0001790340-24-000056 | 10-Q | XBRL Viewer

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Marketable Securities - Narrative (Details) - USD ($)	3 Months Ended
Marketable Securities - Narrative (Details) - USD ($)	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Credit loss related to short-term investments	$ 0	$ 0
Allowance for credit loss	$ 0		$ 0

Net Loss Per Share Attributable to Common Stockholders

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Net Loss Per Share Attributable to Common Stockholders

Basic and diluted net loss per share attributable to common stockholders was calculated at March 31, 2024 and March 31, 2023 as follows:


	Three Months Ended March 31,
	2024		2023

Numerator:
Net loss	$	(14,307,829)	$	(13,604,171)
Denominator - basic and diluted:
Weighted-average common shares outstanding, basic and diluted	29,370,357		26,442,216
Net loss per share - basic and diluted	$	(0.49)	$	(0.51)

The following table sets forth the potentially dilutive securities that have been excluded from the calculation of diluted net loss per share because to include them would be anti-dilutive (in common stock equivalent shares) at March 31, 2024 and March 31, 2023:


	2024	2023

Options to purchase common stock	6,374,087	5,291,970
Total shares of common stock equivalents	6,374,087	5,291,970

Common Stock - Class B Common Stock (Details) - Class B Common Stock	3 Months Ended	12 Months Ended
	Mar. 31, 2024 Vote $ / shares shares	Dec. 31, 2023 Vote $ / shares shares
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	20,000,000	20,000,000
Common stock, par value per share (in dollars per share) \| $ / shares	$ 0.001	$ 0.001
Common stock, shares issued (in shares)	0	0
Common stock, shares outstanding (in shares)	0	0
Number of votes \| Vote	0	0

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
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+ Details

Marketable Securities (Tables)

3 Months Ended

Mar. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of Marketable Securities

Marketable securities consisted of the following as of March 31, 2024 and December 31, 2023, respectively:


	March 31, 2024
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Assets:
Current:

Government securities	$	1,996,779	$	—	$	(1,099)	$	1,995,680
Commercial paper	2,995,505		15		—		2,995,520
Total marketable securities	$	4,992,284	$	15	$	(1,099)	$	4,991,200


	December 31, 2023
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Assets:
Current:
U.S. Treasuries	$	2,989,460	$	430	$	—	$	2,989,890
Government securities	15,342,582		888		(2,902)		15,340,568
Commercial paper	7,928,122		1,301		(13)		7,929,410
Total marketable securities	$	26,260,164	$	2,619	$	(2,915)	$	26,259,868

Marketable Securities - Schedule of Marketable Securities (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Marketable securities, current
Amortized Cost	$ 4,992,284	$ 26,260,164
Unrealized Gains	15	2,619
Unrealized Losses	(1,099)	(2,915)
Fair Value	4,991,200	26,259,868
U.S. Treasuries
Marketable securities, current
Amortized Cost		2,989,460
Unrealized Gains		430
Unrealized Losses		0
Fair Value		2,989,890
Government securities
Marketable securities, current
Amortized Cost	1,996,779	15,342,582
Unrealized Gains	0	888
Unrealized Losses	(1,099)	(2,902)
Fair Value	1,995,680	15,340,568
Commercial paper
Marketable securities, current
Amortized Cost	2,995,505	7,928,122
Unrealized Gains	15	1,301
Unrealized Losses	0	(13)
Fair Value	$ 2,995,520	$ 7,929,410

Stock-Based Compensation - Narrative (Details) - USD ($)		3 Months Ended
	Jul. 23, 2021	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		1,279,107
Stock-based compensation expense		$ 1,474,758	$ 1,273,505
Grant date weighted average fair value (in dollars per share)		$ 6.10
Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)		4 years
Stock-based compensation expense		$ 1,474,758	$ 1,273,505
Compensation expense remaining to be recognized		$ 13,903,468
Compensation expense recognized over a weighted-average period (in years)		2 years 8 months 26 days
2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for future issuance (in shares)		1,610,855
2021 Plan \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for future issuance (in shares)	2,590,000
Aggregate number of shares outstanding (as a percent)	4.00%
2021 Plan \| Maximum \| Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	15,350,000
2021 ESPP \| Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for future issuance (in shares)	250,000	917,677
Aggregate number of shares outstanding (as a percent)	1.00%
Granted (in shares)		152,427
2021 ESPP \| Maximum \| Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	3,340,000

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Preferred stock, par value per share (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Class A Common Stock
Common stock, par value per share (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	29,653,355	29,271,629
Common stock, shares outstanding (in shares)	29,653,355	29,271,629
Class B Common Stock
Common stock, par value per share (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	20,000,000	20,000,000
Common stock, shares issued (in shares)	0	0
Common stock, shares outstanding (in shares)	0	0

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Assumptions in its Application of the Black-scholes Option Pricing Model for Grants

The Company used the following assumptions in its application of the Black-Scholes option pricing model for grants during the three months ended March 31, 2024 and 2023:


	Three Months Ended March 31,
	2024	2023

Weighted-average risk-free interest rate	3.93% - 4.82%	3.60% - 3.89%
Expected term (in years)	5.00 - 10.00	5.00 - 6.04
Expected dividend yield	0%	0%
Expected volatility	67.00% - 69.85%	65.01% - 67.50%

Summary of Stock Option Activity

The following table summarizes the stock option activity during the three months ended March 31, 2024:


	Number of Options	Weighted- Average Exercise Price per Share		Weighted Average Remaining Contractual Term (in Years)	Aggregate Intrinsic Value

Outstanding at December 31, 2023	5,496,397	$	6.54
Granted	1,279,107	6.10
Exercised	(229,299)	3.19
Cancelled	(172,118)	8.26
Outstanding at March 31, 2024	6,374,087	$	6.53	7.83	$	—

Vested and exercisable at March 31, 2024	2,981,594	$	6.39	6.51	$	—

Schedule of Recognized Share-based Compensation Expense Recognized

For the three months ended March 31, 2024 and 2023, the Company recognized share-based compensation expense on the accompanying condensed consolidated statements of operations as follows:


	Three Months Ended March 31,
	2024		2023

Research and development	$	566,883	$	590,835
General and administrative	907,875		682,670
Total	$	1,474,758	$	1,273,505

Accrued Expenses

3 Months Ended

Mar. 31, 2024

Accrued Liabilities, Current [Abstract]

Accrued Expenses

Accrued expenses consisted of the following:


	March 31, 2024		December 31, 2023

Accrued professional services	$	359,570	$	297,160
Accrued employee expenses	1,119,393		3,625,911
Accrued research and development expenses	950,484		1,146,398
Accrued other	154,912		104,491
Total	$	2,584,359	$	5,173,960

Property and Equipment, net (Tables)

3 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

Property and equipment, net consisted of the following:


	March 31, 2024		December 31, 2023

Computer equipment	$	550,861	$	550,861
Furniture and fixtures	98,628		98,628
Lab equipment	1,217,924		1,180,445
Leasehold improvements	298,941		298,941

Total	2,166,354		2,128,875
Accumulated depreciation/amortization	(818,502)		(728,293)
Property and equipment, net	$	1,347,852	$	1,400,582

Fair Value Measurements - Schedule of Cash Equivalents and Marketable Securities (Details) - Recurring - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Assets:
Total cash equivalents	$ 66,025,330	$ 59,087,308
Total marketable securities	4,991,200	26,259,868
Total cash equivalents and marketable securities	71,016,530	85,347,176
U.S. Treasuries
Assets:
Total cash equivalents		3,488,205
Total marketable securities		2,989,890
Money market
Assets:
Total cash equivalents	66,025,330	50,122,883
Commercial paper
Assets:
Total cash equivalents		2,494,670
Total marketable securities	2,995,520	7,929,410
Government securities
Assets:
Total cash equivalents		2,981,550
Total marketable securities	1,995,680	15,340,568
Level 1
Assets:
Total cash equivalents	66,025,330	53,611,088
Total marketable securities	0	2,989,890
Total cash equivalents and marketable securities	66,025,330	56,600,978
Level 1 \| U.S. Treasuries
Assets:
Total cash equivalents		3,488,205
Total marketable securities		2,989,890
Level 1 \| Money market
Assets:
Total cash equivalents	66,025,330	50,122,883
Level 1 \| Commercial paper
Assets:
Total cash equivalents		0
Total marketable securities	0	0
Level 1 \| Government securities
Assets:
Total cash equivalents		0
Total marketable securities	0	0
Level 2
Assets:
Total cash equivalents	0	5,476,220
Total marketable securities	4,991,200	23,269,978
Total cash equivalents and marketable securities	4,991,200	28,746,198
Level 2 \| U.S. Treasuries
Assets:
Total cash equivalents		0
Total marketable securities		0
Level 2 \| Money market
Assets:
Total cash equivalents	0	0
Level 2 \| Commercial paper
Assets:
Total cash equivalents		2,494,670
Total marketable securities	2,995,520	7,929,410
Level 2 \| Government securities
Assets:
Total cash equivalents		2,981,550
Total marketable securities	1,995,680	15,340,568
Level 3
Assets:
Total cash equivalents	0	0
Total marketable securities	0	0
Total cash equivalents and marketable securities	0	0
Level 3 \| U.S. Treasuries
Assets:
Total cash equivalents		0
Total marketable securities		0
Level 3 \| Money market
Assets:
Total cash equivalents	0	0
Level 3 \| Commercial paper
Assets:
Total cash equivalents		0
Total marketable securities	0	0
Level 3 \| Government securities
Assets:
Total cash equivalents		0
Total marketable securities	$ 0	$ 0

Fair Value Measurements

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

We record cash equivalents and marketable securities at fair value. ASC 820, Fair Value Measurements and Disclosures, establishes a fair value hierarchy for those instruments measured at fair value that distinguishes between assumptions based on market data (observable inputs) and our own assumptions (unobservable inputs). The hierarchy consists of three levels:

Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities.

Level 2 – Quoted prices for similar assets and liabilities in active markets, quoted prices in markets that are not active, or inputs which are observable, directly or indirectly, for substantially the full term of the asset or liability.

Level 3 – Unobservable inputs that reflect our own assumptions about the assumptions market participants would use in pricing the asset or liability in which there is little, if any, market activity for the asset or liability at the measurement date.

The following table summarizes our cash equivalents and marketable securities measured at fair value on a recurring basis as of March 31, 2024:


	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents
Money market	$	66,025,330	$	—	$	—	$	66,025,330


Total cash equivalents	66,025,330		—		—		66,025,330

Marketable securities:

Government securities	$	—	$	1,995,680	$	—	$	1,995,680
Commercial paper	—		2,995,520		—		2,995,520
Total marketable securities	—		4,991,200		—		4,991,200
Total cash equivalents and marketable securities	$	66,025,330	$	4,991,200	$	—	$	71,016,530

There have been no changes to the valuation methods during the three months ended March 31, 2024. There were no transfers between Level 1 and Level 2 and we had no financial assets or liabilities that were classified as Level 3 at any point during the three months ended March 31, 2024.

Cash equivalents and marketable securities have been initially valued at the transaction price and subsequently, at the end of each reporting period, valued utilizing third-party pricing services or other observable market data. The pricing services utilize industry standard valuation models, including both income and market-based approaches, and observable market inputs to determine value. After completing our valuation procedures, we did not adjust or override any fair value measurements provided by the pricing services as of March 31, 2024 and December 31, 2023.

The following table summarizes our cash equivalents and marketable securities measured at fair value on a recurring basis as of December 31, 2023:


	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents
U.S. Treasuries	$	3,488,205	$	—	$	—	$	3,488,205
Money market	50,122,883		—		—		50,122,883
Commercial paper	—		2,494,670		—		2,494,670
Government securities	—		2,981,550		—		2,981,550
Total cash equivalents	53,611,088		5,476,220		—		59,087,308

Marketable securities:
U.S. Treasuries	$	2,989,890	$	—	$	—	$	2,989,890
Government securities	—		15,340,568		—		15,340,568
Commercial paper	—		7,929,410		—		7,929,410
Total marketable securities	2,989,890		23,269,978		—		26,259,868
Total cash equivalents and marketable securities	$	56,600,978	$	28,746,198	$	—	$	85,347,176

- 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

Organization and Nature of Business	3 Months Ended
Organization and Nature of Business	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Nature of Business	Organization and Nature of Business Immuneering Corporation, a Delaware corporation (“Immuneering” or the “Company”), was incorporated in 2008. Immuneering is a clinical-stage oncology company seeking to develop medicines for broad populations of cancer patients, with an initial aim to therapeutically address patients harboring RAS or RAF mutations. The Company aims to achieve universal RAS/RAF activity through Deep Cyclic Inhibition ("DCI"), of the MAPK pathway, impacting cancer cells while sparing healthy cells. Immuneering’s lead product candidate IMM-1-104, as well as its second product candidate IMM-6-415, are in Phase 1/2a clinical trials in patients with advanced solid tumors harboring RAS and RAS/RAF mutations, respectively. The Company is developing IMM-1-104 as a potential once-daily oral therapy that aims to achieve universal-RAS activity and IMM-6-415 with an accelerated twice-daily oral dosing cadence that aims to achieve universal-RAS/RAF activity, in each case through Deep Cyclic Inhibition of the MAPK pathway. The Company’s development pipeline also includes several early-stage programs. On October 30, 2019, Immuneering formed a wholly owned subsidiary, Immuneering Securities Corporation (“ISC”), a Massachusetts securities corporation, for the sole purpose of buying, selling and holding securities on the Company’s behalf. On December 22, 2021, the Company acquired all outstanding shares of capital stock of BioArkive, Inc. (“BioArkive”), a California corporation, which as a result became a wholly owned subsidiary. Immuneering, ISC and BioArkive are collectively referred to as the “Company” throughout these condensed consolidated financial statements. The Company is subject to a number of inherent risks associated with any biotechnology company that has substantial expenditures for research and development. These risks include, but are not limited to, the need to obtain adequate additional funding, possible failure of clinical trials or other events demonstrating lack of clinical safety or efficacy of its product candidates, dependence on key personnel, reliance on third-party service providers for manufacturing drug product and conducting clinical trials, the ability to successfully secure its proprietary technology, and risks related to the regulatory approval and commercialization of a product candidate. There can be no assurance that the Company’s research and development programs will be successful. In addition, the Company operates in an environment of rapid technological change and is largely dependent on the services of its employees, advisors, and consultants. On August 3, 2021, the Company completed its initial public offering (“IPO”) pursuant to which it issued and sold 8,625,000 shares of its Class A common stock, inclusive of 1,125,000 shares of its Class A common stock sold pursuant to the full exercise of the underwriters’ option to purchase additional shares. The aggregate net proceeds received by the Company from the IPO were $120,318,750, after deducting underwriting discounts and commissions, but before deducting offering costs payable by the Company, which were $2,124,317. On April 20, 2023, the Company completed an underwritten follow-on equity offering, pursuant to which it issued and sold 2,727,273 shares of its Class A common stock $0.001 par value per share at an offering price of $11.00 per share. The aggregate net proceeds received by the Company from the offering were $28,200,003, after deducting underwriting discounts and commissions, but before deducting offering costs payable by the Company of $203,768. To date, the Company has funded its operations through service revenues (which have since ceased), and with proceeds from the sale of its capital stock and convertible notes. The Company has incurred recurring losses over the past several years and as of March 31, 2024, the Company had an accumulated deficit of $177,566,407. The Company expects to continue to generate operating losses for the foreseeable future. The future viability of the Company is dependent on its ability to raise additional capital to finance its operations. The Company’s inability to raise capital as and when needed could have a negative impact on its financial condition and ability to pursue its business strategies. There can be no assurances that additional funding will be available on terms acceptable to the Company, or at all. If the Company is unable to raise additional funds when needed, it may be required to delay, reduce the scope of, or eliminate development programs, which may adversely affect its business and operations. Management considered whether or not there are conditions or events, in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern, and concluded that there are none as it estimates that its cash, cash equivalents and marketable securities will be sufficient to fund its operating expenses and capital expenditure requirements for at least 12 months from the issuance date of these unaudited condensed consolidated financial statements.

Property and Equipment, net - Schedule of Property and Equipment, Net (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Property and Equipment, net
Property and equipment, gross	$ 2,166,354	$ 2,128,875
Accumulated depreciation/amortization	(818,502)	(728,293)
Property and equipment, net	1,347,852	1,400,582
Computer equipment
Property and Equipment, net
Property and equipment, gross	550,861	550,861
Furniture and fixtures
Property and Equipment, net
Property and equipment, gross	98,628	98,628
Lab equipment
Property and Equipment, net
Property and equipment, gross	1,217,924	1,180,445
Leasehold improvements
Property and Equipment, net
Property and equipment, gross	$ 298,941	$ 298,941

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 66,287,148	$ 59,405,817
Marketable securities	4,991,200	26,259,868
Prepaids and other current assets	3,169,089	3,417,984
Total current assets	74,447,437	89,083,669
Property and equipment, net	1,347,852	1,400,582
Goodwill	6,690,431	6,690,431
Intangible asset, net	372,363	379,680
Right-of-use assets, net	3,905,575	3,995,730
Other assets	1,219,182	1,034,446
Total assets	87,982,840	102,584,538
Current liabilities:
Accounts payable	2,270,862	2,111,666
Accrued expenses	2,584,359	5,173,960
Other liabilities	23,634	259,770
Lease liabilities	298,543	300,107
Total current liabilities	5,177,398	7,845,503
Long-term liabilities:
Lease liabilities, net of current portion	4,082,713	4,162,852
Total liabilities	9,260,111	12,008,355
Commitments and contingencies (Note 10)
Stockholders’ equity:
Preferred stock, $0.001 par value; 10,000,000 shares authorized at March 31, 2024 and December 31, 2023; 0 shares issued or outstanding at March 31, 2024 and December 31, 2023	0	0
Additional paid-in capital	256,260,567	253,806,267
Accumulated other comprehensive loss	(1,084)	(778)
Accumulated deficit	(177,566,407)	(163,258,578)
Total stockholders' equity	78,722,729	90,576,183
Total liabilities and stockholders' equity	87,982,840	102,584,538
Class A Common Stock
Stockholders’ equity:
Common stock	29,653	29,272
Class B Common Stock
Stockholders’ equity:
Common stock	$ 0	$ 0

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating expenses
Research and development	$ 11,202,414	$ 10,210,926
General and administrative	4,116,019	4,461,331
Amortization of intangible asset	7,317	7,317
Total operating expenses	15,325,750	14,679,574
Loss from operations	(15,325,750)	(14,679,574)
Other income (expense)
Interest income	804,884	831,274
Other income, net	213,037	244,129
Net loss	$ (14,307,829)	$ (13,604,171)
Net loss per share attributable to common stockholders, basic (in dollars per share)	$ (0.49)	$ (0.51)
Net loss per share attributable to common stockholders, diluted (in dollars per share)	$ (0.49)	$ (0.51)
Weighted-average common shares outstanding, basic (in shares)	29,370,357	26,442,216
Weighted-average common shares outstanding, diluted (in shares)	29,370,357	26,442,216
Other comprehensive loss:
Unrealized gains (losses) from marketable securities	$ (306)	$ 30,626
Comprehensive Loss	$ (14,308,135)	$ (13,573,545)

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The condensed consolidated financial statements have been prepared in accordance with accounting standards set by the Financial Accounting Standards Board (“FASB”). The FASB sets generally accepted accounting principles (“GAAP”) to ensure the condensed consolidated financial statements are consistently reported. References to GAAP issued by the FASB in these footnotes are to the FASB Accounting Standards Codifications (“ASC”). The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. There have been no material changes to the accounting policies of the Company as those set forth in Note 2 to the audited consolidated financial statements contained in the Annual Report on Form 10-K for the fiscal year ended December 31, 2023.
Unaudited Interim Financial Information	Unaudited Interim Financial Information The unaudited interim condensed consolidated financial statements of the Company have been prepared in accordance with GAAP and in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and footnote disclosures normally included in the annual financial statements prepared in accordance with GAAP have been omitted from the unaudited interim condensed consolidated financial statements, as is permitted by such rules and regulations. While we believe that the disclosures presented are adequate in order to make the information not misleading, these unaudited interim condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes for the year ended December 31, 2023. It is management’s opinion that these financial statements include all normal and recurring adjustments necessary for a fair presentation of the Company’s financial position, operating results and cash flows. Revenues and net loss for any interim period are not necessarily indicative of future or annual results.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses during the reporting periods. These estimates and assumptions are based on current facts, historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgements about the carrying values of assets, liabilities and the recording of expenses that are not readily apparent from other sources. Significant estimates reflected in these condensed consolidated financial statements include but are not limited to: the accrued research and development expenses, the determination of fair value of stock-based awards, and the impairment of goodwill and intangible assets. Actual results may differ materially and adversely from these estimates.
Goodwill	Goodwill Goodwill represents the excess of the fair value of the acquiree over the recognized basis of the net identifiable assets acquired and includes the future economic benefits from other assets that could not be individually identified and separately recognized. Goodwill is not amortized, but instead is periodically reviewed for impairment and an impairment charge is recorded in the periods in which the recorded carrying value of goodwill exceeds its fair value. On a quarterly basis, the Company performs a review of its business to determine if events or changes in circumstances have occurred which could have a material adverse effect on the fair value of the Company and its goodwill. If such events or changes in circumstances were deemed to have occurred, the Company would perform an impairment test of goodwill as of the end of the quarter and record any noted impairment loss. The Company’s market capitalization has in the past declined, for example in March 2024, and may in the future decline, and any such decrease in market capitalization may be an indicator of impairment. The Company will continue to assess the impact of its market capitalization and any other indicators of potential impairment. It is possible that if the Company’s market capitalization decline is more than temporary, or if other indicators of impairment are identified, an interim impairment analysis may be necessary, which could result in an impairment of goodwill, intangible assets and other long-lived assets in future periods. The goodwill test is performed at least annually, or more frequently if events or changes in circumstances indicate that the asset might be impaired. The Company performs its annual impairment test during the fourth quarter of each fiscal year. There were no impairments identified for the year ended December 31, 2023 or for the three months ended March 31, 2024.
Deferred Offering Costs	Deferred Offering Costs The Company capitalizes certain legal, professional, and other third-party charges related to ongoing equity financings as deferred offering costs until fully consummated. These costs are to be recorded as a reduction of the offering’s proceeds which are recorded to additional paid-in capital within stockholders’ equity. Should the Company choose not to initiate such financing, the deferred offering costs would be immediately expensed as operating expenses. On August 10, 2022, the Company entered into an Equity Distribution Agreement (the “Sales Agreement”) with Piper Sandler & Co, (the “Sales Agent”) to sell shares of the Company’s common stock, par value $0.001 per share, with aggregate gross sales proceeds of up to $50 million, from time to time, through an “at the market” equity offering program. Deferred offering costs associated with the Sales Agreement are reclassified to additional paid-in capital on a pro-rata basis when the Company completes offerings under the Sales Agreement. Any remaining deferred costs will be expensed to the statement of operations should the planned offering be abandoned. The Company had approximately $0.5 million of deferred offering costs as of March 31, 2024 and $0.3 million as of December 31, 2023.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies and adopted by the Company as of the specified effective date. The Company is an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012, as amended (“JOBS Act”). The JOBS Act provides that an emerging growth company can take advantage of an extended transition period for complying with new or revised accounting standards. Thus, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. The Company elected to avail itself of this extended transition period and, as a result, the Company will not be required to adopt certain new or revised accounting standards on the relevant dates on which adoption of such standards is required for other public companies. In November 2023, the FASB issued Accounting Standards Update ASU No. 2023-07, Segment Reporting (Topic 280) (“ASU 2023-07”). The guidance in ASU 2023-07 expands prior reportable segment disclosure requirements by requiring entities to disclose significant segment expenses that are regularly provided to the Chief Operating Decision Maker (“CODM”) and details of how the CODM uses financial reporting to assess their segment’s performance. The standard is effective for fiscal years beginning after December 15, 2023 and interim periods in fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is evaluating this standard's potential impact on its condensed consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). The guidance in ASU 2023-09 improves the transparency of income tax disclosures by greater disaggregation of information in the rate reconciliation and income taxes paid disaggregated by jurisdiction. The standard is effective for public companies for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company adopted this effective January 1, 2024 and there was no impact to the condensed consolidated financial statements.

Marketable Securities

3 Months Ended

Mar. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

Marketable securities consisted of the following as of March 31, 2024 and December 31, 2023, respectively:


	March 31, 2024
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Assets:
Current:

Government securities	$	1,996,779	$	—	$	(1,099)	$	1,995,680
Commercial paper	2,995,505		15		—		2,995,520
Total marketable securities	$	4,992,284	$	15	$	(1,099)	$	4,991,200


	December 31, 2023
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Assets:
Current:
U.S. Treasuries	$	2,989,460	$	430	$	—	$	2,989,890
Government securities	15,342,582		888		(2,902)		15,340,568
Commercial paper	7,928,122		1,301		(13)		7,929,410
Total marketable securities	$	26,260,164	$	2,619	$	(2,915)	$	26,259,868

Our marketable securities are classified as available-for-sale pursuant to ASC 320, Investments – Debt and Equity Securities and are recorded at fair value. Unrealized gains (losses) are included as a component of accumulated other comprehensive loss in the consolidated balance sheets and statements of stockholders’ equity and a component of total comprehensive loss in the consolidated statements of comprehensive loss, until realized. The Company assesses its available-for-sale marketable securities for impairment on a quarterly basis. There were no impairments of the Company’s available-for-sale marketable securities measured and carried at fair value during the three months ended March 31, 2024 or 2023. Realized gains and losses are included in other income (expense) on the consolidated statements of operations.

Our marketable securities portfolio contains investments in U.S. Treasury, other U.S. government-backed securities, and commercial paper. We review our portfolio based on the underlying risk profile of the securities and we don't expect there to be a loss on these investments. We also regularly review the securities in an unrealized loss position and evaluate the current expected credit loss by considering factors such as historical experience, market data, issuer-specific factors, and current economic conditions.

During the three months ended March 31, 2024 and 2023, we recognized no year-to-date credit loss related to our short-term investments, and had no allowance for credit loss recorded as of March 31, 2024 or December 31, 2023.

Summary of Significant Accounting Policies (Details) - USD ($)		3 Months Ended	12 Months Ended
	Aug. 10, 2022	Mar. 31, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Goodwill impairments		$ 0	$ 0
Equity Distribution Agreement \| Sandler and Co
Class of Stock [Line Items]
Common stock, par value per share (in dollars per share)	$ 0.001
Aggregate net proceeds	$ 50,000,000
Deferred offering costs		$ 500,000	$ 300,000

- Definition

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

+ References

+ Details

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

Common Stock - Equity Offerings (Details) - USD ($)			3 Months Ended
Common Stock - Equity Offerings (Details) - USD ($)	Apr. 20, 2023	Aug. 10, 2022	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Equity Distribution Agreement \| Sandler and Co
Class of Stock [Line Items]
Common stock, par value per share (in dollars per share)		$ 0.001
Deferred offering costs			$ 500,000		$ 300,000
Class A Common Stock
Class of Stock [Line Items]
Common stock, par value per share (in dollars per share)			$ 0.001		$ 0.001
At the market offering
Class of Stock [Line Items]
Percentage on gross proceeds from common stock sold for sales agent commission (as a percent)		3.00%
Shares sold (in shares)			0	0
At the market offering \| Class A Common Stock
Class of Stock [Line Items]
Common stock, par value per share (in dollars per share)		$ 0.001
Aggregate gross sales proceeds		$ 50,000,000
Underwriting Offering
Class of Stock [Line Items]
Shares sold (in shares)	2,727,273
Sale of stock (in dollars per share)	$ 11.00
Proceeds from company offering	$ 28,200,003
Proceeds before deducting offering costs payable	$ 203,768
Underwriting Offering \| Class A Common Stock
Class of Stock [Line Items]
Common stock, par value per share (in dollars per share)	$ 0.001
Maximum
Class of Stock [Line Items]
Aggregate amount		$ 200,000,000
Date of effective period (in years)		3 years

Net Loss Per Share Attributable to Common Stockholders - Basic and diluted net loss per share attributable to common stockholders (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Numerator:
Net loss	$ (14,307,829)	$ (13,604,171)
Denominator - basic and diluted:
Weighted-average common shares outstanding, basic (in shares)	29,370,357	26,442,216
Weighted-average common shares outstanding, diluted (in shares)	29,370,357	26,442,216
Earnings per share:
Net loss per share, basic (in dollars per share)	$ (0.49)	$ (0.51)
Net loss per share, diluted (in dollars per share)	$ (0.49)	$ (0.51)

- Definition

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

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+ Details

Fair Value Measurements - Narrative (Details)	3 Months Ended
Fair Value Measurements - Narrative (Details)	Mar. 31, 2024 USD ($)
Fair Value Disclosures [Abstract]
Financial assets classified as Level 3	$ 0
Financial liabilities classified as Level 3	$ 0

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of Maturities of the Lease Liabilities Due

Future minimum lease payments for operating leases with initial or remaining terms in excess of one year at March 31, 2024 were as follows:


	Amount
Remainder of 2024	$	539,946
2025	739,689
2026	761,877
2027	784,737
2028	808,278
Thereafter	2,874,231
Total future lease payments	6,508,758
Less: Imputed interest	(2,127,502)
Total lease liabilities	$	4,381,256
Lease liabilities	$	298,543
Lease liabilities, net of current portion	4,082,713
Total lease liabilities	$	4,381,256

Schedule of Quantitative Information Regarding the Company's Leases

Quantitative information regarding the Company’s leases for the three months ended March 31, 2024 and 2023 is as follows:


	March 31, 2024			March 31, 2023
Lease costs:
Operating lease cost	$	201,052		$	225,248
Short-term lease cost	42,270			55,946
Sublease income	(19,200)			(39,569)
Total lease costs	$	224,122		$	241,625
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	192,600		$	216,654
Operating cash flows from short-term leases	42,270			55,946
	$	234,870		$	272,600
Weighted-average remaining lease term - operating leases	8.33 years			8.95 years
Weighted-average discount rate - operating leases	10.0		%	9.1		%

Commitments and Contingencies - Lease cost and contract termination (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Lease costs:
Operating lease cost	$ 201,052	$ 225,248
Short-term lease cost	42,270	55,946
Sublease income	(19,200)	(39,569)
Total lease costs	224,122	241,625
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	192,600	216,654
Operating cash flows from short-term leases	42,270	55,946
Total lease Payment	$ 234,870	$ 272,600
Weighted-average remaining lease term - operating leases	8 years 3 months 29 days	8 years 11 months 12 days
Weighted-average discount rate - operating leases	10.00%	9.10%

Net Loss Per Share Attributable to Common Stockholders - Antidilutive effect (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total shares of common stock equivalents (in shares)	6,374,087	5,291,970
Options to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total shares of common stock equivalents (in shares)	6,374,087	5,291,970

Stock-Based Compensation

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

During 2015, the Company established the Long Term Incentive Plan (“Incentive Plan”), under which incentive stock options, nonqualified stock options, restricted stock or other awards may be awarded to employees, directors or consultants of the Company. The options typically vest over a four-year period. Upon the effectiveness of the Company’s 2021 Incentive Award Plan (the “2021 Plan”), the Company ceased granting awards under the Incentive Plan. However, the Incentive Plan continues to govern awards outstanding thereunder.

On July 23, 2021, the Company’s Board of Directors adopted, and on July 23, 2021 its stockholders approved, the 2021 Plan, which became effective on July 29, 2021. The 2021 Plan provides for the grant of incentive stock options, stock

appreciation rights, restricted stock awards, restricted stock units, and other stock-based awards. The number of shares reserved for issuance under the 2021 Plan was initially equal to 2,590,000 plus an annual increase on the first day of each calendar year, beginning on January 1, 2022 and ending on and including January 1, 2031, equal to the lesser of (i) 4% of the aggregate number of shares of Class A common stock outstanding on the final day of the immediately preceding calendar year and (ii) such smaller number of shares of Class A common stock as determined by the Board of Directors. No more than 15,350,000 shares of Class A common stock may be issued under the 2021 Plan upon the exercise of incentive stock options. Shares issued under the 2021 Plan may be authorized but unissued shares, shares purchased on the open market or treasury shares. If an award under the 2021 Plan expires, lapses or is terminated, exchanged for or settled in cash, surrendered, repurchased, cancelled without having been fully exercised/settled or forfeited, any unused shares subject to the award will, as applicable, become or again be available for new grants under the 2021 Plan. In addition, shares subject to stock options issued under the Incentive Plan may become available for issuance under the 2021 Plan to the extent such stock options are canceled, forfeited, exchanged, settled in cash or otherwise terminated. As of March 31, 2024, there were 1,610,855 shares available for future issuance under the 2021 Plan.

On July 23, 2021, the Company’s Board of Directors adopted, and on July 23, 2021 its stockholders approved, the 2021 Employee Stock Purchase Plan (the “2021 ESPP”), which became effective on July 29, 2021. A total of 250,000 shares of Class A common stock were initially reserved for issuance under this plan. The number of shares of Class A common stock that may be issued under the 2021 ESPP will automatically increase on the first day of each calendar year, beginning on January 1, 2022 and ending on and including January 1, 2031, equal to the lesser of (i) 1% of the shares of Class A common stock outstanding on the final day of the immediately preceding calendar year and (ii) such smaller number of shares of Class A common stock as determined by the Board of Directors, provided that not more than 3,340,000 shares of Class A common stock may be issued under the 2021 ESPP. As of March 31, 2024, there were 917,677 shares of common stock reserved for future issuance under the 2021 ESPP and 152,427 shares had been granted or purchased under the 2021 ESPP.

The Company recognized stock-based compensation expense of $1,474,758 and $1,273,505 during the three months ended March 31, 2024 and 2023, respectively. As of March 31, 2024, compensation expense remaining to be recognized for outstanding stock options was $13,903,468 and to be recognized over a weighted-average period of 2.74 years.

The fair value of options granted is calculated on the grant date using the Black-Scholes option valuation model. Prior to the Company’s IPO on August 3, 2021, the Company was a private company and thus lacks company-specific historical and implied volatility information. Therefore, it estimates its expected stock volatility based on the historical volatility of a publicly traded set of peer companies and expects to continue to do so until such time as it has adequate historical data regarding the volatility of its own publicly traded stock price. For the three months ended March 31, 2024, the Company granted 1,279,107 shares of stock options at a weighted-average grant date fair value of $6.10.

The Company used the following assumptions in its application of the Black-Scholes option pricing model for grants during the three months ended March 31, 2024 and 2023:


	Three Months Ended March 31,
	2024	2023

Weighted-average risk-free interest rate	3.93% - 4.82%	3.60% - 3.89%
Expected term (in years)	5.00 - 10.00	5.00 - 6.04
Expected dividend yield	0%	0%
Expected volatility	67.00% - 69.85%	65.01% - 67.50%

The following table summarizes the stock option activity during the three months ended March 31, 2024:


	Number of Options	Weighted- Average Exercise Price per Share		Weighted Average Remaining Contractual Term (in Years)	Aggregate Intrinsic Value

Outstanding at December 31, 2023	5,496,397	$	6.54
Granted	1,279,107	6.10
Exercised	(229,299)	3.19
Cancelled	(172,118)	8.26
Outstanding at March 31, 2024	6,374,087	$	6.53	7.83	$	—

Vested and exercisable at March 31, 2024	2,981,594	$	6.39	6.51	$	—

For the three months ended March 31, 2024 and 2023, the Company recognized share-based compensation expense on the accompanying condensed consolidated statements of operations as follows:


	Three Months Ended March 31,
	2024		2023

Research and development	$	566,883	$	590,835
General and administrative	907,875		682,670
Total	$	1,474,758	$	1,273,505

Accrued Expenses (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Accrued Liabilities, Current [Abstract]
Accrued professional services	$ 359,570	$ 297,160
Accrued employee expenses	1,119,393	3,625,911
Accrued research and development expenses	950,484	1,146,398
Accrued other	154,912	104,491
Total	$ 2,584,359	$ 5,173,960

Accrued Expenses (Tables)

3 Months Ended

Mar. 31, 2024

Accrued Liabilities, Current [Abstract]

Schedule of Accrued Expenses

Accrued expenses consisted of the following:


	March 31, 2024		December 31, 2023

Accrued professional services	$	359,570	$	297,160
Accrued employee expenses	1,119,393		3,625,911
Accrued research and development expenses	950,484		1,146,398
Accrued other	154,912		104,491
Total	$	2,584,359	$	5,173,960

Stock-Based Compensation - Assumptions (Details)	3 Months Ended
Stock-Based Compensation - Assumptions (Details)	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average risk-free interest rate, minimum	3.93%	3.60%
Weighted-average risk-free interest rate, maximum	4.82%	3.89%
Expected dividend yield	0.00%	0.00%
Expected volatility, minimum	67.00%	65.01%
Expected volatility, maximum	69.85%	67.50%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	5 years	5 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	10 years	6 years 14 days

- Definition

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

+ References

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+ Details

Common Stock - Class A Common Stock (Details) - Class A Common Stock	3 Months Ended	12 Months Ended
	Mar. 31, 2024 Vote $ / shares shares	Dec. 31, 2023 Vote $ / shares shares
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, par value per share (in dollars per share) \| $ / shares	$ 0.001	$ 0.001
Common stock, shares issued (in shares)	29,653,355	29,271,629
Common stock, shares outstanding (in shares)	29,653,355	29,271,629
Number of votes \| Vote	1	1

- Definition

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

+ References

+ Details

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The condensed consolidated financial statements have been prepared in accordance with accounting standards set by the Financial Accounting Standards Board (“FASB”). The FASB sets generally accepted accounting principles (“GAAP”) to ensure the condensed consolidated financial statements are consistently reported. References to GAAP issued by the FASB in these footnotes are to the FASB Accounting Standards Codifications (“ASC”). The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. There have been no material changes to the accounting policies of the Company as those set forth in Note 2 to the audited consolidated financial statements contained in the Annual Report on Form 10-K for the fiscal year ended December 31, 2023. Unaudited Interim Financial Information The unaudited interim condensed consolidated financial statements of the Company have been prepared in accordance with GAAP and in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and footnote disclosures normally included in the annual financial statements prepared in accordance with GAAP have been omitted from the unaudited interim condensed consolidated financial statements, as is permitted by such rules and regulations. While we believe that the disclosures presented are adequate in order to make the information not misleading, these unaudited interim condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes for the year ended December 31, 2023. It is management’s opinion that these financial statements include all normal and recurring adjustments necessary for a fair presentation of the Company’s financial position, operating results and cash flows. Revenues and net loss for any interim period are not necessarily indicative of future or annual results. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses during the reporting periods. These estimates and assumptions are based on current facts, historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgements about the carrying values of assets, liabilities and the recording of expenses that are not readily apparent from other sources. Significant estimates reflected in these condensed consolidated financial statements include but are not limited to: the accrued research and development expenses, the determination of fair value of stock-based awards, and the impairment of goodwill and intangible assets. Actual results may differ materially and adversely from these estimates. Goodwill Goodwill represents the excess of the fair value of the acquiree over the recognized basis of the net identifiable assets acquired and includes the future economic benefits from other assets that could not be individually identified and separately recognized. Goodwill is not amortized, but instead is periodically reviewed for impairment and an impairment charge is recorded in the periods in which the recorded carrying value of goodwill exceeds its fair value. On a quarterly basis, the Company performs a review of its business to determine if events or changes in circumstances have occurred which could have a material adverse effect on the fair value of the Company and its goodwill. If such events or changes in circumstances were deemed to have occurred, the Company would perform an impairment test of goodwill as of the end of the quarter and record any noted impairment loss. The Company’s market capitalization has in the past declined, for example in March 2024, and may in the future decline, and any such decrease in market capitalization may be an indicator of impairment. The Company will continue to assess the impact of its market capitalization and any other indicators of potential impairment. It is possible that if the Company’s market capitalization decline is more than temporary, or if other indicators of impairment are identified, an interim impairment analysis may be necessary, which could result in an impairment of goodwill, intangible assets and other long-lived assets in future periods. The goodwill test is performed at least annually, or more frequently if events or changes in circumstances indicate that the asset might be impaired. The Company performs its annual impairment test during the fourth quarter of each fiscal year. There were no impairments identified for the year ended December 31, 2023 or for the three months ended March 31, 2024. Deferred Offering Costs The Company capitalizes certain legal, professional, and other third-party charges related to ongoing equity financings as deferred offering costs until fully consummated. These costs are to be recorded as a reduction of the offering’s proceeds which are recorded to additional paid-in capital within stockholders’ equity. Should the Company choose not to initiate such financing, the deferred offering costs would be immediately expensed as operating expenses. On August 10, 2022, the Company entered into an Equity Distribution Agreement (the “Sales Agreement”) with Piper Sandler & Co, (the “Sales Agent”) to sell shares of the Company’s common stock, par value $0.001 per share, with aggregate gross sales proceeds of up to $50 million, from time to time, through an “at the market” equity offering program. Deferred offering costs associated with the Sales Agreement are reclassified to additional paid-in capital on a pro-rata basis when the Company completes offerings under the Sales Agreement. Any remaining deferred costs will be expensed to the statement of operations should the planned offering be abandoned. The Company had approximately $0.5 million of deferred offering costs as of March 31, 2024 and $0.3 million as of December 31, 2023. Recently Issued Accounting Pronouncements From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies and adopted by the Company as of the specified effective date. The Company is an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012, as amended (“JOBS Act”). The JOBS Act provides that an emerging growth company can take advantage of an extended transition period for complying with new or revised accounting standards. Thus, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. The Company elected to avail itself of this extended transition period and, as a result, the Company will not be required to adopt certain new or revised accounting standards on the relevant dates on which adoption of such standards is required for other public companies. In November 2023, the FASB issued Accounting Standards Update ASU No. 2023-07, Segment Reporting (Topic 280) (“ASU 2023-07”). The guidance in ASU 2023-07 expands prior reportable segment disclosure requirements by requiring entities to disclose significant segment expenses that are regularly provided to the Chief Operating Decision Maker (“CODM”) and details of how the CODM uses financial reporting to assess their segment’s performance. The standard is effective for fiscal years beginning after December 15, 2023 and interim periods in fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is evaluating this standard's potential impact on its condensed consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). The guidance in ASU 2023-09 improves the transparency of income tax disclosures by greater disaggregation of information in the rate reconciliation and income taxes paid disaggregated by jurisdiction. The standard is effective for public companies for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company adopted this effective January 1, 2024 and there was no impact to the condensed consolidated financial statements.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net loss	$ (14,307,829)	$ (13,604,171)
Adjustment to reconcile to net loss to net cash used in operating activities:
Depreciation/amortization expense	90,209	76,527
Reduction in carrying amount of right-of-use assets	90,155	105,786
Intangible asset amortization	7,317	7,317
Stock-based compensation expense	1,474,758	1,273,505
Net accretion of discount on marketable securities	(161,639)	(186,964)
Loss on disposal of fixed assets	0	666
(Increase) decrease in:
Accounts receivable	0	11,371
Prepaid expenses and other current assets	248,895	512,896
Other assets	30,000	0
Increase (decrease) in:
Accounts payable	117,393	(430,933)
Accrued expenses	(2,762,534)	(2,093,363)
Lease liabilities	(81,703)	(97,192)
Other liabilities	(236,136)	6,537
Net cash used in operating activities	(15,491,114)	(14,418,018)
Cash flows from investing activities:
Purchases of property and equipment	(37,478)	(27,993)
Maturities of marketable securities	21,430,000	19,000,000
Net cash provided by investing activities	21,392,522	18,972,007
Cash flows from financing activities:
Proceeds from exercise of stock options	732,458	239,408
Proceeds from employee stock purchase plan	247,465	0
Net cash provided by financing activities	979,923	239,408
Net increase in cash and cash equivalents	6,881,331	4,793,397
Cash and cash equivalents at beginning of period	59,405,817	72,636,886
Cash and cash equivalents at end of period	66,287,148	77,430,283
Supplemental disclosures of noncash information:
Property and equipment in accounts payable/accrued expenses	0	4,784
Deferred offering costs included in accounts payable/accrued expenses	$ 214,736	$ 0

Net Loss Per Share Attributable to Common Stockholders (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders

Basic and diluted net loss per share attributable to common stockholders was calculated at March 31, 2024 and March 31, 2023 as follows:


	Three Months Ended March 31,
	2024		2023

Numerator:
Net loss	$	(14,307,829)	$	(13,604,171)
Denominator - basic and diluted:
Weighted-average common shares outstanding, basic and diluted	29,370,357		26,442,216
Net loss per share - basic and diluted	$	(0.49)	$	(0.51)

Schedule of Potentially Dilutive Securities that have been Excluded from the Calculation of Diluted Net Loss Per Share


	2024	2023

Options to purchase common stock	6,374,087	5,291,970
Total shares of common stock equivalents	6,374,087	5,291,970

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Unaudited) - USD ($)	Total	Class A Common Stock	Class B Common Stock	Common Stock Class A Common Stock	Common Stock Class B Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2022				26,418,732	0
Beginning balance at Dec. 31, 2022	$ 109,850,255			$ 26,419	$ 0	$ 219,640,912	$ (30,120)	$ (109,786,956)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)				77,065
Issuance of common stock upon exercise of stock options	239,409			$ 77		239,332
Stock-based compensation expense	1,273,505					1,273,505
Net loss	(13,604,171)							(13,604,171)
Other comprehensive income (loss)	30,626						30,626
Ending balance (in shares) at Mar. 31, 2023				26,495,797	0
Ending balance at Mar. 31, 2023	97,789,624			$ 26,496	$ 0	221,153,749	506	(123,391,127)
Beginning balance (in shares) at Dec. 31, 2023		29,271,629	0	29,271,629	0
Beginning balance at Dec. 31, 2023	$ 90,576,183			$ 29,272	$ 0	253,806,267	(778)	(163,258,578)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)	229,299			229,299
Issuance of common stock upon exercise of stock options	$ 732,458			$ 229		732,229
Issuance of common stock through employee stock purchase plan (in shares)				152,427
Issuance of common stock through employee stock purchase plan	247,465			$ 152		247,313
Stock-based compensation expense	1,474,758					1,474,758
Net loss	(14,307,829)							(14,307,829)
Other comprehensive income (loss)	(306)						(306)
Ending balance (in shares) at Mar. 31, 2024		29,653,355	0	29,653,355	0
Ending balance at Mar. 31, 2024	$ 78,722,729			$ 29,653	$ 0	$ 256,260,567	$ (1,084)	$ (177,566,407)

Stock-Based Compensation - Stock option activity (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Number of Options
Outstanding at the beginning (in shares)	5,496,397
Granted (in shares)	1,279,107
Exercised (in shares)	(229,299)
Cancelled (in shares)	(172,118)
Outstanding at the ending (in shares)	6,374,087	5,496,397
Vested and exercisable (in shares)	2,981,594
Weighted- Average Exercise Price per Share
Weighted Average Exercise Price per Share Outstanding at the beginning (in dollars per share)	$ 6.54
Weighted Average Exercise Price per Share Granted (in dollars per share)	6.10
Weighted Average Exercise Price per Share Exercised (in dollars per share)	3.19
Weighted Average Exercise Price per Share Cancelled (in dollars per share)	8.26
Weighted Average Exercise Price per Share Outstanding at the ending (in dollars per share)	6.53	$ 6.54
Weighted Average Exercise Price per Share Vested and exercisable (in dollars per share)	$ 6.39
Weighted Average Remaining Contractual Term (in Years)
Weighted Average Remaining Contractual Term (in Years)	7 years 9 months 29 days
Weighted Average Remaining Contractual Term, Vested and exercisable (in years)	6 years 6 months 3 days
Aggregate Intrinsic Value
Aggregate Intrinsic Value Outstanding	$ 0
Aggregate Intrinsic Value Vested and exercisable	$ 0

Property and Equipment, net

3 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment, net

Property and equipment, net consisted of the following:


	March 31, 2024		December 31, 2023

Computer equipment	$	550,861	$	550,861
Furniture and fixtures	98,628		98,628
Lab equipment	1,217,924		1,180,445
Leasehold improvements	298,941		298,941

Total	2,166,354		2,128,875
Accumulated depreciation/amortization	(818,502)		(728,293)
Property and equipment, net	$	1,347,852	$	1,400,582

Depreciation/amortization expense totaled $90,209 and $76,527 for the three months ended March 31, 2024 and 2023, respectively.

Commitments and Contingencies

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Operating Leases

In October 2020, the Company entered into an office lease (“Via Frontera Lease”) in San Diego, California with a lease term of 67 months. At the lease commencement date, a right-to-use asset and lease liability was recognized by the Company for $637,863. In January 2022, the Company exercised its option to terminate the Via Frontera Lease 20 months early. The Company subsequently entered into a sublease of the Via Frontera Lease, the term of which commenced in March 2022. The lease and sublease terminated on October 1, 2023. The lease termination was accounted for as a lease modification which reduces the term of the existing lease and the Company adjusted the value of its right-of-use asset and operating lease liability by $347,739 using an incremental borrowing rate of approximately 6%. The sublease income was accounted for as a reduction of rent expense in the statement of operations.

As part of the BioArkive acquisition, the Company assumed the obligations of three leases in San Diego, California. One is for 38,613 square feet of office and laboratory space, under a lease that terminates on April 30, 2032; the second was for a 6,100 square feet of office and laboratory space under a lease that terminated on December 31, 2022; and the third was for a lease for 4,760 square feet of office and laboratory space under a lease that terminated on March 31, 2024. As a result, the Company recorded right-to-use assets and lease liabilities of $4,824,700 on the acquisition date of December 22, 2021.

The Company currently also leases office space in Cambridge, Massachusetts and New York, New York, pursuant to short-term arrangements. The Cambridge lease is on a month-to-month basis, requiring one month’s notice before termination. The New York lease was renewed on January 16, 2024 to extend the lease term until August 31, 2024. These lease agreements include or included payments for lease and non-lease components. The Company has elected to not separate such components and these payments were recognized as rent expense.

As of March 31, 2024, total future minimum lease payments for its short-term leases in Cambridge, Massachusetts, and New York, New York were $33,750 due in 2024.

Future minimum lease payments for operating leases with initial or remaining terms in excess of one year at March 31, 2024 were as follows:


	Amount
Remainder of 2024	$	539,946
2025	739,689
2026	761,877
2027	784,737
2028	808,278
Thereafter	2,874,231
Total future lease payments	6,508,758
Less: Imputed interest	(2,127,502)
Total lease liabilities	$	4,381,256
Lease liabilities	$	298,543
Lease liabilities, net of current portion	4,082,713
Total lease liabilities	$	4,381,256

Quantitative information regarding the Company’s leases for the three months ended March 31, 2024 and 2023 is as follows:


	March 31, 2024			March 31, 2023
Lease costs:
Operating lease cost	$	201,052		$	225,248
Short-term lease cost	42,270			55,946
Sublease income	(19,200)			(39,569)
Total lease costs	$	224,122		$	241,625
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	192,600		$	216,654
Operating cash flows from short-term leases	42,270			55,946
	$	234,870		$	272,600
Weighted-average remaining lease term - operating leases	8.33 years			8.95 years
Weighted-average discount rate - operating leases	10.0		%	9.1		%

As the Company’s leases typically do not provide an implicit rate, the Company uses an estimate of its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments.

Litigation

From time to time, the Company may have certain contingent liabilities that arise in the ordinary course of its business activities and may be exposed to litigation in connection with its product candidates and operations. The Company’s policy is to assess the likelihood of any adverse judgments or outcomes related to legal matters, as well as ranges of probable losses. When it is probable that future expenditures will be made and can be reasonably estimated the Company will accrue a liability for such matters. Significant judgement is required to determine both probability and estimated amount. The Company is not aware of any material legal matters.

Clinical Research Contracts

The Company may enter into contracts in the normal course of business with contract research organizations for clinical trials, with contract manufacturing organizations for clinical supplies, and with other vendors for preclinical studies,

supplies and other services for the Company’s operating purposes. These contracts generally provide for termination with a 30-day notice.

Commitments and Contingencies - Narrative (Details)	1 Months Ended	3 Months Ended
Commitments and Contingencies - Narrative (Details)	Jan. 31, 2022 USD ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 22, 2021 USD ($) ft² agreement	Oct. 31, 2020 USD ($)
Lessee, Lease, Description [Line Items]
Right-of-use assets, net		$ 3,905,575	$ 3,995,730
Increase (decrease) in right of use asset	$ 347,739
Incremental borrowing rate (as a percent)	6.00%
Lease liability		4,381,256
Remainder of 2024		$ 539,946
Notice period for contract termination		30 days
Lease Termination on April 30, 2032
Lessee, Lease, Description [Line Items]
Area of property under lease \| ft²				38,613
Lease Termination on December 31, 2022
Lessee, Lease, Description [Line Items]
Area of property under lease \| ft²				6,100
Lease Termination on March 31, 2024
Lessee, Lease, Description [Line Items]
Area of property under lease \| ft²				4,760
BioArkive Inc
Lessee, Lease, Description [Line Items]
Right-of-use assets, net				$ 4,824,700
Number of lease obligations acquired \| agreement				3
Lease liability				$ 4,824,700
2020 San Diego Lease
Lessee, Lease, Description [Line Items]
Lease term					67 months
Right-of-use assets, net					$ 637,863
Office and Laboratory Space in San Diego California
Lessee, Lease, Description [Line Items]
Period of lease modification	20 months
Office Space In Cambridge, Massachusetts, New York
Lessee, Lease, Description [Line Items]
Remainder of 2024		$ 33,750

Commitments and Contingencies - Maturities of the lease liabilities due (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Remainder of 2024	$ 539,946
2025	739,689
2026	761,877
2027	784,737
2028	808,278
Thereafter	2,874,231
Total future lease payments	6,508,758
Less: Imputed interest	(2,127,502)
Total lease liabilities	4,381,256
Lease liabilities	298,543	$ 300,107
Lease liabilities, net of current portion	$ 4,082,713	$ 4,162,852

Organization and Nature of Business (Details) - USD ($)	Apr. 20, 2023	Aug. 03, 2021	Mar. 31, 2024	Dec. 31, 2023
Organization and Nature of Business
Accumulated deficit			$ (177,566,407)	$ (163,258,578)
IPO
Organization and Nature of Business
Aggregate net proceeds		$ 120,318,750
Offering costs		$ 2,124,317
Underwriting Offering
Organization and Nature of Business
Shares sold (in shares)	2,727,273
Sale of stock (in dollars per share)	$ 11.00
Proceeds from company offering	$ 28,200,003
Proceeds before deducting offering costs payable	$ 203,768
Class A Common Stock
Organization and Nature of Business
Shares issued (in shares)		1,125,000
Common stock, par value per share (in dollars per share)			$ 0.001	$ 0.001
Class A Common Stock \| IPO
Organization and Nature of Business
Shares issued (in shares)		8,625,000
Class A Common Stock \| Underwriting Offering
Organization and Nature of Business
Common stock, par value per share (in dollars per share)	$ 0.001

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Cash Equivalents and Marketable Securities

The following table summarizes our cash equivalents and marketable securities measured at fair value on a recurring basis as of March 31, 2024:


	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents
Money market	$	66,025,330	$	—	$	—	$	66,025,330


Total cash equivalents	66,025,330		—		—		66,025,330

Marketable securities:

Government securities	$	—	$	1,995,680	$	—	$	1,995,680
Commercial paper	—		2,995,520		—		2,995,520
Total marketable securities	—		4,991,200		—		4,991,200
Total cash equivalents and marketable securities	$	66,025,330	$	4,991,200	$	—	$	71,016,530

The following table summarizes our cash equivalents and marketable securities measured at fair value on a recurring basis as of December 31, 2023:


	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents
U.S. Treasuries	$	3,488,205	$	—	$	—	$	3,488,205
Money market	50,122,883		—		—		50,122,883
Commercial paper	—		2,494,670		—		2,494,670
Government securities	—		2,981,550		—		2,981,550
Total cash equivalents	53,611,088		5,476,220		—		59,087,308

Marketable securities:
U.S. Treasuries	$	2,989,890	$	—	$	—	$	2,989,890
Government securities	—		15,340,568		—		15,340,568
Commercial paper	—		7,929,410		—		7,929,410
Total marketable securities	2,989,890		23,269,978		—		26,259,868
Total cash equivalents and marketable securities	$	56,600,978	$	28,746,198	$	—	$	85,347,176

Stock-Based Compensation - Share-based compensation expense (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 1,474,758	$ 1,273,505
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	566,883	590,835
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 907,875	$ 682,670

- Definition

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

+ References

+ Details

Pay vs Performance Disclosure - USD ($)	3 Months Ended
Pay vs Performance Disclosure - USD ($)	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net loss	$ (14,307,829)	$ (13,604,171)

- Definition

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

+ References

+ Details

Property and Equipment, net - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Depreciation/amortization expense	$ 90,209	$ 76,527

Common Stock	3 Months Ended
Common Stock	Mar. 31, 2024
Stockholders' Equity Note [Abstract]
Common Stock	Common Stock The Company had 200,000,000 authorized shares of Class A common stock, $0.001 par value per share as of March 31, 2024 and December 31, 2023 of which 29,653,355 and 29,271,629 were issued and outstanding, respectively. The holders of Class A common stock are entitled one vote for each share of common stock. Dividends may be paid when, and if declared by the Board of Directors, subject to the limitations, powers and preferences granted to the Preferred Stockholders and on a proportionate basis with holders of Class B common stock. The Company had 20,000,000 authorized shares of Class B common stock, $0.001 par value per share as of March 31, 2024 and December 31, 2023, of which no shares have been issued nor are outstanding. The holders of Class B common stock have no voting rights. Dividends may be paid when, and if, declared by the Board of Directors, subject to the limitations, powers and preferences granted to the preferred stockholders and on a proportionate basis with holders of Class A common stock. Equity Offerings On August 10, 2022, the Company filed a Registration Statement on Form S-3 (File No. 333-266738) (the “2022 Shelf Registration Statement”) with the SEC in relation to the registration of common stock, preferred stock, debt securities, warrants and/or units or any combination thereof in the aggregate amount of up to $200 million for a period of up to three years from the date of its effectiveness on August 19, 2022. On August 10, 2022, the Company also entered into the Sales Agreement with the Sales Agent to sell shares of the Company’s Class A common stock, par value $0.001 per share, with aggregate gross sales proceeds of up to $50 million, from time to time, through an “at the market” equity offering program (the “ATM Program”) under the 2022 Shelf Registration Statement. Subject to the terms and conditions of the Sales Agreement, the Sales Agent may sell the shares by methods deemed to be an “at the market offering” as defined in Rule 415 promulgated under the Securities Act, including sales made through the Nasdaq Global Market, on any other existing trading market for the common stock, to or through a market maker, or, if expressly authorized by the Company, in privately negotiated transactions. The Company or Sales Agent may terminate the Sales Agreement upon notice to the other party and subject to other conditions. The Company will pay the Sales Agent a commission equal to 3.0% of the gross proceeds of any Common Stock sold through the Sales Agent under the Sales Agreement and has provided the Sales Agent with customary indemnification rights. Issuance costs incurred related to the Sales Agreement are classified as long-term assets on the balance sheet at March 31, 2024. The Company had approximately $0.5 million of deferred offering costs as of March 31, 2024 and $0.3 million as of December 31, 2023. No shares were sold pursuant to the ATM Program during the three month periods ended March 31, 2024 or March 31, 2023, respectively. On April 20, 2023, the Company completed an underwritten follow-on equity offering, pursuant to which it issued and sold 2,727,273 shares of its Class A common stock, $0.001 par value per share, at an offering price of $11.00 per share under the 2022 Shelf Registration Statement. The aggregate net proceeds received by the Company from the offering were $28,200,003, after deducting underwriting discounts and commissions, but before deducting offering costs payable by the Company of $203,768.

- Definition

The entire disclosure for equity.

+ References

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+ Details

COVER PAGE - shares	3 Months Ended
COVER PAGE - shares	Mar. 31, 2024	May 01, 2024
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-40675
Entity Registrant Name	Immuneering Corporation
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	26-1976972
Entity Address, Address Line One	245 Main St
Entity Address, Address Line Two	Second Floor
Entity Address, City or Town	Cambridge
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02142
City Area Code	617
Local Phone Number	500-8080
Title of 12(b) Security	Class A common Stock, par value $0.001 per share
Trading Symbol	IMRX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Central Index Key	0001790340
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false
Class A Common Stock
Entity Common Stock, Shares Outstanding		29,653,355
Class B Common Stock
Entity Common Stock, Shares Outstanding		0