0000950170-24-031529 | 10-K | XBRL Viewer

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Stockholders Equity and Stock Options - Summary of Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	$ 7,615	$ 6,619
Research and Development [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	3,077	2,771
General and Administrative [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	$ 4,538	$ 3,848

- 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

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Loss [Member]
Balances at Dec. 31, 2021	$ 64,413	$ 18	$ 180,645	$ (116,250)
Beginning balance, shares at Dec. 31, 2021		17,710,450
Issuance of Common Stock. Net	75,257	$ 25	75,232
Issuance of Common Stock. Net, shares		25,558,750
Stock-based compensation expense	6,619		6,619
Unrealized gain (loss) on marketable securities	(31)				$ (31)
Net Income (Loss)	(35,355)			(35,355)
Balances at Dec. 31, 2022	$ 110,903	$ 43	262,496	(151,605)	(31)
Ending balance, shares at Dec. 31, 2022		43,269,200
Exercise of stock options, shares	11,466	11,466
Exercise of stock options	$ 33		33
Exercise of warrants, shares		628,403
Exercise of warrants	6		6
Stock-based compensation expense	7,615		7,615
Unrealized gain (loss) on marketable securities	112				112
Net Income (Loss)	(36,949)			(36,949)
Balances at Dec. 31, 2023	$ 81,720	$ 43	$ 270,150	$ (188,554)	$ 81
Ending balance, shares at Dec. 31, 2023		43,909,069

Accrued Expenses

12 Months Ended

Dec. 31, 2023

Payables and Accruals [Abstract]

Accrued Expenses

Accrued expenses consisted of the following:


	December 31,		December 31,
	2023		2022
	(in thousands)
Accrued research and development expenses	$	4,594	$	5,921
Accrued payroll and related expenses		2,365		2,046
Accrued other		427		441
Total accrued expenses and other current liabilities	$	7,386	$	8,408

Fixed Assets - Schedule of Fixed Assets, Net (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Total property, plant and equipment	$ 1,909	$ 1,745
Less: Accumulated depreciation	(1,225)	(914)
Property, plant and equipment, net	684	831
Computer Equipment [Member]
Total property, plant and equipment	$ 117	66
Fixed assets, useful life	5 years
Lab Equipment [Member]
Total property, plant and equipment	$ 1,192	1,192
Fixed assets, useful life	5 years
Furniture and Fixtures [Member]
Total property, plant and equipment	$ 555	456
Fixed assets, useful life	7 years
Leasehold Improvements [Member]
Total property, plant and equipment	$ 45	$ 31
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration]	us-gaap:UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember

Income Taxes - Schedule of Net Deferred Tax Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets:
Capitalized R&D - acquired in merger with Zafgen	$ 66,678	$ 66,941
Capitalized R&D - Section 174 Costs post 2021	9,411	5,019
Stock based compensation	3,490	2,709
Net operating loss carryforwards	45,195	42,204
Tax credit carryforwards	16,319	13,284
Other temporary differences	21	20
Accruals & reserves	19	19
Fixed assets & intangibles	107	81
Operating lease liability	1,298	1,355
Total deferred tax assets	142,538	131,632
Deferred tax liabilities:
Operating right of use asset	(768)	(801)
Total deferred tax liabilities	(768)	(801)
Less: Valuation allowance	$ (141,770)	$ (130,831)	$ (124,016)

Stockholders Equity and Stock Options - Summary of Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Stockholders' Equity Note [Abstract]
Number of shares, Outstanding	3,071,528
Number of shares, Granted	1,748,200
Number of shares, Exercised	(11,466)
Number of shares, Forfeited/Expired	(534,760)
Number of shares, Outstanding	4,273,502	3,071,528
Number of shares, Exercisable as of December 31, 2023	1,930,100
Number of shares, Vested and expected to vest as of December 31, 2023	4,273,502
Weighted average exercise price, balance	$ 12.13
Weighted average exercise price, Granted	4.68
Weighted average exercise price, Exercised	2.93
Weighted average exercise price, Forfeited/Expired	12.52
Weighted average exercise price, balance	9.06	$ 12.13
Weighted average exercise price, Exercisable as of December 31, 2023	12.55
Weighted average exercise price, Vested and expected to vest as of December 31, 2023	$ 9.06
Weighted average remaining contractual term, outstanding	7 years 9 months 18 days	7 years 7 months 6 days
Weighted average remaining contractual term, Exercisable as of December 31, 2023	6 years 7 months 6 days
Weighted average remaining contractual term, Vested and expected to vest as of December 31, 2023	7 years 9 months 18 days
Aggregate intrinsic value, outstanding as of December 31, 2023	$ 0.9
Aggregate intrinsic value, exercisable as of December 31, 2023	0.2
Aggregate intrinsic value, Vested and expected to vest as of December 31, 2023	$ 0.9

Stockholders’ Equity and Stock Options

12 Months Ended

Dec. 31, 2023

Stockholders' Equity Note [Abstract]

Stockholders' Equity and Stock Options

Stockholders’ Equity and Stock Options

Common Stock and Prefunded warrants

On May 28, 2020, the Company entered into a securities purchase agreement with certain accredited investors (the “Purchasers”) for the sale by the Company in a private placement of 6,105,359 shares of the Company’s common stock and prefunded warrants to purchase an aggregate of 628,403 shares of the Company’s common stock, for a price of $11.88 per share of the common stock and $11.87 per prefunded warrant. The prefunded warrants were exercisable at an exercise price of $0.01 and were exercisable indefinitely. In August 2023, the 628,403 shares of prefunded warrants were exercised and the Company received cash proceeds of six thousand two hundred and eighty-four dollars. The private placement closed on June 1, 2020. The aggregate gross proceeds for the issuance and sale of the common stock and prefunded warrants were $80.0 million, transaction costs totaled $4.6 million and resulted in net proceeds of $75.4 million. The Company’s Registration Statement on Form S-3, filed with the SEC on June 26, 2020, registered the resale of 6,105,359 shares of common stock sold and the 628,403 shares of common stock underlying the prefunded warrants. MTS Health Partners served as placement agent to the Company in connection with the private placement. As partial compensation for these services, the Company issued MTS Health Partners 35,260 shares of common stock.

As of December 31, 2023, the Company’s Amended and Restated Certificate of Incorporation, authorized the Company to issue up to 115,000,000 shares of $0.001 par value common stock, of which 43,909,069 shares were issued and outstanding, and up to 5,000,000 shares of $0.001 par value undesignated preferred stock, of which no shares were issued or outstanding. The voting, dividend and liquidation rights of the holders of the Company’s common stock are subject to and qualified by the rights, powers and preferences of the holders of the preferred stock. Each share of common stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders. Common stockholders are entitled to receive dividends, as may be declared by the board of directors of the Company (the “Board”), if any. No cash dividends have been declared or paid to date.

In September 2022, the Company sold 25,558,750 shares of common stock in an underwritten public offering price of $3.15 per share and received net proceeds, net of underwriting discounts and commissions and offering costs of $75.2 million.

In February 2024, the Company sold 19,736,842 shares of its common stock in an underwritten public offering price of $8.74 per share and received net proceeds of approximately $161.6 million.

2022 ATM Agreement

In November 2022, the Company entered into a sales agreement (the "ATM Agreement") with a Guggenheim Securities, LLC in connection with the establishment of an “at-the-market” offering program under which the Company could sell up to an aggregate of $50.0 million of shares of common stock (the “ATM Shares”) from time to time.

In February 2024, in connection with the underwritten public offering described above, the Company terminated the ATM Agreement.

No ATM Shares were ever sold pursuant to the ATM Agreement.

2020 Equity Incentive Plan

The Board adopted the 2020 Equity Incentive Plan (the "2020 Plan") on July 16, 2020 and the stockholders of the Company approved the 2020 Plan on September 29, 2020. The 2020 Plan replaced the predecessor plans (the

"Prior Plans") that the Company assumed following its merger with Zafgen in May 2020. Options outstanding under the Prior Plans will remain outstanding, unchanged, and subject to the terms of the Prior Plans and the respective award agreements, and no further awards will be made under the Prior Plans. However, if any award previously granted under the Prior Plans, expires, terminates, is canceled, or is forfeited for any reason after the approval of the 2020 Plan, the shares subject to that award will be added to the 2020 Plan share pool so that they can be utilized for new grants under the 2020 Plan.

The 2020 Plan provides for the grant of incentive stock options (“ISOs”), nonstatutory stock options (“NSOs”), stock appreciation rights, restricted stock awards, restricted stock unit awards, and cash or other stock-based awards. ISOs may be granted only to the Company’s employees, including the Company’s officers, and the employees of the Company’s affiliates. All other awards may be granted to the Company’s employees, including the Company’s officers, the Company’s non-employee directors and consultants, and the employees and consultants of the Company’s affiliates.

The maximum number of shares that may be issued in respect of any awards under the 2020 Plan is the sum of: (i) 1,700,000 shares plus (ii) an annual increase on January 1, 2021 and each anniversary of such date thereafter through January 1, 2030, equal to the lesser of (A) 4% of the shares issued and outstanding on the last day of the immediately preceding fiscal year, or (B) such smaller number of shares as determined by the Board (collectively, the “Plan Limit”). The maximum aggregate number of shares that may be issued under the 2020 Plan is 8,000,000 over the ten-year term of the 2020 Plan.

As permitted by the 2020 Plan, the Company added 1,756,363 and 1,730,768 shares available for grant to the 2020 Plan on January 1, 2024 and January 1, 2023, respectively, increasing the maximum number of shares of the Company’s common stock that may be issued under the 2020 Plan as of January 1, 2024 to 3,042,968 shares.

During the twelve months ended December 31, 2023 and 2022, respectively, options to purchase 224,437 and 148,623 shares issued under the Prior Plans were canceled and became available for grant under the 2020 Plan. In addition, as of December 31, 2023, 1,286,605 shares of common stock were available for grant under the 2020 Plan.

Stock Valuation

The following table presents, on a weighted average basis, the assumptions used in the Black-Scholes option-pricing model to determine the grant-date fair value of stock options granted to employees:


	2023		2022
Risk-free interest rate	3.72%		2.15%
Expected term (in years)		6.23		6.21
Expected volatility	94%		89%
Dividend yield	0.00%		0.00%

Stock Options

The following table summarizes the Company’s stock option activity for the twelve months ended December 31, 2023 (amounts in millions, except for share and per share data):


				Weighted		Weighted Average		Aggregate
				Average		Remaining		Intrinsic
	Number of			Exercise		Contractual		Value (a)
	Shares			Price		Term (in years)		(in millions)
Outstanding as of December 31, 2022		3,071,528		$	12.13		7.6
Granted		1,748,200			4.68
Exercised		(11,466	)		2.93
Forfeited/Expired		(534,760	)		12.52
Outstanding as of December 31, 2023		4,273,502		$	9.06		7.8	$	0.9
Exercisable as of December 31, 2023		1,930,100		$	12.55		6.6	$	0.2
Vested and expected to vest as of December 31, 2023		4,273,502		$	9.06		7.8	$	0.9

(a)

The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying options and the fair value of the common stock for the options that were in the money at December 31, 2023.

2023 Option Grants

During the twelve months ended December 31, 2023, the Company granted options to purchase 1,388,200 shares of common stock to employees under the 2020 Plan. The options have an exercise price equal to the closing stock price as of the grant date, and vest over four years, with 25% vesting on the first anniversary of the grant and the remainder vesting in equal monthly installments thereafter. The weighted-average grant date fair value of options granted under the 2020 Plan during the twelve months ended December 31, 2023 and 2022 was $3.70 and $5.21, respectively.

As of December 31, 2023, total unrecognized compensation expense related to unvested stock options granted under the 2020 Plan was $8.8 million, which is expected to be recognized over a weighted average period of 1.91 years.

Inducement Stock Option Grant

During the twelve months ended December 31, 2023, the Company granted options to purchase 360,000 shares of common stock granted outside of the 2020 Plan. These grants were made pursuant to the Nasdaq inducement grant exception in accordance with Nasdaq listing rule 5635(c)(4). The options issued under this inducement grant have an exercise price equal to the closing stock price as of the grant date, and vest over four years, with 25% vesting on the first anniversary of the grant and the remainder vesting in equal monthly installments thereafter. The weighted-average grant date fair value of options granted under this inducement grant during the twelve months ended December 31, 2023 was $3.59. There were no inducement grants in twelve months ended December 31, 2022.

As of December 31, 2023, total unrecognized compensation expense related to unvested inducement options granted under the 2020 Plan was $1.1 million, which is expected to be recognized over a weighted average period of 3.28 years.

Restricted Stock Units

In January 2023, RSUs were granted under the 2020 Plan to the Company's employees in order to maintain retention of key employees. The value of an RSU award is based on the Company's stock price on the date of the grant. The shares underlying the RSUs are not issued until the RSUs vest.

Activity with respect to the Company's RSUs during the twelve months ended December 31, 2023 was as follows (in millions, except share, contractual term, and per share data):


				Weighted		Weighted Average		Aggregate
				Average		Remaining		Intrinsic
	Number of			Grant Date		Contractual		Value (a)
	Shares			Fair Value		Term (in years)		(in millions)
Outstanding as of December 31, 2022		—		$			—
Restricted stock units granted		650,000			4.94
Restricted stock units forfeited		(35,000	)		4.94
Outstanding as of December 31, 2023		615,000		$	4.94		1.6	$	2.8
Unvested and expected to vest as of December 31, 2023		615,000		$	4.94		1.6	$	2.8

Restricted Stock Unit Grants

The RSUs vest annually over four years and have a weighted-average grant date fair value of $4.94 per unit.

As of December 31, 2023, total unrecognized compensation expense for RSUs was $2.3 million, which is expected to be recognized over a weighted-average period of 3.09 years.

January 2024 Option and Restricted Stock Unit Grants

On January 17, 2024, the Company granted options to purchase 1,472,175 shares of common stock and 245,363 shares of restricted stock to employees under the 2020 Plan. The options have an exercise price equal to the closing stock price as of the grant date, and vest over four years, with 25% vesting on the first anniversary of the

grant and the remainder vesting in equal monthly installments thereafter. The shares of restricted stock will vest annually over four years.

Stock-Based Compensation

Stock-based compensation expense was classified in the consolidated statements of operations as follows:


	Year Ended December 31,
	2023		2022
	(in thousands)
Research and development	$	3,077	$	2,771
General and administrative		4,538		3,848
	$	7,615	$	6,619

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
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-Subparagraph (h)
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Publisher FASB
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+ Details

Income Taxes - Reconciliation of Federal Statutory Income Tax Rate (Detail)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Federal statutory income tax rate	21.00%	21.00%
State taxes, net of federal benefit	4.90%	6.20%
Change in state tax rate	(1.70%)	(7.90%)
Federal and state research and development tax credit	8.20%	1.10%
Nondeductible permanent differences	(1.00%)	(1.00%)
Stock compensation forfeitures - DTA Write Off	(1.80%)
Change in deferred tax asset valuation allowance	(29.60%)	(19.30%)
Effective income tax rate	0.00%	0.00%

Accrued Expenses (Tables)

12 Months Ended

Dec. 31, 2023

Payables and Accruals [Abstract]

Schedule of Accrued Expenses

Accrued expenses consisted of the following:


	December 31,		December 31,
	2023		2022
	(in thousands)
Accrued research and development expenses	$	4,594	$	5,921
Accrued payroll and related expenses		2,365		2,046
Accrued other		427		441
Total accrued expenses and other current liabilities	$	7,386	$	8,408

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
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

Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accrued research and development expenses	$ 4,594	$ 5,921
Accrued payroll and related expenses	2,365	2,046
Accrued other	427	441
Total accrued expenses and other current liabilities	$ 7,386	$ 8,408

Description of Business and Organization

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Description of Business and Basis of Presentation

Larimar Therapeutics, Inc., together with its subsidiary (the “Company” or “Larimar”), is a clinical-stage biotechnology company focused on developing treatments for patients suffering from complex rare diseases using its novel cell penetrating peptide technology platform. Larimar's lead product candidate, nomlabofusp (nomlabofusp is the International Nonproprietary Name ("INN") and the United States Adopted Name ("USAN") for CTI-1601), is a subcutaneously administered, recombinant fusion protein intended to deliver human frataxin ("FXN"), an essential protein, to the mitochondria of patients with Friedreich’s ataxia ("FA"). FA is a rare, progressive and fatal disease in which patients are unable to produce sufficient FXN due to a genetic abnormality.

The Company has completed two phase 1 studies of nomlabofusp and a Phase 2 dose exploration study in patients with FA.

In May 2021, after reporting positive top-line data from the Company’s Phase 1 FA program, the U.S. Food and Drug Administration (“FDA”) placed a clinical hold on the Company’s nomlabofusp clinical program after the Company notified the FDA of mortalities at the highest dose levels of a 26-week non-human primate toxicology study that was designed to support extended dosing of patients with nomlabofusp. In August 2022, the Company submitted a complete response to the clinical hold following a Type C Meeting with the FDA, and proposed as nomlabofusp's next clinical trial a Phase 2, four-week, dose exploration study in FA patients starting at the lower dose levels tested in the Company’s Phase 1 multiple-ascending dose clinical trial. In September 2022, the FDA lifted its full clinical hold on the nomlabofusp program and imposed a partial clinical hold.

In May 2023, the Company announced top-line data from its completed 25 mg cohort of a Phase 2, four-week, dose exploration trial of nomlabofusp in patients with FA and provided a complete response to the FDA in June 2023, which included unblinded safety, pharmacokinetic ("PK"), and pharmacodynamic ("PD") data from the Phase 2 trial’s completed 25 mg cohort. Data from the completed 25 mg cohort (n = 13) indicated that nomlabofusp was generally well tolerated and showed increases in FXN levels from baseline compared to placebo in all evaluated tissues (skin and buccal cells) at day 14 (the final day of daily dosing in the trial).

In June 2023, the Company met with the FDA. Following that meeting, the Company submitted a complete response to the FDA’s partial clinical hold that included unblinded safety, PK and frataxin data from the Phase 2 trial’s completed 25 mg cohort.

In July 2023, following the FDA’s review of the Company's complete response to the partial clinical hold, the FDA cleared initiation of a second cohort at 50 mg of our four-week, placebo-controlled, Phase 2 dose exploration trial and initiation of the OLE trial with daily dosing of 25 mg.

In February 2024, the Company reported positive top-line data and successful completion of their four-week, placebo-controlled Phase 2 dose exploration study of nomlabofusp in participants with FA. Nomlabofusp was generally well tolerated and demonstrated dose dependent increases in FXN levels in all evaluated tissues (skin and buccal cells) after daily dosing of 14 days followed by every other day dosing until day 28 in the 25 mg and 50 mg cohorts. Participants in the 25 mg (n=13) and 50 mg (n=15) cohorts were randomized 2:1 to receive subcutaneous injections of nomlabofusp or placebo. The initiation of additional U.S. clinical trials evaluating nomlabofusp are contingent on FDA review of data under the partial clinical hold.

In January 2024, the Company initiated an OLE trial evaluating daily subcutaneous injections of 25 mg of nomlabofusp self-administered or administered by a caregiver, with the first patient dosed in March 2024. Participants who complete treatment in the Phase 2 dose exploration trial, or who previously completed a prior clinical trial of nomlabofusp are potentially eligible to screen for the OLE. The OLE will evaluate the safety, tolerability and PK and measures of frataxin levels in peripheral tissues as well as other exploratory PD (lipid profiles and gene expression data) following long-term subcutaneous administration of nomlabofusp. Clinical measures collected during the trial will be compared to data from a synthetic control arm derived from participants in the Friedreich’s Ataxia Clinical Outcome Measures Study (FACOMS) database. Dose escalation in the OLE trial will be considered based on safety, tolerability, PK, and tissue FXN levels from the Phase 2 trial’s 50 mg cohort as well as available data from the 25 mg dose of nomlabofusp in the OLE trial and is contingent on FDA review as part of the partial clinical hold. Initial data from the OLE trial is expected in the fourth quarter of 2024.

The Company is subject to risks and uncertainties common to pre-commercial companies in the biotechnology industry, including, but not limited to, development and commercialization by competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, compliance with governmental

regulations, failure to secure regulatory approval for its drug candidates or any other product candidates and the ability to secure additional capital to fund its operations. Product candidates under development will require extensive non-clinical and clinical testing and regulatory approval prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel, infrastructure and extensive compliance-reporting capabilities. Even if the Company's drug development efforts are successful, it is uncertain when, if ever, it will realize significant revenue from product sales.

Basis of Presentation

The consolidated financial statements include the accounts of Larimar and its wholly owned subsidiary. All intercompany balances and transactions have been eliminated. The accompanying consolidated financial statements have been prepared in conformity with GAAP.

Liquidity and Capital Resources

The Company’s consolidated financial statements have been presented on the basis that it will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business.

Since its inception, the Company has incurred significant recurring operating losses and negative cash flows from operations. The Company has incurred net losses of $36.9 million and $35.4 million for the years ended December 31, 2023, and 2022, respectively. In addition, as of December 31, 2023, the Company had an accumulated deficit of $188.6 million. The Company expects to continue to generate operating losses for the foreseeable future. As of December 31, 2023, the Company had approximately $86.8 million of cash, cash equivalents and marketable securities available for use to fund its operations and capital requirements.

The Company has funded its operations to date primarily with proceeds from sales of common stock and proceeds from the sale of prefunded warrants for the purchase of common stock, the acquisition in 2020 of cash, cash equivalents and marketable securities upon the merger with Zafgen, Inc. ("Zafgen") and, prior to the 2020 merger with Zafgen, capital contributions from Chondrial Holdings, LLC.

In February 2024, the Company sold 19,736,842 shares of its common stock in an underwritten public offering at a price of $8.74 per share and received net proceeds of approximately $161.6 million.

In accordance with Accounting Standards Update (“ASU”) No. 2014-15, "Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern", the Company has evaluated whether there are certain conditions and events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that these consolidated financial statements are issued. As of the issuance date of these consolidated financial statements, the Company expects its cash, cash equivalents and marketable securities, including its net proceeds from the February 2024 public offering, will be sufficient to fund its forecasted operating expenses and capital expenditure requirements into 2026. If the timing of the Company's clinical assumptions are delayed or if there are other forecasted assumption changes that negatively impact its operating plan, the Company would reduce expenditures in order to further extend cash resources.

The Company has not yet commercialized any products and does not expect to generate revenue from the commercial sale of any products for several years, if at all. The Company expects that its research and development and general and administrative expenses will continue to increase and, as a result, that it will need additional capital to fund its future operating and capital requirements. Unless and until the Company can generate substantial revenue, management continuously evaluates different strategies to obtain the required funding for future operations. These strategies include seeking additional funding through a combination of public or private equity offerings, debt or royalty financings, collaborations and licensing arrangements, strategic partnerships with pharmaceutical and/or larger biotechnology companies, or other sources. The incurrence of indebtedness would result in increased fixed payment obligations and the Company may be required to agree to certain restrictive covenants, such as limitations on its ability to incur additional debt, limitations on its ability to acquire, sell or license intellectual property rights, minimum required cash balances and other operating restrictions that could adversely impact the Company's ability to conduct its business. Any additional fundraising efforts may divert the Company's management from their day-to-day activities, which may adversely affect its ability to develop and commercialize its product candidates.

There can be no assurance that the Company will be able to raise sufficient additional capital on acceptable terms, if at all. If such additional financing is not available on satisfactory terms, or is not available in sufficient amounts, or if the Company does not have sufficient authorized shares, the Company may be required to delay,

limit, or eliminate the development of business opportunities and its ability to achieve its business objectives, its competitiveness, and its business, financial condition, and results of operations will be materially adversely affected. The Company could also be required to seek funds through arrangements with collaborative partners or otherwise at an earlier stage than otherwise would be desirable and it may be required to relinquish rights to some of its technologies or product candidates or otherwise agree to terms unfavorable to it, any of which may have a material adverse effect on the Company's business, operating results and prospects. In addition, geopolitical tensions, volatility of capital markets, and other adverse macroeconomic events, including those due to inflationary pressures, rising interest rates, bank instability and the ability of the U.S. government to manage federal debt limits as well as the potential impact of other health crises on the global financial markets may reduce the Company's ability to access capital, which could negatively affect its liquidity and ability to continue as a going concern.

If the Company is unable to obtain sufficient funding when needed and/or on acceptable terms, the Company may be required to significantly curtail, delay or discontinue one or more of its research and development programs, the manufacture of clinical and commercial supplies, product portfolio expansion, pre commercialization efforts and/or commercial operations, which could adversely affect its business prospects, or the Company may be unable to continue operations.

Fair Value Measurements and Cash Equivalents/Marketable Securities

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements and Cash Equivalents/Marketable Securities

Fair Value Measurements

The Company’s assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2023 and December 31, 2022 are measured in accordance with the standards of ASC 820, Fair Value Measurements and Disclosures, which establishes a three-level valuation hierarchy for measuring fair value and expands financial statement disclosures about fair value measurements. The valuation hierarchy is based on upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows:


Level – 1	Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.

Level – 2	Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

Level – 3	Inputs to the valuation methodology are unobservable and significant to the fair value measurement.

The Company’s financial instruments consist primarily of cash and cash equivalents, marketable securities, accounts payable and accrued liabilities. For accounts payable and accrued liabilities, the carrying amounts of these financial instruments as of December 31, 2023 and 2022 were considered representative of their fair values due to their short term to maturity.

The following tables summarize the Company’s cash equivalents and marketable securities as of December 31, 2023 and 2022:


	Total		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(in thousands)
December 31, 2023
Cash equivalents:
Money market funds invested in government securities	$	24,701	$	24,701	$	—	$	—
Total cash equivalents		24,701		24,701		—		—

Marketable securities:
U.S. Treasury Bills		17,334		17,334		—		—
U.S. Government securities		35,719		—		35,719		—
Corporate bonds		6,988		—		6,988		—
Total marketable securities		60,041		17,334		42,707		—
Total cash equivalents and marketable securities	$	84,742	$	42,035	$	42,707	$	—

December 31, 2022
Cash equivalents:
Money market funds invested in government securities	$	22,184	$	22,184	$	—	$	—
Total cash equivalents		22,184		22,184		—		—

Marketable securities:
U.S. Government securities		91,603		—		91,603		—
Total marketable securities		91,603		—		91,603		—
Total cash equivalents and marketable securities	$	113,787	$	22,184	$	91,603	$	—

The accrued interest receivable related to the Company’s investments was $0.3 million and $0.1 million as of December 31, 2023 and 2022, respectively, and is included in prepaid expenses and other current assets on the consolidated balance sheet.

The Company classifies its money market funds and U.S. treasury bills, which are valued based on quoted market prices in active markets with no valuation adjustment, as Level 1 assets within the fair value hierarchy.

The Company classifies its investments in U.S. government and agency securities, corporate commercial paper, and corporate bonds, if any, as Level 2 assets within the fair value hierarchy. The fair values of these investments are estimated by taking into consideration valuations obtained from third-party pricing services. The pricing services utilize industry standard valuation models, including both income- and market-based approaches, for which all significant inputs are observable, either directly or indirectly, to estimate fair value. These inputs include reported trades of and broker/dealer quotes on the same or similar securities, issuer credit spreads, benchmark securities, prepayment/default projections based on historical data and other observable inputs.

As of December 31, 2022, the unrealized loss for available-for-sale investments were non-credit related, and the Company does not intend to sell the investments that were in an unrealized loss position, nor will it be required to sell those investments before recovery of their amortized cost basis, which may be maturity. As of December 31, 2023 and 2022, no allowances for credit losses for the Company’s investments were recorded. During the twelve months ended December 31, 2023 and 2022, the Company did not recognize any impairment losses related to investments.

As of December 31, 2023, the Company's cash equivalents and marketable securities consisted of a U.S. government money market fund, U.S. Treasury Bills, U.S. government and agency securities and corporate bonds, all held in our name in a separate custody account with U.S. Bank. The U.S. government money market fund has same-day liquidity access and the U.S. government and agency securities all have maturities of 90 days or less.

Marketable Securities

The following tables summarize the Company’s marketable securities as of December 31, 2023 and 2022:


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(in thousands)
December 31, 2023
Assets:
U.S. Treasury Bills		17,330		4		—			17,334
U.S. Government securities (due within 1 year)		35,653		66		—			35,719
Commercial paper (due within 1 year)		6,977		11		—			6,988
Total marketable securities	$	59,960	$	81	$	—		$	60,041
December 31, 2022
Assets:
U.S. Government securities (due within 1 year)		91,634		12		(43	)		91,603
	$	91,634	$	12	$	(43	)	$	91,603

- Definition

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

+ References + Details

Description of Business and Organization - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Feb. 29, 2024	Dec. 31, 2023	Dec. 31, 2022
Net loss		$ 36,949	$ 35,355
Accumulated deficit		(188,554)	$ (151,605)
Cash, cash equivalents and marketable securities		$ 86,800
Common Stock [Member]
Issuance of common stock			25,558,750
Common Stock [Member] \| Subsequent Event [Member]
Issuance of common stock	19,736,842
Share price per share	$ 8.74
Proceeds net of issuance costs	$ 161,600

- 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
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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+ Details

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Fixed Assets - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Assets [Abstract]
Depreciation expense	$ 0.2	$ 0.2
Depreciation expenses related to sublet assets	$ 0.1	$ 0.1

Income Taxes - Schedule of Domestic and Foreign Components of Loss Before Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Domestic	$ (36,948)	$ (35,339)
Foreign	(1)	(16)
Loss before income taxes	$ (36,949)	$ (35,355)

- Definition

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

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+ Details

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

During the years ended December 31, 2023, and 2022, the Company recorded no income tax benefits for the net operating losses incurred in each year due to its uncertainty of realizing a benefit from those items.

The domestic and foreign components of loss before income taxes are as follows.


	Years ended December 31,
	2023			2022
Domestic	$	(36,948	)	$	(35,339	)
Foreign		(1	)		(16	)
	$	(36,949	)	$	(35,355	)

A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective income tax rate is as follows:


	Year Ended December 31,
	2023			2022
Federal statutory income tax rate		21.0	%		21.0	%
State taxes, net of federal benefit		4.9			6.2
Change in state tax rate		(1.7	)		(7.9	)
Federal and state research and development tax credit		8.2			1.1
Nondeductible permanent differences		(1.0	)		(1.0	)
Stock compensation forfeitures - DTA Write Off		(1.8	)		—
Change in deferred tax asset valuation allowance		(29.6	)		(19.3	)
Effective income tax rate		0.0	%		0.0	%

Net deferred tax assets as of December 31, 2023 and 2022 consisted of the following:


	2023			2022
Deferred tax assets:
Capitalized R&D - acquired in merger with Zafgen	$	66,678		$	66,941
Capitalized R&D - Section 174 Costs post 2021		9,411			5,019
Stock based compensation		3,490			2,709
Net operating loss carryforwards		45,195			42,204
Tax credit carryforwards		16,319			13,284
Other temporary differences		21			20
Accruals & reserves		19			19
Fixed assets & intangibles		107			81
Operating lease liability		1,298			1,355
Total deferred tax assets	$	142,538		$	131,632
Deferred tax liabilities:
Operating right of use asset		(768	)		(801	)
Total deferred tax liabilities	$	(768	)	$	(801	)
Less: Valuation allowance	$	(141,770	)	$	(130,831	)
Net deferred tax assets / (liabilities)	$	—		$	—

Changes in the valuation allowance for deferred tax assets during the year ended December 31, 2023 and 2022 related primarily to the increase in net operating loss carryforwards and tax credit carryforwards and a decrease other deferred tax assets associated with a reduction in the Company’s effective state rate. Changes to the valuation allowance were as follows:


	Years ended December 31,
	2023		2022
Valuation allowance as of the beginning of the year	$	130,831	$	124,016
Increases recorded to income tax provision		10,939		6,815
Valuation allowance at end of year	$	141,770	$	130,831

As of December 31, 2023, the Company had net operating loss carryforwards that expire for federal, foreign and state income tax purposes of $179.0 million, $1.2 million and $148.1 million, respectively. The federal and state operating losses begin to expire in 2026 and 2030, while the foreign net loss carryforward can be carried forward indefinitely. As of December 31, 2023, the Company had federal net operating loss carryforwards that were generated after December 31, 2017 of $140.3 million that do not expire, however these carryforwards are limited to 80% of the taxable income in any one tax period. As of December 31, 2023, the Company also had available tax credit carryforwards for federal and state income tax purposes of $16.3 million which begin to expire in 2039. Utilization of the pre-Merger net operating loss carryforwards attributable to Zafgen, of approximately $33.5 million, are subject to a substantial annual limitation under Section 382 of the Internal Revenue Code of 1986 due to ownership changes occurred during the tax year associated with the Merger. In addition to the limitation of the pre-Merger NOL’s of Zafgen, the net capitalized R&D deferred tax assets in the amount of $66.9 million is subject to the built-in loss rules under Section 382 and may not be realized if the underlying asset associated with the R&D is disposed within five years of the Merger, or May 28, 2025. In general, an ownership change, as defined by Section 382, results from transactions increasing the ownership of certain stockholders or public groups in the stock of a corporation by more than 50% over a three-year period. The ownership changes will limit the amount of pre-merger Zafgen carryforwards that can be utilized annually to offset future taxable income with an annual limitation of approximately $35 thousand per year. The Company has reduced their NOL and R&D tax credit deferred tax assets associated with the pre-Merger Zafgen operations as a result of the 382 analysis.

The Company believes that as a result of its merger with Zafgen, its ability to utilize NOLs acquired in the transaction and our other NOLs is expected to be severely limited by Section 382 of the Code. Additionally, the Company’s July 2021, September 2022 and February 2023 equity transactions could also limit its ability to utilize NOLs in the future. The Company has not conducted a study to assess whether a change of control has occurred or whether there have been multiple changes of control since inception. If the Company experienced a change of control, as defined by Section 382, at any time since inception, utilization of its net operating loss carryforwards or tax credit carryforwards would be subject to an annual limitation under Section 382, which is determined by first multiplying the value of the Company’s stock at the time of the ownership change by the applicable long-term tax-exempt rate, and then could be subject to additional adjustments, as required. Additionally, our July 2021, September 2022 and February 2024 equity transactions could also limit our ability to utilize NOLs in the future. Any limitation may result in expiration of a portion of the net operating loss carryforwards or tax credit carryforwards before utilization. Further, until a study is completed, and any limitation is known, no amounts are being presented as an uncertain tax position.

The Tax Cuts and Jobs Act ("TCJA") requires taxpayers to capitalize and amortize research and experimental expenditures under IRC Section 174 for tax years beginning after December 31, 2021. This rule became effective for the Company during the year ended December 31, 2022 and resulted in the capitalization of research and development costs in both 2023 and 2022. The Company is amortizing these costs for tax purposes over five years if the research and development was performed in the U.S. and over 15 years if the research and development was performed outside the U.S.

As of December 31, 2023 and 2022, the Company’s net deferred tax asset balance before the valuation allowance was $141.8 million and $130.8 million, respectively, and was comprised principally of net operating loss carryforwards, capitalized research and development expenses and tax credit carryforwards. During the years ended December 31, 2023 and 2022, gross deferred tax assets increased due to deferred tax assets acquired as a result of additional net operating loss carryforwards and research and development tax credits generated.

The Company has evaluated the positive and negative evidence bearing upon its ability to realize the deferred tax assets. Management has considered the Company’s history of cumulative net losses incurred since inception and its lack of commercialization of any products or generation of any revenue from product sales since inception and has concluded that it is more likely than not that the Company will not realize the benefits of the deferred tax assets. Accordingly, a full valuation allowance has been established against the deferred tax assets as of December 31, 2023 and 2022. Management reevaluates the positive and negative evidence at each reporting period.

The Company has not recorded any amounts for unrecognized tax benefits as of December 31, 2023 and 2022. The Company files tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Company is subject to examination by federal and state jurisdictions, where applicable. There are currently no pending income tax examinations. The Company’s tax years are still open under statute from 2019 to the present. Earlier years may be examined to the extent that tax credit or net operating loss carryforwards are used in future periods. The Company’s policy is to record interest and penalties related to income taxes as part of its income tax provision.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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+ Details

Income Taxes - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Taxes Disclosure [Line Items]
Income tax benefit	$ 0	$ 0
Net capitalized R&D deferred tax assets	66,678,000	66,941,000
Net deferred tax assets before the valuation allowance	141,800,000	130,800,000
Unrecognized tax benefits	0	$ 0
Zafgen [Member]
Income Taxes Disclosure [Line Items]
Net operating loss carryforwards	33,500,000
Net capitalized R&D deferred tax assets	$ 66,900,000
Net capitalized R&D deferred tax assets realization description	is subject to the built-in loss rules under Section 382 and may not be realized if the underlying asset associated with the R&D is disposed within five years of the Merger, or May 28, 2025
Net operating loss carryforwards, change in ownership, annual utilization limit	$ 35,000
Earliest Tax Year [Member]
Income Taxes Disclosure [Line Items]
Open tax year	2019
Domestic Tax Authority [Member]
Income Taxes Disclosure [Line Items]
Net operating loss carryforwards	$ 179,000,000
Net operating loss carryforwards, beginning of expiration period	2026
Domestic Tax Authority [Member] \| No Expiration [Member]
Income Taxes Disclosure [Line Items]
Net operating loss carryforwards	$ 140,300,000
Operating loss carryforwards, minimum percentage of taxable income in tax period	80.00%
Operating loss carryforwards, description	carryforwards are limited to 80% of the taxable income in any one tax period.
Foreign Tax Authority [Member]
Income Taxes Disclosure [Line Items]
Net operating loss carryforwards	$ 1,200,000
State and Local Jurisdiction [Member]
Income Taxes Disclosure [Line Items]
Net operating loss carryforwards	$ 148,100,000
Net operating loss carryforwards, beginning of expiration period	2030
Federal and State [Member]
Income Taxes Disclosure [Line Items]
Tax credit carryforward	$ 16,300,000
Research and development tax credit carry forwards, beginning of expiration period	2039
IRC Section 174 [Member] \| Performed in US [Member]
Income Taxes Disclosure [Line Items]
Capitalized research and development amortization period	5 years
IRC Section 174 [Member] \| Performed outside US [Member]
Income Taxes Disclosure [Line Items]
Capitalized research and development amortization period	15 years

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 26,749	$ 26,825
Marketable securities	60,041	91,603
Prepaid expenses and other current assets	3,385	2,311
Total current assets	90,175	120,739
Property and equipment, net	684	831
Operating lease right-of-use assets	3,078	2,858
Restricted cash	1,339	1,339
Other assets	659	638
Total assets	95,935	126,405
Current liabilities:
Accounts payable	1,283	1,686
Accrued expenses	7,386	8,408
Operating lease liabilities, current	837	611
Total current liabilities	9,506	10,705
Operating lease liabilities	4,709	4,797
Total liabilities	14,215	15,502
Commitments and contingencies (See Note 8)
Stockholders’ equity:
Preferred stock; $0.001 par value per share; 5,000,000 shares authorized as of December 31, 2023 and December 31, 2022; no shares issued and outstanding as of December 31, 2023 and December 31, 2022
Common stock, $0.001 par value per share; 115,000,000 shares authorized as of December 31, 2023 and December 31, 2022; 43,909,069 and 43,269,200 shares issued and outstanding as of December 31, 2023 and December 31, 2022, respectively	43	43
Additional paid-in capital	270,150	262,496
Accumulated deficit	(188,554)	(151,605)
Accumulated other comprehensive gain (loss)	81	(31)
Total stockholders' equity	81,720	110,903
Total liabilities and stockholders' equity	$ 95,935	$ 126,405

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The consolidated financial statements include the accounts of Larimar and its wholly owned subsidiary. All intercompany balances and transactions have been eliminated. The accompanying consolidated financial statements have been prepared in conformity with GAAP.
Liquidity and Capital Resources	Liquidity and Capital Resources The Company’s consolidated financial statements have been presented on the basis that it will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. Since its inception, the Company has incurred significant recurring operating losses and negative cash flows from operations. The Company has incurred net losses of $36.9 million and $35.4 million for the years ended December 31, 2023, and 2022, respectively. In addition, as of December 31, 2023, the Company had an accumulated deficit of $188.6 million. The Company expects to continue to generate operating losses for the foreseeable future. As of December 31, 2023, the Company had approximately $86.8 million of cash, cash equivalents and marketable securities available for use to fund its operations and capital requirements. The Company has funded its operations to date primarily with proceeds from sales of common stock and proceeds from the sale of prefunded warrants for the purchase of common stock, the acquisition in 2020 of cash, cash equivalents and marketable securities upon the merger with Zafgen, Inc. ("Zafgen") and, prior to the 2020 merger with Zafgen, capital contributions from Chondrial Holdings, LLC. In February 2024, the Company sold 19,736,842 shares of its common stock in an underwritten public offering at a price of $8.74 per share and received net proceeds of approximately $161.6 million. In accordance with Accounting Standards Update (“ASU”) No. 2014-15, "Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern", the Company has evaluated whether there are certain conditions and events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that these consolidated financial statements are issued. As of the issuance date of these consolidated financial statements, the Company expects its cash, cash equivalents and marketable securities, including its net proceeds from the February 2024 public offering, will be sufficient to fund its forecasted operating expenses and capital expenditure requirements into 2026. If the timing of the Company's clinical assumptions are delayed or if there are other forecasted assumption changes that negatively impact its operating plan, the Company would reduce expenditures in order to further extend cash resources. The Company has not yet commercialized any products and does not expect to generate revenue from the commercial sale of any products for several years, if at all. The Company expects that its research and development and general and administrative expenses will continue to increase and, as a result, that it will need additional capital to fund its future operating and capital requirements. Unless and until the Company can generate substantial revenue, management continuously evaluates different strategies to obtain the required funding for future operations. These strategies include seeking additional funding through a combination of public or private equity offerings, debt or royalty financings, collaborations and licensing arrangements, strategic partnerships with pharmaceutical and/or larger biotechnology companies, or other sources. The incurrence of indebtedness would result in increased fixed payment obligations and the Company may be required to agree to certain restrictive covenants, such as limitations on its ability to incur additional debt, limitations on its ability to acquire, sell or license intellectual property rights, minimum required cash balances and other operating restrictions that could adversely impact the Company's ability to conduct its business. Any additional fundraising efforts may divert the Company's management from their day-to-day activities, which may adversely affect its ability to develop and commercialize its product candidates. There can be no assurance that the Company will be able to raise sufficient additional capital on acceptable terms, if at all. If such additional financing is not available on satisfactory terms, or is not available in sufficient amounts, or if the Company does not have sufficient authorized shares, the Company may be required to delay, limit, or eliminate the development of business opportunities and its ability to achieve its business objectives, its competitiveness, and its business, financial condition, and results of operations will be materially adversely affected. The Company could also be required to seek funds through arrangements with collaborative partners or otherwise at an earlier stage than otherwise would be desirable and it may be required to relinquish rights to some of its technologies or product candidates or otherwise agree to terms unfavorable to it, any of which may have a material adverse effect on the Company's business, operating results and prospects. In addition, geopolitical tensions, volatility of capital markets, and other adverse macroeconomic events, including those due to inflationary pressures, rising interest rates, bank instability and the ability of the U.S. government to manage federal debt limits as well as the potential impact of other health crises on the global financial markets may reduce the Company's ability to access capital, which could negatively affect its liquidity and ability to continue as a going concern. If the Company is unable to obtain sufficient funding when needed and/or on acceptable terms, the Company may be required to significantly curtail, delay or discontinue one or more of its research and development programs, the manufacture of clinical and commercial supplies, product portfolio expansion, pre commercialization efforts and/or commercial operations, which could adversely affect its business prospects, or the Company may be unable to continue operations.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. This process involves reviewing open contracts and purchase orders, communicating with our personnel and outside vendors to identify services that have been performed on our behalf and estimating the level of service performed and the associated costs incurred for the services when we have not yet been invoiced or otherwise notified of the actual costs. Significant estimates and assumptions reflected in these consolidated financial statements include, but are not limited to, the accrual of research and development expense, the recording as prepaid expense of payments made in advance of the actual provision of goods or services, valuation of stock-based awards and valuation of leases. Due to inherent uncertainty involved in making estimates, actual results reported in future periods may be affected by changes in these estimates. On an ongoing basis, the Company evaluates its estimates and assumptions.
Concentrations of Credit Risk and Significant Suppliers	Concentrations of Credit Risk and Significant Suppliers Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash, cash equivalents and marketable securities. Cash balances may be held in financial institutions which may exceed federally insured limits. The Company has not experienced realized losses related to its cash, cash equivalents or marketable securities. The Company is highly dependent on third-party manufacturers to supply products for research and development activities in its programs, to scale and optimize their manufacturing processes and, ultimately, to provide commercial supply. The Company relies and expects to continue to rely on a small number of manufacturers to supply it with its requirements for drug substance and formulated drugs related to these programs. The drug substance which is in frozen liquid form for nomlabofusp is currently manufactured for the Company by a third-party manufacturer, and the frozen liquid form of drug product is made at another manufacturer. The Company is undertaking a program with a third manufacturer to begin to produce a lyophilized version of the drug product from the same drug substance, that, once available, the Company intends to use in certain of its future planned clinical trials. The Company’s research and development programs could be adversely affected by a significant interruption in these manufacturing services or in the supply of drug substance and formulated drugs.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments with maturities of three months or less at the date of purchase to be cash equivalents. Cash equivalents consisted of money market funds as of December 31, 2023 and 2022.
Marketable Securities	Marketable securities Marketable securities consist of debt investments with original maturities greater than ninety days. The Company classifies its marketable securities as available-for-sale. Accordingly, these investments are recorded at fair value, which is based on quoted market prices. When the fair value is below the amortized cost the amount of the expected credit loss is estimated. The credit-related impairment amount, if any, would be recognized in net income; the remaining impairment amount and unrealized gains are reported as a component of accumulated other comprehensive income in stockholders’ equity. Credit losses, if any, are recognized through the use of an allowance for credit losses account and subsequent improvements in expected credit losses are recognized as a reversal of the allowance account. If the Company has the intent to sell the security or if it is more likely than not that the Company would be required to sell the security prior to recovery of its amortized cost basis, the allowance for credit loss would be written off and the excess of the amortized cost basis of the asset over its fair value is recorded in net income.
Property and Equipment	Property and Equipment Property and equipment are stated at cost less accumulated depreciation. Depreciation expense is recognized using the straight-line method over a five or seven-year estimated useful life for equipment, furniture and fixtures and office equipment. Leasehold improvements are amortized over the shorter of the asset life or the term of the lease agreement. Expenditures for repairs and maintenance of assets are charged to expense as incurred. Upon retirement or sale, the cost and related accumulated depreciation of assets disposed of are removed from the accounts and any resulting gain or loss is included in loss from operations.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets Long-lived assets consist of property and equipment, net¸ and right-of-use assets. Long-lived assets to be held and used are tested for recoverability whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. Factors that the Company considers in deciding when to perform an impairment review include significant underperformance of the business in relation to expectations, significant negative industry or economic trends, and significant changes or planned changes in the use of the assets. If an impairment review is performed to evaluate a long-lived asset for recoverability, the Company compares forecasts of undiscounted cash flows expected to result from the use and eventual disposition of the long-lived asset to its carrying value. Any impairment loss, if indicated, is measured as the amount by which the carrying amount of the asset exceeds the estimated fair value of the asset.
Segment Information	Segment Information The Company manages its operations as a single operating segment for the purposes of assessing performance and making operating decisions. The Company’s focus is on the research, development and commercialization of novel therapeutics for the treatment of rare diseases.
Research and Development Costs	Research and Development Costs Costs associated with internal research and development and external research and development services, including drug development, clinical studies and non-clinical studies, are expensed as incurred. Research and development expenses include costs for salaries, employee benefits, subcontractors, facility-related expenses, depreciation, stock-based compensation, third-party license fees, laboratory supplies, and external costs of outside vendors engaged to conduct discovery, non-clinical and clinical development activities and clinical trials as well as to manufacture clinical trial materials, and other costs. The Company recognizes external research and development costs based on an evaluation of the progress to completion of specific tasks using information provided to the Company by its key service providers. Nonrefundable advance payments for goods or services to be received in the future for use in research and development activities are recorded as prepaid expenses. Such prepaid expenses are recognized as an expense when the goods have been delivered or the related services have been performed, or when it is no longer expected that the goods will be delivered, or the services rendered. Upfront payments, milestone payments and annual maintenance fees under license agreements are currently expensed in the period in which they are incurred.
Patent Costs	Patent Costs All patent-related costs incurred in connection with filing and prosecuting patent applications are expensed as incurred due to the uncertainty about the recovery of the expenditure. Amounts incurred are classified as general and administrative expenses.
Stock-Based Compensation	Stock-Based Compensation The Company measures all stock-based awards granted to employees and directors based on the fair value on the date of grant using the Black-Scholes option-pricing model. Compensation expense of those awards is recognized over the requisite service period, which is the vesting period of the respective award. Typically, the Company issues awards with only service-based vesting conditions and records the expense for these awards using the straight-line method. The Company accounts for forfeitures as they occur. The Company classifies stock-based compensation expense in its consolidated statements of operations and comprehensive loss in the same manner in which the award recipient’s payroll costs are classified or in which the award recipient’s service payments are classified. Prior to May 28, 2020, the Company had been a private company and lacked company-specific historical and implied volatility information for its common stock. Prior to January 1, 2023, the Company estimated its expected common stock price volatility solely based on the historical volatility of publicly traded peer companies. Beginning on January 1, 2023, based on the availability of sufficient historical trading data of the Company's own common stock on the Nasdaq Global Market to calculate accurately its volatility, the Company began blending its volatility starting from June 2020 (following its merger with Zafgen in 2020) to the date of each stock-based award, and weighing the volatility of its peer group for the amount of time from May 31, 2020 backwards so that the blended volatility equals the expected term of the related stock-based award. The expected term of the Company’s stock options has been determined utilizing the “simplified” method for awards that qualify as “plain-vanilla” options. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the award. The expected dividend yield considers the fact that the Company has never paid cash dividends on common stock and does not expect to pay any cash dividends in the foreseeable future.
Income Taxes	Income Taxes The Company accounts for income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the consolidated financial statements or in the Company’s tax returns. Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Changes in deferred tax assets and liabilities are recorded in the provision for income taxes. The Company assesses the likelihood that its deferred tax assets will be recovered from future taxable income and, to the extent it believes, based upon the weight of available evidence, that it is more likely than not that all or a portion of the deferred tax assets will not be realized, a valuation allowance is established through a charge to income tax expense. Potential for recovery of deferred tax assets is evaluated by estimating the future taxable profits expected and considering prudent and feasible tax planning strategies. The Company accounts for uncertainty in income taxes recognized in the consolidated financial statements by applying a two-step process to determine the amount of tax benefit to be recognized. First, the tax position must be evaluated to determine the likelihood that it will be sustained upon external examination by the taxing authorities. If the tax position is deemed more-likely-than-not to be sustained, the tax position is then assessed to determine the amount of benefit to recognize in the consolidated financial statements. The amount of the benefit that may be recognized is the largest amount that has a greater than 50% likelihood of being realized upon ultimate settlement. The provision for income taxes includes the effects of any resulting tax reserves, or unrecognized tax benefits, that are considered appropriate as well as the related net interest and penalties.
Comprehensive Gain (Loss)	Comprehensive Gain (Loss) Comprehensive gain (loss) includes net loss as well as other changes in stockholders’ equity that result from transactions and economic events other than those with stockholders. For the years ended December 31, 2023 and 2022, the Company’s only element of other comprehensive loss was unrealized loss on marketable securities.
Net Loss Per Share	Net Loss Per Share Basic net loss per share is computed by dividing the net loss attributable to common stockholders by the weighted average number of common shares outstanding for the period. Prior to August 11, 2023, basic shares outstanding includes the weighted average effect of the Company’s prefunded warrants issued in June 2020, the exercise of which requires little or no consideration for the delivery of shares of common stock. These prefunded warrants were exercised on August 11, 2023 and the Company received cash proceeds of less than $0.1 million. Accordingly, the 628,403 shares were issued upon the exercise of these warrants and are included in issued and outstanding common stock. Diluted net loss per share attributable to common stockholders is computed by dividing the diluted net loss attributable to common stockholders by the weighted average number of common shares, including potentially dilutive common stock equivalents assuming the dilutive effect of outstanding stock options, outstanding restricted stock units, and unvested restricted common shares, as determined using the treasury stock method. For periods in which the Company has reported net losses (all periods since inception), diluted net loss per common share attributable to common stockholders is the same as basic net loss per common share attributable to common stockholders, since dilutive common stock equivalents are not assumed to have been issued if their effect is antidilutive. The Company excluded 4,888,502 and 3,071,528 options to purchase common stock, outstanding as of December 31, 2023 and 2022 respectively, from the computation of diluted net loss per share for the twelve months ended December 31, 2023 and 2022, respectively, because they had an anti-dilutive impact due to the net loss incurred for the periods.
Recently Issued and Adopted Accounting Pronouncements	Recently Issued and Adopted Accounting Pronouncements From time to time, new accounting guidance is issued by the FASB or other standard setting bodies that is adopted by us as of the effective date or, in some cases where early adoption is permitted, in advance of the effective date. We have assessed the recently issued guidance that is not yet effective and believe the new guidance will not have a material impact on the consolidated results of operations, cash flows or financial position.

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Domestic and Foreign Components of Loss Before Income Taxes

The domestic and foreign components of loss before income taxes are as follows.


	Years ended December 31,
	2023			2022
Domestic	$	(36,948	)	$	(35,339	)
Foreign		(1	)		(16	)
	$	(36,949	)	$	(35,355	)

Reconciliation of Federal Statutory Income Tax Rate

A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective income tax rate is as follows:


	Year Ended December 31,
	2023			2022
Federal statutory income tax rate		21.0	%		21.0	%
State taxes, net of federal benefit		4.9			6.2
Change in state tax rate		(1.7	)		(7.9	)
Federal and state research and development tax credit		8.2			1.1
Nondeductible permanent differences		(1.0	)		(1.0	)
Stock compensation forfeitures - DTA Write Off		(1.8	)		—
Change in deferred tax asset valuation allowance		(29.6	)		(19.3	)
Effective income tax rate		0.0	%		0.0	%

Schedule of Net Deferred Tax Assets

Net deferred tax assets as of December 31, 2023 and 2022 consisted of the following:


	2023			2022
Deferred tax assets:
Capitalized R&D - acquired in merger with Zafgen	$	66,678		$	66,941
Capitalized R&D - Section 174 Costs post 2021		9,411			5,019
Stock based compensation		3,490			2,709
Net operating loss carryforwards		45,195			42,204
Tax credit carryforwards		16,319			13,284
Other temporary differences		21			20
Accruals & reserves		19			19
Fixed assets & intangibles		107			81
Operating lease liability		1,298			1,355
Total deferred tax assets	$	142,538		$	131,632
Deferred tax liabilities:
Operating right of use asset		(768	)		(801	)
Total deferred tax liabilities	$	(768	)	$	(801	)
Less: Valuation allowance	$	(141,770	)	$	(130,831	)
Net deferred tax assets / (liabilities)	$	—		$	—

Summary of Changes in Valuation Allowance for Deferred Tax Assets

Changes to the valuation allowance were as follows:


	Years ended December 31,
	2023		2022
Valuation allowance as of the beginning of the year	$	130,831	$	124,016
Increases recorded to income tax provision		10,939		6,815
Valuation allowance at end of year	$	141,770	$	130,831

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net loss	$ (36,949)	$ (35,355)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	7,615	6,619
Lease expense	(82)	(46)
Depreciation expense	311	318
Amortization of discount on marketable securities	(1,843)	(774)
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(1,065)	(204)
Accounts payable	(403)	26
Accrued expenses	(1,022)	1,816
Other assets	(21)	31
Net cash used in operating activities:	(33,459)	(27,569)
Cash flows from investing activities:
Purchase of property and equipment	(164)	(100)
Purchase of marketable securities	(101,233)	(133,610)
Maturities and sales of marketable securities	134,750	42,750
Net cash provided by (used in) investing activities	33,353	(90,960)
Cash flows from financing activities:
Proceeds from sale of common stock, net of issuance costs		75,257
Proceeds from exercise of stock options and warrants	30
Net cash provided by financing activities	30	75,257
Net decrease in cash, cash equivalents and restricted cash	(76)	(43,272)
Cash, cash equivalents and restricted cash at beginning of period	28,164	71,436
Cash, cash equivalents and restricted cash at end of period	28,088	$ 28,164
Supplemental disclosure of non-cash investing and financing activities:
Leased assets obtained in exchange for new operating lease liabilities	790
Proceeds from exercise of stock options included in other current assets	$ 9

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Operating expenses:
Research and development	$ 27,670	$ 24,250
General and administrative	14,088	12,276
Total operating expenses	41,758	36,526
Loss from operations	(41,758)	(36,526)
Other income (expense), net	4,809	1,171
Net loss	$ (36,949)	$ (35,355)
Net loss per share, basic	$ (0.84)	$ (1.37)
Net loss per share, diluted	$ (0.84)	$ (1.37)
Weighted average common shares outstanding, basic	43,901,241	25,761,394
Weighted average common shares outstanding, diluted	43,901,241	25,761,394
Comprehensive loss:
Net Income (Loss)	$ (36,949)	$ (35,355)
Other comprehensive loss:
Unrealized gain (loss) on marketable securities	112	(31)
Total other comprehensive gain (loss)	112	(31)
Total comprehensive loss	$ (36,837)	$ (35,386)

Stockholders Equity and Stock Options - Additional Information (Detail) - USD ($)						1 Months Ended				12 Months Ended
	Jan. 17, 2024	Jan. 01, 2024	Aug. 11, 2023	Jan. 01, 2023	May 28, 2020	Feb. 29, 2024	Aug. 31, 2023	Nov. 30, 2022	Sep. 30, 2022	Dec. 31, 2023	Dec. 31, 2022
Undesignated preferred stock, shares authorized										5,000,000	5,000,000
Undesignated preferred stock, par value										$ 0.001	$ 0.001
Undesignated preferred stock, shares issued										0	0
Undesignated preferred stock, shares outstanding										0	0
Common stock, shares authorized										115,000,000	115,000,000
Common stock, par value										$ 0.001	$ 0.001
Common stock, shares issued										43,909,069	43,269,200
Common stock, shares outstanding										43,909,069	43,269,200
Common stock voting rights										Each share of common stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders
Dividend paid										$ 0
Options to purchase shares of common stock granted										1,748,200
Weighted average exercise price, Granted										$ 4.68
Restricted Stock Units [Member]
Options to purchase shares of stock granted										650,000
Unrecognized compensation expense										$ 2,300,000
Unrecognized compensation expense recognized period										3 years 1 month 2 days
Weighted average grant date fair value, Restricted stock units granted										$ 4.94
Common Stock [Member]
Issuance of common stock											25,558,750
Exercise of warrants, shares										628,403
Inducement Stock [Member]
Options to purchase shares of common stock granted										360,000
Vesting period of stock option										4 years
Weighted-average grant date fair value of options granted										$ 3.59	$ 0
Inducement Stock [Member] \| First Anniversary [Member]
Stock option vesting percentage										25.00%
Subsequent Event [Member] \| Common Stock [Member]
Issuance of common stock						19,736,842
Share price per share						$ 8.74
Proceeds net of issuance costs						$ 161,600,000
2020 Equity Incentive Plan [Member]
Share-based compensation arrangement by share-based payment award, description										The maximum number of shares that may be issued in respect of any awards under the 2020 Plan is the sum of: (i) 1,700,000 shares plus (ii) an annual increase on January 1, 2021 and each anniversary of such date thereafter through January 1, 2030, equal to the lesser of (A) 4% of the shares issued and outstanding on the last day of the immediately preceding fiscal year, or (B) such smaller number of shares as determined by the Board (collectively, the “Plan Limit”).
Minimum level of maximum number of shares allowed to be issued										1,700,000
Percentage of outstanding shares										4.00%
Term of plan										10 years
Unrecognized compensation expense										$ 8,800,000
Unrecognized compensation expense recognized period										1 year 10 months 28 days
Weighted-average grant date fair value of options granted										$ 3.7	$ 5.21
2020 Equity Incentive Plan [Member] \| From Prior Plans [Member]
Increase in shares reserved for future issuance										224,437	148,623
2020 Equity Incentive Plan [Member] \| Employees [Member] \| Restricted Stock Units [Member]
Vesting period of stock option										4 years
Weighted average grant date fair value, Restricted stock units granted										$ 4.94
2020 Equity Incentive Plan [Member] \| Common Stock [Member]
Shares available for grant										1,286,605
Increase in shares reserved for future issuance				1,730,768
2020 Equity Incentive Plan [Member] \| Common Stock [Member] \| Employees [Member]
Options to purchase shares of common stock granted										1,388,200
Vesting period of stock option										4 years
2020 Equity Incentive Plan [Member] \| Common Stock [Member] \| First Anniversary [Member] \| Employees [Member]
Stock option vesting percentage										25.00%
2020 Equity Incentive Plan [Member] \| Inducement Stock [Member]
Unrecognized compensation expense										$ 1,100,000
Unrecognized compensation expense recognized period										3 years 3 months 10 days
2020 Equity Incentive Plan [Member] \| Subsequent Event [Member] \| Employees [Member] \| Restricted Stock [Member]
Options to purchase shares of stock granted	245,363
Vesting period of stock option	4 years
2020 Equity Incentive Plan [Member] \| Subsequent Event [Member] \| Common Stock [Member]
Shares available for grant		3,042,968
Increase in shares reserved for future issuance		1,756,363
2020 Equity Incentive Plan [Member] \| Subsequent Event [Member] \| Common Stock [Member] \| Employees [Member]
Options to purchase shares of common stock granted	1,472,175
Vesting period of stock option	4 years
2020 Equity Incentive Plan [Member] \| Subsequent Event [Member] \| Common Stock [Member] \| First Anniversary [Member] \| Employees [Member]
Stock option vesting percentage	25.00%
Maximum [Member]
Cash proceeds from exercises of warrants			$ 100,000
Maximum [Member] \| 2020 Equity Incentive Plan [Member]
Maximum number of shares that may be issued under stock option incentive plan										8,000,000
Private Placement [Member]
Warrants price per share					$ 11.87
Warrants exercise price					$ 0.01
Gross proceeds					$ 80,000,000
Transaction cost					4,600,000
Proceeds from issuance common stock and warrants net offering costs					$ 75,400,000
Private Placement [Member] \| Common Stock [Member]
Issuance of common stock					6,105,359
Issuance of warrants					628,403
Share price per share					$ 11.88
Exercise of warrants, shares							628,403
Cash proceeds from exercises of warrants							$ 6,284
Private Placement [Member] \| MTS Health Partners [Member] \| Common Stock [Member]
Issuance of common stock					35,260
ATM Offering Program [Member] \| Common Stock [Member]
Common stock, shares issued										0
ATM Offering Program [Member] \| Maximum [Member] \| Common Stock [Member]
Aggregate sale of shares of our common stock								$ 50,000,000
Underwritten Public Offering [Member] \| Common Stock [Member]
Issuance of common stock									25,558,750
Share price per share									$ 3.15
Proceeds net of issuance costs									$ 75,200,000
Underwritten Public Offering [Member] \| Subsequent Event [Member] \| Common Stock [Member]
Issuance of common stock						19,736,842
Share price per share						$ 8.74
Proceeds net of issuance costs						$ 161,600,000

Fixed Assets (Tables)

12 Months Ended

Dec. 31, 2023

Assets [Abstract]

Schedule of Fixed Assets, Net

Fixed assets, net consisted of the following:


		December 31,			December 31,
	Useful Life	2023			2022
		(in thousands)
Computer equipment	5 years	$	117		$	66
Lab equipment	5 years		1,192			1,192
Furniture and fixtures	7 years		555			456
Leasehold improvements	lease term		45			31
Total property, plant and equipment			1,909			1,745
Less: Accumulated depreciation			(1,225	)		(914	)
Property, plant and equipment, net		$	684		$	831

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Dec. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. This process involves reviewing open contracts and purchase orders, communicating with our personnel and outside vendors to identify services that have been performed on our behalf and estimating the level of service performed and the associated costs incurred for the services when we have not yet been invoiced or otherwise notified of the actual costs. Significant estimates and assumptions reflected in these consolidated financial statements include, but are not limited to, the accrual of research and development expense, the recording as prepaid expense of payments made in advance of the actual provision of goods or services, valuation of stock-based awards and valuation of leases. Due to inherent uncertainty involved in making estimates, actual results reported in future periods may be affected by changes in these estimates. On an ongoing basis, the Company evaluates its estimates and assumptions. Concentrations of Credit Risk and Significant Suppliers Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash, cash equivalents and marketable securities. Cash balances may be held in financial institutions which may exceed federally insured limits. The Company has not experienced realized losses related to its cash, cash equivalents or marketable securities. The Company is highly dependent on third-party manufacturers to supply products for research and development activities in its programs, to scale and optimize their manufacturing processes and, ultimately, to provide commercial supply. The Company relies and expects to continue to rely on a small number of manufacturers to supply it with its requirements for drug substance and formulated drugs related to these programs. The drug substance which is in frozen liquid form for nomlabofusp is currently manufactured for the Company by a third-party manufacturer, and the frozen liquid form of drug product is made at another manufacturer. The Company is undertaking a program with a third manufacturer to begin to produce a lyophilized version of the drug product from the same drug substance, that, once available, the Company intends to use in certain of its future planned clinical trials. The Company’s research and development programs could be adversely affected by a significant interruption in these manufacturing services or in the supply of drug substance and formulated drugs. Cash and Cash Equivalents The Company considers all highly liquid investments with maturities of three months or less at the date of purchase to be cash equivalents. Cash equivalents consisted of money market funds as of December 31, 2023 and 2022. Marketable securities Marketable securities consist of debt investments with original maturities greater than ninety days. The Company classifies its marketable securities as available-for-sale. Accordingly, these investments are recorded at fair value, which is based on quoted market prices. When the fair value is below the amortized cost the amount of the expected credit loss is estimated. The credit-related impairment amount, if any, would be recognized in net income; the remaining impairment amount and unrealized gains are reported as a component of accumulated other comprehensive income in stockholders’ equity. Credit losses, if any, are recognized through the use of an allowance for credit losses account and subsequent improvements in expected credit losses are recognized as a reversal of the allowance account. If the Company has the intent to sell the security or if it is more likely than not that the Company would be required to sell the security prior to recovery of its amortized cost basis, the allowance for credit loss would be written off and the excess of the amortized cost basis of the asset over its fair value is recorded in net income. Property and Equipment Property and equipment are stated at cost less accumulated depreciation. Depreciation expense is recognized using the straight-line method over a five or seven-year estimated useful life for equipment, furniture and fixtures and office equipment. Leasehold improvements are amortized over the shorter of the asset life or the term of the lease agreement. Expenditures for repairs and maintenance of assets are charged to expense as incurred. Upon retirement or sale, the cost and related accumulated depreciation of assets disposed of are removed from the accounts and any resulting gain or loss is included in loss from operations. Impairment of Long-Lived Assets Long-lived assets consist of property and equipment, net¸ and right-of-use assets. Long-lived assets to be held and used are tested for recoverability whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. Factors that the Company considers in deciding when to perform an impairment review include significant underperformance of the business in relation to expectations, significant negative industry or economic trends, and significant changes or planned changes in the use of the assets. If an impairment review is performed to evaluate a long-lived asset for recoverability, the Company compares forecasts of undiscounted cash flows expected to result from the use and eventual disposition of the long-lived asset to its carrying value. Any impairment loss, if indicated, is measured as the amount by which the carrying amount of the asset exceeds the estimated fair value of the asset. Segment Information The Company manages its operations as a single operating segment for the purposes of assessing performance and making operating decisions. The Company’s focus is on the research, development and commercialization of novel therapeutics for the treatment of rare diseases. Research and Development Costs Costs associated with internal research and development and external research and development services, including drug development, clinical studies and non-clinical studies, are expensed as incurred. Research and development expenses include costs for salaries, employee benefits, subcontractors, facility-related expenses, depreciation, stock-based compensation, third-party license fees, laboratory supplies, and external costs of outside vendors engaged to conduct discovery, non-clinical and clinical development activities and clinical trials as well as to manufacture clinical trial materials, and other costs. The Company recognizes external research and development costs based on an evaluation of the progress to completion of specific tasks using information provided to the Company by its key service providers. Nonrefundable advance payments for goods or services to be received in the future for use in research and development activities are recorded as prepaid expenses. Such prepaid expenses are recognized as an expense when the goods have been delivered or the related services have been performed, or when it is no longer expected that the goods will be delivered, or the services rendered. Upfront payments, milestone payments and annual maintenance fees under license agreements are currently expensed in the period in which they are incurred. Patent Costs All patent-related costs incurred in connection with filing and prosecuting patent applications are expensed as incurred due to the uncertainty about the recovery of the expenditure. Amounts incurred are classified as general and administrative expenses. Stock-Based Compensation The Company measures all stock-based awards granted to employees and directors based on the fair value on the date of grant using the Black-Scholes option-pricing model. Compensation expense of those awards is recognized over the requisite service period, which is the vesting period of the respective award. Typically, the Company issues awards with only service-based vesting conditions and records the expense for these awards using the straight-line method. The Company accounts for forfeitures as they occur. The Company classifies stock-based compensation expense in its consolidated statements of operations and comprehensive loss in the same manner in which the award recipient’s payroll costs are classified or in which the award recipient’s service payments are classified. Prior to May 28, 2020, the Company had been a private company and lacked company-specific historical and implied volatility information for its common stock. Prior to January 1, 2023, the Company estimated its expected common stock price volatility solely based on the historical volatility of publicly traded peer companies. Beginning on January 1, 2023, based on the availability of sufficient historical trading data of the Company's own common stock on the Nasdaq Global Market to calculate accurately its volatility, the Company began blending its volatility starting from June 2020 (following its merger with Zafgen in 2020) to the date of each stock-based award, and weighing the volatility of its peer group for the amount of time from May 31, 2020 backwards so that the blended volatility equals the expected term of the related stock-based award. The expected term of the Company’s stock options has been determined utilizing the “simplified” method for awards that qualify as “plain-vanilla” options. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the award. The expected dividend yield considers the fact that the Company has never paid cash dividends on common stock and does not expect to pay any cash dividends in the foreseeable future. Income Taxes The Company accounts for income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the consolidated financial statements or in the Company’s tax returns. Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Changes in deferred tax assets and liabilities are recorded in the provision for income taxes. The Company assesses the likelihood that its deferred tax assets will be recovered from future taxable income and, to the extent it believes, based upon the weight of available evidence, that it is more likely than not that all or a portion of the deferred tax assets will not be realized, a valuation allowance is established through a charge to income tax expense. Potential for recovery of deferred tax assets is evaluated by estimating the future taxable profits expected and considering prudent and feasible tax planning strategies. The Company accounts for uncertainty in income taxes recognized in the consolidated financial statements by applying a two-step process to determine the amount of tax benefit to be recognized. First, the tax position must be evaluated to determine the likelihood that it will be sustained upon external examination by the taxing authorities. If the tax position is deemed more-likely-than-not to be sustained, the tax position is then assessed to determine the amount of benefit to recognize in the consolidated financial statements. The amount of the benefit that may be recognized is the largest amount that has a greater than 50% likelihood of being realized upon ultimate settlement. The provision for income taxes includes the effects of any resulting tax reserves, or unrecognized tax benefits, that are considered appropriate as well as the related net interest and penalties. Comprehensive Gain (Loss) Comprehensive gain (loss) includes net loss as well as other changes in stockholders’ equity that result from transactions and economic events other than those with stockholders. For the years ended December 31, 2023 and 2022, the Company’s only element of other comprehensive loss was unrealized loss on marketable securities. Net Loss Per Share Basic net loss per share is computed by dividing the net loss attributable to common stockholders by the weighted average number of common shares outstanding for the period. Prior to August 11, 2023, basic shares outstanding includes the weighted average effect of the Company’s prefunded warrants issued in June 2020, the exercise of which requires little or no consideration for the delivery of shares of common stock. These prefunded warrants were exercised on August 11, 2023 and the Company received cash proceeds of less than $0.1 million. Accordingly, the 628,403 shares were issued upon the exercise of these warrants and are included in issued and outstanding common stock. Diluted net loss per share attributable to common stockholders is computed by dividing the diluted net loss attributable to common stockholders by the weighted average number of common shares, including potentially dilutive common stock equivalents assuming the dilutive effect of outstanding stock options, outstanding restricted stock units, and unvested restricted common shares, as determined using the treasury stock method. For periods in which the Company has reported net losses (all periods since inception), diluted net loss per common share attributable to common stockholders is the same as basic net loss per common share attributable to common stockholders, since dilutive common stock equivalents are not assumed to have been issued if their effect is antidilutive. The Company excluded 4,888,502 and 3,071,528 options to purchase common stock, outstanding as of December 31, 2023 and 2022 respectively, from the computation of diluted net loss per share for the twelve months ended December 31, 2023 and 2022, respectively, because they had an anti-dilutive impact due to the net loss incurred for the periods. Recently Issued and Adopted Accounting Pronouncements From time to time, new accounting guidance is issued by the FASB or other standard setting bodies that is adopted by us as of the effective date or, in some cases where early adoption is permitted, in advance of the effective date. We have assessed the recently issued guidance that is not yet effective and believe the new guidance will not have a material impact on the consolidated results of operations, cash flows or financial position.

Fair Value Measurements and Cash Equivalents/Marketable Securities (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Summary of Cash Equivalents and Marketable Securities

The following tables summarize the Company’s cash equivalents and marketable securities as of December 31, 2023 and 2022:


	Total		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(in thousands)
December 31, 2023
Cash equivalents:
Money market funds invested in government securities	$	24,701	$	24,701	$	—	$	—
Total cash equivalents		24,701		24,701		—		—

Marketable securities:
U.S. Treasury Bills		17,334		17,334		—		—
U.S. Government securities		35,719		—		35,719		—
Corporate bonds		6,988		—		6,988		—
Total marketable securities		60,041		17,334		42,707		—
Total cash equivalents and marketable securities	$	84,742	$	42,035	$	42,707	$	—

December 31, 2022
Cash equivalents:
Money market funds invested in government securities	$	22,184	$	22,184	$	—	$	—
Total cash equivalents		22,184		22,184		—		—

Marketable securities:
U.S. Government securities		91,603		—		91,603		—
Total marketable securities		91,603		—		91,603		—
Total cash equivalents and marketable securities	$	113,787	$	22,184	$	91,603	$	—

Summary of Marketable Securities

The following tables summarize the Company’s marketable securities as of December 31, 2023 and 2022:


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(in thousands)
December 31, 2023
Assets:
U.S. Treasury Bills		17,330		4		—			17,334
U.S. Government securities (due within 1 year)		35,653		66		—			35,719
Commercial paper (due within 1 year)		6,977		11		—			6,988
Total marketable securities	$	59,960	$	81	$	—		$	60,041
December 31, 2022
Assets:
U.S. Government securities (due within 1 year)		91,634		12		(43	)		91,603
	$	91,634	$	12	$	(43	)	$	91,603

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Schedule of Maturities of Lease Liabilities Due Under Lease Agreements

Maturities of lease liabilities due under these lease agreements as of December 31, 2023 are as follows:


Year Ending December 31,	Operating
(in thousands)	Leases
2024	$	1,380
2025		1,403
2026		1,328
2027		1,118
2028		1,136
Thereafter		959
Total lease payments		7,324
Less: imputed interest		(1,778	)
Present value of lease liabilities	$	5,546

Income Taxes - Summary of Changes in the Valuation Allowance for Deferred Tax Assets (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Taxes Disclosure [Line Items]
Valuation allowance as of the beginning of the year	$ 130,831	$ 124,016
Increases recorded to income tax provision	10,939	6,815
Valuation allowance at end of year	$ 141,770	$ 130,831

Commitments and Contingencies

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Intellectual Property Licenses

The Company is party to an exclusive License Agreement (the “WFUHS License”), dated November 30, 2016, as amended, with Wake Forest University Health Sciences (“WFUHS”) and an exclusive License Agreement (the “IU License”), dated November 30, 2016, as amended, with Indiana University (“IU”). Such agreements provide for a transferable, worldwide license to certain patent rights regarding technology used by the Company with respect to the development of nomlabofusp. Both agreements continue from their effective date through the last to date of expiration of the licensed patents, unless earlier terminated by either party in accordance with their terms.

In partial consideration for the right and license granted under these agreements, the Company will pay each of WFUHS and IU a royalty of a low single digit percentage of net sales of licensed products depending on whether there is a valid patent covering such products. As additional consideration for these agreements, the Company is obligated to pay each of WFUHS and IU certain milestone payments of up to $2.6 million in the aggregate upon the achievement of certain developmental milestones, which commenced with the enrollment of the first patient in a Phase 1 clinical trial. The Company enrolled the first patient in its SAD trial on December 11, 2019 and paid WFUHS and IU less than $0.1 million. The Company will also pay each of WFUHS and IU sublicensing fees ranging from a high-single digit to a low double-digit percentage of sublicense consideration depending on the Company’s achievement of certain regulatory milestones as of the time of receipt of the sublicense consideration. The Company is also obligated to reimburse WFUHS and IU for patent-related expenses. In the event that the Company disputes the validity of any of the licensed patents, the royalty rate would be tripled during such dispute. The Company is also obligated to pay to IU a minimum annual royalty of less than $0.1 million per annum.

In the event that the Company is required to pay IU consideration, then the Company may deduct 20% of such IU consideration on a dollar-for-dollar basis from the consideration due to WFUHS. In the event that the Company is required to pay WFUHS consideration, then the Company may deduct 60% of such WFUHS consideration on a dollar-for-dollar basis from the consideration due to IU.

In October 2022, the Company initiated dosing of a Phase 2 study. Pursuant to the terms of both the WFUHS License and the IU License, the company recognized milestone expense of $0.3 million within research and development expenses.

Both agreements continue from their effective date through the last date of expiration of the licensed patents, unless earlier terminated by either party in accordance with their terms.

Leases

Bala Cynwyd Office Space

On August 8, 2019, the Company entered into an operating lease for office space in Bala Cynwyd, Pennsylvania, effective as of December 15, 2019, for a period of three years and six months with an option to extend the lease for three additional years. Due to required tenant improvements to be completed by the landlord, the Company did not take immediate possession of the leased property and the lease term commenced on February 15, 2020.

On March 9, 2023, the Company executed a lease extension agreement on its original 4,642 square footage of office space in Bala Cynwyd, Pennsylvania (which was set to expire in August 2023) and agreed to lease an additional 3,462 square feet of office space from the same landlord.

The lease extension on the original 4,642 square footage commenced on September 1, 2023 and the Company recorded a right of use asset and lease liability of $0.5 million as of that date.

The new lease on 3,462 additional square footage commenced on October 1, 2023 and the Company recorded a right of use asset and lease liability of $0.3 million as of that date.

The right of use assets and lease liabilities with both these leases are reflected in the financial statements for the year ended December 31, 2023 as are the right of use asset and lease liability of the Company's Boston office space discussed below.

Boston Office Lease

In connection with the Company's 2020 merger with Zafgen described in footnote 1, on May 28, 2020, the Company acquired a non-cancellable operating lease for approximately 17,705 square feet of office space (the “Premises”). The lease expires on October 30, 2029. As part of the agreement, the Company is required to maintain a letter of credit, which upon signing was $1.3 million and is classified as restricted cash within the condensed consolidated financial statements. In addition to the base rent, the Company is also responsible for its share of operating expenses, electricity and real estate taxes, which costs are not included in the determination of the leases’ right-of-use assets or lease liabilities. The right-of-use asset is being amortized to other income/(expense) over the remaining lease term as a result of the sublease described below.

On October 27, 2020, the Company entered into a sublease agreement (the “Sublease”) with Massachusetts Municipal Association, Inc. (the “Subtenant”), whereby the Company sublet the entire Premises to the Subtenant. The initial term of the Sublease commenced on December 4, 2020 and continues until October 30, 2029. In connection with the Sublease, the Company evaluated the need for impairment under ASC 360 "Impairment Testing: Long-Lived Assets Classified as Held and Used," and determined there was no impairment.

The Sublease provided for an initial annual base rent of $0.8 million, which increases annually up to a maximum annual base rent of $1.0 million. The Subtenant also is responsible for paying to the Company future increases in operating costs (commencing on January 1, 2022), future increases in annual tax costs (commencing July 1, 2021) and all utility costs (commencing March 1, 2021) attributable to the Premises during the term of the Sublease. As part of the Sublease, the subtenant deposited a letter of credit in the amount of $0.8 million to assure their performance under the sublease. If there are no uncured events of default under the sublease, the amount of this security deposit decreases over time to $0.4 million on the sixth anniversary of the Sublease. The Company records sublease income on this sublease on a straight-line basis as a component of other income/(expense).

Lab Space

On November 5, 2018, the Company entered into an operating lease for office and lab space in Philadelphia, Pennsylvania, effective as of January 1, 2019, and expiring on December 31, 2020 with an option to extend the lease for two additional years. On August 4, 2020, the Company executed the first option to extend the lease for an additional year, expiring on December 31, 2021. On August 9, 2021, the Company executed the remaining option to extend the lease for an additional year, expiring on December 31, 2022. In January 2023, the Company executed an extension of this lease for an additional year, expiring on December 31, 2023. The Company has determined this lease extension qualifies as a short-term lease and have applied the accounting policy election to not record the related right-of-use asset and lease liabilities.

On October 16, 2023, the Company entered into an operating lease for lab space in King of Prussia, Pennsylvania for a period of four years. Due to required tenant improvements to be completed by the landlord, the Company did not take immediate possession of the leased property and the lease term is expected to commence in the second quarter of 2024, no right of use asset or lease liability will be recorded until the lease commencement date.

Lease Expense

Expense arising from operating leases was $0.4 million and $0.3 million during the twelve months ended December 31, 2023 and 2022, respectively. For operating leases, the weighted-average remaining lease term for leases at December 31, 2023 and 2022 was 5.5 and 6.8 years, respectively. For operating leases, the weighted

average discount rate for leases at December 31, 2023 and 2022 was 11.0%. The Company has not entered into any financing leases.

Maturities of lease liabilities due under these lease agreements as of December 31, 2023 are as follows:


Year Ending December 31,	Operating
(in thousands)	Leases
2024	$	1,380
2025		1,403
2026		1,328
2027		1,118
2028		1,136
Thereafter		959
Total lease payments		7,324
Less: imputed interest		(1,778	)
Present value of lease liabilities	$	5,546

Legal Proceedings

The Company is not currently a party to any litigation, nor is management aware of any pending or threatened litigation against the Company, that it believes would materially affect the Company’s business, operating results, financial condition or cash flows.

Stockholders Equity and Stock Options - Assumptions used to Determine Fair Value of Stock Options Granted (Detail)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Stockholders' Equity Note [Abstract]
Risk-free interest rate	3.72%	2.15%
Expected term (in years)	6 years 2 months 23 days	6 years 2 months 15 days
Expected volatility	94.00%	89.00%
Dividend yield	0.00%	0.00%

Stockholders’ Equity and Stock Options (Tables)

12 Months Ended

Dec. 31, 2023

Stockholders' Equity Note [Abstract]

Assumptions used to Determine Fair Value of Stock Options Granted

The following table presents, on a weighted average basis, the assumptions used in the Black-Scholes option-pricing model to determine the grant-date fair value of stock options granted to employees:


	2023		2022
Risk-free interest rate	3.72%		2.15%
Expected term (in years)		6.23		6.21
Expected volatility	94%		89%
Dividend yield	0.00%		0.00%

Summary of Stock Option Activity

The following table summarizes the Company’s stock option activity for the twelve months ended December 31, 2023 (amounts in millions, except for share and per share data):


				Weighted		Weighted Average		Aggregate
				Average		Remaining		Intrinsic
	Number of			Exercise		Contractual		Value (a)
	Shares			Price		Term (in years)		(in millions)
Outstanding as of December 31, 2022		3,071,528		$	12.13		7.6
Granted		1,748,200			4.68
Exercised		(11,466	)		2.93
Forfeited/Expired		(534,760	)		12.52
Outstanding as of December 31, 2023		4,273,502		$	9.06		7.8	$	0.9
Exercisable as of December 31, 2023		1,930,100		$	12.55		6.6	$	0.2
Vested and expected to vest as of December 31, 2023		4,273,502		$	9.06		7.8	$	0.9

(a)

Summary of Restricted Stock Units

Activity with respect to the Company's RSUs during the twelve months ended December 31, 2023 was as follows (in millions, except share, contractual term, and per share data):


				Weighted		Weighted Average		Aggregate
				Average		Remaining		Intrinsic
	Number of			Grant Date		Contractual		Value (a)
	Shares			Fair Value		Term (in years)		(in millions)
Outstanding as of December 31, 2022		—		$			—
Restricted stock units granted		650,000			4.94
Restricted stock units forfeited		(35,000	)		4.94
Outstanding as of December 31, 2023		615,000		$	4.94		1.6	$	2.8
Unvested and expected to vest as of December 31, 2023		615,000		$	4.94		1.6	$	2.8

Summary of Stock-Based Compensation Expense

Stock-based compensation expense was classified in the consolidated statements of operations as follows:


	Year Ended December 31,
	2023		2022
	(in thousands)
Research and development	$	3,077	$	2,771
General and administrative		4,538		3,848
	$	7,615	$	6,619

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value per share	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value per share	$ 0.001	$ 0.001
Common stock, shares authorized	115,000,000	115,000,000
Common stock, shares issued	43,909,069	43,269,200
Common stock, shares outstanding	43,909,069	43,269,200

Document and Entity Information - USD ($) $ in Thousands	12 Months Ended
Document and Entity Information - USD ($) $ in Thousands	Dec. 31, 2023	Mar. 12, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Trading Symbol	LRMR
Entity Registrant Name	LARIMAR THERAPEUTICS, INC.
Entity Central Index Key	0001374690
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		63,800,017
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity File Number	001-36510
Entity Tax Identification Number	20-3857670
Entity Address, Address Line One	Three Bala Plaza East
Entity Address, Address Line Two	Suite 506
Entity Address, City or Town	Bala Cynwyd
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19004
City Area Code	844
Local Phone Number	511-9056
Title of 12(b) Security	Common Stock, par value $0.001 per share
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes
Document Annual Report	true
Document Transition Report	false
Entity Incorporation State Country Code	DE
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Public Float			$ 80,218,629
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction	false
Documents Incorporated by Reference	Part III of this Annual Report on Form 10-K incorporates certain information by reference from the registrant’s proxy statement for the 2024 annual meeting of shareholders to be filed no later than 120 days after the end of the registrant’s fiscal year ended December 31, 2023.
Auditor Firm ID	238
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Philadelphia, Pennsylvania, USA

Stockholders Equity and Stock Options - Summary of Restricted Stock Units (Details) - Restricted Stock Units (RSUs) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) $ / shares shares
Number of shares, Outstanding	0
Number of shares, Restricted stock units granted	650,000
Number of shares, Restricted stock units forfeited	(35,000)
Number of shares, Outstanding	615,000
Number of shares, Unvested and expected to vest as of December 31, 2023	615,000
Weighted average grant date fair value, Restricted stock units granted \| $ / shares	$ 4.94
Weighted average grant date fair value, Restricted stock units forfeited \| $ / shares	4.94
Weighted average grant date fair value, balance \| $ / shares	4.94
Weighted average grant date fair value, Unvested and expected to vest as of December 31, 2023 \| $ / shares	$ 4.94
Weighted average remaining contractual term, Outstanding as of December 31, 2023	1 year 7 months 6 days
Weighted average remaining contractual term, Unvested and expected to vest as of December 31, 2023	1 year 7 months 6 days
Aggregate intrinsic value, Outstanding as of December 31, 2023 \| $	$ 2.8
Aggregate intrinsic value, Unvested and expected to vest as of December 31, 2023 \| $	$ 2.8

Fixed Assets

12 Months Ended

Dec. 31, 2023

Assets [Abstract]

Fixed Assets

Fixed assets, net consisted of the following:


		December 31,			December 31,
	Useful Life	2023			2022
		(in thousands)
Computer equipment	5 years	$	117		$	66
Lab equipment	5 years		1,192			1,192
Furniture and fixtures	7 years		555			456
Leasehold improvements	lease term		45			31
Total property, plant and equipment			1,909			1,745
Less: Accumulated depreciation			(1,225	)		(914	)
Property, plant and equipment, net		$	684		$	831

Depreciation expense was $0.2 million for the years ended December 31, 2023 and 2022, respectively. In addition, for the years ended December 31, 2023 and 2022, there was $0.1 million of depreciation related to sublet assets recorded as other expense.

Fair Value Measurements and Cash Equivalents/Marketable Securities - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Accrued interest receivable	$ 300,000	$ 100,000
Allowance for credit loss	0	0
Impairment losses on investment	$ 0	$ 0

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (36,949)	$ (35,355)

- Definition

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

+ References

+ Details

Prepaid Expenses and Other Current Assets

12 Months Ended

Dec. 31, 2023

Prepaid Expense and Other Assets [Abstract]

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following:


	December 31,		December 31,
	2023		2022
	(in thousands)
Prepaid research and development expenses	$	1,994	$	1,394
Prepaid insurance		682		679
Other prepaid expenses and other assets		709		238
Total prepaid expenses and other assets	$	3,385	$	2,311

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Millions		12 Months Ended
	Aug. 11, 2023	Dec. 31, 2023	Dec. 31, 2022
Summary Of Significant Accounting Policies [Line Items]
Percentage of likelihood to be realized upon ultimate settlement, description		50.00%
Common stock, shares issued		43,909,069	43,269,200
Common stock, shares outstanding		43,909,069	43,269,200
From Exercise of Warrants [Member]
Summary Of Significant Accounting Policies [Line Items]
Common stock, shares issued	628,403
Common stock, shares outstanding	628,403
Employee Stock Option
Summary Of Significant Accounting Policies [Line Items]
Total potentially dilutive shares		4,888,502	3,071,528
Maximum [Member]
Summary Of Significant Accounting Policies [Line Items]
Cash proceeds from exercises of warrants	$ 0.1
Equipment, Furniture and Fixtures and Office Equipment [Member] \| Minimum [Member]
Summary Of Significant Accounting Policies [Line Items]
Estimated useful life		5 years
Equipment, Furniture and Fixtures and Office Equipment [Member] \| Maximum [Member]
Summary Of Significant Accounting Policies [Line Items]
Estimated useful life		7 years

Fair Value Measurements and Cash Equivalents/Marketable Securities - Summary of Cash Equivalents and Marketable Securities (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	$ 24,701	$ 22,184
Marketable securities	60,041	91,603
Total cash equivalents and marketable securities	84,742	113,787
U.S. Treasury Bills [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable securities	17,334
U.S. Government Securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable securities	35,719	91,603
Corporate Bonds [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable securities	6,988
Money Market Funds [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	24,701	22,184
Quoted Prices in Active Markets, (Level 1) [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	24,701	22,184
Marketable securities	17,334
Total cash equivalents and marketable securities	42,035	22,184
Quoted Prices in Active Markets, (Level 1) [Member] \| U.S. Treasury Bills [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable securities	17,334
Quoted Prices in Active Markets, (Level 1) [Member] \| Money Market Funds [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	24,701	22,184
Significant Other Observable Inputs (Level 2) [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable securities	42,707	91,603
Total cash equivalents and marketable securities	42,707	91,603
Significant Other Observable Inputs (Level 2) [Member] \| U.S. Government Securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable securities	35,719	$ 91,603
Significant Other Observable Inputs (Level 2) [Member] \| Corporate Bonds [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable securities	$ 6,988

Prepaid Expenses and Other Current Assets (Tables)

12 Months Ended

Dec. 31, 2023

Prepaid Expense and Other Assets [Abstract]

Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following:


	December 31,		December 31,
	2023		2022
	(in thousands)
Prepaid research and development expenses	$	1,994	$	1,394
Prepaid insurance		682		679
Other prepaid expenses and other assets		709		238
Total prepaid expenses and other assets	$	3,385	$	2,311

Fair Value Measurements and Cash Equivalents/Marketable Securities - Summary of Marketable Securities (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	$ 59,960	$ 91,634
Gross Unrealized Gains	81	12
Gross Unrealized Losses		(43)
Fair Value	60,041	91,603
U.S. Treasury Bills [Member]
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	17,330
Gross Unrealized Gains	4
Fair Value	17,334
Commercial paper (due within 1 year) [Member]
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	6,977
Gross Unrealized Gains	11
Fair Value	6,988
U.S. Government securities (due within 1 year) [Member]
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	35,653	91,634
Gross Unrealized Gains	66	12
Gross Unrealized Losses		(43)
Fair Value	$ 35,719	$ 91,603

- Definition

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

+ References

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

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

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

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

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

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

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

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

+ Details

Commitments and Contingencies - Schedule of Maturities of Lease Liabilities Due Under Lease Agreements (Detail) $ in Thousands	Dec. 31, 2023 USD ($)
Leases [Abstract]
2024	$ 1,380
2025	1,403
2026	1,328
2027	1,118
2028	1,136
Thereafter	959
Total lease payments	7,324
Less: imputed interest	(1,778)
Present value of lease liabilities	$ 5,546

Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Prepaid Expense and Other Assets [Abstract]
Prepaid research and development expenses	$ 1,994	$ 1,394
Prepaid insurance	682	679
Other prepaid expenses and other assets	709	238
Total prepaid expenses and other assets	$ 3,385	$ 2,311

Commitments and Contingencies - Additional Information (Detail) $ in Thousands											1 Months Ended		12 Months Ended
	Oct. 01, 2023 USD ($) ft²	Sep. 01, 2023 USD ($) ft²	Mar. 09, 2023 ft²	Aug. 09, 2021	Oct. 27, 2020 USD ($)	Aug. 04, 2020	May 28, 2020 USD ($) ft²	Dec. 11, 2019 USD ($)	Aug. 08, 2019	Nov. 05, 2018	Jan. 31, 2023	Oct. 31, 2022 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Oct. 16, 2023	Nov. 30, 2016 USD ($)
Other Commitments [Line Items]
Operating lease right-of-use assets													$ 3,078	$ 2,858
Operating lease liabilities													$ 4,709	$ 4,797
Weighted average remaining lease term in years													5 years 6 months	6 years 9 months 18 days
Weighted average discount rate													11.00%	11.00%
Lease expenses													$ 400	$ 300
Pennsylvania [Member] \| Office [Member]
Other Commitments [Line Items]
Operating lease term									3 years 6 months
Lease extension period									3 years
Lease term commencement date			Sep. 01, 2023						Feb. 15, 2020
Operating lease right-of-use assets		$ 500
Operating lease liabilities		$ 500
Area of office space \| ft²		4,642	4,642
Lease term expiration date			Aug. 31, 2023
Pennsylvania [Member] \| Office and Lab [Member]
Other Commitments [Line Items]
Lease extension period										2 years
Lease term commencement date										Jan. 01, 2019
Lease term expiration date				Dec. 31, 2022		Dec. 31, 2021				Dec. 31, 2020	Dec. 31, 2023
Pennsylvania [Member] \| Additional Office [Member]
Other Commitments [Line Items]
Lease term commencement date			Oct. 01, 2023
Operating lease right-of-use assets	$ 300
Operating lease liabilities	$ 300
Area of office space \| ft²	3,462		3,462
Pennsylvania [Member] \| Lab Space [Member]
Other Commitments [Line Items]
Operating lease term															4 years
Massachusetts [Member] \| Office [Member]
Other Commitments [Line Items]
Area of office space \| ft²							17,705
Lease term expiration date							Oct. 30, 2029
Massachusetts [Member] \| Office [Member] \| Letter of Credit [Member]
Other Commitments [Line Items]
Letter of credit							$ 1,300
Massachusetts [Member] \| Office Sublease [Member]
Other Commitments [Line Items]
Lease term commencement date					Dec. 04, 2020
Lease term expiration date					Oct. 30, 2029
Massachusetts [Member] \| Office Sublease [Member] \| First Sublease Year [Member]
Other Commitments [Line Items]
Annual base rent					$ 800
Massachusetts [Member] \| Office Sublease [Member] \| First Sublease Year [Member] \| Letter of Credit [Member]
Other Commitments [Line Items]
Lease security deposits letters of credit					800
Massachusetts [Member] \| Office Sublease [Member] \| Final Sublease Year [Member]
Other Commitments [Line Items]
Annual base rent					1,000
Massachusetts [Member] \| Office Sublease [Member] \| Sixth Sublease Year [Member] \| Letter of Credit [Member]
Other Commitments [Line Items]
Lease security deposits letters of credit					$ 400
WFUHS [Member]
Other Commitments [Line Items]
License agreement consideration deduction percentage																60.00%
WFUHS [Member] \| Maximum [Member]
Other Commitments [Line Items]
Milestone payments																$ 2,600
IU [Member]
Other Commitments [Line Items]
License agreement consideration deduction percentage																20.00%
IU [Member] \| Maximum [Member]
Other Commitments [Line Items]
Milestone payments																$ 2,600
Annual royalty pay obligation																$ 100
WFUHS and IU [Member] \| Research and Development Expenses [Member]
Other Commitments [Line Items]
Milestone expenses												$ 300
WFUHS and IU [Member] \| Maximum [Member]
Other Commitments [Line Items]
Payment for license agreements								$ 100