0001558370-24-011616 | 10-Q | XBRL Viewer | Structure Therapeutics INC

Summary of Significant Accounting Policies	6 Months Ended
Jun. 30, 2024
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation The condensed consolidated financial statements and related disclosures have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The condensed 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. Unaudited Interim Financial Information The condensed consolidated balance sheet as of December 31, 2023 was derived from the Company’s audited financial statements, but does not include all disclosures required by GAAP. The accompanying unaudited condensed consolidated financial statements as of June 30, 2024 and for the three and six months ended June 30, 2024 and 2023, have been prepared by the Company, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”), for interim financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these financial statements should be read in conjunction with the audited financial statements as of and for the year ended December 31, 2023 and notes thereto, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on March 8, 2024. In the opinion of management, all adjustments, consisting only of normal recurring adjustments necessary for a fair statement of the Company’s condensed consolidated financial position as of June 30, 2024 and condensed consolidated results of operations for the three and six months ended June 30, 2024 and 2023 and condensed consolidated cash flows for the six months ended June 30, 2024 and 2023 have been made. The results of operations for the three and six months ended June 30, 2024 are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2024. Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and 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, share-based compensation and certain other accrued liabilities. Actual results could differ from those estimates. 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. 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). 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, Private Placement and Follow-On Offering, 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 equity financing. 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, Private Placement and Follow-On Offering, all deferred offering costs were charged against the proceeds from the IPO, Private Placement and Follow-On Offering and recorded in shareholders’ equity as a reduction of additional paid-in capital. As of June 30, 2024, there were no deferred offering costs recorded on the condensed consolidated balance sheets. 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. 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 unvested restricted share units, ordinary shares committed under the employee share purchase plan and share options are considered to be potentially dilutive securities. 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. Recent Accounting Pronouncements Accounting Pronouncements Not Yet Adopted In December 2023, the Financial Accounting Standards Board (“FASB”) issued Account Standards Update (“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.

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2024

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of Presentation

The condensed consolidated financial statements and related disclosures have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The condensed 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.

Unaudited Interim Financial Information

The condensed consolidated balance sheet as of December 31, 2023 was derived from the Company’s audited financial statements, but does not include all disclosures required by GAAP. The accompanying unaudited condensed consolidated financial statements as of June 30, 2024 and for the three and six months ended June 30, 2024 and 2023, have been prepared by the Company, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”), for interim financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these financial statements should be read in conjunction with the audited financial statements as of and for the year ended December 31, 2023 and notes thereto, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on March 8, 2024. In the opinion of management, all adjustments, consisting only of normal recurring adjustments necessary for a fair statement of the Company’s condensed consolidated financial position as of June 30, 2024 and condensed consolidated results of operations for the three and six months ended June 30, 2024 and 2023 and condensed consolidated cash flows for the six months ended June 30, 2024 and 2023 have been made. The results of operations for the three and six months ended June 30, 2024 are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2024.

Use of Estimates

The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and 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, share-based compensation and certain other accrued liabilities. Actual results could differ from those estimates.

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.

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).

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, Private Placement and Follow-On Offering, 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 equity financing. 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, Private Placement and Follow-On Offering, all deferred offering costs were charged against the proceeds from the IPO, Private Placement and Follow-On Offering and recorded in shareholders’ equity as a reduction of additional paid-in capital. As of June 30, 2024, there were no deferred offering costs recorded on the condensed consolidated balance sheets.

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. 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 unvested restricted share units, ordinary shares committed under the employee share purchase plan and share options are considered to be potentially dilutive securities. 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.

Recent Accounting Pronouncements

Accounting Pronouncements Not Yet Adopted

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Account Standards Update (“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.

Insider Trading Arrangements

3 Months Ended

Jun. 30, 2024

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

During the three months ended June 30, 2024, the following officers (as defined in Rule 16a-1(f) under the Exchange Act) adopted or modified 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
Mark Bach, M.D., Ph.D., Chief Medical Officer	Adoption	June 10, 2024	X		24,000	February 15, 2025
Xichen Lin, Ph.D., Chief Scientific Officer	Modification	June 14, 2024	X		24,000	November 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.

Mark Bach

Trading Arrangements, by Individual

Name

Mark Bach

Title

Chief Medical Officer

Rule 10b5-1 Arrangement Adopted

true

June 10, 2024

February 15, 2025

24,000

Trading Arrangements, by Individual

Name

Xichen Lin

Title

Chief Scientific Officer

Expiration Date

November 15, 2024

Aggregate Available

24,000

Rule 10b5-1 Arrangement Modified

true

Modified Date

June 14, 2024

Net Loss Per Share - Computation of basic and diluted net loss per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator:
Net loss attributable to ordinary shareholders	$ (26,034)	$ (23,280)	$ (52,070)	$ (41,255)
Denominator:
Weighted-average ordinary shares outstanding	148,239	114,784	143,975	93,457
Less: weighted-average unvested restricted ordinary shares subject to repurchase		(25)		(132)
Weighted-average ordinary shares used in computing net loss per share attributable to ordinary shareholders, basic	148,239	114,759	143,975	93,325
Weighted-average ordinary shares used in computing net loss per share attributable to ordinary shareholders, diluted	148,239	114,759	143,975	93,325
Net loss per share attributable to ordinary shareholders, basic	$ (0.18)	$ (0.20)	$ (0.36)	$ (0.44)
Net loss per share attributable to ordinary shareholders, diluted	$ (0.18)	$ (0.20)	$ (0.36)	$ (0.44)

- Definition

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

+ References

+ Details

- Definition

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

+ References

+ Details

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
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-Paragraph 1
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
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-Subparagraph (SAB Topic 6.B)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
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-Paragraph 60B
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 381,627	$ 129,792
Short-term investments	545,492	337,531
Prepaid expenses and other current assets	10,502	6,285
Total current assets	937,621	473,608
Property and equipment, net	3,315	3,228
Operating right-of-use assets	4,267	5,136
Other non-current assets	1,826	45
Total assets	947,029	482,017
Current liabilities:
Accounts payable	2,209	4,742
Accrued expenses and other current liabilities	18,821	18,558
Operating lease liabilities, current portion	1,629	1,440
Total current liabilities	22,659	24,740
Operating lease liabilities, net of current portion	3,045	4,013
Other non-current liabilities	293	298
Total liabilities	25,997	29,051
Commitments and contingencies (Note 5)
Shareholders' equity:
Undesignated shares - $0.0001 par value; 100,000 shares authorized as of June 30, 2024 and December 31, 2023
Ordinary shares - $0.0001 par value; 500,000 shares authorized as of June 30, 2024 and December 31, 2023; 171,589 and 139,220 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively	17	14
Additional paid-in capital	1,180,144	659,003
Accumulated other comprehensive (loss) income	(487)	521
Accumulated deficit	(258,642)	(206,572)
Total shareholders' equity	921,032	452,966
Total liabilities and shareholders' equity	$ 947,029	$ 482,017

Composition of Certain Consolidated Financial Statement Line Items (Tables)

6 Months Ended

Jun. 30, 2024

Composition of Certain Consolidated Financial Statement Line Items

Schedule of property and equipment

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



	JUNE 30,		DECEMBER 31,
	2024		2023
Laboratory equipment	$	2,323	$	1,960
Furniture and fixtures		249		243
Computer equipment and software		481		309
Leasehold improvements		1,360		1,360
	$	4,413	$	3,872
Less: Accumulated depreciation		(1,098)		(644)
Property and equipment, net	$	3,315	$	3,228

Schedule of accrued expenses and other current liabilities

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



	JUNE 30,		DECEMBER 31,
	2024		2023
Accrued compensation	$	4,005	$	4,325
Accrued research and development expenses		3,143		4,719
Accrued clinical expenses		4,167		5,412
Accrued professional services		4,157		2,633
Income tax and VAT payable		41		356
Accrued other liabilities		3,308		1,113
Total accrued expenses and other current liabilities	$	18,821	$	18,558

Composition of Certain Consolidated Financial Statement Line Items

6 Months Ended

Jun. 30, 2024

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):



	JUNE 30,		DECEMBER 31,
	2024		2023
Laboratory equipment	$	2,323	$	1,960
Furniture and fixtures		249		243
Computer equipment and software		481		309
Leasehold improvements		1,360		1,360
	$	4,413	$	3,872
Less: Accumulated depreciation		(1,098)		(644)
Property and equipment, net	$	3,315	$	3,228

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



	JUNE 30,		DECEMBER 31,
	2024		2023
Accrued compensation	$	4,005	$	4,325
Accrued research and development expenses		3,143		4,719
Accrued clinical expenses		4,167		5,412
Accrued professional services		4,157		2,633
Income tax and VAT payable		41		356
Accrued other liabilities		3,308		1,113
Total accrued expenses and other current liabilities	$	18,821	$	18,558

Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies

Schedule of maturities of operating lease liabilities

The maturities of operating lease liabilities as of June 30, 2024, were as follows (in thousands):



	JUNE 30,
	2024
2024 (remaining six months)	$	958
2025		1,933
2026		1,888
2027		381
Total undiscounted lease payments		5,160
Less: imputed interest		486
Total operating lease liability		4,674
Less: current portion		1,629
Operating lease liability, net of current portion	$	3,045

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities
Net loss	$ (52,070)	$ (41,255)
Adjustments to reconcile net loss to net cash used in operating activities:
Share-based compensation expense	6,940	4,235
Depreciation expense	454	144
Non-cash lease expense	869	172
Accretion of net investment discounts	(6,461)	(1,990)
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(4,217)	(1,387)
Other non-current assets	(1,781)	22
Accounts payable	(2,571)	122
Accrued expenses and other current liabilities	(857)	2,922
Operating lease liabilities	(779)	(187)
Net cash used in operating activities	(60,473)	(37,202)
Cash flows from investing activities
Purchases of short-term investments	(315,508)	(165,836)
Maturities of short-term investments	113,000	48,300
Purchases of property and equipment	(589)	(191)
Net cash used in investing activities	(203,097)	(117,727)
Cash flows from financing activities
Proceeds from issuance of ordinary shares in Follow-On Offering, net of underwriting discounts and commissions	514,573
Proceeds from issuance of ordinary shares in initial public offering, net of underwriting discounts and commissions		172,296
Payments of offering costs	(642)	(3,077)
Proceeds from issuance of ordinary shares under employee share purchase plan	241
Proceeds from exercise of share options	1,233	210
Net cash provided by financing activities	515,405	169,429
Net change in cash and cash equivalents	251,835	14,500
Beginning of the period	129,792	26,091
End of the period	381,627	40,591
Supplemental disclosures of noncash investing and financing activities
Offering costs included in accounts payable and accrued expenses and other current liabilities	$ 1,254
Conversion of redeemable convertible preferred shares into ordinary shares upon initial public offering		199,975
Exchange of ordinary shares to non-voting ordinary shares		$ 1

Commitments and Contingencies

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies

Commitments and Contingencies

5. Commitments and Contingencies

Operating Leases

In June 2023, Shanghai ShouTi Biotechnology Co., Ltd. (“Shanghai ShouTi”), the Company’s wholly-owned subsidiary, 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 June 30, 2024 and December 31, 2023, the Company had asset retirement obligations of $0.3 million and $0.3 million,

respectively, which are recorded in other non-current liabilities on the condensed consolidated balance sheets.

In June 2023, Structure Therapeutics USA Inc. (“Structure USA”), the Company’s wholly-owned subsidiary, 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 Structure USA 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 June 30, 2024, were as follows (in thousands):



	JUNE 30,
	2024
2024 (remaining six months)	$	958
2025		1,933
2026		1,888
2027		381
Total undiscounted lease payments		5,160
Less: imputed interest		486
Total operating lease liability		4,674
Less: current portion		1,629
Operating lease liability, net of current portion	$	3,045

Operating lease cost was $0.7 million and $0.3 million for the three months ended June 30, 2024 and 2023, respectively, including $0.2 million and $0.2 million short-term lease costs for the three months ended June 30, 2024 and 2023, respectively. Operating lease cost was $1.3 million and $0.6 million for the six months ended June 30, 2024 and 2023, respectively, including $0.4 million and $0.4 million short-term lease costs for the six months ended June 30, 2024 and 2023, respectively. As of June 30, 2024, the weighted average remaining lease term was 2.7 years, and the weighted average discount rate used to measure the lease liabilities for such operating leases upon recognition was 7.6%. During the six months ended June 30, 2024 and 2023, cash paid for amounts included in operating lease liabilities of $0.8 million and $0.2 million, respectively, was included in cash flows from operating activities on the condensed 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 June 30, 2024 and December 31, 2023, 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.

Shareholders' Equity

6 Months Ended

Jun. 30, 2024

Shareholders' Equity

Shareholders' Equity

7. Shareholders’ Equity

As of June 30, 2024, 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. As of December 31, 2023, all outstanding non-voting ordinary shares had been converted into 9,812,438 ordinary shares.

The non-voting ordinary shares ranked 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 were 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 had 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 held at the time of the transaction 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.

In September 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.

Ordinary shareholders are entitled to dividends if and when declared by the Company’s board of directors. As of June 30, 2024 and December 31, 2023, no dividends on ordinary shares had been declared by the board of directors.

Options

A summary of shares available for grant is set forth below (in thousands):



		SHARES
		AVAILABLE
		FOR GRANT
Balance as of December 31, 2023		8,192
Authorized		5,569
Granted/Awarded		(3,779)
Cancelled		1,258
Balance as of June 30, 2024		11,240

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



	OUTSTANDING AWARDS
				WEIGHTED-
	NUMBER OF			AVERAGE
	SHARES	WEIGHTED-		REMAINING
	UNDERLYING	AVERAGE		CONTRACTUAL	AGGREGATE
	OUTSTANDING	EXERCISE		TERM	INTRINSIC
	OPTIONS	PRICE		(IN YEARS)	VALUE
As of December 31, 2023	11,899		3.94	8.27		117,093
Granted	2,835		12.83
Exercised	(1,062)		1.16
Forfeited	(1,258)		5.21
As of June 30, 2024	12,414		6.07	8.23		91,104
Exercisable at June 30, 2024	5,407		2.45	7.32		57,550
Vested and expected to vest at June 30, 2024	12,414		6.07	8.23		91,104

The total fair value of options that vested during the three months ended June 30, 2024 and 2023 was $3.5 million and $0.5 million, respectively. The total fair value of options that vested during the six months ended June 30, 2024 and 2023 was $9.3 million and $1.7 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. 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 of approximately six months. The second offering period of 24 months was initiated during the second quarter of 2024 and consists of four purchase periods of approximately six months. The Company issued 25,794 shares under the ESPP during the six months ended June 30, 2024. As of June 30, 2024, 2,366,416 shares under the ESPP remain available for purchase.

Restricted Share Units

A summary of restricted share unit activity is set forth below (in thousands except per share amounts):



		WEIGHTED-
	NUMBER OF	AVERAGE
	UNITS	GRANT DATE
	OUTSTANDING	FAIR VALUE
Outstanding, December 31, 2023	—
Granted (including performance-based restricted share units)	945	$	11.75
Forfeited	—
Outstanding, June 30, 2024	945	$	11.75

In March 2024, the Company granted 381,252 restricted share units with service and performance conditions to certain employees, none of which vested during the six months ended June 30, 2024. Vesting of these awards is contingent on the occurrence of certain milestone events and fulfilment of any remaining service condition. As a result, the related compensation cost is recognized as an expense when achievement of the milestones is considered probable. The expense to be recognized for these awards is based on the grant date fair value of the Company’s ordinary shares multiplied by the number of units granted, which resulted in an aggregate fair value of approximately $4.5 million. The achievement of performance milestones was not probable as of June 30, 2024. As such, no share-based compensation expense has been recognized for performance-based restricted share units during the three and six months ended June 30, 2024.

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

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



	THREE MONTHS ENDED				SIX MONTHS ENDED
	JUNE 30,				JUNE 30,
	2024		2023		2024		2023
Research and development	$	2,023	$	584	$	3,246	$	2,176
General and administrative		2,173		1,118		3,694		2,059
Total share-based compensation	$	4,196	$	1,702	$	6,940	$	4,235



	THREE MONTHS ENDED				SIX MONTHS ENDED
	JUNE 30,				JUNE 30,
	2024		2023		2024		2023
Share options and restricted share units	$	4,020	$	1,702	$	6,607	$	4,235
ESPP		176		—		333		—
Total share-based compensation	$	4,196	$	1,702	$	6,940	$	4,235

As of June 30, 2024, the total unrecognized share-based compensation expense related to unvested share options and restricted share units was $56.4 million, which is expected to be recognized over the remaining weighted-average vesting period of 3.2 years.

As of June 30, 2024, the total unrecognized share-based compensation expense related to the ESPP was $0.6 million, which is expected to be recognized over a weighted-average period of 1.7 years.

Performance Options

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 would vest over four years, subject to the achievement of certain clinical milestones as determined by the Company’s compensation committee in the first year following the grant, and subject to the employees’ continuous service through each vesting date. The performance milestones were not achieved in the first year following the grant, and the performance share options were cancelled in February 2024. As such, no share-based compensation expense has been or will be recognized for such performance share options.

Ordinary Share Warrants

In connection with entering into a Loan and Security Agreement (the “SVB Agreement”) with Silicon Valley Bank (“SVB”), the Company issued SVB a warrant to purchase shares of its ordinary shares at an exercise price of $0.48 per share (“SVB Warrant”). The SVB Warrant was immediately exercisable for 112,279 ordinary shares of the Company and could have been exercisable for an additional number of ordinary shares equal to 44,567 ordinary shares upon draw of Tranche A under the SVB Agreement and 22,283 ordinary shares upon draw of Tranche B under the SVB Agreement. The warrant for Tranche A shares and Tranche B shares expired on July 31, 2021 and July 31, 2022, respectively, as the Company elected to allow the Tranche A and Tranche B financings to expire unused on July 31, 2021 and July 31, 2022, respectively. In February 2023, SVB fully exercised the SVB Warrant for 106,060 ordinary shares through a cashless exercise.

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2024	Jul. 31, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
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, Address 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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		171,589,561
Entity Central Index Key	0001888886
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false
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

CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED SHARES AND SHAREHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands	Series A redeemable convertible preferred shares Redeemable Convertible Preferred Shares	Series A+ redeemable convertible preferred shares Redeemable Convertible Preferred Shares	Series B redeemable convertible preferred stock Redeemable Convertible Preferred Shares	Series B1 redeemable convertible preferred stock Redeemable Convertible Preferred Shares	Ordinary shares Common shares IPO	Ordinary shares Common shares	Non-voting ordinary shares Common shares	Non-voting ordinary shares	Common shares	Additional Paid-In Capital IPO	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit	IPO	Total
Beginning balance at Dec. 31, 2022	$ 32,001	$ 26,000	$ 133,015	$ 8,959
Beginning balance (in shares) at Dec. 31, 2022	19,200,000	12,800,000	32,857,000	2,161,000
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)
Beginning balance at Dec. 31, 2022						$ 1					$ 1,921	$ (110)	$ (116,952)		$ (115,140)
Beginning balance (in shares) at Dec. 31, 2022						10,527,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
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 ordinary shares, net of issuance costs and underwriting discounts					$ 3					$ 166,667				$ 166,670
Issuance of ordinary shares, net of issuance costs and underwriting discounts (in shares)					37,053,000
Net exercise of ordinary share warrants (in Shares)						106,000
Issuance of ordinary shares upon exercise of vested share options											31				31
Issuance of ordinary shares upon exercise of vested share options (in shares)						26,000
Share-based compensation expense											2,533				2,533
Unrealized loss on investments, net												257			257
Net loss													(17,975)		(17,975)
Ending balance at Mar. 31, 2023						$ 11					371,120	147	(134,927)		236,351
Ending balance (in shares) at Mar. 31, 2023						114,730,000
Beginning balance at Dec. 31, 2022	$ 32,001	$ 26,000	$ 133,015	$ 8,959
Beginning balance (in shares) at Dec. 31, 2022	19,200,000	12,800,000	32,857,000	2,161,000
Beginning balance at Dec. 31, 2022						$ 1					1,921	(110)	(116,952)		(115,140)
Beginning balance (in shares) at Dec. 31, 2022						10,527,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Unrealized loss on investments, net															(280)
Ending balance at Jun. 30, 2023						$ 10	$ 1				373,001	(390)	(158,207)		214,415
Ending balance (in shares) at Jun. 30, 2023						107,387,000	7,411,000
Beginning balance at Mar. 31, 2023						$ 11					371,120	147	(134,927)		236,351
Beginning balance (in shares) at Mar. 31, 2023						114,730,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of ordinary shares upon exercise of vested share options											179				179
Issuance of ordinary shares upon exercise of vested share options (in shares)						68,000
Share-based compensation expense											1,702				1,702
Unrealized loss on investments, net												(537)			(537)
Net loss													(23,280)		(23,280)
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
Ending balance at Jun. 30, 2023						$ 10	$ 1				373,001	(390)	(158,207)		214,415
Ending balance (in shares) at Jun. 30, 2023						107,387,000	7,411,000
Beginning balance at Dec. 31, 2023									$ 14		659,003	521	(206,572)		452,966
Beginning balance (in shares) at Dec. 31, 2023									139,220,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of ordinary shares upon exercise of vested share options											755				755
Issuance of ordinary shares upon exercise of vested share options (in shares)									635,000
Share-based compensation expense											2,744				2,744
Unrealized loss on investments, net												(611)			(611)
Net loss													(26,036)		(26,036)
Ending balance at Mar. 31, 2024									$ 14		662,502	(90)	(232,608)		429,818
Ending balance (in shares) at Mar. 31, 2024									139,855,000
Beginning balance at Dec. 31, 2023									$ 14		659,003	521	(206,572)		$ 452,966
Beginning balance (in shares) at Dec. 31, 2023									139,220,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of ordinary shares, net of issuance costs and underwriting discounts (in shares)								9,812,438							90,187,562
Issuance of ordinary shares upon exercise of vested share options (in shares)															1,062,000
Unrealized loss on investments, net															$ (1,008)
Ending balance at Jun. 30, 2024									$ 17		1,180,144	(487)	(258,642)		921,032
Ending balance (in shares) at Jun. 30, 2024									171,589,000
Beginning balance at Mar. 31, 2024									$ 14		662,502	(90)	(232,608)		429,818
Beginning balance (in shares) at Mar. 31, 2024									139,855,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of ordinary shares, net of issuance costs and underwriting discounts									$ 3		512,727				512,730
Issuance of ordinary shares, net of issuance costs and underwriting discounts (in shares)									31,281,000
Issuance of ordinary shares upon exercise of vested share options											478				478
Issuance of ordinary shares upon exercise of vested share options (in shares)									427,000
Issuance of ordinary shares pursuant to employee share purchase plan											241				241
Issuance of ordinary shares pursuant to employee share purchase plan (in shares)									26,000
Share-based compensation expense											4,196				4,196
Unrealized loss on investments, net												(397)			(397)
Net loss													(26,034)		(26,034)
Ending balance at Jun. 30, 2024									$ 17		$ 1,180,144	$ (487)	$ (258,642)		$ 921,032
Ending balance (in shares) at Jun. 30, 2024									171,589,000

Summary of Significant Accounting Policies (Details) $ in Millions	Jun. 30, 2024 USD ($)
Summary of Significant Accounting Policies
Deferred offering costs	$ 0

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2024
Summary of Significant Accounting Policies
Basis of Presentation	Basis of Presentation The condensed consolidated financial statements and related disclosures have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The condensed 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.
Unaudited Interim Financial Information	Unaudited Interim Financial Information The condensed consolidated balance sheet as of December 31, 2023 was derived from the Company’s audited financial statements, but does not include all disclosures required by GAAP. The accompanying unaudited condensed consolidated financial statements as of June 30, 2024 and for the three and six months ended June 30, 2024 and 2023, have been prepared by the Company, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”), for interim financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these financial statements should be read in conjunction with the audited financial statements as of and for the year ended December 31, 2023 and notes thereto, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on March 8, 2024. In the opinion of management, all adjustments, consisting only of normal recurring adjustments necessary for a fair statement of the Company’s condensed consolidated financial position as of June 30, 2024 and condensed consolidated results of operations for the three and six months ended June 30, 2024 and 2023 and condensed consolidated cash flows for the six months ended June 30, 2024 and 2023 have been made. The results of operations for the three and six months ended June 30, 2024 are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2024.
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and 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, share-based compensation and certain other accrued liabilities. Actual results could differ from those estimates.
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.
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).
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, Private Placement and Follow-On Offering, 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 equity financing. 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, Private Placement and Follow-On Offering, all deferred offering costs were charged against the proceeds from the IPO, Private Placement and Follow-On Offering and recorded in shareholders’ equity as a reduction of additional paid-in capital. As of June 30, 2024, there were no deferred offering costs recorded on the condensed consolidated balance sheets.
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. 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 unvested restricted share units, ordinary shares committed under the employee share purchase plan and share options are considered to be potentially dilutive securities. 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.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Accounting Pronouncements Not Yet Adopted In December 2023, the Financial Accounting Standards Board (“FASB”) issued Account Standards Update (“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 - Financial assets measured at fair value (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair Value Measurements
Amortized cost	$ 918,824	$ 461,453
Unrealized loss	(504)	(90)
Unrealized gain	17	611
Fair value	918,337	461,974
Money market funds
Fair Value Measurements
Amortized cost	372,845	124,443
Fair value	372,845	124,443
Cash equivalents
Fair Value Measurements
Amortized cost	372,845	124,443
Fair value	372,845	124,443
U.S. government bonds
Fair Value Measurements
Amortized cost	232,554	84,783
Unrealized loss	(112)	(35)
Unrealized gain	9	187
Fair value	232,451	84,935
U.S. government agency bonds
Fair Value Measurements
Amortized cost	65,338	82,185
Unrealized loss	(41)	(16)
Unrealized gain		171
Fair value	65,297	82,340
Corporate debt securities
Fair Value Measurements
Amortized cost	248,087	170,042
Unrealized loss	(351)	(39)
Unrealized gain	8	253
Fair value	247,744	170,256
Short-term investments
Fair Value Measurements
Amortized cost	545,979	337,010
Unrealized loss	(504)	(90)
Unrealized gain	17	611
Fair value	$ 545,492	$ 337,531

Composition of Certain Consolidated Financial Statement Line Items - Property and equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Summary of Significant Accounting Policies
Property and equipment, gross	$ 4,413	$ 3,872
Less: Accumulated depreciation	(1,098)	(644)
Property and equipment, net	3,315	3,228
Laboratory equipment
Summary of Significant Accounting Policies
Property and equipment, gross	2,323	1,960
Furniture and fixtures
Summary of Significant Accounting Policies
Property and equipment, gross	249	243
Computer equipment and software
Summary of Significant Accounting Policies
Property and equipment, gross	481	309
Leasehold improvements
Summary of Significant Accounting Policies
Property and equipment, gross	$ 1,360	$ 1,360

Shareholders' Equity - Summary of share option activity (Details) $ / shares in Units, shares in Thousands, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares
NUMBER OF SHARES UNDERLYING OUTSTANDING OPTIONS
Beginning balance (in shares) \| shares	11,899
Granted \| shares	2,835
Exercised \| shares	(1,062)
Forfeited \| shares	(1,258)
Ending balance (in shares) \| shares	12,414	11,899
Exercisable \| shares	5,407
Vested and expected to vest \| shares	12,414
WEIGHTED-AVERAGE EXERCISE PRICE
Beginning balance (in dollars per share) \| $ / shares	$ 3.94
Granted (in dollars per share) \| $ / shares	12.83
Exercised (in dollars per share) \| $ / shares	1.16
Forfeited (in dollars per share) \| $ / shares	5.21
Ending balance (in dollars per share) \| $ / shares	6.07	$ 3.94
Exercisable (in dollars per share) \| $ / shares	2.45
Vested and expected to vest (in dollars per share) \| $ / shares	$ 6.07
WEIGHTED- AVERAGE REMAINING CONTRACTUAL TERM and AGGREGATE INTRINSIC VALUE
Outstanding	8 years 2 months 23 days	8 years 3 months 7 days
Exercisable	7 years 3 months 25 days
Vested and expected to vest	8 years 2 months 23 days
Outstanding \| $	$ 91,104	$ 117,093
Exercisable \| $	57,550
Vested and expected to vest \| $	$ 91,104

Shareholders' Equity - Summary of restricted share units activity (Details) - Restricted share units	6 Months Ended
	Jun. 30, 2024 $ / shares shares
NUMBER OF UNITS OUTSTANDING
Granted (including performance-based restricted share units) \| shares	945
Ending balance (in shares) \| shares	945
WEIGHTED-AVERAGE GRANT DATE FAIR VALUE
Granted (including performance-based restricted share units) \| $ / shares	$ 11.75
Ending balance (in dollars per share) \| $ / shares	$ 11.75

Commitments and Contingencies - Additional information (Details) $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($) ft² Y	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($) ft² Y	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($) ft² Y	Dec. 31, 2023 USD ($)
Commitments and Contingencies
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%
Area of office lease \| ft²	8,400
Annual base rent	$ 0.3
Operating lease cost		$ 0.7	$ 0.3	$ 1.3	$ 0.6
Short term lease costs		$ 0.2	$ 0.2	$ 0.4	0.4
Weighted average remaining lease term		2 years 8 months 12 days		2 years 8 months 12 days
Weighted average discount rate		7.60%		7.60%
Cash paid				$ 0.8	$ 0.2
Office Space Lease
Commitments and Contingencies
Area of office space (in sq ft) \| ft²	22,500		22,500		22,500
Annual base rent	$ 0.7
Fair Value \| Asset retirement obligations
Commitments and Contingencies
Lease arrangement, measurement input	0.4		0.4		0.4
Settlement term \| Asset retirement obligations
Commitments and Contingencies
Lease arrangement, measurement input \| Y	3.4		3.4		3.4
Discount rate \| Asset retirement obligations
Commitments and Contingencies
Lease arrangement, measurement input	0.068		0.068		0.068
Other non-current liabilities
Commitments and Contingencies
Asset retirement obligation		$ 0.3		$ 0.3		$ 0.3

Related Party Transactions

6 Months Ended

Jun. 30, 2024

Related Party Transactions

Related Party Transactions

9. Related Party Transactions

Ramy Farid, the President and Chief Executive Officer of Schrödinger, Inc. (“Schrödinger”) was a member of the Company’s board of directors until June 25, 2024. During the three and six months ended June 30, 2024 and 2023, the Company had existing collaboration agreements to use the results provided by Schrödinger’s software platform for its research purposes. During the three months ended June 30, 2024 and 2023, the Company paid $1.0 million and $0 to Schrödinger, respectively. During the six months ended June 30, 2024 and 2023, the Company paid $2.0 million and $0 to Schrödinger, respectively, and had a payable balance of $0 and $0.5 million to Schrödinger as of June 30, 2024 and December 31, 2023, respectively.

Lhotse Collaboration Agreement with Schrödinger

In October 2020, Lhotse Bio, Inc. (“Lhotse”), the Company’s wholly-owned subsidiary, 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 June 30, 2024, 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 June 30, 2024, no milestone or royalty payments have been paid or accrued.

Aconcagua Collaboration Agreement with Schrödinger

In November 2023, Aconcagua Bio, Inc. (“Aconcagua”), the Company’s wholly-owned subsidiary, 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 June 30, 2024, the Company has paid to Schrödinger an aggregate of $2.0 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 June 30, 2024, 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 held at the time of the transaction 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, 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/1943274/2147477968/946-235-50-2

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/1943274/2147477968/946-235-50-2

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/1943274/2147479134/946-220-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/1943274/2147479134/946-220-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/1943274/2147479134/946-220-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
-SubTopic 10
-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
-SubTopic 10
-Name Accounting Standards Codification
-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 (Tables)

6 Months Ended

Jun. 30, 2024

Shareholders' Equity

Summary of shares available for grant

A summary of shares available for grant is set forth below (in thousands):



		SHARES
		AVAILABLE
		FOR GRANT
Balance as of December 31, 2023		8,192
Authorized		5,569
Granted/Awarded		(3,779)
Cancelled		1,258
Balance as of June 30, 2024		11,240

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
				WEIGHTED-
	NUMBER OF			AVERAGE
	SHARES	WEIGHTED-		REMAINING
	UNDERLYING	AVERAGE		CONTRACTUAL	AGGREGATE
	OUTSTANDING	EXERCISE		TERM	INTRINSIC
	OPTIONS	PRICE		(IN YEARS)	VALUE
As of December 31, 2023	11,899		3.94	8.27		117,093
Granted	2,835		12.83
Exercised	(1,062)		1.16
Forfeited	(1,258)		5.21
As of June 30, 2024	12,414		6.07	8.23		91,104
Exercisable at June 30, 2024	5,407		2.45	7.32		57,550
Vested and expected to vest at June 30, 2024	12,414		6.07	8.23		91,104

Schedule of recognized share-based compensation

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



	THREE MONTHS ENDED				SIX MONTHS ENDED
	JUNE 30,				JUNE 30,
	2024		2023		2024		2023
Research and development	$	2,023	$	584	$	3,246	$	2,176
General and administrative		2,173		1,118		3,694		2,059
Total share-based compensation	$	4,196	$	1,702	$	6,940	$	4,235



	THREE MONTHS ENDED				SIX MONTHS ENDED
	JUNE 30,				JUNE 30,
	2024		2023		2024		2023
Share options and restricted share units	$	4,020	$	1,702	$	6,607	$	4,235
ESPP		176		—		333		—
Total share-based compensation	$	4,196	$	1,702	$	6,940	$	4,235

Restricted share units

Shareholders' Equity

Summary of restricted share units activity

A summary of restricted share unit activity is set forth below (in thousands except per share amounts):



		WEIGHTED-
	NUMBER OF	AVERAGE
	UNITS	GRANT DATE
	OUTSTANDING	FAIR VALUE
Outstanding, December 31, 2023	—
Granted (including performance-based restricted share units)	945	$	11.75
Forfeited	—
Outstanding, June 30, 2024	945	$	11.75

- 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
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

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-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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-Section 50
-Paragraph 2
-Subparagraph (a)(2)
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-Section 50
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 718
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+ Details

Net Loss Per Share (Tables)

6 Months Ended

Jun. 30, 2024

Net Loss Per Share

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

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):



	THREE MONTHS ENDED				SIX MONTHS ENDED
	JUNE 30,				JUNE 30,
	2024		2023		2024		2023
Numerator:
Net loss attributable to ordinary shareholders	$	(26,034)	$	(23,280)	$	(52,070)	$	(41,255)
Denominator:
Weighted-average ordinary shares outstanding		148,239		114,784		143,975		93,457
Less: weighted-average unvested restricted ordinary shares subject to repurchase		—		(25)		—		(132)
Weighted-average ordinary shares used in computing net loss per share attributable to ordinary shareholders, basic and diluted		148,239		114,759		143,975		93,325
Net loss per share attributable to ordinary shareholders, basic and diluted	$	(0.18)	$	(0.20)	$	(0.36)	$	(0.44)

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

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):



	AS OF
	JUNE 30,
	2024	2023
Options to purchase ordinary shares	12,414	12,042
Unvested restricted share units	945	—
Shares committed under ESPP	143	—
Total	13,502	12,042

Shareholders' Equity - Employee Share Purchase Plan (Details)	1 Months Ended		3 Months Ended		6 Months Ended
	Jan. 31, 2024 shares	Feb. 28, 2023 item shares	Jun. 30, 2024 item shares	Dec. 31, 2023 item shares	Jun. 30, 2024 shares
Shareholders' Equity
Increase in number of shares that were reserved for issuance					5,569,000
Number of shares available for grant			11,240,000	8,192,000	11,240,000
Employee Stock Purchase Plan 2023
Shareholders' Equity
Purchase price of common stock percent		85.00%
Offering period of the plan		24 months	24 months	24 months
Number of purchase period \| item		4	4	4
Purchase period of the plan within each offering period		6 months	6 months	6 months
Number of shares reserved for issuance		1,000,000
Increase in number of shares that were reserved for issuance	1,392,210
Shares granted					25,794
Number of shares available for grant			2,366,416		2,366,416

Redeemable Convertible Preferred Shares

6 Months Ended

Jun. 30, 2024

Redeemable Convertible Preferred Shares

Redeemable Convertible Preferred Shares

6. 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. 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. There were no issued and outstanding redeemable convertible preferred shares as of June 30, 2024 and December 31, 2023.

Shareholders' Equity - Summary of shares available for grant (Details) shares in Thousands	6 Months Ended
	Jun. 30, 2024 shares
Number of shares available for grant
Beginning balance (in shares)	8,192
Authorized	5,569
Granted/Awarded	(3,779)
Cancelled	1,258
Ending balance (in shares)	11,240

Shareholders' Equity - Additional information (Details)		1 Months Ended				3 Months Ended		6 Months Ended		12 Months Ended
Shareholders' Equity - Additional information (Details)	Sep. 29, 2023 $ / shares shares	Mar. 31, 2024 USD ($) shares	Sep. 30, 2023 shares	May 31, 2023 $ / shares shares	Feb. 28, 2023 shares	Jun. 30, 2024 USD ($) $ / shares shares	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) $ / shares shares	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) $ / shares shares
Shareholders' Equity
Ordinary shares, shares authorized						500,000,000		500,000,000		500,000,000
Undesignated shares, shares authorized						100,000,000		100,000,000		100,000,000
Shares issued								90,187,562
Shares, par value \| $ / shares						$ 0.0001		$ 0.0001		$ 0.0001
Undesignated shares, par value \| $ / shares						$ 0.0001		$ 0.0001		$ 0.0001
Dividends on ordinary shares \| $								$ 0		$ 0
Total fair value of options vested \| $						$ 3,500,000	$ 500,000	9,300,000	$ 1,700,000
Share-based compensation expense \| $						4,196,000	$ 1,702,000	6,940,000	$ 4,235,000
Total unrecognized compensation expense related to unvested shares options \| $						$ 56,400,000		$ 56,400,000
Remaining weighted-average vesting period								3 years 2 months 12 days
Ordinary shares
Shareholders' Equity
Ordinary shares, shares authorized						500,000,000		500,000,000
Conversion of Stock, Shares Issued										9,812,438
Undesignated shares
Shareholders' Equity
Undesignated shares, shares authorized						100,000,000		100,000,000
Non-voting ordinary shares
Shareholders' Equity
Shares issued			2,401,920	7,410,518				9,812,438
Number of securities called by each warrant or right			1	1
Shares, par value \| $ / shares						$ 0.0001		$ 0.0001
Conversion of Stock, Shares Converted										9,812,438
Investors
Shareholders' Equity
Percentage of issued share capital				5.00%
Number Of Ordinary Shares Exchanged				7,410,518
Exchange of ordinary shares to non-voting ordinary shares (in shares)				7,410,518
Shares, par value \| $ / shares				$ 0.0001
Exchange ratio				1
Investors \| Non-voting ordinary shares
Shareholders' Equity
Number of shares agreed to issue under share purchase agreement	2,401,920
Original Issue Price \| $ / shares	$ 12.49
Investors \| American Depositary Shares (ADSs)
Shareholders' Equity
Original Issue Price \| $ / shares	$ 37.47
Restricted share units
Shareholders' Equity
Shares granted								945
Weighted-average per share grant-date fair value of restricted shares \| $ / shares								$ 11.75
ESPP
Shareholders' Equity
Share-based compensation expense \| $						$ 176,000		$ 333,000
Total unrecognized compensation expense related to unvested restricted shares \| $						600,000		$ 600,000
Remaining weighted-average vesting period								1 year 8 months 12 days
Employee \| Restricted share units
Shareholders' Equity
Shares granted		381,252
Vested (in shares)								0
Fair value of shares granted \| $		$ 4,500,000
Share-based compensation expense \| $						$ 0		$ 0
2023 Equity Incentive Plan \| Performance Options
Shareholders' Equity
Number of shares reserved for issuance					1,200,000
Vesting period					4 years
Share-based compensation expense \| $								$ 0
SVB Agreement
Shareholders' Equity
Exercise price \| $ / shares						$ 0.48		$ 0.48
Number of shares						112,279		112,279
Cashless Exercise of Warrants					106,060
Tranche A \| SVB Agreement
Shareholders' Equity
Number of shares						44,567		44,567
Tranche B \| SVB Agreement
Shareholders' Equity
Number of shares						22,283		22,283

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands	Jun. 30, 2024	Dec. 31, 2023
CONDENSED CONSOLIDATED BALANCE SHEETS
Undesignated shares, par value	$ 0.0001	$ 0.0001
Undesignated shares, shares authorized	100,000	100,000
Ordinary shares, par value (in dollars per share)	$ 0.0001	$ 0.0001
Ordinary shares, shares authorized	500,000	500,000
Ordinary shares, shares issued	171,589	139,220
Ordinary shares, shares outstanding	171,589	139,220

CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED SHARES AND SHAREHOLDERS' EQUITY (DEFICIT) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Mar. 31, 2023
Issuance of ordinary shares, issuance costs and underwriting discount	$ 34,688
IPO
Issuance of ordinary shares, issuance costs and underwriting discount		$ 18,586

Fair Value Measurements

6 Months Ended

Jun. 30, 2024

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):



	JUNE 30,								DECEMBER 31,
	2024								2023
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL		LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Money market funds	$	372,845	$	—	$	—	$	372,845	$	124,443	$	—	$	—	$	124,443
Cash equivalents		372,845		—		—		372,845		124,443		—		—		124,443

U.S. government bonds		232,451		—		—		232,451		84,935		—		—		84,935
U.S. government agency bonds		—		65,297		—		65,297		—		82,340		—		82,340
Corporate debt securities		—		247,744		—		247,744		—		170,256		—		170,256
Short-term investments		232,451		313,041		—		545,492		84,935		252,596		—		337,531
Total fair value of financial assets	$	605,296	$	313,041	$	—	$	918,337	$	209,378	$	252,596	$	—	$	461,974



	JUNE 30,								DECEMBER 31,
	2024								2023
		AMORTIZED	GROSS UNREALIZED				FAIR			AMORTIZED	GROSS UNREALIZED				FAIR
	COST		LOSSES		GAINS		VALUE		COST		LOSSES		GAINS		VALUE
Money market funds	$	372,845	$	—	$	—	$	372,845	$	124,443	$	—	$	—	$	124,443
Cash equivalents		372,845		—		—		372,845		124,443		—		—		124,443

U.S. government bonds		232,554		(112)		9		232,451		84,783		(35)		187		84,935
U.S. government agency bonds		65,338		(41)		—		65,297		82,185		(16)		171		82,340
Corporate debt securities		248,087		(351)		8		247,744		170,042		(39)		253		170,256
Short-term investments		545,979		(504)		17		545,492		337,010		(90)		611		337,531
Total fair value of financial assets	$	918,824	$	(504)	$	17	$	918,337	$	461,453	$	(90)	$	611	$	461,974

As of June 30, 2024 and December 31, 2023, 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 three and six months ended June 30, 2024 and 2023. Contractual maturities of short-term investments are generally not more than one year. As of June 30, 2024, the remaining contractual maturities of $450.5 million of investments were within one year and $95.0 million of investments were after one year through two years.

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 June 30, 2024 or December 31, 2023, and no impairment losses were recognized for the three and six months ended June 30, 2024 and 2023.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

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

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

Organization and Nature of the Business (Details)							1 Months Ended				6 Months Ended		12 Months Ended
Organization and Nature of the Business (Details)	Jun. 07, 2024 USD ($) $ / shares shares	Jun. 05, 2024 shares	Oct. 03, 2023 USD ($)	Sep. 29, 2023 item shares	Sep. 28, 2023 USD ($) $ / shares	Feb. 07, 2023 USD ($) item $ / shares shares	Jun. 30, 2024 USD ($) $ / shares shares	Oct. 31, 2023 USD ($)	Sep. 30, 2023 shares	May 31, 2023 shares	Jun. 30, 2024 USD ($) $ / shares shares	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) $ / shares shares
Organization and Nature of the Business
Shares authorized							500,000,000				500,000,000		500,000,000
Shares, par value \| $ / shares							$ 0.0001				$ 0.0001		$ 0.0001
Number of ordinary shares for each non voting share converted \| item				1
Net proceeds \| $												$ 172,296,000
Accumulated deficit \| $							$ 258,642,000				$ 258,642,000		$ 206,572,000
Cash, cash equivalents and short-term investments \| $							$ 927,100,000				927,100,000
Gross proceeds \| $											$ 514,573,000
Stock Issued During Period, Shares, New Issues											90,187,562
Non-Voting Ordinary Shares
Organization and Nature of the Business
Shares, par value \| $ / shares							$ 0.0001				$ 0.0001
Conversion of Stock, Shares Converted													9,812,438
Stock Issued During Period, Shares, New Issues									2,401,920	7,410,518	9,812,438
IPO
Organization and Nature of the Business
Number of ADR's for each ordinary share \| item						3
Net proceeds \| $						$ 166,700,000
IPO \| Common shares
Organization and Nature of the Business
Shares authorized						500,000,000
Shares, par value \| $ / shares						$ 0.0001
Stock Issued During Period, Shares, New Issues						67,018,087
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 \| $			$ 281,500,000					$ 281,500,000
Purchase Price \| $ / shares					$ 12.49
Gross proceeds \| $					$ 281,500,000
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
Follow-On Offering
Organization and Nature of the Business
Net proceeds \| $	$ 512,700,000						$ 512,700,000
Follow-On Offering \| American Depositary Shares (ADSs)
Organization and Nature of the Business
Purchase Price \| $ / shares	$ 52.50
Sale of Stock, Number of Shares Issued in Transaction	10,427,017
Offering \| Common shares
Organization and Nature of the Business
Number of ordinary shares for each ADS		3
Offering \| American Depositary Shares (ADSs)
Organization and Nature of the Business
Aggregate shares agreed to sell		9,066,972
Underwriters' Option \| American Depositary Shares (ADSs)
Organization and Nature of the Business
Option granted to purchase maximum number of shares		1,360,045
Sale of Stock, Number of Shares Issued in Transaction	1,360,045

Commitments and Contingencies - Maturities of operating lease liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Commitments and Contingencies
2024 (remaining six months)	$ 958
2025	1,933
2026	1,888
2027	381
Total undiscounted lease payments	5,160
Less: imputed interest	486
Total operating lease liability	4,674
Less: current portion	1,629	$ 1,440
Operating lease liability, net of current portion	$ 3,045	$ 4,013

Net Loss Per Share - Outstanding shares of potentially dilutive securities (Details) - shares shares in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share
Total	13,502	12,042
Options to purchase ordinary shares
Antidilutive Securities Excluded from Computation of Earnings Per Share
Total	12,414	12,042
Unvested restricted share units
Antidilutive Securities Excluded from Computation of Earnings Per Share
Total	945
Shares committed under ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share
Total	143

Net Loss Per Share

6 Months Ended

Jun. 30, 2024

Net Loss Per Share

Net Loss Per Share

8. Net Loss Per Share

subject to repurchase by the Company (in thousands, except per share amounts):



	THREE MONTHS ENDED				SIX MONTHS ENDED
	JUNE 30,				JUNE 30,
	2024		2023		2024		2023
Numerator:
Net loss attributable to ordinary shareholders	$	(26,034)	$	(23,280)	$	(52,070)	$	(41,255)
Denominator:
Weighted-average ordinary shares outstanding		148,239		114,784		143,975		93,457
Less: weighted-average unvested restricted ordinary shares subject to repurchase		—		(25)		—		(132)
Weighted-average ordinary shares used in computing net loss per share attributable to ordinary shareholders, basic and diluted		148,239		114,759		143,975		93,325
Net loss per share attributable to ordinary shareholders, basic and diluted	$	(0.18)	$	(0.20)	$	(0.36)	$	(0.44)



	AS OF
	JUNE 30,
	2024	2023
Options to purchase ordinary shares	12,414	12,042
Unvested restricted share units	945	—
Shares committed under ESPP	143	—
Total	13,502	12,042

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Measurements

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



	JUNE 30,								DECEMBER 31,
	2024								2023
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL		LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Money market funds	$	372,845	$	—	$	—	$	372,845	$	124,443	$	—	$	—	$	124,443
Cash equivalents		372,845		—		—		372,845		124,443		—		—		124,443

U.S. government bonds		232,451		—		—		232,451		84,935		—		—		84,935
U.S. government agency bonds		—		65,297		—		65,297		—		82,340		—		82,340
Corporate debt securities		—		247,744		—		247,744		—		170,256		—		170,256
Short-term investments		232,451		313,041		—		545,492		84,935		252,596		—		337,531
Total fair value of financial assets	$	605,296	$	313,041	$	—	$	918,337	$	209,378	$	252,596	$	—	$	461,974



	JUNE 30,								DECEMBER 31,
	2024								2023
		AMORTIZED	GROSS UNREALIZED				FAIR			AMORTIZED	GROSS UNREALIZED				FAIR
	COST		LOSSES		GAINS		VALUE		COST		LOSSES		GAINS		VALUE
Money market funds	$	372,845	$	—	$	—	$	372,845	$	124,443	$	—	$	—	$	124,443
Cash equivalents		372,845		—		—		372,845		124,443		—		—		124,443

U.S. government bonds		232,554		(112)		9		232,451		84,783		(35)		187		84,935
U.S. government agency bonds		65,338		(41)		—		65,297		82,185		(16)		171		82,340
Corporate debt securities		248,087		(351)		8		247,744		170,042		(39)		253		170,256
Short-term investments		545,979		(504)		17		545,492		337,010		(90)		611		337,531
Total fair value of financial assets	$	918,824	$	(504)	$	17	$	918,337	$	461,453	$	(90)	$	611	$	461,974

Fair Value Measurements - Additional information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Fair Value Measurements
Transfers in and out of Level 3	$ 0	$ 0	$ 0	$ 0
Allowance for credit losses	0		0		$ 0
Impairment losses	0	$ 0	0	$ 0
Contractual maturities of investments within one year	450,500		450,500
Contractual maturities of investments after one year through two years	$ 95,000		$ 95,000

Related Party Transactions (Details) $ / shares in Units, $ in Millions		1 Months Ended			3 Months Ended		6 Months Ended		12 Months Ended
	Sep. 29, 2023 USD ($) $ / shares shares	Nov. 30, 2023 USD ($)	May 31, 2023 $ / shares shares	Oct. 31, 2020 USD ($)	Jun. 30, 2024 USD ($) $ / shares	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) $ / shares	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) $ / shares shares
Related Party Transactions
Related party payable					$ 0.0		$ 0.0		$ 0.5
Other Liability, Related Party, Type [Extensible Enumeration]					us-gaap:RelatedPartyMember		us-gaap:RelatedPartyMember		us-gaap:RelatedPartyMember
Other Liability, Related Party, Name [Extensible Enumeration]					Schrodinger, Inc.		Schrodinger, Inc.		Schrodinger, Inc.
Ordinary shares, par value (in dollars per share) \| $ / shares					$ 0.0001		$ 0.0001		$ 0.0001
Software platform use for research purposes \| Schrodinger, Inc.
Related Party Transactions
Payments made					$ 1.0	$ 0.0	$ 2.0	$ 0.0
Lhotse Collaboration Agreement \| Software platform use for research purposes \| Schrodinger, Inc.
Related Party Transactions
Aggregate payment made					0.8		0.8
Collaboration agreement term				10 years
Collaboration agreement extension term				3 years
Payments payable					0.0		0.0
Aconcagua Collaboration Agreement \| Software platform use for research purposes \| Schrodinger, Inc.
Related Party Transactions
Aggregate payment made					2.0		2.0
Collaboration agreement term		10 years
Collaboration agreement extension term		3 years
Payments payable					$ 0.0		$ 0.0
Maximum \| Lhotse Collaboration Agreement \| Software platform use for research purposes \| Schrodinger, Inc.
Related Party Transactions
Aggregate payment				$ 17.0
Maximum \| Aconcagua Collaboration Agreement \| Software platform use for research purposes \| Schrodinger, Inc.
Related Party Transactions
Payments payable		$ 89.0
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
Ordinary shares
Related Party Transactions
Conversion of Stock, Shares Issued \| shares									9,812,438
Non-Voting Ordinary Shares
Related Party Transactions
Ordinary shares, par value (in dollars per share) \| $ / shares					$ 0.0001		$ 0.0001
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
Proceeds from private placement financing, gross	$ 30.0
Share purchase price \| $ / shares	$ 12.49
American Depositary Shares (ADSs) \| Investors
Related Party Transactions
Share purchase price \| $ / shares	$ 37.47

Fair Value Measurements - Level of the fair value hierarchy (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair Value Measurements
Total fair value of financial assets	$ 918,337	$ 461,974
Level 1
Fair Value Measurements
Total fair value of financial assets	605,296	209,378
Level 2
Fair Value Measurements
Total fair value of financial assets	313,041	252,596
Recurring \| Money market funds
Fair Value Measurements
Total fair value of financial assets	372,845	124,443
Recurring \| Cash equivalents
Fair Value Measurements
Total fair value of financial assets	372,845	124,443
Recurring \| U.S. government bonds
Fair Value Measurements
Total fair value of financial assets	232,451	84,935
Recurring \| U.S. government agency bonds
Fair Value Measurements
Total fair value of financial assets	65,297	82,340
Recurring \| Corporate debt securities
Fair Value Measurements
Total fair value of financial assets	247,744	170,256
Recurring \| Short-term investments
Fair Value Measurements
Total fair value of financial assets	545,492	337,531
Recurring \| Level 1 \| Money market funds
Fair Value Measurements
Total fair value of financial assets	372,845	124,443
Recurring \| Level 1 \| Cash equivalents
Fair Value Measurements
Total fair value of financial assets	372,845	124,443
Recurring \| Level 1 \| U.S. government bonds
Fair Value Measurements
Total fair value of financial assets	232,451	84,935
Recurring \| Level 1 \| Short-term investments
Fair Value Measurements
Total fair value of financial assets	232,451	84,935
Recurring \| Level 2 \| U.S. government agency bonds
Fair Value Measurements
Total fair value of financial assets	65,297	82,340
Recurring \| Level 2 \| Corporate debt securities
Fair Value Measurements
Total fair value of financial assets	247,744	170,256
Recurring \| Level 2 \| Short-term investments
Fair Value Measurements
Total fair value of financial assets	$ 313,041	$ 252,596

Organization and Nature of the Business

6 Months Ended

Jun. 30, 2024

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.

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.

Follow-On Offering

On June 5, 2024, the Company entered into an underwriting agreement with Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, Jefferies LLC and Leerink Partners LLC, as representatives of the underwriters named therein (collectively, the “Underwriters”), pursuant to which the Company proposed to issue and sell to the Underwriters an aggregate of 9,066,972 ADSs, each representing three ordinary shares of the Company, and granted the underwriters an option (the “Underwriters’ Option”) to purchase up to an aggregate of 1,360,045 additional ADSs (the “Follow-On Offering”). The Follow-On Offering closed on June 7, 2024, at which time the Company issued 10,427,017 ADSs, including the issuance of 1,360,045 ADSs in connection with the full exercise of the Underwriters’ Option, at a price of $52.50 per ADS. The net proceeds from the Follow-On Offering were approximately $512.7 million after deducting underwriting discounts and commissions and estimated offering costs.

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 $258.6 million as of June 30, 2024. 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. In June 2024, the Company closed its Follow-On Offering, including the full exercise of the Underwriters’ Option, for net proceeds of approximately $512.7 million, after deducting underwriting discounts and commissions and estimated offering costs.

As of June 30, 2024, the Company had cash, cash equivalents and short-term investments of $927.1 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 condensed 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 condensed consolidated financial statements as a result of these uncertainties.

Redeemable Convertible Preferred Shares - Additional information (Details)	Feb. 07, 2023 shares	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Redeemable Convertible Preferred Shares
Shares converted \| shares	67,018,087
Conversion ratio	1
Redeemable convertible preferred shares \| $		$ 0	$ 0

- 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

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+ Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (26,034)	$ (26,036)	$ (23,280)	$ (17,975)

- Definition

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

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+ Details

Shareholders' Equity - Schedule of recognized share-based compensation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Shareholders' Equity
Total share-based compensation	$ 4,196	$ 1,702	$ 6,940	$ 4,235
Share options and restricted share units
Shareholders' Equity
Total share-based compensation	4,020	1,702	6,607	4,235
ESPP
Shareholders' Equity
Total share-based compensation	176		333
Research and development
Shareholders' Equity
Total share-based compensation	2,023	584	3,246	2,176
General and administrative
Shareholders' Equity
Total share-based compensation	$ 2,173	$ 1,118	$ 3,694	$ 2,059

- 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

Composition of Certain Consolidated Financial Statement Line Items - Accrued expenses and other current liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Composition of Certain Consolidated Financial Statement Line Items
Accrued compensation	$ 4,005	$ 4,325
Accrued research and development expenses	3,143	4,719
Accrued clinical expenses	4,167	5,412
Accrued professional services	4,157	2,633
Income tax and VAT payable	41	356
Accrued other liabilities	3,308	1,113
Total accrued expenses and other current liabilities	$ 18,821	$ 18,558

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Operating expenses:
Research and development	$ 22,050	$ 19,411	$ 42,729	$ 32,546
General and administrative	11,266	6,576	22,602	13,090
Total operating expenses	33,316	25,987	65,331	45,636
Loss from operations	(33,316)	(25,987)	(65,331)	(45,636)
Interest and other income, net	7,335	2,825	13,343	4,524
Loss before provision for income taxes	(25,981)	(23,162)	(51,988)	(41,112)
Provision for income taxes	53	118	82	143
Net loss attributable to ordinary shareholders	$ (26,034)	$ (23,280)	$ (52,070)	$ (41,255)
Net loss per share attributable to ordinary shareholders, basic	$ (0.18)	$ (0.20)	$ (0.36)	$ (0.44)
Net loss per share attributable to ordinary shareholders, diluted	$ (0.18)	$ (0.20)	$ (0.36)	$ (0.44)
Weighted-average ordinary shares used in computing net loss per share attributable to ordinary shareholders, basic	148,239	114,759	143,975	93,325
Weighted-average ordinary shares used in computing net loss per share attributable to ordinary shareholders, diluted	148,239	114,759	143,975	93,325
Other comprehensive loss:
Unrealized loss on investments, net	$ (397)	$ (537)	$ (1,008)	$ (280)
Total other comprehensive loss	(397)	(537)	(1,008)	(280)
Comprehensive loss	$ (26,431)	$ (23,817)	$ (53,078)	$ (41,535)