Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Summary of Research and Development and General and Administrative Expenses

Below is the breakdown of the Company’s research and development and general and administrative expenses for the years ended December 31, 2024, 2023 and 2022 (in thousands):

	Year Ended December 31,
	2024		2023		2022
External costs
Clinical research organization expenses
COVALENT - 101	$	2,386	$	7,380	$	1,793
COVALENT - 102		205		3,415		834
COVALENT - 103		3,710		2,007		—
COVALENT - 111		22,489		14,670		3,343
COVALENT - 112		5,048		1,306		—
Other clinical related expenses		14,262		7,320		3,469
Preclinical activities related expenses		11,815		10,165		13,095
Expenses related to manufacturing of clinical and research material		7,262		13,237		12,619
Other external costs		10,948		5,528		2,693
Internal costs:
Personnel-related expenses (including    stock-based compensation)		31,856		28,838		19,361
Facilities and other allocated expenses		8,104		8,680		5,506
Total research and development expenses	$	118,085	$	102,546	$	62,713

	Year Ended December 31,
	2024		2023		2022
External costs	$	6,488	$	5,007	$	3,991
Internal costs:
Personnel-related expenses (including    stock-based compensation)		17,768		16,466		14,110
Facilities and other allocated expenses		1,729		2,116		2,820
Total general and administrative expenses	$	25,985	$	23,589	$	20,921

Reconciliation of segment loss from operations to net loss:

	Year Ended December 31,
	2024			2023			2022
Loss from operations of reportable segments	$	(144,070	)	$	(126,135	)	$	(83,634	)
Interest and other income, net		5,644			8,880			1,806
Net loss	$	(138,426	)	$	(117,255	)	$	(81,828	)