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Collaboration and License Agreements - Eli Lilly and Company (Details) - Eli Lilly and Company - Collaborative Arrangement, Transaction with Party to Collaborative Arrangement $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	Jul. 31, 2023 antisenseOligonucleotide	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)	Dec. 31, 2024 USD ($)
Collaboration and License Agreements
Maximum number of antisense oligonucleotides \| antisenseOligonucleotide	3
Reduction in R&D expense		$ 0.0	$ 0.0	$ 0.1	$ 0.3
Maximum
Collaboration and License Agreements
Unbilled receivable (less than)						$ 0.1

Segment Reporting

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Segment Reporting

The Company manages its business activities on a consolidated basis and operates as a single operating segment, R&D, which engages in the business of developing a new class of RNA-targeting therapeutics to treat a broad range of genetic diseases. The Company’s operations are primarily in the United States. The chief operating decision maker does not review assets in evaluating the results and therefore, such information is not presented.

The operating financial results of the Company’s R&D segment for the three and nine months ended September 30, 2025 and 2024 are as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Revenue	$	795	$	—	$	3,150	$	—
Less: Significant segment expenses
Personnel-related expenses	4,922		5,242		15,701		14,795
Clinical and preclinical expenses	4,313		4,589		13,502		13,283
Facilities-related and overhead	2,090		1,937		6,088		5,655
Professional and consulting fees	2,204		1,312		5,390		4,128
Corporate expenses	297		317		1,334		814
Impairment of right-of-use asset	494		—		494		—
Travel and entertainment	126		119		420		379
Plus: Other segment (loss) income	(1,448)		32		(340)		542
Segment net loss	$	(15,099)	$	(13,484)	$	(40,119)	$	(38,512)

- 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

Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Assets
Cash and cash equivalents	$ 75,255	$ 64,039
Prepaid expenses and other current assets	2,453	2,344
Total current assets	77,708	66,383
Restricted cash	1,624	1,624
Property and equipment, net	2,895	3,858
Operating lease right-of-use assets	4,078	6,015
Finance lease right-of-use assets	90	427
Total assets	86,395	78,307
Current liabilities:
Accounts payable	585	1,210
Accrued expenses	4,065	4,833
Deferred revenue, short-term	0	385
Operating lease liabilities, current portion	3,226	2,994
Finance lease liabilities, current portion	27	91
Financing liability, current portion	0	85
Total current liabilities	7,903	9,598
Long-term liabilities:
Operating lease liabilities, net of current portion	3,046	5,493
Finance lease liabilities, net of current portion	47	70
Derivative tranche and other liabilities	16,732	2
Total liabilities	27,728	15,163
Commitments and contingencies (Note 4)
Stockholders' equity:
Common stock, $0.0001 par value per share, 175,000,000 shares authorized as of September 30, 2025 and December 31, 2024, 46,880,185 and 20,161,072 shares issued and 46,880,185 and 20,145,129 shares outstanding as of September 30, 2025 and December 31, 2024, respectively	5	2
Additional paid-in capital	310,534	274,895
Accumulated deficit	(251,872)	(211,753)
Total stockholders' equity	58,667	63,144
Total liabilities and stockholders' equity	$ 86,395	$ 78,307

Stockholders’ Equity - Schedule of Reserved Shares (Details) - shares	Sep. 30, 2025	Dec. 31, 2024
Convertible Preferred Stock and Stockholders' Deficit
Stock options outstanding (in shares)	2,885,206	2,119,425
Pre-funded warrants outstanding/Warrants (in shares)	142
Shares issuable upon settlement of tranche liability in Private Placement (in shares)	32,681,866
Total (in shares)	43,805,108
Prefunded Warrants, Liability
Convertible Preferred Stock and Stockholders' Deficit
Pre-funded warrants outstanding/Warrants (in shares)	6,003,758
2024 Equity Incentive and Employee Stock Purchase Plan
Convertible Preferred Stock and Stockholders' Deficit
Shares reserved for future issuance under the 2024 Equity Incentive and Employee Stock Purchase Plan (in shares)	2,234,136

- 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

Unaudited Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	175,000,000	175,000,000
Common stock, shares issued (in shares)	46,880,185	20,161,072
Common stock, shares outstanding (in shares)	46,880,185	20,145,129

Net Loss Per Share Attributable to Common Stockholders - Narrative (Details)	Sep. 11, 2025 shares
Prefunded Warrants, Liability \| Shares issuable upon settlement of tranche liability in Private Placement
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Pre-funded warrants issued (in shares)	6,003,758

Net Loss Per Share Attributable to Common Stockholders (Tables)

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Net Loss per Share

Basic and diluted net loss per share was calculated as follows (in thousands, except share and per share amounts):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Numerator:
Net loss attributable to common stockholders	$	(15,099)	$	(13,484)	$	(40,119)	$	(38,512)
Denominator:
Weighted-average common shares outstanding, basic and diluted	27,274,721		557,437		22,554,427		503,455
Net loss per share attributable to common stockholders, basic and diluted	$	(0.55)	$	(24.19)	$	(1.78)	$	(76.50)

Schedule of Excluded Anti-dilutive Securities

The Company excluded the following from the computation of diluted net loss per share attributable to common stockholders as of September 30, 2025 and 2024 because their inclusion would have had an anti-dilutive effect:


	As of September 30,
			2025	2024
Conversion of preferred stock			—	11,648,582
Shares reserved for future issuance under the 2024 Equity Incentive Plan and ESPP			2,234,136	—
Stock options outstanding			2,885,206	2,078,470
Restricted stock vesting			—	30,607
Shares issuable upon settlement of tranche liability in Private Placement			32,681,866	—
Warrants outstanding		Warrants outstanding	142	142
Total			37,801,350	13,757,801

Net Loss Per Share Attributable to Common Stockholders - Schedule of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Numerator:
Net loss attributable to common stockholders	$ (15,099)	$ (13,484)	$ (40,119)	$ (38,512)
Net loss attributable to common stockholders	$ (15,099)	$ (13,484)	$ (40,119)	$ (38,512)
Denominator:
Weighted-average common shares outstanding, basic (in shares)	27,274,721	557,437	22,554,427	503,455
Weighted-average common shares outstanding, diluted (in shares)	27,274,721	557,437	22,554,427	503,455
Net loss per share attributable to common stockholders, basic, (in dollars per share)	$ (0.55)	$ (24.19)	$ (1.78)	$ (76.50)
Net loss per share attributable to common stockholders, diluted (in dollars per share)	$ (0.55)	$ (24.19)	$ (1.78)	$ (76.50)

- Definition

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

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+ Details

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
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-Paragraph 1
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

Other Balance Sheet Components - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Property and Equipment, Net
Depreciation and amortization expense	$ 0.4	$ 0.4	$ 1.2	$ 1.2
Leasehold improvements
Property and Equipment, Net
Book value of assets sold	$ 0.3		$ 0.3

Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Stock-Based Compensation
Total stock-based compensation expense	$ 984	$ 1,592	$ 2,847	$ 3,235
Research and development
Stock-Based Compensation
Total stock-based compensation expense	495	519	1,459	1,424
General and administrative
Stock-Based Compensation
Total stock-based compensation expense	489	1,073	1,388	1,811
Options
Stock-Based Compensation
Total stock-based compensation expense	984	1,561	2,813	3,143
Restricted stock award
Stock-Based Compensation
Total stock-based compensation expense	$ 0	$ 31	$ 34	$ 92

Collaboration and License Agreements - Children's Medical Center Corporation (Details) - USD ($) $ in Millions	1 Months Ended
	May 31, 2025	Apr. 30, 2018	Sep. 30, 2025
Children Medical Center Corporation \| Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Collaboration and License Agreements
Shares issued (in shares)		15,123
Percentage of upfront payment required upon first investigational new drug study			10.00%
Children Medical Center Corporation \| Collaborative Arrangement, Transaction with Party to Collaborative Arrangement \| Upon achievement of first licensed target
Collaboration and License Agreements
Maximum development milestone payable		$ 7.7
Children Medical Center Corporation \| Collaborative Arrangement, Transaction with Party to Collaborative Arrangement \| Upon achievement of second licensed target
Collaboration and License Agreements
Maximum development milestone payable		3.9
Children Medical Center Corporation \| Collaborative Arrangement, Transaction with Party to Collaborative Arrangement \| Upon achievement of third licensed target
Collaboration and License Agreements
Maximum development milestone payable		$ 1.9
Fulcrum Therapeutics, Inc.
Collaboration and License Agreements
Proceeds from milestone payment	$ 0.6

Commitments and Contingencies

9 Months Ended

Sep. 30, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Operating Leases

The Company continues to lease office and laboratory space in Cambridge, Massachusetts, which lease expires on June 30, 2027. As of September 30, 2025, the Company has vacated its Boulder, Colorado lease location, which lease expires on September 30, 2028. The Company is currently pursuing sublease opportunities for the space. As of September 30, 2025, it was determined that the market rate for similar space is less than the rate the Company is paying under the lease. As a result, the Company has recognized in the condensed consolidated statement of operations an impairment charge of $0.5 million related to the right of use (“ROU”) asset.

The table below summarizes the Company’s operating lease costs for the three and nine months ended September 30, 2025 and 2024 (in thousands except for lease terms and borrowing rates):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Operating lease costs:
Lease expense	$	598		$	609		$	1,816		$	1,827
Short-term lease expense	14			14			42			40
Variable lease expense	358			344			1,016			1,017
Total operating lease costs	$	970		$	967		$	2,874		$	2,884
Other information:
Operating cash flows used for operating leases	$	876		$	770		$	2,587		$	2,523
Weighted-average remaining lease term in years	1.9			2.9			1.9			2.9
Weighted-average incremental borrowing rate	6.73		%	6.72		%	6.73		%	6.72		%

Maturities of operating lease liabilities as of September 30, 2025 were as follows (in thousands):


2025 remaining	$	877
2026	3,558
2027	1,980
2028	264
Total lease payments	6,679
Less: amount representing imputed interest	(407)
Total future minimum lease obligations	$	6,272

Finance Leases

The Company leases certain specialized lab equipment under several finance lease agreements with maturities ranging from October 2028 to November 2028. The table below summarizes the Company’s finance lease costs for the three and nine months ended September 30, 2025 and 2024 (in thousands except for lease terms and borrowing rates):


		Three Months Ended September 30,						Nine Months Ended September 30,
	Classification	2025			2024			2025			2024
Finance lease costs:
Amortization of ROU assets	Depreciation and amortization	$	7		$	49		$	46		$	146
Interest on lease liabilities	Other expense	2			6			6			22
Total finance lease costs		$	9		$	55		$	52		$	168
Other information:
Operating cash flows used for finance leases		$	14		$	89		$	93		$	268
Weighted-average remaining lease term in years		3.1			1.8			3.1			1.8
Weighted-average incremental borrowing rate		7.74		%	8.24		%	7.74		%	8.24		%

Maturities of finance lease liabilities as of September 30, 2025 were as follows (in thousands):


2025 remaining	$	18
2026	31
2027	31
Total lease payments	80
Less: amount representing imputed interest	(6)
Total future minimum lease obligations	$	74

Legal Proceedings

There are no matters currently outstanding for which any liabilities have been accrued or require disclosure.

Fair Value Measurements - Schedule of Fair Value Roll-forward of the Aggregate Fair Value of Derivative Liabilities (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2025 USD ($)
Fair Value Disclosures [Abstract]
Balance as of December 31, 2024	$ 0
Issuance	14,930
Change in fair value	1,800
Balance as of September 30, 2025	$ 16,730

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Net Loss Per Share Attributable to Common Stockholders

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Net Loss Per Share Attributable to Common Stockholders

Weighted-average common shares outstanding includes 6,003,758 of common shares issuable upon the exercise of pre-funded warrants issued in the Initial Closing. Basic and diluted net loss per share was calculated as follows (in thousands, except share and per share amounts):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Numerator:
Net loss attributable to common stockholders	$	(15,099)	$	(13,484)	$	(40,119)	$	(38,512)
Denominator:
Weighted-average common shares outstanding, basic and diluted	27,274,721		557,437		22,554,427		503,455
Net loss per share attributable to common stockholders, basic and diluted	$	(0.55)	$	(24.19)	$	(1.78)	$	(76.50)


	As of September 30,
			2025	2024
Conversion of preferred stock			—	11,648,582
Shares reserved for future issuance under the 2024 Equity Incentive Plan and ESPP			2,234,136	—
Stock options outstanding			2,885,206	2,078,470
Restricted stock vesting			—	30,607
Shares issuable upon settlement of tranche liability in Private Placement			32,681,866	—
Warrants outstanding		Warrants outstanding	142	142
Total			37,801,350	13,757,801

Stock-Based Compensation - Stock Options Activity (Details) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2025 USD ($) $ / shares shares	Dec. 31, 2024 USD ($) $ / shares shares
Number of outstanding options
Balance at beginning (in shares) \| shares	2,119,425
Options granted (in shares) \| shares	948,446
Options cancelled (in shares) \| shares	(180,966)
Options exercised (in shares) \| shares	(1,699)
Balance at the end (in shares) \| shares	2,885,206	2,119,425
Vested and expected to vest at the end the period (in shares) \| shares	2,885,206
Exercisable at the end of the period (in shares) \| shares	1,512,812
Weighted average exercise price
Balance at beginning (in dollars per share) \| $ / shares	$ 7.87
Options granted (in dollars per share) \| $ / shares	3.30
Options cancelled (in dollars per share) \| $ / shares	5.44
Options exercised (in dollars per share) \| $ / shares	2.12
Balance at the ending (in dollars per share) \| $ / shares	6.52	$ 7.87
Vested and expected to vest at the end the period (in dollars per share) \| $ / shares	6.52
Exercisable at the end of the period (in dollars per share) \| $ / shares	$ 7.01
Weighted-Average Remaining Contractual Term (in years)
Weighted Average Remaining Contractual Term (in years)	7 years 3 days	7 years 11 months 23 days
Vested and expected to vest at the end the period (in years)	7 years 18 days
Exercisable at the end of the period (in years)	6 years 6 months 3 days
Aggregate Intrinsic Value
Beginning balance \| $	$ 751
Options exercised \| $	2
Ending balance \| $	0	$ 751
Vested and expected to vest at the end the period \| $	0
Exercisable at the end of the period \| $	$ 0

Stockholders’ Equity - Private Placement Narrative (Details) - Shares issuable upon settlement of tranche liability in Private Placement $ / shares in Units, $ in Millions	Sep. 11, 2025 USD ($) $ / shares shares
Expected term (in years)
Sale of stock (in shares) \| shares	26,717,414
Proceeds from sale of common stock and warrants \| $	$ 50.1
Payments of stock and warrant issuance costs \| $	$ 3.3
Registration statement filing requirement period	30 days
Registration statement filing period	75 days
Registration statement filing period upon SEC approval	5 days
Prefunded Warrants, Liability
Expected term (in years)
Pre-funded warrants issued (in shares) \| shares	6,003,758
Sale of stock, price per warrant (in USD per share) \| $ / shares	$ 1.5299
Exercise price of warrants (in USD per share) \| $ / shares	$ 0.0001
Sale of stock, specified beneficial ownership threshold maximum	19.99%
Management
Expected term (in years)
Sale of stock (in shares) \| shares	36,361
Sale of stock (in USD per share) \| $ / shares	$ 1.65
Third Party Investor
Expected term (in years)
Sale of stock (in shares) \| shares	26,681,053
Sale of stock (in USD per share) \| $ / shares	$ 1.53

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Impairment of right-of-use asset	$ 494	$ 0	$ 494	$ 0

Collaboration and License Agreements - Whitehead Institute for Biomedical Research (Details) - The Whitehead Institute for Biomedical Research - Collaborative Arrangement, Transaction with Party to Collaborative Arrangement $ in Millions	1 Months Ended
	Oct. 31, 2019 USD ($)
Collaboration and License Agreements
Initial license issuance fee payment	$ 0.1
Maximum development milestone payable	$ 1.9
Maximum lower range tiered royalties on net sales percentage	1.00%

Other Balance Sheet Components - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Prepaid Expense and Other Assets, Current [Abstract]
Employee compensation and benefits	$ 2,050	$ 3,111
Professional fees	654	661
External R&D expenses	1,167	524
Other	194	537
Total accrued expenses	$ 4,065	$ 4,833

Fair Value Measurements - Schedule of Financial Instruments Carried at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Sep. 09, 2025	Dec. 31, 2024
Liabilities
Derivative tranche liability		$ (14,900)
Recurring basis
Assets
Cash equivalents	$ 70,239		$ 60,819
Liabilities
Derivative tranche liability	16,730
Recurring basis \| Level 1
Assets
Cash equivalents	70,239		60,819
Liabilities
Derivative tranche liability	0
Recurring basis \| Level 2
Assets
Cash equivalents	0		0
Liabilities
Derivative tranche liability	0
Recurring basis \| Level 3
Assets
Cash equivalents	0		$ 0
Liabilities
Derivative tranche liability	$ 16,730

Stock-Based Compensation - 2024 Equity Incentive Plan Narrative (Details) - shares	1 Months Ended
	Oct. 31, 2024	Sep. 30, 2025	Jan. 01, 2025
Stock-Based Compensation
Expiration period	10 years
Shares reserved for future issuance (in shares)		43,805,108
2024 Equity Incentive Plan
Stock-Based Compensation
Vesting period of the award (in years)	4 years
Shares reserved for future issuance (in shares)	2,143,039	1,818,223	604,832
Percentage of outstanding stock maximum	5.00%
2024 Equity Incentive Plan \| Minimum
Stock-Based Compensation
Percentage of estimated fair value on grant date	100.00%

- Definition

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

+ References

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)
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+ Details

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Operating activities
Net loss	$ (40,119)	$ (38,512)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	1,267	1,278
Stock-based compensation expense	2,847	3,235
Change in fair value of derivative tranche liability	1,800	0
Impairment of right-of-use asset	494	0
Loss on the sale of property and equipment	67	0
Non-cash lease expense	1,443	1,285
Non-cash interest and other expenses	17	68
Change in operating assets and liabilities:
Prepaid expenses and other current assets	(109)	(343)
Accounts payable	(561)	1,024
Accrued expenses and other liabilities	(393)	(310)
Deferred revenue	(385)	0
Operating lease assets and liabilities	(2,214)	(1,999)
Net cash used in operating activities	(35,846)	(34,274)
Investing activities
Purchases of property and equipment	(279)	(178)
Proceeds from the sale of property and equipment	36	0
Net cash used in investing activities	(243)	(178)
Financing activities
Proceeds from issuance of common stock and pre-funded warrants, net	32,562	0
Proceeds allocated to the derivative tranche liability	14,930	0
Proceeds from exercise of stock options	3	33
Principal payments on finance leases	(93)	(268)
Principal payments on financing obligation	(97)	(345)
Payments of deferred offering costs	0	(820)
Net cash provided by (used in) financing activities	47,305	(1,400)
Net change in cash, cash equivalents, and restricted cash	11,216	(35,852)
Cash, cash equivalents and restricted cash – beginning of year	65,663	40,004
Cash, cash equivalents and restricted cash – end of period	76,879	4,152
Supplemental disclosures of cash flow information:
Finance lease right-of-use asset converted to fixed asset	290	0
Issuance costs in accounts payable and accrued expenses	230	0
Deferred offering costs in accounts payable and accrued expenses	$ 0	$ 2,504

Fair Value Measurements

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

Financial Assets

The following tables present the financial asset instruments carried at fair value on a recurring basis as of September 30, 2025 and December 31, 2024 (in thousands) in accordance with the ASC 820 hierarchy.


	Fair Value Measurements as of September 30, 2025
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	70,239	$	—	$	—	$	70,239


	Fair Value Measurements as of December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	60,819	$	—	$	—	$	60,819

Derivative Tranche Liability

The following tables present the derivative tranche liability (see Note 6) carried at fair value on a recurring basis as of September 30, 2025 (in thousands) in accordance with the ASC 820 hierarchy and was based on significant inputs not observable in the market, which represents a Level 3 measurement within the fair value hierarchy. There was no derivative tranche liability as of December 31, 2024.


	Fair Value Measurements as of September 30, 2025
	Level 1		Level 2		Level 3		Total
Liabilities
Derivative tranche liability	$	—	$	—	$	16,730	$	16,730

The derivative tranche liability is valued using a Monte Carlo simulation model which uses certain assumptions, including annual volatility. The range of volatilities of comparable public companies utilized was 51.6% - 149.7% as of September 30, 2025. The volatility utilized in the Monte Carlo option-pricing model was determined by using the median. The following table presents the assumptions used to determine the fair value of the derivative tranche liability for the issuance date, September 11, 2025, and as of September 30, 2025:


	September 11, 2025			September 30, 2025
Expected volatility	73.0		%	73.0		%
Risk-free interest rate	3.50		%	3.60		%
Expected term (in years)	1.33			1.28
Probability of achieving specified conditions	25.0		%	25.0		%
Discount rate	3.53		%	3.59		%
Share price	$	2.78		$	3.00

The following table provides a roll-forward of the aggregate fair value of the derivative tranche liability categorized with Level 3 inputs (in thousands):


	Derivative Tranche Liability
Balance as of December 31, 2024	$	—
Issuance	14,930
Change in fair value	1,800
Balance as of September 30, 2025	$	16,730

The change in fair value of tranche liability was primarily due to the increase in the price per share of the Company’s common stock from the issuance date to September 30, 2025.

The carrying amounts reflected in the condensed consolidated balance sheet for prepaid expenses and other current assets, accounts payable and accrued expenses and other liabilities are shown at their historical values, which approximate their fair values.

- 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.

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-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Basis of Presentation and Accounting Policies - Narrative (Details) $ / shares in Units, $ in Thousands					3 Months Ended						9 Months Ended
	Sep. 11, 2025 USD ($) shares	Nov. 01, 2024 USD ($) shares	Oct. 15, 2024 USD ($) $ / shares shares	Oct. 03, 2024	Sep. 30, 2025 USD ($) tranche $ / shares shares	Jun. 30, 2025 USD ($)	Mar. 31, 2025 USD ($)	Sep. 30, 2024 USD ($)	Jun. 30, 2024 USD ($) shares	Mar. 31, 2024 USD ($)	Sep. 30, 2025 USD ($) tranche $ / shares shares	Sep. 30, 2024 USD ($)	Sep. 09, 2025 milestone	Dec. 31, 2024 USD ($) $ / shares shares
Convertible Preferred Stock and Stockholders' Deficit
Reverse stock split ratio				0.08916
Net proceeds received		$ 72,400
Common stock, shares authorized (in shares) \| shares			175,000,000		175,000,000						175,000,000			175,000,000
Common stock, par value (in dollars per share) \| $ / shares			$ 0.0001		$ 0.0001						$ 0.0001			$ 0.0001
Preferred stock, shares authorized (in shares) \| shares			25,000,000
Preferred stock par value (in dollars per share) \| $ / shares			$ 0.0001
Cash and cash equivalents					$ 75,255						$ 75,255			$ 64,039
Working capital					69,800						69,800
Accumulated deficit					(251,872)						(251,872)			$ (211,753)
Net loss					$ (15,099)	$ (12,587)	$ (12,433)	$ (13,484)	$ (12,572)	$ (12,456)	(40,119)	$ (38,512)
Net cash used in operating activities											$ (35,846)	$ (34,274)
Private Placement agreement, purchase of securities, number of tranches \| tranche					2						2
Common stock
Convertible Preferred Stock and Stockholders' Deficit
Issuance of common stock (in shares) \| shares					26,717,414				88
Conversion of convertible securities (in shares) \| shares			11,648,582
Initial public offering
Convertible Preferred Stock and Stockholders' Deficit
Issuance of common stock (in shares) \| shares			6,820,000
Sale price per share \| $ / shares			$ 11.00
Net proceeds received			$ 65,800
Payments of underwriting discounts and commissions			5,300
Payments of other offering costs			$ 4,000
Over allotment
Convertible Preferred Stock and Stockholders' Deficit
Issuance of common stock (in shares) \| shares		643,762
Net proceeds received		$ 6,600
Payments of underwriting discounts and commissions		$ 500
Shares issuable upon settlement of tranche liability in Private Placement
Convertible Preferred Stock and Stockholders' Deficit
Sale of stock (in shares) \| shares	26,717,414
Proceeds from sale of common stock and warrants	$ 46,700
Payments of stock and warrant issuance costs	$ 3,300
Shares issuable upon settlement of tranche liability in Private Placement \| Prefunded Warrants, Liability
Convertible Preferred Stock and Stockholders' Deficit
Pre-funded warrants issued (in shares) \| shares	6,003,758
Shares issuable upon settlement of tranche liability in Private Placement \| Maximum
Convertible Preferred Stock and Stockholders' Deficit
Number of sale of stock closings in transaction \| milestone													2

Other Balance Sheet Components - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Prepaid Expense and Other Assets, Current [Abstract]
R&D expenses	$ 1,776	$ 979
Insurance expense	8	591
Software and subscriptions expense	347	337
Variable lease expense	118	118
Federal R&D tax credit receivable	0	108
Other	204	211
Total prepaid expenses and other current assets	$ 2,453	$ 2,344

Basis of Presentation and Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Restricted Cash

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the condensed consolidated balance sheets to the corresponding amounts shown in the condensed consolidated statements of cash flows (in thousands):


	September 30, 2025		December 31, 2024
Cash and cash equivalents	$	75,255	$	64,039
Restricted cash	1,624		1,624
Total cash, cash equivalents, and restricted cash	$	76,879	$	65,663

Schedule of Cash and Cash Equivalents


	September 30, 2025		December 31, 2024
Cash and cash equivalents	$	75,255	$	64,039
Restricted cash	1,624		1,624
Total cash, cash equivalents, and restricted cash	$	76,879	$	65,663

Income Taxes (Details) - USD ($)	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($)	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Provision for federal, state or foreign income tax	$ 0	$ 0	$ 0	$ 0
Effective tax rate	0.00%	0.00%	0.00%	0.00%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
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-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 22
-Subparagraph (h)
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
-Publisher FASB
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (a)
-SubTopic 20
-Topic 740
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2025
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes No provision for federal, state, or foreign income taxes has been recorded for the three and nine months ended September 30, 2025 and 2024 and the effective tax rate was zero. The Company has incurred net operating losses for all the periods presented and has not reflected any benefit for such net operating loss carryforwards in the accompanying condensed consolidated financial statements due to uncertainty around utilizing these tax attributes within their respective carryforward periods. The Company has recorded a full valuation allowance against its deferred tax assets as it is more likely than not that such assets will not be realized in the near future. The Company had no reserves related to uncertain tax positions as of September 30, 2025 and December 31, 2024. For the three and nine months ended September 30, 2025 and 2024, the Company has not recognized any potential interest or penalties. The Company is not currently subject to any tax assessment from an income tax examination in the U.S. or any other taxing jurisdiction. On July 4, 2025, the One Big Beautiful Bill Act (the “OBBBA”) was enacted in the United States. The OBBBA includes several changes to the federal tax law that generally allow for more favorable deductibility of certain business expenses beginning in 2025, including the restoration of immediate expensing of domestic R&D expenditures, reinstatement of 100% bonus depreciation, and more favorable rules for determining the limitation on business interest expense. The OBBBA also includes certain changes to the US taxation of foreign activity. The Company evaluated the provisions of the OBBBA and determined that the enactment of the legislation did not have a material impact on its income tax provision, net deferred tax assets or liabilities, or estimated annual effective tax rate for the three and nine months ended September 30, 2025.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
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-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
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-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Stockholders’ Equity (Tables)

9 Months Ended

Sep. 30, 2025

Equity [Abstract]

Schedule of Common Stock Issuance Upon Conversion

As of September 30, 2025, the Company has reserved the following shares of common stock for future issuance:


Shares reserved for future issuance under the 2024 Equity Incentive and Employee Stock Purchase Plan			2,234,136
Stock options outstanding			2,885,206

Pre-funded warrants outstanding			6,003,758
Shares issuable upon settlement of tranche liability in Private Placement			32,681,866
Warrants outstanding			142
Total			43,805,108

Commitments and Contingencies - Schedule of Maturities of Finance Lease Liabilities (Details) $ in Thousands	Sep. 30, 2025 USD ($)
Maturity of finance lease liabilities
2025 remaining	$ 18
2026	31
2027	31
Total lease payments	80
Less: amount representing imputed interest	(6)
Total future minimum lease obligations	$ 74

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity During the Period

The following table summarizes stock option activity for the nine months ended September 30, 2025 (in thousands, except share and per share amounts):


	Number of outstanding options	Weighted average exercise price		Weighted average remaining contractual term in years	Aggregate intrinsic value
Balance as of December 31, 2024	2,119,425	$	7.87	7.98	$	751
Granted	948,446	$	3.30
Forfeited/Cancelled	(180,966)	$	5.44
Exercises	(1,699)	$	2.12		$	2
Balance as of September 30, 2025	2,885,206	$	6.52	7.01	$	—
Vested and expected to vest as of September 30, 2025	2,885,206	$	6.52	7.05	$	—
Exercisable as of September 30, 2025	1,512,812	$	7.01	6.51	$	—

Schedule of Restricted Stock Award Activity During the Period

A summary of restricted stock award activity for the nine months ended September 30, 2025 is as follows:


	Number of shares	Weighted average fair value
Unvested as of December 31, 2024	15,943	$	1.75
Vested	(15,943)	$	1.75
Unvested as of September 30, 2025	—	$	—

Schedule of Stock-Based Compensation Expense

The following table presents the components and classification of stock-based compensation expense for the three and nine months ended September 30, 2025 and 2024 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Options	$	984	$	1,561	$	2,813	$	3,143
Restricted stock awards	—		31		34		92

Total	$	984	$	1,592	$	2,847	$	3,235

Research and development	$	495	$	519	$	1,459	$	1,424
General and administrative	489		1,073		1,388		1,811
Total	$	984	$	1,592	$	2,847	$	3,235

Collaboration and License Agreements - BioMarin Pharmaceutical Inc (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Collaboration and License Agreements
Research and collaboration revenue		$ 795	$ 0	$ 3,150	$ 0
BioMarin Pharmaceutical, Inc.
Collaboration and License Agreements
Deferred revenue	$ 1,000		1,000		1,000	$ 300
Tiered royalties payment, period after first commercial sale	10 years
Fixed consideration amount	$ 3,800		3,800		3,800
Research and collaboration revenue		800		2,600
Unbilled receivable		$ 400		$ 400
BioMarin Pharmaceutical, Inc. \| Maximum
Collaboration and License Agreements
Variable consideration amount, contingent preclinical milestones	5,000		5,000		5,000
Variable consideration amount, contingent development and regulatory milestones	75,000		75,000		75,000
Variable consideration amount, commercial sales milestones	$ 105,000		$ 105,000		$ 105,000
Notice period for termination	270 days
BioMarin Pharmaceutical, Inc. \| Minimum
Collaboration and License Agreements
Notice period for termination	30 days

Basis of Presentation and Accounting Policies - Schedule of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024	Sep. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 75,255	$ 64,039
Restricted cash	1,624	1,624
Total cash, cash equivalents, and restricted cash	$ 76,879	$ 65,663	$ 4,152	$ 40,004

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Schedule of Financial Instruments Carried at Fair Value on a Recurring Basis


	Fair Value Measurements as of September 30, 2025
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	70,239	$	—	$	—	$	70,239


	Fair Value Measurements as of December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	60,819	$	—	$	—	$	60,819

Schedule of Warrant Liabilities Measured at Fair Value on Recurring Basis


	Fair Value Measurements as of September 30, 2025
	Level 1		Level 2		Level 3		Total
Liabilities
Derivative tranche liability	$	—	$	—	$	16,730	$	16,730

Schedule of Fair Value Measurement Inputs and Valuation Techniques

The following table presents the assumptions used to determine the fair value of the derivative tranche liability for the issuance date, September 11, 2025, and as of September 30, 2025:


	September 11, 2025			September 30, 2025
Expected volatility	73.0		%	73.0		%
Risk-free interest rate	3.50		%	3.60		%
Expected term (in years)	1.33			1.28
Probability of achieving specified conditions	25.0		%	25.0		%
Discount rate	3.53		%	3.59		%
Share price	$	2.78		$	3.00

Schedule of Fair Value Roll-forward of the Aggregate Fair Value of Warrant Liabilities

The following table provides a roll-forward of the aggregate fair value of the derivative tranche liability categorized with Level 3 inputs (in thousands):


	Derivative Tranche Liability
Balance as of December 31, 2024	$	—
Issuance	14,930
Change in fair value	1,800
Balance as of September 30, 2025	$	16,730

Stock-Based Compensation - 2024 Employee Stock Purchase Plan Narrative (Details) - shares	1 Months Ended
	Oct. 31, 2024	Sep. 30, 2025	Jan. 01, 2025
Stock-Based Compensation
Shares reserved for future issuance (in shares)		43,805,108
Employee Stock
Stock-Based Compensation
Shares reserved for future issuance (in shares)	214,303	415,913	201,610
Percentage of outstanding stock maximum	1.00%
Offering period	6 months
Percentage of discount from market price	85.00%

- Definition

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

+ References

+ Details

Collaboration and License Agreements	9 Months Ended
Collaboration and License Agreements	Sep. 30, 2025
Collaboration and License Agreements [Abstract]
Collaboration and License Agreements	Collaboration and License Agreements In-License Agreements Children’s Medical Center Corporation In April 2018, the Company entered into a development and license agreement (the “CMCC Agreement”) with Children’s Medical Center Corporation (“CMCC”). The CMCC Agreement allows the Company to use CMCC’s proprietary intellectual property to conduct research, development and commercialization of products utilizing CMCC’s proprietary intellectual property in return for specified payments. The proprietary intellectual property licensed pursuant to this agreement is related to certain legacy programs the Company is not pursuing which were subsequently sublicensed to Fulcrum Therapeutics, Inc. (“Fulcrum”), as described below. As part of the CMCC Agreement, the Company issued a total of 15,123 shares of common stock to CMCC and its affiliates based on the fair value of the common stock on the date of issuance. The Company is obligated to pay potential development milestone payments under the terms of the CMCC Agreement of up to $7.7 million for the first licensed target, $3.9 million for the second licensed target and $1.9 million for the third licensed target upon the achievement of certain specified contingent events. If commercial sales of a licensed product commence, the Company will pay CMCC royalties at percentage rates ranging in the low- to mid-single digits on net sales of licensed products in countries where such product is protected by patent rights. The Company incurred de minimis royalties owed to CMCC for each of the three and nine months ended September 30, 2025 and 2024 under the CMCC Agreement and recorded the amounts in R&D expense in the condensed consolidated statements of operations and comprehensive loss. In May 2025, the Company received a $0.6 million milestone payment pursuant to the Fulcrum Agreement, which is in part, a sublicense of rights granted to the Company under the CMCC Agreement. For the nine months ended September 30, 2025, the Company incurred a ten percent sublicense fee on the $0.6 million Fulcrum milestone under the CMCC Agreement. No such sublicense fee was incurred during three months ended September 30, 2025 or the three and nine months ended September 30, 2024. The Company re-evaluates the likelihood of achieving future milestones under the CMCC Agreement at the end of each reporting period. As of September 30, 2025, the Company determined that the likelihood of achieving future milestones under the CMCC Agreement was not probable. Whitehead Institute for Biomedical Research In October 2019, the Company entered into a patent license agreement (as subsequently amended, the “Whitehead Agreement”) with the Whitehead Institute for Biomedical Research (“Whitehead”). Under the Whitehead Agreement, the Company was granted a worldwide, royalty-bearing, sublicensable license under certain patent rights owned or controlled by Whitehead. Upon entering into the Whitehead Agreement, the Company paid an initial $0.1 million license issuance fee and has paid de minimis additional fees in connection with subsequent amendments to the Whitehead Agreement. In addition, the Company is obligated to pay certain filing, prosecution and maintenance fees with respect to certain patent rights licensed. The Company is also obligated to pay potential development milestone payments to Whitehead of up to $1.9 million upon the achievement of certain specified contingent events. In addition, if the Company successfully commercializes a product under the Whitehead Agreement, it is obligated to pay tiered royalties at percentage rates ranging from less than one percent to the mid-single digits of net sales or of running royalties of net sales, subject to specified reductions, until either the last-to-expire valid claim of a Whitehead patent covering the product or seven years after the first commercial sale, in each case on a product-by-product and country-by-country basis. The Company incurred de minimis fees under the Whitehead Agreement for each of the three and nine months ended September 30, 2025 and 2024. These fees are recorded in R&D expense in the Company’s condensed consolidated statements of operations and comprehensive loss. Sublicense Agreement Fulcrum Therapeutics, Inc. In July 2023, the Company entered into a license agreement (the “Fulcrum Agreement”) with Fulcrum. Under the Fulcrum Agreement, the Company granted an exclusive license related to the Company’s intellectual property (“IP”) and granted a non-exclusive sublicense for IP obtained through the CMCC Agreement. In exchange for the license rights, Fulcrum paid the Company a $0.4 million upfront payment. In the event that Fulcrum achieves certain development and commercial milestones, Fulcrum is obligated to pay the Company one-time milestone payments ranging from $0.6 million to $20.0 million, depending on the product and milestone achieved. In addition, under the Fulcrum Agreement there are potential de minimis minimum annual royalty payments as well as sales-based royalties of up to the low-double digits upon commercialization. The Company assessed this arrangement in accordance with ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”), and concluded that the contract counterparty, Fulcrum, is a customer. In accordance with ASC 606, the Company determined that there is one performance obligation in the Fulcrum Agreement, consisting of the exclusive and non-exclusive license rights granted to Fulcrum. The transaction price was comprised of the fixed consideration of $0.4 million and was recognized upon transfer of control of the licenses at a point in time upon contract execution. The arrangement includes significant variable consideration primarily in the form of milestone payments, which was fully constrained at the inception of the contract. All variable consideration is remeasured and reassessed each reporting period. As of and for the three and nine months ended September 30, 2025 and 2024, the Company determined the remaining variable consideration was fully constrained. The sales-based royalty fee qualifies for the royalty constraint exception and does not require an estimate of the future transaction price. In May 2025, the Company received a $0.6 million milestone payment pursuant to the Fulcrum Agreement. As of the effective date of the Fulcrum Agreement, this milestone was considered fully constrained variable consideration under ASC 606. The Company included $0.6 million in the transaction price and recognized $0.6 million as research and collaboration revenue for the nine months ended September 30, 2025. No such research and collaboration revenue was recorded under the Fulcrum agreement for the three months ended September 30, 2025 or the three and nine months ended September 30, 2024. All variable consideration is remeasured and reassessed each reporting period. As of and for the three and nine months ended September 30, 2025 and 2024, the Company determined all other remaining variable consideration was fully constrained. Collaborative Arrangement Eli Lilly and Company In July 2023, the Company executed a Material Transfer Agreement (as subsequently amended, the “MTA”) with Eli Lilly and Company (“Eli Lilly”). As part of the MTA, the Company and Eli Lilly agreed to perform R&D activities to generate up to three antisense oligonucleotides (“ASOs”) in accordance with a prescribed workplan. The Company evaluated the MTA under ASC 808 and concluded that it is a collaboration arrangement. The Company and Eli Lilly are jointly overseeing the R&D activities under the MTA. In addition, both parties are exposed to significant risks and potential rewards under the MTA. For both the three months ended September 30, 2025 and 2024, the Company recorded de minimis amounts as a reduction in R&D expense in the condensed consolidated statement of operations and comprehensive loss as a result of the earned R&D reimbursement from Eli Lilly. For the nine months ended September 30, 2025 and 2024, the Company recorded $0.1 million and $0.3 million, respectively, as a reduction in R&D expense in the condensed consolidated statement of operations and comprehensive loss as a result of the earned R&D reimbursement from Eli Lilly. Additionally, the Company had an unbilled receivable of less than $0.1 million recorded within prepaid expenses and other current assets on the condensed consolidated balance sheets as of December 31, 2024. There were no unbilled receivables as of September 30, 2025. Research and Collaboration Arrangement BioMarin Pharmaceutical Inc. In September 2024, the Company entered into a Collaboration and License Agreement (the “BioMarin Agreement”) with BioMarin Pharmaceutical Inc. (“BioMarin”). Under the terms of the BioMarin Agreement, BioMarin paid the Company an upfront, nonrefundable payment of $1.0 million, and will reimburse the Company for certain research activities. On a per-program basis, the Company will be eligible to receive up to $5.0 million in future contingent preclinical milestones, up to $75.0 million in future contingent development and regulatory milestones and up to $105.0 million in commercial sales milestones. The Company will be further eligible to receive tiered royalties at percentage rates ranging from the low to high single digits of net sales, subject to specified reductions, until either the last-to-expire valid claim of a patent covering the product, ten years after the first commercial sale, or the expiration of any applicable regulatory exclusivity obtained for the product, in each case on a product-by-product and country-by-country basis. The agreement may be terminated in its entirety or on a program-by-program basis for convenience by BioMarin. The agreement may also be terminated by either the Company or BioMarin under certain other circumstances, including material breach, as set forth in the agreement. The notice periods for termination provisions range from 30 days to 270 days depending on the reason for termination. The Company assessed this arrangement in accordance with ASC 606 and concluded that BioMarin is a customer and there is one performance obligation, consisting of a bundle of R&D activities and license right grants. The performance obligation also includes participation in a joint steering committee, the grant of an exclusive license to BioMarin, the grant of a non-exclusive license to the data resulting from the R&D activities, performing the R&D activities in accordance with the contractual work plan, and providing quarterly progress reports. The transaction price was comprised of fixed consideration of $3.8 million and will be recognized over time based upon a cost-to-cost method. Any deferred revenue recorded will be classified as short-term. The Company believes this work will be completed within 12 months of contract execution and the related revenue will be recognized over that period. The arrangement includes significant variable consideration primarily in the form of milestone payments, which is fully constrained at the inception of the contract. All variable consideration is remeasured and reassessed each reporting period. As of and for the three and nine months ended September 30, 2025, the Company determined the variable consideration was fully constrained. For the three and nine months ended September 30, 2025, the Company recognized $0.8 million and $2.6 million in collaboration revenue under the BioMarin Agreement, respectively. Additionally, the Company had an unbilled receivable of $0.4 million as of September 30, 2025 and deferred revenue of $0.3 million as of December 31, 2024 recorded on the consolidated balance sheet, respectively.

Stock-Based Compensation - Narrative (Details) $ in Millions	9 Months Ended
	Sep. 30, 2025 USD ($)
Share-Based Payment Arrangement [Abstract]
Amount of gross unrecognized stock-based compensation expense	$ 5.8
Weighted average period over which unrecognized stock-based compensation expense to be recognized (in years)	2 years 3 months 18 days

Net Loss Per Share Attributable to Common Stockholders - Schedule of Excluded Anti-dilutive Securities (Details) - shares	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Net Loss Per Share Attributable to Common Stockholders
Anti-dilutive securities excluded from diluted earnings per share (in shares)	37,801,350	13,757,801
Shares reserved for future issuance under the 2024 Equity Incentive Plan and ESPP
Net Loss Per Share Attributable to Common Stockholders
Anti-dilutive securities excluded from diluted earnings per share (in shares)	2,234,136	0
Conversion of preferred stock
Net Loss Per Share Attributable to Common Stockholders
Anti-dilutive securities excluded from diluted earnings per share (in shares)	0	11,648,582
Options
Net Loss Per Share Attributable to Common Stockholders
Anti-dilutive securities excluded from diluted earnings per share (in shares)	2,885,206	2,078,470
Restricted stock vesting
Net Loss Per Share Attributable to Common Stockholders
Anti-dilutive securities excluded from diluted earnings per share (in shares)	0	30,607
Shares issuable upon settlement of tranche liability in Private Placement
Net Loss Per Share Attributable to Common Stockholders
Anti-dilutive securities excluded from diluted earnings per share (in shares)	32,681,866	0
Warrants outstanding
Net Loss Per Share Attributable to Common Stockholders
Anti-dilutive securities excluded from diluted earnings per share (in shares)	142	142

Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2025

Commitments and Contingencies Disclosure [Abstract]

Schedule of Operating Lease Costs and Finance Lease Costs

The table below summarizes the Company’s operating lease costs for the three and nine months ended September 30, 2025 and 2024 (in thousands except for lease terms and borrowing rates):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Operating lease costs:
Lease expense	$	598		$	609		$	1,816		$	1,827
Short-term lease expense	14			14			42			40
Variable lease expense	358			344			1,016			1,017
Total operating lease costs	$	970		$	967		$	2,874		$	2,884
Other information:
Operating cash flows used for operating leases	$	876		$	770		$	2,587		$	2,523
Weighted-average remaining lease term in years	1.9			2.9			1.9			2.9
Weighted-average incremental borrowing rate	6.73		%	6.72		%	6.73		%	6.72		%

The table below summarizes the Company’s finance lease costs for the three and nine months ended September 30, 2025 and 2024 (in thousands except for lease terms and borrowing rates):


		Three Months Ended September 30,						Nine Months Ended September 30,
	Classification	2025			2024			2025			2024
Finance lease costs:
Amortization of ROU assets	Depreciation and amortization	$	7		$	49		$	46		$	146
Interest on lease liabilities	Other expense	2			6			6			22
Total finance lease costs		$	9		$	55		$	52		$	168
Other information:
Operating cash flows used for finance leases		$	14		$	89		$	93		$	268
Weighted-average remaining lease term in years		3.1			1.8			3.1			1.8
Weighted-average incremental borrowing rate		7.74		%	8.24		%	7.74		%	8.24		%

Schedule of Maturities of Operating Lease Liabilities

Maturities of operating lease liabilities as of September 30, 2025 were as follows (in thousands):


2025 remaining	$	877
2026	3,558
2027	1,980
2028	264
Total lease payments	6,679
Less: amount representing imputed interest	(407)
Total future minimum lease obligations	$	6,272

Schedule of Maturities of Finance Lease Liabilities

Maturities of finance lease liabilities as of September 30, 2025 were as follows (in thousands):


2025 remaining	$	18
2026	31
2027	31
Total lease payments	80
Less: amount representing imputed interest	(6)
Total future minimum lease obligations	$	74

Commitments and Contingencies - Schedule of Finance Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Finance lease costs:
Amortization of ROU assets	$ 7	$ 49	$ 46	$ 146
Interest on lease liabilities	2	6	6	22
Total finance lease costs	9	55	52	168
Other information:
Operating cash flows used for finance leases	$ 14	$ 89	$ 93	$ 268
Weighted-average remaining lease term in years	3 years 1 month 6 days	1 year 9 months 18 days	3 years 1 month 6 days	1 year 9 months 18 days
Weighted-average incremental borrowing rate	7.74%	8.24%	7.74%	8.24%

Stockholders’ Equity

9 Months Ended

Sep. 30, 2025

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

Common and Preferred Stock

The Company’s amended and restated certificate of incorporation authorizes the issuance of up to 175,000,000 shares of $0.0001 par value common stock and up to 25,000,000 shares of $0.0001 par value undesignated preferred stock. The Board of Directors of the Company (the “Board”) may designate the rights, preferences, privileges, and restrictions of the preferred stock, including dividend rights, conversion rights, voting rights, terms of redemption, liquidation preference, and number of shares constituting any series or the designation of any series. The issuance of preferred stock could have the effect of restricting dividends on the Company’s common stock, diluting the voting power of the Company’s common stock, impairing the liquidation rights of the Company’s common stock, or delaying or preventing a change in control. As of September 30, 2025, no shares of preferred stock were outstanding.

Each share of common stock entitles the holder to one vote, together with the holders of any preferred stock, on all matters submitted to the stockholders for a vote. Common stockholders are also entitled to receive dividends. As of September 30, 2025, no cash dividends have been declared or paid.

Private Placement

The Initial Closing of the Private Placement occurred on September 11, 2025. At the Initial Closing, the Company issued and sold 26,681,053 shares of the Company’s common stock priced at $1.53 to certain investors, some of which were affiliated with directors of the Company, and 36,361 shares of common stock priced at $1.65 to directors, management and consultants of the Company (collectively, the “Shares”). In lieu of common stock, certain investors were sold pre-funded warrants to purchase 6,003,758 shares of common stock (the “Warrant Shares,” and together with the Shares, the “Securities”) at an offering price of $1.5299 per pre-funded warrant. Gross proceeds to the Company totaled $50.1 million before deducting placement agent fees and other expenses totaling $3.3 million.

The pre-funded warrants in the Initial Closing, and the potential Second Closing, have an exercise price of $0.0001 per Warrant Share, subject to customary adjustments, will be exercisable at any time after original issuance will not expire until exercised in full, and will be exercisable on a net exercise “cashless” basis. The pre-funded warrants may not be exercised if the aggregate number of shares of common stock beneficially owned by the holder thereof immediately following such exercise would exceed a specified beneficial ownership limitation, not to exceed 19.99%.

The Purchase Agreement contains customary representations, warranties and covenants. The Securities have not been registered under the Securities Act of 1933, as amended, and were offered pursuant to the exemption from registration provided in Section 4(a)(2) under the Securities Act of 1933, as amended. In connection with the Private Placement, the Company has filed an initial registration statement on Form S-3 (the “Initial Registration Statement”) with the SEC to register for resale the Shares and, as applicable, the Warrant Shares, in connection with the Initial Closing. If applicable, within 30 days of the Second Closing and subject to certain allowable delays, the Company will prepare and file a second registration statement (the “Second Registration Statement”) with the SEC to register for resale the shares and, as applicable, the warrant shares, in each case that were issued in connection with the Second Closing. The Company will use reasonable best efforts to cause the Initial Registration Statement or any Second Registration Statement and any amendments to promptly become effective, but in no event later than the earlier of (i) the 75th calendar day following the Initial Registration Statement or any Second Registration Statement filing date and (ii) the fifth business day after the date the Company is notified by the SEC that the Initial Registration Statement or any Second Registration Statement, as applicable, will not be “reviewed” or will not be subject to further review.

The Company concluded that the pre-funded warrants issued in the Initial Closing met the conditions to be classified as equity instruments under ASC 815-40.

Reserved Shares

As of September 30, 2025, the Company has reserved the following shares of common stock for future issuance:


Shares reserved for future issuance under the 2024 Equity Incentive and Employee Stock Purchase Plan			2,234,136
Stock options outstanding			2,885,206

Pre-funded warrants outstanding			6,003,758
Shares issuable upon settlement of tranche liability in Private Placement			32,681,866
Warrants outstanding			142
Total			43,805,108

- 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
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-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
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-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
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-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
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-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
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-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
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-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
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-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
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-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
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-Section 50
-Paragraph 14
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Subparagraph (b)
-Publisher FASB
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-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
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-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
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-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Commitments and Contingencies - Schedule of Maturities of Operating Lease Liabilities (Details) $ in Thousands	Sep. 30, 2025 USD ($)
Maturity of operating lease liabilities
2025 remaining	$ 877
2026	3,558
2027	1,980
2028	264
Total lease payments	6,679
Less: amount representing imputed interest	(407)
Total future minimum lease obligations	$ 6,272

Stockholders’ Equity - Common and Preferred Stock Narrative (Details)	9 Months Ended
	Sep. 30, 2025 vote $ / shares shares	Dec. 31, 2024 $ / shares shares	Oct. 15, 2024 $ / shares shares
Equity [Abstract]
Common stock, shares authorized (in shares) \| shares	175,000,000	175,000,000	175,000,000
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares) \| shares			25,000,000
Preferred stock par value (in dollars per share)			$ 0.0001
Preferred stock outstanding (in shares) \| shares	0
Number of votes per common share \| vote	1
Common stock dividends declared (in dollars per share)	$ 0
Preferred stock dividends declared (in dollars per share)	$ 0

Commitments and Contingencies - Schedule of Operating Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Operating lease costs:
Lease expense	$ 598	$ 609	$ 1,816	$ 1,827
Short-term lease expense	14	14	42	40
Variable lease expense	358	344	1,016	1,017
Total operating lease costs	970	967	2,874	2,884
Other information:
Operating cash flows used for operating leases	$ 876	$ 770	$ 2,587	$ 2,523
Weighted-average remaining lease term in years	1 year 10 months 24 days	2 years 10 months 24 days	1 year 10 months 24 days	2 years 10 months 24 days
Weighted-average incremental borrowing rate	6.73%	6.72%	6.73%	6.72%

Collaboration and License Agreements - Fulcrum Therapeutics, Inc (Details) $ in Thousands	1 Months Ended		3 Months Ended		9 Months Ended
	May 31, 2025 USD ($)	Jul. 31, 2023 USD ($) milestone performanceObligation	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)
Collaboration and License Agreements
Research and collaboration revenue			$ 795	$ 0	$ 3,150	$ 0
Fulcrum Therapeutics, Inc.
Collaboration and License Agreements
Deferred revenue		$ 400
Number of performance obligations \| performanceObligation		1
Fixed consideration amount		$ 400
Proceeds from milestone payment	$ 600
Milestone payment included in transaction price	600
Research and collaboration revenue	$ 600
Fulcrum Therapeutics, Inc. \| Tier 1 Product \| Minimum
Collaboration and License Agreements
Development and commercial one time milestone receivable \| milestone		1
Variable consideration amount		$ 600
Fulcrum Therapeutics, Inc. \| Tier 1 Product \| Maximum
Collaboration and License Agreements
Variable consideration amount		$ 20,000

Stock-Based Compensation - Restricted Stock Awards Activity (Details) - Restricted stock award	9 Months Ended
	Sep. 30, 2025 $ / shares shares
Number of shares
Beginning balance (in shares) \| shares	15,943
Vested (in shares) \| shares	(15,943)
Ending balance (in shares) \| shares	0
Weighted average fair value
Beginning balance (in dollars per share) \| $ / shares	$ 1.75
Vested (in dollars per share) \| $ / shares	1.75
Ending balance (in dollars per share) \| $ / shares	$ 0

Related Parties (Details) - USD ($)	3 Months Ended		9 Months Ended
Related Parties (Details) - USD ($)	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Related Parties
Research and development (less than)	$ 9,356,000	$ 9,702,000	$ 29,845,000	$ 28,821,000
Stock-based compensation expense (less than)	984,000	1,592,000	2,847,000	3,235,000
General and administrative (less than)	4,596,000	3,814,000	12,590,000	10,233,000
Accounts payable	585,000		585,000		$ 1,210,000
Consulting Agreements with Founders \| Related party
Related Parties
Accounts payable	0		0
Consulting Agreements with Founders \| Related party \| Maximum
Related Parties
Research and development (less than)	100,000	100,000	200,000	200,000
Stock-based compensation expense (less than)	100,000	100,000	100,000	100,000
Consulting Agreements with Executive Consultant \| Related party
Related Parties
Accounts payable	0		0
Consulting Agreements with Executive Consultant \| Related party \| Maximum
Related Parties
Stock-based compensation expense (less than)	100,000	100,000	100,000	100,000
General and administrative (less than)	$ 100,000	$ 100,000	$ 100,000	$ 100,000

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(1))
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
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-Name Accounting Standards Codification
-Section 45
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481990/310-10-45-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

+ Details

Derivative Tranche Liability (Details) - USD ($) $ / shares in Units, $ in Millions	Sep. 11, 2025	Sep. 09, 2025
Derivative [Line Items]
Forward contract indexed to equity, settlement, cash, amount (up to approximately)	$ 50.1
Transaction trigger, volume weighted average price (in USD per share)	$ 7.50
Transaction trigger, number of consecutive trading days	10 days
Transaction trigger, number of trading days	30 days
Derivative tranche liability		$ 14.9
Management
Derivative [Line Items]
Forward sale of stock contract (in shares)	39,306
Forward sale of stock or warrants price per share (in USD per share)	$ 1.65
Third Party Investor
Derivative [Line Items]
Forward sale of stock contract (in shares)	32,681,866
Third Party Investor \| Common stock
Derivative [Line Items]
Forward sale of stock or warrants price per share (in USD per share)	$ 1.53
Third Party Investor \| Warrants outstanding
Derivative [Line Items]
Forward sale of stock or warrants price per share (in USD per share)	$ 1.5299

Basis of Presentation and Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	The accompanying condensed consolidated financial statements are unaudited and have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission for interim financial reporting, consistent in all material respects with those applied in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 (“2024 Form 10-K”) and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s consolidated financial position, consolidated results of operations, and consolidated cash flows for the interim periods presented. Any reference in these notes to applicable guidance is meant to refer to the authoritative standards of U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”). This report should be read in conjunction with the audited consolidated financial statements in our 2024 Form 10-K.
Principles of Consolidation	These condensed consolidated financial statements include CAMP4 Therapeutics Corporation and its wholly-owned subsidiary, CAMP4 Therapeutics Pty Ltd (together, the “Company”). All intercompany balances and transactions have been eliminated in consolidation. The significant accounting policies used in the preparation of these condensed consolidated financial statements for the three and nine months ended September 30, 2025 are consistent with those described in the Company’s 2024 Form 10-K. The results of operations for the three and nine months ended September 30, 2025 are not necessarily indicative of the operating results to be expected for the full fiscal year or future operating periods.
Use of Estimates	The preparation of its condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and judgments that affect the reported amounts of assets, liabilities and expenses in the condensed consolidated financial statements and the related disclosures in the accompanying notes. The Company bases its estimates on historical experience and various relevant assumptions believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods that are not readily apparent from other sources. Changes in estimates are recorded in the financial results of the period in which the new information becomes available. The actual results experienced may differ materially from the Company's estimates.
Restricted Cash	The Company includes its restricted cash balance in the cash, cash equivalents and restricted cash reconciliation of operating, investing and financing activities in the condensed consolidated statements of cash flows.
Derivatives Tranche Liability	The Private Placement includes a right provided to the investors to purchase the Company’s securities in two tranches. The second tranche was determined to be a freestanding instrument and accounted for as derivative tranche liability within the condensed consolidated balance sheets. The derivative tranche liability was recorded at its fair value on issuance and is subsequently remeasured at each reporting period with changes in fair value recorded in the condensed consolidated statements of operations until settlement.
Recently Issued Accounting Standards	Accounting standards not listed below were assessed and determined not to be applicable or are expected to have a minimal impact on the Company’s condensed consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (“Topic 740”): Improvements to Income Tax Disclosures. ASU 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as additional information on income taxes paid. The standard requires entities to disclose federal, state, and foreign income taxes in their rate reconciliation tables and elaborate on reconciling items that exceed a quantitative threshold. Additionally, it requires an annual disclosure of income taxes paid, net of refunds, categorized by jurisdiction based on a quantitative threshold. For public business entities, the guidance is effective for annual periods beginning after December 15, 2024. ASU 2023-09 will result in the required additional disclosures being included in the Company’s annual consolidated financial statements. In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. ASU 2024-03 requires disclosure of additional information about specific expense categories in the notes to financial statements for interim and annual reporting periods. For public business entities, the guidance is effective for interim and annual periods beginning after December 15, 2026. Early adoption is permitted for annual consolidated financial statements that have not yet been issued or made available for issuance. The guidance may be applied on a prospective basis or retrospectively for all prior periods presented in the financial statements. ASU 2024-03 will result in the required additional disclosures being included in the Company’s consolidated financial statements once adopted.

- Definition

Disclosure of accounting policy for its derivative instruments and hedging activities.

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8C

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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+ Details

Unaudited Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders’ Equity (Deficit) - USD ($) $ in Thousands	Total	Common stock	Additional paid-in capital	Accumulated deficit
Balance at beginning (in shares) at Dec. 31, 2023	130,648,426
Balance at beginning at Dec. 31, 2023	$ 162,147
Balance at ending (in shares) at Mar. 31, 2024	130,648,426
Balance at ending at Mar. 31, 2024	$ 162,147
Balance at beginning (in shares) at Dec. 31, 2023		460,704
Balance at beginning at Dec. 31, 2023	(123,730)	$ 1	$ 36,231	$ (159,962)
Changes in Stockholders' Deficit
Stock option exercises (in shares)		971
Stock option exercises	2		2
Vesting of restricted common stock (in shares)		14,589
Stock-based compensation expense	856		856
Net loss	(12,456)			(12,456)
Balance at ending (in shares) at Mar. 31, 2024		476,264
Balance at ending at Mar. 31, 2024	$ (135,328)	$ 1	37,089	(172,418)
Balance at beginning (in shares) at Dec. 31, 2023	130,648,426
Balance at beginning at Dec. 31, 2023	$ 162,147
Balance at ending (in shares) at Sep. 30, 2024	130,648,426
Balance at ending at Sep. 30, 2024	$ 162,147
Balance at beginning (in shares) at Dec. 31, 2023		460,704
Balance at beginning at Dec. 31, 2023	(123,730)	$ 1	36,231	(159,962)
Changes in Stockholders' Deficit
Net loss	(38,512)
Balance at ending (in shares) at Sep. 30, 2024		1,005,930
Balance at ending at Sep. 30, 2024	$ (158,975)	$ 2	39,497	(198,474)
Balance at beginning (in shares) at Mar. 31, 2024	130,648,426
Balance at beginning at Mar. 31, 2024	$ 162,147
Balance at ending (in shares) at Jun. 30, 2024	130,648,426
Balance at ending at Jun. 30, 2024	$ 162,147
Balance at beginning (in shares) at Mar. 31, 2024		476,264
Balance at beginning at Mar. 31, 2024	(135,328)	$ 1	37,089	(172,418)
Changes in Stockholders' Deficit
Issuance of common stock, net of issuance costs (in shares)		88
Vesting of restricted common stock (in shares)		14,525
Stock-based compensation expense	786		786
Net loss	(12,572)			(12,572)
Balance at ending (in shares) at Jun. 30, 2024		490,877
Balance at ending at Jun. 30, 2024	$ (147,114)	$ 1	37,875	(184,990)
Balance at ending (in shares) at Sep. 30, 2024	130,648,426
Balance at ending at Sep. 30, 2024	$ 162,147
Changes in Stockholders' Deficit
Stock option exercises (in shares)		500,531
Stock option exercises	31	$ 1	30
Vesting of restricted common stock (in shares)		14,522
Stock-based compensation expense	1,592		1,592
Net loss	(13,484)			(13,484)
Balance at ending (in shares) at Sep. 30, 2024		1,005,930
Balance at ending at Sep. 30, 2024	$ (158,975)	$ 2	39,497	(198,474)
Balance at beginning (in shares) at Dec. 31, 2024	20,145,129	20,145,129
Balance at beginning at Dec. 31, 2024	$ 63,144	$ 2	274,895	(211,753)
Changes in Stockholders' Deficit
Stock option exercises (in shares)		1
Vesting of restricted common stock (in shares)		11,666
Stock-based compensation expense	861		861
Net loss	(12,433)			(12,433)
Balance at ending (in shares) at Mar. 31, 2025		20,156,796
Balance at ending at Mar. 31, 2025	$ 51,572	$ 2	275,756	(224,186)
Balance at beginning (in shares) at Dec. 31, 2024	20,145,129	20,145,129
Balance at beginning at Dec. 31, 2024	$ 63,144	$ 2	274,895	(211,753)
Changes in Stockholders' Deficit
Stock option exercises (in shares)	1,699
Net loss	$ (40,119)
Balance at ending (in shares) at Sep. 30, 2025	46,880,185	46,880,185
Balance at ending at Sep. 30, 2025	$ 58,667	$ 5	310,534	(251,872)
Balance at beginning (in shares) at Mar. 31, 2025		20,156,796
Balance at beginning at Mar. 31, 2025	51,572	$ 2	275,756	(224,186)
Changes in Stockholders' Deficit
Vesting of restricted common stock (in shares)		4,277
Stock-based compensation expense	1,002		1,002
Net loss	(12,587)			(12,587)
Balance at ending (in shares) at Jun. 30, 2025		20,161,073
Balance at ending at Jun. 30, 2025	39,987	$ 2	276,758	(236,773)
Changes in Stockholders' Deficit
Issuance of common stock, net of issuance costs (in shares)		26,717,414
Issuance of common stock, net of issuance costs	29,191	$ 3	29,188
Issuance of pre-funded warrants, net of issuance costs	3,601		3,601
Stock option exercises (in shares)		1,698
Stock option exercises	3		3
Stock-based compensation expense	984		984
Net loss	$ (15,099)			(15,099)
Balance at ending (in shares) at Sep. 30, 2025	46,880,185	46,880,185
Balance at ending at Sep. 30, 2025	$ 58,667	$ 5	$ 310,534	$ (251,872)

Fair Value Measurements - Schedule of Fair Value, Liabilities Measured on Recurring Basis (Details)	Sep. 30, 2025 $ / shares years	Sep. 11, 2025 $ / shares years
Expected volatility \| Valuation Technique, Monte Carlo Pricing Model
Fair Value Measurements
Derivative tranche liability measurement input	0.730	0.730
Risk-free interest rate \| Valuation Technique, Monte Carlo Pricing Model
Fair Value Measurements
Derivative tranche liability measurement input	0.0360	0.0350
Expected term (in years) \| Valuation Technique, Monte Carlo Pricing Model
Fair Value Measurements
Derivative tranche liability measurement input \| years	1.28	1.33
Probability of achieving specified conditions \| Valuation Technique, Monte Carlo Pricing Model
Fair Value Measurements
Derivative tranche liability measurement input	0.250	0.250
Discount rate \| Valuation Technique, Monte Carlo Pricing Model
Fair Value Measurements
Derivative tranche liability measurement input	0.0359	0.0353
Share price \| Valuation Technique, Monte Carlo Pricing Model
Fair Value Measurements
Derivative tranche liability measurement input \| $ / shares	3.00	2.78
Minimum \| Expected volatility
Fair Value Measurements
Derivative tranche liability measurement input	0.516
Maximum \| Expected volatility
Fair Value Measurements
Derivative tranche liability measurement input	1.497

Basis of Presentation and Accounting Policies

9 Months Ended

Sep. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation and Accounting Policies

Basis of Presentation and Principles of Consolidation

The accompanying condensed consolidated financial statements are unaudited and have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission for interim financial reporting, consistent in all material respects with those applied in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 (“2024 Form 10-K”) and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s consolidated financial position, consolidated results of operations, and consolidated cash flows for the interim periods presented. Any reference in these notes to applicable guidance is meant to refer to the authoritative standards of U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”). This report should be read in conjunction with the audited consolidated financial statements in our 2024 Form 10-K.

These condensed consolidated financial statements include CAMP4 Therapeutics Corporation and its wholly-owned subsidiary, CAMP4 Therapeutics Pty Ltd (together, the “Company”). All intercompany balances and transactions have been eliminated in consolidation. The significant accounting policies used in the preparation of these condensed consolidated financial statements for the three and nine months ended September 30, 2025 are consistent with those described in the Company’s 2024 Form 10-K. The results of operations for the three and nine months ended September 30, 2025 are not necessarily indicative of the operating results to be expected for the full fiscal year or future operating periods.

Reverse Stock Split

On October 3, 2024, the Company effected a one-for-11.2158 reverse stock split of its issued and outstanding shares of common stock and a proportional adjustment to the existing conversion ratios for each series of the Company’s convertible preferred stock. Accordingly, all share and per share amounts for all periods presented in the accompanying condensed consolidated financial statements and notes thereto have been adjusted retroactively, where applicable, to reflect this reverse stock split and adjustment of the preferred stock conversion ratios. The par value and the number of authorized shares of the convertible preferred stock and common stock were not adjusted in connection with the reverse stock split.

Initial Public Offering

On October 15, 2024, the Company completed its initial public offering (“IPO”), pursuant to which it issued and sold an aggregate of 6,820,000 shares of its common stock to the public at a price of $11.00 per share, resulting in net proceeds of $65.8 million, after deducting underwriting discounts and commissions of $5.3 million and other offering expenses of $4.0 million. In addition, on November 1, 2024, the Company received proceeds of $6.6 million, after deducting underwriting discounts and commissions of $0.5 million, pursuant to the partial exercise by the underwriters of their option to purchase 643,762 additional shares in the IPO. Collectively, the Company received aggregate net proceeds of $72.4 million. Upon the closing of the IPO, the Company’s outstanding convertible preferred stock automatically converted into 11,648,582 shares of common stock.

In connection with the completion of its IPO, on October 15, 2024, the Company’s certificate of incorporation was amended and restated to authorize the issuance of up to 175,000,000 shares of common stock, par value $0.0001 per share and 25,000,000 shares of preferred stock, par value of $0.0001 per share.

Private Placement

On September 9, 2025, the Company entered into a Securities Purchase Agreement (the “Purchase Agreement”) with investors pursuant to which the Company agreed to sell certain securities, in up to two closings in a private placement transaction (the “Private Placement”). The initial closing of the Private Placement occurred on September 11, 2025 (the “Initial Closing”). At the Initial Closing, the Company issued 26,717,414 shares of the Company’s common stock and

6,003,758 pre-funded warrants for net cash proceeds of $46.7 million, after deducting $3.3 million in issuance costs (see Notes 2 and 6).

Liquidity and Going Concern

As of September 30, 2025, the Company had approximately $75.3 million of cash and cash equivalents and working capital of approximately $69.8 million. The Company has a relatively limited operating history, and the revenue and income potential of the Company’s business and market are unproven. The Company has experienced net losses and negative cash flows from operations since its inception and, as of September 30, 2025, the Company had an accumulated deficit of $251.9 million. During the nine months ended September 30, 2025, the Company incurred a net loss of $40.1 million and had negative cash flows from operating activities of $35.8 million. The Company will continue to incur significant costs and expenses related to its ongoing operations until it successfully develops, obtains regulatory approval for and gains market acceptance of a product candidate and achieves revenues adequate to support the Company’s operations.

From inception to September 30, 2025, the Company has funded its operations primarily with proceeds from the sale of its securities, including in its IPO and the Private Placement, as well as through revenues from its license and collaboration agreements. Based on its current operating plan, the Company estimates that its cash and cash equivalents as of September 30, 2025 will be sufficient to fund operations through at least the next twelve months from the date of issuance of these condensed consolidated financial statements. As the Company continues to pursue its business plan, it expects to finance its operations through potential public or private equity offerings, debt financings or other capital sources, including current or potential future collaborations, licenses and other similar arrangements. However, there can be no assurance that any additional financing or strategic arrangements will be available to the Company on acceptable terms, if at all. If events or circumstances occur such that the Company does not obtain additional funding, it may be necessary to significantly reduce its scope of operations to reduce its rate of spending through actions such as reductions in staff and delaying, limiting, reducing or terminating product development or future commercialization efforts or grant rights to develop and market product candidates that it would otherwise prefer to develop and market itself, which could have a material adverse effect on the Company’s business, results of operations or financial condition.

Use of Estimates

The preparation of its condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and judgments that affect the reported amounts of assets, liabilities and expenses in the condensed consolidated financial statements and the related disclosures in the accompanying notes. The Company bases its estimates on historical experience and various relevant assumptions believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods that are not readily apparent from other sources. Changes in estimates are recorded in the financial results of the period in which the new information becomes available. The actual results experienced may differ materially from the Company's estimates.

Restricted Cash

The Company includes its restricted cash balance in the cash, cash equivalents and restricted cash reconciliation of operating, investing and financing activities in the condensed consolidated statements of cash flows. The restricted cash is collateral for the letters of credit. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the condensed consolidated balance sheets to the corresponding amounts shown in the condensed consolidated statements of cash flows (in thousands):


	September 30, 2025		December 31, 2024
Cash and cash equivalents	$	75,255	$	64,039
Restricted cash	1,624		1,624
Total cash, cash equivalents, and restricted cash	$	76,879	$	65,663

Comprehensive Loss

There were no differences between net loss and comprehensive loss presented in the condensed consolidated statements of operations for the three and nine months ended September 30, 2025 and 2024.

Derivative Tranche Liability

The Private Placement includes a right provided to the investors to purchase the Company’s securities in two tranches. The second tranche was determined to be a freestanding instrument and accounted for as derivative tranche liability within the condensed consolidated balance sheets. The derivative tranche liability was recorded at its fair value on issuance and is subsequently remeasured at each reporting period with changes in fair value recorded in the condensed consolidated statements of operations until settlement.

Recently Issued Accounting Standards

Accounting standards not listed below were assessed and determined not to be applicable or are expected to have a minimal impact on the Company’s condensed consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (“Topic 740”): Improvements to Income Tax Disclosures. ASU 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as additional information on income taxes paid. The standard requires entities to disclose federal, state, and foreign income taxes in their rate reconciliation tables and elaborate on reconciling items that exceed a quantitative threshold. Additionally, it requires an annual disclosure of income taxes paid, net of refunds, categorized by jurisdiction based on a quantitative threshold. For public business entities, the guidance is effective for annual periods beginning after December 15, 2024. ASU 2023-09 will result in the required additional disclosures being included in the Company’s annual consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. ASU 2024-03 requires disclosure of additional information about specific expense categories in the notes to financial statements for interim and annual reporting periods. For public business entities, the guidance is effective for interim and annual periods beginning after December 15, 2026. Early adoption is permitted for annual consolidated financial statements that have not yet been issued or made available for issuance. The guidance may be applied on a prospective basis or retrospectively for all prior periods presented in the financial statements. ASU 2024-03 will result in the required additional disclosures being included in the Company’s consolidated financial statements once adopted.

Related Parties	9 Months Ended
Related Parties	Sep. 30, 2025
Related Party Transactions [Abstract]
Related Parties	Related Parties In September 2015, the Company entered into consulting agreements with its two founders, related parties who hold shares of the Company’s common stock, to provide R&D and strategic services. For both the three months ended September 30, 2025 and 2024, the Company recognized R&D expense of less than $0.1 million related to work performed under the founder agreements. For both the nine months ended September 30, 2025 and 2024, the Company recognized R&D expense of less than $0.2 million related to work performed under the founder agreements. For both the three months ended September 30, 2025 and 2024, the Company recognized stock-based compensation expense of less than $0.1 million related to the consulting agreements. For both the nine months ended September 30, 2025 and 2024, the Company recognized stock-based compensation expense of less than $0.1 million related to the consulting agreements. The Company had no amounts due to the founders as of September 30, 2025. In March 2019, the Company entered into a consulting agreement with an executive consultant, a related party who holds shares of the Company’s common stock. For both the three and nine months ended September 30, 2025, the Company recognized G&A expense totaling less than $0.1 million related to work performed under the consulting agreement. For both the three and nine months ended September 30, 2024, the Company recognized G&A expense of less than $0.1 million related to work performed under the consulting agreement. For the three and nine months ended September 30, 2025, the Company recognized stock-based compensation expense of less than $0.1 million related to the consulting agreement. For the three and nine months ended September 30, 2024, the Company recognized stock-based compensation expense of less than $0.1 million related to the consulting agreement. The Company had no amounts due to the consultant as of September 30, 2025.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
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+ Details

Segment Reporting (Details) $ in Thousands	3 Months Ended						9 Months Ended
Segment Reporting (Details) $ in Thousands	Sep. 30, 2025 USD ($)	Jun. 30, 2025 USD ($)	Mar. 31, 2025 USD ($)	Sep. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Sep. 30, 2025 USD ($) segment	Sep. 30, 2024 USD ($)
Segment Reporting Information [Line Items]
Number of operating segments \| segment							1
Revenue	$ 795			$ 0			$ 3,150	$ 0
Less: Significant segment expenses
Impairment of right-of-use asset	494			0			494	0
Net loss attributable to common stockholders	(15,099)	$ (12,587)	$ (12,433)	(13,484)	$ (12,572)	$ (12,456)	(40,119)	(38,512)
R&D
Segment Reporting Information [Line Items]
Revenue	795			0			3,150	0
Less: Significant segment expenses
Personnel-related expenses	4,922			5,242			15,701	14,795
Clinical and preclinical expenses	4,313			4,589			13,502	13,283
Facilities-related and overhead	2,090			1,937			6,088	5,655
Professional and consulting fees	2,204			1,312			5,390	4,128
Corporate expenses	297			317			1,334	814
Impairment of right-of-use asset	494			0			494	0
Travel and entertainment	126			119			420	379
Plus: Other segment (loss) income	(1,448)			32			(340)	542
Net loss attributable to common stockholders	$ (15,099)			$ (13,484)			$ (40,119)	$ (38,512)

Other Balance Sheet Components

9 Months Ended

Sep. 30, 2025

Prepaid Expense and Other Assets, Current [Abstract]

Other Balance Sheet Components

Prepaid Expenses and Other Current Assets

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


	September 30, 2025		December 31, 2024
R&D expenses	$	1,776	$	979
Insurance expense	8		591
Software and subscriptions expense	347		337
Variable lease expense	118		118
Federal R&D tax credit receivable	—		108
Other	204		211
Total prepaid expenses and other current assets	$	2,453	$	2,344

Property and Equipment, Net

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


	September 30, 2025		December 31, 2024
Leasehold improvements	$	4,518	$	4,518
Laboratory equipment	4,480		4,078
Computer and software	938		969
Furniture and fixtures	524		524
Total property and equipment	10,460		10,089
Less: accumulated depreciation and amortization	(7,565)		(6,231)
Total property and equipment, net	$	2,895	$	3,858

The Company incurred depreciation and amortization expense of $0.4 million for each of the three months ended September 30, 2025 and 2024. The Company incurred depreciation and amortization expense of $1.2 million for each of the nine months ended September 30, 2025 and 2024. For each of the three and nine months ended September 30, 2025 and 2024, depreciation and amortization expense included nominal finance lease right-of-use (“ROU”) asset amortization (see Note 4). As of September 30, 2025, the Company has vacated the Boulder, Colorado lease location (see Note 4). As a result, the Company sold laboratory equipment with a net book value of $0.3 million and recognized a nominal loss on the sale.

Accrued Expenses

Accrued expenses consisted of the following (in thousands):


	September 30, 2025		December 31, 2024
Employee compensation and benefits	$	2,050	$	3,111
Professional fees	654		661
External R&D expenses	1,167		524
Other	194		537
Total accrued expenses	$	4,065	$	4,833

Other Balance Sheet Components - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Property and Equipment, Net
Total property and equipment	$ 10,460	$ 10,089
Less: accumulated depreciation and amortization	(7,565)	(6,231)
Property and equipment, net	2,895	3,858
Leasehold improvements
Property and Equipment, Net
Total property and equipment	4,480	4,078
Laboratory equipment
Property and Equipment, Net
Total property and equipment	938	969
Furniture and fixtures
Property and Equipment, Net
Total property and equipment	524	524
Leasehold Improvements
Property and Equipment, Net
Total property and equipment	$ 4,518	$ 4,518

Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Revenue
Research and collaboration revenue	$ 795	$ 0	$ 3,150	$ 0
Operating Expenses:
Research and development	9,356	9,702	29,845	28,821
General and administrative	4,596	3,814	12,590	10,233
Impairment of right-of-use asset	494	0	494	0
Total operating expenses	14,446	13,516	42,929	39,054
Loss from operations	(13,651)	(13,516)	(39,779)	(39,054)
Other (expense) income, net:
Interest income	423	94	1,464	720
Change in fair value of derivative tranche liability	(1,800)	0	(1,800)	0
Other expense	(71)	(62)	(4)	(178)
Total other (expense) income, net	(1,448)	32	(340)	542
Net loss attributable to common stockholders	(15,099)	(13,484)	(40,119)	(38,512)
Comprehensive loss	$ (15,099)	$ (13,484)	$ (40,119)	$ (38,512)
Net loss per share attributable to common stockholders, basic, (in dollars per share)	$ (0.55)	$ (24.19)	$ (1.78)	$ (76.50)
Net loss per share attributable to common stockholders, diluted (in dollars per share)	$ (0.55)	$ (24.19)	$ (1.78)	$ (76.50)
Weighted-average shares of common stock outstanding, basic (in shares)	27,274,721	557,437	22,554,427	503,455
Weighted-average common shares outstanding, diluted (in shares)	27,274,721	557,437	22,554,427	503,455

Other Balance Sheet Components (Tables)

9 Months Ended

Sep. 30, 2025

Prepaid Expense and Other Assets, Current [Abstract]

Schedule of Prepaid Expenses and Other Current Assets

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


	September 30, 2025		December 31, 2024
R&D expenses	$	1,776	$	979
Insurance expense	8		591
Software and subscriptions expense	347		337
Variable lease expense	118		118
Federal R&D tax credit receivable	—		108
Other	204		211
Total prepaid expenses and other current assets	$	2,453	$	2,344

Schedule of Property and Equipment, Net

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


	September 30, 2025		December 31, 2024
Leasehold improvements	$	4,518	$	4,518
Laboratory equipment	4,480		4,078
Computer and software	938		969
Furniture and fixtures	524		524
Total property and equipment	10,460		10,089
Less: accumulated depreciation and amortization	(7,565)		(6,231)
Total property and equipment, net	$	2,895	$	3,858

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses consisted of the following (in thousands):


	September 30, 2025		December 31, 2024
Employee compensation and benefits	$	2,050	$	3,111
Professional fees	654		661
External R&D expenses	1,167		524
Other	194		537
Total accrued expenses	$	4,065	$	4,833

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2025	Nov. 03, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2025
Document Transition Report	false
Entity File Number	001-42365
Entity Registrant Name	CAMP4 Therapeutics Corporation
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-1152476
Entity Address, Address Line One	One Kendall Square
Entity Address, Address Line Two	Building 1400 West, 3rd Floor
Entity Address, City or Town	Cambridge
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02139
City Area Code	617
Local Phone Number	651-8867
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Title of 12(b) Security	Common stock, par value $0.0001 per share
Trading Symbol	CAMP
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		46,881,134
Entity Central Index Key	0001736730
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Amendment Flag	false
Document Fiscal Year Focus	2025

Derivative Tranche Liability	9 Months Ended
Derivative Tranche Liability	Sep. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Tranche Liability	Derivative Tranche Liability Pursuant to the Purchase Agreement, subject to the occurrence of the second closing triggers, the Company has agreed to sell and the investors have agreed to purchase at a closing (the “Second Closing”) up to 32,681,866 shares of the Company’s common stock or pre-funded warrants in lieu thereof at a purchase price of $1.53 per share and $1.5299 per pre-funded warrant, and directors, consultants and members of management have agreed to purchase an additional 39,306 shares of the Company’s common stock at a purchase price of $1.65 per share, for gross proceeds to the Company of up to approximately $50.1 million. The Second Closing triggers include a certain regulatory milestone and either of the following: 1.the achievement of a volume weighted average price per share of equal to or greater than $7.50, as defined in the purchase agreement, measured during any ten consecutive trading days during the thirty trading days following the date of the Company’s first announcement of the regulatory milestone (the “Price Threshold”), or 2.the Company’s receipt of a signed written notice from investors holding a majority of the Securities outstanding that waives the Price Threshold for purposes of the Second Closing in which case, only the waiving investors will be obligated to participate. The obligation to issue and purchase securities was concluded to be a forward contract derivative liability and was measured at fair value using a probability weighted model at the issuance date. The initial fair value (Level 3) of the forward contract was $14.9 million and was recorded as a derivative tranche liability and will be remeasured at each subsequent reporting period (see Note 2).

Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting

The operating financial results of the Company’s R&D segment for the three and nine months ended September 30, 2025 and 2024 are as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Revenue	$	795	$	—	$	3,150	$	—
Less: Significant segment expenses
Personnel-related expenses	4,922		5,242		15,701		14,795
Clinical and preclinical expenses	4,313		4,589		13,502		13,283
Facilities-related and overhead	2,090		1,937		6,088		5,655
Professional and consulting fees	2,204		1,312		5,390		4,128
Corporate expenses	297		317		1,334		814
Impairment of right-of-use asset	494		—		494		—
Travel and entertainment	126		119		420		379
Plus: Other segment (loss) income	(1,448)		32		(340)		542
Segment net loss	$	(15,099)	$	(13,484)	$	(40,119)	$	(38,512)

Stock-Based Compensation

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

2024 Equity Incentive Plan

In October 2024, the Company adopted the 2024 Equity Incentive Plan (the “2024 Plan”), which became effective in connection with the Company’s IPO. The 2024 Plan provides for the grant of stock options, stock appreciation rights, restricted and unrestricted stock awards, restricted stock unit awards, and other stock-based awards to employees, directors, and non-employee service providers of the Company.

Awards granted under the 2024 Plan expire no later than ten years from the date of grant. The price of stock options shall not be less than 100% of the estimated fair value on the date of grant and typically vest over a four-year period, although awards may be granted with different vesting terms. The 2024 Plan initially reserved 2,143,039 shares of common stock for the issuance of future awards and provides for an automatic annual increase in the number of shares of common stock reserved for future issuance by the lesser of (i) 5% of the number of shares of the Company’s common stock outstanding as of the close of business on the immediately preceding December 31 and (ii) the number of shares determined by the Board on or prior to such date for such year. Pursuant to the terms of the 2024 Plan, an additional 604,832 shares of common stock were added to the number of available shares, effective January 1, 2025. As of September 30, 2025, there were 1,818,223 shares of common stock reserved and available for issuance pursuant to the 2024 Plan.

2024 Employee Stock Purchase Plan

In October 2024, the Company adopted the 2024 Employee Stock Purchase Plan (the “2024 ESPP”), which became effective in connection with the Company’s IPO. The 2024 ESPP initially reserved 214,303 shares of common stock for the issuance of future awards and provides for an automatic annual increase in the number of shares of common stock reserved for future issuance by the lesser of (1) 1% of the number of shares of the Company’s common stock outstanding as of the close of business on the immediately preceding December 31 and (2) the number of shares determined by the Board on or prior to such date for such year. Pursuant to the terms of the 2024 ESPP, an additional 201,610 shares of common stock were added to the number of available shares, effective January 1, 2025. As of September 30, 2025, there were 415,913 shares of common stock reserved and available for issuance pursuant to the 2024 ESPP.

The 2024 ESPP permits eligible employees to enroll in six-month offering periods. Participants may purchase shares of the Company’s common stock, through payroll deductions, at a price equal to 85% of the fair market value of the common stock on the first or last day of the applicable offering period, whichever is lower. Purchase dates under the 2024 ESPP occur on or around January 1 and July 1 each year. As of September 30, 2025, there have been no completed offering periods.

Stock Option Activity

The following table summarizes stock option activity for the nine months ended September 30, 2025 (in thousands, except share and per share amounts):


	Number of outstanding options	Weighted average exercise price		Weighted average remaining contractual term in years	Aggregate intrinsic value
Balance as of December 31, 2024	2,119,425	$	7.87	7.98	$	751
Granted	948,446	$	3.30
Forfeited/Cancelled	(180,966)	$	5.44
Exercises	(1,699)	$	2.12		$	2
Balance as of September 30, 2025	2,885,206	$	6.52	7.01	$	—
Vested and expected to vest as of September 30, 2025	2,885,206	$	6.52	7.05	$	—
Exercisable as of September 30, 2025	1,512,812	$	7.01	6.51	$	—

Restricted Stock Award Activity

A summary of restricted stock award activity for the nine months ended September 30, 2025 is as follows:


	Number of shares	Weighted average fair value
Unvested as of December 31, 2024	15,943	$	1.75
Vested	(15,943)	$	1.75
Unvested as of September 30, 2025	—	$	—

All restricted common stock awards were initially issued at a price determined to be fair value on the date of grant. The Company recognizes forfeitures of restricted common stock as they occur. As of September 30, 2025, all outstanding restricted common stock awards were fully vested.

Stock-Based Compensation Expense

The following table presents the components and classification of stock-based compensation expense for the three and nine months ended September 30, 2025 and 2024 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Options	$	984	$	1,561	$	2,813	$	3,143
Restricted stock awards	—		31		34		92

Total	$	984	$	1,592	$	2,847	$	3,235

Research and development	$	495	$	519	$	1,459	$	1,424
General and administrative	489		1,073		1,388		1,811
Total	$	984	$	1,592	$	2,847	$	3,235

The Company has an aggregate $5.8 million of gross unrecognized stock-based compensation expense as of September 30, 2025 remaining to be recognized over a weighted average period of 2.3 years.