0001736730-26-000016 | 10-K | XBRL Viewer

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Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Property and Equipment, Net
Total property and equipment	$ 10,086	$ 10,089
Less: accumulated depreciation and amortization	(7,747)	(6,231)
Property and equipment, net	2,339	3,858
Leasehold improvements
Property and Equipment, Net
Total property and equipment	4,518	4,518
Laboratory equipment
Property and Equipment, Net
Total property and equipment	4,106	4,078
Computer and software
Property and Equipment, Net
Total property and equipment	938	969
Furniture and fixtures
Property and Equipment, Net
Total property and equipment	$ 524	$ 524

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Operating Activities
Net loss	$ (80,403)	$ (51,791)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	1,639	1,696
Stock-based compensation expense	3,998	4,032
Change in fair value of derivative tranche liability	29,830	0
Impairment of right-of-use asset	494	0
Loss on the sale of property and equipment	258	0
Non-cash gain on lease modification	(316)	0
Non-cash lease expense	1,923	1,749
Non-cash interest expense	16	83
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(888)	(711)
Accounts payable	(1,028)	168
Accrued expenses and other liabilities	805	1,531
Operating lease assets and liabilities	(2,996)	(2,704)
Deferred revenue	17,115	385
Net cash used in operating activities	(29,553)	(45,562)
Investing Activities
Purchases of property and equipment	(279)	(441)
Proceeds from the sale of property and equipment	36	0
Net cash used in investing activities	(243)	(441)
Financing Activities
Proceeds from issuance of common stock, net of issuance costs of $3,966 and $5,747, respectively	57,516	76,353
Proceeds from issuance of pre-funded warrants, net of issuance costs $258	3,601	0
Proceeds allocated to the derivative tranche liability	14,930	0
Proceeds from exercise of common stock options	51	113
Principal payments on financing obligation	(97)	(460)
Principal payments on finance leases	(111)	(364)
Payments of deferred issuance costs	0	(3,980)
Net cash provided by financing activities	75,890	71,662
Net increase in cash, cash equivalents and restricted cash	46,094	25,659
Cash, cash equivalents and restricted cash at beginning of year	65,663	40,004
Cash, cash equivalents and restricted cash at end of period	111,757	65,663
Supplemental disclosure of cash flow information:
Conversion of convertible preferred stock upon initial public offering	0	162,147
Finance lease right-of-use asset converted to fixed asset	290	127
Issuance costs in accounts payable and accrued expenses	$ 203	$ 0

Stock-Based Compensation - Stock Option Activity Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2021
Stock-Based Compensation
Weighted average grant date fair value (in USD per share)	$ 4.41	$ 8.09
Options exercised	$ 45	$ 6,600
Stock-based compensation expense recorded	$ 3,998	$ 4,032
Stock options outstanding
Stock-Based Compensation
Expected term (in years)	6 years 7 months 24 days	5 years 11 months 26 days
Stock-based compensation expense recorded	$ 4,000	$ 3,800
Amount of gross unrecognized stock-based compensation expense	$ 11,800
Weighted average period over which unrecognized stock-based compensation expense to be recognized (in years)	2 years 7 months 6 days
Certain Executives \| Stock options outstanding
Stock-Based Compensation
Unrecorded notes payable issued for stock option early exercise			$ 1,000
Expected term (in years)	5 years
Options outstanding after early exercise due to promissory note forgiveness (in shares)		491,110

Employee Benefit Plan (Details) - USD ($) $ in Millions	12 Months Ended
Employee Benefit Plan (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Defined Contribution Plan [Abstract]
Employee contribution percentage	100.00%
Company matching percentage of employee contributions	100.00%
Employer contribution percentage	3.00%
Contributions made	$ 0.3	$ 0.3

Prepaid Expenses And Other Current Assets

12 Months Ended

Dec. 31, 2025

Prepaid Expense and Other Assets, Current [Abstract]

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following as of December 31, 2025 and 2024 (in thousands):


	2025		2024
Prepaid research and development	$	1,504	$	979

Prepaid insurance costs	559		591
Software and subscriptions	402		337
Variable lease expenses	270		118
Unbilled receivable	155		—
Federal R&D tax credit receivable	—		108
Other	342		211
Prepaid expenses and other current assets	$	3,232	$	2,344

Stockholders’ Equity - Recent Equity Financings Narrative (Details) - USD ($) $ / shares in Units, $ in Millions				12 Months Ended
	Dec. 19, 2025	Nov. 10, 2025	Sep. 11, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 18, 2025
Convertible Preferred Stock and Stockholders' Deficit
Sale of stock, commission rate to sales agents				3.00%
Private Placement
Convertible Preferred Stock and Stockholders' Deficit
Sale of stock (in 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
Private Placement \| Prefunded Warrants, Liability
Convertible Preferred Stock and Stockholders' Deficit
Pre-funded warrants issued (in shares)			6,003,758
Sale of stock, price per warrant (in USD per share)			$ 1.5299
Exercise price of warrants (in USD per share)			$ 0.0001
Sale of stock, specified beneficial ownership threshold maximum			19.99%
Private Placement \| Management
Convertible Preferred Stock and Stockholders' Deficit
Sale of stock (in shares)			36,361
Sale of stock (in USD per share)			$ 1.65
Shelf Registration Statement
Convertible Preferred Stock and Stockholders' Deficit
Stock issued		$ 300.0
At-The-Market Sales Agreement
Convertible Preferred Stock and Stockholders' Deficit
Stock issued				$ 100.0
Third Party Investor \| Private Placement
Convertible Preferred Stock and Stockholders' Deficit
Sale of stock (in shares)			26,681,053
Sale of stock (in USD per share)			$ 1.53
Leerink Partners LLC \| Underwritten Offering
Convertible Preferred Stock and Stockholders' Deficit
Sale of stock (in USD per share)						$ 6.00
Issuance of common stock (in shares)	5,000,000
Gross proceeds	$ 30.0
Common stock
Convertible Preferred Stock and Stockholders' Deficit
Issuance of common stock (in shares)				31,717,415	7,463,762

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

For the years ended December 31, 2025 and 2024, no income tax expense was recorded due to the Company’s net operating loss (“NOL”) and full valuation allowance. The Company’s effective tax rate of zero differs from the U.S. statutory tax rate of 21% primarily because of the valuation allowance maintained against the Company’s net deferred tax assets. A reconciliation of the expected income tax benefit computed using the federal statutory income tax rate to the Company’s effective income tax rate is as follows for the years ended December 31, 2025 and 2024:


	2025				2024
Income tax computed at federal statutory rate	$	16,886	21	%	$	10,876	21	%
Foreign Tax Effects	(164)		0.20		(69)		0.13
Effect of Cross-Border Tax Laws	231		(0.29)		—		—
Non-Deductible Items
Change In Warrant Liability	6,264		(7.79)		—		—
Other Adjustments	554		(0.69)		460		(0.89)
Tax Credits	(2,280)		2.84		(1,516)		2.93
Changes In Valuation Allowance	12,281		(15.27)		12,001		(23.17)
Total Tax Expense	$	—	0.00	%	$	—	0.00	%

The Company’s net deferred tax assets as of December 31, 2025 and 2024, consisted of the following (in thousands):


	2025		2024
Deferred tax assets:
NOLs	$	33,794	$	27,667
Capitalized R&D costs	15,389		22,059
R&D credits	12,269		9,299
Operating lease liabilities	450		2,307
Capitalized Sec. 59(e) R&D expenditures	7,296		1,833
Cash basis adjustment	4,514		1,083
Other	2,534		2,326
Total gross deferred tax assets	76,246		66,574
Deferred tax liabilities:
Operating lease ROU assets	(106)		(1,653)
Total gross deferred tax liabilities	(106)		(1,653)
Net deferred tax assets	76,140		64,921
Valuation allowance	(76,140)		(64,921)
Net deferred tax asset less valuation allowance	$	—	$	—

As of December 31, 2025 and 2024, the Company had U.S. federal NOL carryforwards of $117.1 million and $102.3 million, respectively, which may be available to offset future income tax liabilities. Of the $117.1 million carryforwards, approximately $4.8 million will begin to expire in 2036 and approximately $112.3 million are carried forward indefinitely. As of December 31, 2025 and 2024, the Company had state NOL carryforwards of $139.2 million and $97.6 million, respectively, which will begin to expire in 2036.

As of December 31, 2025 and 2024, the Company had U.S. federal R&D tax credit carryforwards of $9.0 million and $6.7 million, respectively, which begin to expire in 2036. As of December 31, 2025 and 2024, the Company had state R&D tax credit carryforwards of $4.2 million and $3.3 million, respectively, which begin to expire in 2036. As of December 31, 2025 and 2024, the Company had capitalized R&D costs of $15.4 million and $22.1 million, respectively, as required by the Tax Cuts and Jobs Act of 2017. With the passage of the One Big Beautiful Bill Act, companies are permitted to immediately expense domestic R&D costs. The One Big Beautiful Bill Act still requires the capitalization of Foreign R&D costs, and the Company has continued to capitalize these costs as required.

Future realization of the tax benefits of existing temporary differences and NOL carryforwards ultimately depends on the existence of sufficient taxable income within the carryforward period. As of December 31, 2025, the Company performed an evaluation to determine whether a valuation allowance was needed. The Company considered all available evidence, both positive and negative, which included the results of operations for the current and preceding years. The Company determined that it is more likely than not that all of the deferred tax assets will not be realized. Accordingly, the Company maintained a full valuation allowance as of December 31, 2025. During the years ended December 31, 2025 and 2024, the valuation allowance increased by $11.2 million and $15.3 million, respectively, due to the increase in the deferred tax assets by the same amount, primarily due to increases in the NOL carryforwards, capitalized R&D costs and R&D tax credit carryforwards.

The utilization of NOLs and tax credit carryforwards to offset future taxable income may be subject to an annual limitation because of ownership changes that have occurred previously or may occur in the future. Under Sections 382 and 383 of the Internal Revenue Code of 1986 (“IRC”), a corporation that undergoes an ownership change may be subject to limitation on its ability to utilize its pre-change NOLs and other tax attributes otherwise available to offset future taxable income and/or tax liability. An ownership change is defined as a cumulative change of more than 50% in the ownership positions of certain stockholders during a rolling three-year period.

The Company has not completed a formal study to determine if any ownership changes within the meaning of IRC Section 382 and 383 have occurred as of December 31, 2025. An ownership change would restrict its ability to use its NOLs or tax credit carryforwards and could require the Company to pay U.S. federal or state income taxes earlier than would be required if such limitation were not in effect.

For the year ended December 31, 2025, the Company generated research credits and has conducted a study to document the qualified activities through year end December 31, 2024. This resulted in an overall increase of $1.3 million to the Company’s R&D credit carryforwards and valuation allowance through December 31, 2024.

- Definition

The entire disclosure for income tax.

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+ Details

Stock-Based Compensation - 2024 Employee Stock Purchase Plan Narrative (Details) - shares			1 Months Ended
	Jan. 01, 2026	Jan. 01, 2025	Oct. 31, 2024	Dec. 31, 2025
Stock-Based Compensation
Shares reserved for future issuance (in shares)				43,923,960
Employee Stock
Stock-Based Compensation
Shares reserved for future issuance (in shares)			214,303	415,913
Percentage of outstanding stock maximum			1.00%
Number of additional shares authorized for issuance under share-based payment arrangement (in shares)		201,610
Offering period			6 months
Percentage of discount from market price			85.00%
Employee Stock \| Subsequent Event
Stock-Based Compensation
Number of additional shares authorized for issuance under share-based payment arrangement (in shares)	519,026
Issuance of common stock under employee stock purchase plan (in shares)	15,562

- 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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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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

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

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

+ Details

Net Loss Per Share Attributable to Common Stockholders (Tables)

12 Months Ended

Dec. 31, 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 for the years ended December 31, 2025 and 2024 (in thousands, except share and per share amounts):


	2025		2024
Numerator:
Net loss attributable to common stockholders	$	(80,403)	$	(51,791)
Denominator:
Weighted-average common shares outstanding, basic and diluted(1)	30,380,567		4,690,094
Net loss per share attributable to common stockholders, basic and diluted	$	(2.65)	$	(11.04)

__________________________________________________________________________

(1) Weighted-average common shares outstanding for the year ended December 31, 2025 includes 6,003,758 of common shares issuable upon the exercise of pre-funded warrants issued in the Initial Closing.

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 December 31, 2025 and 2024 because including them would have had an anti-dilutive effect:


	2025	2024
Shares issuable upon settlement of derivative tranche liability in Private Placement	32,681,866	—
Stock options outstanding	4,383,641	2,119,425
Restricted stock vesting	—	15,943
Warrant outstanding	142	142
	37,065,649	2,135,510

Fair Value Measurements - Schedule of Fair Value, Liabilities Measured on Recurring Basis (Details)	Dec. 31, 2025 $ / shares years	Sep. 11, 2025 $ / shares years
Expected volatility \| Valuation Technique, Monte Carlo Pricing Model
Fair Value Measurements
Derivative tranche liability measurement input	0.960	0.730
Risk-free interest rate \| Valuation Technique, Monte Carlo Pricing Model
Fair Value Measurements
Derivative tranche liability measurement input	0.0342	0.0353
Expected term (in years) \| Valuation Technique, Monte Carlo Pricing Model
Fair Value Measurements
Derivative tranche liability measurement input \| years	1.03	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
Share price \| Valuation Technique, Monte Carlo Pricing Model
Fair Value Measurements
Derivative tranche liability measurement input \| $ / shares	6.13	2.78
Minimum \| Expected volatility
Fair Value Measurements
Derivative tranche liability measurement input	0.490
Maximum \| Expected volatility
Fair Value Measurements
Derivative tranche liability measurement input	1.313

Commitments and Contingencies - Schedule of Maturities of Operating Lease Liabilities (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2026	$ 336
2027	648
2028	581
2029	329
2030	167
Total lease payment	2,061
Less: amount representing imputed interest	(87)
Total future minimum lease obligations	$ 1,974

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Use of Estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates assumptions, and judgments that affect the reported amounts of assets, liabilities, expenses and related disclosures in the accompanying notes. The Company bases its estimates, assumptions and judgments on historical experience when available and on various factors that it believes to be reasonable under the circumstances as of the date of the accompanying consolidated financial statements, including the fair value of common stock prior to the Company’s IPO, stock-based compensation expense, accrued expenses, derivative tranche liability, lease accounting, and the recoverability of the Company’s net deferred tax assets and related valuation allowance. In addition, other factors may affect estimates, including the expected business and operational changes, the sensitivity and volatility associated with the assumptions used in developing estimates, and whether historical trends are expected to be representative of future trends. The estimation process often may yield a range of potentially reasonable estimates of the ultimate future outcomes, and management must select an amount that falls within that range of reasonable estimates. Actual results could differ materially from the estimates and assumptions used in the preparation of the accompanying consolidated financial statements under different assumptions or conditions.

Cash and Cash Equivalents

The Company considers all highly liquid investments and instruments with original maturities of 90 days or less that can be liquidated without prior notice or penalty to be cash equivalents. Cash equivalents primarily represent funds invested in readily available money market accounts. As of December 31, 2025 and 2024, the Company had cash and cash equivalents balances deposited at one major financial institution.

Restricted Cash

In connection with its operating leases, the Company is required to maintain security deposits, which were issued in the form of letters of credit with a bank. As of December 31, 2025 and 2024, the Company held cash in this amount in separate restricted bank accounts as collateral for the letters of credit. As of December 31, 2025 and 2024, the Company maintained $2.2 million and $1.6 million of restricted cash, respectively. Of the $2.2 million held as of December 31, 2025, $1.3 million is classified as short-term as the related restrictions are expected to lapse within the next 12 months.

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the consolidated balance sheets to the corresponding amounts shown in the consolidated statements of cash flows as of December 31, 2025 and 2024 (in thousands):


	2025		2024
Cash and cash equivalents	$	109,517	$	64,039
Restricted cash, current portion	1,346		—
Restricted cash, net of current portion	894		1,624
Total cash, cash equivalents and restricted cash	$	111,757	$	65,663

Concentration of Credit Risks

Financial instruments that subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents. The Company deposits cash and cash equivalents with high credit quality financial institutions in the United States. These deposits are held in checking and money market accounts and may, from time to time, exceed the federally insured amounts. The Company has not experienced any losses in such accounts. The Company believes it is not exposed to any significant risk in its cash and cash equivalents. The primary objectives of the Company’s investment portfolio are the preservation of capital and maintenance of liquidity.

The Company is subject to risks common to companies in the biopharmaceutical industry, including, but not limited to, risks related to the successful development and commercialization of product candidates, fluctuations in operating results and financial risks, the ability to successfully raise additional funds when needed, protection of proprietary rights and patent risks, patent litigation, compliance with government regulations, dependence on key personnel and collaboration partners, dependence on third-party manufacturers and competition from competing products in the marketplace.

Fair Value Measurements

The Company applies fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. Fair value is measured as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market. A framework is used for measuring fair value utilizing a three-tier hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3).

The three levels of the fair value hierarchy are as follows:

Level 1—Observable inputs such as unadjusted quoted prices in active markets that are accessible at the measurement date for identical unrestricted assets or liabilities the Company has the ability to access;

Level 2—Inputs (other than quoted prices included within Level 1) that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active; and

Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques.

Financial instruments are categorized in their entirety based on the lowest level of input that is significant to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement requires judgment and considers factors specific to the investment. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. The Company reviews the fair value hierarchy classification at each reporting date. Changes in the ability to observe valuation inputs may result in a reclassification of levels for certain assets or liabilities within the fair value hierarchy. The

Company did not have any transfers of assets and liabilities between the levels of the fair value measurement hierarchy during the years presented.

Foreign Currency Remeasurement

The Company’s reporting currency and the functional currency of its foreign subsidiary, CAMP4 AUS, is the United States Dollar (“USD”). At the date a foreign currency denominated transaction is recognized, each asset, liability, revenue, expense, gain or loss arising from the transaction is measured initially in USD based on the exchange rate in effect at that date. Subsequently, at each balance sheet date, balances related to monetary assets and liabilities are adjusted to reflect the current exchange rate, which is the rate at which the related receivable or payable could be settled at that date.

Foreign exchange transaction gains and losses are included in other income, net in the accompanying consolidated statements of operations and comprehensive loss and were de minimis for the years ended December 31, 2025 and 2024.

Property and Equipment, Net

Property and equipment, which are all located in the United States, are stated at cost less accumulated depreciation. Expenditures for maintenance and repairs are charged to expense as incurred, whereas major betterments are capitalized as additions to property and equipment. Depreciation is calculated using the straight-line method over the following estimated useful lives of the assets:


Description			Useful Life
Computer and software			Three years
Laboratory equipment			Five years
Furniture and fixtures			Seven years
Leasehold improvements			Shorter of asset life or remaining lease term

Impairment of Long-Lived Assets

The Company evaluates its long-lived assets, which consist of property and equipment, operating lease right-of-use (“ROU”) assets, and finance lease ROU assets, for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. Factors that the Company considers in deciding when to perform an impairment review include significant underperformance of the business in relation to expectations, significant negative industry or economic trends and significant changes or planned changes in the use of the assets. If the asset is impaired, the amount of any impairment is measured as the difference between the carrying value and the fair value of the impaired asset. The Company recognized a $0.5 million impairment loss for the year ended December 31, 2025. There were no impairment losses for the year ended December 31, 2024.

Commitments and Contingencies

Contractual Commitments

The Company enters into contracts in the normal course of business with contract research organizations (“CROs”), contract manufacturing organizations (“CMOs”), academic institutions and other third parties for preclinical and clinical research studies, testing and manufacturing services. These contracts generally do not contain minimum purchase commitments and are cancellable by the Company upon prior written notice, although purchase orders for preclinical materials are generally non-cancellable. Payments due upon cancellation consist primarily of payments for services provided or expenses incurred, including non-cancellable obligations from the Company’s service providers, up to the date of cancellation or upon the completion of a manufacturing run.

Indemnifications

Indemnification Obligations

The Company has entered into indemnification agreements with its officers and directors that require the Company to indemnify such individuals for certain events or occurrences while each such officer or director is, or was, serving at the Company’s request in such capacity. The maximum potential future payments the Company could be required to make is, in many cases, unlimited. The Company has directors’ and officers’ liability insurance coverage that limits its exposure and enables the Company to recover a portion of any future amounts paid.

The Company leases office and laboratory space under operating leases. The Company has standard indemnification arrangements under the leases that require it to indemnify the landlords against all costs, expenses, fines, suits, claims, demands, liabilities and actions directly resulting from any breach, violation or nonperformance of any covenant or condition of the Company’s leases.

In the ordinary course of its business, the Company enters into indemnification agreements with certain suppliers and business partners pursuant to which the Company has certain indemnification obligations limited to the costs, expenses, fines, suits, claims, demands, liabilities and actions directly resulting from the Company’s gross negligence or willful misconduct, and in certain instances, breaches, violations or nonperformance of covenants or conditions under the agreements.

As of December 31, 2025 and 2024, the Company had not experienced any material losses related to these indemnification obligations, and no material claims with respect thereto were outstanding. The Company does not expect significant claims related to these indemnification obligations and, consequently, concluded that the fair value of these obligations is negligible, and no related reserves were established.

The Company is subject to the possibility of loss contingencies arising in the ordinary course of business. Management considers the likelihood of loss related to an asset, or the incurrence of a liability, as well as its ability to reasonably estimate the amount of the loss, in determining loss contingencies. An estimated loss contingency is accrued when it is probable that an asset has been impaired, or a liability has been incurred and the amount of loss can be reasonably estimated. The Company regularly evaluates current information available to determine whether such accruals should be adjusted and whether new accruals are required.

Legal Proceedings

From time to time, the Company may become involved in litigation relating to claims arising from the ordinary course of business. Management believes that there are no claims or actions pending against the Company currently, the ultimate disposition of which would have a material adverse effect on the Company’s consolidated results of operations, financial condition or cash flows.

Leases

In accordance with ASC 842, Leases, the Company determines if an arrangement is or contains a lease at inception. A contract is or contains a lease if the contract conveys the right to control the use of an identified asset for a period in exchange for consideration. The Company classifies leases at the lease commencement date as operating or finance leases and records a ROU asset and a lease liability on the consolidated balance sheet for all leases with an initial lease term of greater than 12 months. Leases with an initial term of 12 months or less are not recorded in the balance sheet, but payments are recognized as expense on a straight-line basis over the lease term.

A lease qualifies as a finance lease if any of the following criteria are met at the inception of the lease: (i) there is a transfer of ownership of the leased asset to the Company by the end of the lease term, (ii) the Company holds an option to purchase the leased asset that it is reasonably certain to exercise, (iii) the lease term is for a major part of the remaining economic life of the leased asset, (iv) the present value of the sum of lease payments equals or exceeds substantially all of the fair value of the leased asset, or (v) the nature of the leased asset is specialized to the point that it is expected to provide the lessor no alternative use at the end of the lease term. All other leases are recorded as operating leases.

The Company enters into contracts that contain both lease and non-lease components. Non-lease components may include maintenance, utilities and other operating costs. The Company combines the lease and non-lease components of fixed costs in its lease arrangements as a single lease component. Variable costs, such as utilities or maintenance costs, are not included in the measurement of ROU assets and lease liabilities, but rather are expensed when the event determining the amount of variable consideration to be paid occurs.

Finance and operating lease assets and liabilities are recognized at the lease commencement date based on the present value of the lease payments over the lease term using the discount rate implicit in the lease. If the rate implicit is not readily determinable, the Company utilizes an estimate of its incremental borrowing rate based upon the available information at the lease commencement date. Operating lease assets are further adjusted for prepaid or accrued lease payments. Operating lease assets are expensed using the straight-line method as an operating expense over the lease term. Finance lease assets are amortized to depreciation expense using the straight-line method. Finance lease payments are bifurcated into (i) a portion that is recorded as imputed interest expense and (ii) a portion that reduces the finance liability associated with the lease.

Certain of the Company’s leases provide a lease incentive in the form of reimbursable leasehold improvements. Due to the unpredictability of the payout of leasehold improvement reimbursements, the Company recognizes a reduction to the ROU asset and the lease liability once it has incurred costs that qualify as reimbursable by the lessor. The reduction to the ROU asset is recognized prospectively over the remainder of the lease term.

Certain of the Company’s leases include options to extend or terminate the lease. The amounts determined for the Company’s ROU assets and lease liabilities generally do not assume that renewal options or early-termination provisions, if any, are exercised, unless it is reasonably certain that the Company will exercise such options.

In addition, the Company examines other contracts with suppliers, vendors and outside parties to identify whether such contracts contain an embedded lease and, as applicable, records such embedded leases in accordance with ASC 842, Leases.

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 consolidated balance sheets. The derivative tranche liability was recorded at its fair value on issuance and is subsequently remeasured at the end of each reporting period, with non-cash changes in fair value recorded in the consolidated statements of operations until settlement.

Revenue Recognition and Accounting for Collaboration Agreements

Revenue from Contracts with Customers

The Company recognizes revenue in accordance with ASC 606. The Company recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration that the entity expects to receive in exchange for those goods or services. In determining the appropriate amount of revenue to be recognized as it fulfills its obligations under its agreements, the Company performs the following steps: (i) identification of the promised goods or services in the contract; (ii) determination of whether the promised goods or services are performance obligations, including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation.

The Company uses judgment to determine: (a) the performance obligations based on the determination under step (ii) above; (b) the transaction price under step (iii) above; and (c) the recognition of revenue as services are performed under step (v) above. The Company also uses judgment to determine whether development milestones or other variable consideration except for royalties and sales-based milestones, should be included in the transaction price as described further below.

The Company applies the five-step model to contracts when the arrangement is not a collaboration pursuant to ASC Topic 808, Collaborative Arrangements (“ASC 808”), and it is probable that the Company will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of ASC 606, the Company assesses the goods or services promised within each contract and determines those that are performance obligations. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied.

Collaborative Agreements

The Company analyzes its collaboration agreements to assess whether they are within the scope of ASC 808 by determining whether such arrangements involve joint operating activities performed by parties that are both active participants in the activities and exposed to significant risks and rewards that are dependent on the commercial success of such activities. To the extent the arrangement is within the scope of ASC 808, the Company assesses whether aspects of the arrangement between the Company and the collaboration partner are within the scope of other accounting literature. If the Company concludes that some or all aspects of the arrangement represent a transaction with a customer, the Company accounts for those aspects of the arrangement within the scope of ASC 606. If the Company concludes that some or all aspects of the arrangement are within the scope of ASC 808 and do not represent a transaction with a customer, the Company recognizes the Company’s share of the allocation of the shared costs incurred with respect to the jointly conducted activities as a component of the related expense in the period incurred.

Research and Development Expenses

Research and development (“R&D”) expenses are recorded to operating expenses when incurred. The Company’s R&D expenses consist primarily of costs incurred in performing R&D activities, including personnel-related expenses such as salaries, stock-based compensation and benefits, facilities costs, depreciation and external costs of outside vendors engaged to conduct clinical and preclinical development activities and to manufacture a product candidate. The Company accrues expenses related to development activities performed by third parties based on an evaluation of services received and efforts expended pursuant to the terms of the contractual arrangements. Payments under some of these contracts depend on preclinical trial milestones. Non-refundable advance payments for goods and services that will be used over time for R&D are deferred and capitalized as R&D prepaid expenses on the Company’s consolidated balance sheets. The capitalized amounts are recognized as an expense as the goods are delivered or as the related services are performed. In accruing service fees, the Company estimates the period over which services will be performed and the level of effort to be expended in each period. If the actual timing of the performance of services or the level of effort varies from the estimate, the Company will adjust the accrual or prepaid expense accordingly. Costs to acquire technologies to be used in R&D that have not reached technological feasibility and have no alternative future use are also expensed as incurred.

General and Administrative Expenses

General and administrative (“G&A”) expenses consist primarily of personnel-related expenses, including salaries, bonuses, benefits, travel and stock-based compensation expenses for employees in executive, accounting and finance, business development, human resources, legal, and other administrative functions. Other significant G&A expenses include allocated facility-related costs, legal fees relating to corporate and intellectual property matters, professional fees for accounting, audit and tax services, consulting fees and insurance costs. G&A costs are expensed as incurred.

Patent Costs

All patent-related costs incurred in connection with filing and prosecuting patent applications are expensed as incurred due to the uncertainty about the recovery of the expenditure. Amounts are classified as G&A expenses.

Offering and Issuance Costs

Prior to the completion of an offering of common stock, direct offering costs are capitalized as deferred offering costs. The deferred offering costs are charged to additional paid-in capital for offerings of common stock or as a reduction in the carrying value of preferred stock for offerings of preferred stock. As of December 31, 2025 and 2024, the Company had no deferred offering costs recorded. During the year ended December 31, 2025, the Company incurred $5.2 million of costs related to the issuance of common stock and pre-funded warrants in the Private Placement and the Underwritten Offering. Of this amount, $4.2 million was recognized as a reduction in the carrying value of the common stock and pre-funded warrants issued and $1.0 million allocated to the derivative tranche liability was expensed to general and administrative expense as incurred. During the year ended December 31, 2024, the Company recorded $4.0 million of offering costs related to the issuance of common stock in the IPO and recognized this amount as a reduction in the carrying value of the common stock issued.

Stock-Based Compensation

The Company periodically grants equity-based awards in the form of stock options and restricted stock to employees, directors and non-employees and records stock-based compensation expenses based on their estimated fair value at the grant date. The Company estimates the fair value of stock options using the Black-Scholes option-pricing model as of the grant date. Stock-based compensation expenses are recognized in the accompanying consolidated statements of operations and comprehensive loss on a straight-line basis over the requisite service period, which is typically the vesting period. Determining the appropriate fair value model and related input assumptions requires judgment.

Prior to the IPO, the fair value of the Company’s common stock was determined by the Company’s Board of Directors (the “Board”) at the time of each option grant by considering several objective and subjective factors. These factors included the valuation of a select group of representative public companies within the industry that focus on biotechnology that the Board believed was comparable to the Company’s operations; operating and financial performance; the lack of liquidity of the common stock and trends in the broader economy and biotechnology industry also impact the determination of the fair value of the common stock. For awards granted after the Company’s IPO, the grant date fair value of common stock was determined by using the closing price per share of the Company’s common stock.

The other inputs to the Black-Scholes option-pricing model include the following:

•The risk-free interest rate used is based on the published U.S. Department of Treasury interest rates in effect at the time of stock option grant for zero coupon U.S. Treasury notes with maturities approximating each grant’s expected term;

•The dividend yield is zero as the Company has not paid dividends and does not anticipate paying a cash dividend in the foreseeable future;

•The expected term for options granted is calculated using the simplified method and represents the average time that options are expected to be outstanding based on the mid-point between the vesting date and the end of the contractual term of the award; and

•Expected volatility is derived from the historical volatility of a select group of representative companies, for a look-back period commensurate with the expected term of the stock options, as the Company has limited trading history of common stock.

The Company recognizes forfeitures related to stock-based compensation awards as they occur.

The Company classifies stock-based compensation expense in the consolidated statement of operations and comprehensive loss in the same way the award recipients’ payroll costs are classified or in which the award recipients’ service payments are classified.

Income Taxes

The Company accounts for income taxes in accordance with ASC 740, Income Taxes (“ASC 740”). ASC 740 requires the use of the asset and liability method of accounting for income taxes. The current or deferred tax consequences of a transaction are measured by applying the provisions of enacted tax laws to determine the amount of taxes payable currently or in future years. Deferred tax assets and liabilities are determined based on the difference between the consolidated financial statements and tax basis of assets and liabilities and expected future tax consequences of events that have been included in the consolidated financial statements or tax returns using enacted tax rates in effect for the year in which the differences are expected to reverse. Under this method, a valuation allowance is used to offset deferred tax assets if, based upon the available evidence, it is more likely than not that some or all of the deferred tax assets may not be realized. Management evaluates the recoverability of deferred taxes and the adequacy of the valuation allowance at each reporting period (see Note 13, Income Taxes).

The Company follows the provisions of ASC 740 relative to accounting for uncertain tax positions. These provisions provide guidance on the recognition, de-recognition and measurement of potential tax benefits associated with tax positions. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The Company had no reserves related to uncertain tax positions as of December 31, 2025 and 2024. As applicable, the Company recognizes accrued penalties and interest related to unrecognized tax benefits in the provision for income taxes. As of December 31, 2025 and 2024, the Company did not accrue any potential interest or penalties.

The Company is required to file federal and state income tax returns in the U.S. and foreign income tax returns in Australia. The preparation of tax returns requires the Company to interpret the applicable tax laws and regulations in effect in such jurisdictions, which could affect the amount of tax paid by the Company.

The Company’s income tax returns are based on calculations and assumptions that are subject to examination by the Internal Revenue Service and other tax authorities for the tax years ended December 31, 2020 and beyond. In addition, the calculation of the Company’s tax liabilities involves dealing with uncertainties in the application of complex tax regulations.

Net Loss Per Share Attributable to Common Stockholders

The Company determined all of its convertible preferred stock qualified as participating securities, as defined in ASC 260, Earnings Per Share (“ASC 260”). Under ASC 260, securities are considered participating securities if the securities may participate in undistributed earnings with common stock, whether that participation is conditioned upon the occurrence of a specified event or not. In accordance with ASC 260, a company is required to use the two-class method when computing net income (loss) per share when a company has securities that qualify as participating securities. The two-class method is an earnings allocation formula that determines net income (loss) per share for each class of common stock and participating security according to dividends declared (or accumulated) and participation rights in undistributed

earnings. Diluted net loss per share for the Company’s common stock is computed using the more dilutive of the two-class method or the if-converted method.

Basic net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted average number of shares of common stock outstanding for the period. Diluted net loss attributable to common stockholders is computed by adjusting net loss per share attributable to common stockholders to reallocate undistributed earnings based on the potential impact of dilutive securities. Diluted net loss per share attributable to common stockholders is computed by dividing the diluted net loss attributable to common stockholders by the weighted average number of shares of common stock outstanding for the period, including potential dilutive common shares. For purpose of this calculation, outstanding options to purchase common stock, unvested restricted stock awards, and shares of convertible preferred stock are considered potential dilutive common shares. The Company has generated a net loss in all periods presented, and therefore the basic and diluted net loss per share attributable to common stockholders are the same as the inclusion of the potentially dilutive securities would be anti-dilutive. See Note 15, “Net Loss Per Share Attributable to Common Stockholders,” for further information.

Emerging Growth Company Status

The Company is an emerging growth company (“EGC”) as defined in the Jumpstart Our Business Startups Act of 2012, as amended (the “JOBS Act”), and may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not an EGC. The Company may take advantage of these exemptions until it is no longer an EGC under Section 107 of the JOBS Act and has elected to use the extended transition period for complying with new or revised accounting standards. As a result of this election, the Company’s consolidated financial statements may not be comparable to companies that comply with public company FASB standards’ effective dates.

Recently Issued Accounting Standards

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

In December 2023, the FASB issued ASU 2023-09, Income Taxes (“Topic 740”): Improvements to Income Tax Disclosures. The guidance includes the requirement that public business entities, on an annual basis, disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5% of the amount computed by multiplying pretax income (or loss) by the applicable statutory income tax rate). It also requires that all entities disclose, on an annual basis, the amount of income taxes paid (net of refunds received) disaggregated by federal (national), state, and foreign taxes and the amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater than 5% of total income taxes paid (net of refunds received) and requires that all entities disclose income (or loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign and income tax expense (or benefit) from continuing operations disaggregated by federal (national), state, and foreign. Lastly, the guidance eliminates the requirement for all entities to disclose the nature and estimate of the range of the reasonably possible change in the unrecognized tax benefits balance in the next 12 months or make a statement that an estimate of the range cannot be made. For public business entities, the guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual consolidated financial statements that have not yet been issued or made available for issuance. The guidance should be applied on a prospective basis. Retrospective application is permitted. Other than the provision of additional disclosures related to the Company’s income taxes, the adoption of this standard, which was done on a retrospective basis, did not materially impact the Company’s financial statements. See Note 13, “Income Taxes,” for further information.

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.” The standard requires that public business entities disclose 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. The Company is currently evaluating the impact that this guidance may have on its consolidated financial statements.

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Schedule of Lease Costs and Other Information

The table below summarizes the Company’s operating lease costs for the years ended December 31, 2025 and 2024 (in thousands except for lease terms and borrowing rates):


	2025			2024
Lease cost
Operating lease cost	$	2,392		$	2,436
Short-term lease cost	56			54
Variable lease expense	1,377			1,362
Total lease cost	$	3,825		$	3,852
Other information
Operating cash flows used for operating leases	$	3,463		$	3,390
Weighted-average remaining lease term in years	3.7			2.7
Weighted-average incremental borrowing rate	6.87		%	6.72		%

Schedule of Maturities of Operating Lease Liabilities

Maturities of operating lease liabilities as of December 31, 2025 were as follows (in thousands):


2026	$	336
2027	648
2028	581
2029	329
2030	167
Total lease payment	2,061
Less: amount representing imputed interest	(87)
Total future minimum lease obligations	$	1,974

Summary of Significant Accounting Policies - Narrative (Details)	12 Months Ended
	Dec. 31, 2025 USD ($) majorFinancialInstitution	Dec. 31, 2024 USD ($) majorFinancialInstitution
Convertible Preferred Stock and Stockholders' Deficit
Number of major financial institutions with cash and cash equivalent deposits \| majorFinancialInstitution	1	1
Security deposits	$ 2,200,000	$ 1,600,000
Security deposits, current	1,300,000
Impairment of right-of-use asset	500,000	0
Deferred offering costs	0	0
Offering cost	$ 5,200,000	$ 4,000,000.0
Expected dividend yield	0.00%
G&A
Convertible Preferred Stock and Stockholders' Deficit
Offering cost	$ 1,000,000.0
Equity
Convertible Preferred Stock and Stockholders' Deficit
Offering cost	$ 4,200,000

Accrued Expenses and Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2025

Accrued Liabilities, Current [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following as of December 31, 2025 and 2024 (in thousands):


	2025		2024
Employee compensation and benefits	$	2,642	$	3,111
External R&D expenses	1,828		524
Professional fees	1,073		661
Other	89		537
Accrued expenses and other current liabilities	$	5,632	$	4,833

Segment Reporting (Details) $ in Thousands	12 Months Ended
Segment Reporting (Details) $ in Thousands	Dec. 31, 2025 USD ($) segment	Dec. 31, 2024 USD ($)
Segment Reporting [Abstract]
Number of operating segments \| segment	1
Number of reportable segments \| segment	1
Segment Reporting Information [Line Items]
Research and collaboration revenue	$ 3,498	$ 652
Less: Significant segment expenses
Impairment of right-of-use asset	494	0
Net loss	(80,403)	(51,791)
R&D
Segment Reporting Information [Line Items]
Research and collaboration revenue	3,498	652
Less: Significant segment expenses
Personnel-related expenses	20,506	20,299
Clinical and preclinical expenses	17,322	18,049
Facilities-related and overhead	7,734	7,625
Professional and consulting fees	7,660	5,984
Corporate expenses	1,678	1,175
Impairment of right-of-use asset	494	0
Travel and entertainment	659	608
Plus: Other segment (loss) income	(27,848)	1,297
Net loss	$ (80,403)	$ (51,791)

Collaboration and License Agreements - Fulcrum Therapeutics, Inc (Details) - Fulcrum Therapeutics, Inc. $ in Millions	1 Months Ended	12 Months Ended
	Jul. 31, 2023 USD ($) performanceObligation	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)
Collaboration and License Agreements
Deferred revenue	$ 0.4
Number of performance obligations \| performanceObligation	1
Fixed consideration amount	$ 0.4
Proceeds from milestone payment		$ 0.6
Revenue			$ 0.0
Tier 1 Product \| Minimum
Collaboration and License Agreements
Variable consideration amount	0.6
Tier 1 Product \| Maximum
Collaboration and License Agreements
Variable consideration amount	$ 20.0

Consolidated Statements of Convertible Preferred Stock and Stockholders’ Equity (Deficit) (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Initial public offering
Issuance costs	$ 3,966	$ 9,727
Private Placement
Issuance costs	$ 258

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

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

The following tables present the financial instruments carried at fair value on a recurring basis as of December 31, 2025 and 2024 (in thousands):


	2025
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	106,934	$	—	$	—	$	106,934


	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

The following table presents the derivative tranche liability (see Note 9) carried at fair value on a recurring basis as of December 31, 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 December 31, 2025
	Level 1		Level 2		Level 3		Total
Liabilities
Derivative tranche liability	$	—	$	—	$	44,760	$	44,760

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 December 31, 2025:


	September 11, 2025			December 31, 2025
Expected volatility	73.0		%	96.0		%
Risk-free interest rate	3.53		%	3.42		%
Expected term (in years)	1.33			1.03
Probability of achieving specified conditions	25.0		%	25.0		%

Share price	$	2.78		$	6.13

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):


Balance as of December 31, 2024	$	—
Issuance	14,930
Change in fair value	29,830
Balance as of December 31, 2025	$	44,760

Stockholders’ Equity (Tables)

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Schedule of Convertible Preferred Stock

As of December 31, 2023, the Company’s convertible preferred stock consisted of the following (in thousands, except share amounts):


	Authorized shares	Shares issued and outstanding	Liquidation Value		Common stock issuable upon conversion
Series A Prime	68,173,692	62,389,791	$	62,381	5,562,653
Series B	81,499,592	68,258,635	$	100,504	6,085,929

Schedule of Common Stock Issuance Upon Conversion

As of December 31, 2025, the Company has reserved the following shares of common stock for future issuance:


Shares issuable upon settlement of derivative tranche liability in the Private Placement			32,681,866
Pre-funded warrants outstanding			6,003,758
Stock options outstanding			4,383,641
Shares reserved for future issuance under the 2024 Equity Incentive Plan and ESPP			854,553
Warrant outstanding			142
Total			43,923,960

- Definition

Tabular disclosure of temporary equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer.

+ References + Details

Related Parties (Details)	1 Months Ended	12 Months Ended
Related Parties (Details)	Sep. 30, 2015 founder	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)
Related Parties
Research and development expense		$ 38,202,000	$ 38,817,000
Accounts payable		182,000	1,210,000
Stock-based compensation expense recorded		3,998,000	4,032,000
General and administrative		17,357,000	14,923,000
Related party \| Consulting Agreement with Founders
Related Parties
Number of founders \| founder	2
Accounts payable		0	0
Related party \| Consulting Agreement with Founders \| Maximum
Related Parties
Research and development expense		200,000	300,000
Stock-based compensation expense recorded		100,000	200,000
Related party \| Consulting Agreement with Executive Consultant
Related Parties
Accounts payable		0	0
Related party \| Consulting Agreement with Executive Consultant \| Maximum
Related Parties
Stock-based compensation expense recorded		100,000	200,000
General and administrative		$ 100,000	$ 100,000

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Revenue
Research and collaboration revenue	$ 3,498	$ 652
Operating expenses
Research and development	38,202	38,817
General and administrative	17,357	14,923
Impairment of right-of-use asset	494	0
Total operating expenses	56,053	53,740
Loss from operations	(52,555)	(53,088)
Other (expense) income, net:
Interest income	2,174	1,330
Change in fair value of derivative tranche liability	(29,830)	0
Other expense	(192)	(33)
Total other (expense) income, net	(27,848)	1,297
Net loss	$ (80,403)	$ (51,791)
Net loss per share attributable to common stockholders, basic, (in USD per share)	$ (2.65)	$ (11.04)
Net loss per share attributable to common stockholders, diluted, (in USD per share)	$ (2.65)	$ (11.04)
Weighted-average shares of common stock outstanding, basic, (in shares)	30,380,567	4,690,094
Weighted-average shares of common stock outstanding, diluted, (in shares)	30,380,567	4,690,094
Net loss	$ (80,403)	$ (51,791)
Other comprehensive income (loss)	0	0
Total comprehensive loss	$ (80,403)	$ (51,791)

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Schedule of Cash and Cash Equivalents


	2025		2024
Cash and cash equivalents	$	109,517	$	64,039
Restricted cash, current portion	1,346		—
Restricted cash, net of current portion	894		1,624
Total cash, cash equivalents and restricted cash	$	111,757	$	65,663

Schedule of Restricted Cash


	2025		2024
Cash and cash equivalents	$	109,517	$	64,039
Restricted cash, current portion	1,346		—
Restricted cash, net of current portion	894		1,624
Total cash, cash equivalents and restricted cash	$	111,757	$	65,663

Schedule of Estimated Useful Lives of the Assets

Depreciation is calculated using the straight-line method over the following estimated useful lives of the assets:


Description			Useful Life
Computer and software			Three years
Laboratory equipment			Five years
Furniture and fixtures			Seven years
Leasehold improvements			Shorter of asset life or remaining lease term

Property and equipment, net consisted of the following as of December 31, 2025 and 2024 (in thousands):


	2025		2024
Leasehold improvements	$	4,518	$	4,518
Laboratory equipment	4,106		4,078
Computer and software	938		969
Furniture and fixtures	524		524
Total property and equipment	10,086		10,089
Less: accumulated depreciation and amortization	(7,747)		(6,231)
Property and equipment, net	$	2,339	$	3,858

Collaboration and License Agreements	12 Months Ended
Collaboration and License Agreements	Dec. 31, 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 years ended December 31, 2025 and 2024 under the CMCC Agreement and recorded the amounts in R&D expense in the consolidated statement of operations and comprehensive loss. During the year ended December 31, 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 year ended December 31, 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 the year ended December 31, 2024. The Company re-evaluates the likelihood of achieving future milestones at the end of each reporting period. As of December 31, 2025, the Company determined that the likelihood of achieving future milestones 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. The Company is obligated to pay annual license maintenance fees for the term of 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 fees of $0.2 million and $0.3 million under the Whitehead Agreement during the years ended December 31, 2025 and 2024, respectively. Out-License 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 milestone payments ranging from $0.6 million to $20.0 million depending on the product developed 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 is fully constrained at the inception of the contract. The sales-based royalty fee qualifies for the royalty constraint exception and does not require an estimate of the future transaction price. During the year ended December 31, 2025, the Company received variable consideration of $0.6 million related to a milestone payment which, as of the effective date of the Fulcrum Agreement, was included in the transaction price and fully constrained. For the year ended December 31, 2025, the Company recognized $0.6 million as research and collaboration revenue. No such research and collaboration revenue was recorded under the Fulcrum agreement during the year ended December 31, 2024. All variable consideration is remeasured and reassessed each reporting period. As of and for the years ended December 31, 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 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 work plan. As of December 31, 2025, the Company had completed all of the R&D activities allocated to it under the work plan and the MTA had expired in accordance with its terms. The Company evaluated the MTA under ASC Topic 808, Collaborative Arrangements and concluded that it is a collaboration arrangement. The Company and Eli Lilly jointly oversaw the R&D activities under the MTA. In addition, both parties were exposed to significant risks and potential rewards under the MTA. During the years ended December 31, 2025 and 2024, the Company recorded $0.1 million and $0.5 million, respectively, as a reduction in R&D expense in the consolidated statement of operations and comprehensive loss as a result of the earned R&D reimbursement from Eli Lilly. Additionally, the Company had no deferred liability balance as of December 31, 2025 and a de minimis liability as of December 31, 2024. Research and Collaboration Agreements 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 reimbursed the Company for certain research activities. In November 2025, BioMarin provided notice of its election to terminate the BioMarin Agreement, which termination became effective in February 2026. The Company assessed this arrangement in accordance with ASC 606 and concluded that BioMarin is a customer and there is one combined performance obligation, which includes performance of R&D activities in accordance with a contractual work plan, 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 performance of the R&D activities, and providing quarterly progress reports. The transaction price was determined to be fixed consideration of $3.8 million. The work was performed during 2024 and 2025 and revenue was recognized over time based upon a cost-to-cost method. During the years ended December 31, 2025, and 2024 the Company recognized $2.9 million and $0.7 million, respectively, in collaboration revenue under the BioMarin Agreement. Additionally, the Company recognized deferred revenue of $0.3 million on the consolidated balance sheet as of December 31, 2024 and none as of December 31, 2025. 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 year ended December 31, 2025, the Company determined the variable consideration was fully constrained. Following the termination of the BioMarin Agreement, the Company does not expect to receive any additional variable consideration. GlaxoSmithKline Intellectual Property (No. 3) Limited (“GSK”) In December 2025, the Company entered into a Research, Collaboration and License Agreement (the “GSK Agreement”) with GlaxoSmithKline Intellectual Property (No. 3) Limited (“GSK”). Under the terms of the GSK Agreement, GSK paid the Company a one-time, nonrefundable upfront payment of $17.5 million. In addition, the Company is eligible to receive up to $440.0 million in development and commercial milestone payments, subject to achievement of specified criteria, as well as tiered royalties on annual net sales of licensed products ranging from the low- to mid-single digits during a defined royalty term for each licensed product. The GSK Agreement may be terminated in its entirety or on a Collaboration Target-by-Collaboration Target basis (as defined in the GSK Agreement) for convenience by GSK and may also be terminated by either the Company or GSK under certain other circumstances, including material breach, as set forth in the GSK Agreement. The term of the GSK Agreement continues on a country-by-country and product-by-product basis until the expiration of the applicable royalty term, unless terminated earlier in accordance with its terms. The Company assessed this arrangement in accordance with ASC 606 and concluded that GSK is a customer and there is one combined performance obligation, which includes performance of R&D activities in accordance with a contractual work plan, participation in a joint steering committee, the grant of an exclusive license to GSK, the grant of a non-exclusive license to the data resulting from performance of the R&D activities, and providing quarterly progress reports. The transaction price was determined to be fixed consideration of $17.5 million. The work is expected to begin in 2026 and revenue will be recognized over time based upon a cost-to-cost method. There was no collaboration revenue under the GSK Agreement recognized during the year ended December 31, 2025. Additionally, the Company recognized a contract liability in short-term deferred revenue of $9.4 million and long-term deferred revenue of $8.1 million on the consolidated balance sheet as of December 31, 2025 related to the upfront payment. 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 year ended December 31, 2025, the Company determined the variable consideration was fully constrained.

Stock-Based Compensation - Schedule of Stock Options Fair Value Assumptions (Details)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Stock-Based Compensation
Expected dividend yield	0.00%
Options to purchase common stock
Stock-Based Compensation
Expected volatility	86.25%	97.20%
Risk-free interest rate	393.00%	398.00%
Expected dividend yield	0.00%	0.00%
Expected term (in years)	6 years 7 months 24 days	5 years 11 months 26 days

- 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

Prepaid Expenses And Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid research and development	$ 1,504	$ 979
Prepaid insurance costs	559	591
Software and subscriptions	402	337
Variable lease expenses	270	118
Unbilled receivable	155	0
Federal R&D tax credit receivable	0	108
Other	342	211
Prepaid expenses and other current assets	$ 3,232	$ 2,344

Fair Value Measurements - Schedule of Fair Value Roll-forward of the Aggregate Fair Value of Derivative Liabilities (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Balance as of December 31, 2024	$ 0
Issuance	$ 14,930
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Change in fair value of derivative tranche liability
Change in fair value	$ 29,830
Balance as of December 31, 2025	$ 44,760

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 109,517	$ 64,039
Restricted cash, current portion	1,346	0
Prepaid expenses and other current assets	3,232	2,344
Total current assets	114,095	66,383
Restricted cash, net of current portion	894	1,624
Property and equipment, net	2,339	3,858
Operating lease right-of-use assets	397	6,015
Other assets	83	427
Total assets	117,808	78,307
Current liabilities:
Accounts payable	182	1,210
Accrued expenses and other current liabilities	5,632	4,833
Current portion of deferred revenue	9,387	385
Operating lease liabilities, current portion	286	2,994
Other current liabilities	27	176
Total current liabilities	15,514	9,598
Deferred revenue, net of current portion	8,113	0
Operating lease liabilities, net of current portion	1,688	5,493
Derivative tranche liability	44,760	0
Other liabilities	29	72
Total liabilities	70,104	15,163
Commitments and contingencies (Note 7)
Stockholders’ equity:
Common stock, $0.0001 par value per share; 175,000,000 shares authorized as of December 31, 2025 and 2024; 51,902,614 issued and outstanding as of December 31, 2025; 20,161,073 and 20,145,129 shares issued and outstanding as of and December 31, 2024, respectively	6	2
Additional paid-in capital	339,854	274,895
Accumulated deficit	(292,156)	(211,753)
Total stockholders’ equity	47,704	63,144
Total liabilities and stockholders’ equity	$ 117,808	$ 78,307

Derivative Tranche Liability	12 Months Ended
Derivative Tranche Liability	Dec. 31, 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. For the year ended December 31, 2025, the derivative tranche liability was remeasured to $44.8 million with a change in fair-value of $29.8 million recorded in the consolidated statements of operations and comprehensive loss.

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Fair Value Measurements

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

Financial Assets

The following tables present the financial instruments carried at fair value on a recurring basis as of December 31, 2025 and 2024 (in thousands):


	2025
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	106,934	$	—	$	—	$	106,934


	2024
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	60,819	$	—	$	—	$	60,819

Derivative Tranche Liability


	Fair Value Measurements as of December 31, 2025
	Level 1		Level 2		Level 3		Total
Liabilities
Derivative tranche liability	$	—	$	—	$	44,760	$	44,760

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 49.0% - 131.3% as of December 31, 2025. The volatility utilized in the Monte Carlo option-pricing model was determined by using the 75th percentile. 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 December 31, 2025:


	September 11, 2025			December 31, 2025
Expected volatility	73.0		%	96.0		%
Risk-free interest rate	3.53		%	3.42		%
Expected term (in years)	1.33			1.03
Probability of achieving specified conditions	25.0		%	25.0		%

Share price	$	2.78		$	6.13

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


Balance as of December 31, 2024	$	—
Issuance	14,930
Change in fair value	29,830
Balance as of December 31, 2025	$	44,760

The non-cash change in fair value of the derivative tranche liability was primarily due to the increase in the price per share of the Company’s common stock from the issuance date to December 31, 2025.

The carrying amounts reflected in the 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.

+ References

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

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

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

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

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

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

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

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

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

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

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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

+ Details

Employee Benefit Plan	12 Months Ended
Employee Benefit Plan	Dec. 31, 2025
Defined Contribution Plan [Abstract]
Employee Benefit Plan	Employee Benefit Plan On January 1, 2017, the Company’s board of directors approved the Company’s 401(k) retirement plan (the “401(k) Plan”). Employees of the Company are eligible to participate in the 401(k) Plan. Participants may contribute up to 100% of their annual compensation to the 401(k) Plan, subject to statutory limitations. Effective January 1, 2022, under the 401(k) Plan “Safe Harbor Match,” the Company matches 100% of the first 3% of employee contributions and these contributions vest in full at the time of match. For each of the years ended December 31, 2025 and 2024, the Company made matching contributions of $0.3 million.

Collaboration and License Agreements - Whitehead Institute for Biomedical Research (Details) - The Whitehead Institute for Biomedical Research - Collaborative Arrangement, Transaction with Party to Collaborative Arrangement - USD ($) $ in Millions	1 Months Ended		12 Months Ended		62 Months Ended
	Oct. 31, 2024	Oct. 31, 2019	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2024
Collaboration and License Agreements
Initial license issuance fee payment		$ 0.1			$ 0.0
Maximum development milestone payable		$ 1.9
Maximum lower range tiered royalties on net sales percentage		1.00%
Fees incurred during period			$ 0.2	$ 0.3
Term after first commercial sale	7 years

Accrued Expenses and Other Current Liabilities

12 Months Ended

Dec. 31, 2025

Accrued Liabilities, Current [Abstract]

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following as of December 31, 2025 and 2024 (in thousands):


	2025		2024
Employee compensation and benefits	$	2,642	$	3,111
External R&D expenses	1,828		524
Professional fees	1,073		661
Other	89		537
Accrued expenses and other current liabilities	$	5,632	$	4,833

Stock-Based Compensation - Schedule of Restricted Stock Activity (Details)	12 Months Ended
	Dec. 31, 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 exercise price
Beginning balance (in USD per share) \| $ / shares	$ 1.75
Vested (in USD per share) \| $ / shares	1.75
Ending balance (in USD per share) \| $ / shares	$ 0

Commitments and Contingencies - Schedule of Operating Lease Costs and Other Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Lease cost
Operating lease cost	$ 2,392	$ 2,436
Short-term lease cost	56	54
Variable lease expense	1,377	1,362
Total lease cost	3,825	3,852
Other information
Operating cash flows used for operating leases	$ 3,463	$ 3,390
Weighted-average remaining lease term in years	3 years 8 months 12 days	2 years 8 months 12 days
Weighted-average incremental borrowing rate	6.87%	6.72%

Commitments and Contingencies

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Operating Leases

Cambridge and Watertown Leases

The Company currently leases approximately 30,000 square feet of office and laboratory space in Cambridge, Massachusetts (the “Cambridge Lease”). The Cambridge Lease was originally set to expire on June 30, 2027.

On December 22, 2025, the Company entered into an amendment to the Cambridge Lease, which provided for rent abatements and refunds and accelerated the termination of the lease to the date thirty days after the commencement of the Watertown Lease (as defined below). The amendment did not result in the Company relinquishing control of the leased premises until the revised termination date.

Concurrently, on December 22, 2025, the Company entered into a lease agreement for approximately 44,000 square feet of laboratory and office space in Watertown, Massachusetts (the “Watertown Lease”) with an affiliate of the Cambridge lessor. The Watertown Lease will commence upon delivery of the premises and availability for use (the “Watertown Lease Commencement Date”), which is contractually targeted to occur approximately 180 days following execution. The initial lease term extends through June 30, 2030.

The Cambridge Lease amendment and the Watertown Lease were negotiated contemporaneously as part of a coordinated relocation transaction with affiliated lessors. Accordingly, the Company combined the arrangements for accounting purposes under ASC 842 and determined that the combined contract contains two separate lease components: (i) the modified Cambridge Lease and (ii) the Watertown Lease. The total consideration of the combined contract, including contractual Watertown rent, the lease modification fee (as described below) and rent refunds, was allocated to each lease component based on relative standalone prices at the effective date of the modification.

As a result of the modification, the Company remeasured the Cambridge Lease right-of-use asset and lease liability to zero and $1.1 million, respectively, and recorded a gain of approximately $0.3 million during the year ended December 31, 2025, reflecting the net impact of the remeasurement based on the allocated consideration. The gain is included within general and administrative expense and research and development expense in the consolidated statement of operations and comprehensive loss as $0.1 million and $0.2 million, respectively.

In connection with the relocation transaction, the Company agreed to pay a lease modification fee of approximately $2.1 million, payable in installments commencing after the Company relinquishes control of the Cambridge premises. The portion of the modification fee allocated to the Cambridge Lease was included in the remeasurement described above, and the remainder was allocated to the Watertown Lease component.

As of December 31, 2025, the Watertown Lease had not commenced and, accordingly, no right-of-use asset or lease liability had been recognized for that lease component. The Watertown Lease includes an initial rent-free period of approximately 18 months. It also provides for the use of certain lessor-owned laboratory equipment during the lease term which will be accounted for as a lease incentive related to the Watertown Lease and will reduce the right-of-use asset upon lease commencement.

The Watertown Lease includes an option to extend the lease term for an additional five-year period at market rates. The Company will determine the appropriate incremental borrowing rate and recognize the related right-of-use asset and lease liability upon commencement.

Boulder Lease

The Company currently leases approximately 5,300 square feet of office and lab space in Boulder, Colorado (the “Boulder Lease”). The Boulder Lease is a five-year lease that commenced on September 1, 2023 and expires on September 30, 2028. As the rate implicit for the Boulder Lease was not readily determinable, the Company used its incremental borrowing rate of 7.12% as of the commencement date. At commencement of the Boulder Lease, the Company recorded $1.4 million of operating ROU assets, $0.2 million of current operating lease liabilities and $1.2 million of non-current operating lease liabilities.

During the year ended December 31, 2025, the Company vacated its Boulder, Colorado facility. The Company is currently pursuing sublease opportunities for the space. During the year ended December 31, 2025, it was determined that the market rate for similar space is less than the rate the Company is paying under the Boulder Lease. As a result, the Company recognized in the consolidated statement of operations an impairment charge of $0.5 million related to the right of use (“ROU”) asset during the year ended December 31, 2025. As of December 31, 2025, the Company had $0.4 million

of ROU assets, $0.3 million of current operating lease liabilities and $0.6 million of non-current operating lease liabilities related to the Boulder Lease.

The table below summarizes the Company’s operating lease costs for the years ended December 31, 2025 and 2024 (in thousands except for lease terms and borrowing rates):


	2025			2024
Lease cost
Operating lease cost	$	2,392		$	2,436
Short-term lease cost	56			54
Variable lease expense	1,377			1,362
Total lease cost	$	3,825		$	3,852
Other information
Operating cash flows used for operating leases	$	3,463		$	3,390
Weighted-average remaining lease term in years	3.7			2.7
Weighted-average incremental borrowing rate	6.87		%	6.72		%

Maturities of operating lease liabilities as of December 31, 2025 were as follows (in thousands):


2026	$	336
2027	648
2028	581
2029	329
2030	167
Total lease payment	2,061
Less: amount representing imputed interest	(87)
Total future minimum lease obligations	$	1,974

Legal Proceedings

A liability for loss contingencies arising from claims, assessments, litigation, fines, penalties and other sources is recorded in the consolidated financial statements if it is determined that it is probable that a loss has been incurred and the amount (or range) of the loss can be reasonably estimated. There are no matters currently outstanding for which any liabilities have been accrued or require disclosure.

Summary of Significant Accounting Policies - Schedule of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Cash and cash equivalents	$ 109,517	$ 64,039
Restricted cash, current portion	1,346	0
Restricted cash, net of current portion	894	1,624
Total cash, cash equivalents and restricted cash	$ 111,757	$ 65,663	$ 40,004

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]
Income tax computed at federal statutory rate	$ 16,886	$ 10,876
Foreign Tax Effects	(164)	(69)
Effect of Cross-Border Tax Laws	231	0
Change In Warrant Liability	6,264	0
Other Adjustments	554	460
Tax Credits	(2,280)	(1,516)
Changes In Valuation Allowance	12,281	12,001
Total Tax Expense	$ 0	$ 0
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Income tax computed at federal statutory rate	21.00%	21.00%
Foreign Tax Effects	0.20%	0.13%
Effect of Cross-Border Tax Laws	(0.29%)	0.00%
Change In Warrant Liability	(7.79%)	0.00%
Other Adjustments	(0.69%)	(0.89%)
Tax Credits	2.84%	2.93%
Change In Warrant Liability	(15.27%)	(23.17%)
Total Tax Expense	0.00%	0.00%

Stockholders’ Equity

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Stockholders’ Equity

Convertible Preferred Stock

Upon the closing of the IPO, all of the currently outstanding convertible preferred stock automatically converted into 11,648,582 shares of common stock. As of December 31, 2023, the Company’s convertible preferred stock consisted of the following (in thousands, except share amounts):


	Authorized shares	Shares issued and outstanding	Liquidation Value		Common stock issuable upon conversion
Series A Prime	68,173,692	62,389,791	$	62,381	5,562,653
Series B	81,499,592	68,258,635	$	100,504	6,085,929

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 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 December 31, 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 December 31, 2025, no cash dividends have been declared or paid.

Recent Equity Financings - 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 per share 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 $3.3 million of placement agent fees and other expenses.

The pre-funded warrants in the Initial Closing, and those that may be issued in the conditional 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%.

In connection with the Private Placement, on November 3, 2025, the Company filed an initial registration statement on Form S-3 (the “Initial Registration Statement”) with the SEC, which subsequently became effective, to register for resale the Shares and, as applicable, the Warrant Shares, issued in 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 are issued in connection with the Second Closing. The Company will use reasonable best efforts to cause any Second Registration Statement and any amendments thereto to promptly become effective, but in no event later than the earlier of (i) the 75th calendar day following any Second Registration Statement filing date and (ii) the fifth business day after the date the Company is notified by the SEC that 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.

Recent Equity Financings - Registered Underwritten Offering

On November 10, 2025, the Company filed a shelf registration statement on Form S-3 (the “Shelf Registration Statement”), which subsequently became effective. Pursuant to the Shelf Registration Statement, the Company may offer and sell up to $300.0 million of a variety of securities, including common stock, preferred stock, warrants or debt securities.

Pursuant to the Shelf Registration Statement, on December 18, 2025, the Company entered into an underwriting agreement with Leerink Partners relating to an offering of 5,000,000 shares of its common stock at an offering price of $6.00 per share. The closing took place on December 19, 2025 and gross proceeds from the offering were $30.0 million, before deducting $1.9 million in issuance costs.

At-the-Market Sales Agreement

In connection with the filing of the Shelf Registration Statement, the Company also entered into a sales agreement (the “Sales Agreement”) with Leerink Partners, as sales agent, pursuant to which it may issue and sell shares of its common stock for a maximum aggregate offering price of up to $100.0 million, which is included in the $300.0 million of securities that may be offered pursuant to the Shelf Registration Statement. Pursuant to the Sales Agreement, the Company will pay the sales agent a commission rate of up to 3.0% of the gross proceeds from the sale of any shares of its common stock. The Company is not obligated to make any sales of shares of its common stock under the Sales Agreement. During the year ended December 31, 2025, the Company did not issue any shares of its common stock under the Sales Agreement.

Reserved Shares

As of December 31, 2025, the Company has reserved the following shares of common stock for future issuance:


Shares issuable upon settlement of derivative tranche liability in the Private Placement			32,681,866
Pre-funded warrants outstanding			6,003,758
Stock options outstanding			4,383,641
Shares reserved for future issuance under the 2024 Equity Incentive Plan and ESPP			854,553
Warrant outstanding			142
Total			43,923,960

- Definition

The entire disclosure for equity.

+ References

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-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)
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

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

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

+ Details

Net Loss Per Share Attributable to Common Stockholders

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Net Loss Per Share Attributable to Common Stockholders

Basic and diluted net loss per share was calculated as follows for the years ended December 31, 2025 and 2024 (in thousands, except share and per share amounts):


	2025		2024
Numerator:
Net loss attributable to common stockholders	$	(80,403)	$	(51,791)
Denominator:
Weighted-average common shares outstanding, basic and diluted(1)	30,380,567		4,690,094
Net loss per share attributable to common stockholders, basic and diluted	$	(2.65)	$	(11.04)

__________________________________________________________________________

The Company’s potentially dilutive securities, which include or have included convertible preferred stock, outstanding stock options, unvested restricted common stock, and warrants to purchase stock, have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. Therefore, the weighted-average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same.


	2025	2024
Shares issuable upon settlement of derivative tranche liability in Private Placement	32,681,866	—
Stock options outstanding	4,383,641	2,119,425
Restricted stock vesting	—	15,943
Warrant outstanding	142	142
	37,065,649	2,135,510

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Josh Mandel-Brehm [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On December 22, 2025, Josh Mandel-Brehm, our chief executive officer and a member of our board of directors, adopted a trading plan intended to satisfy the conditions specified in Rule 10b5-1(c) under the Exchange Act for an affirmative defense against liability for trading in securities on the basis of material nonpublic information. Pursuant to this plan, Mr. Mandel-Brehm may sell up to 163,414 shares of our common stock received upon the settlement of awards granted to Mr. Mandel-Brehm as equity incentive compensation beginning on March 23, 2026, subject to the terms of the plan. The plan will terminate on or prior to March 23, 2027.
Name	Josh Mandel-Brehm
Title	chief executive officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	December 22, 2025
Expiration Date	March 23, 2027
Arrangement Duration	365 days
Aggregate Available	163,414

Property and Equipment, Net - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Property and Equipment, Net
Depreciation and amortization expense	$ 1.6	$ 1.7
Laboratory equipment
Property and Equipment, Net
Finance lease right-of-use asset obtained in exchange for lease liabilities	0.5	0.3
Accumulated depreciation	0.2	$ 0.2
Book value of assets sold	$ 0.3

Stock-Based Compensation - 2024 Equity Incentive Plan Narrative (Details) - shares			1 Months Ended
	Jan. 01, 2026	Jan. 01, 2025	Oct. 31, 2024	Dec. 31, 2025
Stock-Based Compensation
Expiration period			10 years
Shares reserved for future issuance (in shares)				43,923,960
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	438,640
Percentage of outstanding stock maximum			5.00%
Number of additional shares authorized for issuance under share-based payment arrangement (in shares)		604,832
2024 Equity Incentive Plan \| Subsequent Event
Stock-Based Compensation
Number of additional shares authorized for issuance under share-based payment arrangement (in shares)	2,595,130
2024 Equity Incentive Plan \| Minimum
Stock-Based Compensation
Percentage of estimated fair value on grant date			100.00%

Stockholders’ Equity - Schedule of Convertible Preferred Stock (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Convertible Preferred Stock and Stockholders' Deficit
Shares outstanding (in shares)	0	0	130,648,426
Series A Prime
Convertible Preferred Stock and Stockholders' Deficit
Authorized shares (in shares)			68,173,692
Shares issued (in shares)			62,389,791
Shares outstanding (in shares)			62,389,791
Liquidation Value			$ 62,381,000
Common stock issuable upon conversion (in shares)			5,562,653
Series B
Convertible Preferred Stock and Stockholders' Deficit
Authorized shares (in shares)			81,499,592
Shares issued (in shares)			68,258,635
Shares outstanding (in shares)			68,258,635
Liquidation Value			$ 100,504,000
Common stock issuable upon conversion (in shares)			6,085,929

Stock-Based Compensation - Schedule of Stock Options Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Number of outstanding options
Balance at beginning (in shares)	2,119,425
Granted (in shares)	2,501,696
Forfeited/Cancelled (in shares)	(213,352)
Exercises (in shares)	(24,128)
Balance at the end (in shares)	4,383,641	2,119,425
Vested and expected to vest at the end the period (in shares)	4,383,641
Exercisable at the end of the period (in shares)	1,624,775
Weighted average exercise price
Balance at beginning (in USD per share)	$ 7.87
Granted (in USD per share)	5.09
Forfeited/Cancelled (in USD per share)	6.26
Exercises (in USD per share)	2.12
Balance at the end (in USD per share)	6.39	$ 7.87
Vested and expected to vest at the end the period (in dollars per share)	6.39
Exercisable at the end of the period (in dollars per share)	$ 7.11
Weighted average remaining contractual term in years
Weighted average remaining contractual term (in years)	8 years 4 months 13 days	7 years 11 months 23 days
Vested and expected to vest at the end the period (in years)	8 years 4 months 13 days
Exercisable at the end of the period (in years)	6 years 7 months 28 days
Aggregate intrinsic value
Beginning balance	$ 751
Options exercised	45	$ 6,600
Ending balance	3,308	$ 751
Vested and expected to vest at the end the period	3,308
Exercisable at the end of the period	$ 1,255

Collaboration and License Agreements - BioMarin Pharmaceutical Inc (Details) - BioMarin Pharmaceutical, Inc. - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Sep. 30, 2024
Collaboration and License Agreements
Deferred revenue	$ 0	$ 300,000	$ 1,000,000.0
Fixed consideration amount			$ 3,800,000
Revenue	$ 2,900,000	$ 700,000

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting

The following table provides the revenue and significant and other segment expenses for the years ended December 31, 2025 and 2024 (in thousands):


	2025		2024
Revenue	$	3,498	$	652
Less: Significant segment expenses
Personnel-related expenses	20,506		20,299
Clinical and preclinical expenses	17,322		18,049
Facilities-related and overhead	7,734		7,625
Professional and consulting fees	7,660		5,984
Corporate expenses	1,678		1,175
Impairment of right-of-use asset	494		—
Travel and entertainment	659		608
Plus: Other segment (loss) income	(27,848)		1,297
Segment net loss	$	(80,403)	$	(51,791)

Stockholders’ Equity - Schedule of Common Stock Issuance Upon Conversion (Details) - shares	Dec. 31, 2025	Dec. 31, 2024
Convertible Preferred Stock and Stockholders' Deficit
Shares issuable upon settlement of derivative tranche liability in the Private Placement (in shares)	32,681,866
Pre-funded warrants outstanding/Warrant outstanding (in shares)	142
Stock options outstanding (in shares)	4,383,641	2,119,425
Total (in shares)	43,923,960
2024 Equity Incentive and Employee Stock Purchase Plan
Convertible Preferred Stock and Stockholders' Deficit
Shares reserved for future issuance under the 2024 Equity Incentive Plan and ESPP (in shares)	854,553
Prefunded Warrants, Liability
Convertible Preferred Stock and Stockholders' Deficit
Pre-funded warrants outstanding/Warrant outstanding (in shares)	6,003,758

- 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

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Audit Information [Abstract]
Auditor Name	Ernst & Young LLP
Auditor Location	Boston, Massachusetts
Auditor Firm ID	42

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Basis of Presentation

The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). 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”).

Principles of Consolidation

The Company’s consolidated financial statements include the accounts of CAMP4 Therapeutics Corporation and its wholly-owned subsidiary, CAMP4 Therapeutics Pty Ltd (“CAMP4 AUS”), which was established on September 15, 2023. All intercompany balances and transactions have been eliminated in consolidation.

Use of Estimates

Cash and Cash Equivalents

Restricted Cash

Concentration of Credit Risks

Fair Value Measurements

The three levels of the fair value hierarchy are as follows:

Company did not have any transfers of assets and liabilities between the levels of the fair value measurement hierarchy during the years presented.

Foreign Currency Remeasurement

Property and Equipment, Net


Description			Useful Life
Computer and software			Three years
Laboratory equipment			Five years
Furniture and fixtures			Seven years
Leasehold improvements			Shorter of asset life or remaining lease term

Impairment of Long-Lived Assets

Commitments and Contingencies

Contractual Commitments

Indemnifications

Indemnification Obligations

Legal Proceedings

Leases

Derivative Tranche Liability

Revenue Recognition and Accounting for Collaboration Agreements

Revenue from Contracts with Customers

Collaborative Agreements

Research and Development Expenses

General and Administrative Expenses

Patent Costs

Offering and Issuance Costs

Stock-Based Compensation

The other inputs to the Black-Scholes option-pricing model include the following:

•The dividend yield is zero as the Company has not paid dividends and does not anticipate paying a cash dividend in the foreseeable future;

The Company recognizes forfeitures related to stock-based compensation awards as they occur.

Income Taxes

Net Loss Per Share Attributable to Common Stockholders

earnings. Diluted net loss per share for the Company’s common stock is computed using the more dilutive of the two-class method or the if-converted method.

Emerging Growth Company Status

Recently Issued Accounting Standards

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

Description of Business and Basis of Presentation	12 Months Ended
Description of Business and Basis of Presentation	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business and Basis of Presentation	Description of Business and Basis of Presentation Description of Business CAMP4 Therapeutics Corporation, formerly Marauder Therapeutics, Inc., and its subsidiary (collectively, the “Company”), is a clinical-stage biopharmaceutical company pioneering the discovery and development of a new class of RNA-targeting therapeutics with the goal of upregulating gene expression and restoring healthy protein levels to treat a broad range of genetic diseases. The Company is currently focusing on diseases of the central nervous system. The Company was organized in September 2015 and began operations in 2016. Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). 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”). The Company’s consolidated financial statements include the accounts of CAMP4 Therapeutics Corporation and its wholly-owned subsidiary, CAMP4 Therapeutics Pty Ltd (“CAMP4 AUS”), which was established on September 15, 2023. All intercompany balances and transactions have been eliminated in consolidation. Reclassification of Prior Year Presentation Certain prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications had no effect on the reported results of operations or balance sheets. 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 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 at a price to the public 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 additional 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 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 (see Note 10). In connection with the completion of its IPO, on October 15, 2024, the Company’s certificate of incorporation was amended and restated to authorize 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 and legal fees (see Notes 3 and 9). Underwritten Offering On December 18, 2025, the Company entered into an underwriting agreement (the “Underwriting Agreement”) with Leerink Partners LLC (“Leerink Partners”) relating to an offering of shares of the Company's common stock (the “Underwritten Offering”). The closing of the Underwritten Offering occurred on December 19, 2025. At the closing, the Company issued 5,000,000 shares of the Company’s common stock for net cash proceeds of $28.1 million, after deducting $1.9 million in issuance costs. Liquidity As of December 31, 2025, the Company had approximately $109.5 million of cash and cash equivalents and working capital of approximately $98.6 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 December 31, 2025, the Company had an accumulated deficit of $292.2 million. During the year ended December 31, 2025, the Company incurred a net loss of $80.4 million and had negative cash flows from operations of $29.6 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 December 31, 2025, the Company has funded its operations primarily with proceeds from the sale of convertible preferred stock and common stock, including the Underwritten Offering, the Initial Closing of the Private Placement, and its IPO, as well as through revenues from its license and collaboration agreements. The Company expects that its cash and cash equivalents as of December 31, 2025 will enable it to fund its operating expenses and capital expenditure requirements for at least 12 months from the date these consolidated financial statements were issued. This evaluation is based on relevant conditions and events that are known and reasonably knowable at the date that the consolidated financial statements are issued. To the extent these conditions or events change, the Company could deplete its available capital resources sooner than it currently expects.

Income Taxes - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Operating Loss Carryforwards [Line Items]
Capitalized research and development	$ 15.4	$ 22.1
Increase in valuation allowance	11.2	15.3
Research Tax Credit Carryforward
Operating Loss Carryforwards [Line Items]
Increase in valuation allowance		1.3
Domestic Jurisdiction
Operating Loss Carryforwards [Line Items]
NOL carryforwards	117.1	102.3
NOL carryforwards, subject to expiration	4.8
NOL carryforwards, not subject to expiration	112.3
Research and development tax credit carryforward	9.0	6.7
State Jurisdiction
Operating Loss Carryforwards [Line Items]
NOL carryforwards	139.2	97.6
Research and development tax credit carryforward	$ 4.2	$ 3.3

Stock-Based Compensation

12 Months Ended

Dec. 31, 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 Company’s Board of Directors 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 shares reserved for issuance under the 2024 Plan, effective January 1, 2025. As of December 31, 2025, there were 438,640 shares of common stock reserved and available for issuance pursuant to the 2024 Plan. On January 1, 2026, 2,595,130 shares of common stock were added and were available for grant under 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 Company’s Board of Directors 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 shares reserved for issuance under the 2024 ESPP, effective January 1, 2025. As of December 31, 2025, there were 415,913 shares of common stock reserved and available for issuance pursuant to the 2024 ESPP. On January 1, 2026, 519,026 shares of common stock were added and were available for grant under 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 about January 1 and July 1 each year. On January 1, 2026, employees of the Company purchased an aggregate of 15,562 shares under the 2024 ESPP.

2016 Equity Incentive Plan

In 2016, the Company adopted the Marauder Therapeutics, Inc. 2016 Stock Option and Grant Plan (the “2016 Plan”) that provided for the grant of stock options, restricted stock units, and other stock-based awards to employees, directors, and non-employee service providers of the Company. The 2016 Plan was suspended in connection with the Company’s IPO and no further grants will be made. The 2016 Plan continues to govern the terms and conditions of outstanding awards granted under the 2016 Plan.

Stock Option Activity

The Company estimates the fair value of stock options using the Black-Scholes option pricing model. The weighted-average assumptions used to estimate the fair value of the stock options granted during the years ended December 31, 2025 and 2024 were as follows:


	2025		2024
Expected volatility	86.25	%	97.20	%
Risk-free interest rate	3.93%		3.98%
Expected dividend yield	0%		0%
Expected term (in years)	6.65		5.99

The weighted average fair value of stock options granted during the years ended December 31, 2025 and 2024 was $4.41 and $8.09 per share, respectively. The total intrinsic value of options exercised during the years ended December 31, 2025 and 2024 was de minimis and $6.6 million, respectively.

The Company issued $1.0 million of promissory notes to certain executives during the year ended December 31, 2021 in order for them to early exercise stock options. Management concluded the promissory notes are recourse in form but non-recourse in substance as the Company does not intend to seek repayment beyond the shares issued. The promissory notes are therefore treated as an option for accounting purposes and are not recorded on the consolidated balance sheet. Stock-based compensation expense is recorded, accordingly. The exercise price used in determining the fair value of the stock options includes the interest earned on the notes and the expected term is five years, reflecting the term of the notes. The early exercised shares were not outstanding for accounting purposes before repayment of the notes. During the year ended December 31, 2024, the promissory notes were forgiven, resulting in 491,110 shares of common stock that had been exercised early being treated as outstanding for accounting purposes.

The following table summarizes stock option activity for the year ended December 31, 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	2,501,696	$	5.09
Forfeited/Cancelled	(213,352)	$	6.26
Exercises	(24,128)	$	2.12		$	45
Balance as of December 31, 2025	4,383,641	$	6.39	8.37	$	3,308
Vested and expected to vest as of December 31, 2025	4,383,641	$	6.39	8.37	$	3,308
Exercisable as of December 31, 2025	1,624,775	$	7.11	6.66	$	1,255

The Company recorded stock-based compensation expense related to stock options of $4.0 million and $3.8 million for the years ended December 31, 2025 and 2024, respectively. As of December 31, 2025, there was $11.8 million of unrecognized stock option stock-based compensation expense which is expected to be recognized over a weighted average period of 2.6 years.

A summary of restricted stock award activity for the year ended December 31, 2025 is a 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 December 31, 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 as they occur. As of December 31, 2025, all outstanding restricted common stock awards were fully vested. The fair value of shares that vested during each of the years ended December 31, 2025 and 2024 was nominal.

The following table presents the classification of stock-based compensation expense for the years ended December 31, 2025 and 2024 is as follows (in thousands):


	2025		2024
R&D	$	1,986	$	1,876
G&A	2,012		2,156
Total	$	3,998	$	4,032

The Company has not recognized and does not expect to recognize in the near future, any tax benefit related to employee stock-based compensation expense as a result of the full valuation allowance related to its net deferred tax assets.

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the expected income tax benefit computed using the federal statutory income tax rate to the Company’s effective income tax rate is as follows for the years ended December 31, 2025 and 2024:


	2025				2024
Income tax computed at federal statutory rate	$	16,886	21	%	$	10,876	21	%
Foreign Tax Effects	(164)		0.20		(69)		0.13
Effect of Cross-Border Tax Laws	231		(0.29)		—		—
Non-Deductible Items
Change In Warrant Liability	6,264		(7.79)		—		—
Other Adjustments	554		(0.69)		460		(0.89)
Tax Credits	(2,280)		2.84		(1,516)		2.93
Changes In Valuation Allowance	12,281		(15.27)		12,001		(23.17)
Total Tax Expense	$	—	0.00	%	$	—	0.00	%

Schedule of Deferred Tax Assets and Liabilities

The Company’s net deferred tax assets as of December 31, 2025 and 2024, consisted of the following (in thousands):


	2025		2024
Deferred tax assets:
NOLs	$	33,794	$	27,667
Capitalized R&D costs	15,389		22,059
R&D credits	12,269		9,299
Operating lease liabilities	450		2,307
Capitalized Sec. 59(e) R&D expenditures	7,296		1,833
Cash basis adjustment	4,514		1,083
Other	2,534		2,326
Total gross deferred tax assets	76,246		66,574
Deferred tax liabilities:
Operating lease ROU assets	(106)		(1,653)
Total gross deferred tax liabilities	(106)		(1,653)
Net deferred tax assets	76,140		64,921
Valuation allowance	(76,140)		(64,921)
Net deferred tax asset less valuation allowance	$	—	$	—

Commitments and Contingencies - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) ft²	Dec. 31, 2024 USD ($)	Dec. 22, 2025 USD ($) ft² leaseCompenent	Sep. 01, 2023 USD ($)
Operating Leases
Operating lease right-of-use assets	$ 397	$ 6,015
Lease liability	1,974
Gain on termination of lease	316	0
General and administrative	17,357	14,923
Research and development	38,202	38,817
Operating lease liabilities, current portion	286	2,994
Operating lease liabilities, net of current portion	1,688	5,493
Impairment of right-of-use asset	$ 494	$ 0
Office space and laboratory space in Cambridge, Massachusetts
Operating Leases
Area of lease (approximately) \| ft²	30,000
Accelerated termination period	30 days
Office And Laboratory Space In Watertown, Massachusetts
Operating Leases
Area of lease (approximately) \| ft²			44,000
Commencement period following execution			180 days
Number of lease components \| leaseCompenent			2
Operating lease right-of-use assets			$ 0
Lease liability			1,100
Gain on termination of lease	$ 300
General and administrative	100
Research and development	$ 200
Lease modification fee			$ 2,100
Initial rent-free period			18 months
Renewal term			5 years
Office and lab space in Boulder, Colorado
Operating Leases
Area of lease (approximately) \| ft²	5,300
Operating lease right-of-use assets	$ 400			$ 1,400
Term of lease				5 years
Incremental borrowing rate used for lease				7.12%
Operating lease liabilities, current portion	300			$ 200
Operating lease liabilities, net of current portion	600			$ 1,200
Impairment of right-of-use asset	$ 500

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

Depreciation is calculated using the straight-line method over the following estimated useful lives of the assets:


Description			Useful Life
Computer and software			Three years
Laboratory equipment			Five years
Furniture and fixtures			Seven years
Leasehold improvements			Shorter of asset life or remaining lease term

Property and equipment, net consisted of the following as of December 31, 2025 and 2024 (in thousands):


	2025		2024
Leasehold improvements	$	4,518	$	4,518
Laboratory equipment	4,106		4,078
Computer and software	938		969
Furniture and fixtures	524		524
Total property and equipment	10,086		10,089
Less: accumulated depreciation and amortization	(7,747)		(6,231)
Property and equipment, net	$	2,339	$	3,858

Property and Equipment, Net

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

Property and equipment, net consisted of the following as of December 31, 2025 and 2024 (in thousands):


	2025		2024
Leasehold improvements	$	4,518	$	4,518
Laboratory equipment	4,106		4,078
Computer and software	938		969
Furniture and fixtures	524		524
Total property and equipment	10,086		10,089
Less: accumulated depreciation and amortization	(7,747)		(6,231)
Property and equipment, net	$	2,339	$	3,858

During the years ended December 31, 2025 and 2024, title of a finance lease ROU asset for laboratory equipment with cost totaling $0.5 million and $0.3 million, respectively, transferred to the Company. The laboratory equipment had accumulated depreciation of $0.2 million and $0.2 million, respectively. The Company incurred depreciation and amortization expense of $1.6 million and $1.7 million for the years ended December 31, 2025 and 2024, respectively. Depreciation and amortization expense for the years ended December 31, 2025 and 2024 includes nominal finance lease ROU asset amortization. During the year ended December 31, 2025, the Company vacated the Boulder, Colorado lease location (see Note 7). 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.

Collaboration and License Agreements - GlaxoSmithKline Intellectual Property (No. 3) Limited (“GSK”) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Collaboration and License Agreements
Current portion of deferred revenue	$ 9,387	$ 385
Deferred revenue, net of current portion	8,113	$ 0
GlaxoSmithKline Intellectual Property (No. 3) Limited (“GSK”)
Collaboration and License Agreements
Deferred revenue	17,500
Fixed consideration amount	17,500
Revenue	0
Current portion of deferred revenue	9,400
Deferred revenue, net of current portion	8,100
GlaxoSmithKline Intellectual Property (No. 3) Limited (“GSK”) \| Maximum
Collaboration and License Agreements
Variable consideration amount, commercial sales milestones	$ 440,000

- Definition

+ References

+ Details

Fair Value Measurements - Schedule of Financial Instruments Carried at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Sep. 09, 2025	Dec. 31, 2024
Assets
Cash equivalents	$ 106,934		$ 60,819
Liabilities
Derivative tranche liability	44,760
Level 1
Assets
Cash equivalents	106,934		60,819
Liabilities
Derivative tranche liability	0
Level 2
Assets
Cash equivalents	0		0
Liabilities
Derivative tranche liability	0
Level 3
Assets
Cash equivalents	0		$ 0
Liabilities
Derivative tranche liability	$ 44,760	$ (14,900)

Stock-Based Compensation - Schedule of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Stock-Based Compensation
Total stock-based compensation expense	$ 3,998	$ 4,032
R&D
Stock-Based Compensation
Total stock-based compensation expense	1,986	1,876
G&A
Stock-Based Compensation
Total stock-based compensation expense	$ 2,012	$ 2,156

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Common stock, par value (in USD per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	175,000,000	175,000,000
Common stock, shares issued (in shares)	51,902,614	20,161,073
Common stock, shares outstanding (in shares)	51,902,614	20,145,129

Derivative Tranche Liability (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Sep. 11, 2025	Dec. 31, 2025	Sep. 09, 2025	Dec. 31, 2024
Derivative [Line Items]
Forward contract indexed to equity, settlement, cash, amount (up to approximately)	$ 50,100
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		$ (44,760)
Remeasured derivative tranche liability		44,760		$ 0
Change in fair value		29,830
Level 3
Derivative [Line Items]
Derivative tranche liability		$ (44,760)	$ 14,900
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 \| Warrant outstanding
Derivative [Line Items]
Forward sale of stock or warrants price per share (in USD per share)	$ 1.5299

Net Loss Per Share Attributable to Common Stockholders - Schedule of Basic and Diluted Net Loss per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Numerator:
Net loss attributable to common stockholders, basic	$ (80,403)	$ (51,791)
Net loss attributable to common stockholders, diluted	$ (80,403)	$ (51,791)
Denominator:
Weighted-average common shares outstanding, basic, (in shares)	30,380,567	4,690,094
Weighted-average common shares outstanding, diluted, (in shares)	30,380,567	4,690,094
Net loss per share attributable to common stockholders, basic, (in USD per share)	$ (2.65)	$ (11.04)
Net loss per share attributable to common stockholders, diluted, (in USD per share)	$ (2.65)	$ (11.04)
Pre-funded warrants outstanding/Warrant outstanding (in shares)	142
Prefunded Warrants, Liability
Denominator:
Pre-funded warrants outstanding/Warrant outstanding (in shares)	6,003,758

Summary of Significant Accounting Policies - Schedule Property and Equipment, Net Useful Lives (Details)	Dec. 31, 2025
Computer and software
Property and Equipment, Net
Useful Life	3 years
Laboratory equipment
Property and Equipment, Net
Useful Life	5 years
Furniture and fixtures
Property and Equipment, Net
Useful Life	7 years

Description of Business and Basis of Presentation (Details) $ / shares in Units, $ in Thousands						12 Months Ended
	Dec. 19, 2025 USD ($) shares	Sep. 11, 2025 USD ($) shares	Nov. 01, 2024 USD ($)	Oct. 15, 2024 USD ($) $ / shares shares	Oct. 03, 2024	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2024 USD ($) $ / shares shares	Sep. 09, 2025 closing
Description of Business and Basis of Presentation
Reverse stock split ratio					0.08916
Net proceeds received			$ 72,400
Payment of stock issuance costs						$ 3,966	$ 5,747
Common stock, shares authorized (in shares) \| shares				175,000,000		175,000,000	175,000,000
Common stock, par value (in USD per share) \| $ / shares				$ 0.0001		$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares) \| shares				25,000,000
Preferred stock par value (in USD per share) \| $ / shares				$ 0.0001
Cash and cash equivalents						$ 109,517	$ 64,039
Working capital						98,600
Accumulated deficit						(292,156)	(211,753)
Net loss						80,403	51,791
Cash flows from operations						$ 29,553	$ 45,562
Common stock
Description of Business and Basis of Presentation
Issuance of common stock (in shares) \| shares						31,717,415	7,463,762
Conversion of convertible preferred stock into common stock upon initial public offering (in shares) \| shares				11,648,582			11,648,582
Initial public offering
Description of Business and Basis of Presentation
Issuance of common stock (in shares) \| shares				6,820,000
Sale price per share (in dollars per share) \| $ / shares				$ 11.00
Net proceeds received				$ 65,800
Payments of underwriting discounts and commissions				5,300
Payment of stock issuance costs				$ 4,000
Over allotment
Description of Business and Basis of Presentation
Net proceeds received			6,600
Payment of stock issuance costs			$ 500
Private Placement
Description of Business and Basis of Presentation
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
Private Placement \| Prefunded Warrants, Liability
Description of Business and Basis of Presentation
Pre-funded warrants issued (in shares) \| shares		6,003,758
Private Placement \| Maximum
Description of Business and Basis of Presentation
Number of sale of stock closings in transaction \| closing								2
Underwritten Offering \| Leerink Partners LLC
Description of Business and Basis of Presentation
Issuance of common stock (in shares) \| shares	5,000,000
Net proceeds received	$ 28,100
Payment of stock issuance costs	$ 1,900

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Accrued Liabilities, Current [Abstract]
Employee compensation and benefits	$ 2,642	$ 3,111
External R&D expenses	1,828	524
Professional fees	1,073	661
Other	89	537
Accrued expenses and other current liabilities	$ 5,632	$ 4,833

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Fair Value Weighted Average Assumptions for Stock Options

The weighted-average assumptions used to estimate the fair value of the stock options granted during the years ended December 31, 2025 and 2024 were as follows:


	2025		2024
Expected volatility	86.25	%	97.20	%
Risk-free interest rate	3.93%		3.98%
Expected dividend yield	0%		0%
Expected term (in years)	6.65		5.99

Schedule of Stock Option Activity

The following table summarizes stock option activity for the year ended December 31, 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	2,501,696	$	5.09
Forfeited/Cancelled	(213,352)	$	6.26
Exercises	(24,128)	$	2.12		$	45
Balance as of December 31, 2025	4,383,641	$	6.39	8.37	$	3,308
Vested and expected to vest as of December 31, 2025	4,383,641	$	6.39	8.37	$	3,308
Exercisable as of December 31, 2025	1,624,775	$	7.11	6.66	$	1,255

Schedule of Restricted Stock Award Activity

A summary of restricted stock award activity for the year ended December 31, 2025 is a 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 December 31, 2025	—	$	—

Schedule of Stock-based Compensation Expense

The following table presents the classification of stock-based compensation expense for the years ended December 31, 2025 and 2024 is as follows (in thousands):


	2025		2024
R&D	$	1,986	$	1,876
G&A	2,012		2,156
Total	$	3,998	$	4,032

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	We have certain processes for assessing, identifying, and managing cybersecurity risks, which are built into our information technology function and are designed to help protect our information assets and operations from internal and external cyber threats, protect information belonging to our stakeholders from unauthorized access or attack, as well as secure our networks and systems. Such processes include physical, procedural, and technical safeguards, response plans, regular testing of our systems, and routine review of our policies and procedures to identify risks and adapt our practices. We engage certain external parties, including independent privacy assessors, computer security firms, and risk management and governance experts, to assist with assessing and managing our cybersecurity oversight functions. As of the date of this Annual Report, we have not experienced any cybersecurity incidents that resulted in a material effect on our business strategy, results of operations, or financial condition, but we cannot provide assurance that we will not be materially affected in the future by such risks or any future material incidents. See Part I, Item 1A. “Risk Factors” in this Annual Report for additional information on cybersecurity risks we face.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We have certain processes for assessing, identifying, and managing cybersecurity risks, which are built into our information technology function and are designed to help protect our information assets and operations from internal and external cyber threats, protect information belonging to our stakeholders from unauthorized access or attack, as well as secure our networks and systems.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	The Audit Committee of the board of directors is responsible for reviewing and assessing the integrity of our information technology systems, processes and data, and meets with management on at least an annual basis to review and assess our cyber and technology-related risks, including network security, information security, and data privacy and protection, our technologies, policies, processes, and practices for assessing, monitoring, managing and mitigation those risks, and the steps management has taken to identify, assess, monitor, manage and mitigate those risks, among other matters. Our Chief Business Operations Officer oversees our company-wide cybersecurity strategy, policy, standards, and processes across relevant departments. The Chief Business Operations Officer has over 15 years of experience overseeing key operational activities in the life sciences industry and works closely with our experienced information technology consulting firm, which helps to assess and prepare us and our employees to maintain awareness of cybersecurity risks, including email, web, and data security. Our outside information technology consultants have extensive experience designing, implementing, and running information technology and cybersecurity programs and processes using the National Institute of Standards and Technology Framework. To deter and detect cyber threats, we provide all employees with a data protection, cybersecurity and incident response and prevention training and compliance program, which covers timely and relevant topics, including social engineering, phishing, password protection, confidential data protection, asset use and mobile security, and educates employees on the importance of reporting all incidents immediately. To mitigate cybersecurity risks and bolster our employee-based cybersecurity programs, we monitor all user traffic and restrict access by country. In addition, access to web sites is filtered and monitored, and credentials for systems and services require multi-factor authentication whenever possible.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Audit Committee of the board of directors is responsible for reviewing and assessing the integrity of our information technology systems, processes and data, and meets with management on at least an annual basis to review and assess our cyber and technology-related risks, including network security, information security, and data privacy and protection, our technologies, policies, processes, and practices for assessing, monitoring, managing and mitigation those risks, and the steps management has taken to identify, assess, monitor, manage and mitigate those risks, among other matters.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Audit Committee of the board of directors is responsible for reviewing and assessing the integrity of our information technology systems, processes and data, and meets with management on at least an annual basis to review and assess our cyber and technology-related risks, including network security, information security, and data privacy and protection, our technologies, policies, processes, and practices for assessing, monitoring, managing and mitigation those risks, and the steps management has taken to identify, assess, monitor, manage and mitigate those risks, among other matters.
Cybersecurity Risk Role of Management [Text Block]	The Audit Committee of the board of directors is responsible for reviewing and assessing the integrity of our information technology systems, processes and data, and meets with management on at least an annual basis to review and assess our cyber and technology-related risks, including network security, information security, and data privacy and protection, our technologies, policies, processes, and practices for assessing, monitoring, managing and mitigation those risks, and the steps management has taken to identify, assess, monitor, manage and mitigate those risks, among other matters. Our Chief Business Operations Officer oversees our company-wide cybersecurity strategy, policy, standards, and processes across relevant departments. The Chief Business Operations Officer has over 15 years of experience overseeing key operational activities in the life sciences industry and works closely with our experienced information technology consulting firm, which helps to assess and prepare us and our employees to maintain awareness of cybersecurity risks, including email, web, and data security. Our outside information technology consultants have extensive experience designing, implementing, and running information technology and cybersecurity programs and processes using the National Institute of Standards and Technology Framework.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	The Audit Committee of the board of directors is responsible for reviewing and assessing the integrity of our information technology systems, processes and data, and meets with management on at least an annual basis to review and assess our cyber and technology-related risks, including network security, information security, and data privacy and protection, our technologies, policies, processes, and practices for assessing, monitoring, managing and mitigation those risks, and the steps management has taken to identify, assess, monitor, manage and mitigate those risks, among other matters. Our Chief Business Operations Officer oversees our company-wide cybersecurity strategy, policy, standards, and processes across relevant departments. The Chief Business Operations Officer has over 15 years of experience overseeing key operational activities in the life sciences industry and works closely with our experienced information technology consulting firm, which helps to assess and prepare us and our employees to maintain awareness of cybersecurity risks, including email, web, and data security. Our outside information technology consultants have extensive experience designing, implementing, and running information technology and cybersecurity programs and processes using the National Institute of Standards and Technology Framework.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	The Chief Business Operations Officer has over 15 years of experience overseeing key operational activities in the life sciences industry and works closely with our experienced information technology consulting firm, which helps to assess and prepare us and our employees to maintain awareness of cybersecurity risks, including email, web, and data security.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The Audit Committee of the board of directors is responsible for reviewing and assessing the integrity of our information technology systems, processes and data, and meets with management on at least an annual basis to review and assess our cyber and technology-related risks, including network security, information security, and data privacy and protection, our technologies, policies, processes, and practices for assessing, monitoring, managing and mitigation those risks, and the steps management has taken to identify, assess, monitor, manage and mitigate those risks, among other matters. Our Chief Business Operations Officer oversees our company-wide cybersecurity strategy, policy, standards, and processes across relevant departments. The Chief Business Operations Officer has over 15 years of experience overseeing key operational activities in the life sciences industry and works closely with our experienced information technology consulting firm, which helps to assess and prepare us and our employees to maintain awareness of cybersecurity risks, including email, web, and data security. Our outside information technology consultants have extensive experience designing, implementing, and running information technology and cybersecurity programs and processes using the National Institute of Standards and Technology Framework. To deter and detect cyber threats, we provide all employees with a data protection, cybersecurity and incident response and prevention training and compliance program, which covers timely and relevant topics, including social engineering, phishing, password protection, confidential data protection, asset use and mobile security, and educates employees on the importance of reporting all incidents immediately. To mitigate cybersecurity risks and bolster our employee-based cybersecurity programs, we monitor all user traffic and restrict access by country. In addition, access to web sites is filtered and monitored, and credentials for systems and services require multi-factor authentication whenever possible.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Deferred tax assets:
NOLs	$ 33,794	$ 27,667
Capitalized R&D costs	15,389	22,059
R&D credits	12,269	9,299
Operating lease liabilities	450	2,307
Capitalized Sec. 59(e) R&D expenditures	7,296	1,833
Cash basis adjustment	4,514	1,083
Other	2,534	2,326
Total gross deferred tax assets	76,246	66,574
Deferred tax liabilities:
Operating lease ROU assets	(106)	(1,653)
Total gross deferred tax liabilities	(106)	(1,653)
Net deferred tax assets	76,140	64,921
Valuation allowance	(76,140)	(64,921)
Net deferred tax asset less valuation allowance	$ 0	$ 0

Net Loss Per Share Attributable to Common Stockholders - Schedule of Excluded Anti-dilutive Securities (Details) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Net Loss Per Share Attributable to Common Stockholders
Anti-dilutive securities excluded from diluted earnings per share (in shares)	37,065,649	2,135,510
Shares issuable upon settlement of derivative 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
Stock options outstanding
Net Loss Per Share Attributable to Common Stockholders
Anti-dilutive securities excluded from diluted earnings per share (in shares)	4,383,641	2,119,425
Restricted stock vesting
Net Loss Per Share Attributable to Common Stockholders
Anti-dilutive securities excluded from diluted earnings per share (in shares)	0	15,943
Warrant outstanding
Net Loss Per Share Attributable to Common Stockholders
Anti-dilutive securities excluded from diluted earnings per share (in shares)	142	142

Stockholders’ Equity - Common and Preferred Stock Narrative (Details)	12 Months Ended
	Dec. 31, 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 USD per share)	$ 0.0001	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares) \| shares			25,000,000
Preferred stock par value (in USD per share)			$ 0.0001
Preferred stock outstanding (in shares) \| shares	0
Number of votes per common share \| vote	1
Preferred stock dividends declared (in USD per share)	$ 0
Common stock dividends declared (in USD per share)	$ 0

Related Parties	12 Months Ended
Related Parties	Dec. 31, 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 planning services. For the years ended December 31, 2025 and 2024, the Company recognized R&D expense totaling $0.2 million and $0.3 million, respectively, related to work performed under the founder agreements. The Company had no amount due to the founders at both December 31, 2025 and 2024, respectively. For the years ended December 31, 2025 and 2024, the Company recognized stock-based compensation expense totaling $0.1 million and less than $0.2 million, related to consulting agreements, respectively. 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 the years ended December 31, 2025 and 2024, the Company recognized G&A expense totaling $0.1 million and $0.1 million, respectively, related to work performed under the consulting agreement. The Company had no amount due to the consultant at both December 31, 2025 and 2024, respectively. For the years ended December 31, 2025 and 2024, the Company recognized stock-based compensation expense totaling $0.1 million and less than $0.2 million, respectively, related to the consulting agreement.

- 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
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

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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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 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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+ Details

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
Changes in Convertible Preferred Stock
Conversion of convertible preferred stock into common stock upon initial public offering (in shares)	(130,648,426)
Conversion of convertible preferred stock into common stock upon initial public offering	$ (162,147)
Balance at ending (in shares) at Dec. 31, 2024	0
Balance at ending at Dec. 31, 2024	$ 0
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
Vesting of restricted common stock (in shares)		58,300
Stock option exercises (in shares)		513,781
Stock option exercises	113		113
Conversion of convertible preferred stock into common stock upon initial public offering (in shares)		11,648,582
Conversion of convertible preferred stock into common stock upon initial public offering	162,147	$ 1	162,146
Issuance of common stock upon initial public offering and private placement and registered direct offering, net of offering costs (in shares)		7,463,762
Issuance of common stock upon initial public offering and private placement and registered direct offering, net of offering costs	72,373		72,373
Stock-based compensation expense	4,032		4,032
Net loss	$ (51,791)			(51,791)
Balance at ending (in shares) at Dec. 31, 2024	20,145,129	20,145,129
Balance at ending at Dec. 31, 2024	$ 63,144	$ 2	274,895	(211,753)
Balance at ending (in shares) at Dec. 31, 2025	0
Balance at ending at Dec. 31, 2025	$ 0
Changes in Stockholders' Deficit
Vesting of restricted common stock (in shares)		15,943
Stock option exercises (in shares)	24,128	24,127
Stock option exercises	$ 51		51
Issuance of common stock upon initial public offering and private placement and registered direct offering, net of offering costs (in shares)		31,717,415
Issuance of common stock upon initial public offering and private placement and registered direct offering, net of offering costs	57,313	$ 4	57,309
Issuance of pre-funded warrants in private placement, net of issuance costs	3,601		3,601
Stock-based compensation expense	3,998		3,998
Net loss	$ (80,403)			(80,403)
Balance at ending (in shares) at Dec. 31, 2025	51,902,614	51,902,614
Balance at ending at Dec. 31, 2025	$ 47,704	$ 6	$ 339,854	$ (292,156)

Collaboration and License Agreements - Children's Medical Center Corporation (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Apr. 30, 2018	Dec. 31, 2025
Fulcrum Therapeutics, Inc.
Collaboration and License Agreements
Proceeds from milestone payment		$ 0.6
Collaborative Arrangement, Transaction with Party to Collaborative Arrangement \| Children Medical Center Corporation
Collaboration and License Agreements
Issuance of common stock upon initial public offering and private placement and registered direct offering, net of offering costs (in shares)	15,123
Percentage of upfront payment required upon first investigational new drug study		10.00%
Collaborative Arrangement, Transaction with Party to Collaborative Arrangement \| Children Medical Center Corporation \| Upon Achievement of First Licensed Target
Collaboration and License Agreements
Maximum development milestone payable	$ 7.7
Collaborative Arrangement, Transaction with Party to Collaborative Arrangement \| Children Medical Center Corporation \| Upon Achievement of Second Licensed Target
Collaboration and License Agreements
Maximum development milestone payable	3.9
Collaborative Arrangement, Transaction with Party to Collaborative Arrangement \| Children Medical Center Corporation \| Upon Achievement of Third Licensed Target
Collaboration and License Agreements
Maximum development milestone payable	$ 1.9

Prepaid Expenses And Other Current Assets (Tables)

12 Months Ended

Dec. 31, 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 as of December 31, 2025 and 2024 (in thousands):


	2025		2024
Prepaid research and development	$	1,504	$	979

Prepaid insurance costs	559		591
Software and subscriptions	402		337
Variable lease expenses	270		118
Unbilled receivable	155		—
Federal R&D tax credit receivable	—		108
Other	342		211
Prepaid expenses and other current assets	$	3,232	$	2,344

Collaboration and License Agreements - Eli Lilly and Company (Details) - Collaborative Arrangement, Transaction with Party to Collaborative Arrangement - Eli Lilly And Company $ in Millions	1 Months Ended	12 Months Ended
	Jul. 31, 2023 antisenseOligonucleotide	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)
Collaboration and License Agreements
Maximum number of antisense oligonucleotides \| antisenseOligonucleotide	3
Reduction in R&D expense \| $		$ 0.1	$ 0.5

Cover Page - USD ($) $ in Millions	12 Months Ended
Cover Page - USD ($) $ in Millions	Dec. 31, 2025	Mar. 04, 2026	Jun. 30, 2025
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
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
Entity Address, Address Line Three	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
Title of 12(b) Security	Common stock, par value $0.0001 per share
Trading Symbol	CAMP
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 14.6
Entity Common Stock, Shares Outstanding		51,919,321
Documents Incorporated by Reference	Portions of the registrant’s definitive proxy statement for its 2026 annual meeting of stockholders (the “2026 Proxy Statement”) are incorporated by reference into Part III of this Annual Report on Form 10-K. The 2026 Proxy Statement will be filed pursuant to Regulation 14A with the Securities and Exchange Commission not later than 120 days after the registrant’s fiscal year ended December 31, 2025.
Entity Central Index Key	0001736730
Document Fiscal Period Focus	FY
Amendment Flag	false
Document Fiscal Year Focus	2025

Consolidated Statements of Cash Flows (Parenthetical) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)
Statement of Cash Flows [Abstract]
Payment of stock issuance costs	$ 3,966
Payments of warrant issuance costs	$ 258

Segment Reporting

12 Months Ended

Dec. 31, 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-based therapeutics to treat a broad range of genetic diseases. The Company's operations are primarily in the United States.

The Company’s CODM is its Chief Executive Officer. The CODM uses net loss, as reported on the Company’s consolidated statement of operations and comprehensive loss, in evaluating performance and determining how to allocate resources. The CODM does not review assets in evaluating the results and therefore, such information is not presented. The following table provides the revenue and significant and other segment expenses for the years ended December 31, 2025 and 2024 (in thousands):


	2025		2024
Revenue	$	3,498	$	652
Less: Significant segment expenses
Personnel-related expenses	20,506		20,299
Clinical and preclinical expenses	17,322		18,049
Facilities-related and overhead	7,734		7,625
Professional and consulting fees	7,660		5,984
Corporate expenses	1,678		1,175
Impairment of right-of-use asset	494		—
Travel and entertainment	659		608
Plus: Other segment (loss) income	(27,848)		1,297
Segment net loss	$	(80,403)	$	(51,791)

Other segment income includes total other income, net on the consolidated statements of operations.

- 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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