0001193125-26-336774 | 10-Q | XBRL Viewer

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Segments (Additional Information) (Details)	6 Months Ended
Segments (Additional Information) (Details)	Jun. 30, 2026 Segments
Segment Reporting [Line Items]
Number of Reportable Segments	1
Number of operating segments	1
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	Chief Executive Officer [Member]
Segment Reporting Codm Profit Loss, Description	For the purpose of evaluating segment performance and allocating resources, the CODM reviews the Company’s financial information on a consolidated basis together with certain operating metrics and evaluates net loss against comparable prior periods and the Company’s annual operating plan

- 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.

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+ Details

Summary of Significant Accounting Policies	6 Months Ended
Jun. 30, 2026
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies The Company is an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (JOBS Act). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued after the enactment of the JOBS Act until those standards apply to private companies. The Company has elected to avail itself of this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that it (i) is no longer an emerging growth company or (ii) affirmatively and irrevocably opts out of the extended transition period provided in the JOBS Act. As a result, these unaudited condensed consolidated financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates. For additional information related to the Company’s other significant accounting policies, refer to Note 2, Summary of Significant Accounting Policies, to the Company’s audited consolidated financial statements included in the Company’s Annual Report. Use of Estimates The preparation of unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect reported amounts and disclosures. Accordingly, actual results could differ from those estimates. Key management estimates include those related to the accrual of research and development expenses and the valuation of stock-based awards. The Company evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors and adjusts those estimates and assumptions when facts and circumstances dictate. Restricted Cash In connection with the Company amending its lease agreement for its headquarters in Wellesley Hills, MA, in May 2026, the Company was required to provide a security deposit in the form of a letter of credit. The Company has classified this restricted cash in other long-term assets within its condensed consolidated balance sheets as of June 30, 2026. There was no restricted cash as of December 31, 2025. Recently Issued Accounting Pronouncements Not Yet Adopted In December 2023, the FASB issued ASU No. 2023-09 (ASU 2023-09), Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires, among other things, the following for public business entities: (i) enhanced disclosures of specific categories of reconciling items included in the rate reconciliation, as well as additional information for any of these items meeting certain qualitative and quantitative thresholds; (ii) disclosure of the nature, effect and underlying causes of each individual reconciling item disclosed in the rate reconciliation and the judgment used in categorizing them if not otherwise evident; and (iii) enhanced disclosures for income taxes paid, which includes federal, state, and foreign taxes, as well as for individual jurisdictions over a certain quantitative threshold. The amendments in ASU 2023-09 eliminate the requirement to disclose the nature and estimate of the range of the reasonably possible change in unrecognized tax benefits for the 12 months after the balance sheet date. The effective date of this update for non-public companies is for fiscal years beginning after December 15, 2025; early adoption is permitted. As the Company qualified for emerging growth company status when ASU 2023-09 was effective for public companies, the Company has elected to adopt this standard as of the effective date for a non-public company. The Company expects ASU 2023-09 to require additional disclosures in the notes to its consolidated financial statements. In November 2024, the FASB issued ASU 2024-03 (ASU 2024-03), Disaggregation of Income Statement Expenses, which requires additional disclosures about specific types of expenses included in the expense captions presented on the face of the income statement, as well as disclosures about selling expenses. The provisions of ASU 2024-03 are effective for public business entities for fiscal years beginning after December 15, 2026, and interim periods beginning after December 15, 2027. Early adoption is permitted. The guidance is to be applied prospectively, with the option for retrospective application. The Company is currently evaluating the impact of ASU 2024-03 on its consolidated financial statements. 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. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on its consolidated financial statements.

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2026

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

The Company is an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (JOBS Act). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued after the enactment of the JOBS Act until those standards apply to private companies. The Company has elected to avail itself of this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that it (i) is no longer an emerging growth company or (ii) affirmatively and irrevocably opts out of the extended transition period provided in the JOBS Act. As a result, these unaudited condensed consolidated financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates.

For additional information related to the Company’s other significant accounting policies, refer to Note 2, Summary of Significant Accounting Policies, to the Company’s audited consolidated financial statements included in the Company’s Annual Report.

Use of Estimates

The preparation of unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect reported amounts and disclosures. Accordingly, actual results could differ from those estimates. Key management estimates include those related to the accrual of research and development expenses and the valuation of stock-based awards. The Company evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors and adjusts those estimates and assumptions when facts and circumstances dictate.

Restricted Cash

In connection with the Company amending its lease agreement for its headquarters in Wellesley Hills, MA, in May 2026, the Company was required to provide a security deposit in the form of a letter of credit. The Company has classified this restricted cash in other long-term assets within its condensed consolidated balance sheets as of June 30, 2026. There was no restricted cash as of December 31, 2025.

Recently Issued Accounting Pronouncements Not Yet Adopted

In December 2023, the FASB issued ASU No. 2023-09 (ASU 2023-09), Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires, among other things, the following for public business entities: (i) enhanced disclosures of specific categories of reconciling items included in the rate reconciliation, as well as additional information for any of these items meeting certain qualitative and quantitative thresholds; (ii) disclosure of the nature, effect and underlying causes of each individual reconciling item disclosed in the rate reconciliation and the judgment used in categorizing them if not otherwise evident; and (iii) enhanced disclosures for income taxes paid, which includes federal, state, and foreign taxes, as well as for individual jurisdictions over a certain quantitative threshold. The amendments in ASU 2023-09 eliminate the requirement to disclose the nature and estimate of the range of the reasonably possible change in unrecognized tax benefits for the 12 months after the balance sheet date. The effective date of this update for non-public companies is for fiscal years beginning after December 15, 2025; early adoption is permitted. As the Company qualified for emerging growth company status when ASU 2023-09 was effective for public companies, the Company has elected to adopt this standard as of the effective date for a non-public company. The Company expects ASU 2023-09 to require additional disclosures in the notes to its consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03 (ASU 2024-03), Disaggregation of Income Statement Expenses, which requires additional disclosures about specific types of expenses included in the expense captions presented on the face of the income statement, as well as disclosures about selling expenses. The provisions of ASU 2024-03 are effective for public business entities for fiscal years beginning after December 15, 2026, and interim periods beginning after December 15, 2027. Early adoption is permitted. The guidance is to be applied prospectively, with the option for retrospective application. The Company is currently evaluating the impact of ASU 2024-03 on its consolidated financial statements.

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. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on its consolidated financial statements.

Nature of Operations and Basis of Presentation	6 Months Ended
Jun. 30, 2026
Accounting Policies [Abstract]
Nature of Operations and Basis of Presentation	1. Nature of Operations and Basis of Presentation Organization Climb Bio, Inc. (the Company) is a clinical-stage biotechnology company developing therapeutics for patients with immune-mediated diseases. The Company’s pipeline includes budoprutug and CLYM116. Budoprutug is an anti-CD19 monoclonal antibody designed to treat a broad range of B-cell mediated diseases. The Company is currently developing budoprutug for the treatment of primary membranous nephropathy, immune thrombocytopenia, and systemic lupus erythematosus. CLYM116 is an anti-APRIL (A PRoliferation-Inducing Ligand) monoclonal antibody currently being developed for the treatment of immunoglobulin A nephropathy. The Company was incorporated on October 18, 2018 in Delaware, and its corporate headquarters is in Massachusetts. Risks and Uncertainties The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry, including, but not limited to, development by competitors of new technological innovations, protection of proprietary technology, dependence on key personnel, reliance on single-source suppliers and manufacturers, availability of raw materials, patentability of the Company’s product candidates and processes and clinical efficacy and safety of the Company’s product candidates, compliance with government regulations and the need to obtain additional financing to fund operations. Budoprutug, CLYM116, or any product candidate the Company may develop will require significant additional research and development efforts, including extensive nonclinical studies, clinical trials, and regulatory approval, prior to commercialization. These efforts will require significant amounts of additional capital, adequate personnel infrastructure and extensive compliance and reporting. There can be no assurance that any future research and development will be successfully completed, that adequate protection for the Company’s intellectual property will be obtained or maintained, that any product candidate developed will obtain necessary government regulatory approval or that any approved products will be commercially viable. Even if any future product development efforts are successful, it is uncertain when, if ever, the Company will generate revenue from product sales. The Company operates in an environment of rapid technological change and substantial competition from other pharmaceutical and biotechnology companies. In addition, the Company is dependent upon the services of its employees, consultants and other third parties. Basis of Presentation and Principles of Consolidation The accompanying unaudited interim condensed consolidated financial statements reflect the operations of the Company and its wholly owned subsidiaries. Intercompany transactions and balances have been eliminated in consolidation. The accompanying unaudited interim condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States (U.S. GAAP) and in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (SEC) for Quarterly Reports on Form 10-Q. Any reference in these notes to applicable guidance is meant to refer to the authoritative U.S. GAAP as found in the Accounting Standards Codification (ASC) and Accounting Standards Update (ASU) of the Financial Accounting Standards Board (FASB). The accompanying unaudited interim condensed consolidated financial statements as of June 30, 2026 and for the three and six months ended June 30, 2026 and 2025, are unaudited. The consolidated balance sheet as of December 31, 2025 was derived from the audited financial statements as of and for the year ended December 31, 2025, but does not include all disclosures required by U.S. GAAP. The unaudited interim condensed consolidated financial statements have been prepared on a basis consistent with the audited annual financial statements as of and for the year ended December 31, 2025, and, in the opinion of management, reflect all adjustments, consisting solely of normal recurring adjustments, necessary for the fair statement of the Company’s financial position as of June 30, 2026, the condensed results of its operations for the three and six months ended June 30, 2026 and 2025, and its cash flows for the six months ended June 30, 2026 and 2025. The financial data and other information disclosed in these notes related to the three and six months ended June 30, 2026 and 2025 are also unaudited. The condensed results of operations for the three and six months ended June 30, 2026 are not necessarily indicative of the results to be expected for the full year ending December 31, 2026 or any other period. These unaudited interim condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in the Company’s Annual Report on Form 10-K filed with the SEC on March 5, 2026 (Annual Report). Liquidity Since inception, the Company has experienced recurring losses from operations and generated negative cash flows from operations. During the three and six months ended June 30, 2026, the Company incurred a net loss of $13.5 million and $27.2 million, respectively, and for the six months ended June 30, 2026, the Company had negative operating cash flows of $24.9 million. The Company has an accumulated deficit of $316.9 million as of June 30, 2026 and expects to incur additional losses from operations in the future until such time, if ever, that the Company can generate significant sales of its product candidates currently in development. Since inception, the Company has funded its operations with proceeds from the sale and issuance of shares of its redeemable convertible preferred stock, its initial public offering, and the sale and issuance of shares in private placements of shares of the Company’s common stock and pre-funded warrants to certain institutional investors. Cash, cash equivalents and marketable securities were $239.2 million as of June 30, 2026. Based on its current operating plan, the Company expects this balance will be sufficient to meet its projected operating requirements for at least the next twelve months from the filing date of these unaudited condensed consolidated financial statements. The Company anticipates that it will need to raise substantial financing in the future to fund its operations. The Company may finance future cash needs through the sale of equity, debt financings or other capital sources, which could include income from collaborations, strategic partnerships or other strategic arrangements. There are no assurances that the Company will be able to raise sufficient amounts of funding in the future on acceptable terms, or at all.

Nature of Operations and Basis of Presentation

6 Months Ended

Jun. 30, 2026

Accounting Policies [Abstract]

Nature of Operations and Basis of Presentation

1. Nature of Operations and Basis of Presentation

Organization

Climb Bio, Inc. (the Company) is a clinical-stage biotechnology company developing therapeutics for patients with immune-mediated diseases. The Company’s pipeline includes budoprutug and CLYM116. Budoprutug is an anti-CD19 monoclonal antibody designed to treat a broad range of B-cell mediated diseases. The Company is currently developing budoprutug for the treatment of primary membranous nephropathy, immune thrombocytopenia, and systemic lupus erythematosus. CLYM116 is an anti-APRIL (A PRoliferation-Inducing Ligand) monoclonal antibody currently being developed for the treatment of immunoglobulin A nephropathy. The Company was incorporated on October 18, 2018 in Delaware, and its corporate headquarters is in Massachusetts.

Risks and Uncertainties

The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry, including, but not limited to, development by competitors of new technological innovations, protection of proprietary technology, dependence on key personnel, reliance on single-source suppliers and manufacturers, availability of raw materials, patentability of the Company’s product candidates and processes and clinical efficacy and safety of the Company’s product candidates, compliance with government regulations and the need to obtain additional financing to fund operations. Budoprutug, CLYM116, or any product candidate the Company may develop will require significant additional research and development efforts, including extensive nonclinical studies, clinical trials, and regulatory approval, prior to commercialization. These efforts will require significant amounts of additional capital, adequate personnel infrastructure and extensive compliance and reporting.

There can be no assurance that any future research and development will be successfully completed, that adequate protection for the Company’s intellectual property will be obtained or maintained, that any product candidate developed will obtain necessary government regulatory approval or that any approved products will be commercially viable. Even if any future product development efforts are successful, it is uncertain when, if ever, the Company will generate revenue from product sales. The Company operates in an environment of rapid technological change and substantial competition from other pharmaceutical and biotechnology companies. In addition, the Company is dependent upon the services of its employees, consultants and other third parties.

Basis of Presentation and Principles of Consolidation

The accompanying unaudited interim condensed consolidated financial statements reflect the operations of the Company and its wholly owned subsidiaries. Intercompany transactions and balances have been eliminated in consolidation. The accompanying unaudited interim condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States (U.S. GAAP) and in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (SEC) for Quarterly Reports on Form 10-Q. Any reference in these notes to applicable guidance is meant to refer to the authoritative U.S. GAAP as found in the Accounting Standards Codification (ASC) and Accounting Standards Update (ASU) of the Financial Accounting Standards Board (FASB).

The accompanying unaudited interim condensed consolidated financial statements as of June 30, 2026 and for the three and six months ended June 30, 2026 and 2025, are unaudited. The consolidated balance sheet as of December 31, 2025 was derived from the audited financial statements as of and for the year ended December 31, 2025, but does not include all disclosures required by U.S. GAAP. The unaudited interim condensed consolidated financial statements have been prepared on a basis consistent with the audited annual financial statements as of and for the year ended December 31, 2025, and, in the opinion of management, reflect all adjustments, consisting solely of normal recurring adjustments, necessary for the fair statement of the Company’s financial position as of June 30, 2026, the condensed results of its operations for the three and six months ended June 30, 2026 and 2025, and its cash flows for the six months ended June 30, 2026 and 2025. The financial data and other information disclosed in these notes related to the three and six months ended June 30, 2026 and 2025 are also unaudited. The condensed results of operations for the three and six months ended June 30, 2026 are not necessarily indicative of the results to be expected for the full year ending December 31, 2026 or any other period. These unaudited interim condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in the Company’s Annual Report on Form 10-K filed with the SEC on March 5, 2026 (Annual Report).

Liquidity

Since inception, the Company has experienced recurring losses from operations and generated negative cash flows from operations. During the three and six months ended June 30, 2026, the Company incurred a net loss of $13.5 million and $27.2 million, respectively, and for the six months ended June 30, 2026, the Company had negative operating cash flows of $24.9 million. The Company has an accumulated deficit of $316.9 million as of June 30, 2026 and expects to incur additional losses from operations in the future until such time, if ever, that the Company can generate significant sales of its product candidates currently in development.

Since inception, the Company has funded its operations with proceeds from the sale and issuance of shares of its redeemable convertible preferred stock, its initial public offering, and the sale and issuance of shares in private placements of shares of the Company’s common stock and pre-funded warrants to certain institutional investors. Cash, cash equivalents and marketable securities were $239.2 million as of June 30, 2026. Based on its current operating plan, the Company expects this balance will be sufficient to meet its projected operating requirements for at least the next twelve months from the filing date of these unaudited condensed consolidated financial statements. The Company anticipates that it will need to raise substantial financing in the future to fund its operations. The Company may finance future cash needs through the sale of equity, debt financings or other capital sources, which could include income from collaborations, strategic partnerships or other strategic arrangements. There are no assurances that the Company will be able to raise sufficient amounts of funding in the future on acceptable terms, or at all.

Segments - Schedule of Forth Disaggregated Research and Development Expenses (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

Segment Reporting [Line Items]

Total research and development expenses

$ 9,714

$ 6,575

$ 19,087

$ 23,902

Operating Segments [Member]

Segment Reporting [Line Items]

Total research and development expenses

9,714

6,575

19,087

23,902

Operating Segments [Member] | Unallocated Expense [Member] | Personnel Related [Member]

Segment Reporting [Line Items]

Total research and development expenses

2,346

1,452

4,699

3,209

Operating Segments [Member] | Unallocated Expense [Member] | Other Research and Development Expense [Member]

Segment Reporting [Line Items]

Total research and development expenses

562

426

1,004

693

Operating Segments [Member] | Direct Expense [Member] | Budoprutug Service [Member]

Segment Reporting [Line Items]

Total research and development expenses

5,288

4,521

10,651

10,662

Operating Segments [Member] | Direct Expense [Member] | CLYM116 [Member]

Segment Reporting [Line Items]

Total research and development expenses

^[1]

1,511

145

2,704

9,265

Operating Segments [Member] | Direct Expense [Member] | Legacy Program Expenses [Member]

Segment Reporting [Line Items]

Total research and development expenses

^[2]

$ 7

$ 31

$ 29

$ 73

[1]	Includes the upfront payment and the associated direct transaction costs incurred in connection with the Mabworks Agreement for the six months ended June 30, 2025.
[2]	Includes direct expenses related to the Company’s legacy product candidates ETX-123 and ETX-155.

Related Party Transactions	6 Months Ended
Jun. 30, 2026
Related Party Transactions [Abstract]
Related Party Transactions	7. Related Party Transactions RA Capital Management, LP (RA Capital Management) In December 2025, the Company entered into an exchange agreement (the Exchange Agreement) with RA Capital Management and an entity affiliated with RA Capital Management (the Exchanging Holder), pursuant to which the Exchanging Holder exchanged an aggregate of 20,440,000 shares of the Company’s common stock, beneficially owned by the Exchanging Holder for pre-funded warrants to purchase the same number of shares of the Company’s common stock (subject to adjustment in the event of stock splits, recapitalizations and other similar events affecting the Company’s common stock), with an exercise price of $0.0001 per share. The pre-funded warrants are exercisable at any time and do not expire. The Exchange Agreement did not have any cash impact, and the shares of common stock exchanged for the pre-funded warrants were retired. In April 2026, the Company entered into a securities purchase agreement (the Securities Purchase Agreement) with certain institutional accredited investors, including an affiliate of RA Capital Management. Pursuant to the Securities Purchase Agreement, the Company agreed to issue and sell to an affiliate of RA Capital Management, in a private placement, pre-funded warrants to purchase 2,106,000 shares of the Company’s common stock at a price of $9.4999 per pre-funded warrant. The Company received approximately $20.0 million from an affiliate of RA Capital Management related to sale of the pre-funded warrants. Each pre-funded warrant issued in connection with the Securities Purchase Agreement has an exercise price of $0.0001 per share, is exercisable at any time until the pre-funded warrants are exercised in full and does not expire. Refer to Note 10, Stockholders’ Equity (Deficit), for additional details on the Securities Purchase Agreement. RA Capital Management is not entitled to exercise any portion of the December 2025 or April 2026 pre-funded warrants if, upon giving effect or immediately prior to such exercise, such exercise would result in the aggregate number of shares of common stock beneficially owned by RA Capital Management and their respective affiliates, collectively, to exceed 33.0% of the number of shares of common stock issued and outstanding immediately after giving effect to such exercise, as such percentage ownership is determined in accordance with the terms of the pre-funded warrant. The Exchanging Holder may increase or decrease such percentage to any other percentage not in excess of 33.0%; provided that any such increase will not be effective until the 61st day after notice from the Exchanging Holder is delivered to the Company. In addition, following the date of the Exchange Agreement, RA Capital Management may exchange additional shares of common stock beneficially owned by it or its affiliates for pre-funded warrants, subject to certain terms and conditions, including the Company’s written consent. The Company determined that the pre-funded warrants from both the December 2025 Exchange Agreement and the April 2026 Securities Purchase Agreement did not meet the classification of a liability under ASC 480, Distinguishing Liabilities from Equity. The Company concluded that the pre-funded warrants should be classified as equity based on an analysis performed under ASC 815-40, Contracts in an Entity’s Own Equity.

Related Party Transactions

6 Months Ended

Jun. 30, 2026

Related Party Transactions

7. Related Party Transactions

RA Capital Management, LP (RA Capital Management)

In December 2025, the Company entered into an exchange agreement (the Exchange Agreement) with RA Capital Management and an entity affiliated with RA Capital Management (the Exchanging Holder), pursuant to which the Exchanging Holder exchanged an aggregate of 20,440,000 shares of the Company’s common stock, beneficially owned by the Exchanging Holder for pre-funded warrants to purchase the same number of shares of the Company’s common stock (subject to adjustment in the event of stock splits, recapitalizations and other similar events affecting the Company’s common stock), with an exercise price of $0.0001 per share. The pre-funded warrants are exercisable at any time and do not expire. The Exchange Agreement did not have any cash impact, and the shares of common stock exchanged for the pre-funded warrants were retired.

In April 2026, the Company entered into a securities purchase agreement (the Securities Purchase Agreement) with certain institutional accredited investors, including an affiliate of RA Capital Management. Pursuant to the Securities Purchase Agreement, the Company agreed to issue and sell to an affiliate of RA Capital Management, in a private placement, pre-funded warrants to purchase 2,106,000 shares of the Company’s common stock at a price of $9.4999 per pre-funded warrant. The Company received approximately $20.0 million from an affiliate of RA Capital Management related to sale of the pre-funded warrants. Each pre-funded warrant issued in connection with the Securities Purchase Agreement has an exercise price of $0.0001 per share, is exercisable at any time until the pre-funded warrants are exercised in full and does not expire. Refer to Note 10, Stockholders’ Equity (Deficit), for additional details on the Securities Purchase Agreement.

RA Capital Management is not entitled to exercise any portion of the December 2025 or April 2026 pre-funded warrants if, upon giving effect or immediately prior to such exercise, such exercise would result in the aggregate number of shares of common stock beneficially owned by RA Capital Management and their respective affiliates, collectively, to exceed 33.0% of the number of shares of common stock issued and outstanding immediately after giving effect to such exercise, as such percentage ownership is determined in accordance with the terms of the pre-funded warrant. The Exchanging Holder may increase or decrease such percentage to any other percentage not in excess of 33.0%; provided that any such increase will not be effective until the 61st day after notice from the Exchanging Holder is delivered to the Company. In addition, following the date of the Exchange Agreement, RA Capital Management may exchange additional shares of common stock beneficially owned by it or its affiliates for pre-funded warrants, subject to certain terms and conditions, including the Company’s written consent.

The Company determined that the pre-funded warrants from both the December 2025 Exchange Agreement and the April 2026 Securities Purchase Agreement did not meet the classification of a liability under ASC 480, Distinguishing Liabilities from Equity. The Company concluded that the pre-funded warrants should be classified as equity based on an analysis performed under ASC 815-40, Contracts in an Entity’s Own Equity.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (SX 210.9-03(7)(e)(3))
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Net Loss Per Share (Tables)

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Net Loss Per Share

The following table shows the computation of basic and diluted net loss per share (in thousands, except share and per share data):


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Numerator:
Net loss	$	(13,498	)	$	(8,666	)	$	(27,220	)	$	(29,447	)
Denominator:
Weighted-average common shares outstanding, basic and diluted		54,256,071			67,585,121			51,029,617			67,524,124
Weighted-average common shares outstanding under the pre-funded warrant, basic and diluted		21,898,000			—			21,173,028			—
Weighted-average common shares outstanding, basic and diluted		76,154,071			67,585,121			72,202,645			67,524,124
Net loss per share, basic and diluted	$	(0.18	)	$	(0.13	)	$	(0.38	)	$	(0.44	)

Schedule of Antidilutive Securities Excluded from Computation of Net Loss Per Share Attributable to Common Stockholders

The following table sets forth the outstanding potentially dilutive securities, presented as of period-end, that have been excluded in the calculation of diluted net loss per share for the periods presented because to do so would be anti-dilutive:


	June 30,
	2026		2025
Stock options to purchase common stock		8,471,265		5,663,022
Unvested restricted stock awards and units		137,500		627,710
Shares of common stock issuable under Employee Stock Purchase Plan		1,316		—
Total potentially dilutive shares		8,610,081		6,290,732

Accrued Expenses and Other Current Liabilities - Summary of Accrued expenses and other current liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Balance Sheet Related Disclosures [Abstract]
Accrued external research and development expenses	$ 1,558	$ 1,816
Accrued payroll and related expenses	1,740	1,891
Accrued professional fees	707	693
Other accrued expenses and current liabilities	295	59
Total accrued expenses and other current liabilities	$ 4,300	$ 4,459

Stock-Based Compensation - Summary of Share-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	$ 1,481	$ 1,013	$ 3,086	$ 3,035
Research and Development Expense	9,714	6,575	19,087	23,902
General and Administrative Expense	5,645	4,102	11,483	9,793
Location, Statement of Income, Balance [Axis]: us-gaap:GeneralAndAdministrativeExpense
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	1,148	492	2,181	1,608
Location, Statement of Income, Balance [Axis]: us-gaap:ResearchAndDevelopmentExpense
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	$ 333	$ 521	$ 905	$ 1,427

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Certain Balance Sheet Accounts - Summary of Other Long-Term Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Balance Sheet Related Disclosures [Abstract]
Total other long-term assets	$ 1,649	$ 1,530

Stock-Based Compensation - Summary of Assumptions Used in Black-Scholes Model (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)	5 years 10 months 24 days	6 years	6 years	6 years
Expected volatility	93.10%	100.70%	97.50%	104.30%
Risk-free interest rate	4.20%	4.10%	3.90%	4.40%
Expected dividend yield	0.00%	0.00%	0.00%	0.00%

- 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

Commitments and Contingencies - Additional Information (Details) $ in Thousands, € in Millions, £ in Millions		1 Months Ended	3 Months Ended			6 Months Ended
	Jan. 08, 2025 USD ($)	May 31, 2026 USD ($)	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)	Mar. 31, 2025 USD ($)	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)	Jun. 30, 2026 GBP (£)	Jun. 30, 2026 USD ($)	Jan. 31, 2024 GBP (£)	Feb. 28, 2021 EUR (€)
Gain Contingencies [Line Items]
Extended lease term		3 years
Annual Base Rent		$ 600
Option to extend the lease		no
Increase to operating lease right-of-use assets and operating lease liabilities		$ 1,100
Decrease in operating lease liabilities and corresponding right-of-use asset		$ 300
Research and development Expense			$ 9,714	$ 6,575		$ 19,087	$ 23,902
Increase decrease in operating lease liability						5	(109)
ProBioGen Agreement [Member] \| Manufacturing Services [Member]
Gain Contingencies [Line Items]
Milestone Payment, Amount Reduced									$ 1,200		€ 1.1
Mabworks Agreement [Member]
Gain Contingencies [Line Items]
Upfront Payment Paid	$ 9,000
Maximum [Member] \| ProBioGen Agreement [Member] \| Sales Milestones [Member]
Gain Contingencies [Line Items]
Milestone Payments									8,000		7.0
Development Regulatory and Commercial Milestones [Member] \| Maximum [Member] \| Acelyrin Asset Purchase Agreement [Member]
Gain Contingencies [Line Items]
Milestone Payments									157,500
Development and Regulatory Milestones [Member] \| Mabworks Agreement [Member]
Gain Contingencies [Line Items]
Milestone Payments	30,000
Development Regulatory Commercial and Sales Milestones Member] \| Maximum [Member] \| CRH Agreement [Member]
Gain Contingencies [Line Items]
Milestone Payments \| £								£ 141.4		£ 106.8
Development Manufacturing and Commercial [Member] \| Maximum [Member] \| ProBioGen Agreement [Member]
Gain Contingencies [Line Items]
Milestone Payments									$ 11,400		€ 10.0
Commercial Milestones [Member] \| Mabworks Agreement [Member]
Gain Contingencies [Line Items]
Milestone Payments	$ 832,000
Milestone [Member] \| ProBioGen Agreement [Member]
Gain Contingencies [Line Items]
Research and development Expense			0	$ 800		0	$ 800
Milestone [Member] \| Mabworks Agreement [Member]
Gain Contingencies [Line Items]
Research and development Expense			$ 0			$ 0
Location, Statement of Income, Balance [Axis]: us-gaap:ResearchAndDevelopmentExpense \| Mabworks Agreement [Member]
Gain Contingencies [Line Items]
Upfront Payment Paid					$ 9,000

Redeemable Convertible Preferred Stock - Additional Information (Details) - shares	Jun. 30, 2026	Dec. 31, 2025
Temporary Equity [Line Items]
Common stock	57,436,255	47,766,338

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(18))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27)(c)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27)(c)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-13

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479857/480-10-S50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479857/480-10-S50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479887/480-10-S45-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480244/480-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480244/480-10-S99-1

+ Details

Marketable Securities

6 Months Ended

Jun. 30, 2026

Marketable Securities [Abstract]

Marketable Securities

3. Marketable Securities

Marketable securities consisted of available-for-sale securities as follows (in thousands):


	As of June 30, 2026
								Estimated
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gain		Loss			Value
Short-term marketable securities:
Corporate bonds	$	46,720	$	41	$	—		$	46,761
U.S. Treasury securities		88,313		—		(51	)		88,262
U.S. government agency debt securities		4,000		—		(7	)		3,993
Total short-term marketable securities	$	139,033	$	41	$	(58	)	$	139,016
Long-term marketable securities:
Corporate bonds	$	31,168	$	14	$	—		$	31,182
U.S. Treasury securities		21,981		—		(59	)		21,922
U.S. government agency debt securities		2,999		—		(5	)		2,994
Total long-term marketable securities	$	56,148	$	14	$	(64	)	$	56,098


	As of December 31, 2025
							Estimated
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gain		Loss		Value
Short-term marketable securities:
Corporate bonds	$	31,874	$	102	$	—	$	31,976
U.S. Treasury securities		33,296		123		—		33,419
Total short-term marketable securities	$	65,170	$	225	$	—	$	65,395
Long-term marketable securities:
Corporate bonds	$	50,341	$	177	$	—	$	50,518
U.S. Treasury securities		6,022		32		—		6,054
U.S. government agency debt securities		2,999		1		—		3,000
Total long-term marketable securities	$	59,362	$	210	$	—	$	59,572

The Company had no realized gains or losses recognized on the sale or maturity of marketable securities during the three and six months ended June 30, 2026 and 2025. To date, the Company has not recognized any allowances for credit losses or impairments in relation to its available-for-sale marketable securities as these marketable securities are comprised of high credit quality, investment grade securities that the Company does not intend or expect to be required to sell prior to their anticipated recovery, and any decline in fair value of these securities is attributable to factors other than credit losses. All marketable securities with unrealized losses presented in the previous tables have been in a continuous unrealized loss position for less than 12 months or the loss is not material. The Company determined credit losses related to marketable securities were immaterial for the three and six months ended June 30, 2026 and 2025.

As of June 30, 2026, the Company’s long-term marketable securities have contractual maturity dates between one and two years.

Marketable Securities (Additional Information) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Marketable Securities [Line Items]
Realized gains or losses	$ 0	$ 0	$ 0	$ 0
Maximum [Member]
Marketable Securities [Line Items]
Contractual maturity	2 years		2 years
Minimum [Member]
Marketable Securities [Line Items]
Contractual maturity	1 year		1 year

Stock-Based Compensation - Summary of Stock Option Activities (Details) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2026 USD ($) $ / shares shares	Dec. 31, 2025 USD ($) $ / shares shares
Share-Based Payment Arrangement [Abstract]
Number of options outstanding, beginning of period \| shares	6,427,777
Number of options granted \| shares	2,926,074
Number of options exercised \| shares	(97,720)
Number of options, forfeited \| shares	(784,866)
Number of options outstanding, ending of period \| shares	8,471,265	6,427,777
Number of options, vested and expected to vest \| shares	8,471,265
Number of options exercisable, end of period \| shares	1,925,199
Weighted average exercise price outstanding, beginning of period \| $ / shares	$ 2.81
Weighted average exercise price, options granted \| $ / shares	5.83
Weighted average exercise price, options exercised \| $ / shares	2.66
Weighted average exercise price, options forfeited \| $ / shares	4.14
Weighted average exercise price outstanding, end of period \| $ / shares	3.73	$ 2.81
Weighted average exercise price, options vested and expected to vest \| $ / shares	3.73
Weighted average exercise price, options exercisable \| $ / shares	$ 3.42
Weighted average remaining contractual terms (in years) outstanding	8 years 8 months 12 days	9 years 18 days
Weighted average remaining contractual terms (in years), vested and expected to vest	8 years 8 months 12 days
Weighted average remaining contractual terms (in years), exercisable at end of period	7 years 29 days
Aggregate intrinsic value outstanding, beginning of period \| $	$ 11,727
Aggregate intrinsic value outstanding, end of period \| $	78,899	$ 11,727
Aggregate intrinsic value options vested and expected to vest \| $	78,899
Aggregate intrinsic value options exercisable \| $	$ 18,512

Stockholders' Equity (Deficit) (Additional Information) (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended
	Apr. 27, 2026	Mar. 31, 2025	Jun. 30, 2026	Dec. 31, 2025
Stockholders' Equity (Deficit) [Line Items]
Common stock, shares authorized			250,000,000	250,000,000
Common stock, par value			$ 0.0001	$ 0.0001
Common stock, shares issued			57,436,255	47,766,338
Common stock, shares outstanding			57,436,255	47,766,338
Issuance and sale of common stock			$ 6	$ 5
Two Thousand Twenty Six Private Placement [Member]
Stockholders' Equity (Deficit) [Line Items]
Common stock, par value	$ 0.0001
Issuance of common stock	9,481,000
Per share price	$ 9.4999
Gross proceeds	$ 103,400
Pre Funded Warrant [Member] \| Two Thousand Twenty Six Private Placement [Member]
Stockholders' Equity (Deficit) [Line Items]
Warrants issued for purchase of common stock	2,106,000
Preferred Stock [Member]
Stockholders' Equity (Deficit) [Line Items]
Preferred Stock, Shares Authorized			10,000,000
Preferred Stock, Par or Stated Value Per Share			$ 0.0001
Preferred Stock, Shares Issued			0	0
Preferred Stock, Shares Outstanding			0	0
Common Stock [Member]
Stockholders' Equity (Deficit) [Line Items]
Common stock, shares authorized			250,000,000
Common stock, par value			$ 0.0001
Common stock, shares issued			57,436,255
Common stock, shares outstanding				47,766,338
ATM Program [Member]
Stockholders' Equity (Deficit) [Line Items]
Aggregate gross sales proceeds under sales agreement		$ 22,400
Issuance and sale of common stock			$ 100,000

Fair Value Measurements - Schedule of Fair Value of Assets and Liabilities Measured on Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable securities	$ 195,114	$ 124,967
Assets fair value	237,255	160,287
Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable securities	110,184	39,473
Assets fair value	152,325	74,793
Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable securities	84,930	85,494
Assets fair value	84,930	85,494
Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable securities	0	0
Assets fair value	0	0
Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	42,141	35,320
Money Market Funds \| Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	42,141	35,320
Money Market Funds \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Money Market Funds \| Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	0	0
U.S Treasury Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable securities	110,184	39,473
U.S Treasury Securities \| Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable securities	110,184	39,473
U.S Treasury Securities \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable securities	0	0
U.S Treasury Securities \| Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable securities	0	0
US Government Agencies Debt Securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable securities	6,987	3,000
US Government Agencies Debt Securities [Member] \| Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable securities	0	0
US Government Agencies Debt Securities [Member] \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable securities	6,987	3,000
US Government Agencies Debt Securities [Member] \| Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable securities	0	0
Corporate Bonds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable securities	77,943	82,494
Corporate Bonds \| Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable securities	0	0
Corporate Bonds \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable securities	77,943	82,494
Corporate Bonds \| Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable securities	$ 0	$ 0

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Summary of Stock Options Valuation Assumptions

The relevant data used to determine the fair value of the stock options during the three and six months ended June 30, 2026 and 2025 is as follows:


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Expected term (in years)		5.9			6.0			6.0			6.0
Expected volatility		93.1	%		100.7	%		97.5	%		104.3	%
Risk-free interest rate		4.2	%		4.1	%		3.9	%		4.4	%
Expected dividend yield		—			—			—			—

Summary of Stock Option Activities

The activity for the stock options is as follows:


				Weighted		Weighted
				Average		Average		Aggregate
	Number of			Exercise		Contractual		Intrinsic
	Shares			Price		Term		Value
						(in years)		(in thousands)
Outstanding as of December 31, 2025		6,427,777		$	2.81		9.05	$	11,727
Options granted		2,926,074			5.83
Options exercised		(97,720	)		2.66
Options forfeited		(784,866	)		4.14
Outstanding as of June 30, 2026		8,471,265		$	3.73		8.70	$	78,899
Vested and expected to vest as of June 30, 2026		8,471,265		$	3.73		8.70	$	78,899
Options exercisable as of June 30, 2026		1,925,199		$	3.42		7.08	$	18,512

Summary of Restricted Stock Awards

The Company has outstanding RSUs with service-based vesting conditions and RSUs with performance-based vesting conditions. The activity for RSUs is as follows:


	Shares			Weighted Average Grant Date Fair Value
Unvested at December 31, 2025		207,897		$	7.50
Granted		441			5.67
Vested		(70,838	)		7.44
Unvested at June 30, 2026		137,500		$	7.53

Summary of Share-based Compensation Expense

The following table sets forth stock-based compensation expense included in the Company’s unaudited condensed consolidated statements of operations and comprehensive loss (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Research and development expenses	$	333	$	521	$	905	$	1,427
General and administrative expenses		1,148		492		2,181		1,608
Total stock-based compensation expense	$	1,481	$	1,013	$	3,086	$	3,035

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended		6 Months Ended
	Jan. 01, 2026	Sep. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense			$ 1,481	$ 1,013	$ 3,086	$ 3,035
Option Granted					2,926,074
Unrecognized compensation cost			$ 19,500		$ 19,500
Unrecognized compensation, weighted average amortization period					2 years 10 months 24 days
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares, Vested					(70,838)
Number of shares, Granted					441
Common Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issuance of common stock under equity incentive plans related to ESPP, Share			20,359
Employee Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based payment award, description					The Company’s 2021 Employee Stock Purchase Plan (the ESPP) allows employees, including executive officers, to contribute up to 15% of their earnings, subject to certain limitations, for the purchase of the Company’s common stock at a price per share equal to the lower of (a) 85% of the fair market value of a share of common stock on the first day of the offering period, or (b) 85% of the fair market value of a share of common stock on the last day of the offering period. The number of shares of common stock reserved for issuance under the ESPP automatically increases on January 1 of each calendar year through and including January 1, 2031, by the lesser of (1) 1% of the total number of shares of the Company’s common stock outstanding on December 31 of the preceding calendar year or (2) a number of shares determined by the Company’s board of directors. Shares subject to purchase rights granted under the ESPP that terminate without having been exercised in full will not reduce the number of shares available for issuance under the ESPP. The number of shares reserved for issuance under the ESPP was increased by 477,663 shares effective as of January 1, 2026 in accordance with the provisions of the ESPP described above. As of June 30, 2026, 20,359 shares had been purchased under the ESPP and 2,194,083 shares remained available for issuance under the ESPP.
Share based compensation arrangement by share based payment award	477,663
Share based compensation arrangement by sharebased payment award contribution percent maximum					15.00%
Number shares remaining for issuance			2,194,083		2,194,083
Issuance of common stock under equity incentive plans related to ESPP, Share					20,359
Employee Stock \| Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares of Common Stock Outstanding Percentage					1.00%
Employee Stock \| Maximum [Member] \| First Day of Offering Period [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based payment award, purchase price of common stock, percent					85.00%
Employee Stock \| Maximum [Member] \| Last Day of Offering Period [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based payment award, purchase price of common stock, percent					85.00%
Employee Stock Option Member
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options grants in period, weighted average grant date fair value					$ 4.58	$ 1.35
Employee Stock Option Member \| First Anniversary Member
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based payment award, award vesting rights, percentage					25.00%
2021 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based payment award, description					Under the terms of the 2021 Plan, options are granted at an exercise price no less than fair value of the Company’s common stock on the grant date, except in certain cases related to significant corporate transactions. Options expire no later than ten years from the date of the grant.
Share-based payment award, expiration period					10 years
Share based compensation arrangement by share based payment award	2,388,316
Number of Shares of Common Stock Outstanding Percentage					5.00%
Number shares remaining for issuance			3,225,667		3,225,667
2021 Equity Incentive Plan \| Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares of Common Stock Outstanding Percentage					5.00%
2025 Inducement Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based compensation arrangement by share based payment award		750,000
2025 Inducement Plan \| Common Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based payment award, number of shares authorized			1,250,000		1,250,000
Number shares remaining for issuance			145,834		145,834

Subsequent Events (Additional Information) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	Apr. 27, 2026	Jun. 30, 2026	Dec. 31, 2025
Subsequent Event [Line Items]
Common stock, par value		$ 0.0001	$ 0.0001
2026 Private Placement [Member]
Subsequent Event [Line Items]
Issuance of common stock	9,481
Common stock, par value	$ 0.0001
Per share price	$ 9.4999
Gross proceeds	$ 103.4
2026 Private Placement [Member] \| Pre Funded Warrant [Member]
Subsequent Event [Line Items]
Warrants issued for purchase of common stock	2,106

- Definition

Number of new stock issued during the period.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480070/505-10-S50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-3

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-11

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(4)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

+ Details

Stockholders' Equity (Deficit)

6 Months Ended

Jun. 30, 2026

Stockholders' Equity Note [Abstract]

Stockholders' Equity (Deficit)

10. Stockholders’ Equity (Deficit)

Preferred Stock

Pursuant to the terms of the Company’s amended and restated certificate of incorporation, the Company has 10,000,000 authorized shares of preferred stock, par value $0.0001 per share, all of which shares of preferred stock are undesignated. The Company’s Board of Directors is expressly authorized, without further action by the Company’s stockholders, to issue such shares of preferred stock from time to time on terms it may determine, to divide shares of preferred stock into one or more series and to fix the voting powers, designations, preferences and restrictions of preferred stock. There were no issued and outstanding shares of preferred stock as of June 30, 2026 and December 31, 2025.

Common Stock

Pursuant to the terms of the Company’s amended and restated certificate of incorporation, the Company has 250,000,000 authorized shares of common stock, par value $0.0001 per share. There were 57,436,255 and 47,766,338 shares of common stock issued and outstanding as of June 30, 2026 and December 31, 2025, respectively.

2026 Private Placement

In April 2026, the Company entered into the Securities Purchase Agreement with certain institutional accredited investors (the Investors), including an affiliate of RA Capital Management, pursuant to which the Company agreed to issue and sell to the Investors in a private placement an aggregate of 9,481,000 shares of the Company’s common stock, par value $0.0001 per share (the Shares), at a price of $9.50 per Share and, to RA Capital Management in lieu of Shares, pre-funded warrants to purchase 2,106,000 shares of the Company’s common stock (the Pre-Funded Warrants) at a price of $9.4999 per Pre-Funded Warrant (the 2026 Private Placement).

The 2026 Private Placement closed in April 2026, and the Company received aggregate net proceeds of approximately $103.4 million, after deducting placement agent fees and offering expenses. The Company has granted the Investors indemnification rights with respect to its representations, warranties, covenants and agreements under the Securities Purchase Agreement.

ATM Program

In March 2025, the Company entered into an Equity Distribution Agreement (the Distribution Agreement) with Oppenheimer & Co. Inc., as sales agent (Oppenheimer), pursuant to which the Company may offer and sell shares of its common stock from time to time through Oppenheimer having an aggregate offering price of up to $22.4 million in an at-the-market offering. The Company terminated the Distribution Agreement effective as of June 11, 2026. The Company did not incur any termination penalties as a result of the termination of the Distribution Agreement. As of the effective date of the termination of the Distribution Agreement, the Company had sold no shares of common stock pursuant to the Distribution Agreement.

In June 2026, the Company entered into an Open Market Sale Agreement℠ with Jefferies LLC, as sales agent, to provide for the issuance and sale of up to $100.0 million of the Company’s common stock from time-to-time in “at-the-market” offerings (the ATM Program). As of June 30, 2026, no sales had been made pursuant to the ATM Program.

Net Loss Per Share - Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
us-gaap:NetIncomeLoss	$ (13,498)	$ (13,722)	$ (8,666)	$ (20,781)	$ (27,220)	$ (29,447)
Weighted-Average Number of Shares Outstanding, Basic	76,154,071		67,585,121		72,202,645	67,524,124
Weighted-Average Number of Shares Outstanding, Diluted	76,154,071		67,585,121		72,202,645	67,524,124
Net loss per share, Basic	$ (0.18)		$ (0.13)		$ (0.38)	$ (0.44)
Net loss per share, Diluted	$ (0.18)		$ (0.13)		$ (0.38)	$ (0.44)
Common Stock [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Weighted-Average Number of Shares Outstanding, Basic	54,256,071		67,585,121		51,029,617	67,524,124
Weighted-Average Number of Shares Outstanding, Diluted	54,256,071		67,585,121		51,029,617	67,524,124
Common Stock [Member] \| Pre-Funded Warrant [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Weighted-Average Number of Shares Outstanding, Basic	21,898,000		0		21,173,028	0
Weighted-Average Number of Shares Outstanding, Diluted	21,898,000		0		21,173,028	0

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

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+ Details

Net Loss Per Share

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Net Loss Per Share

9. Net Loss Per Share

The Company has generated a net loss in all periods presented, therefore the basic and diluted net loss per share are the same as the inclusion of the potentially dilutive securities would be anti-dilutive. Basic and diluted net loss per share are computed using the weighted-average number of shares of common stock outstanding for the period. The Company issued pre-funded warrants in December 2025 and April 2026. The shares of common stock underlying the pre-funded warrants are included in the calculation of basic and diluted net loss per share because they are considered shares issuable for little or no consideration under ASC 260, Earnings Per Share. Refer to Note 7, Related Party Transactions, for additional details on the December 2025 and April 2026 pre-funded warrants issuance. The following table shows the computation of basic and diluted net loss per share (in thousands, except share and per share data):


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Numerator:
Net loss	$	(13,498	)	$	(8,666	)	$	(27,220	)	$	(29,447	)
Denominator:
Weighted-average common shares outstanding, basic and diluted		54,256,071			67,585,121			51,029,617			67,524,124
Weighted-average common shares outstanding under the pre-funded warrant, basic and diluted		21,898,000			—			21,173,028			—
Weighted-average common shares outstanding, basic and diluted		76,154,071			67,585,121			72,202,645			67,524,124
Net loss per share, basic and diluted	$	(0.18	)	$	(0.13	)	$	(0.38	)	$	(0.44	)


	June 30,
	2026		2025
Stock options to purchase common stock		8,471,265		5,663,022
Unvested restricted stock awards and units		137,500		627,710
Shares of common stock issuable under Employee Stock Purchase Plan		1,316		—
Total potentially dilutive shares		8,610,081		6,290,732

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2026	Jul. 31, 2026
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2026
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q2
Entity Registrant Name	CLIMB BIO, INC.
Entity Central Index Key	0001768446
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Shell Company	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity File Number	001-40708
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	83-2273741
Entity Address, Address Line One	20 William Street
Entity Address, Address Line Two	Suite 145
Entity Address, City or Town	Wellesley Hills
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02481
City Area Code	866
Local Phone Number	857-2596
Document Transition Report	false
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	CLYM
Security Exchange Name	NASDAQ
Document Quarterly Report	true
Entity Common Stock, Shares Outstanding		57,436,255

Restructuring Costs - Schedule of restructuring costs in statement of operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Restructuring Cost and Reserve [Line Items]
General and Administrative Expense	$ 5,645	$ 4,102	$ 11,483	$ 9,793
Research and development Expense	$ 9,714	$ 6,575	$ 19,087	$ 23,902

- 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

Subsequent Events

6 Months Ended

Jun. 30, 2026

Subsequent Events [Abstract]

Subsequent Events

12. Subsequent Events

On July 14, 2026, the Company entered into an Amended and Restated Technology Transfer and Exclusive License Agreement with Mabworks Biotech Co., Ltd., which amended and restated the parties’ existing agreement dated January 8, 2025. The amended agreement reflects the advancement of the parties’ collaboration and establishes a framework for additional collaboration on development activities, including clinical trials, as may be mutually agreed by the parties. The milestone payment and royalty provisions of the original agreement remain unchanged. The Company is evaluating the accounting impact of the amended agreement.

Accrued Expenses and Other Current Liabilities (Tables)

6 Months Ended

Jun. 30, 2026

Balance Sheet Related Disclosures [Abstract]

Summary of Accrued Expenses

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


	June 30,		December 31,
	2026		2025
Accrued external research and development expenses	$	1,558	$	1,816
Accrued payroll and related expenses		1,740		1,891
Accrued professional fees		707		693
Other accrued expenses and current liabilities		295		59
Total accrued expenses and other current liabilities	$	4,300	$	4,459

Stock-Based Compensation - Summary of Restricted Stock Awards (Details) - Restricted Stock Units	6 Months Ended
	Jun. 30, 2026 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares, Unvested \| shares	207,897
Number of shares, Granted \| shares	441
Number of shares, Vested \| shares	(70,838)
Number of shares, Unvested \| shares	137,500
Unvested, weighted average grant date fair value per share, beginning balance \| $ / shares	$ 7.5
Granted, weighted average grant date fair value \| $ / shares	5.67
Vested, weighted average grant date fair value per share \| $ / shares	7.44
Unvested, weighted average grant date fair value per share, ending balance \| $ / shares	$ 7.53

- 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

Net Loss Per Share - Schedule of Antidilutive Securities Excluded from Computation of Net Loss Per Share Attributable to Common Stockholders (Details) - shares	3 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Redeemable convertible preferred stock	8,610,081	6,290,732
Employee Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Redeemable convertible preferred stock	1,316	0
Employee Stock Option Member
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Redeemable convertible preferred stock	8,471,265	5,663,022
Restricted Stock [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Redeemable convertible preferred stock	137,500	627,710

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2026
Accounting Policies [Abstract]
Risks and Uncertainties	Risks and UncertaintiesThe Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry, including, but not limited to, development by competitors of new technological innovations, protection of proprietary technology, dependence on key personnel, reliance on single-source suppliers and manufacturers, availability of raw materials, patentability of the Company’s product candidates and processes and clinical efficacy and safety of the Company’s product candidates, compliance with government regulations and the need to obtain additional financing to fund operations. Budoprutug, CLYM116, or any product candidate the Company may develop will require significant additional research and development efforts, including extensive nonclinical studies, clinical trials, and regulatory approval, prior to commercialization. These efforts will require significant amounts of additional capital, adequate personnel infrastructure and extensive compliance and reporting.There can be no assurance that any future research and development will be successfully completed, that adequate protection for the Company’s intellectual property will be obtained or maintained, that any product candidate developed will obtain necessary government regulatory approval or that any approved products will be commercially viable. Even if any future product development efforts are successful, it is uncertain when, if ever, the Company will generate revenue from product sales. The Company operates in an environment of rapid technological change and substantial competition from other pharmaceutical and biotechnology companies. In addition, the Company is dependent upon the services of its employees, consultants and other third parties.
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The accompanying unaudited interim condensed consolidated financial statements reflect the operations of the Company and its wholly owned subsidiaries. Intercompany transactions and balances have been eliminated in consolidation. The accompanying unaudited interim condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States (U.S. GAAP) and in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (SEC) for Quarterly Reports on Form 10-Q. Any reference in these notes to applicable guidance is meant to refer to the authoritative U.S. GAAP as found in the Accounting Standards Codification (ASC) and Accounting Standards Update (ASU) of the Financial Accounting Standards Board (FASB). The accompanying unaudited interim condensed consolidated financial statements as of June 30, 2026 and for the three and six months ended June 30, 2026 and 2025, are unaudited. The consolidated balance sheet as of December 31, 2025 was derived from the audited financial statements as of and for the year ended December 31, 2025, but does not include all disclosures required by U.S. GAAP. The unaudited interim condensed consolidated financial statements have been prepared on a basis consistent with the audited annual financial statements as of and for the year ended December 31, 2025, and, in the opinion of management, reflect all adjustments, consisting solely of normal recurring adjustments, necessary for the fair statement of the Company’s financial position as of June 30, 2026, the condensed results of its operations for the three and six months ended June 30, 2026 and 2025, and its cash flows for the six months ended June 30, 2026 and 2025. The financial data and other information disclosed in these notes related to the three and six months ended June 30, 2026 and 2025 are also unaudited. The condensed results of operations for the three and six months ended June 30, 2026 are not necessarily indicative of the results to be expected for the full year ending December 31, 2026 or any other period. These unaudited interim condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in the Company’s Annual Report on Form 10-K filed with the SEC on March 5, 2026 (Annual Report).
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The accompanying unaudited interim condensed consolidated financial statements reflect the operations of the Company and its wholly owned subsidiaries. Intercompany transactions and balances have been eliminated in consolidation. The accompanying unaudited interim condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States (U.S. GAAP) and in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (SEC) for Quarterly Reports on Form 10-Q. Any reference in these notes to applicable guidance is meant to refer to the authoritative U.S. GAAP as found in the Accounting Standards Codification (ASC) and Accounting Standards Update (ASU) of the Financial Accounting Standards Board (FASB). The accompanying unaudited interim condensed consolidated financial statements as of June 30, 2026 and for the three and six months ended June 30, 2026 and 2025, are unaudited. The consolidated balance sheet as of December 31, 2025 was derived from the audited financial statements as of and for the year ended December 31, 2025, but does not include all disclosures required by U.S. GAAP. The unaudited interim condensed consolidated financial statements have been prepared on a basis consistent with the audited annual financial statements as of and for the year ended December 31, 2025, and, in the opinion of management, reflect all adjustments, consisting solely of normal recurring adjustments, necessary for the fair statement of the Company’s financial position as of June 30, 2026, the condensed results of its operations for the three and six months ended June 30, 2026 and 2025, and its cash flows for the six months ended June 30, 2026 and 2025. The financial data and other information disclosed in these notes related to the three and six months ended June 30, 2026 and 2025 are also unaudited. The condensed results of operations for the three and six months ended June 30, 2026 are not necessarily indicative of the results to be expected for the full year ending December 31, 2026 or any other period. These unaudited interim condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in the Company’s Annual Report on Form 10-K filed with the SEC on March 5, 2026 (Annual Report).
Use of Estimates	Use of Estimates The preparation of unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect reported amounts and disclosures. Accordingly, actual results could differ from those estimates. Key management estimates include those related to the accrual of research and development expenses and the valuation of stock-based awards. The Company evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors and adjusts those estimates and assumptions when facts and circumstances dictate.
Restricted Cash	Restricted Cash In connection with the Company amending its lease agreement for its headquarters in Wellesley Hills, MA, in May 2026, the Company was required to provide a security deposit in the form of a letter of credit. The Company has classified this restricted cash in other long-term assets within its condensed consolidated balance sheets as of June 30, 2026. There was no restricted cash as of December 31, 2025.
Recently Issued Accounting Pronouncements Not Yet Adopted	Recently Issued Accounting Pronouncements Not Yet Adopted In December 2023, the FASB issued ASU No. 2023-09 (ASU 2023-09), Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires, among other things, the following for public business entities: (i) enhanced disclosures of specific categories of reconciling items included in the rate reconciliation, as well as additional information for any of these items meeting certain qualitative and quantitative thresholds; (ii) disclosure of the nature, effect and underlying causes of each individual reconciling item disclosed in the rate reconciliation and the judgment used in categorizing them if not otherwise evident; and (iii) enhanced disclosures for income taxes paid, which includes federal, state, and foreign taxes, as well as for individual jurisdictions over a certain quantitative threshold. The amendments in ASU 2023-09 eliminate the requirement to disclose the nature and estimate of the range of the reasonably possible change in unrecognized tax benefits for the 12 months after the balance sheet date. The effective date of this update for non-public companies is for fiscal years beginning after December 15, 2025; early adoption is permitted. As the Company qualified for emerging growth company status when ASU 2023-09 was effective for public companies, the Company has elected to adopt this standard as of the effective date for a non-public company. The Company expects ASU 2023-09 to require additional disclosures in the notes to its consolidated financial statements. In November 2024, the FASB issued ASU 2024-03 (ASU 2024-03), Disaggregation of Income Statement Expenses, which requires additional disclosures about specific types of expenses included in the expense captions presented on the face of the income statement, as well as disclosures about selling expenses. The provisions of ASU 2024-03 are effective for public business entities for fiscal years beginning after December 15, 2026, and interim periods beginning after December 15, 2027. Early adoption is permitted. The guidance is to be applied prospectively, with the option for retrospective application. The Company is currently evaluating the impact of ASU 2024-03 on its consolidated financial statements. 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. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on its consolidated financial statements.

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478671/942-235-S50-1

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

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-12

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-9

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482836/275-10-55-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-4

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-SubTopic 10
-Topic 275
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-SubTopic 10
-Topic 275
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-1

+ Details

Marketable Securities -Marketable securities consisted of available-for-sale securities (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost, Short-term marketable securities	$ 139,033	$ 65,170
Amortized Cost, Long-term marketable securities	56,148	59,362
Estimated FairValue, Short-term marketable securities	139,016	65,395
Estimated Fair Value, Long-term marketable securities	56,098	59,572
US Treasury Securities [Member]
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost, Short-term marketable securities	88,313	33,296
Amortized Cost, Long-term marketable securities	21,981	6,022
Estimated FairValue, Short-term marketable securities	88,262	33,419
Estimated Fair Value, Long-term marketable securities	21,922	6,054
US Government Agencies Debt Securities [Member]
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost, Short-term marketable securities	4,000
Amortized Cost, Long-term marketable securities	2,999	2,999
Estimated FairValue, Short-term marketable securities	3,993
Estimated Fair Value, Long-term marketable securities	2,994	3,000
Corporate Bonds
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost, Short-term marketable securities	46,720	31,874
Amortized Cost, Long-term marketable securities	31,168	50,341
Estimated FairValue, Short-term marketable securities	46,761	31,976
Estimated Fair Value, Long-term marketable securities	31,182	50,518
Short Term Marketable Securities [Member]
Debt Securities, Available-for-Sale [Line Items]
Unrealized Gain	41	225
Unrealized Loss	(58)	0
Short Term Marketable Securities [Member] \| US Treasury Securities [Member]
Debt Securities, Available-for-Sale [Line Items]
Unrealized Gain	0	123
Unrealized Loss	(51)	0
Short Term Marketable Securities [Member] \| US Government Agencies Debt Securities [Member]
Debt Securities, Available-for-Sale [Line Items]
Unrealized Gain	0
Unrealized Loss	(7)
Short Term Marketable Securities [Member] \| Corporate Bonds
Debt Securities, Available-for-Sale [Line Items]
Unrealized Gain	41	102
Unrealized Loss	0	0
Long Term Marketable Securities [Member]
Debt Securities, Available-for-Sale [Line Items]
Unrealized Gain	14	210
Unrealized Loss	(64)	0
Long Term Marketable Securities [Member] \| US Treasury Securities [Member]
Debt Securities, Available-for-Sale [Line Items]
Unrealized Gain	0	32
Unrealized Loss	(59)	0
Long Term Marketable Securities [Member] \| US Government Agencies Debt Securities [Member]
Debt Securities, Available-for-Sale [Line Items]
Unrealized Gain	0	1
Unrealized Loss	(5)	0
Long Term Marketable Securities [Member] \| Corporate Bonds
Debt Securities, Available-for-Sale [Line Items]
Unrealized Gain	14	177
Unrealized Loss	$ 0	$ 0

Accrued Expenses and Other Current Liabilities

6 Months Ended

Jun. 30, 2026

Balance Sheet Related Disclosures [Abstract]

Accrued Expenses and Other Current Liabilities

5. Accrued Expenses and Other Current Liabilities

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


	June 30,		December 31,
	2026		2025
Accrued external research and development expenses	$	1,558	$	1,816
Accrued payroll and related expenses		1,740		1,891
Accrued professional fees		707		693
Other accrued expenses and current liabilities		295		59
Total accrued expenses and other current liabilities	$	4,300	$	4,459

Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 44,107	$ 35,685
Short-term marketable securities	139,016	65,395
Prepaid expenses and other current assets	3,513	4,769
Total current assets	186,636	105,849
Long-term marketable securities	56,098	59,572
Operating lease right-of-use assets	1,216	505
Property and equipment, net	695	288
Other long-term assets	1,649	1,530
Total assets	246,294	167,744
Current liabilities:
Accounts payable	1,133	2,269
Accrued expenses and other current liabilities	4,300	4,459
Operating lease liabilities	501	256
Total current liabilities	5,934	6,984
Operating lease liabilities, net of current portion	813	285
Total liabilities	6,747	7,269
Commitments and contingencies (Note 6)
Stockholders' equity (deficit)
Common stock, $0.0001 par value; 250,000,000 shares authorized; 57,436,255 and 47,766,338 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	6	5
Additional paid-in capital	556,555	449,762
Accumulated other comprehensive income (loss)	(67)	435
Accumulated deficit	(316,947)	(289,727)
Total stockholders' equity (deficit)	239,547	160,475
Total liabilities and stockholders' equity (deficit)	$ 246,294	$ 167,744

Condensed Consolidated Statements of Operations and Comprehensive Loss (unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Operating expenses:
Research and development	$ 9,714	$ 6,575	$ 19,087	$ 23,902
General and administrative	5,645	4,102	11,483	9,793
Total operating expenses	15,359	10,677	30,570	33,695
Loss from operations	(15,359)	(10,677)	(30,570)	(33,695)
Other income (expense):
Interest income	1,855	2,173	3,369	4,460
Foreign currency gain (loss)	6	(162)	(19)	(212)
Total other income, net	1,861	2,011	3,350	4,248
Net loss	$ (13,498)	$ (8,666)	$ (27,220)	$ (29,447)
Net loss per share, Basic	$ (0.18)	$ (0.13)	$ (0.38)	$ (0.44)
Net loss per share, Diluted	$ (0.18)	$ (0.13)	$ (0.38)	$ (0.44)
Weighted-Average Number of Shares Outstanding, Basic	76,154,071	67,585,121	72,202,645	67,524,124
Weighted-Average Number of Shares Outstanding, Diluted	76,154,071	67,585,121	72,202,645	67,524,124
Comprehensive loss:
us-gaap:NetIncomeLoss	$ (13,498)	$ (8,666)	$ (27,220)	$ (29,447)
Other comprehensive income:
Unrealized gain (loss) on marketable securities	(224)	32	(502)	295
Comprehensive loss	$ (13,722)	$ (8,634)	$ (27,722)	$ (29,152)

Stock-Based Compensation

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

8. Stock-Based Compensation

2019 and 2021 Equity Incentive Plans

The Company has outstanding awards under its 2019 Equity Incentive Plan (the 2019 Plan), but is no longer granting awards under this plan. The Company’s 2021 Equity Incentive Plan (the 2021 Plan and, together with the 2019 Plan, the Plans) provides for the grant of incentive stock options, non-statutory stock options, restricted stock awards, restricted stock units (RSUs), stock appreciation rights and other stock-based awards to the Company’s employees, officers, directors and consultants. Any shares that are returned under the 2019 Plan as a result of cancellation or forfeiture become available for grant under the 2021 Plan. Further, the number of shares of common stock reserved for issuance under the 2021 Plan automatically increases on January 1 of each year continuing through and including January 1, 2031, by 5% of the total number of shares of common stock outstanding on December 31 of the immediately preceding calendar year, or a lesser number of shares determined by the Company’s board of directors. The number of shares reserved for issuance under the 2021 Plan was increased by 2,388,316 shares effective as of January 1, 2026 in accordance with

the provisions of the 2021 Plan described above. On June 5, 2026, the Company’s shareholders approved an amendment to the 2021 Plan to amend the provision providing for an automatic share pool increase to include pre-funded warrants in the calculation of the annual increase. As a result of the amendment, the next automatic annual share pool increase will come into effect on January 1, 2027 and it will be equal to the lesser of (I) 5% of the sum of (1) the number of outstanding shares of common stock and (2) the number of shares of the Company's common stock subject to pre-funded warrants, each as of the immediately preceding December 31, and (II) an amount determined by the board of directors. As of June 30, 2026, 3,225,667 shares remained available for future grant under the 2021 Plan.

Under the terms of the 2021 Plan, options are granted at an exercise price no less than fair value of the Company’s common stock on the grant date, except in certain cases related to significant corporate transactions. Options expire no later than ten years from the date of the grant.

2025 Inducement Plan

In March 2025, the Company’s board of directors adopted the 2025 Inducement Plan (the Inducement Plan), pursuant to which the Company may grant nonstatutory stock options, stock appreciation rights, restricted stock, RSUs and other stock-based awards with respect to an aggregate of 1,250,000 shares of its common stock. Awards under the Inducement Plan may only be granted to new employees who were not previously an employee or director of the Company or are commencing employment with the Company following a bona fide period of non-employment, in either case, as an inducement material to the individual’s entering into employment with the Company in accordance with the requirements of Nasdaq Stock Market Rule 5635(c)(4). On September 30, 2025, the Company’s board of directors approved an amendment to the Inducement Plan to increase the number of shares of common stock authorized for issuance under the Inducement Plan by 750,000 shares. As of June 30, 2026, 145,834 shares were available for issuance under the Inducement Plan.

Employee Stock Purchase Plan

The Company’s 2021 Employee Stock Purchase Plan (the ESPP) allows employees, including executive officers, to contribute up to 15% of their earnings, subject to certain limitations, for the purchase of the Company’s common stock at a price per share equal to the lower of (a) 85% of the fair market value of a share of common stock on the first day of the offering period, or (b) 85% of the fair market value of a share of common stock on the last day of the offering period. The number of shares of common stock reserved for issuance under the ESPP automatically increases on January 1 of each calendar year through and including January 1, 2031, by the lesser of (1) 1% of the total number of shares of the Company’s common stock outstanding on December 31 of the preceding calendar year or (2) a number of shares determined by the Company’s board of directors. Shares subject to purchase rights granted under the ESPP that terminate without having been exercised in full will not reduce the number of shares available for issuance under the ESPP. The number of shares reserved for issuance under the ESPP was increased by 477,663 shares effective as of January 1, 2026 in accordance with the provisions of the ESPP described above. As of June 30, 2026, 20,359 shares had been purchased under the ESPP and 2,194,083 shares remained available for issuance under the ESPP.

Stock Option Valuation

The fair value of stock option grants is estimated on the date of grant using the Black Scholes option pricing model. Volatility is estimated based on the historical and implied volatilities of comparable publicly traded companies as the Company does not have sufficient history of trading in its common stock. The expected term of the Company’s stock options has been determined utilizing the “simplified” method for awards that qualify as “plain-vanilla” options. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the award. Expected dividend yield is based on the fact that the Company has never paid cash dividends and does not expect to pay any cash dividends in the foreseeable future.

The relevant data used to determine the fair value of the stock options during the three and six months ended June 30, 2026 and 2025 is as follows:


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Expected term (in years)		5.9			6.0			6.0			6.0
Expected volatility		93.1	%		100.7	%		97.5	%		104.3	%
Risk-free interest rate		4.2	%		4.1	%		3.9	%		4.4	%
Expected dividend yield		—			—			—			—

Stock Option Activity

Outstanding stock options consist of option grants with service-based vesting conditions, typically 25% on the first anniversary of the grant date with the remainder vesting monthly over the following three years. The activity for the stock options is as follows:


				Weighted		Weighted
				Average		Average		Aggregate
	Number of			Exercise		Contractual		Intrinsic
	Shares			Price		Term		Value
						(in years)		(in thousands)
Outstanding as of December 31, 2025		6,427,777		$	2.81		9.05	$	11,727
Options granted		2,926,074			5.83
Options exercised		(97,720	)		2.66
Options forfeited		(784,866	)		4.14
Outstanding as of June 30, 2026		8,471,265		$	3.73		8.70	$	78,899
Vested and expected to vest as of June 30, 2026		8,471,265		$	3.73		8.70	$	78,899
Options exercisable as of June 30, 2026		1,925,199		$	3.42		7.08	$	18,512

The aggregate intrinsic value disclosed in the above table is calculated as the difference between the exercise price of the stock options and the fair value of the Company’s common stock for those stock options that had strike prices lower than the fair value of the Company’s common stock.

The weighted-average grant date fair value of stock options granted during the six months ended June 30, 2026 and 2025 was $4.58 and $1.35 per share, respectively.

Restricted Stock Units

The Company has outstanding RSUs with service-based vesting conditions and RSUs with performance-based vesting conditions. The activity for RSUs is as follows:


	Shares			Weighted Average Grant Date Fair Value
Unvested at December 31, 2025		207,897		$	7.50
Granted		441			5.67
Vested		(70,838	)		7.44
Unvested at June 30, 2026		137,500		$	7.53

Stock-Based Compensation

The following table sets forth stock-based compensation expense included in the Company’s unaudited condensed consolidated statements of operations and comprehensive loss (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Research and development expenses	$	333	$	521	$	905	$	1,427
General and administrative expenses		1,148		492		2,181		1,608
Total stock-based compensation expense	$	1,481	$	1,013	$	3,086	$	3,035

As of June 30, 2026, there was $19.5 million of total unrecognized compensation cost related to unvested awards expected to vest, which is expected to be recognized over a weighted average period of 2.9 years.

Commitments and Contingencies

6 Months Ended

Jun. 30, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

6. Commitments and Contingencies

Leases

The Company leases office space for their headquarters under a non-cancelable operating lease in Wellesley, Massachusetts. In May 2026, the Company entered into the Second Amendment of Lease (Second Amendment) which provided for an extended lease term of an additional three years and additional square footage. The new annual base rent is approximately $0.6 million per year and there is no option to extend the lease after the three-year term. Accordingly, the Company recorded an increase to operating lease right-of-use

assets and operating lease liabilities of $1.1 million, net of the tenant improvement allowance. In addition, the Company recognized a modification to the existing lease agreements due to the change in the term of lease as a result of the Second Amendment, resulting in a decrease of the operating lease liabilities and corresponding right-of-use asset of approximately $0.3 million. There have been no other significant changes to the Company’s lease agreements during the three and six months ended June 30, 2026. For additional information on the Company’s operating leases, see Note 7, Leases, of the consolidated financial statements in the Annual Report.

License Agreements (Budoprutug)

On June 27, 2024, the Company completed its acquisition (the Acquisition) of Tenet Medicines, Inc. (Tenet). As a result of the Acquisition, the following legacy Tenet agreements effectively became agreements of the Company.

Acelyrin Asset Purchase Agreement

On January 11, 2024, Tenet entered into an asset purchase agreement (the Asset Purchase Agreement) with Acelyrin, Inc. (Acelyrin) and WH2, LLC, which was subsequently transferred to the Company by operation of law upon the closing of the Acquisition, providing for the acquisition of certain assets of Acelyrin related to budoprutug, including certain assigned contracts. Under these assigned contracts, the Company received worldwide license (with the right to sublicense) rights to develop, manufacture, use and commercialize budoprutug for any non-oncology indication, and assumed certain liabilities of Acelyrin.

In addition, the Company inherited the rights and obligations, including financial obligations, under the CRH Agreement (as defined below) and the ProBioGen Agreement (as defined below).

In consideration for the license and other rights the Company received under the Asset Purchase Agreement with respect to Products (as such term is defined in the Asset Purchase Agreement), the Company is obligated to (i) make total payments of up to $157.5 million to Acelyrin upon the achievement of various development, regulatory and commercial milestones, (ii) pay royalties in the single-digit percentages, subject to specified reductions, to Acelyrin on worldwide net sales in a given calendar year, and (iii) make non-refundable and non-creditable payments to Acelyrin on sublicense income with rates ranging from the low single digit to mid teen percent depending on the stage of development of the most advanced Product at the time of such sublicense.

The Company records expense related to milestone payments when achievement of the milestone is assessed as probable. During the three and six months ended June 30, 2026 and 2025, the Company did not recognize any research and development expense related to milestone payments under the Asset Purchase Agreement.

For additional information related to the Asset Purchase Agreement, please read Note 8, Commitments and Contingencies, to the Company’s audited consolidated financial statements included in the Annual Report.

CRH Agreement

In connection with the Asset Purchase Agreement, in January 2024 Tenet was assigned a license agreement with Cancer Research Technology Limited (CRH) and, in connection with such assignment, Tenet entered into an amended and restated license agreement with CRH (the CRH Agreement) which was subsequently transferred to the Company by operation of law upon the closing of the Acquisition. The CRH Agreement granted the Company a worldwide exclusive license (other than specified patent rights and materials, which are licensed to the Company on a non-exclusive basis) to research, develop, test, manufacture or sell certain licensed products related to budoprutug, for all therapeutic uses except for oncology indications. The Company is permitted to grant a sublicense under these licenses with CRH’s prior written consent.

The Company is obligated to pay CRH a mid-five figure digit fee on each anniversary of the effective date and up to an aggregate of £106.8 million ($141.4 million as of June 30, 2026) upon the achievement of specified development, regulatory, commercial and sales milestone events, including: (i) payments of up to mid-six figure digits in pounds sterling for certain development milestones, (ii) payments of up to low-eight figures in pounds sterling per indication (for up to three indications) for certain regulatory and commercial milestones and (iii) payments up to mid-eight figures in pounds sterling for certain sales milestones. The Company is also obligated to pay tiered royalties ranging from a rate in the mid-single digit to high-single digit percentage on net sales. The Company is also responsible for a sublicensing revenue payment ranging from a rate in the mid-single digit to mid-double digits for any sublicense revenue.

For additional information related to the CRH Agreement, please read Note 8, Commitments and Contingencies, to the Company’s audited consolidated financial statements included in the Annual Report.

ProBioGen Agreement

Under the Asset Purchase Agreement, Tenet was assigned a cell line development, manufacturing services and license agreement (the ProBioGen Agreement) originally entered into by ValenzaBio, Inc. and ProBioGen AG (ProBioGen) in February 2021, which was subsequently transferred to the Company by operation of law upon the closing of the Acquisition. The ProBioGen Agreement granted the Company a non-exclusive license to use cell lines in which ProBioGen’s proprietary technology is applied, to research, develop, manufacture, use, sell, offer to sell, import or export budoprutug. This license includes a non-exclusive sublicense by ProBioGen of certain third-party patent rights, limited to the use of budoprutug.

The Company is obligated to (i) make payments of up to €10.0 million ($11.4 million as of June 30, 2026) upon the achievement of certain development, manufacturing and commercial milestones, including the start of a Phase 2 clinical trial for budoprutug, and (ii) make milestone payments of up to €7.0 million ($8.0 million as of June 30, 2026) upon the achievement of certain sales milestones. If the Company elects to contract ProBioGen to perform certain manufacturing services for budoprutug, the milestone payments would be reduced by €1.1 million ($1.2 million as of June 30, 2026).

The Company records expense related to milestone payments when achievement of the milestone is assessed as probable. During the three and six months ended June 30, 2026, the Company did not recognize any research and development expense related to the milestones. During the three and six months ended June 30, 2025, the Company recognized $0.8 million of research and development expense related to a milestone.

For additional information related to the ProBioGen Agreement, please read Note 8, Commitments and Contingencies, to the Company’s audited consolidated financial statements included in the Annual Report.

License Agreement (CLYM116)

On January 8, 2025, the Company entered into the Mabworks Agreement pursuant to which Mabworks granted to the Company (i) an exclusive (even as to Mabworks and its affiliates), sublicensable right and license under certain patent rights and related know-how (the Licensed Intellectual Property) to develop, manufacture and commercialize Mabworks’ proprietary antibodies associated with Mabworks’ proprietary antibody program, CLYM116 and products containing CLYM116 (Licensed Products) outside of mainland China, Hong Kong, Macau, and Taiwan (Greater China), (ii) a non-exclusive, sublicensable right and license under the Licensed Intellectual Property to manufacture CLYM116 and Licensed Products in Greater China (the Licensed Territory) and (iii) a non-exclusive, sublicensable right and license under the Licensed Intellectual Property to develop CLYM116 and Licensed Products in Greater China in connection with certain global clinical studies (as described below).

Under the terms of the Mabworks Agreement, the Company paid to Mabworks a $9.0 million upfront payment, and the Company is obligated to pay a total of up to $30.0 million upon the achievement of certain development and regulatory milestones pertaining to the first indication for a Licensed Product, additional lower amounts upon the achievement of certain development and regulatory milestones pertaining to up to two additional indications for a Licensed Product and a total of up to $832.0 million upon the achievement of certain commercial milestones for all Licensed Products. In addition, the Company is obligated to pay Mabworks tiered royalties in the low-to mid-single-digit percentages on aggregate annual net sales of all Licensed Products in the Licensed Territory.

The Company recorded the upfront payment of $9.0 million as research and development expenses in the first quarter of 2025 in the unaudited condensed consolidated statements of operations and comprehensive loss. The Company records expense related to milestone payments when achievement of the milestone is assessed as probable. During the three and six months ended June 30, 2026 and 2025, the Company did not recognize any research and development expense related to a milestone.

For additional information related to the Mabworks Agreement, please read Note 8, Commitments and Contingencies, to the Company’s audited consolidated financial statements included in the Annual Report.

Legal Proceedings

From time to time, the Company may have certain contingent liabilities that arise in the ordinary course of its business activities. The Company records accruals for estimated losses when available information indicates a loss is probable and reasonably estimable. Significant judgment is required to determine both probability and the estimated amount. The Company expenses the costs related to its legal proceedings as they are incurred.

On December 31, 2025, the Company filed a complaint in Delaware Superior Court against Alumis Inc. and its wholly owned subsidiary, Acelyrin, relating to a dispute concerning potential milestone payments owed under the Asset Purchase Agreement seeking a declaratory judgment that the Company’s budoprutug drug candidate is not a Product under the Asset Purchase Agreement, and that the Company does not owe a milestone payment sought by Alumis in connection with its development of budoprutug. This matter is currently pending. The Company is unable to predict the timeline for resolution or the outcome of this matter.

As of the date of these unaudited condensed consolidated financial statements, the Company is not party to any other material legal matters or claims.

Indemnification

In the ordinary course of business, the Company enters into agreements that may include indemnification provisions. Pursuant to such agreements, the Company may indemnify, hold harmless, and defend an indemnified party for losses suffered or incurred by the indemnified party. Some of the provisions will limit losses to those arising from third-party actions. In some cases, the indemnification will continue after the termination of the agreement. The maximum potential amount of future payments the Company could be required to make under these provisions is not determinable. In addition, the Company has entered into indemnification agreements with members of its board of directors and executive officers that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers. To date, the Company has not incurred any material costs as a result of such indemnification provisions. The Company is not currently aware of any indemnification claims and has not accrued any liabilities related to such obligations in its unaudited condensed consolidated financial statements as of June 30, 2026.

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

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


	Fair Value Measurements at June 30, 2026 Using:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	42,141	$	—	$	—	$	42,141
Marketable securities:
U.S. Treasury securities		110,184		—		—		110,184
Corporate bonds		—		77,943		—		77,943
U.S. government agency debt securities		—		6,987		—		6,987
Total marketable securities		110,184		84,930		—		195,114
Total assets	$	152,325	$	84,930	$	—	$	237,255


	Fair Value Measurements at December 31, 2025 Using:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	35,320	$	—	$	—	$	35,320
Marketable securities:
U.S. Treasury securities		39,473		—		—		39,473
Corporate bonds		—		82,494		—		82,494
U.S. government agency debt securities		—		3,000		—		3,000
Total marketable securities		39,473		85,494		—		124,967
Total assets	$	74,793	$	85,494	$	—	$	160,287

Related Party Transactions (Additional Information) (Details) - USD ($) $ / shares in Units, $ in Millions	Dec. 11, 2025	Apr. 30, 2026	Apr. 27, 2026
2026 Private Placement [Member]
Related Party Transaction [Line Items]
Per share price			$ 9.4999
Pre Funded Warrant [Member] \| 2026 Private Placement [Member]
Related Party Transaction [Line Items]
Exercise price		$ 0.0001
Warrants issued for purchase of common stock		2,106,000
Per share price		$ 9.4999
Cash Received Sale Of Pre-Funded Warrants		$ 20.0
Exchange Agreement [Member]
Related Party Transaction [Line Items]
Aggregate Beneficial Ownership Exchanging Stockholders	33.00%
Exchange Agreement [Member] \| Common Stock [Member]
Related Party Transaction [Line Items]
Exchange of common stock for pre-funded warrant, Shares	20,440,000
Exchange Agreement [Member] \| Pre Funded Warrant [Member] \| Common Stock [Member]
Related Party Transaction [Line Items]
Exercise price	$ 0.0001

Certain Balance Sheet Accounts - Summary of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Balance Sheet Related Disclosures [Abstract]
Total prepaid expenses and other current assets	$ 3,513	$ 4,769

Fair Value Measurements

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements

4. Fair Value Measurements


	Fair Value Measurements at June 30, 2026 Using:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	42,141	$	—	$	—	$	42,141
Marketable securities:
U.S. Treasury securities		110,184		—		—		110,184
Corporate bonds		—		77,943		—		77,943
U.S. government agency debt securities		—		6,987		—		6,987
Total marketable securities		110,184		84,930		—		195,114
Total assets	$	152,325	$	84,930	$	—	$	237,255


	Fair Value Measurements at December 31, 2025 Using:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	35,320	$	—	$	—	$	35,320
Marketable securities:
U.S. Treasury securities		39,473		—		—		39,473
Corporate bonds		—		82,494		—		82,494
U.S. government agency debt securities		—		3,000		—		3,000
Total marketable securities		39,473		85,494		—		124,967
Total assets	$	74,793	$	85,494	$	—	$	160,287

Cash equivalents and U.S. Treasury securities were valued by the Company based on quoted market prices for identical securities, which represent a Level 1 measurement within the fair value hierarchy. There have been no changes in valuation techniques, inputs utilized or transfers between fair measurement levels in the periods presented. Corporate bonds and agency securities were valued by the Company using quoted prices in active markets for similar securities, which represent a Level 2 measurement within the fair value hierarchy. The carrying amounts reflected in the Company’s condensed consolidated balance sheets for cash and cash equivalents, prepaid expenses and other current assets, accounts payable, accrued expenses and other current liabilities approximate fair value due to the short-term nature of these assets and liabilities.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Section 55
-Paragraph 107
-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Insider Trading Arrangements
shares in Thousands

3 Months Ended

Jun. 30, 2026

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

Item 5. Other Information

Director and Officer Trading Arrangements

The adoption or termination of contracts, instructions or written plans for the purchase or sale of our securities by our Section 16 officers and directors for the three months ended June 30, 2026, which is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act (“Rule 10b5-1 Plan”), was as follows:



Name (Title)	Action taken (Date of Action)	Type of Trading Arrangement	Nature of Trading Arrangement	Duration of Trading Arrangement	Maximum Number of Securities to be Purchased or Sold Pursuant to the Rule 10b5-1 Trading Plan
Stephen Thomas (Director)	Adoption (June 16, 2026)	Rule 10b5-1 trading arrangement	Sale	Until September 15, 2027, or, if earlier, upon the completed sale of the maximum shares	100,000

Name

Stephen Thomas

Title

Director

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

June 16, 2026

Expiration Date

September 15, 2027

Aggregate Available

100

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net loss	$ (27,220)	$ (29,447)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	3,086	3,035
Non-cash operating lease expense	57	88
Accretion of discounts on marketable securities, net	(691)	(1,240)
Depreciation and amortization expense	71	38
Unrealized foreign currency transaction loss	5	24
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	1,256	1,272
Other long-term assets	304	(1,352)
Accounts payable	(1,209)	165
Accrued expenses and other current liabilities	(589)	944
Operating lease liabilities	5	(109)
Net cash used in operating activities	(24,925)	(26,582)
Cash flow from investing activities:
Purchases of property and equipment	(260)	(77)
Purchases of marketable securities	(127,460)	(79,370)
Proceeds from maturities of marketable securities	57,502	41,482
Net cash used in investing activities	(70,218)	(37,965)
Cash flows from financing activities
Proceeds from exercise of stock options	340	0
Proceeds from issuance of common stock in private placement, net of issuance costs	103,368	0
Net cash provided by financing activities	103,708	0
Effect of exchange rate changes on cash and cash equivalents	0	0
Net change in cash and cash equivalents	8,565	(64,547)
Cash and cash equivalents at beginning of period	35,685	87,229
Cash and cash equivalents at end of period	44,250	22,682
Supplemental disclosure of cash flow information:
Cash paid for leases included in operating cash outflows	146	216
Supplemental disclosure of non-cash investing and financing activities:
Purchases of property and equipment included in accounts payable and accrued expenses and other current liabilities	218	76
Right-of-use assets obtained in exchange for lease liabilities	1,108	0
Decrease in lease liabilities due to reduction in right-of-use assets from lease modifications	340	0
Deferred offering costs included in accounts payable and accrued expenses and other current liabilities	280	0
Restricted Cash and Cash Equivalent [Abstract]
Cash and cash equivalents	44,107	22,682
Restricted cash (included in other non-current assets)	143	0
Total cash, cash equivalents and restricted cash	$ 44,250	$ 22,682

Condensed Consolidated Balance Sheets (Parenthetical) (unaudited) - $ / shares	Jun. 30, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	250,000,000	250,000,000
Common stock, shares issued	57,436,255	47,766,338
Common stock, shares outstanding	57,436,255	47,766,338

- Definition

Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.

+ References

+ Details

Asset Acquisition and Private Placement with a Related Party (Additional Information) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Asset Acquisition [Line Items]
Issuance of common stock in private placement	$ 103,368	$ 0

Segments (Tables)

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Schedule of Forth Disaggregated Research and Development Expenses

In addition to the significant expense categories included within net loss presented on the unaudited condensed consolidated statements of operations and comprehensive loss, the following table sets forth disaggregated research and development expenses (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Direct research and development expenses:
Budoprutug	$	5,288	$	4,521	$	10,651	$	10,662
CLYM1161		1,511		145		2,704		9,265
Legacy programs2		7		31		29		73
Unallocated research and development expenses:
Personnel-related (including stock-based compensation)		2,346		1,452		4,699		3,209
Other research and development expenses		562		426		1,004		693
Total research and development expenses	$	9,714	$	6,575	$	19,087	$	23,902

1 Includes the upfront payment and the associated direct transaction costs incurred in connection with the Mabworks Agreement for the six months ended June 30, 2025.

2 Includes direct expenses related to the Company’s legacy product candidates ETX-123 and ETX-155.

- Definition

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Segments

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Segments

11. Segments

Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision-maker (the CODM). The Company views its operations and manages its business as one operating and reportable segment, focused on developing therapeutics for patients with immune-mediated diseases. The Company’s CODM is its chief executive officer.

Segment profit or loss is measured as net loss presented on the unaudited condensed consolidated statements of operations and comprehensive loss. For the purpose of evaluating segment performance and allocating resources, the CODM reviews the Company’s financial information on a consolidated basis together with certain operating metrics and evaluates net loss against comparable prior periods and the Company’s annual operating plan. The measure of segment assets is reported on the unaudited condensed consolidated balance sheets as total consolidated assets.


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Direct research and development expenses:
Budoprutug	$	5,288	$	4,521	$	10,651	$	10,662
CLYM1161		1,511		145		2,704		9,265
Legacy programs2		7		31		29		73
Unallocated research and development expenses:
Personnel-related (including stock-based compensation)		2,346		1,452		4,699		3,209
Other research and development expenses		562		426		1,004		693
Total research and development expenses	$	9,714	$	6,575	$	19,087	$	23,902

1 Includes the upfront payment and the associated direct transaction costs incurred in connection with the Mabworks Agreement for the six months ended June 30, 2025.

2 Includes direct expenses related to the Company’s legacy product candidates ETX-123 and ETX-155.

- Definition

The entire disclosure for segment reporting.

+ References

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

Nature of Operations and Basis of Presentation - Additional Information (Details) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2026 USD ($)	Mar. 31, 2026 USD ($)	Jun. 30, 2025 USD ($)	Mar. 31, 2025 USD ($)	Jun. 30, 2026 USD ($) Segments	Jun. 30, 2025 USD ($)	Dec. 31, 2025 USD ($)
Subsidiary Sale Of Stock [Line Items]
Accumulated deficit	$ (316,947)				$ (316,947)		$ (289,727)
Net Cash Provided By Used In Operating Activities					24,900
us-gaap:NetIncomeLoss	(13,498)	$ (13,722)	$ (8,666)	$ (20,781)	(27,220)	$ (29,447)
Cash, cash equivalents and marketable securities	$ 239,200				$ 239,200
Number of operating segments \| Segments					1
Entity incorporation date					Oct. 18, 2018
Proceeds from issuance of common stock in private placement, net of issuance costs					$ 103,368	$ 0

- Definition

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

+ References

+ Details

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-4

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

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-Paragraph 1
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

+ Details

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Loss [Member]	Accumulated Deficit [Member]
Beginning balance at Dec. 31, 2024	$ 211,881	$ 7	$ 441,727	$ 23	$ (229,876)
Beginning balance, shares at Dec. 31, 2024		67,255,434
Vesting of restricted stock units		320,333
Stock-based compensation expense	2,022		2,022
Unrealized gain (loss) on marketable securities	263			263
us-gaap:NetIncomeLoss	(20,781)				(20,781)
Ending balance at Mar. 31, 2025	193,385	$ 7	443,749	286	(250,657)
Ending balance, shares at Mar. 31, 2025		67,575,767
Beginning balance at Dec. 31, 2024	211,881	$ 7	441,727	23	(229,876)
Beginning balance, shares at Dec. 31, 2024		67,255,434
Unrealized gain (loss) on marketable securities	295
us-gaap:NetIncomeLoss	(29,447)
Ending balance at Jun. 30, 2025	185,764	$ 7	444,762	318	(259,323)
Ending balance, shares at Jun. 30, 2025		67,764,100
Beginning balance at Mar. 31, 2025	193,385	$ 7	443,749	286	(250,657)
Beginning balance, shares at Mar. 31, 2025		67,575,767
Vesting of restricted stock units		188,333
Stock-based compensation expense	1,013		1,013
Unrealized gain (loss) on marketable securities	32			32
us-gaap:NetIncomeLoss	(8,666)				(8,666)
Ending balance at Jun. 30, 2025	185,764	$ 7	444,762	318	(259,323)
Ending balance, shares at Jun. 30, 2025		67,764,100
Beginning balance at Dec. 31, 2025	160,475	$ 5	449,762	435	(289,727)
Beginning balance, shares at Dec. 31, 2025		47,766,338
Vesting of restricted stock units		563
Issuance of common stock upon exercise of stock options	5		5
Issuance of common stock upon exercise of stock options, Share		1,642
Stock-based compensation expense	1,605		1,605
Unrealized gain (loss) on marketable securities	(278)			(278)
us-gaap:NetIncomeLoss	(13,722)				(13,722)
Ending balance at Mar. 31, 2026	148,085	$ 5	451,372	157	(303,449)
Ending balance, shares at Mar. 31, 2026		47,768,543
Beginning balance at Dec. 31, 2025	$ 160,475	$ 5	449,762	435	(289,727)
Beginning balance, shares at Dec. 31, 2025		47,766,338
Issuance of common stock upon exercise of stock options, Share	97,720
Unrealized gain (loss) on marketable securities	$ (502)
us-gaap:NetIncomeLoss	(27,220)
Ending balance at Jun. 30, 2026	239,547	$ 6	556,555	(67)	(316,947)
Ending balance, shares at Jun. 30, 2026		57,436,255
Beginning balance at Mar. 31, 2026	148,085	$ 5	451,372	157	(303,449)
Beginning balance, shares at Mar. 31, 2026		47,768,543
Vesting of restricted stock units		70,275
Issuance of common stock upon exercise of stock options	255		255
Issuance of common stock upon exercise of stock options, Share		96,078
Issuance of common stock and pre-funded warrants in private placement, net of issuance costs, Share		9,481,000
Issuance of common stock and pre-funded warrants in private placement, net of issuance costs, Value	103,369	$ 1	103,368
Issuance of common stock under equity incentive plans related to ESPP	79		79
Issuance of common stock under equity incentive plans related to ESPP, Share		20,359
Stock-based compensation expense	1,481		1,481
Unrealized gain (loss) on marketable securities	(224)			(224)
us-gaap:NetIncomeLoss	(13,498)				(13,498)
Ending balance at Jun. 30, 2026	$ 239,547	$ 6	$ 556,555	$ (67)	$ (316,947)
Ending balance, shares at Jun. 30, 2026		57,436,255

Investments - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Summary of Investment Holdings [Line Items]
Realized gain or loss on available-for-sale securities	$ 0	$ 0	$ 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/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(3)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-12

Reference 4: http://www.xbrl.org/2003/role/exampleRef
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-Publisher FASB
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147478795/946-210-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Paragraph 6
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-URI https://asc.fasb.org/1943274/2147478795/946-210-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147478795/946-210-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Paragraph 1
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-Publisher FASB
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-6

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478297/946-220-50-3

+ Details

Marketable Securities (Tables)

6 Months Ended

Jun. 30, 2026

Marketable Securities [Abstract]

Marketable securities consisted of available-for-sale securities

Marketable securities consisted of available-for-sale securities as follows (in thousands):


	As of June 30, 2026
								Estimated
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gain		Loss			Value
Short-term marketable securities:
Corporate bonds	$	46,720	$	41	$	—		$	46,761
U.S. Treasury securities		88,313		—		(51	)		88,262
U.S. government agency debt securities		4,000		—		(7	)		3,993
Total short-term marketable securities	$	139,033	$	41	$	(58	)	$	139,016
Long-term marketable securities:
Corporate bonds	$	31,168	$	14	$	—		$	31,182
U.S. Treasury securities		21,981		—		(59	)		21,922
U.S. government agency debt securities		2,999		—		(5	)		2,994
Total long-term marketable securities	$	56,148	$	14	$	(64	)	$	56,098


	As of December 31, 2025
							Estimated
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gain		Loss		Value
Short-term marketable securities:
Corporate bonds	$	31,874	$	102	$	—	$	31,976
U.S. Treasury securities		33,296		123		—		33,419
Total short-term marketable securities	$	65,170	$	225	$	—	$	65,395
Long-term marketable securities:
Corporate bonds	$	50,341	$	177	$	—	$	50,518
U.S. Treasury securities		6,022		32		—		6,054
U.S. government agency debt securities		2,999		1		—		3,000
Total long-term marketable securities	$	59,362	$	210	$	—	$	59,572