0001193125-26-097543 | 10-K | XBRL Viewer

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Common Stock - Schedule of Common Stock Reserved for Future Issuance (Details) - shares	Dec. 31, 2025	Dec. 31, 2024
Class of Stock [Line Items]
Common stock reserved for future issuance	7,885,000	6,653,000
Shares reserved for exercise of stock options issued and outstanding
Class of Stock [Line Items]
Common stock reserved for future issuance	4,234,000	3,818,000
Shares reserved for future issuance under the equity incentive plan
Class of Stock [Line Items]
Common stock reserved for future issuance	3,348,000	2,648,000
Shares reserved for future issuance under the ESPP
Class of Stock [Line Items]
Common stock reserved for future issuance	303,000	187,000

- Definition

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

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b5-1 Arr Modified Flag	false
Non Rule 10b5-1 Arr Modified Flag	false

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Pay vs Performance Disclosure
Net Income (Loss)	$ (58,197)	$ (65,363)

- Definition

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

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+ Details

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended		12 Months Ended
	Jan. 01, 2026	Aug. 31, 2024	Mar. 31, 2024	Dec. 31, 2025	Dec. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options to purchase shares of common stock				4,234,000	3,818,000
Increamental non cash stock based compensation				$ 900
Aggregate shares of common stock				0	0
Unrecognized compensation cost related to outstanding time-based vesting				$ 9,200
Unrecognized compensation cost expected to be recognized over a weighted-average period				2 years 2 months 12 days
Weighted-average grant date per share fair value of options granted				$ 1.88	$ 7.19
Common stock reserved for future issuance				7,885,000	6,653,000
Stock-based compensation				$ 6,125	$ 7,516
ESPP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation cost related to outstanding time-based vesting				$ 600
Unrecognized compensation cost expected to be recognized over a weighted-average period				1 year 3 months 18 days
Offering period			24 months
Purchase period			6 months
Percentage of fair market value of common stock purchase price			85.00%
Stock-based compensation				$ 400	$ 500
Shares issued under ESPP				107,208	44,532
Percentage of outstanding common stock maximum			1.00%
ESPP \| Subsequent Event
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares authorized for issuance	678,991
Aggregate number of shares issued increased	224,072
Repriced Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Exercise price		$ 3.56
Increamental non cash stock based compensation				$ 200
Increamental non cash stock based compensation expense related unvested repriced options				700
Repriced Options \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options to purchase shares of common stock		3,484,346
General and Administrative Expense and Research and Development Expense \| Repriced Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Increamental non cash stock based compensation expense related unvested repriced options				$ 200	$ 100
2024 Incentive Award Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Term of the plan			10 years
Percentage of excise price			100.00%
Number of shares authorized for issuance				3,947,716
Number of shares remained available for grant				3,347,667
Percentage of outstanding common stock maximum			5.00%
2024 Incentive Award Plan \| Subsequent Event
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares authorized for issuance	5,068,078
Aggregate number of shares issued increased	1,120,362
2024 Incentive Award Plan \| Employee Stock Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expiration period			10 years
2024 Incentive Award Plan \| Employee Stock Option \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period			36 months
2024 Incentive Award Plan \| Employee Stock Option \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period			48 months

Investments

12 Months Ended

Dec. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Investments

The following tables summarize investments accounted for as available-for-sale securities (in thousands):


	As of December 31, 2025
	Acquisition Cost		Unrealized Gain		Unrealized Loss		Estimated Fair Value
Money market funds	$	16,100	$	—	$	—	$	16,100
U.S. government obligations		89,649		64		—		89,713
Total cash equivalents and investments	$	105,749	$	64	$	—	$	105,813
Classified as:
Cash equivalents							$	16,100
Short-term investments								89,713
Total cash equivalents and investments							$	105,813


	As of December 31, 2024
	Acquisition Cost		Unrealized Gain		Unrealized Loss			Estimated Fair Value
Money market funds	$	24,889	$	—	$	—		$	24,889
U.S. government obligations		118,170		121		(2	)		118,289
Corporate debt securities		7,236		2		—			7,238
Total cash equivalents and investments	$	150,295	$	123	$	(2	)	$	150,416
Classified as:
Cash equivalents								$	24,889
Short-term investments									125,527
Total cash equivalents and investments								$	150,416

On December 31, 2025 and 2024, the remaining contractual maturities of all the Company’s available-for-sale investments were less than twelve months. As of December 31, 2025 and 2024, the Company has not established an allowance for credit losses for any of its available-for-sale securities.

As of December 31, 2025, there were no available-for-sale securities in a gross unrealized loss position. As of December 31, 2024, there was one available-for-sale security, with an estimated fair value of $8.0 million, in a gross unrealized loss position. Based on its review of these investments as of December 31, 2025 and 2024, the Company believed that the unrealized loss as of December 31, 2024 was not other-than-temporary in nature.

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Summary of Financial Assets Measured at Fair Value on Recurring Basis

The following tables summarize the Company’s financial assets measured at fair value on a recurring basis and their respective input levels based on the fair value hierarchy described in Note 2 above (in thousands):


			Fair Value Measurements Using
As of December 31, 2025	Amount		Level 1		Level 2		Level 3
Assets
Money market funds (1)	$	16,100	$	16,100	$	—	$	—
U.S. government obligations (2)		89,713		—		89,713		—
Total fair value of assets	$	105,813	$	16,100	$	89,713	$	—

(1)

Included in cash and cash equivalents on the balance sheets.

(2)

Included in short-term investments on the balance sheets.


			Fair Value Measurements Using
As of December 31, 2024	Amount		Level 1		Level 2		Level 3
Assets
Money market funds (1)	$	24,889	$	24,889	$	—	$	—
U.S. government obligations (2)		118,289		—		118,289		—
Corporate debt securities (2)		7,238		—		7,238		—
Total fair value of assets	$	150,416	$	24,889	$	125,527	$	—

(1)

Included in cash and cash equivalents on the balance sheets.

(2)

Included in short-term investments on the balance sheets.

Common Stock (Tables)

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Schedule of Common Stock Reserved For Future Issuance

Common stock reserved for future issuance consisted of the following (in thousands):


	As of December 31,
	2025		2024
Shares reserved for exercise of stock options issued and outstanding		4,234		3,818
Shares reserved for future issuance under the equity incentive plan		3,348		2,648
Shares reserved for future issuance under the ESPP		303		187
Total		7,885		6,653

Accounts Payable and Accrued Liabilities - Schedule of Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Payables and Accruals [Abstract]
Accounts payable	$ 1,491	$ 1,274
Accrued research and development costs	4,719	2,584
Other accrued liabilities	517	1,496
Total accounts payable and accrued liabilities	$ 6,727	$ 5,354

Organization and Basis of Presentation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands			12 Months Ended
	Apr. 01, 2025	Apr. 02, 2024	Dec. 31, 2025	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Entity Incorporation, State or Country Code			DE
Net proceeds				$ 93,000
Common stock, shares authorized		700,000,000	700,000,000	700,000,000
Preferred stock, shares authorized		70,000,000	70,000,000	70,000,000
Preferred stock, par value		$ 0.0001	$ 0.0001	$ 0.0001
Common stock, par value		$ 0.0001	$ 0.0001	$ 0.0001
Aggregate offering price of common stock			$ 2	$ 2
Cash, cash equivalents, and short-term investments			107,600
Accumulated deficit			(259,669)	(201,472)
Net Income (Loss)			(58,197)	(65,363)
Net cash used in operating activities			$ 46,661	$ 60,841
Common Stock
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Shares sold				6,250,000
IPO
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Shares sold		6,250,000
Share price		$ 16
Net proceeds		$ 87,700
Convertible preferred stock converted into common stock		14,740,840
Open Market Sale Agreement
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Shares sold			0
Open Market Sale Agreement \| Maximum
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Percentage of agent commission on gross proceeds of common stock sold	3.00%
Aggregate offering price of common stock	$ 14,500

Investments - Additional Information (Details) $ in Millions	Dec. 31, 2025 Securities	Dec. 31, 2024 USD ($) Securities
Investments, Debt and Equity Securities [Abstract]
Number of available-for-sale securities \| Securities	0	1
Estimated fair value of gross unrealized loss positions \| $		$ 8.0

Fair Value Measurements - Summary of Financial Assets Measured at Fair Value on Recurring Basis (Details) - Recurring - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of assets	$ 105,813	$ 150,416
Money Market Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of assets	16,100	24,889
U.S. Government Obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of assets	89,713	118,289
Corporate Debt Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of assets		7,238
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of assets	16,100	24,889
Level 1 \| Money Market Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of assets	16,100	24,889
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of assets	89,713	125,527
Level 2 \| U.S. Government Obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of assets	$ 89,713	118,289
Level 2 \| Corporate Debt Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of assets		$ 7,238

Summary of Significant Accounting Policies - Additional Information (Details)	12 Months Ended
	Dec. 31, 2025 USD ($) Segment	Dec. 31, 2024 USD ($)	Apr. 02, 2024 shares
Summary of Significant Accounting Policies [Line Items]
Increase in federally insured limits \| $	$ 1,400,000
Impairment or credit losses recognized \| $	$ 0	$ 0
Number of reporting segment \| Segment	1
Number of operating segments \| Segment	1
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description	Operating segments are identified as components of an enterprise about which discrete financial information is available for evaluation by the chief operating decision-maker (CODM) in making decisions regarding resource allocation and assessing performance. The Company operates and manages its business as one reporting and one operating segment, which is the business of designing and developing ecDTx, for which no revenue has been recorded. All of the Company’s long-lived assets are located in the United States. The Company’s CODM is its Chief Executive Officer. For purposes of assessing the Company’s financial performance and making resource allocation decisions, the CODM reviews total expenses, as well as expenses by nature.
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	srt:ChiefExecutiveOfficerMember
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	true
Change in Accounting Principle, Accounting Standards Update, Adoption Date	Jan. 01, 2025
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false]	false
Accounting Standards Update [Extensible Enumeration]	us-gaap:AccountingStandardsUpdate202309Member
IPO
Summary of Significant Accounting Policies [Line Items]
Convertible preferred stock converted into common stock \| shares			14,740,840

Cybersecurity Risk Management, Strategy, and Governance	12 Months Ended
Cybersecurity Risk Management, Strategy, and Governance	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Item 1C. Cybersecurity. Risk Management Strategy We have developed our cybersecurity risk management program, including a cybersecurity incident response plan, based on the National Institute of Standards and Technology Cybersecurity Framework’s (NIST CSF) principles: Identify, Protect, Detect, Respond, and Recover. This does not, however, imply that we meet any particular technical standards, specifications, or requirements, only that we use the NIST CSF as a guide to help us identify, assess, and manage cybersecurity risks relevant to our business. Our cybersecurity risk management program, which is integrated into our overall enterprise risk management program, and shares common methodologies, reporting channels and governance processes that apply across the enterprise risk management program to other legal, compliance, strategic, operational, and financial risk areas, is intended to address current vulnerabilities and anticipate future cybersecurity threats and risks to our cyber ecosystem. Our cybersecurity risk management program includes: (a) assessments designed to help identify material cybersecurity risks to our critical systems, information, products, services, and our broader enterprise IT environment; (b) a security team principally responsible for managing our cybersecurity risk assessment processes, our security controls, and our response to cybersecurity incidents; (c) the use of external service providers, where appropriate, to assess, test or otherwise assist with aspects of our security controls; (d) cybersecurity awareness training of our employees, including our senior management, and incident response personnel; (e) a cybersecurity incident response process that includes procedures for responding to cybersecurity incidents; and (f) a risk evaluation of the service providers, suppliers, and vendors of critical systems during contracting. As of the filing date of this report, we have not identified incidents from known cybersecurity threats, including as a result of any prior cybersecurity incidents, that have materially affected or are reasonably likely to materially affect us, including our operations, business strategy, results of operations, or financial condition. There can be no assurance, however, that our cybersecurity risk management program and processes, including our policies, controls, or procedures, will be fully implemented, complied with or effective in protecting our systems and information. For more information, see the section titled “Risk Factors—Risks Related to Our Business Operations and Industry— Our information technology systems, or those of any of our service providers, may fail or suffer security incidents and other disruptions, which could result in a material disruption of our ecDTx development programs, compromise sensitive information related to our business, or prevent us from accessing critical information, potentially exposing us to liability, or otherwise adversely affecting our business.” Governance Our board of directors considers cybersecurity risk as part of its risk oversight function and has delegated to our audit committee oversight of cybersecurity and other information technology risks. Our audit committee oversees our management team’s implementation of our cybersecurity risk management program, receives periodic reports from our management team on our cybersecurity risks, and receives reports from our management team, as necessary, regarding material cybersecurity incidents, as well as any incidents with lesser impact potential. Our audit committee reports to our board of directors regarding its activities, including those related to cybersecurity. Our board of directors also receives briefings from our management team on our cyber risk management program. Our management team is responsible for assessing and managing our material risks from cybersecurity threats, and has primary responsibility for our overall cybersecurity risk management program and supervises both our internal cybersecurity personnel and our retained external cybersecurity consultants. Our management team oversees efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, which may include briefings from internal security personnel; threat intelligence and other information obtained from governmental, public, or private sources, including external consultants engaged by us; and alerts and reports produced by security tools deployed in the IT environment.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Our cybersecurity risk management program, which is integrated into our overall enterprise risk management program, and shares common methodologies, reporting channels and governance processes that apply across the enterprise risk management program to other legal, compliance, strategic, operational, and financial risk areas, is intended to address current vulnerabilities and anticipate future cybersecurity threats and risks to our cyber ecosystem.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Governance Our board of directors considers cybersecurity risk as part of its risk oversight function and has delegated to our audit committee oversight of cybersecurity and other information technology risks. Our audit committee oversees our management team’s implementation of our cybersecurity risk management program, receives periodic reports from our management team on our cybersecurity risks, and receives reports from our management team, as necessary, regarding material cybersecurity incidents, as well as any incidents with lesser impact potential. Our audit committee reports to our board of directors regarding its activities, including those related to cybersecurity. Our board of directors also receives briefings from our management team on our cyber risk management program. Our management team is responsible for assessing and managing our material risks from cybersecurity threats, and has primary responsibility for our overall cybersecurity risk management program and supervises both our internal cybersecurity personnel and our retained external cybersecurity consultants. Our management team oversees efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, which may include briefings from internal security personnel; threat intelligence and other information obtained from governmental, public, or private sources, including external consultants engaged by us; and alerts and reports produced by security tools deployed in the IT environment.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our board of directors considers cybersecurity risk as part of its risk oversight function and has delegated to our audit committee oversight of cybersecurity and other information technology risks. Our audit committee oversees our management team’s implementation of our cybersecurity risk management program, receives periodic reports from our management team on our cybersecurity risks, and receives reports from our management team, as necessary, regarding material cybersecurity incidents, as well as any incidents with lesser impact potential. Our audit committee reports to our board of directors regarding its activities, including those related to cybersecurity. Our board of directors also receives briefings from our management team on our cyber risk management program.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our audit committee oversees our management team’s implementation of our cybersecurity risk management program, receives periodic reports from our management team on our cybersecurity risks, and receives reports from our management team, as necessary, regarding material cybersecurity incidents, as well as any incidents with lesser impact potential.
Cybersecurity Risk Role of Management [Text Block]	Our management team is responsible for assessing and managing our material risks from cybersecurity threats, and has primary responsibility for our overall cybersecurity risk management program and supervises both our internal cybersecurity personnel and our retained external cybersecurity consultants. Our management team oversees efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, which may include briefings from internal security personnel; threat intelligence and other information obtained from governmental, public, or private sources, including external consultants engaged by us; and alerts and reports produced by security tools deployed in the IT environment.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our management team is responsible for assessing and managing our material risks from cybersecurity threats, and has primary responsibility for our overall cybersecurity risk management program and supervises both our internal cybersecurity personnel and our retained external cybersecurity consultants.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our management team is responsible for assessing and managing our material risks from cybersecurity threats, and has primary responsibility for our overall cybersecurity risk management program and supervises both our internal cybersecurity personnel and our retained external cybersecurity consultants. Our management team oversees efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, which may include briefings from internal security personnel;
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our audit committee reports to our board of directors regarding its activities, including those related to cybersecurity. Our board of directors also receives briefings from our management team on our cyber risk management program.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Reconciliation of Effective Tax Rate

The reconciliation of income taxes computed at the federal statutory rate to the Company’s effective income tax rate for the year ended December 31, 2025, prepared in accordance with ASC 740 as amended by ASU 2023-09, is as follows (in thousands, except percentages):


	Year Ended December 31, 2025
	Amount			%
Income tax computed at the federal statutory tax rate	$	(12,221	)	21.0%
Tax credits		(1,220	)		2.1
Change in valuation allowance		11,966			(20.6	)
Nontaxable or nondeductible items
Other non-deductible permanent items		(93	)		0.2
Limitation on officer compensation		425			(0.7	)
Stock compensation		1,142			(2.0	)
Other		1			—
Income tax expense (benefit)	$	—		—%

The reconciliation of income taxes computed at the federal statutory rate to the Company’s effective income tax rate for the year ended December 31, 2024 (prior to adoption of ASU 2023-09) was as follows (in thousands, except percentages):


	Year Ended December 31, 2024
	Amount			%
Income tax computed at the federal statutory tax rate	$	(13,726	)	21.0%
State and local income taxes, net of federal benefit		(4,126	)		6.3
Tax credits		(4,347	)		6.7
Change in valuation allowance		20,544			(31.5	)
Other permanent differences		(31	)		—
Stock compensation		607			(0.9	)
Uncertain tax position		1,065			(1.6	)
Other		14			—
Income tax expense (benefit)	$	—		—%

Schedule of Significant Components of Deferred Income Taxes

Significant components of deferred tax assets and liabilities as of December 31, 2025 and 2024 were as follows (in thousands):


	As of December 31,
	2025			2024
Deferred tax assets:
Net operating loss carryforwards	$	45,574		$	27,618
Research tax credits		10,124			8,313
Lease liability		13,769			13,335
Capitalized R&D		15,726			20,155
Intangible assets		39			44
Other, net		2,268			2,637
Total deferred tax assets		87,500			72,102
Less valuation allowance		(75,150	)		(58,844	)
Net deferred tax assets		12,350			13,258
Deferred tax liabilities:
ROU asset		(12,259	)		(13,169	)
Property and equipment		(91	)		(89	)
Total deferred tax liabilities		(12,350	)		(13,258	)
Net deferred tax assets	$	—		$	—

Schedule of Activity in Valuation Allowance

Activity in the valuation allowance for the years ended December 31, 2025 and 2024 was as follows (in thousands):


	Year Ended December 31,
	2025		2024
Balance, beginning of period		58,844		38,323
Charged to federal income tax expense		11,966		14,047
Charged to state income tax expense		4,324		6,497
Charged (credited) to other comprehensive loss		16		(23	)
Balance, end of period		75,150		58,844

Summary of Net Operating Loss Carryforward

As of December 31, 2025 and 2024, federal net operating loss (“NOL”) carryforwards, state NOL carryforwards, and research and development tax credit carryforwards consisted of the following (in thousands):


	As of December 31,
	2025		2024
Federal NOL carryforwards	$	161,402	$	91,864
State NOL carryforwards	$	231,270	$	183,313
Federal research and development tax credit carryforwards	$	9,294	$	7,667
State research tax credit carryforwards	$	5,850	$	4,853

Summary of Gross Unrecognized Tax Benefits

Activity related to the Company’s gross unrecognized tax benefits for the years ended December 31, 2025 and 2024 was as follows (in thousands):


	Year Ended December 31,
	2025		2024
Balance at beginning of period	$	9,212	$	8,048
Increase related to current year positions		656		1,164
Balance at the end of the year	$	9,868	$	9,212

Property and Equipment - Summary of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 8,176	$ 8,030
Less accumulated depreciation and amortization	4,960	3,709
Property and equipment, net	3,216	4,321
Lab equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	4,373	4,338
Computers and software
Property, Plant and Equipment [Line Items]
Total property and equipment	896	895
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	1,054	981
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 1,853	$ 1,816

Common Stock - Additional Information (Details)	12 Months Ended
Common Stock - Additional Information (Details)	Dec. 31, 2025 Vote
Subsidiary, Sale of Stock [Line Items]
Common stock, voting rights	The holder of each outstanding share of common stock is entitled to one vote on all matters submitted to a vote of the holders of common stock.
Number of vote	1

Lease Agreements (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Schedule of Future Undiscounted Operating Lease Payments

Future undiscounted operating lease payments under the 2024 Lease as of December 31, 2025, exclusive of future variable lease payments, are as follows (in thousands):


Year ending December 31,
2026	$	7,052
2027		7,255
2028		7,465
2029		7,680
2030		7,902
Thereafter		32,465
Total undiscounted operating lease payments	$	69,819
Less: Amount representing interest		(20,784	)
Operating lease liabilities	$	49,035

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2025
Accounting Policies [Abstract]
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that impact the reported amounts of assets, liabilities, revenue and expenses, and the disclosure of contingent assets and liabilities in the Company’s financial statements and accompanying notes. Although these estimates are based on the Company’s knowledge of current events and actions it may undertake in the future, actual results may materially differ from these estimates and assumptions. On an ongoing basis, management evaluates its estimates, primarily related to stock-based compensation, the fair value of its investments, accrued research and development costs and, prior to the closing of its IPO, its common stock. These estimates are based on historical data and experience, as well as various other factors that management believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. The Company’s estimates relating to stock-based compensation expense require the selection of appropriate valuation methodologies and models, and significant judgment in evaluating ranges of assumptions and financial inputs.
Cash, Cash Equivalents, and Restricted Cash	Cash, Cash Equivalents, and Restricted Cash The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents include cash in readily available checking and money market accounts. The balance reflected in these financial statements as restricted cash represents a deposit account pledged as collateral to secure a standby letter of credit required as a security deposit under the Company’s headquarters facility lease. The Company has classified the restricted cash as a noncurrent asset on its balance sheets as of December 31, 2025 and 2024.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments, which potentially subject the Company to the concentration of credit risk, consist primarily of cash, cash equivalents, and investments. The Company maintains deposits in federally insured financial institutions which exceeded federally insured limits by $1.4 million as of December 31, 2025. Management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held. The Company’s investment policy includes guidelines for the quality of the related institutions and financial instruments and defines allowable investments that the Company may invest in, which the Company believes minimizes its exposure to concentration of credit risk.
Short-Term Investments	Short-Term Investments Short-term investments consist of money market funds, U.S. government obligations, corporate debt securities, government agency securities, asset-backed securities, and commercial paper. The Company obtains pricing information from its investment manager and generally determines the fair value of investment securities using standard observable inputs, including reported trades, broker/dealer quotes, and bid and/or offers. The Company classifies its investment securities as available-for-sale, as the sale of such securities may be required prior to maturity. Management determines the appropriate classification of its investments in debt securities at the time of purchase. Investments with original maturities beyond three months at the date of purchase and which mature at, or less than 12 months from, the balance sheet date are classified as short-term investments. Available-for-sale securities are carried at fair value, with the unrealized gains and losses reported as accumulated other comprehensive income (loss) until realized. The amortized cost of available-for-sale debt securities is adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization and accretion are included in interest income. The cost of securities sold is based on the specific identification method. Interest and dividends on securities classified as available-for-sale are included in interest income. At each balance sheet date, the Company reviews its available-for-sale debt securities that are in an unrealized loss position to determine whether the unrealized loss or any potential credit losses should be recognized in the statements of operations. For available-for-sale debt securities in an unrealized loss position, the Company first assesses whether it intends to sell, or it is more likely than not that it will be required to sell, the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through net income (loss). For available-for-sale securities that do not meet the above criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Company considers the severity of the impairment, any changes in interest rates, changes to the underlying credit ratings and forecasted recovery, among other factors. The credit-related portion of unrealized losses, and any subsequent improvements, are recorded in other income, net through an allowance account. There have been no impairment or credit losses recognized during any of the periods presented.
Fair Value Measurements	Fair Value Measurements Certain assets and liabilities are carried at fair value under US GAAP. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement determined based on assumptions that market participants would use in pricing an asset or liability. Financial assets and liabilities carried at fair value are classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable: Level 1—Quoted prices in active markets for identical assets or liabilities. Level 2—Quoted prices for similar assets and liabilities in active markets, quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability. Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies, and similar techniques. Cash, cash equivalents, and short-term investments are carried at fair value, determined according to the fair value hierarchy described above. The carrying values of the Company’s prepaid expenses, accounts payable, and accrued expenses approximate their fair value due to the short-term nature of these assets and liabilities. None of the Company’s non-financial assets or liabilities are recorded at fair value on a non-recurring basis.
Deferred Offering Costs and Common Stock Issuance Costs	Deferred Offering Costs and Common Stock Issuance Costs The Company capitalizes certain legal, professional, accounting, and other third-party costs that are directly attributable to equity financings as deferred offering costs until such financings are consummated. Upon consummation of an equity financing, these costs are recorded as a reduction to additional paid-in capital within stockholders’ equity. In connection with the closing of the Company’s IPO in April 2024, all amounts previously recorded as deferred offering costs were reclassified to additional paid-in capital.
Property and Equipment, Net	Property and Equipment, Net Property and equipment, including leasehold improvements, are stated at cost less accumulated depreciation and amortization. Depreciation and amortization are recorded using the straight-line method over the estimated useful lives of the related assets, which range from three to seven years. Leasehold improvements are amortized on a straight-line basis over the shorter of the estimated useful lives of the assets or the remaining lease term. Repairs and maintenance charges that do not increase the useful life of the assets are charged to operating expenses as incurred.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets An impairment loss is recorded if and when events and circumstances indicate that any of the Company’s long-lived assets might be impaired and the undiscounted cash flows estimated to be generated by those assets are less than the carrying amount of those assets. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the book values of the assets exceed their fair value. The Company has not recognized any impairment losses in any of the periods presented in these financial statements.
Leases	Leases At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease and whether such a lease should be classified as a financing lease or operating lease based on the unique facts and circumstances present, the existence of an identified asset(s), if any, and the Company’s control over the use of the identified asset(s), if applicable. In 2025 and 2024, the Company leased real estate facilities under non-cancellable operating leases with various expiration dates through fiscal year 2034. As of December 31, 2025, the Company had one operating lease, which expires in 2034. As of December 31, 2025 and 2024, the Company had no financing leases. Operating leases with a term greater than one year are recognized as right-of-use (ROU) assets and lease liabilities in the accompanying balance sheets. Operating lease ROU assets represent the Company’s right to use an underlying asset for the lease term, and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. The Company considers the lease term to be the non-cancellable period that it has the right to use the underlying asset, together with any periods where it is reasonably certain it will exercise an option to extend (or not terminate) the lease. The Company does not assume renewals or early terminations unless it is reasonably certain to exercise these options. Operating lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term discounted based on (i) the interest rate implicit in the lease if that rate is readily determinable, or if not, (ii) the Company’s incremental borrowing rate (which is the estimated interest rate the Company would be required to pay for a collateralized borrowing equal to the total lease payments over a similar term as the lease term and in a similar economic environment). Because the Company’s operating leases do not provide an implicit rate, the Company estimates its incremental borrowing rate based on the information available at the lease commencement date for borrowings with a similar term. The Company’s operating lease ROU assets are measured based on the corresponding operating lease liability adjusted for (i) payments made to the lessor at or before the commencement date, (ii) initial direct costs incurred and (iii) tenant incentives under the lease. Operating lease costs are recognized on a straight-line basis over the lease term. The Company elected not to allocate consideration between lease and non-lease components. Variable lease payments are recognized in the period in which the obligations for those payments are incurred. In addition, the Company elected not to recognize lease assets or lease liabilities for leases with a term of 12 months or less for all asset classes.
Segment Reporting	Segment Reporting Operating segments are identified as components of an enterprise about which discrete financial information is available for evaluation by the chief operating decision-maker (CODM) in making decisions regarding resource allocation and assessing performance. The Company operates and manages its business as one reporting and one operating segment, which is the business of designing and developing ecDTx, for which no revenue has been recorded. All of the Company’s long-lived assets are located in the United States. The Company’s CODM is its Chief Executive Officer. For purposes of assessing the Company’s financial performance and making resource allocation decisions, the CODM reviews total expenses, as well as expenses by nature.
Convertible Preferred Stock	Convertible Preferred Stock The Company’s convertible preferred stock was classified as temporary equity in the accompanying balance sheet as of December 31, 2023 and excluded from stockholders’ equity/ (deficit) as the potential redemption of such stock was outside the Company’s control and would have required the redemption of the then-outstanding convertible preferred stock. The convertible preferred stock was not redeemable except for in the event of a liquidation, dissolution, or winding up of the Company. Costs incurred in connection with the issuance of convertible preferred stock were recorded as a reduction of gross proceeds from issuance. The Company did not accrete the carrying values of the convertible preferred stock to the redemption values since the occurrence of these events was not considered probable as of December 31, 2023. Immediately prior to the closing of the IPO on April 2, 2024, the Company’s outstanding convertible preferred stock automatically converted into 14,740,840 shares of common stock. Following the closing of the IPO, no shares of convertible preferred stock were authorized or outstanding.
Research and Development Expenses	Research and Development Expenses Research and development (R&D) expenses are costs incurred by the Company in connection with its discovery and research efforts and the preclinical and clinical development of ecDTx. The Company’s R&D expenses include direct program costs, consisting of expenses incurred under arrangements with third parties, such as contract research organizations, contract manufacturers, consultants and its scientific advisors; and indirect costs, consisting of personnel-related expenses, including salaries, severance, bonuses, benefits, travel, and stock-based compensation expenses, for those individuals involved in R&D efforts, the costs of lab and pharmacology supplies and acquiring, developing, and manufacturing preclinical and clinical study materials, and facilities and depreciation, which include direct and allocated expenses for rent of facilities and depreciation of equipment. R&D costs are expensed as incurred. The Company records accruals for estimated R&D costs, comprising payments for work performed by third party contractors, labs, and others. Some of these contractors bill monthly based on actual services performed, while others bill periodically based upon achieving certain contractual milestones. For the latter, the Company accrues the expenses as goods or services are used or rendered. Non-refundable advance payments for goods or services that will be used or rendered for future R&D activities are deferred and capitalized as prepaid expenses until the related goods are delivered or services are performed.
General and Administrative Expenses	General and Administrative Expenses General and administrative (G&A) expenses consist primarily of personnel-related expenses, including salaries, severance, bonuses, benefits, travel, and stock-based compensation expenses, for employees in executive, accounting and finance, business development, human resources, legal, and other administrative functions. Other significant G&A expenses include allocated facility-related costs, legal fees relating to corporate and intellectual property matters, professional fees for accounting and tax services, consulting fees, and insurance costs. G&A costs are expensed as incurred. Costs related to filing and pursuing patent applications are recorded as G&A expense and are expensed as incurred since the recoverability of such expenditures is uncertain.
Stock-Based Compensation	Stock-Based Compensation The Company measures employee and nonemployee stock-based awards based on the estimated fair value of the awards on the date of grant and records compensation expense on a straight-line basis over the requisite service period of the award. All stock-based compensation costs are recorded in the statements of operations and comprehensive loss based upon the underlying employees' or nonemployees' roles within the Company. Forfeitures are accounted for as they occur. The fair value of stock option grants and shares purchasable under the Company's 2024 Employee Stock Purchase Plan (ESPP) is estimated on the date of grant using the Black-Scholes options-pricing model, which requires inputs based on certain subjective assumptions, including the: • Fair value of common stock. Subsequent to the closing of the IPO, the fair value of the Company’s common stock is the closing price per share on the Nasdaq Global Select Market on the date of grant of the award. For periods prior to the closing of the IPO on April 2, 2024, the Company utilized methodologies, approaches, and assumptions consistent with the American Institute of Certified Public Accountants’ Accounting and Valuation Guide, Valuation of Privately Held Company Equity Securities Issued as Compensation (The Practice Aid) to estimate the fair value of its common stock. The fair value of the common stock was determined based upon a variety of factors, including the Company’s stage of development and material risks related to the business; the progress of the Company’s R&D programs; business conditions and projections; financial position and historical and forecasted performance and operating results; the lack of an active public market for the Company’s common stock and preferred stock; the prices of the Company’s preferred stock sold to or exchanged between outside investors in arm’s length transactions and the rights, preferences, and privileges of the preferred stock as compared to those of the Company’s common stock, including liquidation preferences of the Company’s preferred stock; the likelihood of achieving a liquidity event, such as an initial public offering or sale of the Company in light of prevailing market conditions; the hiring of key personnel and the experience of management; trends and developments in the Company’s industry; and external market conditions affecting the biopharmaceutical industry and trends within the biopharmaceutical industry. • Risk-free interest rate. The risk-free interest rate is based on the U.S. Treasury’s rates for U.S. Treasury zero-coupon bonds with maturities similar to the expected term of the award being valued. • Expected volatility. Given that there was no active trading market for the Company’s common stock prior to the completion of the IPO and there is not yet sufficient trading history for the Company’s common stock, the Company derived the expected volatility from the average historical volatilities of the common stock of a group of comparable publicly-traded companies in the biotechnology industry over a period approximately equal to the expected term of the award being valued. The Company will continue to apply this process until enough historical information regarding the volatility of its own stock price becomes available. • Expected term. The expected term represents the period that the stock-based awards are expected to be outstanding. The expected term of stock options issued is determined using the simplified method (based on the mid-point between the vesting date and the end of the contractual term) as the Company has concluded that its stock option exercise history does not provide a reasonable basis upon which to estimate expected term. For rights to purchase shares of common stock under the ESPP, the expected term represents the period from the first day of the offering period to the purchase date. • Expected dividend yield. The Company has never paid dividends on its common stock and does not anticipate paying any dividends in the foreseeable future. Therefore, the Company uses an expected dividend yield of zero. The fair value of each restricted common stock award is estimated on the date of grant based on the fair value of the Company’s common stock on that same date. The assumptions used in determining the estimated fair value of stock-based awards represent management’s best estimates and involve inherent uncertainties and the application of significant judgment. The Company reviews all stock-based award modifications, including situations in which an original award is exchanged for a new award. Stock award modifications are accounted for as modifications under ASC 718. In such cases, the Company measures incremental compensation cost as the excess of the fair value of the modified award over the fair value of the original award immediately prior to the modification, based on the relevant factors at the modification date. For vested awards, the Company recognizes any incremental compensation cost in the period in which the modification occurs. For unvested awards, if the modified award is probable of vesting both before and after the modification, the Company recognizes, on a prospective basis over the remaining requisite service period, the sum of (i) the incremental compensation cost and (ii) any remaining unrecognized compensation cost associated with the original award as of the modification date. If the fair value of the modified award is lower than the fair value of the original award immediately before the modification, the Company continues to recognize compensation cost at least equal to the cost of the original award. During 2025, the Company entered into consulting arrangements with several former employees that provided for the continued vesting of outstanding stock options. The Company accounted for these arrangements as award modifications under ASC 718. Results of operations for the year ended December 31, 2025 include an immaterial amount of additional stock-based compensation expense associated with these modifications.
Income Taxes	Income Taxes The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the Company’s financial statements and related disclosures. Deferred tax assets and liabilities are determined on the basis of the differences between the Company’s financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The Company recognizes net deferred tax assets to the extent that the Company believes these assets are more likely than not to be realized. In making such a determination, management considers all available positive and negative evidence, including projected future taxable income, future reversals of existing taxable temporary differences, tax-planning strategies, and results of recent operations. If management determines that the Company would be able to realize its deferred tax assets in the future in excess of their net recorded amount, management would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. Interest and penalties are included as a component of income tax expense. The Company records uncertain tax positions on the basis of a two-step process whereby (i) management determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (ii) for those tax positions that meet the more-likely-than-not recognition threshold, management recognizes the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. Any resulting unrecognized tax benefits are included within the related tax liability. In July 2025, legislation commonly referred to as the One Big Beautiful Bill Act (OBBBA) was enacted, which includes changes to U.S. tax law, including provisions affecting the deductibility of domestic research expenditures, limitations on interest expense deductions, and bonus depreciation. The Company evaluated the impact of the enacted legislation under ASC 740. Any remeasurement of deferred tax assets resulting from the legislation was fully offset by the Company’s existing valuation allowance. Accordingly, the enactment of the OBBBA did not have a material impact on the Company’s financial statements.
Comprehensive income (loss)	Comprehensive income (loss) The Company reports all components of comprehensive income (loss), including net loss, in the financial statements in the period in which they are recognized. Comprehensive income (loss) is defined as the change in equity during a period from transactions and other events and circumstances from non-owner sources, including unrealized gains and losses on short-term investments. Other comprehensive income (loss) includes unrealized gains and losses on short-term investments, which was the only difference between net loss and comprehensive loss for the applicable periods.
Net Loss Per Share	Net Loss Per Share Basic net loss per common share attributable to common stockholders is calculated by dividing the net loss by the weighted-average number of shares of common stock outstanding during the period, without consideration of potentially dilutive securities. Diluted net loss per share attributable to common stockholders is calculated by dividing the net loss by the weighted-average number of shares of common stock and potentially dilutive securities outstanding during the period. The Company’s potentially dilutive securities, which include its options to purchase common stock, common stock subject to repurchase related to unvested restricted stock and options early exercised, and, for periods prior to April 2, 2024, convertible preferred stock, have been excluded from the calculation of diluted net loss per share as the effect would reduce the net loss per share. Therefore, the weighted-average number of shares of common stock outstanding used to calculate both basic and diluted net loss per share is the same.
Emerging Growth Company Status	Emerging Growth Company Status The Company is still an emerging growth company (EGC) as defined in the Jumpstart Our Business Startups Act of 2012, as amended (the JOBS Act), and may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not EGCs. The Company may take advantage of these exemptions until it is no longer an EGC under Section 107 of the JOBS Act and has elected to use the extended transition period for complying with new or revised accounting standards, which means that when an accounting standard is issued or revised and it has different effective dates for public and private companies, the Company can comply with the effective dates applicable to private companies. As a result, the Company’s financial statements may not be comparable to companies that comply with new or revised accounting standards as of public company effective dates.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures. The update enhances income tax disclosure requirements, including expanded information related to the effective tax rate reconciliation and income taxes paid, and does not affect the recognition or measurement of income taxes. The Company adopted this guidance effective January 1, 2025 and applied the new disclosure requirements prospectively for the year ended December 31, 2025. The adoption did not materially affect the Company’s financial statements, and the additional required disclosures are included in Note 11. Recently Issued Accounting Pronouncements Pending Adoption In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (ASU 2024-03). The new guidance requires more detailed information about specified types of expenses (including purchases of inventory, employee compensation, depreciation, amortization, and depletion) in commonly presented expense captions (such as R&D and G&A) presented on the face of the statement of operations on an annual and interim basis. This guidance will be effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027. The new standard permits early adoption and can be applied prospectively or retrospectively. The Company is evaluating the effect that this guidance will have on its financial statements and related disclosures.

Investments - Schedule of Available-for-Sale Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Debt Securities, Available-for-Sale [Line Items]
Acquisition Cost	$ 105,749	$ 150,295
Unrealized Gain	64	123
Unrealized Loss		(2)
Estimated Fair Value	105,813	150,416
Short-term Investments
Debt Securities, Available-for-Sale [Line Items]
Estimated Fair Value	89,713	125,527
U.S. Government Obligations
Debt Securities, Available-for-Sale [Line Items]
Acquisition Cost	89,649	118,170
Unrealized Gain	64	121
Unrealized Loss		(2)
Estimated Fair Value	89,713	118,289
Corporate Debt Securities
Debt Securities, Available-for-Sale [Line Items]
Acquisition Cost		7,236
Unrealized Gain		2
Estimated Fair Value		7,238
Cash Equivalents
Debt Securities, Available-for-Sale [Line Items]
Estimated Fair Value	16,100	24,889
Money Market Funds
Debt Securities, Available-for-Sale [Line Items]
Acquisition Cost	16,100	24,889
Estimated Fair Value	$ 16,100	$ 24,889

Stock-Based Compensation - Schedule of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 6,125	$ 7,516
Research and Development
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	2,136	3,050
General and Administrative
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 3,989	$ 4,466

Lease Agreements

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Lease Agreements

2024 Lease

The Company is a party to a non-cancellable facility lease for approximately 80,168 square feet of lab and office space in San Diego, California (the 2024 Lease). The 2024 Lease has an initial lease term of 120 months, which commenced in November 2024; the

lease also provides the Company with the right to extend the lease term for an additional 60 months at expiry, which has not been included in the lease term used for measurement. The 2024 Lease includes obligations to make base rent payments and additional variable lease payments for the Company’s allocated share of variable costs associated with the operation and management of the property, which include utilities, property taxes, common area maintenance, and amenities costs. The lease provided for a rent abatement period through July 2025.

The Company is required to maintain a security deposit under the 2024 Lease in the form of a standby letter-of-credit. This letter of credit is collateralized by a restricted cash deposit at the Company’s bank of approximately $0.6 million, which is included in long-term other assets in the balance sheet. The 2024 Lease does not contain any material residual value guarantees or material restrictive financial covenants. See the table below for information about the Company’s future undiscounted operating lease payment obligations under the 2024 Lease as of December 31, 2025, exclusive of future variable lease costs.

The Company recorded an operating lease liability for this obligation based on the present value of the lease payments using an estimated incremental borrowing rate of approximately 8.3%, as the 2024 Lease does not have a stated rate and the implicit rate was not readily determinable, and a right-of-use (ROU) asset based on the corresponding operating lease liability. Management exercised judgment in estimating the incremental borrowing rate and in determining the lease term. The renewal option was evaluated at lease commencement and excluded from the lease term, as the Company is not reasonably certain to exercise the option. The net ROU asset and associated lease liability are reflected in the Company’s balance sheet as of December 31, 2025 and 2024.

Operating leases

As of December 31, 2025, the 2024 Lease, which expires in October 2034, was the Company’s only lease. The Company previously was a party to a non-cancellable operating lease for the rental of other lab and office space in San Diego, California, which served as its prior corporate headquarters and for which the lease term ended in November 2024. Lease expense related to the 2024 Lease and the lease agreement for the Company’s prior corporate headquarters totaled approximately $9.6 million and $4.0 million for the years ended December 31, 2025 and 2024, respectively, and included operating lease costs of $7.3 million and $3.6 million, and variable lease costs of $2.3 million and $0.4 million, respectively.

The Company paid $2.6 million in cash for amounts included in operating lease liabilities, which was included in the operating activities section of the statements of cash flows, for each of the years ended December 31, 2025 and 2024. The remaining lease term and discount rate for the 2024 Lease were 8.8 years and 8.3%, respectively, as of December 31, 2025, and 9.8 years and 8.3%, respectively, as of December 31, 2024 (the calculations of remaining lease term excludes the renewal option). Future undiscounted operating lease payments under the 2024 Lease as of December 31, 2025, exclusive of future variable lease payments, are as follows (in thousands):


Year ending December 31,
2026	$	7,052
2027		7,255
2028		7,465
2029		7,680
2030		7,902
Thereafter		32,465
Total undiscounted operating lease payments	$	69,819
Less: Amount representing interest		(20,784	)
Operating lease liabilities	$	49,035

Lease Agreements - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Nov. 30, 2024 USD ($) ft²
Lessee, Lease, Description [Line Items]
Cash paid for operating leases	$ 2.6	$ 2.6
Operating lease term	8 years 9 months 18 days	9 years 9 months 18 days
Discount rate of operating lease	8.30%	8.30%
2024 Lease
Lessee, Lease, Description [Line Items]
Area of square feet \| ft²			80,168
Operating lease term			120 months
Right to extend the term			60 months
Estimated incremental borrowing rate			8.30%
Lease expiration date	Oct. 31, 2034
Lease cost	$ 9.6	$ 4.0
Operating lease cost	7.3	3.6
Variable lease cost	$ 2.3	$ 0.4
2024 Lease \| Long-term Other Assets
Lessee, Lease, Description [Line Items]
Restricted cash deposit used as collateral for letter of credit			$ 0.6

Segment Information - Schedule of Segment Loss (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Segment Reporting Information [Line Items]

Total operating expenses

$ 63,552

$ 73,267

Loss from operations

(63,552)

(73,267)

Net loss

(58,197)

(65,363)

Operating Segments

Segment Reporting Information [Line Items]

Facilities related expense

9,619

3,951

Stock-based compensation and depreciation

7,376

8,601

Total operating expenses

63,552

73,267

Loss from operations

(63,552)

(73,267)

Interest and other income, net

5,355

7,904

Net loss

(58,197)

(65,363)

Research and Development | Operating Segments

Segment Reporting Information [Line Items]

Compensation and benefits (excludes stock-based compensation)

10,601

13,758

Clinical trial costs

9,850

11,507

Outsourced services and Consulting

11,826

19,022

Lab and pharmacology supplies

754

2,295

Other costs

^[1]

1,879

1,818

General and Administrative | Operating Segments

Segment Reporting Information [Line Items]

Compensation and benefits (excludes stock-based compensation)

5,744

6,438

Professional service fees

2,669

2,866

Insurance

821

678

Other Costs

^[2]

$ 2,413

$ 2,333

[1]	Includes expenses such as software licenses, database subscriptions, lab service contracts, travel, and other costs.
[2]	Includes expenses such as travel, investor relations services, software licenses, employee training and development, and other costs.

Income Taxes - Schedule of Significant Components of Deferred Income Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets:
Net operating loss carryforwards	$ 45,574	$ 27,618
Research tax credits	10,124	8,313
Lease liability	13,769	13,335
Capitalized R&D	15,726	20,155
Intangible assets	39	44
Other, net	2,268	2,637
Total deferred tax assets	87,500	72,102
Less valuation allowance	(75,150)	(58,844)	$ (38,323)
Net deferred tax assets	12,350	13,258
Deferred tax liabilities:
ROU asset	(12,259)	(13,169)
Property and equipment	(91)	(89)
Total deferred tax liabilities	(12,350)	(13,258)
Net deferred tax assets	$ 0	$ 0

Net Loss Per Common Share - Summary of Basic and Diluted Net Loss Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Earnings Per Share [Abstract]
Net loss	$ (58,197)	$ (65,363)
Weighted-average shares of common stock used in computing net loss per share, basic	22,360	16,984
Weighted-average shares of common stock used in computing net loss per share, diluted	22,360	16,984
Net loss per share - basic	$ (2.6)	$ (3.85)
Net loss per share - diluted	$ (2.6)	$ (3.85)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(1)
-Publisher FASB
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+ Details

- Definition

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

- Definition

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

+ References

+ Details

Income Taxes - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Income Tax [Line Items]
Increase in deferred tax assets	$ 16,300,000	$ 20,500,000
Federal, income taxes net of refunds received	0	0
State, income taxes net of refunds received	0	0
Foreign, income taxes net of refunds received	0	0
Current, federal income tax expense (benefit)	0
Current, state income tax expense (benefit)	0
Current, foreign income tax expense (benefit)	0
Current income tax expense benefit	0
Deferred, federal income tax expense (benefit)	0
Deferred, state income tax expense (benefit)	0
Deferred, foreign income tax expense (benefit)	0
Deferred income tax expense (benefit)	0
Accruals for interest	0	0
Accruals for penalties	$ 0	$ 0
Domestic Tax Jurisdiction [Member]
Income Tax [Line Items]
Tax credit carryforwards expiration year	2040
State and Local Jurisdiction [Member]
Income Tax [Line Items]
Operating loss carryforwards expiration year	2038

Accounts Payable and Accrued Liabilities

12 Months Ended

Dec. 31, 2025

Payables and Accruals [Abstract]

Accounts Payable and Accrued Liabilities

Accounts payable and accrued liabilities consisted of the following (in thousands):


	As of December 31,
	2025		2024
Accounts payable	$	1,491	$	1,274
Accrued research and development costs		4,719		2,584
Other accrued liabilities		517		1,496
Total accounts payable and accrued liabilities	$	6,727	$	5,354

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2025	Mar. 02, 2026	Jun. 30, 2025
Cover [Abstract]
Amendment Flag	false
Entity Central Index Key	0001782303
Current Fiscal Year End Date	--12-31
Document Type	10-K
Document Period End Date	Dec. 31, 2025
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Entity Registrant Name	BOUNDLESS BIO, INC.
Entity Incorporation, State or Country Code	DE
Entity File Number	001-41989
Entity Tax Identification Number	83-0751369
Entity Address, Address Line One	10955 Alexandria Way
Entity Address, Address Line Two	Suite 100
Entity Address, City or Town	San Diego
Entity Address, Postal Zip Code	92121
Entity Address, State or Province	CA
City Area Code	(858)
Local Phone Number	766-9912
Title of 12(b) Security	Common stock, par value $0.0001 per share
Trading Symbol	BOLD
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 18.0
Entity Common Stock, Shares Outstanding		22,407,251
Document Transition Report	false
Document Annual Report	true
Documents Incorporated By Reference	Certain portions of the registrant’s definitive proxy statement for the 2026 annual meeting of stockholders to be filed with the Securities and Exchange Commission not later than 120 days after the end of the fiscal year covered by this report are incorporated by reference into Part III of this report.
Auditor Firm ID	185
Auditor Name	KPMG LLP
Auditor Location	San Diego, CA
Auditor Opinion	Opinion on the Financial Statements We have audited the accompanying balance sheets of Boundless Bio, Inc. (the Company) as of December 31, 2025 and 2024, the related statements of operations and comprehensive loss, convertible preferred stock and stockholders’ equity, and cash flows for each of the years then ended, and the related notes (collectively, the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the years then ended, in conformity with U.S. generally accepted accounting principles.

Stock-Based Compensation - Schedule of Stock Option Activity Under the Plan and the Predecessor Plan (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Beginning balance, Number	3,818,000
Granted	1,513,000
Forfeited and expired	(1,097,000)
Ending balance, Number	4,234,000	3,818,000
Vested and expected to vest	4,234,000
Exercisable	2,315,000
Beginning balance, Weighted-Average Exercise Price	$ 6.37
Weighted-Average Exercise Price, Granted	2.28
Weighted-Average Exercise Price, Forfeited and expired	4.74
Ending balance, Weighted-Average Exercise Price	5.22	$ 6.37
Weighted-Average Exercise Price, Vested and expected to vest	5.22
Weighted-Average Exercise Price, Exercisable	$ 5.38
Weighted-Average Remaining Term (years)	7 years 4 months 24 days	7 years 2 months 12 days
Weighted-Average Remaining Term (years), Vested and expected to vest	7 years 4 months 24 days
Weighted-Average Remaining Term (years), Exercisable	6 years 7 months 6 days
Aggregate-Intrinsic Value	$ 28
Aggregate-Intrinsic Value, Vested and expected to vest	28
Aggregate-Intrinsic Value, Exercisable	$ 9

Common Stock

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Common Stock

Common Stock Rights

The holder of each outstanding share of common stock is entitled to one vote on all matters submitted to a vote of the holders of common stock. Subject to the rights of the holders of any class of the Company’s capital stock having any preference or priority over common stock, the holders of common stock are entitled to receive dividends that are declared by the Company’s board of directors out of legally available funds. In the event of a liquidation, dissolution or winding-up, the holders of common stock are entitled to share ratably in the net assets remaining after payment of liabilities and the liquidation value of any class of the Company’s capital stock having any preference or priority over the common stock then outstanding, if any. The common stock has no preemptive rights, conversion rights, redemption rights, preference rights, or exchange rights, or sinking fund provisions, and there are no dividends in arrears or default. All shares of common stock have equal distribution, liquidation and voting rights.

Common Stock Reserved for Future Issuance

Common stock reserved for future issuance consisted of the following (in thousands):


	As of December 31,
	2025		2024
Shares reserved for exercise of stock options issued and outstanding		4,234		3,818
Shares reserved for future issuance under the equity incentive plan		3,348		2,648
Shares reserved for future issuance under the ESPP		303		187
Total		7,885		6,653

Stock-Based Compensation - Schedule of Excluding Any Effect of the Option Repricing, Weighted-average Assumptions Used in the Black-Scholes Option Pricing Model to Determine the Fair Value of the Stock Options Granted (Details)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Expected option life (in years)	5 years 10 months 24 days	6 years
Assumed volatility	105.20%	90.80%
Assumed risk-free interest rate	4.40%	3.90%

Segment Information

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment Information

13.

Segment Information

The CODM reviews the budget versus actual expense by nature of expense. The following table sets forth our segment loss disclosure for the years ended December 31, 2025 and 2024 (in thousands):


	Year Ended December 31,
	2025			2024
R&D – Compensation and benefits (excludes stock-based compensation)	$	10,601		$	13,758
R&D – Clinical trial costs		9,850			11,507
R&D – Outsourced services & Consulting		11,826			19,022
R&D – Lab and pharmacology supplies		754			2,295
R&D – Other costs (1)		1,879			1,818
G&A – Compensation and benefits (excludes stock-based compensation)		5,744			6,438
G&A – Professional service fees		2,669			2,866
G&A – Insurance		821			678
G&A – Other costs (2)		2,413			2,333
Facilities related		9,619			3,951
Stock-based compensation and depreciation		7,376			8,601
Total operating expense		63,552			73,267
Loss from operations		(63,552	)		(73,267	)
Interest and other income, net		5,355			7,904
Segment net loss	$	(58,197	)	$	(65,363	)

(1)

Includes expenses such as software licenses, database subscriptions, lab service contracts, travel, and other costs.

(2)

Includes expenses such as travel, investor relations services, software licenses, employee training and development, and other costs.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Property and Equipment - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 1.3	$ 1.1

Lease Agreements - Schedule of Future Undiscounted Operating Lease Payments (Details) - 2024 Lease $ in Thousands	Dec. 31, 2025 USD ($)
Lessee, Lease, Description [Line Items]
2026	$ 7,052
2027	7,255
2028	7,465
2029	7,680
2030	7,902
Thereafter	32,465
Total undiscounted operating lease payments	69,819
Less: Amount representing interest	(20,784)
Operating lease liabilities	$ 49,035

Stock-Based Compensation

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

10.

Stock-Based Compensation

Equity Incentive Plan

In March 2024, the Company’s board of directors adopted, and the Company’s stockholders approved, the 2024 Incentive Award Plan (the Plan), which became effective in connection with the IPO and has a term of ten years. The Plan provides for the grant of incentive stock options, nonqualified stock options, restricted stock, dividend equivalents, restricted stock units, stock appreciation rights, and other stock or cash-based awards to the Company's employees, consultants, and directors. Options granted under the Plan are exercisable at various dates as determined upon grant and will expire no more than 10 years from their date of grant. Stock options generally vest over terms of either 36 or 48 months. The exercise price of awards granted under the Plan shall not be less than 100% of the fair market value of the Company’s common stock on the date of grant. In addition, the Plan includes an “evergreen” provision whereby the number of shares of common stock available for issuance under the Plan will be increased annually on the first day of each calendar year during the term of the Plan, beginning in 2025, by an amount equal to the lesser of (i) 5% of the shares of common stock outstanding on the final day of the immediately preceding calendar year or (ii) such number of shares as determined by the Company’s board of directors or an authorized committee of the board of directors. As of December 31, 2025, a total of 3,947,716 shares of common

stock were authorized for issuance under the Plan. On December 31, 2025, 3,347,667 of these shares were available for grant under the Plan. On January 1, 2026, pursuant to the evergreen provision of the Plan, the aggregate number of shares that may be issued under the Plan was automatically increased by 1,120,362 shares to 5,068,078.

Prior to the adoption of the Plan, the Company had awarded common stock options under the 2018 Equity Incentive Plan (as amended, the Predecessor Plan). Under the provisions of the Plan, the shares subject to awards issued under the Predecessor Plan that were outstanding as of March 27, 2024, the effective date of the Plan, and that are subsequently cancelled or forfeited, will become available for issuance under, and will increase the number of shares that may be issued under, the Plan.

Repricing of Outstanding Options

In August 2024, the compensation committee of the Company’s board of directors, as administrator of the Plan and the Predecessor Plan, approved an option repricing (2024 Repricing), which was effective on August 19, 2024 (the Repricing Effective Date). The repricing applied to options to purchase up to an aggregate of 3,484,346 shares of the Company’s common stock with an exercise price per share in excess of the closing price per share of the Company’s common stock on the Repricing Effective Date, held by eligible employees of the Company that were granted under the Plan or the Predecessor Plan and were outstanding as of the Repricing Effective Date (the Repriced Options). As of the Repricing Effective Date, the exercise price of each of the Repriced Options was reduced to $3.56 per share, which was the closing price of the Company’s common stock on the Repricing Effective Date; provided, however, that if prior to the Premium End Date (as defined below), a Repriced Option is exercised or an employee’s employment or service with the Company terminates for any reason other than due to a Qualifying Termination (as defined below), the exercise price per share that applied to the Repriced Option immediately prior to the Repricing Effective Date will apply in lieu of the reduced exercise price. The “Premium End Date” means the earliest of: (1) August 19, 2026, (2) the date immediately prior to the closing of a Change in Control (as defined in the Plan), or (3) the date of the employee’s Qualifying Termination. A “Qualifying Termination” means (a) the involuntary termination of the employee’s employment by the Company due to a reduction in force (and other than for Cause (as defined in the Plan)), subject to the employee’s execution of an effective general release of claims in favor of the Company, (b) the employee’s death, or (c) termination of the employee’s employment by the Company following the employee’s Disability (as defined in the Plan). Except for the reduction in the exercise prices of the Repriced Options as described above, the Repriced Options retain their existing terms, including their respective original vesting schedules.

The repricing resulted in a total incremental non-cash stock-based compensation expense of $0.9 million, which was calculated using the Black-Scholes option-pricing model, of which $0.2 million is associated with vested Repriced Options and will be recognized on a straight-line basis through the Premium End Date. The remaining $0.7 million of the incremental non-cash stock-based compensation expense is associated with unvested Repriced Options and will be recognized as follows: (i) if the Premium End Date occurs later than the end of the remaining vesting period of the Repriced Option, the incremental cost will be amortized on a straight-line basis through the Premium End Date, or (ii) if the Premium End Date occurs earlier than the end of the remaining vesting period of the Repriced Option, the incremental cost will be amortized on a straight-line basis over the remaining vesting period. The Company recognized incremental stock-based compensation expense totaling $0.2 million and $0.1 million associated with the 2024 Repricing for the years ended December 31, 2025 and 2024, respectively.

Stock Options

Stock option activity under the Plan and the Predecessor Plan and certain other related information is as follows (in thousands except weighted-average exercise price and remaining term):


	Number			Weighted- Average Exercise Price		Weighted- Average Remaining Term (years)		Aggregate- Intrinsic Value
Balance as of December 31, 2024		3,818		$	6.37		7.2	$	—
Granted		1,513		$	2.28
Forfeited and expired		(1,097	)	$	4.74
Balance as of December 31, 2025		4,234		$	5.22		7.4	$	28
Vested and expected to vest at December 31, 2025		4,234		$	5.22		7.4	$	28
Exercisable as of December 31, 2025		2,315		$	5.38		6.6	$	9

Aggregate intrinsic value in the above table is the difference between the estimated fair value of the Company’s common stock as of either December 31, 2025 or 2024, and the exercise price of stock options that had exercise prices below that value.

For the Repriced Options, the calculation of the weighted-average prices and intrinsic value information in the table above is based on the exercise price per share that applied immediately prior to the Repricing Effective Date pending satisfaction of the requisite service requirement.

There were no options exercised during the year ended December 31, 2025; the options exercised during the year ended December 31, 2024 had an insignificant intrinsic value at exercise.

Employee Stock Purchase Plan

In March 2024, the Company’s board of directors adopted, and the Company’s stockholders approved, the Company’s 2024 Employee Stock Purchase Plan, which became effective in connection with the IPO. The ESPP permits participants to contribute up to a specified percentage of their eligible compensation during a series of offering periods of 24 months, each comprised of four six-month purchase periods, to purchase shares of the Company’s common stock. The purchase price of the shares will be 85% of the fair market value of the Company’s common stock on the first day of trading of the applicable offering period or on the applicable purchase date, whichever is lower. In addition, the ESPP includes an “evergreen” provision whereby the number of shares of common stock available for issuance under the ESPP will be increased annually on the first day of each calendar year during the term of the ESPP by an amount equal to the lesser of (i) 1% of the shares of common stock outstanding on the final day of the immediately preceding calendar year or (ii) such number of shares as determined by the Company’s board of directors or an authorized committee of the board of directors. On January 1, 2026, pursuant to the evergreen provision of the ESPP, the aggregate number of shares authorized for issuance under the ESPP automatically increased by 224,072 shares to 678,991.

The Company recognized stock-based compensation expense related to the ESPP of $0.4 million and $0.5 million for the years ended December 31, 2025 and 2024, respectively.

The Company issued and sold 107,208 and 44,532 shares under the ESPP during the years ended December 31, 2025 and 2024, respectively.

Stock-Based Compensation Expense

Stock-based compensation expense, including the expense related to the ESPP, as recorded in the accompanying statements of operations and comprehensive loss was as follows (in thousands):


	Year Ended December 31,
	2025		2024
Research and development	$	2,136	$	3,050
General and administrative		3,989		4,466
Total stock-based compensation	$	6,125	$	7,516

As of December 31, 2025, unrecognized compensation cost related to outstanding stock options (all of which have time-based vesting) was $9.2 million, which is expected to be recognized over a weighted-average period of 2.2 years.

As of December 31, 2025, unrecognized compensation cost related to the ESPP was $0.6 million, which is expected to be recognized as expense over approximately 1.3 years.

Excluding any effect of the Repriced Options, except for Repriced Options held by employees who experienced a Qualifying Termination, the weighted-average assumptions used in the Black-Scholes option pricing model to determine the fair value of the stock options granted during the periods indicated in the table were as follows:


	Year Ended December 31,
	2025			2024
Expected option life (in years)		5.9			6.0
Assumed volatility		105.2	%		90.8	%
Assumed risk-free interest rate		4.4	%		3.9	%
Expected dividend yield		—			—

Excluding any effect due to the Repriced Options, except for Repriced Options held by employees who experienced a Qualifying Termination, the weighted-average grant date per share fair value of options granted during the years ended December 31, 2025 and 2024 were $1.88 and $7.19, respectively.

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity Under the Plan and the Predecessor Plan

Stock option activity under the Plan and the Predecessor Plan and certain other related information is as follows (in thousands except weighted-average exercise price and remaining term):


	Number			Weighted- Average Exercise Price		Weighted- Average Remaining Term (years)		Aggregate- Intrinsic Value
Balance as of December 31, 2024		3,818		$	6.37		7.2	$	—
Granted		1,513		$	2.28
Forfeited and expired		(1,097	)	$	4.74
Balance as of December 31, 2025		4,234		$	5.22		7.4	$	28
Vested and expected to vest at December 31, 2025		4,234		$	5.22		7.4	$	28
Exercisable as of December 31, 2025		2,315		$	5.38		6.6	$	9

Schedule of Stock-based Compensation Expense

Stock-based compensation expense, including the expense related to the ESPP, as recorded in the accompanying statements of operations and comprehensive loss was as follows (in thousands):


	Year Ended December 31,
	2025		2024
Research and development	$	2,136	$	3,050
General and administrative		3,989		4,466
Total stock-based compensation	$	6,125	$	7,516

Schedule of Excluding Any Effect of the Option Repricing, Weighted-average Assumptions Used in the Black-Scholes Option Pricing Model to Determine the Fair Value of the Stock Options Granted


	Year Ended December 31,
	2025			2024
Expected option life (in years)		5.9			6.0
Assumed volatility		105.2	%		90.8	%
Assumed risk-free interest rate		4.4	%		3.9	%
Expected dividend yield		—			—

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Dec. 31, 2025
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that impact the reported amounts of assets, liabilities, revenue and expenses, and the disclosure of contingent assets and liabilities in the Company’s financial statements and accompanying notes. Although these estimates are based on the Company’s knowledge of current events and actions it may undertake in the future, actual results may materially differ from these estimates and assumptions. On an ongoing basis, management evaluates its estimates, primarily related to stock-based compensation, the fair value of its investments, accrued research and development costs and, prior to the closing of its IPO, its common stock. These estimates are based on historical data and experience, as well as various other factors that management believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. The Company’s estimates relating to stock-based compensation expense require the selection of appropriate valuation methodologies and models, and significant judgment in evaluating ranges of assumptions and financial inputs. Cash, Cash Equivalents, and Restricted Cash The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents include cash in readily available checking and money market accounts. The balance reflected in these financial statements as restricted cash represents a deposit account pledged as collateral to secure a standby letter of credit required as a security deposit under the Company’s headquarters facility lease. The Company has classified the restricted cash as a noncurrent asset on its balance sheets as of December 31, 2025 and 2024. Concentration of Credit Risk Financial instruments, which potentially subject the Company to the concentration of credit risk, consist primarily of cash, cash equivalents, and investments. The Company maintains deposits in federally insured financial institutions which exceeded federally insured limits by $1.4 million as of December 31, 2025. Management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held. The Company’s investment policy includes guidelines for the quality of the related institutions and financial instruments and defines allowable investments that the Company may invest in, which the Company believes minimizes its exposure to concentration of credit risk. Short-Term Investments Short-term investments consist of money market funds, U.S. government obligations, corporate debt securities, government agency securities, asset-backed securities, and commercial paper. The Company obtains pricing information from its investment manager and generally determines the fair value of investment securities using standard observable inputs, including reported trades, broker/dealer quotes, and bid and/or offers. The Company classifies its investment securities as available-for-sale, as the sale of such securities may be required prior to maturity. Management determines the appropriate classification of its investments in debt securities at the time of purchase. Investments with original maturities beyond three months at the date of purchase and which mature at, or less than 12 months from, the balance sheet date are classified as short-term investments. Available-for-sale securities are carried at fair value, with the unrealized gains and losses reported as accumulated other comprehensive income (loss) until realized. The amortized cost of available-for-sale debt securities is adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization and accretion are included in interest income. The cost of securities sold is based on the specific identification method. Interest and dividends on securities classified as available-for-sale are included in interest income. At each balance sheet date, the Company reviews its available-for-sale debt securities that are in an unrealized loss position to determine whether the unrealized loss or any potential credit losses should be recognized in the statements of operations. For available-for-sale debt securities in an unrealized loss position, the Company first assesses whether it intends to sell, or it is more likely than not that it will be required to sell, the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through net income (loss). For available-for-sale securities that do not meet the above criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Company considers the severity of the impairment, any changes in interest rates, changes to the underlying credit ratings and forecasted recovery, among other factors. The credit-related portion of unrealized losses, and any subsequent improvements, are recorded in other income, net through an allowance account. There have been no impairment or credit losses recognized during any of the periods presented. Fair Value Measurements Certain assets and liabilities are carried at fair value under US GAAP. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement determined based on assumptions that market participants would use in pricing an asset or liability. Financial assets and liabilities carried at fair value are classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable: Level 1—Quoted prices in active markets for identical assets or liabilities. Level 2—Quoted prices for similar assets and liabilities in active markets, quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability. Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies, and similar techniques. Cash, cash equivalents, and short-term investments are carried at fair value, determined according to the fair value hierarchy described above. The carrying values of the Company’s prepaid expenses, accounts payable, and accrued expenses approximate their fair value due to the short-term nature of these assets and liabilities. None of the Company’s non-financial assets or liabilities are recorded at fair value on a non-recurring basis. Deferred Offering Costs and Common Stock Issuance Costs The Company capitalizes certain legal, professional, accounting, and other third-party costs that are directly attributable to equity financings as deferred offering costs until such financings are consummated. Upon consummation of an equity financing, these costs are recorded as a reduction to additional paid-in capital within stockholders’ equity. In connection with the closing of the Company’s IPO in April 2024, all amounts previously recorded as deferred offering costs were reclassified to additional paid-in capital. Property and Equipment, Net Property and equipment, including leasehold improvements, are stated at cost less accumulated depreciation and amortization. Depreciation and amortization are recorded using the straight-line method over the estimated useful lives of the related assets, which range from three to seven years. Leasehold improvements are amortized on a straight-line basis over the shorter of the estimated useful lives of the assets or the remaining lease term. Repairs and maintenance charges that do not increase the useful life of the assets are charged to operating expenses as incurred. Impairment of Long-Lived Assets An impairment loss is recorded if and when events and circumstances indicate that any of the Company’s long-lived assets might be impaired and the undiscounted cash flows estimated to be generated by those assets are less than the carrying amount of those assets. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the book values of the assets exceed their fair value. The Company has not recognized any impairment losses in any of the periods presented in these financial statements. Leases At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease and whether such a lease should be classified as a financing lease or operating lease based on the unique facts and circumstances present, the existence of an identified asset(s), if any, and the Company’s control over the use of the identified asset(s), if applicable. In 2025 and 2024, the Company leased real estate facilities under non-cancellable operating leases with various expiration dates through fiscal year 2034. As of December 31, 2025, the Company had one operating lease, which expires in 2034. As of December 31, 2025 and 2024, the Company had no financing leases. Operating leases with a term greater than one year are recognized as right-of-use (ROU) assets and lease liabilities in the accompanying balance sheets. Operating lease ROU assets represent the Company’s right to use an underlying asset for the lease term, and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. The Company considers the lease term to be the non-cancellable period that it has the right to use the underlying asset, together with any periods where it is reasonably certain it will exercise an option to extend (or not terminate) the lease. The Company does not assume renewals or early terminations unless it is reasonably certain to exercise these options. Operating lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term discounted based on (i) the interest rate implicit in the lease if that rate is readily determinable, or if not, (ii) the Company’s incremental borrowing rate (which is the estimated interest rate the Company would be required to pay for a collateralized borrowing equal to the total lease payments over a similar term as the lease term and in a similar economic environment). Because the Company’s operating leases do not provide an implicit rate, the Company estimates its incremental borrowing rate based on the information available at the lease commencement date for borrowings with a similar term. The Company’s operating lease ROU assets are measured based on the corresponding operating lease liability adjusted for (i) payments made to the lessor at or before the commencement date, (ii) initial direct costs incurred and (iii) tenant incentives under the lease. Operating lease costs are recognized on a straight-line basis over the lease term. The Company elected not to allocate consideration between lease and non-lease components. Variable lease payments are recognized in the period in which the obligations for those payments are incurred. In addition, the Company elected not to recognize lease assets or lease liabilities for leases with a term of 12 months or less for all asset classes. Segment Reporting Operating segments are identified as components of an enterprise about which discrete financial information is available for evaluation by the chief operating decision-maker (CODM) in making decisions regarding resource allocation and assessing performance. The Company operates and manages its business as one reporting and one operating segment, which is the business of designing and developing ecDTx, for which no revenue has been recorded. All of the Company’s long-lived assets are located in the United States. The Company’s CODM is its Chief Executive Officer. For purposes of assessing the Company’s financial performance and making resource allocation decisions, the CODM reviews total expenses, as well as expenses by nature. Convertible Preferred Stock The Company’s convertible preferred stock was classified as temporary equity in the accompanying balance sheet as of December 31, 2023 and excluded from stockholders’ equity/ (deficit) as the potential redemption of such stock was outside the Company’s control and would have required the redemption of the then-outstanding convertible preferred stock. The convertible preferred stock was not redeemable except for in the event of a liquidation, dissolution, or winding up of the Company. Costs incurred in connection with the issuance of convertible preferred stock were recorded as a reduction of gross proceeds from issuance. The Company did not accrete the carrying values of the convertible preferred stock to the redemption values since the occurrence of these events was not considered probable as of December 31, 2023. Immediately prior to the closing of the IPO on April 2, 2024, the Company’s outstanding convertible preferred stock automatically converted into 14,740,840 shares of common stock. Following the closing of the IPO, no shares of convertible preferred stock were authorized or outstanding. Research and Development Expenses Research and development (R&D) expenses are costs incurred by the Company in connection with its discovery and research efforts and the preclinical and clinical development of ecDTx. The Company’s R&D expenses include direct program costs, consisting of expenses incurred under arrangements with third parties, such as contract research organizations, contract manufacturers, consultants and its scientific advisors; and indirect costs, consisting of personnel-related expenses, including salaries, severance, bonuses, benefits, travel, and stock-based compensation expenses, for those individuals involved in R&D efforts, the costs of lab and pharmacology supplies and acquiring, developing, and manufacturing preclinical and clinical study materials, and facilities and depreciation, which include direct and allocated expenses for rent of facilities and depreciation of equipment. R&D costs are expensed as incurred. The Company records accruals for estimated R&D costs, comprising payments for work performed by third party contractors, labs, and others. Some of these contractors bill monthly based on actual services performed, while others bill periodically based upon achieving certain contractual milestones. For the latter, the Company accrues the expenses as goods or services are used or rendered. Non-refundable advance payments for goods or services that will be used or rendered for future R&D activities are deferred and capitalized as prepaid expenses until the related goods are delivered or services are performed. General and Administrative Expenses General and administrative (G&A) expenses consist primarily of personnel-related expenses, including salaries, severance, bonuses, benefits, travel, and stock-based compensation expenses, for employees in executive, accounting and finance, business development, human resources, legal, and other administrative functions. Other significant G&A expenses include allocated facility-related costs, legal fees relating to corporate and intellectual property matters, professional fees for accounting and tax services, consulting fees, and insurance costs. G&A costs are expensed as incurred. Costs related to filing and pursuing patent applications are recorded as G&A expense and are expensed as incurred since the recoverability of such expenditures is uncertain. Stock-Based Compensation The Company measures employee and nonemployee stock-based awards based on the estimated fair value of the awards on the date of grant and records compensation expense on a straight-line basis over the requisite service period of the award. All stock-based compensation costs are recorded in the statements of operations and comprehensive loss based upon the underlying employees' or nonemployees' roles within the Company. Forfeitures are accounted for as they occur. The fair value of stock option grants and shares purchasable under the Company's 2024 Employee Stock Purchase Plan (ESPP) is estimated on the date of grant using the Black-Scholes options-pricing model, which requires inputs based on certain subjective assumptions, including the: • Fair value of common stock. Subsequent to the closing of the IPO, the fair value of the Company’s common stock is the closing price per share on the Nasdaq Global Select Market on the date of grant of the award. For periods prior to the closing of the IPO on April 2, 2024, the Company utilized methodologies, approaches, and assumptions consistent with the American Institute of Certified Public Accountants’ Accounting and Valuation Guide, Valuation of Privately Held Company Equity Securities Issued as Compensation (The Practice Aid) to estimate the fair value of its common stock. The fair value of the common stock was determined based upon a variety of factors, including the Company’s stage of development and material risks related to the business; the progress of the Company’s R&D programs; business conditions and projections; financial position and historical and forecasted performance and operating results; the lack of an active public market for the Company’s common stock and preferred stock; the prices of the Company’s preferred stock sold to or exchanged between outside investors in arm’s length transactions and the rights, preferences, and privileges of the preferred stock as compared to those of the Company’s common stock, including liquidation preferences of the Company’s preferred stock; the likelihood of achieving a liquidity event, such as an initial public offering or sale of the Company in light of prevailing market conditions; the hiring of key personnel and the experience of management; trends and developments in the Company’s industry; and external market conditions affecting the biopharmaceutical industry and trends within the biopharmaceutical industry. • Risk-free interest rate. The risk-free interest rate is based on the U.S. Treasury’s rates for U.S. Treasury zero-coupon bonds with maturities similar to the expected term of the award being valued. • Expected volatility. Given that there was no active trading market for the Company’s common stock prior to the completion of the IPO and there is not yet sufficient trading history for the Company’s common stock, the Company derived the expected volatility from the average historical volatilities of the common stock of a group of comparable publicly-traded companies in the biotechnology industry over a period approximately equal to the expected term of the award being valued. The Company will continue to apply this process until enough historical information regarding the volatility of its own stock price becomes available. • Expected term. The expected term represents the period that the stock-based awards are expected to be outstanding. The expected term of stock options issued is determined using the simplified method (based on the mid-point between the vesting date and the end of the contractual term) as the Company has concluded that its stock option exercise history does not provide a reasonable basis upon which to estimate expected term. For rights to purchase shares of common stock under the ESPP, the expected term represents the period from the first day of the offering period to the purchase date. • Expected dividend yield. The Company has never paid dividends on its common stock and does not anticipate paying any dividends in the foreseeable future. Therefore, the Company uses an expected dividend yield of zero. The fair value of each restricted common stock award is estimated on the date of grant based on the fair value of the Company’s common stock on that same date. The assumptions used in determining the estimated fair value of stock-based awards represent management’s best estimates and involve inherent uncertainties and the application of significant judgment. The Company reviews all stock-based award modifications, including situations in which an original award is exchanged for a new award. Stock award modifications are accounted for as modifications under ASC 718. In such cases, the Company measures incremental compensation cost as the excess of the fair value of the modified award over the fair value of the original award immediately prior to the modification, based on the relevant factors at the modification date. For vested awards, the Company recognizes any incremental compensation cost in the period in which the modification occurs. For unvested awards, if the modified award is probable of vesting both before and after the modification, the Company recognizes, on a prospective basis over the remaining requisite service period, the sum of (i) the incremental compensation cost and (ii) any remaining unrecognized compensation cost associated with the original award as of the modification date. If the fair value of the modified award is lower than the fair value of the original award immediately before the modification, the Company continues to recognize compensation cost at least equal to the cost of the original award. During 2025, the Company entered into consulting arrangements with several former employees that provided for the continued vesting of outstanding stock options. The Company accounted for these arrangements as award modifications under ASC 718. Results of operations for the year ended December 31, 2025 include an immaterial amount of additional stock-based compensation expense associated with these modifications. Income Taxes The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the Company’s financial statements and related disclosures. Deferred tax assets and liabilities are determined on the basis of the differences between the Company’s financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The Company recognizes net deferred tax assets to the extent that the Company believes these assets are more likely than not to be realized. In making such a determination, management considers all available positive and negative evidence, including projected future taxable income, future reversals of existing taxable temporary differences, tax-planning strategies, and results of recent operations. If management determines that the Company would be able to realize its deferred tax assets in the future in excess of their net recorded amount, management would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. Interest and penalties are included as a component of income tax expense. The Company records uncertain tax positions on the basis of a two-step process whereby (i) management determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (ii) for those tax positions that meet the more-likely-than-not recognition threshold, management recognizes the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. Any resulting unrecognized tax benefits are included within the related tax liability. In July 2025, legislation commonly referred to as the One Big Beautiful Bill Act (OBBBA) was enacted, which includes changes to U.S. tax law, including provisions affecting the deductibility of domestic research expenditures, limitations on interest expense deductions, and bonus depreciation. The Company evaluated the impact of the enacted legislation under ASC 740. Any remeasurement of deferred tax assets resulting from the legislation was fully offset by the Company’s existing valuation allowance. Accordingly, the enactment of the OBBBA did not have a material impact on the Company’s financial statements. Comprehensive income (loss) The Company reports all components of comprehensive income (loss), including net loss, in the financial statements in the period in which they are recognized. Comprehensive income (loss) is defined as the change in equity during a period from transactions and other events and circumstances from non-owner sources, including unrealized gains and losses on short-term investments. Other comprehensive income (loss) includes unrealized gains and losses on short-term investments, which was the only difference between net loss and comprehensive loss for the applicable periods. Net Loss Per Share Basic net loss per common share attributable to common stockholders is calculated by dividing the net loss by the weighted-average number of shares of common stock outstanding during the period, without consideration of potentially dilutive securities. Diluted net loss per share attributable to common stockholders is calculated by dividing the net loss by the weighted-average number of shares of common stock and potentially dilutive securities outstanding during the period. The Company’s potentially dilutive securities, which include its options to purchase common stock, common stock subject to repurchase related to unvested restricted stock and options early exercised, and, for periods prior to April 2, 2024, convertible preferred stock, have been excluded from the calculation of diluted net loss per share as the effect would reduce the net loss per share. Therefore, the weighted-average number of shares of common stock outstanding used to calculate both basic and diluted net loss per share is the same. Emerging Growth Company Status The Company is still an emerging growth company (EGC) as defined in the Jumpstart Our Business Startups Act of 2012, as amended (the JOBS Act), and may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not EGCs. The Company may take advantage of these exemptions until it is no longer an EGC under Section 107 of the JOBS Act and has elected to use the extended transition period for complying with new or revised accounting standards, which means that when an accounting standard is issued or revised and it has different effective dates for public and private companies, the Company can comply with the effective dates applicable to private companies. As a result, the Company’s financial statements may not be comparable to companies that comply with new or revised accounting standards as of public company effective dates. Recently Adopted Accounting Pronouncements In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures. The update enhances income tax disclosure requirements, including expanded information related to the effective tax rate reconciliation and income taxes paid, and does not affect the recognition or measurement of income taxes. The Company adopted this guidance effective January 1, 2025 and applied the new disclosure requirements prospectively for the year ended December 31, 2025. The adoption did not materially affect the Company’s financial statements, and the additional required disclosures are included in Note 11. Recently Issued Accounting Pronouncements Pending Adoption In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (ASU 2024-03). The new guidance requires more detailed information about specified types of expenses (including purchases of inventory, employee compensation, depreciation, amortization, and depletion) in commonly presented expense captions (such as R&D and G&A) presented on the face of the statement of operations on an annual and interim basis. This guidance will be effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027. The new standard permits early adoption and can be applied prospectively or retrospectively. The Company is evaluating the effect that this guidance will have on its financial statements and related disclosures.

Income Taxes - Schedule of Reconciliation of Effective Tax Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Income tax computed at the federal statutory tax rate	$ (12,221)	$ (13,726)
Income tax computed at the federal statutory tax rate, Percent	21.00%	21.00%
State and local income taxes, net of federal benefit		$ (4,126)
State and local income taxes, net of federal benefit, Percent		6.30%
Tax credits	$ (1,220)	$ (4,347)
Tax credits, Percent	2.10%	6.70%
Change in valuation allowance	$ 11,966	$ 20,544
Change in valuation allowance, Percent	(20.60%)	(31.50%)
Nontaxable or nondeductible items
Other non-deductible permanent items	$ (93)	$ (31)
Other non-deductible permanent items, Percent	0.20%	0.00%
Limitation on officer compensation	$ 425
Limitation on officer compensation, Percent	(0.70%)
Stock compensation	$ 1,142	$ 607
Stock compensation, Percent	(2.00%)	(0.90%)
Changes in unrecognized tax benefits		$ 1,065
Changes in unrecognized tax benefits, Percent		(1.60%)
Other	$ 1	$ 14
Other, Percent	0.00%	0.00%
Income tax expense (benefit)	$ 0	$ 0
Income tax expense (benefit), Percent	0.00%	0.00%

Income Taxes - Schedule of Activity in Valuation Allowance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Valuation Allowance [Line Items]
Balance, beginning of period	$ 58,844	$ 38,323
Charged to federal income tax expense	11,966	14,047
Charged to state income tax expense	4,324	6,497
Charged (credited) to other comprehensive loss	16	(23)
Balance, end of period	$ 75,150	$ 58,844

Income Taxes - Summary of Net Operating Loss Carryforwards (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Operating Loss Carryforwards [Line Items]
Research tax credit carryforwards	$ 10,124	$ 8,313
Federal [Member]
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	161,402	91,864
Research tax credit carryforwards	9,294	7,667
State [Member]
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	231,270	183,313
Research tax credit carryforwards	$ 5,850	$ 4,853

Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets
Cash and cash equivalents	$ 17,868	$ 26,587
Short-term investments	89,713	125,527
Prepaid expenses and other current assets	2,030	2,276
Total current assets	109,611	154,390
Property and equipment, net	3,216	4,321
Right-of-use asset, net	43,659	47,039
Restricted cash	560	560
Other assets	13	99
Total assets	157,059	206,409
Current liabilities
Accounts payable and accrued liabilities	6,727	5,354
Accrued compensation	2,643	2,781
Lease liabilities, current portion	3,167
Total current liabilities	12,537	8,135
Lease liabilities, non-current	45,868	47,632
Total liabilities	58,405	55,767
Commitments and contingencies (Notes 8)
Stockholders' equity:
Preferred stock, $0.0001 par value; 70,000 shares authorized and no shares issued and outstanding as of December 31, 2025 and December 31, 2024	0	0
Common stock, $0.0001 par value; 700,000 shares authorized, 22,407 shares issued and outstanding as of December 31, 2025; 700,000 shares authorized, 22,300 shares issued and outstanding as of December 31, 2024	2	2
Additional paid-in-capital	358,257	351,991
Accumulated other comprehensive income	64	121
Accumulated deficit	(259,669)	(201,472)
Total stockholders' equity	98,654	150,642
Total liabilities and stockholders' equity	$ 157,059	$ 206,409

Net Loss Per Common Share - Additional Information (Details) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Common stock outstanding stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive Securities Excluded from Computation of Diluted Net Loss Per Share	4,234,000	3,818,000

Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Operating Expenses:
Research and development	$ 44,845	$ 55,267
General and administrative	18,707	18,000
Total operating expenses	63,552	73,267
Loss from operations	(63,552)	(73,267)
Other income, net:
Interest income	5,357	7,892
Other income (expense), net	(2)	12
Total other income, net	5,355	7,904
Net loss	(58,197)	(65,363)
Comprehensive loss:
Net loss	(58,197)	(65,363)
Unrealized gain (loss) on short-term investments	(57)	81
Comprehensive loss	$ (58,254)	$ (65,282)
Net loss per share - basic	$ (2.6)	$ (3.85)
Net loss per share - diluted	$ (2.6)	$ (3.85)
Shares used in calculation, basic	22,360	16,984
Shares used in calculation, diluted	22,360	16,984

Property and Equipment

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment, net consisted of the following (in thousands):


	As of December 31,
	2025		2024
Lab equipment	$	4,373	$	4,338
Computers and software		896		895
Leasehold improvements		1,054		981
Furniture and fixtures		1,853		1,816
Total property and equipment		8,176		8,030
Less accumulated depreciation and amortization		4,960		3,709
Property and equipment, net	$	3,216	$	4,321

Depreciation and amortization expense related to property and equipment was $1.3 million and $1.1 million for the years ended December 31, 2025 and 2024, respectively.

Fair Value Measurements

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements


			Fair Value Measurements Using
As of December 31, 2025	Amount		Level 1		Level 2		Level 3
Assets
Money market funds (1)	$	16,100	$	16,100	$	—	$	—
U.S. government obligations (2)		89,713		—		89,713		—
Total fair value of assets	$	105,813	$	16,100	$	89,713	$	—

(1)

Included in cash and cash equivalents on the balance sheets.

(2)

Included in short-term investments on the balance sheets.


			Fair Value Measurements Using
As of December 31, 2024	Amount		Level 1		Level 2		Level 3
Assets
Money market funds (1)	$	24,889	$	24,889	$	—	$	—
U.S. government obligations (2)		118,289		—		118,289		—
Corporate debt securities (2)		7,238		—		7,238		—
Total fair value of assets	$	150,416	$	24,889	$	125,527	$	—

(1)

Included in cash and cash equivalents on the balance sheets.

(2)

Included in short-term investments on the balance sheets.

The Company’s money market funds are classified as Level 1 because they are valued using quoted market prices in active markets for identical assets. The Company’s investments consist of available-for-sale securities and are classified as Level 2 because their value is based on valuations using significant inputs derived from or corroborated by observable market data.

There were no transfers of assets between fair value levels for any period presented.

- 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
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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-Paragraph 107
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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-Section 55
-Paragraph 100
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-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
-Topic 820
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-Paragraph 6A
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-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
-Paragraph 2E
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
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-Paragraph 6A
-Subparagraph (e)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

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

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Paragraph 2
-Subparagraph (h)
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Net Loss Per Common Share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Net Loss Per Common Share

12.

Net Loss Per Common Share

The following table summarizes the calculation of basic and diluted net loss per common share attributable to common stockholders (in thousands, except per share data):


	Year Ended December 31,
	2025			2024
Net loss	$	(58,197	)	$	(65,363	)
Weighted-average shares of common stock used in computing net loss per share, basic and diluted		22,360			16,984
Net loss per share, basic and diluted	$	(2.60	)	$	(3.85	)

The Company excluded approximately 4,234,000 and 3,818,000 shares of common stock underlying outstanding stock options from the calculation of diluted net loss per share for the years ended December 31, 2025 and 2024, respectively, because their inclusion would have been anti-dilutive.

Fair Value Measurements - Additional Information (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Fair value assets transfer between levels	$ 0	$ 0

Segment Information (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Segment Loss

The following table sets forth our segment loss disclosure for the years ended December 31, 2025 and 2024 (in thousands):


	Year Ended December 31,
	2025			2024
R&D – Compensation and benefits (excludes stock-based compensation)	$	10,601		$	13,758
R&D – Clinical trial costs		9,850			11,507
R&D – Outsourced services & Consulting		11,826			19,022
R&D – Lab and pharmacology supplies		754			2,295
R&D – Other costs (1)		1,879			1,818
G&A – Compensation and benefits (excludes stock-based compensation)		5,744			6,438
G&A – Professional service fees		2,669			2,866
G&A – Insurance		821			678
G&A – Other costs (2)		2,413			2,333
Facilities related		9,619			3,951
Stock-based compensation and depreciation		7,376			8,601
Total operating expense		63,552			73,267
Loss from operations		(63,552	)		(73,267	)
Interest and other income, net		5,355			7,904
Segment net loss	$	(58,197	)	$	(65,363	)

(1)

Includes expenses such as software licenses, database subscriptions, lab service contracts, travel, and other costs.

(2)

Includes expenses such as travel, investor relations services, software licenses, employee training and development, and other costs.

Organization and Basis of Presentation

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Basis of Presentation

Description of Business

Boundless Bio, Inc. (the Company) is a clinical-stage oncology company dedicated to unlocking a new paradigm in cancer therapeutics that addresses the significant unmet need in patients with oncogene amplified tumors by interrogating extrachromosomal DNA (ecDNA), a root cause of oncogene amplification observed in 14 to 17% of cancer patients. The Company has been focused on identifying targets essential for ecDNA functionality in oncogene amplified cancer cells, then designing and developing small molecule drugs called ecDNA-directed therapeutic candidates (ecDTx) to inhibit those targets, with the aim to prevent cancer cells from using chromosomal instability and ecDNA amplification biology to grow, adapt, and become resistant to existing therapies. The Company’s mission is to be the foremost biopharma company interrogating ecDNA biology to deliver transformative therapies that improve and extend the lives of patients with previously intractable oncogene amplified cancers. The Company’s lead ecDTx, BBI-940, is in early clinical development in patients with estrogen receptor positive and human epidermal growth factor receptor 2 negative, or ER+/HER2-, breast cancer who have progressed following treatment with a cyclin-dependent kinase 4 and/or 6 inhibitor, or CDK4/6 inhibitor, plus endocrine therapy, as well as patients with triple-negative breast cancer luminal androgen receptor subtype, or TNBC-LAR. The Company was incorporated in the state of Delaware on April 10, 2018 and is headquartered in San Diego, California.

Initial Public Offering

On April 2, 2024, the Company completed its initial public offering (IPO), issuing 6,250,000 shares of its common stock at a public offering price of $16.00 per share, resulting in net proceeds of approximately $87.7 million, after deducting underwriting discounts, commissions, and other offering expenses. Immediately prior to the closing of the IPO, all outstanding shares of convertible preferred stock of the Company automatically converted into 14,740,840 shares of its common stock, and no shares of convertible preferred stock remained outstanding thereafter. In connection with the closing of the IPO, on April 2, 2024, the Company amended and restated its certificate of incorporation to authorize 700,000,000 shares of common stock and 70,000,000 shares of undesignated preferred stock, each with a par value of $0.0001 per share.

ATM Offering

On April 1, 2025, the Company entered into an Open Market Sale AgreementSM (the Sales Agreement) with Jefferies LLC (the Agent), under which the Company may, from time to time, sell shares of the Company’s common stock in “at the market” (ATM) offerings through or to the Agent, as sales agent or principal. The shares of common stock will be offered and issued pursuant to the Company’s shelf registration statement on Form S-3 (File No. 333-286302), including the Sales Agreement prospectus contained therein, filed with the Securities and Exchange Commission (SEC) on April 1, 2025 and declared effective by the SEC on April 10, 2025. Pursuant to the Sales Agreement prospectus, the Company may sell shares of its common stock having an aggregate offering price of up to $14.5 million. Sales of the shares of common stock, if any, will be made at prevailing market prices at the time of sale, or as otherwise agreed with the Agent. The Agent will receive a commission from the Company of up to 3.0% of the gross proceeds of any shares of common stock sold under the Sale Agreement. The Company is not obligated to sell, and the Agent is not obligated to buy or sell, any shares of common stock under the Sales Agreement. No assurance can be given that the Company will sell any shares of common stock under the Sales Agreement, or, if it does, as to the price or amount of shares of common stock that it sells or the dates when such sales will take place. The Company did not sell any shares under the Sales Agreement during the year ended December 31, 2025.

Liquidity

Since the Company commenced operations in 2018, it has devoted substantially all of its efforts and resources to organizing and staffing the Company, business planning, raising capital, building its proprietary Spyglass platform, discovering its ecDTx, developing its ecDNA diagnostic, establishing its intellectual property portfolio, conducting research, preclinical studies, and clinical trials, establishing arrangements with third parties for the manufacture of its ecDTx and related raw materials, and providing other general and administrative support for these operations. The Company does not have any products for sale and has not generated any revenue to date. The Company has funded its operations primarily from the sale and issuance of shares of its convertible preferred stock (prior to the IPO) and common stock.

As of December 31, 2025, the Company had cash, cash equivalents, and short-term investments of $107.6 million. The Company believes that its existing cash, cash equivalents, and short-term investments will be sufficient to fund its operations for at least twelve months from the issuance date of the accompanying financial statements.

Since inception, the Company has incurred significant operating losses and negative cash flows from its operations and expects that it will continue to do so into the foreseeable future as it continues its development of, seeks regulatory approval for, and potentially commercializes its ecDTx, utilizes third parties to manufacture its ecDTx and related raw materials, potentially identifies additional development opportunities for its ecDTx, seeks to expand its therapeutic pipeline, and expands and protects its intellectual property. The Company also has substantial payment obligations under a long-term non-cancellable facility lease. If the Company obtains regulatory approval for any of its ecDTx, it expects to incur significant commercialization expenses related to product sales, marketing, manufacturing, and distribution. The Company does not expect to generate any revenue from product sales until it successfully completes development of and obtains regulatory approval for one or more of its ecDTx, which the Company expects will take several years and may never occur. As of December 31, 2025, the Company had an accumulated deficit of $259.7 million, and, during the year ended December 31, 2025, the Company incurred a net loss of $58.2 million and had negative cash flows from operations of $46.7 million. As the Company continues to pursue its business plan, it will need to acquire a substantial amount of additional funding until such time as it is able to generate significant revenues to fund its research and development activities and operations. Accordingly, the Company expects to finance its cash requirements through equity offerings, debt financings, or other capital sources, including potential collaborations, licenses, and other similar arrangements. There can be no assurance that the Company will be successful in acquiring additional funding or that any additional funding would be sufficient to continue operations in future periods.

Basis of Presentation

The accompanying financial statements are presented in U.S. dollars and have been prepared in accordance with United States generally accepted accounting principles (U.S. GAAP). Any reference in these notes to applicable guidance is meant to refer to U.S. GAAP as found in the Accounting Standards Codification (ASC) and Accounting Standards Updates (ASU) promulgated by the Financial Accounting Standards Board (FASB).

Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
Statements of Cash Flows - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Cash flows from operating activities
Net loss	$ (58,197)	$ (65,363)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	6,125	7,516
Depreciation and amortization	1,251	1,086
Accretion of investments, net	(2,590)	(5,055)
Non-cash lease expense	3,288	2,551
Other		102
Changes in operating assets and liabilities:
Prepaid expenses and other assets	332	(302)
Accounts payable and accrued liabilities	1,634	775
Operating lease liabilities	1,496	(2,151)
Net cash used in operating activities	(46,661)	(60,841)
Cash flows from investing activities
Purchases of investments	(174,897)	(208,465)
Maturities of investments	213,244	184,900
Purchases of property and equipment	(546)	(2,536)
Net cash provided by (used in) investing activities	37,801	(26,101)
Cash flows from financing activities
Proceeds from the issuance of common stock from initial public offering, net of discounts		93,000
Payments of common stock offering costs		(3,349)
Proceeds from the exercise of stock options		62
Proceeds from issuance of common stock under the Employee Stock Purchase Plan	141	110
Net cash provided by financing activities	141	89,823
Net increase (decrease) in cash, cash equivalents, and restricted cash	(8,719)	2,881
Cash, cash equivalents, and restricted cash at beginning of year	27,147	24,266
Cash, cash equivalents, and restricted cash at end of year	18,428	27,147
Components of cash, cash equivalents, and restricted cash
Cash and cash equivalents	17,868	26,587
Restricted Cash	560	560
Cash, cash equivalents, and restricted cash at end of year	18,428	27,147
Non-cash investing and financing activities
Change in unpaid common stock issuance costs		(197)
Addition to right-of-use assets obtained in exchange for lease obligation		47,588
Decrease to right-of-use assets due to remeasurement of lease obligation	$ (92)
Vesting of early exercised stock options		6
Unpaid property and equipment purchases		$ 400

Statements of Convertible Preferred Stock and Stockholders' Equity (Parenthetical) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)
Issuance of common stock, net discounts and offering costs	$ 12,305

Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	70,000,000	70,000,000
Preferred stock, shares issued	0	0
Preferred Stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	700,000,000	700,000,000
Common stock shares issued	22,407,000	22,300,000
Common stock, shares outstanding	22,407,000	22,300,000

Accounts Payable and Accrued Liabilities (Tables)

12 Months Ended

Dec. 31, 2025

Payables and Accruals [Abstract]

Schedule of Accounts Payable and Accrued Liabilities

Accounts payable and accrued liabilities consisted of the following (in thousands):


	As of December 31,
	2025		2024
Accounts payable	$	1,491	$	1,274
Accrued research and development costs		4,719		2,584
Other accrued liabilities		517		1,496
Total accounts payable and accrued liabilities	$	6,727	$	5,354

Investments (Tables)

12 Months Ended

Dec. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Schedule of Available-for-Sale Securities

The following tables summarize investments accounted for as available-for-sale securities (in thousands):


	As of December 31, 2025
	Acquisition Cost		Unrealized Gain		Unrealized Loss		Estimated Fair Value
Money market funds	$	16,100	$	—	$	—	$	16,100
U.S. government obligations		89,649		64		—		89,713
Total cash equivalents and investments	$	105,749	$	64	$	—	$	105,813
Classified as:
Cash equivalents							$	16,100
Short-term investments								89,713
Total cash equivalents and investments							$	105,813


	As of December 31, 2024
	Acquisition Cost		Unrealized Gain		Unrealized Loss			Estimated Fair Value
Money market funds	$	24,889	$	—	$	—		$	24,889
U.S. government obligations		118,170		121		(2	)		118,289
Corporate debt securities		7,236		2		—			7,238
Total cash equivalents and investments	$	150,295	$	123	$	(2	)	$	150,416
Classified as:
Cash equivalents								$	24,889
Short-term investments									125,527
Total cash equivalents and investments								$	150,416

Commitments and Contingencies

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Contracts

The Company enters into contracts in the normal course of business with various third parties for preclinical research studies, clinical trials, testing, manufacturing, and other services. These contracts generally provide for termination upon notice and are cancellable without significant penalty or payment, other than payment for any products or services provided by the counterparty through the notice date or effective time of termination and any non-cancellable and non-refundable obligations incurred by the counterparty prior to the notice date or effective time of the termination, and do not contain any minimum purchase commitments.

Indemnification Agreements

In the ordinary course of business, the Company may provide indemnification of varying scope and terms to vendors, lessors, business partners, and other parties with respect to certain matters including, but not limited to, losses arising out of breach of agreements or from intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements with officers and members of its board of directors that will require the Company, among other things, to indemnify them against certain liabilities that may arise because of their status or service as officers or directors. The maximum potential future payments the Company could be required to make under these indemnification arrangements is, in many cases, unlimited. To date, the Company has not incurred any material costs because of these indemnifications. The Company has not accrued any liabilities related to such indemnification arrangements in its financial statements as of December 31, 2025 or 2024 because it determined the likelihood of incurring a payment obligation pursuant to such arrangements was not probable.

Litigation

Liabilities for loss contingencies arising from claims, assessments, litigation, fines, penalties, and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. There are no matters currently outstanding for which any liabilities have been accrued. The Company was not a defendant in any lawsuit for the years ended December 31, 2025 and 2024.

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Summary of Property and Equipment, Net

Property and equipment, net consisted of the following (in thousands):


	As of December 31,
	2025		2024
Lab equipment	$	4,373	$	4,338
Computers and software		896		895
Leasehold improvements		1,054		981
Furniture and fixtures		1,853		1,816
Total property and equipment		8,176		8,030
Less accumulated depreciation and amortization		4,960		3,709
Property and equipment, net	$	3,216	$	4,321

Statements of Convertible Preferred Stock and Stockholders' Equity - USD ($) $ in Thousands	Total	Convertible Preferred Stock	Common Stock	Additional paid-in-capital	Accumulated other comprehensive income/ (loss)	Accumulated deficit
Beginning balance, convertible preferred stock, (in shares) at Dec. 31, 2023		287,447,000
Beginning balance, convertible preferred stock at Dec. 31, 2023		$ 247,617
Beginning balance, (in shares) at Dec. 31, 2023			1,247,000
Beginning balance at Dec. 31, 2023	$ (127,082)			$ 8,987	$ 40	$ (136,109)
Issuance of common stock in initial public offering, net of $12,305 in discounts and offering costs, (in shares)			6,250,000
Issuance of common stock in initial public offering, net of $12,305 in discounts and offering costs, value	87,695		$ 1	87,694
Conversion of convertible preferred stock into common stock upon initial public offering, (in shares)		(287,447,000)
Conversion of convertible preferred stock into common stock upon initial public offering, value		$ (247,617)
Conversion of convertible preferred stock into common stock upon initial public offering, (in shares)			14,741,000
Conversion of convertible preferred stock into common stock upon initial public offering, value	247,617		$ 1	247,616
Vesting of early exercised stock options, (in shares)			1,000
Vesting of early exercised stock options, value	$ 6			6
Exercise of stock options (in shares)	0		16,000
Exercise of stock options Value	$ 62			62
Issuance of common stock under the Employee Stock Purchase Plan (in shares)			45,000
Issuance of common stock under the Employee Stock Purchase Plan	110			110
Stock-based compensation	7,516			7,516
Unrealized gain on short-term investments	81				81
Net loss	(65,363)					(65,363)
Ending balance, (in shares) at Dec. 31, 2024			22,300,000
Ending balance at Dec. 31, 2024	$ 150,642		$ 2	351,991	121	(201,472)
Exercise of stock options (in shares)	0
Issuance of common stock under the Employee Stock Purchase Plan (in shares)			107,000
Issuance of common stock under the Employee Stock Purchase Plan	$ 141			141
Stock-based compensation	6,125			6,125
Unrealized gain on short-term investments	(57)				(57)
Net loss	(58,197)					(58,197)
Ending balance, (in shares) at Dec. 31, 2025			22,407,000
Ending balance at Dec. 31, 2025	$ 98,654		$ 2	$ 358,257	$ 64	$ (259,669)

Net Loss Per Common Share (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Summary of Basic and Diluted Net Loss Per Common Share

The following table summarizes the calculation of basic and diluted net loss per common share attributable to common stockholders (in thousands, except per share data):


	Year Ended December 31,
	2025			2024
Net loss	$	(58,197	)	$	(65,363	)
Weighted-average shares of common stock used in computing net loss per share, basic and diluted		22,360			16,984
Net loss per share, basic and diluted	$	(2.60	)	$	(3.85	)

Income Taxes - Summary of Gross Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Balance at beginning of period	$ 9,212	$ 8,048
Increase related to current year positions	656	1,164
Balance at the end of the year	$ 9,868	$ 9,212

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

11.

Income Taxes

Income Tax Expense

For the years ended December 31, 2025 and 2024, the Company’s pre-tax loss was entirely domestic. The Company adopted ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, effective January 1, 2025. See Note 1 for additional information regarding the adoption of this standard.


	Year Ended December 31, 2025
	Amount			%
Income tax computed at the federal statutory tax rate	$	(12,221	)	21.0%
Tax credits		(1,220	)		2.1
Change in valuation allowance		11,966			(20.6	)
Nontaxable or nondeductible items
Other non-deductible permanent items		(93	)		0.2
Limitation on officer compensation		425			(0.7	)
Stock compensation		1,142			(2.0	)
Other		1			—
Income tax expense (benefit)	$	—		—%


	Year Ended December 31, 2024
	Amount			%
Income tax computed at the federal statutory tax rate	$	(13,726	)	21.0%
State and local income taxes, net of federal benefit		(4,126	)		6.3
Tax credits		(4,347	)		6.7
Change in valuation allowance		20,544			(31.5	)
Other permanent differences		(31	)		—
Stock compensation		607			(0.9	)
Uncertain tax position		1,065			(1.6	)
Other		14			—
Income tax expense (benefit)	$	—		—%

The majority of our domestic operations are located in the state of California. The Company paid no federal, state, or foreign income taxes, net of refunds received, during the years ended December 31, 2025 and 2024.

As of December 31, 2025, the Company has not recorded any current or deferred federal, state, or foreign income tax expense or benefit due to its full valuation allowance against deferred tax assets.

Deferred Tax Assets and Liabilities

Significant components of deferred tax assets and liabilities as of December 31, 2025 and 2024 were as follows (in thousands):


	As of December 31,
	2025			2024
Deferred tax assets:
Net operating loss carryforwards	$	45,574		$	27,618
Research tax credits		10,124			8,313
Lease liability		13,769			13,335
Capitalized R&D		15,726			20,155
Intangible assets		39			44
Other, net		2,268			2,637
Total deferred tax assets		87,500			72,102
Less valuation allowance		(75,150	)		(58,844	)
Net deferred tax assets		12,350			13,258
Deferred tax liabilities:
ROU asset		(12,259	)		(13,169	)
Property and equipment		(91	)		(89	)
Total deferred tax liabilities		(12,350	)		(13,258	)
Net deferred tax assets	$	—		$	—

Valuation Allowance

Activity in the valuation allowance for the years ended December 31, 2025 and 2024 was as follows (in thousands):


	Year Ended December 31,
	2025		2024
Balance, beginning of period		58,844		38,323
Charged to federal income tax expense		11,966		14,047
Charged to state income tax expense		4,324		6,497
Charged (credited) to other comprehensive loss		16		(23	)
Balance, end of period		75,150		58,844

Net Operating Loss and Credit Carryforwards

The Company has established a full valuation allowance against its net deferred tax assets due to uncertainty regarding realization. In assessing the need for a valuation allowance, management considered the Company’s history of cumulative pre-tax losses, the lack of sufficient taxable income in prior carryback periods, the limited existence of taxable temporary differences, and the uncertainty surrounding future taxable income.

During 2025 and 2024, total deferred tax assets, net of deferred tax liabilities, increased by approximately $16.3 million and $20.5 million, respectively. Due to the full valuation allowance position, the Company’s valuation allowance increased by a corresponding amount in each period.


	As of December 31,
	2025		2024
Federal NOL carryforwards	$	161,402	$	91,864
State NOL carryforwards	$	231,270	$	183,313
Federal research and development tax credit carryforwards	$	9,294	$	7,667
State research tax credit carryforwards	$	5,850	$	4,853

Federal net operating loss carryforwards are subject to potential limitations under Section 382 of the Internal Revenue Code of 1986, as amended (“IRC”). Certain state NOL carryforwards begin to expire in 2038. Federal research tax credits begin to expire in 2040, while unused state credits carry forward indefinitely.

Section 382 Limitations

Pursuant to IRC Sections 382 and 383, the Company’s ability to use its NOL and research tax credit carryforwards to offset future taxable income may be limited if the Company experiences a cumulative change in ownership of more than 50% within a three-year testing period. The Company has not completed an ownership change analysis pursuant to IRC Section 382. If ownership changes within the meaning of IRC Section 382 are identified as having occurred, the amount of NOL and research tax carryforwards available to offset future taxable income and income tax liabilities in future years may be significantly reduced, restricted, or eliminated. The Company has also not performed a formal research and development credit study with respect to these credits. As such, the amount of such credits may be reduced in the future should the Company complete such a study. Moreover, deferred tax assets associated with such NOLs and research tax credits could be significantly reduced upon realization of an ownership change within the meaning of IRC Section 382.

Recent Tax Legislation

On July 4, 2025, the reconciliation bill commonly referred to as the One Big Beautiful Bill Act (“OBBBA”) was signed into law in the United States. The OBBBA includes a broad range of tax reform provisions affecting U.S. corporate income taxation. Certain provisions became effective beginning in 2025, including an elective deduction for domestic research and development expenditures, reinstatement of 100% first-year bonus depreciation, and repeal of the fiscal year-end requirement for certain non-U.S. corporations. Other provisions of the OBBBA will become effective in 2026 and subsequent years, including a more favorable tax rate applicable to Foreign-Derived Deduction Eligible Income and income from non-U.S. subsidiaries (Net CFC Tested Income).

Due to the Company’s full valuation allowance on deferred tax assets, the enactment of the OBBBA did not have a material impact on the Company’s financial statements for the year ended December 31, 2025, other than the reclassification of certain deferred tax assets and liabilities.

There are no accruals for interest or tax penalties in the accompanying balance sheets, and the Company has not recognized any such interest or tax penalties in the accompanying statements of operations and comprehensive loss. Although it is not currently under a tax examination, all of the Company’s tax years remain open to audit in all of the tax jurisdictions in which it operates due to the Company’s net operating losses carryforwards.

Uncertain Tax Benefits

Activity related to the Company’s gross unrecognized tax benefits for the years ended December 31, 2025 and 2024 was as follows (in thousands):


	Year Ended December 31,
	2025		2024
Balance at beginning of period	$	9,212	$	8,048
Increase related to current year positions		656		1,164
Balance at the end of the year	$	9,868	$	9,212

The Company recognizes interest and penalties related to uncertain tax positions as a component of income tax expense. As of December 31, 2025 and 2024, the Company had no accrued interest or penalties.

The Company is not currently under examination by any taxing authority. Due to the existence of net operating loss carryforwards, all tax years remain open to examination in the jurisdictions in which the Company operates.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Section 50
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: 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 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details