0000950170-23-021969 | 10-Q | XBRL Viewer

Leases (Tables)

3 Months Ended

Mar. 31, 2023

The components of operating lease cost were as follows:


	Three months ended March 31,
(in thousands)	2023		2022
Operating lease costs	$	3,222	$	505
Variable lease costs		879		211
Total	$	4,101	$	716

Supplemental Cash Flow Information Related to Operating Leases

Supplemental cash flow information related to operating leases was as follows:


	Three months ended March 31,
(in thousands)	2023		2022
Cash paid for amounts included in the measurements of lease liabilities:
Operating cash flows related to operating leases	$	3,148	$	529

Schedule of Future Minimum Lease Commitments under Non-Cancellable Leases

Future minimum commitments under non-cancellable leases as of March 31, 2023 were as follows:


Years ending December 31,	Amount
	(in thousands)
Remainder of 2023	$	8,918
2024		10,563
2025		10,868
2026		11,183
2027		11,506
Thereafter		62,737
Total lease payments	$	115,775
Less: interest		(35,664	)
Present value of operating lease liabilities	$	80,111

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Beginning Balance at Dec. 31, 2021	$ 357,352	$ 49	$ 544,381	$ (228)	$ (186,850)
Beginning Balance (in shares) at Dec. 31, 2021		48,511,735
Exercise of stock options	505		505
Exercise of stock options (in shares)		143,506
Unrealized loss on marketable securities	(504)			(504)
Stock-based compensation	4,203		4,203
Net loss	(30,166)				(30,166)
Ending Balance at Mar. 31, 2022	331,390	$ 49	549,089	(732)	(217,016)
Ending balance (in shares) at Mar. 31, 2022		48,655,241
Beginning Balance at Dec. 31, 2022	$ 550,932	$ 62	895,801	(694)	(344,237)
Beginning Balance (in shares) at Dec. 31, 2022	61,730,816	61,730,816
Exercise of stock options	$ 116		116
Exercise of stock options (in shares)	29,010	29,010
Issuance of common stock from At-the-Market offering, net of issuance costs of $126	$ 1,922		1,922
Issuance of common stock from At-the-Market offering, net of issuance costs of $126, (in shares)		103,184
Unrealized loss on marketable securities	457			457	0
Stock-based compensation	8,024		8,024	0	0
Net loss	(51,975)				(51,975)
Ending Balance at Mar. 31, 2023	$ 509,476	$ 62	$ 905,863	$ (237)	$ (396,212)
Ending balance (in shares) at Mar. 31, 2023	61,863,010	61,863,010

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-URI https://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22595-107794

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-URI https://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126732423&loc=SL123482106-238011

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 50
-Paragraph 6
-URI https://asc.fasb.org/extlink&oid=124431353&loc=SL124452729-227067

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-URI https://asc.fasb.org/extlink&oid=126954810&loc=d3e3602-108585

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22499-107794

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22663-107794

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 17: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22583-107794

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126958026&loc=SL5780133-109256

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 8
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22658-107794

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126968391&loc=SL7669619-108580

Reference 25: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI https://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126968391&loc=SL7669625-108580

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

+ Details

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-Section 55
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=84165509&loc=d3e56426-112766

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 4.E)
-URI https://asc.fasb.org/extlink&oid=122038336&loc=d3e74512-122707

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(31))
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(30))
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

+ Details

Accrued expenses - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Employee compensation and related benefits	$ 4,327	$ 9,124
Accrued external research and development expenses	11,559	8,919
Professional fees	2,072	1,193
License and milestone payments	310	310
Other	728	1,221
Total	$ 18,996	$ 20,767

Subsequent Events	3 Months Ended
Mar. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	15. Subsequent events The Company evaluated all subsequent events and determined there are no material recognized or unrecognized subsequent events requiring disclosure.

Subsequent Events

3 Months Ended

Mar. 31, 2023

Subsequent Events [Abstract]

Subsequent Events

15. Subsequent events

The Company evaluated all subsequent events and determined there are no material recognized or unrecognized subsequent events requiring disclosure.

Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2023

Accounting Policies [Abstract]

Cash, Cash Equivalents and Restricted Cash

Cash, cash equivalents and restricted cash

Restricted cash represents collateral provided for letters of credit issued as security deposits in connection with the Company’s leases of its corporate facilities. A reconciliation of the cash, cash equivalents, and restricted cash reported within the balance sheet that sum to the total of the same amounts shown in the statement of cash flows is as follows:


	March 31,		March 31,
(in thousands)	2023		2022
Cash and cash equivalents	$	83,746	$	91,420
Restricted cash		4,824		5,237
Total cash, cash equivalents and restricted cash	$	88,570	$	96,657

Recently Adopted Accounting Pronouncements

Recently adopted accounting pronouncements

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The standard requires that credit losses be reported using an expected losses model rather than the incurred losses model that is currently used, and establishes additional disclosures related to credit risks. For available-for-sale debt securities with unrealized losses, this standard requires allowances to be recorded instead of reducing the amortized cost of the investment. The Company adopted the new standard on January 1, 2023. Based upon the Company's analysis, the adoption of this new standard did not have a material impact on the Company's financial statements.

Stock-based compensation (Tables)

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Summary of Stock Based Compensation Expense

Stock-based compensation expense recorded in the Company's condensed consolidated statements of operations and comprehensive loss is as follows:


	Three months ended March 31,
(in thousands)	2023		2022
Research and development	$	4,489	$	2,465
General and administrative		3,535		1,738
Total stock-based compensation expense	$	8,024	$	4,203

Schedule of Stock Option Activity

The following table provides a summary of stock option activity during the three months ended March 31, 2023:


	Number of options			Weighted average exercise price per share		Weighted average remaining contractual life (in years)		Aggregate intrinsic value(2) (in thousands)
Outstanding at December 31, 2022		7,612,826		$	16.10
Granted		2,331,590			21.57
Exercised		(29,010	)		4.01
Forfeited		(43,237	)		41.57
Outstanding at March 31, 2023		9,872,169		$	17.32		8.3	$	40,730
Exercisable at March 31, 2023		3,313,399		$	10.83		7.4	$	25,792
Expected to vest after March 31, 2023(1)		6,558,770		$	20.59		8.8	$	14,938

(1)

This represents the number of unvested options outstanding as of March 31, 2023 that are expected to vest in the future.

(2)

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 as of March 31, 2023.

Schedule of Status and Change in Unvested Restricted Stock

A summary of the status of and change in unvested restricted stock units as of March 31, 2023 was as follows:


	Shares			Weighted- average grant date fair value per share
Unvested restricted stock units as of December 31, 2022		677,825		$	23.10
Restricted stock units granted		308,700		$	20.19
Restricted stock units vested		—		$	—
Restricted stock units forfeited		(9,000	)	$	24.87
Unvested restricted stock units as of March 31, 2023		977,525		$	22.17

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Operating lease liability	$ 80,111
Operating lease right-of-use assets	$ 90,003	$ 91,877

Summary of Significant Accounting Policies - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Cash and cash equivalents	$ 83,746	$ 115,412	$ 91,420
Restricted cash	4,824		5,237
Total cash, cash equivalents and restricted cash	$ 88,570	$ 120,236	$ 96,657	$ 69,567

Property and equipment, net (Tables)

3 Months Ended

Mar. 31, 2023

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, net

Property and equipment, net, consisted of the following:


(in thousands)	March 31, 2023			December 31, 2022
Lab equipment	$	23,781		$	20,379
Leasehold improvements		266			266
Furniture and fixtures		2,294			2,294
Computer equipment		826			826
Total property and equipment		27,167			23,765
Less accumulated depreciation		(6,114	)		(4,987	)
Property and equipment, net	$	21,053		$	18,778

Schedule of Depreciation Expense


	Three months ended March 31,
(in thousands)	2023		2022
Depreciation expense	$	1,127	$	514

Leases - Summary of Components of Operating Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Lease, Cost [Abstract]
Operating lease costs	$ 3,222	$ 505
Variable lease costs	879	211
Total	$ 4,101	$ 716

Collaboration and License Agreements (Tables)

3 Months Ended

Mar. 31, 2023

Collaboration and License Agreements [Abstract]

Transaction price separate performance obligation

As such, based on the relative standalone selling price for each of the three material rights, the allocation of the transaction price to the separate performance obligations is as follows:


Performance obligation	Amount
	(in thousands)
Research services obligation	$	5,845
First licensed agent material right		6,667
Second licensed agent material right		6,667
Third licensed agent material right		6,666
Total	$	25,845

Fair value of financial instruments - Schedule of Fair Value Liabilities Measured on Recurring Basis (Details) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value of common stock (per share)	$ 14.42	$ 19.35
Equity Volatility
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity volatility	81.00%	84.00%

Property and Equipment, net - Schedule of Property and Equipment, net (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Property Plant And Equipment [Line Items]
Total property and equipment	$ 27,167	$ 23,765
Less accumulated depreciation	(6,114)	(4,987)
Property and equipment, net	21,053	18,778
Lab equipment
Property Plant And Equipment [Line Items]
Total property and equipment	23,781	20,379
Leasehold Improvements
Property Plant And Equipment [Line Items]
Total property and equipment	266	266
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Total property and equipment	2,294	2,294
Computer Equipment
Property Plant And Equipment [Line Items]
Total property and equipment	$ 826	$ 826

Net Loss Per Share Attributable to Common Stockholders

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Net Loss Per Share Attributable to Common Stockholders

12. Net loss per share

The Company’s potential dilutive securities, which include unvested restricted stock units and common stock options, have been excluded from the computation of diluted net loss per share as the effects would be anti-dilutive. Therefore, the weighted average number of common shares outstanding used to calculate both basic and diluted net loss per share is the same. The Company excluded the following potential common shares, presented based on amounts outstanding at period end, from the computation of diluted net loss per share for the period indicated because including them would have had an anti-dilutive effect:


	As of March 31,
	2023		2022
Unvested restricted stock units		977,525		225,700
Outstanding options to purchase common stock		9,872,169		7,536,372
Total		10,849,694		7,762,072

Net Loss Per Share Attributable to Common Stockholders - Additional Information (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Success payment liability	$ 2,147	$ 2,885

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 83,746	$ 115,412
Marketable securities	424,941	439,396
Collaboration receivable	1,404	1,012
Prepaid expenses and other current assets	7,696	7,339
Total current assets	517,787	563,159
Property and equipment, net	21,053	18,778
Restricted cash	4,824	4,824
Operating lease right-of-use assets	90,003	91,877
Other long term assets	709	585
Total assets	634,376	679,223
Current liabilities:
Accounts payable	3,372	2,424
Accrued expenses	18,996	20,767
Operating lease obligations, current portion	11,184	11,904
Total current liabilities	33,552	35,095
Long-term lease liability	68,927	70,014
Success Payment Liability	2,147	2,885
Deferred revenue, non-current	20,014	20,014
Other long term liabilities	260	283
Total liabilities	124,900	128,291
Commitments and contingencies (See Note 7 and Note 8)
Stockholders' equity (deficit):
Preferred stock, $0.001 par value; 5,000,000 shares authorized; no shares issued and outstanding	0	0
Common stock, $0.001 par value; 200,000,000 shares authorized, 61,863,010 and 61,730,816 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively	62	62
Additional paid-in capital	905,863	895,801
Accumulated other comprehensive income	(237)	(694)
Accumulated deficit	(396,212)	(344,237)
Total stockholders equity	509,476	550,932
Total liabilities, convertible preferred stock, and stockholders' equity (deficit)	$ 634,376	$ 679,223

Accrued Expenses (Tables)

3 Months Ended

Mar. 31, 2023

Payables and Accruals [Abstract]

Schedule of Accrued Expenses

Accrued expenses consisted of the following:


(in thousands)	March 31, 2023		December 31, 2022
Employee compensation and related benefits	$	4,327	$	9,124
Accrued external research and development expenses		11,559		8,919
Professional fees		2,072		1,193
License and milestone payments		310		310
Other		728		1,221
Total	$	18,996	$	20,767

Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Statement of Stockholders' Equity [Abstract]
Issuance of common stock from At-the-Market offering	$ 126

Marketable Securities

3 Months Ended

Mar. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

3. Marketable securities

Marketable securities by security type consisted of the following:


	March 31, 2023
(in thousands)	Amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
U.S. treasury bills and notes	$	201,301	$	57	$	(41	)	$	201,317
U.S. agency securities		223,877		67		(320	)		223,624
Total	$	425,178	$	124	$	(361	)	$	424,941


	December 31, 2022
(in thousands)	Amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
U.S. treasury bills and notes	$	228,432	$	13	$	(301	)	$	228,144
U.S. agency securities		211,658		68		(474	)		211,252
Total	$	440,090	$	81	$	(775	)	$	439,396

The remaining contractual maturities of all marketable securities were less than 18 months as of March 31, 2023 and December 31, 2022.The gross unrealized losses on the Company’s marketable securities of $0.4 million and $0.8 million as of March 31, 2023 and December 31, 2022, respectively, were caused by interest rate increases which resulted in the decrease in market value of these securities. Because the decline in fair value is attributable to changes in interest rates

and not credit quality, and because the Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases, which may be maturity, the Company does not consider those marketable securities to be impaired at March 31, 2023 or December 31, 2022. The Company has not recorded any allowance for credit losses. None of the Company’s marketable securities have been in a continuous unrealized loss position for 12 months or greater as of March 31, 2023 or December 31, 2022.

Net Loss Per Share Attributable to Common Stockholders - Potential Common Shares, Based on Amounts Outstanding at Period End were Excluded From the Computation of Diluted Net Loss Per Share Attributable to Common Stockholders (Details) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities	10,849,694	7,762,072
Unvested restricted stock units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities	977,525	225,700
Outstanding Options To Purchase Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities	9,872,169	7,536,372

Stock-based compensation - Schedule of Stock Option Activity (Details)
$ / shares in Units, $ in Thousands

3 Months Ended

Mar. 31, 2023

USD ($)

$ / shares

Share-Based Payment Arrangement [Abstract]

Number of options, Outstanding, Beginning balance | shares

7,612,826

Number of options, Granted | shares

2,331,590

Number of options, Exercised | shares

(29,010)

Number of options, Forfeited | shares

(43,237)

Number of options, Outstanding, Ending balance | shares

9,872,169

Number of options, Exercisable | shares

3,313,399

Number of options, Expected to vest | shares

6,558,770

^[1]

Weighted average exercise price, Beginning balance | $ / shares

$ 16.10

Weighted average exercise price, Granted | $ / shares

21.57

Weighted average exercise price, Exercised | $ / shares

4.01

Weighted average exercise price, Forfeited | $ / shares

41.57

Weighted average exercise price, Ending balance | $ / shares

17.32

Weighted average exercise price, Exercisable | $ / shares

10.83

Weighted average exercise price, Expected to vest | $ / shares

$ 20.59

^[1]

Weighted average remaining contractual life (in years), Outstanding

8 years 3 months 18 days

Weighted average remaining contractual life (in years), Exercisable

7 years 4 months 24 days

Weighted average remaining contractual life (in years), Expected to vest

8 years 9 months 18 days

^[1]

Aggregate intrinsic value, Outstanding | $

$ 40,730

^[2]

Aggregate intrinsic value, Exercisable | $

25,792

^[2]

Aggregate intrinsic value, Expected to vest | $

$ 14,938

^[1],[2]

[1]	This represents the number of unvested options outstanding as of March 31, 2023 that are expected to vest in the future.
[2]	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 as of March 31, 2023.

Property and Equipment, net - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Property, Plant and Equipment [Abstract]
Depreciation	$ 1,127	$ 514

Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Related Party Transaction [Line Items]
Research and development expenses	$ 47,110	$ 24,490
Lease Rent Payment		500
Beam License Agreement
Related Party Transaction [Line Items]
Research and development expenses	$ 0	$ 0

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2023	May 10, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Entity Registrant Name	VERVE THERAPEUTICS, INC.
Entity Central Index Key	0001840574
Trading Symbol	VERV
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Small Business	true
Entity Common Stock, Shares Outstanding		61,930,485
Entity Interactive Data Current	Yes
Security Exchange Name	NASDAQ
Title of 12(b) Security	Common stock, par value $0.001 per share
Entity File Number	001-40489
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-4800132
Entity Address, Address Line One	201 Brookline Avenue, Suite 601
Entity Address, City or Town	Boston
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02215
City Area Code	617
Local Phone Number	603-0070
Document Quarterly Report	true
Document Transition Report	false

Leases - Summary of Future Minimum Commitments under Non-Cancellable Operating Leases (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Lessee, Operating Lease, Liability, to be Paid [Abstract]
Remainder of 2023	$ 8,918
2024	10,563
2025	10,868
2026	11,183
2027	11,506
Thereafter	62,737
Total lease payments	115,775
Less: interest	(35,664)
Present value of operating lease liabilities	$ 80,111

Collaboration and License Agreements

3 Months Ended

Mar. 31, 2023

Collaboration and License Agreements [Abstract]

Collaboration and License Agreements

Collaboration and license agreements

Vertex Agreement

Summary of Agreement

In July 2022, the Company entered into a Strategic Collaboration and License Agreement (the “Vertex Agreement”) with Vertex Pharmaceuticals Incorporated (“Vertex”) for an exclusive, four-year worldwide research collaboration focused on developing in vivo gene editing candidates toward an undisclosed target for the treatment of a single liver disease. Additionally, in connection with the execution of the Vertex Agreement, the Company entered into a stock purchase agreement (the “Stock Purchase Agreement”) with Vertex, pursuant to which the Company sold 1,519,756 shares of its common stock to Vertex at a price of $23.03 per share, for an aggregate purchase price of $35.0 million.

Pursuant to the Vertex Agreement, the Company is responsible for discovery, research and certain preclinical development of novel in vivo gene editing development candidates for the target of interest. The Company’s research activities are focused on (i) identifying and engineering specific gene editing systems and in vivo delivery systems directed to the target and (ii) evaluating and optimizing development candidates to achieve criteria specified in the Vertex Agreement. Vertex is obligated to reimburse the Company’s research expenses consistent with a mutually agreed-upon research plan and budget (“Research Plan”). The research term has an initial term of four years and may be extended by Vertex for up to one additional year (“Research Term”). The Research Plan is overseen by a Joint Research Committee (“JRC”) as detailed in the Vertex Agreement. Any material amendments to the Research Plan are required to be mutually agreed to by the JRC.

During the Research Term, Vertex may select certain gene editing systems and in vivo delivery systems directed at the target to become a licensed agent. Upon the designation of the licensed agent, Vertex shall receive a license to exploit the licensed agent, and the licensed agent will continue to be developed under the Research Plan in order to achieve certain development candidate criteria agreed to by the JRC. Following the Research Term, Vertex will be solely

responsible for subsequent development, manufacturing and commercialization of any product candidate resulting from the licensed agent.

The Company received an upfront payment from Vertex of $25 million and is eligible to receive (i) success payments of up to $22 million for each product candidate (up to a maximum of $66 million) that achieves the applicable development criteria, (ii) up to an aggregate of $175 million in development milestones and (iii) up to an aggregate of $165 million in commercial milestone payments. The Company is also eligible to receive tiered single-digit royalties on net sales, with the rate dependent upon the type of product and subject to specified reductions. Such royalty payments will terminate on a country-by-country and product-by-product basis upon the later to occur of (i) the expiration of the last to expire valid claim under the patent rights covering such product in such country, (ii) the period of regulatory exclusivity associated with such product in such country or (iii) ten years after the first commercial sale of such product in such country.

Prior to the first patient dosing in the first Phase 1 clinical trial for the first product candidate developed under the Vertex Agreement, the Company also has the right to opt-in to a profit share arrangement pursuant to which Vertex and the Company would share the costs and net profits for all product candidates emerging from the collaboration. If the Company exercises its opt-in right, in lieu of milestones and royalties, it will be obligated to pay for a specified percentage of the development and commercialization costs, and it will have the right to receive a specified percentage of the profits from any sales of any product candidates advanced under the collaboration. At the time the Company exercises the option, it may elect a profit/cost share of up to 40% (with Vertex retaining a minimum of 60%). In order to exercise its opt-in right, the Company is required to pay a fee ranging from $25 million to $70 million, depending on the profit/cost percentage elected by the Company and the Company’s licensed technology included in the most advanced product candidate at the time it exercises its opt-in right. Under all profit share scenarios, Vertex will control the worldwide development and commercialization of any product candidates resulting from the collaboration.

The Vertex Agreement includes customary representations and warranties, covenants and indemnification obligations for a transaction of this nature. The Company and Vertex each have the right to terminate the agreement for material breach by, or insolvency of, the other party following notice, and if applicable, a cure period. Vertex may also terminate the Vertex Agreement in its entirety for convenience upon 90 days’ notice.

Accounting Analysis

The Company assessed the promised goods and services under the Vertex Agreement, in accordance with ASC Topic 606, "Revenue from Contracts with Customers". At inception, the Vertex Agreement included the following performance obligations: (i) the research services obligation which relates to the research and development services to be provided under the Research Plan (the “Research Services”) and (ii) three licensed agent material rights related to the options to obtain licenses to exploit a licensed agent, at a discount.

The Company identified $20.0 million of fixed transaction price consisting of the $25.0 million upfront fee offset by a discount of $5.0 million related to the 1,519,756 shares sold to Vertex under the Stock Purchase Agreement when measured at fair value on the date of issuance. The Company is also entitled to reimbursement of costs incurred associated with the delivery of services under the Research Plan. The Company utilized the most likely amount approach and estimated the expected cost reimbursement to be $5.8 million at inception. The Company concluded that these amounts do not require a constraint and are included in the transaction price at inception. The Company considers this estimate at each reporting date and updates the estimate based on information available. As of March 31, 2023, the estimate of the expected reimbursement is $5.8 million based on expectations as of such date. Additional consideration to be paid to the Company upon reaching certain milestones are excluded from the transaction price as that consideration may only be earned subsequent to an option exercise.

The Company has concluded that the variable consideration related to the cost reimbursement of the Research Services obligation will be allocated entirely to that obligation as the cost reimbursement relates specifically to the services being performed under the Research Plan. The reimbursement of Research Services is considered to be at a market rate and therefore depicts the estimated amount it would expect to receive for this obligation. As a result, the Company allocated the fixed consideration of $20.0 million to the three licensed agent material rights based on their relative standalone selling prices. The estimated standalone selling price for each material right was based on an adjusted market assessment approach. The Company concluded that the market would be willing to pay an equal amount for each licensed agent license on a standalone basis before being adjusted for the probability of the option becoming exercisable upon the successful completion of research activities to identify the Licensed Agents. The Company reached this conclusion after considering (i) the downstream economics including success fees, milestones and royalties related to each licensed agent being identical and (ii) all licensed agents are targeting the same gene. As such, based on the relative standalone selling price for each of the three material rights, the allocation of the transaction price to the separate performance obligations is as follows:


Performance obligation	Amount
	(in thousands)
Research services obligation	$	5,845
First licensed agent material right		6,667
Second licensed agent material right		6,667
Third licensed agent material right		6,666
Total	$	25,845

The amount allocated to the Research Services Obligation will be recognized on a proportional performance basis over the period of service using input-based measurements of total cost of research incurred to estimate the proportion performed and remeasured at the end of each reporting period. The amount allocated to the licensed agent material rights was recorded as deferred revenue and will commence recognition upon exercise of each option or, if an option is never exercised, it will be recognized in full upon expiry of the Research Term.

During the three months ended March 31, 2023, the Company recognized $1.4 million of revenue associated with the Vertex Agreement related to research services performed during the period. As of March 31, 2023, the Company has recorded $20.0 million as non-current deferred revenue.

Costs incurred relating to the Company’s collaboration programs under the Vertex Agreement consist of internal and external research costs, which primarily include: salaries and benefits, and preclinical research studies. These costs are included in research and development expenses in the Company’s condensed consolidated statements of operations during the three months ended March 31, 2023.

Preferred and Common Stock

3 Months Ended

Mar. 31, 2023

Preferred Stock [Abstract]

Preferred and Common Stock

. Common stock

In July 2022, in connection with the execution of the Vertex Agreement, the Company and Vertex also entered into the Stock Purchase Agreement, pursuant to which the Company sold 1,519,756 shares of the Company’s common stock to Vertex at a price of $23.03 per share, for an aggregate purchase price of $35.0 million.

In July 2022, the Company completed a follow-on public offering of common stock, pursuant to which the Company issued and sold 9,583,334 shares of its common stock, including 1,250,000 shares of its common stock sold pursuant to the full exercise of the underwriters’ option to purchase additional shares, at a public offering price of $27.00 per share. The Company received net proceeds of approximately $242.9 million after deducting underwriting discounts and offering expenses of approximately $15.9 million.

In July 2022, the Company entered into the Sales Agreement with Jefferies as the agent pursuant to which the Company is entitled to offer and sell, from time to time at prevailing market prices, shares of the Company’s common stock. The Company agreed to pay Jefferies a commission of up to 3.0% of the aggregate gross sale proceeds of any shares sold by Jefferies under the Sales Agreement. During the three months ended March 31, 2023, the Company sold 103,184 shares of its common stock under the Sales Agreement for aggregate net proceeds of $2.0 million, after deducting commissions and offering expenses payable by the Company. As of March 31, 2023, the Company sold 1,383,352 shares of its common stock under the Sales Agreement for aggregate net proceeds of $44.9 million, after deducting commissions and offering expenses payable by the Company.

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, 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, value per share	$ 0.001	$ 0.001
Common Stock, Shares Authorized	200,000,000	200,000,000
Common stock shares issued	61,863,010	61,730,816
Common Stock, Shares, Outstanding	61,863,010	61,730,816

Fair value of financial instruments

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Fair value of financial instruments

5. fair value of financial instruments

The Company’s financial instruments that are measured at fair value on a recurring basis consist of money market funds, marketable securities, and a derivative liability (success payment liability) pursuant to the Company’s license agreement with the President and Fellows of Harvard College ("Harvard") and The Broad Institute, Inc. (“Broad”), which license agreement is referred to herein as the Harvard/ Broad License Agreement. The following tables set forth the fair value of the Company’s financial instruments by level within the fair value hierarchy:


	As of March 31, 2023
(in thousands)	Fair value		Level 1		Level 2		Level 3
Assets
Money market funds	$	69,990	$	69,990	$	—	$	—
Marketable securities:
U.S. treasury bills and notes		201,317		—		201,317		—
U.S. agency securities		223,624		—		223,624		—
Total assets	$	494,931	$	69,990	$	424,941	$	—
Liabilities
Success payment liability	$	2,147	$	—	$	—	$	2,147
Total liabilities	$	2,147	$	—	$	—	$	2,147


	As of December 31, 2022
(in thousands)	Fair value		Level 1		Level 2		Level 3
Assets
Money market funds	$	105,303	$	105,303	$	—	$	—
Marketable securities:
U.S. treasury bills and notes		228,144		—		228,144		—
U.S. agency securities		211,252		—		211,252		—
Total assets	$	544,699	$	105,303	$	439,396	$	—
Liabilities
Success payment liability	$	2,885	$	—	$	—	$	2,885
Total liabilities	$	2,885	$	—	$	—	$	2,885

Cash Equivalents—Cash equivalents of $70.0 million and $105.3 million as of March 31, 2023 and December 31, 2022, respectively, consisted of money market funds and are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices in active markets.

Marketable Securities—The Company measures its marketable securities at fair value on a recurring basis and classifies those instruments within Level 2 of the fair value hierarchy. Marketable securities are classified within Level 2 of the fair value hierarchy because pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value is determined through the use of models or other valuation methodologies.

Success Payment Liability—The Company is obligated to pay to Harvard and Broad tiered success payments in the event its average market capitalization exceeds specified thresholds for a specified period of time ascending from a high nine-digit dollar amount to $10.0 billion, or sale of the Company for consideration in excess of those thresholds. In the event of a change of control or a sale of the Company, the Company is required to pay success payments in cash within a specified period following such event. Otherwise, the success payments may be settled at the Company’s option in either cash or shares of its common stock, or a combination of cash and shares of its common stock. The maximum aggregate success payments that could be payable by the Company is $31.3 million.

The success payment liability is stated at fair value and is considered Level 3 because its fair value measurement is based, in part, on significant inputs not observed in the market. The Company used a Monte Carlo simulation model, which models the value of the liability based on several key variables, including probability of event occurrence, timing of event occurrence, as well as the value of the Company’s common stock.

The Company remeasured the liability at fair value with corresponding increases of $0.7 million and $1.7 million recorded to other income for the three months ended March 31, 2023 and 2022, respectively.

The primary inputs used in valuing the success payment liability at March 31, 2023 and December 31, 2022 were as follows:


	At March 31, 2023			At December 31, 2022
Fair value of common stock (per share)	$	14.42		$	19.35
Equity volatility		81	%		84	%

The reconciliation of change in the fair value of financial instruments based on Level 3 inputs for the three months ended March 31, 2023 is as follows:


(in thousands)	Success payment liability
Balance at December 31, 2022	$	2,885
Changes in fair value		(738	)
Balance at March 31, 2023	$	2,147

The reconciliation of changes in the fair value of financial instruments based on Level 3 inputs for the three months ended March 31, 2022 is as follows:


(in thousands)	Success payment liability
Balance at December 31, 2021	$	4,371
Changes in fair value		(1,677	)
Balance at March 31, 2022	$	2,694

- 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

License Agreements

3 Months Ended

Mar. 31, 2023

License Agreement [Abstract]

License Agreement

8. License agreements

The Company's significant license agreements are disclosed in Note 8, "License agreements," to the audited consolidated financial statements for the year ended December 31, 2022 included in the Company’s Annual Report on Form 10-K filed with the SEC on March 2, 2023. Since the date of those financial statements, there have been no changes to its license agreements, except as noted below.

Harvard/Broad license agreement

In March 2019, the Company entered into the Harvard/Broad License Agreement for certain base editing technologies pursuant to which the Company received exclusive, worldwide, sublicensable, royalty-bearing licenses under specified patent rights to develop and commercialize licensed products and nonexclusive, worldwide, sublicensable, royalty-bearing licenses under certain patent rights to research and develop licensed products.

To the extent achieved, the Company is obligated to pay up to an aggregate of $23.1 million and $54 million in development and sales-based milestones, respectively, pursuant to the Harvard/Broad License Agreement. In 2022, the first milestone was triggered and amounts due to Harvard and Broad totaled $0.3 million. These amounts remain payable as of March 31, 2023.

Beam license agreement

In April 2019, the Company and Beam Therapeutics, Inc. ("Beam") entered into a collaboration and license agreement (the “Beam Agreement”), which was amended and restated in July 2022 when the Company entered into an Amended and Restated Collaboration and License Agreement with Beam (the “Amended Beam Agreement”).

The Company concluded the receipt of any milestone or royalty payments under the Amended Beam Agreement was not probable as of March 31, 2023.

Beam materials exchange letter agreement

In October 2020, the Company and Beam entered into a materials exchange agreement wherein the parties agreed that Beam would provide certain mRNA, gRNA, and protein to the Company and that the Company would provide certain gRNAs to Beam at an agreed upon price per each material provided.

For the three months ended March 31, 2023 and 2022, the Company did not purchase any materials from Beam or sell any materials to Beam.

Novartis license agreement

In October 2021, the Company entered into a license agreement with Novartis Pharma AG (“Novartis”) to obtain a non-exclusive license to lipid technology the Company is using in connection with the research and development of certain product candidates, including VERVE-102 and VERVE-201. The license agreement requires the Company to pay up to an aggregate of $10.0 million in clinical and regulatory milestones and $35.0 million in sales-based milestones for products that incorporate the licensed lipid technology. The milestones have not been achieved and no expense has been recorded for these milestones as of March 31, 2023.

Leases - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Lessee, Lease, Description [Line Items]
Increase in operating lease liability	$ (1,564)	$ (523)
Operating lease incremental borrowing rate	7.89%
Weighted average remaining lease term	9 years 9 months 18 days
Operating Lease, Payments	$ 3,148	529
ASC 842
Lessee, Lease, Description [Line Items]
Short-Term Lease, Cost	$ 200	$ 300

Collaboration And License Agreements (Additional Information) (Details) - USD ($)			3 Months Ended
	Jul. 31, 2022	Jul. 18, 2022	Mar. 31, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Payments to Acquire Commercial Real Estate	$ 165,000,000
Sale of Stock, Number of Shares Issued in Transaction			103,184
Three Licensed Agent [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Fixed consideration amount			$ 20,000,000.0
Vertex Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Issuance of common stock from initial public offering, net of issuance costs (in shares)	1,519,756
Price Per Share	$ 23.03
Aggregate purchase price	$ 35,000.0
Non-refundable upfront payment	25,000,000
Success payments for each product	22,000,000
Payments to Acquire Commercial Real Estate	175,000,000
Deferred Revenue, Revenue Recognized			1,400,000
Amount of Deferred Costs Related to Long-Term Contracts			20,000,000.0
Vertex Agreement [Member] \| Stock Purchase Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Fixed transaction price		$ 20,000,000.0
Fixed transaction price consisting upfront fee		25,000,000.0
Financing Receivable, Unamortized Loan Cost (Fee) and Purchase Premium (Discount), Total		$ 5,000,000.0
Sale of Stock, Number of Shares Issued in Transaction		1,519,756
Estimated expected cost reimbursement		$ 5,800,000	$ 5,800,000
Vertex Agreement [Member] \| Maximum [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Success payments for each product	$ 66,000,000
Maximum percentage of profit/cost share		40.00%
Interest and Fee Income, Loans, Commercial, Total		$ 70,000,000
Vertex Agreement [Member] \| Minimum [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Maximum percentage of profit/cost share		60.00%
Interest and Fee Income, Loans, Commercial, Total		$ 25,000,000

Marketable securities - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Marketable Securities [Line Items]
Remaining contractual maturities of marketable securities term	12 months	12 months
Unrealized losses on marketable securities	$ 0.4	$ 0.8

Stock-based compensation - Summary of the Restricted Stock Units (Details) - Two Thousand And Twenty One Stock Incentive Plan [Member]	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested RSUs, beginning balance, Unvested \| shares	677,825
Restricted stock units granted \| shares	308,700
Restricted stock units forfeited \| shares	(9,000)
Unvested RSUs, ending balance, unvested \| shares	977,525
Weighted-Average Grant Date Fair Value Per Share, beginning balance, Unvested \| $ / shares	$ 23.10
Weighted-Average Grant-Date Fair Value, Granted \| $ / shares	20.19
Weighted-Average Grant-Date Fair Value, forfeited \| $ / shares	24.87
Weighted-Average Grant Date Fair Value Per Share, ending balance, Unvested \| $ / shares	$ 22.17

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net loss	$ (51,975)	$ (30,166)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	1,127	514
Non-cash lease expense	1,632	499
Net amortization of premium (accretion of discount) on marketable securities	(3,855)	730
Stock-based compensation	8,024	4,203
Change in fair value of success payments liabilities	(738)	(1,677)
Changes in operating assets and liabilities:
Prepaid expenses and other assets	(949)	1,149
Accounts payable	1,485	(5,105)
Accrued expenses and other liabilities	(2,283)	(3,131)
Operating lease liabilities	(1,564)	(523)
Net cash used in operating activities	(49,096)	(33,507)
Cash flows from investing activities:
Purchases of property and equipment	(3,375)	(2,908)
Purchases of marketable securities	(133,755)	0
Maturities of marketable securities	152,522	63,000
Net cash provided by investing activities	15,392	60,092
Cash flows from financing activities:
Proceeds from issuance of common stock, net of issuance costs	1,987	0
Proceeds from exercise of stock options	116	505
Payment of financing costs	(65)	0
Net cash provided by financing activities	2,038	505
Increase in cash, cash equivalents and restricted cash	(31,666)	27,090
Cash, cash equivalents and restricted cash—beginning of period	120,236	69,567
Cash, cash equivalents and restricted cash—end of period	88,570	96,657
Supplemental disclosure of noncash investing and financing activities:
Property and equipment additions included in accounts payable and accrued expenses	$ 1,657	$ 2,017

Fair value of financial instruments - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Jul. 31, 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	$ 70,000		$ 105,300
Common stock shares issued	61,863,010		61,730,816	1,519,756
Issuance of common stock, value	$ 62		$ 62
Other Expense
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Success Payment Liability, Payable	700	$ 1,700
Harvard and Board
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Success payment liability, payable	10,000,000
Success payment liability	300
Harvard \| Maximum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Success payment liability, payable	$ 31,300

Leases

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

Leases

7. Leases

The Company’s operating lease activity is comprised of non-cancelable facility leases for office and laboratory space in Boston, Massachusetts.

The Company has also entered into multiple contract research and contract manufacturing service agreements with third parties which contain embedded leases within the scope of ASC Topic 842, “Leases”. The embedded leases are considered short term leases, as the contractual terms are 12 months or less. Accordingly, no lease liability or right of use asset has been recorded, and the Company has recognized $0.2 million and $0.3 million of short term lease costs associated with the embedded leases during the three months ended March 31, 2023 and 2022, respectively.

The components of operating lease cost were as follows:


	Three months ended March 31,
(in thousands)	2023		2022
Operating lease costs	$	3,222	$	505
Variable lease costs		879		211
Total	$	4,101	$	716

Supplemental cash flow information related to operating leases was as follows:


	Three months ended March 31,
(in thousands)	2023		2022
Cash paid for amounts included in the measurements of lease liabilities:
Operating cash flows related to operating leases	$	3,148	$	529

As of March 31, 2023, the Company’s operating leases were measured using a weighted-average incremental borrowing rate of 7.89% over a weighted-average remaining lease term of 9.8 years.

Future minimum commitments under non-cancellable leases as of March 31, 2023 were as follows:


Years ending December 31,	Amount
	(in thousands)
Remainder of 2023	$	8,918
2024		10,563
2025		10,868
2026		11,183
2027		11,506
Thereafter		62,737
Total lease payments	$	115,775
Less: interest		(35,664	)
Present value of operating lease liabilities	$	80,111

Common Stock - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended
	Jul. 31, 2022	Mar. 31, 2023	Dec. 31, 2022
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Common Stock, Par Value		$ 0.001	$ 0.001
Common stock shares issued	1,519,756	61,863,010	61,730,816
Sale of Stock, Number of Shares Issued in Transaction		103,184
Sale of Stock, Consideration Received on Transaction		$ 2.0
Commission On Aggregate Gross Sale Proceeds	3.00%
Underwriting discounts and offering expenses	$ 15.9
Sales Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Common Stock, Par Value	$ 23.03
Sale of Stock, Number of Shares Issued in Transaction		1,383,352
Sale of Stock, Consideration Received on Transaction		$ 44.9
Sales Agreement [Member] \| Common Stock [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Sale of Stock, Number of Shares Issued in Transaction		103,184
Sale of Stock, Consideration Received on Transaction		$ 2.0
Public Offering [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Common stock shares issued	1,250,000
Sale of Stock, Number of Shares Issued in Transaction	9,583,334
Common Stock Offering Price Per Share	$ 27.00
Sale of Stock, Consideration Received on Transaction	$ 242.9

Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Financial Instruments, Assets and Liabilities

The following tables set forth the fair value of the Company’s financial instruments by level within the fair value hierarchy:


	As of March 31, 2023
(in thousands)	Fair value		Level 1		Level 2		Level 3
Assets
Money market funds	$	69,990	$	69,990	$	—	$	—
Marketable securities:
U.S. treasury bills and notes		201,317		—		201,317		—
U.S. agency securities		223,624		—		223,624		—
Total assets	$	494,931	$	69,990	$	424,941	$	—
Liabilities
Success payment liability	$	2,147	$	—	$	—	$	2,147
Total liabilities	$	2,147	$	—	$	—	$	2,147


	As of December 31, 2022
(in thousands)	Fair value		Level 1		Level 2		Level 3
Assets
Money market funds	$	105,303	$	105,303	$	—	$	—
Marketable securities:
U.S. treasury bills and notes		228,144		—		228,144		—
U.S. agency securities		211,252		—		211,252		—
Total assets	$	544,699	$	105,303	$	439,396	$	—
Liabilities
Success payment liability	$	2,885	$	—	$	—	$	2,885
Total liabilities	$	2,885	$	—	$	—	$	2,885

Schedule of Fair Value Liabilities Measured on Recurring Basis

The primary inputs used in valuing the success payment liability at March 31, 2023 and December 31, 2022 were as follows:


	At March 31, 2023			At December 31, 2022
Fair value of common stock (per share)	$	14.42		$	19.35
Equity volatility		81	%		84	%

Schedule of Reconciliation of Changes in Fair Value of Financial Instruments

The reconciliation of change in the fair value of financial instruments based on Level 3 inputs for the three months ended March 31, 2023 is as follows:


(in thousands)	Success payment liability
Balance at December 31, 2022	$	2,885
Changes in fair value		(738	)
Balance at March 31, 2023	$	2,147

The reconciliation of changes in the fair value of financial instruments based on Level 3 inputs for the three months ended March 31, 2022 is as follows:


(in thousands)	Success payment liability
Balance at December 31, 2021	$	4,371
Changes in fair value		(1,677	)
Balance at March 31, 2022	$	2,694

License Agreements - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Jul. 31, 2022
Research And Development Arrangement Contract To Perform For Others [Line Items]
Research and development expenses	$ 47,110	$ 24,490
Common stock shares issued	61,863,010		61,730,816	1,519,756
Issuance of common stock, value	$ 62		$ 62
Harvard and Board
Research And Development Arrangement Contract To Perform For Others [Line Items]
Success payment liability	300
Payment of milestone development	23,100
Payment of sales based milestone	54,000
Beam License Agreement
Research And Development Arrangement Contract To Perform For Others [Line Items]
Research and development expenses	0	$ 0
Novartis license agreement [Member]
Research And Development Arrangement Contract To Perform For Others [Line Items]
Payment of sales based milestone	35,000
Clinical And Regulatory Milestone	10,000
Milestone related expenses	$ 0

Fair value of financial instruments - Summary of Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Assets
Total assets	$ 494,931	$ 544,699
Liabilities
Total liabilities	2,147	2,885
Success Payment Liability
Liabilities
Total liabilities	2,147	2,885
U.S. Treasury Bills and Notes
Assets
Total assets	201,317	228,144
U.S. Agency Securities
Assets
Total assets	223,624	211,252
Level 1
Assets
Total assets	69,990	105,303
Liabilities
Total liabilities	0	0
Level 1 \| Success Payment Liability
Liabilities
Total liabilities	0	0
Level 1 \| U.S. Treasury Bills and Notes
Assets
Total assets	0	0
Level 1 \| U.S. Agency Securities
Assets
Total assets	0	0
Level 2
Assets
Total assets	424,941	439,396
Liabilities
Total liabilities	0	0
Level 2 \| Success Payment Liability
Liabilities
Total liabilities	0	0
Level 2 \| U.S. Treasury Bills and Notes
Assets
Total assets	201,317	228,144
Level 2 \| U.S. Agency Securities
Assets
Total assets	223,624	211,252
Level 3
Assets
Total assets	0	0
Liabilities
Total liabilities	2,147	2,885
Level 3 \| Success Payment Liability
Liabilities
Total liabilities	2,147	2,885
Level 3 \| U.S. Treasury Bills and Notes
Assets
Total assets	0	0
Level 3 \| U.S. Agency Securities
Assets
Total assets	0	0
Money Market Funds
Assets
Total assets	69,990	105,303
Money Market Funds \| Level 1
Assets
Total assets	69,990	105,303
Money Market Funds \| Level 2
Assets
Total assets	0	0
Money Market Funds \| Level 3
Assets
Total assets	$ 0	$ 0

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Collaborations Revenue	$ 1,404	$ 0
Operating expenses:
Research and development	47,110	24,490
General and administrative	12,553	7,435
Total operating expenses	59,663	31,925
Loss from operations	(58,259)	(31,925)
Other income
Change in fair value of success payment liability	738	1,677
Interest and other income, net	5,546	82
Total other income, net	6,284	1,759
Net loss	$ (51,975)	$ (30,166)
Net loss per common share attributable to common stockholders, basic	$ (0.84)	$ (0.62)
Net loss per common share attributable to common stockholders, diluted	$ (0.84)	$ (0.62)
Weighted-average common shares used in net loss per share attributable to common stockholders, basic	61,787,403	48,571,214
Weighted-average common shares used in net loss per share attributable to common stockholders, diluted	61,787,403	48,571,214
Comprehensive Loss:
Net loss	$ (51,975)	$ (30,166)
Other comprehensive loss:
Unrealized loss on marketable securities	457	(504)
Comprehensive loss	$ (51,518)	$ (30,670)

Stock-based compensation - Summary of Stock Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	$ 8,024	$ 4,203
Research and Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	4,489	2,465
General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	$ 3,535	$ 1,738

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2023

Accounting Policies [Abstract]

Reconciliation of Cash, Cash Equivalents and Restricted Cash

A reconciliation of the cash, cash equivalents, and restricted cash reported within the balance sheet that sum to the total of the same amounts shown in the statement of cash flows is as follows:


	March 31,		March 31,
(in thousands)	2023		2022
Cash and cash equivalents	$	83,746	$	91,420
Restricted cash		4,824		5,237
Total cash, cash equivalents and restricted cash	$	88,570	$	96,657

Collaboration And License Agreements - Schedule Of Transaction Price Separate Performance Obligations (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Performance obligation	$ 25,845
Research services obligation [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Performance obligation	5,845
First licensed agent material right [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Performance obligation	6,667
Second licensed agent material right [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Performance obligation	6,667
Third licensed agent material right [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Performance obligation	$ 6,666

Property and equipment, net

3 Months Ended

Mar. 31, 2023

Property, Plant and Equipment [Abstract]

Property and equipment, net

4. Property and equipment, net

Property and equipment, net, consisted of the following:


(in thousands)	March 31, 2023			December 31, 2022
Lab equipment	$	23,781		$	20,379
Leasehold improvements		266			266
Furniture and fixtures		2,294			2,294
Computer equipment		826			826
Total property and equipment		27,167			23,765
Less accumulated depreciation		(6,114	)		(4,987	)
Property and equipment, net	$	21,053		$	18,778

The following table summarizes depreciation expense incurred:

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	13. Income taxes Deferred tax assets and deferred tax liabilities are recognized based on temporary differences between the financial reporting and tax basis of assets and liabilities using statutory rates. A valuation allowance is recorded against deferred tax assets if it is more likely than not that some or all of the deferred tax assets will not be realized. Due to the uncertainty surrounding the realization of the favorable tax attributes in future tax returns, the Company has recorded a full valuation allowance against the Company’s otherwise recognizable net deferred tax assets.

- 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Accrued expenses

3 Months Ended

Mar. 31, 2023

Payables and Accruals [Abstract]

Accrued expenses

6. Accrued expenses

Accrued expenses consisted of the following:


(in thousands)	March 31, 2023		December 31, 2022
Employee compensation and related benefits	$	4,327	$	9,124
Accrued external research and development expenses		11,559		8,919
Professional fees		2,072		1,193
License and milestone payments		310		310
Other		728		1,221
Total	$	18,996	$	20,767

Nature of the Business and Basis of Presentation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended
	Jul. 31, 2022	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Offering Costs	$ 200.0
Sale of Stock, Number of Shares Issued in Transaction		103,184
Common Stock, Shares, Issued	1,519,756	61,863,010	61,730,816
Commission On Aggregate Gross Sale Proceeds	3.00%
Common Stock, Capital Shares Reserved for Future Issuance		10,144,170
Investment Banking, Advisory, Brokerage, and Underwriting Fees and Commissions, Total	$ 15.9
Net proceeds from sale of common stock		$ 2.0
Cash, cash equivalents, and marketable securities				$ 508.7
Public offering [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Sale of Stock, Number of Shares Issued in Transaction	9,583,334
Common Stock, Shares, Issued	1,250,000
Common Stock Offering Price Per Share	$ 27.00
Net proceeds from sale of common stock	$ 242.9

Nature of the Business and Basis of Presentation

3 Months Ended

Mar. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Nature of the Business and Basis of Presentation

1. Nature of the business and basis of presentation

Organization

Verve Therapeutics, Inc. (the “Company” or “Verve”) is a clinical-stage genetic medicines company pioneering a new approach to the care of cardiovascular disease, transforming treatment from chronic management to single-course gene editing medicines. The Company was incorporated on March 9, 2018 as Endcadia, Inc., a Delaware corporation, and began operations shortly thereafter. In January 2019, the Company amended its certificate of incorporation to change its name to Verve Therapeutics, Inc. The Company’s principal offices are located in Boston, Massachusetts.

Liquidity and capital resources

Since its inception, the Company has devoted its efforts principally to research and development and raising capital. The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry including, but not limited to, technical risks associated with the successful research, development and manufacturing of product candidates, development by competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, compliance with government regulations and the ability to secure additional capital to fund operations. Current and future programs will require significant research and development efforts, including extensive preclinical and clinical testing and regulatory approval prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel and infrastructure and extensive compliance-reporting capabilities. Even if the Company’s development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales.

In July 2022, the Company entered into an Open Market Sale Agreement (the “Sales Agreement”) with Jefferies LLC (“Jefferies”) as agent pursuant to which the Company is entitled to offer and sell, from time to time at prevailing market prices, shares of its common stock. The Company agreed to pay Jefferies a commission of up to 3.0% of the aggregate gross sale proceeds of any shares sold by Jefferies under the Sales Agreement. Any sales under the Sales Agreement will be made pursuant to the Company's registration statement on Form S-3 (File No 333-267578), which became effective on September 23, 2022, with an aggregate offering price of up to $200.0 million. During the three months ended March 31, 2023, the Company sold 103,184 shares of its common stock under the Sales Agreement for aggregate net proceeds of $2.0 million, after deducting commissions and offering expenses payable by the Company.

The accompanying condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the ordinary course of business. The Company expects that its cash, cash equivalents and marketable securities of $508.7 million as of March 31, 2023 will be sufficient to fund its operations and capital expenditure requirements beyond the next 12 months from the date of issuance of these financial statements. The Company will need additional financing to support its continuing operations and pursue its growth strategy. Until such time as the Company can generate significant revenue from product sales, if ever, it expects to finance its operations through a combination of equity offerings, debt financings, collaborations, strategic alliances and licensing arrangements. The Company may be unable to raise additional funds or enter into such other agreements when needed on favorable terms or at all. The inability to raise capital as and when needed could have a negative impact on the Company’s financial condition and its ability to pursue its business strategy. The Company will need to generate significant revenue to achieve profitability, and it may never do so.

Basis of presentation

The accompanying condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations.

The unaudited condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements. In the opinion of the Company’s management, the accompanying unaudited condensed

consolidated financial statements contain all adjustments that are necessary to present fairly the Company’s financial position as of March 31, 2023, the results of its operations and comprehensive loss for the three months ended March 31, 2023 and 2022, stockholders’ equity for the three months ended March 31, 2023 and 2022 and cash flows for the three months ended March 31, 2023 and 2022. Such adjustments are of a normal and recurring nature. The results for the three months ended March 31, 2023 are not necessarily indicative of the results for the year ending December 31, 2023, or for any future period. These interim financial statements should be read in conjunction with the audited consolidated financial statements as of and for the year ended December 31, 2022, and the notes thereto, included in the Company’s Annual Report on Form 10-K filed with the SEC on March 2, 2023.

Net Loss Per Share Attributable to Common Stockholders (Tables)

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Potential Common Shares, Based on Amounts Outstanding at Period End were Excluded From the Computation of Diluted Net Loss Per Share Attributable to Common Stockholders


	As of March 31,
	2023		2022
Unvested restricted stock units		977,525		225,700
Outstanding options to purchase common stock		9,872,169		7,536,372
Total		10,849,694		7,762,072

Related Party Transactions

3 Months Ended

Mar. 31, 2023

Related Party Transactions

14. Related party transactions

An executive officer of Beam was a board member of the Company until August 2022. In December 2021, the Company entered into a sublease agreement with Beam for laboratory and office space in Cambridge, Massachusetts, which sublease terminated in December 31, 2022. Total rent payments under this sublease were $0.5 million for the three months ended March 31, 2022.

An executive of Broad was a board member of the Company until May 2021. In March 2019, the Company entered into the Harvard/ Broad License Agreement for certain base editing technologies pursuant to which the Company received exclusive, worldwide, sublicensable, royalty-bearing licenses under specified patent rights to develop and commercialize licensed products and nonexclusive, worldwide, sublicensable, royalty-bearing licenses under certain patent rights to research and develop licensed products. Additional consideration under the Harvard/ Broad License Agreement included antidilution rights and includes success payments. See Note 8, "License agreements," to the audited consolidated financial statements for the year ended December 31, 2022 included in the Company’s Annual Report on Form 10-K filed with the SEC on March 2, 2023.

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of significant accounting policies

The Company's significant accounting policies are disclosed in Note 2, "Summary of significant accounting policies," in the audited consolidated financial statements for the year ended December 31, 2022, and notes thereto, included in the Company’s Annual Report on Form 10-K filed with the SEC on March 2, 2023. Since the date of those financial statements, there have been no changes to the Company's significant accounting policies.

Cash, cash equivalents and restricted cash


	March 31,		March 31,
(in thousands)	2023		2022
Cash and cash equivalents	$	83,746	$	91,420
Restricted cash		4,824		5,237
Total cash, cash equivalents and restricted cash	$	88,570	$	96,657

Recently adopted accounting pronouncements

Stock-based compensation - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Jan. 01, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares of common stock reserved for future issuance	10,144,170
Share-Based Payment Arrangement, Expense	$ 8,024	$ 4,203
Twent Eighteen \| Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares of common stock reserved for future issuance	6,885,653
2021 Stock Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares of common stock reserved for future issuance			3,086,541
Stock available for issuance under ESPP	1,401,634
Shares available for future grant	3,524,295
Increase in common stock capital shares, reserved for future issuance			617,308
Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized stock-based compensation cost	$ 91,500
Weighted average period over which unrecognized compensation is expected to be recognized	2 years 9 months 18 days
RSU
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized stock-based compensation cost	$ 18,600
Weighted average period over which unrecognized compensation is expected to be recognized	3 years 6 months
RSU \| 2021 Stock Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares available for future grant	308,700
Vesting period	4 years

Leases - Summary of Supplemental Cash Flow Information Related to Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash paid for amounts included in the measurements of lease liabilities [Abstract]
Operating cash flows related to operating leases	$ 3,148	$ 529

Stock-based compensation

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Stock-based compensation

. Stock-based compensation

The 2018 Equity Incentive Plan (the “2018 Plan”), adopted by the board of directors in August 2018 provided for the grant of qualified incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock and restricted stock units to the Company’s employees, officers, directors, advisors, and outside consultants for the issuance or purchase of shares of the Company’s common stock. The maximum number of shares of common stock that were authorized for issuance under the 2018 Plan was 6,885,653.

In June 2021, the Company's board of directors adopted, and the Company's stockholders approved, the 2021 Stock Incentive Plan (the “2021 Plan”), which became effective on June 16, 2021. The 2021 Plan provides for the grant of incentive stock options and nonstatutory stock options, stock appreciation rights, restricted and unrestricted stock and stock units, performance awards, and other share-based awards to the Company's employees, directors, advisors and outside consultants. The shares reserved for issuance pursuant to the 2021 Plan are subject to an annual increase through January 1, 2031. On January 1, 2023, 3,086,541 shares of the Company's common stock were added to the amount reserved for issuance under the 2021 Plan. As of March 31, 2023 the Company had reserved 10,144,170 shares of the Company's common stock for issuance of stock options, restricted stock, and restricted stock units, of which

3,524,295 remained available for future grant under the 2021 Plan. Upon effectiveness of the 2021 Plan, the Company ceased granting additional awards under the 2018 Plan.

Stock-based compensation expense recorded in the Company's condensed consolidated statements of operations and comprehensive loss is as follows:


	Three months ended March 31,
(in thousands)	2023		2022
Research and development	$	4,489	$	2,465
General and administrative		3,535		1,738
Total stock-based compensation expense	$	8,024	$	4,203

Stock options

The following table provides a summary of stock option activity during the three months ended March 31, 2023:


	Number of options			Weighted average exercise price per share		Weighted average remaining contractual life (in years)		Aggregate intrinsic value(2) (in thousands)
Outstanding at December 31, 2022		7,612,826		$	16.10
Granted		2,331,590			21.57
Exercised		(29,010	)		4.01
Forfeited		(43,237	)		41.57
Outstanding at March 31, 2023		9,872,169		$	17.32		8.3	$	40,730
Exercisable at March 31, 2023		3,313,399		$	10.83		7.4	$	25,792
Expected to vest after March 31, 2023(1)		6,558,770		$	20.59		8.8	$	14,938

(1)

This represents the number of unvested options outstanding as of March 31, 2023 that are expected to vest in the future.

(2)

As of March 31, 2023, there was $91.5 million of unrecognized stock-based compensation expense related to unvested stock options, which is expected to be recognized over a weighted-average period of approximately 2.8 years.

Restricted stock units

During the three months ended March 31, 2023, the Company granted 308,700 restricted stock units under the 2021 Plan. These restricted stock units vest annually over a four-year period.

A summary of the status of and change in unvested restricted stock units as of March 31, 2023 was as follows:


	Shares			Weighted- average grant date fair value per share
Unvested restricted stock units as of December 31, 2022		677,825		$	23.10
Restricted stock units granted		308,700		$	20.19
Restricted stock units vested		—		$	—
Restricted stock units forfeited		(9,000	)	$	24.87
Unvested restricted stock units as of March 31, 2023		977,525		$	22.17

As of March 31, 2023, there was $18.6 million of unrecognized stock-based compensation expense related to restricted stock units that are expected to vest. These costs are expected to be recognized over a weighted-average remaining vesting period of approximately 3.5 years.

2021 Amended and Restated Employee Stock Purchase Plan

In June 2021, the board of directors adopted, and the Company's stockholders approved, the 2021 Employee Stock Purchase Plan, or the ESPP, as amended and restated, which became effective on June 16, 2021. The shares reserved for issuance pursuant to the ESPP are subject to an annual increase through January 1, 2031. On January 1, 2023, 617,308 shares of common stock were added to the amount reserved for sale under the ESPP. As of March 31, 2023,1,401,634 shares remained available for issuance under the ESPP.

Marketable securities - Schedule of Marketable Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Marketable Securities [Line Items]
Amortized Cost	$ 425,178	$ 440,090
Gross unrealized gains	124	81
Gross unrealized losses	(361)	(775)
Fair value	424,941	439,396
U.S. Treasury Bills and Notes [Member]
Marketable Securities [Line Items]
Amortized Cost	201,301	228,432
Gross unrealized gains	57	13
Gross unrealized losses	(41)	(301)
Fair value	201,317	228,144
U.S. Agency Securities [Member]
Marketable Securities [Line Items]
Amortized Cost	223,877	211,658
Gross unrealized gains	67	68
Gross unrealized losses	(320)	(474)
Fair value	$ 223,624	$ 211,252

Marketable Securities (Tables)

3 Months Ended

Mar. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Schedule of Marketable Securities by Security

Marketable securities by security type consisted of the following:


	March 31, 2023
(in thousands)	Amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
U.S. treasury bills and notes	$	201,301	$	57	$	(41	)	$	201,317
U.S. agency securities		223,877		67		(320	)		223,624
Total	$	425,178	$	124	$	(361	)	$	424,941


	December 31, 2022
(in thousands)	Amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
U.S. treasury bills and notes	$	228,432	$	13	$	(301	)	$	228,144
U.S. agency securities		211,658		68		(474	)		211,252
Total	$	440,090	$	81	$	(775	)	$	439,396

Fair value of financial instruments - Schedule of Reconciliation of Changes in Fair Value of Financial Instruments (Details) - Success Payment Liability - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Beginning balance	$ 2,885	$ 4,371
Changes in fair value	(738)	(1,677)
Ending balance	$ 2,147	$ 2,694