0001193125-26-221702 | 10-Q | XBRL Viewer | Eledon Pharmaceuticals INC

Accrued Expenses and Other Liabilities (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Accrued Expenses and Other Liabilities

Accrued expenses and other liabilities consisted of the following as of March 31, 2026 and December 31, 2025 (in thousands):


	March 31,		December 31,
	2026		2025

Accrued clinical	$	3,787	$	6,531
Accrued compensation and related expenses		1,643		4,176
Accrued manufacturing		763		2,525
Accrued professional services		256		495
Accrued other		55		632
Total accrued expenses and other liabilities	$	6,504	$	14,359

Description of Business - Additional Information (Detail)	Sep. 14, 2020
Anelixis [Member]
Description Of Business [Line Items]
Date of acquisition	Sep. 14, 2020

Fair Value Measurements

3 Months Ended

Mar. 31, 2026

Text Block [Abstract]

Fair Value Measurements

Note 4. Fair Value Measurements

Financial assets and liabilities are recorded at fair value.

The Company classifies fair value measurements using a three-level hierarchy that prioritizes the inputs used to measure fair value. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:

•

Level 1—Quoted market prices (unadjusted) in active markets for identical assets and liabilities.

•

Level 2—Observable inputs other than quoted market prices included in Level 1, such as quoted market prices for markets that are not active or other inputs that are observable or can be corroborated by observable market data.

•

Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities, including certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. These fair values are obtained from independent pricing services which utilize Level 1 and Level 2 inputs.

Financial Assets

The following table summarizes the Company’s financial asset instruments measured at fair value on a recurring basis as of March 31, 2026 and December 31, 2025 (in thousands). Included within cash and cash equivalents on the unaudited condensed consolidated balance sheets, but excluded from the fair value hierarchy table, are cash deposits held at financial institutions.


	March 31, 2026
	Level 1		Level 2		Level 3		Total

Assets:
Cash equivalents:
Money market funds	$	5,222	$	—	$	—	$	5,222
Total cash equivalents		5,222		—		—		5,222

Short-term investments:
U.S. treasuries		—		52,574		—		52,574
U.S. government securities		—		52,363		—		52,363
Total short-term investments		—		104,937		—		104,937

Total financial assets	$	5,222	$	104,937	$	—	$	110,159


	December 31, 2025
	Level 1		Level 2		Level 3		Total

Assets:
Cash equivalents:
Money market funds	$	6,734	$	—	$	—	$	6,734
U.S. treasuries		—		14,955		—		14,955
Total cash equivalents		6,734		14,955		—		21,689

Short-term investments:
U.S. treasuries		—		59,861		—		59,861
U.S. government securities		—		50,667		—		50,667
Total short-term investments		—		110,528		—		110,528
Total financial assets	$	6,734	$	125,483	$	—	$	132,217

Warrant Liabilities

The following table summarizes the Company’s warrant liabilities (see Note 8. Preferred Stock and Stockholders’ Equity) measured at fair value on a recurring basis as of March 31, 2026 and December 31, 2025 (in thousands) and was based on significant inputs not observable in the market, which represents a Level 3 measurement within the fair value hierarchy.


	March 31, 2026
	Level 1		Level 2		Level 3		Total

Warrant liabilities	$	—	$	—	$	30,378	$	30,378


	December 31, 2025
	Level 1		Level 2		Level 3		Total

Warrant liabilities	$	—	$	—	$	11,416	$	11,416

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


	Warrant Liability

Balance as of December 31, 2025	$	11,416
Change in fair value of warrant liabilities		18,962
Balance as of March 31, 2026	$	30,378

The change in fair value of warrant liabilities of $19.0 million was recorded in the unaudited condensed consolidated statement of operations and comprehensive loss for the three months ended March 31, 2026.

- Definition

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

+ References

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

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

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

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

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

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

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

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

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

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

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

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

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

+ Details

Fair Value Measurements - Additional Information (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2026 USD ($)
Class of Stock [Line Items]
Change in fair value of warrant liabilities and fair value of financial instruments issued in excess of proceeds	$ 19.0

- 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.

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-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
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479857/480-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 6: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483014/272-10-45-3

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482987/272-10-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

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

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

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

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

+ Details

Preferred Stock and Stockholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions					3 Months Ended
	Dec. 30, 2025	Nov. 13, 2025	Nov. 12, 2025	Sep. 20, 2024	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025	Jun. 10, 2025	Jun. 09, 2025	Dec. 31, 2024	Apr. 28, 2023
Class Of Stock [Line Items]
Common stock, shares authorized					300,000,000		300,000,000	300,000,000	200,000,000
Common stock, shares issued					75,851,722		75,430,033
Convertible preferred stock, shares authorized					5,000,000
Convertible preferred stock, par value					$ 0.001
Underwriting Agreement [Member] \| Leerink Partners LLC [Member]
Class Of Stock [Line Items]
Proceeds from issuance offering		$ 57.5
Net proceeds after deducting offering costs			$ 53.6
Series X1 Non-voting Convertible Preferred Stock [Member]
Class Of Stock [Line Items]
Convertible preferred stock, shares authorized					515,000		515,000
Convertible preferred stock, par value					$ 0.001		$ 0.001
Convertible preferred stock, shares issued					110,086		110,086
Convertible preferred stock, shares outstanding					110,086	110,086	110,086			110,086
Series X Non-Voting Convertible Preferred Stock [Member]
Class Of Stock [Line Items]
Convertible preferred stock, shares authorized					10,000		10,000
Convertible preferred stock, par value					$ 0.001		$ 0.001
Convertible preferred stock, shares issued					4,422		4,422
Convertible preferred stock, shares outstanding					4,422	4,422	4,422			4,422
Common Stock [Member]
Class Of Stock [Line Items]
Shares of common stock issued upon conversion of each share of preferred stock					55.5556		55.5556
Common Stock [Member] \| Underwriting Agreement [Member] \| Leerink Partners LLC [Member]
Class Of Stock [Line Items]
Warrant exercise price per share			$ 0.001
Common Stock Warrants and Pre-Funded Warrants [Member]
Class Of Stock [Line Items]
Warrants available for exercise					51,781,090
Warrant exercise price per share					$ 3
Private Placement Warrants [Member] \| Accredited Investor [Member]
Class Of Stock [Line Items]
Warrant exercise price per share											$ 3
Private Placement Warrants [Member] \| Securities Purchase Agreement Initial Closing [Member] \| Accredited Investor [Member]
Class Of Stock [Line Items]
Common stock, shares issued											15,151,518
Common stock warrants exercisable											15,151,518
Private Placement Warrants [Member] \| Securities Purchase Agreement Second Closing [Member] \| Accredited Investor [Member]
Class Of Stock [Line Items]
Common stock, shares issued											909,088
Private Placement Warrants [Member] \| Securities Purchase Agreement Third Closing [Member] \| Accredited Investor [Member]
Class Of Stock [Line Items]
Common stock, shares issued											1,727,400
2025 Warrant Exchange Agreement [Member]
Class Of Stock [Line Items]
Conversion of stock, shares issued	4,203,764
2025 Warrant Exchange Agreement [Member] \| Pre-funded Warrants [Member]
Class Of Stock [Line Items]
Common stock warrants exercisable	4,203,764
Cancelled common stock shares delivered in exchange of warrants	4,203,764
Underwritten Public Offering [Member] \| Underwriting Agreement [Member]
Class Of Stock [Line Items]
Conversion of stock, shares issued			15,152,485
Stock price per share			$ 1.65
Warrant exercise price per share			$ 1.649
Maximum [Member] \| Common Stock [Member] \| Underwriting Agreement [Member] \| Leerink Partners LLC [Member]
Class Of Stock [Line Items]
Common stock warrants exercisable			15,151,515
Maximum [Member] \| Common Stock [Member] \| Series X1 Non-voting Convertible Preferred Stock [Member]
Class Of Stock [Line Items]
Conversion of preferred stock, conversion blocker, percent						9.99%
Maximum [Member] \| Common Stock [Member] \| Series X Non-Voting Convertible Preferred Stock [Member]
Class Of Stock [Line Items]
Conversion of preferred stock, conversion blocker, percent					9.99%
Maximum [Member] \| Pre-funded Warrants [Member] \| Underwriting Agreement [Member]
Class Of Stock [Line Items]
Options issued to purchase common stock			4,545,600
Maximum [Member] \| Pre-funded Warrants [Member] \| Underwriting Agreement [Member] \| Leerink Partners LLC [Member]
Class Of Stock [Line Items]
Class of Warrant Subject to Specified Beneficial Ownership Limitations Permitted Percentage			19.99%
Maximum [Member] \| 2025 Warrant Exchange Agreement [Member] \| Pre-funded Warrants [Member] \| Underwriting Agreement [Member]
Class Of Stock [Line Items]
Class of Warrant Subject to Specified Beneficial Ownership Limitations Percentage	19.99%
Minimum [Member]
Class Of Stock [Line Items]
Percentage of exchange offer by third party to common stockholders					50.00%
Minimum [Member] \| Common Stock [Member] \| Series X1 Non-voting Convertible Preferred Stock [Member]
Class Of Stock [Line Items]
Conversion of preferred stock, conversion blocker, percent						9.90%
Minimum [Member] \| Common Stock [Member] \| Series X Non-Voting Convertible Preferred Stock [Member]
Class Of Stock [Line Items]
Conversion of preferred stock, conversion blocker, percent					9.90%
Minimum [Member] \| Pre-funded Warrants [Member] \| Underwriting Agreement [Member] \| Leerink Partners LLC [Member]
Class Of Stock [Line Items]
Class of Warrant Subject to Specified Beneficial Ownership Limitations Percentage			4.99%
Minimum [Member] \| 2025 Warrant Exchange Agreement [Member] \| Pre-funded Warrants [Member] \| Underwriting Agreement [Member]
Class Of Stock [Line Items]
Class of Warrant Subject to Specified Beneficial Ownership Limitations Permitted Percentage	4.99%
Guggenheim Securities LLC [Member] \| Maximum [Member] \| Equity Distribution Agreement [Member]
Class Of Stock [Line Items]
Proceeds from issuance of common stock				$ 75.0

Fair Value Measurements - Summary of Warrant Liabilities Measured at Fair value on a Recurring Basis (Detail) - Fair Value, Recurring [Member] - Warrant Liabilities [Member] - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities measured at fair value	$ 30,378	$ 11,416
Fair Value, Inputs, Level 3 [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities measured at fair value	$ 30,378	$ 11,416

Preferred Stock and Stockholders' Equity

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Preferred Stock and Stockholders' Equity

Note 8. Preferred Stock and Stockholders’ Equity

Convertible Preferred Stock

The Company has 5,000,000 authorized shares of preferred stock with a par value of $0.001 per share:

•

Series X non-voting convertible preferred stock, 10,000 shares designated; 4,422 shares issued and outstanding, respectively, at each of March 31, 2026 and December 31, 2025; and

•

Series X1 non-voting convertible preferred stock, 515,000 shares designated; 110,086 shares issued and outstanding, respectively, at each of March 31, 2026 and December 31, 2025.

Each share of the Preferred Stock is convertible into 55.5556 shares of common stock, at the option of the holder at any time, subject to certain limitations, including, that the holder will be prohibited from converting the Preferred Stock into common stock if, as a result of such conversion, the holder, together with its affiliates, would beneficially own a number of shares of common stock above a conversion blocker, which is initially set at 9.99% or 9.9% of the total common stock then issued and outstanding immediately following the conversion of such shares of Series X Preferred Stock or Series X1 Preferred Stock, respectively. The holder of the Preferred Stock is entitled to receive dividends on shares of the Preferred Stock equal (on an as-if-converted-to-common-stock basis and without regard to any beneficial ownership limitations) to and in the same form as dividends actually paid on shares of the common stock. No other dividends will be paid on shares of the Preferred Stock. In the event of any liquidation, dissolution or winding up, the holder of the Preferred Stock will be entitled to receive out of the assets, whether capital or surplus, the same amount that a holder of common stock would receive if the Preferred Stock were fully converted to common stock, which amounts shall be paid pari passu with all holders of common stock. Shares of the Preferred Stock will generally have no voting rights, except as required by law and except that the

consent of a majority of the holders of either series of outstanding Preferred Stock will be required to amend the terms of such series.

The Preferred Stock includes a provision that, in the event of a tender or exchange offer by a third party in which more than 50% of the common stockholders receive cash or other assets, allows holders of Preferred Stock, upon any subsequent conversion, to redeem their shares for the same form of consideration. In August 2025, the Company concluded that because this redemption right may be triggered by an event outside the Company’s control and could result in settlement in cash, the Preferred Stock is classified as temporary equity. As of the current reporting date, a tender offer is not probable, and the Preferred Stock is not deemed probable of becoming redeemable. Because redemption is not considered probable, the Preferred Stock is not subsequently remeasured to its redemption value.

Common Stock

On June 10, 2025, the Company held its 2025 Annual Meeting of Stockholders (the “2025 Annual Meeting”). At the 2025 Annual Meeting, the Company’s stockholders approved an amendment (the “Authorized Share Increase Amendment”) to the Company’s Restated Certificate of Incorporation (as amended, the “Certificate of Incorporation”) to increase the number of authorized shares of common stock from 200,000,000 to 300,000,000 shares.

2023 Securities Purchase Agreement

On April 28, 2023, the Company entered into a securities purchase agreement with certain investors, pursuant to which the Company issued and sold, in a private placement, (i) in an initial closing (a) an aggregate of 15,151,518 shares of common stock, or pre-funded warrants in lieu thereof, and (b) common stock warrants exercisable into an aggregate of 15,151,518 shares of common stock (or pre-funded warrants in lieu thereof) (the “Common Warrants”), (ii) in a second closing, an aggregate of 909,088 shares of common stock; and (iii) in a third closing, an aggregate of 1,727,400 shares of common stock. The Common Warrants have an exercise price of $3.00 per share and a term of five years from issuance.

In August 2024, the Company concluded that the Common Warrants do not meet the conditions to be classified as equity instruments under ASC 815-40 and must instead be recorded as liabilities on the Company’s consolidated balance sheets at their fair value and remeasured at fair value for each subsequent reporting period. The valuation of the Common Warrants is adjusted to fair value (Level 3) at each balance sheet date until the Common Warrants are settled or expired.

The following table presents the assumptions used in the Black-Scholes option pricing model to determine the fair value of the Common Warrants as of March 31, 2026 and December 31, 2025 as follows:


	March 31, 2026		December 31, 2025

Expected stock price volatility	119.7%		110.5%
Risk-free interest rate	3.8%		3.6%
Expected term (in years)	2.3		2.5
Share price	$	3.08	$	1.51

2024 Equity Distribution Agreement

On September 20, 2024, the Company entered into an Open Market Sale Agreement (the “Sales Agreement”) with Guggenheim Securities, LLC (“Guggenheim Securities”) to sell shares of the Company’s common stock, having aggregate sales proceeds of up to $75.0 million, from time to time, through an “at the market” equity offering program under which Guggenheim Securities will act as sales agent. In connection with the Sales Agreement, the Company filed on September 20, 2024 a registration statement on Form S-3 containing a prospectus and prospectus supplement (the “Initial Shelf Registration Statement”) with the SEC. The Initial Shelf Registration Statement became effective on October 2, 2024. In advance of the expiration of the Initial Registration Statement, the Company filed on May 1, 2026 a new registration statement on Form S-3 containing a prospectus and prospectus supplement (the “New Shelf Registration Statement”) with the SEC, which is not yet effective. The Initial Shelf Registration Statement will remain effective for a period of up to 180 days until the New Registration Statement becomes effective. As of March 31, 2026, the Company has not sold any shares under the Sales Agreement.

2025 Underwritten Offering

On November 12, 2025, the Company entered into an underwriting agreement (the “Underwriting Agreement”) with Leerink Partners, LLC, as representative of the several underwriters named therein (the “Underwriters”), in connection with the underwritten public offering and sale by the Company (the “2025 Underwritten Offering”) of 15,152,485 shares of the Company’s common stock at a public offering price of $1.65 per share (the “Common Stock Purchase Price”), and pre-funded warrants (the “2025 Offering Pre-Funded Warrants”) at a public offering price of $1.649 per 2025 Offering Pre-Funded Warrant, which are exercisable to purchase up to 15,151,515 shares of common stock at an exercise price of $0.001 per share. In addition, pursuant to the Underwriting Agreement, the Company granted the Underwriters an option (the “Option”), exercisable for 30 days, to purchase up to 4,545,600 additional shares of common stock at the Common Stock Purchase Price less the underwriting discounts and commissions, which Option had been exercised in full by the Underwriters.

The 2025 Underwritten Offering closed on November 13, 2025 and resulted in gross proceeds of $57.5 million or net proceeds of approximately $53.6 million after deducting the underwriting discounts and commissions and offering expenses. The 2025 Underwritten Offering was made pursuant to the Shelf Registration Statement and a prospectus supplement relating to the 2025 Underwritten Offering dated November 12, 2025.

The 2025 Offering Pre-Funded Warrants were classified as a component of permanent stockholders’ equity within additional paid-in-capital. The 2025 Offering Pre-Funded Warrants are equity classified because they are freestanding financial instruments that are legally detachable and separately exercisable from the equity instruments, are immediately exercisable, do not embody an obligation for the Company to repurchase its shares, permit the holders to receive a fixed number of common shares upon exercise, are indexed to the Company’s common stock and meet the equity classification criteria. In addition, the 2025 Offering Pre-Funded Warrants do not provide any guarantee of value or return.

A holder of the 2025 Offering Pre-Funded Warrants (together with its affiliates) may not exercise any portion of a 2025 Offering Pre-Funded Warrant to the extent that, after giving effect to such exercise, the holder (together with the holder’s affiliates, and any other persons acting as a group together with the holder or any of the holder’s affiliates) would beneficially own in excess of 4.99% of the number of shares of the Company’s common stock outstanding immediately after giving effect to the issuance of shares of common stock issuable upon exercise of such 2025 Offering Pre-Funded Warrant. A holder may increase or decrease such beneficial ownership limitation, provided that in no event shall the limitation exceed 19.99% of the number of shares of the common stock outstanding immediately after giving effect to the issuance of shares of common stock upon exercise of the 2025 Offering Pre-Funded Warrant.

2025 Warrant Exchange Agreement

On December 30, 2025, the Company entered into an exchange agreement (the “Warrant Exchange Agreement”) with Coastlands Capital Partners LP, (“Coastlands Capital”), pursuant to which Coastlands Capital agreed to exchange 4,203,764 shares of the Company’s common stock for a pre-funded warrant to purchase an aggregate of 4,203,764 shares of common stock (the “Exchange Warrant”), and the Company cancelled the 4,203,764 shares of common stock delivered in the exchange.

Coastlands Capital (together with its affiliates) may not exercise any portion of the Exchange Warrant to the extent that, after giving effect to such exercise, Coastlands Capital (together with its affiliates and any other persons acting as a group together with Coastlands Capital or any of the its affiliates) would beneficially own in excess of 4.99% of the number of shares of the Company’s common stock outstanding immediately after giving effect to the issuance of shares of common stock issuable upon exercise of the Exchange Warrant. Coastlands Capital may increase or decrease such beneficial ownership limitation, provided that in no event shall the limitation exceed 19.99% of the number of shares of the common stock outstanding immediately after giving effect to the issuance of shares of common stock upon exercise of the Exchange Warrant.

Common Stock Warrants and Pre-Funded Warrants

As of March 31, 2026, common stock warrants and pre-funded warrants exercisable for an aggregate of 51,781,090 shares of common stock were outstanding. The pre-funded warrants are exercisable for shares of common stock at a nominal exercise price and were fully paid for at issuance, except for the nominal exercise amount. The pre-funded warrants are intended to be economically equivalent to the Company’s common stock. The common stock warrants are exercisable for shares of common stock at an exercise price of $3.00 per share and expire on May 5, 2028.

The following table shows the warrants to purchase common stock activity:


	Roll-Forward of Warrant Activity
	Common Stock Warrants		Pre-Funded Warrants		Total

Balance as of December 31, 2025		15,151,518		36,629,572		51,781,090
Balance as of March 31, 2026		15,151,518		36,629,572		51,781,090

As of March 31, 2026 the Company’s outstanding warrants to purchase shares of common stock consisted of the following:


Date Issued	Number of Shares of Common Stock Issuable		Exercise Price		Expiration Date

2023 Securities Purchase Agreement common warrants		15,151,518	$	3.00	May 5, 2028
January 2021 pre-funded warrants		509,117	$	0.001	December 31, 2030
2023 Securities Purchase Agreement pre-funded warrants		3,844,153	$	0.001	N/A
2024 Securities Purchase Agreement pre-funded warrants		7,989,516	$	0.001	N/A
2024 Underwritten Offering pre-funded warrants		4,931,507	$	0.001	N/A
2025 Underwritten Offering pre-funded warrants		15,151,515	$	0.001	N/A
2025 Warrant Exchange Agreement		4,203,764	$	0.001	N/A
Balance as of March 31, 2026		51,781,090

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 Arrangement Modified	false
Non-Rule 10b5-1 Arrangement Modified	false

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Schedule of Segment Reporting

The following table is representative of the significant expense categories regularly provided to the CODM when managing the Company’s single reporting segment. A reconciliation to the consolidated net loss for the three months ended March 31, 2026 and 2025 is included at the bottom of the table below (in thousands):


	For the Three Months Ended March 31,
	2026			2025

Operating expenses:
Tegoprubart - kidney transplantation programs	$	5,414		$	8,531
Tegoprubart - other development programs		—			(168	)
Manufacturing		7,786			1,670
Personnel-related expenses		3,803			3,448
Stock-based compensation		2,202			2,864
Other segment items*		1,976			1,619
Total operating expenses		21,181			17,964
Loss from operations		(21,181	)		(17,964	)
Other income, net		1,118			1,409
Change in fair value of warrant liabilities		(18,962	)		10,060
Net loss	$	(39,025	)	$	(6,495	)

* Other segment items included in total operating expenses primarily consist of consulting, professional fees, facilities, insurance and information technology.

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows used in operating activities:
Net loss	$ (39,025)	$ (6,495)
Adjustments to reconcile net loss to net cash used in operating activities:
Non-cash lease expense	83	76
Accretion of investment discounts	(460)	(692)
Stock-based compensation	2,202	2,864
Change in fair value of warrant liabilities	18,962	(10,060)
Changes in operating assets and liabilities:
Prepaid expenses and other assets	12	724
Accounts payable, accrued expenses and other liabilities	(4,300)	(2,403)
Operating lease liabilities	(86)	(74)
Net cash used in operating activities	(22,612)	(16,060)
Cash flows from investing activities:
Purchase of available-for-sale short-term investments	(43,122)	(31,850)
Proceeds from maturities of available-for-sale short-term investments	49,078	35,742
Net cash provided by investing activities	5,956	3,892
Cash flows from financing activities:
Proceeds from exercise of stock options		115
Net cash provided by financing activities		115
Net change in cash and cash equivalents	(16,656)	(12,053)
Cash and cash equivalents at beginning of period	22,808	20,549
Cash and cash equivalents at end of period	6,152	8,496
Noncash activities:
Issuance of common stock in settlement of liability	598
Unrealized loss on available-for-sale securities, net	$ (96)	$ (44)

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 6,152	$ 22,808
Short-term investments	104,937	110,528
Prepaid expenses and other current assets	2,485	2,352
Total current assets	113,574	135,688
Operating lease asset, net	530	613
In-process research and development	32,386	32,386
Other assets	177	322
Total assets	146,667	169,009
Current liabilities:
Accounts payable	6,585	3,627
Current operating lease liabilities	369	358
Accrued expenses and other liabilities	6,504	14,359
Total current liabilities	13,458	18,344
Deferred tax liabilities	2,187	2,187
Non-current operating lease liabilities	186	283
Warrant liabilities	30,378	11,416
Total liabilities	46,209	32,230
Commitments and contingencies (Note 7)
Stockholders' equity:
Common stock, $0.001 par value, 300,000,000 shares authorized at March 31, 2026 and December 31, 2025; 75,851,722 and 75,430,033 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively	76	75
Additional paid-in capital	484,988	482,189
Accumulated other comprehensive income (loss)	(72)	24
Accumulated deficit	(440,228)	(401,203)
Total stockholders’ equity	44,764	81,085
Total liabilities, convertible preferred stock and stockholders' equity	146,667	169,009
Series X1 Non-voting Convertible Preferred Stock [Member]
Current liabilities:
Convertible preferred stock, value	53,543	53,543
Series X Non-Voting Convertible Preferred Stock [Member]
Current liabilities:
Convertible preferred stock, value	$ 2,151	$ 2,151

Commitments and Contingencies - Schedule of Future Minimum Payments Under Noncancelable Operating Leases (Detail) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
2026 (remainder of)	$ 303
2027	294
Total minimum lease payments	597
Less imputed interest	(42)
Present value of lease liabilities	555	$ 641
Less current portion of operating lease liabilities	369	358
Non-current operating lease liabilities	$ 186	$ 283

Net Loss Per Share

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Net Loss Per Share

Note 10. Net Loss Per Share

Basic and diluted net loss per share are calculated using the two-class method in accordance with ASC Topic 260, Earnings Per Share. The two-class method allocates undistributed losses to the Company’s outstanding common stock, and the Preferred Stock, based on each class’s proportionate share of the total weighted-average shares outstanding. Since the Company has never declared dividends, net loss and undistributed losses are equivalent.

Basic net loss per common share is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding during the period, without consideration for potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common shares and potentially dilutive securities outstanding for the period determined using the treasury-stock and if-converted methods. The process is used for both common stock and Preferred Stock. As the rights and preferences of the Preferred Stock are substantially identical to each other, they are considered a single class of common stock for earnings per share purposes.

For purposes of the diluted net loss per share calculation, incentive stock options, restricted stock units and common warrants are considered to be potentially dilutive securities and are excluded from the calculation of diluted net loss per share because their effect would be anti-dilutive. Basic weighted average shares outstanding for the three months ended March 31, 2026 and 2025 include 36,629,572 and 17,274,293 shares, respectively, underlying pre-funded warrants to purchase common shares. As the shares underlying these pre-funded warrants can be issued for little consideration (an exercise price per share equal to $0.001 per share), these shares are deemed to be issued for purposes of basic earnings per share.

The calculation of basic and diluted earnings per share for our common stock and Preferred Stock is as follows:


	For the Three Months Ended March 31,
	2026			2025
(In thousands, except share and per share data)
Weighted-average common shares outstanding, basic and diluted		112,424,211			77,126,763
Weighted-average shares outstanding of Series X and Series X1 non-voting convertible preferred stock, basic and diluted		114,508			114,508

Net loss used in the calculation of basic and diluted loss per share	$	(39,025	)	$	(6,495	)

Net loss available to common stock	$	(36,935	)	$	(6,000	)
Net loss per share, common stock, basic and diluted	$	(0.33	)	$	(0.08	)

Net loss available to Series X and Series X1 non-voting convertible preferred stock	$	(2,090	)	$	(495	)
Basic and diluted earnings per share of Series X and Series X1 non-voting convertible preferred stock	$	(18.25	)	$	(4.32	)

The following table presents potentially dilutive securities outstanding based on the market price of the Company’s common stock as of March 31, 2026 and 2025 that were excluded from the computation of diluted net loss per share because their inclusion would have been anti-dilutive. These securities consist of incentive stock options, restricted stock units and common warrants outstanding during the respective periods.


	For the Three Months Ended March 31,
	2026		2025

Stock options outstanding and other equity awards		10,952,838		3,780,189
Common and preferred warrants outstanding		—		3,117,540
Total		10,952,838		6,897,729

Stock-Based Compensation - Schedule of Stock-Based Compensation Expense Recognized (Detail) - 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	$ 2,202	$ 2,864
Research and Development [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	1,085	1,019
General and Administrative [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 1,117	$ 1,845

Stock-Based Compensation

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Note 9. Stock-Based Compensation

The Company recognizes compensation expense for all stock-based awards based on the grant-date estimated fair value.

The fair value of stock options is determined using the Black-Scholes option pricing model, using assumptions which are subjective and require significant judgment and estimation by management. The risk-free rate assumption was based on observed yields from governmental zero-coupon bonds with an equivalent term. The expected volatility assumption was based on historical volatilities of a group of comparable industry companies whose share prices are publicly available. The peer group was developed based on companies in the pharmaceutical industry. The expected term of stock options represents the weighted-average period that the stock options are expected to be outstanding. Because the Company does not have historical exercise behavior, the Company determined the expected life assumption using the simplified method for stock options granted to employees, which is an average of the options’ ordinary vesting period and the contractual term. For stock options granted to the Company’s board of directors (the “Board”), the Company determined the expected life assumption using the simplified method as the starting point with an average period of 12 months added to take into account the extended range of time of 12 to 18 months that vested stock options granted to Board members may be exercised upon termination. The expected dividend assumption was based on the Company’s history and expectation of dividend payouts. The Company has not paid and does not expect to pay dividends at any time in the foreseeable future. The Company recognizes forfeitures on an actual basis and as such did not estimate forfeitures to calculate stock-based compensation.

Restricted Stock Units (“RSUs”) are measured and recognized based on the quoted market price of our common stock on the date of grant.

On July 10, 2024, the Company held its 2024 Annual Meeting of Stockholders (the “2024 Annual Meeting”). At the 2024 Annual Meeting, the Company’s stockholders approved an amendment to the Company’s 2020 Long Term Incentive Plan (the “2020 Plan”). The 2020 Plan, as amended, (i) reflects an increase in the limit on the aggregate number of shares of the Company’s common stock that may be delivered pursuant to all awards granted under the 2020 Plan by an additional

3,500,000 shares so that the new aggregate share limit under the 2020 Plan is 17,960,000 shares, and (ii) extends the date through which the Company may grant new awards under the 2020 Plan from November 15, 2030 to April 28, 2034.

The Company’s 2014 Stock Incentive Plan (the “2014 Plan”) was closed to new grants following the approval of the 2020 Plan, and therefore, there were no shares reserved for issuance under the 2014 Plan as of March 31, 2026. The number of shares reserved for issuance under the 2020 Plan and the Company’s Employee Stock Purchase Plan was 3,308,859 and 24,077 shares, respectively, as of March 31, 2026.

Total stock-based compensation expense was recognized in our unaudited condensed consolidated statements of operations and comprehensive loss as follows (in thousands):


	For the Three Months Ended March 31,
	2026		2025

Research and development	$	1,085	$	1,019
General and administrative		1,117		1,845
Total stock-based compensation	$	2,202	$	2,864

Preferred Stock and Stockholders' Equity - Schedule of Warrants to Purchase Common Stock Activity (Detail) - Common Stock Warrants [Member]	Mar. 31, 2026 shares
Class Of Warrant Or Right [Line Items]
Beginning Balance	51,781,090
Ending Balance	51,781,090
Common Warrants [Member]
Class Of Warrant Or Right [Line Items]
Beginning Balance	15,151,518
Ending Balance	15,151,518
Pre-Funded Warrants [Member]
Class Of Warrant Or Right [Line Items]
Beginning Balance	36,629,572
Ending Balance	36,629,572

Summary of Significant Accounting Policies - Schedule of Significant Segment Expenses (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting Information [Line Items]
Total operating expenses	$ 21,181	$ 17,964
Loss from operations	(21,181)	(17,964)
Other income, net	1,118	1,409
Change in fair value of warrant liabilities	(18,962)	10,060
Net loss	(39,025)	(6,495)
Operating Segments [Member]
Segment Reporting Information [Line Items]
Tegoprubart - kidney transplantation programs	5,414	8,531
Tegoprubart - other development programs	0	(168)
Manufacturing	7,786	1,670
Personnel-related expenses	3,803	3,448
Stock-based compensation	2,202	2,864
Other segment items	1,976	1,619
Total operating expenses	21,181	17,964
Loss from operations	(21,181)	(17,964)
Other income, net	1,118	1,409
Change in fair value of warrant liabilities	(18,962)	10,060
Net loss	$ (39,025)	$ (6,495)

Commitments and Contingencies - Components of Lease Expense (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Operating lease cost	$ 98	$ 98

Preferred Stock and Stockholders' Equity - Schedule of Company's Outstanding Warrants to Purchase Shares of Common Stock (Detail) - Common Stock Warrants [Member] - $ / shares	Mar. 31, 2026	Dec. 31, 2025
Class of Warrant or Right [Line Items]
Number of Shares of Common Stock Issuable	51,781,090	51,781,090
2023 Securities Purchase Agreement Common Warrants [Member]
Class of Warrant or Right [Line Items]
Number of Shares of Common Stock Issuable	15,151,518
Warrants exercise price	$ 3
Expiration Date	May 05, 2028
January 2021 Pre-funded Warrants [Member]
Class of Warrant or Right [Line Items]
Number of Shares of Common Stock Issuable	509,117
Warrants exercise price	$ 0.001
Expiration Date	Dec. 31, 2030
2023 Securities Purchase Agreement Pre-funded Warrants [Member]
Class of Warrant or Right [Line Items]
Number of Shares of Common Stock Issuable	3,844,153
Warrants exercise price	$ 0.001
2024 Securities Purchase Agreement Pre-funded Warrants [Member]
Class of Warrant or Right [Line Items]
Number of Shares of Common Stock Issuable	7,989,516
Warrants exercise price	$ 0.001
2024 Underwritten Offering Pre-funded Warrants [Member]
Class of Warrant or Right [Line Items]
Number of Shares of Common Stock Issuable	4,931,507
Warrants exercise price	$ 0.001
2025 Underwritten Offering Pre-funded Warrants [Member]
Class of Warrant or Right [Line Items]
Number of Shares of Common Stock Issuable	15,151,515
Warrants exercise price	$ 0.001
2025 Warrant Exchange Agreement [Member]
Class of Warrant or Right [Line Items]
Number of Shares of Common Stock Issuable	4,203,764
Warrants exercise price	$ 0.001

Short-Term Investments

3 Months Ended

Mar. 31, 2026

Investments, Debt and Equity Securities [Abstract]

Short-Term Investments

Note 3. Short-Term Investments

The objectives of the Company’s investment policy are to preserve principal, meet the Company’s liquidity requirements and safeguard invested funds. Short-term investments consist of U.S. treasuries and U.S. government securities. The Company has classified these investments as available-for-sale securities, as the sale of such investments may be required prior to maturity to implement management strategies, and therefore has classified all investments with maturity dates beyond three months at the date of purchase as current assets in the accompanying unaudited condensed consolidated balance sheets. Any premium or discount arising at purchase is amortized and/or accreted to interest income as an adjustment to yield using the straight-line method over the life of the instrument. The amortized cost of available-for-sale securities is adjusted for amortization of premiums and accretion of discounts to maturity. Investments are reported at their estimated fair value. Unrealized gains and losses are included in accumulated other comprehensive loss as a component of stockholders' equity until realized.

The following is a summary of short-term investments, which were classified as available-for-sale securities as of March 31, 2026 and December 31, 2025 (in thousands):


	March 31, 2026
	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value

U.S. treasuries	$	52,609	$	2	$	(37	)	$	52,574
U.S. government securities		52,399		—		(36	)		52,363
Total short-term investments	$	105,008	$	2	$	(73	)	$	104,937


	December 31, 2025
	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
U.S. treasuries	$	59,839	$	27	$	(5	)	$	59,861
U.S. government securities		50,667		9		(9	)		50,667
Total short-term investments	$	110,506	$	36	$	(14	)	$	110,528

All of the Company’s available-for-sale securities have a stated maturity of less than one year.

Net Loss Per Share - Additional Information (Detail) - $ / shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Weighted-average common shares outstanding, basic	112,424,211	77,126,763
Pre-funded Warrants [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Weighted-average common shares outstanding, basic	36,629,572	17,274,293
Warrants exercise price	$ 0.001

Subsequent Events - Additional Information (Detail)	Mar. 30, 2026 shares
Series X and Series X1 Non-voting Convertible Preferred Stock [Member]
Subsequent Event [Line Items]
Convertible preferred stock	22,479
Pre-funded Warrants [Member]
Subsequent Event [Line Items]
Common stock warrants exercisable	87,300
Common Stock [Member]
Subsequent Event [Line Items]
Common stock issued upon cashless conversion of warrants	87,269
Conversion of stock, shares converted	1,248,832

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

Note 5. Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following as of March 31, 2026 and December 31, 2025 (in thousands):


	March 31,		December 31,
	2026		2025

Prepaid clinical	$	824	$	578
Prepaid insurance		483		688
Prepaid manufacturing		284		340
Prepaid other		302		221
Interest income receivable		583		514
Other current assets		9		11
Total prepaid expenses and other current assets	$	2,485	$	2,352

Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Accumulated Deficit [Member]	Series X1 Non-voting Convertible Preferred Stock [Member]	Series X Non-Voting Convertible Preferred Stock [Member]
Beginning Balance at Dec. 31, 2024	$ 62,446	$ 60	$ 417,946	$ 26	$ (355,586)
Beginning Balance, Shares at Dec. 31, 2024		59,789,275
Beginning Balance, Convertible Preferred Stock at Dec. 31, 2024						$ 53,543	$ 2,151
Beginning Balance, Convertible Preferred Stock, Shares at Dec. 31, 2024						110,086	4,422
Issuance of common stock in connection with vesting of restricted stock units		42,500
Stock option exercise, Shares		50,000
Stock option exercise, Value	115		115
Stock-based compensation	2,864		2,864
Other comprehensive loss	(44)			(44)
Net loss	(6,495)				(6,495)
Ending Balance at Mar. 31, 2025	58,886	$ 60	420,925	(18)	(362,081)
Ending Balance, Shares at Mar. 31, 2025		59,881,775
Ending Balance, Convertible Preferred Stock at Mar. 31, 2025						$ 53,543	$ 2,151
Ending Balance, Convertible Preferred Stock, Shares at Mar. 31, 2025						110,086	4,422
Beginning Balance at Dec. 31, 2025	81,085	$ 75	482,189	24	(401,203)
Beginning Balance, Shares at Dec. 31, 2025		75,430,033
Beginning Balance, Convertible Preferred Stock at Dec. 31, 2025						$ 53,543	$ 2,151
Beginning Balance, Convertible Preferred Stock, Shares at Dec. 31, 2025						110,086	4,422
Issuance of common stock in connection with vesting of restricted stock units		25,725
Issuance of common stock in settlement of liability, Shares		395,964
Issuance of common stock in settlement of liability, Value	598	$ 1	597
Stock-based compensation	2,202		2,202
Other comprehensive loss	(96)			(96)
Net loss	(39,025)				(39,025)
Ending Balance at Mar. 31, 2026	$ 44,764	$ 76	$ 484,988	$ (72)	$ (440,228)
Ending Balance, Shares at Mar. 31, 2026		75,851,722
Ending Balance, Convertible Preferred Stock at Mar. 31, 2026						$ 53,543	$ 2,151
Ending Balance, Convertible Preferred Stock, Shares at Mar. 31, 2026						110,086	4,422

Description of Business

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Description of Business

Note 1. Description of Business

Eledon Pharmaceuticals, Inc. is a clinical stage biotechnology company using its immunology expertise in targeting the CD40 Ligand (“CD40L”) pathway to develop therapies to protect transplanted organs and prevent rejection, and to treat amyotrophic lateral sclerosis (“ALS”). The Company’s lead compound in development is tegoprubart, an IgG1, anti-CD40L antibody with high affinity for the CD40L, a well-validated biological target that we believe has broad therapeutic potential. Unless otherwise indicated, references to the terms “Eledon,” “our,” “us,” “we,” or the “Company” refer to Eledon Pharmaceuticals, Inc. and its wholly owned subsidiaries, on a consolidated basis.

On September 14, 2020, Eledon acquired Anelixis Therapeutics, Inc. (“Anelixis”), a privately held clinical stage biotechnology company developing a next generation anti-CD40L antibody as a potential treatment for organ and cellular transplantation, autoimmune diseases, and neurodegenerative diseases. The Company maintains its corporate headquarters in Irvine, California and has research and development facilities in Burlington, Massachusetts.

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 2. Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and Article 8 of Regulation S-X requirements as set forth by the Securities and Exchange Commission (“SEC”) for interim financial information and reflect all adjustments and disclosures, which are, in the opinion of management, of a normal and recurring nature, and considered necessary for a fair presentation of the financial information contained herein. Pursuant to these rules and regulations, the unaudited condensed consolidated financial statements do not include all information and notes necessary for a complete presentation of results of operations and comprehensive loss, financial position, and cash flows in conformity with GAAP.

The accompanying unaudited condensed consolidated financial statements and notes should be read in conjunction with the audited consolidated financial statements and accompanying notes of Eledon for the year ended December 31, 2025 included in the Company’s Annual Report on Form 10-K filed by the Company with the SEC on March 19, 2026. The results of operations and comprehensive loss for the three months ended March 31, 2026 are not necessarily indicative of results expected for the full fiscal year or any other future period.

Principles of Consolidation

Eledon, a Delaware corporation, owns 100% of the issued and outstanding common stock or other ownership interest in Anelixis Therapeutics, LLC, a Delaware limited liability company, and Otic Pharma, Ltd., a private limited company organized under the laws of the State of Israel (“Otic”). Otic owns 100% of the issued and outstanding common stock or other ownership interest in its U.S. subsidiary, Otic Pharma, Inc.

The functional currency of the Company’s foreign subsidiary is the U.S. Dollar; however, certain expenses, assets and liabilities are transacted at the local currency. These transactions are translated from the local currency into U.S. Dollars at exchange rates during or at the end of the reporting period. The activities of the Company’s foreign subsidiary are not significant to the unaudited condensed consolidated financial statements.

All significant intercompany accounts and transactions among the entities have been eliminated from the unaudited condensed consolidated financial statements.

Use of Estimates

The preparation of the Company’s consolidated financial statements in conformity with GAAP requires management to make informed estimates and assumptions that affect the reported amounts of assets, liabilities and expenses and the disclosure of contingent assets and liabilities in the Company’s consolidated financial statements and accompanying notes. The most significant estimates in the Company’s consolidated financial statements relate to stock-based compensation expense, warrant liabilities, the fair value of right-of-use (“ROU”) assets and liabilities, accruals for liabilities, impairment of long-lived assets, and other matters that affect the consolidated financial statements and related disclosures. Management

bases its estimates on historical experience and on various other market-specific and relevant assumptions that management believes to be reasonable under the circumstances. Actual results could differ materially from those estimates under different assumptions or conditions and the differences may be material to the consolidated financial statements.

Concentration of Credit Risk

Financial instruments which potentially subject the Company to significant concentration of credit risk consists of cash, cash equivalents and short-term investments. The Company maintains deposits in federally insured institutions in excess of federally insured limits and invests in short-term investments with the primary objective of seeking to preserve principal, achieve liquidity requirements and safeguard invested funds. We believe that the Company is not exposed to significant credit risk due to the financial position of the depository institution in which those deposits are held and the nature, including the credit ratings, of our cash equivalents and short-term investments, but we have not eliminated all credit risk.

Cash and Cash Equivalents

The Company considers all highly liquid investments with original maturities of three months or less when purchased to be cash equivalents. Cash and cash equivalents include cash in readily available checking accounts, money market funds, U.S. government securities and U.S. government agency securities. Cash and cash equivalents are valued at cost, which approximates their fair value due to the short-term maturities of these investments.

Risks and Liquidity

Since inception, the Company devoted substantially all of its resources to its research and development efforts, pre-clinical studies and clinical trials, establishing and maintaining its intellectual property portfolio, hiring personnel, raising capital, and providing general and administrative support for these operations. The Company has experienced recurring net losses and negative cash flows from operating activities since its inception. The Company recorded a net loss of $39.0 million for the three months ended March 31, 2026. As of March 31, 2026, the Company had cash and cash equivalents and short-term investments of $111.1 million, working capital of $100.1 million and an accumulated deficit of $440.2 million. Due to continuing research and development activities, the Company expects to continue to incur net losses into the foreseeable future. In order to continue these activities, the Company will need to raise additional funds through public or private debt and equity financings including the possible issuance of shares of its common stock, $0.001 par value per share (“common stock”) pursuant to the Company’s “at-the-market” equity offering program, and may need to pursue strategic collaboration and licensing arrangements. The Company’s ability to raise additional capital in the equity and debt markets is dependent on a number of factors, including, but not limited to, the market demand for the Company’s common stock, which itself is subject to a number of development and business risks and uncertainties, as well as the uncertainty that the Company would be able to raise such additional capital at a price or on terms that are favorable to the Company. If the Company issues equity or convertible debt securities to raise additional funding, its existing stockholders may experience dilution, it may incur significant financing costs, and the new equity or convertible debt securities may have rights, preferences and privileges senior to those of its existing stockholders. If the Company issues debt securities to raise additional funding, it would incur additional debt service obligations, it could become subject to additional restrictions limiting its ability to operate its business, and it may be required to further encumber its assets.

The Company expects that, based on its current operating plans, the Company’s existing cash, cash equivalents and marketable securities will be sufficient to fund its currently planned operations for at least the next 12 months from the filing date of these unaudited condensed consolidated financial statements. The Company anticipates it will require additional financing to fund its future operations. Even if the Company believes it has sufficient funds for its current or future operating plans, the Company may seek to raise additional capital if market conditions are favorable or in light of other strategic considerations.

Reportable Segments

Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources and in assessing performance. The Company operates as one operating and one reportable segment, focused on the development of tegoprubart, to develop therapies to protect transplanted organs and prevent rejection, and to treat ALS. The Company’s measure of segment profit or loss is net loss. The CODM is the chief executive officer. The CODM manages and allocates resources to the operations of the Company on a total company basis. Managing and allocating resources on a consolidated basis enables the CODM to assess the overall level of resources available and how to best deploy these resources across

functions, therapeutic areas and research and development projects that are in line with the Company’s long-term company wide strategic goals. Consistent with this decision-making process, the CODM uses consolidated net income (loss) for purposes of evaluating performance, forecasting future period financial results, allocating resources and setting incentive targets. Operating expenses are used to monitor budget versus actual results. The measure of segment assets is reported on the balance sheet as total consolidated assets.


	For the Three Months Ended March 31,
	2026			2025

Operating expenses:
Tegoprubart - kidney transplantation programs	$	5,414		$	8,531
Tegoprubart - other development programs		—			(168	)
Manufacturing		7,786			1,670
Personnel-related expenses		3,803			3,448
Stock-based compensation		2,202			2,864
Other segment items*		1,976			1,619
Total operating expenses		21,181			17,964
Loss from operations		(21,181	)		(17,964	)
Other income, net		1,118			1,409
Change in fair value of warrant liabilities		(18,962	)		10,060
Net loss	$	(39,025	)	$	(6,495	)

* Other segment items included in total operating expenses primarily consist of consulting, professional fees, facilities, insurance and information technology.

In-Process Research and Development

Amounts allocated to in-process research and development (“IPR&D”) in connection with a business combination are recorded at fair value and are considered indefinite-lived intangible assets until completion or abandonment of the associated research and development efforts. If and when development is complete, which generally occurs when regulatory approval to market a product is obtained, the associated assets are deemed finite-lived and amortized over a period that best reflects the economic benefits provided by these assets. During the period the assets are considered indefinite-lived, they will not be amortized but will be tested annually for impairment or more frequently if indicators of impairment exist.

The Company first assesses qualitative factors to determine whether it is more likely than not that the fair value of the IPR&D is less than its carrying amount as a basis for determining whether it is necessary to perform a quantitative assessment. If, after assessing qualitative factors, the Company determines it is not more likely than not that the fair value is less than its carrying amount, then a quantitative assessment is unnecessary. If the quantitative assessment is deemed necessary, the excess of the carrying value over fair value will be recorded as an impairment. The qualitative assessment focuses on the key inputs, assumptions and rationale utilized in the establishment of the carrying value and related changes since the last quantitative assessment. Based on the results of the Company’s annual qualitative assessment, the Company concluded that it is not more likely than not that IPR&D was impaired for any of the periods presented.

Research and Development Expenses

Research and development expenses include personnel and facility-related expenses, outside contracted services including clinical trial costs, manufacturing and process development costs, research costs and other consulting services and non-cash stock-based compensation. Research and development costs are expensed as incurred. Amounts due under contracts with third parties may be either fixed fee or fee for service, and may include upfront payments, monthly payments and payments upon the completion of milestones or receipt of deliverables. Non-refundable advance payments under agreements are capitalized and expensed as the related goods are delivered or services are performed.

The Company contracts with third parties to perform various clinical trial activities in the on-going development of potential products. The financial terms of these agreements are subject to negotiation, vary from contract to contract and may

result in uneven payment flows to its vendors. Payments under the contracts depend on factors such as the achievement of certain events, successful enrollment of patients, and completion of portions of the clinical trial or similar conditions. The Company’s accrual for clinical trials is based on estimates of the services received and efforts expended pursuant to contracts with clinical trial centers and clinical research organizations. These contracts may be terminated by the Company upon written notice and the Company is generally only liable for actual effort expended by the organizations to the date of termination, although in certain instances the Company may be further responsible for termination fees and penalties. The Company estimates its research and development expenses and the related accrual as of each balance sheet date based on the facts and circumstances known to the Company at that time.

Stock-Based Compensation

The Company recognizes compensation expense for all stock-based awards based on the grant-date estimated fair value.

The fair value of stock options is determined using the Black-Scholes option pricing model, using assumptions which are subjective and require significant judgment and estimation by management. The risk-free rate assumption was based on observed yields from governmental zero-coupon bonds with an equivalent term. The expected volatility assumption was based on historical volatilities of a group of comparable industry companies whose share prices are publicly available. The peer group was developed based on publicly traded biotechnology and pharmaceutical companies with comparable business characteristics, clinical stages of development, and organizational scale, including employee headcount, primarily consisting of companies with Phase II or Phase III clinical programs. The expected term of stock options represents the weighted-average period that the stock options are expected to be outstanding. Because the Company does not have historical exercise behavior, the Company determined the expected life assumption using the simplified method for stock options granted to employees, which is an average of the options ordinary vesting period and the contractual term. The expected dividend assumption was based on the Company’s history and expectation of dividend payouts. The Company has not paid and does not expect to pay dividends at any time in the foreseeable future. The Company recognizes forfeitures on an actual basis and as such did not estimate forfeitures to calculate stock-based compensation.

Restricted Stock Units (“RSUs”) are measured and recognized based on the quoted market price of our common stock on the date of grant.

Employee Benefit Plan

The Company maintains a defined contribution retirement savings plan under Section 401(k) of the Internal Revenue Code covering all employees who meet eligibility requirements. Participants may contribute a portion of their compensation subject to IRS limitations. The Company provides matching contributions in accordance with the terms of the plan.

The Company recognized expense related to employer contributions to the plan of $0.1 million for each of the three months ended March 31, 2026 and 2025.

Net Loss Per Share

Basic and diluted net loss per share are calculated using the two-class method in accordance with Accounting Standards Codification (“ASC”) Topic 260, Earnings Per Share. The two-class method allocates undistributed losses to the Company’s outstanding common stock, and the Series X and Series X1 non-voting convertible preferred stock, $0.001 par value (the “Preferred Stock”), based on each class’s proportionate share of the total weighted-average shares outstanding. Since the Company has never declared dividends, net loss and undistributed losses are equivalent. The process is used for both common stock and Preferred Stock.

Basic net loss per common share is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding during the period, without consideration for potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common shares and potentially dilutive securities outstanding for the period determined using the treasury-stock and if-converted methods. As the rights and preferences of the Preferred Stock are substantially identical to each other, they are considered a single class of common stock for earnings per share purposes.

For purposes of the diluted net loss per share calculation, incentive stock options, restricted stock units and warrants are considered to be potentially dilutive securities and are excluded from the calculation of diluted net loss per share because their effect would be anti-dilutive. Therefore, basic and diluted net loss per share was the same for the periods presented due

to the Company’s net loss position. Basic weighted average shares outstanding for the three months ended March 31, 2026 and 2025 include 36,629,572 and 17,274,293 respectively, shares underlying pre-funded warrants to purchase common shares. As the shares underlying these pre-funded warrants can be issued for little consideration (an exercise price per share equal to $0.001 per share), these shares are deemed to be issued for purposes of basic earnings per share.

Common Stock Warrants and Pre-Funded Warrants

The Company accounts for issued common stock warrants and pre-funded warrants either as a liability or equity in accordance with ASC 480-10, Distinguishing Liabilities from Equity (“ASC 480-10”) and ASC 815-40, Derivatives and Hedging — Contracts in Entity’s Own Equity (“ASC 815-40”). The Company first evaluates the warrants under ASC 480-10 to determine whether the instruments should be classified as liabilities, including whether the warrants embody an obligation to repurchase the Company’s shares, require or may require cash settlement, or represent obligations to issue a variable number of shares with a monetary value that is fixed or indexed to something other than the Company’s stock. If liability classification is not required under ASC 480-10, the Company then applies ASC 815-40. Under ASC 815-40, contracts that may require settlement for cash are liabilities, regardless of the probability of the occurrence of the triggering event. Liability-classified warrants are measured at fair value on the issuance date and at the end of each reporting period. Any change in the fair value of the warrants after the issuance date is recorded in the consolidated statements of operations and comprehensive loss as a gain or loss. If warrants do not require liability classification under ASC 815-40, in order to conclude warrants should be classified as equity, the Company assesses whether the warrants are indexed to its common stock and whether the warrants are classified as equity under ASC 815-40 or other applicable GAAP standard. Equity-classified warrants are accounted for at fair value on the issuance date with no changes in fair value recognized after the issuance date.

Recent Accounting Pronouncements Issued But Not Adopted

In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) Disaggregation of Income Statement Expenses,” which requires disaggregated disclosure of income statement expenses for public business entities (“PBEs”). In January 2025, the FASB issued ASU No. 2025-01 “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40),” which clarified the effective date for ASU 2024-03. These amendments are intended to provide more information about types of expenses in commonly presented expense captions. The amendments in this update are effective for annual periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, and early adoption is permitted. The Company is currently evaluating the impact on its consolidated financial statements and related disclosures.

In September 2025, the FASB issued ASU 2025-07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606) (“ASU 2025-07”), which amends the accounting guidance to exclude from derivative accounting non-exchange-traded contracts with underlyings that are based on operations or activities specific to one of the parties to the contract. ASU 2025-07 is effective for fiscal years beginning after December 15, 2026, with early adoption permitted. The Company is currently evaluating the impact on its consolidated financial statements and related disclosures

Other recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force), the American Institute of Certified Public Accountants, and the SEC did not, or are not believed by management to, have a material impact on the Company’s present or future financial position, results of operations or cash flows.

Short-Term Investments (Tables)

3 Months Ended

Mar. 31, 2026

Investments, Debt and Equity Securities [Abstract]

Summary of Short-term Investments Classified as Available-for-sale Securities

The following is a summary of short-term investments, which were classified as available-for-sale securities as of March 31, 2026 and December 31, 2025 (in thousands):


	March 31, 2026
	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value

U.S. treasuries	$	52,609	$	2	$	(37	)	$	52,574
U.S. government securities		52,399		—		(36	)		52,363
Total short-term investments	$	105,008	$	2	$	(73	)	$	104,937


	December 31, 2025
	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
U.S. treasuries	$	59,839	$	27	$	(5	)	$	59,861
U.S. government securities		50,667		9		(9	)		50,667
Total short-term investments	$	110,506	$	36	$	(14	)	$	110,528

- 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)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

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

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

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

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

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

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ 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)	$ (39,025)	$ (6,495)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-10

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-21

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-14

Reference 5: 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 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(g)(1)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: 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 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479857/480-10-S50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479887/480-10-S45-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3A
-Subparagraph (24)(d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480244/480-10-S99-3A

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 9
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-9

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 17
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480336/718-10-65-17

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 19: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479105/946-220-45-7

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 34: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 38: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 39: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 40: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 41: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 42: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 43: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 44: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 45: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 46: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 47: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 48: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

Reference 49: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Commitments and Contingencies - Schedule of Other Supplemental Cash Flow Information Related to Leases (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 100	$ 97

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Components of Lease Expense

The components of lease expense were as follows (in thousands):


	For the Three Months Ended March 31,
	2026		2025

Operating lease cost(a)	$	98	$	98
(a) Includes variable operating lease expenses, which are immaterial

Schedule of Other Supplemental Cash Flow Information Related to Leases

Other supplemental cash flow information related to leases were as follows (in thousands):


	For the Three Months Ended March 31,
	2026		2025

Cash paid for amounts included in the measurement of lease liability:
Operating cash flows from operating leases	$	100	$	97

Schedule of Other Supplemental Balance Sheet Information Related to Operating Leases

Other supplemental balance sheet information related to our operating leases (in thousands, except lease term and discount rate):


	March 31, 2026			December 31, 2025

Operating leases
Operating lease right-of-use assets	$	530		$	613

Operating lease liabilities (current)		(369	)		(358	)
Operating lease liabilities (non-current)		(186	)		(283	)
Total lease obligations under operating leases	$	(555	)	$	(641	)

Weighted-average remaining lease term (in years)		1.5			1.7
Weighted-average discount rate		9.43	%		9.44	%

Schedule of Future Minimum Payments Under Noncancelable Operating Leases

As of March 31, 2026, future minimum payments under non-cancelable operating leases, were are as follows (in thousands):


	March 31,
	2026

2026 (remainder of)	$	303
2027		294
Total minimum lease payments		597
Less imputed interest		(42	)
Present value of lease liabilities		555
Less current portion of operating lease liabilities		369
Non-current operating lease liabilities	$	186

Preferred Stock and Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2026

Common Stock Warrants and Pre-Funded Warrants [Member]

Class Of Stock [Line Items]

Schedule of Warrants to Purchase Common Stock Activity

The following table shows the warrants to purchase common stock activity:


	Roll-Forward of Warrant Activity
	Common Stock Warrants		Pre-Funded Warrants		Total

Balance as of December 31, 2025		15,151,518		36,629,572		51,781,090
Balance as of March 31, 2026		15,151,518		36,629,572		51,781,090

Schedule of Company's Outstanding Warrants to Purchase Shares of Common Stock

As of March 31, 2026 the Company’s outstanding warrants to purchase shares of common stock consisted of the following:


Date Issued	Number of Shares of Common Stock Issuable		Exercise Price		Expiration Date

2023 Securities Purchase Agreement common warrants		15,151,518	$	3.00	May 5, 2028
January 2021 pre-funded warrants		509,117	$	0.001	December 31, 2030
2023 Securities Purchase Agreement pre-funded warrants		3,844,153	$	0.001	N/A
2024 Securities Purchase Agreement pre-funded warrants		7,989,516	$	0.001	N/A
2024 Underwritten Offering pre-funded warrants		4,931,507	$	0.001	N/A
2025 Underwritten Offering pre-funded warrants		15,151,515	$	0.001	N/A
2025 Warrant Exchange Agreement		4,203,764	$	0.001	N/A
Balance as of March 31, 2026		51,781,090

Securities Purchase Agreement [Member]

Class Of Stock [Line Items]

Schedule of Assumptions Used in Black-Scholes Option Pricing Model to Determine Fair Value of Common Warrants

The following table presents the assumptions used in the Black-Scholes option pricing model to determine the fair value of the Common Warrants as of March 31, 2026 and December 31, 2025 as follows:


	March 31, 2026		December 31, 2025

Expected stock price volatility	119.7%		110.5%
Risk-free interest rate	3.8%		3.6%
Expected term (in years)	2.3		2.5
Share price	$	3.08	$	1.51

- Definition

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

+ References

+ Details

Commitments and Contingencies - Schedule of Other Supplemental Balance Sheet Information Related to Operating Leases (Detail) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Operating lease right-of-use assets	$ 530	$ 613
Operating lease liabilities (current)	(369)	(358)
Operating lease liabilities (non-current)	(186)	(283)
Total lease obligations under operating leases	$ (555)	$ (641)
Weighted-average remaining lease term (in years)	1 year 6 months	1 year 8 months 12 days
Weighted-average discount rate	9.43%	9.44%

Prepaid Expenses and Other Current Assets (Tables)

3 Months Ended

Mar. 31, 2026

Prepaid Expense and Other Assets, Current [Abstract]

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following as of March 31, 2026 and December 31, 2025 (in thousands):


	March 31,		December 31,
	2026		2025

Prepaid clinical	$	824	$	578
Prepaid insurance		483		688
Prepaid manufacturing		284		340
Prepaid other		302		221
Interest income receivable		583		514
Other current assets		9		11
Total prepaid expenses and other current assets	$	2,485	$	2,352

Net Loss Per Share (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of Calculation of Basic and Diluted Earnings per Share for Common Stock and Preferred Stock

The calculation of basic and diluted earnings per share for our common stock and Preferred Stock is as follows:


	For the Three Months Ended March 31,
	2026			2025
(In thousands, except share and per share data)
Weighted-average common shares outstanding, basic and diluted		112,424,211			77,126,763
Weighted-average shares outstanding of Series X and Series X1 non-voting convertible preferred stock, basic and diluted		114,508			114,508

Net loss used in the calculation of basic and diluted loss per share	$	(39,025	)	$	(6,495	)

Net loss available to common stock	$	(36,935	)	$	(6,000	)
Net loss per share, common stock, basic and diluted	$	(0.33	)	$	(0.08	)

Net loss available to Series X and Series X1 non-voting convertible preferred stock	$	(2,090	)	$	(495	)
Basic and diluted earnings per share of Series X and Series X1 non-voting convertible preferred stock	$	(18.25	)	$	(4.32	)

Summary of Potentially Dilutive Securities Outstanding Based on Market Price of Common Stock that were Excluded from the Computation of Diluted Net Loss Per Share


	For the Three Months Ended March 31,
	2026		2025

Stock options outstanding and other equity awards		10,952,838		3,780,189
Common and preferred warrants outstanding		—		3,117,540
Total		10,952,838		6,897,729

Prepaid Expenses and Other Current Assets - Prepaid Expenses and Other Current Assets (Detail) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid clinical	$ 824	$ 578
Prepaid insurance	483	688
Prepaid manufacturing	284	340
Prepaid other	302	221
Interest income receivable	583	514
Other current assets	9	11
Total prepaid expenses and other current assets	$ 2,485	$ 2,352

Commitments and Contingencies

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 7. Commitments and Contingencies

Contract Obligations

As of March 31, 2026, the Company has non-cancelable purchase obligations related to manufacturing totaling $4.4 million. The Company expects to fulfill its commitments within the next twelve months under these agreements in the normal course of business, therefore, no related liability has been recorded on the unaudited condensed consolidated balance sheets as of that date.

Operating Leases

The Company leases office space under various operating leases. Total rent expense for all operating leases in the accompanying unaudited condensed consolidated statements of operations and comprehensive loss was $0.1 million for each of the three months ended March 31, 2026 and 2025.

On April 19, 2024, the Company entered into a 38-month operating lease for 5,817 square feet of office space in Irvine, California, that expires on June 30, 2027 (the “Irvine Lease Agreement”). On April 19, 2024, in conjunction with the Irvine Lease Agreement, the Company terminated an existing operating lease for 5,197 square feet of office space in Irvine, California, that was set to expire on December 31, 2024. On April 19, 2024, the effective date of the Irvine Lease Agreement, the Company recognized additional net ROU assets and lease liabilities in the amount of $0.5 million.

On September 4, 2024, the Company entered into a 36-month operating lease for 6,138 square feet of office space in Burlington, Massachusetts, that expires on November 21, 2027 (the “Burlington Lease Agreement”). The prior lease expired on November 20, 2024. On November 21, 2024, the effective date of the Burlington Lease Agreement, the Company recognized additional net ROU assets and lease liabilities in the amount of $0.5 million.

The Company determines if a contract contains a lease at inception. Our office leases have a remaining term of approximately 2 years and do not include options to extend the leases for additional periods.

Operating lease assets and liabilities are recognized at the lease commencement date. Operating lease liabilities represent the present value of lease payments not yet paid. Operating lease assets represent our right to use an underlying asset and are based upon the operating lease liabilities as adjusted for prepayments or accrued lease payments, initial direct costs, lease incentives, and impairment of operating lease assets. To determine the present value of lease payments not yet paid, we estimate incremental secured borrowing rates corresponding to the maturities of the leases. As we have no outstanding debt nor committed credit facilities, secured or otherwise, we estimate this rate based on prevailing financial market conditions, comparable company and credit analysis, and management’s judgment.

Our leases contain rent escalations over the lease term. We recognize expense for these leases on a straight-line basis over the lease term. Additionally, tenant incentives used to fund leasehold improvements are recognized when earned and reduce our ROU asset related to the lease. These are amortized through the ROU asset as reductions of expense over the lease term. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants.

While we do not currently have any lease agreement with lease and non-lease components, we elected to account for lease and non-lease components as separate components.

We have elected the short-term lease recognition exemption for all applicable classes of underlying assets. Short-term disclosures include only those leases with a term greater than one month and 12 months or less, and expense is recognized on a straight-line basis over the lease term. Leases with an initial term of 12 months or less, that do not include an option to purchase the underlying asset that we are reasonably certain to exercise, are not recorded on the unaudited condensed consolidated balance sheet.

The components of lease expense were as follows (in thousands):


	For the Three Months Ended March 31,
	2026		2025

Operating lease cost(a)	$	98	$	98
(a) Includes variable operating lease expenses, which are immaterial

Other supplemental cash flow information related to leases were as follows (in thousands):


	For the Three Months Ended March 31,
	2026		2025

Cash paid for amounts included in the measurement of lease liability:
Operating cash flows from operating leases	$	100	$	97

Other supplemental balance sheet information related to our operating leases (in thousands, except lease term and discount rate):


	March 31, 2026			December 31, 2025

Operating leases
Operating lease right-of-use assets	$	530		$	613

Operating lease liabilities (current)		(369	)		(358	)
Operating lease liabilities (non-current)		(186	)		(283	)
Total lease obligations under operating leases	$	(555	)	$	(641	)

Weighted-average remaining lease term (in years)		1.5			1.7
Weighted-average discount rate		9.43	%		9.44	%

As of March 31, 2026, future minimum payments under non-cancelable operating leases, were are as follows (in thousands):


	March 31,
	2026

2026 (remainder of)	$	303
2027		294
Total minimum lease payments		597
Less imputed interest		(42	)
Present value of lease liabilities		555
Less current portion of operating lease liabilities		369
Non-current operating lease liabilities	$	186

Grants and Licenses

ALS Therapy Development Institute License Agreement

In May 2015, Anelixis executed a License Agreement (the “Agreement”), which is an exclusive patent rights agreement with ALS Therapy Development Institute (“ALS TDI”) for certain patents and “know-how” of ALS TDI. This Agreement continues until the licensee terminates the agreement with ninety days written notice. The Agreement requires license fees payable to ALS TDI, subject to the achievement of certain milestones and other conditions.

The first and second milestones of the Agreement are the dosing of the first subjects in a first toxicity study in non-human primates and the dosing of the first patient in a Phase I Clinical Trial, respectively. Both of these milestones were achieved prior to 2024. The fee due upon achievement of each milestone was $1.0 million, and as the payments became due, the Company settled the obligations through the issuance of common stock in lieu of cash payments.

The Agreement was amended and restated in February 2020, and a first amendment to the restated license agreement was executed in September 2020. As amended in September 2020, the remaining milestone payments for a first licensed product total $6.0 million. In the event that the Company develops a second licensed product, the Company is obligated to pay up to $2.5 million in additional milestone payments.

In addition to the milestone payments, the Company is required to pay ALS TDI an amended annual license maintenance fee of $0.1 million beginning on the earlier of January 1, 2022, the Company’s first sublicense, or change in control, as defined in the Agreement. The Company has made a $0.1 million annual license maintenance fee each year since 2022.

Furthermore, the Company is required to pay ALS TDI fees based on reaching certain levels of annual net sales of any product produced with the patent rights. A royalty in the low single digits will be due on aggregate net sales. Upon the first calendar year of reaching $500.0 million in aggregate net sales, the Company will be required to pay ALS TDI a one-time

milestone payment of $15.0 million. Upon the first calendar year of reaching $1.0 billion in aggregate net sales, the Company is obligated to pay ALS TDI a one-time milestone payment of $30.0 million.

There were no milestones achieved during the three months ended March 31, 2026 or 2025.

Lonza Sales AG Inc. License Agreement

In September 2018, Anelixis executed a License Agreement (the “Lonza Agreement”), which is a manufacturing know-how rights agreement with Lonza Sales AG Inc. (“Lonza”) for the use of certain processes and know-how related to the manufacture of tegoprubart. The Lonza Agreement continues until the later of the last Valid Claim (as defined therein) or ten years from the First Commercial Sale of tegoprubart, as defined and subject to the conditions therein. A royalty in the low single digits will be due on aggregate net sales of tegoprubart that is manufactured by Lonza or any other third-party or licensee. For the three months ended March 31, 2026 and 2025, the Company has not paid any royalties under the Lonza Agreement.

Legal Matters

The Company and its subsidiaries are not a party to or the subject of any claim or lawsuit that individually or in the aggregate is anticipated to have a material effect on the Company’s results of operations, financial condition or cash flows.

Indemnifications

In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties and provide for general indemnification. The Company’s exposure under these agreements is unknown because it involves future claims that may be made against the Company but have not yet been made. To date, the Company has not paid any claims or been required to defend any action related to its indemnification obligations. However, the Company may record charges in the future because of these indemnification obligations. No amounts associated with such indemnifications have been recorded to date.

Contingencies

From time to time, the Company may have certain contingent liabilities that arise in the ordinary course of business activities. The Company accrues a liability for such matters when it is probable that future expenditures will be made, and such expenditures can be reasonably estimated. There have been no contingent liabilities requiring accrual as of March 31, 2026 and December 31, 2025.

Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Basis of Presentation

Principles of Consolidation

All significant intercompany accounts and transactions among the entities have been eliminated from the unaudited condensed consolidated financial statements.

Use of Estimates

Concentration of Credit Risk

Cash and Cash Equivalents

Risks and Liquidity

Reportable Segments


	For the Three Months Ended March 31,
	2026			2025

Operating expenses:
Tegoprubart - kidney transplantation programs	$	5,414		$	8,531
Tegoprubart - other development programs		—			(168	)
Manufacturing		7,786			1,670
Personnel-related expenses		3,803			3,448
Stock-based compensation		2,202			2,864
Other segment items*		1,976			1,619
Total operating expenses		21,181			17,964
Loss from operations		(21,181	)		(17,964	)
Other income, net		1,118			1,409
Change in fair value of warrant liabilities		(18,962	)		10,060
Net loss	$	(39,025	)	$	(6,495	)

* Other segment items included in total operating expenses primarily consist of consulting, professional fees, facilities, insurance and information technology.

In-Process Research and Development

Research and Development Expenses

Stock-Based Compensation

The Company recognizes compensation expense for all stock-based awards based on the grant-date estimated fair value.

The fair value of stock options is determined using the Black-Scholes option pricing model, using assumptions which are subjective and require significant judgment and estimation by management. The risk-free rate assumption was based on observed yields from governmental zero-coupon bonds with an equivalent term. The expected volatility assumption was based on historical volatilities of a group of comparable industry companies whose share prices are publicly available. The peer group was developed based on publicly traded biotechnology and pharmaceutical companies with comparable business characteristics, clinical stages of development, and organizational scale, including employee headcount, primarily consisting of companies with Phase II or Phase III clinical programs. The expected term of stock options represents the weighted-average period that the stock options are expected to be outstanding. Because the Company does not have historical exercise behavior, the Company determined the expected life assumption using the simplified method for stock options granted to employees, which is an average of the options ordinary vesting period and the contractual term. The expected dividend assumption was based on the Company’s history and expectation of dividend payouts. The Company has not paid and does not expect to pay dividends at any time in the foreseeable future. The Company recognizes forfeitures on an actual basis and as such did not estimate forfeitures to calculate stock-based compensation.

Restricted Stock Units (“RSUs”) are measured and recognized based on the quoted market price of our common stock on the date of grant.

Employee Benefit Plan

The Company recognized expense related to employer contributions to the plan of $0.1 million for each of the three months ended March 31, 2026 and 2025.

Net Loss Per Share

Basic net loss per common share is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding during the period, without consideration for potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common shares and potentially dilutive securities outstanding for the period determined using the treasury-stock and if-converted methods. As the rights and preferences of the Preferred Stock are substantially identical to each other, they are considered a single class of common stock for earnings per share purposes.

Common Stock Warrants and Pre-Funded Warrants

Recent Accounting Pronouncements Issued But Not Adopted

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	$ 17,197	$ 13,531
General and administrative	3,984	4,433
Total operating expenses	21,181	17,964
Loss from operations	(21,181)	(17,964)
Other income, net	1,118	1,409
Change in fair value of warrant liabilities	(18,962)	10,060
Net loss	(39,025)	(6,495)
Other comprehensive loss:
Unrealized loss on available-for-sale securities, net	(96)	(44)
Comprehensive loss	$ (39,121)	$ (6,539)
Basic earnings per share of common stock	$ (0.33)	$ (0.08)
Diluted earnings per share of common stock	$ (0.33)	$ (0.08)
Weighted-average common shares outstanding, basic	112,424,211	77,126,763
Weighted-average common shares outstanding, diluted	112,424,211	77,126,763
Series X and Series X1 Non-voting Convertible Preferred Stock [Member]
Other comprehensive loss:
Basic earnings per share of common stock	$ (18.25)	$ (4.32)
Diluted earnings per share of common stock	$ (18.25)	$ (4.32)
Weighted-average common shares outstanding, basic	114,508	114,508
Weighted-average common shares outstanding, diluted	114,508	114,508

Accrued Expenses and Other Liabilities

3 Months Ended

Mar. 31, 2026

Payables and Accruals [Abstract]

Accrued Expenses and Other Liabilities

Note 6. Accrued Expenses and Other Liabilities

Accrued expenses and other liabilities consisted of the following as of March 31, 2026 and December 31, 2025 (in thousands):


	March 31,		December 31,
	2026		2025

Accrued clinical	$	3,787	$	6,531
Accrued compensation and related expenses		1,643		4,176
Accrued manufacturing		763		2,525
Accrued professional services		256		495
Accrued other		55		632
Total accrued expenses and other liabilities	$	6,504	$	14,359

Short-Term Investments - Summary of Short-term Investments Classified as Available-for-sale Securities (Detail) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	$ 105,008	$ 110,506
Unrealized Gains	2	36
Unrealized Losses	(73)	(14)
Fair Value	104,937	110,528
U.S. Treasuries [Member]
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	52,609	59,839
Unrealized Gains	2	27
Unrealized Losses	(37)	(5)
Fair Value	52,574	59,861
U.S. Government Securities [Member]
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	52,399	50,667
Unrealized Gains		9
Unrealized Losses	(36)	(9)
Fair Value	$ 52,363	$ 50,667

- 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
-Subparagraph (bbb)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-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 4: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-SubTopic 10
-Topic 825
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482881/825-10-55-10

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482736/825-10-45-1A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-10

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482881/825-10-55-12

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 103
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-103

Reference 11: 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 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481830/320-10-45-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(6))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479130/326-30-45-1

+ 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
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

Summary of Significant Accounting Policies - Additional Information (Detail) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($) Segment $ / shares shares	Mar. 31, 2025 USD ($) shares	Dec. 31, 2025 USD ($) $ / shares
Summary Of Significant Accounting Policies [Line Items]
Cash, cash equivalents and restricted cash, maturity period	three months or less
Net loss	$ (39,025)	$ (6,495)
Cash and cash equivalents and short-term investments	111,100
Working capital	100,100
Accumulated deficit	$ (440,228)		$ (401,203)
Common stock, par value \| $ / shares	$ 0.001		$ 0.001
Going concern conditions or events description	The Company expects that, based on its current operating plans, the Company’s existing cash, cash equivalents and marketable securities will be sufficient to fund its currently planned operations for at least the next 12 months from the filing date of these unaudited condensed consolidated financial statements. The Company anticipates it will require additional financing to fund its future operations. Even if the Company believes it has sufficient funds for its current or future operating plans, the Company may seek to raise additional capital if market conditions are favorable or in light of other strategic considerations.
Recognized expense of employer contributions to the plan	$ 100	$ 100
Convertible preferred stock, par value \| $ / shares	$ 0.001
Weighted-average common shares outstanding, basic \| shares	112,424,211	77,126,763
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	srt:ChiefExecutiveOfficerMember
Segment Reporting, Factors Used to Identify Entity's Reportable Segments	The CODM manages and allocates resources to the operations of the Company on a total company basis. Managing and allocating resources on a consolidated basis enables the CODM to assess the overall level of resources available and how to best deploy these resources across functions, therapeutic areas and research and development projects that are in line with the Company’s long-term company wide strategic goals.
Number of operating segments \| Segment	1
Number of reportable segments \| Segment	1
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description	the CODM uses consolidated net income (loss) for purposes of evaluating performance, forecasting future period financial results, allocating resources and setting incentive targets. Operating expenses are used to monitor budget versus actual results.
Pre-Funded Warrants [Member]
Summary Of Significant Accounting Policies [Line Items]
Weighted-average common shares outstanding, basic \| shares	36,629,572	17,274,293
Warrants exercise price \| $ / shares	$ 0.001
Series X and Series X1 Non-voting Convertible Preferred Stock [Member]
Summary Of Significant Accounting Policies [Line Items]
Convertible preferred stock, par value \| $ / shares	$ 0.001
Anelixis Therapeutics, LLC and Otic Pharma, Ltd.
Summary Of Significant Accounting Policies [Line Items]
Ownership interest percentage	100.00%
Otic Pharma, Inc. [Member]
Summary Of Significant Accounting Policies [Line Items]
Ownership interest percentage	100.00%

Accrued Expenses and Other Liabilities - Schedule of Accrued Expenses and Other Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Accrued Liabilities and Other Liabilities [Abstract]
Accrued clinical	$ 3,787	$ 6,531
Accrued compensation and related expenses	1,643	4,176
Accrued manufacturing	763	2,525
Accrued professional services	256	495
Accrued other	55	632
Total accrued expenses and other liabilities	$ 6,504	$ 14,359

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
Convertible preferred stock, par value	$ 0.001
Convertible preferred stock, shares authorized	5,000,000
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	75,851,722	75,430,033
Common stock, shares outstanding	75,851,722	75,430,033
Convertible Preferred Stock [Member]
Convertible preferred stock, shares authorized	5,000,000	5,000,000
Series X1 Non-voting Convertible Preferred Stock [Member]
Convertible preferred stock, par value	$ 0.001	$ 0.001
Convertible preferred stock, shares authorized	515,000	515,000
Convertible preferred stock, shares issued	110,086	110,086
Convertible preferred stock, shares outstanding	110,086	110,086
Series X Non-Voting Convertible Preferred Stock [Member]
Convertible preferred stock, par value	$ 0.001	$ 0.001
Convertible preferred stock, shares authorized	10,000	10,000
Convertible preferred stock, shares issued	4,422	4,422
Convertible preferred stock, shares outstanding	4,422	4,422

Net Loss Per Share - Summary of Potentially Dilutive Securities Outstanding Based on Market Price of Common Stock that were Excluded from the Computation of Diluted Net Loss Per Share (Detail) - shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	10,952,838	6,897,729
Stock Options Outstanding and Other Equity Awards [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	10,952,838	3,780,189
Common And Preferred Warrants Outstanding [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total		3,117,540

Fair Value Measurements - Schedule of Aggregate Fair Value of Warrant Liability (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Change in fair value of warrant liabilities	$ 18,962	$ (10,060)
Fair Value, Recurring [Member] \| Warrants [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance as of December 31, 2025	11,416
Change in fair value of warrant liabilities	18,962
Balance as of March 31, 2026	$ 30,378

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-Based Compensation Expense Recognized

Total stock-based compensation expense was recognized in our unaudited condensed consolidated statements of operations and comprehensive loss as follows (in thousands):


	For the Three Months Ended March 31,
	2026		2025

Research and development	$	1,085	$	1,019
General and administrative		1,117		1,845
Total stock-based compensation	$	2,202	$	2,864

Preferred Stock and Stockholders' Equity - Schedule of Assumptions Used in Black-Scholes Option Pricing Model to Determine Fair Value of Common Warrants (Detail) - Securities Purchase Agreement [Member] - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected stock price volatility	119.70%	110.50%
Risk-free interest rate	3.80%	3.60%
Expected term (in years)	2 years 3 months 18 days	2 years 6 months
Share price	$ 3.08	$ 1.51

- Definition

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

+ References

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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

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

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

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

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

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

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

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

+ Details

Commitments and Contingencies - Additional Information (Detail)				3 Months Ended		12 Months Ended
	Sep. 04, 2024 ft²	Apr. 19, 2024 USD ($) ft²	Aug. 12, 2022	Mar. 31, 2026 USD ($) Milestone	Mar. 31, 2025 USD ($) Milestone	Dec. 31, 2022 USD ($) ft²	Dec. 31, 2021 USD ($)	Dec. 31, 2025 USD ($)	Nov. 21, 2024 USD ($)	May 31, 2015 USD ($)
Other Commitments [Line Items]
Non-cancelable purchase obligations related to manufacturing				$ 4,400,000
Rental expense				100,000	$ 100,000
Lease liabilities				555,000				$ 641,000
ROU assets				$ 530,000				613,000
Remaining term of office lease				2 years
Debt outstanding				$ 0
Indemnification obligations amount				0
Contingent liabilities				$ 0				$ 0
ALS Therapy Development Foundation, Inc. License Agreement [Member]
Other Commitments [Line Items]
Fee due for milestones achieved										$ 1,000,000
Number of Milestones Achieved \| Milestone				0	0
Remaining milestone payments for first licensed product				$ 6,000,000.0
Annual License Maintenance Fee						$ 100,000	$ 100,000
ALS Therapy Development Foundation, Inc. License Agreement [Member] \| Achievement of 500 Million Aggregate Sales [Member]
Other Commitments [Line Items]
Reaching of aggregate net sales				500,000,000.0
Amount of one-time milestone payment				15,000,000.0
ALS Therapy Development Foundation, Inc. License Agreement [Member] \| Achievement of 1 Billion Aggregate Sales [Member]
Other Commitments [Line Items]
Reaching of aggregate net sales				1,000,000,000.0
Amount of one-time milestone payment				30,000,000.0
Lonza Sales AG Inc. License Agreement
Other Commitments [Line Items]
Royalties paid				0	$ 0
Maximum [Member] \| ALS Therapy Development Foundation, Inc. License Agreement [Member]
Other Commitments [Line Items]
Development and regulatory milestone payments				$ 2,500,000
Irvine, California [Member]
Other Commitments [Line Items]
Area of office space \| ft²		5,817				5,197
Operating lease, term of contract		38 months
Lease expiration date		Jun. 30, 2027	Dec. 31, 2024
Lease liabilities		$ 500,000
ROU assets		$ 500,000
Burlington, Massachusetts [Member]
Other Commitments [Line Items]
Area of office space \| ft²	6,138
Operating lease, term of contract	36 months
Lease expiration date	Nov. 21, 2027
Prior lease expiration date	Nov. 20, 2024
Lease liabilities									$ 500,000
ROU assets									$ 500,000

Subsequent Events

3 Months Ended

Mar. 31, 2026

Subsequent Events [Abstract]

Subsequent Events

Note 11. Subsequent Events

On March 30, 2026, MSI BVF SPV, LLC provided us notice of its intention to exercise 87,300 pre-funded warrants for 87,269 shares of the Company’s common stock pursuant to a cashless exercise provision. The common shares were issued on April 10, 2026, pursuant to the terms of an underwriting agreement, dated October 29, 2024, by and between the Company and Leerink Partners, LLC, as representative of the several underwriters named therein and did not result in the receipt of cash proceeds by the Company.

On March 30, 2026, Biotechnology Value Fund, L.P., Biotechnology Value Fund II, L.P., Biotechnology Value Trading Fund OS LP and MSI BVF SPV, LLC provided us notice of its intention to convert an aggregate of 22,479 shares of the Company’s Series X1 Convertible Preferred Stock for an aggregate of 1,248,832 shares of the Company’s common stock in accordance with the Certificate of Designation of Preferences, Rights and Limitations of the Series X1 Non-Voting Convertible Preferred Stock. The conversion was completed on April 9, 2026, and did not result in the receipt of cash proceeds by the Company.

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2026	May 07, 2026
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2026
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Trading Symbol	ELDN
Entity Registrant Name	ELEDON PHARMACEUTICALS, INC.
Entity Central Index Key	0001404281
Entity Current Reporting Status	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		77,187,823
Entity File Number	001-36620
Entity Tax Identification Number	20-1000967
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	19800 MacArthur Blvd
Entity Address, Address Line Two	Suite 250
Entity Address, City or Town	Irvine
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92612
City Area Code	(949)
Local Phone Number	238-8090
Document Transition Report	false
Document Quarterly Report	true
Title of 12(b) Security	Common Stock, $0.001 par value
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes

Fair Value Measurements - Schedule of Financial Asset Instruments Measured at Fair Value on a Recurring Basis (Detail) - Fair Value, Recurring [Member] - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents	$ 5,222	$ 21,689
Total short-term investments	104,937	110,528
Total financial assets	110,159	132,217
Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents	5,222	6,734
U.S. Government Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	52,363	50,667
U.S. Treasuries [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents		14,955
Total short-term investments	52,574	59,861
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents		6,734
Total financial assets	5,222	6,734
Fair Value, Inputs, Level 1 [Member] \| Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents	5,222	6,734
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents		14,955
Total short-term investments	104,937	110,528
Total financial assets	104,937	125,483
Fair Value, Inputs, Level 2 [Member] \| U.S. Government Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	52,363	50,667
Fair Value, Inputs, Level 2 [Member] \| U.S. Treasuries [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents		14,955
Total short-term investments	$ 52,574	$ 59,861

Stock-Based Compensation - Additional Information (Detail) - shares		3 Months Ended
	Jul. 10, 2024	Mar. 31, 2026
2014 Stock Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, number of shares reserved for issuance		0
2020 Long Term Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, number of shares reserved for issuance		3,308,859
Increased number of shares	3,500,000
New aggregate share limit	17,960,000
2014 Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, number of shares reserved for issuance		24,077
Employee Stock Option [Member] \| Board of Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life assumption using simplified method, description		For stock options granted to the Company’s board of directors (the “Board”), the Company determined the expected life assumption using the simplified method as the starting point with an average period of 12 months added to take into account the extended range of time of 12 to 18 months that vested stock options granted to Board members may be exercised upon termination.
Employee Stock Option [Member] \| Board of Directors [Member] \| Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period of stock options granted		12 months
Employee Stock Option [Member] \| Board of Directors [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period of stock options granted		18 months

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Table Text Block Supplement [Abstract]

Financial Asset Instruments Measured at Fair Value on a Recurring Basis


	March 31, 2026
	Level 1		Level 2		Level 3		Total

Assets:
Cash equivalents:
Money market funds	$	5,222	$	—	$	—	$	5,222
Total cash equivalents		5,222		—		—		5,222

Short-term investments:
U.S. treasuries		—		52,574		—		52,574
U.S. government securities		—		52,363		—		52,363
Total short-term investments		—		104,937		—		104,937

Total financial assets	$	5,222	$	104,937	$	—	$	110,159


	December 31, 2025
	Level 1		Level 2		Level 3		Total

Assets:
Cash equivalents:
Money market funds	$	6,734	$	—	$	—	$	6,734
U.S. treasuries		—		14,955		—		14,955
Total cash equivalents		6,734		14,955		—		21,689

Short-term investments:
U.S. treasuries		—		59,861		—		59,861
U.S. government securities		—		50,667		—		50,667
Total short-term investments		—		110,528		—		110,528
Total financial assets	$	6,734	$	125,483	$	—	$	132,217

Summary of Warrant Liabilities Measured at Fair Value on a Recurring Basis


	March 31, 2026
	Level 1		Level 2		Level 3		Total

Warrant liabilities	$	—	$	—	$	30,378	$	30,378


	December 31, 2025
	Level 1		Level 2		Level 3		Total

Warrant liabilities	$	—	$	—	$	11,416	$	11,416

Schedule of Aggregate Fair Values of Warrant Liability

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


	Warrant Liability

Balance as of December 31, 2025	$	11,416
Change in fair value of warrant liabilities		18,962
Balance as of March 31, 2026	$	30,378

Net Loss Per Share - Schedule of Calculation of Basic and Diluted Earnings per Share for Common Stock and Preferred Stock (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Weighted-average common shares outstanding, basic	112,424,211	77,126,763
Weighted-average common shares outstanding, diluted	112,424,211	77,126,763
Net Income (Loss)	$ (39,025)	$ (6,495)
Net loss available to common stock, basic	(36,935)	(6,000)
Net loss used in the calculation of diluted loss per share	$ (36,935)	$ (6,000)
Net loss per share, basic	$ (0.33)	$ (0.08)
Net loss per share, diluted	$ (0.33)	$ (0.08)
Net loss available to non-voting convertible preferred stock, basic	$ (2,090)	$ (495)
Net loss available to non-voting convertible preferred stock, diluted	$ (2,090)	$ (495)
Series X and Series X1 Non Voting Convertible Preferred Stock [Member]
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Weighted-average common shares outstanding, basic	114,508	114,508
Weighted-average common shares outstanding, diluted	114,508	114,508
Weighted-average shares outstanding, basic	114,508	114,508
Weighted-average shares outstanding, diluted	114,508	114,508
Net loss per share, basic	$ (18.25)	$ (4.32)
Net loss per share, diluted	(18.25)	(4.32)
Net loss per share, basic	(18.25)	(4.32)
Net loss per share, diluted	$ (18.25)	$ (4.32)