0001193125-26-116164 | 10-K | XBRL Viewer | Eledon Pharmaceuticals INC

Basis of Presentation and Principles of Consolidation

The consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). Eledon, a Delaware corporation, owns 100% of the issued and outstanding common stock or other ownership interest in Anelixis Therapeutics, LLC, a Delaware limited liability company, and Otic Pharma, Ltd., a private limited company organized under the laws of the State of Israel (“Otic”). Otic owns 100% of the issued and outstanding common stock or other ownership interest in its U.S. subsidiary, Otic Pharma, Inc. The functional currency of the Company’s foreign subsidiary is the U.S. Dollar; however, certain expenses, assets and liabilities are transacted at the local currency. These transactions are translated from the local currency into U.S. Dollars at exchange rates during or at the end of the reporting period. The activities of the Company’s foreign subsidiary are not significant to the consolidated financial statements. All significant intercompany accounts and transactions among the entities have been eliminated in consolidation.

Reclassifications

Certain reclassifications have been made to the prior year balances in Note 5. Prepaid Expenses and Other Current Assets and Note 6. Accrued Expenses and Other Liabilities to conform to the current year presentation. These reclassifications had no impact on prior period results.

Use of Estimates

The preparation of the Company’s consolidated financial statements in conformity with GAAP requires management to make informed estimates and assumptions that affect the reported amounts of assets, liabilities and expenses and the disclosure of contingent assets and liabilities in the Company’s consolidated financial statements and accompanying notes. The most significant estimates in the Company’s consolidated financial statements relate to stock-based compensation expense, warrant liabilities, the fair value of right-of-use (“ROU”) assets and liabilities, accruals for liabilities, impairment of long-lived assets, and other matters that affect the consolidated financial statements and related disclosures. Management bases its estimates on historical experience and on various other market-specific and relevant assumptions that management believes to be reasonable under the circumstances. Actual results could differ materially from those estimates under different assumptions or conditions and the differences may be material to the consolidated financial statements.

Concentration of Credit Risk

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

Cash and Cash Equivalents

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

Risks and Liquidity

Since inception, the Company devoted substantially all of its resources to its research and development efforts, pre-clinical studies and clinical trials, establishing and maintaining its intellectual property portfolio, hiring personnel, raising capital, and providing general and administrative support for these operations. The Company has experienced recurring net losses and negative cash flows from operating activities since its inception. The Company’s net loss for the year ended December 31, 2025 is $45.6 million. As of December 31, 2025, the Company had cash and cash equivalents and short-term investments of $133.3 million, working capital of $117.3 million and an accumulated deficit of $401.2 million. Due to continuing research and development activities, the Company expects to continue to incur net losses into the foreseeable future. In order to continue these activities, the Company will need to raise additional funds through public or private debt and equity financings including the possible issuance of shares of common stock pursuant to the Company’s “at-the-market” equity offering program, and may need to pursue strategic collaboration and licensing arrangements. The Company’s ability to raise additional capital in the equity and debt markets is dependent on a number of factors, including, but not limited to, the market demand for the Company’s common stock, which itself is subject to a number of development and business risks and uncertainties, as well as the uncertainty that the Company would be able to raise such additional capital at a price or on terms that are favorable to the Company. If the Company issues equity or convertible debt securities to raise additional funding, its existing stockholders may experience dilution, it may incur significant financing costs, and the new equity or convertible debt securities may have rights, preferences and privileges senior to those of its existing stockholders. If the Company issues debt securities to raise additional funding, it would incur additional debt service obligations, it could become subject to additional restrictions limiting its ability to operate its business, and it may be required to further encumber its assets.

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

Reportable Segments

Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources and in assessing performance. The Company operates as one operating and one reportable segment, focused on the development of tegoprubart, to develop therapies to protect transplanted organs and prevent rejection, and to treat ALS. The Company’s measure of segment profit or loss is net loss. The CODM is the chief executive officer. The CODM manages and allocates resources to the operations of the Company on a total company basis. Managing and allocating resources on a consolidated basis enables the CODM to assess the overall level of resources available and how to best deploy these resources across functions, therapeutic areas and research and development projects that are in line with the Company’s long-term company wide strategic goals. Consistent with this decision-making process, the CODM uses consolidated net income for purposes of evaluating performance, forecasting future period financial results, allocating resources and setting incentive targets. Operating expenses are used to monitor budget versus actual results. The measure of segment assets is reported on the balance sheet as total consolidated assets.

The following table is representative of the significant expense categories regularly provided to the CODM when managing the Company’s single reporting segment. A reconciliation to the consolidated net loss for the years ended December 31, 2025 and 2024 is included at the bottom of the table below (in thousands):


	Year Ended December 31,
	2025			2024

Operating expenses:
Tegoprubart - kidney transplantation programs	$	35,994		$	27,452
Tegoprubart - other development programs	$	(168	)		306
Manufacturing	$	14,974			12,448
Personnel-related expenses	$	14,526			10,706
Stock-based compensation	$	10,451			13,122
Other segment items*	$	7,474			6,543
Other income, net	$	4,220			3,924
Change in fair value of warrant liabilities	$	33,449			30,900
Provision for income taxes	$	(35	)		(431	)
Net loss	$	(45,617	)	$	(36,184	)

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

In-Process Research and Development

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

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

Research and Development Expenses

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

The Company contracts with third parties to perform various clinical trial activities in the on-going development of potential products. The financial terms of these agreements are subject to negotiation, vary from contract to contract and may result in uneven payment flows to its vendors. Payments under the contracts depend on factors such as the achievement of certain events, successful enrollment of patients, and completion of portions of the clinical trial or similar conditions. The Company’s accrual for clinical trials is based on estimates of the services received and efforts expended pursuant to contracts with clinical trial centers and clinical research organizations. These contracts may be terminated by the Company upon written notice and the Company is generally only liable for actual effort expended by the organizations to the date of termination, although in certain instances the Company may be further responsible for termination fees and penalties. The

Company estimates its research and development expenses and the related accrual as of each balance sheet date based on the facts and circumstances known to the Company at that time.

Net Loss Per Share

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

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

For purposes of the diluted net loss per share calculation, incentive stock options, restricted stock units and warrants are considered to be potentially dilutive securities and are excluded from the calculation of diluted net loss per share because their effect would be anti-dilutive. Therefore, basic and diluted net loss per share was the same for the periods presented due to the Company’s net loss position. Basic weighted average shares outstanding for the years ended December 31, 2025 and 2024 include 36,629,572 and 12,443,755 respectively, shares underlying pre-funded warrants to purchase common shares. As the shares underlying these pre-funded warrants can be issued for little consideration (an exercise price per share equal to $0.001 per share), these shares are deemed to be issued for purposes of basic earnings per share.

Employee Benefit Plan

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

The Company recognized expense related to employer contributions to the plan of $0.5 million and $0.3 million for the years ended December 31, 2025 and 2024, respectively.

Stock-Based Compensation

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

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

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

Income Taxes

Significant judgment is required in determining the Company’s provision for income taxes, deferred tax assets and liabilities and the valuation allowance recorded against net deferred tax assets. We assess the likelihood that deferred tax assets will be recovered as deductions from future taxable income. The evaluation of the need for a valuation allowance is performed on a jurisdiction-by-jurisdiction basis and includes a review of all available positive and negative evidence. Factors reviewed include projections of pre-tax book income for the foreseeable future, determination of cumulative pre-tax book income after permanent differences, earnings history, and reliability of forecasting. We have provided a valuation allowance on our deferred tax assets as of December 31, 2025 and 2024 because we believe it is more likely than not that a majority of our deferred tax assets will not be realized as of this date.

The Company evaluates the accounting for uncertainty in income tax recognized in its consolidated financial statements and determines whether it is more likely than not that a tax position will be sustained upon examination by the appropriate taxing authorities before any part of the benefit is recorded in its consolidated financial statements. For those tax positions where it is “not more likely than not” that a tax benefit will be sustained, no tax benefit is recognized. Where applicable, associated interest and penalties are also recorded. The Company has not accrued any liabilities for any such uncertain tax positions as of December 31, 2025 and 2024. The Company is subject to U.S. federal and state tax authority examinations for all the years since inception due to net operating loss and tax credit carryforwards. The net operating losses and tax credits are subject to adjustment until the statute closes on the year the attributes are ultimately utilized.

The Company’s income tax returns are based on calculations and assumptions that are subject to examination by the Internal Revenue Service and other tax authorities. In addition, the calculation of the Company’s tax liabilities involves dealing with uncertainties in the application of complex tax regulations. The Company recognizes liabilities for uncertain tax positions based on a two-step process. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon settlement. While the Company believes it has appropriate support for the positions taken on its tax returns, the Company regularly assesses the potential outcomes of examinations by tax authorities in determining the adequacy of its provision for income taxes. The Company continually assesses the likelihood and amount of potential revisions and adjusts the income tax provision, income taxes payable and deferred taxes in the period in which the facts that give rise to a revision become known. For additional information, see Note 8. Income Taxes of the Notes to Financial Statements.

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted into law. The OBBBA makes permanent key elements of the Tax Cuts and Jobs Act 2017, including 100% bonus depreciation and immediate expensing of domestic research and development costs, among other tax changes. The Company had no impact on its consolidated financial statements as a result of the enactment of OBBBA.

Common Stock Warrants and Pre-Funded Warrants

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

Recent Accounting Pronouncements Issued But Not Adopted

Recent Adopted Accounting Pronouncements

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This update requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. ASU 2023-09 is effective for public entities with annual periods beginning after December 15, 2024, with early adoption permitted. The Company adopted ASU 2023-09, effective December 31, 2025, in these consolidated financial statements. ASU 2023-09 only impacted the disclosures and did not impact the consolidated financial statements. See Note 8, Income Taxes, for disclosures related to the adoption of ASU 2023-09.

Recent Accounting Pronouncements Issued But Not Adopted

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

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

Stock-Based Compensation

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Note 10. Stock-Based Compensation

Stock Option Plans

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

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

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

On July 10, 2024, the Company held its 2024 Annual Meeting of Stockholders (the “2024 Annual Meeting”). At the 2024 Annual Meeting, the Company’s stockholders approved an amendment to the Company's 2020 Long Term Incentive Plan (the “2020 Plan”). The 2020 Plan, as amended, (i) reflects an increase in the limit on the aggregate number of shares of the Company’s common stock that may be delivered pursuant to all awards granted under the 2020 Incentive Plan by an additional 3,500,000 shares so that the new aggregate share limit under the 2020 Plan is 17,960,000 shares, and (ii) extends the date through which the Company may grant new awards under the 2020 Plan from November 15, 2030 to April 28, 2034.

On May 1, 2023, the Company issued stock option awards to its employees with both time-based and performance-based vesting requirements, totaling 7,381,857 stock options, with 1,476,372 of the granted stock options subject to the Company’s customary time-based vesting schedule. The remaining 5,905,485 stock options granted are subject to both customary time-based vesting requirements and performance-based vesting requirements that are based on the same clinical development milestones applicable to the Second Closing and Third Closing of the 2023 Private Placement as specified in the 2023 Securities Purchase Agreement.

In December 2023, the Company amended the performance-based vesting requirements with its named executive officers and other employees that upon the Second Closing and Third Closing, a full or prorated amount of each closing installment shall vest based on the percentage of funding received relative to the total funding opportunity represented by the investors’ Second Closing and Third Closing subscription amounts. On June 13, 2024 and November 20, 2024, the performance-based vesting requirement based on the milestones applicable to the Second Closing and Third Closing were satisfied, and 5,763,085 stock options were issued.

The Company's 2014 Stock Incentive Plan (the “2014 Plan”) was closed to new grants following the approval of the 2020 Plan, and therefore, there were no shares reserved for issuance under the 2014 Plan as of December 31, 2025. The number of shares reserved for issuance under the 2020 Plan and the Company's Employee Stock Purchase Plan was 3,961,166 and 24,077 shares, respectively, as of December 31, 2025.

The following table summarizes all option activity under the 2014 Plan, 2020 Plan and inducement grants, including 2,713,083 shares forfeited by certain Company's executive officers and directors on December 30, 2025:


	Shares Issuable Under Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term		Aggregate Intrinsic Value (in thousands)
						(In years)
Outstanding as of January 1, 2024		15,381,853		$	4.21		8.9	$	235
Granted		622,000			2.22
Exercised		(50,000	)		2.30
Forfeited / Canceled		(316,465	)		7.29
Outstanding as of December 31, 2024		15,637,388		$	4.02		7.5	$	20,628
Granted		2,495,025			4.01
Exercised		(100,437	)		2.30
Forfeited / Canceled		(2,804,477	)		8.66
Outstanding as of December 31, 2025		15,227,499		$	3.17		7.3	$	357

Options vested and expected to vest as of December 31, 2025		15,227,499		$	3.17		7.3	$	357
Options exercisable as of December 31, 2025		9,189,825		$	3.31		6.8	$	179

Intrinsic value is calculated as the difference between the exercise price of the underlying options and the fair value of the common stock for the options that had exercise prices that were lower than the fair value per share of the common stock on the date of exercise. The aggregate intrinsic value of options exercised during the year ended December 31, 2025 was $0.2 million.

The Company estimates the fair value of stock option awards on the grant date using the Black-Scholes option pricing model with the following weighted-average assumptions:


	Year Ended December 31,
	2025	2024

Expected stock price volatility	97.8%	101.3%
Risk-free interest rate	4.5%	4.2%
Expected term (in years)	6.0	6.9
Estimated dividend yield	—%	—%

The per share weighted average grant date fair value of stock options granted during the years ended December 31, 2025 and 2024 was $3.25 and $1.93, respectively.

Restricted Stock Units

The following table shows the RSU activity, as follows:


	Shares Issuable Under RSUs			Weighted Average Grant Date Fair Value

Outstanding as of January 1, 2024		—		$	—
Granted		46,000			1.97
Exercised		—			—
Forfeited / Canceled		—			—
Outstanding as of December 31, 2024		46,000		$	1.97
Granted		336,225			4.04
RSUs Vested		(46,000	)		1.97
Forfeited / Canceled		—			—
Outstanding as of December 31, 2025		336,225		$	4.04

Stock-based Compensation Expense

Total compensation expense related to all of the Company’s stock-based awards for the years ended December 31, 2025 and 2024 was comprised of the following (in thousands):


	Year Ended December 31,
	2025		2024
Stock-based compensation classified as:
Research and development expense	$	4,241	$	4,277
General and administrative expense		6,210		8,845
Total stock-based compensation expense	$	10,451	$	13,122

As of December 31, 2025, total unrecognized stock-based compensation expense related to non-vested equity awards was $13.8 million, which is expected to be recognized over an estimated weighted-average period of 2.1 years.

Income Taxes - Summary of Loss Before Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Losses before income taxes:
U.S.	$ (45,781)	$ (35,951)
Non-U.S.	199	198
Loss before income taxes	$ (45,582)	$ (35,753)

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 15: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 16: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

Fair Value Measurements - Summary of Warrant Liabilities Measured at Fair value on a Recurring Basis (Detail) - Fair Value, Recurring [Member] - Warrant Liabilities [Member] - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities measured at fair value	$ 11,416	$ 44,865
Fair Value, Inputs, Level 3 [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities measured at fair value	$ 11,416	$ 44,865

Net Loss Per Share - Additional Information (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Weighted-average common shares outstanding, basic	81,836,246	48,543,787
Pre-funded Warrants [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Weighted-average common shares outstanding, basic	36,629,572	12,443,755
Warrants exercise price	$ 0.001

Income Taxes - Summary of Income Taxes Paid, Net of Refunds (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)
Income Tax Paid, by Individual Jurisdiction [Line Items]
Total income taxes paid	$ 28
U.S. Federal [Member]
Income Tax Paid, by Individual Jurisdiction [Line Items]
Total income taxes paid	0
Massachusetts [Member]
Income Tax Paid, by Individual Jurisdiction [Line Items]
Total income taxes paid	26
Other [Member]
Income Tax Paid, by Individual Jurisdiction [Line Items]
Total income taxes paid	$ 2

Consolidated Statements of Convertible Stock and Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Other Comprehensive Income [Member]	Accumulated Deficit [Member]	Series X1 Non-voting Convertible Preferred Stock [Member]	Series X Non-Voting Convertible Preferred Stock [Member]
Beginning Balance, Convertible Preferred Stock at Dec. 31, 2023						$ 53,543	$ 2,151
Beginning Balance, Convertible Preferred Stock, Shares at Dec. 31, 2023						110,086	4,422
Beginning Balance at Dec. 31, 2023	$ (48,486)	$ 24	$ 270,892		$ (319,402)
Beginning Balance, Shares at Dec. 31, 2023		24,213,130
Issuance of common stock and pre-funded warrants in connection with Securities Purchase Agreement, net of issuance costs, Value	48,064	$ 13	48,051
Issuance of common stock and pre-funded warrants in connection with Securities Purchase Agreement, net of issuance costs, Shares		13,110,484
Issuance of common stock with the completion of the Second Closing and Third Closing in connection with 2023 Securities Purchase Agreement, net of issuance costs, Value	6,155	$ 3	6,152
Issuance of common stock with the completion of the Second Closing and Third Closing in connection with 2023 Securities Purchase Agreement, net of issuance costs, Shares		2,636,488
Issuance of common stock in connection with exercise of pre-funded warrants, Value	1	$ 1
Issuance of common stock in connection with exercise of pre-funded warrants, Shares		1,423,000
Issuance of common stock and pre-funded warrants in connection with 2024 Underwritten Offering, net of issuance costs, value	79,533	$ 18	79,515
Issuance of common stock and pre-funded warrants in connection with 2024 Underwritten Offering, net of issuance costs, Shares		18,356,173
Stock option exercise, Value	$ 215	$ 1	214
Stock option exercise, Shares	50,000	50,000
Stock-based compensation	$ 13,122		13,122
Accumulated other comprehensive income (loss)	26			$ 26
Net Income (Loss)	(36,184)				(36,184)
Ending Balance, Convertible Preferred Stock at Dec. 31, 2024						$ 53,543	$ 2,151
Ending Balance, Convertible Preferred Stock, Shares at Dec. 31, 2024						110,086	4,422
Ending Balance at Dec. 31, 2024	62,446	$ 60	417,946	26	(355,586)
Ending Balance, Shares at Dec. 31, 2024		59,789,275
Issuance of common stock and pre-funded warrants in connection with Underwritten Offering, net of issuance costs	53,577	$ 19	53,558
Issuance of common stock and pre-funded warrants in connection with Underwritten Offering, net of issuance costs, Shares		19,698,085
Cancellation of common stock in exchange of common stock for pre-funded warrants		$ (4)	4
Cancellation of common stock in exchange of common stock for pre-funded warrants, Shares		(4,203,764)
Issuance of common stock in connection with vesting of restricted stock units		46,000
Stock option exercise, Value	$ 230		230
Stock option exercise, Shares	100,437	100,437
Stock-based compensation	$ 10,451		10,451
Accumulated other comprehensive income (loss)	(2)			(2)
Net Income (Loss)	(45,617)				(45,617)
Ending Balance, Convertible Preferred Stock at Dec. 31, 2025						$ 53,543	$ 2,151
Ending Balance, Convertible Preferred Stock, Shares at Dec. 31, 2025						110,086	4,422
Ending Balance at Dec. 31, 2025	$ 81,085	$ 75	$ 482,189	$ 24	$ (401,203)
Ending Balance, Shares at Dec. 31, 2025		75,430,033

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions					12 Months Ended
	Dec. 30, 2025	Nov. 20, 2024	Jul. 10, 2024	May 01, 2023	Dec. 31, 2025	Dec. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares forfeited					2,804,477	316,465
Stock options granted					2,495,025	622,000
Shares weighted average grant date fair value of stock options granted					$ 3.25	$ 1.93
Aggregate intrinsic value of options exercised					$ 0.2
Unrecognized stock-based compensation expense					$ 13.8
Unrecognized stock-based compensation expense, recognized over estimated weighted average period					2 years 1 month 6 days
Employee Stock Option [Member] \| Board of Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life assumption using simplified method, description					For stock options granted to the Company’s board of directors (the “Board”), the Company determined the expected life assumption using the simplified method as the starting point with an average period of 12 months added to take into account the extended range of time of 12 to 18 months that vested stock options granted to Board members may be exercised upon termination.
Executive Officer & Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares forfeited	2,713,083
Minimum [Member] \| Employee Stock Option [Member] \| Board of Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period of stock options granted					12 months
Maximum [Member] \| Employee Stock Option [Member] \| Board of Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period of stock options granted					18 months
Time Based Vesting Requirements [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted				1,476,372
Performance-based Vesting Requirements [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options issued		5,763,085
Time-based and Performance-based Vesting Requirements [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted				7,381,857
Stock options issued				5,905,485
2014 Stock Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, number of shares reserved for issuance					0
2020 Long Term Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, number of shares reserved for issuance					3,961,166
Increased number of shares			3,500,000
New aggregate share limit			17,960,000
2014 Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, number of shares reserved for issuance					24,077

Description of Business

12 Months Ended

Dec. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Description of Business

Note 1. Description of Business

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

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

Short-Term Investments (Tables)

12 Months Ended

Dec. 31, 2025

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

The following is a summary of short-term investments, which were classified as available-for-sale securities as of December 31, 2025 and 2024 (in thousands):


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


	December 31, 2024
	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
U.S. government securities	$	119,603	$	55	$	(29	)	$	119,629
Total short-term investments	$	119,603	$	55	$	(29	)	$	119,629

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

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Accrued Expenses and Other Liabilities

Accrued Expenses and Other Liabilities

12 Months Ended

Dec. 31, 2025

Payables and Accruals [Abstract]

Note 6. Accrued Expenses and Other Liabilities

Accrued expenses and other liabilities consisted of the following as of December 31, 2025 and 2024 (in thousands):


	Year Ended December 31,
	2025		2024
Accrued clinical	$	6,531	$	3,021
Accrued compensation and related expenses		4,176		1,601
Accrued manufacturing		2,525		621
Accrued professional services		495		140
Accrued other		632		47
Total accrued expenses and other liabilities	$	14,359	$	5,430

Preferred Stock and Stockholders' Equity - Schedule of Warrants to Purchase Common Stock Activity (Detail) - Common Stock Warrants [Member]	12 Months Ended
	Dec. 31, 2025 shares
Class Of Warrant Or Right [Line Items]
Beginning Balance	33,052,744
Issued	19,355,279
Cancelled/Expired	(626,933)
Ending Balance	51,781,090
Common Warrants [Member]
Class Of Warrant Or Right [Line Items]
Beginning Balance	15,778,451
Issued	0
Cancelled/Expired	(626,933)
Ending Balance	15,151,518
Pre-Funded Warrants [Member]
Class Of Warrant Or Right [Line Items]
Beginning Balance	17,274,293
Issued	19,355,279
Cancelled/Expired	0
Ending Balance	36,629,572

Accrued Expenses and Other Liabilities (Tables)

12 Months Ended

Dec. 31, 2025

Payables and Accruals [Abstract]

Schedule of Accrued Expenses and Other Liabilities

Accrued expenses and other liabilities consisted of the following as of December 31, 2025 and 2024 (in thousands):


	Year Ended December 31,
	2025		2024
Accrued clinical	$	6,531	$	3,021
Accrued compensation and related expenses		4,176		1,601
Accrued manufacturing		2,525		621
Accrued professional services		495		140
Accrued other		632		47
Total accrued expenses and other liabilities	$	14,359	$	5,430

Preferred Stock and Stockholders' Equity - Schedule of Assumptions Used in Black-Scholes Option Pricing Model to Determine Fair Value of Common Warrants (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	4.50%	4.20%
Expected stock price volatility	97.80%	101.30%
Expected term (in years)	6 years	6 years 10 months 24 days
Securities Purchase Agreement [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	3.60%	4.40%
Expected stock price volatility	110.50%	96.40%
Expected term (in years)	2 years 6 months	3 years 6 months
Share Price	$ 1.51	$ 4.14

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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Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

Summary of All Option Activity Under 2014 Plan, 2020 Plan and Inducement Grants


	Shares Issuable Under Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term		Aggregate Intrinsic Value (in thousands)
						(In years)
Outstanding as of January 1, 2024		15,381,853		$	4.21		8.9	$	235
Granted		622,000			2.22
Exercised		(50,000	)		2.30
Forfeited / Canceled		(316,465	)		7.29
Outstanding as of December 31, 2024		15,637,388		$	4.02		7.5	$	20,628
Granted		2,495,025			4.01
Exercised		(100,437	)		2.30
Forfeited / Canceled		(2,804,477	)		8.66
Outstanding as of December 31, 2025		15,227,499		$	3.17		7.3	$	357

Options vested and expected to vest as of December 31, 2025		15,227,499		$	3.17		7.3	$	357
Options exercisable as of December 31, 2025		9,189,825		$	3.31		6.8	$	179

Schedule of Assumptions Used in Black-Scholes Option Pricing Model to Determine the Fair Value of Stock Options Granted

The Company estimates the fair value of stock option awards on the grant date using the Black-Scholes option pricing model with the following weighted-average assumptions:


	Year Ended December 31,
	2025	2024

Expected stock price volatility	97.8%	101.3%
Risk-free interest rate	4.5%	4.2%
Expected term (in years)	6.0	6.9
Estimated dividend yield	—%	—%

Summary of RSU Activity

The following table shows the RSU activity, as follows:


	Shares Issuable Under RSUs			Weighted Average Grant Date Fair Value

Outstanding as of January 1, 2024		—		$	—
Granted		46,000			1.97
Exercised		—			—
Forfeited / Canceled		—			—
Outstanding as of December 31, 2024		46,000		$	1.97
Granted		336,225			4.04
RSUs Vested		(46,000	)		1.97
Forfeited / Canceled		—			—
Outstanding as of December 31, 2025		336,225		$	4.04

Schedule of Stock-Based Compensation Expense Related to Stock-Based Awards

Total compensation expense related to all of the Company’s stock-based awards for the years ended December 31, 2025 and 2024 was comprised of the following (in thousands):


	Year Ended December 31,
	2025		2024
Stock-based compensation classified as:
Research and development expense	$	4,241	$	4,277
General and administrative expense		6,210		8,845
Total stock-based compensation expense	$	10,451	$	13,122

Income Taxes - Summary of Provision for Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Current:
State	$ 30
Total current income tax provision	30
Deferred:
State	5	$ 431
Total deferred income tax provision	5	431
Total provision for income taxes	$ 35	$ 431

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

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Net Loss Per Share - Summary of Potentially Dilutive Securities Outstanding Based on Market Price of Common Stock that were Excluded from the Computation of Diluted Net Loss Per Share (Detail) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	1,333,225	24,575,540
Stock Options Outstanding and Other Equity Awards [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	1,333,225	6,007,789
Common Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	0	18,567,751

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Pay vs Performance Disclosure
Net Income (Loss)	$ (45,617)	$ (36,184)

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

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Schedule of Segment Reporting

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]


	Year Ended December 31,
	2025			2024

Operating expenses:
Tegoprubart - kidney transplantation programs	$	35,994		$	27,452
Tegoprubart - other development programs	$	(168	)		306
Manufacturing	$	14,974			12,448
Personnel-related expenses	$	14,526			10,706
Stock-based compensation	$	10,451			13,122
Other segment items*	$	7,474			6,543
Other income, net	$	4,220			3,924
Change in fair value of warrant liabilities	$	33,449			30,900
Provision for income taxes	$	(35	)		(431	)
Net loss	$	(45,617	)	$	(36,184	)

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

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Components of Lease Expense

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


	Year Ended December 31,
	2025		2024
Operating lease cost(a)	$	394	$	407
(a) Includes variable operating lease expenses, which are immaterial.

Schedule of Other Supplemental Cash Flow Information Related to Leases

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


	Year Ended December 31,
	2025		2024

Cash paid for amounts included in the measurement of lease liability:
Operating cash flows from operating leases	$	391	$	378

Schedule of Other Supplemental Balance Sheet Information Related to Operating Leases

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


	Year Ended December 31,
	2025			2024

Operating leases
Operating lease right-of-use assets	$	613		$	926

Operating lease liabilities (current)		(358	)		(314	)
Operating lease liabilities (non-current)		(283	)		(640	)
Total lease obligations under operating leases	$	(641	)	$	(954	)

Weighted-average remaining lease term (in years)		1.7			2.7
Weighted-average discount rate		9.44	%		9.46	%

Schedule of Future Minimum Payments Under Noncancelable Operating Leases

As of December 31, 2025, future minimum payments under non-cancelable operating leases, were as follows (in thousands):


	Year Ended December 31,
	2025
2026	$	403
2027		294
Total minimum lease payments		697
Less imputed interest		(56	)
Present value of lease liabilities		641
Less current portion of operating lease liabilities		(358	)
Non-current operating lease liabilities	$	283

Income Taxes - Reconciliation of U.S. Federal Statutory Income Tax Rate (Detail) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Reconciliation of Statutory Income Tax Rate to Effective Income Tax Rate Amount :

Expected benefit at statutory federal income tax rate

$ (9,572)

$ (7,508)

State income taxes, net of federal tax benefits

^[1]

$ 35

State income taxes, net of federal tax benefits

(908)

Effective Income Tax Rate Reconciliation, State and Local Jurisdiction, Contribution Greater than 50 Percent, Tax Effect [Extensible Enumeration]

MASSACHUSETTS

Tax credits:

Research and development credits

$ (3,512)

Nontaxable and nondeductible items:

Stock-based compensation

3,574

2,819

Other permanent items

Permanent items

Change in fair value of warrant liabilities

(7,024)

(7,273)

Changes in unrecongnized tax benefits

1,756

Other

Change in valuation allowance

14,747

15,137

Tax credits

(2,358)

State rate differential

490

Net operating loss true-up

(4)

Total provision for income taxes

$ 35

$ 431

Reconciliation of Statutory Income Tax Rate to Effective Income Tax Rate Percent :

Expected benefit at stautory federal income tax rate

21.00%

State income taxes, net of federal tax benefits

^[1]

(0.08%)

Tax credits:

Research and development credits

7.70%

Nontaxable and nondeductible items:

Stock-based compensation

(7.84%)

Other permanent items

(0.04%)

Change in fair value of warrant liabilities

15.41%

Changes in unrecongnized tax benefits

(3.85%)

Other

(0.03%)

Change in valuation allowance

(32.35%)

Total provision for income taxes

(0.08%)

[1]	*State taxes in Massachusetts made up the majority (greater than 50%) of the tax effect in this category. The Company paid a majority of cash taxes in Massachusetts.

Stock-Based Compensation - Summary of RSU Activity (Detail) - RSU [Member] - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Shares Issuable Under RSUs
Outstanding, beginning balance	46,000	0
Granted	336,225	46,000
RSUs Vested	(46,000)
Outstanding, ending balance	336,225	46,000
Weighted Average Exercise Price
Outstanding, beginning balance	$ 1.97	$ 0
Granted	4.04	1.97
RSUs Vested	1.97
Outstanding, ending balance	$ 4.04	$ 1.97

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Net Loss Per Share (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

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

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


	Year Ended December 31,
	2025			2024

(In thousands, except share and per share data)
Weighted-average common shares outstanding, basic and diluted		81,836,246			48,543,787
Weighted-average shares outstanding of Series X and Series X1 non-voting convertible preferred stock, basic and diluted		114,508			114,508

Net loss used in the calculation of basic and diluted loss per share	$	(45,617	)	$	(36,184	)

Net loss available to common stock	$	(42,328	)	$	(31,992	)
Net loss per share, common stock, basic and diluted	$	(0.52	)	$	(0.66	)

Net loss available to Series X and Series X1 non-voting convertible preferred stock	$	(3,290	)	$	(4,192	)
Basic and diluted earnings per share of Series X and Series X1 non-voting convertible preferred stock	$	(28.73	)	$	(36.61	)

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

The following table presents potentially dilutive securities outstanding based on the market price of the Company's common stock as of December 31, 2025 and 2024 that were excluded from the computation of diluted net loss per share because their inclusion would have been anti-dilutive. These securities consist of incentive stock options, restricted stock units and common warrants outstanding during the respective periods.


	Year Ended December 31,
	2025		2024

Stock options outstanding and other equity awards		1,333,225		6,007,789
Common warrants		—		18,567,751
Total		1,333,225		24,575,540

Income Taxes - Additional Information (Detail) - USD ($)		12 Months Ended
	Jul. 04, 2025	Dec. 31, 2025	Dec. 31, 2024
Tax Credit Carryforward [Line Items]
Expected benefit at stautory federal income tax rate		21.00%	21.00%
Net valuation allowance Increased (decreased)		$ 16,600,000	$ 15,600,000
Research and development tax credit carryforwards for federal and state		$ 7,616,000	5,560,000
Period for which cumulative change in ownership annual use net operating loss and research and development credit carryforwards		3 years
Accrued interest and penalties associated with uncertain tax positions		$ 0	0
Interest or penalties recorded during the year		$ 0	0
Percentage of bonus depreciation and domestic research cost	100.00%
Minimum [Member]
Tax Credit Carryforward [Line Items]
Percentage of cumulative change in ownership		50.00%
Domestic Tax Authority [Member]
Tax Credit Carryforward [Line Items]
Federal net operating loss carryforwards		$ 117,500,000	88,700,000
Net operating loss carryforward expiration period		2035
Federal net operating loss carryforwards, not to expiration		$ 116,700,000
Research and development tax credit carryforwards for federal and state		$ 11,500,000	8,000,000
Research and development tax credit carryforwards expiration period		2035
State and Local Jurisdiction [Member]
Tax Credit Carryforward [Line Items]
State net operating loss carryforwards		$ 49,100,000	37,700,000
Research and development tax credit carryforwards for federal and state		$ 3,400,000	2,600,000
Research and development tax credit carryforwards expiration period		2030
Research and development tax credit carryforwards expiration description		As of December 31, 2025 and 2024, the Company had state research and development credit carryforwards of approximately $3.4 million and $2.6 million, respectively, which will begin expiring in 2030 if not utilized
Israeli Tax Authority [Member]
Tax Credit Carryforward [Line Items]
State net operating loss carryforwards		$ 7,900,000	$ 7,900,000
California [Member] \| State and Local Jurisdiction [Member]
Tax Credit Carryforward [Line Items]
Net operating loss carryforward expiration period		2035

Preferred Stock and Stockholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands												12 Months Ended
	Nov. 13, 2025	Nov. 12, 2025	Oct. 30, 2024	Oct. 29, 2024	Oct. 01, 2024	Sep. 30, 2024	Sep. 20, 2024	Jul. 08, 2024	May 06, 2024	May 05, 2023	Apr. 28, 2023	Dec. 31, 2025	Dec. 31, 2024	Jun. 10, 2025	Jun. 09, 2025	Jul. 11, 2024	May 09, 2024	May 07, 2024	Jan. 30, 2024	Dec. 31, 2023
Class Of Stock [Line Items]
Common stock, shares issued												75,430,033	59,789,275
Common stock, par value												$ 0.001	$ 0.001
Convertible preferred stock, shares authorized												5,000,000
Convertible preferred stock, par value												$ 0.001
Common stock, shares authorized												300,000,000	200,000,000	300,000,000	200,000,000
Net proceeds after deducting offering costs												$ 53,577	$ 133,307
Armistice Capital Master Fund Ltd [Member] \| Securities Purchase Agreement [Member]
Class Of Stock [Line Items]
Common stock, shares issued																240,000	583,000		600,000
Warrant exercise price per share																$ 0.001		$ 0.001	$ 0.001
Number of pre-funded warrants exercised for common stock																240,000		583,000	600,000
Series X Non-Voting Convertible Preferred Stock [Member]
Class Of Stock [Line Items]
Convertible preferred stock, shares authorized												10,000	10,000
Convertible preferred stock, par value												$ 0.001	$ 0.001
Convertible preferred stock, shares issued												4,422	4,422
Convertible preferred stock, shares outstanding												4,422	4,422							4,422
Series X1 Non-voting Convertible Preferred Stock [Member]
Class Of Stock [Line Items]
Convertible preferred stock, shares authorized												515,000	515,000
Convertible preferred stock, par value												$ 0.001	$ 0.001
Convertible preferred stock, shares issued												110,086	110,086
Convertible preferred stock, shares outstanding												110,086	110,086							110,086
Leerink Partners LLC [Member] \| Underwriting Agreement[Member]
Class Of Stock [Line Items]
Proceeds from issuance offering	$ 57,500		$ 85,000
Net proceeds after deducting offering costs		$ 53,600	$ 79,500
Common Stock [Member]
Class Of Stock [Line Items]
Shares of common stock issued upon conversion of each share of preferred stock												55.5556
Common Stock [Member] \| Leerink Partners LLC [Member] \| Underwriting Agreement[Member]
Class Of Stock [Line Items]
Conversion of stock, shares issued				18,356,173
Common stock warrants exercisable				4,931,507
Warrant exercise price per share		$ 0.001		$ 0.001
Stock price per share				3.65
Warrants [Member] \| Leerink Partners LLC [Member] \| Underwriting Agreement[Member]
Class Of Stock [Line Items]
Warrant exercise price per share				$ 3.649
Pre-Funded Warrants [Member] \| Accredited Investor [Member]
Class Of Stock [Line Items]
Class of Warrant Subject to Specified Beneficial Ownership Limitations Percentage											9.99%
Pre-Funded Warrants [Member] \| Underwriting Agreement[Member]
Class Of Stock [Line Items]
Warrant exercise price per share		$ 1.649
Common Stock Warrants [Member]
Class Of Stock [Line Items]
Warrants available for exercise												51,781,090	33,052,744
Common Stock Warrants [Member] \| Accredited Investor [Member]
Class Of Stock [Line Items]
Class of Warrant Subject to Specified Beneficial Ownership Limitations Percentage											9.99%
Common Stock Warrants and Pre-Funded Warrants [Member]
Class Of Stock [Line Items]
Warrants available for exercise												51,781,090
Private Placement Warrants [Member] \| Accredited Investor [Member]
Class Of Stock [Line Items]
Warrant exercise price per share											$ 3
Private Placement Warrants [Member] \| Securities Purchase Agreement [Member] \| Accredited Investor [Member]
Class Of Stock [Line Items]
Common stock, shares issued									13,110,484
Net proceeds after deducting offering costs									$ 48,100
Stock price per share									$ 2.37
Gross proceeds									$ 50,000
Private Placement Warrants [Member] \| Securities Purchase Agreement Initial Closing [Member]
Class Of Stock [Line Items]
Common warrants issued										$ 35,000
Net proceeds after deducting offering costs										$ 33,000
Private Placement Warrants [Member] \| Securities Purchase Agreement Initial Closing [Member] \| Accredited Investor [Member]
Class Of Stock [Line Items]
Common stock, shares issued											15,151,518
Common stock, par value											$ 0.001
Common stock warrants exercisable											15,151,518
Private Placement Warrants [Member] \| Securities Purchase Agreement Second Closing [Member]
Class Of Stock [Line Items]
Common stock, shares issued								909,088
Proceeds from issuance of common stock								$ 2,100
Net proceeds after deducting offering costs								$ 2,000
Private Placement Warrants [Member] \| Securities Purchase Agreement Second Closing [Member] \| Accredited Investor [Member]
Class Of Stock [Line Items]
Common stock, shares issued											20,202,024
Private Placement Warrants [Member] \| Securities Purchase Agreement Third Closing [Member]
Class Of Stock [Line Items]
Common stock, shares issued					1,727,400	1,727,400
Proceeds from issuance of common stock					$ 4,000	$ 4,000
Net proceeds after deducting offering costs					$ 3,800	$ 3,800
Private Placement Warrants [Member] \| Securities Purchase Agreement Third Closing [Member] \| Accredited Investor [Member]
Class Of Stock [Line Items]
Common stock, shares issued											25,252,530
Private Placement Warrants [Member] \| Common Stock [Member] \| Securities Purchase Agreement Initial Closing [Member]
Class Of Stock [Line Items]
Common stock, shares issued										8,730,168
Private Placement Warrants [Member] \| Pre-Funded Warrants [Member] \| Accredited Investor [Member]
Class Of Stock [Line Items]
Warrant exercise price per share											$ 0.001
Private Placement Warrants [Member] \| Pre-Funded Warrants [Member] \| Securities Purchase Agreement [Member] \| Accredited Investor [Member]
Class Of Stock [Line Items]
Common stock warrants exercisable									7,989,516
Warrant exercise price per share									$ 0.001
Stock price per share									$ 2.369
Private Placement Warrants [Member] \| Pre-Funded Warrants [Member] \| Securities Purchase Agreement Initial Closing [Member]
Class Of Stock [Line Items]
Common stock, shares issued										6,421,350
Preferred Stock Warrants [Member]
Class Of Stock [Line Items]
Warrants available for exercise												0	50,207.419
Underwritten Public Offering [Member] \| Underwriting Agreement[Member]
Class Of Stock [Line Items]
Conversion of stock, shares issued		15,152,485
Stock price per share		$ 1.65
2025 Warrant Exchange Agreement
Class Of Stock [Line Items]
Conversion of stock, shares issued		4,203,764
2025 Warrant Exchange Agreement \| Pre-Funded Warrants [Member]
Class Of Stock [Line Items]
Cancelled common stock shares delivered in exchange of warrants		4,203,764
Common stock warrants exercisable		4,203,764
2025 Warrant Exchange Agreement \| Common Stock Warrants [Member]
Class Of Stock [Line Items]
Warrant exercise price per share												$ 0.001
Warrants available for exercise												4,203,764
Maximum [Member] \| Common Stock [Member] \| Series X Non-Voting Convertible Preferred Stock [Member]
Class Of Stock [Line Items]
Conversion of preferred stock, conversion blocker, percent												9.99%
Maximum [Member] \| Common Stock [Member] \| Series X1 Non-voting Convertible Preferred Stock [Member]
Class Of Stock [Line Items]
Conversion of preferred stock, conversion blocker, percent												9.99%
Maximum [Member] \| Common Stock [Member] \| Leerink Partners LLC [Member] \| Underwriting Agreement[Member]
Class Of Stock [Line Items]
Common stock warrants exercisable		15,151,515
Maximum [Member] \| Pre-Funded Warrants [Member] \| Accredited Investor [Member]
Class Of Stock [Line Items]
Class of Warrant Subject to Specified Beneficial Ownership Limitations Percentage									9.99%
Class of Warrant Subject to Specified Beneficial Ownership Limitations Permitted Percentage									19.99%		19.99%
Maximum [Member] \| Pre-Funded Warrants [Member] \| Underwriting Agreement[Member]
Class Of Stock [Line Items]
Options issued to purchase common stock		4,545,600
Maximum [Member] \| Pre-Funded Warrants [Member] \| Leerink Partners LLC [Member] \| Underwriting Agreement[Member]
Class Of Stock [Line Items]
Class of Warrant Subject to Specified Beneficial Ownership Limitations Percentage		19.99%		9.99%
Maximum [Member] \| Common Stock Warrants [Member] \| Accredited Investor [Member]
Class Of Stock [Line Items]
Class of Warrant Subject to Specified Beneficial Ownership Limitations Permitted Percentage											19.99%
Maximum [Member] \| 2025 Warrant Exchange Agreement \| Pre-Funded Warrants [Member] \| Underwriting Agreement[Member]
Class Of Stock [Line Items]
Class of Warrant Subject to Specified Beneficial Ownership Limitations Percentage		19.99%
Minimum [Member]
Class Of Stock [Line Items]
Percentage of common stockholders receive cash and other assets												50.00%
Minimum [Member] \| Common Stock [Member] \| Series X Non-Voting Convertible Preferred Stock [Member]
Class Of Stock [Line Items]
Conversion of preferred stock, conversion blocker, percent												9.90%
Minimum [Member] \| Common Stock [Member] \| Series X1 Non-voting Convertible Preferred Stock [Member]
Class Of Stock [Line Items]
Conversion of preferred stock, conversion blocker, percent												9.90%
Minimum [Member] \| Pre-Funded Warrants [Member] \| Accredited Investor [Member]
Class Of Stock [Line Items]
Class of Warrant Subject to Specified Beneficial Ownership Limitations Percentage									4.99%
Minimum [Member] \| Pre-Funded Warrants [Member] \| Leerink Partners LLC [Member] \| Underwriting Agreement[Member]
Class Of Stock [Line Items]
Class of Warrant Subject to Specified Beneficial Ownership Limitations Percentage		4.99%		4.99%
Minimum [Member] \| 2025 Warrant Exchange Agreement \| Pre-Funded Warrants [Member] \| Underwriting Agreement[Member]
Class Of Stock [Line Items]
Class of Warrant Subject to Specified Beneficial Ownership Limitations Percentage		4.99%
Guggenheim Securities LLC [Member] \| Maximum [Member] \| Equity Distribution Agreement [Member]
Class Of Stock [Line Items]
Proceeds from issuance of common stock							$ 75,000

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

Note 8. Income Taxes

Loss before income taxes are as follows (in thousands):


	Year Ended December 31,
	2025			2024
Losses before income taxes:
U.S.	$	(45,781	)	$	(35,951	)
Non-U.S.		199			198
Total	$	(45,582	)	$	(35,753	)

The provision for income taxes are as follows (in thousands):


	Year Ended December 31,
	2025		2024
Current:
Federal	$	—	$	—
State		30		—
Foreign		—		—
Total current income tax provision		30		—
Deferred:
Federal		—		—
State		5		431
Foreign		—		—
Total deferred income tax provision		5		431
Total provision for income taxes	$	35	$	431

Significant judgment is required in determining the Company’s provision for income taxes, deferred tax assets and liabilities and the valuation allowance recorded against net deferred tax assets. Deferred tax assets and liabilities are determined using the enacted tax rates in effect for the years in which those tax assets are expected to be realized. A valuation allowance is established when it is more likely than not the future realization of all or some of the deferred tax assets will not be achieved. The evaluation of the need for a valuation allowance is performed on a jurisdiction-by-jurisdiction basis, and includes a review of all available positive and negative evidence. Factors reviewed include projections of pre-tax book income for the foreseeable future, determination of cumulative pre-tax book income after permanent differences, earnings history, and reliability of forecasting.

Based on its review, the Company concluded that it was more likely than not that they would not realize the benefit of a portion of its deferred tax assets in the future. This conclusion was based on historical and projected operating performance, as well as the Company’s expectation that its operations will not generate sufficient taxable income in future periods to realize the tax benefits associated with the deferred tax assets within the statutory carryover periods. Therefore, the Company has a valuation allowance on its deferred tax assets as of December 31, 2025.

The Company will continue to assess the need for a valuation allowance on its deferred tax assets by evaluating both positive and negative evidence that may exist. Any adjustment to the net deferred tax asset valuation allowance would be recorded in the statement of operations for the period that the adjustment is determined to be required.

A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective income tax rate is as follows (in thousands):


	Year Ended December 31, 2025
	$			%
Expected benefit at statutory federal income tax rate	$	(9,572	)		21.00	%
State income taxes, net of federal tax benefits*		35			-0.08	%
Tax credits:
Research and development credits		(3,512	)		7.70	%
Nontaxable and nondeductible items:
Stock-based compensation		3,574			-7.84	%
Other permanent items		19			-0.04	%
Change in fair value of warrant liabilities		(7,024	)		15.41	%
Changes in unrecognized tax benefits		1,756			-3.85	%
Other		12			-0.03	%
Change in valuation allowance		14,747			-32.35	%
Total provision for income taxes	$	35			-0.08	%

*State taxes in Massachusetts made up the majority (greater than 50%) of the tax effect in this category. The Company paid a majority of cash taxes in Massachusetts.

As previously disclosed for the years ended December 31, 2024, prior to the adoption of ASU 2023-09, the table below is a reconciliation of the components that caused the Company's provision (benefit) for income taxes to differ from amounts computed by applying the U.S. Federal statutory rate of 21% (in thousands):


	Year Ended December 31, 2024
Statutory federal income tax rate	$	(7,508	)
State income taxes, net of federal tax benefits		(908	)
Tax credits		(2,358	)
Stock-based compensation		2,819
Permanent items		12
Change in fair value of warrant liabilities		(7,273	)
State rate differential		490
Net operating loss true-up		(4	)
Other		24
Change in valuation allowance		15,137
Total provision for income taxes	$	431

Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2025 and 2024 consisted of the following (in thousands):


	Year Ended December 31,
	2025			2024
Net operating loss carryforwards	$	29,509		$	22,740
Research and development tax credits		7,616			5,560
Accruals and reserves		699			366
Research expenditures		28,232			18,809
Stock-based compensation		1,591			3,281
Depreciation and amortization		795			1,056
Lease liability		151			225
Total deferred tax assets		68,593			52,037
Right-of-use asset		(144	)		(218	)
Acquired IPR&D		(7,628	)		(7,623	)
Total deferred tax liabilities		(7,772	)		(7,841	)
Less: valuation allowance		(63,008	)		(46,379	)
Net deferred tax liabilities	$	(2,187	)	$	(2,183	)

The following table reconciles the beginning and ending amounts of unrecognized tax benefits for the years presented (in thousands):


	Year Ended December 31,
	2025			2024
Gross unrecognized tax benefits at the beginning of the year	$	6,232		$	3,636
Additions from tax positions taken in the current year		2,017			2,596
Additions from tax positions taken in prior years		12			—
Prior year adjustment		(238	)		—
Gross unrecognized tax benefits at the end of the year	$	8,023		$	6,232

The following table summarizes the income taxes paid, net of refunds, for the year ended December 31, 2025 (in thousands).


	Year Ended December 31, 2025
U.S. Federal	$	—
Massachusetts		26
Other		2
Total income taxes paid	$	28

The deferred income tax assets have been offset by a valuation allowance, as realization is dependent on future earnings, if any, the timing and amount of which are uncertain. The net valuation allowance increased by $16.6 million from December 31, 2024 to December 31, 2025. The net valuation allowance increased by $15.6 million from December 31, 2023 to December 31, 2024.

The Company’s accounting for deferred taxes involves the evaluation of a number of factors concerning the realizability of its net deferred tax assets. The Company primarily considered such factors as its history of operating losses, the nature of the Company’s deferred tax assets, and the timing, likelihood, and amount, if any, of future taxable income during the periods in which those temporary differences and carryforwards become deductible. At present, the Company does not believe that it is more likely than not that the deferred tax assets will be realized; accordingly, a valuation allowance has been established.

As of December 31, 2025 and 2024, the Company had federal net operating loss carryforwards of approximately $117.5 million and $88.7 million, respectively, available to reduce future taxable income. As of December 31, 2025 and 2024, the Company also had state net operating loss carryforwards of $49.1 million and $37.7 million, respectively. Both the federal and state net operating loss carryforwards incurred before 2018 begin expiring in 2035, if not utilized. The federal net operating losses incurred since 2018 of $116.7 million do not expire. The state net operating losses begin to expire in 2035. As of December 31, 2025 and 2024, the Company had Israel net operating losses of $7.9 million, respectively, which carryforward indefinitely.

As of December 31, 2025 and 2024, the Company had federal research and development tax credit carryforwards of approximately $11.5 million and $8.0 million, respectively. If not utilized, the carryforwards will begin expiring in 2035. As of December 31, 2025 and 2024, the Company had state research and development credit carryforwards of approximately $3.4 million and $2.6 million, respectively, which will begin expiring in 2030 if not utilized.

Pursuant to the Internal Revenue Code of 1986, as amended (“IRC”) Sections 382 and 383, annual use of the Company’s net operating loss and research and development credit carryforwards may be limited in the event a cumulative change in ownership of more than 50% occurs within a three-year period. The Company has not completed an IRC Section 382/383 analysis regarding the limitation of net operating loss and research and development credit carryforwards. Due to the existence of the valuation allowance, future changes in the Company’s unrecognized tax benefits will not impact the Company’s effective tax rate.

The Company’s ability to use its remaining net operating loss and tax credit carryforwards may be further limited if the Company experiences an IRC Section 382 ownership change in connection with future changes in our stock ownership.

In the United States, the Company files income tax returns in the U.S. Federal jurisdiction, California and Massachusetts. The Company’s tax years for 2019 and forward are subject to examination by the Federal and California tax authorities due to the carryforward of unutilized net operating losses and research and development credits.

The Company’s policy is to recognize interest expense and penalties related to income tax matters as a component of income tax expense. There was no accrued interest and penalties associated with uncertain tax positions as of December 31, 2025 and 2024. The Company has not recorded any interest or penalties as of December 31, 2025 or 2024.

On July 4, 2025, the OBBBA was signed into law. The legislation includes several changes to federal tax law that generally allow for more favorable deductibility of certain business expenses beginning in 2025, including the restoration of immediate expensing of domestic research and development expenditures, reinstatement of 100% bonus depreciation, and

more favorable rules for determining the limitation on business interest expense. OBBBA changes effective for 2025 were determined to have no impact to the income tax provision for year ended December 31, 2025.

The entire disclosure for income tax.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

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-Paragraph 1
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Prepaid Expense and Other Assets, Current [Abstract]

Prepaid Expenses and Other Current Assets

12 Months Ended

Dec. 31, 2025

Prepaid Expenses and Other Current Assets

Note 5. Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following as of December 31, 2025 and 2024 (in thousands):


	Year Ended December 31,
	2025		2024
Prepaid clinical	$	578	$	1,768
Interest income receivable		514		625
Prepaid insurance		688		693
Prepaid other		221		215
Prepaid manufacturing		340		147
Other current assets		11		104
Total prepaid expenses and other current assets	$	2,352	$	3,552

Commitments and Contingencies - Schedule of Future Minimum Payments Under Noncancelable Operating Leases (Detail) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
2026	$ 403
2027	294
Total minimum lease payments	697
Less imputed interest	(56)
Present value of lease liabilities	641	$ 954
Less current portion of operating lease liabilities	(358)	(314)
Non-current operating lease liabilities	$ 283	$ 640

Fair Value Measurements - Schedule of Financial Asset Instruments Measured At Fair Value On A Recurring Basis (Detail) - Fair Value, Recurring [Member] - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents	$ 21,689	$ 18,679
Total short-term investments	110,528	119,629
Total financial assets	132,217	138,308
Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents	6,734	1,215
U.S. Treasuries [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents	14,955	17,464
Total short-term investments	59,861
U.S. Government Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	50,667	119,629
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents	6,734	1,215
Total financial assets	6,734	1,215
Fair Value, Inputs, Level 1 [Member] \| Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents	6,734	1,215
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents	14,955	17,464
Total short-term investments	110,528	119,629
Total financial assets	125,483	137,093
Fair Value, Inputs, Level 2 [Member] \| U.S. Treasuries [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents	14,955	17,464
Total short-term investments	59,861
Fair Value, Inputs, Level 2 [Member] \| U.S. Government Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total short-term investments	$ 50,667	$ 119,629

Prepaid Expenses and Other Current Assets - Prepaid Expenses and Other Current Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid clinical	$ 578	$ 1,768
Interest income receivable	514	625
Prepaid insurance	688	693
Prepaid other	221	215
Prepaid manufacturing	340	147
Other current assets	11	104
Total prepaid expenses and other current assets	$ 2,352	$ 3,552

Commitments and Contingencies - Additional Information (Detail)				12 Months Ended
	Sep. 04, 2024 ft²	Apr. 19, 2024 USD ($) ft²	Aug. 12, 2022	Dec. 31, 2025 USD ($) Milestone	Dec. 31, 2024 USD ($) Milestone	Dec. 31, 2022 USD ($) ft²	Dec. 31, 2021 USD ($)	Nov. 21, 2024 USD ($)	Dec. 31, 2017 USD ($)
Other Commitments [Line Items]
Non-cancelable purchase obligations related to manufacturing				$ 9,300,000
Rental expense				400,000	$ 400,000
ROU assets				613,000	926,000
Lease liabilities				$ 641,000	954,000
Remaining term of office lease				2 years
Debt outstanding				$ 0
Indemnification obligations amount				0
Contingent liabilities				$ 0	$ 0
ALS Therapy Development Foundation, Inc. License Agreement [Member]
Other Commitments [Line Items]
Fee due for milestones achieved									$ 1,000,000
Number of Milestones Achieved \| Milestone				0	0
Remaining milestone payments for first licensed product				$ 6,000,000
Annual License Maintenance Fee						$ 100,000	$ 100,000
ALS Therapy Development Foundation, Inc. License Agreement [Member] \| Achievement of 500 Million Aggregate Sales [Member]
Other Commitments [Line Items]
Reaching of aggregate net sales				500,000,000
Amount of one-time milestone payment				15,000,000
ALS Therapy Development Foundation, Inc. License Agreement [Member] \| Achievement of 1 Billion Aggregate Sales [Member]
Other Commitments [Line Items]
Reaching of aggregate net sales				1,000,000,000
Amount of one-time milestone payment				30,000,000
Lonza Sales AG Inc. License Agreement
Other Commitments [Line Items]
Royalties paid				0	$ 0
Maximum [Member] \| ALS Therapy Development Foundation, Inc. License Agreement [Member]
Other Commitments [Line Items]
Development and regulatory milestone payments				$ 2,500,000
Irvine, California [Member]
Other Commitments [Line Items]
Operating lease, term of contract		38 months
Area of office space \| ft²		5,817				5,197
Lease expiration date		Jun. 30, 2027	Dec. 31, 2024
ROU assets		$ 500,000
Lease liabilities		$ 500,000
Burlington, Massachusetts [Member]
Other Commitments [Line Items]
Operating lease, term of contract	36 months
Area of office space \| ft²	6,138
Lease expiration date	Nov. 21, 2027
ROU assets								$ 500,000
Lease liabilities								$ 500,000

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Summary of Loss Before Income Taxes

Loss before income taxes are as follows (in thousands):


	Year Ended December 31,
	2025			2024
Losses before income taxes:
U.S.	$	(45,781	)	$	(35,951	)
Non-U.S.		199			198
Total	$	(45,582	)	$	(35,753	)

Summary of Provision for Income Taxes

The provision for income taxes are as follows (in thousands):


	Year Ended December 31,
	2025		2024
Current:
Federal	$	—	$	—
State		30		—
Foreign		—		—
Total current income tax provision		30		—
Deferred:
Federal		—		—
State		5		431
Foreign		—		—
Total deferred income tax provision		5		431
Total provision for income taxes	$	35	$	431

Reconciliation of U.S. Federal Statutory Income Tax Rate

A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective income tax rate is as follows (in thousands):


	Year Ended December 31, 2025
	$			%
Expected benefit at statutory federal income tax rate	$	(9,572	)		21.00	%
State income taxes, net of federal tax benefits*		35			-0.08	%
Tax credits:
Research and development credits		(3,512	)		7.70	%
Nontaxable and nondeductible items:
Stock-based compensation		3,574			-7.84	%
Other permanent items		19			-0.04	%
Change in fair value of warrant liabilities		(7,024	)		15.41	%
Changes in unrecognized tax benefits		1,756			-3.85	%
Other		12			-0.03	%
Change in valuation allowance		14,747			-32.35	%
Total provision for income taxes	$	35			-0.08	%


	Year Ended December 31, 2024
Statutory federal income tax rate	$	(7,508	)
State income taxes, net of federal tax benefits		(908	)
Tax credits		(2,358	)
Stock-based compensation		2,819
Permanent items		12
Change in fair value of warrant liabilities		(7,273	)
State rate differential		490
Net operating loss true-up		(4	)
Other		24
Change in valuation allowance		15,137
Total provision for income taxes	$	431

Schedule of Significant Components Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2025 and 2024 consisted of the following (in thousands):


	Year Ended December 31,
	2025			2024
Net operating loss carryforwards	$	29,509		$	22,740
Research and development tax credits		7,616			5,560
Accruals and reserves		699			366
Research expenditures		28,232			18,809
Stock-based compensation		1,591			3,281
Depreciation and amortization		795			1,056
Lease liability		151			225
Total deferred tax assets		68,593			52,037
Right-of-use asset		(144	)		(218	)
Acquired IPR&D		(7,628	)		(7,623	)
Total deferred tax liabilities		(7,772	)		(7,841	)
Less: valuation allowance		(63,008	)		(46,379	)
Net deferred tax liabilities	$	(2,187	)	$	(2,183	)

Reconciliation of Beginning and Ending Amounts of Unrecognized Tax Benefits

The following table reconciles the beginning and ending amounts of unrecognized tax benefits for the years presented (in thousands):


	Year Ended December 31,
	2025			2024
Gross unrecognized tax benefits at the beginning of the year	$	6,232		$	3,636
Additions from tax positions taken in the current year		2,017			2,596
Additions from tax positions taken in prior years		12			—
Prior year adjustment		(238	)		—
Gross unrecognized tax benefits at the end of the year	$	8,023		$	6,232

Summary of Income Taxes Paid, Net of Refunds

The following table summarizes the income taxes paid, net of refunds, for the year ended December 31, 2025 (in thousands).


	Year Ended December 31, 2025
U.S. Federal	$	—
Massachusetts		26
Other		2
Total income taxes paid	$	28

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Segment Reporting


	Year Ended December 31,
	2025			2024

Operating expenses:
Tegoprubart - kidney transplantation programs	$	35,994		$	27,452
Tegoprubart - other development programs	$	(168	)		306
Manufacturing	$	14,974			12,448
Personnel-related expenses	$	14,526			10,706
Stock-based compensation	$	10,451			13,122
Other segment items*	$	7,474			6,543
Other income, net	$	4,220			3,924
Change in fair value of warrant liabilities	$	33,449			30,900
Provision for income taxes	$	(35	)		(431	)
Net loss	$	(45,617	)	$	(36,184	)

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

Commitments and Contingencies - Components of Lease Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Operating lease cost	$ 394	$ 407

Preferred Stock and Stockholders' Equity - Schedule of Company's Outstanding Warrants to Purchase Shares of Common Stock (Detail) - Common Stock Warrants [Member] - $ / shares	Dec. 31, 2025	Dec. 31, 2024
Class of Warrant or Right [Line Items]
Number of Shares of Common Stock Issuable	51,781,090	33,052,744
2023 Securities Purchase Agreement Common Warrants
Class of Warrant or Right [Line Items]
Number of Shares of Common Stock Issuable	15,151,518
Warrants exercise price	$ 3
Expiration Date	May 05, 2028
January 2021 Pre-funded Warrants
Class of Warrant or Right [Line Items]
Number of Shares of Common Stock Issuable	509,117
Warrants exercise price	$ 0.001
Expiration Date	Dec. 31, 2030
2023 Securities Purchase Agreement Pre-funded Warrants
Class of Warrant or Right [Line Items]
Number of Shares of Common Stock Issuable	3,844,153
Warrants exercise price	$ 0.001
2024 Securities Purchase Agreement Pre-funded Warrants
Class of Warrant or Right [Line Items]
Number of Shares of Common Stock Issuable	7,989,516
Warrants exercise price	$ 0.001
2024 Underwritten Offering Pre-funded Warrants
Class of Warrant or Right [Line Items]
Number of Shares of Common Stock Issuable	4,931,507
Warrants exercise price	$ 0.001
2025 Underwritten Offering Pre-funded Warrants
Class of Warrant or Right [Line Items]
Number of Shares of Common Stock Issuable	15,151,515
Warrants exercise price	$ 0.001
2025 Warrant Exchange Agreement
Class of Warrant or Right [Line Items]
Number of Shares of Common Stock Issuable	4,203,764
Warrants exercise price	$ 0.001

Fair Value Measurements

12 Months Ended

Dec. 31, 2025

Text Block [Abstract]

Fair Value Measurements

Note 4. Fair Value Measurements

Financial assets and liabilities are recorded at fair value.

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

•

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

•

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

•

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

Financial Assets

The following table summarizes the Company's financial asset instruments measured at fair value on a recurring basis as of December 31, 2025 and 2024 (in thousands). Included within cash and cash equivalents on the consolidated balance sheets, but excluded from the fair value hierarchy table, are cash deposits held at financial institutions.


	December 31, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	6,734	$	—	$	—	$	6,734
U.S. treasuries		—		14,955		—		14,955
Total cash equivalents		6,734		14,955		—		21,689

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


	December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	1,215	$	—	$	—	$	1,215
U.S. treasuries		—		17,464		—		17,464
Total cash equivalents		1,215		17,464		—		18,679

Short-term investments:
U.S. government securities		—		119,629		—		119,629
Total short-term investments		—		119,629		—		119,629
Total financial assets	$	1,215	$	137,093	$	—	$	138,308

Warrant Liabilities

The following table summarizes the Company's warrant liabilities (see Note 9. Preferred Stock and Stockholders' Equity) measured at fair value on a recurring basis as of December 31, 2025 and 2024 (in thousands) and was based on significant inputs not observable in the market, which represents a Level 3 measurement within the fair value hierarchy.


	December 31, 2025
	Level 1		Level 2		Level 3		Total
Warrant liabilities	$	—	$	—	$	11,416	$	11,416


	December 31, 2024
	Level 1		Level 2		Level 3		Total
Warrant liabilities	$	—	$	—	$	44,865	$	44,865

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


	Warrant Liability
Balance as of December 31, 2024	$	44,865
Change in fair value of warrant liabilities		(33,449	)
Settlement of warrant liability		—
Balance as of December 31, 2025	$	11,416

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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-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

Summary of Significant Accounting Policies - Additional Information (Detail)		12 Months Ended
	Jul. 04, 2025	Dec. 31, 2025 USD ($) Segment $ / shares shares	Dec. 31, 2024 USD ($) shares
Summary Of Significant Accounting Policies [Line Items]
Cash, cash equivalents and restricted cash, maturity period		three months or less
Net Income (Loss)		$ (45,617,000)	$ (36,184,000)
Cash and cash equivalents and short-term investments		133,300,000
Working capital		117,300,000
Accumulated deficit		$ (401,203,000)	$ (355,586,000)
Going concern conditions or events description		The Company expects that, based on its current operating plans, the Company’s existing cash, cash equivalents and marketable securities will be sufficient to fund its currently planned operations for at least the next 12 months from the filing date of these consolidated financial statements. The Company anticipates it will require additional financing to fund its future operations. Even if the Company believes it has sufficient funds for its current or future operating plans, the Company may seek to raise additional capital if market conditions are favorable or in light of other strategic considerations.
Number of operating segments \| Segment		1
Number of reportable segments \| Segment		1
Segment Reporting, Factors Used to Identify Entity's Reportable Segments		The CODM manages and allocates resources to the operations of the Company on a total company basis. Managing and allocating resources on a consolidated basis enables the CODM to assess the overall level of resources available and how to best deploy these resources across functions, therapeutic areas and research and development projects that are in line with the Company’s long-term company wide strategic goals.
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]		srt:ChiefExecutiveOfficerMember
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description		the CODM uses consolidated net income for purposes of evaluating performance, forecasting future period financial results, allocating resources and setting incentive targets. Operating expenses are used to monitor budget versus actual results.
Convertible preferred stock, par value \| $ / shares		$ 0.001
Basic weighted average shares outstanding \| shares		81,836,246	48,543,787
Recognized expense of employer contributions to the plan		$ 500,000	$ 300,000
Tax benefit		$ 0
Income tax examination, likelihood of settlement, description		The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon settlement.
Income tax examination, likelihood of settlement, percentage		50.00%
Percentage of bonus depreciation and domestic research cost	100.00%
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]		true
Change in Accounting Principle, Accounting Standards Update, Adoption Date		Dec. 31, 2025
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false]		true
Accounting Standards Update [Extensible Enumeration]		us-gaap:AccountingStandardsUpdate202309Member
Series X and Series X1 Non-voting Convertible Preferred Stock [Member]
Summary Of Significant Accounting Policies [Line Items]
Convertible preferred stock, par value \| $ / shares		$ 0.001
Pre-Funded Warrants [Member]
Summary Of Significant Accounting Policies [Line Items]
Basic weighted average shares outstanding \| shares		36,629,572	12,443,755
Warrants exercise price \| $ / shares		$ 0.001
Anelixis Therapeutics, LLC and Otic Pharma, Ltd.
Summary Of Significant Accounting Policies [Line Items]
Ownership interest percentage		100.00%
Otic Pharma, Inc. [Member]
Summary Of Significant Accounting Policies [Line Items]
Ownership interest percentage		100.00%

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Summary of Significant Accounting Policies

Note 2. Summary of Significant Accounting Policies

Basis of Presentation and Principles of Consolidation

Reclassifications

Use of Estimates

Concentration of Credit Risk

Cash and Cash Equivalents

Risks and Liquidity

Reportable Segments


	Year Ended December 31,
	2025			2024

Operating expenses:
Tegoprubart - kidney transplantation programs	$	35,994		$	27,452
Tegoprubart - other development programs	$	(168	)		306
Manufacturing	$	14,974			12,448
Personnel-related expenses	$	14,526			10,706
Stock-based compensation	$	10,451			13,122
Other segment items*	$	7,474			6,543
Other income, net	$	4,220			3,924
Change in fair value of warrant liabilities	$	33,449			30,900
Provision for income taxes	$	(35	)		(431	)
Net loss	$	(45,617	)	$	(36,184	)

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

In-Process Research and Development

Research and Development Expenses

Company estimates its research and development expenses and the related accrual as of each balance sheet date based on the facts and circumstances known to the Company at that time.

Net Loss Per Share

Employee Benefit Plan

The Company recognized expense related to employer contributions to the plan of $0.5 million and $0.3 million for the years ended December 31, 2025 and 2024, respectively.

Stock-Based Compensation

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

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

Income Taxes

Common Stock Warrants and Pre-Funded Warrants

Recent Adopted Accounting Pronouncements

Recent Accounting Pronouncements Issued But Not Adopted

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Cash flows used in operating activities:
Net Income (Loss)	$ (45,617)	$ (36,184)
Adjustments to reconcile net loss to net cash used in operating activities:
Gain on lease termination		(10)
Non-cash lease expense	313	359
Accretion of investment discounts	(1,696)	(2,799)
Stock-based compensation	10,451	13,122
Change in fair value of warrant liabilities	(33,449)	(30,900)
Deferred tax provision	5	431
Changes in operating assets and liabilities:
Prepaid expenses and other assets	1,241	1,298
Accounts payable, accrued expenses and other liabilities	6,724	7,751
Operating lease liabilities	(313)	(339)
Net cash used in operating activities	(62,341)	(47,271)
Cash flows from investing activities:
Purchase of available-for-sale short-term investments	(161,132)	(156,131)
Proceeds from maturities of available-for-sale short-term investments	171,925	85,817
Net cash provided by (used in) investing activities	10,793	(70,314)
Cash flows from financing activities:
Proceeds from issuances of common stock and pre-funded warrants, net	53,577	133,307
Proceeds from exercise of stock options	230	215
Net cash provided by financing activities	53,807	133,522
Net change in cash and cash equivalents	2,259	15,937
Cash and cash equivalents at beginning of year	20,549	4,612
Cash and cash equivalents at end of year	22,808	20,549
Non-cash activities:
Unrealized gain (loss) on available-for-sale securities	(2)	26
Common stock exchange for warrants	4
Offering costs accrued but not yet paid	$ 4
Increase in operating right-of-use lease asset and liability due to new lease		920
Settlement of warrant liability into common stock due to exercise		$ 446

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Operating expenses
Research and development	$ 66,267	$ 51,964
General and administrative	16,984	18,613
Total operating expenses	83,251	70,577
Other income, net	4,220	3,924
Change in fair value of warrant liabilities	33,449	30,900
Loss before income taxes	(45,582)	(35,753)
Provision for income taxes	(35)	(431)
Net loss	(45,617)	(36,184)
Other comprehensive loss:
Unrealized loss on available-for-sale securities, net	(2)
Comprehensive loss	$ (45,619)	$ (36,184)
Basic earnings per share of common stock	$ (0.52)	$ (0.66)
Diluted earnings per share of common stock	$ (0.52)	$ (0.66)
Weighted-average common shares outstanding, basic	81,836,246	48,543,787
Weighted-average common shares outstanding, diluted	81,836,246	48,543,787
Series X and Series X1 Non-voting Convertible Preferred Stock [Member]
Other comprehensive loss:
Basic earnings per share of common stock	$ (28.73)	$ (36.61)
Diluted earnings per share of common stock	$ (28.73)	$ (36.61)
Weighted-average common shares outstanding, basic	114,508	114,508
Weighted-average common shares outstanding, diluted	114,508	114,508

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

Short-Term Investments - Summary of Short-term Investments Classified as Available-for-sale Securities (Detail) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	$ 110,506	$ 119,603
Unrealized Gains	36	55
Unrealized Losses	(14)	(29)
Fair Value	110,528	119,629
US Treasury Securities [Member]
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	59,839
Unrealized Gains	27
Unrealized Losses	(5)
Fair Value	59,861
U.S. Government Securities [Member]
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	50,667	119,603
Unrealized Gains	9	55
Unrealized Losses	(9)	(29)
Fair Value	$ 50,667	$ 119,629

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

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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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Preferred Stock and Stockholders' Equity

Commitments and Contingencies - Schedule of Other Supplemental Cash Flow Information Related to Leases (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 391	$ 378

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2025	Dec. 31, 2024
Convertible preferred stock, par value	$ 0.001
Convertible preferred stock, shares authorized	5,000,000
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	300,000,000	200,000,000
Common stock, shares issued	75,430,033	59,789,275
Common stock, shares outstanding	75,430,033	59,789,275
Convertible Preferred Stock [Member]
Convertible preferred stock, shares authorized	5,000,000	5,000,000
Series X1 Non-voting Convertible Preferred Stock [Member]
Convertible preferred stock, par value	$ 0.001	$ 0.001
Convertible preferred stock, shares authorized	515,000	515,000
Convertible preferred stock, shares issued	110,086	110,086
Convertible preferred stock, shares outstanding	110,086	110,086
Series X Non-Voting Convertible Preferred Stock [Member]
Convertible preferred stock, par value	$ 0.001	$ 0.001
Convertible preferred stock, shares authorized	10,000	10,000
Convertible preferred stock, shares issued	4,422	4,422
Convertible preferred stock, shares outstanding	4,422	4,422

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Mar. 13, 2026	Jun. 30, 2025
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2025
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Trading Symbol	ELDN
Entity Registrant Name	ELEDON PHARMACEUTICALS, INC.
Entity Central Index Key	0001404281
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Voluntary Filers	No
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity File Number	001-36620
Entity Tax Identification Number	20-1000967
Entity Address, Address Line One	19800 MacArthur Boulevard
Entity Address, Address Line Two	Suite 250
Entity Address, City or Town	Irvine
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92612
City Area Code	(949)
Local Phone Number	238-8090
Entity Incorporation, State or Country Code	DE
Document Annual Report	true
Document Transition Report	false
ICFR Auditor Attestation Flag	false
Title of 12(b) Security	Common Stock, $0.001 par value
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding			75,851,722
Entity Public Float				$ 145,168,781
Auditor Firm ID	34	173
Auditor Name	Deloitte & Touche LLP	Crowe LLP
Auditor Location	Costa Mesa, CA	Los Angeles, California
Auditor Opinion	Opinion on the Financial Statements We have audited the accompanying consolidated balance sheet of Eledon Pharmaceuticals, Inc. (the "Company") as of December 31, 2025, the related consolidated statements of operations and comprehensive loss, convertible preferred stock and stockholders' equity,⁠ and cash flows, for the year ended December 31, 2025, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025, and the results of its operation and its cash flows for the year ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America. Opinion on the Financial Statements We have audited the accompanying consolidated balance sheets of Eledon Pharmaceuticals, Inc. (the "Company") as of December 31, 2024, the related consolidated statements of operations and comprehensive loss, convertible preferred stock and stockholders’ equity, and cash flows, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024, and the results of its operations and its cash flows for the year then ended, in conformity with accounting principles generally accepted in the United States of America.
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant’s definitive proxy statement for its 2026 Annual Meeting of Stockholders, which the registrant intends to file pursuant to Regulation 14A with the Securities and Exchange Commission not later than 120 days after the registrant’s fiscal year ended December 31, 2025, are incorporated by reference into Items 10, 11, 12, 13 and 14 of Part III of this Annual Report on Form 10-K.

Net Loss Per Share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Net Loss Per Share

Note 11. Net Loss Per Share

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

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

For purposes of the diluted net loss per share calculation, incentive stock options, restricted stock units and common warrants are considered to be potentially dilutive securities and are excluded from the calculation of diluted net loss per share because their effect would be anti-dilutive. Basic weighted average shares outstanding for the years ended and December 31, 2025 and 2024 include 36,629,572 and 12,443,755 respectively, shares underlying pre-funded warrants to purchase common shares. As the shares underlying these pre-funded warrants can be issued for little consideration (an exercise price per share equal to $0.001 per share), these shares are deemed to be issued for purposes of basic earnings per share.

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


	Year Ended December 31,
	2025			2024

(In thousands, except share and per share data)
Weighted-average common shares outstanding, basic and diluted		81,836,246			48,543,787
Weighted-average shares outstanding of Series X and Series X1 non-voting convertible preferred stock, basic and diluted		114,508			114,508

Net loss used in the calculation of basic and diluted loss per share	$	(45,617	)	$	(36,184	)

Net loss available to common stock	$	(42,328	)	$	(31,992	)
Net loss per share, common stock, basic and diluted	$	(0.52	)	$	(0.66	)

Net loss available to Series X and Series X1 non-voting convertible preferred stock	$	(3,290	)	$	(4,192	)
Basic and diluted earnings per share of Series X and Series X1 non-voting convertible preferred stock	$	(28.73	)	$	(36.61	)


	Year Ended December 31,
	2025		2024

Stock options outstanding and other equity awards		1,333,225		6,007,789
Common warrants		—		18,567,751
Total		1,333,225		24,575,540

Income Taxes - Reconciliation of Beginning and Ending Amounts of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Gross unrecognized tax benefits at the beginning of the year	$ 6,232	$ 3,636
Additions from tax positions taken in the current year	2,017	2,596
Additions from tax positions taken in prior years	12	0
Prior year adjustment	(238)	0
Gross unrecognized tax benefits at the end of the year	$ 8,023	$ 6,232

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 22,808	$ 20,549
Short-term investments	110,528	119,629
Prepaid expenses and other current assets	2,352	3,552
Total current assets	135,688	143,730
Operating lease right-of-use asset, net	613	926
In-process research and development	32,386	32,386
Other assets	322	363
Total assets	169,009	177,405
Current liabilities:
Accounts payable	3,627	5,833
Current operating lease liability	358	314
Accrued expenses and other liabilities	14,359	5,430
Total current liabilities	18,344	11,577
Deferred tax liability	2,187	2,183
Non-current operating lease liability	283	640
Warrant liabilities	11,416	44,865
Total liabilities	32,230	59,265
Commitments and contingencies (Note 7)
Stockholders' equity:
Common stock, $0.001 par value, 300,000,000 and 200,000,000 shares authorized at December 31, 2025 and 2024, respectively; 75,430,033 and 59,789,275 shares issued and outstanding at December 31, 2025 and 2024, respectively	75	60
Additional paid-in capital	482,189	417,946
Accumulated other comprehensive income	24	26
Accumulated deficit	(401,203)	(355,586)
Total stockholders' equity	81,085	62,446
Total liabilities, convertible preferred stock and stockholders' equity	169,009	177,405
Series X1 Non-voting Convertible Preferred Stock [Member]
Current liabilities:
Convertible preferred stock, value	53,543	53,543
Series X Non-Voting Convertible Preferred Stock [Member]
Current liabilities:
Convertible preferred stock, value	$ 2,151	$ 2,151

Preferred Stock and Stockholders' Equity

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Note 9. Preferred Stock and Stockholders’ Equity

Convertible Preferred Stock

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

•

Series X1 non-voting convertible preferred stock, 515,000 shares designated; 110,086 shares issued and outstanding at December 31, 2025 and 2024, and

•

Series X non-voting convertible preferred stock, 10,000 shares designated; 4,422 shares issued and outstanding at December 31, 2025 and 2024.

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

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

Common Stock

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

2023 Securities Purchase Agreement

On April 28, 2023, the Company entered into a Securities Purchase Agreement (the “2023 Securities Purchase Agreement”) with certain investors, pursuant to which the Company agreed to issue and sell to the investors in a private placement (the “2023 Private Placement”) (i) in an initial closing, (a) an aggregate of 15,151,518 shares (the “Shares”) of the Company’s common stock, $0.001 par value per share (“common stock”), or pre-funded warrants in lieu thereof (the “Pre-Funded Warrants”), and (b) common stock warrants exercisable into an aggregate of 15,151,518 shares of common stock (or Pre-Funded Warrants in lieu thereof) (the “Common Warrants” and, together with the Pre-Funded Warrants, the “Warrants”); (ii) in a second closing (the “Second Closing”), upon the satisfaction or waiver of specified conditions set forth in the 2023 Securities Purchase Agreement, an aggregate of 20,202,024 shares of common stock (or Pre-Funded Warrants); and (iii) in a third closing (the “Third Closing”), upon the satisfaction or waiver of specified conditions set forth in the 2023 Securities Purchase Agreement, an aggregate of 25,252,530 shares of common stock (or Pre-Funded Warrants), in each case subject to customary adjustments as provided in the 2023 Securities Purchase Agreement, Pre-Funded Warrant or Common Warrant, as

applicable. Each Common Warrant has an exercise price of $3.00 per share and expires five years after issuance. The Pre-Funded Warrants are exercisable immediately and until exercised in full, with an exercise price of $0.001 per share.

The Pre-Funded Warrants and Common Warrants are subject to specified beneficial ownership limitations, which are generally set at 9.99% of the total common stock then issued and outstanding immediately following the exercise of such warrants, and provided that any beneficial ownership limitation may not exceed 19.99% unless otherwise permitted. The Shares, the Warrants, and the shares of common stock issuable upon the exercise of the Warrants, have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), and were offered pursuant to the exemption from registration provided in Section 4(a)(2) under the Securities Act and Rule 506(b) promulgated thereunder.

On May 5, 2023, the initial closing occurred, and the Company received $35.0 million, or net proceeds of approximately $33.0 million after deducting offering costs, in exchange for 8,730,168 shares of common stock and Pre-Funded Warrants to purchase 6,421,350 shares of common stock.

On July 8, 2024, the Second Closing occurred, and the Company received gross proceeds of $2.1 million, or net proceeds of approximately $2.0 million after deducting offering costs, in exchange for 909,088 shares of common stock.

On September 30, 2024, and October 1, 2024, the Third Closing occurred, and the Company received gross proceeds of $4.0 million, or net proceeds of approximately $3.8 million after deducting offering costs, in exchange for 1,727,400 shares of common stock.

In connection with the 2023 Private Placement, the Company filed on May 18, 2023, a registration statement on Form S-3 (the “2023 Registration Statement”) with the SEC to register for resale the Shares and the shares of common stock issuable upon the exercise of the Warrants. The 2023 Registration Statement became effective on June 2, 2023.

In August 2024, the Company concluded that the Common Warrants, and the potential issuance of Pre-Funded Warrants in lieu of additional shares of common stock in the Second Closing and Third Closing (the “Subsequent Closing Warrants”) do not meet the conditions to be classified as equity instruments under ASC 815-40 and must instead be recorded as liabilities on the Company’s consolidated balance sheets at their fair value and remeasured at fair value for each subsequent reporting period. As of October 2024, the Subsequent Closing Warrants either expired or were settled in connection with the Second Closing and Third Closing. Accordingly, the Company's consolidated balance sheets no longer include any fair value associated with the Subsequent Closing Warrants.

The valuation of the Common Warrants is adjusted to fair value (Level 3) at each balance sheet date until the Common Warrants are settled or expired.

The following table presents the assumptions used in the Black-Scholes option pricing model to determine the fair value of the Common Warrants as of December 31, 2025 and 2024 as follows:


	Year Ended December 31,
	2025		2024
Expected stock price volatility	110.5%		96.4%
Risk-free interest rate	3.6%		4.4%
Expected term (in years)	2.5		3.5
Share price	$	1.51	$	4.14

2024 Securities Purchase Agreement

On May 6, 2024, the Company entered into a Securities Purchase Agreement (the “2024 Securities Purchase Agreement”) with certain institutional and accredited investors, pursuant to which the Company agreed to issue and sell to the investors in a private placement (the “2024 Private Placement”) an aggregate of 13,110,484 shares (the “2024 Shares”) of the Company’s common stock, at a price of $2.37 per share, and pre-funded warrants (the “2024 Pre-Funded Warrants”) at a price of $2.369 per underlying share, which are exercisable to purchase 7,989,516 shares of common stock at an exercise price of $0.001 per share. The 2024 Pre-Funded Warrants were issued in lieu of shares of common stock and are exercisable immediately and until exercised in full. The 2024 Pre-Funded Warrants are subject to specified beneficial ownership limitations (equal to 4.99% or 9.99% as determined by the holders of each such warrant) of the total common stock then issued and outstanding immediately following the exercise of such warrants, and provided that any beneficial ownership limitation may not exceed 19.99% unless otherwise permitted. The 2024 Shares, the 2024 Pre-Funded Warrants, and the

shares of common stock issuable upon the exercise of the 2024 Pre-Funded Warrants, have not been registered under the Securities Act and were offered pursuant to the exemption from registration provided in Section 4(a)(2) under the Securities Act and Rule 506(b) promulgated thereunder.

The 2024 Pre-Funded Warrants were classified as a component of permanent stockholders’ equity within additional paid-in-capital. The 2024 Pre-Funded Warrants are equity classified because they are freestanding financial instruments that are legally detachable and separately exercisable from the equity instruments, are immediately exercisable, do not embody an obligation for the Company to repurchase its shares, permit the holders to receive a fixed number of common shares upon exercise, are indexed to the Company’s common stock and meet the equity classification criteria. In addition, the 2024 Pre-Funded Warrants do not provide any guarantee of value or return.

The 2024 Private Placement resulted in gross proceeds to the Company of $50.0 million, or net proceeds of approximately $48.1 million after deducting offering costs. The Company is using the net proceeds from the 2024 Private Placement to fund pre-commercial activities for its products and general corporate purposes.

In connection with the 2024 Private Placement, the Company filed on May 24, 2024, a registration statement on Form S-3 (the “2024 Registration Statement”) with the SEC to register for resale the 2024 Shares and the shares of common stock issuable upon the exercise of the 2024 Pre-Funded Warrants. The 2024 Registration Statement became effective on June 5, 2024.

2024 Equity Distribution Agreement

On September 20, 2024, the Company entered into an Open Market Sale Agreement (the “Sales Agreement”) with Guggenheim Securities, LLC (“Guggenheim Securities”) to sell shares of the Company’s common stock, having aggregate sales proceeds of up to $75.0 million, from time to time, through an “at the market” equity offering program under which Guggenheim Securities will act as sales agent. In connection with the Sales Agreement, the Company filed on September 20, 2024 a registration statement on Form S-3 containing a prospectus and prospectus supplement (the “Shelf Registration Statement”) with the SEC. The Shelf Registration Statement became effective on October 2, 2024. As of the year ended December 31, 2025, the Company has not sold any shares under the Sales Agreement.

2024 Underwritten Offering

On October 29, 2024, the Company entered into an underwriting agreement with Leerink Partners, LLC, as representative of the several underwriters named therein in connection with the underwritten offering, issuance and sale by the Company (the “2024 Underwritten Offering”) of 18,356,173 shares of the Company’s common stock, at an offering price of $3.65 per share, and pre-funded warrants at a price of $3.649 per pre-funded warrant, which are exercisable to purchase 4,931,507 shares of the Company’s common stock at an exercise price of $0.001 per share (the “2024 Offering Pre-Funded Warrants”).

The 2024 Offering Pre-Funded Warrants were classified as a component of permanent stockholders’ equity within additional paid-in-capital. The 2024 Offering Pre-Funded Warrants are equity classified because they are freestanding financial instruments that are legally detachable and separately exercisable from the equity instruments, are immediately exercisable, do not embody an obligation for the Company to repurchase its shares, permit the holders to receive a fixed number of common shares upon exercise, are indexed to the Company’s common stock and meet the equity classification criteria. In addition, the 2024 Offering Pre-Funded Warrants do not provide any guarantee of value or return.

The 2024 Underwritten Offering closed on October 30, 2024 and resulted in gross proceeds of $85 million, or net proceeds of approximately $79.5 million after deducting underwriting discounts and commissions and offering expenses. The 2024 Underwritten Offering was made pursuant to the Shelf Registration Statement and a prospectus supplement relating to the 2024 Underwritten Offering dated October 29, 2024.

A holder of the 2024 Offering Pre-Funded Warrants (together with its affiliates) may not exercise any portion of a 2024 Offering Pre-Funded Warrant to the extent that, after giving effect to such exercise, the holder (together with the holder’s affiliates, and any other persons acting as a group together with the holder or any of the holder’s affiliates) would beneficially own in excess of 4.99% (or, at the holder’s option upon issuance, 9.99%) of the number of shares of the Company's common stock outstanding immediately after giving effect to the issuance of shares of common stock issuable upon exercise of such 2024 Offering Pre-Funded Warrant.

2025 Underwritten Offering

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

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

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

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

2025 Warrant Exchange Agreement

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

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

Exercise of Pre-Funded Warrants from 2023 Securities Purchase Agreement

On January 30, 2024, Armistice Capital Master Fund Ltd. (the “Exercising Stockholder”) exercised Pre-Funded Warrants to purchase 600,000 shares of common stock at an exercise price of $0.001 per share, which were issued in conjunction with the 2023 Securities Purchase Agreement. On January 30, 2024, the Company issued 600,000 shares of common stock to the Exercising Stockholder in accordance with such exercise.

On May 7, 2024, the Exercising Stockholder exercised Pre-Funded Warrants to purchase 583,000 shares of common stock at an exercise price of $0.001 per share, which were issued in conjunction with the 2023 Securities Purchase Agreement. On May 9, 2024, the Company issued 583,000 shares of common stock to the Exercising Stockholder in accordance with such exercise.

On July 11, 2024, the Exercising Stockholder exercised their remaining Pre-Funded Warrants to purchase 240,000 shares of common stock at an exercise price of $0.001 per share, which were issued in conjunction with the 2023 Securities Purchase Agreement. On July 11, 2024, the Company issued 240,000 shares of common stock to the Exercising Stockholder in accordance with such exercise.

Common Stock Warrants and Pre-Funded Warrants

As of December 31, 2025, 51,781,090 warrants and pre-funded warrants exercisable into common stock. The Company has issued both common stock warrants and pre-funded warrants. The pre-funded warrants are exercisable for shares of common stock at a nominal exercise price and were fully paid for at issuance, except for the nominal exercise amount. The pre-funded warrants are intended to be economically equivalent to the Company’s common stock.

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


	Roll-Forward of Warrant Activity
	Common Stock Warrants			Pre-Funded Warrants		Total
Balance as of December 31, 2024		15,778,451			17,274,293		33,052,744
Issued		—			19,355,279		19,355,279
Cancelled/Expired		(626,933	)		—		(626,933	)
Balance as of December 31, 2025		15,151,518			36,629,572		51,781,090

As of December 31, 2025, the Company's outstanding warrants to purchase shares of common stock consisted of the following:


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

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

Preferred Stock Warrants

As of December 31, 2025, all warrants exercisable for shares of Series X1 Preferred Stock expired in accordance with their original terms.


	Roll-Forward of Series X1 Convertible Preferred Warrant Activity
	Total
Balance as of December 31, 2024		50,207.419
Assumed and replaced		—
Exercised		—
Cancelled/Expired		(50,207.419	)
Balance as of December 31, 2025		—

Income Taxes - Schedule of Significant Components Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Net operating loss carryforwards	$ 29,509	$ 22,740
Research and development tax credits	7,616	5,560
Accruals and reserves	699	366
Research expenditures	28,232	18,809
Stock-based compensation	1,591	3,281
Depreciation and amortization	795	1,056
Lease liability	151	225
Total deferred tax assets	68,593	52,037
Right-of-use asset	(144)	(218)
Acquired IPR&D	(7,628)	(7,623)
Total deferred tax liabilities	(7,772)	(7,841)
Less: valuation allowance	(63,008)	(46,379)
Net deferred tax liabilities	$ (2,187)	$ (2,183)

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Cybersecurity Risk Management, Strategy and Governance	12 Months Ended
Cybersecurity Risk Management, Strategy and Governance	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Item 1C. Cybersecurity. Strategy and Oversight We have implemented and maintain various information security processes designed to identify, assess and manage material risks from cybersecurity threats to our critical computer networks, third party hosted services, communications systems, hardware and software, and our critical data, including intellectual property, confidential information that is proprietary, strategic or competitive in nature, and data related to our clinical studies and employees, or our information systems and the data contained therein. We retain a Chief Information Consultant to collaborate with the company, including the Chief Financial Officer, and Executive Leadership Team, to help identify, assess and manage the company’s cybersecurity threats and risks. This group identifies and assesses risks from cybersecurity threats by monitoring and evaluating our threat environment using various methods including, for example, automated tools, subscribing to reports and services that identify cybersecurity threats, analyzing reports of threats and actors, and evaluating threats reported to us. We also use a third-party security management vendor to assist us from time to time to identify, assess, and manage material risks from cybersecurity threats. Depending on the environment, we implement and maintain various technical, physical, and organizational measures, processes, standards and policies designed to manage and mitigate material risks from cybersecurity threats to our information systems, including, for example, incident detection and response policy, route risk assessments, data encryption, network security controls, data segregation, access controls, physical security, asset management, tracking and disposal, systems monitoring, penetration testing, and cybersecurity insurance. As part of our information security program, we provide mandatory periodic training for all employees on how to identify potential cybersecurity risks and protect our resources and information. This training is supplemented by firmwide testing initiatives, including periodic phishing tests. Our assessment and management of material risks from cybersecurity threats are integrated into our overall risk management processes. For example, the Chief Information Consultant works with management to prioritize our risk management processes and mitigate cybersecurity threats that are more likely to lead to a material impact to our business. In addition, our Chief Financial Officer evaluates material risks from cybersecurity threats and, as appropriate, reports to the Audit Committee of the Board of Directors, which evaluates our overall enterprise risk. To date, we do not believe that known risks from cybersecurity threats, including as a result of any previous cybersecurity incidents that we are aware of, have materially affected or are reasonably likely to materially affect us, including our business strategy, results of operations or financial condition. However, we can give no assurance that we have detected or protected against all such cybersecurity incidents or threats. For a description of the risks from cybersecurity threats that may materially affect us and how they may do so, see our risk factors under Part I. Item 1A. Risk Factors in this Annual Report on Form 10-K, including the risk factor titled “We depend on our information systems and those of our third-party collaborators, service providers, contractors or consultants, which may fail or suffer cybersecurity incidents that could result in a material disruption of our development programs or loss of data and have a material adverse effect on our reputation, business, financial condition or results of operations.” Governance Our Board addresses our cybersecurity risk management as part of its general oversight function. The Audit Committee is responsible for overseeing our cybersecurity risk management processes, including oversight and mitigation of risks from cybersecurity threats. Our cybersecurity risk assessment and management processes are implemented and maintained by our Chief Financial Officer who oversees the work performed by our Chief Information Consultant. Our Chief Financial Officer is responsible for hiring appropriate consultants, helping to integrate cybersecurity risk considerations into our overall risk management strategy and communicating key priorities to relevant personnel. Our Chief Financial Officer, with support from our Chief Information Consultant, is responsible for approving budgets, helping prepare for cybersecurity incidents, approving cybersecurity processes, and reviewing security assessments and other security-related reports. The Audit Committee receives periodic reports from our Chief Financial Officer concerning our significant cybersecurity threats and risks and the processes we have implemented to address them. The Audit Committee also receives various reports, summaries or presentations related to cybersecurity threats, risk and mitigation. The Chief Financial Officer also promptly informs and updates the Board about any information security incidents that may pose significant risk to our Company. The Chief Financial Officer has over 20 years of operations and leadership experience, including experience in information technology strategy and execution. The Chief Information Consultant has over 20 years of experience managing and securing technology infrastructure.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Our assessment and management of material risks from cybersecurity threats are integrated into our overall risk management processes.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Governance Our Board addresses our cybersecurity risk management as part of its general oversight function. The Audit Committee is responsible for overseeing our cybersecurity risk management processes, including oversight and mitigation of risks from cybersecurity threats. Our cybersecurity risk assessment and management processes are implemented and maintained by our Chief Financial Officer who oversees the work performed by our Chief Information Consultant. Our Chief Financial Officer is responsible for hiring appropriate consultants, helping to integrate cybersecurity risk considerations into our overall risk management strategy and communicating key priorities to relevant personnel. Our Chief Financial Officer, with support from our Chief Information Consultant, is responsible for approving budgets, helping prepare for cybersecurity incidents, approving cybersecurity processes, and reviewing security assessments and other security-related reports. The Audit Committee receives periodic reports from our Chief Financial Officer concerning our significant cybersecurity threats and risks and the processes we have implemented to address them. The Audit Committee also receives various reports, summaries or presentations related to cybersecurity threats, risk and mitigation. The Chief Financial Officer also promptly informs and updates the Board about any information security incidents that may pose significant risk to our Company. The Chief Financial Officer has over 20 years of operations and leadership experience, including experience in information technology strategy and execution. The Chief Information Consultant has over 20 years of experience managing and securing technology infrastructure.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Audit Committee is responsible for overseeing our cybersecurity risk management processes, including oversight and mitigation of risks from cybersecurity threats.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Chief Financial Officer evaluates material risks from cybersecurity threats and, as appropriate, reports to the Audit Committee of the Board of Directors, which evaluates our overall enterprise risk.
Cybersecurity Risk Role of Management [Text Block]	Audit Committee receives periodic reports from our Chief Financial Officer concerning our significant cybersecurity threats and risks and the processes we have implemented to address them. The Audit Committee also receives various reports, summaries or presentations related to cybersecurity threats, risk and mitigation. The Chief Financial Officer also promptly informs and updates the Board about any information security incidents that may pose significant risk to our Company.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our Chief Financial Officer is responsible for hiring appropriate consultants, helping to integrate cybersecurity risk considerations into our overall risk management strategy and communicating key priorities to relevant personnel. Our Chief Financial Officer, with support from our Chief Information Consultant, is responsible for approving budgets, helping prepare for cybersecurity incidents, approving cybersecurity processes, and reviewing security assessments and other security-related reports.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	The Chief Financial Officer has over 20 years of operations and leadership experience, including experience in information technology strategy and execution. The Chief Information Consultant has over 20 years of experience managing and securing technology infrastructure.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The Audit Committee receives periodic reports from our Chief Financial Officer concerning our significant cybersecurity threats and risks and the processes we have implemented to address them. The Audit Committee also receives various reports, summaries or presentations related to cybersecurity threats, risk and mitigation. The Chief Financial Officer also promptly informs and updates the Board about any information security incidents that may pose significant risk to our Company.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Short-Term Investments

12 Months Ended

Dec. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Short-Term Investments

Note 3. Short-Term Investments

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

The following is a summary of short-term investments, which were classified as available-for-sale securities as of December 31, 2025 and 2024 (in thousands):


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


	December 31, 2024
	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
U.S. government securities	$	119,603	$	55	$	(29	)	$	119,629
Total short-term investments	$	119,603	$	55	$	(29	)	$	119,629

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

Net Loss Per Share - Schedule of Calculation of Basic and Diluted Earnings per Share for Common Stock and Preferred Stock (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Weighted-average common shares outstanding, basic	81,836,246	48,543,787
Weighted-average common shares outstanding, diluted	81,836,246	48,543,787
Net Income (Loss)	$ (45,617)	$ (36,184)
Net loss available to common stock, basic	(42,328)	(31,992)
Net loss available to common stock, diluted	$ (42,328)	$ (31,992)
Net loss per share, basic	$ (0.52)	$ (0.66)
Net loss per share, diluted	$ (0.52)	$ (0.66)
Series X and Series X1 Non Voting Convertible Preferred Stock [Member]
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Weighted-average common shares outstanding, basic	114,508	114,508
Weighted-average common shares outstanding, diluted	114,508	114,508
Weighted-average shares outstanding, basic	114,508	114,508
Weighted-average shares outstanding, diluted	114,508	114,508
Net loss per share, basic	$ (28.73)	$ (36.61)
Net loss per share, diluted	$ (28.73)	$ (36.61)
Net loss available to non-voting convertible preferred stock, basic	$ (3,290)	$ (4,192)
Net loss available to non-voting convertible preferred stock, diluted	$ (3,290)	$ (4,192)
Net loss per share, basic	$ (28.73)	$ (36.61)
Net loss per share, diluted	$ (28.73)	$ (36.61)

Stock-Based Compensation - Schedule of Stock-Based Compensation Expense Related to Stock-Based Awards (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 10,451	$ 13,122
Research and Development [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	4,241	4,277
General and Administrative [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 6,210	$ 8,845

Commitments and Contingencies - Schedule of Other Supplemental Balance Sheet Information Related to Operating Leases (Detail) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Operating lease right-of-use asset, net	$ 613	$ 926
Operating lease liabilities (current)	(358)	(314)
Operating lease liabilities (non-current)	(283)	(640)
Total lease obligations under operating leases	$ (641)	$ (954)
Weighted-average remaining lease term (in years)	1 year 8 months 12 days	2 years 8 months 12 days
Weighted-average discount rate	9.44%	9.46%

Fair Value Measurements - Schedule of Aggregate Fair Value of Warrant Liabilities (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Change in fair value of warrant liabilities	$ (33,449)	$ (30,900)
Fair Value, Recurring [Member] \| Warrants [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance as of December 31, 2024	44,865
Change in fair value of warrant liabilities	33,449
Settlement of warrant liability	0
Balance as of December 31, 2025	$ 11,416	$ 44,865

Stock-Based Compensation - Schedule of Assumptions Used in Black-Scholes Option Pricing Model to Determine the Fair Value of Stock Options Granted (Detail)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Expected stock price volatility	97.80%	101.30%
Risk-free interest rate	4.50%	4.20%
Expected term (in years)	6 years	6 years 10 months 24 days
Estimated dividend yield	0.00%	0.00%

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

Table Text Block Supplement [Abstract]

Financial Asset Instruments Measured At Fair Value On A Recurring Basis


	December 31, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	6,734	$	—	$	—	$	6,734
U.S. treasuries		—		14,955		—		14,955
Total cash equivalents		6,734		14,955		—		21,689

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


	December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	1,215	$	—	$	—	$	1,215
U.S. treasuries		—		17,464		—		17,464
Total cash equivalents		1,215		17,464		—		18,679

Short-term investments:
U.S. government securities		—		119,629		—		119,629
Total short-term investments		—		119,629		—		119,629
Total financial assets	$	1,215	$	137,093	$	—	$	138,308

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


	December 31, 2025
	Level 1		Level 2		Level 3		Total
Warrant liabilities	$	—	$	—	$	11,416	$	11,416


	December 31, 2024
	Level 1		Level 2		Level 3		Total
Warrant liabilities	$	—	$	—	$	44,865	$	44,865

Schedule of Aggregate Fair Values of Warrant Liabilities

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


	Warrant Liability
Balance as of December 31, 2024	$	44,865
Change in fair value of warrant liabilities		(33,449	)
Settlement of warrant liability		—
Balance as of December 31, 2025	$	11,416

Prepaid Expenses and Other Current Assets (Tables)

12 Months Ended

Dec. 31, 2025

Prepaid Expense and Other Assets, Current [Abstract]

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following as of December 31, 2025 and 2024 (in thousands):


	Year Ended December 31,
	2025		2024
Prepaid clinical	$	578	$	1,768
Interest income receivable		514		625
Prepaid insurance		688		693
Prepaid other		221		215
Prepaid manufacturing		340		147
Other current assets		11		104
Total prepaid expenses and other current assets	$	2,352	$	3,552

Summary of Significant Accounting Policies - Schedule of Significant Segment Expenses (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Segment Reporting Information [Line Items]
Other income, net	$ 4,220	$ 3,924
Change in fair value of warrant liabilities	33,449	30,900
Provision for income taxes	(35)	(431)
Net loss	(45,617)	(36,184)
Operating Segments [Member]
Segment Reporting Information [Line Items]
Tegoprubart - kidney transplantation programs	35,994	27,452
Tegoprubart - other development programs	(168)	306
Manufacturing	14,974	12,448
Personnel-related expenses	14,526	10,706
Stock-based compensation	10,451	13,122
Other segment items	7,474	6,543
Other income, net	4,220	3,924
Change in fair value of warrant liabilities	33,449	30,900
Provision for income taxes	(35)	(431)
Net loss	$ (45,617)	$ (36,184)

Preferred Stock and Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2025

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

The Company estimates the fair value of stock option awards on the grant date using the Black-Scholes option pricing model with the following weighted-average assumptions:


	Year Ended December 31,
	2025	2024

Expected stock price volatility	97.8%	101.3%
Risk-free interest rate	4.5%	4.2%
Expected term (in years)	6.0	6.9
Estimated dividend yield	—%	—%

Preferred Stock Warrants [Member]

Schedule of Warrants to Purchase Common Stock Activity

As of December 31, 2025, all warrants exercisable for shares of Series X1 Preferred Stock expired in accordance with their original terms.


	Roll-Forward of Series X1 Convertible Preferred Warrant Activity
	Total
Balance as of December 31, 2024		50,207.419
Assumed and replaced		—
Exercised		—
Cancelled/Expired		(50,207.419	)
Balance as of December 31, 2025		—

Common Stock Warrants and Pre-Funded Warrants [Member]

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

As of December 31, 2025, the Company's outstanding warrants to purchase shares of common stock consisted of the following:


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

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

Schedule of Warrants to Purchase Common Stock Activity

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


	Roll-Forward of Warrant Activity
	Common Stock Warrants			Pre-Funded Warrants		Total
Balance as of December 31, 2024		15,778,451			17,274,293		33,052,744
Issued		—			19,355,279		19,355,279
Cancelled/Expired		(626,933	)		—		(626,933	)
Balance as of December 31, 2025		15,151,518			36,629,572		51,781,090

Securities Purchase Agreement [Member]

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

The following table presents the assumptions used in the Black-Scholes option pricing model to determine the fair value of the Common Warrants as of December 31, 2025 and 2024 as follows:


	Year Ended December 31,
	2025		2024
Expected stock price volatility	110.5%		96.4%
Risk-free interest rate	3.6%		4.4%
Expected term (in years)	2.5		3.5
Share price	$	1.51	$	4.14

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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