0001193125-26-213321 | 10-Q | XBRL Viewer

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Stock-Based Compensation - Schedule of Excluding Any Effect of the Option Repricing, Weighted-average Assumptions Used in the Black-Scholes Option Pricing Model to Determine the Fair Value of the Stock Options Granted (Details)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]
Expected option life (in years)	6 years	6 years
Assumed volatility	107.00%	105.00%
Assumed risk-free interest rate	3.90%	4.50%

Organization and Basis of Presentation	3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	1. Organization and Basis of Presentation Description of Business Boundless Bio, Inc. (the Company) is a clinical-stage oncology company dedicated to unlocking a new paradigm in cancer therapeutics that addresses the significant unmet need in patients with oncogene amplified tumors by interrogating extrachromosomal DNA (ecDNA), a root cause of oncogene amplification observed in 14 to 17% of cancer patients. The Company is focused on identifying targets essential for ecDNA functionality in oncogene amplified cancer cells, then designing and developing small molecule drugs called ecDNA-directed therapeutic candidates (ecDTx) to inhibit those targets, with the aim to prevent cancer cells from using chromosomal instability and ecDNA amplification biology to grow, adapt, and become resistant to existing therapies. The Company's mission is to be the foremost biopharma company interrogating ecDNA biology to deliver transformative therapies that improve and extend the lives of patients with previously intractable oncogene amplified cancers. The Company’s lead ecDTx, BBI-940, is in early clinical development in patients with estrogen receptor positive and human epidermal growth factor receptor 2 negative, or ER+/HER2-, breast cancer who have progressed following treatment with a cyclin-dependent kinase 4 and/or 6 inhibitor, or CDK4/6 inhibitor, plus endocrine therapy, as well as patients with triple-negative breast cancer luminal androgen receptor subtype, or TNBC-LAR. The Company was incorporated in the state of Delaware on April 10, 2018 and is headquartered in San Diego, California. ATM Offering On April 1, 2025, the Company entered into an Open Market Sale AgreementSM (the Sales Agreement) with Jefferies LLC (the Agent), under which the Company may, from time to time, sell shares of the Company’s common stock in “at the market” (ATM) offerings through or to the Agent, as sales agent or principal. The shares of common stock will be offered and issued pursuant to the Company’s shelf registration statement on Form S-3 (File No. 333-286302), including the Sales Agreement prospectus contained therein, filed with the Securities and Exchange Commission (SEC) on April 1, 2025 and declared effective by the SEC on April 10, 2025. Pursuant to the Sales Agreement prospectus, the Company may sell shares of its common stock having an aggregate offering price of up to $14.5 million. Sales of the shares of common stock, if any, will be made at prevailing market prices at the time of sale, or as otherwise agreed with the Agent. The Agent will receive a commission from the Company of up to 3.0% of the gross proceeds of any shares of common stock sold under the Sales Agreement. The Company is not obligated to sell, and the Agent is not obligated to buy or sell, any shares of common stock under the Sales Agreement. No assurance can be given that the Company will sell any shares of common stock under the Sales Agreement, or, if it does, as to the price or amount of shares of common stock that it sells or the dates when such sales will take place. As of March 31, 2026, no shares had been sold under the Sales Agreement. Liquidity Since the Company commenced operations in 2018, it has devoted substantially all of its efforts and resources to organizing and staffing the Company, business planning, raising capital, building its proprietary Spyglass platform, discovering its ecDTx, developing its ecDNA diagnostic, establishing its intellectual property portfolio, conducting research, preclinical studies, and clinical trials, establishing arrangements with third parties for the manufacture of its ecDTx and related raw materials, and providing other general and administrative support for these operations. The Company does not have any products for sale and has not generated any revenue to date. The Company has funded its operations primarily from the sale and issuance of shares of its convertible preferred stock and common stock, including the net proceeds from the initial public offering (IPO) of its common stock completed on April 2, 2024. As of March 31, 2026, the Company had cash, cash equivalents, and short-term investments of $92.8 million. Subsequent to March 31, 2026, the Company entered into an agreement with the landlord for its current headquarters facility to terminate the lease for such facility effective May 31, 2026. The lease termination involved a $10.0 million payment by the Company to the landlord and the landlord retained the Company's security deposit of approximately $0.5 million, representing aggregate cash outflows of approximately $10.5 million paid in the second quarter of 2026. After taking into account the foregoing, the Company believes that its existing cash, cash equivalents, and short-term investments will be sufficient to fund its operations for at least twelve months from the issuance date of the accompanying unaudited condensed financial statements. See Note 13 – Subsequent Events for additional information regarding the lease termination. Since inception, the Company has incurred significant operating losses and negative cash flows from its operations and expects that it will continue to do so into the foreseeable future as it continues its development of, seeks regulatory approval for, and potentially commercializes its ecDTx, utilizes third parties to manufacture its ecDTx and related raw materials, potentially identifies additional development opportunities for its ecDTx, seeks to expand its therapeutic pipeline, and expands and protects its intellectual property. If the Company obtains regulatory approval for any of its ecDTx, it expects to incur significant commercialization expenses related to product sales, marketing, manufacturing, and distribution. The Company does not expect to generate any revenue from product sales until it successfully completes development of and obtains regulatory approval for one or more of its ecDTx, which the Company expects will take several years and may never occur. As of March 31, 2026, the Company had an accumulated deficit of $273.2 million, and, during the three months ended March 31, 2026, the Company incurred a net loss of $13.6 million and had negative cash flows from operations of $15.0 million. As the Company continues to pursue its business plan, it will need to acquire a substantial amount of additional funding until such time as it is able to generate significant revenues to fund its research and development activities and operations. Accordingly, the Company expects to finance its cash requirements through equity offerings, debt financings, or other capital sources, including potential collaborations, licenses, and other similar arrangements. There can be no assurance that the Company will be successful in acquiring additional funding or that any additional funding would be sufficient to continue operations in future periods. Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in accordance with United States generally accepted accounting principles (U.S. GAAP) and the requirements of the SEC for interim reporting. As permitted under those rules, certain footnote disclosures or other financial information that are normally required by U.S. GAAP have been condensed or omitted. The condensed financial statements are presented in U.S. dollars. Any reference in these notes to applicable guidance is meant to refer to U.S. GAAP as found in the Accounting Standards Codification (ASC) and Accounting Standards Updates (ASU) promulgated by the Financial Accounting Standards Board (FASB). The condensed balance sheet as of March 31, 2026, the condensed statements of operations and comprehensive loss for the three months ended March 31, 2026 and 2025, the condensed statements of stockholders’ equity for the three months ended March 31, 2026 and 2025, and the condensed statements of cash flows for the three months ended March 31, 2026 and 2025 are unaudited. These unaudited condensed financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s financial position, results of operations, and cash flows for the interim period presented. The financial data and the other financial information contained in these notes to the condensed financial statements are also unaudited. The results of operations for the three months ended March 31, 2026 are not necessarily indicative of the results to be expected for the year ending December 31, 2026 or for any other future annual or interim period. The condensed balance sheet as of December 31, 2025 included herein was derived from the audited financial statements as of that date. The unaudited condensed financial statements and these notes thereto should be read in conjunction with the Company’s audited financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on March 9, 2026 (the Company's 2025 10-K).

Organization and Basis of Presentation

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Basis of Presentation

Description of Business

Boundless Bio, Inc. (the Company) is a clinical-stage oncology company dedicated to unlocking a new paradigm in cancer therapeutics that addresses the significant unmet need in patients with oncogene amplified tumors by interrogating extrachromosomal DNA (ecDNA), a root cause of oncogene amplification observed in 14 to 17% of cancer patients. The Company is focused on identifying targets essential for ecDNA functionality in oncogene amplified cancer cells, then designing and developing small molecule drugs called ecDNA-directed therapeutic candidates (ecDTx) to inhibit those targets, with the aim to prevent cancer cells from using chromosomal instability and ecDNA amplification biology to grow, adapt, and become resistant to existing therapies. The Company's mission is to be the foremost biopharma company interrogating ecDNA biology to deliver transformative therapies that improve and extend the lives of patients with previously intractable oncogene amplified cancers. The Company’s lead ecDTx, BBI-940, is in early clinical development in patients with estrogen receptor positive and human epidermal growth factor receptor 2 negative, or ER+/HER2-, breast cancer who have progressed following treatment with a cyclin-dependent kinase 4 and/or 6 inhibitor, or CDK4/6 inhibitor, plus endocrine therapy, as well as patients with triple-negative breast cancer luminal androgen receptor subtype, or TNBC-LAR. The Company was incorporated in the state of Delaware on April 10, 2018 and is headquartered in San Diego, California.

ATM Offering

On April 1, 2025, the Company entered into an Open Market Sale AgreementSM (the Sales Agreement) with Jefferies LLC (the Agent), under which the Company may, from time to time, sell shares of the Company’s common stock in “at the market” (ATM) offerings through or to the Agent, as sales agent or principal. The shares of common stock will be offered and issued pursuant to the Company’s shelf registration statement on Form S-3 (File No. 333-286302), including the Sales Agreement prospectus contained therein, filed with the Securities and Exchange Commission (SEC) on April 1, 2025 and declared effective by the SEC on April 10, 2025. Pursuant to the Sales Agreement prospectus, the Company may sell shares of its common stock having an aggregate offering price of up to $14.5 million. Sales of the shares of common stock, if any, will be made at prevailing market prices at the time of sale, or as otherwise agreed with the Agent. The Agent will receive a commission from the Company of up to 3.0% of the gross proceeds of any shares of common stock sold under the Sales Agreement. The Company is not obligated to sell, and the Agent is not obligated to buy or sell, any shares of common stock under the Sales Agreement. No assurance can be given that the Company will sell any shares of common stock under the Sales Agreement, or, if it does, as to the price or amount of shares of common stock that it sells or the dates when such sales will take place. As of March 31, 2026, no shares had been sold under the Sales Agreement.

Liquidity

Since the Company commenced operations in 2018, it has devoted substantially all of its efforts and resources to organizing and staffing the Company, business planning, raising capital, building its proprietary Spyglass platform, discovering its ecDTx, developing its ecDNA diagnostic, establishing its intellectual property portfolio, conducting research, preclinical studies, and clinical trials, establishing arrangements with third parties for the manufacture of its ecDTx and related raw materials, and providing other general and administrative support for these operations. The Company does not have any products for sale and has not generated any revenue to date. The Company has funded its operations primarily from the sale and issuance of shares of its convertible preferred stock and common stock, including the net proceeds from the initial public offering (IPO) of its common stock completed on April 2, 2024.

As of March 31, 2026, the Company had cash, cash equivalents, and short-term investments of $92.8 million. Subsequent to March 31, 2026, the Company entered into an agreement with the landlord for its current headquarters facility to terminate the lease for such facility effective May 31, 2026. The lease termination involved a $10.0 million payment by the Company to the landlord and the landlord retained the Company's security deposit of approximately $0.5 million, representing aggregate cash outflows of approximately $10.5 million paid in the second quarter of 2026. After taking into account the foregoing, the Company believes that its existing cash, cash equivalents, and short-term investments will be sufficient to fund its operations for at least twelve months from the issuance date of the accompanying unaudited condensed financial statements. See Note 13 – Subsequent Events for additional information regarding the lease termination.

Since inception, the Company has incurred significant operating losses and negative cash flows from its operations and expects that it will continue to do so into the foreseeable future as it continues its development of, seeks regulatory approval for, and potentially commercializes its ecDTx, utilizes third parties to manufacture its ecDTx and related raw materials, potentially identifies additional development opportunities for its ecDTx, seeks to expand its therapeutic pipeline, and expands and protects its intellectual property. If the Company obtains regulatory approval for any of its ecDTx, it expects to incur significant commercialization expenses related to product sales, marketing, manufacturing, and distribution. The Company does not expect to generate any revenue from product sales

until it successfully completes development of and obtains regulatory approval for one or more of its ecDTx, which the Company expects will take several years and may never occur. As of March 31, 2026, the Company had an accumulated deficit of $273.2 million, and, during the three months ended March 31, 2026, the Company incurred a net loss of $13.6 million and had negative cash flows from operations of $15.0 million. As the Company continues to pursue its business plan, it will need to acquire a substantial amount of additional funding until such time as it is able to generate significant revenues to fund its research and development activities and operations. Accordingly, the Company expects to finance its cash requirements through equity offerings, debt financings, or other capital sources, including potential collaborations, licenses, and other similar arrangements. There can be no assurance that the Company will be successful in acquiring additional funding or that any additional funding would be sufficient to continue operations in future periods.

Basis of Presentation

The accompanying unaudited condensed financial statements have been prepared in accordance with United States generally accepted accounting principles (U.S. GAAP) and the requirements of the SEC for interim reporting. As permitted under those rules, certain footnote disclosures or other financial information that are normally required by U.S. GAAP have been condensed or omitted. The condensed financial statements are presented in U.S. dollars. Any reference in these notes to applicable guidance is meant to refer to U.S. GAAP as found in the Accounting Standards Codification (ASC) and Accounting Standards Updates (ASU) promulgated by the Financial Accounting Standards Board (FASB).

The condensed balance sheet as of March 31, 2026, the condensed statements of operations and comprehensive loss for the three months ended March 31, 2026 and 2025, the condensed statements of stockholders’ equity for the three months ended March 31, 2026 and 2025, and the condensed statements of cash flows for the three months ended March 31, 2026 and 2025 are unaudited. These unaudited condensed financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s financial position, results of operations, and cash flows for the interim period presented. The financial data and the other financial information contained in these notes to the condensed financial statements are also unaudited. The results of operations for the three months ended March 31, 2026 are not necessarily indicative of the results to be expected for the year ending December 31, 2026 or for any other future annual or interim period. The condensed balance sheet as of December 31, 2025 included herein was derived from the audited financial statements as of that date. The unaudited condensed financial statements and these notes thereto should be read in conjunction with the Company’s audited financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on March 9, 2026 (the Company's 2025 10-K).

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
Rule 10b5-1 Arr Modified Flag	false
Non Rule 10b5-1 Arr Modified Flag	false

Net Loss Per Common Share - Summary of Basic and Diluted Net Loss Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Earnings Per Share [Abstract]
Net loss	$ (13,555)	$ (15,758)
Weighted-average shares of common stock used in computing net loss per share, basic	22,407	22,300
Weighted-average shares of common stock used in computing net loss per share, diluted	22,407	22,300
Net loss per share, basic	$ (0.6)	$ (0.71)
Net loss per share, diluted	$ (0.6)	$ (0.71)

- Definition

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

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+ Details

- Definition

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

+ References

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+ Details

Accounts Payable and Accrued Liabilities

3 Months Ended

Mar. 31, 2026

Payables and Accruals [Abstract]

Accounts Payable and Accrued Liabilities

Accounts payable and accrued liabilities consisted of the following (in thousands):


	As of March 31,		As of December 31,
	2026		2025
Accounts payable	$	2,035	$	1,491
Accrued research and development costs		3,279		4,719
Other accrued liabilities		396		517
Total accounts payable and accrued liabilities	$	5,710	$	6,727

Property and Equipment (Tables)

3 Months Ended

Mar. 31, 2026

Property, Plant and Equipment [Abstract]

Summary of Property and Equipment, Net

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


	As of March 31,		As of December 31,
	2026		2025
Lab equipment	$	4,363	$	4,373
Computers and software		904		896
Leasehold improvements		1,054		1,054
Furniture and fixtures		1,852		1,853
Total property and equipment		8,173		8,176
Less accumulated depreciation and amortization		5,233		4,960
Property and equipment, net	$	2,940	$	3,216

Net Loss Per Common Share (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Summary of Basic and Diluted Net Loss Per Common Share

The following table summarizes the calculation of basic and diluted net loss per common share attributable to common stockholders (in thousands, except per share data):


	Three Months Ended March 31,
	2026			2025
Net loss	$	(13,555	)	$	(15,758	)
Weighted-average shares of common stock used in computing net loss per share, basic and diluted		22,407			22,300
Net loss per share, basic and diluted	$	(0.60	)	$	(0.71	)

Summary of Dilutive Securities Excluded from Calculation of Diluted Net Loss Per Share

The Company excluded the following potential shares of its common stock, presented based on amounts outstanding at each period end, from the calculation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect (in thousands):


	As of March 31,
	2026		2025
Options to purchase common stock		5,938		4,738
Total		5,938		4,738

Common Stock - Schedule of Common Stock Reserved for Future Issuance (Details) - shares	Mar. 31, 2026	Dec. 31, 2025
Class of Stock [Line Items]
Common stock reserved for future issuance	9,229,000	7,885,000
Shares reserved for exercise of stock options issued and outstanding
Class of Stock [Line Items]
Common stock reserved for future issuance	5,938,000	4,234,000
Shares reserved for future issuance under the equity incentive plan
Class of Stock [Line Items]
Common stock reserved for future issuance	2,764,000	3,348,000
Shares reserved for future issuance under the employee stock purchase plan
Class of Stock [Line Items]
Common stock reserved for future issuance	527,000	303,000

- Definition

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

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-Paragraph 18
-Subparagraph (c)
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

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-Section S99
-Paragraph 1
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+ Details

Fair Value Measurements - Additional Information (Details) - USD ($)	Mar. 31, 2026	Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value assets transfer between levels	$ 0	$ 0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets	$ 0	$ 0

Accounts Payable and Accrued Liabilities - Schedule of Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Payables and Accruals [Abstract]
Accounts payable	$ 2,035	$ 1,491
Accrued research and development costs	3,279	4,719
Other accrued liabilities	396	517
Total accounts payable and accrued liabilities	$ 5,710	$ 6,727

Investments - Additional Information (Details) $ in Millions	Mar. 31, 2026 USD ($) Securities	Dec. 31, 2025 Securities
Investments, Debt and Equity Securities [Abstract]
Number of available-for-sale securities \| Securities	15	0
Estimated fair value of gross unrealized loss positions \| $	$ 48.9

Investments - Schedule of Available-for-Sale Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Debt Securities, Available-for-Sale [Line Items]
Acquisition Cost	$ 91,002	$ 105,749
Unrealized Gain	4	64
Unrealized Loss	(27)
Estimated Fair Value	90,979	105,813
Short-term Investments
Debt Securities, Available-for-Sale [Line Items]
Estimated Fair Value	75,364	89,713
U.S. Government Obligations
Debt Securities, Available-for-Sale [Line Items]
Acquisition Cost	75,387	89,649
Unrealized Gain	4	64
Unrealized Loss	(27)
Estimated Fair Value	75,364	89,713
Cash Equivalents
Debt Securities, Available-for-Sale [Line Items]
Estimated Fair Value	15,615	16,100
Money Market Funds
Debt Securities, Available-for-Sale [Line Items]
Acquisition Cost	15,615	16,100
Estimated Fair Value	$ 15,615	$ 16,100

- Definition

Amount 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 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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+ Details

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

The Company’s significant accounting policies are disclosed in Note 2 to the audited financial statements included in the Company’s 2025 10-K. There were no material changes to the Company’s significant accounting policies during the three months ended March 31, 2026.

The Company qualifies as an “emerging growth company” (EGC) as defined in the Jumpstart Our Business Startups Act of 2012, as amended (JOBS Act). The JOBS Act permits EGCs such as the Company to take advantage of an extended transition period to comply with new or revised financial accounting standards applicable to public companies until those standards would otherwise apply to nonpublic companies. The Company has elected not to “opt out” of such extended transition period, which means that when an accounting standard is issued or revised and it has different application dates for public or nonpublic companies, the Company can adopt the new or revised standard at the time nonpublic companies adopt the new or revised standard and can do so until such time that it either (i) irrevocably elects to “opt out” of such extended transition period or (ii) no longer qualifies as an EGC.

Segment Reporting

Operating segments are identified as components of an enterprise about which discrete financial information is available for evaluation by the chief operating decision-maker (CODM) in making decisions regarding resource allocation and assessing performance. The Company operates and manages its business as one reporting and one operating segment, which is the business of designing and developing ecDTx, for which no revenue has been recorded. All of the Company’s long-lived assets are located in the United States. The Company’s CODM is its Chief Executive Officer. For purposes of assessing the Company’s financial performance and making resource allocation decisions, the CODM reviews total expenses, as well as expenses by nature.

Recent Accounting Pronouncements Not Yet Adopted

In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The new guidance requires more detailed information about specified types of expenses (including purchases of inventory, employee compensation, depreciation, amortization, and depletion) in commonly presented expense captions on the face of the statement of operations on an annual and interim basis. This guidance is effective for the Company for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027. The new standard permits early adoption and can be applied prospectively or retrospectively. The Company is evaluating the effect that this guidance will have on its financial statements and related disclosures.

Organization and Basis of Presentation - Additional Information (Details) - USD ($) $ in Thousands			3 Months Ended
	Apr. 13, 2026	Apr. 01, 2025	Jun. 30, 2026	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Entity Incorporation, State or Country Code				DE
Aggregate offering price of common stock				$ 2		$ 2
Cash, cash equivalents, and short-term investments				92,800
Accumulated deficit				(273,224)		$ (259,669)
Net Income (Loss)				(13,555)	$ (15,758)
Net cash used in operating activities				$ 14,972	$ 14,530
Scenario Forecast
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Aggregate payments made to landlord on lease termination			$ 10,500
Open Market Sale Agreement
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Shares issued				0
Open Market Sale Agreement \| Maximum
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Aggregate offering price of common stock		$ 14,500
Percentage of agent commission on gross proceeds of common stock sold		3.00%
Subsequent Event
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Payment to landlord on lease termination	$ 10,000
Lease termination effective date	May 31, 2026
Security deposit	$ 500

Lease Agreements - Additional Information (Details) $ in Millions		1 Months Ended	3 Months Ended
	Apr. 13, 2026	Apr. 30, 2026	Mar. 31, 2026 USD ($) ft²	Mar. 31, 2025 USD ($)	Dec. 31, 2025
Lessee, Lease, Description [Line Items]
Cash paid for operating leases			$ 1.7	$ 0.1
Operating lease term			8 years 7 months 6 days		8 years 9 months 18 days
Discount rate of operating lease			8.30%		8.30%
Subsequent Event
Lessee, Lease, Description [Line Items]
Lease termination effective date	May 31, 2026
2024 Lease
Lessee, Lease, Description [Line Items]
Operating lease term			120 months
Estimated incremental borrowing rate			8.30%
Area of Square Feet \| ft²			80,168
Right to extend the term			60 months
Lease expense			$ 2.5	2.3
Operating lease cost			1.8	1.9
Variable lease cost			$ 0.7	$ 0.4
Lease Expiration Date			Oct. 31, 2034
2024 Lease \| Subsequent Event
Lessee, Lease, Description [Line Items]
Lease termination effective date	May 31, 2026	May 31, 2026
Long-term Other Assets \| 2024 Lease
Lessee, Lease, Description [Line Items]
Restricted cash deposit used as collateral for letter of credit			$ 0.6

Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 1,371	$ 1,797
Research and Development
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	391	714
General and Administrative
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 980	$ 1,083

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity Under the Plan and the Predecessor Plan

Stock option activity under the Plan and the Predecessor Plan and certain other related information is as follows (in thousands except weighted-average exercise price and remaining term):


	Number			Weighted- Average Exercise Price		Weighted- Average Remaining Term (years)		Aggregate- Intrinsic Value
Balance as of December 31, 2025		4,234		$	5.22		7.4	$	28
Granted		1,836		$	1.26
Exercised		—		$	—
Forfeited and expired		(132	)	$	5.11
Balance as of March 31, 2026		5,938		$	3.92		8.1	$	7
Vested and expected to vest at March 31, 2026		5,938		$	3.92		8.1	$	7
Exercisable as of March 31, 2026		2,587		$	5.10		6.7	$	5

Schedule of Stock-based Compensation Expense

Stock-based compensation expense, including the expense related to the ESPP, as recorded in the accompanying condensed statements of operations and comprehensive loss was as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Research and development	$	391	$	714
General and administrative		980		1,083
Total stock-based compensation	$	1,371	$	1,797

Schedule of Excluding Any Effect of the Option Repricing, Weighted-average Assumptions Used in the Black-Scholes Option Pricing Model to Determine the Fair Value of the Stock Options Granted

Excluding any effect of the Repriced Options, except for Repriced Options held by employees who experienced a Qualifying Termination (as defined in Note 10 to the audited financial statements included in the Company’s 2025 10-K), the weighted-average assumptions used in the Black-Scholes option pricing model to determine the fair value of the stock options granted during the periods indicated in the table were as follows:


	Three Months Ended March 31,
	2026			2025
Expected option life (in years)		6.0			6.0
Assumed volatility		107.0	%		105.0	%
Assumed risk-free interest rate		3.9	%		4.5	%
Expected dividend yield		—			—

Investments (Tables)

3 Months Ended

Mar. 31, 2026

Investments, Debt and Equity Securities [Abstract]

Schedule of Available-for-Sale Securities

The following tables summarize investments accounted for as available-for-sale securities (in thousands):


	As of March 31, 2026
	Acquisition Cost		Unrealized Gain		Unrealized Loss			Estimated Fair Value
Money market funds	$	15,615	$	—	$	—		$	15,615
U.S. government obligations		75,387		4		(27	)		75,364
Total cash equivalents and investments	$	91,002	$	4	$	(27	)	$	90,979
Classified as:
Cash equivalents								$	15,615
Short-term investments									75,364
Total cash equivalents and investments								$	90,979


	As of December 31, 2025
	Acquisition Cost		Unrealized Gain		Unrealized Loss		Estimated Fair Value
Money market funds	$	16,100	$	—	$	—	$	16,100
U.S. government obligations		89,649		64		—		89,713
Total cash equivalents and investments	$	105,749	$	64	$	—	$	105,813
Classified as:
Cash equivalents							$	16,100
Short-term investments								89,713
Total cash equivalents and investments							$	105,813

Property and Equipment - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 0.3	$ 0.3

Segment Information - Schedule of Segment Loss (Details) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Segment Reporting Information [Line Items]

Total operating expenses

$ 14,475

$ 17,341

Loss from operations

(14,475)

(17,341)

Net loss

(13,555)

(15,758)

Operating Segments

Segment Reporting Information [Line Items]

Facilities related expense

2,523

2,299

Stock-based compensation and depreciation

1,655

2,114

Total operating expenses

14,475

17,341

Loss from operations

(14,475)

(17,341)

Interest and other income, net

920

1,583

Net loss

(13,555)

(15,758)

Research and Development | Operating Segments

Segment Reporting Information [Line Items]

Compensation and benefits (excludes stock-based compensation)

2,131

3,294

Clinical trial costs

2,612

2,850

Outsourced services & Consulting

2,209

2,382

Lab and pharmacology supplies

143

290

Other costs

^[1]

377

597

General and Administrative | Operating Segments

Segment Reporting Information [Line Items]

Compensation and benefits (excludes stock-based compensation)

1,383

1,574

Professional service fees

750

997

Insurance

199

218

Other Costs

^[2]

$ 493

$ 726

[1]	Includes expenses such as software licenses, database subscriptions, lab service contracts, travel, and other costs.
[2]	Includes expenses such as travel, investor relations services, software licenses, employee training and development, and other costs.

Common Stock

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Common Stock

Common Stock Reserved for Future Issuance

Common stock reserved for future issuance consisted of the following (in thousands):


	As of March 31,		As of December 31,
	2026		2025
Shares reserved for exercise of stock options issued and outstanding		5,938		4,234
Shares reserved for future issuance under the equity incentive plan		2,764		3,348
Shares reserved for future issuance under the employee stock purchase plan		527		303
Total		9,229		7,885

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands			1 Months Ended	3 Months Ended
	Jan. 01, 2026	Jan. 01, 2025	Mar. 31, 2024	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025	Aug. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Exercise of stock options (in shares)				0	0
Stock-based compensation				$ 1,371	$ 1,797
Common stock reserved for future issuance				9,229,000		7,885,000
Options to purchase shares of common stock				5,938,000		4,234,000
Unrecognized compensation cost related to outstanding time-based vesting				$ 9,500
Unrecognized compensation cost expected to be recognized over a weighted-average period				2 years 2 months 12 days
Weighted-average grant date per share fair value of options granted				$ 1.04	$ 2.09
ESPP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Aggregate number of shares issued increased		224,072
Stock-based compensation				$ 100	$ 100
Common stock reserved for future issuance			231,919	527,251
Unrecognized compensation cost related to outstanding time-based vesting				$ 400
Unrecognized compensation cost expected to be recognized over a weighted-average period				1 year 1 month 6 days
Repriced Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options to purchase shares of common stock				2,275,372
Repriced Options \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options to purchase shares of common stock							3,484,346
2024 Incentive Award Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Term of the plan			10 years
Number of shares authorized for issuance				5,068,078
Aggregate number of shares issued increased	1,120,362
Number of shares remained available for grant				2,764,307

Commitments and Contingencies

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Contracts

The Company enters into contracts in the normal course of business with various third parties for preclinical research studies, clinical trials, testing, manufacturing, and other services. These contracts generally provide for termination upon notice and are cancellable without significant penalty or payment and do not contain any minimum purchase commitments.

Indemnification Agreements

In the ordinary course of business, the Company may provide indemnification of varying scope and terms to vendors, lessors, business partners, and other parties with respect to certain matters including, but not limited to, losses arising out of breach of agreements or from intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements with its officers and members of its board of directors that require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as officers or directors. The maximum potential future payments the Company could be required to make under these indemnification agreements is, in many cases, unlimited. To date, the Company has not incurred any material costs because of these indemnification agreements. The Company has not accrued any liabilities related to such indemnification agreements in its financial statements as of March 31, 2026 or December 31, 2025 because it determined the likelihood of incurring a payment obligation pursuant to such agreements was not probable.

Litigation

Liabilities for loss contingencies arising from claims, assessments, litigation, fines, penalties, and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. There are no matters currently outstanding for which any liabilities have been accrued. The Company was not a defendant in any lawsuit for the three months ended March 31, 2026 or the year ended December 31, 2025.

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2026	May 05, 2026
Cover [Abstract]
Amendment Flag	false
Entity Central Index Key	0001782303
Current Fiscal Year End Date	--12-31
Document Type	10-Q
Document Period End Date	Mar. 31, 2026
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Entity Registrant Name	BOUNDLESS BIO, INC.
Entity Incorporation, State or Country Code	DE
Entity File Number	001-41989
Entity Tax Identification Number	83-0751369
Entity Address, Address Line One	10955 Alexandria Way
Entity Address, Address Line Two	Suite 100
Entity Address, City or Town	San Diego
Entity Address, Postal Zip Code	92121
Entity Address, State or Province	CA
City Area Code	(858)
Local Phone Number	766-9912
Title of 12(b) Security	Common stock, par value $0.0001 per share
Trading Symbol	BOLD
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Shell Company	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Common Stock, Shares Outstanding		22,464,111
Document Transition Report	false
Document Quarterly Report	true

Net Loss Per Common Share - Summary of Dilutive Securities Excluded from Computation of Diluted Net Loss Per Share (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive Securities Excluded from Computation of Diluted Net Loss Per Share	5,938	4,738
Options to Purchase Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive Securities Excluded from Computation of Diluted Net Loss Per Share	5,938	4,738

Net Loss Per Common Share

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Net Loss Per Common Share

11.

Net Loss Per Common Share

The following table summarizes the calculation of basic and diluted net loss per common share attributable to common stockholders (in thousands, except per share data):


	Three Months Ended March 31,
	2026			2025
Net loss	$	(13,555	)	$	(15,758	)
Weighted-average shares of common stock used in computing net loss per share, basic and diluted		22,407			22,300
Net loss per share, basic and diluted	$	(0.60	)	$	(0.71	)


	As of March 31,
	2026		2025
Options to purchase common stock		5,938		4,738
Total		5,938		4,738

Subsequent Events - Additional Information (Details)			1 Months Ended	3 Months Ended
Subsequent Events - Additional Information (Details)	Apr. 17, 2026 USD ($) ft²	Apr. 13, 2026 USD ($)	Apr. 30, 2026	Jun. 30, 2026 USD ($)	Mar. 31, 2026 ft²
2024 Lease
Subsequent Event [Line Items]
Area of Square Feet \| ft²					80,168
Lease expiration date					Oct. 31, 2034
Operating lease term					120 months
Scenario Forecast \| 2024 Lease
Subsequent Event [Line Items]
Charges expected to recognize in connection with the lease termination				$ 2,400,000
Subsequent Event
Subsequent Event [Line Items]
Security deposit		$ 500,000
Lease termination effective date		May 31, 2026
Payment to landlord on lease termination		$ 10,000,000
Subsequent Event \| 2024 Lease
Subsequent Event [Line Items]
Security deposit		$ 500,000
Lease termination effective date		May 31, 2026	May 31, 2026
Payment to landlord on lease termination		$ 10,000,000
Subsequent Event \| 2026 Lease
Subsequent Event [Line Items]
Security deposit	$ 77,000
Area of Square Feet \| ft²	10,822
Base rent payment	$ 56,000
Operating lease term	12 months

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Summary of Financial Assets Measured at Fair Value on Recurring Basis

The following tables summarize the Company’s financial assets measured at fair value on a recurring basis and their respective input levels based on the fair value hierarchy described in Note 2 to the audited financial statements included in the Company’s 2025 10-K (in thousands):


			Fair Value Measurements Using
As of March 31, 2026	Amount		Level 1		Level 2		Level 3
Assets
Money market funds (1)	$	15,615	$	15,615	$	—	$	—
U.S. government obligations (2)		75,364		—		75,364		—
Total fair value of assets	$	90,979	$	15,615	$	75,364	$	—

(1)

Included in cash and cash equivalents on the balance sheets.

(2)

Included in short-term investments on the balance sheets.


			Fair Value Measurements Using
As of December 31, 2025	Amount		Level 1		Level 2		Level 3
Assets
Money market funds (1)	$	16,100	$	16,100	$	—	$	—
U.S. government obligations (2)		89,713		—		89,713		—
Total fair value of assets	$	105,813	$	16,100	$	89,713	$	—

(1)

Included in cash and cash equivalents on the balance sheets.

(2)

Included in short-term investments on the balance sheets.

Lease Agreements - Schedule of Future Undiscounted Operating Lease Payments (Details) - 2024 Lease $ in Thousands	Mar. 31, 2026 USD ($)
Lessee, Lease, Description [Line Items]
2026 (remaining nine months)	$ 5,309
2027	7,255
2028	7,465
2029	7,680
2030	7,902
Thereafter	32,465
Total minimum lease payments	68,076
Less: Amount representing interest	(19,788)
Operating lease liabilities	$ 48,288

Stock-Based Compensation - Schedule of Stock Option Activity Under the Plan and the Predecessor Plan (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]
Beginning balance, Number	4,234,000
Granted	1,836,000
Forfeited and expired	(132,000)
Ending balance, Number	5,938,000	4,234,000
Vested and expected to vest	5,938,000
Exercisable	2,587,000
Beginning balance, Weighted-Average Exercise Price	$ 5.22
Weighted-Average Exercise Price, Granted	1.26
Weighted-Average Exercise Price, Forfeited and expired	5.11
Ending balance, Weighted-Average Exercise Price	3.92	$ 5.22
Weighted-Average Exercise Price, Vested and expected to vest	3.92
Weighted-Average Exercise Price, Exercisable	$ 5.1
Weighted-Average Remaining Term (years)	8 years 1 month 6 days	7 years 4 months 24 days
Weighted-Average Remaining Term (years), Vested and expected to vest	8 years 1 month 6 days
Weighted-Average Remaining Term (years), Exercisable	6 years 8 months 12 days
Aggregate-Intrinsic Value	$ 7	$ 28
Aggregate-Intrinsic Value, Vested and expected to vest	7
Aggregate-Intrinsic Value, Exercisable	$ 5

Segment Information

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Segment Information

12.

Segment Information

The CODM reviews the budget versus actual expense by nature of expense. The following table sets forth the Company’s segment loss disclosure for the three months ended March 31, 2026 and 2025 (in thousands):


	Three Months Ended March 31,
	2026			2025
R&D – Compensation and benefits (excludes stock-based compensation)	$	2,131		$	3,294
R&D – Clinical trial costs		2,612			2,850
R&D – Outsourced services & Consulting		2,209			2,382
R&D – Lab and pharmacology supplies		143			290
R&D – Other costs (1)		377			597
G&A – Compensation and benefits (excludes stock-based compensation)		1,383			1,574
G&A – Professional service fees		750			997
G&A – Insurance		199			218
G&A – Other costs (2)		493			726
Facilities related		2,523			2,299
Stock-based compensation and depreciation		1,655			2,114
Total operating expense		14,475			17,341
Loss from operations		(14,475	)		(17,341	)
Interest and other income, net		920			1,583
Segment net loss	$	(13,555	)	$	(15,758	)

(1)

Includes expenses such as software licenses, database subscriptions, lab service contracts, travel, and other costs.

(2)

Includes expenses such as travel, investor relations services, software licenses, employee training and development, and other costs.

- Definition

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

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+ Details

Segment Information (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of Segment Loss

The following table sets forth the Company’s segment loss disclosure for the three months ended March 31, 2026 and 2025 (in thousands):


	Three Months Ended March 31,
	2026			2025
R&D – Compensation and benefits (excludes stock-based compensation)	$	2,131		$	3,294
R&D – Clinical trial costs		2,612			2,850
R&D – Outsourced services & Consulting		2,209			2,382
R&D – Lab and pharmacology supplies		143			290
R&D – Other costs (1)		377			597
G&A – Compensation and benefits (excludes stock-based compensation)		1,383			1,574
G&A – Professional service fees		750			997
G&A – Insurance		199			218
G&A – Other costs (2)		493			726
Facilities related		2,523			2,299
Stock-based compensation and depreciation		1,655			2,114
Total operating expense		14,475			17,341
Loss from operations		(14,475	)		(17,341	)
Interest and other income, net		920			1,583
Segment net loss	$	(13,555	)	$	(15,758	)

(1)

Includes expenses such as software licenses, database subscriptions, lab service contracts, travel, and other costs.

(2)

Includes expenses such as travel, investor relations services, software licenses, employee training and development, and other costs.

Investments

3 Months Ended

Mar. 31, 2026

Investments, Debt and Equity Securities [Abstract]

Investments

The following tables summarize investments accounted for as available-for-sale securities (in thousands):


	As of March 31, 2026
	Acquisition Cost		Unrealized Gain		Unrealized Loss			Estimated Fair Value
Money market funds	$	15,615	$	—	$	—		$	15,615
U.S. government obligations		75,387		4		(27	)		75,364
Total cash equivalents and investments	$	91,002	$	4	$	(27	)	$	90,979
Classified as:
Cash equivalents								$	15,615
Short-term investments									75,364
Total cash equivalents and investments								$	90,979


	As of December 31, 2025
	Acquisition Cost		Unrealized Gain		Unrealized Loss		Estimated Fair Value
Money market funds	$	16,100	$	—	$	—	$	16,100
U.S. government obligations		89,649		64		—		89,713
Total cash equivalents and investments	$	105,749	$	64	$	—	$	105,813
Classified as:
Cash equivalents							$	16,100
Short-term investments								89,713
Total cash equivalents and investments							$	105,813

On March 31, 2026 and December 31, 2025, the remaining contractual maturities of all the Company’s available-for-sale investments were less than 12 months. As of March 31, 2026 and December 31, 2025, the Company has not established an allowance for credit losses for any of its available-for-sale securities.

As of March 31, 2026, there were fifteen available-for-sale securities with an estimated fair value of $48.9 million in gross unrealized loss positions. As of December 31, 2025, there were no available-for-sale securities in a gross unrealized loss position. Based on its review of these investments, the Company believes that the unrealized losses are attributable to changes in market interest rates and not to credit-related factors and therefore were not other-than-temporary in nature.

Condensed Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 17,483	$ 17,868
Short-term investments	75,364	89,713
Prepaid expenses and other current assets	1,769	2,030
Total current assets	94,616	109,611
Property and equipment, net	2,940	3,216
Right-of-use asset, net	42,831	43,659
Restricted cash	560	560
Other assets	23	13
Total assets	140,970	157,059
Current liabilities
Accounts payable and accrued liabilities	5,710	6,727
Accrued compensation	589	2,643
Lease liabilities, current portion	3,284	3,167
Total current liabilities	9,583	12,537
Lease liabilities, non-current	45,004	45,868
Total liabilities	54,587	58,405
Commitments and contingencies (Notes 8)
Stockholders' equity:
Preferred stock, $0.0001 par value; 70,000 shares authorized and no shares issued and outstanding as of March 31, 2026 and December 31, 2025	0	0
Common stock, $0.0001 par value; 700,000 shares authorized, 22,407 shares issued and outstanding as of March 31, 2026; 700,000 shares authorized, 22,407 shares issued and outstanding as of December 31, 2025	2	2
Additional paid-in-capital	359,628	358,257
Accumulated other comprehensive income (loss)	(23)	64
Accumulated deficit	(273,224)	(259,669)
Total stockholders' equity	86,383	98,654
Total liabilities and stockholders' equity	$ 140,970	$ 157,059

Condensed Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Operating Expenses:
Research and development	$ 9,734	$ 12,138
General and administrative	4,741	5,203
Total operating expenses	14,475	17,341
Loss from operations	(14,475)	(17,341)
Other income, net:
Interest income	920	1,585
Other expense		(2)
Total other income, net	920	1,583
Net loss	(13,555)	(15,758)
Comprehensive loss:
Net loss	(13,555)	(15,758)
Unrealized loss on short-term investments	(87)	(89)
Comprehensive loss	$ (13,642)	$ (15,847)
Net loss per share, basic	$ (0.6)	$ (0.71)
Net loss per share, diluted	$ (0.6)	$ (0.71)
Shares used in calculation, basic	22,407	22,300
Shares used in calculation, diluted	22,407	22,300

Lease Agreements

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

Lease Agreements

2024 Lease

The Company is a party to a non-cancellable facility lease for approximately 80,168 square feet of lab and office space in San Diego, California (the 2024 Lease). In April 2026, the Company and the landlord entered into an agreement to terminate the 2024 Lease

effective May 31, 2026. See Note 13 — Subsequent Events for a description of the lease termination. The following description reflects the terms of the 2024 Lease as they existed during the three months ended March 31, 2026 and as of March 31, 2026.

The 2024 Lease had an initial lease term of 120 months, which commenced in November 2024; the lease also provided the Company with the right to extend the lease term for an additional 60 months at expiry, which was not included in the lease term used for measurement. The 2024 Lease includes obligations to make base rent payments and additional variable lease payments for the Company’s allocated share of variable costs associated with the operation and management of the property, which include utilities, property taxes, common area maintenance, and amenities costs. The lease provided for a rent abatement period through July 2025.

The Company is required to maintain a security deposit under the 2024 Lease in the form of a standby letter-of-credit. This letter of credit is collateralized by a restricted cash deposit at the Company’s bank of approximately $0.6 million, which is included in restricted cash in the balance sheet. The 2024 Lease does not contain any material residual value guarantees or material restrictive financial covenants. The table below sets forth the Company’s future undiscounted operating lease payment obligations under the 2024 Lease as of March 31, 2026, exclusive of future variable lease costs. As noted above, the 2024 Lease was terminated effective May 31, 2026, and the obligations reflected in the table below with respect to amounts payable after May 31, 2026 will not be paid.

The Company recorded an operating lease liability for this obligation based on the present value of the lease payments using an estimated incremental borrowing rate of approximately 8.3%, as the 2024 Lease does not have a stated rate and the implicit rate was not readily determinable, and a right-of-use (ROU) asset based on the corresponding operating lease liability. Management exercised judgment in estimating the incremental borrowing rate and in determining the lease term. The renewal option was evaluated at lease commencement and excluded from the lease term, as the Company is not reasonably certain to exercise the option. The net ROU asset and associated lease liability are reflected in the Company’s balance sheet as of March 31, 2026 and December 31, 2025.

Operating leases

As of March 31, 2026, the 2024 Lease was the Company’s only lease. Lease expense related to the 2024 Lease totaled approximately $2.5 million and $2.3 million for the three months ended March 31, 2026 and 2025, respectively, and included operating lease costs of $1.8 million and $1.9 million, and variable lease costs of $0.7 million and $0.4 million, respectively.

The Company paid $1.7 million and $0.1 million for the operating lease included in the operating activities section of the condensed statements of cash flows for the three months ended March 31, 2026 and 2025, respectively. The remaining lease term and discount rate for the 2024 Lease were 8.6 years and 8.3%, respectively, as of March 31, 2026, and 8.8 years and 8.3%, respectively, as of December 31, 2025 (the calculations of remaining lease term excludes the renewal option). Future undiscounted operating lease payments under the 2024 Lease as of March 31, 2026, exclusive of future variable lease payments, were as follows (in thousands):


Year ending December 31,
2026 (remaining nine months)	$	5,309
2027		7,255
2028		7,465
2029		7,680
2030		7,902
Thereafter		32,465
Total minimum lease payments	$	68,076
Less: Amount representing interest		(19,788	)
Operating lease liabilities	$	48,288

The table above reflects the Company’s contractual obligations under the 2024 Lease as of March 31, 2026. Subsequent to March 31, 2026, the Company and the landlord entered into an agreement to terminate the 2024 Lease effective May 31, 2026. As a result, other than the obligations payable through May 31, 2026, the obligations reflected in the table above will not be paid. See Note 13 — Subsequent Events for additional information regarding the lease termination and the Company’s new headquarters lease.

Property and Equipment

3 Months Ended

Mar. 31, 2026

Property, Plant and Equipment [Abstract]

Property and Equipment

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


	As of March 31,		As of December 31,
	2026		2025
Lab equipment	$	4,363	$	4,373
Computers and software		904		896
Leasehold improvements		1,054		1,054
Furniture and fixtures		1,852		1,853
Total property and equipment		8,173		8,176
Less accumulated depreciation and amortization		5,233		4,960
Property and equipment, net	$	2,940	$	3,216

Depreciation and amortization expense related to property and equipment was $0.3 million for both the three months ended March 31, 2026 and 2025.

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2026
Accounting Policies [Abstract]
Segment Reporting	Segment Reporting Operating segments are identified as components of an enterprise about which discrete financial information is available for evaluation by the chief operating decision-maker (CODM) in making decisions regarding resource allocation and assessing performance. The Company operates and manages its business as one reporting and one operating segment, which is the business of designing and developing ecDTx, for which no revenue has been recorded. All of the Company’s long-lived assets are located in the United States. The Company’s CODM is its Chief Executive Officer. For purposes of assessing the Company’s financial performance and making resource allocation decisions, the CODM reviews total expenses, as well as expenses by nature.
Recent Accounting Pronouncements Not Yet Adopted	Recent Accounting Pronouncements Not Yet Adopted In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The new guidance requires more detailed information about specified types of expenses (including purchases of inventory, employee compensation, depreciation, amortization, and depletion) in commonly presented expense captions on the face of the statement of operations on an annual and interim basis. This guidance is effective for the Company for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027. The new standard permits early adoption and can be applied prospectively or retrospectively. The Company is evaluating the effect that this guidance will have on its financial statements and related disclosures.

- Definition

Disclosure of accounting policy for segment reporting.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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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/exampleRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Subparagraph (d)
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 29
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-29

+ Details

Property and Equipment - Summary of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 8,173	$ 8,176
Less accumulated depreciation and amortization	5,233	4,960
Property and equipment, net	2,940	3,216
Lab equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	4,363	4,373
Computers and software
Property, Plant and Equipment [Line Items]
Total property and equipment	904	896
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	1,054	1,054
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 1,852	$ 1,853

Fair Value Measurements - Summary of Financial Assets Measured at Fair Value on Recurring Basis (Details) - USD ($)	Mar. 31, 2026	Dec. 31, 2025
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of assets	$ 0	$ 0
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of assets	90,979,000	105,813,000
Recurring \| Money Market Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of assets	15,615,000	16,100,000
Recurring \| U.S. Government Obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of assets	75,364,000	89,713,000
Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of assets	15,615,000	16,100,000
Recurring \| Level 1 \| Money Market Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of assets	15,615,000	16,100,000
Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of assets	75,364,000	89,713,000
Recurring \| Level 2 \| U.S. Government Obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of assets	$ 75,364,000	$ 89,713,000

Fair Value Measurements

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements


			Fair Value Measurements Using
As of March 31, 2026	Amount		Level 1		Level 2		Level 3
Assets
Money market funds (1)	$	15,615	$	15,615	$	—	$	—
U.S. government obligations (2)		75,364		—		75,364		—
Total fair value of assets	$	90,979	$	15,615	$	75,364	$	—

(1)

Included in cash and cash equivalents on the balance sheets.

(2)

Included in short-term investments on the balance sheets.


			Fair Value Measurements Using
As of December 31, 2025	Amount		Level 1		Level 2		Level 3
Assets
Money market funds (1)	$	16,100	$	16,100	$	—	$	—
U.S. government obligations (2)		89,713		—		89,713		—
Total fair value of assets	$	105,813	$	16,100	$	89,713	$	—

(1)

Included in cash and cash equivalents on the balance sheets.

(2)

Included in short-term investments on the balance sheets.

The Company’s money market funds are classified as Level 1 because they are valued using quoted market prices. The Company’s investments consist of available-for-sale securities and are classified as Level 2 because their value is based on valuations using significant inputs derived from or corroborated by observable market data. No Level 3 assets were held during the periods presented.

There were no transfers of assets between fair value levels for any period presented.

- Definition

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

+ References

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

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

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

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

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

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

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

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

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

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

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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

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

+ Details

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)	$ (13,555)	$ (15,758)

- Definition

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

+ References

+ Details

Condensed Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
Condensed Statements of Cash Flows - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities
Net loss	$ (13,555)	$ (15,758)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	1,371	1,797
Depreciation and amortization	284	317
Accretion of investments, net	(333)	(816)
Non-cash lease expense	829	857
Changes in operating assets and liabilities:
Prepaid expenses and other assets	250	214
Accounts payable and accrued liabilities	(3,071)	(2,083)
Operating lease liabilities	(747)	942
Net cash used in operating activities	(14,972)	(14,530)
Cash flows from investing activities
Purchases of investments	(29,405)	(52,625)
Maturities of investments	44,000	55,744
Purchases of property and equipment	(8)	(59)
Net cash provided by investing activities	14,587	3,060
Cash flows from financing activities
Net decrease in cash, cash equivalents, and restricted cash	(385)	(11,470)
Cash, cash equivalents, and restricted cash at beginning of period	18,428	27,147
Cash, cash equivalents, and restricted cash at end of period	18,043	15,677
Components of cash, cash equivalents, and restricted cash
Cash and cash equivalents	17,483	15,117
Restricted Cash	560	560
Cash, cash equivalents, and restricted cash at end of period	$ 18,043	$ 15,677

Condensed Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	70,000,000	70,000,000
Preferred stock, shares issued	0	0
Preferred Stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	700,000,000	700,000,000
Common stock shares issued	22,407,000	22,407,000
Common stock, shares outstanding	22,407,000	22,407,000

Common Stock (Tables)

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Schedule of Common Stock Reserved For Future Issuance

Common stock reserved for future issuance consisted of the following (in thousands):


	As of March 31,		As of December 31,
	2026		2025
Shares reserved for exercise of stock options issued and outstanding		5,938		4,234
Shares reserved for future issuance under the equity incentive plan		2,764		3,348
Shares reserved for future issuance under the employee stock purchase plan		527		303
Total		9,229		7,885

Accounts Payable and Accrued Liabilities (Tables)

3 Months Ended

Mar. 31, 2026

Payables and Accruals [Abstract]

Schedule of Accounts Payable and Accrued Liabilities

Accounts payable and accrued liabilities consisted of the following (in thousands):


	As of March 31,		As of December 31,
	2026		2025
Accounts payable	$	2,035	$	1,491
Accrued research and development costs		3,279		4,719
Other accrued liabilities		396		517
Total accounts payable and accrued liabilities	$	5,710	$	6,727

Stock-Based Compensation

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

10.

Stock-Based Compensation

Equity Incentive Plan

In March 2024, the Company’s board of directors adopted, and the Company’s stockholders approved, the 2024 Incentive Award Plan (the Plan), which became effective in connection with the IPO and has a term of ten years. As of March 31, 2026, a total of 5,068,078 shares of common stock were authorized for issuance under the Plan, which includes a January 1, 2026 increase of 1,120,362 shares, pursuant to the evergreen provision of the Plan. See Note 10 to the audited financial statements included in the Company’s 2025 10-K for a description of the evergreen provision of the Plan. On March 31, 2026, 2,764,307 of these shares were available for grant under the Plan.

Prior to the adoption of the Plan, the Company had awarded common stock options under the 2018 Equity Incentive Plan (as amended, the Predecessor Plan). Under the provisions of the Plan, the shares subject to awards issued under the Predecessor Plan that were outstanding as of March 27, 2024, the effective date of the Plan, and that are subsequently cancelled or forfeited, will become available for issuance under, and will increase the number of shares that may be issued under, the Plan.

Repricing of Outstanding Options

In August 2024, the compensation committee of the Company’s board of directors, as administrator of the Plan and the Predecessor Plan, approved an option repricing (2024 Repricing), which was effective on August 19, 2024 (the Repricing Effective Date). The repricing applied to options to purchase up to an aggregate of 3,484,346 shares of the Company’s common stock with an exercise price per share in excess of the closing price per share of the Company’s common stock on the Repricing Effective Date, held by eligible employees of the Company that were granted under the Plan or the Predecessor Plan and were outstanding as of the Repricing Effective Date (the Repriced Options). As of March 31, 2026, Repriced Options to purchase up to an aggregate of 2,275,372 shares of the Company’s common stock remained outstanding. See Note 10 to the audited financial statements included in the Company’s 2025 10-K for a description of the 2024 Repricing.

Stock Options

Stock option activity under the Plan and the Predecessor Plan and certain other related information is as follows (in thousands except weighted-average exercise price and remaining term):


	Number			Weighted- Average Exercise Price		Weighted- Average Remaining Term (years)		Aggregate- Intrinsic Value
Balance as of December 31, 2025		4,234		$	5.22		7.4	$	28
Granted		1,836		$	1.26
Exercised		—		$	—
Forfeited and expired		(132	)	$	5.11
Balance as of March 31, 2026		5,938		$	3.92		8.1	$	7
Vested and expected to vest at March 31, 2026		5,938		$	3.92		8.1	$	7
Exercisable as of March 31, 2026		2,587		$	5.10		6.7	$	5

Aggregate intrinsic value in the above table is the difference between the estimated fair value of the Company’s common stock as of either March 31, 2026 or December 31, 2025, and the exercise price of stock options that had exercise prices below that value.

For the Repriced Options, the weighted-average prices and intrinsic value information in the table above is calculated based on the exercise price per share that applied immediately prior to the Repricing Effective Date pending satisfaction of the requisite service requirement or other service conditions.

No options were exercised during the three months ended March 31, 2026 or 2025.

Employee Stock Purchase Plan

In March 2024, the Company’s board of directors adopted, and the Company’s stockholders approved, the Company’s 2024 Employee Stock Purchase Plan (ESPP), which became effective in connection with the IPO. A total of 231,919 shares of common stock were initially reserved for issuance under the ESPP. On January 1, 2026, pursuant to the evergreen provision of the ESPP, the aggregate number of shares that may be issued under the ESPP was automatically increased by 224,072 shares. See Note 10 to the audited financial statements included in the Company’s 2025 10-K for a description of the ESPP, including the evergreen provision of the ESPP. On March 31, 2026, there were 527,251 shares available for issuance under the ESPP.

The Company recognized stock-based compensation expense related to the ESPP of $0.1 million for each of the three months ended March 31, 2026 and 2025.

The Company did not issue or sell any shares under the ESPP during the three months ended March 31, 2026 or 2025, respectively.

Stock-Based Compensation Expense

Stock-based compensation expense, including the expense related to the ESPP, as recorded in the accompanying condensed statements of operations and comprehensive loss was as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Research and development	$	391	$	714
General and administrative		980		1,083
Total stock-based compensation	$	1,371	$	1,797

As of March 31, 2026, unrecognized compensation cost related to outstanding stock options (all of which have time-based vesting) was $9.5 million, which is expected to be recognized over a weighted-average period of 2.2 years.

As of March 31, 2026, unrecognized compensation cost related to the ESPP was $0.4 million, which is expected to be recognized as expense over approximately 1.1 years.


	Three Months Ended March 31,
	2026			2025
Expected option life (in years)		6.0			6.0
Assumed volatility		107.0	%		105.0	%
Assumed risk-free interest rate		3.9	%		4.5	%
Expected dividend yield		—			—

Excluding any effect due to the Repriced Options, except for Repriced Options held by employees who experienced a Qualifying Termination, the weighted-average grant date per share fair value of options granted during the three months ended March 31, 2026 and 2025 were $1.04 and $2.09, respectively.

Lease Agreements (Tables)

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

Schedule of Future Undiscounted Operating Lease Payments

Future undiscounted operating lease payments under the 2024 Lease as of March 31, 2026, exclusive of future variable lease payments, were as follows (in thousands):


Year ending December 31,
2026 (remaining nine months)	$	5,309
2027		7,255
2028		7,465
2029		7,680
2030		7,902
Thereafter		32,465
Total minimum lease payments	$	68,076
Less: Amount representing interest		(19,788	)
Operating lease liabilities	$	48,288

Condensed Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional paid-in-capital	Accumulated other comprehensive income/ (loss)	Accumulated deficit
Beginning balance, (in shares) at Dec. 31, 2024		22,300
Beginning balance at Dec. 31, 2024	$ 150,642	$ 2	$ 351,991	$ 121	$ (201,472)
Stock-based compensation	1,797		1,797
Unrealized loss on short-term investments	(89)			(89)
Net loss	(15,758)				(15,758)
Ending balance, (in shares) at Mar. 31, 2025		22,300
Ending balance at Mar. 31, 2025	136,592	$ 2	353,788	32	(217,230)
Beginning balance, (in shares) at Dec. 31, 2025		22,407
Beginning balance at Dec. 31, 2025	98,654	$ 2	358,257	64	(259,669)
Stock-based compensation	1,371		1,371
Unrealized loss on short-term investments	(87)			(87)
Net loss	(13,555)				(13,555)
Ending balance, (in shares) at Mar. 31, 2026		22,407
Ending balance at Mar. 31, 2026	$ 86,383	$ 2	$ 359,628	$ (23)	$ (273,224)

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478671/942-235-S50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
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+ Details

Summary of Significant Accounting Policies - Additional Information (Details)	3 Months Ended
	Mar. 31, 2026 Segment
Accounting Policies [Abstract]
Number of operating segment	1
Number of reporting segment	1
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description	Operating segments are identified as components of an enterprise about which discrete financial information is available for evaluation by the chief operating decision-maker (CODM) in making decisions regarding resource allocation and assessing performance. The Company operates and manages its business as one reporting and one operating segment, which is the business of designing and developing ecDTx, for which no revenue has been recorded. All of the Company’s long-lived assets are located in the United States. The Company’s CODM is its Chief Executive Officer. For purposes of assessing the Company’s financial performance and making resource allocation decisions, the CODM reviews total expenses, as well as expenses by nature.
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	srt:ChiefExecutiveOfficerMember

Subsequent Events

3 Months Ended

Mar. 31, 2026

Subsequent Events [Abstract]

Subsequent Events

13.

Subsequent Events

On April 13, 2026, the Company entered into an agreement with the landlord pursuant to which the parties agreed to terminate the 2024 Lease. The 2024 Lease was originally scheduled to expire on October 31, 2034. The lease will be terminated effective as of May 31, 2026. In connection with the lease termination, the Company paid $10.0 million to the landlord, and the landlord retained the Company's security deposit of approximately $0.5 million. Upon the effective termination date, the Company will also derecognize the right-of-use asset and operating lease liability associated with the 2024 Lease. In connection with the lease termination, the Company expects to recognize charges of approximately $2.4 million in the three months ending June 30, 2026 related to the accelerated depreciation of leasehold improvements and the abandonment of other building-related fixed assets pursuant to the lease termination agreement.

On April 17, 2026, the Company entered into a non-cancellable facility lease for approximately 10,822 rentable square feet of laboratory and office space located in La Jolla, California (2026 Lease). The 2026 Lease has an initial term of 12 months, commencing on June 1, 2026. The 2026 Lease also provides the Company with the option to extend the lease term for an additional 12 months. The 2026 Lease includes obligations to make monthly base rent payments of approximately $56,000, as well as additional variable lease payments representing the Company's allocated share of variable costs associated with the operation and management of the property, including utilities, property taxes, common area maintenance, and amenities costs. The 2026 Lease provides for two months of rent abatement during the second and third full calendar months of the initial lease term. The Company has provided a cash security deposit of approximately $77,000 under the 2026 Lease.