0001193125-26-239417 | 10-Q | XBRL Viewer

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Condensed consolidated statements of operations and comprehensive loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Operating expenses
Research and development	$ 70,873	$ 10,130
General and administrative	13,787	10,328
Total operating expenses	84,660	20,458
Loss from operations	(84,660)	(20,458)
Other Nonoperating Income (Expense) [Abstract]
Interest income	5,716	1,675
Other income, net	79	800
Total other income	5,795	2,475
Net loss	(78,865)	(17,983)
Other comprehensive loss
Unrealized loss	(761)	(6)
Comprehensive loss	$ (79,626)	$ (17,989)
Net loss per share attributable to common stockholders - basic	$ (3,650)	$ (17,983)
Net loss per share attributable to common stockholders - diluted	$ (3,650)	$ (17,983)
Weighted-average common stock outstanding - basic	21,607	1
Weighted-average common stock outstanding - diluted	21,607	1

Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Prepaid Expense and Other Assets, Current [Abstract]
Interest receivable	$ 3,208	$ 2,725
Prepaid expenses	2,164	2,645
Prepaid clinical	1,699	2,356
Prepaid manufacturing	3,211	1,724
Prepaid other research and development	293	459
Prepaid bonuses	206	338
Other	360	1,234
Total	$ 11,141	$ 11,481

Segment Reporting - Additional Information (Details)	3 Months Ended
Segment Reporting - Additional Information (Details)	Mar. 31, 2026 Segment
Segment Reporting [Abstract]
Number of operating segment	1
Number of reporting segment	1
CODM Description	the CODM uses cash forecast models in deciding how to invest into the segment. Such cash forecast models are reviewed to assess the entity-wide operating results and performance. Net loss is used to monitor budget versus actual results. Monitoring budgeted versus actual results is used in assessing performance of the segment, along with cash forecast models.
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	srt:ChiefExecutiveOfficerMember

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Pay vs Performance Disclosure
Net Income (Loss)	$ (78,865)	$ (17,983)

- Definition

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

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+ Details

Condensed consolidated balance sheets (unaudited) - USD ($)	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 111,826,000	$ 160,267,000
Marketable securities	407,348,000	385,789,000
Prepaid expenses and other current assets	11,141,000	11,481,000
Total current assets	530,315,000	557,537,000
Property and equipment, net	1,854,000	1,955,000
Restricted cash	761,000	761,000
Long-term marketable securities	62,747,000	106,672,000
Non-current clinical deposits	13,318,000	12,185,000
Operating lease right-of-use assets	10,170,000	10,463,000
Other non-current assets	5,591,000	2,721,000
Total assets	624,756,000	692,294,000
Current liabilities:
Accounts payable	7,095,000	7,529,000
Accrued expenses and other current liabilities	46,714,000	37,836,000
Operating lease liabilities, current	1,027,000	1,040,000
Total current liabilities	54,836,000	46,405,000
Operating lease liabilities, non-current	9,443,000	9,713,000
Other non-current liabilities	201,000	270,000
Total liabilities	64,480,000	56,388,000
Commitments and contingencies (Note 12)
Convertible preferred stock:
Convertible preferred stock	992,363,123	992,363,123
Stockholders' deficit:
Common stock	0	0
Additional paid-in capital	15,977,000	11,981,000
Accumulated other comprehensive (loss) income	(532,000)	229,000
Accumulated deficit	(447,533,000)	(368,668,000)
Total stockholders' deficit	(432,088,000)	(356,458,000)
Total liabilities, convertible preferred stock and stockholders' deficit	624,756,000	692,294,000
Series A Convertible Preferred Stock [Member]
Convertible preferred stock:
Convertible preferred stock	390,306,000	390,306,000
Series B Convertible Preferred Stock [Member]
Convertible preferred stock:
Convertible preferred stock	$ 602,057,535	$ 602,057,535

Commitments and contingencies - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended
	Dec. 31, 2024	May 31, 2024	Mar. 31, 2026	Dec. 31, 2025	May 15, 2024
Loss Contingencies [Line Items]
Preferred stock, shares issued			78,762,142	78,762,142
Clinical and regulatory milestone payments		$ 200.0
Maximum
Loss Contingencies [Line Items]
Commercial milestone payments		$ 5,700.0
Series A-2 Convertible Preferred Stock
Loss Contingencies [Line Items]
Preferred stock, shares issued		5,677,603			5,677,603
License and collaboration agreement
Loss Contingencies [Line Items]
Non-refundable upfront payment		$ 100.0
Technology transfer fee	$ 10.0

- 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

Net Loss Per Share (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Summary of Potentially Dilutive Common Stock Equivalents Excluded from Computation of Diluted Net Loss Per Share Attributable to Common Stockholders

The following potentially dilutive common stock equivalents, presented based on amounts outstanding at the period end, were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect:


	March 31,
	2026		2025
Options to purchase common stock		14,457,716		7,148,095
Convertible preferred stock (as converted to common stock)		84,596,391		39,487,338
Total		99,054,107		46,635,433

Accrued Expenses and Other Current Liabilities

3 Months Ended

Mar. 31, 2026

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

7. Accrued expenses and other current liabilities

Accrued expenses and other current liabilities consisted of the following:


	March 31, 2026		December 31, 2025
Accrued clinical	$	21,993	$	18,888
Accrued employee compensation and benefits		4,661		9,054
Accrued professional services		1,889		3,866
Accrued manufacturing		16,993		3,812
Accrued other research and development		456		1,300
Other		722		916
	$	46,714	$	37,836

Marketable Securities - Schedule of Marketable Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Marketable Securities
Debt Securities, Available-for-Sale [Line Items]
Amortized cost	$ 407,726	$ 385,668
Gross Unrealized Gains	3	168
Gross Unrealized Losses	(381)	(47)
Fair Value	407,348	385,789
Long-term Marketable Securities
Debt Securities, Available-for-Sale [Line Items]
Amortized cost	62,899	106,575
Gross Unrealized Gains		98
Gross Unrealized Losses	(152)	(1)
Fair Value	62,747	106,672
U.S. Government Agency Debt Securities \| Marketable Securities
Debt Securities, Available-for-Sale [Line Items]
Amortized cost	192,509	169,690
Gross Unrealized Gains	1	108
Gross Unrealized Losses	(98)
Fair Value	192,412	169,798
U.S. Government Agency Debt Securities \| Long-term Marketable Securities
Debt Securities, Available-for-Sale [Line Items]
Amortized cost	34,129	62,038
Gross Unrealized Gains		80
Gross Unrealized Losses	(75)
Fair Value	34,054	62,118
Corporate Debt Securities \| Marketable Securities
Debt Securities, Available-for-Sale [Line Items]
Amortized cost	133,431	122,737
Gross Unrealized Gains		23
Gross Unrealized Losses	(240)	(47)
Fair Value	133,191	122,713
Corporate Debt Securities \| Long-term Marketable Securities
Debt Securities, Available-for-Sale [Line Items]
Amortized cost	28,770	44,537
Gross Unrealized Gains		18
Gross Unrealized Losses	(77)	(1)
Fair Value	28,693	44,554
Commercial Paper \| Marketable Securities
Debt Securities, Available-for-Sale [Line Items]
Amortized cost	81,786	93,241
Gross Unrealized Gains	2	37
Gross Unrealized Losses	(43)
Fair Value	$ 81,745	$ 93,278

Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025	May 31, 2024
Related Party Transaction [Line Items]
Research and development expense	$ 70,873	$ 10,130
Accrued expenses	46,714		$ 37,836
Hengrui License Agreement
Related Party Transaction [Line Items]
Research and development expense	400	$ 400
Accrued expenses	$ 600		$ 200
Hengrui License Agreement \| Series A-2 Convertible Preferred Stock
Related Party Transaction [Line Items]
Shares issued as a percentage of outstanding capital stock				19.90%

- Definition

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

+ References

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

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

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

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

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

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

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

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

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

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

+ Details

Leases (Tables)

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

Schedule of Lease Costs

The following table summarizes the effect of lease costs in the Company’s condensed consolidated statements of operations and comprehensive loss (in thousands):


	Three Months Ended March 31,
	2026		2025
Operating lease costs	$	619	$	145
Variable lease costs		—		—
Total lease costs	$	619	$	145

Summary of Future Minimum Lease Payments under Operating Leases

The following table summarizes the future minimum lease payments due under operating leases as of March 31, 2026 (in thousands):


	Total minimum lease payments
Year Ending December 31,
2026	$	1,654
2027		2,220
2028		2,259
2029		2,299
2030		2,338
2031 and thereafter		4,387
Total lease payments		15,157
Less: interest		(4,687	)
Total lease liabilities	$	10,470

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Convertible Preferred Stock - Schedule of Preferred Stock (Details) - USD ($)

Mar. 31, 2026

Dec. 31, 2025

Oct. 31, 2025

Mar. 31, 2025

Dec. 31, 2024

Dec. 09, 2024

May 15, 2024

Class of Stock [Line Items]

Preferred stock, shares authorized

78,762,142

Preferred stock, shares issued

78,762,142

Preferred stock, shares outstanding

78,762,142

Carrying value

$ 992,363,123

Liquidation preference

$ 959,959,576

Common stock issuable upon conversion

84,596,391

Series A-1 Convertible Preferred Stock

Class of Stock [Line Items]

Preferred stock, shares authorized

30,000,000

Preferred stock, shares issued

30,000,000

10,000,000

20,000,000

Preferred stock, shares outstanding

30,000,000

Carrying value

$ 294,357,583

$ 294,358,000

Liquidation preference

$ 300,000,000

Common stock issuable upon conversion

30,000,000

Series A-2 Voting Convertible Preferred Stock

Class of Stock [Line Items]

Preferred stock, shares authorized

^[1]

4,968,789

Preferred stock, shares issued

4,968,789

^[1]

4,968,789

^[1]

4,968,789

Preferred stock, shares outstanding

^[1]

4,968,789

Carrying value

^[1]

$ 84,500,659

Liquidation preference

^[1]

$ 49,687,890

Common stock issuable upon conversion

^[1]

9,477,719

Series A-2 Nonvoting Convertible Preferred Stock

Class of Stock [Line Items]

Preferred stock, shares authorized

^[1]

708,814

Preferred stock, shares issued

708,814

^[1]

708,814

^[1]

708,814

Preferred stock, shares outstanding

^[1]

708,814

Carrying value

^[1]

$ 11,447,346

Liquidation preference

^[1]

$ 7,088,140

Common stock issuable upon conversion

^[1]

2,034,133

Total Series A-2 Convertible Preferred Stock

Class of Stock [Line Items]

Preferred stock, shares authorized

^[1]

5,677,603

Preferred stock, shares issued

^[1]

5,677,603

Preferred stock, shares outstanding

^[1]

5,677,603

Carrying value

^[1]

$ 95,948,005

Liquidation preference

^[1]

$ 56,776,030

Common stock issuable upon conversion

^[1]

11,511,852

Series B Convertible Preferred Stock

Class of Stock [Line Items]

Preferred stock, shares authorized

43,084,539

Preferred stock, shares issued

43,084,539

35,714,285

Preferred stock, shares outstanding

43,084,539

Carrying value

$ 602,057,535

Liquidation preference

$ 603,183,546

Common stock issuable upon conversion

43,084,539

[1]	* No deemed liquidation events occurred prior to November 15, 2025.

Stock-based Compensation - Schedule of Stock Option Activity (Details) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026 USD ($) $ / shares shares	Dec. 31, 2025 USD ($) $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]
Number of options outstanding, Beginning balance \| shares	13,470,409
Number of options, Granted \| shares	1,572,649
Number of options, Exercised \| shares	(10,905)
Number of options, Cancelled or forfeited \| shares	(574,437)
Number of options outstanding, Ending balance \| shares	14,457,716	13,470,409
Number of options, Exercisable \| shares	3,124,983
Outstanding, Weighted-average exercise price, Beginning Balance \| $ / shares	$ 6.2
Weighted-average exercise price, Granted \| $ / shares	10.65
Weighted-average exercise price, Exercised \| $ / shares	5.25
Weighted-average exercise price, Cancelled or forfeited \| $ / shares	6.34
Outstanding, Weighted-average exercise price, Ending Balance \| $ / shares	6.68	$ 6.2
Weighted-average exercise price, Exercisable \| $ / shares	$ 5.38
Weighted-average remaining contractual term (years), Outstanding	9 years 10 days	9 years 2 months 1 day
Weighted-average remaining contractual term (years), Exercisable	8 years 3 days
Aggregate intrinsic value, Outstanding \| $	$ 70,560	$ 52,398
Aggregate intrinsic value, Exercisable \| $	$ 19,313

Leases

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

Leases

6. Leases

Prior to 2025, the Company entered into lease agreements for office space located in Waltham, Massachusetts and San Diego, California, both of which were scheduled to expire in 2025 and were classified as operating leases. Each lease contained both fixed and variable lease payments. The lease for the premises in Waltham, Massachusetts included an option to extend the lease term for one six-month period.

In March 2025, the Company executed a new, seven-year, non-cancellable operating lease agreement for approximately 39,500 square feet of office space in Waltham, Massachusetts for its corporate headquarters. The lease commenced in October 2025, following completion of construction to prepare the premises for the Company’s intended use. The lease provided for base rent of $2.2 million for the first year, which will increase by approximately 2% each year. The Company’s lease payments also include real estate taxes and other operating expenses allocable to the leased premises, which exceed base year amounts. The Company has the option to extend the lease for one additional five-year term with base rent calculated on the then-market rate. In accordance with the lease agreement, the Company maintained a letter of credit of $0.8 million, which is refundable at the end of the lease term. As of March 31, 2026, the underlying cash balance collateralizing this letter of credit was classified as restricted cash (non-current) on the condensed consolidated balance sheets based on the release date of the restrictions of this cash. In connection with the new lease agreement, the Company amended its previous lease in Waltham, Massachusetts to extend the lease term to end shortly after the lease commencement date of its new lease agreement, which occurred in the fourth quarter of 2025.

Upon commencement of the lease for its corporate headquarters, the Company recognized operating lease liabilities of $10.6 million, based on an expected contractual obligation of $15.9 million and an incremental borrowing rate of 12.0% and recognized a right-of-use asset of $10.6 million.

The following table summarizes the effect of lease costs in the Company’s condensed consolidated statements of operations and comprehensive loss (in thousands):


	Three Months Ended March 31,
	2026		2025
Operating lease costs	$	619	$	145
Variable lease costs		—		—
Total lease costs	$	619	$	145

For the three months ended March 31, 2026 and 2025, the Company made cash payments for operating leases of less than $0.6 million and $0.2 million, respectively.

The following table summarizes the future minimum lease payments due under operating leases as of March 31, 2026 (in thousands):


	Total minimum lease payments
Year Ending December 31,
2026	$	1,654
2027		2,220
2028		2,259
2029		2,299
2030		2,338
2031 and thereafter		4,387
Total lease payments		15,157
Less: interest		(4,687	)
Total lease liabilities	$	10,470

The total lease liabilities are presented on the Company’s consolidated balance sheets based on maturity dates. As of March 31, 2026, $1.0 million is classified under “operating lease liabilities, current” for the portion due within twelve months, and $9.4 million is classified under “operating lease liabilities, non-current.”

As of March 31, 2026, the weighted average remaining lease term was 6.6 years and the weighted average incremental borrowing rate used to determine the operating lease liability was 12%.

Stock-based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended
	Mar. 31, 2026	Mar. 31, 2026	Mar. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of common shares issued		1,572,649
Weighted-average grant-date fair value of stock options granted		$ 10.65
Unrecognized compensation cost	$ 52.9	$ 52.9
Weighted-average period expected to be recognized		3 years 1 month 6 days
Stock Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted-average grant-date fair value of stock options granted		$ 7.68	$ 3.8
2024 Equity Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of common shares issued	15,517,688
Common stock shares available for grant (in shares)	1,030,020	1,030,020
Stock options expiration period		10 years
2024 Equity Incentive Plan \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Term of stock options		10 years
Stock options vesting period		4 years
2024 Equity Incentive Plan \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Fair market value percentage of common stock		100.00%
Combined voting power		10.00%
Incentive stock option percentage		110.00%
Stock options vesting period		3 years

Net Loss Per Share - Summary of Potentially Dilutive Common Stock Equivalents Excluded from Computation of Diluted Net Loss Per Share Attributable to Common Stockholders (Details) - shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted net loss per share attributable to common stockholders	99,054,107	46,635,433
Options to Purchase Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted net loss per share attributable to common stockholders	14,457,716	7,148,095
Convertible Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted net loss per share attributable to common stockholders	84,596,391	39,487,338

Leases - Additional Information (Details) $ in Thousands		3 Months Ended
Leases - Additional Information (Details) $ in Thousands	Oct. 31, 2025 USD ($)	Mar. 31, 2026 USD ($)	Mar. 31, 2025 USD ($) ft²	Dec. 31, 2025 USD ($)
Lessee, Lease, Description [Line Items]
Operating lease base rent	$ 2,200
Option to extend the lease	true
Letter of credit outstanding	$ 800
Percentage of annual increase in rent	2.00%
Total lease liabilities	$ 10,600	$ 10,470
Expected contractual obligation	$ 15,900
Incremental borrowing rate	12.00%
Operating lease right-of-use assets	$ 10,600	10,170		$ 10,463
Operating lease liabilities, current		1,027		1,040
Operating lease liabilities, non-current		$ 9,443		$ 9,713
Weighted average remaining lease term		6 years 7 months 6 days
Weighted average incremental borrowing rate		12.00%
Maximum
Lessee, Lease, Description [Line Items]
Cash payments for operating leases		$ 600	$ 200
Waltham, Massachusetts
Lessee, Lease, Description [Line Items]
Term of agreement			7 years
Area of office space \| ft²			39,500

Nature of the Business - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended
	Apr. 20, 2026	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Subsequent Event [Line Items]
Net loss		$ 78,865	$ 17,983
Accumulated deficit		447,533		$ 368,668
Cash, cash equivalents, and marketable securities		$ 581,900
Subsequent Events
Subsequent Event [Line Items]
Gross proceeds from initial public offering	$ 718,800

- Definition

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

+ References

+ Details

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Fair Value of Financial Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Summary Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values (in thousands):


	Fair value measurements as of March 31, 2026
	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	109,746	$	—	$	—	$	109,746
Marketable securities:
U.S. government agency debt securities		—		226,466		—		226,466
Corporate debt securities		—		161,884		—		161,884
Commercial paper		—		81,745		—		81,745
Total assets	$	109,746	$	470,095	$	—	$	579,841


	Fair value measurements as of December 31, 2025
	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	104,212	$	—	$	—	$	104,212
Corporate debt securities		—		27,353		—		27,353
Commercial paper		—		25,922		—		25,922
Marketable securities:
U.S. government agency debt securities		—		231,915		—		231,915
Corporate debt securities		—		167,268		—		167,268
Commercial paper		—		93,278		—		93,278
Total assets	$	104,212	$	545,736	$	—	$	649,948

Summary of significant accounting policies (Policies)	3 Months Ended
Summary of significant accounting policies (Policies)	Mar. 31, 2026
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative United States generally accepted accounting principles as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”).
Unaudited interim financial information	Unaudited interim financial information The condensed consolidated balance sheet as of December 31, 2025 was derived from audited financial statements but does not include all disclosures required by GAAP. The accompanying unaudited financial statements as of March 31, 2026 and for the three months ended March 31, 2026 and 2025 have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission, or SEC, for interim financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. These financial statements should be read in conjunction with the Company's audited financial statements included in its final prospectus filed with the SEC pursuant to Rule 424(b) under the Securities Act of 1933, as amended, on April 17, 2026 (the "Prospectus"). In the opinion of management, all adjustments, consisting only of normal recurring adjustments necessary for a fair presentation of the Company's financial position as of March 31, 2026, and the results of operations and cash flows for the three months ended March 31, 2026 and 2025. The results of operations for the three months ended March 31, 2026 are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2026 or any other period.
Emerging growth company status and smaller reporting company status	Emerging growth company status and smaller reporting company status The Company is an “emerging growth company,” as defined in the Jumpstart Our Business Startups Act (the "JOBS Act"), and may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies. The Company may take advantage of these exemptions until the Company is no longer an “emerging growth company.” Section 107 of the JOBS Act provides that an “emerging growth company” can take advantage of the extended transition period afforded by the JOBS Act for the implementation of new or revised accounting standards. The Company has elected to use the extended transition period for complying with new or revised accounting standards and as a result of this election, its financial statements may not be comparable to companies that comply with public company effective dates. The Company may take advantage of these exemptions up until the last day of the fiscal year following the fifth anniversary of its initial public offering, or December 31, 2031, or such earlier time that it is no longer an “emerging growth company”. As of the date of the issuance of these financial statements, the Company is also a “smaller reporting company”. If the Company is a smaller reporting company at the time it ceases to be an emerging growth company, the Company may continue to rely on exemptions from certain disclosure requirements that are available to smaller reporting companies.
Recently issued and adopted accounting pronouncements	Recently issued and adopted accounting pronouncements From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies and adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on its financial statements and disclosures. In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”). The amendments in ASU 2024-03 require public entities to disclose specified information about certain costs and expenses. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods within those fiscal years beginning after December 15, 2027. The Company is currently evaluating the impact of this standard on its condensed consolidated financial statements. In September 2025, the FASB issued ASU 2025-06, Intangibles – Goodwill and Other – Internal-Use Software (“ASU 2025-06”). The amendments change (i) the criteria regarding the timing of the capitalization of costs for internal-use software and (ii) the accounting for website development costs. The amendments are effective for annual periods beginning after December 15, 2027. The Company is currently evaluating the impact of the amendments on its condensed consolidated financial statements. In September 2025, the FASB issued ASU 2025-07, Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract (“ASU 2025-07”). The guidance refines the scope of ASC Topic 815, Derivatives and Hedging, to clarify which contracts are subject to derivative accounting. The guidance also provides clarification under ASC 606 for share-based payments from a customer in a revenue contract. The Company adopted the standard on a modified retrospective basis as of January 1, 2026. As a result of the new derivative scope exception created by the standard, certain previously identified derivatives no longer meet the criteria for derivative accounting. These derivatives did not have any fair value as of December 31, 2025, and therefore no amounts are recognized related to the adoption of the standard. development derivative liability similar to a debt obligation under the guidance of ASC 470-10. Refer to Note 9, Liabilities Related To The Sale Of Future Royalties And Development Funding, for additional information related to the adoption of this new standard and the related effects to the condensed consolidated financial statements. We elected to adopt the guidance of ASU 2025-07 because we believe the accounting treatment of this guidance better reflects the economics of our existing research and development funding arrangements and provides more decision-useful information when derivative accounting is not applied. The guidance of ASU 2025-07 related to share-based noncash consideration received in exchange for the transfer of goods or services to a customer did not have any impact on our condensed consolidated financial statements upon adoption. In December 2025, the FASB issued ASU 2025-12, Codification Improvements (“ASU 2025-12”). ASU 2025-12 addresses suggestions received from stakeholders on the ASC and to make other incremental improvements to U.S. GAAP. The update represents changes to the ASC that (1) clarify, (2) correct errors, or (3) make minor improvements. The amendments make the ASC easier to understand and apply. The guidance is effective for fiscal years beginning after December 15, 2026, including interim periods within those fiscal years. The Company is currently evaluating the impact of this standard on its condensed consolidated financial statements.

Marketable Securities - Additional Information (Details)	Mar. 31, 2026 USD ($) Security
Investments, Debt and Equity Securities [Abstract]
Number of securities in unrealized loss position \| Security	67
Total fair market value in an unrealized loss position	$ 418,200,000
Allowances for credit losses	$ 0

Common Stock - Schedule of Common Stock Shares Reserved for Future Issuance (Details) - shares	Mar. 31, 2026	Dec. 31, 2025
Class of Stock [Line Items]
Total shares of authorized common stock reserved for future issuance	100,084,127	100,095,032
Employee Stock Option
Class of Stock [Line Items]
Total shares of authorized common stock reserved for future issuance	14,457,716	13,470,409
Equity compensation plans
Class of Stock [Line Items]
Total shares of authorized common stock reserved for future issuance	1,030,020	2,028,232
Series A-1 preferred stock
Class of Stock [Line Items]
Total shares of authorized common stock reserved for future issuance	30,000,000	30,000,000
Series A-2 preferred stock
Class of Stock [Line Items]
Total shares of authorized common stock reserved for future issuance	11,511,852	11,511,852
Series B preferred stock
Class of Stock [Line Items]
Total shares of authorized common stock reserved for future issuance	43,084,539	43,084,539

- 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 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

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

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-Section 50
-Paragraph 13
-Subparagraph (d)
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+ Details

Condensed consolidated statements of convertible preferred stock and stockholders' deficit (unaudited) - USD ($)	Total	Series A-1 Convertible Preferred Stock	Series A-2 Convertible Preferred Stock	Series A-2 (NV) Convertible Preferred Stock	Series B Convertible Preferred Stock	Common Stock	Additional paid-in capital	Accumulated other comprehensive (loss) income	Accumulated deficit
Balance at beginning of period at Dec. 31, 2024	$ (218,772,000)						$ 941,000		$ (219,713,000)
Balance at beginning of period, shares at Dec. 31, 2024						1
Balance at beginning of period, convertible preferred stock at Dec. 31, 2024		$ 294,358,000	$ 84,501,000	$ 11,447,000
Balance at beginning of period, convertible preferred stock, shares at Dec. 31, 2024		30,000,000	4,968,789	708,814
Stock-based compensation expense	1,523,000						1,523,000
Unrealized loss on marketable securities	(6,000)							$ (6,000)
Net Income (Loss)	(17,983,000)								(17,983,000)
Balance at end of period at Mar. 31, 2025	(235,238,000)						2,464,000	(6,000)	(237,696,000)
Balance at end of period, shares at Mar. 31, 2025						1
Balance at end of period, convertible preferred stock at Mar. 31, 2025		$ 294,358,000	$ 84,501,000	$ 11,447,000
Balance at end of period, convertible preferred stock, shares at Mar. 31, 2025		30,000,000	4,968,789	708,814
Balance at beginning of period at Dec. 31, 2025	(356,458,000)						11,981,000	229,000	(368,668,000)
Balance at beginning of period, shares at Dec. 31, 2025						19,048
Balance at beginning of period, convertible preferred stock at Dec. 31, 2025	$ 992,363,123	$ 294,357,583	$ 84,501,000	$ 11,447,000	$ 602,057,535
Balance at beginning of period, convertible preferred stock, shares at Dec. 31, 2025	78,762,142	30,000,000	4,968,789	708,814	43,084,539
Exercise of stock options (in shares)	10,905					10,905
Exercise of stock options	$ 57,000						57,000
Stock-based compensation expense	3,939,000						3,939,000
Unrealized loss on marketable securities	(761,000)							(761,000)
Net Income (Loss)	(78,865,000)								(78,865,000)
Balance at end of period at Mar. 31, 2026	(432,088,000)						$ 15,977,000	$ (532,000)	$ (447,533,000)
Balance at end of period, shares at Mar. 31, 2026						29,953
Balance at end of period, convertible preferred stock at Mar. 31, 2026	$ 992,363,123	$ 294,357,583	$ 84,501,000	$ 11,447,000	$ 602,057,535
Balance at end of period, convertible preferred stock, shares at Mar. 31, 2026	78,762,142	30,000,000	4,968,789	708,814	43,084,539

- Definition

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

+ References

+ Details

- Definition

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

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+ Details

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2026	May 20, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2026
Document Fiscal Year Focus	2026
Current Fiscal Year End Date	--12-31
Entity File Number	001-43233
Entity Central Index Key	0002096997
Document Fiscal Period Focus	Q1
Entity Registrant Name	Kailera Therapeutics, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	99-3088927
Amendment Flag	false
Entity Address, Address Line One	180 Third Avenue
Entity Address, Address Line Two	4th Floor
Entity Address, City or Town	Waltham
Entity Address, State or Province	MA
City Area Code	781
Entity Address, Postal Zip Code	02451
Local Phone Number	317-0290
Title of 12(b) Security	Common Stock, par value $0.00001 per share
Trading Symbol	KLRA
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		129,565,608

Condensed consolidated balance sheets (unaudited) (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Preferred stock, par value	$ 0.00001
Preferred stock, shares authorized	78,762,142	78,762,142
Preferred stock, shares issued	78,762,142	78,762,142
Preferred stock, shares outstanding	78,762,142	78,762,142
Common stock, par value	$ 0.00001	$ 0.00001
Common stock, shares authorized	105,384,000	105,384,000
Common stock, shares issued	29,953	19,048
Common stock, shares outstanding	29,953	19,048
Series A Convertible Preferred Stock [Member]
Preferred stock, par value	$ 0.00001	$ 0.00001
Preferred stock, shares authorized	35,677,603	35,677,603
Preferred stock, shares issued	35,677,603	35,677,603
Preferred stock, shares outstanding	35,677,603	35,677,603
Preferred stock, liquidation value	$ 356.8
Series B Convertible Preferred Stock [Member]
Preferred stock, par value	$ 0.00001	$ 0.00001
Preferred stock, shares authorized	43,084,539	43,084,539
Preferred stock, shares issued	43,084,539	43,084,539
Preferred stock, shares outstanding	43,084,539	43,084,539
Preferred stock, liquidation value	$ 603.2

Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Summary of Expense Categories Reviewed

The table below summarizes the expense categories reviewed by the CODM for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
	2026			2025
External research and development(1)
Ribupatide injection	$	(50,571	)	$	(4,469	)
KAI-7535		(4,483	)		(374	)
KAI-4729		(410	)		(232	)
Ribupatide oral		(361	)		-
Unallocated research and development and other(2)		(3,574	)		(796	)
General and administrative(3)		(4,417	)		(3,586	)
Personnel related (including stock-based compensation)(4)		(20,844	)		(11,001	)
Interest income		5,716			1,675
Other income (expense), net		79			800
Net loss	$	(78,865	)	$	(17,983	)

External research and development is allocated to the Company’s programs, and includes nonclinical, clinical trial, contract manufacturing, non-employee consultant and contractor, and other research and development costs.

Unallocated research and development includes external costs that are not program specific primarily related to consultant and contractor costs, in addition to research and development allocated rent expense and depreciation.

General and administrative includes external costs related to the Company’s executive, finance, legal, and other administrative functions, such as professional fees for legal, patent, consulting, accounting, audit and tax services. General and administrative also includes information technology costs and general and administrative allocated rent expense and depreciation.

Internal costs includes salaries and related costs, including stock-based compensation, for employees.

Stock-based Compensation (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Valuation Assumptions

The assumptions that the Company used to determine the grant-date fair value of stock options granted were as follows, presented on a weighted-average basis:


	Three Months Ended March 31,
	2026			2025
Expected option life (years)	6.1				6.0
Risk-free interest rate		3.8	%		4.1	%
Expected volatility		81.8	%		78.3	%
Expected dividend yield		—	%		—	%

Schedule of Stock Option Activity

The following table summarizes the Company’s stock option activity during the three months ended March 31, 2026:


	Number of options			Weighted- average exercise price		Weighted- average remaining contractual term (years)	Aggregate intrinsic value
Outstanding as of December 31, 2025		13,470,409		$	6.20	9.17	$	52,398
Granted		1,572,649			10.65
Exercised		(10,905	)		5.25
Cancelled or forfeited		(574,437	)		6.34
Outstanding as of March 31, 2026		14,457,716		$	6.68	9.03	$	70,560
Exercisable at March 31, 2026		3,124,983		$	5.38	8.01	$	19,313

Schedule of Stock-based Compensation Expense

Stock-based compensation expense was allocated as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Research and development	$	973	$	217
General and administrative		2,966		1,306
Total stock-based compensation expense	$	3,939	$	1,523

Subsequent Events

3 Months Ended

Mar. 31, 2026

Subsequent Events [Abstract]

Subsequent events

15. Subsequent events

The Company has completed an evaluation of all subsequent events after March 31, 2026 through the issuance of the condensed consolidated financial statements, to ensure that these condensed consolidated financial statements include appropriate disclosure of events both recognized in the condensed consolidated financial statements as of March 31, 2026, and events which occurred subsequently but were not recognized in the condensed consolidated financial statements.

On April 20, 2026, the Company completed an initial public offering, pursuant to which the Company issued and sold an aggregate of 44,921,875 shares of its common stock (inclusive of 5,859,375 shares pursuant to the full exercise of the underwriters’ overallotment option) at a public offering price of $16.00 per share for gross proceeds of $718.8 million.

As part of the initial public offering, all outstanding shares of preferred stock were converted into 84,596,391 shares of common stock. The certificate of incorporation was also amended and restated which, among other things, adjusted the number of authorized shares to 800,000,000 shares and 10,000,000 shares of common stock and preferred stock, respectively. In addition, the Company

adopted the 2026 Incentive Award Plan, which provides for the issuance of equity awards for the purchase of up to 14,011,037 shares of common stock, and the 2026 Employee Stock Purchase Plan, which provides for the issuance of up to 1,295,482 shares of common stock.

Stock-based Compensation - Schedule of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	$ 3,939	$ 1,523
Research and Development
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	973	217
General and Administrative
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	$ 2,966	$ 1,306

- 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

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+ Details

Fair Value of Financial Assets and Liabilities

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Fair Value of Financial Assets and Liabilities

4. Fair value of financial assets and liabilities


	Fair value measurements as of March 31, 2026
	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	109,746	$	—	$	—	$	109,746
Marketable securities:
U.S. government agency debt securities		—		226,466		—		226,466
Corporate debt securities		—		161,884		—		161,884
Commercial paper		—		81,745		—		81,745
Total assets	$	109,746	$	470,095	$	—	$	579,841


	Fair value measurements as of December 31, 2025
	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	104,212	$	—	$	—	$	104,212
Corporate debt securities		—		27,353		—		27,353
Commercial paper		—		25,922		—		25,922
Marketable securities:
U.S. government agency debt securities		—		231,915		—		231,915
Corporate debt securities		—		167,268		—		167,268
Commercial paper		—		93,278		—		93,278
Total assets	$	104,212	$	545,736	$	—	$	649,948

For the three months ended March 31, 2026, there were no transfers between Level 1, Level 2 and Level 3.

The purchasers of Series A-1 convertible preferred stock received an obligation to purchase additional shares in the future, which was considered to be a freestanding instrument. Consideration was allocated to this instrument at fair value upon issuance. This instrument was adjusted to fair value on each reporting date, with changes in fair value reported within other income, net in the condensed consolidated statements of operations and comprehensive loss. A portion of this instrument was settled during the period from May 8, 2024 (inception) to December 31, 2024. The portion of the instrument that was settled was determined to not have any fair value as the underlying shares were purchased at fair value. On May 8, 2025, the Company issued convertible promissory notes (the “Notes”), for an aggregate purchase price of $100.0 million, and as a result, their outstanding obligations under the preferred stock tranche obligation were satisfied. The fair value of the preferred stock tranche obligation at settlement was recorded as proceeds received for the Notes. At settlement, there was no value associated with the preferred stock tranche obligation as the convertible promissory notes were purchased for fair value. The Company elected to account for the Notes using the fair value option, with changes in fair value recognized as a component of other income, net in the condensed consolidated statements of operations and comprehensive loss. The Notes were settled on October 31, 2025, in connection with the issuance of Series B convertible preferred stock.

The fair value of the preferred stock tranche obligation at settlement was considered to be equal to the fair value of the Notes that were issued in settlement of the provision. As the Notes were issued at fair value, the fair value of the preferred stock tranche obligation was considered to be zero at settlement. The fair value of the Notes at settlement were considered to be equal to the fair value of the preferred stock issued at settlement.

In May 2024, the Company entered into a license and collaboration agreement with Jiangsu Hengrui Pharmaceuticals Co., Ltd. (“Hengrui”) which contained a payment obligation upon the Company’s receipt of certain partnership payments, as defined in the agreement, that may have occurred prior to November 15, 2025. This feature was determined to represent an embedded derivative instrument, which was recorded at fair value upon issuance and recognized as acquired in-process research and development expense. The feature was adjusted to fair value on each reporting date, with changes in fair value reported within other income, net in the condensed consolidated statements of operations and comprehensive loss. The feature was concluded to have a de minimis value as of December 31, 2024 due to the anticipated expiration of the feature. The feature ultimately expired with no related payments during 2025.

There were no changes in instrument-specific credit risk for the three months ended March 31, 2026 and 2025.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Section 50
-Paragraph 2
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+ Details

Convertible Preferred Stock (Tables)

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Schedule of Preferred Stock

The preferred stock consisted of the following:


					March 31, 2026
	Preferred shares authorized		Preferred shares issued and outstanding			Carrying value		Liquidation preference		Common stock issuable upon conversion
Series A-1 convertible preferred stock		30,000,000		30,000,000		$	294,357,583	$	300,000,000		30,000,000
Series A-2 voting convertible preferred stock *		4,968,789		4,968,789			84,500,659		49,687,890		9,477,719
Series A-2 nonvoting convertible preferred stock *		708,814		708,814			11,447,346		7,088,140		2,034,133
Total Series A-2 convertible preferred stock *		5,677,603		5,677,603			95,948,005		56,776,030		11,511,852
Series B convertible preferred stock		43,084,539		43,084,539			602,057,535		603,183,546		43,084,539
Total		78,762,142		78,762,142		$	992,363,123	$	959,959,576		84,596,391


					December 31, 2025
	Preferred shares authorized		Preferred shares issued and outstanding			Carrying value		Liquidation preference		Common stock issuable upon conversion
Series A-1 convertible preferred stock		30,000,000		30,000,000		$	294,357,583	$	300,000,000		30,000,000
Series A-2 voting convertible preferred stock *		4,968,789		4,968,789			84,500,659		49,687,890		9,477,719
Series A-2 nonvoting convertible preferred stock *		708,814		708,814			11,447,346		7,088,140		2,034,133
Total Series A-2 convertible preferred stock *		5,677,603		5,677,603			95,948,005		56,776,030		11,511,852
Series B convertible preferred stock		43,084,539		43,084,539			602,057,535		603,183,546		43,084,539
Total		78,762,142		78,762,142		$	992,363,123	$	959,959,576		84,596,391

* No deemed liquidation events occurred prior to November 15, 2025.

- 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

Common Stock (Tables)

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Schedule of Common Stock Shares Reserved for Future Issuance

As of March 31, 2026 and December 31, 2025, the Company has reserved the following shares of common stock for future issuance:


	March 31, 2026		December 31, 2025
Shares reserved for conversion of Series A-1 preferred stock		30,000,000		30,000,000
Shares reserved for conversion of Series A-2 preferred stock		11,511,852		11,511,852
Shares reserved for conversion of Series B preferred stock		43,084,539		43,084,539
Shares reserved for exercise of outstanding stock options		14,457,716		13,470,409
Shares reserved for issuance under equity compensation plans		1,030,020		2,028,232
Total shares of authorized common stock reserved for future issuance		100,084,127		100,095,032

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

+ References

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-Section 50
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Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
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Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities:
Net loss	$ (78,865)	$ (17,983)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense	101	63
Stock-based compensation expense	3,939	1,523
Change in fair value of preferred stock tranche right liability	0	(800)
Non-cash lease expense	293	(13)
Accretion of discounts on investments, net	(1,225)	0
Other	(19)	(7)
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	42	(2,674)
Non-current clinical deposits	(1,133)	0
Other non-current assets	27	(10)
Accounts payable	(495)	645
Accrued expenses and other current liabilities	9,376	1,055
Operating lease liabilities	(282)	0
Other non-current liabilities	(69)	0
Net cash used in operating activities	(68,310)	(18,201)
Cash flows from investing activities:
Purchases of marketable securities	(48,448)	(54,440)
Maturities of marketable securities	71,297	0
Net cash provided by (used in) investing activities	22,849	(54,440)
Cash flows from financing activities:
Proceeds from the exercise of stock options	57	0
Payments of deferred offering costs related to initial public offering	(3,037)	0
Net cash used in financing activities	(2,980)	0
Net decrease in cash, cash equivalents and restricted cash	(48,441)	(72,641)
Cash and cash equivalents and restricted cash at beginning of period	161,028	175,178
Cash, cash equivalents and restricted cash at end of period	112,587	102,537
Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents	111,826	101,776
Restricted Cash and Cash Equivalent	761	761
Total cash, cash equivalents and restricted cash	112,587	102,537
Supplemental disclosure of non-cash investing and financing activities:
Deferred offering costs included in accounts payable and accrued expenses	$ 2,123	$ 0

Net Loss Per Share

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Net Loss Per Share

11. Net loss per share

For purposes of the diluted net loss per share calculation, stock options, unvested restricted stock and convertible preferred stock are considered to be common stock equivalents but have been excluded from the calculation of diluted net loss per share, as their effect would be anti-dilutive for the periods presented. 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.


	March 31,
	2026		2025
Options to purchase common stock		14,457,716		7,148,095
Convertible preferred stock (as converted to common stock)		84,596,391		39,487,338
Total		99,054,107		46,635,433

Summary of significant accounting policies

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Summary of significant accounting policies

2. Summary of significant accounting policies

Basis of Presentation

The accompanying condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative United States generally accepted accounting principles as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”).

Unaudited interim financial information

The condensed consolidated balance sheet as of December 31, 2025 was derived from audited financial statements but does not include all disclosures required by GAAP. The accompanying unaudited financial statements as of March 31, 2026 and for the three months ended March 31, 2026 and 2025 have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission, or SEC, for interim financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. These financial statements should be read in conjunction with the Company's audited financial statements included in its final prospectus filed with the SEC pursuant to Rule 424(b) under the Securities Act of 1933, as amended, on April 17, 2026 (the "Prospectus"). In the opinion of management, all adjustments, consisting only of normal recurring adjustments necessary for a fair presentation of the Company's financial position as of March 31, 2026, and the results of operations and cash flows for the three months ended March 31, 2026 and 2025. The results of

operations for the three months ended March 31, 2026 are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2026 or any other period.

Significant Accounting Policies

The significant accounting policies are described in Note 2 of the Notes to the Consolidated Financial Statements for the year ended December 31, 2025 included in the Prospectus.

Emerging growth company status and smaller reporting company status

The Company is an “emerging growth company,” as defined in the Jumpstart Our Business Startups Act (the "JOBS Act"), and may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies. The Company may take advantage of these exemptions until the Company is no longer an “emerging growth company.” Section 107 of the JOBS Act provides that an “emerging growth company” can take advantage of the extended transition period afforded by the JOBS Act for the implementation of new or revised accounting standards. The Company has elected to use the extended transition period for complying with new or revised accounting standards and as a result of this election, its financial statements may not be comparable to companies that comply with public company effective dates. The Company may take advantage of these exemptions up until the last day of the fiscal year following the fifth anniversary of its initial public offering, or December 31, 2031, or such earlier time that it is no longer an “emerging growth company”. As of the date of the issuance of these financial statements, the Company is also a “smaller reporting company”. If the Company is a smaller reporting company at the time it ceases to be an emerging growth company, the Company may continue to rely on exemptions from certain disclosure requirements that are available to smaller reporting companies.

Recently issued and adopted accounting pronouncements

From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies and adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on its financial statements and disclosures.

In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”). The amendments in ASU 2024-03 require public entities to disclose specified information about certain costs and expenses. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods within those fiscal years beginning after December 15, 2027. The Company is currently evaluating the impact of this standard on its condensed consolidated financial statements.

In September 2025, the FASB issued ASU 2025-06, Intangibles – Goodwill and Other – Internal-Use Software (“ASU 2025-06”). The amendments change (i) the criteria regarding the timing of the capitalization of costs for internal-use software and (ii) the accounting for website development costs. The amendments are effective for annual periods beginning after December 15, 2027. The Company is currently evaluating the impact of the amendments on its condensed consolidated financial statements.

In September 2025, the FASB issued ASU 2025-07, Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract (“ASU 2025-07”). The guidance refines the scope of ASC Topic 815, Derivatives and Hedging, to clarify which contracts are subject to derivative accounting. The guidance also provides clarification under ASC 606 for share-based payments from a customer in a revenue contract. The Company adopted the standard on a modified retrospective basis as of January 1, 2026. As a result of the new derivative scope exception created by the standard, certain previously identified derivatives no longer meet the criteria for derivative accounting. These derivatives did not have any fair value as of December 31, 2025, and therefore no amounts are recognized related to the adoption of the standard. development derivative liability similar to a debt obligation under the guidance of ASC 470-10. Refer to Note 9, Liabilities Related To The Sale Of Future Royalties And Development Funding, for additional information related to the adoption of this new standard and the related effects to the condensed consolidated financial statements. We elected to adopt the guidance of ASU 2025-07 because we believe the accounting treatment of this guidance better reflects the economics of our existing research and development funding arrangements and provides more decision-useful information when derivative accounting is not applied. The guidance of ASU 2025-07 related to share-based noncash consideration received in exchange for the transfer of goods or services to a customer did not have any impact on our condensed consolidated financial statements upon adoption.

In December 2025, the FASB issued ASU 2025-12, Codification Improvements (“ASU 2025-12”). ASU 2025-12 addresses suggestions received from stakeholders on the ASC and to make other incremental improvements to U.S. GAAP. The update represents changes to the ASC that (1) clarify, (2) correct errors, or (3) make minor improvements. The amendments make the ASC easier to understand and

apply. The guidance is effective for fiscal years beginning after December 15, 2026, including interim periods within those fiscal years. The Company is currently evaluating the impact of this standard on its condensed consolidated financial statements.

Stock-based Compensation

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Stock-based Compensation

10. Stock-based compensation

2024 Equity Incentive Plan

The Company’s 2024 Equity Incentive Plan (the “2024 Plan”) provides for the Company to sell or issue common stock or restricted stock, or to grant incentive stock options or nonqualified stock options for the purchase of common stock, to employees, directors and consultants of the Company.

The total number of common shares that may be issued under the 2024 Plan was 15,517,688 shares as of March 31, 2026, of which 1,030,020 shares remained available for future grant.

The 2024 Plan is administered by the Board, or its delegee. The exercise prices, vesting and other restrictions are determined at the discretion of the Board, or its delegee, except that the exercise price per share of stock options may not be less than 100% of the fair market value of the common stock on the date of grant and the term of the stock option may not be greater than ten years. For any person who owns stock possessing more than 10% of the total combined voting power of all classes of stock of the Company or any affiliate, the exercise price per share of incentive stock options may not be less than 110% of the fair market value of the share of common stock on the date of grant. The Company generally grants stock-based awards with service conditions only (“service-based” awards) which generally vest over three or four years. The Company also has granted performance-based awards which vest upon the achievement of specified events. Stock options generally expire after ten years.

Stock option valuation

The assumptions that the Company used to determine the grant-date fair value of stock options granted were as follows, presented on a weighted-average basis:


	Three Months Ended March 31,
	2026			2025
Expected option life (years)	6.1				6.0
Risk-free interest rate		3.8	%		4.1	%
Expected volatility		81.8	%		78.3	%
Expected dividend yield		—	%		—	%

Stock option activity

The following table summarizes the Company’s stock option activity during the three months ended March 31, 2026:


	Number of options			Weighted- average exercise price		Weighted- average remaining contractual term (years)	Aggregate intrinsic value
Outstanding as of December 31, 2025		13,470,409		$	6.20	9.17	$	52,398
Granted		1,572,649			10.65
Exercised		(10,905	)		5.25
Cancelled or forfeited		(574,437	)		6.34
Outstanding as of March 31, 2026		14,457,716		$	6.68	9.03	$	70,560
Exercisable at March 31, 2026		3,124,983		$	5.38	8.01	$	19,313

The aggregate intrinsic value of stock options is calculated as the difference between the exercise price of the underlying stock options and the estimated fair value of the Company’s common stock for those stock options that had exercise prices lower than the estimated fair value of the Company’s common stock at March 31, 2026.

The weighted-average grant-date fair value of the Company’s stock options granted for the three months ended March 31, 2026 and 2025 was $7.68 and $3.80, respectively.

Stock-based compensation

Stock-based compensation expense was allocated as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Research and development	$	973	$	217
General and administrative		2,966		1,306
Total stock-based compensation expense	$	3,939	$	1,523

As of March 31, 2026, total unrecognized compensation cost related to the unvested stock-based awards with service-based vesting conditions was $52.9 million, which is expected to be recognized over a weighted-average period of 3.1 years.

Related Party Transactions

3 Months Ended

Mar. 31, 2026

Related Party Transactions

13. Related party transactions

In May 2024, the Company entered into the Hengrui License Agreement. As partial consideration for this arrangement, the Company issued shares of Series A-2 convertible preferred stock, which represented 19.9% of the outstanding capital stock of the Company at issuance, on a fully-diluted basis.

In addition, as part of the agreement with Hengrui, Hengrui has agreed to provide the Company with manufacturing services and supplies. In connection with these services, the Company recognized $0.4 million in research and development expense in its condensed consolidated statements of operations and comprehensive loss for both the three months ended March 31, 2026 and 2025. Amounts due to Hengrui by the Company in connection with these services totaled $0.6 million and $0.2 million as of March 31, 2026 and December 31, 2025, respectively, which amounts were included in accrued expenses on the consolidated balance sheets.

- Definition

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

+ References

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

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

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

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

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

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

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

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

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Leases - Summary of Future Minimum Lease Payments under Operating Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Oct. 31, 2025
Leases [Abstract]
2026	$ 1,654
2027	2,220
2028	2,259
2029	2,299
2030	2,338
2031 and thereafter	4,387
Total lease payments	15,157
Less: interest	(4,687)
Total lease liabilities	$ 10,470	$ 10,600

Common Stock - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Equity [Abstract]
Common stock, shares authorized	105,384,000	105,384,000
Common stock, par value	$ 0.00001	$ 0.00001
Common stock, shares issued	29,953	19,048
Common stock, shares outstanding	29,953	19,048
Voting right	one vote
Cash dividends	$ 0

Convertible Preferred Stock - Additional Information (Details)
$ / shares in Units, $ in Millions

3 Months Ended

Oct. 31, 2025

USD ($)

$ / shares

Sep. 29, 2025

May 08, 2025

USD ($)

$ / shares

Dec. 31, 2024

May 15, 2024

$ / shares

Mar. 31, 2026

$ / shares

Dec. 31, 2025

$ / shares

Mar. 31, 2025

Dec. 09, 2024

$ / shares

May 31, 2024

Class of Stock [Line Items]

Preferred stock, shares authorized

78,762,142

Preferred stock, par value | $ / shares

$ 0.00001

Voting right shares

The holders of the Series A-1 convertible preferred stock, Series A-2 voting convertible preferred stock and Series B convertible preferred stock are entitled to vote as a single class with the holders of the Company’s common stock with one vote for each share of common stock that the preferred stock is convertible into. In addition, the holders of preferred stock are entitled to elect five directors of the Company.The holders of Series A-2 nonvoting convertible preferred stock do not have any voting rights, except for election of the preferred directors and certain protective rights.

Preferred stock, shares issued

78,762,142

Preferred stock, shares outstanding

78,762,142

Aggregate purchase price | $

$ 100.0

Notes settlement value | $

$ 103.2

Percentage of preferred stockholders at election

60.00%

Percentage of preferred stock holding total capital

19.90%

Series A-1 Convertible Preferred Stock

Class of Stock [Line Items]

Preferred stock, shares authorized

30,000,000

Preferred stock, shares issued

20,000,000

30,000,000

10,000,000

Additional share purchase obligation, shares

10,000,000

20,000,000

Stock price | $ / shares

$ 10

Conversion ratio

1.67

Preferred stock, shares outstanding

30,000,000

Aggregate purchase price | $

$ 100.0

Interest rate

7.00%

Maturity date

Sep. 30, 2025

Conversion price | $ / shares

$ 10

Series A-1 Convertible Preferred Stock | Maximum

Class of Stock [Line Items]

Conversion ratio

1.67

Series A-1 Convertible Preferred Stock | Minimum

Class of Stock [Line Items]

Conversion ratio

Series A-2 Convertible Preferred Stock

Class of Stock [Line Items]

Preferred stock, shares authorized

5,677,603

Preferred stock, shares issued

5,677,603

Conversion ratio

1.67

2.03

Preferred stock, shares outstanding

4,968,789

Series B Convertible Preferred Stock

Class of Stock [Line Items]

Preferred stock, shares authorized

43,084,539

Preferred stock, par value | $ / shares

$ 0.00001

Preferred stock, shares issued

35,714,285

43,084,539

Stock price | $ / shares

$ 14

Conversion ratio

Preferred stock, shares outstanding

43,084,539

Aggregate purchase price | $

$ 100.0

Shares issued to convert notes

7,370,254

Maturity date

Nov. 28, 2025

Accrued interest | $

$ 3.2

Cash consideration | $

$ 500.0

Series A-2 Voting Convertible Preferred Stock

Class of Stock [Line Items]

Preferred stock, shares authorized

^[1]

4,968,789

Preferred stock, shares issued

4,968,789

^[1]

4,968,789

^[1]

Preferred stock, shares outstanding

^[1]

4,968,789

Series A-2 Nonvoting Convertible Preferred Stock

Class of Stock [Line Items]

Preferred stock, shares authorized

^[1]

708,814

Preferred stock, shares issued

708,814

^[1]

708,814

^[1]

Preferred stock, shares outstanding

^[1]

708,814

[1]	* No deemed liquidation events occurred prior to November 15, 2025.

Segment Reporting

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Segment Reporting

14. Segment reporting

The Company operates and manages its business as a single operating segment for the purposes of assessing performance and making operating decisions. The Company’s current focus is on the development of a broad, advanced, and differentiated portfolio of clinical-stage injectable and oral therapies for the treatment of obesity. The Company has one reportable segment. The determination of reportable segments is based on the CODM's use of financial information provided for the purpose of assessing performance and making operating decisions. The Company's CODM is its Chief Executive Officer.

The CODM assesses performance for the segment based on net loss. The measure of segment assets is reported on the balance sheet as total assets.

To date, the Company has not generated any product revenue. The Company expects to continue to incur significant expenses and operating losses for the foreseeable future as it advances product candidates through all stages of development and clinical trials and, ultimately, seeks regulatory approval. As such, the CODM uses cash forecast models in deciding how to invest into the segment. Such cash forecast models are reviewed to assess the entity-wide operating results and performance. Net loss is used to monitor budget versus actual results. Monitoring budgeted versus actual results is used in assessing performance of the segment, along with cash forecast models.

The table below summarizes the expense categories reviewed by the CODM for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
	2026			2025
External research and development(1)
Ribupatide injection	$	(50,571	)	$	(4,469	)
KAI-7535		(4,483	)		(374	)
KAI-4729		(410	)		(232	)
Ribupatide oral		(361	)		-
Unallocated research and development and other(2)		(3,574	)		(796	)
General and administrative(3)		(4,417	)		(3,586	)
Personnel related (including stock-based compensation)(4)		(20,844	)		(11,001	)
Interest income		5,716			1,675
Other income (expense), net		79			800
Net loss	$	(78,865	)	$	(17,983	)

Internal costs includes salaries and related costs, including stock-based compensation, for employees.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-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 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Marketable securities (Tables)

3 Months Ended

Mar. 31, 2026

Investments, Debt and Equity Securities [Abstract]

Schedule of Marketable Securities

The following table summarizes the amortized cost and estimated fair value of the Company’s investments, which are considered to be available-for-sale investments, and were included in marketable securities and long-term marketable securities:


	March 31, 2026
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Marketable securities:
U.S. government agency debt securities	$	192,509	$	1	$	(98	)	$	192,412
Corporate debt securities		133,431		—		(240	)		133,191
Commercial paper		81,786		2		(43	)		81,745
	$	407,726	$	3	$	(381	)	$	407,348

Long-term marketable securities:
U.S. government agency debt securities	$	34,129	$	—	$	(75	)	$	34,054
Corporate debt securities		28,770		—		(77	)		28,693
	$	62,899	$	—	$	(152	)	$	62,747


	December 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Marketable securities:
U.S. government agency debt securities	$	169,690	$	108	$	—		$	169,798
Corporate debt securities		122,737	23			(47	)		122,713
Commercial paper		93,241	37			—			93,278
	$	385,668	$	168	$	(47	)	$	385,789

Long-term marketable securities:
U.S. government agency debt securities	$	62,038	$	80	$	—		$	62,118
Corporate debt securities		44,537	18			(1	)		44,554
	$	106,575	$	98	$	(1	)	$	106,672

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

Leases - Schedule of Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Leases [Abstract]
Operating lease costs	$ 619	$ 145
Variable lease costs	0	0
Total lease costs	$ 619	$ 145

Segment Reporting - Summary of Expense Categories Reviewed (Details) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Segment Reporting Information [Line Items]

Research and development

$ (70,873)

$ (10,130)

General and administrative

(13,787)

(10,328)

Net loss

(78,865)

(17,983)

Segments

Segment Reporting Information [Line Items]

Unallocated research and development and other

^[1]

(3,574)

(796)

General and administrative

^[2]

(4,417)

(3,586)

^[3]

(20,844)

(11,001)

Interest income

5,716

1,675

Other income (expense), net

800

Net loss

(78,865)

(17,983)

Segments | Ribupatide injection

Segment Reporting Information [Line Items]

Research and development

^[4]

(50,571)

(4,469)

Segments | KAI-7535

Segment Reporting Information [Line Items]

Research and development

^[4]

(4,483)

(374)

Segments | KAI-4729

Segment Reporting Information [Line Items]

Research and development

^[4]

(410)

(232)

Segments | Ribupatide oral

Segment Reporting Information [Line Items]

Research and development

^[4]

$ (361)

$ 0

[1]	Unallocated research and development includes external costs that are not program specific primarily related to consultant and contractor costs, in addition to research and development allocated rent expense and depreciation.
[2]	General and administrative includes external costs related to the Company’s executive, finance, legal, and other administrative functions, such as professional fees for legal, patent, consulting, accounting, audit and tax services. General and administrative also includes information technology costs and general and administrative allocated rent expense and depreciation.
[3]	Internal costs includes salaries and related costs, including stock-based compensation, for employees.
[4]	External research and development is allocated to the Company’s programs, and includes nonclinical, clinical trial, contract manufacturing, non-employee consultant and contractor, and other research and development costs.

Accrued Expenses and Other Current Liabilities (Tables)

3 Months Ended

Mar. 31, 2026

Payables and Accruals [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:


	March 31, 2026		December 31, 2025
Accrued clinical	$	21,993	$	18,888
Accrued employee compensation and benefits		4,661		9,054
Accrued professional services		1,889		3,866
Accrued manufacturing		16,993		3,812
Accrued other research and development		456		1,300
Other		722		916
	$	46,714	$	37,836

Common Stock

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Common Stock

9. Common stock

As of March 31, 2026, the authorized capital stock of the Company included 105,384,000 shares of common stock, $0.00001 par value with 29,953 common share issued and outstanding. As of December 31, 2025, the authorized capital stock of the Company included 105,384,000 shares of common stock, $0.00001 par value, with 19,048 shares of common stock issued and outstanding.

The voting, dividend and liquidation rights of the holders of the Company’s common stock are subject to the rights, powers and preferences of the holders of the preferred stock set forth above.

Each share of common stock entitles the holder to one vote, together with the holders of the preferred stock. Common stockholders are entitled to receive dividends, subject to the preferential dividend rights of the preferred stock. Through March 31, 2026, no cash dividends have been declared or paid.

As of March 31, 2026 and December 31, 2025, the Company has reserved the following shares of common stock for future issuance:


	March 31, 2026		December 31, 2025
Shares reserved for conversion of Series A-1 preferred stock		30,000,000		30,000,000
Shares reserved for conversion of Series A-2 preferred stock		11,511,852		11,511,852
Shares reserved for conversion of Series B preferred stock		43,084,539		43,084,539
Shares reserved for exercise of outstanding stock options		14,457,716		13,470,409
Shares reserved for issuance under equity compensation plans		1,030,020		2,028,232
Total shares of authorized common stock reserved for future issuance		100,084,127		100,095,032

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: 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 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Nature of the Business

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Nature of the Business

1. Nature of the business

Kailera Therapeutics, Inc. (the “Company” or “Kailera”) is an advanced clinical-stage biotechnology company focused on elevating the next era of obesity care by advancing a diversified pipeline to provide options for people living with obesity no matter where they are in their treatment journey.

The Company was incorporated in May 2024 and is subject to risks and uncertainties common to early-stage companies in the biopharmaceutical industry, including but not limited to, new technological innovations, protection of proprietary technology, dependence on key personnel, compliance with government regulations, reliance on third-party organizations for the discovery, manufacturing, clinical support of its product candidates, and the need to obtain additional financing. Product candidates currently under development will require significant additional research and development efforts, including extensive nonclinical and clinical testing and regulatory approval, prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel and infrastructure and extensive compliance-reporting capabilities.

There can be no assurance that the Company’s research and development efforts will be successfully completed, that adequate protection for the Company’s intellectual property will be obtained, that any products developed will obtain necessary government regulatory approval or that any approved products will be commercially viable. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will generate significant revenue from product sales. The Company operates in an environment of rapid change in technology and substantial competition from pharmaceutical and biotechnology companies. In addition, the Company is dependent upon the services of its employees and consultants.

Through March 31, 2026, the Company has funded its operations primarily with proceeds from the sale and issuance of shares of convertible preferred stock and the issuance of convertible promissory notes, which converted into shares of convertible preferred stock. The Company has incurred losses since its inception, including a net loss of $78.9 million and $18.0 million for the three months ended March 31, 2026 and 2025, respectively. In addition, as of March 31, 2026, the Company had an accumulated deficit of $447.5 million. The Company expects to continue to generate operating losses for the near future. The future viability of the Company is dependent on its ability to raise additional capital to finance its operations. The Company’s inability to raise capital as and when needed could have a negative impact on its financial condition and ability to pursue its business strategies, and could require it to significantly delay, scale back or discontinue the development and commercialization of one or more of its product candidates. There can be no assurance that the current operating plan will be achieved or that additional funding will be available on terms acceptable to the Company, or at all.

The Company believes the cash, cash equivalents and marketable securities on hand of $581.9 million as of March 31, 2026, together with the $718.8 million of gross proceeds raised in its initial public offering subsequent to March 31, 2026, will be sufficient to fund its operations and capital expenditure requirements for at least twelve months from the date these condensed consolidated financial statements are issued.

Fair Value of Financial Assets and Liabilities - Additional Information (Details) - USD ($)		3 Months Ended
	May 08, 2025	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Fair Value Disclosures [Abstract]
Fair value, transfers between level 1, level 2 and level 3		$ 0
Aggregate purchase price	$ 100,000,000
Partnership payments				$ 0
Changes in instrument-specific credit risk		$ 0	$ 0

Commitments and contingencies

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitments and contingencies

12. Commitments and contingencies

Legal proceedings

The Company, from time to time, may be party to litigation arising in the ordinary course of business. The Company was not subject to any material legal proceedings for the three months ended March 31, 2026 and 2025, and, to the best of its knowledge, no material legal proceedings are currently pending or threatened.

Significant agreements

Hengrui license and collaboration agreement

In May 2024, the Company entered into a license and collaboration agreement (the “Hengrui License Agreement”) with Jiangsu Hengrui Pharmaceuticals Co., Ltd. (“Hengrui”). Upon execution of the Hengrui License Agreement, the Company paid $100.0 million in cash as a non-refundable upfront payment and incurred a $10.0 million technology transfer fee, which was paid in December 2024. The Company also issued 5,677,603 shares of Series A-2 convertible preferred stock. The fair value of these shares is accounted for as additional consideration for the acquired license.

Under the terms of the Hengrui License Agreement, the Company obtained the exclusive right to develop, manufacture and commercialize specified programs worldwide, excluding China, Hong Kong, Macau, and Taiwan (the “Territory”). The Company is obligated to use commercially reasonable efforts to advance these programs. The Company may not pursue development of any competitive products, as defined in the Hengrui License Agreement, for a period of two years. The Company also has a right of first refusal on certain programs that are under development by Hengrui as well as options to license specified new form products and combination products developed by Hengrui.

Hengrui must provide certain transition and data sharing services and must also manufacture clinical materials on behalf of the Company upon request. The Company is responsible for all costs of developing and commercializing the programs in the Territory.

The Company is obligated to make clinical and regulatory milestone payments of up to an aggregate of $200.0 million. In addition, the Company is obligated to make commercial milestone payments of up to an aggregate of $5.7 billion. The Company is also obligated to make tiered royalty payments ranging from mid-single digit to low-tens based on a percentage of net sales by the Company. If the Company entered into any partnering relationships prior to November 15, 2025, the Company would have been required to pay Hengrui specified percentages of any consideration received based on the timing of when such an agreement was executed. The Company did not enter into any such partnering relationships prior to November 15, 2025.

If the Company elects to receive rights to the specified new form products or combination products, the Company must make option exercise payments of either a mid-seven figure amount or low-eight figure amount, which may be refundable with respect to combination products in certain circumstances.

The Company accounted for the arrangement as an asset acquisition of in-process research and development technology. No expenses were incurred or payments made, under the arrangement, for three months ended March 31, 2026 and 2025. All other future payments will be recognized upon achievement.

Convertible Preferred Stock

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Convertible preferred stock

8. Convertible preferred stock

As of March 31, 2026, the authorized capital stock of the Company included 78,762,142 shares of $0.00001 par value preferred stock, of which 30,000,000 shares have been designated as Series A-1 convertible preferred stock, 5,677,603 shares have been designated as Series A-2 convertible preferred stock and 43,084,539 shares have been designated as Series B convertible preferred stock. The Series A-2 convertible preferred stock comprises of 4,968,789 shares of voting stock and 708,814 shares of nonvoting stock.

On May 15, 2024, the Company issued and sold 20,000,000 shares of Series A-1 convertible preferred stock at a price of $10.00 per share. The Company also issued 5,677,603 shares of Series A-2 convertible preferred stock, comprising of 4,968,789 voting shares and 708,814 nonvoting shares, as partial consideration for the receipt of certain intellectual property rights. In addition, the holders of the Series A-1 convertible preferred stock were required to purchase an additional 20,000,000 shares no later than May 15, 2025 for a purchase price of $10.00 per share, subject to potential adjustment.

On December 9, 2024, the parties modified the initial purchase agreement and the Company issued and sold an additional 10,000,000 shares of Series A-1 convertible preferred stock at a price of $10.00 per share. This issuance of additional shares of Series A-1 convertible preferred stock resulted in a change in the conversion ratio for the outstanding shares of Series A-2 convertible preferred stock from one-for-one to 1.67-for-one. The obligation for the holders of the Series A-1 convertible preferred stock to purchase an additional 10,000,000 shares remained outstanding as of December 31, 2024.

The obligation for the holders of Series A-1 convertible preferred stock to purchase additional shares was considered to be a freestanding instrument. The obligation was accounted for as a liability and was initially recorded at fair value with changes in fair value recognized through earnings as other income, net in the condensed consolidated statements of operations and comprehensive loss. Upon settlement of the obligation, the fair value was reclassified from liabilities to Series A-1 convertible preferred stock.

The Series A-1 convertible preferred stock was recorded based on the allocated consideration, which was the cash consideration less the amounts allocated to the obligation to purchase additional shares. The Series A-2 convertible preferred stock was initially recorded at fair value. The preferred stock is classified within temporary equity as the shares are redeemable upon the occurrence of certain contingent events which are outside of the control of the Company. The occurrence of these events was not considered to be probable as of March 31, 2026. The Company assessed the preferred stock for any embedded derivatives that would require bifurcation on the date of each issuance and concluded that there were no such features.

On May 8, 2025, the Company issued convertible promissory notes (the “Notes”) to the holders of the Series A-1 convertible preferred stock for an aggregate purchase price of $100.0 million, and as a result, their outstanding obligations under the preferred stock tranche obligation were satisfied. The Notes had a contractual interest rate of 7.0% and provided for conversion of all principal and interest into either Series A-1 convertible preferred stock upon maturity on September 30, 2025, at a conversion price of $10.00 per share, or a newly created series of preferred stock upon the occurrence of a qualified financing at a conversion price equal to the cash price paid per share by the investors in such qualified financing. The fair value of the preferred stock tranche obligation at settlement was recorded as proceeds received for the Notes. At settlement, there was no value associated with the preferred stock tranche obligation as the convertible promissory notes were purchased for fair value. The Company elected to account for the Notes using the fair value option, with changes in fair value recognized as a component of other income, net in the condensed consolidated statements of operations and comprehensive loss. As the fair value election was utilized, contractual interest was not separately accounted for. The Notes were amended on September 29, 2025 to extend the maturity date to November 28, 2025 and settled on October 31, 2025 in connection with the issuance of Series B convertible preferred stock described below.

On October 31, 2025, the Company issued and sold 35,714,285 shares of Series B convertible preferred stock at a price of $14.00 per share and issued 7,370,254 shares of Series B convertible preferred stock upon conversion of the Notes in full, representing $100.0 million of principal and $3.2 million of accrued interest. This issuance of Series B convertible preferred stock resulted in a change in the conversion ratio for the outstanding shares of Series A-2 convertible preferred stock from 1.67-for-one as of December 31, 2024 to 2.03-for-one as of December 31, 2025.

The Series B convertible preferred stock was initially recorded at fair value based on the cash consideration, or $500.0 million, and the fair value of the Notes at settlement, or $103.2 million. The preferred stock is classified within temporary equity as the shares are redeemable upon the occurrence of certain contingent events which are outside of the control of the Company. The occurrence of these events was not considered to be probable upon issuance. The Company assessed the preferred stock for any embedded derivatives that would require bifurcation on the date of issuance and concluded that there were no such features.

The preferred stock consisted of the following:


					March 31, 2026
	Preferred shares authorized		Preferred shares issued and outstanding			Carrying value		Liquidation preference		Common stock issuable upon conversion
Series A-1 convertible preferred stock		30,000,000		30,000,000		$	294,357,583	$	300,000,000		30,000,000
Series A-2 voting convertible preferred stock *		4,968,789		4,968,789			84,500,659		49,687,890		9,477,719
Series A-2 nonvoting convertible preferred stock *		708,814		708,814			11,447,346		7,088,140		2,034,133
Total Series A-2 convertible preferred stock *		5,677,603		5,677,603			95,948,005		56,776,030		11,511,852
Series B convertible preferred stock		43,084,539		43,084,539			602,057,535		603,183,546		43,084,539
Total		78,762,142		78,762,142		$	992,363,123	$	959,959,576		84,596,391


					December 31, 2025
	Preferred shares authorized		Preferred shares issued and outstanding			Carrying value		Liquidation preference		Common stock issuable upon conversion
Series A-1 convertible preferred stock		30,000,000		30,000,000		$	294,357,583	$	300,000,000		30,000,000
Series A-2 voting convertible preferred stock *		4,968,789		4,968,789			84,500,659		49,687,890		9,477,719
Series A-2 nonvoting convertible preferred stock *		708,814		708,814			11,447,346		7,088,140		2,034,133
Total Series A-2 convertible preferred stock *		5,677,603		5,677,603			95,948,005		56,776,030		11,511,852
Series B convertible preferred stock		43,084,539		43,084,539			602,057,535		603,183,546		43,084,539
Total		78,762,142		78,762,142		$	992,363,123	$	959,959,576		84,596,391

* No deemed liquidation events occurred prior to November 15, 2025.

Voting rights—

The holders of Series A-2 nonvoting convertible preferred stock do not have any voting rights, except for election of the preferred directors and certain protective rights.

Dividends—

Prior to the payment of any dividend, except a common stock dividend, to the common stockholders, the holders of preferred stock are entitled to receive an amount at least equal to the amount that would have been received had all shares of preferred stock been converted to common stock immediately prior to issuance of the dividend. As of the date the condensed consolidated financial statements were issued, no cash dividends have been declared or paid.

Liquidation rights—

In the event of any voluntary or involuntary liquidation or a deemed liquidation event, the holders of Series B convertible preferred stock are entitled to receive an amount equal to the greater of: (i) purchase price per share plus any dividends declared but unpaid or (ii) an amount per share as would have been payable had all shares of Series B convertible preferred stock been converted into common stock immediately prior to such event.

After payment of such liquidation preferences to the holders of Series B convertible preferred stock, the holders of Series A convertible preferred stock are entitled to receive an amount equal to the greater of: (i) purchase price per share plus any dividends declared but unpaid or (ii) an amount per share as would have been payable had all shares of Series A convertible preferred stock been converted into common stock immediately prior to such event.

After payment of such liquidation preferences, holders of common stock receive the remaining assets of the Company available for distribution to its stockholders.

Conversion—

Shares of preferred stock are convertible into common stock based on a defined conversion ratio, which is originally set at one-for one, adjustable for certain dilutive events. As of March 31, 2026, the conversion ratio is 1:1.67 for Series A-1 convertible preferred stock, 1:2.03 for Series A-2 convertible preferred stock, and 1:1 for Series B convertible preferred stock.

Conversion is at the election of the holders of the preferred stock at any time, or automatically upon a qualified initial public offering or at the election of 60% of the holders of the preferred stock. However, if an automatic conversion would result in the holders of the Series A-2 convertible preferred stock holding greater than 19.9% of the capital stock on a fully-diluted basis, the holders of the Series A-2 convertible preferred stock may elect to not convert.

Redemption—

The preferred stock is not redeemable at the election of the holders and is only redeemable upon the occurrence of certain deemed liquidation events, as discussed above.

Marketable Securities

3 Months Ended

Mar. 31, 2026

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

3. Marketable securities


	March 31, 2026
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Marketable securities:
U.S. government agency debt securities	$	192,509	$	1	$	(98	)	$	192,412
Corporate debt securities		133,431		—		(240	)		133,191
Commercial paper		81,786		2		(43	)		81,745
	$	407,726	$	3	$	(381	)	$	407,348

Long-term marketable securities:
U.S. government agency debt securities	$	34,129	$	—	$	(75	)	$	34,054
Corporate debt securities		28,770		—		(77	)		28,693
	$	62,899	$	—	$	(152	)	$	62,747


	December 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Marketable securities:
U.S. government agency debt securities	$	169,690	$	108	$	—		$	169,798
Corporate debt securities		122,737	23			(47	)		122,713
Commercial paper		93,241	37			—			93,278
	$	385,668	$	168	$	(47	)	$	385,789

Long-term marketable securities:
U.S. government agency debt securities	$	62,038	$	80	$	—		$	62,118
Corporate debt securities		44,537	18			(1	)		44,554
	$	106,575	$	98	$	(1	)	$	106,672

Certain short-term marketable securities with original maturities of less than 90 days are included in cash and cash equivalents on the consolidated balance sheets and are not included in the tables above. As of March 31, 2026, all short-term marketable securities had contractual maturities within one year and all long-term marketable securities had contractual maturities between one to two years.

As of March 31, 2026, the Company had 67 securities with a total fair market value of $418.2 million in an unrealized loss position. The Company evaluated its securities for potential impairment and considered the decline in market value to be primarily attributable to current economic and market conditions. Additionally, the Company does not intend to sell the investments in an unrealized loss position and does not expect it will be required to sell the investments before recovery of their amortized cost bases, which may be at maturity. Given the Company’s intent and ability to hold such investments until recovery, and the lack of a significant change in credit risk for these investments, the Company does not consider these investments to be impaired and there are no allowances for credit losses as of March 31, 2026.

Stock-based Compensation - Schedule of Stock Option Valuation Assumptions (Details)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]
Expected option life (years)	6 years 1 month 6 days	6 years
Risk-free interest rate	3.80%	4.10%
Expected volatility	81.80%	78.30%
Expected dividend yield	0.00%	0.00%

Subsequent Events - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	Apr. 20, 2026	Mar. 31, 2026	Dec. 31, 2025
Subsequent Event [Line Items]
Common stock, shares authorized		105,384,000	105,384,000
Subsequent Events
Subsequent Event [Line Items]
Gross proceeds from initial public offering	$ 718.8
Common stock, shares authorized	800,000,000
Preferred stock, shares authorized	10,000,000
Subsequent Events \| Maximum
Subsequent Event [Line Items]
Issuance of equity awards	14,011,037
Issuance of common stock	1,295,482
Subsequent Events \| Common Stock
Subsequent Event [Line Items]
Gross proceeds from initial public offering	$ 718.8
Subsequent Events \| Common Stock \| Underwriters Overallotment
Subsequent Event [Line Items]
Number of share issued	5,859,375
Subsequent Events \| Common Stock \| Initial Public Offering
Subsequent Event [Line Items]
Number of share issued	44,921,875
Price per share	$ 16
Conversion of preferred stock	84,596,391

Fair Value of Financial Assets and Liabilities - Summary Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets	$ 579,841	$ 649,948
U.S. Government Agency Debt Securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Marketable securities	226,466	231,915
Corporate Debt Securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents		27,353
Marketable securities	161,884	167,268
Money Market Funds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	109,746	104,212
Commercial Paper
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents		25,922
Marketable securities	81,745	93,278
Fair Value, Inputs, Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets	109,746	104,212
Fair Value, Inputs, Level 1 \| U.S. Government Agency Debt Securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Marketable securities	0	0
Fair Value, Inputs, Level 1 \| Corporate Debt Securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents		0
Marketable securities	0	0
Fair Value, Inputs, Level 1 \| Money Market Funds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	109,746	104,212
Fair Value, Inputs, Level 1 \| Commercial Paper
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents		0
Marketable securities	0	0
Fair Value, Inputs, Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets	470,095	545,736
Fair Value, Inputs, Level 2 \| U.S. Government Agency Debt Securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Marketable securities	226,466	231,915
Fair Value, Inputs, Level 2 \| Corporate Debt Securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents		27,353
Marketable securities	161,884	167,268
Fair Value, Inputs, Level 2 \| Money Market Funds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	0	0
Fair Value, Inputs, Level 2 \| Commercial Paper
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents		25,922
Marketable securities	81,745	93,278
Fair Value, Inputs, Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets	0	0
Fair Value, Inputs, Level 3 \| U.S. Government Agency Debt Securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Marketable securities	0	0
Fair Value, Inputs, Level 3 \| Corporate Debt Securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents		0
Marketable securities	0	0
Fair Value, Inputs, Level 3 \| Money Market Funds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	0	0
Fair Value, Inputs, Level 3 \| Commercial Paper
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents		0
Marketable securities	$ 0	$ 0

Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Payables and Accruals [Abstract]
Accrued clinical	$ 21,993	$ 18,888
Accrued employee compensation and benefits	4,661	9,054
Accrued professional services	1,889	3,866
Accrued manufacturing	16,993	3,812
Accrued other research and development	456	1,300
Other	722	916
Total accrued expenses and other current liabilities	$ 46,714	$ 37,836

Prepaid Expenses and Other Current Assets (Tables)

3 Months Ended

Mar. 31, 2026

Prepaid Expense and Other Assets, Current [Abstract]

Schedule of Prepaid Expenses and Other Current Assets

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


	March 31, 2026		December 31, 2025
Interest receivable	$	3,208	$	2,725
Prepaid expenses		2,164		2,645
Prepaid clinical		1,699		2,356
Prepaid manufacturing		3,211		1,724
Prepaid other research and development		293		459
Prepaid bonuses		206		338
Other		360		1,234
	$	11,141	$	11,481

Prepaid Expenses and Other Current Assets

3 Months Ended

Mar. 31, 2026

Prepaid Expense and Other Assets, Current [Abstract]

Prepaid Expenses and Other Current Assets

5. Prepaid expenses and other current assets

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


	March 31, 2026		December 31, 2025
Interest receivable	$	3,208	$	2,725
Prepaid expenses		2,164		2,645
Prepaid clinical		1,699		2,356
Prepaid manufacturing		3,211		1,724
Prepaid other research and development		293		459
Prepaid bonuses		206		338
Other		360		1,234
	$	11,141	$	11,481