0001193125-26-343418 | 10-Q | XBRL Viewer

Research and development compensation and benefits

^[1]

$ 18,505

$ 14,801

$ 32,293

$ 22,450

Research and development - other

12,732

7,521

21,097

13,037

Total Research and development expense

56,365

35,839

101,432

54,613

General and administrative expense compensation and benefits

^[1]

13,516

16,995

21,420

20,949

General and administrative expense - other

5,351

4,291

11,090

7,641

Total general and administrative expense

18,867

21,286

32,510

28,590

Change in fair value of contingent milestone liabilities

43,529

Operating Expenses

118,761

57,125

177,471

83,203

Other income/expense

^[2]

(2,525)

320

(5,164)

(3,572)

Loss before income taxes

116,236

57,445

172,307

79,631

Danicamtiv

Program expenses

13,228

884

23,555

884

Ataciguat

Program expenses

7,975

7,889

16,617

9,834

Tonlamarsen

Intangible Asset, Goodwill and Other [Abstract]

Program expenses

$ 3,925

$ 4,744

$ 7,870

$ 8,408

[1]	Includes stock-based compensation expense
[2]	Other income (expense) for the three and six months ended June 30, 2026 primarily includes interest income. Other income (expense) for the six months ended June 30, 2025 primarily includes bargain purchase gain, change in fair value of Series A Preferred Stock tranche obligations and interest income.

Acquisitions and Licensing Agreements - Additional Information (Details)							1 Months Ended		3 Months Ended		6 Months Ended		12 Months Ended
	May 01, 2026 USD ($)	Sep. 04, 2025 USD ($) shares	Feb. 24, 2025 USD ($) Employees	Jun. 07, 2024 USD ($)	Jun. 06, 2024 USD ($)	Jun. 02, 2021 USD ($)	Sep. 30, 2025 USD ($)	Nov. 30, 2024 USD ($) $ / shares shares	Jun. 30, 2026 USD ($) shares	Jun. 30, 2025 USD ($)	Jun. 30, 2026 USD ($) shares	Jun. 30, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2025 USD ($) shares
Business Combination [Line Items]
Compensation expense									$ 11,695,000	$ 18,651,000	$ 17,053,000	$ 21,589,000
Bargain purchase gain									0	0	0	5,232,000
Income tax benefit									0	0	0	4,167,000
Amortization expense related to finite-lived intangible assets									1,100,000	1,000,000	2,200,000	1,300,000
Contingent consideration milestone probability of achieving within 12 months									$ 26,066,000		$ 26,066,000			$ 2,500,000
Preferred stock, shares issued \| shares									0		0			0
Research and development									$ 56,365,000	35,839,000	$ 101,432,000	54,613,000
Location, Statement of Income, Balance [Axis]: us-gaap:GeneralAndAdministrativeExpense
Business Combination [Line Items]
Compensation expense									8,261,000	14,046,000	11,287,000	15,748,000
Location, Statement of Income, Balance [Axis]: us-gaap:ResearchAndDevelopmentExpense
Business Combination [Line Items]
Compensation expense									3,434,000	4,605,000	5,766,000	5,841,000
Prolaio, Inc.
Business Combination [Line Items]
Percentage of outstanding shares acquired			100.00%
Purchase consideration transferred			$ 8,600,000
Cash consideration			4,000,000
Fair value of contingent milestone	$ 13,700,000		4,600,000						47,300,000		47,300,000			$ 3,800,000
Acquisition related costs			800,000										$ 1,000,000
Net assets acquired			13,812,000
Liabilities assumed			13,823,000
Deferred income tax liability			4,512,000
Assumed contingent consideration liability			$ 3,300,000
Bargain purchase gain												5,200,000	5,200,000
Income tax benefit													4,200,000
Incremental stock-based compensation expense related to accelerated vesting of options upon acquisition										14,400,000		14,400,000	1,600,000
Pro forma revenue										0	0
Discounted rate of milestones required to be achieved			10.00%
Milestones achieved									0		0
Change in fair value of contingent consideration liability									43,500,000	0	43,500,000	0
Milestone payments											0
Cash and cash equivalents			$ 14,000
Accounts payable			2,710,000
PhysIQ, Inc.
Business Combination [Line Items]
Fair value of contingent milestone			$ 3,300,000						3,900,000		3,900,000			3,900,000
Business combination, contingent milestone payments									0		0
Acquisition related costs									0	0
Discounted rate of milestones required to be achieved			10.00%
Contingent consideration milestone probability of achieving within 12 months														2,500,000
RSF
Business Combination [Line Items]
Percentage of outstanding shares acquired					100.00%
Purchase consideration transferred					$ 14,800,000
Cash consideration					3,500,000
Business combination, contingent milestone payments									0		0
Milestones achieved									0		0
Cash and cash equivalents					200,000
Accounts payable					1,300,000
Milestone payment obligation							$ 3,000,000
Milestone payment settled in cash							$ 1,500,000
In-process research and development asset					15,900,000
Payment of transaction costs					700,000
Settlement of outstanding indebtedness					10,600,000
Mr. Gianakakos \| Prolaio, Inc.
Business Combination [Line Items]
Related party transaction, beneficial ownership percentage			55.70%
Repayment of promissory notes			$ 4,000,000
Mr. Gianakakos \| Milestone One \| Prolaio, Inc.
Business Combination [Line Items]
Milestone payments received	12,900,000
Mr. Gianakakos \| Milestone Two \| Prolaio, Inc.
Business Combination [Line Items]
Milestone payments received	31,300,000
Mr. Gianakakos \| Milestone Three \| Prolaio, Inc.
Business Combination [Line Items]
Milestone payments received	62,400,000
Dr. Edelberg \| Prolaio, Inc.
Business Combination [Line Items]
Related party transaction, beneficial ownership percentage			17.10%
Dr. Edelberg \| Milestone One \| Prolaio, Inc.
Business Combination [Line Items]
Milestone payments received	3,600,000
Dr. Edelberg \| Milestone Two \| Prolaio, Inc.
Business Combination [Line Items]
Milestone payments received	9,800,000
Dr. Edelberg \| Milestone Three \| Prolaio, Inc.
Business Combination [Line Items]
Milestone payments received	19,500,000
Minimum \| Prolaio, Inc.
Business Combination [Line Items]
Milestone payments	5,000,000,000
Minimum \| Mr. Gianakakos \| Prolaio, Inc.
Business Combination [Line Items]
Milestone payments	6,000,000,000
Minimum \| Dr. Edelberg \| Prolaio, Inc.
Business Combination [Line Items]
Milestone payments	12,000,000,000
Maximum \| Prolaio, Inc.
Business Combination [Line Items]
Business combination, contingent milestone payments			$ 200,000,000
Number of years milestones required to be achieved			4 years
Milestone payments	50,000,000
Maximum \| PhysIQ, Inc.
Business Combination [Line Items]
Business combination, contingent milestone payments			$ 20,000,000
Number of years milestones required to be achieved			4 years
Maximum \| RSF
Business Combination [Line Items]
Development and regulatory milestone payments					26,500,000
Sales milestones payments					$ 249,500,000
Maximum \| Mr. Gianakakos \| Prolaio, Inc.
Business Combination [Line Items]
Milestone payments	50,000,000
Milestone payments received	106,600,000
Maximum \| Dr. Edelberg \| Prolaio, Inc.
Business Combination [Line Items]
Milestone payments	100,000,000
Milestone payments received	$ 32,900,000
Developed Technology \| Prolaio, Inc.
Business Combination [Line Items]
Finite-lived intangibles			$ 25,400,000
Amortization expense related to finite-lived intangible assets												600,000
Estimated number of years to recreate technology			3 years 8 months 12 days
Estimated number of employees to recreate technology \| Employees			50
Developed Technology \| Minimum \| Prolaio, Inc.
Business Combination [Line Items]
Estimated average annual cost per employee to recreate technology			$ 100,000
Developed Technology \| Maximum \| Prolaio, Inc.
Business Combination [Line Items]
Estimated average annual cost per employee to recreate technology			200,000
In-process Research and Development \| Prolaio, Inc.
Business Combination [Line Items]
Finite-lived intangibles			1,100,000
Bonus Agreements [Member] \| Prolaio, Inc.
Business Combination [Line Items]
Compensation expense									0		0
Bonus Agreements [Member] \| Prolaio, Inc. \| Location, Statement of Income, Balance [Axis]: us-gaap:GeneralAndAdministrativeExpense
Business Combination [Line Items]
Compensation expense										11,700,000		11,700,000
Bonus Agreements [Member] \| Prolaio, Inc. \| Location, Statement of Income, Balance [Axis]: us-gaap:ResearchAndDevelopmentExpense
Business Combination [Line Items]
Compensation expense										$ 2,600,000		$ 2,600,000
Bonus Agreements [Member] \| Mr. Gianakakos \| Prolaio, Inc.
Business Combination [Line Items]
Business combination, contingent bonus amount			9,000,000
Bonus Agreements [Member] \| Dr. Edelberg \| Prolaio, Inc.
Business Combination [Line Items]
Business combination, contingent bonus amount			$ 2,000,000
License Agreement With Sanofi [Member] \| RSF
Business Combination [Line Items]
Milestones achieved									0		0
Milestone payments											0
Commercial milestone payments						$ 14,800,000
License Agreement With Mayo [Member] \| RSF
Business Combination [Line Items]
Milestones achieved									0		0
Milestone payments											0
Development and regulatory milestone payments						300,000
Commercial milestone payments						$ 1,300,000
Ionis License Agreement [Member]
Business Combination [Line Items]
Milestone payments				$ 375,000,000
Upfront payment				20,000,000									20,000,000
Development and regulatory milestone payments				35,000,000
Sales milestones payments				$ 340,000,000
License Agreements with MyoKardia and BMS Co. [Member]
Business Combination [Line Items]
Milestones achieved									0		0
Milestone payments											0
Fair value of shares per share \| $ / shares								$ 19.1
Fair value of shares								$ 29,500,000
Research and development													$ 29,500,000
License Agreements with MyoKardia and BMS Co. Related to Dani Agreement [Member] \| Maximum
Business Combination [Line Items]
Development and regulatory milestone payments								42,500,000
Sales milestones payments								265,000,000
License Agreements with MyoKardia and BMS Co. Related to Par4 Agreement [Member]
Business Combination [Line Items]
Development and regulatory milestone payments, tranche one								12,500,000
Development and regulatory milestone payments, tranche two								13,625,000
Sales milestones payments								265,000,000
License Agreements with MyoKardia and BMS Co. Related to Par4 Agreement [Member] \| Maximum
Business Combination [Line Items]
Development and regulatory milestone payments								$ 10,000,000
Series B Preferred Stock \| Bonus Agreements [Member] \| Prolaio, Inc.
Business Combination [Line Items]
Business combination, consideration transferred, equity interest, number of shares issued \| shares		374,360
Business combination, consideration transferred, equity interest, value of shares issued		$ 8,000,000
Bonus shares, cash remitted to satisfy related tax obligations		$ 6,400,000
Series A Preferred Stock
Business Combination [Line Items]
Fair value of shares per share \| $ / shares								$ 19.1
Fair value of shares								$ 29,500,000
Series A Preferred Stock \| License Agreements with MyoKardia and BMS Co. [Member]
Business Combination [Line Items]
Preferred stock, shares issued \| shares								1,544,576
Series A Preferred Stock \| License Agreements with MyoKardia and BMS Co. Related to Dani Agreement [Member]
Business Combination [Line Items]
Preferred stock, shares issued \| shares								1,251,107
Series A Preferred Stock \| License Agreements with MyoKardia and BMS Co. Related to Par4 Agreement [Member]
Business Combination [Line Items]
Preferred stock, shares issued \| shares								293,469
Accrued and Other Current Liabilities [Member] \| RSF
Business Combination [Line Items]
Milestone payment accrued									$ 1,500,000		$ 1,500,000			$ 1,500,000

Intangible Assets

6 Months Ended

Jun. 30, 2026

Intangible Assets

6. Intangible assets

The following table summarizes the intangible assets, net (in thousands):


	June 30, 2026							December 31, 2025
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Finite-lived intangible assets:
Developed technology	$	29,829	$	(5,049	)	$	24,780		25,400		(3,024	)		22,376
Other		2,215		(577	)		1,638		1,165		(316	)		849
Total finite-lived intangible assets		32,044		(5,626	)		26,418		26,565		(3,340	)		23,225
Total intangible assets	$	32,044	$	(5,626	)	$	26,418	$	26,565	$	(3,340	)	$	23,225

Developed technology primarily consists of the cardiovascular analytics data platform originally recognized upon acquisition of Prolaio, Inc. during the three months ended June 30, 2025. The developed technology, with a gross carrying amount of $25.4 million, was assigned an estimated useful life of seven years. The acquired IPR&D assets, also recognized upon the Prolaio acquisition, and presented within the other category, were initially classified as indefinite-lived intangible

assets. By December 31, 2025, the Company determined that the underlying projects had reached technological feasibility and accordingly reclassified these assets as finite-lived intangible assets with an estimated useful life of three years.

Subsequent to the Prolaio acquisition, the Company’s engineering team continued to enhance the acquired technology and expand the platform capabilities through the addition of new features and functional improvements. The Company capitalizes certain qualifying costs related to the development of computer software for internal use. The Company capitalized internal-use software costs totaling $5.4 million for the six months ended June 30, 2026.

Capitalized internal-use software costs related to the development of the Prolaio platform are included within the developed technology category and amounted to $4.4 million for the six months ended June 30, 2026. Capitalized internal-use software costs related to other development projects are included within the other category, and amounted to $1.0 million for the six months ended June 30, 2026.

As of June 30, 2026, the other finite-lived intangible assets category includes $2.8 million of software development costs related to projects not yet placed in service. No amortization expense was recorded in relation to these costs for the three and six months ended June 30, 2026.

Amortization expense related to finite-lived intangible assets was $1.1 million, $2.2 million for the three and six months ended June 30, 2026, and $1.0 million and $1.3 million for the three and six months ended June 30, 2025, respectively, and was primarily included in R&D expenses on the condensed consolidated statements of operations and comprehensive loss.

The following table summarizes the estimated future amortization expense associated with the finite-lived intangible assets as of June 30, 2026 (in thousands):


	Amount
2026 (six months remaining)	$	2,237
2027		4,473
2028		4,157
2029		3,953
2030		3,953
Thereafter		4,834
Total estimated future amortization expense	$	23,607

As of June 30, 2026 and December 31, 2025, there were no accumulated impairment losses related to intangible assets.

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2026

Accounting Policies [Abstract]

Summary of Estimated Useful Lives of Property and Equipment

The estimated useful lives of the Company’s property and equipment are as follows:


Asset Classification		Estimated Useful Life
Laboratory equipment		5 years
Furniture and fixtures		5 years
Office equipment		3 years
Computer equipment		3 years
Leasehold improvements		Shorter of remaining lease term or estimated useful life

Leases (Tables)

6 Months Ended

Jun. 30, 2026

Leases [Abstract]

Schedule of Lease Expenses

The lease expenses, which are included in operating expenses in the condensed consolidated statements of operations and comprehensive loss, were as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Operating lease expense	$	838	$	602	$	1,700	$	1,187
Variable lease expense		444		342		705		650
Short-term lease expense		5		4		20		64
Total lease expense	$	1,287	$	948	$	2,425	$	1,901

Schedule of Supplemental Cash Flow Information Related to Leases

Supplemental disclosure of cash flow information related to leases was as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Cash paid for amounts included in the measurement of lease liabilities	$	905	$	30	$	1,726	$	40
Right-of-use assets obtained in exchange for new operating lease liabilities		—		—		560		278

Schedule of Reconciles Undiscounted Future Minimum Lease Payments

The following table reconciles the undiscounted future minimum lease payments required for the operating leases as of June 30, 2026 (in thousands):


	Amount
2026 (six months remaining)	$	1,939
2027		3,816
2028		3,666
2029		3,644
2030		1,774
Thereafter		1,821
Total minimum lease payments		16,660
Less: imputed interest		(3,313	)
Present value of operating lease liabilities	$	13,347

Fair Value Measurements - Schedule of Significant Assumptions Used to Determine Fair Value (Details)	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2026 shares	May 01, 2026 shares	Dec. 31, 2025	Feb. 24, 2025
Prolaio, Inc. \| Discount Rates
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Business combination, contingent consideration, liability, measurement input				0.1499
Prolaio, Inc. \| Discount Rates \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Business combination, contingent consideration, liability, measurement input	0.099
Prolaio, Inc. \| Discount Rates \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Business combination, contingent consideration, liability, measurement input	0.1019
Prolaio, Inc. \| Discount Rates \| Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Business combination, contingent consideration, liability, measurement input	0.1014			0.1499
Prolaio, Inc. \| Probability of Achieving Milestone \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Business combination, contingent consideration, liability, measurement input	0.003			0.003
Prolaio, Inc. \| Probability of Achieving Milestone \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Business combination, contingent consideration, liability, measurement input	0.049			0.049
Prolaio, Inc. \| Probability of Achieving Milestone \| Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Business combination, contingent consideration, liability, measurement input	0.0198			0.0198
Prolaio, Inc. \| Risk Free Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Business combination, contingent consideration, liability, measurement input		0.0415	0.043
Prolaio, Inc. \| Expiration Date
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Business Combination Contingent Consideration Liability Maturity Date1		May 01, 2032	May 01, 2032
Prolaio, Inc. \| Starting Stock Price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Business combination, contingent consideration, liability, measurement input		23.85	21.37
Prolaio, Inc. \| Cost of Debt Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Business combination, contingent consideration, liability, measurement input		0.19	0.144
Prolaio, Inc. \| Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Business combination, contingent consideration, liability, measurement input		0.95	0.95
PhysIQ, Inc. \| Discount Rates \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Business combination, contingent consideration, liability, measurement input					0.099
PhysIQ, Inc. \| Discount Rates \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Business combination, contingent consideration, liability, measurement input					0.1015
PhysIQ, Inc. \| Discount Rates \| Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Business combination, contingent consideration, liability, measurement input					0.101
PhysIQ, Inc. \| Probability of Achieving Milestone \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Business combination, contingent consideration, liability, measurement input					0.10
PhysIQ, Inc. \| Probability of Achieving Milestone \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Business combination, contingent consideration, liability, measurement input					0.80
PhysIQ, Inc. \| Probability of Achieving Milestone \| Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Business combination, contingent consideration, liability, measurement input					0.2063
Series A Preferred Stock \| Second Tranche
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Term until milestone is achieved (years)	3 months 18 days
Series A Preferred Stock \| Second Tranche \| Probability of Achieving Milestone
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Preferred stock tranche obligations, measurement input	0.90
Series A Preferred Stock \| Second Tranche \| Risk Free Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Preferred stock tranche obligations, measurement input	0.0445
Series A Preferred Stock \| Third Tranche \| Probability of Achieving Milestone
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Preferred stock tranche obligations, measurement input	1

Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Summary of Segment Loss Including Significant Segment Expenses

The table below is a summary of the segment loss, including significant segment expenses (in thousands):


	Three Months Ended June 30,					Six Months Ended June 30,
	2026			2025		2026			2025
Program expenses:
Danicamtiv	$	13,228		$	884	$	23,555		$	884
Ataciguat		7,975			7,889		16,617			9,834
Tonlamarsen		3,925			4,744		7,870			8,408
Research and development - compensation and benefits *		18,505			14,801		32,293			22,450
Research and development - other		12,732			7,521		21,097			13,037
Total Research and development expense		56,365			35,839		101,432			54,613
General and administrative expense - compensation and benefits *		13,516			16,995		21,420			20,949
General and administrative expense - other		5,351			4,291		11,090			7,641
Total general and administrative expense		18,867			21,286		32,510			28,590
Change in fair value of contingent milestone liabilities		43,529			—		43,529			—
Total operating expense		118,761			57,125		177,471			83,203
Other income/expense **		(2,525	)		320		(5,164	)		(3,572	)
Loss before income taxes	$	116,236		$	57,445	$	172,307		$	79,631

* Includes stock-based compensation expense

** Other income (expense) for the three and six months ended June 30, 2026 primarily includes interest income. Other income (expense) for the six months ended June 30, 2025 primarily includes bargain purchase gain, change in fair value of Series A Preferred Stock tranche obligations and interest income.

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

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

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26A

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

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

Summary of Significant Accounting Policies

Fair Value Measurements - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025	May 01, 2026	Feb. 24, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, assets and liabilities, transfers between level 1, 2 and 3 amount	$ 0		$ 0		$ 0
Impairment losses on its investments	0	$ 0	0	$ 0
Series A Preferred Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value price per share		$ 21.24		$ 21.24
Change in fair value			0
Series A Preferred Stock \| Second Tranche
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Change in fair value				$ (3,912,000)
Series A Preferred Stock \| Third Tranche
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Change in fair value				0
PhysIQ, Inc.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of contingent milestone	3,900,000		3,900,000		3,900,000		$ 3,300,000
Business combination, contingent milestone payments	0		0
PhysIQ, Inc. \| Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Business combination, contingent milestone payments							20,000,000
Prolaio, Inc.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Change in fair value			43,529,000	$ 0
Fair value of contingent milestone	$ 47,300,000		$ 47,300,000		$ 3,800,000	$ 13,700,000	4,600,000
Prolaio, Inc. \| Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Business combination, contingent milestone payments							$ 200,000,000

Summary of Significant Accounting Policies - Additional Information (Details)			3 Months Ended	6 Months Ended
	Jun. 22, 2026	Jun. 09, 2026	Jun. 30, 2026 USD ($)	Jun. 30, 2026 USD ($) Segment	Jun. 30, 2025 USD ($)	Dec. 31, 2025 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stock split ratio	1.5928	1.5928
Number of operating segment \| Segment				1
Number of reportable segment \| Segment				1
Debt securities, available-for-sale, impairment charges				$ 0	$ 0
Debt securities, available-for-sale, credit losses			$ 0	0		$ 0
Deferred offering costs						$ 0
Decrease in additional paid in capital			$ 5,400,000
Goodwill acquired				0
Interest charges or penalties related to unrecognized tax benefits				$ 0
Internal Use Software \| Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Intangible asset, useful lives			3 years	3 years
Internal Use Software \| Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Intangible asset, useful lives			7 years	7 years
Developed Technology
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Intangible asset, useful lives			7 years	7 years
Other Intangible Assets
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Intangible asset, useful lives			3 years	3 years

Organization and Principal Activities - Additional Information (Details) $ / shares in Units, $ in Thousands			3 Months Ended				6 Months Ended
	Jun. 22, 2026 USD ($) $ / shares shares	Jun. 09, 2026	Jun. 30, 2026 USD ($) $ / shares shares	Mar. 31, 2026 USD ($)	Jun. 30, 2025 USD ($)	Mar. 31, 2025 USD ($)	Jun. 30, 2026 USD ($) $ / shares shares	Jun. 30, 2025 USD ($)	Jun. 21, 2026 $ / shares shares	Dec. 31, 2025 USD ($) $ / shares shares
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Accumulated deficit \| $			$ (453,396)				$ (453,396)			$ (281,089)
Cash, cash equivalents and short-term investments \| $			660,700				660,700
Net loss \| $			$ 116,236	$ 56,071	$ 57,445	$ 18,019	$ 172,307	$ 75,464
Stock split ratio	1.5928	1.5928
Stock split description							On June 9, 2026 the Company effected a 1.5928-for-1 forward stock split of its issued and outstanding shares of common stock, which also resulted in a proportional adjustment to the existing conversion ratios for each series of its redeemable convertible preferred stock, and to the exercise prices and number of outstanding stock options and warrants. Accordingly, all shares of common stock, stock options, warrants, and per share information presented in the accompanying financial statements and notes thereto have been retroactively adjusted, where applicable, to reflect the stock split for all periods presented. The per share par value and authorized numbers of shares of the common stock and redeemable convertible preferred stock were not adjusted as a result of the stock split.
Issuance of common stock, Shares \| shares	28,750,000
Issued price per share \| $ / shares	$ 16
Net proceeds from initial public offering \| $	$ 422,400						$ 427,800	0
Payment for underwriting discounts and commissions \| $	32,200
Payments of other offering costs \| $							$ 1,795	$ 0
Payments of other offering costs \| $	$ 5,400
Conversion of redeemable convertible preferred stock to common stock \| shares	47,764,024
Common stock, shares authorized \| shares	700,000,000		700,000,000				700,000,000		55,133,053	53,365,000
Common stock, par value \| $ / shares	$ 0.00001		$ 0.00001				$ 0.00001		$ 0.00001	$ 0.00001
Preferred stock, shares authorized \| shares	10,000,000		10,000,000				10,000,000			0
Preferred stock, par value \| $ / shares	$ 0.00001		$ 0.00001				$ 0.00001			$ 0.00001
Underwriters' Option
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Issuance of common stock, Shares \| shares	3,750,000
Non-voting Common Stock
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Common stock, shares authorized \| shares	200,000,000
Common stock, par value \| $ / shares	$ 0.00001
Voting Common Stock
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Common stock, shares authorized \| shares	500,000,000
Common stock, par value \| $ / shares	$ 0.00001

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2026

Accounting Policies [Abstract]

2. Summary of significant accounting policies

Basis of presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”). Any reference in these notes to applicable guidance refers to the authoritative pronouncements contained in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASUs”) of the Financial Accounting Standards Board (“FASB”).

The condensed consolidated financial statements include the accounts of Kardigan, Inc. and its wholly owned subsidiaries, Rancho Santa Fe Bio, Inc. (“RSF”) and Prolaio, Inc. (“Prolaio”), which were acquired in June 2024 and February 2025, respectively. Refer to Note 5, “Acquisitions and Licensing Agreements”. All intercompany balances and transactions have been eliminated upon consolidation.

Unaudited Interim Financial Information

These interim condensed consolidated financial statements have been prepared on the same basis as the Company's audited consolidated financial statements and, in the opinion of management, include all adjustments, consisting solely of normal recurring adjustments, considered necessary for a fair statement of the Company’s financial position as of June 30, 2026, and its results of operations and cash flows for the three and six months ended June 30, 2026 and 2025. The results of operations for the three and six months ended June 30, 2026 are not necessarily indicative of results to be expected for the full year ending December 31, 2026 or any other subsequent period. The condensed consolidated balance sheet as of December 31, 2025 was derived from the audited consolidated financial statements but does not include all disclosures required by U.S. GAAP. Certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, these interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the related notes thereto as of and for the year ended December 31, 2025, included in our final prospectus dated June 17, 2026 filed with the Securities and Exchange Commission pursuant to Rule 424(b) under the Securities Act of 1933, as amended.

Use of estimates

The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. The Company bases its estimates on historical experience and various other assumptions believed to be reasonable under the circumstances. Significant estimates and assumptions include, but are not limited to: the fair value of common stock prior to the Company's initial public offering, the fair value of common stock warrants, the fair value of preferred stock tranche obligations, purchase price allocations for acquisitions, the fair value of contingent milestone liabilities, the valuation of stock-based awards, the assessment of useful life and recoverability of long-lived assets, the estimated incremental borrowing rate used in operating lease calculations, the accrual of research and development costs, and the valuation allowance for deferred tax assets. Actual results could differ from those estimates and assumptions, and such differences could be material to the Company’s financial position and results of operations.

Operating segments

The Company operates and manages its business as a single operating and reportable segment, focused on the discovery and development of novel therapeutic products to treat cardiovascular disease. The Company’s Chief Executive Officer, who serves as the Chief Operating Decision Maker (“CODM”), reviews condensed consolidated financial information based on net income, for purposes of making operating decisions, allocating resources and assessing financial performance.

Risks and uncertainties

Global economic and business activities continue to face widespread macroeconomic uncertainties, including the potential for health epidemics, labor shortages, bank failures, inflation and monetary supply shifts, tariffs, changes in interest rates, recession risks and potential disruptions from the geopolitical conflicts. The Company continues to actively monitor the impact of these macroeconomic factors on its financial condition, liquidity, operations, and workforce. The extent of the impact of these factors on the Company’s operational and financial performance, including its ability to execute its business strategies and initiatives in the expected timeframe, will depend on future developments, which are uncertain and cannot be

predicted; however, any continued or renewed disruption resulting from these factors could negatively impact the Company’s business.

The Company’s future results of operations involve a number of risks and uncertainties common to clinical stage companies in the biotechnology industry. The Company’s product candidates are in development and the Company operates in an environment of rapid technological change and substantial competition from other pharmaceutical and biotechnology companies. Factors that could affect the Company’s future operating results and cause actual results to vary materially from expectations include, but are not limited to, uncertainty of results of clinical trials and reaching milestones, uncertainty of regulatory approval of the Company’s potential drug candidates, uncertainty of market acceptance of any of the Company’s product candidates that receive regulatory approval, competition from new technological innovations, substitute products and market competition, securing and protecting proprietary technology, the ability to obtain and maintain intellectual property protection, strategic relationships and dependence on key individuals and vendors.

Products developed by the Company require approvals from the U.S. Food and Drug Administration (the “FDA”) or other international regulatory agencies prior to commercial sales. There can be no assurance that any of the Company’s product candidates will receive the necessary approvals. If the Company is denied approval, approval is delayed or the Company is unable to maintain approvals, it could have a materially adverse impact on the Company. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will generate significant revenue from product sales.

The Company expects to incur substantial operating losses for the foreseeable future and will require additional financing to complete its clinical trials, perform other research and development activities, and further develop its Prolaio technology platform, and, if regulatory approval is obtained, to launch and commercialize its product candidates. There can be no assurance that such financing will be available when needed or will be on terms acceptable to the Company.

Concentration of credit risk and of significant suppliers

Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash, cash equivalents and investments. The Company maintains its cash, cash equivalents and investments, which at times exceed insurance limits, at major financial institutions. The Company is exposed to credit risk in the event of default by the financial institution holding its cash to the extent recorded in the condensed consolidated balance sheets. The Company has not experienced any credit losses in such accounts and does not believe it is exposed to any unusual credit risk beyond the normal credit risk associated with commercial banking relationships. The Company’s investment policy limits investments to high credit quality securities issued by the U.S. government, U.S. government-sponsored agencies, highly rated banks, and corporate issuers, subject to certain concentration limits and restrictions on maturities.

The Company is dependent on third-party contract manufacturing organizations (“CMOs”) to supply drug substance and drug product for all of the Company’s product candidates, for use in the preclinical studies, clinical trials and related testing. The Company currently relies, and expects to continue to rely, on a limited number of qualified manufacturers for these activities. The progress and completion of the ongoing and planned preclinical studies and clinical trials could be adversely affected by a significant interruption in the supply.

Cash, cash equivalents and restricted cash

The Company considers all highly liquid investments with original maturities of three months or less at the date of purchase to be cash equivalents. Cash equivalents primarily consist of investments in money market accounts.

Restricted cash represents amounts that are legally restricted as to withdrawal or use under the terms of certain contractual agreements. The Company’s restricted cash consists of cash deposited with a financial institution as collateral for a letter of credit required under the Company’s lease agreements. Restricted cash is presented separately on the condensed consolidated balance sheets.

Investments

The Company’s investments consist of marketable debt securities. Marketable debt securities with contractual maturities of less than 12 months at the balance sheet date are considered short-term marketable securities. Marketable debt securities with contractual maturities of 12 months or greater at the balance sheet date are considered long-term marketable

securities. The Company classifies all investments held as available-for-sale. Available-for-sale securities are recorded at fair value based upon market prices at period end, with the unrealized gains and losses reported in other comprehensive loss.

The amortized cost of debt securities classified as available-for-sale is adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization is included in interest income in the condensed consolidated statements of operations and comprehensive loss. Realized gains and losses and declines in value due to credit-related factors on available-for-sale securities are included in other income (expense), net in the condensed consolidated statements of operations and comprehensive loss. The cost of securities sold is based on the specific identification method. Interest on securities classified as available-for-sale is included in interest income in the condensed consolidated statements of operations and comprehensive loss.

At each balance sheet date, the Company assesses available-for-sale debt securities in an unrealized loss position to determine whether the unrealized loss or any potential credit losses should be recognized in other income (expense), net. The Company evaluates whether it intends to sell, or whether it is more likely than not that it will be required to sell, the security before recovery of its amortized cost basis. The Company also evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Company considers the severity of the impairment, any changes in interest rates, changes to the underlying credit ratings and forecasted recovery, among other factors. The credit-related portion of unrealized losses, and any subsequent improvements, are recorded in other income (expense), net. No impairment charges or credit losses were recognized during any of the periods presented.

Internal use software

The Company capitalizes costs related to the development of internal use of enterprise-level business software in support of its clinical trials and other operational needs. Costs incurred in the application development phase are capitalized, and presented within intangible assets, net on the condensed consolidated balance sheets. These costs are amortized on a straight-line basis over the estimated useful lives, which are generally three to seven years, beginning when the software is available for its intended use. Costs related to planning and preliminary project activities, as well as post-implementation activities are expensed as incurred, and recorded within research and development (“R&D”) expenses in the condensed consolidated statements of operations and comprehensive loss.

Deferred offering costs

The Company capitalizes certain legal, accounting and other third-party fees that are incremental and directly attributable to in-process equity financings until such financings are consummated. Upon consummation of an equity financing, deferred offering costs are offset against the related financing proceeds within additional paid-in capital. Should the planned financing be abandoned, the deferred offering costs are expensed immediately as a charge to general and administrative expenses in the condensed consolidated statements of operations and comprehensive loss.

No deferred offering costs were capitalized as of December 31, 2025. In connection with the Company’s IPO, which closed on June 22, 2026, the Company incurred $5.4 million of offering costs, which were recorded as a reduction to additional paid-in capital within stockholders’ equity (deficit) in the accompanying condensed consolidated balance sheets as of June 30, 2026.

Fair value measurement

The Company accounts for recurring and non-recurring fair value measurements in accordance with ASC 820, which defines fair value, establishes a fair value hierarchy for assets and liabilities measured at fair value, and requires expanded disclosures about fair value measurements.

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs.

The ASC 820 hierarchy ranks the quality of reliability of inputs, or assumptions, used in the determination of fair value and requires assets and liabilities carried at fair value to be classified and disclosed in one of the following three categories:

•

Level 1—Quoted prices in active markets for identical assets or liabilities

•

Level 2—Observable inputs (other than Level 1 quoted prices), including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, or other observable market data.

•

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

To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

The carrying amounts of cash equivalents, prepaid expenses and other current assets, accounts payable, and accrued expenses approximate their fair values because of their short-term nature.

Property and equipment, net

Property and equipment are stated at cost, net of accumulated depreciation. Depreciation is recorded using the straight-line method over the estimated useful lives of the related assets. Leasehold improvements are amortized over the shorter of their estimated useful lives or the remaining lease term of the related asset. Expenditures that extend an asset’s useful life or improve its functionality are capitalized, while routine repairs and maintenance are expensed as incurred.

Upon disposal or retirement of assets, the cost and related accumulated depreciation are removed from the condensed consolidated balance sheets, and the resulting gain or loss is recognized in the condensed consolidated statements of operations and comprehensive loss in the period realized. Property and equipment held for sale are carried at fair value less costs to sell.

The estimated useful lives of the Company’s property and equipment are as follows:


Asset Classification		Estimated Useful Life
Laboratory equipment		5 years
Furniture and fixtures		5 years
Office equipment		3 years
Computer equipment		3 years
Leasehold improvements		Shorter of remaining lease term or estimated useful life

Business acquisitions, including goodwill, intangible assets and contingent consideration

The Company evaluates mergers, acquisitions of assets, and other similar transactions to assess whether the transaction should be accounted for as a business combination or asset acquisition, by first applying a screen test to determine if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. If the screen test is met, the transaction is accounted for as an asset acquisition. If the screen is not met, the Company further evaluates whether it has acquired inputs and processes that have the ability to create outputs which would meet the definition of a business.

The Company accounts for transactions that meet the definition of a business as business combinations using the acquisition method of accounting. Under this method, the identifiable assets acquired, including identifiable intangible assets, and liabilities assumed are recognized at their estimated fair values as of the acquisition date. Any excess of the consideration transferred over the estimated fair value of the net identifiable assets acquired is recorded as goodwill. Excess of the fair value of the net assets acquired over the purchase price is recorded as a bargain purchase gain.

Intangible assets acquired in a business combination related to in-process research and development (“IPR&D”) are classified as indefinite-lived until the underlying research and development activities are completed or abandoned.

In circumstances where the Company is required to pay future consideration that is contingent upon the achievement of specified milestone events, the Company recognizes a liability equal to the estimated fair value of the contingent payments as of the acquisition date. The liability is remeasured at each reporting period, with fair value changes recorded in R&D expenses in the condensed consolidated statements of operations and comprehensive loss.

Transaction costs associated with business combinations are expensed as they are incurred, and are recorded within general and administrative expenses in the condensed consolidated statement of operations and comprehensive loss.

Asset acquisitions and acquired in-process research and development

The Company accounts for acquisitions of assets or a group of assets as asset acquisitions when substantially all of the fair value of the gross assets acquired are concentrated in a single asset or group of similar assets or when the definition of a business is not met. In an asset acquisition, the cost to acquire the asset or group of assets, including certain transaction costs, is allocated to the identifiable assets acquired and liabilities assumed based on their relative fair values as of the acquisition date. No goodwill is recognized in asset acquisitions.

Assets acquired for use in research and development activities that have an alternative future use are capitalized as IPR&D assets. Acquired IPR&D with no alternative future use is recognized as R&D expense on the acquisition date.

The Company recognizes future payments such as those upon the achievement of certain regulatory, development, or sales milestones in an asset acquisition when the underlying milestones are probable to be achieved. Milestone payments made to third parties subsequent to regulatory approval may be capitalized as intangible assets, if deemed to have alternative future use, and amortized over the estimated remaining useful life of the related product. Royalties will be recognized as cost of sales when the covered products are sold and royalties are payable.

Upfront payments are presented as investing outflows within the condensed consolidated statement of cash flows, when they are made in connection with the acquisition of an asset, regardless of whether the acquired asset is expensed as IPR&D or capitalized.

Intangible assets

Intangible assets consist of developed technology, other finite-lived intangible assets acquired in business combinations, as well as capitalized internal-use software development costs. Amortization is recognized using the straight-line method over the estimated useful lives of the related assets. Developed technology is amortized over a seven-year period. All other intangible assets subject to amortization are amortized over a three-year period.

Impairment of long-lived assets

The Company evaluates its long-lived assets, including property and equipment, finite-lived intangible assets and right-of-use assets, whenever events or changes in circumstances indicate that the carrying amount of assets may not be recoverable. Factors that the Company considers in deciding when to perform an impairment review include significant underperformance of the business in relation to expectations, significant negative industry or economic trends and significant changes or planned changes in the use of the assets. If an impairment review is required, recoverability is measured by comparing the carrying value of the asset group to the estimated future undiscounted cash flows expected to be generated over its remaining economic life. If an asset group is considered to be impaired, the impairment recognized equals the amount by which the carrying value of the asset group exceeds its fair value. If the useful life is shorter than originally estimated, the Company amortizes the remaining carrying value over the revised shorter useful life.

Leases

The Company determines whether an arrangement is or contains a lease at inception. Operating lease right-of-use (“ROU”) assets represent the Company’s right to use underlying assets during the lease term, and corresponding lease liabilities represent the obligation to make lease payments. ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term, using the discount rate implicit in the lease, if readily determinable. When the implicit rate is not readily determinable, the Company uses its incremental borrowing rate, which reflects the rate it would pay to borrow on a collateralized basis over a similar term in a comparable economic environment.

ROU assets further include initial direct costs and prepaid lease payments, and are reduced by lease incentives received. Lease terms may include options to extend or terminate when it is reasonably certain such options will be exercised.

Lease expense is recognized on a straight-line basis over the lease term. Variable lease costs are recorded as an expense in the period incurred.

The Company elected not to separate lease and non-lease components for any leases within its existing classes of assets and as a result, accounts for lease and non-lease components as a single lease component.

For short-term leases, defined as leases with a term of twelve months or less, for which there is no purchase option that the company is reasonably certain to exercise, the Company elected the practical expedient to not recognize an associated lease liability and ROU asset. Payments for short-term leases are expensed on a straight-line basis throughout the lease term and presented as operating expenses in the condensed consolidated statements of operations and comprehensive loss.

Classification and accretion of redeemable convertible preferred stock

The Company’s preferred stock did not have redemption rights, except for the contingent redemption in the event of a deemed liquidation, that, in certain situations, was not solely within the control of the Company and would have called for the redemption of the then outstanding preferred stock. Therefore, prior to its conversion, the preferred stock was classified as mezzanine equity outside of stockholders’ equity (deficit) on the condensed consolidated balance sheets. The Company recorded the preferred stock at fair value upon issuance, net of tranche obligations and associated issuance costs. The preferred stock was not redeemable, and a deemed liquidation event was not probable at any point prior to its conversion. As such, the carrying values of the preferred stock were not accreted to the redemption values during the periods it was outstanding. Upon the closing of the Company's initial public offering in June 2026, all outstanding shares of preferred stock automatically converted into shares of common stock.

Preferred stock tranche obligations

The purchase agreement for the Company’s Series A Preferred Stock (as defined below) provided the Company with an obligation to issue and certain investors to purchase additional Series A Preferred Stock in subsequent closings upon satisfaction of certain conditions (the “preferred stock tranche obligations”).

The Company determined the obligations met the definition of a freestanding instrument and recognized an associated asset or liability at fair value upon the initial issuance of the preferred stock. The preferred stock tranche obligations were subject to remeasurement at each balance sheet date, with changes in fair value recognized in the change in fair value of preferred stock tranche obligations in the condensed consolidated statement of operations and comprehensive loss. Upon settlement of each tranche, the related preferred stock tranche obligations were derecognized and the shares of preferred stock issued in connection with the settlement were recorded at fair value. Both the Second and Third Tranches of the Series A Preferred Stock subsequently closed, and no preferred stock tranche obligations remained outstanding thereafter.

Research and development expenses and related accruals

R&D expenses are recognized in the period in which the related services are rendered or goods are received. R&D expenses primarily consist of personnel-related costs, including salaries, benefits, and stock-based compensation expense; laboratory supplies and facility costs; and fees paid to third parties conducting research, preclinical, and clinical activities on behalf of the Company. Non-refundable advance payments for future R&D activities are recorded in prepaid and other assets on the balance sheet, and expensed as the related goods are delivered or services are performed.

The Company estimates accrued R&D expenses based on its evaluation of services performed but not yet invoiced, using available information such as progress reports, contractual terms, and communication with vendors. These estimates include costs related to clinical research organizations (“CROs”), investigative sites, CMOs, and professional service providers. Because contractual payment schedules may not align with the timing of services rendered, expense recognition is based on the estimated level of effort or stage of completion.

Historically, the Company’s estimates of accrued R&D expenses have not differed materially from actual amounts incurred; however, changes in estimates are recognized in the period in which additional information becomes available.

Stock-based compensation expense

The Company measures compensation expense for all share-based awards based on the estimated fair value of the award on the grant date. For awards that vest solely based on continued service, stock-based compensation is recognized on a straight-line basis over the requisite service period. The Company recognizes expense related to stock options that contain performance conditions only when it is considered probable that the performance condition will be achieved. For

performance and market awards, stock-based compensation expense is recognized over the requisite service period using the accelerated attribution method. The Company accounts for forfeitures as they occur.

The fair value of service-based stock options is determined on the grant date using the Black-Scholes option pricing model, which incorporates assumptions including the fair value of the Company’s common stock, expected term, expected volatility, risk-free interest rate, and expected dividend yield.

Awards containing market-based conditions are valued using a Monte Carlo simulation model at the grant date, which uses assumptions similar to the Black-Scholes model and incorporates Level 3 inputs related to the likelihood of satisfying market conditions. Compensation expense for awards with market conditions is recognized using the accelerated attribution method over the requisite service period, regardless of whether the market condition is ultimately satisfied.

The Company records proceeds from the early exercise of options as a non-current liability in the condensed consolidated balance sheets, and reclassifies this liability to additional paid-in capital as the Company’s repurchase right lapses. The shares purchased by the option holders pursuant to the early exercise of stock options are not deemed, for accounting purposes, to be outstanding until those shares have vested.

Determination of fair value of common stock

The Company’s common stock is listed on the Nasdaq Global Market and its fair value is based on the closing price of the Company's common stock as reported on Nasdaq as of the applicable measurement date.

Prior to the Company's IPO, in the absence of an active market for the Company’s common stock, the estimated fair value of our common stock has been determined by the board of directors as of the date of each applicable measurement date, with input from management, considering our most recently available third-party valuations of common stock, and the board of directors’ assessment of additional objective and subjective factors that it believed were relevant and which may have changed from the date of the most recent valuation through the applicable measurement date. These third-party valuations were performed in accordance with the guidance outlined in the American Institute of Certified Public Accountants’ Accounting and Valuation Guide, Valuation of Privately-Held-Company Equity Securities Issued as Compensation.

•

Option Pricing Method (“OPM”). Under the OPM, shares are valued by creating a series of call options with exercise prices based on the liquidation preferences and conversion terms of each equity class. The estimated fair values of the redeemable convertible preferred stock and common stock are inferred by analyzing these options. This method is appropriate to use when the range of possible future outcomes is so difficult to predict that estimates would be highly speculative, and dissolution or liquidation is not imminent.

•

Probability-Weighted Expected Return Method (“PWERM”). The PWERM is a scenario-based analysis that estimates value per share based on the probability-weighted present value of expected future investment returns, considering each of the possible outcomes available to us, as well as the economic and control rights of each share class.

•

Hybrid Method. The Hybrid Method is a hybrid between PWERM and OPM, where the equity value is estimated based on probability-weighted value across multiple scenarios where the OPM is used to estimate the allocation of value within one or more of those scenarios.

Based on our early stage of development, the difficulty in predicting the range of specific outcomes (and their likelihood), and other relevant factors, the OPM allocation method was considered most appropriate for valuations prior to December 31, 2025. The OPM treats common stock and redeemable convertible preferred stock as call options on the equity value of a company, with exercise prices based on the value thresholds at which the allocation among the various holders of a company’s securities changes. Under the OPM, the common stock has value only if the funds available for distribution to stockholders exceeded the value of the redeemable convertible preferred stock liquidation preferences at the time of the liquidity event, such as a strategic sale or a merger. Beginning with our February 12, 2026 valuation, we transitioned from an OPM approach to a hybrid valuation method, which we determined was most appropriate based on our stage of development and increased visibility into potential liquidity outcomes. Under the hybrid method, the overall equity value is probability weighted across multiple potential future outcomes, including an initial public offering and a remain private scenario.

Income taxes

The Company accounts for income taxes under an asset and liability approach for deferred income taxes, which requires recognition of deferred income tax assets and liabilities for the expected future tax consequences of events that have been recognized in the condensed consolidated financial statements but have not been reflected in taxable income. Estimates and judgments occur in the calculation of certain tax liabilities and in the determination of the recoverability of certain deferred tax assets, which arise from temporary differences and carryforwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates that apply to taxable income in effect for the years in which those temporary differences are expected to be realized or settled. The Company regularly assesses the likelihood that deferred tax assets will be realized. To the extent that any amounts are believed to not be more-likely-than-not to be realized, a valuation allowance is recorded to reduce the deferred tax assets. The Company regularly assesses the need for a valuation allowance on deferred tax assets, and to the extent that an adjustment is needed, such adjustment will be recorded in the period that the determination is made. The Company recognizes tax benefits from uncertain tax positions only if it believes the position is more likely than not to be sustained upon examination by the taxing authorities based on the technical merits. The tax benefits recognized are measured as the largest amount of tax benefit that is more likely than not to be realized upon settlement. The Company recognizes interest and penalties related to income tax matters as income tax expense. To date, there have been no interest charges or penalties related to unrecognized tax benefits.

Net loss per share

Net loss per share attributable to common stockholders is calculated using the two-class method, as the Company’s preferred stock represents participating securities that participate in earnings on a non-cumulative basis when dividends are declared on common stock.

Basic net loss per share is computed by dividing net loss attributable to common stockholders by the weighted-average number of common shares outstanding during the period, excluding shares subject to vesting or forfeiture, without consideration for potentially dilutive securities. Diluted net loss per share attributable to common stockholders is calculated by giving effect to all potentially dilutive securities outstanding for the period utilizing the treasury stock method or the if-converted method based on the nature of such securities. Diluted net loss per share is the same as basic net loss per share in periods when the effects of potentially dilutive shares of common stock are antidilutive.

In periods of net income, distributed and undistributed earnings are allocated to participating securities based on their contractual participation rights.

Comprehensive loss

Comprehensive loss includes all changes in equity (net assets) during a period from non-owner sources, including unrealized gains and losses on investments. Comprehensive gains and losses have been reflected in the condensed consolidated statements of operations and comprehensive loss.

Emerging growth company

The Company is an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012, as amended (the “JOBS Act”). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. The Company has elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that it is (1) no longer an emerging growth company and (2) affirmatively and irrevocably opts out of the extended transition period provided in the JOBS Act, unless early adoption is permitted. As a result, these condensed consolidated financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates.

Recent accounting pronouncements - Not yet adopted

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40), which requires new tabular disclosures for specified categories of expenses. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the potential impact of this guidance on its condensed consolidated financial statements and disclosures.

In September 2025, the FASB issued ASU 2025-06, Intangibles — Goodwill and Other — Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which amends certain aspects of the accounting for, and disclosure of, internal-use software costs under ASC 350-40, Intangibles — Goodwill and Other - Internal-Use Software. ASU 2025-06 is intended to simplify and modernize the accounting for internal-use software costs by removing all references to prescriptive and sequential software development stages under Subtopic 350-40. The amendments in ASU 2025-06 are effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods, with early adoption permitted as of the beginning of an annual reporting period. The guidance can be applied prospectively, retrospectively or under a modified transition approach. The Company is currently assessing the impact of the adoption of this guidance on its condensed consolidated financial statements and disclosures.

In September 2025, the FASB issued ASU 2025-07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract, which clarifies the application of derivative accounting to certain contracts and refines the guidance for share-based noncash consideration received from customers. Specifically, ASU 2025-07 introduces a scope exception for contracts that are not exchange-traded and whose underlying is tied to operations or activities specific to one party. ASU 2025-07 is effective for fiscal years beginning after December 15, 2026 and interim periods within those fiscal years, with early adoption permitted. The guidance may be applied prospectively or under a modified retrospective transition approach, and the Company is currently assessing the impact of adoption on its condensed consolidated financial statements and disclosures.

Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Fair Value of Warrants Measured Input

The fair value of the warrants was measured using the Monte Carlo pricing model. Significant inputs into the model as of September 4, 2025 were as follows:


	September 4, 2025
Exercise price	$	13.41
Expected liquidity event date	June 6, 2027
Warrant expiration date	September 4, 2035
Common stock IPO threshold price	$	13.41
Interest rate (annual)		4.17	%

Fair Value Measurements - Summary of Marketable Securities Classified as Available-for-Sale (Details) - USD ($)	Jun. 30, 2026	Dec. 31, 2025
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	$ 276,922,000	$ 226,433,000
Unrealized Gains	0	63,000
Unrealized Losses	(235,000)	0
Aggregate Fair Value	276,687,000	226,496,000
U.S. treasury bills
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	82,280,000	94,045,000
Unrealized Gains	0	63,000
Unrealized Losses	(34,000)	0
Aggregate Fair Value	82,246,000	94,108,000
U.S. government agency bonds
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	33,023,000	43,927,000
Unrealized Gains	0	0
Unrealized Losses	(11,000)	0
Aggregate Fair Value	33,012,000	43,927,000
Corporate bonds
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	98,421,000	88,461,000
Unrealized Gains	0	0
Unrealized Losses	(89,000)	0
Aggregate Fair Value	98,332,000	$ 88,461,000
U.S. government agency bonds, long-term
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	9,913,000
Unrealized Gains	0
Unrealized Losses	(17,000)
Aggregate Fair Value	9,896,000
Corporate bonds, long-term
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	53,285,000
Unrealized Gains	0
Unrealized Losses	(84,000)
Aggregate Fair Value	$ 53,201,000

Balance Sheet Components - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Balance Sheet Related Disclosures [Abstract]
Depreciation expense	$ 0.4	$ 0.1	$ 0.9	$ 0.2

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2026

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

The following tables summarize the types of financial assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy. As of June 30, 2026 and December 31, 2025, financial assets and liabilities measured at fair value on a recurring basis were as follows (in thousands):


	June 30, 2026
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	376,979	$	—	$	—	$	376,979
Short-term investments:
U.S. treasury bills		—		82,246		—		82,246
U.S. government bonds		—		33,012		—		33,012
Corporate bonds		—		98,332		—		98,332
Long-term investments:
U.S. government agency bonds		—		9,896		—		9,896
Corporate bonds		—		53,201		—		53,201
Total assets measured at fair value	$	376,979	$	276,687	$	—	$	653,666
Liabilities:
Contingent milestone liabilities		—		—		47,346		47,346
Total liabilities measured at fair value	$	—	$	—	$	47,346	$	47,346


	December 31, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	99,195	$	—	$	—	$	99,195
Corporate bonds		—		5,996		—		5,996
Short-term investments:
U.S. treasury bills		—		94,108		—		94,108
U.S. government bonds		—		43,927		—		43,927
Corporate bonds		—		88,462		—		88,462
Total assets measured at fair value	$	99,195	$	232,493	$	—	$	331,688
Liabilities:
Contingent milestone liabilities		—		—		3,817		3,817
Total liabilities measured at fair value	$	—	$	—	$	3,817	$	3,817

Summary of Marketable Securities Classified as Available-for-Sale

The following table summarizes the Company’s marketable securities, that are classified as available-for-sale, as of June 30, 2026 and December 31, 2025 (in thousands):


	As of June 30, 2026
	Amortized Cost		Unrealized Gains		Unrealized Losses			Aggregate Fair Value
Short-term investments:
U.S. treasury bills	$	82,280	$	—	$	(34	)	$	82,246
U.S. government bonds		33,023		—		(11	)		33,012
Corporate bonds		98,421		—		(89	)		98,332
Long-term investments:
U.S. government agency bonds	$	9,913	$	—	$	(17	)	$	9,896
Corporate bonds		53,285		—		(84	)		53,201
Total investments	$	276,922	$	—	$	(235	)	$	276,687


	As of December 31, 2025
	Amortized Cost		Unrealized Gains		Unrealized Losses		Aggregate Fair Value
Short-term investments:
U.S. treasury bills	$	94,045	$	63	$	—	$	94,108
U.S. government agency bonds		43,927		—		—		43,927
Corporate bonds		88,461		—		—		88,461
Total investments	$	226,433	$	63	$	—	$	226,496

Schedule of Contractual Maturities of Available-for-Sale Securities

The fair values of available-for-sale securities by contractual maturity were as follows (in thousands):


	June 30,		December 31,
	2026		2025
Due in 1 year or less	$	213,590	$	226,496
Due in 1 to 2 years		63,097		—
Total	$	276,687	$	226,496

Series A Preferred Stock

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Schedule of Significant Assumptions Used to Determine Fair Value

The following table presents the most significant assumptions used in the probability-weighted expected return model to determine the fair value of the Series A Preferred Stock tranche obligations during the periods presented:


	June 30, 2025
	Second Tranche			Third Tranche
Probability of achieving milestone		90	%		100	%
Risk free rate		4.45	%	N/a
Term until milestone is achieved (years)		0.3		N/a

Summary of Changes in Fair Value

The following table presents a summary of the changes in the fair value of the Series A Preferred Stock tranche obligations, asset/(liability) for the six months ended June 30, 2025 (in thousands):


	Second Tranche			Third Tranche
Balance as of December 31, 2024	$	(7,284	)	$	1,662
Change in fair value		(3,912	)		—
Settlement of preferred stock tranche obligation		—			(1,662	)
Balance as of June 30, 2025	$	(11,196	)	$	—

Prolaio, Inc.

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Schedule of Significant Assumptions Used to Determine Fair Value

The fair value of the Prolaio contingent milestone liabilities as of the respective dates were calculated using the following unobservable inputs:


	December 31, 2025						June 30, 2025
	Range			Weighted Average			Range	Weighted Average
Discount rates		14.99	%		14.99	%	9.90%-10.19%		10.14	%
Probability of milestone achievement	0.3%-4.9%				1.98	%	0.3%-4.9%		1.98	%


	June 30, 2026			May 1, 2026
Expiration date	5/1/2032			5/1/2032
Starting stock price	$	23.85		$	21.37
Risk-free rate		4.15	%		4.30	%
Cost of debt rate		19.00	%		14.40	%
Volatility		95	%		95	%

Summary of Changes in Fair Value

The following table presents a summary of the changes in the fair value of the Prolaio contingent milestone liabilities (in thousands):


	Amount
Balance as of December 31, 2024	$	—
Initial recognition upon acquisition		4,585
Change in fair value		—
Balance as of June 30, 2025	$	4,585

	Amount
Balance as of December 31, 2025	$	3,817
Change in fair value		43,529
Balance as of June 30, 2026	$	47,346

PhysIQ, Inc.

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Schedule of Significant Assumptions Used to Determine Fair Value

The fair value of the PhysIQ contingent consideration as of the acquisition date was $3.3 million and was calculated using the following unobservable inputs:


	February 24, 2025
	Range	Weighted Average
Discount rates	9.90%-10.15%		10.10	%
Probability of milestone achievement	10.0%-80.0%		20.63	%

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

Stock-based Compensation - Additional Information (Details) $ / shares in Units, $ in Millions				1 Months Ended				6 Months Ended
	Jun. 17, 2026 shares	Jun. 06, 2024 USD ($)	Aug. 18, 2023	Apr. 30, 2026 Tranche $ / shares shares	Oct. 31, 2025 Tranche $ / shares shares	Jun. 30, 2024 Tranche $ / shares shares	Aug. 31, 2023 shares	Jun. 30, 2026 USD ($) shares	Jun. 30, 2025 shares	Dec. 31, 2025 USD ($) shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of options exercised								542,484
Options granted								13,971,473
Unvested shares issued								953,572		1,173,066
Minimum volatility rate								80.00%
Maximum volatility rate								90.00%
Unrecognized stock-based compensation expense related to unvested awards \| $								$ 159.2
Weighted-average period								2 years 8 months 19 days
Location, Statement of Financial Position, Balance [Axis]: us-gaap:OtherLiabilitiesNoncurrent
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Early exercise liability \| $								$ 1.4		$ 1.7
Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Fair value, expected term								9 years
Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Fair value, expected term								10 years
Performance-Based and Market-Based Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of options exercised								0	0
Number of shares vested								0	0
Modification of Chief Medical Officer Award
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock option plan, vesting period							24 months
Incremental compensation cost \| $		$ 7.8
Stock option plan, service period		36 months
Stock option plan, vesting rights percentage							80.00%
Stock option plan, vesting rights remaining percentage							20.00%
Number of shares granted							3,982,000
Restricted Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares granted								2,205,481
Restricted Stock Units \| Service-Based and Performance-Based Vesting Conditions
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares granted								78,748
Restricted Stock Units \| Employees and Directors That Vest in Full on Two-Year Anniversary of Grant Date
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares granted								2,126,733
2023 Stock Option and Grant Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock option plan, Description								The Company adopted the 2023 Stock Option and Grant Plan (as amended and restated, the “2023 Plan”) on August 18, 2023. The 2023 Plan remained in effect until June 17, 2026. The 2023 Plan provided for the grant of incentive stock options, non-qualified stock options, restricted stock awards, unrestricted stock awards and restricted stock units to the employees, directors and consultants of the Company. The option exercise price of each option was determined by the administrator of the 2023 Plan and could not be less than 100% of the fair market value of the Company’s common stock on the date of grant, or in the case of an incentive stock option granted to a 10% owner, the exercise price could not be less than 110% of the fair market value of the Company’s common stock on the date of grant. The maximum term of the options granted under the 2023 Plan was no more than ten years. Service-based awards generally vest at 25% one year from the vesting commencement date and ratably each month thereafter for a period of 36 months, subject to continuous service. Performance and market-based awards would have individual vesting conditions. The shares of common stock underlying any awards that are forfeited, cancelled, reacquired by the Company prior to vesting, satisfied without the issuance of stock, or otherwise terminated (other than by exercise), or held back upon exercise or settlement of an award to satisfy the exercise price or tax withholding under the 2023 Plan were added back to the shares of common stock available for issuance under the 2023 Plan and, following June 17, 2026, will be added back to the shares of common stock available for issuance under the 2026 Plan.As of June 30, 2026 and December 31, 2025, the Company had reserved 26,224,708 and 33,752,354 shares of common stock for issuance under the 2023 Plan, respectively. As of June 30, 2026 and December 31, 2025, the number of shares remaining for grant under the 2023 Plan were zero and 4,375,891 shares, respectively.
Stock option plan, vesting period			1 year
Stock option plan, service period			36 months
Percentage of incentive stock option granted to owner			10.00%
Stock option plan, vesting rights percentage			25.00%
Common stock reserved for issuance								26,224,708		33,752,354
Number of shares remaining for grant								0		4,375,891
2023 Stock Option and Grant Plan \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock option plan, vesting period								10 years
Percentage of fair market value of common stock			100.00%
Percentage of exercise price of fair market value			110.00%
2023 Stock Option and Grant Plan \| Modification of Chief Medical Officer Award
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock option plan, vesting period		36 months
Stock option plan, vesting rights percentage		50.00%
Stock option plan, vesting rights remaining percentage		50.00%
2026 Stock Option and Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock option plan, vesting period	1 year
Stock option plan, service period	36 months
Percentage of incentive stock option granted to owner	10.00%
Stock option plan, vesting rights percentage	25.00%
Common stock reserved for issuance								10,620,000
Percentage of shares of common stock outstanding								5.00%
Number of shares remaining for grant								8,469,613
2026 Stock Option and Incentive Plan \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock option plan, vesting period								10 years
Percentage of fair market value of common stock	100.00%
Percentage of exercise price of fair market value	110.00%
2026 Employee Stock Purchase Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock option plan, service period	6 months
Percentage of fair market value of common stock	85.00%
Common stock reserved for issuance								1,180,000
Percentage of shares of common stock outstanding	1.00%
Shares issued under ESPP								0
Maximum percentage of eligible compensation to purchase common stock	15.00%
Number of shares provided for issuance	2,360,000
June 2024 Early-exercisable Non-qualified Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options granted						4,277,389
Price per share \| $ / shares						$ 1.35
Vesting rights description						The options vest contingent upon the satisfaction of the service, performance and market conditions.
June 2024 Early-exercisable Non-qualified Option \| Service Condition
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting rights description						The service condition is satisfied if the optionee maintains continuous service as the Company’s Chief Executive Officer through June 6, 2027.
June 2024 Early-exercisable Non-qualified Option \| Market Condition
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting rights description						The market condition is structured in five tranches, under which certain percentage of the options vest upon the Company achieving market valuation thresholds at specified levels.
Number of tranches \| Tranche						5
June 2024 Early-exercisable Non-qualified Option \| Performance Condition
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting rights description						The performance condition applies only to 932,676 shares and is satisfied upon the occurrence of specified acquisition by a predetermined date. This performance condition has been met upon the closing of the license agreement with BMS
Number of shares vested						932,676
October 2025 Early-exercisable Non-qualified Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options granted					1,400,974
Price per share \| $ / shares					$ 5.8
Vesting rights description					vesting tied to specific service and market conditions.
October 2025 Early-exercisable Non-qualified Option \| Service Condition
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting rights description					The service condition is satisfied if the optionee maintains continuous service as the Company’s Chief Executive Officer through June 6, 2027.
October 2025 Early-exercisable Non-qualified Option \| Market Condition
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting rights description					The market condition is structured in four tranches, under which certain percentage of the options vest upon the Company achieving market valuation thresholds at specified levels.
Number of tranches \| Tranche				4	4
April 2026 Early-exercisable Non-qualified Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options granted				7,268,112
Price per share \| $ / shares				$ 9.42
Vesting rights description				vesting tied to specific service and market conditions
April 2026 Early-exercisable Non-qualified Option \| Service Condition
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting rights description				The service condition is satisfied if the optionee maintains continuous service relationship with the Company.
April 2026 Early-exercisable Non-qualified Option \| Market Condition
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting rights description				The market condition is structured in four tranches, under which certain percentage of the options vest upon the Company achieving market valuation thresholds at specified levels.

Income Taxes - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 0	$ 0	$ 0	$ (4,167,000)
Effective tax rates	0.00%	0.00%	0.00%	5.20%
Unrecognized tax benefits	$ 0		$ 0

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

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-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Unaudited Interim Financial Information

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2026

Accounting Policies [Abstract]

Basis of Presentation

Basis of presentation

Use of Estimates

Use of estimates

Operating Segments

Operating segments

Risks and Uncertainties

Risks and uncertainties

predicted; however, any continued or renewed disruption resulting from these factors could negatively impact the Company’s business.

Concentration of Credit Risk and of Significant Suppliers

Concentration of credit risk and of significant suppliers

Cash, Cash Equivalents and Restricted Cash

Cash, cash equivalents and restricted cash

Investments

Internal Use Software

Internal use software

Deferred Offering Costs

Deferred offering costs

Fair Value Measurement

Fair value measurement

•

Level 1—Quoted prices in active markets for identical assets or liabilities

•

The carrying amounts of cash equivalents, prepaid expenses and other current assets, accounts payable, and accrued expenses approximate their fair values because of their short-term nature.

Property and Equipment, Net

Property and equipment, net

The estimated useful lives of the Company’s property and equipment are as follows:


Asset Classification		Estimated Useful Life
Laboratory equipment		5 years
Furniture and fixtures		5 years
Office equipment		3 years
Computer equipment		3 years
Leasehold improvements		Shorter of remaining lease term or estimated useful life

Business Acquisitions, Including Goodwill, Intangible Assets and Contingent Consideration

Business acquisitions, including goodwill, intangible assets and contingent consideration

Asset Acquisitions and Acquired In-process Research and Development

Asset acquisitions and acquired in-process research and development

Intangible Assets

Intangible assets

Impairment of Long-Lived Assets

Impairment of long-lived assets

Leases

Lease expense is recognized on a straight-line basis over the lease term. Variable lease costs are recorded as an expense in the period incurred.

Classification and Accretion of Redeemable Convertible Preferred Stock

Classification and accretion of redeemable convertible preferred stock

Preferred Stock Tranche Obligations

Preferred stock tranche obligations

Research and Development Expenses and Related Accruals

Research and development expenses and related accruals

Stock-based Compensation Expense

Stock-based compensation expense

Determination of Fair Value of Common Stock

Determination of fair value of common stock

•

Income Taxes

Income taxes

Net Loss Per Share

Net loss per share

In periods of net income, distributed and undistributed earnings are allocated to participating securities based on their contractual participation rights.

Comprehensive Loss

Comprehensive loss

Emerging Growth Company

Emerging growth company

Recent Accounting Pronouncements - Not Yet Adopted

Recent accounting pronouncements - Not yet adopted

Fair Value Measurements - Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets:
Total assets measured at fair value	$ 653,666	$ 331,688
Liabilities:
Contingent consideration liabilities	47,346	3,817
Total liabilities measured at fair value	47,346	3,817
Money market funds
Assets:
Cash equivalents	376,979	99,195
Corporate bonds
Assets:
Cash equivalents		5,996
Short-term investments	98,332	88,462
Long-term investments	53,201
U.S. treasury bills
Assets:
Short-term investments	82,246	94,108
U.S. government agency bonds
Assets:
Short-term investments	33,012	43,927
Long-term investments	9,896
Level 1
Assets:
Total assets measured at fair value	376,979	99,195
Liabilities:
Contingent consideration liabilities	0	0
Total liabilities measured at fair value	0	0
Level 1 \| Money market funds
Assets:
Cash equivalents	376,979	99,195
Level 1 \| Corporate bonds
Assets:
Cash equivalents		0
Short-term investments	0	0
Long-term investments	0
Level 1 \| U.S. treasury bills
Assets:
Short-term investments	0	0
Level 1 \| U.S. government agency bonds
Assets:
Short-term investments	0	0
Long-term investments	0
Level 2
Assets:
Total assets measured at fair value	276,687	232,493
Liabilities:
Contingent consideration liabilities	0	0
Total liabilities measured at fair value	0	0
Level 2 \| Money market funds
Assets:
Cash equivalents	0	0
Level 2 \| Corporate bonds
Assets:
Cash equivalents		5,996
Short-term investments	98,332	88,462
Long-term investments	53,201
Level 2 \| U.S. treasury bills
Assets:
Short-term investments	82,246	94,108
Level 2 \| U.S. government agency bonds
Assets:
Short-term investments	33,012	43,927
Long-term investments	9,896
Level 3
Assets:
Total assets measured at fair value	0	0
Liabilities:
Contingent consideration liabilities	47,346	3,817
Total liabilities measured at fair value	47,346	3,817
Level 3 \| Money market funds
Assets:
Cash equivalents	0	0
Level 3 \| Corporate bonds
Assets:
Cash equivalents		0
Short-term investments	0	0
Long-term investments	0
Level 3 \| U.S. treasury bills
Assets:
Short-term investments	0	0
Level 3 \| U.S. government agency bonds
Assets:
Short-term investments	0	$ 0
Long-term investments	$ 0

Stock-based Compensation - Summary of Restricted Stock Awards Activity (Details)	6 Months Ended
	Jun. 30, 2026 $ / shares shares
Restricted Stock Awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unvested restricted stock, Beginning balance \| shares	995,506
Unvested restricted stock, Vested \| shares	(331,831)
Unvested restricted stock, Ending balance \| shares	663,675
Unvested restricted stock, Weighted Average Grant date FV, Beginning balance \| $ / shares	$ 5.2
Unvested restricted stock, Weighted Average Grant date FV, Vested \| $ / shares	(5.2)
Unvested restricted stock, Weighted Average Grant date FV, Ending balance \| $ / shares	$ 5.2
Restricted Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unvested restricted stock, Beginning balance \| shares	0
Unvested restricted stock, Granted \| shares	2,205,481
Unvested restricted stock, Vested \| shares	(19,684)
Unvested restricted stock, Forfeited \| shares	0
Unvested restricted stock, Ending balance \| shares	2,185,797
Unvested restricted stock, Weighted Average Grant date FV, Beginning balance \| $ / shares	$ 0
Unvested restricted stock, Weighted Average Grant date FV, Granted \| $ / shares	15.77
Unvested restricted stock, Weighted Average Grant date FV, Vested \| $ / shares	(9.42)
Unvested restricted stock, Weighted Average Grant date FV, Forfeited \| $ / shares	0
Unvested restricted stock, Weighted Average Grant date FV, Ending balance \| $ / shares	$ 15.82

Acquisitions and Licensing Agreements - Summary of Pro Forma Financial Information (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2025
Prolaio, Inc.
Business Combination, Pro Forma Information [Line Items]
Net loss	$ (43,085)	$ (73,604)

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

Redeemable Convertible Preferred Stock

6 Months Ended

Jun. 30, 2026

Redeemable Convertible Preferred Stock

9. Redeemable convertible preferred stock

Redeemable convertible preferred stock

The Company had previously issued Series A redeemable convertible preferred stock (the “Series A Preferred Stock”), Series B redeemable convertible preferred stock (the “Series B Preferred Stock”) and Series B-1 redeemable convertible preferred stock (the “Series B-1 Preferred Stock”), which are collectively referred to as "Preferred Stock". In connection with the Company's initial public offering, all outstanding shares of the Preferred Stock were converted into an equivalent number of shares of common stock, after giving effect to the forward stock split.

Series A Preferred Stock

In June 2024, the Company entered into a Series A preferred stock purchase agreement (the “Series A SPA”) under which it issued and sold 2,487,790 shares of Series A Preferred Stock, at a price of $19.42 per share, for gross cash proceeds of $48.3 million (the “Series A Initial Closing”). Contemporaneously, investors converted their Simple Agreements for Future Equity (“SAFEs”) with a principal amount of $0.9 million into 43,762 shares of Series A Preferred Stock, bringing the total number of shares of Series A Preferred Stock issued at the Series A Initial Closing to 2,531,552 shares. An initial additional closing under the Series A SPA occurred in July 2024, at which the Company sold 2,883,206 additional shares of Series A Preferred Stock at a price of $19.42 per share for gross cash proceeds of $56.0 million.

Pursuant to the Series A SPA, the Company had an obligation to issue and certain Series A investors were obligated to purchase additional shares in two additional closings of $100.0 million each, subject to the satisfaction of specified milestone and cash-related conditions. The Second Tranche closing was to be funded upon the Company’s successful enrollment of the first patient in a Phase 3 clinical trial of either the Tonlamarsen Product or the Ataciguat Product, whichever occurs first (the “Second Tranche”). The Third Tranche closing was to be funded at the earlier of enrollment of the first patient in a Phase 3 clinical trial or an acquisition of any other clinical-stage pharmaceutical product or compound other than Tonlamarsen Product or Ataciguat Product or compound other than Ataciguat (the “Third Tranche”). Each investor could elect to voluntarily fund their share of the two tranches prior to the achievement of the milestones.

In November 2024, the Company determined, that the conditions related to the Third Tranche had become probable of achievement, subject to meeting the required cash-balance condition. In February 2025, following the satisfaction of the cash-balance condition, the Third Tranche closing was consummated, pursuant to which the Company sold 5,148,587 additional shares of Series A Preferred Stock, resulting in total gross cash proceeds of $100.0 million. In August 2025, the condition applicable to the Second Tranche was waived, and the tranche closed, pursuant to which the Company sold 5,148,587 additional shares of Series A Preferred Stock, resulting in additional gross cash proceeds of $100.0 million.

Preferred stock tranche obligations

Upon the initial closing of the Series A Preferred Stock, with respect to the Second Tranche, the Company recorded a preferred stock tranche obligation liability of $3.2 million, and, with respect to the Third Tranche, the Company recorded a preferred stock tranche liability of $9.2 million. The fair value of the Series A Preferred Stock tranche obligations was allocated from the gross cash proceeds of the Series A Preferred Stock issuance, and the residual value was then allocated to the Series A Preferred Stock.

As of December 31, 2024, the fair value of the Second Tranche obligation was estimated as a liability in an amount of $7.3 million, and the fair value of the Third Tranche was estimated as an asset in an amount of $1.7 million.

In February 2025, upon closing of the Third Tranche, the Company remeasured the preferred stock tranche obligation as of the closing date. The estimated fair value of the preferred stock tranche asset in an amount of $1.7 million was settled and the shares of Series A Preferred Stock issued in the Third Tranche were recorded at fair value on the date of issuance.

As of June 30, 2025, the estimated fair value of the Second Tranche preferred stock tranche liability was $11.2 million. Accordingly, the Company recognized a loss in an amount of $3.9 million which was recorded within change in fair value of preferred stock tranche obligations in its condensed consolidated financial statements. Both the Second and Third Tranches of the Series A Preferred Stock were closed during the year ended December 31, 2025, and accordingly, no change in fair value was recorded for the six months ended June 30, 2026.

Refer to Note 3, “Fair Value Measurements” for further details on valuation methodology and assumptions used.

BMS Co. license

In November 2024, in connection with license agreements, the Company issued an aggregate of 1,544,576 shares of Series A Preferred Stock to MyoKardia and BMS Co., at the estimated fair value of $19.10 per share as of issuance date, with a total estimated fair value of $29.5 million. Refer to Note 5, “Acquisitions and Licensing Agreements” for more details.

Series B Preferred Stock and Series B-1 Preferred Stock

In September 2025, the Company entered into a Series B preferred stock purchase agreement (the “Series B SPA”) under which it issued and sold 4,082,529 shares of Series B Preferred Stock and 2,610,635 shares of Series B-1 Preferred Stock, at a price of $21.37 per share for each series, for gross cash proceeds of $143.0 million (the “Series B Initial Closing”). In addition, the Company issued warrants to purchase 1,752,080 shares of the Company’s common stock to certain investors. Refer to Note 10, “Common Stock” for more details.

Subsequent to the Series B Initial Closing, the first additional closing occurred on October 9, 2025, at which the Company sold 4,025,257 additional shares of Series B Preferred Stock at the same price of $21.37 per share for gross cash proceeds of $86.0 million. Additionally, the second additional closing was consummated on October 15, 2025, at which the Company sold 1,170,134 additional shares of Series B-1 Preferred Stock at a price of $21.37 per share for gross cash proceeds of $25.0 million.

In March 2026, the Company amended its certificate of incorporation to authorize the issuance of additional shares of Series B Preferred Stock and sold 468,053 shares of Series B Preferred Stock at the original price of $21.37 per share, for gross cash proceeds of $10.0 million. At the closing date, the estimated fair value of the Series B Preferred Stock was $24.36 per share. As additional consideration, the investor agreed to provide the Company with access to certain intellectual property pursuant to a license that was subject to final documentation and expected to be executed within 90 days of the closing date. Based on the stage of negotiations and the Company’s existing relationship with the investor, management concluded that execution of the license was probable and that the Company had a present right to future economic benefits at issuance. Accordingly, the Company recorded the issuance of shares of the Series B Preferred Stock at fair value of $11.4 million. The excess of the fair value over the cash proceeds of $1.4 million was initially recorded as an other current asset within prepaid and other current assets on its condensed consolidated balance sheet. The definitive license agreement was executed in June 2026. Upon execution, the Company reassessed the prepaid asset and concluded that the rights received relate to research and development activities; accordingly, the $1.4 million was expensed as research and development costs during the three months ended June 30, 2026.

Summary

Preferred stock as of December 31, 2025 consisted of the following:


Series	Shares authorized		Shares issued and outstanding		Original issue price per share		Aggregate liquidation amount		Net carrying value
Series A Preferred Stock		17,256,508		17,256,508		19.42		335,170		324,544
Series B Preferred Stock		8,482,146		8,482,146		21.37		181,222		180,954
Series B-1 Preferred Stock		3,780,769		3,780,769		21.37		80,776		80,652
Total as of December 31, 2025		29,519,423		29,519,423			$	597,168	$	586,150

Immediately prior to the closing of the Company's initial public offering on June 22, 2026, pursuant to the stock split and proportional adjustment reflecting the 1.5928-for-1 conversion ratio, all of the Company's outstanding Preferred Stock was converted into an aggregate of 47,764,024 shares of common stock.

Fair Value Measurements - Summary of Changes in Fair Value (Details) - USD ($)	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Prolaio, Inc.
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	$ 3,817,000	$ 0
Initial recognition upon acquisition		4,585,000
Change in fair value	43,529,000	0
Ending balance	47,346,000	4,585,000
Series A Preferred Stock
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Change in fair value	$ 0
Series A Preferred Stock \| Second Tranche
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance		(7,284,000)
Change in fair value		(3,912,000)
Settlement of preferred stock trache obligation		0
Ending balance		(11,196,000)
Series A Preferred Stock \| Third Tranche
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance		1,662,000
Change in fair value		0
Settlement of preferred stock trache obligation		(1,662,000)
Ending balance		$ 0

Redeemable Convertible Preferred Stock - Summary of Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	Jun. 30, 2026	Jun. 22, 2026	Mar. 31, 2026	Dec. 31, 2025	Oct. 15, 2025	Oct. 09, 2025	Sep. 30, 2025	Nov. 30, 2024	Jul. 31, 2024	Jun. 30, 2024
Class of Stock [Line Items]
Shares authorized	0			29,519,423
Shares issued	0			29,519,423
Shares outstanding	0			29,519,423
Original price per share		$ 16
Aggregate liquidation amount	$ 0			$ 597,168
Net carrying value	$ 0			$ 586,150
Series A Preferred Stock
Class of Stock [Line Items]
Shares authorized				17,256,508
Shares issued				17,256,508				1,544,576	2,883,206	2,531,552
Shares outstanding				17,256,508
Original price per share				$ 19.42
Aggregate liquidation amount				$ 335,170
Net carrying value				$ 324,544
Series B Preferred Stock
Class of Stock [Line Items]
Shares authorized				8,482,146
Shares issued			468,053	8,482,146		4,025,257	4,082,529
Shares outstanding	47,764,024			8,482,146
Original price per share			$ 21.37	$ 21.37		$ 21.37	$ 21.37
Aggregate liquidation amount				$ 181,222
Net carrying value				$ 180,954
Series B-1 Preferred Stock
Class of Stock [Line Items]
Shares authorized				3,780,769
Shares issued				3,780,769	1,170,134		2,610,635
Shares outstanding				3,780,769
Original price per share				$ 21.37	$ 21.37		$ 21.37
Aggregate liquidation amount				$ 80,776
Net carrying value				$ 80,652

Leases - Additional Information (Details)	1 Months Ended
Leases - Additional Information (Details)	Feb. 28, 2025 ft²	Sep. 30, 2024 USD ($) ft²	Jun. 30, 2026 USD ($)	Dec. 31, 2025 USD ($)
Lessee, Lease, Description [Line Items]
Letters of credit \| $			$ 500,000	$ 500,000
Weighted-average remaining lease term			4 years 8 months 12 days	5 years 2 months 12 days
Weighted-average discount rate			10.04%	10.02%
Cove Lease
Lessee, Lease, Description [Line Items]
Lease, contractual term		66 months
Lessee, Operating Lease, Existence of Option to Extend [true false]		true
Additional lease term		5 years
Cove Lease \| Maximum
Lessee, Lease, Description [Line Items]
Tenant improvement allowance \| $		$ 700,000
Princeton Lease
Lessee, Lease, Description [Line Items]
Office space	9,000
Lease, contractual term	90 months
Lessee, Operating Lease, Existence of Option to Extend [true false]	true
Additional lease term	5 years
California \| Cove Lease
Lessee, Lease, Description [Line Items]
Office space		36,000
New Jersey \| Princeton Lease
Lessee, Lease, Description [Line Items]
Office space	21,500

Commitments and Contingencies - Additional Information (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2026	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Research and development agreements maximum period of termination request notice	1 year
Legal proceedings	$ 0	$ 0

Intangible Assets - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Finite Lived and Indefinite Lived Intangible Assets [Line Items]
Intangible assets gross carrying amount	$ 32,044,000		$ 32,044,000		$ 26,565,000
Capitalized internal-use software costs during period			5,400,000
Amortization expense related to finite-lived intangible assets	1,100,000	$ 1,000,000	2,200,000	$ 1,300,000
Accumulated impairment losses related to intangible assets	0		0		0
Developed Technology
Finite Lived and Indefinite Lived Intangible Assets [Line Items]
Intangible assets gross carrying amount	$ 29,829,000		$ 29,829,000		$ 25,400,000
Intangible assets estimated useful life	7 years		7 years
Developed Technology \| Prolaio, Inc.
Finite Lived and Indefinite Lived Intangible Assets [Line Items]
Intangible assets gross carrying amount	$ 25,400,000		$ 25,400,000
Intangible assets estimated useful life	7 years		7 years
Amortization expense related to finite-lived intangible assets				$ 600,000
Developed Technology \| Development of Prolaio Platform
Finite Lived and Indefinite Lived Intangible Assets [Line Items]
Capitalized internal-use software costs during period			$ 4,400,000
IPR&D Assets \| Prolaio, Inc.
Finite Lived and Indefinite Lived Intangible Assets [Line Items]
Intangible assets estimated useful life					3 years
Other
Finite Lived and Indefinite Lived Intangible Assets [Line Items]
Intangible assets gross carrying amount	$ 2,215,000		$ 2,215,000		$ 1,165,000
Intangible assets estimated useful life	3 years		3 years
Other \| Other Development Projects
Finite Lived and Indefinite Lived Intangible Assets [Line Items]
Capitalized internal-use software costs during period			$ 1,000,000
Other \| Projects Not Yet Placed in Service
Finite Lived and Indefinite Lived Intangible Assets [Line Items]
Capitalized internal-use software costs	$ 2,800,000		2,800,000
Capitalized internal-use software costs amortization expense	$ 0		$ 0

Commitments and Contingencies

6 Months Ended

Jun. 30, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

8. Commitments and contingencies

Research and development agreements

The Company enters into various agreements in the ordinary course of business, such as those with suppliers, clinical research organizations, contract manufacturing organizations, and clinical trial sites. These agreements provide for termination at the request of either party, generally with less than one-year notice and are, therefore, cancellable contracts and, if cancelled, are not anticipated to have a material effect on the Company’s financial condition, results of operations, or cash flows.

Legal proceedings

From time to time, the Company may become involved in legal proceedings arising from the ordinary course of business. The Company accrues a liability for such matters when it is probable that the loss has been incurred and the amount of the loss can be reasonably estimated. Significant judgment is required to determine both probability and the estimated amount. As of June 30, 2026, and December 31, 2025, the Company was not a party to any material legal proceedings. Legal fees are expensed as incurred.

Indemnification

In the ordinary course of business, the Company may provide indemnification of varying scope and terms to vendors, lessors, business partners and other parties with respect to certain matters including, but not limited to, losses arising out of breach of such agreements or from intellectual property infringement claims made by third parties.

In accordance with the Company’s amended and restated certificate of incorporation and amended and restated bylaws, the Company has indemnification obligations to its officers and directors for certain events or occurrences, subject to certain limits, while they are serving in such capacity. The Company has not incurred any material indemnification claims to date. The Company maintains directors’ and officers’ liability insurance, which may reduce its exposure in the event of future claims.

Future milestone and royalty payments

In 2025 and 2024, the Company entered into certain acquisition and licensing agreements. These agreements include potential future milestone payments, royalties and other contingent consideration, payable upon the achievement of specified development, regulatory and commercial milestones. Refer to Note 5, “Acquisition and Licensing Agreements”.

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2026	Aug. 07, 2026
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2026
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q2
Document Quarterly Report	true
Document Transition Report	false
Current Fiscal Year End Date	--12-31
Entity File Number	001-43354
Entity Registrant Name	Kardigan, Inc.
Entity Central Index Key	0002123613
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	506 Carnegie Center Drive, Suite 201
Entity Address, City or Town	Princeton
Entity Address, State or Province	NJ
Entity Tax Identification Number	93-2994203
Entity Address, Postal Zip Code	08540
City Area Code	415
Local Phone Number	573-3220
Title of 12(b) Security	Common Stock, par value $0.00001 per share
Trading Symbol	KARD
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		93,503,699

Acquisitions and Licensing Agreements - Summary of Fair Values of Identifiable Assets Acquired and Liabilities Assumed (Details) - Prolaio, Inc. $ in Thousands	Feb. 24, 2025 USD ($)
Assets acquired:
Cash and cash equivalents	$ 14
Inventory	244
Prepaid expenses and other current assets	390
Property and software	175
Operating lease right-of-use assets, net	255
Other non-current assets	57
Total assets acquired	27,635
Liabilities assumed:
Accounts payable	2,710
Accrued expenses and other current liabilities	2,717
Deferred revenue	270
Operating lease liability	109
Assumed contingent consideration liability	3,300
Deferred income tax liability	4,512
Other liabilities, non-current	205
Total liabilities assumed	13,823
Net assets acquired	13,812
Developed Technology
Assets acquired:
Finite-lived intangibles	25,400
In-process Research and Development
Assets acquired:
Finite-lived intangibles	$ 1,100

Stock-based Compensation

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Stock-based Compensation

11. Stock-based compensation

2023 stock option and grant plan (as amended and restated)

The Company adopted the 2023 Stock Option and Grant Plan (as amended and restated, the “2023 Plan”) on August 18, 2023. The 2023 Plan remained in effect until June 17, 2026. The 2023 Plan provided for the grant of incentive stock options, non-qualified stock options, restricted stock awards, unrestricted stock awards and restricted stock units to the employees, directors and consultants of the Company. The option exercise price of each option was determined by the administrator of the 2023 Plan and could not be less than 100% of the fair market value of the Company’s common stock on the date of grant, or in the case of an incentive stock option granted to a 10% owner, the exercise price could not be less than 110% of the fair market value of the Company’s common stock on the date of grant. The maximum term of the options granted under the 2023 Plan was no more than ten years. Service-based awards generally vest at 25% one year from the vesting commencement date and ratably each month thereafter for a period of 36 months, subject to continuous service. Performance and market-based awards would have individual vesting conditions. The shares of common stock underlying any awards that are forfeited, cancelled, reacquired by the Company prior to vesting, satisfied without the issuance of stock, or otherwise terminated (other than by exercise), or held back upon exercise or settlement of an award to satisfy the exercise price or tax withholding under the 2023 Plan were added back to the shares of common stock available for issuance under the 2023 Plan and, following June 17, 2026, will be added back to the shares of common stock available for issuance under the 2026 Plan.

As of June 30, 2026 and December 31, 2025, the Company had reserved 26,224,708 and 33,752,354 shares of common stock for issuance under the 2023 Plan, respectively. As of June 30, 2026 and December 31, 2025, the number of shares remaining for grant under the 2023 Plan were zero and 4,375,891 shares, respectively.

2026 stock option and incentive plan

The Company adopted the 2026 Stock Option and Incentive Plan (the "2026 Plan") on June 17, 2026, upon the cessation of the 2023 Plan. The 2026 Plan provides for the grant of incentive stock options, non-qualified stock options, stock appreciation rights ("SARs"), restricted stock awards, restricted stock units, and cash or other stock-based awards to the employees, directors, consultants and other service providers of the Company, provided that incentive stock options may be granted only to employees. The option exercise price of each option will be determined by the administrator of the 2026 Plan and shall not be less than 100% of the fair market value of the Company's common stock on the date of grant, or in the case of an incentive stock option granted to a 10% owner, the exercise price shall not be less than 110% of the fair market value of the Company's common stock on the date of grant. The maximum term of the options granted under the 2026 Plan shall not be more than ten years. Service-based awards generally vest at 25% one year from the vesting commencement date and ratably each month thereafter for a period of 36 months, subject to continuous service. Performance and market-based awards will have individual vesting conditions. Shares subject to 2023 Plan or 2026 Plan awards that are forfeited, cancelled, reacquired by the Company prior to vesting, satisfied without the issuance of stock, or otherwise terminated (other than by exercise), or held back upon exercise or settlement of an award to satisfy the exercise price or tax withholding, will be added (or added back) to the shares of common stock available for issuance under the 2026 Plan.

A total of 10,620,000 shares of common stock were initially reserved for issuance under the 2026 Plan, and such reserve will automatically increase on January 1 of each year, beginning January 1, 2027, by the lesser of (i) 5% of the total shares of common stock outstanding (including shares issuable upon exercise of any outstanding pre-funded warrants with a nominal exercise price) as of the immediately preceding December 31, or (ii) a smaller number of shares as determined by the Company's board of directors or compensation committee.

As of June 30, 2026, the Company had reserved 10,620,000 shares of common stock for issuance under the 2026 Plan. As of June 30, 2026, the number of shares remaining for grant under the 2026 Plan were 8,469,613 shares.

2026 employee stock purchase plan

On June 17, 2026, the Company adopted the 2026 Employee Stock Purchase Plan (the "ESPP"), which permits participants to contribute up to 15% of their eligible compensation during defined rolling six-month periods to purchase the Company’s common stock. The purchase price of the shares will be 85% of the lower of the fair market value of the Company’s common stock on the first day of trading of the offering period or on the applicable purchase date.

A total of 1,180,000 shares of common stock were initially reserved for issuance under the ESPP, and such reserve will increase on January 1 of each year, beginning January 1, 2027, by the least of (i) 2,360,000 shares of common stock, (ii) 1% of the shares of common stock outstanding as of the immediately preceding December 31, or (iii) such lesser number of shares as determined by the compensation committee.

As of June 30, 2026, the Company has not issued any shares under the ESPP.

The following table summarizes stock options activity, inclusive of early exercises, for the six months ended June 30, 2026 (in thousands, except per share data and years):


	Number of Options			Weighted average exercise price		Weighted average remaining contractual term		Aggregate Intrinsic value
Outstanding at December 31, 2025		13,025,261		$	2.74		8.98	$	39,810
Granted		13,971,473			8.62
Exercised		(542,484	)		2.27
Forfeited		(828,533	)		3.49
Expired		(8,602	)		2.35
Outstanding at June 30, 2026		25,617,115		$	5.93		9.11	$	458,989
Exercisable as of June 30, 2026		9,700,842		$	3.84		8.55	$	194,144
Vested and expected to vest at June 30, 2026		25,617,115		$	5.93		9.11	$	458,989

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

Performance-based and market-based options

In June 2024, the Company’s Chief Executive Officer was granted an early-exercisable non-qualified option to purchase up to 4,277,389 shares of the Company’s common stock at a price per share of $1.35. The options vest contingent upon the satisfaction of the service, performance and market conditions. The service condition is satisfied if the optionee maintains continuous service as the Company’s Chief Executive Officer through June 6, 2027. The market condition is structured in five tranches, under which certain percentage of the options vest upon the Company achieving market valuation thresholds at specified levels. The performance condition applies only to 932,676 shares and is satisfied upon the occurrence of specified acquisition by a predetermined date. This performance condition has been met upon the closing of the license agreement with BMS (refer to Note 5, “Acquisitions and Licensing Agreements”).

In October 2025, the Company’s Chief Executive Officer was granted an early-exercisable non-qualified option to purchase up to 1,400,974 shares of the Company’s common stock at the price per share of $5.80, with vesting tied to specific service and market conditions. The service condition is satisfied if the optionee maintains continuous service as the Company’s Chief Executive Officer through June 6, 2027. The market condition is structured in four tranches, under which certain percentage of the options vest upon the Company achieving market valuation thresholds at specified levels.

In April 2026, the Company’s Chief Executive Officer was granted an early-exercisable non-qualified option to purchase up to 7,268,112 shares of the Company’s common stock at the price per share of $9.42, with vesting tied to specific service and market conditions. The service condition is satisfied if the optionee maintains continuous service relationship with the Company. The market condition is structured in four tranches, under which certain percentage of the options vest upon the Company achieving market valuation thresholds at specified levels.

The fair value of these awards was determined using a Monte Carlo simulation. The valuation assumptions utilized in the Monte Carlo model are generally consistent with the inputs discussed in the valuation of stock options below, except for volatility ranging from 80.0% to 90.0% and expected term of 9.0 to 10.0 years.

No options vested, and no options were exercised as of and for the six months ended June 30, 2026 and 2025.

Early exercise liability

The Company's equity plans allow for the early exercise of all stock options granted if authorized by the Company's board of directors at the time of grant. Any shares of common stock issued from the early exercise of stock options are restricted and vest over time. The Company has the option to repurchase any unvested shares at the lower of the original issue price or current fair value upon any voluntary or involuntary termination of such optionee. For accounting purposes, the early exercise of options is not considered to be a substantive exercise until the underlying awards vest and are not considered to be outstanding until those shares vest. The early-exercise liability is included within other non-current liabilities on the condensed consolidated balance sheets.

As of June 30, 2026 and December 31, 2025, unvested shares issued under early exercise provisions and subject to repurchase by the Company totaled 953,572 and 1,173,066, respectively, with related liabilities of $1.4 million and $1.7 million, respectively, included in other non-current liabilities.

Restricted stock activity

The Company’s equity plans allow for the grant of restricted stock awards and restricted stock units to certain employees, executives, non-employee scientific advisors, and third-party service providers. The restrictions lapse over time primarily according to service-based vesting conditions of each award. In the event of a voluntary or involuntary termination of the holder’s continuous provision of services to the Company, any unvested portion of the restricted stock award is automatically forfeited.

The following table summarizes restricted stock activity for the six months ended June 30, 2026:


	Shares of Restricted Stock Awards			Weighted Average Grant date FV		Shares of Restricted Stock Units			Weighted Average Grant date FV
Unvested restricted stock as of December 31, 2025		995,506		$	5.20		—		$	—
Granted							2,205,481			15.77
Vested		(331,831	)		5.20		(19,684	)		9.42
Forfeited							—			—
Unvested restricted stock as of June 30, 2026		663,675		$	5.20		2,185,797		$	15.82

During six months ended June 30, 2026, the Company granted a total of 2,205,481 restricted stock units, including 78,748 restricted stock units subject to both service-based and performance-based vesting conditions (the performance condition was satisfied upon the Company's IPO in June 2026), and 2,126,733 restricted stock units granted to certain employees and directors that vest in full on the two-year anniversary of the grant date, subject in each case to the applicable continued service relationship through the vesting date.

Modification of Chief Medical Officer Restricted Stock Award

The original vesting terms of the Chief Medical Officer’s award of 3,982,000 shares granted in August 2023 provided for 80% of the shares to vest immediately, with the remaining 20% vesting in equal monthly installments over a 24-month period.

On June 6, 2024, in connection with the Company’s Series A financing and adoption of the 2023 Plan, the Company revised the vesting terms of the award to provide for 50% immediate vesting, with the remaining 50% vesting monthly over 36 months from the new vesting commencement date. The Company determined that this was an escrowed share arrangement under ASC 718 and determined that the shares were a new compensatory award. The incremental compensation cost of $7.8 million was measured as the excess of the fair value of the modified award over the fair value of the original award immediately prior to modification, to be recognized over a 36-month service period starting on June 6, 2024. For purposes of the net loss per share calculation, the Company determined that the modification is equivalent to a reverse stock split and, accordingly, adjusted the weighted-average number of unvested restricted stock shares under the Chief Medical Officer’s award as if those terms had been in effect for all periods presented.

Stock-based compensation expense

Stock-based compensation expense was included in the condensed consolidated statements of operations and comprehensive loss as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Research and development	$	3,434	$	4,605	$	5,766	$	5,841
General and administrative		8,261		14,046		11,287		15,748
Total stock-based compensation expense	$	11,695	$	18,651	$	17,053	$	21,589

As of June 30, 2026, unrecognized stock-based compensation expense related to unvested awards totaled $159.2 million, which is expected to be recognized over a weighted-average period of 2.72 years.

Intangible Assets - Summary of Intangible Assets, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Finite Lived and Indefinite Lived Intangible Assets [Line Items]
Finite-lived intangible assets, Gross Carrying Amount	$ 32,044	$ 26,565
Finite-lived intangible assets, Accumulated Amortization	(5,626)	(3,340)
Finite-lived intangible assets, Net Carrying Amount	26,418	23,225
Total intangible assets, Gross Carrying Amount	32,044	26,565
Total intangible assets, Net Carrying Amount	26,418	23,225
Developed Technology
Finite Lived and Indefinite Lived Intangible Assets [Line Items]
Finite-lived intangible assets, Gross Carrying Amount	29,829	25,400
Finite-lived intangible assets, Accumulated Amortization	(5,049)	(3,024)
Finite-lived intangible assets, Net Carrying Amount	24,780	22,376
Other
Finite Lived and Indefinite Lived Intangible Assets [Line Items]
Finite-lived intangible assets, Gross Carrying Amount	2,215	1,165
Finite-lived intangible assets, Accumulated Amortization	(577)	(316)
Finite-lived intangible assets, Net Carrying Amount	$ 1,638	$ 849

Related Party Transactions

6 Months Ended

Jun. 30, 2026

Related Party Transactions

15. Related party transactions

Prolaio transactions

On February 24, 2025, the Company acquired 100% of the outstanding shares of Prolaio, Inc. At the time of the acquisition, Tassos Gianakakos, the Company’s Chief Executive Officer and member of its board of directors, also served as Prolaio, Inc.’s Chief Executive Officer and as a member of its board of directors and Jay Edelberg, the Company’s Chief Medical Officer, served as its Head of Research & Development and as a member of its board of directors. Mr. Gianakakos and Dr. Edelberg beneficially owned 55.7% and 17.1%, respectively, of Prolaio, Inc. at the time of its acquisition. Accordingly, Prolaio, Inc. was considered a related party during the pre-acquisition period, and the Prolaio acquisition itself constituted a related-party transaction. In addition, the amendment to the Agreement and Plan of Merger entered into on May 1, 2026 with the former Prolaio stockholders also constituted a related-party transaction. Refer to Note 5, “Acquisitions and Licensing Agreements” for additional information.

During the pre-acquisition period, Prolaio, Inc. provided services to the Company utilizing its proprietary device, data monitoring, and analytics platform in support of the development of the Company’s cardiovascular product candidates.

For the period from January 1, 2025 through February 24, 2025 (the respective acquisition date), the Company made a prepayment of $0.3 million, and recognized $0.3 million of expense related to services performed by Prolaio, Inc. The Company had a prepaid expense balance of $0.3 million as of the acquisition date. Subsequent balances and transactions between Prolaio, Inc. and the Company are eliminated at consolidated level.

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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Fair Value Measurements - Schedule of Contractual Maturities of Available-for-Sale Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Fair Value Disclosures [Abstract]
Due in 1 year or less	$ 213,590	$ 226,496
Due in 1 to 2 years	63,097	0
Total	$ 276,687	$ 226,496

Balance Sheet Components - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Property, Plant, and Equipment [Line Items]
Property and equipment, gross	$ 9,516	$ 7,506
Less: accumulated depreciation	(1,948)	(1,013)
Property and equipment, net	7,568	6,493
Laboratory Equipment
Property, Plant, and Equipment [Line Items]
Property and equipment, gross	6,275	5,251
Computer Equipment
Property, Plant, and Equipment [Line Items]
Property and equipment, gross	946	798
Furniture & Fixtures
Property, Plant, and Equipment [Line Items]
Property and equipment, gross	570	507
Leasehold Improvements
Property, Plant, and Equipment [Line Items]
Property and equipment, gross	649	396
Office Equipment
Property, Plant, and Equipment [Line Items]
Property and equipment, gross	243	184
Construction In Progress
Property, Plant, and Equipment [Line Items]
Property and equipment, gross	$ 833	$ 370

Income Taxes

6 Months Ended

Jun. 30, 2026

Income Tax Disclosure [Abstract]

Income Taxes

12. Income taxes

The Company determines its income tax provision for interim periods using an estimate of its annual effective tax rate, adjusted for discrete items occurring in the periods presented.

The Company recorded no income tax expense or benefit for the three months ended June 30, 2026 and 2025, representing effective tax rates of 0.0% for both periods. The Company recorded no income tax expense and an income tax benefit of $4.2 million for the six months ended June 30, 2026 and 2025, representing effective tax rates of 0.0% and 5.2%, respectively.

There was no change in income tax expense or benefit for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025.

For the six months ended June 30, 2026, as compared to the six months ended June 30, 2025, the change from an income tax benefit to income tax expense was primarily due to a discrete release of valuation allowance in the prior-year period attributable to deferred tax liabilities acquired in a business combination, which provided a source of future taxable income supporting realization of a portion of the Company's existing deferred tax assets.

For the three and six months ended June 30, 2026, the effective tax rate differs from the U.S. federal statutory rate primarily because the Company maintains a full valuation allowance against its net deferred tax assets, as the Company has determined that realization of those assets is not more likely than not based on available evidence.

The Company had no material unrecognized tax benefits as of June 30, 2026.

The entire disclosure for income tax.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Redeemable Convertible Preferred Stock (Tables)

6 Months Ended

Jun. 30, 2026

Summary of Preferred Stock

Preferred stock as of December 31, 2025 consisted of the following:


Series	Shares authorized		Shares issued and outstanding		Original issue price per share		Aggregate liquidation amount		Net carrying value
Series A Preferred Stock		17,256,508		17,256,508		19.42		335,170		324,544
Series B Preferred Stock		8,482,146		8,482,146		21.37		181,222		180,954
Series B-1 Preferred Stock		3,780,769		3,780,769		21.37		80,776		80,652
Total as of December 31, 2025		29,519,423		29,519,423			$	597,168	$	586,150

Balance Sheet Related Disclosures [Abstract]

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

+ References + Details

Balance Sheet Components

6 Months Ended

Jun. 30, 2026

Balance Sheet Components

4. Balance sheet components

Property and equipment, net

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


	June 30,			December 31,
	2026			2025
Laboratory equipment		6,275		$	5,251
Computer equipment		946			798
Furniture & fixtures		570			507
Leasehold improvements		649			396
Office equipment		243			184
Construction in progress		833			370
Property and equipment, gross	$	9,516		$	7,506
Less: accumulated depreciation		(1,948	)		(1,013	)
Property and equipment, net	$	7,568		$	6,493

Depreciation expense was $0.4 million, $0.9 million for the three and six months ended June 30, 2026, and $0.1 million and $0.2 million for the three and six months ended June 30, 2025, respectively.

Accrued liabilities

Accrued liabilities consisted of the following (in thousands):


	June 30,		December 31,
	2026		2025
Accrued clinical trial expenses		12,995	$	9,154
Accrued personnel and related expenses		8,197		9,128
Accrued manufacturing expenses		917		2,355
Other		4,058		3,266
Total accrued expenses and other current liabilities	$	26,167	$	23,903

Stock-based Compensation - Schedule of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 11,695	$ 18,651	$ 17,053	$ 21,589
Location, Statement of Income, Balance [Axis]: us-gaap:GeneralAndAdministrativeExpense
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	8,261	14,046	11,287	15,748
Location, Statement of Income, Balance [Axis]: us-gaap:ResearchAndDevelopmentExpense
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 3,434	$ 4,605	$ 5,766	$ 5,841

Intangible Assets - Summary of Estimated Future Amortization Expense Associated with Finite-lived Intangible Assets (Details) $ in Thousands	Jun. 30, 2026 USD ($)
Intangible Asset, Goodwill and Other [Abstract]
2026 (six months remaining)	$ 2,237
2027	4,473
2028	4,157
2029	3,953
2030	3,953
Thereafter	4,834
Finite-lived intangible assets, Net Carrying Amount	$ 23,607

Net Loss Per Share - Schedule of Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Numerator:
Net loss - basic	$ (116,236)	$ (57,445)	$ (172,307)	$ (75,464)
Net loss - diluted	$ (116,236)	$ (57,445)	$ (172,307)	$ (75,464)
Denominator:
Weighted-average number of shares of common stock outstanding	26,914,705	16,119,196	21,751,721	16,111,246
Less: Weighted-average number of shares of common stock subject to repurchase	(990,398)	(1,756,313)	(1,044,927)	(1,754,208)
Less: Weighted-average number of shares of unvested restricted common stock	(728,095)	(1,982,495)	(810,645)	(2,313,060)
Weighted-average number of shares of common stock outstanding - basic	25,196,212	12,380,388	19,896,149	12,043,978
Weighted-average number of shares of common stock outstanding - diluted	25,196,212	12,380,388	19,896,149	12,043,978
Net loss per share - basic	$ (4.61)	$ (4.64)	$ (8.66)	$ (6.27)
Net loss per share - diluted	$ (4.61)	$ (4.64)	$ (8.66)	$ (6.27)

Leases - Schedule of Lease Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Leases [Abstract]
Operating lease expense	$ 838	$ 602	$ 1,700	$ 1,187
Variable lease expense	444	342	705	650
Short-term lease expense	5	4	20	64
Total lease expense	$ 1,287	$ 948	$ 2,425	$ 1,901

Leases - Schedule of Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Leases [Abstract]
Cash paid for amounts included in the measurement of lease liabilities	$ 905	$ 30	$ 1,726	$ 40
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 0	$ 0	$ 560	$ 278

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 384,005	$ 108,989
Short-term investments	213,590	226,496
Prepaid expenses and other current assets	12,568	9,868
Total current assets	610,163	345,353
Long-term investments	63,097	0
Restricted cash	540	540
Property and equipment, net	7,568	6,493
Operating lease right-of-use assets, net	11,224	11,741
Intangible assets, net	26,418	23,225
Other non-current assets	2,776	3,590
Total assets	721,786	390,942
Current liabilities:
Accounts payable	14,018	7,990
Accrued expenses and other current liabilities	26,167	23,903
Operating lease liabilities, current	3,752	3,143
Contingent milestone liabilities, current	26,066	2,500
Total current liabilities	70,003	37,536
Operating lease liabilities, net of current portion	9,595	10,689
Contingent milestone liabilities, net of current portion	25,305	5,243
Other non-current liabilities	1,361	1,659
Total liabilities	106,264	55,127
Commitments and contingencies (Note 8)
Redeemable convertible preferred stock, par value of $0.00001 per share; zero shares and 29,519,423 shares authorized as of June 30, 2026 and December 31, 2025, respectively; zero shares and 29,519,423 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively; aggregate liquidation preference of zero and $597,168 as of June 30, 2026 and December 31, 2025, respectively	0	586,150
Stockholders' equity (deficit):
Preferred stock, par value of $0.00001 per share; 10,000,000 shares and zero shares authorized as of June 30, 2026 and December 31, 2025, respectively; zero shares and zero shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively
Common stock, par value of $0.00001 per share; 700,000,000 shares and 53,365,000 shares authorized as of June 30, 2026, and December 31, 2025, respectively; 93,467,940 shares and 16,351,102 shares issued and outstanding as of June 30, 2026, and December 31, 2025, respectively	1	0
Additional paid-in capital	1,069,152	30,691
Accumulated other comprehensive income (loss)	(235)	63
Accumulated deficit	(453,396)	(281,089)
Total stockholders' equity (deficit)	615,522	(250,335)
Total liabilities, redeemable convertible preferred stock and stockholders' equity (deficit)	$ 721,786	$ 390,942

Redeemable Convertible Preferred Stock - Additional Information (Details)					1 Months Ended							6 Months Ended
	Jun. 22, 2026 $ / shares	Jun. 09, 2026	Oct. 15, 2025 USD ($) $ / shares shares	Oct. 09, 2025 USD ($) $ / shares shares	Mar. 31, 2026 USD ($) $ / shares shares	Sep. 30, 2025 USD ($) $ / shares shares	Aug. 31, 2025 USD ($) shares	Jun. 30, 2025 USD ($)	Feb. 28, 2025 USD ($) shares	Jul. 31, 2024 USD ($) $ / shares shares	Jun. 30, 2024 USD ($) $ / shares shares	Jun. 30, 2026 USD ($) shares	Jun. 30, 2025 USD ($)	Dec. 31, 2025 $ / shares shares	Dec. 31, 2024 USD ($)	Nov. 30, 2024 USD ($) $ / shares shares
Class of Stock [Line Items]
Shares issued \| shares												0		29,519,423
Original price per share \| $ / shares	$ 16
Redeemable convertible preferred stock, shares outstanding \| shares												0		29,519,423
Warrants to purchase common stock \| shares						1,752,080
Stock split ratio	1.5928	1.5928
Gross proceeds of preferred stock												$ 9,997,000	$ 100,000,000
Series A Preferred Stock
Class of Stock [Line Items]
Shares issued \| shares										2,883,206	2,531,552			17,256,508		1,544,576
Convertible preferred stock price per share \| $ / shares										$ 19.42
Gross cash proceeds from convertible preferred stock							$ 100,000,000		$ 100,000,000	$ 56,000,000
Sale of stock \| shares							5,148,587		5,148,587
Original price per share \| $ / shares														$ 19.42
Redeemable convertible preferred stock, shares outstanding \| shares														17,256,508
Purchase of additional shares subject to satisfaction of milestones and cash related conditions											$ 100,000,000
Fair value of shares																$ 29,500,000
Fair value of shares per share \| $ / shares																$ 19.1
Series A Preferred Stock \| Second Tranche
Class of Stock [Line Items]
Preferred stock tranche obligation liability												3,200,000
Fair value of estimated liability								$ 11,200,000					$ 11,200,000		$ 7,300,000
Loss on change in fair value of preferred stock								$ 3,900,000
Series A Preferred Stock \| Third Tranche
Class of Stock [Line Items]
Preferred stock tranche obligation liability												9.2
Fair value of estimated assets									$ 1,700,000						$ 1,700,000
Series A Preferred Stock \| Series A SPA
Class of Stock [Line Items]
Shares issued \| shares											2,487,790
Convertible preferred stock price per share \| $ / shares											$ 19.42
Gross cash proceeds from convertible preferred stock											$ 48,300,000
Series A Preferred Stock \| SAFEs
Class of Stock [Line Items]
Shares issued \| shares											43,762
Principal amount											$ 900,000
Series B Preferred Stock
Class of Stock [Line Items]
Shares issued \| shares				4,025,257	468,053	4,082,529								8,482,146
Gross cash proceeds from convertible preferred stock				$ 86,000,000	$ 10,000,000
Original price per share \| $ / shares				$ 21.37	$ 21.37	$ 21.37								$ 21.37
Fair value of preferred stock per share \| $ / shares					$ 24.36
Issuance of preferred stock at fair value												11,400,000
Cash proceeds to excess of fair value												$ 1,400,000
Redeemable convertible preferred stock, shares outstanding \| shares												47,764,024		8,482,146
Warrants to purchase common stock \| shares												1,752,080
Series B-1 Preferred Stock
Class of Stock [Line Items]
Shares issued \| shares			1,170,134			2,610,635								3,780,769
Gross cash proceeds from convertible preferred stock			$ 25,000,000
Original price per share \| $ / shares			$ 21.37			$ 21.37								$ 21.37
Redeemable convertible preferred stock, shares outstanding \| shares														3,780,769
Series B Preferred Stock and Series B-1 Preferred Stock
Class of Stock [Line Items]
Gross cash proceeds from convertible preferred stock						$ 143,000,000

Segment Reporting - Additional Information (Details)	6 Months Ended
Segment Reporting - Additional Information (Details)	Jun. 30, 2026 USD ($) Segment
Segment Reporting [Abstract]
Number of Operating Segments \| Segment	1
Revenues \| $	$ 0
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description	The CODM assesses performance of the business, monitors budget versus actual results and manages and allocates resources to the Company’s operations using condensed consolidated net loss as the primary measurement.
Segment Reporting, Expense Information Used by CODM, Description	The CODM is regularly provided with entity-wide expense categories that are largely consistent with those found on the Company’s condensed consolidated statements of operations and comprehensive loss. The measure of segment assets is reported on the condensed consolidated balance sheets as total consolidated assets.

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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Acquisitions and Licensing Agreements

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Operating expenses:
Research and development	$ 56,365	$ 35,839	$ 101,432	$ 54,613
General and administrative	18,867	21,286	32,510	28,590
Change in fair value of contingent milestone liabilities	43,529	0	43,529	0
Total operating expense	118,761	57,125	177,471	83,203
Loss from operations	(118,761)	(57,125)	(177,471)	(83,203)
Other income (expense):
Interest income	2,765	1,068	5,558	1,900
Change in fair value of preferred stock tranche obligations	0	(1,341)	0	(3,912)
Bargain purchase gain	0	0	0	5,232
Other income (expense), net	(240)	(47)	(394)	352
Loss before income taxes	(116,236)	(57,445)	(172,307)	(79,631)
Income tax benefit	0	0	0	4,167
Net loss	$ (116,236)	$ (57,445)	$ (172,307)	$ (75,464)
Net loss per share attributable to common stockholders, basic	$ (4.61)	$ (4.64)	$ (8.66)	$ (6.27)
Net loss per share attributable to common stockholders, diluted	$ (4.61)	$ (4.64)	$ (8.66)	$ (6.27)
Weighted average common shares outstanding used in calculating net loss per share attributable to common stockholders, basic	25,196,212	12,380,388	19,896,149	12,043,978
Weighted average common shares outstanding used in calculating net loss per share attributable to common stockholders, diluted	25,196,212	12,380,388	19,896,149	12,043,978
Other comprehensive loss
Unrealized loss on investments	$ (145)	$ 0	$ (298)	$ 0
Total comprehensive loss	$ (116,381)	$ (57,445)	$ (172,605)	$ (75,464)

Leases

6 Months Ended

Jun. 30, 2026

Leases [Abstract]

Leases

7. Leases

The Company leases office and laboratory spaces which are classified as operating leases on the condensed consolidated balance sheets.

Cove Lease

In September 2024, the Company entered into a facility lease in South San Francisco, California (the “Cove Lease”), for approximately 36,000 rentable square feet. The lease commenced in October 2024 and has a contractual term of 66 full calendar months, expiring in April 2030. The Cove Lease includes an option to extend the lease term for an additional five years. At lease commencement, the Company evaluated the renewal option and concluded that it is not reasonably certain that the renewal option will be exercised.

Under the terms of the Cove Lease, the landlord has made available a tenant improvement allowance of up to $0.7 million for qualifying permanent improvements to the leased premises. The allowance is structured as a landlord-funded improvement option that, if utilized, becomes subject to repayment by the Company as additional rent over the remaining lease term at a contractually specified interest rate. As of the reporting date, the Company has not elected to utilize any portion of the allowance, has not incurred any qualifying improvement expenditures, and has not received any landlord-initiated improvements requiring reimbursement. Accordingly, no related adjustments to ROU asset or lease liability have been recognized in the Company’s condensed consolidated financial statements.

Princeton Lease

In February 2025, the Company entered into an office space lease for approximately 21,500 square feet in Princeton, New Jersey (the “Princeton Lease”). The lease commenced in September 2025 and has a contractual term of 90 full calendar months, expiring in March 2033. The Princeton Lease includes an option to extend the lease term for an additional five years. At lease commencement, the Company evaluated the renewal option and concluded that it is not reasonably certain that the renewal option will be exercised.

Concurrent with the execution of the Princeton lease, the Company executed a temporary swing-space lease, that provided approximately 9,000 square feet of office space in its ‘as is’ condition to support business operations while the main premises underwent landlord-performed improvements. The swing-space lease commenced in February 2025 and ended in September 2025 when the Company took possession of the main Princeton Lease premises. The arrangement met the definition of a lease under ASC 842 and qualified as a separate lease, however it met the short-term lease exemption criteria. Accordingly, the Company recognized lease expense for the swing-space as incurred, with no recognition of a ROU asset or lease liability for this arrangement.

The Company maintains letters of credit related to the above leases totaling $0.5 million and $0.5 million as of June 30, 2026 and December 31, 2025, respectively. These lease-related letters of credit are reflected within restricted cash, non-current on the Company’s condensed consolidated balance sheets as of June 30, 2026 and December 31, 2025.

The lease expenses, which are included in operating expenses in the condensed consolidated statements of operations and comprehensive loss, were as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Operating lease expense	$	838	$	602	$	1,700	$	1,187
Variable lease expense		444		342		705		650
Short-term lease expense		5		4		20		64
Total lease expense	$	1,287	$	948	$	2,425	$	1,901

Supplemental disclosure of cash flow information related to leases was as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Cash paid for amounts included in the measurement of lease liabilities	$	905	$	30	$	1,726	$	40
Right-of-use assets obtained in exchange for new operating lease liabilities		—		—		560		278

As of June 30, 2026 and December 31, 2025, the weighted-average remaining lease term for operating leases was 4.7 years and 5.2 years, respectively, and the weighted-average discount rate was 10.04% and 10.02%, respectively.

The following table reconciles the undiscounted future minimum lease payments required for the operating leases as of June 30, 2026 (in thousands):


	Amount
2026 (six months remaining)	$	1,939
2027		3,816
2028		3,666
2029		3,644
2030		1,774
Thereafter		1,821
Total minimum lease payments		16,660
Less: imputed interest		(3,313	)
Present value of operating lease liabilities	$	13,347

Acquisitions and Licensing Agreements

6 Months Ended

Jun. 30, 2026

Business Combination [Abstract]

5. Acquisitions and licensing agreements

Acquisition of Prolaio, Inc.

On February 24, 2025 (the “Acquisition Date”), the Company acquired 100% of the outstanding shares of Prolaio, Inc., a healthcare technology company focused on cardiovascular data collection and analytics. The acquisition provides the Company with access to Prolaio, Inc.’s cardiovascular data platform, to enhance and accelerate the Company’s research and development portfolio of late-stage cardiovascular disease assets. At the time of the acquisition, Tassos Gianakakos, the Company’s Chief Executive Officer and member of the Company’s board of directors, also served as Prolaio, Inc.’s Chief Executive Officer and as a member of its board of directors and Jay Edelberg, the Company’s Chief Medical Officer, served as its Head of Research & Development and as a member of its board of directors. Mr. Gianakakos and Dr. Edelberg beneficially owned 55.7% and 17.1%, respectively, of Prolaio at the time of its acquisition. Accordingly, the Prolaio acquisition itself constituted a related-party transaction. Refer to Note 15, “Related Party Transactions” for further details.

The Company concluded that Prolaio constituted a business under ASC 805 and the transaction was accounted for as a business combination.

The total purchase consideration transferred was approximately $8.6 million, consisting of approximately $4.0 million in cash, primarily used to repay $4.0 million of promissory notes held by Mr. Gianakakos’ family’s trusts, and fair value of contingent consideration of $4.6 million, representing the estimated acquisition date fair value of milestone payments of up to $200.0 million, payable in cash or shares, contingent on the achievement of various post-closing milestones (the “Prolaio Contingent Consideration”). The Prolaio Contingent Consideration was recognized as contingent milestone liabilities on the condensed consolidated balance sheet.

Acquisition related costs of approximately $0.8 million, consisting primarily of legal, accounting, and valuation fees, were expensed as incurred and recorded within general and administrative expenses in the condensed consolidated statement of operations and comprehensive loss.

The following table summarizes the fair values of the identifiable assets acquired and liabilities assumed as of the Acquisition Date (in thousands):


	Amount
Assets acquired:
Cash and cash equivalents	$	14
Inventory		244
Prepaid expenses and other current assets		390
Property and software		175
Developed technology		25,400
In‑process research and development (IPR&D)		1,100
Operating lease right-of-use assets, net		255
Other non-current assets		57
Total assets acquired		27,635
Liabilities assumed:
Accounts payable		2,710
Accrued expenses and other current liabilities		2,717
Deferred revenue		270
Operating lease liability		109
Assumed contingent consideration liability		3,300
Deferred income tax liability		4,512
Other liabilities, non-current		205
Total liabilities assumed		13,823
Net assets acquired	$	13,812

In connection with this acquisition, the Company recorded $13.8 million of net assets acquired, primarily consisting of developed technology with a fair value of $25.4 million, IPR&D with a fair value of $1.1 million, and $13.8 million in liabilities assumed, including $4.5 million of deferred income tax liability and $3.3 million of assumed contingent consideration liability. Because the fair value of net identifiable assets acquired exceeded the fair value of the consideration transferred, the Company recognized a gain on bargain purchase in the amount of $5.2 million in the condensed consolidated statement of operations and comprehensive loss for the six months ended June 30, 2025. The bargain purchase gain reflects the Company’s ability to acquire Prolaio at a purchase price below the fair value of the acquired net assets due to a combination of factors, including Prolaio’s limited operating scale, historical operating losses, liquidity constraints at the time of the transaction, and the structure of the consideration transferred. In particular, concurrent with the acquisition, the Company entered into integration bonus arrangements with the Company’s Chief Executive Officer and Chief Medical Officer (“Integration Bonus”), both of whom were co-founders and Prolaio shareholders. These arrangements were contingent upon post-combination services and successful integration and, accordingly were accounted for as compensation expense rather than consideration transferred.

Prolaio’s results of operations were included in the Company’s condensed consolidated statement of operations and comprehensive loss from the date of acquisition, February 24, 2025.

Pro forma financial information

The following pro forma combined financial information has been prepared to give effect to the Prolaio acquisition as if it had been consummated on January 1, 2024, and was prepared using the historical results of Kardigan and Prolaio for the three and six months ended June 30, 2025 (in thousands):


	Three Months Ended June 30,			Six Months Ended June 30,
	2025			2025
Net loss	$	(43,085	)	$	(73,604	)

The pro forma amounts have been adjusted for:

•

transaction costs of $1.0 million were excluded from the six months ended June 30, 2025 pro forma results, as if these costs were incurred during the 2024 period;

•

gain on bargain purchase of $5.2 million was excluded from the six months ended June 30, 2025 pro forma results, as if such gain was recognized during the 2024 period;

•

income tax benefit of $4.2 million was excluded from the six months ended June 30, 2025 pro forma results, as if such benefit was recognized during the 2024 period;

•

incremental stock-based compensation expense related to the accelerated vesting of Prolaio options upon acquisition of $1.6 million was excluded from the six months ended June 30, 2025 pro forma results, as if this expense was incurred during the 2024 period;

•

incremental intangible assets amortization expense resulting from the fair value adjustment recognized for developed technology in the amount of $0.6 million was included in six months ended June 30, 2025 pro forma results;

•

incremental stock-based compensation expense related to the integration bonus of $14.4 million was excluded from the three and six months ended June 30, 2025 pro forma results;

•

immaterial inter-company transactions between the Company and Prolaio during the six months ended June 30, 2025 were eliminated.

The Company had no revenue for the three and six months ended June 30, 2025.

The pro forma data is presented for informational purposes only and is not intended to represent or be indicative of the results of operations that would have been reported had the acquisition occurred on that date, nor is it intended to be representative of future results of operations of the combined company.

Acquired developed technology

Developed technology acquired consists of the cardiovascular analytics data platform originally obtained by Prolaio in November 2023 through its purchase of certain assets from PhysIQ (defined below). Subsequent to the asset purchase and prior to the Company’s acquisition of Prolaio, Prolaio’s engineering team enhanced the acquired technology and expanded the platform capabilities through the addition of new features and functional improvements.

As of the Acquisition Date, the fair value of the developed technology was estimated using the cost method, which incorporates management’s estimates of the costs that would be incurred to develop the technology from scratch, including assumptions regarding required personnel, annual compensation, and the expected development timeline. The Company estimated that it would require approximately 3.7 years for a team of approximately 50 employees, with an estimated average annual cost ranging from $0.1 million to $0.2 million per employee, to recreate the technology, resulting in a total valuation of $25.4 million.

Prolaio contingent milestone liabilities

As part of the consideration transferred in the acquisition, the Company was required to make contingent cash payments up to $200.0 million, dependent upon the achievement of certain specified post-closing operational, financial and regulatory milestones (“Prolaio milestones”) prior to February 2029. Specifically, Prolaio milestones depended on the success of the Company’s clinical trials, achievement of certain Prolaio revenue targets (excluding intercompany revenue), and adoption and performance of the Prolaio platform. The fair value of the Prolaio Contingent Consideration at the acquisition date was $4.6 million. It was estimated using a probability weighted discounted cash flow model, which incorporated management’s estimates of the probability and timing of milestone achievement as of the acquisition date. The milestones were contractually required to be achieved within four years from the date of acquisition, discounted at a rate of approximately 10%.

On May 1, 2026, the Company entered into an amendment to the Agreement and Plan of Merger with the former stockholders of Prolaio in order to amend the milestone provisions applicable to such stockholders, including Mr. Gianakakos and Dr. Edelberg (“Prolaio amendment”). In particular, the milestones were revised to: (i) better align the incentives of the former stockholders of Prolaio, Inc., in their capacities as executive officers and employees of Kardigan, with the creation of stockholder value for the Company; and (ii) better reflect the Company’s current operations and strategic direction following

the acquisition, including the Company’s focus on deploying the Prolaio platform in support of its own clinical trials, and (iii) ensure that the milestones remained aligned with the Company’s business. Pursuant to the amendment and subject to the conditions therein, the former stockholders of Prolaio, Inc., including Mr. Gianakakos and Dr. Edelberg, are entitled to milestone payments based on certain Company valuations, as defined in the agreement, as follows: (i) up to $50 million upon the Company’s achievement of a valuation equal to or greater than $5.0 billion; (ii) up to $50 million upon the Company’s achievement of a valuation equal to or greater than $6.0 billion; and (iii) up to $100 million upon the Company’s achievement of a valuation equal to or greater than $12.0 billion; in each case to the extent such milestones are achieved on or before May 1, 2032. If such milestone payments become payable in full, Mr. Gianakakos is entitled to receive payments of up to $12.9 million, $31.3 million and $62.4 million, respectively, pursuant to each milestone, for a total of up to $106.6 million; and Dr. Edelberg is entitled to receive payments of up to $3.6 million, $9.8 million, and $19.5 million, respectively, pursuant to each milestone, for a total of up to $32.9 million.

None of the Prolaio milestones, original or amended, have been achieved and no milestone payments have been made.

The Prolaio contingent payments are classified as Level 3 within the fair value hierarchy, due to the use of significant unobservable inputs and remeasured at fair value at each reporting date. Prior to the Prolaio amendment, changes in the fair value of the contingent consideration were recognized in R&D expenses in the condensed consolidated statements of operations and comprehensive loss. Subsequent to the Prolaio amendment, changes in the fair value of the contingent milestone liabilities are recognized in change in fair value of contingent milestone liabilities, in the condensed consolidated statements of operations and comprehensive loss. The fair value of the Prolaio Contingent Consideration was $3.8 million as of December 31, 2025. Upon the Prolaio amendment, on May 1, 2026, the Prolaio Contingent Consideration was settled and the new contingent milestone liabilities were recognized at an initial fair value of $13.7 million. The fair value of the contingent milestone liabilities was $47.3 million as of June 30, 2026. The Company recognized a $43.5 million increase in the fair value of contingent milestone liabilities, which is presented within change in fair value of contingent milestone liabilities in the condensed consolidated statements of operations, for both the three and six months ended June 30, 2026. No change in fair value was recorded in the three and six months ended June 30, 2025.

PhysIQ contingent consideration (assumed liability)

Liabilities assumed as part of the Company’s acquisition of Prolaio included a contingent consideration liability associated with Prolaio’s historical acquisition of certain assets of PhysIQ, Inc. (“PhysIQ contingent consideration”), a health technology company specializing in cloud-based predictive analytics for personalized physiology. The obligation of up to $20.0 million, payable in cash, is contingent upon the achievement of certain sales milestones (“PhysIQ milestones”).

As of the acquisition date, the Company recognized this contingent consideration at fair value using a probability-weighted approach, which incorporates management’s estimates of the probability and timing of milestone achievement. The milestones are expected to be achieved within 4 years from the date of acquisition of Prolaio, and are discounted at a rate of approximately 10%. The estimated fair value of the PhysIQ contingent consideration at the acquisition date was $3.3 million, which was recorded within contingent milestone liabilities on the condensed consolidated balance sheet.

Following the acquisition date, the Company applies a systematic and rational approach and recognizes additional amounts related to the PhysIQ contingent consideration when the underlying milestones are considered probable of achievement and reasonably estimable. Amounts are written off only when it is resolved that the Company will not be required to make payment or when the obligation legally expires. As such, the PhysIQ contingent consideration recorded will not be reduced below the amount recorded at the acquisition date until the obligation expires or the liability is paid.

The PhysIQ contingent consideration was $3.9 million as of June 30, 2026 and December 31, 2025. The Company recorded no expense in the condensed consolidated statement of operations and comprehensive loss for the three and six months ended June 30, 2026.

As of December 31, 2025, the milestone with a value of $2.5 million was considered probable of achievement and was expected to be achieved within 12 months of the reporting date. Accordingly, it was classified within current liabilities on the condensed consolidated balance sheet as of December 31, 2025. As of June 30, 2026, this milestone was still considered probable of achievement but was expected to be achieved within more than 12 months of the reporting date, and, accordingly, was classified within non-current liabilities on the condensed consolidated balance sheet. As of June 30, 2026, no milestone payments have been made.

Prolaio bonus integration agreements

Concurrent with the acquisition of Prolaio, the Company entered into agreements (the “Bonus Agreements”) with the Company’s Chief Executive Officer and Chief Medical Officer, that provided a right to a bonus in the amount of $9.0 million and $2.0 million, respectively, of shares of common stock issued in our initial public offering or convertible preferred stock, as applicable, as well as additional cash amounts intended to cover related federal, state, and local tax obligations. The Bonus Agreements also provided that, if the equity securities issued were not freely tradeable, the Company would loan each executive an amount sufficient to cover applicable tax obligations. The awards were contingent upon the closing and successful integration of Prolaio, as determined by the Company’s board of directors.

The Bonus Agreements became payable upon completion of the Series B Initial Closing (as defined below). On September 4, 2025, in connection with the Series B Initial Closing, the Company entered into bonus integration agreements (the “Bonus Integration Agreements”) with each executive. The Bonus Integration Agreements modified the Bonus Agreements such that (i) each recipient agreed to forfeit Series B Preferred Stock (as defined below) to satisfy the tax withholding obligations, (ii) certain payments required to be made under the Bonus Agreements would be remitted to federal and state tax authorities via payroll for certain tax liabilities required to be satisfied by us through payroll and (iii) no loan will be issued to the recipient. Pursuant to the Bonus Integration Agreements, and net of tax withholding obligations, on September 4, 2025, the Company issued an aggregate of 374,360 shares of Series B Preferred Stock, with an estimated grant date fair value of approximately $8.0 million, and subsequently remitted approximately $6.4 million in cash to satisfy the related tax obligations.

As the integration bonus payment was contingent upon post-combination services, the arrangement was accounted for as compensation. The integration bonus was deemed probable as of June 30, 2025, and the Company recognized related compensation expense of $2.6 million within research and development expenses and $11.7 million within general and administrative expenses in the three and six months ended June 30, 2025 in the condensed consolidated statement of operations and comprehensive loss. No related compensation expense was recognized in the three and six months ended June 30, 2026.

Acquisition of RSF

On June 6, 2024, the Company acquired 100% of the outstanding shares of Rancho Santa Fe Bio, Inc. (“RSF”) in order to obtain certain of RSF’s existing intellectual properties, including (i) a license agreement relating to Ataciguat (i.e., HMR1766) with Sanofi (“Sanofi”); and (ii) a patent license and know-how agreement with the Mayo Foundation for Medical Education and Research (“Mayo”). Total consideration was $14.8 million, and included cash of $3.5 million, the settlement of RSF’s outstanding indebtedness of $10.6 million on the acquisition date and the payment of certain transaction costs of $0.7 million incurred by RSF. In addition, the former stockholders of RSF are entitled to milestone payments of up to $26.5 million in development and regulatory milestones and up to $249.5 million in sales milestones (“RSF milestones”), in each case to be allocated among such former stockholders on a pro rata basis in accordance with their respective ownership interests in RSF immediately prior to the acquisition. The Company is additionally obligated to pay to the former stockholders of RSF low single-digit royalties on worldwide net sales of any pharmaceutical product containing Ataciguat.

Under ASC 805, the Company determined that the acquisition did not meet the definition of a business at the time of the acquisition as substantially all of the fair value of the gross assets acquired were concentrated in a single identifiable asset. The Company determined that RSF was a variable interest entity (“VIE”) under ASC 810 because it lacked sufficient equity to finance its activities. Upon acquisition, the Company became the primary beneficiary of RSF, and therefore was required to consolidate RSF. Accordingly, the transaction was accounted for as the acquisition of a VIE that is not a business.

The net assets acquired consisted primarily of the IPR&D asset, cash and cash equivalents in the amount of $0.2 million, and assumed accounts payable for an amount of $1.3 million. Accordingly, the consideration allocated to the IPR&D asset amounted to $15.9 million. The acquired licensed technology was determined to be an IPR&D asset that did not have alternative future use as of the acquisition date, and the full amount was recognized as R&D expense in the condensed consolidated statement of operations and comprehensive loss for the year ended December 31, 2024.

The Company achieved the first development milestone associated with Ataciguat upon dosing of the first patient in the Phase 3 clinical trial in September 2025. This milestone triggered a payment obligation of $3.0 million. In September 2025, $1.5 million was settled in cash, and the remaining $1.5 million was accrued for in the Company’s condensed consolidated balance sheet as of December 31, 2025 and as of June 30, 2026 within accrued and other current liabilities.

None of the other RSF milestones have been achieved nor were deemed probable and estimable as of June 30, 2026, and no other milestone payments have been made.

Under the Sanofi and the Mayo agreements, the Company is obligated to make certain additional milestone, royalty and sublicense-related payments under these agreements, summarized further below.

License agreement with Sanofi

On June 2, 2021, RSF entered into a license agreement with Sanofi, as subsequently amended on March 18, 2022, January 9, 2023, and November 7, 2025 (collectively, the “Sanofi License”), under which RSF received a worldwide, exclusive, sublicensable (subject to certain conditions and restrictions), royalty-bearing license under certain Sanofi know-how to exploit Ataciguat and pharmaceutical products containing Ataciguat (“Ataciguat Products”) for all human and mammalian therapeutic, prophylactic and diagnostic uses (the “Sanofi License Field”).

If the Company succeeds in developing and commercializing Ataciguat Products, it will be obligated to pay Sanofi up to an aggregate of $14.8 million in potential commercial milestone payments (“Sanofi milestones”). The Company is also obligated to pay Sanofi tiered royalties ranging from low-single digit to mid-single digit percentages on worldwide annual net sales of Ataciguat Products by the Company or its affiliates and sublicensees.

As of June 30, 2026, none of the Sanofi milestones had been achieved nor were deemed probable and estimable, and no milestone payments have been made.

Patent license and know-how agreement with the Mayo Foundation for Medical Education and Research (“Mayo”)

On December 6, 2019, RSF entered into a license agreement with Mayo, as amended on May 20, 2021, August 23, 2023, March 10, 2024, June 6, 2024 and December 22, 2025 (collectively, the “Mayo License”), under which RSF received (i) a worldwide exclusive license with the right to sublicense (through multiple tiers) under certain Mayo patent rights, (ii) a nonexclusive license with the right to sublicense (through multiple tiers in connection with a sublicense of the Mayo patent rights or know-how) to use certain know-how and materials, and (iii) a nonexclusive worldwide license, with the right to sublicense (through multiple tiers), subject to approval from Mayo, to use certain Mayo data, in each case in (i) through (iii), to develop, make, have made, use, offer for sale, sell, and import certain licensed products, including Ataciguat, for the prevention, diagnosis, and/or treatment of any and all human diseases and conditions.

The Company is obligated to pay Mayo up to $0.3 million in development and regulatory milestone payments and up to $1.3 million in commercial milestone payments (“Mayo milestones”) for each licensed product. The Company is also obligated to pay Mayo royalties ranging from a mid-single digit to subteen percentage of worldwide annual net sales by the Company, its affiliates and sublicensees of licensed products. In the event that the Company is required to pay a non-affiliate third party certain consideration for a license under intellectual property rights owned or controlled by such non-affiliate third party that are required for the manufacture, use or sale of the licensed products, the Company can deduct a certain amount of such consideration from the royalty payments due to Mayo under the Mayo License, subject to a customary reduction floor. The Company’s obligation to pay Mayo royalties for licensed products will expire upon the expiration date of the last to expire of the licensed patents or the last to expire regulatory exclusivity for a licensed product. Mayo is also eligible to receive a mid-double digit percentage of certain non-royalty sublicense income as well as a certain percentage of any consideration received by the Company for the sale or transfer of an FDA priority review voucher or similar transferable asset.

As of June 30, 2026, none of the Mayo milestones had been achieved nor were deemed probable and estimable, and no milestone payments have been made.

License agreement with Ionis

On June 7, 2024, the Company entered into a License Agreement (the “Ionis License Agreement”) with Ionis Pharmaceuticals, Inc. (“Ionis”), pursuant to which the Company was granted an exclusive, worldwide, sublicensable (subject to certain conditions and restrictions), royalty-bearing license under certain Ionis intellectual property to develop and commercialize Tonlamarsen (formerly ION904) and products containing Tonlamarsen (the “Licensed Ionis Products”) in the field of prophylactic or therapeutic use in humans (the “Ionis Licensed Field”). The Company also received a non-exclusive, worldwide, sublicensable (subject to certain conditions and restrictions), royalty-bearing license under certain Ionis intellectual property to manufacture Tonlamarsen and Licensed Ionis Products in the Ionis Licensed Field. Until the third

anniversary of the effective date of the Ionis License Agreement, or June 2027, neither party may develop or commercialize, or assist or grant a third party rights to develop or commercialize certain ASOs designed to bind to the RNA encoded by the human angiotensinogen gene, subject to certain conditions and exceptions.

As initial consideration for the Ionis License Agreement, the Company made an upfront payment of $20.0 million to Ionis. As additional consideration for the licenses and rights granted to us by Ionis, the Company is required to pay Ionis: (i) milestone payments in the event of successful achievement of specified development, regulatory and sales milestones of up to an aggregate of $375.0 million (up to $35.0 million in development and regulatory milestone payments and up to $340.0 million in sales milestone payments) (“Ionis milestones”); (ii) tiered royalties on net sales of Ionis Licensed Products by the Company, its affiliates and sublicensees with a rate based on net sales per calendar year, ranging from a subteen percentage to high teen percentage. The royalties are subject to potential reductions under certain scenarios. In the event that the Company undergoes a change of control prior to receiving regulatory approval from the FDA and are acquired by one of certain top biopharmaceutical or pharmaceutical companies, if the acquisition price exceeds a certain dollar value, the Company will be required to pay Ionis a one-time change of control payment based on the acquisition price, ranging in the low tens of millions of dollars. The payment will accrue interest at a subteen percentage rate per annum, compounded annually, from the date of the Ionis License Agreement through the date such payment is made.

The Company determined that the licenses represent an acquired IPR&D asset that did not have alternative future use as of the acquisition date, and, accordingly, the total amount of the upfront payment of $20.0 million was recognized as R&D expense in the condensed consolidated statement of operations and comprehensive loss for the year ended December 31, 2024. As of June 30, 2026, none of the Ionis milestones had been achieved nor were deemed probable and estimable, and no milestone payments have been made.

License agreements with BMS Co.

In November 2024, the Company entered into a License Agreement with MyoKardia, Inc. (“MyoKardia”), a wholly-owned subsidiary of Bristol-Myers Squibb Company (“BMS Co.”), related to Danicamtiv and other compounds (the “Dani Agreement”), and a separate License Agreement with BMS Co. related to KAR-141 (formerly known as BMS-986141) (“Par4”) and other compounds (the “Par4 Agreement”).

Under the Dani Agreement, the Company received an exclusive, sublicensable (subject to certain conditions and restrictions), royalty-bearing license under certain MyoKardia patents and know-how to develop, manufacture, and commercialize Danicamtiv (formerly known as MYK-491) and certain related compounds (collectively, the “Dani Licensed Compounds”) and pharmaceutical products containing such Dani Licensed Compounds (the “Dani Licensed Products”) for all human uses worldwide.

As partial consideration for the rights granted to the Company under the Dani Agreement, the Company entered into a Subscription Agreement with MyoKardia pursuant to which the Company issued 1,251,107 shares of Series A Preferred Stock to MyoKardia. As additional consideration for the licenses granted under the Dani Agreement, the Company is required to pay MyoKardia: (i) tiered royalties at a rate based on aggregate annual net sales by the Company, its affiliates and sublicensees of each Dani Licensed Product containing the same Dani Licensed Compound; (ii) a low double-digit percentage of any sublicensing revenue received by the Company, if the Company sublicenses rights under MyoKardia patents or know-how for the development, manufacture or commercialization of any Dani Lead Compound or Dani Lead Compound Licensed Product to a third-party within a certain number of months from the effective date, or November 2026; (iii) up to $42.5 million in the aggregate in development and regulatory milestone payments across all Dani Licensed Products and (iv) up to $265.0 million in sales milestone payments for each of the first two Dani Licensed Products to achieve the applicable sales milestones ((iii) and (iv), collectively, “Dani milestones”). The Company’s tiered royalties range from a subteen to high teen percentage of annual net sales of the Dani Licensed Products, subject to potential reductions following the expiration of valid patent claims, due to competition from generic products, for certain third-party license fees, and in the event of a limit on the maximum price as a result of the Inflation Reduction Act of 2022 (the “Inflation Reduction Act”), subject to a customary reduction floor and potential carry forward.

Under the Par4 Agreement, the Company received an exclusive, sublicensable (subject to certain conditions and restrictions), royalty-bearing license under certain BMS Co. patents and know-how to develop, manufacture, and commercialize KAR-141 and certain related compounds thereto (the “Par4 Lead Compounds”), certain back-up compounds and certain related compounds thereto (such compounds, collectively, with the Par4 Lead Compounds, the “Par4 Licensed Compounds”, pharmaceutical products containing the Par4 Lead Compounds (the “Par4 Lead Compound Licensed

Products”) and pharmaceutical products containing the Par4 Back-Up Compounds (such products, collectively with the Par4 Lead Compound Licensed Products, the “Par4 Licensed Products” for all human uses worldwide.

As partial consideration for the rights granted under the Par4 Agreement, the Company issued 293,469 shares of Series A Preferred Stock. As additional consideration for the licenses granted under the Par4 Agreement, the Company is required to pay BMS Co.: (i) tiered royalties at a rate based on aggregate annual net sales by the Company, its affiliates and sublicensees of each Par4 Licensed Product containing the same Par4 Licensed Compound; (ii) a low double-digit percentage of any sublicensing revenue received by the Company, if the Company sublicenses rights under BMS Co. patents or know-how for the development, manufacture or commercialization of any Par4 Lead Compound or Par4 Lead Compound Licensed Product to a third-party a certain number of months from the effective date, or November 2026; (iii) up to $10.0 million in the aggregate in development and regulatory milestone payments across all Par4 Licensed Products and (iv) up to $265.0 million in sales milestone payments for each of the first two Par4 Licensed Products to achieve the applicable sales milestones ((iii) and (iv), collectively, “Par4 milestones”). The Company’s tiered royalties range from a subteen to high teen percentage of annual net sales of the Par4 Licensed Products, subject to potential reductions following the expiration of valid patent claims, due to competition from generic products, for certain third-party license fees, and in the event of a limit on the maximum price as a result of the Inflation Reduction Act, subject to a customary reduction floor and potential carry-forward. Additionally, certain BMS Co. patents and know-how are sublicensed by BMS Co. pursuant to an upstream license agreement with a university and the Company is responsible for reimbursing BMS Co. for certain milestone payments and other amounts payable under such upstream agreement that arise from its development, manufacturing or commercialization activities under the Par4 Agreement. The milestone reimbursement obligations include up to (i) $12.5 million in the aggregate in development and regulatory milestone payments per certain Par4 Licensed Products and (ii) $13.625 million in the aggregate in development and regulatory milestone payments per certain other Par4 Licensed Products.

In connection with the license agreements, the Company issued an aggregate of 1,544,576 shares of Series A Preferred Stock to MyoKardia and BMS Co., including 1,251,107 shares of Series A Preferred Stock under the Dani Agreement, and 293,469 shares of Series A Preferred Stock under Par4 Agreement, at the estimated fair value of $19.10 per share as of issuance date, with a total estimated fair value of $29.5 million.

The Company determined that the Dani and Par4 licenses represent acquired IPR&D assets that did not have alternative future use as of the acquisition date, and, accordingly, an amount of $29.5 million was recognized as R&D expense in the consolidated statement of operations and comprehensive loss for the year ended December 31, 2024.

As of June 30, 2026, none of the Dani milestones or Par4 milestones had been achieved nor were deemed probable or estimable, and no milestone payments have been made.

As part of the Company's initial public offering, all outstanding shares of the Company's redeemable convertible preferred stock converted into an equivalent number of shares of common stock, after giving effect to the forward stock split.

The entire disclosure for business combination.

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Segment Reporting

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Segment Reporting

14. Segment reporting

The Company views its operations and manages its business as one operating segment, focused on the discovery and development of novel cardiovascular drugs for the treatment of heart diseases.

The CODM, is responsible for making decisions regarding resource allocation and assessing performance. The Company’s CODM is its Chief Executive Officer. No revenue has been generated since inception, and all assets are held in the United States.

The CODM assesses performance of the business, monitors budget versus actual results and manages and allocates resources to the Company’s operations using condensed consolidated net loss as the primary measurement. The CODM is regularly provided with entity-wide expense categories that are largely consistent with those found on the Company’s condensed consolidated statements of operations and comprehensive loss. The measure of segment assets is reported on the condensed consolidated balance sheets as total consolidated assets.

The table below is a summary of the segment loss, including significant segment expenses (in thousands):


	Three Months Ended June 30,					Six Months Ended June 30,
	2026			2025		2026			2025
Program expenses:
Danicamtiv	$	13,228		$	884	$	23,555		$	884
Ataciguat		7,975			7,889		16,617			9,834
Tonlamarsen		3,925			4,744		7,870			8,408
Research and development - compensation and benefits *		18,505			14,801		32,293			22,450
Research and development - other		12,732			7,521		21,097			13,037
Total Research and development expense		56,365			35,839		101,432			54,613
General and administrative expense - compensation and benefits *		13,516			16,995		21,420			20,949
General and administrative expense - other		5,351			4,291		11,090			7,641
Total general and administrative expense		18,867			21,286		32,510			28,590
Change in fair value of contingent milestone liabilities		43,529			—		43,529			—
Total operating expense		118,761			57,125		177,471			83,203
Other income/expense **		(2,525	)		320		(5,164	)		(3,572	)
Loss before income taxes	$	116,236		$	57,445	$	172,307		$	79,631

* Includes stock-based compensation expense

The entire disclosure for segment reporting.

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Stockholders' Equity - Schedule of Fair Value of Warrants Measured Input (Details)	Sep. 04, 2025 $ / shares
Equity [Abstract]
Exercise price	$ 13.41
Expected liquidity event date	Jun. 06, 2027
Warrant issuance date	Sep. 04, 2035
Common stock IPO threshold price	$ 13.41
Interest rate (annual)	4.17%

Summary of Significant Accounting Policies - Summary of Estimated Useful Lives of Property and Equipment (Details)	Jun. 30, 2026
Laboratory Equipment
Property, Plant, and Equipment [Line Items]
Estimated Useful Life	5 years
Furniture and Fixtures
Property, Plant, and Equipment [Line Items]
Estimated Useful Life	5 years
Office Equipment
Property, Plant, and Equipment [Line Items]
Estimated Useful Life	3 years
Computer Equipment
Property, Plant, and Equipment [Line Items]
Estimated Useful Life	3 years
Leasehold Improvements
Property, Plant, and Equipment [Line Items]
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration]	us-gaap:UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember

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

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Schedule of Computation of Basic and Diluted Net Loss Per Share

Net Loss Per Share (Tables)

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

The following table sets forth the computation of basic and diluted net loss per share (in thousands, except share and per share data):


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Numerator:
Net loss - basic and diluted	$	(116,236	)	$	(57,445	)	$	(172,307	)	$	(75,464	)
Denominator:
Weighted-average number of shares of common stock outstanding		26,914,705			16,119,196			21,751,721			16,111,246
Less: Weighted-average number of shares of common stock subject to repurchase		(990,398	)		(1,756,313	)		(1,044,927	)		(1,754,208	)
Less: Weighted-average number of shares of unvested restricted common stock		(728,095	)		(1,982,495	)		(810,645	)		(2,313,060	)
Weighted-average number of shares of common stock outstanding - basic and diluted		25,196,212			12,380,388			19,896,149			12,043,978
Net loss per share - basic and diluted	$	(4.61	)	$	(4.64	)	$	(8.66	)	$	(6.27	)

Schedule of Potentially Anti-dilutive Securities Excluded from Computation of Diluted Weighted Average Shares Outstanding

The following potentially dilutive securities outstanding have been excluded from the computation of diluted weighted average shares outstanding because such securities have an anti-dilutive effect due to the Company’s net loss, in common stock equivalent shares:


	As of June 30,
	2026		2025
Redeemable convertible preferred stock		—		19,285,484
Shares subject to outstanding stock options		25,501,973		11,160,711
Shares subject to outstanding common stock warrants		1,752,080		—
Unvested exercised options subject to repurchase		953,572		1,772,353
Unvested restricted stock awards		663,675		1,659,170
Unvested restricted stock units		2,185,797		—
Total		31,057,097		33,877,718

Stockholders' Equity - Additional Information (Details)	6 Months Ended	12 Months Ended
Stockholders' Equity - Additional Information (Details)	Jun. 30, 2026 USD ($) $ / shares shares	Dec. 31, 2025 USD ($) $ / shares shares	Jun. 22, 2026 $ / shares shares	Jun. 21, 2026 $ / shares shares	Sep. 30, 2025 shares	Sep. 04, 2025 $ / shares
Class of Stock [Line Items]
Common stock, authorized shares	700,000,000	53,365,000	700,000,000	55,133,053
Common stock, par value \| $ / shares	$ 0.00001	$ 0.00001	$ 0.00001	$ 0.00001
Common stock, shares issued	93,467,940	16,351,102
Common stock, shares outstanding	93,467,940	16,351,102
Common stock voting rights	Each share of common stock was entitled to one vote on all matters submitted to stockholders, except that, pursuant to the Company’s certificate of incorporation, holders of common stock are not entitled to vote on amendments to the certificate that relate solely to the terms of the outstanding preferred stock if the holders of such preferred stock are entitled to vote separately on those amendments.
Non-voting common stock convert to voting common stock ratio	1
Maximum percentage of common stock shares outstanding	9.99%
Common Stock dividend declared or paid \| $	$ 0	$ 0
Preferred stock, shares authorized	10,000,000	0	10,000,000
Preferred stock, par value \| $ / shares	$ 0.00001	$ 0.00001	$ 0.00001
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Warrants to purchase common stock					1,752,080
Warrant exercise price per share \| $ / shares						$ 13.41
Warrant issuance date						Sep. 04, 2035
Warrant outstanding shares	0
Series B Preferred Stock
Class of Stock [Line Items]
Warrants to purchase common stock	1,752,080
Warrant exercise price per share \| $ / shares	$ 13.41
Achieves valuation amount \| $	$ 5,000,000,000
Warrant issuance date	Sep. 04, 2035
Fair value of warrants \| $	$ 7,400,000
Voting Common Stock
Class of Stock [Line Items]
Common stock, authorized shares			500,000,000
Common stock, par value \| $ / shares			$ 0.00001
Common stock, shares issued	93,467,940
Common stock, shares outstanding	93,467,940
Non-voting Common Stock
Class of Stock [Line Items]
Common stock, authorized shares			200,000,000
Common stock, par value \| $ / shares			$ 0.00001
Common stock, shares issued	0
Common stock, shares outstanding	0

Fair Value Measurements

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements

3. Fair value measurements


	June 30, 2026
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	376,979	$	—	$	—	$	376,979
Short-term investments:
U.S. treasury bills		—		82,246		—		82,246
U.S. government bonds		—		33,012		—		33,012
Corporate bonds		—		98,332		—		98,332
Long-term investments:
U.S. government agency bonds		—		9,896		—		9,896
Corporate bonds		—		53,201		—		53,201
Total assets measured at fair value	$	376,979	$	276,687	$	—	$	653,666
Liabilities:
Contingent milestone liabilities		—		—		47,346		47,346
Total liabilities measured at fair value	$	—	$	—	$	47,346	$	47,346


	December 31, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	99,195	$	—	$	—	$	99,195
Corporate bonds		—		5,996		—		5,996
Short-term investments:
U.S. treasury bills		—		94,108		—		94,108
U.S. government bonds		—		43,927		—		43,927
Corporate bonds		—		88,462		—		88,462
Total assets measured at fair value	$	99,195	$	232,493	$	—	$	331,688
Liabilities:
Contingent milestone liabilities		—		—		3,817		3,817
Total liabilities measured at fair value	$	—	$	—	$	3,817	$	3,817

There were no transfers between Level 1, 2, or 3 during the three and six months ended June 30, 2026 and during the year ended December 31, 2025.

The following table summarizes the Company’s marketable securities, that are classified as available-for-sale, as of June 30, 2026 and December 31, 2025 (in thousands):


	As of June 30, 2026
	Amortized Cost		Unrealized Gains		Unrealized Losses			Aggregate Fair Value
Short-term investments:
U.S. treasury bills	$	82,280	$	—	$	(34	)	$	82,246
U.S. government bonds		33,023		—		(11	)		33,012
Corporate bonds		98,421		—		(89	)		98,332
Long-term investments:
U.S. government agency bonds	$	9,913	$	—	$	(17	)	$	9,896
Corporate bonds		53,285		—		(84	)		53,201
Total investments	$	276,922	$	—	$	(235	)	$	276,687


	As of December 31, 2025
	Amortized Cost		Unrealized Gains		Unrealized Losses		Aggregate Fair Value
Short-term investments:
U.S. treasury bills	$	94,045	$	63	$	—	$	94,108
U.S. government agency bonds		43,927		—		—		43,927
Corporate bonds		88,461		—		—		88,461
Total investments	$	226,433	$	63	$	—	$	226,496

The fair values of available-for-sale securities by contractual maturity were as follows (in thousands):


	June 30,		December 31,
	2026		2025
Due in 1 year or less	$	213,590	$	226,496
Due in 1 to 2 years		63,097		—
Total	$	276,687	$	226,496

As of June 30, 2026, no significant facts or circumstances were present to indicate a deterioration in the creditworthiness of the issuers of the marketable securities, and the Company has no requirement or intention to sell these securities before maturity or recovery of their amortized cost basis. The Company considered the current and expected future

economic and market conditions and determined that its investments were not significantly impacted. For the three and six months ended June 30, 2026 and 2025 the Company did not recognize any impairment losses on its investments.

Series A Preferred Stock Tranche Obligations

In June 2024, the Company entered into a Series A Preferred Stock purchase agreement (Note 9, “Redeemable Convertible Preferred Stock”). The preferred stock tranche asset and liability represented the fair value of the Company’s obligations to issue Series A Preferred Stock in two subsequent closings upon satisfaction of certain conditions. These instruments were measured at fair value on a recurring basis and were classified within Level 3 of the fair value hierarchy as the valuation incorporates significant unobservable inputs.

The fair value was determined using a probability-weighted expected return method as it represents a contingent commitment for the additional shares. The valuation reflected market-participant assumptions, and considered, among other inputs, the estimated fair value per share of the Series A Preferred Stock as of each measurement date, probability of meeting certain milestone events, the expected time until certain milestone events would be met, and the discount rate.

The most significant unobservable inputs were the estimated fair value of the Company’s Series A Preferred Stock and the probability and expected timing of achieving certain milestone events as of the measurement dates. The Company determined the fair value per share of the underlying Series A Preferred Stock by taking into consideration the most recent sales of its Series A Preferred Stock, results obtained from third-party valuations and additional factors the Company deemed relevant. Changes in these inputs can materially affect the fair value of the preferred stock tranche obligations.


	June 30, 2025
	Second Tranche			Third Tranche
Probability of achieving milestone		90	%		100	%
Risk free rate		4.45	%	N/a
Term until milestone is achieved (years)		0.3		N/a

Fair value of Series A Preferred Stock was $21.24 per share as of June 30, 2025.

The following table presents a summary of the changes in the fair value of the Series A Preferred Stock tranche obligations, asset/(liability) for the six months ended June 30, 2025 (in thousands):


	Second Tranche			Third Tranche
Balance as of December 31, 2024	$	(7,284	)	$	1,662
Change in fair value		(3,912	)		—
Settlement of preferred stock tranche obligation		—			(1,662	)
Balance as of June 30, 2025	$	(11,196	)	$	—

During the six months ended June 30, 2025, upon the closing of the Third Tranche, the related preferred stock tranche obligation was derecognized and the shares of preferred stock issued in connection with the settlement were recorded at the fair value as of settlement date. No change in fair value was recognized in the condensed consolidated statement of operations and comprehensive loss upon settlement of the Third Tranche obligation.

During the six months ended June 30, 2025, the Company remeasured the Second Tranche obligation, and the associated change in fair value of preferred stock tranche obligation of $3.9 million was recognized in the condensed consolidated statement of operations and comprehensive loss.

Both the Second and Third Tranches of the Series A Preferred Stock were closed during the year ended December 31, 2025, and accordingly, no change in fair value was recorded for the six months ended June 30, 2026.

Prolaio Contingent Milestone Liabilities

On February 24, 2025, the Company acquired Prolaio, Inc., and, as part of the consideration transferred in the acquisition, recognized a contingent consideration liability. The liability represented the estimated fair value of future milestone payments of up to $200.0 million payable to Prolaio's former stockholders upon the achievement of specified post-closing operational, financial and regulatory milestones. On May 1, 2026, the Company entered into an amendment to the Agreement and Plan of Merger with Prolaio's former stockholders to amend the applicable milestone provisions, which replaced the original milestones with new milestones tied to the Company's achievement of specified valuation thresholds through May 2032, while keeping the aggregate maximum milestone payments unchanged at $200.0 million (Note 5, "Acquisitions and Licensing Agreements").

The following table presents a summary of the changes in the fair value of the Prolaio contingent milestone liabilities (in thousands):


	Amount
Balance as of December 31, 2024	$	—
Initial recognition upon acquisition		4,585
Change in fair value		—
Balance as of June 30, 2025	$	4,585

	Amount
Balance as of December 31, 2025	$	3,817
Change in fair value		43,529
Balance as of June 30, 2026	$	47,346

The Company utilizes significant estimates and assumptions it believes would be made by a market participant in determining the estimated fair value of contingent milestone liabilities at each balance sheet date.

Prior to the amendment, the fair value of the Prolaio contingent consideration was determined by calculating the probability-weighted estimated value of the specified milestone payments, based on the assessment of the likelihood and estimated timing that the milestones would be achieved and the applicable discount rates. The discount rate captured the credit risk associated with the payment of the contingent consideration when earned and due.

As of the amendment date and subsequently, the fair value of the Prolaio contingent milestone liabilities was determined based on the Monte Carlo valuation method, reflecting the shift to valuation-based milestones tied to the Company's market valuation thresholds through May 2032.

The fair value of the Prolaio contingent milestone liabilities as of the respective dates were calculated using the following unobservable inputs:


	December 31, 2025						June 30, 2025
	Range			Weighted Average			Range	Weighted Average
Discount rates		14.99	%		14.99	%	9.90%-10.19%		10.14	%
Probability of milestone achievement	0.3%-4.9%				1.98	%	0.3%-4.9%		1.98	%


	June 30, 2026			May 1, 2026
Expiration date	5/1/2032			5/1/2032
Starting stock price	$	23.85		$	21.37
Risk-free rate		4.15	%		4.30	%
Cost of debt rate		19.00	%		14.40	%
Volatility		95	%		95	%

The estimated fair value of contingent milestone liabilities may change significantly as development progresses and additional data is obtained, impacting the assumptions regarding probabilities of successful achievement of the Company's valuation thresholds used to estimate the fair value of the liability and the timing in which they are expected to be achieved. In evaluating the fair value assumptions, judgment is required to interpret the market data used to develop the estimates. Accordingly, the use of different market assumptions, inputs and/or different valuation techniques could result in materially different fair value estimates.

PhysIQ Contingent Consideration (Assumed Liability)

The Company utilized significant estimates and assumptions it believes would be made by a market participant in determining the estimated fair value of the contingent consideration liability. The fair value of the PhysIQ contingent consideration, as of the acquisition date, was determined by calculating the probability-weighted estimated value of the specified milestone payments, based on the assessment of the likelihood and estimated timing that the milestones would be achieved and the applicable discount rates. The discount rate captures the credit risk associated with the payment of the contingent consideration when earned and due.

The fair value of the PhysIQ contingent consideration as of the acquisition date was $3.3 million and was calculated using the following unobservable inputs:


	February 24, 2025
	Range	Weighted Average
Discount rates	9.90%-10.15%		10.10	%
Probability of milestone achievement	10.0%-80.0%		20.63	%

The weighted-average unobservable inputs were calculated based on the relative value of the specified milestones. The estimated fair value of contingent consideration liabilities may change significantly as development progresses and additional data is obtained, impacting the assumptions regarding probabilities of successful achievement of the milestones used to estimate the fair value of the liability and the timing in which they are expected to be achieved. In evaluating the fair value assumptions, judgment is required to interpret the market data used to develop the estimates. Accordingly, the use of different market assumptions, inputs and/or different valuation techniques could result in materially different fair value estimates. Following the initial recognition at the acquisition date, the acquired contingency is not subsequently measured at fair value. Refer to Note 5, “Acquisitions and Licensing Agreements” for further details on the change in the carrying value of the PhyslQ contingent consideration.

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.

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Intangible Asset, Goodwill and Other [Abstract]

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net loss	$ (172,307)	$ (75,464)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	17,053	7,229
Integration bonus expense	0	14,360
Depreciation and amortization expense	3,221	1,527
Amortization of premiums and accretion of discounts on investments	(1,848)	0
Change in fair value of preferred stock tranche obligations	(0)	3,912
Change in fair value of contingent milestone liabilities	43,529	0
Acquired intellectual property rights	1,400	0
Bargain purchase gain	0	(5,232)
Deferred income tax benefit	0	(4,167)
Amortization of right-of-use assets	1,078	709
Other non-cash charges	(2,570)	0
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(1,348)	(3,710)
Other non-current assets	814	(797)
Accounts payable	3,776	796
Accrued expenses and other current liabilities	920	7,620
Operating lease liabilities	(1,045)	442
Net cash used in operating activities	(107,327)	(52,775)
Cash flows from investing activities
Proceeds from maturities of investments	185,226	0
Purchases of investments	(235,218)	0
Purchases of property and equipment	(2,090)	(2,561)
Purchases of intangible assets	0	(41)
Capitalized software development costs	(2,810)	0
Acquisition of Prolaio, net of cash acquired	0	(3,961)
Net cash used in investing activities	(54,892)	(6,563)
Cash flows from financing activities
Proceeds from issuance of preferred stock, net of issuance cost	9,997	100,000
Proceeds from issuance of common stock upon IPO, net of underwriting discounts and commissions	427,800	0
Payments of offering costs	(1,795)	0
Proceeds from exercise of stock options	1,233	184
Net cash provided by financing activities	437,235	100,184
Net increase in cash, cash equivalents and restricted cash	275,016	40,846
Cash, cash equivalents and restricted cash at beginning of period	109,529	49,815
Cash, cash equivalents and restricted cash at end of period	384,545	90,661
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	384,005	90,121
Restricted cash	540	540
Total cash, cash equivalents and restricted cash	384,545	90,661
Supplemental disclosure of non-cash financing and investing activities
Right-of-use asset obtained in exchange for lease obligation	560	278
Purchases of property and equipment included in accounts payable and accrued expenses	272	704
Conversion of redeemable convertible preferred stock to common stock upon IPO	597,547
IPO offering costs included in accounts payable and accrued expenses	3,583	0
Issuance of preferred stock as consideration for intellectual property rights	(1,400)	0
Settlement of preferred stock tranche obligations	0	(1,662)
Vesting of early-exercised stock options and restricted common stock	$ 268	$ 120

Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders Deficit (Unaudited) (Parenthetical) $ in Thousands	3 Months Ended
	Jun. 30, 2026 USD ($)
Common Stock
Payments of stock, net of issuance costs	$ 5,400

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Redeemable convertible preferred stock, par value	$ 0.00001	$ 0.00001
Redeemable convertible preferred stock, shares authorized	0	29,519,423
Redeemable convertible preferred stock, shares issued	0	29,519,423
Redeemable convertible preferred stock, shares outstanding	0	29,519,423
Redeemable convertible preferred stock, aggregate liquidation preference	$ 0	$ 597,168
Preferred stock, par value	$ 0.00001	$ 0.00001
Preferred stock, shares authorized	10,000,000	0
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.00001	$ 0.00001
Common stock, shares authorized	700,000,000	53,365,000
Common stock, shares issued	93,467,940	16,351,102
Common stock, shares outstanding	93,467,940	16,351,102

Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2026

Summary of Intangible Assets, Net

The following table summarizes the intangible assets, net (in thousands):


	June 30, 2026							December 31, 2025
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Finite-lived intangible assets:
Developed technology	$	29,829	$	(5,049	)	$	24,780		25,400		(3,024	)		22,376
Other		2,215		(577	)		1,638		1,165		(316	)		849
Total finite-lived intangible assets		32,044		(5,626	)		26,418		26,565		(3,340	)		23,225
Total intangible assets	$	32,044	$	(5,626	)	$	26,418	$	26,565	$	(3,340	)	$	23,225

Summary of Estimated Future Amortization Expense Associated with Finite-lived Intangible Assets

The following table summarizes the estimated future amortization expense associated with the finite-lived intangible assets as of June 30, 2026 (in thousands):


	Amount
2026 (six months remaining)	$	2,237
2027		4,473
2028		4,157
2029		3,953
2030		3,953
Thereafter		4,834
Total estimated future amortization expense	$	23,607

Balance Sheet Components (Tables)

6 Months Ended

Jun. 30, 2026

Balance Sheet Related Disclosures [Abstract]

Schedule of Property and Equipment, Net

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


	June 30,			December 31,
	2026			2025
Laboratory equipment		6,275		$	5,251
Computer equipment		946			798
Furniture & fixtures		570			507
Leasehold improvements		649			396
Office equipment		243			184
Construction in progress		833			370
Property and equipment, gross	$	9,516		$	7,506
Less: accumulated depreciation		(1,948	)		(1,013	)
Property and equipment, net	$	7,568		$	6,493

Schedule of Accrued Liabilities

Accrued liabilities consisted of the following (in thousands):


	June 30,		December 31,
	2026		2025
Accrued clinical trial expenses		12,995	$	9,154
Accrued personnel and related expenses		8,197		9,128
Accrued manufacturing expenses		917		2,355
Other		4,058		3,266
Total accrued expenses and other current liabilities	$	26,167	$	23,903

Stockholders' Equity

6 Months Ended

Jun. 30, 2026

Stockholders' Equity

10. Stockholders' Equity

Common Stock

As of June 30, 2026, the Company’s certificate of incorporation, as amended and restated on June 22, 2026, authorized the Company to issue 700,000,000 shares of common stock, $0.00001 par value, with 500,000,000 of such shares designated as voting common stock and 200,000,000 of such shares designated as non-voting common stock. As of June 30, 2026, 93,467,940 shares of voting common stock and no shares of non-voting common stock were issued and outstanding. The voting, dividend and liquidation rights of the holders of the Company’s common stock may be subject to and qualified by the rights, powers and preferences of the holders of the Company’s preferred stock, if issued. Each share of voting common stock is entitled to one vote on all matters submitted to stockholders, except that, pursuant to the Company’s certificate of incorporation, holders of common stock are not entitled to vote on amendments to the certificate that relate solely to the terms of the outstanding preferred stock if the holders of such preferred stock are entitled to vote separately on those amendments. Each holder of non-voting common stock shall be treated equally to that of the voting common stock except that the holders thereof shall have no right to vote for the election of directors or on any other matters requiring stockholder action, except as required by law. Each holder of non-voting common stock shall also be entitled to convert such stock to voting common stock, at a 1-to-1 ratio, provided such holder's beneficial ownership, as defined under Section 13(d) of the Exchange Act, does not exceed 9.99% of the shares then outstanding.

Prior to the June 22, 2026 amendment, the Company's certificate of incorporation, as amended and restated, authorized the Company to issue 55,133,053 shares of common stock, $0.00001 par value. The voting, dividend and liquidation rights of the holders of the Company’s common stock were subject to and qualified by the rights, powers and preferences of the holders of the Company’s preferred stock set forth above. Each share of common stock was entitled to one vote on all matters submitted to stockholders, except that, pursuant to the Company’s certificate of incorporation, holders of common stock are not entitled to vote on amendments to the certificate that relate solely to the terms of the outstanding preferred stock if the holders of such preferred stock are entitled to vote separately on those amendments.

The holders of common stock are entitled to receive dividends, if any, as declared by the Company’s board of directors, subject to the preferential dividend rights of the preferred stock. As of June 30, 2026, and December 31, 2025 no dividends have been declared or paid.

Preferred Stock

As of June 30, 2026, the Company’s certificate of incorporation, as amended and restated on June 22, 2026, authorized the Company to issue 10,000,000 shares of undesignated preferred stock, $0.00001 par value. No shares of preferred stock have been issued and no shares were outstanding as of June 30, 2026.

Warrants

In connection with the issuance of Series B Preferred Stock, the Company issued warrants to purchase up to 1,752,080 shares of Company’s common stock (the “Warrants”) with an exercise price of $13.41 per share, exercisable, in whole or in part, only upon the first date the Company achieves a valuation of $5.0 billion and until the tenth anniversary of the issuance date (September 4, 2035). The warrants, which were classified as equity, were initially recorded at fair value and do not require subsequent remeasurement.

The warrants were granted only to a select group of investors that led the Series B Preferred Stock financing round as an economic incentive for their role. The fair value of the warrants, totaling $7.4 million, was recognized as a warrant issuance expense within the condensed consolidated statement of operations and comprehensive loss in the period of issuance.

The fair value of the warrants was measured using the Monte Carlo pricing model. Significant inputs into the model as of September 4, 2025 were as follows:


	September 4, 2025
Exercise price	$	13.41
Expected liquidity event date	June 6, 2027
Warrant expiration date	September 4, 2035
Common stock IPO threshold price	$	13.41
Interest rate (annual)		4.17	%

As of June 30, 2026, no warrants were exercised and all remain outstanding.

The entire disclosure for equity.

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