0001558370-25-001826 | 10-K | XBRL Viewer | Structure Therapeutics INC

Shareholders' Equity - Summary of share option activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
NUMBER OF SHARES UNDERLYING OUTSTANDING OPTIONS
Beginning balance (in shares)	11,899
Granted	3,680
Exercised	(1,283)
Forfeited	(1,699)
Ending balance (in shares)	12,597	11,899
Exercisable	6,668
Vested and expected to vest	12,597
WEIGHTED-AVERAGE EXERCISE PRICE
Beginning balance (in dollars per share)	$ 3.94
Granted (in dollars per share)	12.65
Exercised (in dollars per share)	1.44
Forfeited (in dollars per share)	6.66
Ending balance (in dollars per share)	6.36	$ 3.94
Exercisable (in dollars per share)	3.17
Vested and expected to vest (in dollars per share)	$ 6.36
WEIGHTED- AVERAGE REMAINING CONTRACTUAL TERM and AGGREGATE INTRINSIC VALUE
Outstanding	7 years 10 months 2 days	8 years 3 months 7 days
Exercisable	7 years
Vested and expected to vest	7 years 10 months 2 days
Outstanding	$ 50,294	$ 117,093
Exercisable	41,106
Vested and expected to vest	$ 50,294

Shareholders' Equity - Additional information (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended				12 Months Ended
	Apr. 29, 2019	Mar. 31, 2024	Feb. 28, 2023	Jan. 31, 2023	Apr. 30, 2019	Dec. 31, 2024	Dec. 31, 2023
Shareholders' Equity
Total fair value of options vested						$ 19,800	$ 5,500
Share-based compensation expense						18,794	8,191
Total unrecognized compensation expense related to unvested shares options						$ 50,600
Remaining weighted-average vesting period						2 years 10 months 24 days
Aggregate intrinsic value of options exercised						$ 16,600	$ 3,900
Weighted-average per share grant-date fair value						$ 10.26	$ 6.21
Restricted Stock
Shareholders' Equity
Vested (in shares)						327,000
Vesting period	4 years
Total unrecognized compensation expense related to unvested restricted shares	$ 1,900
Fair value of restricted shares vested							$ 100
Ordinary shares previously issued	5,891,064
Weighted-average per share grant-date fair value of restricted shares	$ 0.33
Requisite service period	4 years
Restricted share units
Shareholders' Equity
Shares granted						1,103,000
Vested (in shares)						7,000
Weighted-average per share grant-date fair value of restricted shares						$ 11.89
ESPP
Shareholders' Equity
Total unrecognized compensation expense related to unvested restricted shares						$ 900
Remaining weighted-average vesting period						1 year 2 months 12 days
Employee \| Restricted share units
Shareholders' Equity
Shares granted		381,252
Share-based compensation expense						$ 1,700
2019 Plan
Shareholders' Equity
Expiration term					10 years
2019 Plan \| Options and Restricted share awards
Shareholders' Equity
Vesting period					4 years
2023 Equity Incentive Plan
Shareholders' Equity
Number of shares reserved for issuance				12,000,000		26,158,435
2023 Equity Incentive Plan \| Incentive share option
Shareholders' Equity
Percentage of voting power of share				10.00%
Expiration term				5 years
2023 Equity Incentive Plan \| Employee Stock Option
Shareholders' Equity
Vesting period				4 years
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						$ 0.48
Number of shares						112,279
Cashless Exercise of Warrants			106,060
Tranche A \| SVB Agreement
Shareholders' Equity
Number of shares						44,567
Tranche B \| SVB Agreement
Shareholders' Equity
Number of shares						22,283
Vesting after one year from the vesting commencement date \| Restricted Stock
Shareholders' Equity
Vesting percentage	25.00%
Vesting ratably on a monthly basis over the following three years \| Restricted Stock
Shareholders' Equity
Vesting percentage	75.00%
Maximum \| 2023 Equity Incentive Plan \| ESPP
Shareholders' Equity
Expiration term				10 years
Maximum \| Scenario of voting power more than 10% \| 2019 Plan
Shareholders' Equity
Expiration term					5 years
Minimum \| 2019 Plan \| Incentive and nonstatutory share options
Shareholders' Equity
Exercise price as percent of estimated fair value					100.00%
Minimum \| 2019 Plan \| Employee \| Incentive share option
Shareholders' Equity
Exercise price as percent of estimated fair value					110.00%
Percentage of voting power of share					10.00%
Minimum \| 2023 Equity Incentive Plan \| Incentive share option
Shareholders' Equity
Exercise price as percent of estimated fair value				110.00%

Commitments and Contingencies

12 Months Ended

Dec. 31, 2024

Commitments and Contingencies

Commitments and Contingencies

5. Commitments and Contingencies

Operating Leases

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

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

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

According to the lease agreement, the Company is obligated to restore the premises and all fixtures, fittings and equipment in the premises to its original condition. The Company’s asset retirement obligations are primarily associated with leasehold improvements which the Company is contractually obligated to remove at the end of a lease to comply with the lease agreement. The Company recognized an asset retirement obligation at the inception of a lease at its estimated fair value based on the expected timing of payment of the related costs. In the determination of fair value for an asset retirement obligation, the Company uses various assumptions and judgments, including such factors as the existence of a legal obligation, estimated amounts and timing of settlements, discount and inflation rates. The key estimates as of the inception date were the fair value of the asset retirement obligation of $0.4 million, timing of the settlement of 3.4 years and the discount rate of 6.8%. The associated estimated asset retirement costs are capitalized as part of the carrying amount of the leasehold improvements and depreciated over its useful life. As of December 31, 2024 and 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 consolidated balance sheets.

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

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

The maturities of operating lease liabilities as of December 31, 2024, were as follows (in thousands):



	DECEMBER 31,
	2024
2025	$	1,926
2026		1,882
2027		381
Total undiscounted lease payments		4,189
Less: imputed interest		(327)
Total operating lease liability		3,862
Less: current portion		(1,698)
Operating lease liability, net of current portion	$	2,164

Operating lease expense was $2.5 million and $1.8 million for the years ended December 31, 2024 and 2023, respectively, including $0.8 million and $0.9 million short-term lease costs for the years ended December 31, 2024 and 2023, respectively. As of December 31, 2024, the weighted average remaining lease term was 2.2 years, and the weighted average discount rate used to measure the lease liabilities for such operating leases upon recognition was 7.6%. During the years ended December 31, 2024 and 2023, cash paid for amounts included in operating lease liabilities of $1.7 million and $0.6 million, respectively, was included in operating activities on the consolidated statements of cash flows.

Indemnification Agreements

In the ordinary course of business, the Company enters into agreements that may include indemnification provisions. Pursuant to such agreements, the Company may indemnify, hold harmless and defend an indemnified party for losses suffered or incurred by the indemnified party. Some of the provisions will limit losses to those arising from third-party actions. In some cases, the indemnification will continue after the termination of the agreement. The maximum potential number of future payments the Company could be required to make under these provisions is not determinable. The Company has never incurred material costs to defend lawsuits or settle claims related to these indemnification provisions. The Company has also entered into indemnification agreements with its directors and officers that require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers to the fullest extent permitted by the applicable law and the amended and restated memorandum and articles of association of the Company. The Company currently has directors’ and officers’ liability insurance. As of December 31, 2024 and 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.

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands	Dec. 31, 2024	Dec. 31, 2023
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	171,860	139,220
Ordinary shares, shares outstanding	171,860	139,220

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities
Net loss	$ (122,526)	$ (89,620)
Adjustments to reconcile net loss to net cash used in operating activities:
Share-based compensation expense	18,794	8,191
Depreciation expense	992	295
Accretion of asset retirement obligation	4	21
Non-cash lease expense	1,601	634
Accretion of net investment discounts	(18,465)	(5,975)
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(1,408)	(4,037)
Other non-current assets	(5,061)	15
Accounts payable	3,307	(860)
Accrued expenses and other current liabilities	7,717	12,163
Operating lease liabilities	(1,591)	(315)
Net cash used in operating activities	(116,636)	(79,488)
Cash flows from investing activities
Purchases of short-term investments	(702,519)	(417,356)
Proceeds from maturities of short-term investments	344,900	151,181
Purchases of property and equipment	(1,290)	(2,167)
Net cash used in investing activities	(358,909)	(268,342)
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
Proceeds from private placement financing, gross		300,000
Payments of offering costs	(1,796)	(21,565)
Proceeds from issuance of ordinary shares under employee share purchase plan	632
Proceeds from exercise of share options	1,854	800
Net cash provided by financing activities	515,263	451,531
Net change in cash and cash equivalents	39,718	103,701
Beginning of the period	129,792	26,091
End of the period	169,510	129,792
Supplemental disclosures of noncash investing and financing activities
Offering costs included in accounts payable and accrued expenses and other current liabilities	$ 100	53
Conversion of redeemable convertible preferred shares into ordinary shares upon initial public offering		199,975
Purchases of property and equipment in accounts payable and accrued expenses and other current liabilities		48
Operating lease right-of-use assets obtained in exchange for new lease liabilities		5,508
Recognition of asset retirement obligation		277
Conversion of non-voting ordinary shares into ordinary shares		1
Exchange of ordinary shares to non-voting ordinary shares		$ 1

Net Loss Per Share (Tables)

12 Months Ended

Dec. 31, 2024

Net Loss Per Share

Schedule 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):



	YEAR ENDED
	DECEMBER 31,
	2024		2023
Numerator:
Net loss attributable to ordinary shareholders	$	(122,526)	$	(89,620)
Denominator:
Weighted-average ordinary shares outstanding		157,922		110,263
Less: weighted-average unvested restricted ordinary shares subject to repurchase		—		(65)
Weighted-average ordinary shares used in computing net loss per share attributable to ordinary shareholders, basic and diluted		157,922		110,198
Net loss per share attributable to ordinary shareholders, basic and diluted	$	(0.78)	$	(0.81)

Schedule 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):




	DECEMBER 31,
	2024	2023
Options to purchase ordinary shares	12,597	11,899
Unvested restricted share units	1,051	—
Shares committed under ESPP	217	106
Total	13,865	12,005

Related Party Transactions

12 Months Ended

Dec. 31, 2024

Related Party Transactions

Related Party Transactions

12. 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 years ended December 31, 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 years ended December 31, 2024 and 2023, the Company paid $3.2 million and $0.3 million to Schrödinger, respectively, and had $0.3 million and $0.5 million payable balance to Schrödinger as of December 31, 2024 and 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 December 31, 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 December 31, 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 December 31, 2024, the Company has paid to Schrödinger an aggregate of $3.3 million.

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

Unless terminated earlier, the Aconcagua-Schrödinger Agreement will continue for three years, subject to extension by mutual written agreement of the parties. Either party may terminate the Aconcagua-Schrödinger Agreement for convenience after a specified period or for the other party’s uncured material breach. Aconcagua’s obligation to make milestone and royalty payments (subject to the Aconcagua Royalty Term) to Schrödinger continues after the expiration or termination of the Aconcagua-Schrödinger Agreement, unless the Aconcagua-Schrödinger Agreement is terminated under specified circumstances. As of December 31, 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
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-Name Accounting Standards Codification
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-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))
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-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-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

Income Taxes - Reconciliation of the change in unrecognized tax benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Income Taxes
Beginning of year	$ 877	$ 289
Additions for tax positions related to current year	839	574
Additions for tax positions related to prior years	6,248	14
Reductions for tax positions related to prior years	(17)
End of year	$ 7,947	$ 877

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Taxes

Schedule of loss before income tax expense

The components of loss before income taxes by U.S. and foreign jurisdictions were as follows (in thousands):



	YEAR ENDED
	DECEMBER 31,
	2024		2023
Loss before income tax expense:
United States	$	(113,107)	$	(79,895)
Foreign		(9,109)		(9,489)
Total	$	(122,216)	$	(89,384)

Summary of provision for (benefit from) income taxes

The provision for (benefit from) income taxes consists of the following (in thousands):



	YEAR ENDED
	DECEMBER 31,
	2024		2023
Current tax provision (benefit):
Federal	$	—	$	—
State		8		5
Foreign		320		217
		328		222
Deferred tax provision (benefit):
Federal		—		—
State		—		—
Foreign		(18)		14

Total provision (benefit) for income taxes:	$	310	$	236

Summary of effective tax rate of the company's provision (benefit) for income taxes differs from the federal statutory rate



	DECEMBER 31,
	2024		2023
Tax computed at Cayman Island statutory rate	—	%	—	%
U.S. federal tax differential	19.4		18.8
State income tax, net of federal benefit	(0.1)		6.5
Changes in unrecognized tax benefits	(4.0)		(0.6)
Share-based compensation	(1.7)		(1.9)
Tax rate differential for international subsidiaries	(0.2)		0.8
Tax credits	1.6		2.3
Valuation allowance	(13.8)		(26.7)
Other	(1.5)		0.5
Effective tax rate	(0.3)	%	(0.3)	%

Summary of significant components of the company's deferred tax asset or liability

Significant components of the Company’s deferred tax asset or liability are shown below (in thousands):



	DECEMBER 31,
	2024		2023
Net operating loss	$	26,182	$	29,217
Research and experimentation expenses		33,313		16,911
Research credits		5,054		2,631
Stock-Based compensation and bonus accrual		2,433		1,737
Operating lease liability		656		1,030
Related party accrued expenses		1,302		1,036
Other		152		213
Total deferred tax assets		69,092		52,775
Valuation allowance		(68,179)		(51,551)
Net deferred tax assets		913		1,224

Right-of-use assets		(487)		(960)
Property and equipment		(81)		(110)
Other		(242)		(109)
Total deferred tax liabilities		(810)		(1,179)
Net deferred tax assets	$	103	$	45

Summary of reconciliation of the change in unrecognized tax benefits

A reconciliation of the beginning and ending balance of total unrecognized tax benefits is as follows (in thousands):



	DECEMBER 31,
	2024		2023
Beginning of year	$	877	$	289
Additions for tax positions related to current year		839		574
Additions for tax positions related to prior years		6,248		14
Reductions for tax positions related to prior years		(17)		—
End of year	$	7,947	$	877

Shareholders' Equity - Schedule of weighted-average assumptions (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Employee Stock Option
Option Indexed to Issuer's Equity [Line Items]
Expected term (in years)	6 years	6 years 1 month 6 days
Expected volatility	101.30%	101.30%
Risk-free interest rate	4.20%	3.70%
Expected dividend yield	0.00%	0.00%
ESPP
Option Indexed to Issuer's Equity [Line Items]
Expected term (in years)	1 year 3 months 18 days	1 year 2 months 12 days
Expected volatility	106.30%	90.30%
Risk-free interest rate	4.60%	4.80%
Expected dividend yield	0.00%	0.00%

Income Taxes - Reconciliation of expected tax to total provision for income taxes (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Income Taxes
U.S. federal tax differential	19.40%	18.80%
State income tax, net of federal benefit	(0.10%)	6.50%
Changes in unrecognized tax benefits	(4.00%)	(0.60%)
Share-based compensation	(1.70%)	(1.90%)
Tax rate differential for international subsidiaries	(0.20%)	0.80%
Tax credits	1.60%	2.30%
Valuation allowance	(13.80%)	(26.70%)
Other	(1.50%)	0.50%
Effective tax rate	(0.30%)	(0.30%)

Defined Contribution Plan (Details) - USD ($) $ in Millions	12 Months Ended
Defined Contribution Plan (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Defined Contribution Plan
Percentage of matching contributions contributed by eligible employees	100.00%	100.00%
Percentage of employees eligible compensation	4.00%	4.00%
Matching contributions	$ 0.6	$ 0.2

Composition of Certain Consolidated Financial Statement Line Items

12 Months Ended

Dec. 31, 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):



		DECEMBER 31,
	Useful life (years)	2024		2023
Laboratory equipment	5	$	3,008	$	1,960
Furniture and fixtures	5		249		243
Computer equipment and software	5		497		309
Leasehold improvements	Lesser of useful life or lease term		1,360		1,360
		$	5,114	$	3,872
Less: Accumulated depreciation			(1,636)		(644)
Property and equipment, net		$	3,478	$	3,228

Depreciation expense for the years ended December 31, 2024 and December 31, 2023 was $1.0 million and $0.3 million, respectively.

As of December 31, 2024, the Company’s other non-current assets consist of prepaid clinical expenses.

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



	DECEMBER 31,
	2024		2023
Accrued compensation	$	7,290	$	4,325
Accrued research and development expenses		5,460		4,719
Accrued clinical expenses		7,025		5,412
Accrued professional services		2,918		2,633
Accrued other liabilities		3,606		1,469
Total accrued expenses and other current liabilities	$	26,299	$	18,558

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (122,526)	$ (89,620)

- Definition

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

+ References

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

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

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
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-Section 65
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-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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-Subparagraph (SX 210.5-03(20))
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

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

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/exampleRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479105/946-220-45-7

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
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Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED SHARES AND SHAREHOLDERS' EQUITY (DEFICIT) (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
IPO
Issuance of ordinary shares, issuance costs and underwriting discount		$ 18,586
Private Placement
Issuance of ordinary shares, issuance costs and underwriting discount		$ 18,538
Follow-On Offering
Issuance of ordinary shares, issuance costs and underwriting discount	$ 34,688

Composition of Certain Consolidated Financial Statement Line Items (Tables)

12 Months Ended

Dec. 31, 2024

Composition of Certain Consolidated Financial Statement Line Items

Schedule of property and equipment

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



		DECEMBER 31,
	Useful life (years)	2024		2023
Laboratory equipment	5	$	3,008	$	1,960
Furniture and fixtures	5		249		243
Computer equipment and software	5		497		309
Leasehold improvements	Lesser of useful life or lease term		1,360		1,360
		$	5,114	$	3,872
Less: Accumulated depreciation			(1,636)		(644)
Property and equipment, net		$	3,478	$	3,228

Schedule of accrued expenses and other current liabilities

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



	DECEMBER 31,
	2024		2023
Accrued compensation	$	7,290	$	4,325
Accrued research and development expenses		5,460		4,719
Accrued clinical expenses		7,025		5,412
Accrued professional services		2,918		2,633
Accrued other liabilities		3,606		1,469
Total accrued expenses and other current liabilities	$	26,299	$	18,558

CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED SHARES AND SHAREHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands	Series A redeemable convertible preferred shares	Series A+ redeemable convertible preferred shares	Series B redeemable convertible preferred stock	Series B1 redeemable convertible preferred stock	Ordinary shares Common shares IPO	Ordinary shares Common shares Private Placement	Ordinary shares Common shares Follow-On Offering	Ordinary shares Common shares	Non-voting ordinary shares Common shares Private Placement	Non-voting ordinary shares Common shares	Additional Paid-In Capital IPO	Additional Paid-In Capital Private Placement	Additional Paid-In Capital Follow-On Offering	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit	IPO	Private Placement	Follow-On Offering	Total
Increase (Decrease) in Temporary Equity [Roll Forward]
Redeemable convertible preferred shares	$ 32,001	$ 26,000	$ 133,015	$ 8,959
Shares Issued	19,200,000	12,800,000	32,857,000	2,161,000
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)
Ending balance (in shares) at Dec. 31, 2023																				0
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	$ 2					$ 166,667	$ 281,457					$ 166,670	$ 281,459
Issuance of ordinary shares, net of issuance costs and underwriting discounts (in shares)					37,053,000	21,617,000			2,401,000
Net exercise of ordinary share warrants (in Shares)								106,000
Exchange of ordinary shares to non-voting ordinary shares								$ (1)		$ 1
Exchange of ordinary shares to non-voting ordinary shares (in shares)								(7,411,000)		7,411,000
Issuance of ordinary shares upon exercise of vested share options								$ 1						799						800
Issuance of ordinary shares upon exercise of vested share options (in shares)								498,000
Share-based compensation expense														8,191						8,191
Conversion of non-voting ordinary shares into ordinary shares								$ 1		$ (1)
Conversion of non-voting ordinary shares into ordinary shares ( in shares)								9,812,000		(9,812,000)
Unrealized gain on investments, net															631					631
Net loss																(89,620)				(89,620)
Ending balance at Dec. 31, 2023								$ 14						659,003	521	(206,572)				$ 452,966
Ending balance (in shares) at Dec. 31, 2023								139,220,000
Increase (Decrease) in Temporary Equity [Roll Forward]
Shares Issued																				0
Ending balance (in shares) at Dec. 31, 2024																				0
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											$ 1,854						$ 1,854
Issuance of ordinary shares upon exercise of vested share options (in shares)					1,283,000															1,283,000
Issuance of ordinary shares pursuant to employee share purchase plan														632						$ 632
Issuance of ordinary shares pursuant to employee share purchase plan (in shares)								69,000
Issuance of ordinary shares upon vesting of restricted share units (in shares)								7,000
Share-based compensation expense														18,794						18,794
Unrealized gain on investments, net															393					393
Net loss																(122,526)				(122,526)
Ending balance at Dec. 31, 2024								$ 17						$ 1,193,010	$ 914	$ (329,098)				$ 864,843
Ending balance (in shares) at Dec. 31, 2024								171,860,000
Increase (Decrease) in Temporary Equity [Roll Forward]
Shares Issued																				0

Income Taxes

12 Months Ended

Dec. 31, 2024

Income Taxes

Income Taxes

9. Income Taxes

The components of loss before income taxes by U.S. and foreign jurisdictions were as follows (in thousands):



	YEAR ENDED
	DECEMBER 31,
	2024		2023
Loss before income tax expense:
United States	$	(113,107)	$	(79,895)
Foreign		(9,109)		(9,489)
Total	$	(122,216)	$	(89,384)

The provision for (benefit from) income taxes consists of the following (in thousands):



	YEAR ENDED
	DECEMBER 31,
	2024		2023
Current tax provision (benefit):
Federal	$	—	$	—
State		8		5
Foreign		320		217
		328		222
Deferred tax provision (benefit):
Federal		—		—
State		—		—
Foreign		(18)		14

Total provision (benefit) for income taxes:	$	310	$	236

The Company is domiciled in the Cayman Islands and the reconciliation of the expected tax computed at the zero tax rate for the Cayman Islands to the total provision (benefit) was as follows:



	DECEMBER 31,
	2024		2023
Tax computed at Cayman Island statutory rate	—	%	—	%
U.S. federal tax differential	19.4		18.8
State income tax, net of federal benefit	(0.1)		6.5
Changes in unrecognized tax benefits	(4.0)		(0.6)
Share-based compensation	(1.7)		(1.9)
Tax rate differential for international subsidiaries	(0.2)		0.8
Tax credits	1.6		2.3
Valuation allowance	(13.8)		(26.7)
Other	(1.5)		0.5
Effective tax rate	(0.3)	%	(0.3)	%

A valuation allowance has been recognized to offset the Company’s deferred tax assets, as necessary, by the amount of any tax benefits that, based on evidence, are not expected to be realized.

Significant components of the Company’s deferred tax asset or liability are shown below (in thousands):



	DECEMBER 31,
	2024		2023
Net operating loss	$	26,182	$	29,217
Research and experimentation expenses		33,313		16,911
Research credits		5,054		2,631
Stock-Based compensation and bonus accrual		2,433		1,737
Operating lease liability		656		1,030
Related party accrued expenses		1,302		1,036
Other		152		213
Total deferred tax assets		69,092		52,775
Valuation allowance		(68,179)		(51,551)
Net deferred tax assets		913		1,224

Right-of-use assets		(487)		(960)
Property and equipment		(81)		(110)
Other		(242)		(109)
Total deferred tax liabilities		(810)		(1,179)
Net deferred tax assets	$	103	$	45

The Company considers the earnings of its foreign subsidiaries to be indefinitely reinvested outside of the United States. The amount of unrecognized deferred tax liability on these undistributed earnings is not material as of December 31, 2024 where the potential income taxes or foreign withholding taxes that might arise if such earnings were distributed in the future.

The Company maintained a full valuation allowance against its U.S. net deferred tax assets as of December 31, 2024 and 2023. The valuation allowance increased by $16.6 million and $23.8 million during the years ended December 31, 2024 and 2023, respectively. The change in valuation allowance for the year ended December 31, 2024 is primarily attributable to the capitalization of research or experimental (“R&E”) expenditures of $16.4 million resulting from the Tax Cuts and Jobs Act (“TCJA”). The change in valuation allowance for the year ended December 31, 2023 is primarily attributable to increases in current year net operating loss (“NOL”) carryforwards of $10.4 million and the capitalization of R&E expenditures of $10.9 million. The Company will continue to assess the likelihood of realization of its deferred tax assets in each of the applicable jurisdictions in future periods and will adjust the valuation allowance accordingly.

As of December 31, 2024, the Company had U.S. federal NOLs and federal tax credit carryforwards of $99.2 million and $5.7 million, respectively. The federal NOL will begin to expire in 2036 and the federal tax credits will begin to expire in 2039 if not utilized. In addition, as of December 31, 2024, the Company had state NOLs and state tax credit carryforwards of approximately $147.8 and $1.3 million, respectively, as reported on the Company’s tax returns. The state NOLs will begin to expire in 2036 if not utilized. State tax credits and the federal NOLs carryforwards incurred in tax years beginning after December 31, 2017 can be carried forward indefinitely.

Under Sections 382 and 383 of the Internal Revenue Code of 1986, as amended (the “Code”), a corporation that undergoes an “ownership change” is subject to limitations on its ability to utilize its pre-change NOLs and tax attributes to offset future taxable income or tax liability. The Company may have undergone ownership changes in the past, which could result in limitations on its ability to utilize its NOLs, or future changes in its stock ownership, some of which are outside of its control, could result in an ownership change under Section 382 and similar state provisions. Such an annual limitation could result in the expiration of the NOL and tax credit carryforwards before utilization, and it would not be material to the consolidated financial statements.

A reconciliation of the beginning and ending balance of total unrecognized tax benefits is as follows (in thousands):



	DECEMBER 31,
	2024		2023
Beginning of year	$	877	$	289
Additions for tax positions related to current year		839		574
Additions for tax positions related to prior years		6,248		14
Reductions for tax positions related to prior years		(17)		—
End of year	$	7,947	$	877

As of December 31, 2024 and 2023, the Company had gross unrecognized tax benefits of approximately $7.9 million and $0.9 million, respectively, related to research and development tax credits and state NOLs, all of which would give rise to additional deferred tax assets if recognized. This would also give rise to a corresponding increase in the valuation allowance, and would not impact the Company’s effective tax rate. The Company did not accrue interest or penalties related to unrecognized tax benefits because the liability would be offset by existing tax attributes as of December 31, 2024 and 2023. The potential reduction in unrecognized tax benefits during the next 12 months is not expected to be material.

The Company is subject to taxation in the United States and foreign jurisdictions. As of December 31, 2024, the Company’s tax years 2017 to 2024 remain subject to examination in most jurisdictions. As of December 31, 2024, the Company was not under examination by the Internal Revenue Service, any state or foreign tax jurisdiction. Due to differing interpretations of tax laws and regulations, tax authorities may dispute the Company’s tax filing positions. The Company evaluates its exposures associated with its tax filing positions.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Net Loss Per Share - Computation of basic and diluted net loss per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Numerator:
Net Income (Loss)	$ (122,526)	$ (89,620)
Denominator:
Weighted-average ordinary shares outstanding	157,922	110,263
Less: weighted-average unvested restricted ordinary shares subject to repurchase		(65)
Weighted-average ordinary shares used in computing net loss per share attributable to ordinary shareholders, basic	157,922	110,198
Weighted-average ordinary shares used in computing net loss per share attributable to ordinary shareholders, diluted	157,922	110,198
Net loss per share attributable to ordinary shareholders, basic	$ (0.78)	$ (0.81)
Net loss per share attributable to ordinary shareholders, diluted	$ (0.78)	$ (0.81)

- Definition

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

+ References

+ Details

- Definition

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

+ References

+ Details

- Definition

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

+ References

+ Details

Ordinary Shares - Additional information (Details)		1 Months Ended		12 Months Ended
Ordinary Shares - Additional information (Details)	Sep. 29, 2023 $ / shares shares	Sep. 30, 2023 $ / shares shares	May 31, 2023 $ / shares shares	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares
Ordinary shares, shares authorized				500,000,000	500,000,000
Ordinary shares, par value (in dollars per share) \| $ / shares				$ 0.0001	$ 0.0001
Undesignated shares, shares authorized				100,000,000	100,000,000
Undesignated shares, par value \| $ / shares				$ 0.0001	$ 0.0001
Number of securities called by each warrant or right				1
Investors
Ordinary shares, par value (in dollars per share) \| $ / shares			$ 0.0001
Percentage of issued share capital			5.00%
Number Of Ordinary Shares Exchanged			7,410,518
Exchange ratio			1
Exchange of ordinary shares to non-voting ordinary shares (in shares)			7,410,518
Ordinary shares
Ordinary shares, shares authorized				500,000,000
Conversion of Stock, Shares Issued					9,812,438
Non-voting ordinary shares
Shares issued		2,401,920	7,410,518
Non-voting ordinary shares \| Investors
Share purchase price \| $ / shares	$ 12.49	$ 12.49
Number of shares agreed to issue under share purchase agreement	2,401,920	2,401,920
Undesignated shares
Undesignated shares, shares authorized				100,000,000
American Depositary Shares (ADSs) \| Investors
Share purchase price \| $ / shares	$ 37.47	$ 37.47
Common shares
Dividends on ordinary shares \| $				$ 0	$ 0
Common shares \| Ordinary shares
Exchange of ordinary shares to non-voting ordinary shares (in shares)					(7,411,000)
Common shares \| Non-voting ordinary shares
Exchange of ordinary shares to non-voting ordinary shares (in shares)					7,411,000

Ordinary Shares - Schedule of ordinary shares reserved for future issuance (Details) - shares shares in Thousands	Dec. 31, 2024	Dec. 31, 2023
Ordinary Shares
Share options issued and outstanding	12,597	11,899
Share options available for future grant	10,722	8,192
Restricted share units outstanding	1,051
Ordinary shares available for employee share purchase plan	2,324	1,000
Total ordinary shares reserved	26,694	21,091

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2024	Jan. 31, 2025	Jun. 30, 2024
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		172,028,543
Entity Central Index Key	0001888886
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	San Mateo, California
Entity Public Float			$ 1,953.6
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

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2024

Summary of Significant Accounting Policies

Schedule of segment consolidated net loss, including significant segment expenses

The table below is a summary of the segment net loss, including significant segment expenses (in thousands):



		YEAR ENDED DECEMBER 31,
		2024	2023
Operating expenses:
Discovery research and development	$	64,548	$	37,512
Clinical research and development		44,266		32,591
General and administrative		49,414		32,672
Total operating expenses		158,228		102,775
Loss from operations		(158,228)		(102,775)
Interest and other income, net		36,012		13,391
Loss before provision for income taxes		(122,216)		(89,384)
Provision for income taxes		310		236
Segment net loss and net loss attributable to ordinary shareholders	$	(122,526)	$	(89,620)

Fair Value Measurements - Additional information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Fair Value Measurements
Transfers in and out of Level 3	$ 0	$ 0
Contractual maturities of investments within one year	592,500
Contractual maturities of investments after one year through two years	121,500
Allowance for credit losses	0	0
Impairment losses	$ 0	$ 0

Net Loss Per Share - Outstanding shares of potentially dilutive securities (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Net Loss Per Share
Total	13,865	12,005
Options to purchase ordinary shares
Net Loss Per Share
Total	12,597	11,899
Unvested restricted share units
Net Loss Per Share
Total	1,051
Shares committed under ESPP
Net Loss Per Share
Total	217	106

Shareholders' Equity - Summary of restricted share units activity (Details) - $ / shares shares in Thousands		12 Months Ended
	Apr. 29, 2019	Dec. 31, 2024
Restricted Stock
NUMBER OF UNITS OUTSTANDING
Beginning balance (in shares)		327
Vested (in shares)		(327)
WEIGHTED-AVERAGE GRANT DATE FAIR VALUE
Beginning balance (in dollars per share)		$ 0.33
Granted (including performance-based restricted share units)	$ 0.33
Vested (in dollars per share)		$ 0.33
Restricted share units
NUMBER OF UNITS OUTSTANDING
Granted (including performance-based restricted share units)		1,103
Vested (in shares)		(7)
Forfeited		45
Ending balance (in shares)		1,051
WEIGHTED-AVERAGE GRANT DATE FAIR VALUE
Granted (including performance-based restricted share units)		$ 11.89
Vested (in dollars per share)		11.75
Forfeited (in dollars per share)		11.75
Ending balance (in dollars per share)		$ 11.9

Shareholders' Equity (Tables)

12 Months Ended

Dec. 31, 2024

Shareholders' Equity

Schedule 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	3,680		12.65
Exercised	(1,283)		1.44
Forfeited	(1,699)		6.66
As of December 31, 2024	12,597		6.36	7.84		50,294
Exercisable at December 31, 2024	6,668		3.17	7.00		41,106
Vested and expected to vest at December 31, 2024	12,597		6.36	7.84		50,294

Schedule of weighted-average assumptions



	YEAR ENDED
	DECEMBER 31,
	2024		2023
Expected term (in years)	6.0		6.1
Expected volatility	101.3	%	101.3	%
Risk-free interest rate	4.2	%	3.7	%
Expected dividend yield	0.0	%	0.0	%

Schedule of restricted share units activity

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



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

Schedule of recognized share-based compensation

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



	YEAR ENDED
	DECEMBER 31,
	2024		2023
Research and development	$	7,992	$	3,761
General and administrative		10,802		4,430
Total share-based compensation	$	18,794	$	8,191

ESPP

Shareholders' Equity

Schedule of weighted-average assumptions



	YEAR ENDED
	DECEMBER 31,
	2024		2023
Expected term (in years)	1.3		1.2
Expected volatility	106.3	%	90.3	%
Risk-free interest rate	4.6	%	4.8	%
Expected dividend yield	0.0	%	0.0	%

Restricted share units

Shareholders' Equity

Schedule 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)	1,103	$	11.89
Vested	(7)		11.75
Forfeited	(45)		11.75
Outstanding, December 31, 2024	1,051	$	11.90

- Definition

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

+ References

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+ Details

Composition of Certain Consolidated Financial Statement Line Items - Property and equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Composition of Certain Consolidated Financial Statement Line Items
Property and equipment, gross	$ 5,114	$ 3,872
Less: Accumulated depreciation	(1,636)	(644)
Property and equipment, net	3,478	3,228
Depreciation expense	$ 992	295
Laboratory equipment
Composition of Certain Consolidated Financial Statement Line Items
Useful life (years)	5 years
Property and equipment, gross	$ 3,008	1,960
Furniture and fixtures
Composition of Certain Consolidated Financial Statement Line Items
Useful life (years)	5 years
Property and equipment, gross	$ 249	243
Computer equipment and software
Composition of Certain Consolidated Financial Statement Line Items
Useful life (years)	5 years
Property and equipment, gross	$ 497	309
Leasehold improvements
Composition of Certain Consolidated Financial Statement Line Items
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration]	us-gaap:UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember
Property and equipment, gross	$ 1,360	$ 1,360

Organization and Nature of the Business

12 Months Ended

Dec. 31, 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.

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

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

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

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

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

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

Initial Public Offering

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

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

a par value of $0.0001 per share, of such class or classes as may be designated by the Company’s board of directors in accordance with the Company’s amended and restated memorandum and 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 $329.1 million as of December 31, 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. In October 2023, the Company closed its Private Placement for net proceeds of approximately $281.5 million. In June 2024, the Company closed its Follow-On Offering, for net proceeds of approximately $512.7 million.

As of December 31, 2024, the Company had cash, cash equivalents and short-term investments of $883.5 million. Based on its current business plan, the Company believes that its current cash, cash equivalents and short-term investments will be sufficient to fund its projected operations for at least 12 months from the date of the issuance of these consolidated financial statements.

Summary of Significant Accounting Policies - Segment consolidated net loss (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) segment	Dec. 31, 2023 USD ($)
Summary of Significant Accounting Policies
Number of Reportable Segments \| segment	1
Operating expenses:
General and administrative	$ 49,414	$ 32,672
Total operating expenses	158,228	102,775
Loss from operations	(158,228)	(102,775)
Interest and other income, net	36,012	13,391
Loss before provision for income taxes	(122,216)	(89,384)
Provision for income taxes	310	236
Net loss attributable to ordinary shareholders	(122,526)	(89,620)
Single Reporting Segment
Operating expenses:
Discovery research and development	64,548	37,512
Clinical research and development	44,266	32,591
General and administrative	49,414	32,672
Total operating expenses	158,228	102,775
Loss from operations	(158,228)	(102,775)
Interest and other income, net	36,012	13,391
Loss before provision for income taxes	(122,216)	(89,384)
Provision for income taxes	310	236
Net loss attributable to ordinary shareholders	$ (122,526)	$ (89,620)

Net Loss Per Share

12 Months Ended

Dec. 31, 2024

Net Loss Per Share

Net Loss Per Share

10. Net Loss Per Share



	YEAR ENDED
	DECEMBER 31,
	2024		2023
Numerator:
Net loss attributable to ordinary shareholders	$	(122,526)	$	(89,620)
Denominator:
Weighted-average ordinary shares outstanding		157,922		110,263
Less: weighted-average unvested restricted ordinary shares subject to repurchase		—		(65)
Weighted-average ordinary shares used in computing net loss per share attributable to ordinary shareholders, basic and diluted		157,922		110,198
Net loss per share attributable to ordinary shareholders, basic and diluted	$	(0.78)	$	(0.81)




	DECEMBER 31,
	2024	2023
Options to purchase ordinary shares	12,597	11,899
Unvested restricted share units	1,051	—
Shares committed under ESPP	217	106
Total	13,865	12,005

Defined Contribution Plan

12 Months Ended

Dec. 31, 2024

Defined Contribution Plan

Defined Contribution Plan

11. Defined Contribution Plan

The Company maintains a defined contribution plan under Section 401(k) of the Code covering substantially all full-time U.S. employees. Employee contributions are voluntary and are determined on an individual basis subject to the maximum allowable under federal tax regulations. For the years ended December 31, 2024 and 2023, the Company started to make safe-harbor matching contributions of 100% of each dollar contributed by eligible employees, up to 4% of an employee’s eligible compensation. The Company may also make discretionary contributions to the 401(k) plan. During the years ended December 31, 2024 and 2023, matching contributions were $0.6 million and $0.2 million, respectively.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Ordinary Shares

12 Months Ended

Dec. 31, 2024

Ordinary Shares

Ordinary Shares

7. Ordinary Shares

As of December 31, 2024, the Company’s amended and restated memorandum and articles of association, authorizes the Company to issue 500,000,000 ordinary shares and 100,000,000 undesignated shares, all of which 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 amended and restated 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 amended and restated articles of association.

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.

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

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

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



	DECEMBER 31,
	2024	2023
Share options issued and outstanding	12,597	11,899
Share options available for future grant	10,722	8,192
Restricted share units outstanding	1,051	—
Ordinary shares available for employee share purchase plan	2,324	1,000
Total ordinary shares reserved	26,694	21,091

- Definition

The entire disclosure for equity.

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+ Details

Shareholders' Equity - Schedule of recognized share-based compensation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Shareholders' Equity
Total share-based compensation	$ 18,794	$ 8,191
Research and development
Shareholders' Equity
Total share-based compensation	7,992	3,761
General and administrative
Shareholders' Equity
Total share-based compensation	$ 10,802	$ 4,430

- Definition

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

+ References

+ Details

Income Taxes - Current and deferred income tax provision (benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Current tax provision (benefit):
State	$ 8	$ 5
Foreign	320	217
Current tax provision (benefit)	328	222
Deferred tax provision (benefit):
Foreign	(18)	14
Total provision (benefit) for income taxes:	$ 310	$ 236

- Definition

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+ Details

Redeemable Convertible Preferred Shares

12 Months Ended

Dec. 31, 2024

Redeemable Convertible Preferred Shares

Redeemable Convertible Preferred Shares

6. Redeemable Convertible Preferred Shares

Under the Company’s amended and restated memorandum and articles of association, 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 December 31, 2024 and December 31, 2023.

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Measurements

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

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



	DECEMBER 31,
	2024								2023
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL		LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Money market funds	$	161,328	$	—	$	—	$	161,328	$	124,443	$	—	$	—	$	124,443
Cash equivalents		161,328		—		—		161,328		124,443		—		—		124,443

U.S. government bonds		263,015		—		—		263,015		84,935		—		—		84,935
U.S. government agency bonds		—		46,957		—		46,957		—		82,340		—		82,340
Corporate debt securities		—		404,036		—		404,036		—		170,256		—		170,256
Short-term investments		263,015		450,993		—		714,008		84,935		252,596		—		337,531
Total fair value of financial assets	$	424,343	$	450,993	$	—	$	875,336	$	209,378	$	252,596	$	—	$	461,974



	DECEMBER 31,
	2024								2023
		AMORTIZED	UNREALIZED				FAIR			AMORTIZED	UNREALIZED				FAIR
	COST		LOSSES		GAINS		VALUE		COST		LOSSES		GAINS		VALUE
Money market funds	$	161,328	$	—	$	—	$	161,328	$	124,443	$	—	$	—	$	124,443
Cash equivalents		161,328		—		—		161,328		124,443		—		—		124,443

U.S. government bonds		262,316		(48)		747		263,015		84,783		(35)		187		84,935
U.S. government agency bonds		46,890		(11)		78		46,957		82,185		(16)		171		82,340
Corporate debt securities		403,888		(368)		516		404,036		170,042		(39)		253		170,256
Short-term investments		713,094		(427)		1,341		714,008		337,010		(90)		611		337,531
Total fair value of financial assets	$	874,422	$	(427)	$	1,341	$	875,336	$	461,453	$	(90)	$	611	$	461,974

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2024

Commitments and Contingencies

Schedule of maturities of operating lease liabilities

The maturities of operating lease liabilities as of December 31, 2024, were as follows (in thousands):



	DECEMBER 31,
	2024
2025	$	1,926
2026		1,882
2027		381
Total undiscounted lease payments		4,189
Less: imputed interest		(327)
Total operating lease liability		3,862
Less: current portion		(1,698)
Operating lease liability, net of current portion	$	2,164

Redeemable Convertible Preferred Shares - Additional information (Details)	Feb. 07, 2023 shares	Dec. 31, 2024 shares	Dec. 31, 2023 shares
Redeemable Convertible Preferred Shares
Shares converted	67,018,087
Conversion ratio	1
Redeemable convertible preferred shares issued (in shares)		0	0
Redeemable convertible preferred shares outstanding (in shares)		0	0

Commitments and Contingencies - Maturities of operating lease liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Commitments and Contingencies
2025	$ 1,926
2026	1,882
2027	381
Total undiscounted lease payments	4,189
Less: imputed interest	(327)
Total operating lease liability	3,862
Less: current portion	(1,698)	$ (1,440)
Operating lease liability, net of current portion	$ 2,164	$ 4,013

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 169,510	$ 129,792
Short-term investments	714,008	337,531
Prepaid expenses and other current assets	7,693	6,285
Total current assets	891,211	473,608
Property and equipment, net	3,478	3,228
Operating right-of-use assets	3,535	5,136
Other non-current assets	5,106	45
Total assets	903,330	482,017
Current liabilities:
Accounts payable	8,024	4,742
Accrued expenses and other current liabilities	26,299	18,558
Operating lease liabilities, current portion	1,698	1,440
Total current liabilities	36,021	24,740
Operating lease liabilities, net of current portion	2,164	4,013
Other non-current liabilities	302	298
Total liabilities	38,487	29,051
Commitments and contingencies (Note 5)
Shareholders' equity:
Undesignated shares - $0.0001 par value; 100,000 shares authorized as of December 31, 2024 and December 31, 2023
Ordinary shares - $0.0001 par value; 500,000 shares authorized as of December 31, 2024 and December 31, 2023; 171,860 and 139,220 shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively	17	14
Additional paid-in capital	1,193,010	659,003
Accumulated other comprehensive income	914	521
Accumulated deficit	(329,098)	(206,572)
Total shareholders' equity	864,843	452,966
Total liabilities and shareholders' equity	$ 903,330	$ 482,017

Income Taxes - Net deferred tax asset and liability (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Income Taxes
Net operating loss	$ 26,182	$ 29,217
Research and experimentation expenses	33,313	16,911
Research credits	5,054	2,631
Stock-Based compensation and bonus accrual	2,433	1,737
Operating lease liability	656	1,030
Related party accrued expenses	1,302	1,036
Other	152	213
Total deferred tax assets	69,092	52,775
Valuation allowance	(68,179)	(51,551)
Net deferred tax assets	913	1,224
Right-of-use assets	(487)	(960)
Property and equipment	(81)	(110)
Other	(242)	(109)
Total deferred tax liabilities	(810)	(1,179)
Net deferred tax assets	$ 103	$ 45

Ordinary Shares (Tables)

12 Months Ended

Dec. 31, 2024

Ordinary Shares

Schedule of ordinary shares reserved for future issuance

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



	DECEMBER 31,
	2024	2023
Share options issued and outstanding	12,597	11,899
Share options available for future grant	10,722	8,192
Restricted share units outstanding	1,051	—
Ordinary shares available for employee share purchase plan	2,324	1,000
Total ordinary shares reserved	26,694	21,091

Shareholders' Equity

12 Months Ended

Dec. 31, 2024

Shareholders' Equity

Shareholders' Equity

8. Shareholders’ Equity

2019 Equity Incentive Plan

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

2023 Equity Incentive Plan

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

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

The maximum number of ordinary shares that may be issued under the 2023 Plan as of December 31, 2024 was 26,158,435. In addition, the number of ordinary shares reserved for issuance under the Company’s 2023 Plan will automatically increase on January 1 of each calendar year, starting on January 1, 2024 through

January 1, 2033, in an amount equal to 4% of the total number of ordinary shares outstanding on the last day of the calendar month before the date of each automatic increase, or a lesser number of ordinary shares determined by the Company’s board of directors. In January 2025, the number of ordinary shares available for issuance under the 2023 Plan was increased by 6,874,398 shares as a result of the automatic increase provision in the 2023 Plan.

Options

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



	OUTSTANDING AWARDS
				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	3,680		12.65
Exercised	(1,283)		1.44
Forfeited	(1,699)		6.66
As of December 31, 2024	12,597		6.36	7.84		50,294
Exercisable at December 31, 2024	6,668		3.17	7.00		41,106
Vested and expected to vest at December 31, 2024	12,597		6.36	7.84		50,294

The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying share options and the fair value of the Company’s ordinary shares for share options that were in-the-money at the end of each period. The aggregate intrinsic value of options exercised for the years ended December 31, 2024 and 2023 was $16.6 million and $3.9 million, respectively.

The total fair value of options that vested during the years ended December 31, 2024 and 2023 was $19.8 million and $5.5 million, respectively.

The Company estimated the fair value of share options using the Black Scholes option-pricing model. The fair value of share options is being amortized on a straight-line basis over the requisite service period of the awards. The options granted during the years ended December 31, 2024 and 2023 had a weighted-average per share grant-date fair value of $10.26 and $6.21 per share, respectively, which was estimated using the following weighted-average assumptions:



	YEAR ENDED
	DECEMBER 31,
	2024		2023
Expected term (in years)	6.0		6.1
Expected volatility	101.3	%	101.3	%
Risk-free interest rate	4.2	%	3.7	%
Expected dividend yield	0.0	%	0.0	%

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.

Employee Share Purchase Plan

In February 2023, the Company adopted the 2023 Employee Share Purchase Plan (“ESPP”). The Company allows eligible employees to purchase shares of the Company's ordinary shares through payroll deductions at a price equal to 85% of the lesser of the fair market value of the ordinary shares as of the first date of each offering period or the ending date of each purchase period. Each offering period is typically 24 months consisting of four purchase periods of six months. There were 1,000,000 ordinary shares initially reserved for issuance under the ESPP. The number of ordinary shares reserved for issuance will automatically increase on January 1 of each calendar year, beginning on January 1, 2024 through January 1, 2033, by the lesser of (i) 1% of the total number of our outstanding share capital on the last day of the calendar month before the date of the automatic increase; and (ii) 3,000,000 ordinary shares; provided that before the date of any such increase, the Company’s board of directors may determine that such increase will be less than the amount set forth in clauses (i) and (ii). In January 2025, the number of ordinary shares available for issuance under the ESPP was increased by 1,718,600 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 Company issued 68,262 shares under the ESPP during the year ended December 31, 2024. As of December 31, 2024, 2,323,948 shares under the ESPP remain available for purchase.

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



	YEAR ENDED
	DECEMBER 31,
	2024		2023
Expected term (in years)	1.3		1.2
Expected volatility	106.3	%	90.3	%
Risk-free interest rate	4.6	%	4.8	%
Expected dividend yield	0.0	%	0.0	%

Restricted Shares

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

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



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

The fair value of restricted shares vested during the year ended December 31, 2023 was $0.1 million.

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)	1,103	$	11.89
Vested	(7)		11.75
Forfeited	(45)		11.75
Outstanding, December 31, 2024	1,051	$	11.90

In March 2024, the Company granted 381,252 restricted share units with service and performance conditions to certain employees. The awards are divided into three equal tranches, and the vesting of each tranche is contingent on the occurrence of certain milestone events and fulfilment of service condition. The achievement of two of the three milestones became probable as of December 31, 2024, and the Company recognized cumulative compensation cost of $1.7 million during the year ended December 31, 2024.

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

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



	YEAR ENDED
	DECEMBER 31,
	2024		2023
Research and development	$	7,992	$	3,761
General and administrative		10,802		4,430
Total share-based compensation	$	18,794	$	8,191

As of December 31, 2024, the total unrecognized share-based compensation expense related to unvested share options and restricted share units was $50.6 million, which is expected to be recognized over the remaining weighted-average vesting period of 2.9 years.

As of December 31, 2024, the total unrecognized share-based compensation expense related to the ESPP was $0.9 million, which is expected to be recognized over the remaining weighted-average vesting period of 1.2 years.

Ordinary Share Warrants

In connection with entering into a Loan and Security Agreement (the “SVB Agreement”) with Silicon Valley Bank (“SVB”) in 2020, 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.

Fair Value Measurements

12 Months Ended

Dec. 31, 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.



	DECEMBER 31,
	2024								2023
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL		LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Money market funds	$	161,328	$	—	$	—	$	161,328	$	124,443	$	—	$	—	$	124,443
Cash equivalents		161,328		—		—		161,328		124,443		—		—		124,443

U.S. government bonds		263,015		—		—		263,015		84,935		—		—		84,935
U.S. government agency bonds		—		46,957		—		46,957		—		82,340		—		82,340
Corporate debt securities		—		404,036		—		404,036		—		170,256		—		170,256
Short-term investments		263,015		450,993		—		714,008		84,935		252,596		—		337,531
Total fair value of financial assets	$	424,343	$	450,993	$	—	$	875,336	$	209,378	$	252,596	$	—	$	461,974



	DECEMBER 31,
	2024								2023
		AMORTIZED	UNREALIZED				FAIR			AMORTIZED	UNREALIZED				FAIR
	COST		LOSSES		GAINS		VALUE		COST		LOSSES		GAINS		VALUE
Money market funds	$	161,328	$	—	$	—	$	161,328	$	124,443	$	—	$	—	$	124,443
Cash equivalents		161,328		—		—		161,328		124,443		—		—		124,443

U.S. government bonds		262,316		(48)		747		263,015		84,783		(35)		187		84,935
U.S. government agency bonds		46,890		(11)		78		46,957		82,185		(16)		171		82,340
Corporate debt securities		403,888		(368)		516		404,036		170,042		(39)		253		170,256
Short-term investments		713,094		(427)		1,341		714,008		337,010		(90)		611		337,531
Total fair value of financial assets	$	874,422	$	(427)	$	1,341	$	875,336	$	461,453	$	(90)	$	611	$	461,974

As of December 31, 2024 and 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 years ended December 31, 2024 and 2023. Contractual maturities of short-term investments are generally not more than one year. As of December 31, 2024, the remaining contractual maturities of $592.5 million of investments were within one year and $121.5 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 December 31, 2024 or 2023, and no impairment losses were recognized for the years ended December 31, 2024 and 2023.

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

- Definition

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

+ References

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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-Name Accounting Standards Codification
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-Paragraph 100
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Paragraph 2
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 6A
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2024

Summary of Significant Accounting Policies

Basis of Presentation

The consolidated financial statements and related disclosures have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The functional and reporting

currency of the Company and its subsidiaries is the U.S. dollar. The aggregate foreign currency transaction gain (loss) included in determining net loss was not material for the periods presented.

Use of Estimates

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

Segments

The Company operates and manages its business as one reportable and operating segment, which is the business of research and development of medicines that target chronic diseases with unmet medical need. The Company’s Chief Executive Officer, who is the chief operating decision maker, reviews consolidated financial statements and decides how to allocate resources and evaluate segment performance based on net loss reported in the consolidated statements of operations and comprehensive loss. The Company’s long-lived assets are primarily in China.

The table below is a summary of the segment net loss, including significant segment expenses (in thousands):



		YEAR ENDED DECEMBER 31,
		2024	2023
Operating expenses:
Discovery research and development	$	64,548	$	37,512
Clinical research and development		44,266		32,591
General and administrative		49,414		32,672
Total operating expenses		158,228		102,775
Loss from operations		(158,228)		(102,775)
Interest and other income, net		36,012		13,391
Loss before provision for income taxes		(122,216)		(89,384)
Provision for income taxes		310		236
Segment net loss and net loss attributable to ordinary shareholders	$	(122,526)	$	(89,620)

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 studies and regulatory approval prior to commercialization. These efforts require significant amounts of additional resources, adequate personnel, infrastructure and extensive compliance and reporting.

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

Cash and Cash Equivalents

The Company considers all highly-liquid investments purchased with maturities of 90 days or less from the original date of purchase to be cash equivalents. As of December 31, 2024 and 2023, the Company’s cash and cash equivalents consist of cash deposited with banks and investments in money market funds.

Short-Term Investments

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

Credit Losses

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

If not met, the Company evaluates whether the decline resulted from credit losses or other factors by considering the extent to which fair value is less than amortized cost, any changes to the rating of the short-term investments by a rating agency, and any adverse conditions specifically related to the short-term investments, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the short-term investments is compared to the amortized cost basis of the short-term investments. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded, with a corresponding adjustment to interest and other income, net, limited by the amount that the fair value is less than the amortized cost basis. The Company has elected to exclude accrued interest from both the fair value and the amortized cost basis of the available-for-sale debt securities for the purposes of identifying and measuring an impairment. The Company writes off accrued interest as a reduction of interest income when an issuer has defaulted on interest payments due on a security. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive loss. At December 31, 2024 and 2023,

gross unrealized losses on the Company’s available-for-sale securities were not material and, accordingly, no credit loss reserves were recognized.

Fair Value of Financial Instruments

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

The carrying value of cash and cash equivalents, accounts payable and accrued liabilities approximate fair value due to their relatively short maturities. The Company determines the fair value of financial and non-financial assets and liabilities using the fair value hierarchy which establishes three levels of inputs that may be used to measure fair value (see Note 4).

Property and Equipment, Net

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

Impairment of Long-Lived Assets

Long-lived assets consist primarily of property and equipment, net and right-of-use assets, and are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require that a long-lived asset be tested for possible impairment, the Company compares the undiscounted cash flows expected to be generated by the asset group to the carrying amount of the asset group. If the carrying amount of the long-lived asset is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying amount exceeds its fair value. During the years ended December 31, 2024 and 2023, the Company did not recognize any such impairment charges.

Deferred Offering Costs

The Company capitalizes, within other non-current assets, certain legal, accounting and other third-party fees that are directly related to the Company’s in-process equity financings, including its IPO, 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 December 31, 2024 and 2023, there were no deferred offering costs recorded on the consolidated balance sheets.

Accrued Research and Development Expenses

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

Leases

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

Research and Development Expenses

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

The Company estimates research and development accruals based on the level of services performed, progress of the studies, including the phase or completion of events, and contracted costs. The estimated costs of research and development provided, but not yet invoiced, are included in accrued expenses and other current liabilities on the consolidated balance sheets. If the actual timing of the performance of services or the level of effort varies from the original estimates, the Company adjusts the accrual accordingly. Payments made to CMOs and CROs under these arrangements in advance of the performance of the related services are recorded as prepaid expenses and other current assets on the consolidated balance sheets until the services are rendered.

Share-Based Compensation

The Company accounts for share-based compensation arrangements with employees and non-employees using a fair value method which requires the recognition of compensation expense for costs related to all share-based payments including share options. The fair value method requires the Company to estimate the

fair value of share-based payment awards on the date of grant using an option-pricing model. The Company uses the Black-Scholes option-pricing model to estimate the fair value of options granted that are expensed on a straight-line basis over the requisite service period, which is generally the vesting period. The Company accounts for forfeitures as they occur. Option valuation models, including the Black-Scholes option-pricing model, require the input of several assumptions. The assumptions are as follows:

●

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

●

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

●

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

●

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

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

The Company has granted restricted share units with service and performance conditions to certain employees. The awards are divided into three equal tranches, and the vesting of each tranche is contingent on the occurrence of certain milestone events and fulfilment of 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.

Income Taxes

The Company uses the asset and liability method of accounting for income taxes, in which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax bases. The Company measures deferred tax assets and liabilities using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be reversed. The Company recognizes the effect on deferred tax assets and liabilities of a change in tax rates as income and expense in the period that includes the enactment date. A valuation allowance is established if it is more likely than not that all or a portion of the deferred tax asset will not be realized. In determining the need for a valuation allowance, we consider future growth, forecasted earnings, future taxable income, the mix of

earnings in the jurisdictions in which the Company operates, historical earnings, taxable income in prior years, if carryback is permitted under the law, carryforward periods and prudent and feasible tax planning strategies. Due to cumulative losses over recent years and based on all available positive and negative evidence, the Company has determined that it is more likely than not that its U.S. and certain foreign deferred tax assets will not be realizable as of December 31, 2024. To the extent sufficient positive evidence becomes available, the Company may release a portion, or all, of its valuation allowance in one or more future periods. A release of the valuation allowance, if any, would result in the recognition of certain deferred tax assets and a potentially material income tax benefit for the period in which such release is recorded.

The Company’s tax positions are subject to income tax audits by multiple tax jurisdictions throughout the world. The Company recognizes the tax benefit of an uncertain tax position only if it is more likely than not the position is sustainable upon examination by the taxing authority, based on the technical merits. The Company measures the tax benefit recognized as the largest amount of benefit which is more likely than not to be realized upon settlement with the taxing authority. Significant judgment is required to evaluate uncertain tax positions. The Company’s evaluations are based upon a number of factors, including changes in facts or circumstances, changes in tax law or guidance, correspondence with tax authorities during the course of audits and effective settlement of audit issues. Changes in the recognition or measurement of uncertain tax positions could result in material increases or decreases in our income tax expense in the period in which we make the change, which could have a material impact on our effective tax rate and operating results.

The Company calculates the current and deferred income tax provision based on estimates and assumptions that could differ from the actual results reflected in income tax returns filed in subsequent years and record adjustments based on filed income tax returns when identified. The amount of income taxes paid is subject to examination by U.S. federal, state and foreign tax authorities. The estimate of the potential outcome of any uncertain tax issue is subject to management’s assessment of relevant risks, facts and circumstances existing at that time. To the extent the assessment of such tax position changes, we record the change in estimate in the period in which we make the determination.

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.

Comprehensive Income (Loss)

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

Recent Accounting Pronouncements

Recently Adopted Accounting Pronouncements

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Account Standards Update (“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. This ASU is applicable to the Company beginning with its Annual Report on Form 10-K for the fiscal year ending December 31, 2024. The adoption of this ASU did not have a material impact on the Company’s consolidated financial statements and related disclosures.

Accounting Pronouncements Not Yet Adopted

In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures. This ASU requires greater disaggregation of information about a reporting entity's effective tax rate reconciliation as well as information on income taxes paid. This ASU applies to all entities subject to income taxes and is intended to help investors better understand an entity’s exposure to potential changes in jurisdictional tax legislation and assess income tax information that affects cash flow forecasts and capital allocation decisions. This ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. This ASU should be applied on a prospective basis although retrospective application is permitted. The Company is currently evaluating the impact the adoption of this ASU will have on disclosures in its consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This ASU requires additional information about a reporting entity’s certain expense categories in the notes to financial statements in interim and annual reporting periods. Among other provisions, the new standard requires disclosure of disaggregated amounts for expenses such as employee compensation, depreciation, and intangible asset amortization included in each expense caption presented on the face of the income statement. This ASU is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact the adoption of this ASU will have on disclosures in its consolidated financial statements.

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Composition of Certain Consolidated Financial Statement Line Items
Deferred offering costs	$ 0.0	$ 0.0
Minimum
Composition of Certain Consolidated Financial Statement Line Items
Estimated useful lives of the assets	2 years
Maximum
Composition of Certain Consolidated Financial Statement Line Items
Estimated useful lives of the assets	5 years

Related Party Transactions (Details) $ / shares in Units, $ in Thousands		1 Months Ended				12 Months Ended
	Sep. 29, 2023 USD ($) $ / shares shares	Nov. 30, 2023 USD ($)	Sep. 30, 2023 $ / shares shares	May 31, 2023 $ / shares shares	Oct. 31, 2020 USD ($)	Dec. 31, 2024 USD ($) $ / shares	Dec. 31, 2023 USD ($) $ / shares shares
Related Party Transactions
Related party payable						$ 300	$ 500
Other Liability, Related Party, Type [Extensible Enumeration]						us-gaap:RelatedPartyMember	us-gaap:RelatedPartyMember
Other Liability, Related Party, Name [Extensible Enumeration]						Schrodinger, Inc.	Schrodinger, Inc.
Proceeds from private placement financing, gross							$ 300,000
Ordinary shares, par value (in dollars per share) \| $ / shares						$ 0.0001	$ 0.0001
Software platform use for research purposes \| Schrodinger, Inc.
Related Party Transactions
Payments made						$ 3,200	$ 300
Lhotse Collaboration Agreement \| Software platform use for research purposes \| Schrodinger, Inc.
Related Party Transactions
Aggregate payment made						800
Collaboration agreement term					10 years
Collaboration agreement extension term					3 years
Payments payable						0
Aconcagua Collaboration Agreement \| Software platform use for research purposes \| Schrodinger, Inc.
Related Party Transactions
Aggregate payment made						3,300
Collaboration agreement term		10 years
Collaboration agreement extension term		3 years
Payments payable		$ 89,000				$ 0
Maximum \| Lhotse Collaboration Agreement \| Software platform use for research purposes \| Schrodinger, Inc.
Related Party Transactions
Aggregate payment					$ 17,000
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
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		2,401,920
Proceeds from private placement financing, gross	$ 30,000
Share purchase price \| $ / shares	$ 12.49		$ 12.49
American Depositary Shares (ADSs) \| Investors
Related Party Transactions
Share purchase price \| $ / shares	$ 37.47		$ 37.47

Income Taxes - Additional information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Tax Credit Carryforward [Line Items]
Increase (decrease) in valuation allowance	$ 16,600	$ 23,800
Unrecognized income tax benefits	7,947	877	$ 289
Increase In Net Operating loss Carryforwards
Tax Credit Carryforward [Line Items]
Increase (decrease) in valuation allowance		10,400
Capitalization of Research and Experimental Expenditure
Tax Credit Carryforward [Line Items]
Increase (decrease) in valuation allowance	16,400	$ 10,900
Federal
Tax Credit Carryforward [Line Items]
Operating loss carryforwards	99,200
Tax credit carryforward	5,700
State
Tax Credit Carryforward [Line Items]
Operating loss carryforwards	147,800
Tax credit carryforward	$ 1,300

Organization and Nature of the Business (Details) $ / shares in Units, $ in Thousands						1 Months Ended		12 Months Ended
	Jun. 07, 2024 USD ($) $ / shares shares	Jun. 05, 2024 shares	Oct. 03, 2023 USD ($)	Sep. 29, 2023 item shares	Feb. 07, 2023 USD ($) item $ / shares shares	Jun. 30, 2024 USD ($)	Oct. 31, 2023 USD ($)	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Sep. 28, 2023 $ / shares	Apr. 18, 2019 shares
Organization and Nature of the Business
Shares Issued								0	0
Shares authorized								500,000,000	500,000,000
Shares, par value \| $ / shares								$ 0.0001	$ 0.0001
Number of ordinary shares for each non voting share converted \| item				1
Net proceeds \| $									$ 172,296
Accumulated deficit \| $								$ 329,098	$ 206,572
Cash, cash equivalents and short-term investments \| $								883,500
Gross proceeds \| $								$ 514,573
Share exchange agreement with subsidiaries
Organization and Nature of the Business
Shares Issued											10,766,250
IPO
Organization and Nature of the Business
Number of ADR's for each ordinary share \| item					3
Net proceeds \| $					$ 166,700
IPO \| Common shares
Organization and Nature of the Business
Conversion of redeemable convertible preferred shares into ordinary shares upon initial public offering (in shares)					67,018,087
Shares authorized					500,000,000
Shares, par value \| $ / shares					$ 0.0001
IPO \| Designated shares
Organization and Nature of the Business
Shares authorized					100,000,000
Shares, par value \| $ / shares					$ 0.0001
Private Placement
Organization and Nature of the Business
Net proceeds \| $							$ 281,500
Purchase Price \| $ / shares										$ 12.49
Gross proceeds \| $			$ 281,500
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					$ 512,700
Follow-On Offering \| American Depositary Shares (ADSs)
Organization and Nature of the Business
Purchase Price \| $ / shares	$ 52.5
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

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2024

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of Presentation

currency of the Company and its subsidiaries is the U.S. dollar. The aggregate foreign currency transaction gain (loss) included in determining net loss was not material for the periods presented.

Use of Estimates

Segments

The table below is a summary of the segment net loss, including significant segment expenses (in thousands):



		YEAR ENDED DECEMBER 31,
		2024	2023
Operating expenses:
Discovery research and development	$	64,548	$	37,512
Clinical research and development		44,266		32,591
General and administrative		49,414		32,672
Total operating expenses		158,228		102,775
Loss from operations		(158,228)		(102,775)
Interest and other income, net		36,012		13,391
Loss before provision for income taxes		(122,216)		(89,384)
Provision for income taxes		310		236
Segment net loss and net loss attributable to ordinary shareholders	$	(122,526)	$	(89,620)

Concentration of Credit Risk

Risks and Uncertainties

Cash and Cash Equivalents

Short-Term Investments

Credit Losses

gross unrealized losses on the Company’s available-for-sale securities were not material and, accordingly, no credit loss reserves were recognized.

Fair Value of Financial Instruments

Property and Equipment, Net

Impairment of Long-Lived Assets

Deferred Offering Costs

Accrued Research and Development Expenses

Leases

Research and Development Expenses

Share-Based Compensation

●

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

Income Taxes

Net Loss Per Share Attributable to Ordinary Shareholders

Comprehensive Income (Loss)

Recent Accounting Pronouncements

Recently Adopted Accounting Pronouncements

Accounting Pronouncements Not Yet Adopted

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Operating expenses:
Research and development	$ 108,814	$ 70,103
General and administrative	49,414	32,672
Total operating expenses	158,228	102,775
Loss from operations	(158,228)	(102,775)
Interest and other income, net	36,012	13,391
Loss before provision for income taxes	(122,216)	(89,384)
Provision for income taxes	310	236
Net loss attributable to ordinary shareholders	$ (122,526)	$ (89,620)
Net loss per share attributable to ordinary shareholders, basic	$ (0.78)	$ (0.81)
Net loss per share attributable to ordinary shareholders, diluted	$ (0.78)	$ (0.81)
Weighted-average ordinary shares used in computing net loss per share attributable to ordinary shareholders, basic	157,922	110,198
Weighted-average ordinary shares used in computing net loss per share attributable to ordinary shareholders, diluted	157,922	110,198
Other comprehensive gain:
Unrealized gain on investments, net	$ 393	$ 631
Total other comprehensive gain	393	631
Comprehensive loss	$ (122,133)	$ (88,989)

Commitments and Contingencies - Additional information (Details) $ in Millions	1 Months Ended	12 Months Ended
	Jun. 30, 2023 USD ($) ft² Y	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Nov. 30, 2021 ft²	Jun. 30, 2021 ft²
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 expense		$ 2.5	$ 1.8
Short-term lease costs		$ 0.8	0.9
Weighted average remaining lease term		2 years 2 months 12 days
Weighted average discount rate		7.60%
Cash paid		$ 1.7	0.6
Office Space Lease
Commitments and Contingencies
Area of office space (in sq ft) \| ft²	22,500			4,050	5,900
Annual base rent	$ 0.7
Fair Value \| Asset retirement obligations
Commitments and Contingencies
Lease arrangement, measurement input	0.4
Settlement term \| Asset retirement obligations
Commitments and Contingencies
Lease arrangement, measurement input \| Y	3.4
Discount rate \| Asset retirement obligations
Commitments and Contingencies
Lease arrangement, measurement input	0.068
Other non-current liabilities
Commitments and Contingencies
Asset retirement obligation		$ 0.3	$ 0.3

Fair Value Measurements - Financial assets measured at fair value (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Fair Value Measurements
AMORTIZED COST	$ 874,422	$ 461,453
UNREALIZED LOSSES	(427)	(90)
UNREALIZED GAINS	1,341	611
FAIR VALUE	875,336	461,974
Money market funds
Fair Value Measurements
AMORTIZED COST	161,328	124,443
FAIR VALUE	161,328	124,443
Cash equivalents
Fair Value Measurements
AMORTIZED COST	161,328	124,443
FAIR VALUE	161,328	124,443
U.S. government bonds
Fair Value Measurements
AMORTIZED COST	262,316	84,783
UNREALIZED LOSSES	(48)	(35)
UNREALIZED GAINS	747	187
FAIR VALUE	263,015	84,935
U.S. government agency bonds
Fair Value Measurements
AMORTIZED COST	46,890	82,185
UNREALIZED LOSSES	(11)	(16)
UNREALIZED GAINS	78	171
FAIR VALUE	46,957	82,340
Corporate debt securities
Fair Value Measurements
AMORTIZED COST	403,888	170,042
UNREALIZED LOSSES	(368)	(39)
UNREALIZED GAINS	516	253
FAIR VALUE	404,036	170,256
Short-term investments
Fair Value Measurements
AMORTIZED COST	713,094	337,010
UNREALIZED LOSSES	(427)	(90)
UNREALIZED GAINS	1,341	611
FAIR VALUE	$ 714,008	$ 337,531

Shareholders' Equity - Employee Share Purchase Plan (Details)	1 Months Ended				12 Months Ended
	Jan. 31, 2025 shares	Feb. 28, 2023 item shares	Jan. 31, 2023 shares	Apr. 30, 2019	Dec. 31, 2024 shares
2023 Equity Incentive Plan
Shareholders' Equity
Number of shares reserved for issuance			12,000,000		26,158,435
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Reserved For Issuance Under Plan, Automatic Increment, Threshold Percentage					4.00%
2023 Equity Incentive Plan \| Subsequent Event
Shareholders' Equity
Increase in number of shares that were reserved for issuance	6,874,398
2019 Plan
Shareholders' Equity
Expiration term				10 years
Incentive share option \| 2023 Equity Incentive Plan
Shareholders' Equity
Expiration term			5 years
Percentage of voting power of share			10.00%
Incentive share option \| 2023 Equity Incentive Plan \| Minimum
Shareholders' Equity
Purchase price of common stock percent			110.00%
ESPP \| Employee Stock Purchase Plan 2023
Shareholders' Equity
Purchase price of common stock percent		85.00%
Offering period of the plan		24 months
Number of purchase period \| item		4
Purchase period of the plan within each offering period		6 months
Number of shares reserved for issuance		1,000,000
Shares granted					68,262
Number of shares available for grant					2,323,948
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Reserved For Issuance Under Plan, Automatic Increment, Threshold Percentage					1.00%
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Reserved For Issuance Under Plan, Automatic Increment, Threshold Number Of Ordinary Shares					3,000,000
ESPP \| Employee Stock Purchase Plan 2023 \| Subsequent Event
Shareholders' Equity
Increase in number of shares that were reserved for issuance	1,718,600
ESPP \| 2023 Equity Incentive Plan \| Maximum
Shareholders' Equity
Expiration term			10 years

Composition of Certain Consolidated Financial Statement Line Items - Accrued expenses and other current liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Composition of Certain Consolidated Financial Statement Line Items
Accrued compensation	$ 7,290	$ 4,325
Accrued research and development expenses	5,460	4,719
Accrued clinical expenses	7,025	5,412
Accrued professional services	2,918	2,633
Accrued other liabilities	3,606	1,469
Total accrued expenses and other current liabilities	$ 26,299	$ 18,558

Fair Value Measurements - Level of the fair value hierarchy (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Fair Value Measurements
Total fair value of financial assets	$ 875,336	$ 461,974
LEVEL 1
Fair Value Measurements
Total fair value of financial assets	424,343	209,378
LEVEL 2
Fair Value Measurements
Total fair value of financial assets	450,993	252,596
Recurring \| Money market funds
Fair Value Measurements
Total fair value of financial assets	161,328	124,443
Recurring \| Cash equivalents
Fair Value Measurements
Total fair value of financial assets	161,328	124,443
Recurring \| U.S. government bonds
Fair Value Measurements
Total fair value of financial assets	263,015	84,935
Recurring \| U.S. government agency bonds
Fair Value Measurements
Total fair value of financial assets	46,957	82,340
Recurring \| Corporate debt securities
Fair Value Measurements
Total fair value of financial assets	404,036	170,256
Recurring \| Short-term investments
Fair Value Measurements
Total fair value of financial assets	714,008	337,531
Recurring \| LEVEL 1 \| Money market funds
Fair Value Measurements
Total fair value of financial assets	161,328	124,443
Recurring \| LEVEL 1 \| Cash equivalents
Fair Value Measurements
Total fair value of financial assets	161,328	124,443
Recurring \| LEVEL 1 \| U.S. government bonds
Fair Value Measurements
Total fair value of financial assets	263,015	84,935
Recurring \| LEVEL 1 \| Short-term investments
Fair Value Measurements
Total fair value of financial assets	263,015	84,935
Recurring \| LEVEL 2 \| U.S. government agency bonds
Fair Value Measurements
Total fair value of financial assets	46,957	82,340
Recurring \| LEVEL 2 \| Corporate debt securities
Fair Value Measurements
Total fair value of financial assets	404,036	170,256
Recurring \| LEVEL 2 \| Short-term investments
Fair Value Measurements
Total fair value of financial assets	$ 450,993	$ 252,596

Income Taxes - Loss before income tax expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Loss before income tax expense:
United States	$ (113,107)	$ (79,895)
Foreign	(9,109)	(9,489)
Loss before provision for income taxes	$ (122,216)	$ (89,384)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 7: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(11))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details