. 30, 2019	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 shares
ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems
Increase in number of shares that were reserved for issuance					12,000,000
Number of shares available for grant					8,192,000	977,000
Remaining weighted-average vesting period					3 years 1 month 6 days
Employee Stock Purchase Plan 2023
ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems
Purchase price of common stock percent		85.00%
Offering period of the plan		24 months
Number of purchase period \| item		4
Purchase period of the plan within each offering period		6 months
Number of ordinary shares approved		1,000,000
Number of shares available for grant					1,000,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Reserved For Issuance Under Plan, Automatic Increment, Threshold Percentage					1.00%
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Reserved For Issuance Under Plan, Automatic Increment, Threshold Number Of Ordinary Shares					3,000,000
Employee Stock Purchase Plan 2023 \| Subsequent Event
ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems
Increase in number of shares that were reserved for issuance	1,392,210
2023 Equity Incentive Plan
ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems
Number of ordinary shares approved			12,000,000		20,589,597
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Reserved For Issuance Under Plan, Automatic Increment, Threshold Percentage					4.00%
2023 Equity Incentive Plan \| Subsequent Event
ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems
Increase in number of shares that were reserved for issuance	5,568,838
2019 Plan
ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems
Expiration term				10 years
Shares committed under ESPP \| 2023 Equity Incentive Plan \| Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems
Expiration term			10 years
Employee Stock Option
ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems
Total unrecognized compensation expense related to unvested restricted shares \| $					$ 0.6
Remaining weighted-average vesting period					1 year 10 months 24 days
Employee Stock Option \| 2023 Equity Incentive Plan
ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems
Vesting period			4 years
Incentive Share Option \| 2023 Equity Incentive Plan
ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems
Expiration term			5 years
Percentage of voting power of share			10.00%
Incentive Share Option \| 2023 Equity Incentive Plan \| Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems
Purchase price of common stock percent			110.00%

Shareholders' Equity

12 Months Ended

Dec. 31, 2023

Shareholders' Equity

Shareholders' Equity

9. Shareholders’ Equity

2019 Equity Incentive Plan

In April 2019, the Company adopted the 2019 Equity Incentive Plan (“2019 Plan”), under which its board of directors can issue share options. Awards granted under the 2019 Plan may be either incentive share options (“ISOs”), nonstatutory share options (“NSOs”), share appreciation rights (“SARs”), or restricted share units (“RSUs”). ISOs may be granted only to Company employees (including officers and directors who are also employees). NSOs may be granted to Company employees and consultants. The exercise price of ISOs and NSOs shall not be less than 100% of the estimated fair value of the shares on the date of grant. The exercise price of ISOs granted to an employee who, at the time of grant, owns shares representing more than 10% (“10% shareholder”) of the voting power of all classes of shares of the Company shall be no less than 110% of the estimated fair value of the shares on the date of grant. The options usually have a term of 10 years (or no more than five years if granted to a 10% shareholder). Vesting conditions determined by the plan administrator may apply to share options and may include continued service, performance and/or other conditions. Generally, options and restricted share awards vest over a four-year period.

2023 Equity Incentive Plan

In January 2023, prior to the IPO closing, the Company’s board of directors and shareholders approved the 2023 Equity Incentive Plan (“2023 Plan”), which became effective upon the IPO closing. The Company initially reserved 12,000,000 ordinary shares for issuance of share-based compensation awards, including ISOs, NSOs, stock appreciation rights, restricted stock units and other stock-based awards, plus shares available for issuance under the 2019 Plan. ISOs may be granted only to Company employees (including officers and directors who are also employees). Shares options granted under the 2019 Plan that are forfeited or lapse unexercised will be available for issuance under the 2023 Plan. Once the 2023 Plan became effective, no further grants were made under the 2019 Plan.

Options under the 2023 Plan may be granted for periods of up to 10 years at exercise prices no less than the fair market value of the Company’s ordinary shares on the date of grant; provided, however, that the exercise price of an ISO granted to a 10% shareholder may not be less than 110% of the fair market value of the shares on the date of grant and such option may not be exercisable after the expiration of five years from the date of grant. Vesting conditions determined by the plan administrator may apply to share options and may include continued service, performance and/or other conditions. Generally, share options vest over a four-year period.

The maximum number of ordinary shares that may be issued under the 2023 Plan as of December 31, 2023 was 20,589,597. In addition, the number of ordinary shares reserved for issuance under our 2023 Plan will automatically increase on January 1 of each calendar year, starting on January 1, 2024 through January 1, 2033, in an amount equal to 4% of the total number of ordinary shares outstanding on the last day of the calendar month before the date of each automatic increase, or a lesser number of ordinary shares determined by the Company’s board of directors. In January 2024, the number of ordinary shares available for issuance under the 2023 Plan was increased by 5,568,838 shares as a result of the automatic increase provision in the 2023 Plan.

Options

A summary of share option activity is set forth below (in thousands except per share amounts and years):



		OUTSTANDING AWARDS
	NUMBER				WEIGHTED-
	OF	NUMBER OF			AVERAGE
	SHARES	SHARES	WEIGHTED-		REMAINING
	AVAILABLE	UNDERLYING	AVERAGE		CONTRACTUAL	AGGREGATE
	FOR	OUTSTANDING	EXERCISE		TERM	INTRINSIC
	GRANT	OPTIONS	PRICE		(IN YEARS)	VALUE
As of December 31, 2022	977	7,612	$	1.62	8.57	$	13,283
Additional shares authorized	12,000	—		—
Granted	(5,451)	5,451		7.00
Exercised	—	(498)		1.61
Forfeited	666	(666)		4.22
As of December 31, 2023	8,192	11,899		3.94	8.27		117,093
Exercisable at December 31, 2023		4,602		1.42	7.36		55,995
Vested and expected to vest at December 31, 2023		11,899		3.94	8.27		117,093

The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying share options and the fair value of the Company’s ordinary shares for share options that were in-the-money at the end of each period. The aggregate intrinsic value of options exercised for the years ended December 31, 2023 and 2022 was $3.9 million and $0.2 million, respectively.

The total fair value of options that vested during the years ended December 31, 2023 and 2022 was $5.5 million and $1.5 million, respectively.

Employee Share Purchase Plan

In February 2023, the Company adopted the 2023 Employee Share Purchase Plan (“ESPP”). The Company allows eligible employees to purchase shares of the Company's ordinary shares through payroll deductions at a price equal to 85% of the lesser of the fair market value of the ordinary shares as of the first date of each offering period or the ending date of each purchase period. Each offering period is typically 24 months consisting of four purchase periods of six months. There were 1,000,000 ordinary shares initially reserved for issuance under the ESPP. The number of ordinary shares reserved for issuance will automatically increase on January 1 of each calendar year, beginning on January 1, 2024 through January 1, 2033, by the lesser of (i) 1% of the total number of our outstanding share capital on the last day of the calendar month before the date of the automatic increase; and (ii) 3,000,000 ordinary shares; provided that before the date of any such increase, our board of directors may determine that such increase will be less than the amount set forth in clauses (i) and (ii). In January 2024, the number of ordinary shares available for issuance under the ESPP was increased by 1,392,210 shares as a result of the automatic increase provision in the ESPP.

The offering period and purchase periods are determined by the board of directors. The first offering period for approximately 24 months was initiated during the fourth quarter of 2023 and consists of four purchase periods or approximately six months. As of December 31, 2023, 1,000,000 shares under the ESPP remain available for purchase.

Compensation expense is calculated using the fair value of the employees' purchase rights under the Black-Scholes model, which was estimated using the following weighted-average assumptions:



	YEAR ENDED
	DECEMBER 31,
	2023
Expected term (in years)	1.2
Expected volatility	90.3	%
Risk-free interest rate	4.8	%
Expected dividend yield	0.0	%

Restricted Shares

On April 29, 2019, 5,891,064 shares of the Company’s ordinary shares which were previously issued to its founders were converted to restricted ordinary shares with a vesting term of four years with 25% of the shares vesting after one year from the vesting commencement date of April 29, 2019 and the remainder ratably on a monthly basis over the following three years, provided that the shareholder continues to provide services to the Company as of the date of such vesting. The transaction was accounted for as a grant of restricted shares with weighted-average per share grant-date fair value of $0.33 per share with the total compensation cost of $1.9 million, which will be recognized over the four-year requisite service period.

Activity with respect to restricted shares was as follows (in thousands, except per share amounts):



	NUMBER OF SHARES
	UNDERLYING	WEIGHTED-
	OUTSTANDING	AVERAGE
	RESTRICTED	GRANT DATE FAIR
	SHARES	VALUE
Unvested, December 31, 2022	327	$	0.33
Vested	(327)		0.33
Unvested, December 31, 2023	—		—

The fair value of restricted shares vested during the years ended December 31, 2023 and 2022 was $0.1 million and $0.4 million, respectively.

Share-Based Compensation Associated with Awards to Employees and Non-Employees

The Company recognized share-based compensation as follows (in thousands):



	YEAR ENDED
	DECEMBER 31,
	2023		2022
Research and development	$	3,761	$	875
General and administrative		4,430		1,639
Total share-based compensation	$	8,191	$	2,514



	YEAR ENDED
	DECEMBER 31,
	2023		2022
Share options and restricted shares	$	8,170	$	2,514
ESPP		21		—
Total share-based compensation	$	8,191	$	2,514

As of December 31, 2023, the total unrecognized share-based compensation expense related to unvested share options was $31.0 million, which is expected to be recognized over the remaining weighted-average vesting period of 3.1 years.

As of December 31, 2023, the total unrecognized share-based compensation expense related to the ESPP was $0.6 million, which is expected to be recognized over the remaining weighted-average vesting period of 1.9 years.

The Company estimated the fair value of share options using the Black Scholes option-pricing model. The fair value of share options is being amortized on a straight-line basis over the requisite service period of the awards. The options granted during the years ended December 31, 2023 and 2022 had a weighted-average

per share grant-date fair value of $6.21 and $1.96 per share, respectively, which was estimated using the following weighted-average assumptions:



	YEAR ENDED
	DECEMBER 31,
	2023		2022
Expected term (in years)	6.1		5.9
Expected volatility	101.3	%	87.7	%
Risk-free interest rate	3.7	%	2.0	%
Expected dividend yield	0.0	%	0.0	%

The assumptions are as follows:

●

Expected term. The expected term represents the period that the share-based awards are expected to be outstanding. The expected term is calculated using the simplified method which is used when there is insufficient historical data about exercise patterns and post-vesting employment termination behavior. The simplified method is based on the vesting period and the contractual term for each grant, or for each vesting-tranche for awards with graded vesting. The mid-point between the vesting date and the maximum contractual expiration date is used as the expected term under this method. For awards with multiple vesting-tranches, the times from grant until the mid-points for each of the tranches may be averaged to provide an overall expected term.

●

Expected volatility. The Company estimated the volatility data based on a study of publicly traded industry peer companies as it did not have any trading history for its ordinary shares. For purposes of identifying these peer companies, the Company considered the industry, stage of development, size and financial leverage of potential comparable companies. For each grant, the Company measured historical volatility over a period equivalent to the expected term. The Company will continue to apply this process until a sufficient amount of historical information regarding the volatility of its own share price becomes available.

●

Risk-free interest rate. The risk-free interest rate is based on the U.S. Treasury yield in effect at the time of grant for zero-coupon U.S. Treasury notes with remaining terms similar to the expected term of the options.

●

Expected Dividend yield. The expected dividend is assumed to be zero as the Company has never paid dividends and has no current plans to do so.

In addition to the assumptions used in the Black-Scholes option-pricing model, the Company recognizes the actual forfeitures by reducing the employee share-based compensation expense in the same period the forfeiture occurs.

Net Loss Per Share - Outstanding Shares of Potentially Dilutive Securities (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share
Total	12,005	75,069
Options to purchase ordinary shares
Antidilutive Securities Excluded from Computation of Earnings Per Share
Total	11,899	7,612
Shares committed under ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share
Total	106
Redeemable convertible preferred shares
Antidilutive Securities Excluded from Computation of Earnings Per Share
Total		67,018
Ordinary share warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share
Total		112
Unvested restricted ordinary share awards
Antidilutive Securities Excluded from Computation of Earnings Per Share
Total		327

Fair Value Measurements - Additional information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Fair Value Measurements
Transfers in and out of Level 3	$ 0	$ 0
Allowance for credit losses	0	0
Impairment losses	$ 0	$ 0

Income Taxes - Reconciliation of the change in unrecognized tax benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Taxes
Beginning of year	$ 289	$ 107
Additions for tax positions related to current year	574	198
Additions for tax positions related to prior years	14
Reductions for tax positions related to prior years		(16)
End of year	$ 877	$ 289

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Measurements

Schedule of financial assets measured at fair value on a recurring basis



	DECEMBER 31,
	2023								2022
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL		LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Money market funds	$	124,443	$	—	$	—	$	124,443	$	18,994	$	—	$	—	$	18,994
Cash equivalents		124,443		—		—		124,443		18,994		—		—		18,994

U.S. government bonds		84,935		—		—		84,935		11,763		—		—		11,763
U.S. government agency bonds		—		82,340		—		82,340		—		1,794		—		1,794
Corporate debt securities		—		170,256		—		170,256		—		51,193		—		51,193
Short-term investments		84,935		252,596		—		337,531		11,763		52,987		—		64,750
Total fair value of financial assets	$	209,378	$	252,596	$	—	$	461,974	$	30,757	$	52,987	$	—	$	83,744



	DECEMBER 31,
	2023								2022
		AMORTIZED	UNREALIZED				FAIR			AMORTIZED	UNREALIZED				FAIR
	COST		LOSSES		GAINS		VALUE		COST		LOSSES		GAINS		VALUE
Money market funds	$	124,443	$	—	$	—	$	124,443	$	18,994	$	—	$	—	$	18,994
Cash equivalents		124,443		—		—		124,443		18,994		—		—		18,994

U.S. government bonds		84,783		(35)		187		84,935		11,820		(57)		—		11,763
U.S. government agency bonds		82,185		(16)		171		82,340		1,801		(7)		—		1,794
Corporate debt securities		170,042		(39)		253		170,256		51,239		(49)		3		51,193
Short-term investments		337,010		(90)		611		337,531		64,860		(113)		3		64,750
Total fair value of financial assets	$	461,453	$	(90)	$	611	$	461,974	$	83,854	$	(113)	$	3	$	83,744

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Temporary equity, shares authorized		67,018,087
Temporary equity, shares issued		67,018,087
Temporary equity, liquidation preference		$ 198,016
Undesignated shares, par value	$ 0.0001	$ 0.0001
Undesignated shares, shares authorized	90,187,562	0
Ordinary shares, par value (in dollars per share)	$ 0.0001	$ 0.0001
Ordinary shares, shares authorized	500,000,000	432,982,000
Ordinary shares, shares issued	139,220,000	10,527,000
Ordinary shares, shares outstanding	139,220,000	10,527,000
Series A redeemable convertible preferred shares
Temporary equity, par value	$ 0.0001	$ 0.0001
Temporary equity, shares authorized	0	19,200,000
Temporary equity, shares issued	0	19,200,000
Temporary equity, shares outstanding	0	19,200,000
Temporary equity, liquidation preference	$ 0	$ 32,001
Series A+ redeemable convertible preferred shares
Temporary equity, par value	$ 0.0001	$ 0.0001
Temporary equity, shares authorized	0	12,799,681
Temporary equity, shares issued	0	12,799,681
Temporary equity, shares outstanding	0	12,799,681
Temporary equity, liquidation preference	$ 0	$ 26,000
Series B redeemable convertible preferred stock
Temporary equity, par value	$ 0.0001	$ 0.0001
Temporary equity, shares authorized	0	32,857,004
Temporary equity, shares issued	0	32,857,004
Temporary equity, shares outstanding	0	32,857,004
Temporary equity, liquidation preference	$ 0	$ 133,015
Series B1 redeemable convertible preferred stock
Temporary equity, par value	$ 0.0001	$ 0.0001
Temporary equity, shares authorized	0	2,161,402
Temporary equity, shares issued	0	2,161,402
Temporary equity, shares outstanding	0	2,161,402
Temporary equity, liquidation preference	$ 0	$ 7,000
Ordinary shares
Ordinary shares, shares authorized	500,000,000

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Feb. 29, 2024	Jun. 30, 2023
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Document Transition Report	false
Entity File Number	001-41608
Entity Registrant Name	Structure Therapeutics Inc.
Entity Incorporation, State or Country Code	E9
Entity Tax Identification Number	98-1480821
Entity Address, Address Line One	601 Gateway Blvd.
Entity Address, Adress Line Two	Suite 900
Entity Address, City or Town	South San Francisco
Entity Address State Or Province	CA
Entity Address, Postal Zip Code	94080
City Area Code	650
Local Phone Number	457-1978
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding			139,794,124
Entity Central Index Key	0001888886
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Firm ID	42	238
Auditor Name	Ernst & Young LLP	PricewaterhouseCoopers LLP
Auditor Location	San Mateo, California	San Jose, California
Entity Public Float				$ 501.7
American Depositary Shares (ADSs)
Document Information [Line Items]
Title of 12(b) Security	American Depositary Shares (ADSs), each representing three ordinary shares, par value $0.0001 per ordinary share
Trading Symbol	GPCR
Security Exchange Name	NASDAQ
Common shares
Document Information [Line Items]
Title of 12(b) Security	Ordinary shares, par value $0.0001 per share
No Trading Symbol Flag	true
Security Exchange Name	NASDAQ

Commitments and Contingencies - Maturities of operating lease liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Commitments and Contingencies.
2024	$ 1,801
2025	2,002
2026	1,954
2027	384
Total undiscounted lease payments	6,141
Less: imputed interest	688
Total operating lease liability	5,453
Less: current portion	1,440	$ 260
Operating lease liability, net of current portion	$ 4,013

Commitments and Contingencies

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies.

Commitments and Contingencies

6. Commitments and Contingencies

Operating Leases

In June 2021, Shanghai ShouTi entered into an agreement to lease approximately 5,900 square feet of office space in Chamtime Plaza in Shanghai, China. The lease commenced on September 16, 2021 and expired on September 15, 2023. Shanghai ShouTi had an option to extend the lease term, however the renewal term and conditions should be agreed between Shanghai ShouTi and the landlord. For accounting purposes, the lease term did not include the option to extend the lease term as it was not reasonably certain that the lease term would be extended.

In November 2021, StructureTx US entered into an agreement to lease approximately 4,050 square feet of office spaces in South San Francisco, California. The lease commenced on November 11, 2021, and expired on October 31, 2023.

In June 2023, Shanghai ShouTi entered into a lease agreement for approximately 22,500 square feet of office space in Shanghai, China, for its research and development operations office, which commenced in July 2023 and will expire on December 31, 2026. The annual base rent is approximately $0.7 million based on the exchange rate upon entering into this lease agreement, and Shanghai ShouTi is also responsible for the payment of additional costs and fees related to its use of the premises.

According to the lease agreement, the Company is obligated to restore the premises and all fixtures, fittings and equipment in the premises to its original condition. The Company’s asset retirement obligations are primarily associated with leasehold improvements which the Company is contractually obligated to remove at the end of a lease to comply with the lease agreement. The Company recognized an asset retirement obligation at the inception of a lease at its estimated fair value based on the expected timing of payment of the related costs. In the determination of fair value for an asset retirement obligation, the Company uses various assumptions and judgments, including such factors as the existence of a legal obligation, estimated amounts and timing of settlements, discount and inflation rates. The key estimates as of the inception date were the fair value of the asset retirement obligation of $0.4 million, timing of the settlement of 3.4 years and the discount rate of 6.8%. The associated estimated asset retirement costs are capitalized as part of the carrying amount of the leasehold improvements and depreciated over its useful life. As of December 31, 2023

and 2022, the Company had asset retirement obligations of $0.3 million and $0, respectively, which are recorded in other non-current liabilities on the consolidated balance sheets.

In June 2023, StructureTx US entered into a sublease agreement for approximately 11,800 square feet of office space located in South San Francisco, California for its corporate headquarters. The lease commenced in July 2023 and will expire on August 31, 2027. The annual base rent will initially be approximately $0.5 million and will increase annually by 3%, and StructureTx US will also be responsible for the payment of additional costs and fees related to its use of the premises.

In June 2023, Shanghai ShouTi entered into another lease agreement for approximately 8,400 square feet of laboratory space located in Shanghai, China for its research and development activities. The lease commenced in December 2023 and will expire on January 31, 2027. The annual base rent will be approximately $0.3 million based on the exchange rate upon entering into this lease agreement, and Shanghai ShouTi is also responsible for the payment of additional costs and fees related to its use of the premises.

The maturities of operating lease liabilities as of December 31, 2023, were as follows (in thousands):



	DECEMBER 31,
	2023
2024	$	1,801
2025		2,002
2026		1,954
2027		384
Total undiscounted lease payments		6,141
Less: imputed interest		688
Total operating lease liability		5,453
Less: current portion		1,440
Operating lease liability, net of current portion	$	4,013

Operating lease expense was $1.8 million and $1.1 million for the years ended December 31, 2023 and 2022, respectively, including $0.9 million and $0.7 million short-term lease costs for the years ended December 31, 2023 and 2022, respectively. As of December 31, 2023, the weighted average remaining lease term was 3.2 years, and the weighted average discount rate used to measure the lease liabilities for such operating leases upon recognition was 7.5%. During the years ended December 31, 2023 and 2022, cash paid for amounts included in operating lease liabilities of $0.6 million and $0.4 million, respectively, was included in operating activities on the consolidated statements of cash flows.

Indemnification Agreements

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 number 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 has also entered into indemnification agreements with its directors and officers that 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 to the fullest extent permitted by the applicable law and the amended and restated memorandum and articles of association of the Company. The Company currently has directors’ and officers’ liability insurance. As of December 31, 2023 and 2022, the Company did not have any material indemnification claims that were probable or reasonably possible and consequently had not recognized any related liabilities.

Legal Proceedings

The Company is subject to claims and assessments from time to time in the ordinary course of business but is not aware of any such matters, individually or in the aggregate, that will have a material adverse effect on the Company’s financial position, results of operations or cash flows.

Income Taxes - Reconciliation of expected tax to total provision for income taxes (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Taxes
Expected tax at 0%	0.00%	0.00%
State income tax, net of federal tax	6.50%	3.80%
Share-based compensation	(1.90%)	(0.60%)
Non-deductible expenses	0.10%	(0.10%)
U.S. income tax differential	18.80%	18.20%
Other foreign income tax differential	0.80%	0.30%
Research credits	1.70%	0.80%
Other	0.40%	0.50%
Change in valuation allowance	(26.70%)	(22.90%)
Effective tax rate	(0.30%)

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Taxes

Schedule of loss before income tax expense

The following table presents loss before income tax expense (in thousands):



	YEAR ENDED
	DECEMBER 31,
	2023		2022
Loss before income expense:
Domestic loss	$	(79,895)	$	(44,258)
Foreign income (loss)		(9,489)		(7,046)
Loss before income tax expense	$	(89,384)	$	(51,304)

Summary of current and deferred income tax provision for income taxes

The following table presents the current and deferred income tax provision for income taxes (in thousands):



	YEAR ENDED
	DECEMBER 31,
	2023		2022
Current tax provision (benefit):
Federal	$	—	$	—
State		5		3
Foreign		217		74
		222		77
Deferred tax provision (benefit):
Federal		—		—
State		—		—
Foreign		14		(60)

Total provision (benefit) for income taxes:	$	236	$	17

Summary of reconciliation of the expected tax to the total provision for income taxes



	DECEMBER 31,
	2023		2022
Expected tax at 0%	—	%	—	%
State income tax, net of federal tax	6.5		3.8
Share-based compensation	(1.9)		(0.6)
Non-deductible expenses	0.1		(0.1)
U.S. income tax differential	18.8		18.2
Other foreign income tax differential	0.8		0.3
Research credits	1.7		0.8
Other	0.4		0.5
Change in valuation allowance	(26.7)		(22.9)
Effective tax rate	(0.3)	%	—	%

Summary of net deferred tax asset and liability

Significant components of the Company’s net deferred tax asset or liability were as follows (in thousands):



	DECEMBER 31,
	2023		2022
Net operating loss	$	29,217	$	18,918
Research and experimentation expenses		16,911		5,986
Research credits		2,631		866
Compensation		1,737		1,336
Operating lease liability		1,030		57
Related party accrued expenses		1,036		651
Prepaid expenses		198		—
Property and equipment		—		18
Unrealized gains and losses		15
Other		—		74
Total deferred tax assets		52,775		27,906
Valuation allowance		(51,551)		(27,740)
Net deferred tax assets		1,224		166

Right-of-use assets		(960)		(43)
Property and equipment		(110)		—
Revenue		(77)		—
Unrealized gains and losses		—		(63)
Other		(32)		—
Total deferred tax liabilities		(1,179)		(106)
Net deferred tax assets	$	45	$	60

Summary of reconciliation of the change in unrecognized tax benefits

The following table reconciles the change in unrecognized tax benefits for the years as follows (in thousands):



	DECEMBER 31,
	2023		2022
Beginning of year	$	289	$	107
Additions for tax positions related to current year		574		198
Additions for tax positions related to prior years		14		—
Reductions for tax positions related to prior years		—		(16)
End of year	$	877	$	289

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities
Net loss	$ (89,620)	$ (51,321)
Adjustments to reconcile net loss to net cash used in operating activities:
Share-based compensation expense	8,191	2,514
Depreciation expense	295	277
Accretion of asset retirement obligation	21
Non-cash lease expense	634	347
Accretion of net investment discounts	(5,975)	(905)
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(4,037)	(305)
Other non-current assets	15	(60)
Accounts payable	(860)	2,153
Accrued expenses and other current liabilities	12,163	1,541
Operating lease liabilities	(315)	(361)
Net cash used in operating activities	(79,488)	(46,120)
Cash flows from investing activities
Purchases of short-term investments	(417,356)	(123,453)
Maturities of short-term investments	151,181	61,500
Purchases of property and equipment	(2,167)	(155)
Net cash used in investing activities	(268,342)	(62,108)
Cash flows from financing activities
Proceeds from issuance of common stock in initial public offering, net of underwriting discount and commissions	172,296
Proceeds from issuance of Series B redeemable convertible preferred shares, net of issuance costs		31,500
Proceeds from private placement financing, gross	300,000
Payment of offering costs	(21,565)	(2,513)
Repurchases of restricted shares		(6)
Proceeds from exercise of share options	800	33
Net cash provided by financing activities	451,531	29,014
Net change in cash and cash equivalents	103,701	(79,214)
Cash and cash equivalents, Beginning of the period	26,091	105,305
Cash and cash equivalents, End of the period	129,792	26,091
Supplemental disclosures of noncash investing and financing activities
Fair value of shares exchanged	199,975
Exchange of ordinary shares to non-voting ordinary shares	1
Conversion of non-voting ordinary shares into ordinary shares	1
Purchases of property and equipment in accounts payable and accrued expenses and other current liabilities	48
Operating lease right-of-use assets obtained in exchange for new lease liabilities	5,508
Recognition of asset retirement obligation	277
Deferred offering costs included in accounts payable and accrued expenses and other current liabilities	$ 53	854
Accretion of redeemable convertible preferred shares to their redemption value		$ 1,515

Term Loan

12 Months Ended

Dec. 31, 2023

Term Loan

Term Loan

5. Term Loan

On August 4, 2020, the Company entered into a Loan and Security Agreement (the “SVB Agreement”) with Silicon Valley Bank (“SVB”) for up to $8.0 million in debt financing (the “SVB Loan”).

In connection with the entering into the SVB Agreement, the Company issued SVB a warrant to purchase 112,279 of its ordinary shares at an exercise price of $0.48 per share (“SVB Warrant”). Amounts available to be borrowed under the SVB Agreement expired unused and in February 2023, the Company issued 106,060 ordinary shares through a cashless exercise upon the exercise of the SVB Warrant.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Shareholders' Equity (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Summary of share option activity

A summary of share option activity is set forth below (in thousands except per share amounts and years):



		OUTSTANDING AWARDS
	NUMBER				WEIGHTED-
	OF	NUMBER OF			AVERAGE
	SHARES	SHARES	WEIGHTED-		REMAINING
	AVAILABLE	UNDERLYING	AVERAGE		CONTRACTUAL	AGGREGATE
	FOR	OUTSTANDING	EXERCISE		TERM	INTRINSIC
	GRANT	OPTIONS	PRICE		(IN YEARS)	VALUE
As of December 31, 2022	977	7,612	$	1.62	8.57	$	13,283
Additional shares authorized	12,000	—		—
Granted	(5,451)	5,451		7.00
Exercised	—	(498)		1.61
Forfeited	666	(666)		4.22
As of December 31, 2023	8,192	11,899		3.94	8.27		117,093
Exercisable at December 31, 2023		4,602		1.42	7.36		55,995
Vested and expected to vest at December 31, 2023		11,899		3.94	8.27		117,093

Summary of restricted shares activity

Activity with respect to restricted shares was as follows (in thousands, except per share amounts):



	NUMBER OF SHARES
	UNDERLYING	WEIGHTED-
	OUTSTANDING	AVERAGE
	RESTRICTED	GRANT DATE FAIR
	SHARES	VALUE
Unvested, December 31, 2022	327	$	0.33
Vested	(327)		0.33
Unvested, December 31, 2023	—		—

Schedule of recognized share-based compensation

The Company recognized share-based compensation as follows (in thousands):



	YEAR ENDED
	DECEMBER 31,
	2023		2022
Research and development	$	3,761	$	875
General and administrative		4,430		1,639
Total share-based compensation	$	8,191	$	2,514



	YEAR ENDED
	DECEMBER 31,
	2023		2022
Share options and restricted shares	$	8,170	$	2,514
ESPP		21		—
Total share-based compensation	$	8,191	$	2,514

Schedule of weighted-average assumptions



	YEAR ENDED
	DECEMBER 31,
	2023		2022
Expected term (in years)	6.1		5.9
Expected volatility	101.3	%	87.7	%
Risk-free interest rate	3.7	%	2.0	%
Expected dividend yield	0.0	%	0.0	%

Employee Stock Option

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Schedule of weighted-average assumptions



	YEAR ENDED
	DECEMBER 31,
	2023
Expected term (in years)	1.2
Expected volatility	90.3	%
Risk-free interest rate	4.8	%
Expected dividend yield	0.0	%

- 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 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 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/2003/role/disclosureRef
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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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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

Shareholders' Equity - Summary of restricted shares activity (Details) - Restricted Stock shares in Thousands	12 Months Ended
	Dec. 31, 2023 $ / shares shares
NUMBER OF SHARES UNDERLYING OUTSTANDING RESTRICTED SHARES
Unvested, Beginning balance (in shares) \| shares	327
Vested (in shares) \| shares	(327)
WEIGHTED-AVERAGE GRANT DATE FAIR VALUE
Unvested, Beginning balance (in dollars per share) \| $ / shares	$ 0.33
Vested (in dollars per share) \| $ / shares	$ 0.33

Net Loss Per Share (Tables)

12 Months Ended

Dec. 31, 2023

Net Loss Per Share

Summary of computation of basic and diluted net loss per share attributable to ordinary shareholders



	YEAR ENDED
	DECEMBER 31,
	2023		2022
Numerator:
Net loss attributable to ordinary shareholders	$	(89,620)	$	(51,321)
Accretion of redeemable convertible preferred shares to their redemption value		—		(1,515)
Net loss attributable to ordinary shareholders	$	(89,620)	$	(52,836)
Denominator:
Weighted-average ordinary shares outstanding		110,263		10,933
Less: weighted-average unvested restricted ordinary shares subject to repurchase		(65)		(1,349)
Weighted-average ordinary shares used in computing net loss per share attributable to ordinary shareholders, basic and diluted		110,198		9,584
Net loss per share attributable to ordinary shareholders, basic and diluted	$	(0.81)	$	(5.51)

Summary of outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share




	DECEMBER 31,
	2023	2022
Options to purchase ordinary shares	11,899	7,612
Shares committed under ESPP	106	—
Redeemable convertible preferred shares	—	67,018
Ordinary share warrants	—	112
Unvested restricted ordinary share awards	—	327
Total	12,005	75,069

Related Party Transactions

12 Months Ended

Dec. 31, 2023

Related Party Transactions

Related Party Transactions

13. Related Party Transactions

Ramy Farid, the President and Chief Executive Officer of Schrödinger, Inc. (“Schrödinger”) is a member of the Company’s board of directors. During the years ended December 31, 2022 and 2021, the Company had existing collaboration agreements to use the results provided by Schrödinger’s software platform for its research purposes. During the years ended December 31, 2023 and 2022, the Company paid $0.3 million and $0.2 million to Schrödinger, respectively, and had $0.5 million and $0 payable balance to Schrödinger as of December 31, 2023 and 2022, respectively.

Lhotse Collaboration Agreement with Schrödinger

In October 2020, Lhotse Bio, Inc., the Company’s wholly-owned subsidiary (“Lhotse”), entered into a Collaboration Agreement (the “Lhotse-Schrödinger Agreement”) with Schrödinger, which is one of the Company’s shareholders, to discover and develop novel, orally bioavailable, small molecule inhibitors of lysophosphatidic acid 1 receptor (“LPA1R”). Under the Lhotse-Schrödinger Agreement, Schrödinger is obligated to provide computational modeling and design support, including by using its technology platform to perform virtual screens, and Lhotse is obligated to provide day-to-day chemistry and biology support. Pursuant to the Lhotse-Schrödinger Agreement, a joint steering committee comprised of representatives from both parties oversees the research performed under the agreement. During the term of the Lhotse-Schrödinger Agreement and for a specified period thereafter while Lhotse is engaged in active development of any compound having activity against LPA1R that is discovered or developed under the Lhotse-Schrödinger Agreement, Schrödinger is obligated to work exclusively with Lhotse on the design, research, development and commercialization of compounds that inhibit LPA1R. Lhotse will solely own the research

results, work product, inventions and other intellectual property generated under the Lhotse-Schrödinger Agreement that are directed to LPA1R.

Under the Lhotse-Schrödinger Agreement, Lhotse is obligated to pay Schrödinger a quarterly active program payment in the low six digits for each successive three-month period during which Schrödinger continues to perform research work as agreed by the parties, and as of December 31, 2023, the Company has paid to Schrödinger an aggregate of $0.8 million. If Lhotse develops and commercializes a product containing a compound (a “Lhotse Collaboration Compound”), that is discovered or developed under the Lhotse-Schrödinger Agreement (a “Lhotse Collaboration Product”), Lhotse is obligated to pay Schrödinger development and regulatory milestone payments of up to an aggregate of $17.0 million, regardless of the number of Lhotse Collaboration Products that reach such milestones. Lhotse will also be obligated to pay Schrödinger tiered royalties on a Lhotse Collaboration Product-by-Lhotse Collaboration Product basis equal to low single digit percentages on aggregate worldwide net sales of Lhotse Collaboration Products, subject to specified reductions and offsets. Lhotse’s obligation to pay royalties to Schrödinger will expire on a Lhotse Collaboration Product-by-Lhotse Collaboration Product and country-by-country basis on the later of (i) the expiration of the last-to-expire Lhotse patent claim covering the composition of matter of the Lhotse Collaboration Compound contained in such Lhotse Collaboration Product in such country, (ii) the expiration of regulatory, pediatric, orphan drug, or data exclusivity with respect to such Lhotse Collaboration Product in such country, and (iii) ten years after the first commercial sale of such Lhotse Collaboration Product in such country (the “Lhotse Royalty Term”).

Unless terminated earlier, the Lhotse-Schrödinger Agreement will continue for three years, subject to extension by mutual written agreement of the parties. Either party may terminate the Lhotse-Schrödinger Agreement for the other party’s uncured material breach, subject to certain notice and cure periods, or for the other party’s bankruptcy or insolvency. Lhotse’s obligation to make milestone and royalty payments (subject to the Lhotse Royalty Term) to Schrödinger continues after the expiration or termination of the Lhotse-Schrödinger Agreement. As of December 31, 2023, no milestone or royalty payments have been paid or accrued.

Aconcagua Collaboration Agreement with Schrödinger

In November 2023, Aconcagua Bio, Inc., the Company’s wholly-owned subsidiary (“Aconcagua”), entered into a collaboration agreement (the “Aconcagua-Schrödinger Agreement”) with Schrödinger to discover and develop novel, small molecule modulators of a specific target. Under the Aconcagua-Schrödinger Agreement, Schrödinger is obligated to provide computational modeling and design support, including by using its technology platform to perform virtual screens, and Aconcagua is obligated to provide day-to-day chemistry and biology support. Pursuant to the Aconcagua-Schrödinger Agreement, a joint steering committee comprised of representatives from both parties oversees the research performed under the agreement.

During the term of the Aconcagua-Schrödinger Agreement or if longer, for a specified number of years after the effective date of the Aconcagua-Schrödinger Agreement, Schrödinger is obligated, subject to certain exceptions, to work exclusively with Aconcagua on the design, research, development and commercialization of compounds that inhibit the target. Aconcagua will solely own the research results, work product, inventions and other intellectual property generated under the Aconcagua-Schrödinger Agreement other than improvements to Schrödinger’s background intellectual property.

During the term of the Aconcagua-Schrödinger Agreement, Aconcagua is obligated to pay Schrödinger a monthly active program payment in the low six digits, which payment includes fees payable for certain Schrödinger software employed in the Collaboration, and as of December 31, 2023, the Company has paid to Schrödinger an aggregate of $0.3 million.

If Aconcagua develops and commercializes a product containing a compound (“Aconcagua Collaboration Compound”) that is discovered or developed under the Aconcagua-Schrödinger Agreement or a derivative thereof (“Aconcagua Collaboration Product”), Aconcagua is obligated to pay Schrödinger development, regulatory and commercialization milestone payments of up to an aggregate of $89.0 million for the first Aconcagua Collaboration Product to achieve a particular milestone event, regardless of the number of Aconcagua Collaboration Products that reach such milestones. Aconcagua will also be obligated to pay Schrödinger tiered royalties in the low single digit range on aggregate worldwide net sales of all Aconcagua Collaboration Products, subject to specified reductions and offsets. Aconcagua’s obligation to pay royalties to Schrödinger will expire on a Aconcagua Collaboration Product-by-Aconcagua Collaboration Product and country-by-country basis on the later of (i) the expiration of the last-to-expire Aconcagua owned patent claim covering the composition of matter of the Aconcagua Collaboration Compound contained in such Aconcagua Collaboration Product in such country and (ii) ten years after the first commercial sale of such Aconcagua Collaboration Product in such country (“Aconcagua Royalty Term”).

Unless terminated earlier, the Aconcagua-Schrödinger Agreement will continue for three years, subject to extension by mutual written agreement of the parties. Either party may terminate the Aconcagua-Schrödinger Agreement for convenience after a specified period or for the other party’s uncured material breach. Aconcagua’s obligation to make milestone and royalty payments (subject to the Aconcagua Royalty Term) to Schrödinger continues after the expiration or termination of the Aconcagua-Schrödinger Agreement, unless the Aconcagua-Schrödinger Agreement is terminated under specified circumstances. As of December 31, 2023, no milestone or royalty payments have been paid or accrued under this agreement.

Purchase of non-voting ordinary shares by BVF

In May 2023, the Company entered into an Exchange Agreement with BVF, who in the aggregate hold more than 5% of the Company’s issued share capital, pursuant to which BVF delivered to the Company, a total of 7,410,518 ordinary shares of the Company, in exchange for the Company’s delivery of 7,410,518 newly designated non-voting ordinary shares, par value $0.0001 per share. The exchange did not result in any change in the aggregate number of outstanding shares of the Company as the exchange was implemented on a one-for-one basis.

On September 29, 2023, the Company entered into a share purchase agreement to issue certain shares to Purchasers, including 2,401,920 newly designated non-voting ordinary shares at a purchase price of $12.49 per share (or the equivalent of $37.47 per ADS) to BVF, a more than 5% shareholder of the Company, for aggregate gross proceeds of approximately $30.0 million, in the Private Placement which closed on October 3, 2023.

As of December 31, 2023, all outstanding non-voting ordinary shares were converted into 9,812,438 ordinary shares.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Shareholders' Equity - Schedule of recognized share-based compensation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems
Share-based compensation expense	$ 8,191	$ 2,514
Share options and restricted shares
ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems
Share-based compensation expense	8,170	2,514
ESPP
ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems
Share-based compensation expense	21
Research and development
ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems
Share-based compensation expense	3,761	875
General and administrative
ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems
Share-based compensation expense	$ 4,430	$ 1,639

- 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

Income Taxes - Additional information (Details) - USD ($) $ in Thousands		12 Months Ended
	Dec. 22, 2017	Dec. 31, 2022	Dec. 31, 2023
Tax Credit Carryforward [Line Items]
Valuation allowance		$ 27,740	$ 51,551
Accrued interest and penalties		0	0
Research and development costs capitalized		58,900
Future temporary deductible costs		$ 80,500
Australia
Tax Credit Carryforward [Line Items]
Operating loss carryforwards not subject to expiration			3,300
Federal
Tax Credit Carryforward [Line Items]
Operating loss carryforwards			84,800
Tax Credit Carryforward, Amount			2,200
Amortization period	5 years
Foreign
Tax Credit Carryforward [Line Items]
Amortization period	15 years
State
Tax Credit Carryforward [Line Items]
Operating loss carryforwards subject to expiration			146,500
Tax Credit Carryforward, Amount			$ 500

Organization and Nature of the Business (Details) $ / shares in Units, $ in Thousands				3 Months Ended	12 Months Ended
	Oct. 03, 2023 USD ($)	Sep. 29, 2023 item shares	Feb. 07, 2023 USD ($) item $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Sep. 28, 2023 $ / shares	Dec. 31, 2022 USD ($) $ / shares shares	Apr. 18, 2019 shares
Organization and Nature of the Business
Shares Issued							67,018,087
Shares authorized				500,000,000	500,000,000		432,982,000
Shares, par value \| $ / shares				$ 0.0001	$ 0.0001		$ 0.0001
Number of ordinary shares for each non voting share converted \| item		1
Net proceeds \| $			$ 166,700		$ 172,296
Accumulated deficit \| $				$ 206,572	206,572		$ 116,952
Cash, cash equivalents and short-term investments \| $				$ 467,300	$ 467,300
Share exchange agreement with subsidiaries
Organization and Nature of the Business
Shares Issued								10,766,250
Non-Voting Ordinary Shares
Organization and Nature of the Business
Conversion of Stock, Shares Converted				9,812,438
IPO
Organization and Nature of the Business
Number of ADR's for each ordinary share \| item			3
Net proceeds \| $			$ 166,700
IPO \| Common shares
Organization and Nature of the Business
Conversion of redeemable convertible preferred shares into ordinary shares upon initial public offering (in shares)			67,018,087
Shares authorized			500,000,000
Shares, par value \| $ / shares			$ 0.0001
IPO \| Designated shares
Organization and Nature of the Business
Shares authorized			100,000,000
Shares, par value \| $ / shares			$ 0.0001
Private Placement
Organization and Nature of the Business
Net proceeds \| $	$ 281,500
Purchase Price \| $ / shares						$ 12.49
Private Placement \| Common shares
Organization and Nature of the Business
Aggregate shares agreed to sell		21,617,295
Private Placement \| Non-Voting Ordinary Shares
Organization and Nature of the Business
Aggregate shares agreed to sell		2,401,920
Private Placement \| American Depositary Shares (ADSs)
Organization and Nature of the Business
Purchase Price \| $ / shares						$ 37.47

Redeemable Convertible Preferred Shares - Additional information (Details) $ in Thousands	Feb. 07, 2023 shares	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Temporary Equity [Line Items]
Shares converted \| shares	67,018,087
Conversion ratio	0.01
Redeemable convertible preferred shares		$ 0	$ 199,975
Series A redeemable convertible preferred shares
Temporary Equity [Line Items]
Redeemable convertible preferred shares			32,001	$ 32,001
Series A+ redeemable convertible preferred shares
Temporary Equity [Line Items]
Redeemable convertible preferred shares			26,000	26,000
Series B redeemable convertible preferred stock
Temporary Equity [Line Items]
Redeemable convertible preferred shares			133,015	100,000
Series B1 redeemable convertible preferred stock
Temporary Equity [Line Items]
Redeemable convertible preferred shares			$ 8,959	$ 8,959

- Definition

Carrying amount, attributable to parent, of an entity's issued and outstanding stock which is not included within permanent equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. Includes stock with a put option held by an ESOP and stock redeemable by a holder only in the event of a change in control of the issuer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(23)(a)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479830/718-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
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-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

+ Details

Summary of Significant Accounting Policies (Details) $ in Thousands	1 Months Ended		12 Months Ended
	Feb. 28, 2023 shares	Jan. 31, 2023 shares	Dec. 31, 2023 USD ($) segment shares	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Summary of Significant Accounting Policies
Number of reportable segments \| segment			1
Deferred offering costs			$ 0	$ 3,400
Share-based compensation expense			8,191	2,514
Unrecognized income tax benefits			$ 877	$ 289	$ 107
2023 Equity Incentive Plan
Summary of Significant Accounting Policies
Number of ordinary shares approved \| shares		12,000,000	20,589,597
American Depositary Shares (ADSs)
Summary of Significant Accounting Policies
Number of ordinary shares represents each ADR. \| shares			3
Employee Stock Option \| 2023 Equity Incentive Plan
Summary of Significant Accounting Policies
Vesting period		4 years
Performance Options \| 2023 Equity Incentive Plan
Summary of Significant Accounting Policies
Number of ordinary shares approved \| shares	1,200,000
Vesting period	4 years
Share-based compensation expense			$ 0
Minimum
Summary of Significant Accounting Policies
Estimated useful lives of the assets			2 years
Maximum
Summary of Significant Accounting Policies
Estimated useful lives of the assets			5 years

Shareholders' Equity - Schedule of weighted-average assumptions (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2021
Option Indexed to Issuer's Equity [Line Items]
Expected term (in years)	6 years 1 month 6 days	5 years 10 months 24 days
Expected volatility	101.30%	87.70%
Risk-free interest rate	3.70%	2.00%
Expected dividend yield	0.00%	0.00%
Employee Stock Option
Option Indexed to Issuer's Equity [Line Items]
Expected term (in years)	1 year 2 months 12 days
Expected volatility	90.30%
Risk-free interest rate	4.80%
Expected dividend yield	0.00%

Redeemable Convertible Preferred Shares - Schedule of redeemable convertible preferred shares (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Temporary Equity [Line Items]
Shares Authorized		67,018,087
Shares Issued		67,018,087
Carrying Value	$ 0	$ 199,975
Liquidation Value		$ 198,016
Series A redeemable convertible preferred shares
Temporary Equity [Line Items]
Shares Authorized	0	19,200,000
Original Issue Price		$ 1.6667
Shares Issued	0	19,200,000	19,200,000
Shares Outstanding	0	19,200,000
Carrying Value		$ 32,001	$ 32,001
Liquidation Value	$ 0	$ 32,001
Series A+ redeemable convertible preferred shares
Temporary Equity [Line Items]
Shares Authorized	0	12,799,681
Original Issue Price		$ 2.0313
Shares Issued	0	12,799,681	12,800,000
Shares Outstanding	0	12,799,681
Carrying Value		$ 26,000	$ 26,000
Liquidation Value	$ 0	$ 26,000
Series B redeemable convertible preferred stock
Temporary Equity [Line Items]
Shares Authorized	0	32,857,004
Original Issue Price		$ 4.0483
Shares Issued	0	32,857,004	24,702,000
Shares Outstanding	0	32,857,004
Carrying Value		$ 133,015	$ 100,000
Liquidation Value	$ 0	$ 133,015
Series B1 redeemable convertible preferred stock
Temporary Equity [Line Items]
Shares Authorized	0	2,161,402
Original Issue Price		$ 3.2386
Shares Issued	0	2,161,402	2,161,000
Shares Outstanding	0	2,161,402
Carrying Value		$ 8,959	$ 8,959
Liquidation Value	$ 0	$ 7,000