0001193125-26-381969 | 10-Q | XBRL Viewer | Latigo Biotherapeutics INC

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Convertible Notes - Schedule of Convertible Notes (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Debt Instruments [Abstract]
Principal value of Convertible Notes	$ 35,000
Unamortized debt discount (bifurcated derivative liability)	(4,965)
Unamortized debt issuance cost	(138)
Total Convertible Notes	$ 29,897	$ 0

Organization	6 Months Ended
Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	1. Organization Description of Business Latigo Biotherapeutics, Inc. (the Company) is a clinical-stage biotechnology company committed to developing innovative non-opioid pain medicines designed to rapidly and effectively stop the transmission of pain without the risk of addiction. The Company was incorporated in Delaware in November 2018, under the name Desmond, Inc. In December 2019, the Company changed its name to Latigo Biotherapeutics, Inc. The Company is headquartered in Thousand Oaks, California. Liquidity The accompanying unaudited condensed financial statements have been prepared assuming the Company will continue as a going concern, which assumes that the Company will realize its assets and satisfy its liabilities in the normal course of business. The Company is subject to risks inherent in operating an early-stage biotechnology business. These risks include, but are not limited to, dependence on the development of marketable products, the ability to attract, retain, and motivate qualified personnel, rapid technological changes and the rapidly evolving nature of the biotechnology industry. As of June 30, 2026, the Company had cash and cash equivalents of $55.0 million. The Company has incurred net losses of $48.8 million and $46.8 million for the six months ended June 30, 2026 and 2025, respectively. The net cash used in operating activities was $48.4 million and $42.7 million for the six months ended June 30, 2026 and 2025, respectively. The Company has incurred significant losses and negative cash flows from operations since its inception and expects to continue to incur substantial losses for the foreseeable future, and its ability to achieve and sustain profitability will depend on the successful development, approval, and commercialization of any product candidates it may develop, and on the achievement of sufficient revenue to support its cost structure. The Company may never achieve profitability and, unless and until it does, it will need to continue to raise additional capital. The Company historically financed its operations primarily through the issuances of convertible promissory notes, demand notes and redeemable convertible preferred stock, and most recently, through sale of its common stock in an initial public offering (“IPO”). The Company completed its IPO in August 2026, receiving net proceeds of approximately $363.9 million after deducting underwriting discounts, commissions, and estimated offering expenses. As a result, the Company's existing cash and cash equivalents with the IPO proceeds are sufficient to fund the Company's operating plans for at least the 12-month period following the date that these unaudited condensed financial statements and accompanying notes were issued. Accordingly, the prior substantial doubt about the Company's ability to continue as a going concern has been alleviated.

Organization

6 Months Ended

Jun. 30, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization

Description of Business

Latigo Biotherapeutics, Inc. (the Company) is a clinical-stage biotechnology company committed to developing innovative non-opioid pain medicines designed to rapidly and effectively stop the transmission of pain without the risk of addiction.

The Company was incorporated in Delaware in November 2018, under the name Desmond, Inc. In December 2019, the Company changed its name to Latigo Biotherapeutics, Inc. The Company is headquartered in Thousand Oaks, California.

Liquidity

The accompanying unaudited condensed financial statements have been prepared assuming the Company will continue as a going concern, which assumes that the Company will realize its assets and satisfy its liabilities in the normal course of business. The Company is subject to risks inherent in operating an early-stage biotechnology business. These risks include, but are not limited to, dependence on the development of marketable products, the ability to attract, retain, and motivate qualified personnel, rapid technological changes and the rapidly evolving nature of the biotechnology industry.

As of June 30, 2026, the Company had cash and cash equivalents of $55.0 million. The Company has incurred net losses of $48.8 million and $46.8 million for the six months ended June 30, 2026 and 2025, respectively. The net cash used in operating activities was $48.4 million and $42.7 million for the six months ended June 30, 2026 and 2025, respectively.

The Company has incurred significant losses and negative cash flows from operations since its inception and expects to continue to incur substantial losses for the foreseeable future, and its ability to achieve and sustain profitability will depend on the successful development, approval, and commercialization of any product candidates it may develop, and on the achievement of sufficient revenue to support its cost structure. The Company may never achieve profitability and, unless and until it does, it will need to continue to raise additional capital.

The Company historically financed its operations primarily through the issuances of convertible promissory notes, demand notes and redeemable convertible preferred stock, and most recently, through sale of its common stock in an initial public offering (“IPO”).

The Company completed its IPO in August 2026, receiving net proceeds of approximately $363.9 million after deducting underwriting discounts, commissions, and estimated offering expenses. As a result, the Company's existing cash and cash equivalents with the IPO proceeds are sufficient to fund the Company's operating plans for at least the 12-month period following the date that these unaudited condensed financial statements and accompanying notes were issued. Accordingly, the prior substantial doubt about the Company's ability to continue as a going concern has been alleviated.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Redeemable Convertible Preferred Stock - Summary of Redeemable Convertible Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	Jun. 30, 2026	Dec. 31, 2025	Sep. 30, 2025	Jan. 31, 2025	Sep. 23, 2020
Temporary Equity [Line Items]
Shares Authorized	264,397,134	264,397,134
Redeemable convertible preferred stock, shares issued	41,155,082	41,155,082
Redeemable convertible preferred stock, shares outstanding	41,155,082	41,155,082
Original Issuance Price	$ 0.0001	$ 0.0001
Redeemable convertible preferred stock, aggregate liquidation preference	$ 287,899	$ 287,899
Carrying Value	$ 288,582	$ 288,582
Series Seed
Temporary Equity [Line Items]
Shares Authorized	6,032,384	6,032,384
Redeemable convertible preferred stock, shares issued	938,979	938,979
Redeemable convertible preferred stock, shares outstanding	938,979	938,979
Original Issuance Price	$ 2.28	$ 2.28
Redeemable convertible preferred stock, aggregate liquidation preference	$ 2,140	$ 2,140
Carrying Value	$ 2,123	$ 2,123
Series A
Temporary Equity [Line Items]
Shares Authorized	51,727,645	51,727,645
Redeemable convertible preferred stock, shares issued	8,051,735	8,051,735			434,840
Redeemable convertible preferred stock, shares outstanding	8,051,735	8,051,735
Original Issuance Price	$ 4.45	$ 4.45
Redeemable convertible preferred stock, aggregate liquidation preference	$ 35,759	$ 35,759
Carrying Value	$ 35,634	$ 35,634
Series A-2
Temporary Equity [Line Items]
Shares Authorized	111,273,075	111,273,075
Redeemable convertible preferred stock, shares issued	17,320,357	17,320,357
Redeemable convertible preferred stock, shares outstanding	17,320,357	17,320,357
Original Issuance Price	$ 5.78	$ 5.78
Redeemable convertible preferred stock, aggregate liquidation preference	$ 100,000	$ 100,000
Carrying Value	$ 99,772	$ 99,772
Series B
Temporary Equity [Line Items]
Shares Authorized	95,364,030	95,364,030
Redeemable convertible preferred stock, shares issued	14,844,011	14,844,011	4,948,005	9,896,006
Redeemable convertible preferred stock, shares outstanding	14,844,011	14,844,011
Original Issuance Price	$ 10.11	$ 10.11	$ 10.105	$ 10.105
Redeemable convertible preferred stock, aggregate liquidation preference	$ 150,000	$ 150,000
Carrying Value	$ 151,053	$ 151,053

Commitments and Contingencies

6 Months Ended

Jun. 30, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

The Company enters into contracts in the normal course of business with various third parties for clinical trials, preclinical research studies and testing, manufacturing and other services and products for operating purposes. These contracts generally provide for termination upon notice. Payments due upon cancellation consist of payments for services provided or expenses incurred up to the date of cancellation and may include termination penalties or non-cancellable fees. Under such agreements, the exact amounts owed by the Company in the event of termination will be based on the timing of the termination and the exact terms of the agreement. If cancelled, these contracts are not anticipated to have a material effect on the Company’s financial condition, results of operations, or cash flows.

License Agreement with Lieber Institute, Inc.

In July 2020, the Company entered into a License Agreement with Lieber Institute, Inc. (d/b/a: Lieber Institute for Brain Development), or LIBD, which was subsequently amended in August 2020 and January 2022. Pursuant to the license agreement, LIBD granted to the Company a worldwide, exclusive, sub-licensable and royalty-bearing license, under certain patent and other intellectual property rights owned or controlled by LIBD, including patents claiming compounds for inhibiting Nav1.8, to make, use, sell, offer to sell, import, research, develop, and commercialize products that contain any compound that is disclosed or claimed in any of the licensed patents or is developed by LIBD and is directed to or interacting with Nav1.8, provided that such products are claimed by the licensed patents (Licensed Products) for any and all uses and applications, including all diagnostic, prophylactic and therapeutic uses. The Company has the right, subject to certain time limitations, to elect to expand its exclusive license to include LIBD’s patents and other intellectual property rights for new compounds discovered by LIBD that were not disclosed or claimed in the licensed patents as of July 2020 and that target or interact with Nav1.8. Pursuant to the terms of the license agreement, the Company must use commercially reasonable efforts to develop a Licensed Product and commercialize such Licensed Product in each jurisdiction in which regulatory approval is obtained.

As consideration for the license and other rights granted to the Company by LIBD, on September 23, 2020 the Company issued 434,840 shares of Series A redeemable convertible preferred stock equal to a mid-single digit percentage of the Company’s equity capital, on a fully diluted basis, following the Company’s initial closing of the Series A redeemable convertible preferred stock financing.

The Company’s milestone and royalty payment obligations under the license vary depending upon whether the Licensed Product is covered by at least one valid claim of a licensed patent that is solely owned by LIBD, or a Sole Product, or the Licensed Product is only covered by valid claims of licensed patents that the Company jointly owns with LIBD, or a Joint Product. The Company has concluded its development candidate known as onzotrigine is a Joint Product. The Company has concluded it is not currently developing any Licensed Products that are Sole Products, and the Company does not have any current intentions to develop any Licensed Products that are Sole Products.

The Company has agreed to pay LIBD up to an aggregate of $48.5 million upon the achievement of pre-specified development and regulatory milestones with respect to the first Sole Product, up to an aggregate of $23.75 million for each subsequent Sole Product, and up to an aggregate of $95.0 million upon the achievement of pre-specified sales milestones with respect to all Sole Products.

For the first Joint Product, the Company has agreed to pay LIBD up to an aggregate of $4.0 million upon the achievement of pre-specified regulatory milestones, and up to an aggregate of $9.5 million upon the achievement of pre-specified sales milestones; the Company does not have any milestone payment obligations for subsequent Joint Products. No milestones have been achieved to date under this license agreement for any Licensed Product.

The Company must also pay LIBD royalties on the net sales of Licensed Products. The royalty rates for Sole Products are tiered and range from low-single digit to mid-single digit percentages, and the royalty rate for Joint Products is a low-single digit percentage. The royalty payments are subject to reduction if, on a Licensed Product-by-Licensed Product and country-by-country basis, there are no valid patent claims covering the Licensed Product in such country or if the Company makes certain payments to third parties for intellectual property licenses, all subject to a customary royalty floor. The royalty term will terminate on a Licensed Product-by-Licensed Product and country-by-country basis on the latest of (i) a specified number of years after first commercial sale of such Licensed Product in such country, (ii) the expiration of the last valid claim of a licensed patent that covers such Licensed Product in such country and (iii) the earlier of expiration of regulatory exclusivity or the first commercial sale of a generic product referencing such Licensed Product in such country. If the Company sublicenses its rights to Sole Products or licensed patents solely owned by LIBD, then it must pay LIBD a low double-digit percentage of non-royalty sublicensing revenue received from sublicensees for rights to Sole Products and a low single-digit percentage of non-royalty sublicensing revenue from sublicensees for rights to Joint Products or jointly-owned patents.

The license agreement shall expire on a country-by-country and Licensed Product-by-Licensed Product basis upon the expiration of the royalty term for such Licensed Product in such country. Upon expiration of the royalty term with respect to a Licensed Product in a country, the Company will have a fully paid-up, irrevocable, perpetual license with respect to such Licensed Product in such country.

Either party may terminate the license agreement if the other party commits a material breach of the agreement and fails to cure that breach within the applicable specified period. The Company may terminate the license agreement in its entirety or on a country-by-country basis upon a specified prior notice period. LIBD may terminate the license agreement if the Company or its affiliate or sublicensee initiates an action challenging the validity or enforceability of any licensed patents or if the Company fails to use commercially reasonable efforts to develop or commercialize a Licensed Product for a specified period, do not submit a written diligence plan to LIBD for its approval and do not initiate such LIBD-approved plan to cure the failure within a specified period. Upon termination, all rights and licenses granted to the Company shall terminate and revert back to LIBD, and under certain circumstances LIBD will have an exclusive, time-limited right to negotiate the terms of a license to certain of the Company’s intellectual property, data and regulatory approvals for the Licensed Products.

As the Company determined that the acquired licensed technology had no alternative future use, no intangible asset was recognized on the balance sheet.

Legal Proceedings

In the ordinary course of business, the Company may be subject to legal proceedings, claims and litigation, as the Company operates in an industry susceptible to patent legal claims. The Company accounts for estimated losses with respect to legal proceedings and claims when such losses are probable and estimable. Legal fees are expensed in the period in which they are incurred. As of June 30, 2026, the Company was not a party to any material legal proceedings or claims and no liabilities were recorded for loss contingencies.

Indemnifications

In the ordinary course of business, the Company enters into agreements that may include indemnification provisions. As permitted under Delaware law and in accordance with its bylaws, the Company indemnifies its officers and directors for certain events or occurrences while the officer or director is or was serving in such capacity. The Company is also party to indemnification agreements with its officers and directors. In some cases, the indemnification will continue after the termination of the agreement.

The maximum potential amount of future payments that the Company could be required to make under these provisions is not determinable. The Company is not currently aware of any indemnification claims. Accordingly, the Company has not recorded any liabilities for these indemnification rights and agreements in these unaudited interim condensed financial statements.

Balance Sheet Components (Tables)

6 Months Ended

Jun. 30, 2026

Balance Sheet Related Disclosures [Abstract]

Schedule of Prepaid Expenses and Other Current Assets

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


	June 30,		December 31,
	2026		2025
Prepaid Clinical Research Organizations (CRO) expenses	$	2,227	$	1,434
Clinical deposits		682		2,016
Other prepaid expenses		1,093		750
Total prepaid expenses and other current assets	$	4,002	$	4,200

Schedule of Property and Equipment, Net

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


	June 30,			December 31,
	2026			2025
Laboratory equipment	$	1,272		$	1,200
Office furniture and fixtures		126			100
Construction-in-progress		12			—
		1,410			1,300
Less: Accumulated depreciation		(953	)		(854	)
Total property and equipment, net	$	457		$	446

Schedule of Accrued Expenses and Other Current Liabilities

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


	June 30,		December 31,
	2026		2025
Accrued research and development expenses	$	8,434	$	8,364
Accrued bonus expense		1,808		3,892
Accrued consulting and professional services		279		301
Accrued compensation and benefits expenses		1,676		311
Accrued interest expenses		62		—
Total accrued expenses and other current liabilities	$	12,259	$	12,868

Net Loss Per Share (Tables)

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

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


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Numerator:
Net Loss	$	(25,797	)	$	(25,835	)	$	(48,758	)	$	(46,787	)
Net loss attributable to common stockholders		(25,797	)		(25,835	)		(48,758	)		(46,787	)
Denominator:
Weighted average common shares outstanding		935,025			821,918			922,024			821,921
Less: Weighted-average common shares subject to repurchase		—			(114,453	)		—			(114,453	)
Weighted-average common shares outstanding used to calculate net loss per share attributable to common stockholders, basic and diluted		935,025			707,465			922,024			707,468
Net loss per share attributable to common stockholders, basic and diluted	$	(27.59	)	$	(36.52	)	$	(52.88	)	$	(66.13	)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The Company excluded the following shares from the computation of diluted net loss per share attributable to common stockholders for the six months ended June 30, 2026 and 2025, because including them would have had an anti-dilutive effect:


	Six Months Ended June 30,
	2026		2025
Series Seed redeemable convertible preferred stock		938,979		938,979
Series A redeemable convertible preferred stock		8,051,735		8,051,735
Series A-2 redeemable convertible preferred stock		17,320,357		17,320,357
Series B redeemable convertible preferred stock		14,844,011		9,896,006
Common stock options issued and outstanding		9,961,425		9,020,513
Unvested common shares subject to repurchase		—		114,453
Total antidilutive securities		51,116,507		45,342,043

Balance Sheet Components - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Balance Sheet Related Disclosures [Abstract]
Accrued research and development expenses	$ 8,434	$ 8,364
Accrued bonus expense	1,808	3,892
Accrued consulting and professional services	279	301
Accrued compensation and benefits expenses	1,676	311
Accrued interest expenses	62	0
Total accrued expenses and other current liabilities	$ 12,259	$ 12,868

Summary of Significant Accounting Policies - Schedule of Estimated Useful Life of Asset (Details)	Jun. 30, 2026
Laboratory Equipment and Furniture \| Maximum
Property, Plant, and Equipment [Line Items]
Estimated useful life	5 years
Laboratory Equipment and Furniture \| Minimum
Property, Plant, and Equipment [Line Items]
Estimated useful life	3 years
Leasehold Improvements
Property, Plant, and Equipment [Line Items]
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration]	us-gaap:UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember

- 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

Balance Sheet Components - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Balance Sheet Related Disclosures [Abstract]
Prepaid Clinical Research Organizations (CRO) expenses	$ 2,227	$ 1,434
Clinical deposits	682	2,016
Other prepaid expenses	1,093	750
Total prepaid expenses and other current assets	$ 4,002	$ 4,200

Fair Value Measurements - Summary of Significant Quantitative Inputs Used in the Valuation of the Preferred Stock Tranche Liability (Details)	Mar. 31, 2025 $ / shares	Jan. 31, 2025 $ / shares
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Implied fair value of Series B redeemable convertible preferred stock	$ 1.54	$ 1.56
Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Input used to measure preferred stock tranche derivative liability	0.0424	0.0424
Measurement input expected term
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Time to Tranche Closing Term	6 months 29 days	8 months 1 day
Probability of tranche closing
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Input used to measure preferred stock tranche derivative liability	1	1

- 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

Fair Value Measurements - Summary of Fair Value Company's Financial Assets and Liabilities (Details) - Fair Value Recurring - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Money Market Funds \| Level 1 \| Amortized Cost
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	$ 49,152	$ 67,478
Money Market Funds \| Level 1 \| Unrealized Gains
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	0	0
Money Market Funds \| Level 1 \| Unrealized Losses
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	0	0
Money Market Funds \| Level 1 \| Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	49,152	$ 67,478
Derivative Liability \| Level 3 \| Amortized Cost
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	5,148
Derivative Liability \| Level 3 \| Unrealized Gains
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	0
Derivative Liability \| Level 3 \| Unrealized Losses
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	0
Derivative Liability \| Level 3 \| Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	$ 5,148

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2026

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Reverse Stock Split

On July 28, 2026 the Company amended its amended and restated certificate of incorporation to effect a 1-for-6.42441 reverse stock split of the Company’s common stock and redeemable convertible preferred stock (the Reverse Stock Split). The par value and authorized shares of the common stock and redeemable convertible preferred stock were not adjusted as a result of the Reverse Stock Split. All issued and outstanding common stock, redeemable convertible preferred stock, options to purchase common stock, and per share amounts contained in the financial statements have been retroactively adjusted to give effect to the Reverse Stock Split for all periods presented.

Initial Public Offering

In August 2026, the Company completed its IPO, pursuant to which the Company issued and sold 22,080,000 shares of its common stock at a public offering price of $18.00 per share (the IPO Price), including 2,880,000 additional shares of its common stock pursuant to the exercise in full by the underwriters of their option to purchase shares of common stock from the Company at the IPO Price. As a result, the Company received net proceeds of approximately $363.9 million, after deducting underwriting discounts, commissions and other offering expenses payable by the Company of approximately $33.6 million. Immediately prior to the closing of the IPO, the Company’s outstanding redeemable convertible preferred stock automatically converted into 41,155,082 shares of common stock.

Following the closing of the IPO, no shares of redeemable convertible preferred stock were authorized or outstanding. In connection with the completion of the IPO, on August 10, 2026, the Company’s certificate of incorporation was amended and restated to (i) authorize 1,000.0 million shares of common stock, par value $0.0001 per share, which eliminates all references to the previously existing series of redeemable convertible preferred stock; and (ii) authorize 10.0 million shares of undesignated preferred stock, par value $0.0001 per share, that may be issued from time to time by the Company’s board of directors (Board of Directors) in one or more series.

The Company’s unaudited condensed financial statements as of and for the period ended June 30, 2026, including share and per share amounts, do not give effect to the IPO and related actions as it closed subsequent to June 30, 2026.

Basis of Presentation

The accompanying unaudited interim condensed financial statements have been prepared in conformity with U.S. generally accepted accounting principles (U.S. GAAP). Any reference in these notes to applicable guidance is meant to refer to the authoritative U.S. GAAP as found in the Accounting Standards Codification (ASC) and Accounting Standards Updates (ASUs) of the Financial Accounting Standards Board (FASB). Certain prior period amounts have been reclassified to conform the prior period presentation to the current period.

Unaudited Interim Condensed Financial Information

The condensed balance sheet as of December 31, 2025 was derived from the Company’s audited financial statements but does not contain all of the footnote disclosures from the annual financial statements. The accompanying unaudited interim condensed financial statements as of June 30, 2026 and for the three and six months ended June 30, 2026 and 2025, have been prepared by the Company, pursuant to the rules and regulations of SEC for interim financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these unaudited interim condensed financial statements should be read in conjunction with the audited financial statements as of and for the years ended December 31, 2025 and 2024, included in the Company’s prospectus filed with the SEC pursuant to Rule 424(b)(4) under the Securities Act of 1933, as amended (Securities Act) on August 7, 2026. In the opinion of management, all adjustments, consisting only of normal recurring adjustments necessary for a fair statement of the Company’s condensed financial position as of June 30, 2026 and condensed results of operations and comprehensive loss, condensed statements of redeemable convertible preferred stock and stockholders’ deficit and condensed cash flows for the three and six months ended June 30, 2026 and 2025 have been made. The results of operations for the three and six months ended June 30, 2026 are not necessarily indicative of the results of operations that may be expected for the full fiscal year.

Use of Estimates

The preparation of unaudited interim condensed financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures reported in the unaudited interim condensed financial statements and accompanying notes. These estimates form the basis for judgments the Company makes about the carrying values of assets and liabilities that are not readily apparent from other sources. Management bases its estimates on historical experience and various other relevant assumptions believed to be reasonable under the circumstances. Significant estimates and assumptions reflected within these unaudited interim condensed financial statements include, but are not limited to, useful lives of property and equipment, the rate used in determining the present value of lease payments, fair value of assets and liabilities, research and development accruals, the valuation of the Company’s common stock and stock-based awards granted under the Company’s stock-based compensation plan, the valuation of the preferred stock tranche liability and the fair value of the change of control derivative liability associated with convertible notes, uncertain tax positions and the valuation allowance for deferred income tax assets. Actual results may differ from these estimates and assumptions.

Segment Information

The Company operates and manages its business as one reportable and operating segment. Operating segments are defined as components of an enterprise where separate financial information is evaluated regularly by the chief operating decision maker (CODM) in deciding how to allocate resources and assess performance. The Company’s CODM is the Chief Executive Officer, who reviews financial information on a company-wide basis for purposes of allocating resources and assessing financial performance.

Concentration of Credit Risks

The Company is exposed to credit risk in the event of default by the financial institutions holding its cash and cash equivalents to the extent recorded in the balance sheet. Financial instruments, which potentially subject the Company to a concentration of credit risk, consist primarily of cash and cash equivalents. The Company invests its cash equivalents in money market funds. Cash and cash equivalents may be held in financial institutions in amounts that exceed federally insured limits, and the Company has not experienced any losses on such accounts and does not believe it is exposed to any unusual credit risk beyond the normal credit risk associated with commercial banking relationships.

Risks and Uncertainties

The Company is subject to risks and uncertainties common to early-stage companies in the pharmaceutical and biotechnology industry, including, but not limited to, the outcome of clinical trials, development by competitors of new technological innovations, dependence on key personnel, protection of proprietary technologies, compliance with government regulations, ability to secure additional capital to fund operations, and potential delays associated with the Company’s anticipated and planned trials. The Company is subject to a number of risks similar to other clinical stage biopharmaceutical companies, including, but not limited to, changes in any of the following areas that the Company believes could have a material adverse effect on its future financial position or results of operations: risks related to the successful discovery and development of its product candidates, ability to raise additional capital, development of new technological innovations by its competitors and delay or inability to obtain drug substance and finished drug product from the Company’s third-party contract manufacturers necessary for the Company’s product candidates, protection of intellectual property rights, litigation or claims against the Company based on intellectual property rights and regulatory clearance and market acceptance for any of the Company’s product candidates for which the Company receives marketing approval.

Product candidates currently under development will require significant additional research and development efforts, including extensive preclinical and clinical testing and regulatory approval prior to commercialization of a product. These efforts require significant amounts of additional capital, adequate personnel and infrastructure and extensive compliance-reporting capabilities. Even if the Company’s development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales.

Moreover, the Company is subject to risks and uncertainties as a result of global business, political and macroeconomic events and conditions, including increasing financial market volatility and uncertainty, inflation, interest rate fluctuations, uncertainty with respect to the federal budget and debt ceiling and potential government shutdowns related thereto, potential instability in the global banking system, cybersecurity events, the impact of war or military conflict, including regional conflicts around the world, and public health pandemics. The extent to which business, political and macroeconomic factors, including increasing financial market volatility and uncertainty, will impact the Company’s business will depend on future developments that are highly uncertain and cannot be predicted at this time.

The preparation of unaudited interim condensed financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the unaudited interim condensed financial statements and accompanying notes. The extent to which the increasing financial market volatility and uncertainty may directly or indirectly impact the unaudited interim condensed financial statements is highly uncertain and subject to change.

Cash, Cash Equivalents and Restricted Cash

The Company considers all highly liquid investments with original maturities of three months or less from the date of purchase to be cash equivalents. Cash equivalents are reported at fair value. At June 30, 2026 and December 31, 2025, the Company’s cash equivalents are in money market funds.

A reconciliation of cash, cash equivalents, and restricted cash reported in the Company's balance sheets to the amount reported within its statements of cash flows was as follows (in thousands):


	June 30,		December 31,
	2026		2025
Cash and cash equivalents	$	55,003	$	69,437
Restricted cash, current		194		192
Restricted cash, noncurrent ("Other assets")		13		92
Total cash, cash equivalents and restricted cash	$	55,210	$	69,721

Restricted cash is comprised of cash that is restricted as to withdrawal or use under the terms of certain contractual agreements. Restricted cash as of June 30, 2026 and December 31, 2025 consists of $0.2 million and $0.3 million, respectively, related to the Company’s lease of office space in San Francisco, California. Restricted cash balances are classified as current or non-current based on the expected duration of the restriction.

Property and Equipment, Net

Property and equipment is recorded at cost, less accumulated depreciation. Depreciation and amortization are computed using the straight-line method over the shorter of estimated useful lives of the assets or the respective lease term. The estimated useful life of each asset category is as follows:


Fixed Assets Category		Estimated Useful Life
Laboratory equipment and furniture		3 – 5 years
Leasehold improvements		Shorter of remaining lease term or estimated useful life

Depreciation begins at the time the asset is placed in service. Maintenance and repairs are expensed as incurred. Upon sale or retirement of assets, the cost and related accumulated depreciation is removed from the balance sheet and the resulting gains and losses are reflected in the statements of operations and comprehensive loss.

Impairment of Long-Lived Assets

The Company evaluates its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying value of these assets may not be recoverable. Recoverability of these assets is measured by comparing the carrying amount of each asset to the future undiscounted cash flows the asset is expected to generate over its remaining life. If the asset is considered to be impaired, the amount of any impairment is measured as the difference between the carrying value and the fair value of the impaired asset. There have been no impairments of the Company’s long-lived assets in the periods presented.

Operating Leases

At inception of a contract, the Company determines whether an arrangement is or contains a lease. For each lease, the Company determines the classification as either an operating lease or a financing lease. Lease recognition occurs at the lease commencement date and lease liability amounts are determined based on the present value of lease payments over the lease term. The lease term may include options to extend or terminate the lease only when it is reasonably certain that the Company will exercise that option.

The Company uses its incremental borrowing rate based on the information available at lease commencement date in determining the present value of lease payments if the Company’s leases do not provide an implicit rate. The Company determines its incremental borrowing rate based on the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term, an amount equal to the lease payments in a similar economic environment. Right-of-use (ROU) assets represent the Company's right to use underlying assets for the lease term and operating lease liabilities represent the Company's obligation to make lease payments under the lease. ROU assets are measured as the lease liability plus initial direct costs and prepaid lease payments, less lease incentives granted by the lessor.

The Company elected to apply the practical expedient of combining lease and non-lease components for the real estate lease asset class. Fixed lease payments on operating leases are recognized as lease expense over the expected term of the lease on a straight-line basis. Variable lease expenses that are not considered fixed are recognized as incurred.

In addition, the Company elected the short-term lease practical expedient that allows the lessee to not record a lease liability and ROU asset for all leases with a term of 12 months or less.

As of June 30, 2026 and December 31, 2025, the Company did not have any material finance leases.

Redeemable Convertible Preferred Stock

The Company records all shares of redeemable convertible preferred stock at their respective fair values on the dates of issuance, less issuance costs and, if applicable, net of preferred stock tranche liabilities. In the event of a deemed liquidation event, the holders of shares of redeemable convertible preferred stock then outstanding shall be entitled to be paid a certain liquidation preference out of the assets of the Company available for distribution to its stockholders. Redeemable convertible preferred stock is classified outside of stockholders’ deficit on the balance sheet as certain deemed liquidation events are not solely within the Company’s control.

The Company has not adjusted the carrying values of its redeemable convertible preferred stock to the liquidation preferences because of the uncertainty of whether or when such an event would occur. As of June 30, 2026 and December 31, 2025, it was not probable that such a deemed liquidation event would occur.

Preferred Stock Tranche Liability

The purchase agreements for the Company’s Series B redeemable convertible preferred stock provide the Company an obligation to issue additional shares of Series B redeemable convertible preferred stock in subsequent closings.

The Company's obligation to issue additional shares of Series B redeemable convertible preferred stock at a future date was determined to be a freestanding instrument that should be accounted for as a liability. At initial recognition, the Company recorded the preferred stock tranche liability on the balance sheet at fair value. The preferred stock tranche liability is subject to remeasurement at each subsequent reporting date until settled, with changes in fair value recognized as a component of other expense (income) in the statements of operations and comprehensive loss.

Immediately prior to the settlement of the preferred stock tranche liability in September 2025 the Company remeasured the preferred stock tranche liability. The preferred stock tranche liability was then settled and the Series B redeemable convertible preferred stock was recorded at fair value, less issuance costs.

Change of Control Derivative Liability

The Series 2026A unsecured convertible promissory notes (the Convertible Notes) contain a change of control repayment premium that is required to be bifurcated from the debt host and accounted for separately as a derivative liability under ASC 815, Derivatives and Hedging. The change of control repayment premium requires the Company to repay the noteholders in cash an amount equal to outstanding principal, unpaid accrued interest, and an additional premium equal to 100% of outstanding principal upon a change of control event. This feature is not clearly and closely related to the debt host because it provides for a repayment amount substantially in excess of par plus accrued interest and is contingently exercisable upon the occurrence of a corporate transaction event. The derivative liability was initially recognized at fair value, with an offsetting debt discount recorded as a reduction of the carrying amount of the Convertible Notes. See Note 7 for further discussion.

The fair value of the derivative liability was estimated using a scenario-based with-and-without analysis that compares the probability-weighted present value of the Convertible Notes including the change of control repayment premium with the probability-weighted present value of the Convertible Notes excluding that feature. The analysis considers multiple potential settlement scenarios, including an initial public offering, a qualified financing, a change of control, repayment at maturity and dissolution. Expected cash flows under each scenario are discounted using rates appropriate for the nature and risk of the applicable settlement scenario.

The derivative liability is remeasured at fair value at each reporting date, with changes in fair value recognized in change in fair value of derivative liability in the condensed statements of operations and comprehensive loss.

Research and Development

Research and development costs are expensed as incurred. Research and development expenses consist primarily of costs related to research, design, development, clinical trials, regulatory activities, medical affairs activities, salaries and benefits of research and development personnel, and allocated facility-related expenses. Payments made prior to the receipt of goods and services to be used in research and development are deferred and recognized as expense in the period in which the related goods are received or services are rendered.

The Company has entered into various agreements with outsourced contract manufacturing and development vendors. The Company estimates accrued research and development expenses as of each balance sheet date based on facts and circumstances known at that time. At each balance sheet date, the Company confirms the accuracy of its estimates with internal personnel and external service providers, and makes adjustments, if necessary. Research and development accruals are estimated based on the level of services performed, progress of the studies, including the phase or completion of events, and contracted costs. The estimated costs of research and development services provided, but not yet invoiced, are included in accrued expenses on the balance sheets. If the actual timing of the performance of services or the level of effort varies from the original estimates, the Company will adjust the accrual accordingly. Payments made under these arrangements in advance of the performance of the related services are recorded as prepaid expenses and other current assets until the services are rendered. To date, there have been no material adjustments to the Company’s estimates of accrued research and development expenses.

General and Administrative Expenses

General and administrative expenses consist primarily of salaries and benefits, including stock-based compensation expense; professional fees for legal, accounting, auditing, tax and consulting services; travel expenses; and facility-related expenses, which include expenses for rent and maintenance of facilities and other operating costs. The Company expenses all general and administrative expenses as incurred.

Stock-Based Compensation

The Company accounts for share-based payments at fair value. The grant date fair value of options granted is measured using the Black-Scholes option pricing model. Option awards vest based on the satisfaction of a service requirement and stock-based compensation expense is recorded on a straight-line basis over the applicable service period, which is generally four years. For performance-based stock options, the Company will assess the probability of performance conditions being achieved in each reporting period. The amount of stock-based compensation expense recognized in any one period related to performance-based stock options can vary based on the achievement or anticipated achievement of the performance conditions. Forfeitures are recognized in the period in which the forfeiture occurs.

The Company permits certain employees to exercise stock options prior to vesting. Shares issued upon early exercise are subject to a repurchase right that lapses as the underlying options vest. Proceeds received from early exercise of unvested options are recorded as a liability until the underlying shares vest, at which time the liability is reclassified to additional paid-in capital. The early exercise of options does not accelerate recognition of stock-based compensation expense.

Income Taxes

The Company utilizes the asset and liability approach to account for income taxes. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial statement and income tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to affect taxable income. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that these assets may not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which the temporary differences representing net future deductible amounts become deductible.

The Company recognizes uncertain tax positions taken or expected to be taken on a tax return. Tax positions are initially recognized when it is more likely than not that the position will be sustained upon examination by the tax authorities. Such tax positions are initially and subsequently measured as the largest amount of tax benefit that is more likely than not of being realized upon ultimate settlement with the tax authority, assuming full knowledge of the position and relevant facts. Judgment is required to evaluate uncertain tax positions. The evaluations are based on a number of factors, including changes in facts and circumstances, changes in tax law, correspondence with tax authorities during the course of the audit, and effective settlement of audit issues.

The Company’s policy is to include penalties and interest expense related to income taxes as a component of income tax expense, as necessary.

Comprehensive Loss

Comprehensive loss represents all changes in stockholders’ deficit except those resulting from distributions to stockholders. There was no difference between net loss and comprehensive loss for the three and six months ended June 30, 2026 and 2025.

Net Loss Per Share Attributable to Common Stockholders

Basic net loss per share attributable to common stockholders is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period, without consideration of potentially dilutive securities. Diluted net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common stock and potentially dilutive securities outstanding for the period. For purposes of the diluted net loss per share calculation, redeemable convertible preferred stock, stock options, and common stock subject to repurchase related to unvested early exercise of stock options are considered potentially dilutive securities.

Basic and diluted net loss attributable to common stockholders per share is presented in conformity with the two-class method required for participating securities as the redeemable convertible preferred stock is considered a participating security because it participates in dividends with common stock. The Company also considers the shares issued upon the early exercise of stock options subject to repurchase to be participating securities because holders of such shares have non-forfeitable dividend rights in the event a dividend is paid on common stock. The holders of all series of redeemable convertible preferred stock and the holders of early exercised shares subject to repurchase do not have a contractual obligation to share in the Company’s losses. As such, the net loss was attributed entirely to common stockholders. Because the Company has reported a net loss for all periods presented, diluted net loss per share is the same as basic net loss per share for those periods because the impact of potentially dilutive securities would be anti-dilutive.

Deferred Offering Costs

The Company’s deferred offering costs consist of legal, accounting and other general and administrative costs directly attributable to the Company’s IPO. As of June 30, 2026, $3.3 million of deferred offering costs were included within other assets in the unaudited interim condensed balance sheet. As of December 31, 2025, there were no deferred offering costs. In connection with the Company’s IPO in August 2026, the deferred offering costs were reclassified against the IPO proceeds to additional paid-in capital in stockholders’ equity.

Accounting Pronouncements Not Yet Adopted

The Company is an “emerging growth company,” as defined in the Securities Act. Under the Jumpstart Our Business Startups Act of 2012, an emerging growth company has the option to adopt new or revised accounting guidance either (i) within the same periods as otherwise applicable to public business entities, or (ii) within the same time periods as non-public business entities, including early adoption when permissible. With the exception of accounting guidance the Company elected to early adopt, when permissible, the Company has elected to adopt new or revised accounting guidance within the same time periods as non-public business entities.

In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40), which requires that a public entity disclose the amounts of (a) purchases of inventory, (b) employee compensation, (c) depreciation and (d) intangible asset amortization included in each relevant expense caption presented on the face of the income statement. The standard also requires an entity to disclose a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively as well as disclose the total amount of selling expenses and, annually, the entity’s definition of selling expenses. ASU 2024-03 will be effective for annual periods beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027, with either retrospective or prospective application. The standard allows for early adoption of these requirements; the Company is currently evaluating the disclosure impacts of its adoption.

Organization - Additional Information (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended				6 Months Ended
	Aug. 10, 2026	Aug. 31, 2026	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Subsidiary, Sale of Stock [Line Items]
Cash and cash equivalents			$ 55,003				$ 55,003		$ 69,437
Net loss			$ 25,797	$ 22,961	$ 25,835	$ 20,952	48,758	$ 46,787
Net cash used in operating activities							$ 48,350	$ 42,716
Subsequent Event
Subsidiary, Sale of Stock [Line Items]
Proceeds from IPO	$ 363,900	$ 363,900

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
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Reference 32: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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Reference 34: http://www.xbrl.org/2003/role/disclosureRef
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
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Reference 37: http://www.xbrl.org/2003/role/disclosureRef
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Reference 38: http://www.xbrl.org/2003/role/disclosureRef
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Reference 39: http://www.xbrl.org/2003/role/disclosureRef
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Reference 41: http://www.xbrl.org/2003/role/disclosureRef
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Reference 43: http://www.xbrl.org/2003/role/disclosureRef
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Reference 52: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 53: http://fasb.org/us-gaap/role/ref/legacyRef
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-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Balance Sheet Components - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Property, Plant, and Equipment [Line Items]
Total property and equipment, gross	$ 1,410	$ 1,300
Less: Accumulated depreciation	(953)	(854)
Total property and equipment, net	457	446
Laboratory Equipment
Property, Plant, and Equipment [Line Items]
Total property and equipment, gross	1,272	1,200
Office Furniture and Fixtures
Property, Plant, and Equipment [Line Items]
Total property and equipment, gross	126	100
Construction-in-progress
Property, Plant, and Equipment [Line Items]
Total property and equipment, gross	$ 12	$ 0

- Definition

Amount of accumulated depreciation, depletion, and amortization of property, plant, and equipment. Includes, but is not limited to, land and land improvement; building; machinery and equipment; furniture and fixture; and work of art, historical treasure, or similar asset classified as collection.

+ References + Details

- Definition

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

+ References

+ Details

- Definition

Amount, after accumulated depreciation, depletion, and amortization, of property, plant, and equipment. Includes, but is not limited to, land and land improvement; building; machinery and equipment; furniture and fixture; and work of art, historical treasure, or similar asset classified as collection.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-URI https://asc.fasb.org/1943274/2147478451/942-360-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7A
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-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(8))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1

+ Details

Convertible Notes - Additional Information (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended	6 Months Ended
	Aug. 10, 2026	Jun. 30, 2026	Jun. 30, 2026	Jun. 30, 2026	Jun. 30, 2025	Jun. 01, 2026
Debt Instrument [Line Items]
Percentage of repayment premium equal to outstanding principal				100.00%
Aggregate principal amount		$ 35,000	$ 35,000	$ 35,000
Aggregate principal amount		35,000	35,000	35,000
Proceeds from issuance of convertible notes		35,000		35,000	$ 0
Debt issuance cost		$ 200	$ 200	$ 200
Debt instrument, maturity date				Jun. 30, 2027
Debt instrument stated interest rate		5.00%	5.00%	5.00%
Fair value of embedded derivative liability						$ 5,100
Change in estimated fair value of derivative liability		$ 0
Gain (loss) on change in fair of embedded derivative			$ 0	$ 0
Subsequent Event
Debt Instrument [Line Items]
Debt conversion shares issued (in shares)	1,957,755
Principal and accrued but unpaid interest outstanding.	$ 35,200
Minimum
Debt Instrument [Line Items]
Principal amount				$ 50,000

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Summary of Option Activity

The following tables summarize the Company’s option activity for the 2019 Plan for the six months ended June 30, 2026 and 2025:


	Shares Subject to Options Outstanding			Weighted- Average Exercise Price per share		Weighted- Remaining Contractual Life (in years)		Aggregate intrinsic value (in thousands)
Outstanding as of December 31, 2025		9,179,303		$	3.17		8.27	$	25,755
Vested and expected to vest as of December 31, 2025		9,179,303			3.17		8.27	$	25,755
Granted		1,353,006			6.55
Exercised		(109,715	)		2.11				594
Cancelled or forfeited		(440,518	)		3.68
Expired		(20,651	)		2.23
Outstanding as of June 30, 2026		9,961,425		$	3.62		7.87	$	45,229
Vested and exercisable as of June 30, 2026		4,127,360		$	2.67		6.87	$	24,271
Vested and expected to vest as of June 30, 2026		9,961,425		$	3.62		7.87	$	45,229


	Shares Subject to Outstanding Options and Common Shares Subject to Repurchase			Weighted- Average Exercise Price per share		Weighted- Remaining Contractual Life (in years)		Aggregate intrinsic value (in thousands)
Outstanding as of December 31, 2024		6,525,632		$	1.79		8.82	$	18,643
Vested and expected to vest options as of December 31, 2024		6,640,085		$	1.79		8.83	$	18,951
Granted		3,057,122			5.53
Exercised		—			—				—
Cancelled or forfeited		(562,241	)		3.95
Expired		—			—
Outstanding as of June 30, 2025		9,020,513		$	3.10		8.66	$	21,947
Vested and exercisable as of June 30, 2025		2,100,843		$	1.61		6.34	$	7,156
Vested and expected to vest options as of June 30, 2025		9,134,966		$	3.09		8.66	$	22,330

Schedule of Assumptions Used for Estimating Fair Value of Option Granted

The fair value of options granted during the three and six months ended June 30, 2026 and 2025 was estimated using the following assumptions:


	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
Expected dividend yield	– %	– %	– %	– %
Risk-free interest rate	4.04% – 4.18%	3.94% – 3.97%	3.81% – 4.18%	3.94% – 4.29%
Expected volatility	73.6% – 74.7%	77.0% – 79.4%	73.5% – 74.7%	77.0% – 80.1%
Expected term (in years)	6.0 – 6.1	6.0 – 6.1	6.0 – 6.1	5.9 – 6.1

Schedule of Stock Based Compensation Expense Recognized

The following table summarizes the components of stock-based compensation expense recognized in the Company’s statements of operations and comprehensive loss (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Research and development	$	997	$	678	$	1,877	$	1,408
General and administrative		1,146		999		2,244		1,744
Total stock-based compensation expense	$	2,143	$	1,677	$	4,121	$	3,152

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Summary of Fair Value Company's Financial Assets and Liabilities

The following table summarizes the Company’s financial assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands):


	June 30, 2026
	Fair Value Hierarchy Level	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Assets
Money market funds	Level 1	$	49,152	$	—	$	—	$	49,152
Liabilities
Derivative liability	Level 3	$	5,148	$	—	$	—	$	5,148

The following table set forth the fair value of the Company's financial assets, which consist of cash equivalents, that were measured on a recurring basis (in thousands):


	December 31, 2025
	Fair Value Hierarchy Level	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Assets
Money market funds	Level 1	$	67,478	$	—	$	—	$	67,478

Summary of Significant Quantitative Inputs Used in the Valuation of the Preferred Stock Tranche Liability

The following table reflects the significant quantitative inputs used in the valuation of the preferred stock tranche liability at the initial and the subsequent closings of the Series B preferred stock financing in 2025. There were no significant changes in fair value or the underlying assumptions between March 2025 measurement date and June 30, 2025:


	Initial closing
	January			March
Implied fair value of Series B redeemable convertible preferred stock	$	1.56		$	1.54
Discount rate		4.24	%		4.24	%
Time to tranche closing (years)	0.67			0.58
Probability of tranche closing		100	%		100	%

Summary of Fair Value of Change of Control Derivative Liability and Preferred Stock Tranche Liability Measured At Fair Value On a Recurring Basis

The following provides a roll forward of the fair value of the change of control derivative liability measured at fair value on a recurring basis using Level 3 significant unobservable inputs (in thousands):


	June 30,
	2026
Beginning balance, January 1	$	—
Recognition in connection with convertible notes offering		5,148
Change in fair value		—
Ending balance, June 30	$	5,148


	June 30,
	2025
Beginning balance, January 1	$	—
Issuance		458
Change in fair value		(48	)
Settlement		—
Ending balance, June 30	$	410

Fair Value Measurements - Additional Information (Details)	Jun. 30, 2026
Fair Value Disclosures [Abstract]
Convertible Notes Remain Outstanding Percentage	15.00%

Common Stock - Additional Information (Details) $ / shares in Units, $ in Millions		1 Months Ended	6 Months Ended	12 Months Ended
	Aug. 10, 2026 USD ($) $ / shares shares	Aug. 31, 2026 USD ($) shares	Jun. 30, 2026 Vote $ / shares shares	Dec. 31, 2025 $ / shares shares
Class of Stock [Line Items]
Common stock, shares authorized			342,000,000	342,000,000
Common stock, par value \| $ / shares			$ 0.0001	$ 0.0001
Common stock, voting rights, description			Common stockholders are entitled to one vote per share on all matters to be voted on by the stockholders of the Company and are entitled to dividends, if and when declared by the Board of Directors, subject to the priority rights of holders of the redeemable convertible preferred stock.
Number o f vote per share \| Vote			1
Common stock, dividends, per share, declared \| $ / shares			$ 0	$ 0
Common stock, shares, issued			988,236	878,521
Subsequent Event
Class of Stock [Line Items]
Common stock, shares authorized	1,000,000,000
Common stock, par value \| $ / shares	$ 0.0001
Proceeds from IPO \| $	$ 363.9	$ 363.9
Other offering costs payable \| $		$ 33.6
IPO \| Subsequent Event
Class of Stock [Line Items]
Shares issued		22,080,000
Over Allotment Option \| Subsequent Event
Class of Stock [Line Items]
Shares issued	2,880,000	2,880,000

Common Stock

6 Months Ended

Jun. 30, 2026

Equity [Abstract]

Common Stock

As of June 30, 2026 and December 31, 2025, the Company was authorized to issue 342,000,000 shares of $0.0001 par value common stock. Common stockholders are entitled to one vote per share on all matters to be voted on by the stockholders of the Company and are entitled to dividends, if and when declared by the Board of Directors, subject to the priority rights of holders of the redeemable convertible preferred stock. As of June 30, 2026 and December 31, 2025, no dividends were declared by the Company.

In August 2026, the Company completed its IPO. In connection with the Company's IPO, the Company issued and sold 22,080,000 shares of its common stock at the IPO Price, including 2,880,000 additional shares of its common stock pursuant to the exercise in full by the underwriters of their option to purchase shares of common stock from the Company at the IPO Price. As a result, the Company received approximately $363.9 million in net proceeds, after deducting underwriting discounts and commissions and other offering costs payable by the Company of approximately $33.6 million.

Common stock reserved for future issuance, on an as-converted to common stock basis, as of June 30, 2026 and December 31, 2025, consisted of the following:


	June 30,		December 31,
	2026		2025
Redeemable convertible preferred stock		41,155,082		41,155,082
Stock options, issued and outstanding		9,961,425		9,179,303
Equity awards, authorized for future issuance		666,478		1,558,349
Total		51,782,985		51,892,734

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 20
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479951/505-20-S50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 20
-Name Accounting Standards Codification
-Section S25
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479982/505-20-S25-1

Reference 3: 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 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480070/505-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section S45
-Paragraph 3
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-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-3

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 20
-Name Accounting Standards Codification
-Section S50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479951/505-20-S50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147481520/505-30-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Publisher FASB
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 1.D.2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479921/505-20-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479951/505-20-S50-3

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 855
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 1.B.3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480148/855-10-S99-1

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 20
-Name Accounting Standards Codification
-Section S25
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479982/505-20-S25-3

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-11

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(31))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-5

Reference 23: 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 24: 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 25: 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 26: 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 27: 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 28: 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 29: 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 30: 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 31: 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 32: 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 33: 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 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

+ Details

Leases - Additonal Information (Details) $ in Millions	6 Months Ended
Leases - Additonal Information (Details) $ in Millions	Jun. 30, 2026	Jun. 30, 2025 ft²	Apr. 01, 2026 USD ($)	Mar. 25, 2026 ft²	Jun. 30, 2021 ft²
Lessor, Lease, Description [Line Items]
Lease description	The expansion premises commenced on April 1, 2026, and the Lease Amendment extends the lease term to June 30, 2028.
Incremental borrowing rate			12.62%
Operating lease liability \| $			$ 1.0
Office and Research and Development Space
Lessor, Lease, Description [Line Items]
Lease term					5 years 3 months 18 days
Office Space
Lessor, Lease, Description [Line Items]
Lease expiration date		Jul. 31, 2027
California \| Office and Research and Development Space
Lessor, Lease, Description [Line Items]
Office space leases				3,700	7,638
California \| Office Space
Lessor, Lease, Description [Line Items]
Office space leases		2,375

Segment Reporting - Schedule of Segment Net Loss, Including Disaggregated Components (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025
Research and development expenses:
Total research and development expenses	$ 21,226		$ 22,924		$ 38,859	$ 41,612
General and administrative expenses	4,582		2,821		10,385	5,645
Total other (income) expense, net	2		31		1	36
Net loss and comprehensive loss	(25,797)	$ (22,961)	(25,835)	$ (20,952)	(48,758)	(46,787)
Operating Segments
Research and development expenses:
Direct Program Costs Onzotrigine	8,566		9,936		15,256	17,135
Other clinical and non-clinical programs	5,559		7,628		10,205	14,497
Personnel-related R&D expenses	5,526		4,075		10,488	7,697
Other R&D expenses	1,575		1,285		2,910	2,283
Total research and development expenses	21,226		22,924		38,859	41,612
General and administrative expenses	4,582		2,821		10,385	5,645
Total other (income) expense, net	(11)		90		(486)	(470)
Net loss and comprehensive loss	$ 25,797		$ 25,835		$ 48,758	$ 46,787

Stock-Based Compensation - Schedule of Assumptions Used for Estimating Fair Value of Option Granted (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected dividend yield	0.00%	0.00%	0.00%	0.00%
Risk-free interest rate, Minimum	4.04%	3.94%	3.81%	3.94%
Risk-free interest rate, Maximum	4.18%	3.97%	4.18%	4.29%
Expected volatility, Minimum	73.60%	77.00%	73.50%	77.00%
Expected volatility, Maximum	74.70%	79.40%	74.70%	80.10%
Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)	6 years	6 years	6 years	5 years 10 months 24 days
Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)	6 years 1 month 6 days	6 years 1 month 6 days	6 years 1 month 6 days	6 years 1 month 6 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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(04)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 50
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-Subparagraph (c)(2)(i)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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

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

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

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

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

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

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-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 - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total antidilutive securities	51,116,507	45,342,043
Series Seed Redeemable Convertible Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total antidilutive securities	938,979	938,979
Series A Redeemable Convertible Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total antidilutive securities	8,051,735	8,051,735
Series A-2 redeemable convertible preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total antidilutive securities	17,320,357	17,320,357
Series B Redeemable Convertible Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total antidilutive securities	14,844,011	9,896,006
Stock Options Issued and Outstanding [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total antidilutive securities	9,961,425	9,020,513
Unvested common shares subject to repurchase
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total antidilutive securities	0	114,453

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended				3 Months Ended		6 Months Ended
	Apr. 30, 2025	Aug. 31, 2024	Jul. 31, 2024	Feb. 29, 2024	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock available for future issuance					51,782,985		51,782,985		51,892,734
Common stock, shares, issued					988,236		988,236		878,521
Cash proceeds from early exercise stock options		$ 300					$ 231	$ 0
Stock options expense recognised					$ 2,143	$ 1,677	4,121	$ 3,152
Unamortized stock-based compensation					$ 21,600		$ 21,600
Weighted average period							2 years 9 months 3 days
Expected dividend yield					0.00%	0.00%	0.00%	0.00%
IPO
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Additional stock based compensation expense					$ 200		$ 200
Board of Directors
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in shares)		2,800,000		100,000
Chief Executive Officer
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Exercised (in shares)		100,000
Executive Officer
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in shares)			2,800,000
Executive Officers and Board of Director
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock option awards	461,612
Fair value of awards	$ 3.92
Stock options expense recognised					100	$ 100	200	$ 100
Unamortized stock-based compensation					$ 1,000		$ 1,000
Weighted average period							2 years 6 months 29 days
Returning Shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock available for future issuance					9,843,149		9,843,149
2026 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock available for future issuance					0		0
Shares issued							3,764,069
Percentage of fully diluted capital stock outstanding							5.00%
2026 Plan \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares issued							14,611,431
2026 ESPP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Annual automatic increasing number of shares					1,882,035		1,882,035
Common stock, shares, issued					0		0
Shares issued							627,345
Percentage of fully diluted capital stock outstanding							1.00%
2019 Stock Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Term of termination							The 2019 Plan shall terminate automatically ten years after the date when the Board of Directors approved the most recent increase in the number of shares reserved under the 2019 Plan.
Stock plan termination period							10 years
Common stock, shares authorized					71,200,000		71,200,000		71,200,000
Common stock available for future issuance					700,000		700,000		1,600,000
Shares issued							1,004,213
Option awards vesting period							4 years
Award vesting rights, percent							25.00%
Weighted-average grant date fair value of shares granted					$ 6.8	$ 3.89	$ 5.77	$ 3.93
Fair value of stock option awards vested					$ 1,800	$ 900	$ 5,200	$ 1,300
The total fair value of options granted					1,600	$ 3,900	7,800	$ 12,000
Aggregate intrinsic value, Exercised					$ 400		$ 600
2019 Stock Plan - ISOs \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock plan termination period							5 years

Redeemable Convertible Preferred Stock

6 Months Ended

Jun. 30, 2026

Temporary Equity Disclosure [Abstract]

Redeemable Convertible Preferred Stock

Immediately prior to the closing of the Company's IPO in August 2026, the Company’s outstanding redeemable convertible preferred stock automatically converted into 41,155,082 shares of common stock.

The Company’s redeemable convertible preferred stock consisted of the following as of June 30, 2026 and December 31, 2025 (in thousands, except share and per share amounts):


	June 30, 2026
	Shares Authorized		Shares Issued and Outstanding		Original Issue Price		Liquidation Preference		Carrying Value
Series Seed		6,032,384		938,979	$	2.28	$	2,140	$	2,123
Series A		51,727,645		8,051,735		4.45		35,759		35,634
Series A-2		111,273,075		17,320,357		5.78		100,000		99,772
Series B		95,364,030		14,844,011		10.11		150,000		151,053
		264,397,134		41,155,082			$	287,899	$	288,582


	December 31, 2025
	Shares Authorized		Shares Issued and Outstanding		Original Issue Price		Liquidation Preference		Carrying Value
Series Seed		6,032,384		938,979	$	2.28	$	2,140	$	2,123
Series A		51,727,645		8,051,735		4.45		35,759		35,634
Series A-2		111,273,075		17,320,357		5.78		100,000		99,772
Series B		95,364,030		14,844,011		10.11		150,000		151,053
		264,397,134		41,155,082			$	287,899	$	288,582

In January 2025, the Company entered into a Series B redeemable convertible preferred stock purchase agreement (the Series B Purchase Agreement), pursuant to which it issued a total of 9,896,006 shares of Series B redeemable convertible preferred stock at a price of $10.1050 per share for gross cash proceeds of $100.0 million and incurred aggregate issuance costs of $0.6 million in two closings in January and March 2025 (initial closing).

The Series B Purchase Agreement provided the Company an obligation to issue an additional 4,948,005 shares of Series B redeemable convertible preferred stock (preferred stock tranche liability) at a price of $10.1050 per share in a subsequent closing on or before September 30, 2025. Upon the initial closing of the Series B redeemable convertible preferred stock, the Company recorded a preferred stock tranche liability of $0.4 million. The fair value of the preferred stock tranche liability was allocated from the gross cash proceeds of $100.0 million of the Series B redeemable convertible preferred stock issuance, and the residual value was then allocated to the Series B redeemable convertible preferred stock.

In September 2025, pursuant to the terms outlined in the Series B Purchase Agreement and upon approval by the Board of Directors, the Company settled the preferred stock tranche liability, issuing 4,948,005 shares of Series B redeemable convertible preferred stock at a price of $10.1050 per share for gross cash proceeds of $50.0 million and incurred issuance cost of $0.1 million. As a result of this issuance, the preferred stock tranche liability of $2.1 million was settled and the Series B redeemable convertible preferred stock was recorded at its fair value of $52.1 million.

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2026	Sep. 01, 2026
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2026
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q2
Entity Central Index Key	0002056611
Document Transition Report	false
Entity File Number	001-43436
Entity Registrant Name	Latigo Biotherapeutics, Inc.
Current Fiscal Year End Date	--12-31
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	83-2625838
Entity Address, Address Line One	1300 Rancho Conejo Boulevard
Entity Address, Address Line Two	Suite 305
Entity Address, City or Town	Thousand Oaks
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	91320
City Area Code	805
Local Phone Number	716-2927
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	LTGO
Security Exchange Name	NASDAQ
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		66,299,347

Redeemable Convertible Preferred Stock - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended			3 Months Ended	6 Months Ended
	Aug. 31, 2026	Sep. 30, 2025	Jan. 31, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025	Aug. 10, 2026	Dec. 31, 2025
Class of Stock [Line Items]
Number of shares issued					41,155,082			41,155,082
Redeemable convertible preferred stock, par value (in dollars per share)					$ 0.0001			$ 0.0001
Gross cash proceeds					$ 0	$ 99,433
Subsequent Event
Class of Stock [Line Items]
Aggregate issuance costs	$ 33,600
Subsequent Event \| IPO
Class of Stock [Line Items]
Convertible preferred stock, shares issued upon conversion	41,155,082
Series B Redeemable Convertible Preferred Stock
Class of Stock [Line Items]
Number of shares issued		4,948,005	9,896,006		14,844,011			14,844,011
Number of additional shares issuable			4,948,005
Redeemable convertible preferred stock, par value (in dollars per share)		$ 10.105	$ 10.105		$ 10.11			$ 10.11
Gross cash proceeds		$ 50,000	$ 100,000
Aggregate issuance costs		100		$ 600
Preferred stock, tranche liability		2,100	$ 400
Temporary equity fair value		$ 52,100
Common Stock \| Redeemable Convertible Preferred Stock \| Subsequent Event \| IPO
Class of Stock [Line Items]
Convertible preferred stock, shares issued upon conversion							41,155,082

Income Taxes

6 Months Ended

Jun. 30, 2026

Income Tax Disclosure [Abstract]

Income Taxes

11.

Income Taxes

The Company’s tax provision for interim periods is determined using an estimate of its annual effective tax rate, adjusted for discrete items, if any, that arise during the period. Each quarter, the Company updates its estimate of the annual effective tax rate and, if the estimated annual effective tax rate changes, the Company makes a cumulative adjustment in such period. No such adjustment was made as of June 30, 2026. The Company’s effective federal and state tax rate for the three and six months ended June 30, 2026 and 2025 was 0%, and the Company did not record any income tax expense or benefit during the three and six months ended June 30, 2026 and 2025, primarily as a result of estimated net operating losses for the fiscal year to date offset by the increase in the valuation

allowance against its deferred tax asset. All losses before income taxes arose in the United States.

- Definition

The entire disclosure for income tax.

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+ Details

Common Stock - Schedule of Common Stock Reserved for Future Issuance (Details) - shares	Jun. 30, 2026	Dec. 31, 2025
Class of Stock [Line Items]
Common stock available for future issuance	51,782,985	51,892,734
Equity Awards Authorized for Future Issuance [Member]
Class of Stock [Line Items]
Common stock available for future issuance	666,478	1,558,349
Stock Options Issued and Outstanding [Member]
Class of Stock [Line Items]
Common stock available for future issuance	9,961,425	9,179,303
Redeemable Convertible Preferred Stock [Member]
Class of Stock [Line Items]
Common stock available for future issuance	41,155,082	41,155,082

- Definition

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

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+ Details

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2026

Accounting Policies [Abstract]

Schedule of Cash, Cash Equivalents and Restricted Cash

A reconciliation of cash, cash equivalents, and restricted cash reported in the Company's balance sheets to the amount reported within its statements of cash flows was as follows (in thousands):


	June 30,		December 31,
	2026		2025
Cash and cash equivalents	$	55,003	$	69,437
Restricted cash, current		194		192
Restricted cash, noncurrent ("Other assets")		13		92
Total cash, cash equivalents and restricted cash	$	55,210	$	69,721

Schedule of Estimated Useful Life of Asset

The estimated useful life of each asset category is as follows:


Fixed Assets Category		Estimated Useful Life
Laboratory equipment and furniture		3 – 5 years
Leasehold improvements		Shorter of remaining lease term or estimated useful life

Balance Sheet Components - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Balance Sheet Related Disclosures [Abstract]
Depreciation expense	$ 100	$ 100	$ 99	$ 133

Commitments and Contingencies - Additional Information (Details) - USD ($)	6 Months Ended
	Jun. 30, 2026	Dec. 31, 2025	Sep. 23, 2020
Loss Contingencies [Line Items]
Redeemable convertible preferred stock, shares issued	41,155,082	41,155,082
Aggregate prespecified development and regulatory milestones	$ 48,500,000
Liabilities	52,258,000	$ 18,608,000
License Agreement
Loss Contingencies [Line Items]
Intangible asset	0
Legal proceedings
Loss Contingencies [Line Items]
Loss contingency accrual	0
Joint products
Loss Contingencies [Line Items]
Milestone payment obligations	0
Licensed Product
Loss Contingencies [Line Items]
Milestone payment obligations	0
Maximum
Loss Contingencies [Line Items]
Aggregate subsequent sole product	23,750,000
Aggregate pre-specified sales milestones	95,000,000
Aggregate pre-specified regulatory milestones	4,000,000
Maximum \| Joint products
Loss Contingencies [Line Items]
Aggregate pre-specified sales milestones	$ 9,500,000
Series A
Loss Contingencies [Line Items]
Redeemable convertible preferred stock, shares issued	8,051,735	8,051,735	434,840

Net Loss Per Share

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Net Loss Per Share

12.

Net Loss Per Share

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


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Numerator:
Net Loss	$	(25,797	)	$	(25,835	)	$	(48,758	)	$	(46,787	)
Net loss attributable to common stockholders		(25,797	)		(25,835	)		(48,758	)		(46,787	)
Denominator:
Weighted average common shares outstanding		935,025			821,918			922,024			821,921
Less: Weighted-average common shares subject to repurchase		—			(114,453	)		—			(114,453	)
Weighted-average common shares outstanding used to calculate net loss per share attributable to common stockholders, basic and diluted		935,025			707,465			922,024			707,468
Net loss per share attributable to common stockholders, basic and diluted	$	(27.59	)	$	(36.52	)	$	(52.88	)	$	(66.13	)

The Company’s potentially dilutive securities, which include redeemable convertible preferred stock and stock options, 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. The Company excluded the following shares from the computation of diluted net loss per share attributable to common stockholders for the six months ended June 30, 2026 and 2025, because including them would have had an anti-dilutive effect:


	Six Months Ended June 30,
	2026		2025
Series Seed redeemable convertible preferred stock		938,979		938,979
Series A redeemable convertible preferred stock		8,051,735		8,051,735
Series A-2 redeemable convertible preferred stock		17,320,357		17,320,357
Series B redeemable convertible preferred stock		14,844,011		9,896,006
Common stock options issued and outstanding		9,961,425		9,020,513
Unvested common shares subject to repurchase		—		114,453
Total antidilutive securities		51,116,507		45,342,043

Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Schedule of Segment Net Loss, Including Disaggregated Components

In addition to the significant expense categories included within net loss presented in the Company's statements of operations and comprehensive loss, disaggregated expenses were as follows (in thousands):


	Three Months Ended June 30,					Six Months Ended June 30,
	2026			2025		2026			2025
Research and development expenses:
Direct Program Costs Onzotrigine	$	8,566		$	9,936	$	15,256		$	17,135
Other clinical and non-clinical programs		5,559			7,628		10,205			14,497
Personnel-related R&D expenses		5,526			4,075		10,488			7,697
Other R&D expenses		1,575			1,285		2,910			2,283
Total research and development expenses		21,226			22,924		38,859			41,612
General and administrative expenses		4,582			2,821		10,385			5,645
Total other (income) expense, net		(11	)		90		(486	)		(470	)
Net loss	$	25,797		$	25,835	$	48,758		$	46,787

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
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-Section 50
-Paragraph 34
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

+ Details

Balance Sheet Components

6 Months Ended

Jun. 30, 2026

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Components

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


	June 30,		December 31,
	2026		2025
Prepaid Clinical Research Organizations (CRO) expenses	$	2,227	$	1,434
Clinical deposits		682		2,016
Other prepaid expenses		1,093		750
Total prepaid expenses and other current assets	$	4,002	$	4,200

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


	June 30,			December 31,
	2026			2025
Laboratory equipment	$	1,272		$	1,200
Office furniture and fixtures		126			100
Construction-in-progress		12			—
		1,410			1,300
Less: Accumulated depreciation		(953	)		(854	)
Total property and equipment, net	$	457		$	446

Depreciation expense was $0.1 million for the three and six months ended June 30, 2026. Depreciation expense was $0.1 million for the three and six months ended June 30, 2025.

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


	June 30,		December 31,
	2026		2025
Accrued research and development expenses	$	8,434	$	8,364
Accrued bonus expense		1,808		3,892
Accrued consulting and professional services		279		301
Accrued compensation and benefits expenses		1,676		311
Accrued interest expenses		62		—
Total accrued expenses and other current liabilities	$	12,259	$	12,868

Stock-Based Compensation - Summary of Option Activity (Details) - 2019 Stock Plan - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025	Dec. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Beginning Balance (in shares)	9,179,303	6,525,632	6,525,632
Vested and expected to vest, beginning balance (in shares)	9,179,303	6,640,085	6,640,085
Granted (in shares)	1,353,006	3,057,122
Exercised (in shares)	(109,715)	0
Cancelled or forfeited (in shares)	(440,518)	(562,241)
Expired (in shares)	(20,651)	0
Ending Balance (in shares)	9,961,425	9,020,513	9,179,303	6,525,632
Vested and exercisable (in shares)	4,127,360	2,100,843
Vested and expected to vest, ending balance (in shares)	9,961,425	9,134,966	9,179,303	6,640,085
Weighted average exercise price per share, beginning balance	$ 3.17	$ 1.79	$ 1.79
Weighted average exercise price per share, Vested and expected beginning balance	3.17	1.79	1.79
Weighted average exercise price per share, granted	6.55	5.53
Weighted average exercise price per share, exercised	2.11	0
Weighted average exercise price per share, cancelled or forfeited	3.68	3.95
Weighted average exercise price per share, expired	2.23	0
Weighted average exercise price per share, ending balance	3.62	3.1	3.17	$ 1.79
Weighted average exercise price per share, Vested and exercisable	2.67	1.61
Weighted average exercise price per share, Vested and expected ending balance	$ 3.62	$ 3.09	$ 3.17	$ 1.79
Weighted Remaining Contractual Life , Outstanding (in years)	7 years 10 months 13 days	8 years 7 months 28 days	8 years 3 months 7 days	8 years 9 months 25 days
Weighted Remaining Contractual Life , Vested and expected to vest (in years)	7 years 10 months 13 days	8 years 7 months 28 days	8 years 3 months 7 days	8 years 9 months 29 days
Weighted Remaining Contractual Life , Vested and exercisable (in years)	6 years 10 months 13 days	6 years 4 months 2 days
Aggregate intrinsic value, Outstanding	$ 45,229	$ 21,947	$ 25,755	$ 18,643
Aggregate intrinsic value, Vested and expected to vest	45,229	22,330	$ 25,755	$ 18,951
Aggregate intrinsic value, Exercised	594	0
Aggregate intrinsic value, Vested and exercisable	$ 24,271	$ 7,156

Stock-Based Compensation - Schedule of Stock Based Compensation Expense Recognized (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	$ 2,143	$ 1,677	$ 4,121	$ 3,152
Location, Statement of Income, Balance [Axis]: us-gaap:GeneralAndAdministrativeExpense
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	1,146	999	2,244	1,744
Location, Statement of Income, Balance [Axis]: us-gaap:ResearchAndDevelopmentExpense
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	$ 997	$ 678	$ 1,877	$ 1,408

- 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

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Tax Disclosure [Abstract]
Effective federal and state tax rate	0.00%	0.00%	0.00%	0.00%
Income tax expense or benefit	$ 0	$ 0	$ 0	$ 0

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 3: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147483475/205-20-45-3A

Reference 4: http://www.xbrl.org/2003/role/exampleRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147476153/220-40-55-21

Reference 6: http://www.xbrl.org/2003/role/exampleRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/exampleRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Condensed Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 55,003	$ 69,437
Restricted cash	194	192
Prepaid expenses and other current assets	4,002	4,200
Total current assets	59,199	73,829
Operating lease right-of-use assets	1,303	625
Property and equipment, net	457	446
Other assets	3,801	616
Total assets	64,760	75,516
Current liabilities:
Accounts payable	3,566	5,015
Accrued expenses and other current liabilities	12,259	12,868
Operating lease liabilities, current	705	563
Derivative liability	5,148	0
Convertible promissory notes	29,897	0
Total current liabilities	51,575	18,446
Operating lease liabilities, non-current	648	127
Other long-term liabilities	35	35
Total liabilities	52,258	18,608
Commitments and contingencies (Note 6)
Redeemable convertible preferred stock	288,582	288,582
Stockholders' deficit:
Common stock	0	0
Additional paid-in capital	15,809	11,457
Accumulated deficit	(291,889)	(243,131)
Total stockholders' deficit	(276,080)	(231,674)
Total liabilities, redeemable convertible preferred stock, and stockholders' deficit	$ 64,760	$ 75,516

Segment Reporting - Additional Information (Details)	6 Months Ended
Segment Reporting - Additional Information (Details)	Jun. 30, 2026 Segment
Segment Reporting [Abstract]
Number of reportable segment	1
Number of operating segment	1
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description	The Company’s CODM reviews and evaluates net loss to monitor budget versus actual results and to analyze cash flows for purposes of allocating resources and assessing financial performance.

Condensed Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Operating expenses:
Research and development	$ 21,226	$ 22,924	$ 38,859	$ 41,612
General and administrative	4,582	2,821	10,385	5,645
Total operating expenses	25,808	25,745	49,244	47,257
Loss from operations	(25,808)	(25,745)	(49,244)	(47,257)
Interest income	(264)	(868)	(738)	(1,385)
Interest expense	251	0	251
Change in fair value of preferred stock tranche liability	0	927	0	879
Total other (income) expense, net	2	31	1	36
Total other (income) expense, net	(11)	90	(486)	(470)
Net loss and comprehensive loss	$ (25,797)	$ (25,835)	$ (48,758)	$ (46,787)
Net loss and comprehensive loss per share - basic	$ (27.59)	$ (36.52)	$ (52.88)	$ (66.13)
Net loss and comprehensive loss per share - diluted	$ (27.59)	$ (36.52)	$ (52.88)	$ (66.13)
Weighted-average number of shares used in computing net loss per share - basic	935,025	707,465	922,024	707,468
Weighted-average number of shares used in computing net loss per share - diluted	935,025	707,465	922,024	707,468

Convertible Notes

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

Convertible Notes

In June 2026, the Company issued Convertible Notes to various holders in the aggregate principal amount of $35.0 million. The Company received gross cash proceeds of $35.0 million and incurred approximately $0.2 million of debt issuance costs, which remained unpaid as of June 30, 2026.

The Convertible Notes are due and payable in full in June 2027, which is twelve months from the issuance date. Upon completion of an initial public offering, the outstanding principal and unpaid accrued interest under the Convertible Notes automatically convert into shares of the Company’s common stock at the price per share in the IPO. In the event the Company completes a qualified financing (defined as a preferred stock financing in which the Company receives proceeds of at least $50.0 million), the outstanding principal and unpaid accrued interest under the Convertible Notes automatically convert into preferred stock issued in the qualified financing at the lowest cash price paid by investors in that financing. Further, upon a change of control while the Convertible Notes remain outstanding, the Company is required to repay each holder in cash an amount equal to the outstanding principal and unpaid accrued interest, plus a repayment premium equal to 100% of the outstanding principal.

The Convertible Notes accrue interest at the rate of 5.0% per annum. Interest accrues daily from the issuance date and continues to accrue until the Convertible Notes are paid, converted, or repaid.

The Convertible Notes contain a change of control repayment premium that qualifies as an embedded derivative under ASC 815, Derivatives and Hedging, and must be bifurcated and accounted for separately. The derivative liability was initially recognized at its estimated fair value of $5.1 million, with an offsetting debt discount recorded as a reduction of the carrying amount of the Convertible Notes. There was no change in the estimated fair value of the derivative liability from the issuance date through June 30, 2026; accordingly, no gain or loss was recognized in the condensed statements of operations and comprehensive loss for the three and six months ended June 30, 2026.

The debt discount and debt issuance costs allocated to the debt are presented as direct deductions from the principal amount of the Convertible Notes and are amortized over the expected term of the Convertible Notes using the effective interest method.

As of June 30, 2026, the aggregate principal balance due under the Convertible Notes was $35.0 million. The Convertible Notes were classified as a current liability because their contractual maturity date was within twelve months of June 30, 2026.

The components of the Convertible Notes as of June 30, 2026 were as follows (in thousands):


	June 30,
	2026
Principal value of Convertible Notes	$	35,000
Unamortized debt discount		(4,965	)
Unamortized debt issuance cost		(138	)
Total Convertible Notes	$	29,897

Immediately prior to the closing of the Company's IPO in August 2026, the Convertible Notes automatically converted into 1,957,755 shares of common stock. The principal and accrued but unpaid interest outstanding under Convertible Notes at the time of conversion was $35.2 million.

Leases

6 Months Ended

Jun. 30, 2026

Leases [Abstract]

Leases

Operating Leases

In June 2021, the Company entered into an operating lease for 7,638 square feet of office and research and development space in Thousand Oaks, California. The lease term is for approximately 5.3 years, with no renewal option.

In June 2025, the Company entered into a lease for 2,375 square feet of office space in San Francisco, California, that is set to expire on July 31, 2027.

On March 25, 2026, the Company entered into a First Amendment to the lease (the "Lease Amendment") to expand its existing leased office and laboratory space located in Thousand Oaks, California. Pursuant to the Lease Amendment, the Company expanded the leased premises to include an additional approximately 3,700 rentable square feet. The expansion premises commenced on April 1, 2026, and the Lease Amendment extends the lease term to June 30, 2028. The Company remeasured the lease liability and right-of-use asset as of April 1, 2026, using an incremental borrowing rate of 12.62%, reflecting the increase in future lease payments resulting from the Lease Amendment. The remeasurement resulted in an increase of $1.0 million to the lease liability and a corresponding increase to the right-of-use asset.

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2026

Accounting Policies [Abstract]

Reverse Stock Split

Initial Public Offering

Basis of Presentation

Unaudited Interim Condensed Financial Information

Use of Estimates

Segment Information

Concentration of Credit Risks

Risks and Uncertainties

Cash, Cash Equivalents and Restricted Cash

A reconciliation of cash, cash equivalents, and restricted cash reported in the Company's balance sheets to the amount reported within its statements of cash flows was as follows (in thousands):


	June 30,		December 31,
	2026		2025
Cash and cash equivalents	$	55,003	$	69,437
Restricted cash, current		194		192
Restricted cash, noncurrent ("Other assets")		13		92
Total cash, cash equivalents and restricted cash	$	55,210	$	69,721

Property and Equipment, Net


Fixed Assets Category		Estimated Useful Life
Laboratory equipment and furniture		3 – 5 years
Leasehold improvements		Shorter of remaining lease term or estimated useful life

Impairment of Long-Lived Assets

Operating Leases

In addition, the Company elected the short-term lease practical expedient that allows the lessee to not record a lease liability and ROU asset for all leases with a term of 12 months or less.

As of June 30, 2026 and December 31, 2025, the Company did not have any material finance leases.

Redeemable Convertible Preferred Stock

Preferred Stock Tranche Liability

Change of Control Derivative Liability

Research and Development

General and Administrative Expenses

Stock-Based Compensation

Income Taxes

The Company’s policy is to include penalties and interest expense related to income taxes as a component of income tax expense, as necessary.

Comprehensive Loss

Net Loss Per Share Attributable to Common Stockholders

Deferred Offering Costs

Accounting Pronouncements Not Yet Adopted

Fair Value Measurements - Summary of Fair Value of Change of Control Derivative Liability and Preferred Stock Tranche Liability Measured At Fair Value On a Recurring Basis (Details) - Fair Value Recurring - Level 3 - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Preferred Stock Tranche Liability
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance, January 1		$ 0
Issuance		458
Change in fair value		(48)
Settlement		0
Ending balance, June 30		$ 410
Change of Control Derivative Liability
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance, January 1	$ 0
Recognition in connection with convertible notes offering	5,148
Change in fair value	0
Ending balance, June 30	$ 5,148

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)		1 Months Ended	6 Months Ended
	Aug. 10, 2026	Aug. 31, 2026	Jun. 30, 2026	Dec. 31, 2025
Significant Accounting Policies [Line Items]
Percentage of repayment premium equal to outstanding principal			100.00%
Shares authorized			342,000,000	342,000,000
Common stock, par value			$ 0.0001	$ 0.0001
Deferred offering costs			$ 3,300,000	$ 0
Lease of Office Space
Significant Accounting Policies [Line Items]
Restricted Cash			$ 200,000	$ 300,000
Subsequent Event
Significant Accounting Policies [Line Items]
Proceeds from IPO	$ 363,900,000	$ 363,900,000
Other offering costs payable		33,600,000
Underwriting Discounts, Commissions and Other Offering Costs		$ 33,600,000
Shares authorized	1,000,000,000
Common stock, par value	$ 0.0001
Undesignated preferred stock	10,000,000
Undesignated preferred stock , par value	$ 0.0001
IPO \| Subsequent Event
Significant Accounting Policies [Line Items]
Shares issued		22,080,000
Price per share		$ 18
Convertible preferred stock, shares issued upon conversion		41,155,082
Over Allotment Option \| Subsequent Event
Significant Accounting Policies [Line Items]
Shares issued	2,880,000	2,880,000

Fair Value Measurements

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability, or an exit price, in the principal or most advantageous market for that asset or liability in an orderly transaction between market participants on the measurement date. In accordance with the authoritative guidance on fair value measurements and disclosures under U.S. GAAP, the Company discloses and recognizes the fair value of its assets and liabilities using a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurements). Financial instruments include cash and cash equivalents, accounts payable and accrued expenses that approximate fair value due to their relatively short maturities.

The authoritative guidance on fair value measurements establishes a three-tier fair value hierarchy for disclosure of fair value measurements as follows:

Level 1—Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date;

Level 2—Inputs are observable, unadjusted quoted prices in active markets for similar assets or liabilities, unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities; and

Level 3—Unobservable inputs that are significant to the measurement of the fair value of the assets or liabilities that are supported by little or no market data.

The carrying amounts of the Company’s financial instruments for the periods ended June 30, 2026 and December 31, 2025, other than the change-of-control derivative liability, approximate fair value due to their relatively short maturities.

Fair Value of Financial Assets and Liabilities

The following table summarizes the Company’s financial assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands):


	June 30, 2026
	Fair Value Hierarchy Level	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Assets
Money market funds	Level 1	$	49,152	$	—	$	—	$	49,152
Liabilities
Derivative liability	Level 3	$	5,148	$	—	$	—	$	5,148

The following table set forth the fair value of the Company's financial assets, which consist of cash equivalents, that were measured on a recurring basis (in thousands):


	December 31, 2025
	Fair Value Hierarchy Level	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Assets
Money market funds	Level 1	$	67,478	$	—	$	—	$	67,478

There has been no transfer between levels of the fair value measurement hierarchy during the periods presented.

Change of Control Derivative Liability

The fair value of the change of control derivative liability was estimated using a scenario-based analysis comparing the probability-weighted present value of the Convertible Notes with and without the bifurcated change of control premium feature. The Company employed a probability-weighted approach that evaluated multiple settlement scenarios, including automatic conversion upon an initial public offering, automatic conversion upon a qualified financing, contingent cash repayment upon a change of control event, repayment at maturity, and dissolution. For each scenario, the Company estimated the applicable settlement amount, discounted the expected settlement amount to the valuation date and applied a probability weighting. The fair value of the embedded derivative was determined as the difference between the probability-weighted value of the Convertible Notes with and without the change of control repayment premium.

The significant unobservable input used in the fair value measurement of the change of control derivative liability is the probability assigned to a change of control event occurring while the Convertible Notes remain outstanding, which was estimated at 15% as of both the issuance date and June 30, 2026. Changes in this probability would have the most direct impact on the fair value of the derivative liability; an increase in the probability of a change of control would increase the fair value of the liability, while a decrease would reduce it.


	June 30,
	2026
Beginning balance, January 1	$	—
Recognition in connection with convertible notes offering		5,148
Change in fair value		—
Ending balance, June 30	$	5,148

Preferred Stock Tranche Liability

The fair value of the preferred stock tranche liability was based on significant inputs not observable in the market, which represents a Level 3 measurement within the fair value hierarchy.

The preferred stock tranche liability was valued as a forward contract. The value was determined using a probability-weighted present value calculation. In determining the fair value of the preferred stock tranche liability obligation, estimates and assumptions impacting the fair value included the per share estimated fair value of the Company’s Series B redeemable convertible preferred stock, discount rates, estimated time to tranche closing, and probability of the second tranche closing.


	Initial closing
	January			March
Implied fair value of Series B redeemable convertible preferred stock	$	1.56		$	1.54
Discount rate		4.24	%		4.24	%
Time to tranche closing (years)	0.67			0.58
Probability of tranche closing		100	%		100	%

The following provides a roll forward of the fair value of the preferred stock tranche liability measured at fair value on a recurring basis using Level 3 significant unobservable inputs (in thousands):


	June 30,
	2025
Beginning balance, January 1	$	—
Issuance		458
Change in fair value		(48	)
Settlement		—
Ending balance, June 30	$	410

The preferred stock tranche liability was settled in September 2025, upon the closing of the second tranche.

- 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)
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Paragraph 107
-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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-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
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
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-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)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

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

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

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-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

Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net Loss	$ (48,758)	$ (46,787)
Adjustments to reconcile net loss to net cash used in operating activities:
Non-cash lease expense	281	182
Depreciation	99	133
Stock-based compensation expense	4,121	3,152
Change in fair value of preferred stock tranche liability	0	879
Amortization of debt discount and issuance costs	275	0
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	198	(2,160)
Other assets	(3,262)	266
Accounts payable	(1,449)	(1,448)
Accrued expenses and other current liabilities	441	3,255
Operating lease liabilities	(296)	(188)
Net cash used in operating activities	(48,350)	(42,716)
Cash flows from investing activities:
Purchases of property and equipment	(110)	(135)
Net cash used in investing activities	(110)	(135)
Cash flows from financing activities:
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs paid	0	99,433
Proceeds from issuance of convertible notes	35,000	0
Proceeds from issuance of common stock upon exercise of stock options	231	0
Payment of deferred initial public offering costs	(1,282)	0
Net cash provided by financing activities	33,949	99,433
Net (decrease) increase in cash, cash equivalents and restricted cash	(14,511)	56,582
Cash, cash equivalents and restricted cash, beginning of period	69,721	17,918
Cash, cash equivalents and restricted cash, end of period	55,210	74,500
Supplemental cash flow information:
Right-of-use assets obtained in exchange for operating lease liabilities	959	310
Supplemental disclosure for non-cash investing and financing activities:
Unpaid deferred initial public offering costs included in accounts payable and accrued liabilities	2,005	0
Unpaid convertible notes issuance costs included in accrued expenses and other current liabilities	$ 168	$ 0

Condensed Statements of Redeemable Convertible Preferred Stock and Stockholders' Deficit (Unaudited) (Parenthetical) - Series B Redeemable Convertible Preferred Stock $ in Thousands	3 Months Ended
	Mar. 31, 2025 USD ($)
Issuance of convertible stock, derivative liability	$ 458
Issuance costs	$ 566

Condensed Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Redeemable convertible preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Redeemable convertible preferred stock, shares authorized (in shares)	264,397,134	264,397,134
Redeemable convertible preferred stock, shares issued	41,155,082	41,155,082
Redeemable convertible preferred stock, shares outstanding	41,155,082	41,155,082
Redeemable convertible preferred stock, aggregate liquidation preference	$ 287,899	$ 287,899
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	342,000,000	342,000,000
Common stock, shares, issued	988,236	878,521
Common stock, shares outstanding	988,236	878,521

Common Stock (Tables)

6 Months Ended

Jun. 30, 2026

Equity [Abstract]

Schedule of Common Stock Reserved for Future Issuance

Common stock reserved for future issuance, on an as-converted to common stock basis, as of June 30, 2026 and December 31, 2025, consisted of the following:


	June 30,		December 31,
	2026		2025
Redeemable convertible preferred stock		41,155,082		41,155,082
Stock options, issued and outstanding		9,961,425		9,179,303
Equity awards, authorized for future issuance		666,478		1,558,349
Total		51,782,985		51,892,734

Convertible Notes (Tables)

6 Months Ended

Jun. 30, 2026

Debt Instruments [Abstract]

Schedule of Convertible Notes

The components of the Convertible Notes as of June 30, 2026 were as follows (in thousands):


	June 30,
	2026
Principal value of Convertible Notes	$	35,000
Unamortized debt discount		(4,965	)
Unamortized debt issuance cost		(138	)
Total Convertible Notes	$	29,897

Stock-Based Compensation

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

10.

Stock-Based Compensation

2019 Stock Plan

In 2019, the Company adopted the Latigo Biotherapeutics, Inc., 2019 Stock Plan (the 2019 Plan), which authorizes the Company to grant incentive stock options (ISOs), non-qualified stock options (NSOs) and the direct award or sale of shares to employees, directors and consultants of the Company. ISOs can only be granted to employees. The 2019 Plan is administered by the Board of Directors, or the Board of Directors may appoint a committee to which it delegates such administration.

The 2019 Plan shall terminate automatically ten years after the date when the Board of Directors approved the most recent increase in the number of shares reserved under the 2019 Plan. As of June 30, 2026 and December 31, 2025, there were approximately 71.2 million shares of common stock authorized, and 0.7 million and 1.6 million shares of common stock available for future issuance pursuant to the 2019 Plan, respectively.

Option awards generally vest over a four-year period, with either 25% vesting on the first anniversary of the grant date and monthly thereafter or with monthly vesting over the four-year period. The exercise price of stock options granted under the 2019 Plan must be at least equal to the fair market value of the common stock on the date of grant. The term of option awards is determined by the Board of Directors and shall not exceed 10 years from grant date, or in the case of ISOs granted to a ten percent stockholder, the term is no more than 5 years from the grant date.

2026 Plan

In June 2026, the Board of Directors adopted the 2026 Equity Incentive Plan (the 2026 Plan), which was subsequently adopted by the Stockholders in July 2026. No awards were permitted to be granted under the 2026 Plan until the Company’s Registration Statement on Form S-1 was declared effective by the SEC on August 6, 2026 in connection with the Company’s IPO. The 2026 Plan allows for the issuance of equity-based and cash-based incentive awards to the Company's officers, employees, directors and consultants. The 2026 Plan is administered by the Board of Directors or a committee thereof (the Plan Administrator). The exercise prices, vesting and other restrictions are determined at the discretion of the Plan Administrator, subject to the provisions of the 2026 Plan.

The maximum number of shares of common stock that may be issued under the 2026 Plan is 14,611,431 shares, which is the sum of: (i) 3,764,069 new shares, plus (ii) 1,004,213 shares available for issuance under the 2019 Plan, plus (iii) up to 9,843,149 returning shares as such shares become available from time to time. The 2026 Plan provides that the number of shares reserved and available for issuance under the 2026 Plan will automatically increase on January 1st of each year, commencing on January 1, 2027 and ending on (and including) January 1, 2036, by an amount equal to the lesser of (i) 5% of the total number of shares of Fully Diluted Capital Stock (as defined in the 2026 Plan) outstanding on December 31st of the preceding calendar year, or (ii) such smaller number of shares of Common Stock as the Board of Directors may designate prior to the applicable January 1st, subject to adjustment as provided in the 2026 Plan. As of June 30, 2026, no awards had been granted under the 2026 Plan.

2026 ESPP

In June 2026, the Board of Directors adopted the 2026 Employee Stock Purchase Plan (the 2026 ESPP), which was subsequently approved by the Company’s stockholders in July 2026 and became effective on August 5, 2026, the date immediately prior to the date SEC declared the Company’s Registration Statement on Form S-1 effective. The 2026 ESPP initially reserved and authorized the issuance of up to a total of 627,345 shares of the Company’s common stock to participating employees. The 2026 ESPP provides that the number of shares reserved and available for issuance will be automatically increased on January 1st of each year, commencing on January 1, 2027 and ending on (and including) January 1, 2036, in an amount equal to the lesser of (i) 1.0% of the total number of shares of Fully Diluted Capital Stock (as defined in the 2026 ESPP) outstanding on December 31st of the preceding calendar year, (ii) 1,882,035 shares of Common Stock or (iii) such smaller number of shares of Common Stock as the Board of Directors may designate prior to the applicable January 1st. As of June 30, 2026, no shares were issued or sold under the 2026 ESPP.

The following tables summarize the Company’s option activity for the 2019 Plan for the six months ended June 30, 2026 and 2025:


	Shares Subject to Options Outstanding			Weighted- Average Exercise Price per share		Weighted- Remaining Contractual Life (in years)		Aggregate intrinsic value (in thousands)
Outstanding as of December 31, 2025		9,179,303		$	3.17		8.27	$	25,755
Vested and expected to vest as of December 31, 2025		9,179,303			3.17		8.27	$	25,755
Granted		1,353,006			6.55
Exercised		(109,715	)		2.11				594
Cancelled or forfeited		(440,518	)		3.68
Expired		(20,651	)		2.23
Outstanding as of June 30, 2026		9,961,425		$	3.62		7.87	$	45,229
Vested and exercisable as of June 30, 2026		4,127,360		$	2.67		6.87	$	24,271
Vested and expected to vest as of June 30, 2026		9,961,425		$	3.62		7.87	$	45,229


	Shares Subject to Outstanding Options and Common Shares Subject to Repurchase			Weighted- Average Exercise Price per share		Weighted- Remaining Contractual Life (in years)		Aggregate intrinsic value (in thousands)
Outstanding as of December 31, 2024		6,525,632		$	1.79		8.82	$	18,643
Vested and expected to vest options as of December 31, 2024		6,640,085		$	1.79		8.83	$	18,951
Granted		3,057,122			5.53
Exercised		—			—				—
Cancelled or forfeited		(562,241	)		3.95
Expired		—			—
Outstanding as of June 30, 2025		9,020,513		$	3.10		8.66	$	21,947
Vested and exercisable as of June 30, 2025		2,100,843		$	1.61		6.34	$	7,156
Vested and expected to vest options as of June 30, 2025		9,134,966		$	3.09		8.66	$	22,330

The weighted average grant-date fair value of options granted during the three and six months ended June 30, 2026, was $6.80 per share and $5.77 per share, respectively. The total fair value of options granted during the three and six months ended June 30, 2026 were $1.6 million and $7.8 million, respectively. The total fair value of options vested during the three and six months ended June 30, 2026, was $1.8 million and $5.2 million, respectively.

The weighted average grant-date fair value of options granted during the three and six months ended June 30, 2025, was $3.89 per share and $3.93 per share, respectively. The total fair value of options granted during the three and six months ended June 30, 2025 were $3.9 million and $12.0 million, respectively. The total fair value of options vested during the three and six months ended June 30, 2025, was $0.9 million and $1.3 million, respectively.

The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying stock options and the fair value of the Company’s common stock for stock options that were in-the-money at each reporting period. The aggregate intrinsic value of stock options exercised for the three and six months ended June 30, 2026, was $0.4 million and $0.6 million, respectively.

Executive Officer and Director Grants

In February 2024, the Board of Directors approved the grant of a stock option award for approximately 0.1 million shares to a director, with vesting subject to the achievement of a performance condition related to the consummation of a deemed liquidation event. Subsequently, in January 2025, the Company determined that the performance condition was not achieved, and the stock option award was cancelled. Accordingly, no stock-based compensation expense was recognized in connection with this award.

In July and August 2024, the Board of Directors approved the grants of stock option awards for a total of approximately 2.8 million shares to three executive officers joining the company, including the Chief Executive Officer, Chief Medical Officer and Chief Financial Officer. The Chief Executive Officer’s grant allows for early exercise of the stock options. In August 2024, the Board of Directors approved the early exercise of stock option awards for approximately 0.1 million shares related to the Chief Executive Officer’s grant. The cash proceeds received from the early exercise of $0.3 million were recorded as an early exercise liability in accrued expenses and other current liabilities in the Company’s balance sheet as of March 31, 2025. In July 2025, upon full vesting of the underlying shares issued pursuant to early exercise of stock options, the related early exercise liability was reclassified in its entirety to additional paid-in capital, resulting in no further remaining liability balance.

In April 2025, the Board of Directors approved a total of 461,612 stock option awards to certain executive officers and a member of the Board of Directors. The stock option awards include vesting criteria subject to the achievement of performance-based conditions related to the second tranche closing of the Series B redeemable convertible preferred stock financing in addition to service conditions. The Company assessed the probability that the performance criteria will be met at the grant date. The grant date fair value of the awards was $3.92 per share. In the three and six months ended June 30, 2026, the Company recognized expense for the stock options of $0.1 million and $0.2 million, respectively. In the three and six months ended June 30, 2025, the Company recognized expense for the stock options of $0.1 million. As of June 30, 2026, there was $1.0 million of unamortized stock-based compensation related to the portion of stock options, which is expected to be recognized over a weighted average period of 2.58 years.

Stock Option Valuation

In determining the fair value of the options granted, the Company uses the Black-Scholes option-pricing model and assumptions discussed below. Each of these inputs is subjective and generally requires significant judgment to determine.

Fair Value of Common Stock

The fair value of the shares of common stock underlying stock options has historically been determined by the Board of Directors. Because there has been no public market for the Company’s common stock, the Board of Directors has determined fair value of the common stock at the time of grant of the option by considering a number of objective and subjective factors including important developments in the Company’s operations, valuations performed by independent third parties, sales of redeemable convertible preferred stock, actual operating results and financial performance, the conditions in the pharmaceutical and biotechnology industry and the economy in general, the stock price performance and volatility of comparable public companies and the lack of liquidity of the Company’s common stock, among other factors. In the six months ended June 30, 2026 and 2025, the Company considered the stay private scenario, mergers and acquisitions (M&A) scenario and IPO exit scenario. In the stay-private scenario, the subject company transaction method was used, which examines prior transactions in the same or related equity of the Company. Probability-weighted expected return method was utilized to capture the value attributable to the IPO outcomes and M&A outcome. A hybrid method was used to allocate equity value to common stock under the stay private, IPO and M&A scenarios.

Expected Term

The expected term represents the period that the Company’s options granted are expected to be outstanding and is determined using the simplified method (based on the mid-point between the vesting date and the end of the contractual term). The Company has very limited historical information to develop reasonable expectations about future exercise patterns and post-vesting employment termination behavior for its stock option grants. The Company will continue to apply this process until a sufficient amount of historical information regarding exercise patterns and post-vesting employment termination behavior becomes available.

Volatility

The expected volatility for the Company’s stock options was determined by using an average of historical volatilities of selected industry peers deemed to be comparable to the Company’s business corresponding to the expected term of the awards.

Expected Dividends

The expected dividend assumption is based on the Company’s history and expectation of dividend payouts. The expected dividend yield is 0% as the Company has not paid and does not anticipate paying dividends on its common stock.

Risk-Free Rate

The risk-free rate assumption is based on the U.S. Treasury yield curve whose term is consistent with the expected term of the stock options.

The fair value of options granted during the three and six months ended June 30, 2026 and 2025 was estimated using the following assumptions:


	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
Expected dividend yield	– %	– %	– %	– %
Risk-free interest rate	4.04% – 4.18%	3.94% – 3.97%	3.81% – 4.18%	3.94% – 4.29%
Expected volatility	73.6% – 74.7%	77.0% – 79.4%	73.5% – 74.7%	77.0% – 80.1%
Expected term (in years)	6.0 – 6.1	6.0 – 6.1	6.0 – 6.1	5.9 – 6.1

The following table summarizes the components of stock-based compensation expense recognized in the Company’s statements of operations and comprehensive loss (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Research and development	$	997	$	678	$	1,877	$	1,408
General and administrative		1,146		999		2,244		1,744
Total stock-based compensation expense	$	2,143	$	1,677	$	4,121	$	3,152

In connection with the IPO, the Company reassessed the fair value of its common stock underlying certain stock option grants made prior to the IPO. As a result of this reassessment, the Company recognized additional stock-based compensation expense of $0.2 million during the three and six months ended June 30, 2026.

As of June 30, 2026, the total stock-based compensation expense related to stock options not yet recognized was $21.6 million, which is expected to be recognized over a weighted average period of 2.76 years.

Redeemable Convertible Preferred Stock (Tables)

6 Months Ended

Jun. 30, 2026

Temporary Equity Disclosure [Abstract]

Summary of Redeemable Convertible Preferred Stock

The Company’s redeemable convertible preferred stock consisted of the following as of June 30, 2026 and December 31, 2025 (in thousands, except share and per share amounts):


	June 30, 2026
	Shares Authorized		Shares Issued and Outstanding		Original Issue Price		Liquidation Preference		Carrying Value
Series Seed		6,032,384		938,979	$	2.28	$	2,140	$	2,123
Series A		51,727,645		8,051,735		4.45		35,759		35,634
Series A-2		111,273,075		17,320,357		5.78		100,000		99,772
Series B		95,364,030		14,844,011		10.11		150,000		151,053
		264,397,134		41,155,082			$	287,899	$	288,582


	December 31, 2025
	Shares Authorized		Shares Issued and Outstanding		Original Issue Price		Liquidation Preference		Carrying Value
Series Seed		6,032,384		938,979	$	2.28	$	2,140	$	2,123
Series A		51,727,645		8,051,735		4.45		35,759		35,634
Series A-2		111,273,075		17,320,357		5.78		100,000		99,772
Series B		95,364,030		14,844,011		10.11		150,000		151,053
		264,397,134		41,155,082			$	287,899	$	288,582

- 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

Condensed Statements of Redeemable Convertible Preferred Stock and Stockholders' Deficit (Unaudited) - USD ($) $ in Thousands	Total	Redeemable Convertible Preferred Stock	Common Stock	Additional Paid-In Capital	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2024		26,311,071
Beginning balance at Dec. 31, 2024		$ 137,529
Beginning balance (in shares) at Dec. 31, 2024			821,921
Beginning balance at Dec. 31, 2024	$ (129,599)		$ 0	$ 4,365	$ (133,964)
Issuance of Series B redeemable convertible preferred stock, net of preferred stock tranche liability and issuance costs (in shares)		9,896,006
Issuance of Series B redeemable convertible preferred stock, net of preferred stock tranche liability and issuance costs		$ 98,976
Stock-based compensation expense	1,475			1,475
us-gaap:NetIncomeLoss	(20,952)				(20,952)
Ending balance (in shares) at Mar. 31, 2025		36,207,077
Ending balance at Mar. 31, 2025		$ 236,505
Ending balance (in shares) at Mar. 31, 2025			821,921
Ending balance at Mar. 31, 2025	(149,076)		$ 0	5,840	(154,916)
Beginning balance (in shares) at Dec. 31, 2024		26,311,071
Beginning balance at Dec. 31, 2024		$ 137,529
Beginning balance (in shares) at Dec. 31, 2024			821,921
Beginning balance at Dec. 31, 2024	(129,599)		$ 0	4,365	(133,964)
us-gaap:NetIncomeLoss	(46,787)
Ending balance (in shares) at Jun. 30, 2025		36,207,077
Ending balance at Jun. 30, 2025		$ 236,505
Ending balance (in shares) at Jun. 30, 2025			821,921
Ending balance at Jun. 30, 2025	(173,234)		$ 0	7,517	(180,751)
Beginning balance (in shares) at Mar. 31, 2025		36,207,077
Beginning balance at Mar. 31, 2025		$ 236,505
Beginning balance (in shares) at Mar. 31, 2025			821,921
Beginning balance at Mar. 31, 2025	(149,076)		$ 0	5,840	(154,916)
Stock-based compensation expense	1,677			1,677
us-gaap:NetIncomeLoss	(25,835)				(25,835)
Ending balance (in shares) at Jun. 30, 2025		36,207,077
Ending balance at Jun. 30, 2025		$ 236,505
Ending balance (in shares) at Jun. 30, 2025			821,921
Ending balance at Jun. 30, 2025	$ (173,234)		$ 0	7,517	(180,751)
Issuance of Series B redeemable convertible preferred stock, net of preferred stock tranche liability and issuance costs (in shares)	41,155,082
Beginning balance (in shares) at Dec. 31, 2025	41,155,082	41,155,082
Beginning balance at Dec. 31, 2025	$ 288,582	$ 288,582
Beginning balance (in shares) at Dec. 31, 2025	878,521		878,521
Beginning balance at Dec. 31, 2025	$ (231,674)		$ 0	11,457	(243,131)
Issuance of common stock upon exercise of stock options (in shares)			46,672
Issuance of common stock upon exercise of stock options	78			78
Stock-based compensation expense	1,978			1,978
us-gaap:NetIncomeLoss	(22,961)				(22,961)
Ending balance (in shares) at Mar. 31, 2026		41,155,082
Ending balance at Mar. 31, 2026		$ 288,582
Ending balance (in shares) at Mar. 31, 2026			925,193
Ending balance at Mar. 31, 2026	$ (252,579)		$ 0	13,513	(266,092)
Beginning balance (in shares) at Dec. 31, 2025	41,155,082	41,155,082
Beginning balance at Dec. 31, 2025	$ 288,582	$ 288,582
Beginning balance (in shares) at Dec. 31, 2025	878,521		878,521
Beginning balance at Dec. 31, 2025	$ (231,674)		$ 0	11,457	(243,131)
us-gaap:NetIncomeLoss	$ (48,758)
Ending balance (in shares) at Jun. 30, 2026	41,155,082	41,155,082
Ending balance at Jun. 30, 2026	$ 288,582	$ 288,582
Ending balance (in shares) at Jun. 30, 2026	988,236		988,236
Ending balance at Jun. 30, 2026	$ (276,080)		$ 0	15,809	(291,889)
Beginning balance (in shares) at Mar. 31, 2026		41,155,082
Beginning balance at Mar. 31, 2026		$ 288,582
Beginning balance (in shares) at Mar. 31, 2026			925,193
Beginning balance at Mar. 31, 2026	(252,579)		$ 0	13,513	(266,092)
Issuance of common stock upon exercise of stock options (in shares)			63,043
Issuance of common stock upon exercise of stock options	153			153
Stock-based compensation expense	2,143			2,143
us-gaap:NetIncomeLoss	$ (25,797)				(25,797)
Ending balance (in shares) at Jun. 30, 2026	41,155,082	41,155,082
Ending balance at Jun. 30, 2026	$ 288,582	$ 288,582
Ending balance (in shares) at Jun. 30, 2026	988,236		988,236
Ending balance at Jun. 30, 2026	$ (276,080)		$ 0	$ 15,809	$ (291,889)
Issuance of Series B redeemable convertible preferred stock, net of preferred stock tranche liability and issuance costs (in shares)	41,155,082

Summary of Significant Accounting Policies - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2025	Dec. 31, 2024
Restricted Cash and Cash Equivalent Item [Line Items]
Cash and cash equivalents	$ 55,003	$ 69,437
Restricted cash, current	194	192
Restricted cash, noncurrent ("Other assets")	13	92
Total cash, cash equivalents and restricted cash	$ 55,210	$ 69,721	$ 74,500	$ 17,918

Net Loss Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025
Numerator:
us-gaap:NetIncomeLoss	$ (25,797)	$ (22,961)	$ (25,835)	$ (20,952)	$ (48,758)	$ (46,787)
Net loss attributable to common stockholders, basic	$ (25,797)		$ (25,835)		$ (48,758)	$ (46,787)
Denominator:
Weighted average common shares outstanding	935,025		821,918		922,024	821,921
Less: Weighted-average common shares subject to repurchase	0		(114,453)		0	(114,453)
Weighted-average common shares outstanding used to calculate net loss per share attributable to common stockholders, basic	935,025		707,465		922,024	707,468
Weighted-average common shares outstanding used to calculate net loss per share attributable to common stockholders, diluted	935,025		707,465		922,024	707,468
Net loss per share attributable to common stockholders, basic	$ (27.59)		$ (36.52)		$ (52.88)	$ (66.13)
Net loss per share attributable to common stockholders, diluted	$ (27.59)		$ (36.52)		$ (52.88)	$ (66.13)

Segment Reporting

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Segment Reporting

13.

Segment Reporting

The accounting policies of the segment are the same as those described in Note 2. Summary of Significant Accounting Policies.

The Company operates as one operating and reportable segment. The Company’s CODM reviews and evaluates net loss to monitor budget versus actual results and to analyze cash flows for purposes of allocating resources and assessing financial performance. Segment assets provided to the CODM are consistent with those reported on the unaudited interim condensed balance sheets.


	Three Months Ended June 30,					Six Months Ended June 30,
	2026			2025		2026			2025
Research and development expenses:
Direct Program Costs Onzotrigine	$	8,566		$	9,936	$	15,256		$	17,135
Other clinical and non-clinical programs		5,559			7,628		10,205			14,497
Personnel-related R&D expenses		5,526			4,075		10,488			7,697
Other R&D expenses		1,575			1,285		2,910			2,283
Total research and development expenses		21,226			22,924		38,859			41,612
General and administrative expenses		4,582			2,821		10,385			5,645
Total other (income) expense, net		(11	)		90		(486	)		(470	)
Net loss	$	25,797		$	25,835	$	48,758		$	46,787

- Definition

The entire disclosure for segment reporting.

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+ Details