0001404644-26-000037 | 10-Q | XBRL Viewer

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Stockholders’ Equity - Schedule of Exercise Of Pre-Funded Warrants (Details) - $ / shares	Mar. 31, 2026	Apr. 30, 2025
Class of Warrant or Right [Line Items]
Class of warrant or right exercise price of warrants or rights amount (in shares)	6,792,559
Pre Funded Warrants
Class of Warrant or Right [Line Items]
Class of warrant or right, exercise price of warrants or rights (in dollars per share)	$ 0.000001	$ 0.001
Pre Funded Warrants \| Legacy pre-funded warrants outstanding
Class of Warrant or Right [Line Items]
Class of warrant or right, exercise price of warrants or rights (in dollars per share)	$ 0.000001
Class of warrant or right exercise price of warrants or rights amount (in shares)	425,987
Pre Funded Warrants \| December 2023 preferred stock conversion
Class of Warrant or Right [Line Items]
Class of warrant or right, exercise price of warrants or rights (in dollars per share)	$ 0.000001
Class of warrant or right exercise price of warrants or rights amount (in shares)	1,708,332
Pre Funded Warrants \| December 2023 Pre-Closing Financing
Class of Warrant or Right [Line Items]
Class of warrant or right, exercise price of warrants or rights (in dollars per share)	$ 0.000001
Class of warrant or right exercise price of warrants or rights amount (in shares)	1,825,635
Pre Funded Warrants \| November 2024 private placement
Class of Warrant or Right [Line Items]
Class of warrant or right, exercise price of warrants or rights (in dollars per share)	$ 0.001
Class of warrant or right exercise price of warrants or rights amount (in shares)	2,165,042
Pre Funded Warrants \| April 2025 common stock conversion
Class of Warrant or Right [Line Items]
Class of warrant or right, exercise price of warrants or rights (in dollars per share)	$ 0.001
Class of warrant or right exercise price of warrants or rights amount (in shares)	667,563

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, these financial statements do not include all of the information and footnotes required by U.S. GAAP for complete financial statements and should be read in conjunction with the audited consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on March 24, 2026.

In management’s opinion, the unaudited condensed consolidated financial statements reflect all adjustments (consisting of normal recurring adjustments) necessary to present fairly the financial position of the Company as of March 31, 2026, and results of operations and cash flows for all periods presented. The interim results presented are not necessarily indicative of results that can be expected for the full year ending December 31, 2026.

Use of Estimates

The preparation of the financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. In preparing these financial statements, management used significant estimates in the following areas, among others: recoverability of the Company’s net deferred tax assets and related valuation allowance, useful lives and recoverability of property and equipment, determining the incremental borrowing rate for calculating lease liabilities and related right-of-use assets and finance lease assets, clinical trial accruals, accrual estimates for all contingent value rights (“CVRs”), and the value attributed to employee stock options and other stock-based awards. On an ongoing basis, the Company reviews its estimates to ensure that they appropriately reflect changes in the business or as new information becomes available. Actual results may differ from these estimates.

Segment Information

The Company determines and presents operating segments based on the information internally provided to the Chief Operating Decision Makers (“CODM”) in accordance with Accounting Standards Codification (“ASC”) 280, Segment Reporting. The Company’s CODMs are (i) the Chief Executive Officer and (ii) the President and Chief Financial Officer. The Company is a clinical stage biotechnology company that operates as a single operating segment and has one reportable segment. Refer to Note 13, Segment Information, for further information related to the Company’s segment.

Cash and Cash Equivalents

The Company considers all highly-liquid investments purchased with original maturities of 90 days or less at time of purchase to be cash equivalents. Cash and cash equivalents include cash held in banks and are stated at fair value.

The following table provides a reconciliation of cash, cash equivalents, and restricted cash in the balance sheets that sum to the total of the same such amounts shown in the statements of cash flows (in thousands):


	March 31, 2026		December 31, 2025
Cash and cash equivalents	$	124,161	$	103,845
Restricted cash	339		339
Total cash, cash equivalents and restricted cash	$	124,500	$	104,184

Cash equivalents consist of money market funds in which the carrying value equals the fair value (see Note 5, Fair Value of Financial Instruments). Restricted cash includes $0.3 million in cash deposits the Company maintains with its bank as collateral for the irrevocable letters of credit related to its lease obligations.

Concentrations of Credit Risk

Financial instruments that subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents. The Company’s cash and cash equivalent accounts, at times, may exceed federally insured limits. As of March 31, 2026, the Company had $124.0 million in excess of the federally insured limits. The Company places its cash in financial institutions that management believes to be of high credit quality.

Contingent Value Rights

In conjunction with the reverse merger, the Company entered into a CVR Agreement on December 18, 2023 with the Rights Agent named therein (the “CVR Agreement”) prior to Closing. Included in the CVR Agreement are three different types of CVRs: (i) the Lease CVR, (ii) the Intellectual Property CVR, and (iii) the Sales Tax CVR (each as defined in the CVR Agreement). The Company evaluated each of the CVRs to determine if they qualified as derivatives under ASC 815, Derivatives and Hedging, and concluded that since certain scope exceptions were met, the CVRs did not qualify as derivatives. Instead, the Company records a contingent consideration liability associated with the CVRs when payments are probable and estimable under ASC 450, Contingencies. In assessing whether payments are probable and estimable, the Company considers the existence of or ability to enter into agreements with third parties or government agencies and the timing of potential payments. Refer to Note 9, Commitments and Contingencies, for further discussion on the CVRs.

Income Taxes

The Company accounts for income taxes in accordance with ASC 740, Income Taxes, which prescribes the use of the liability method whereby deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. A valuation allowance is provided to reduce the net deferred tax assets to a level which, more likely than not, will be realized. No provision for federal or state income taxes was recorded during the three months ended March 31, 2026 and 2025, as the Company incurred operating losses and maintains a full valuation allowance against its net deferred tax assets.

The Company assesses its income tax positions and records tax benefits based upon management’s evaluation of the facts, circumstances, and information available at the reporting date. For those tax positions where it is more likely than not that a tax benefit will be sustained, the Company records the amount of tax benefit with a greater than 50 percent likelihood of being realized upon ultimate settlement with a taxing authority having full knowledge of all relevant information. For those income tax positions for which it is not more likely than not that a tax benefit will be sustained, no tax benefit is recognized in the financial statements. Potential interest and penalties associated with such uncertain tax positions is recorded as a component of income tax expense. As of March 31, 2026, there were no material changes to either the nature or the amounts of the uncertain tax positions.

Significant Accounting Policies

The Company’s significant accounting policies are disclosed in the audited financial statements filed with the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. Since the date of those financial statements, there have been no changes to the Company’s significant accounting policies.

Net Loss Per Share Attributable to Common Stockholders

Basic net loss per share of common stock is computed by dividing net income attributable to the Company by the weighted-average number of shares of common stock outstanding during the period. In periods of losses, diluted net loss per share is computed on the same basis as basic net loss per share as the inclusion of any other potential shares outstanding would be anti-dilutive. Outstanding pre-funded warrants as of March 31, 2026 and March 31, 2025 were 6,792,559 and 6,124,996, respectively. Pre-funded warrants are considered outstanding as of their issuance date and are included in basic and diluted net loss per share because they are fully vested and exercisable for nominal cash consideration.

The following potentially dilutive securities have been excluded from the diluted per share calculations as they would be anti-dilutive:


	Three Months Ended March 31,
	2026	2025
Outstanding stock options	2,820,038	2,086,334
Restricted stock units	296,578	279,458
Performance stock units	252,124	252,124
Shares issuable under 2023 Employee Stock Purchase Plan	3,942	—
Total	3,372,682	2,617,916

Recently Issued Accounting Standards

From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) or other standard setting bodies that the Company adopts as of the specified effective date. Unless otherwise discussed below, the Company does not believe that the adoption of recently issued standards have or may have a material impact on its condensed financial statements or disclosures.

Recently Issued Accounting Pronouncements Not Yet Adopted

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (“ASU 2024-03”) which requires public entities to provide disaggregated disclosure of income statement expenses. Public entities are required to disaggregate, in a tabular presentation, each relevant expense caption on the face of the condensed consolidated statements of operations such as the following expenses: purchases of inventory, employee compensation, intangible asset amortization, and depreciation. In January 2025, the FASB issued ASU 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures, to clarify the effective date. The updated effective date for the Company to adopt ASU 2024-03 is for annual reporting periods beginning after December 15, 2026 and interim periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the potential impact that ASU 2024-03 will have on its financial statement disclosures.

In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40) (“ASU 2025-06”) which removes all references to project stages throughout ASC 350-40, Intangibles — Goodwill and Other, Internal-Use Software. Cost capitalization will now begin solely when (1) management has authorized and committed to funding the software project, and (2) it is ‘probable’ the project will be completed and the software used to perform its intended function (referred to as the probable-to-complete recognition threshold). The effective date for the Company to adopt ASU 2025-06 is for annual reporting periods beginning after December 15, 2027 and interim reporting periods within those annual reporting periods, with early adoption permitted. The Company is currently evaluating the potential impact that ASU 2025-06 will have on its financial statement disclosures.

Risks and Uncertainties	3 Months Ended
Risks and Uncertainties	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Risks and Uncertainties	Risks and Uncertainties The Company is subject to risks common to companies in the biotechnology industry, including, but not limited to, successful development of technology, obtaining additional funding, protection of proprietary technology, compliance with government regulations, risks of failure of preclinical studies, clinical studies and clinical trials, risks related to personnel changes and other disruptions at federal agencies, including the U.S. Food and Drug Administration ("FDA"), and uncertainty related to those disruptions, the need to obtain marketing approval for its drug candidates and its consumer products, fluctuations in operating results, economic pressure impacting therapeutic pricing and reimbursement, dependence on key personnel, risks associated with changes in technologies, development by competitors of technological innovations and the ability to transition from pilot scale manufacturing to large scale production. Liquidity and Financial Condition Since its inception, the Company has funded its operations primarily with outside capital (e.g., proceeds from the sale of preferred stock, common stock, and pre-funded warrants) and has incurred significant recurring losses, including net losses of $30.9 million and $22.6 million for the three months ended March 31, 2026 and 2025, respectively. In addition, the Company used cash in operations of $26.1 million and $20.8 million for the three months ended March 31, 2026 and 2025, respectively, and had an accumulated deficit of $383.6 million as of March 31, 2026. Management expects to incur substantial and increasing losses in future periods as the Company advances its products through its clinical and regulatory process and will rely on outside capital to fund its operations for the foreseeable future. The Company has not generated positive cash flows from operations, and there are no assurances that the Company will be successful in obtaining an adequate level of financing for the development and commercialization of its product candidates. As of March 31, 2026, the Company had cash, cash equivalents and short-term investments of approximately $243.2 million. The Company expects its available cash and cash equivalents on hand as of the issuance date of these financial statements will be sufficient to fund its obligations as they become due for at least one year beyond the issuance date of these financial statements. In the event the Company is unable to secure additional outside capital, management will be required to seek other alternatives which may include, among others, a delay or termination of clinical trials or the development of its product candidates, temporary or permanent curtailment of the Company’s operations, a sale of assets, or other alternatives with strategic or financial partners. The accompanying condensed consolidated financial statements do not include any adjustments that might result from the outcome of these uncertainties. Accordingly, the condensed consolidated financial statements have been prepared on a basis that assumes the Company will continue as a going concern and which contemplates the realization of assets and satisfaction of liabilities and commitments in the ordinary course of business.

Stockholders’ Equity - Schedule of Reserved Shares of the Company’s Common Stock for Future Issuance (Details) - shares	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025
Class of Stock [Line Items]
Total common stock reserved (in shares)	12,361,007	11,374,563
Shares available for future grant under the 2023 Equity Incentive Plan
Class of Stock [Line Items]
Total common stock reserved (in shares)	1,301,337	1,277,826
Shares available for future grant under the 2025 Inducement Plan
Class of Stock [Line Items]
Total common stock reserved (in shares)	362,460	394,055	500,000
Shares issuable under 2023 Employee Stock Purchase Plan
Class of Stock [Line Items]
Total common stock reserved (in shares)	535,911	313,088
Unvested restricted stock units
Class of Stock [Line Items]
Total common stock reserved (in shares)	296,578	256,361
Unvested performance stock units
Class of Stock [Line Items]
Total common stock reserved (in shares)	252,124	252,124
Options outstanding
Class of Stock [Line Items]
Total common stock reserved (in shares)	2,820,038	2,088,550
Pre-funded warrants outstanding
Class of Stock [Line Items]
Total common stock reserved (in shares)	6,792,559	6,792,559

- 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

Accrued Expenses and Other Current Liabilities

3 Months Ended

Mar. 31, 2026

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

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


	March 31, 2026		December 31, 2025
Compensation, bonuses and related benefits	$	2,239	$	5,072
Research and development	7,948		5,120
Other	947		564
Total accrued expenses and other current liabilities	$	11,134	$	10,756

Prepaid expenses and other current assets (Tables)

3 Months Ended

Mar. 31, 2026

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Prepaid Expenses and Other Assets

Prepaid expenses and other assets consist of the following (in thousands):


	March 31, 2026		December 31, 2025
Other receivables	$	250	$	460
Prepaid expenses	2,943		1,938
Deferred financing costs	191		191
Other current assets	181		168
Total prepaid and other current assets	$	3,565	$	2,757

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Share-Based Payment Arrangement, Expensed and Capitalized, Amount

The Company recorded stock-based compensation expense in the following expense categories in its accompanying condensed consolidated statements of operations (in thousands):


	Three Months Ended March 31,
	2026		2025
Research and development expenses	$	1,791	$	1,570
General and administrative expenses	1,838		2,478
Total expense	$	3,629	$	4,048

Schedule of Share-Based Payment Arrangement, Option, Activity

The following table summarizes the option activity:


Options	Number of shares	Weighted average exercise price per share		Weighted average remaining contractual term (in years)
Outstanding at December 31, 2025	2,088,550	$	23.49	7.91
Granted	777,383	$	17.77
Exercised	(21,324)	$	9.43
Expired/Forfeited	(24,571)	$	23.18
Outstanding at March 31, 2026	2,820,038	$	22.02	8.23
Exercisable at March 31, 2026	1,054,285	$	24.23	6.85

Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions

The fair value of each option was estimated on the grant date using the weighted-average assumptions in the table below:


	Three Months Ended March 31,
	2026	2025
Expected volatility	96.59%-97.43%	93.99%-96.49%
Risk-free interest rate	3.64%-3.91%	3.97%-4.42%
Expected life (in years)	5.27-6.98	5.60-6.96
Expected dividend yield	—	—

Schedule of Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity

A summary of the Company’s restricted stock unit (“RSU”) activity and related information for the three months ended March 31, 2026 is as follows:


RSUs	Number of Shares	Weighted Average Grant Date Fair Value
Unvested at December 31, 2025	256,361	$	26.16
Restricted stock units granted	150,430	$	17.64
Restricted stock units vested	(104,662)	$	28.16
Restricted stock units forfeited	(5,551)	$	25.81
Unvested at March 31, 2026	296,578	$	21.14

Schedule of Share-Based Payment Arrangement, Performance Shares, Activity

A summary of the Company’s performance stock unit (“PSU”) activity and related information for the three months ended March 31, 2026 is as follows:


PSUs	Number of Shares	Weighted Average Grant Date Fair Value
Unvested at December 31, 2025	252,124	$	36.06
Performance stock units granted	—	$	—
Performance stock units vested	—	$	—
Performance stock units forfeited	—	$	—
Unvested at March 31, 2026	252,124	$	36.06

Commitments and Contingencies - Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Operating lease cost	$ 419	$ 484
Finance lease cost
Amortization of finance leases	7	13
Interest on finance lease liabilities	0	2
Variable lease cost	297	352
Short-term lease cost	16	19
Total lease cost	$ 739	$ 870

Summary of Significant Accounting Policies - Potentially Antidilutive Securities (Details) - shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	3,372,682	2,617,916
Outstanding stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	2,820,038	2,086,334
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	296,578	279,458
Performance stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	252,124	252,124
Shares issuable under 2023 Employee Stock Purchase Plan
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	3,942	0

Property and Equipment, Net - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Property, Plant and Equipment [Abstract]
Depreciation and impairment of property and equipment	$ 847,000	$ 749,000
Impairment losses on idle equipment	$ 0	$ 0

- Definition

The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.

+ References + Details

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Assets:
U.S. treasury notes	$ 236,012	$ 258,895
Fair Value, Recurring \| Level 1
Assets:
U.S. treasury notes	119,034	165,302
Total	236,012	258,895
Fair Value, Recurring \| Level 1 \| Money market funds
Assets:
Money market funds	116,978	93,593
Fair Value, Recurring \| Level 2
Assets:
U.S. treasury notes	0	0
Total	0	0
Fair Value, Recurring \| Level 2 \| Money market funds
Assets:
Money market funds	0	0
Fair Value, Recurring \| Level 3
Assets:
U.S. treasury notes	0	0
Total	0	0
Fair Value, Recurring \| Level 3 \| Money market funds
Assets:
Money market funds	$ 0	$ 0

- Definition

Fair value of investment in debt security measured at amortized cost (held-to-maturity).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
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+ Details

Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost, as adjusted	$ 235,999	$ 258,761
Gross unrealized holding gains	14	135
Gross unrealized holding losses	(1)	(1)
Estimated fair value	236,012	258,895
Money market funds \| Cash equivalents:
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost, as adjusted	116,978	93,593
Gross unrealized holding gains	0	0
Gross unrealized holding losses	0	0
Estimated fair value	116,978	93,593
U.S. treasury notes \| Short-term investments:
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost, as adjusted	119,021	165,168
Gross unrealized holding gains	14	135
Gross unrealized holding losses	(1)	(1)
Estimated fair value	$ 119,034	$ 165,302

- Definition

Fair value of investment in debt security measured at amortized cost (held-to-maturity).

+ References

+ Details

- 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

Investments

3 Months Ended

Mar. 31, 2026

Investments, Debt and Equity Securities [Abstract]

Investments

The following table summarizes the Company’s investment securities as of March 31, 2026 and December 31, 2025 (in thousands):


	March 31, 2026
	Amortized cost, as adjusted		Gross unrealized holding gains		Gross unrealized holding losses		Estimated fair value
Cash equivalents:
Money market funds	$	116,978	$	—	$	—	$	116,978
Short-term investments:
U.S. treasury notes	119,021		14		(1)		119,034
Total	$	235,999	$	14	$	(1)	$	236,012

All of the Company’s investments mature within the next 12 months.


	December 31, 2025
	Amortized cost, as adjusted		Gross unrealized holding gains		Gross unrealized holding losses		Estimated fair value
Cash equivalents:
Money market funds	$	93,593	$	—	$	—	$	93,593
Short-term investments:
U.S. treasury notes	165,168		135		(1)		165,302
Total	$	258,761	$	135	$	(1)	$	258,895

Risks and Uncertainties (Details) - USD ($) $ in Thousands	3 Months Ended
Risks and Uncertainties (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net Loss	$ 30,934	$ 22,647
Cash used in operations	26,119	$ 20,774
Accumulated deficit	383,583		$ 352,649
Cash, cash equivalents and investments	$ 243,200

- Definition

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

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-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 48: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

Reference 49: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Payables and Accruals [Abstract]
Compensation, bonuses and related benefits	$ 2,239	$ 5,072
Research and development	7,948	5,120
Other	947	564
Total accrued expenses and other current liabilities	$ 11,134	$ 10,756

Stockholders’ Equity - Narrative (Details) $ / shares in Units, $ in Thousands	1 Months Ended		3 Months Ended	12 Months Ended
	Aug. 31, 2025 USD ($)	Apr. 30, 2025 $ / shares shares	Mar. 31, 2026 USD ($) $ / shares shares	Dec. 31, 2025 USD ($) shares	Mar. 31, 2025 shares
Class of Stock [Line Items]
Sale of stock, maximum offering price	$ 150,000
Deferred financing costs			$ 191	$ 191
Percentage of outstanding stock per stockholder, maximum			0.0999
Percentage of outstanding stock per stockholder, upon notice, maximum			0.1999
Class of warrant or right, notice period			61 days
ATM Offering
Class of Stock [Line Items]
Offering cost	900
Deferred financing costs	$ 200
Sale of stock, number of shares issued in transaction (in shares) \| shares			0	1,200,000
Sale of stock, consideration received on transaction				$ 30,100
Pre Funded Warrants
Class of Stock [Line Items]
Conversion of stock, shares converted (in shares) \| shares		667,500
Class of warrant or right, outstanding (in shares) \| shares		667,563	6,792,559		6,124,996
Class of warrant or right, exercise price of warrants or rights (in dollars per share) \| $ / shares		$ 0.001	$ 0.000001
Pre Funded Warrants \| November 2024 private placement
Class of Stock [Line Items]
Class of warrant or right, exercise price of warrants or rights (in dollars per share) \| $ / shares			$ 0.001

Stockholders’ Equity (Tables)

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Schedule of Exercise of Pre-Funded Warrants

Information on the outstanding warrants is as follows:


Type	Exercise Price		Amount	Type of Financing
Common stock pre-funded warrant	$	0.000001	425,987	Legacy pre-funded warrants outstanding
Common stock pre-funded warrant	$	0.000001	1,708,332	December 2023 preferred stock conversion
Common stock pre-funded warrant	$	0.000001	1,825,635	December 2023 Pre-Closing Financing
Common stock pre-funded warrant	$	0.001	2,165,042	November 2024 private placement
Common stock pre-funded warrant	$	0.001	667,563	April 2025 common stock conversion
Total			6,792,559

Schedule of Common Stock Reserved for Future Issuance

The Company had reserved shares of the Company’s common stock for future issuance as follows:


	March 31, 2026	December 31, 2025
Unvested restricted stock units	296,578	256,361
Unvested performance stock units	252,124	252,124
Options outstanding	2,820,038	2,088,550
Shares available for future grant under the 2023 Equity Incentive Plan	1,301,337	1,277,826
Shares available for future grant under the 2025 Inducement Plan	362,460	394,055
Shares available for future issuance under the 2023 Employee Stock Purchase Plan	535,911	313,088
Pre-funded warrants outstanding	6,792,559	6,792,559
Total common stock reserved	12,361,007	11,374,563

Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets Measured on Recurring Basis

As of March 31, 2026 and December 31, 2025, financial assets measured at fair value on a recurring basis are categorized in the table below based upon the lowest level of significant input to the valuations (in thousands):


	March 31, 2026
	Level 1		Level 2		Level 3
Assets:
Money market funds	$	116,978	$	—	$	—
U.S. treasury notes	119,034		—		—
Total	$	236,012	$	—	$	—


	December 31, 2025
	Level 1		Level 2		Level 3
Assets:
Money market funds	$	93,593	$	—	$	—
U.S. treasury notes	165,302		—		—
Total	$	258,895	$	—	$	—

Property and Equipment, Net - Property and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Property, Plant and Equipment [Line Items]
Total property and equipment, cost	$ 27,460	$ 26,901
Less: accumulated depreciation and impairment	(14,956)	(14,109)
Property and equipment, net	12,504	12,792
Lab equipment
Property, Plant and Equipment [Line Items]
Total property and equipment, cost	3,301	3,262
Manufacturing equipment
Property, Plant and Equipment [Line Items]
Total property and equipment, cost	7,602	7,582
Office equipment
Property, Plant and Equipment [Line Items]
Total property and equipment, cost	30	30
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment, cost	15,602	15,418
Software
Property, Plant and Equipment [Line Items]
Total property and equipment, cost	285	285
Land improvements
Property, Plant and Equipment [Line Items]
Total property and equipment, cost	80	0
Construction in progress
Property, Plant and Equipment [Line Items]
Total property and equipment, cost	$ 560	$ 324

Stock-Based Compensation - Schedule of Operating Expenses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total expense	$ 3,629	$ 4,048
Research and development expenses
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total expense	1,791	1,570
General and administrative expenses
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total expense	$ 1,838	$ 2,478

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (c)(1)(iii)
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Paragraph 2
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Stockholders’ Equity

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Stockholders’ Equity

Common stock and pre-funded warrants

In April 2025, the Company entered into an exchange agreement with existing stockholders to exchange an aggregate of 667,500 shares of the Company’s common stock for pre-funded warrants to purchase an aggregate of 667,563 shares of the Company’s common stock at an exercise price of $0.001 per share. The exchange was executed to facilitate the investor’s beneficial ownership thresholds. The exchange was accounted for as an equity-for-equity transaction. The Company derecognized the common shares and recognized an equivalent value in pre-funded warrants, with no gain or loss recognized.

At-The-Market offering of shares

In August 2025, the Company entered into an at-the-market (“ATM”) sales agreement (the “Sales Agreement”) with Leerink Partners, LLC (“Leerink”), as sales agent, pursuant to which the Company may offer and sell, from time to time, shares of the Company’s common stock with an aggregate price up to $150.0 million through Leerink.

In connection with the Sales Agreement, the Company incurred approximately $0.9 million of offering costs of which the Company deferred $0.2 million. These deferred offering costs will be ratably recognized as a reduction to additional paid-in-capital as shares are sold under the Sales Agreement.

During the year ended December 31, 2025, the Company sold 1,200,000 shares of the Company’s common stock pursuant to the Sales Agreement, and received $30.1 million in net proceeds after deducting commissions and other offering expenses. No sales occurred during the three months ended March 31, 2026.

Pre-funded warrants

The Company has pre-funded warrants outstanding to purchase an aggregate of 6,792,559 shares of the Company’s common stock as of March 31, 2026. The pre-funded warrants are exercisable at any time for exercise prices ranging from $0.000001 to $0.001, except that the pre-funded warrants cannot be exercised by a holder if, after giving effect thereto, such holder would beneficially own more than 9.99% of the Company’s outstanding common stock, subject to certain exceptions. However, any holder may increase or decrease such percentage to any other percentage (not in excess of 19.99%) upon at least 61 days’ prior notice from the holder to the Company. The holders of the pre-funded warrants will not have the right to vote the shares underlying the pre-funded warrants on any matter except to the extent required by Delaware law. Information on the outstanding warrants is as follows:


Type	Exercise Price		Amount	Type of Financing
Common stock pre-funded warrant	$	0.000001	425,987	Legacy pre-funded warrants outstanding
Common stock pre-funded warrant	$	0.000001	1,708,332	December 2023 preferred stock conversion
Common stock pre-funded warrant	$	0.000001	1,825,635	December 2023 Pre-Closing Financing
Common stock pre-funded warrant	$	0.001	2,165,042	November 2024 private placement
Common stock pre-funded warrant	$	0.001	667,563	April 2025 common stock conversion
Total			6,792,559

The Company had reserved shares of the Company’s common stock for future issuance as follows:


	March 31, 2026	December 31, 2025
Unvested restricted stock units	296,578	256,361
Unvested performance stock units	252,124	252,124
Options outstanding	2,820,038	2,088,550
Shares available for future grant under the 2023 Equity Incentive Plan	1,301,337	1,277,826
Shares available for future grant under the 2025 Inducement Plan	362,460	394,055
Shares available for future issuance under the 2023 Employee Stock Purchase Plan	535,911	313,088
Pre-funded warrants outstanding	6,792,559	6,792,559
Total common stock reserved	12,361,007	11,374,563

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Commitments and Contingencies - Contingent Value Rights Liability (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Other Commitments [Line Items]
Contingent value rights liability, current	$ 0	$ 638
Contingent value rights liability, non-current	409	428
Lease CVR
Other Commitments [Line Items]
Contingent value rights liability, current	0	312
Contingent value rights liability, non-current	409	428
Intellectual Property CVR
Other Commitments [Line Items]
Contingent value rights liability, current	0	326
Contingent value rights liability, non-current	$ 0	$ 0

Segment Information - Narrative (Details)	3 Months Ended
Segment Information - Narrative (Details)	Mar. 31, 2026 segment
Segment Reporting [Abstract]
Number of operating segments	1
Number of reportable segments	1

Stock-Based Compensation - Summary of Weighted Average Assumptions (Details)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected volatility rate, minimum	96.59%	93.99%
Expected volatility rate, maximum	97.43%	96.49%
Risk-free interest rate, minimum	3.64%	3.97%
Risk-free interest rate, maximum	3.91%	4.42%
Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected life (in years)	5 years 3 months 7 days	5 years 7 months 6 days
Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected life (in years)	6 years 11 months 23 days	6 years 11 months 15 days
Outstanding stock options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected dividend yield	0.00%	0.00%

Licenses	3 Months Ended
Licenses	Mar. 31, 2026
License Agreements [Abstract]
Licenses	Licenses Master Collaboration Agreement with The University of Edinburgh In December 2020, the Company entered into a Master Collaboration Agreement (the “MCA”) with the University of Edinburgh (the “University of Edinburgh”). Under the MCA, the Company and the University of Edinburgh agreed to collaborate on certain research and development projects (“Projects”), and the Company agreed to provide funding for such Projects for a 40-month initial term, which was extended in November 2023 for an additional 33 months and may be further extended by mutual agreement. Under the MCA, the Company is obligated to pay semi-annual installment payments relating to funding of costs for personnel and lab consumables for the duration of the MCA. Either party may terminate the MCA for convenience upon 90 days’ notice. If the Company were to terminate the MCA, the Company would be responsible for all non-cancellable costs and commitments related to any particular Project and any and all funding costs for any person working on such Project. License Agreement with The University of Edinburgh In March 2022, the Company exercised an option under the MCA with respect to certain Projects and entered into a License Agreement with the University of Edinburgh (the “March 2022 Edinburgh License Agreement”), pursuant to which the Company licensed certain patents and know-how related to the EXACT technology and optimized MECP2 cassettes on an exclusive basis. Under the March 2022 Edinburgh License Agreement, the Company obtained an exclusive, worldwide license to the licensed patents to develop, manufacture, supply, sell, and commercialize any products that utilize the licensed patents (the “Licensed Products”) in exchange for low single-digit percentage royalties on future commercial net sales of the Licensed Products. Royalties are payable on a Licensed Product-by-Licensed Product and country-by-country basis until the later of the expiration of the last licensed patent covering such Licensed Product in the country where the Licensed Product is sold, or, if no licensed patent exists or has expired in such country, then 10 years from first commercial sale of such Licensed Product in such country (the “Royalty Term”). The term of the March 2022 Edinburgh License Agreement continues until the end of the Royalty Term and the expiration of all of the payment obligations under that license. The Company may terminate the March 2022 Edinburgh License Agreement for convenience upon 90 days’ notice. In connection with the license, the Company is also obligated to pay the University of Edinburgh up to $5.3 million in regulatory-related milestones, of which $0.3 million has been paid in connection with the Phase 1/2 study. The remaining regulatory milestone payments consist of $2.0 million payable upon achievement of the first regulatory approval (FDA or European Medicines Agency (“EMA”)) and $3.0 million payable upon achievement of the second regulatory approval (FDA or EMA). In addition, the Company may be obligated to make up to $25.0 million of sales-related milestone payments based on annual net sales of Licensed Products in excess of defined thresholds. For the three months ended March 31, 2026 and 2025, the expense recorded by the Company related to the MCA was $0.4 million and $0.4 million, respectively. License Agreement with Virovek In September 2020, the Company entered into a Non-Exclusive License Agreement with Virovek, Inc., pursuant to which the Company has a license to use certain patents and know-how on a non-exclusive basis related to the Company’s baculovirus process in exchange for low single-digit percentage royalties on future commercial net sales of each product using the baculovirus process, development milestone payments of up to $0.2 million in the aggregate, and a nonrefundable annual license fee. This agreement continues until the later of (i) the expiration of the last to expire patent right that covers the manufacture, use, offer for sale, sale, importation, export or supply of any licensed product, (ii) ten years after the first commercial sale of any licensed product, or (iii) the expiration of all regulatory or market exclusivities. The Company may terminate this agreement for convenience upon 60 days notice. During the three months ended March 31, 2026 and 2025, no milestone expense was recorded. License Agreement with Sigma-Aldrich Co In January 2023, the Company entered into a Non-Exclusive License Agreement with Sigma-Aldrich Co. LLC, pursuant to which the Company has a license to certain patents and know-how on a non-exclusive basis related to certain cell lines used in the Company’s baculovirus process in exchange for a small annual fee on a product-by-product basis, payable once the first product candidate enters the clinic. In addition, on a product-by-product basis, the Company is obligated to pay up to $2.5 million in the aggregate for regulatory-related milestones. This agreement remains in force for as long as the Company continues to possess and use the licensed technology. The Company may terminate this agreement for convenience upon 60 days’ notice. During the three months ended March 31, 2026 and 2025, no milestone expense was recorded. License Agreement with Stanford In August 2024, the Company entered into a Non-Exclusive License Agreement with the Board of Trustees of Leland Stanford Junior University (the “Stanford License Agreement”) to license, on a non-exclusive basis, certain biological materials used in the manufacturing process of the Company’s product candidates, including NGN-401. Over the 10-year term of the Stanford License Agreement, the Company is obligated to pay an annual license maintenance fee. The Company may terminate this agreement for convenience upon 30 days’ notice. During the three months ended March 31, 2026 and 2025, no milestone expense was recorded.

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2026	May 08, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	001-36327
Entity Registrant Name	Neurogene Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	98-0542593
Entity Address, Address Line One	535 W 24th St.
Entity Address, Address Line Two	5th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10011
City Area Code	855
Local Phone Number	508-3568
Title of 12(b) Security	Common stock, par value $0.000001 per share
Trading Symbol	NGNE
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		15,801,901
Entity Central Index Key	0001404644
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Amendment Flag	false
Current Fiscal Year End Date	--12-31

Stock-Based Compensation - Narrative (Details) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2026 USD ($) option $ / shares shares	Mar. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2025 shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total common stock reserved (in shares) \| shares	12,361,007		11,374,563
Outstanding option intrinsic value	$ 7,200
Exercisable, intrinsic value	3,200
Share-based compensation arrangement by share-based payment award, options, exercised, intrinsic value	$ 300
Share-based compensation arrangement by share-based payment award, options, grants in period, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 14.06	$ 12.78
Share-based payment arrangement, expense	$ 3,629	$ 4,048
Shares available for future grant under the 2025 Inducement Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total common stock reserved (in shares) \| shares	362,460	500,000	394,055
Outstanding stock options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total common stock reserved (in shares) \| shares	2,820,038		2,088,550
Share-based payment arrangement, expense	$ 2,500	$ 1,800
Share-based payment arrangement, nonvested award, option, cost not yet recognized, amount	$ 27,400
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition	2 years 9 months 14 days
Restricted stock awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based payment arrangement, expense	$ 800	600
Share-based payment arrangement, nonvested award, option, cost not yet recognized, amount	$ 6,000
Award vesting period	2 years
Performance stock units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total common stock reserved (in shares) \| shares	252,124		252,124
Share-based payment arrangement, number of tranches \| option	2
Number of shares common stock holder to receive when restricted stock unit vests (in shares) \| shares	1
Performance stock units \| Share-Based Payment Arrangement, Tranche One
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based payment arrangement, expense	$ 300	$ 1,600
Share-based compensation arrangement by share-based payment award, equity instruments other than options, probable to vest \| shares			126,062
Performance stock units \| Share-Based Payment Arrangement, Tranche Two
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based payment arrangement, nonvested award, option, cost not yet recognized, amount	$ 6,000
Share-based compensation arrangement by share-based payment award, equity instruments other than options, not probable to vest \| shares	126,062

Segment Information

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Segment Information

Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the CODMs in deciding how to allocate resources and in assessing performance. The Company’s CODMs are (i) the Chief Executive Officer and (ii) the President and Chief Financial Officer. The Company is a clinical stage biotechnology company that operates as a single operating segment and has one reportable segment. In addition to reviewing the expenses in the consolidated statement of operations, the CODMs are provided with research and development costs for Rett syndrome, Batten disease and Early Discovery, as well as categorized general and administrative expenses. The research and development programs are considered significant by the Company. The CODMs assess the financial performance of the segment and decides how to allocate resources based on net loss on a consolidated basis. The measure of segment assets is reported on the condensed consolidated balance sheets as total consolidated assets. The CODMs also assess performance of the segment according to preclinical and clinical data, the stage of development of the research and development programs, along with program specific expenses and market conditions in the pharmaceutical and biotechnology sectors.

As of March 31, 2026 and 2025, the Company did not have any significant long-lived assets located outside of the United States. Information on the segment and reconciliation to net loss is as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Program specific expenses:
Rett syndrome	$	11,037	$	4,524
Batten disease	178		845
Early Discovery	613		1,287
Unallocated internal expenses:
Personnel-related	6,456		5,404
Stock-based compensation	1,791		1,570
Manufacturing	4,197		3,107
Other (a)	878		1,023
Total research and development expenses	$	25,150	$	17,760

General and administrative specific expenses:
Personnel-related	$	2,626	$	2,484
Stock-based compensation	1,838		2,478
Professional and consultant fees	1,402		1,277
Office-related	610		632
Other (b)	1,723		1,288
Total general and administrative expenses	$	8,199	$	8,159

Other income(c)	2,415		3,272
Net loss	$	(30,934)	$	(22,647)
(a) The Other expense segment items category within research and development expense is mainly comprised of: Consultant fees for programs not specified above, IT Software and network support and rent expenses. (b) The Other expense segment items category within general and administrative expense is mainly comprised of: Insurance, IT software and network support, market research, and tax expenses. (c) Other income included in net loss is mainly comprised of: Interest income, interest expense, other income and other expense.

- 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

Stock-Based Compensation - Summary of Option Activity (Details) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Number of shares
Beginning balance (in shares)	2,088,550
Granted (in shares)	777,383
Exercised (in shares)	(21,324)
Expired/Forfeited (in shares)	(24,571)
Ending balance (in shares)	2,820,038	2,088,550
Exercisable at end of period (in shares)	1,054,285
Weighted average exercise price per share
Beginning balance (in dollars per share)	$ 23.49
Granted (in dollars per share)	17.77
Exercised (in dollars per share)	9.43
Expired/Forfeited (in dollars per share)	23.18
Ending balance (in dollars per share)	22.02	$ 23.49
Exercisable at end of period (in dollars per share)	$ 24.23
Weighted average remaining contractual term (in years)
Outstanding (years)	8 years 2 months 23 days	7 years 10 months 28 days
Exercisable (years)	6 years 10 months 6 days

Investments (Tables)

3 Months Ended

Mar. 31, 2026

Investments, Debt and Equity Securities [Abstract]

Schedule of Debt Securities, Held-to-Maturity

The following table summarizes the Company’s investment securities as of March 31, 2026 and December 31, 2025 (in thousands):


	March 31, 2026
	Amortized cost, as adjusted		Gross unrealized holding gains		Gross unrealized holding losses		Estimated fair value
Cash equivalents:
Money market funds	$	116,978	$	—	$	—	$	116,978
Short-term investments:
U.S. treasury notes	119,021		14		(1)		119,034
Total	$	235,999	$	14	$	(1)	$	236,012

All of the Company’s investments mature within the next 12 months.


	December 31, 2025
	Amortized cost, as adjusted		Gross unrealized holding gains		Gross unrealized holding losses		Estimated fair value
Cash equivalents:
Money market funds	$	93,593	$	—	$	—	$	93,593
Short-term investments:
U.S. treasury notes	165,168		135		(1)		165,302
Total	$	258,761	$	135	$	(1)	$	258,895

- Definition

Tabular disclosure of information about investment in debt security measured at amortized cost (held-to-maturity).

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-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5B

+ Details

Commitments and Contingencies - Narrative (Details) $ in Thousands		1 Months Ended							3 Months Ended
	Dec. 31, 2023 USD ($)	Feb. 28, 2026 USD ($)	Nov. 30, 2025 USD ($)	Aug. 31, 2025 USD ($)	Aug. 31, 2024 USD ($)	Apr. 30, 2024 USD ($)	Sep. 30, 2020 USD ($) ft²	Aug. 31, 2019 USD ($) ft² Term	Mar. 31, 2026 USD ($)	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)	Jun. 30, 2024 USD ($)	Dec. 18, 2023 USD ($) ft² Term	Sep. 30, 2019 ft²
Other Commitments [Line Items]
Operating lease right-of-use assets									$ 2,458		$ 2,648
Other income									163	$ 148
Contingent consideration liability									400
Intellectual property contingent value rights liability, current, deductions	$ 400
Asset acquisition, contingent consideration, cash payment		$ 600		$ 800
Asset acquisition, contingent consideration, covenant, minimum amount owed, net of deductions									$ 500
Intellectual Property CVR
Other Commitments [Line Items]
Intellectual property total amount	$ 900
Asset acquisition, contingent consideration, cash payment		300			$ 500
Lease CVR
Other Commitments [Line Items]
Asset acquisition, contingent consideration, cash payment		$ 300		400
Sales Tax CVR
Other Commitments [Line Items]
Asset acquisition, contingent consideration, cash payment				$ 400
April 2024 CVR Licensing Agreement
Other Commitments [Line Items]
Collaborative arrangement, rights and obligations, eligibility to received net proceeds, maximum percentage	1
Collaborative arrangement, rights and obligations, eligibility to received net proceeds, percentage	0.80
Collaborative arrangement, rights and obligations, reimbursement						$ 10
April 2024 CVR Licensing Agreement \| License \| Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Other Commitments [Line Items]
Contract with customer, liability						800
Collaborative arrangement, rights and obligations, maximum aggregate milestone payments, per product						$ 11,000
Accipiter \| License \| Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Other Commitments [Line Items]
Contract with customer, liability												$ 200
Collaborative arrangement, rights and obligations, maximum aggregate milestone payments, per product	$ 13,400
Minimum
Other Commitments [Line Items]
Consulting and service agreements termination notice period									30 days
Maximum
Other Commitments [Line Items]
Consulting and service agreements termination notice period									60 days
New York Headquarters Lease
Other Commitments [Line Items]
Area of real estate property \| ft²														6,000
Operating lease, monthly payments			$ 30
Operating lease right-of-use assets			400
Operating lease, liability			$ 400
Houston Lease
Other Commitments [Line Items]
Area of real estate property \| ft²							42,342	26,905
Operating lease, monthly payments								$ 30
Number of renewal terms \| Term								2
Renewal term								5 years
Security deposit								$ 40
Houston Lease \| Minimum
Other Commitments [Line Items]
Operating lease, monthly payments							$ 50
Houston Lease \| Maximum
Other Commitments [Line Items]
Operating lease, monthly payments							$ 60
Blaine Lease in Seattle
Other Commitments [Line Items]
Area of real estate property \| ft²													33,300
Number of renewal terms \| Term													2
Renewal term													5 years
Eastlake Lease in Seattle
Other Commitments [Line Items]
Area of real estate property \| ft²													6,272
Lessor, operating lease, payment to be received													$ 1,600
Other income									$ 100	$ 100

Licenses (Details) - USD ($)	1 Months Ended						3 Months Ended
Licenses (Details) - USD ($)	Aug. 31, 2024	Nov. 30, 2023	Jan. 31, 2023	Mar. 31, 2022	Dec. 31, 2020	Sep. 30, 2020	Mar. 31, 2026	Mar. 31, 2025
University of Edinburgh
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
First commercial sale of such licensed product in such country				10 years
Annual license maintenance fee							$ 400,000	$ 400,000
University of Edinburgh \| Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaborative arrangement, rights and obligations, term					40 months
Collaborative arrangement, rights and obligations, additional term		33 months
Research collaboration and license agreement, option to terminate					90 days
University of Edinburgh \| Collaborative Arrangement, Transaction with Party to Collaborative Arrangement \| Regulatory-Related Milestones
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaborative arrangement, rights and obligations, maximum aggregate milestone payments, per product				$ 5,300,000
Collaboration and license agreement, milestone payment expense				300,000
Collaboration and license agreement, first regulatory approval milestone payment				2,000,000.0
Collaboration and license agreement, second regulatory approval milestone payment				3,000,000.0
University of Edinburgh \| Collaborative Arrangement, Transaction with Party to Collaborative Arrangement \| Sales-Related Milestones
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaborative arrangement, rights and obligations, maximum aggregate milestone payments, per product				$ 25,000,000.0
Virovek, Inc License Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaborative arrangement, rights and obligations, expense							0	0
Virovek, Inc License Agreement \| Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research collaboration and license agreement, option to terminate						60 days
Collaborative arrangement, rights and obligations, maximum aggregate milestone payments, per product						$ 200,000
Sigma-Aldrich Co \| Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research collaboration and license agreement, option to terminate			60 days
Collaborative arrangement, rights and obligations, maximum aggregate milestone payments, per product			$ 2,500,000
Collaborative arrangement, milestone method, revenue recognized							$ 0	$ 0
Stanford License Agreement \| Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Term of agreement	10 years

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
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

Segment Information (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of Results of Operations by Reportable Segment


	Three Months Ended March 31,
	2026		2025
Program specific expenses:
Rett syndrome	$	11,037	$	4,524
Batten disease	178		845
Early Discovery	613		1,287
Unallocated internal expenses:
Personnel-related	6,456		5,404
Stock-based compensation	1,791		1,570
Manufacturing	4,197		3,107
Other (a)	878		1,023
Total research and development expenses	$	25,150	$	17,760

General and administrative specific expenses:
Personnel-related	$	2,626	$	2,484
Stock-based compensation	1,838		2,478
Professional and consultant fees	1,402		1,277
Office-related	610		632
Other (b)	1,723		1,288
Total general and administrative expenses	$	8,199	$	8,159

Other income(c)	2,415		3,272
Net loss	$	(30,934)	$	(22,647)
(a) The Other expense segment items category within research and development expense is mainly comprised of: Consultant fees for programs not specified above, IT Software and network support and rent expenses. (b) The Other expense segment items category within general and administrative expense is mainly comprised of: Insurance, IT software and network support, market research, and tax expenses. (c) Other income included in net loss is mainly comprised of: Interest income, interest expense, other income and other expense.

Prepaid expenses and other current assets

3 Months Ended

Mar. 31, 2026

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Prepaid expenses and other current assets

Prepaid expenses and other assets consist of the following (in thousands):


	March 31, 2026		December 31, 2025
Other receivables	$	250	$	460
Prepaid expenses	2,943		1,938
Deferred financing costs	191		191
Other current assets	181		168
Total prepaid and other current assets	$	3,565	$	2,757

Stock-Based Compensation - Summary of Other Awards (Details)	3 Months Ended
	Mar. 31, 2026 $ / shares shares
Restricted stock awards
Number of shares
Beginning balance (in shares) \| shares	256,361
Granted (in shares) \| shares	150,430
Vested (in shares) \| shares	(104,662)
Forfeited (in shares) \| shares	(5,551)
Ending balance (in shares) \| shares	296,578
Weighted- average grant date fair value
Beginning balance (in dollars per share) \| $ / shares	$ 26.16
Granted (in dollars per share) \| $ / shares	17.64
Vested (in dollars per share) \| $ / shares	28.16
Forfeited (in dollars per share) \| $ / shares	25.81
Ending balance (in dollars per share) \| $ / shares	$ 21.14
Performance stock units
Number of shares
Beginning balance (in shares) \| shares	252,124
Granted (in shares) \| shares	0
Vested (in shares) \| shares	0
Forfeited (in shares) \| shares	0
Ending balance (in shares) \| shares	252,124
Weighted- average grant date fair value
Beginning balance (in dollars per share) \| $ / shares	$ 36.06
Granted (in dollars per share) \| $ / shares	0
Vested (in dollars per share) \| $ / shares	0
Forfeited (in dollars per share) \| $ / shares	0
Ending balance (in dollars per share) \| $ / shares	$ 36.06

Segment Information - Information On The Segment And Reconciliation To Net Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting, Asset Reconciling Item [Line Items]
Total research and development expenses	$ 25,150	$ 17,760
Total general and administrative expenses	8,199	8,159
Net loss	(30,934)	(22,647)
Reportable Segment
Segment Reporting, Asset Reconciling Item [Line Items]
Total research and development expenses	25,150	17,760
Total general and administrative expenses	8,199	8,159
Other income	2,415	3,272
Net loss	(30,934)	(22,647)
Rett syndrome \| Reportable Segment
Segment Reporting, Asset Reconciling Item [Line Items]
Total research and development expenses	11,037	4,524
Batten disease \| Reportable Segment
Segment Reporting, Asset Reconciling Item [Line Items]
Total research and development expenses	178	845
Early Discovery \| Reportable Segment
Segment Reporting, Asset Reconciling Item [Line Items]
Total research and development expenses	613	1,287
Personnel-related \| Reportable Segment
Segment Reporting, Asset Reconciling Item [Line Items]
Total research and development expenses	6,456	5,404
Total general and administrative expenses	2,626	2,484
Stock-based compensation \| Reportable Segment
Segment Reporting, Asset Reconciling Item [Line Items]
Total research and development expenses	1,791	1,570
Total general and administrative expenses	1,838	2,478
Manufacturing \| Reportable Segment
Segment Reporting, Asset Reconciling Item [Line Items]
Total research and development expenses	4,197	3,107
Other \| Reportable Segment
Segment Reporting, Asset Reconciling Item [Line Items]
Total research and development expenses	878	1,023
Total general and administrative expenses	1,723	1,288
Professional and consultant fees \| Reportable Segment
Segment Reporting, Asset Reconciling Item [Line Items]
Total general and administrative expenses	1,402	1,277
Office-related \| Reportable Segment
Segment Reporting, Asset Reconciling Item [Line Items]
Total general and administrative expenses	$ 610	$ 632

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 124,161	$ 103,845
Short-term investments	119,021	165,168
Prepaid expenses and other current assets	3,565	2,757
Total current assets	246,747	271,770
Property and equipment, net	12,504	12,792
Operating lease right-of-use assets	2,458	2,648
Finance lease right-of-use assets	15	22
Restricted cash	339	339
Other non-current assets	1,078	1,033
Total assets	263,141	288,604
Current liabilities:
Accounts payable	4,685	1,953
Accrued expenses and other current liabilities	11,134	10,756
Operating lease liabilities, current	3,038	3,050
Finance lease liabilities, current	9	14
Contingent value rights liability, current	0	638
Total current liabilities	18,866	16,411
Operating lease liabilities, non-current	6,079	6,822
Finance lease liabilities, non-current	4	5
Contingent value rights liability, non-current	409	428
Other liabilities	0	51
Total liabilities	25,358	23,717
Commitments and contingencies - Note 9
Stockholders' equity:
Preferred stock, $0.000001 par value; $50,000,000 shares authorized as of March 31, 2026 and December 31, 2025; 0 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively	0	0
Common stock, $0.000001 par value; $450,000,000 shares authorized as of March 31, 2026 and December 31, 2025; $15,615,786 and $15,489,800 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively	0	0
Additional paid-in capital	621,366	617,536
Accumulated deficit	(383,583)	(352,649)
Total stockholders' equity	237,783	264,887
Total liabilities and stockholders' equity	$ 263,141	$ 288,604

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Operating expenses:
Research and development expenses	$ 25,150	$ 17,760
General and administrative expenses	8,199	8,159
Total operating expenses	33,349	25,919
Loss from operations	(33,349)	(25,919)
Other income (expense):
Interest income	2,261	3,206
Interest expense	0	(2)
Other income	163	148
Other expense	(9)	(80)
Net loss	$ (30,934)	$ (22,647)
Per share information:
Net loss per share, basic (in dollars per share)	$ (1.39)	$ (1.08)
Net loss per share, diluted (in dollars per share)	$ (1.39)	$ (1.08)
Weighted-average shares of common stock outstanding, basic (in shares)	22,305,734	20,996,287
Weighted-average shares of common stock outstanding, diluted (in shares)	22,305,734	20,996,287

Commitments and Contingencies

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Lease Obligations

New York Headquarters Lease

In September 2019, the Company commenced a sub-lease of approximately 6,000 square feet of office space for the corporate headquarters in New York, New York with a term expiring in June 2023.

In July 2021, the sublessor was released from the original lease by the landlord, and the Company attorned to the landlord the executory terms and provisions of the sub-lease. In February 2022, the Company entered into an extension of the New York office lease (retroactive to December 2021) through June 2026. In November 2025, the Company entered into a second amendment of the lease, extending the New York office lease through January 2028, with decreased monthly lease payments of approximately $0.03 million. As a result, the Company recorded an additional operating right-of-use asset of approximately $0.4 million and an additional operating lease liability of approximately $0.4 million.

Houston Lease

In August 2019, the Company entered into an agreement to lease approximately 26,905 square feet in Houston, Texas to build a manufacturing facility and office with a term expiring in August 2029. The Company has the option to renew the lease term for two additional five-year terms. The renewal periods were not included in the lease term for purposes of determining the lease liability or right-of-use asset. Monthly rent payments were approximately $0.03 million. In connection with the lease, the Company paid a security deposit of approximately $0.04 million.

In September 2020, the Company amended the lease agreement to further increase the rentable space to 42,342 square feet. The commencement date of the expansion space lease was January 1, 2021 and the monthly rent payments increased to a range of approximately $0.05 million to $0.06 million.

Blaine Lease in Seattle

As a result of the reverse merger, the Company assumed an operating lease for approximately 33,300 square feet of office space in Seattle, Washington for offices, a laboratory for research and development, and related uses. The lease expires on February 1, 2029, with the option to extend the lease for two five-year terms. The renewal periods were not included in the lease term for purposes of determining the lease liability or right-of-use asset.

Eastlake Lease in Seattle

As a result of the reverse merger, the Company assumed an operating lease for approximately 6,272 square feet of office space in Seattle, Washington for additional office and laboratory space for research and development and related uses (the “Eastlake Lease”). The lease expires on September 30, 2026. The Company also assumed the existing agreement to sublease the Eastlake Lease to an unrelated third party (“Eastlake Sublease”). Pursuant to the terms of the Eastlake Sublease, Neurogene is entitled to receive approximately $1.6 million in lease payments. The Company recorded sublease income of $0.1 million for the three months ended March 31, 2026 and 2025 and is included in other income in the statement of operations. The term of the sublease is through September 30, 2026.

Supplemental lease expense for the three months ended March 31, 2026 and 2025 was as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Operating lease cost	$	419	$	484
Finance lease cost
Amortization of finance leases	7		13
Interest on finance lease liabilities	—		2
Variable lease cost	297		352
Short-term lease cost	16		19
Total lease cost	$	739	$	870

Lease CVR

Under the CVR Agreement, each CVR holder is eligible to receive certain net savings, if any, realized by June 30, 2029 in connection with certain legacy lease obligations (the “Lease CVR”). As of March 31, 2026, approximately $0.4 million was recorded as a component of the contingent value rights liability on the Company’s condensed consolidated balance sheet consisting of lease commitments that were probable and estimable at the Closing. The commitments relate to Neoleukin’s sublease agreement, effective October 31, 2023, for one of its properties with an unrelated third party for the remainder of the lease term.

Intellectual Property CVR

Under the CVR Agreement, each CVR holder is eligible to receive 100% of the net proceeds, if any, derived from any consideration paid as a result of the disposition of Neoleukin’s pre-merger legacy assets pursuant any agreements entered into before the Closing, and 80% of net proceeds, if any, derived from any consideration paid as a result of the disposition of Neoleukin’s pre-merger legacy assets pursuant any agreements entered into within one year after the Closing (the “Intellectual Property CVR”). Contingent consideration liabilities related to the CVR Agreement will only be recorded if the liabilities are probable and estimable as of the balance sheet date. Refer to the December 2023 CVR Licensing Agreement and April 2024 CVR Licensing Agreement subsections below for further detail on the current agreements related to the Company’s Intellectual Property CVR.

December 2023 CVR Licensing Agreement

Prior to the Closing, Neoleukin entered into a licensing agreement on December 13, 2023 with an unrelated third party to develop and commercialize certain legacy Neoleukin assets (the “December 2023 CVR Licensing Agreement”). In June 2024, an upfront payment of $0.2 million was received by the Company and was recorded as licensing revenue within the condensed consolidated statements of operations. Since the December 2023 CVR Licensing Agreement was entered into before the Closing, the CVR holders are eligible to receive 100% of the net proceeds derived from the December 2023 CVR Licensing Agreement. The December 2023 CVR Licensing Agreement contains development, regulatory and commercialization milestones totaling up to approximately $13.4 million, as well as royalty payments. However, as of March 31, 2026, no other development and sales milestones were achieved nor deemed probable of achievement under the December 2023 CVR Licensing Agreement.

April 2024 CVR Licensing Agreement

In April 2024, the Company entered into a licensing and intellectual property assignment agreement with another unrelated third party to develop and commercialize certain legacy Neoleukin assets (the “April 2024 CVR Licensing Agreement”). In April 2024, the Company received a one-time upfront payment of approximately $0.8 million and reimbursement of $0.01 million for patent expenses under the April 2024 CVR Licensing Agreement. Accordingly, the Company recorded $0.8 million as licensing revenue within the condensed consolidated statements of operations. Since the April 2024 CVR Licensing Agreement was entered into within one year after the Closing, the CVR holders are eligible to receive 80% of the net proceeds derived from the April 2024 CVR Licensing Agreement. The April 2024 CVR Licensing Agreement contains development, regulatory and commercialization milestones totaling up to approximately $11.0 million, as well as royalty payments. However, as of March 31, 2026, no other development and sales milestones were achieved nor deemed probable of achievement under the April 2024 CVR Licensing Agreement.

The December 2023 CVR Licensing Agreement and April 2024 CVR Licensing Agreement collectively account for the total Intellectual Property CVR. The total amount of $0.9 million due under the Intellectual Property CVR was offset by $0.4 million due to permitted deductions under the Merger Agreement and the remaining $0.5 million was paid to the CVR holders.

CVR Payments

In August 2025, the Company made the second CVR payment to CVR holders of $0.8 million. $0.4 million was applied to the Sales Tax CVR and $0.4 million was applied to the Lease CVR, reducing the respective liabilities. In February 2026, the Company made the third CVR payment to CVR holders of $0.6 million. $0.3 million was applied to the Intellectual Property CVR and $0.3 million was applied to the Lease CVR.

The following table summarizes the components of the contingent value rights liability in the condensed consolidated balance sheet as of March 31, 2026 and December 31, 2025 (in thousands):


	March 31, 2026				December 31, 2025
	Current		Non-Current		Current		Non-Current
Lease CVR	$	—	$	409	$	312	$	428
Intellectual Property CVR	—		—		326		—
Total CVR liability	$	—	$	409	$	638	$	428

As per the CVR Agreement, the total amount owed to CVR holders, after deductions permitted under the Merger Agreement, must be at least $0.5 million to trigger a CVR payment prior to the end of the CVR term.

All other payments under the CVR Agreement were not considered probable and estimable as of March 31, 2026 and therefore, no additional contingent consideration liability has been recorded. The Company will evaluate the probable and estimable range of outcomes under the CVR Agreement at each reporting period until the end of the CVR term and adjust the amounts accrued for, as necessary.

Employment Agreements

The Company has employment and consulting agreements with key personnel providing for compensation and severance in certain circumstances, as defined in the respective employment agreements.

Other Research and Development Arrangements

As of March 31, 2026, the Company had standing agreements with consultants, contractors or service providers that generally can be terminated by the Company with 30 to 60 days written notice, unless otherwise indicated.

Litigation and Legal Proceedings

The Company is subject to litigation and other claims that arise in the ordinary course of business. While the ultimate result of outstanding legal matters cannot presently be determined, the Company does not expect that the ultimate disposition will have a material effect on its results of financial condition, results of operations or cash flows. However, legal matters are inherently unpredictable and subject to significant uncertainties, some of which are beyond the Company’s control. As such, there can be no assurance that the final outcome of any particular legal matter will not have a material adverse effect on the Company’s financial condition, results of operations or cash flows.

Property and Equipment, Net

3 Months Ended

Mar. 31, 2026

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

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


	March 31, 2026		December 31, 2025
Lab equipment	$	3,301	$	3,262
Manufacturing equipment	7,602		7,582
Office equipment	30		30
Leasehold improvements	15,602		15,418
Software	285		285
Land improvements	80		—
Construction in progress	560		324
Total property and equipment, cost	27,460		26,901
Less: accumulated depreciation and impairment	(14,956)		(14,109)
Property and equipment, net	$	12,504	$	12,792

The Company recorded depreciation and amortization expense of $0.8 million and $0.7 million for the three months ended March 31, 2026 and 2025, respectively.

Management has reviewed its property and equipment for impairment whenever events and circumstances indicate that the carrying value of an asset might not be recoverable. During the three months ended March 31, 2026, impairment losses were immaterial. During the three months ended March 31, 2025, no impairment losses were recorded. Impairment losses are charged to research and development expenses in the condensed consolidated statement of operations. Fair value for the idle assets was determined by a quoted purchase price for the assets

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Schedule of Cash and Cash Equivalents


	March 31, 2026		December 31, 2025
Cash and cash equivalents	$	124,161	$	103,845
Restricted cash	339		339
Total cash, cash equivalents and restricted cash	$	124,500	$	104,184

Schedule of Restrictions on Cash and Cash Equivalents


	March 31, 2026		December 31, 2025
Cash and cash equivalents	$	124,161	$	103,845
Restricted cash	339		339
Total cash, cash equivalents and restricted cash	$	124,500	$	104,184

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following potentially dilutive securities have been excluded from the diluted per share calculations as they would be anti-dilutive:


	Three Months Ended March 31,
	2026	2025
Outstanding stock options	2,820,038	2,086,334
Restricted stock units	296,578	279,458
Performance stock units	252,124	252,124
Shares issuable under 2023 Employee Stock Purchase Plan	3,942	—
Total	3,372,682	2,617,916

Prepaid expenses and other current assets (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other receivables	$ 250	$ 460
Prepaid expenses	2,943	1,938
Deferred financing costs	191	191
Other current assets	181	168
Prepaid expenses and other current assets	$ 3,565	$ 2,757

Summary of Significant Accounting Policies - Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025	Dec. 31, 2024
Accounting Policies [Abstract]
Cash and cash equivalents	$ 124,161	$ 103,845
Restricted cash	339	339
Total cash, cash equivalents and restricted cash	$ 124,500	$ 104,184	$ 71,110	$ 136,925

Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments


	March 31, 2026
	Level 1		Level 2		Level 3
Assets:
Money market funds	$	116,978	$	—	$	—
U.S. treasury notes	119,034		—		—
Total	$	236,012	$	—	$	—


	December 31, 2025
	Level 1		Level 2		Level 3
Assets:
Money market funds	$	93,593	$	—	$	—
U.S. treasury notes	165,302		—		—
Total	$	258,895	$	—	$	—

Money market funds are cash equivalents and are included in cash and cash equivalents in the condensed consolidated balance sheet as of March 31, 2026 and December 31, 2025.

- 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
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Organization and Description of Business	3 Months Ended
Organization and Description of Business	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	Organization and Description of Business Neurogene Inc. (formerly known as Neoleukin Therapeutics, Inc. (“Neoleukin”)) (the “Company” or “Neurogene”) is a clinical-stage biotechnology company that is a result of the reverse merger. The operating entity of Neurogene Inc. is the wholly owned subsidiary incorporated in the state of Nevada and also named Neurogene Inc. (“Neurogene OpCo”). Neurogene OpCo was incorporated as a limited liability company in Delaware on January 26, 2018 and converted into a Delaware corporation on July 3, 2018, and then merged with a wholly owned subsidiary of the parent company and re-domiciled to Nevada on December 18, 2023 after completing a reverse merger with Neoleukin Therapeutics, Inc. (the “Closing”), in accordance with the terms of the Agreement and Plan of Merger, dated as of July 17, 2023 (the “Merger Agreement”). Both Neurogene and Neurogene OpCo have a principal place of business in New York, NY. Neurogene was formed to harness the power of gene therapy, combined with its EXACTTM transgene regulation technology, to turn today’s complex devastating neurological diseases into treatable conditions. The Company’s first clinical-stage program to utilize the EXACT technology is NGN-401, which has completed dosing in a Phase 1/2 clinical trial for the treatment of Rett syndrome. The Company has also initiated a registrational trial of NGN-401 to treat Rett syndrome. The trial, known as the EmboldenTM study, is a single‑arm, baseline‑controlled, open‑label study evaluating NGN‑401 in females with Rett syndrome and has been designed to support a potential Biologics License Application ("BLA") submission. Since beginning operations, the Company has devoted substantially all its resources to conducting research and development activities and undertaking preclinical studies, establishing the Company’s manufacturing facility, conducting clinical trials and the manufacturing of product used in the Company’s clinical trials and preclinical studies, business planning, developing and maintaining our intellectual property portfolio, hiring personnel, raising capital, and providing general and administrative support for these activities.

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Operating activities
Net loss	$ (30,934)	$ (22,647)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	3,629	4,048
Depreciation and impairment of property and equipment	847	749
Non-cash operating lease expense	190	197
Amortization of finance lease right-of-use assets	7	13
Amortization and accretion of premiums/discounts on held-to-maturity investments	(374)	(1,747)
Change in contingent value rights liability	(657)	27
Changes in assets and liabilities:
Prepaid expenses and other current assets	(808)	(278)
Other assets	(45)	79
Accounts payable	2,422	1,694
Accrued expenses and other liabilities	359	(2,203)
Operating lease liabilities	(755)	(706)
Net cash used in operating activities	(26,119)	(20,774)
Investing activities
Purchases of property and equipment	(281)	(780)
Purchases of held-to-maturity investments	(83,479)	(88,965)
Proceeds from maturities of held-to-maturity investments	130,000	44,700
Net cash provided by (used in) investing activities	46,240	(45,045)
Financing activities
Proceeds from the issuance of common stock upon exercise of options	201	19
Principal payments on finance leases	(6)	(15)
Net cash provided by financing activities	195	4
Net increase (decrease) in cash, cash equivalents and restricted cash	20,316	(65,815)
Cash, cash equivalents and restricted cash at beginning of period	104,184	136,925
Cash, cash equivalents and restricted cash at end of period	124,500	71,110
Supplemental disclosure of non-cash investing and financing activities:
Property and equipment included in accounts payable and accrued expenses	354	80
Supplemental cash flow information:
Cash paid for interest	$ 0	$ 2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Preferred stock, par or stated value per share (in dollars per share)	$ 0.000001	$ 0.000001
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred Stock, shares, issued (in shares)	0	0
Preferred Stock, shares, outstanding (in shares)	0	0
Common stock, par or stated value per share (in dollars per share)	$ 0.000001	$ 0.000001
Common stock, shares authorized (in shares)	450,000,000	450,000,000
Common stock, shares, issued (in shares)	15,615,786	15,489,800
Common stock, shares, outstanding (in shares)	15,615,786	15,489,800

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Schedule of Lease, Cost

Supplemental lease expense for the three months ended March 31, 2026 and 2025 was as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Operating lease cost	$	419	$	484
Finance lease cost
Amortization of finance leases	7		13
Interest on finance lease liabilities	—		2
Variable lease cost	297		352
Short-term lease cost	16		19
Total lease cost	$	739	$	870

Schedule of Asset Acquisition, Contingent Consideration

The following table summarizes the components of the contingent value rights liability in the condensed consolidated balance sheet as of March 31, 2026 and December 31, 2025 (in thousands):


	March 31, 2026				December 31, 2025
	Current		Non-Current		Current		Non-Current
Lease CVR	$	—	$	409	$	312	$	428
Intellectual Property CVR	—		—		326		—
Total CVR liability	$	—	$	409	$	638	$	428

Property and Equipment, Net (Tables)

3 Months Ended

Mar. 31, 2026

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

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


	March 31, 2026		December 31, 2025
Lab equipment	$	3,301	$	3,262
Manufacturing equipment	7,602		7,582
Office equipment	30		30
Leasehold improvements	15,602		15,418
Software	285		285
Land improvements	80		—
Construction in progress	560		324
Total property and equipment, cost	27,460		26,901
Less: accumulated depreciation and impairment	(14,956)		(14,109)
Property and equipment, net	$	12,504	$	12,792

Stock-Based Compensation

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

In March 2025, the Company’s board of directors approved the Neurogene Inc. 2025 Inducement Plan, which reserves for issuance up to 500,000 shares of the Company’s common stock underlying inducement awards.

The Company measures stock-based awards at their grant-date fair value and records compensation expense on a straight-line basis over the vesting period of the awards. The Company recorded stock-based compensation expense in the following expense categories in its accompanying condensed consolidated statements of operations (in thousands):


	Three Months Ended March 31,
	2026		2025
Research and development expenses	$	1,791	$	1,570
General and administrative expenses	1,838		2,478
Total expense	$	3,629	$	4,048

The following table summarizes the option activity:


Options	Number of shares	Weighted average exercise price per share		Weighted average remaining contractual term (in years)
Outstanding at December 31, 2025	2,088,550	$	23.49	7.91
Granted	777,383	$	17.77
Exercised	(21,324)	$	9.43
Expired/Forfeited	(24,571)	$	23.18
Outstanding at March 31, 2026	2,820,038	$	22.02	8.23
Exercisable at March 31, 2026	1,054,285	$	24.23	6.85

As of March 31, 2026, the aggregate intrinsic value of outstanding options and exercisable options was approximately $7.2 million and $3.2 million, respectively. The aggregate intrinsic value of options exercised was $0.3 million for the three months ended March 31, 2026.

The weighted-average grant date fair value of options granted was $14.06 and $12.78 per share for the three months ended March 31, 2026 and 2025, respectively. The Company recorded stock-based compensation related to stock options of approximately $2.5 million and $1.8 million for the three months ended March 31, 2026 and 2025, respectively. As of March 31, 2026, the total unrecognized compensation expense related to unvested stock option awards was approximately $27.4 million, which the Company expects to recognize over a weighted-average period of 2.79 years.

The fair value of each option was estimated on the grant date using the weighted-average assumptions in the table below:


	Three Months Ended March 31,
	2026	2025
Expected volatility	96.59%-97.43%	93.99%-96.49%
Risk-free interest rate	3.64%-3.91%	3.97%-4.42%
Expected life (in years)	5.27-6.98	5.60-6.96
Expected dividend yield	—	—

Restricted Stock Units

A summary of the Company’s restricted stock unit (“RSU”) activity and related information for the three months ended March 31, 2026 is as follows:


RSUs	Number of Shares	Weighted Average Grant Date Fair Value
Unvested at December 31, 2025	256,361	$	26.16
Restricted stock units granted	150,430	$	17.64
Restricted stock units vested	(104,662)	$	28.16
Restricted stock units forfeited	(5,551)	$	25.81
Unvested at March 31, 2026	296,578	$	21.14

The Company recorded stock-based compensation expense related to RSUs of approximately $0.8 million and $0.6 million for the three months ended March 31, 2026 and 2025, respectively. As of March 31, 2026, there was approximately $6.0 million of unrecognized compensation cost related to unvested RSUs, which is expected to be recognized over a remaining weighted average vesting period of approximately 2.00 years.

Performance Stock Units

A summary of the Company’s performance stock unit (“PSU”) activity and related information for the three months ended March 31, 2026 is as follows:


PSUs	Number of Shares	Weighted Average Grant Date Fair Value
Unvested at December 31, 2025	252,124	$	36.06
Performance stock units granted	—	$	—
Performance stock units vested	—	$	—
Performance stock units forfeited	—	$	—
Unvested at March 31, 2026	252,124	$	36.06

The PSUs were granted with vesting in two equal tranches based on certain performance conditions. Each PSU entitles the holder to receive one share of the Company's common stock when the PSU vests. Stock-based compensation expense for PSUs will be recognized when it is probable that the performance conditions will be achieved. During 2025, the performance conditions underlying the first tranche of 126,062 PSUs were achieved for the first milestone and are currently considered probable to vest. The Company recorded stock-based compensation expense related to PSUs of approximately $0.3 million and $1.6 million for the three months ended March 31, 2026 and 2025, respectively. As of March 31, 2026, the second tranche of 126,062 PSUs were not deemed probable of achievement and are not currently considered probable to vest. As of March 31, 2026, there was approximately $6.0 million of unrecognized compensation cost related to PSUs.

Accrued Expenses and Other Current Liabilities (Tables)

3 Months Ended

Mar. 31, 2026

Payables and Accruals [Abstract]

Schedule of Accrued Liabilities and Other Current Liabilities

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


	March 31, 2026		December 31, 2025
Compensation, bonuses and related benefits	$	2,239	$	5,072
Research and development	7,948		5,120
Other	947		564
Total accrued expenses and other current liabilities	$	11,134	$	10,756

Condensed Consolidated Statement of Stockholders’ Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2024		14,854,725
Beginning balance at Dec. 31, 2024	$ 310,375	$ 0	$ 572,673	$ (262,298)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	4,048		4,048
Common stock issued upon exercise of stock options (in shares)		1,683
Common stock issued upon exercise of stock options	19		19
Common stock issued upon vesting of restricted stock units (in shares)		73,158
Net loss	(22,647)			(22,647)
Ending balance (in shares) at Mar. 31, 2025		14,929,566
Ending balance at Mar. 31, 2025	$ 291,795	$ 0	576,740	(284,945)
Beginning balance (in shares) at Dec. 31, 2025	15,489,800	15,489,800
Beginning balance at Dec. 31, 2025	$ 264,887	$ 0	617,536	(352,649)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	$ 3,629		3,629
Common stock issued upon exercise of stock options (in shares)	21,324	21,324
Common stock issued upon exercise of stock options	$ 201		201
Common stock issued upon vesting of restricted stock units (in shares)		104,662
Net loss	$ (30,934)			(30,934)
Ending balance (in shares) at Mar. 31, 2026	15,615,786	15,615,786
Ending balance at Mar. 31, 2026	$ 237,783	$ 0	$ 621,366	$ (383,583)

- Definition

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

+ References

+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Summary of Significant Accounting Policies - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($) segment shares	Dec. 31, 2025 USD ($)	Apr. 30, 2025 shares	Mar. 31, 2025 shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of operating segments \| segment	1
Number of reportable segments \| segment	1
Restricted cash \| $	$ 339	$ 339
Cash and cash equivalents, at or above FDIC insurance limits \| $	$ 124,000
Pre Funded Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Class of warrant or right, outstanding (in shares) \| shares	6,792,559		667,563	6,124,996

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2026
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, these financial statements do not include all of the information and footnotes required by U.S. GAAP for complete financial statements and should be read in conjunction with the audited consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on March 24, 2026. In management’s opinion, the unaudited condensed consolidated financial statements reflect all adjustments (consisting of normal recurring adjustments) necessary to present fairly the financial position of the Company as of March 31, 2026, and results of operations and cash flows for all periods presented. The interim results presented are not necessarily indicative of results that can be expected for the full year ending December 31, 2026.
Use of Estimates	Use of Estimates The preparation of the financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. In preparing these financial statements, management used significant estimates in the following areas, among others: recoverability of the Company’s net deferred tax assets and related valuation allowance, useful lives and recoverability of property and equipment, determining the incremental borrowing rate for calculating lease liabilities and related right-of-use assets and finance lease assets, clinical trial accruals, accrual estimates for all contingent value rights (“CVRs”), and the value attributed to employee stock options and other stock-based awards. On an ongoing basis, the Company reviews its estimates to ensure that they appropriately reflect changes in the business or as new information becomes available. Actual results may differ from these estimates.
Segment Information	Segment Information The Company determines and presents operating segments based on the information internally provided to the Chief Operating Decision Makers (“CODM”) in accordance with Accounting Standards Codification (“ASC”) 280, Segment Reporting. The Company’s CODMs are (i) the Chief Executive Officer and (ii) the President and Chief Financial Officer. The Company is a clinical stage biotechnology company that operates as a single operating segment and has one reportable segment. Refer to Note 13, Segment Information, for further information related to the Company’s segment.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly-liquid investments purchased with original maturities of 90 days or less at time of purchase to be cash equivalents. Cash and cash equivalents include cash held in banks and are stated at fair value.
Concentrations of Credit Risk	Concentrations of Credit Risk Financial instruments that subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents. The Company’s cash and cash equivalent accounts, at times, may exceed federally insured limits. As of March 31, 2026, the Company had $124.0 million in excess of the federally insured limits. The Company places its cash in financial institutions that management believes to be of high credit quality.
Contingent Value Rights	Contingent Value Rights In conjunction with the reverse merger, the Company entered into a CVR Agreement on December 18, 2023 with the Rights Agent named therein (the “CVR Agreement”) prior to Closing. Included in the CVR Agreement are three different types of CVRs: (i) the Lease CVR, (ii) the Intellectual Property CVR, and (iii) the Sales Tax CVR (each as defined in the CVR Agreement). The Company evaluated each of the CVRs to determine if they qualified as derivatives under ASC 815, Derivatives and Hedging, and concluded that since certain scope exceptions were met, the CVRs did not qualify as derivatives. Instead, the Company records a contingent consideration liability associated with the CVRs when payments are probable and estimable under ASC 450, Contingencies. In assessing whether payments are probable and estimable, the Company considers the existence of or ability to enter into agreements with third parties or government agencies and the timing of potential payments. Refer to Note 9, Commitments and Contingencies, for further discussion on the CVRs.
Income Taxes	Income Taxes The Company accounts for income taxes in accordance with ASC 740, Income Taxes, which prescribes the use of the liability method whereby deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. A valuation allowance is provided to reduce the net deferred tax assets to a level which, more likely than not, will be realized. No provision for federal or state income taxes was recorded during the three months ended March 31, 2026 and 2025, as the Company incurred operating losses and maintains a full valuation allowance against its net deferred tax assets. The Company assesses its income tax positions and records tax benefits based upon management’s evaluation of the facts, circumstances, and information available at the reporting date. For those tax positions where it is more likely than not that a tax benefit will be sustained, the Company records the amount of tax benefit with a greater than 50 percent likelihood of being realized upon ultimate settlement with a taxing authority having full knowledge of all relevant information. For those income tax positions for which it is not more likely than not that a tax benefit will be sustained, no tax benefit is recognized in the financial statements. Potential interest and penalties associated with such uncertain tax positions is recorded as a component of income tax expense. As of March 31, 2026, there were no material changes to either the nature or the amounts of the uncertain tax positions.
Net Loss Per Share Attributable to Common Stockholders	Net Loss Per Share Attributable to Common Stockholders Basic net loss per share of common stock is computed by dividing net income attributable to the Company by the weighted-average number of shares of common stock outstanding during the period. In periods of losses, diluted net loss per share is computed on the same basis as basic net loss per share as the inclusion of any other potential shares outstanding would be anti-dilutive. Outstanding pre-funded warrants as of March 31, 2026 and March 31, 2025 were 6,792,559 and 6,124,996, respectively. Pre-funded warrants are considered outstanding as of their issuance date and are included in basic and diluted net loss per share because they are fully vested and exercisable for nominal cash consideration.
Recently Issued Accounting Standards	Recently Issued Accounting Standards From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) or other standard setting bodies that the Company adopts as of the specified effective date. Unless otherwise discussed below, the Company does not believe that the adoption of recently issued standards have or may have a material impact on its condensed financial statements or disclosures. Recently Issued Accounting Pronouncements Not Yet Adopted In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (“ASU 2024-03”) which requires public entities to provide disaggregated disclosure of income statement expenses. Public entities are required to disaggregate, in a tabular presentation, each relevant expense caption on the face of the condensed consolidated statements of operations such as the following expenses: purchases of inventory, employee compensation, intangible asset amortization, and depreciation. In January 2025, the FASB issued ASU 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures, to clarify the effective date. The updated effective date for the Company to adopt ASU 2024-03 is for annual reporting periods beginning after December 15, 2026 and interim periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the potential impact that ASU 2024-03 will have on its financial statement disclosures. In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40) (“ASU 2025-06”) which removes all references to project stages throughout ASC 350-40, Intangibles — Goodwill and Other, Internal-Use Software. Cost capitalization will now begin solely when (1) management has authorized and committed to funding the software project, and (2) it is ‘probable’ the project will be completed and the software used to perform its intended function (referred to as the probable-to-complete recognition threshold). The effective date for the Company to adopt ASU 2025-06 is for annual reporting periods beginning after December 15, 2027 and interim reporting periods within those annual reporting periods, with early adoption permitted. The Company is currently evaluating the potential impact that ASU 2025-06 will have on its financial statement disclosures.