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Stock-Based Compensation - Summary of Stock-Based Compensation Expense Recorded in Statements of Operations and Allocated (Details) - Equity Incentive Plan and Employee Stock Purchase Plan - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	$ 9,520	$ 19,094	$ 14,131
Research and Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	5,465	9,816	6,933
General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	$ 4,055	$ 9,278	$ 7,198

- Definition

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

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+ Details

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

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (61,797)	$ (138,426)	$ (117,255)

- Definition

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

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

Reference 47: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
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Reference 48: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

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

+ Details

Segment Reporting - Summary of Impairment of Long-Lived Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting [Abstract]
Impairment of long-lived assets	$ 2,205	$ 0	$ 0

Stock-Based Compensation - Summary of Stock Option Activity (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Number of Options Outstanding	9,168,745
Number of Options Outstanding, Granted	3,854,981
Number of Options Outstanding, Cancelled	(4,768,446)
Number of Options Outstanding	8,255,280	9,168,745
Number of Options Outstanding, Options exercisable	4,129,149
Weighted Average Exercise Price, Beginning Balance	$ 10.19
Weighted Average Exercise Price, Granted	1.75
Weighted Average Exercise Price, Cancelled	9.82
Weighted Average Exercise Price, Ending Balance	4.11	$ 10.19
Weighted Average Exercise Price,Options Exercisable	$ 5.72
Weighted Average Remaining Contract Term	8 years	7 years 7 months 6 days
Weighted Average Remaining Contract Term,Options Exercisable	6 years 9 months 18 days
Aggregate Intrinsic Value	$ 1,730	$ 119,000
Aggregate Intrinsic Value,Options Exercisable	$ 0

Fair Value Measurement

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurement

Note 3. Fair Value Measurement

The Company applies fair value accounting for all financial assets and liabilities. Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, a three-tier fair value hierarchy has been established, which prioritizes the inputs used in measuring fair value as follows:

Level 1—Observable inputs, such as quoted prices in active markets for identical assets or liabilities at the measurement date.

Level 2—Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3—Unobservable inputs which reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model.

In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as considers counterparty credit risk in its assessment of fair value.

The carrying amount of cash and cash equivalents, prepaid expenses, accounts payable and accrued expenses are generally considered to be representative of their respective fair values because of the short-term nature of these instruments.

Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company classifies money market funds as Level 1 within the fair value hierarchy as the fair value is based on quoted price in active markets. The Company classifies its investments in corporate debt securities, commercial paper and asset backed securities as Level 2 within the fair value hierarchy as the fair value is based on other observable inputs, including broker or dealer quotations or alternative pricing sources. When quoted prices in active markets for identical assets or liabilities are not available, the Company relies on non-binding quotes from its investment managers, which are based on proprietary valuation models of independent pricing services. These models generally use inputs such as observable market data, quoted market prices for similar instruments, or historical pricing trends of a security relative to its peers. To validate the fair value determination provided by its investment managers, the Company reviews the pricing movement in the context of overall market trends and trading information from its investment managers. In addition, the Company assesses the inputs and methods used in determining the fair value in order to determine the classification of securities in the fair value hierarchy. The Company evaluates transfers between levels at the end of each reporting period and there were no transfers of financial instruments between the fair value measurement levels during the year ended December 31, 2025.

The Company measures and reports certain financial instruments as assets and liabilities at fair value on a recurring basis. The following tables set forth the fair value of the Company’s financial assets, which consist of cash equivalents and marketable securities measured and recognized at fair value (in thousands):


		December 31, 2025
	Fair Value Hierarchy Level	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Financial assets included in cash and cash equivalents:
Money market funds	Level 1	$	55,030	$	—	$	—	$	55,030
Total			55,030		—		—		55,030
Liabilities:
Warrant liability	Level 3		17,791		—		—		17,791
Total		$	17,791	$	—	$	—	$	17,791


		December 31, 2024
	Fair Value Hierarchy Level	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Financial assets included in cash and cash equivalents:
Money market funds	Level 1	$	56,031	$	—	$	—	$	56,031
Total		$	56,031	$	—	$	—	$	56,031

The Company evaluates transfers between levels at the end of each reporting period. There were no transfers between Levels 1, 2 and 3 during the year ended December 31, 2025 and 2024. As of December 31, 2025 and December 31, 2024, there were no financial instruments classified as Level 2. There have been no realized gains or losses recognized for the periods presented. Unrealized gains and losses are included in accumulated other comprehensive loss within stockholders' equity on the balance sheet. There were no investments as of December 31, 2025 and December 31, 2024, as such, no allowance for

credit losses has been recognized as of December 31, 2025. During the year ended December 31, 2025 and 2024, the Company did not recognize any impairment losses related to investments.

The warrant liability in the table above consisted of the fair value of the Common Warrants (see Note 5) and was based on significant inputs not observable in the market, which represents a Level 3 measurement within the fair value hierarchy.

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


	Warrant Liability
Balance at December 31, 2024	$	—
Issuance of common warrants		37,648
Change in fair value		(19,857	)
Balance at December 31, 2025	$	17,791

- Definition

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

+ References

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

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

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

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

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

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 940
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Fair Value Measurement (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Summary of Investments Measured and Recognized at Fair Value


		December 31, 2025
	Fair Value Hierarchy Level	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Financial assets included in cash and cash equivalents:
Money market funds	Level 1	$	55,030	$	—	$	—	$	55,030
Total			55,030		—		—		55,030
Liabilities:
Warrant liability	Level 3		17,791		—		—		17,791
Total		$	17,791	$	—	$	—	$	17,791


		December 31, 2024
	Fair Value Hierarchy Level	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Financial assets included in cash and cash equivalents:
Money market funds	Level 1	$	56,031	$	—	$	—	$	56,031
Total		$	56,031	$	—	$	—	$	56,031

Summary of Roll Forward of Aggregate Fair Value of Warrant Liability Categorized within Level 3 Inputs

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


	Warrant Liability
Balance at December 31, 2024	$	—
Issuance of common warrants		37,648
Change in fair value		(19,857	)
Balance at December 31, 2025	$	17,791

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Schedule of Lease Costs and Cash Paid

The following table summarizes the lease costs and cash paid for the Company’s leases (in thousands):


	December 31,
	2025		2024		2023

Cash paid for operating lease liabilities	$	2,903	$	3,794	$	2,469
Operating lease costs		2,623		3,993		4,099
Short-term lease costs		28		—		—
Variable lease costs		1,057		995		1,326

Schedule of Supplemental Balance Sheet Information Related To Operating Leases

Supplemental balance sheet information related to operating leases is as follows:


	December 31,
	2025			2024			2023
Weighted average remaining lease term		1.1			6.0			5.6
Weighted average discount rate		7.8	%		11.4	%		10.9	%

Schedule of Maturities of Lease Liabilities

Maturities of lease liabilities as of December 31, 2025 were as follows (in thousands):


	Operating Lease
Year Ending December 31,	Commitments
2026		1,526
Thereafter		128
Total undiscounted lease payments		1,654
Less: Present value adjustments		(65	)
Total operating lease liabilities	$	1,589
Operating lease liabilities, current		1,461
Operating lease liabilities, non-current		128
Total operating lease liabilities	$	1,589

Capital Structure - Schedule of Reserved Common Stock for Future Issuance (Details) - shares	Dec. 31, 2025	Dec. 31, 2024
Conversion of Stock [Line Items]
Common Stock, Capital shares reserved for future issuance	14,470,222	12,432,942
Stock Options, Issued and Outstanding
Conversion of Stock [Line Items]
Common Stock, Capital shares reserved for future issuance	8,255,280	9,168,745
Stock Options, Authorized for Future Issuance
Conversion of Stock [Line Items]
Common Stock, Capital shares reserved for future issuance	4,517,434	2,680,934
Employee Stock Purchase Plan, Available for Future Issuance
Conversion of Stock [Line Items]
Common Stock, Capital shares reserved for future issuance	805,008	583,263
Restricted Stock Subject to Future Vesting
Conversion of Stock [Line Items]
Common Stock, Capital shares reserved for future issuance	892,500

Summary of Significant Accounting Policies - Summary of Useful Lives of Property and Equipment (Details)	12 Months Ended
	Dec. 31, 2025
Property Plant And Equipment [Line Items]
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration]	Leasehold Improvements
Property plant and equipment estimated remaining useful life	Shorter of remaining lease term or estimated useful life
Computer Equipment
Property Plant And Equipment [Line Items]
Useful lives of property and equipment	3 years
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Useful lives of property and equipment	5 years
Laboratory Equipment
Property Plant And Equipment [Line Items]
Useful lives of property and equipment	5 years

Balance Sheet Components - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Balance Sheet Related Disclosures [Abstract]
Depreciation expense	$ 1,409	$ 1,748	$ 1,515
Impairment charge	$ 2,205	$ 0	$ 0

Fair Value Measurement - Summary of Investments Measured and Recognized at Fair Value (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Liabilities
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	$ 17,791,000
Fair Value	17,791,000
Financial Assets Included Within Cash and Cash Equivalents
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	55,030,000	$ 56,031,000
Fair Value	55,030,000	56,031,000
Level 3
Schedule Of Available For Sale Securities [Line Items]
Fair Value	0	0
Money Market Funds \| Level 1 \| Financial Assets Included Within Cash and Cash Equivalents
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	55,030,000	56,031,000
Fair Value	55,030,000	$ 56,031,000
Warrant Liability \| Level 3 \| Liabilities
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	17,791,000
Fair Value	$ 17,791,000

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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+ Details

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

Fair Value Measurement - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value assets transferred from level 1 to level 2	$ 0	$ 0
Fair value assets transferred from level 2 to level 1	0	0
Fair value liabilities transferred from level 1 to level 2	0	0
Fair value liabilities transferred from level 2 to level 1	0	0
Fair value liabilities transferred to level 3	0	0
Fair value liabilities transferred from level 3	0	0
Fair value assets transferred to level 3	0	0
Fair value assets transferred from level 3	0	0
Unrealized gains (losses) on available for sale securities	0	0
Allowance for credit Loss	0
Impairment loss on investments	0	0
Investments	0	0
Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair Value	0	0
Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair Value	$ 0	$ 0

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

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Summary of Research and Development and General and Administrative Expenses

Below is the breakdown of the Company’s research and development and general and administrative expenses for the years ended December 31, 2025, 2024 and 2023 (in thousands):


	Year Ended December 31,
	2025		2024		2023
External costs
Clinical research organization expenses
COVALENT - 101	$	2,162	$	2,386	$	7,380
COVALENT - 102		1,140		205		3,415
COVALENT - 103		3,561		3,710		2,007
COVALENT - 111		4,345		22,489		14,670
COVALENT - 112		1,131		5,048		1,306
COVALENT - 211		87		—		—
COVALENT - 212		67		—		—
GLP - 131		774		—		—
Other clinical related expenses		6,331		14,262		7,320
Preclinical activities related expenses		6,037		11,815		10,165
Expenses related to manufacturing of clinical and research material		2,848		7,262		13,237
Other external costs		6,935		10,948		5,528
Internal costs:
Personnel-related expenses (including stock-based compensation)		20,563		31,856		28,838
Facilities and other allocated expenses		5,998		8,104		8,680
Total research and development expenses	$	61,979	$	118,085	$	102,546


	Year Ended December 31,
	2025		2024		2023
External costs	$	5,814	$	6,488	$	5,007
Internal costs:
Personnel-related expenses (including stock-based compensation)		11,902		17,768		16,466
Facilities and other allocated expenses		1,612		1,729		2,116
Total general and administrative expenses	$	19,328	$	25,985	$	23,589


	Year Ended December 31,
	2025		2024		2023
Impairment of long-lived assets	$	2,205	$	—	$	—

Reconciliation of Segment Loss From Operations to Net Loss

Reconciliation of segment loss from operations to net loss:


	Year Ended December 31,
	2025			2024			2023
Loss from operations of reportable segments	$	(83,512	)	$	(144,070	)	$	(126,135	)
Change in fair value of common warrant liability		19,857			—			—
Interest income		1,858			5,644			8,880
Net loss	$	(61,797	)	$	(138,426	)	$	(117,255	)

Balance Sheet Components - Summary of Accrued Expense and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Accrued Liabilities, Current [Abstract]
Accrued research and development materials and services	$ 3,163	$ 5,947
Accrued personnel expenses	2,958	452
Accrued professional services	117	60
Other	169	203
Total accrued expenses and other current liabilities	$ 6,407	$ 6,662

Stock-Based Compensation - Additional Information (Details) $ / shares in Units, $ in Millions		1 Months Ended	12 Months Ended
	Aug. 11, 2025 USD ($) Employee $ / shares shares	Apr. 30, 2021 shares	Dec. 31, 2025 USD ($) shares	Dec. 31, 2024 USD ($) shares	Dec. 31, 2023 USD ($)	Jan. 01, 2026 shares	Nov. 17, 2023 shares	Dec. 18, 2020 shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Reserved shares of common stock to grant stock-based compensation awards			14,470,222	12,432,942
Per share exercise price of eligible stock option awards \| $ / shares	$ 4.5
Stock options repricing impact in stock option award	2,600,000
Stock option repricing affected number of employees \| Employee	48
Incremental stock based compensation \| $	$ 0.4		$ 0.3
Incremental stock based compensation expense vested repriced option \| $	0.3
Remaining Incremental stock based compensation expense vested \| $	$ 0.1
Total unrecognized compensation cost related to stock options, restricted stock awards, and ESPP under the plans \| $			$ 10.8
Unrecognized stock-based compensation cost, weighted-average period			2 years 9 months 18 days
2020 Equity Incentive Plan \| Employees and Non-Employees
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Reserved shares of common stock to grant stock-based compensation awards								4,327,799
2021 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Reserved shares of common stock to grant stock-based compensation awards		3,370,000	2,672,434
Options granted expiration period		10 years
Ownership (percent)		10.00%
Option price as percentage of fair market value of common stock on the date of grant		110.00%
Vesting description		Employee stock options generally vest 1/16th quarterly over four years subject to continued service to the Company.
Vesting period		4 years
Share-based compensation arrangement by share-based payment award, percentage of increment based on prior year			5.00%
2021 Equity Incentive Plan \| Subsequent Event
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Increase in number of shares of common stock available under evergreen provision						3,614,972
2021 Equity Incentive Plan \| Grantee Owning More Than 10% of Voting Power
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options granted expiration period		5 years
2023 Inducement Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Reserved shares of common stock to grant stock-based compensation awards			1,845,000				2,000,000
2021 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Reserved shares of common stock to grant stock-based compensation awards		306,000	805,008
Share-based compensation arrangement by share-based payment award, percentage of increment based on prior year			1.00%
Discounted percentage for employees and designated affiliates to purchase common stock		15.00%
2021 Employee Stock Purchase Plan \| Subsequent Event
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Increase in number of shares of common stock available under evergreen provision						722,994
Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Aggregate intrinsic value of options exercised \| $			$ 0.0	$ 0.8	$ 1.7
Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock awards granted			954,000
Unvested restricted awards			892,500

Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Summary of Reconciliation of Statutory Federal Income Tax Rate to Company's Effective Tax Rate

The following is a reconciliation of the statutory federal income tax rate to the Company’s effective tax rate after the adoption of ASU 2023-09:


	Year Ended December 31,
	2025
	(in thousands)			Percent
Expected provision (benefit) at statutory federal income tax rate	$	(12,978	)		21.0	%
State and local income tax, net of federal (national) income tax effect		(167	)		0.3	%
Change in valuation allowance		14,578			(23.6	)%
Nontaxable and nondeductible items
Stock-based compensation		756			(1.2	)%
Change in common warrants		(4,170	)		6.8	%
Other nontaxable and nondeductible items		(9	)		0.0	%
Research and development credits		(1,572	)		2.5	%
Changes in unrecognized tax benefits		498			(0.8	)%
True up to deferred tax asset		3,053			(4.9	)%
Other		11			(0.0	)%
Effective income tax rate	$	—			(0.0	)%

The following is a reconciliation of the statutory federal income tax rate to the Company’s effective tax rate for the years prior to the adoption of ASU 2023-09:


	Year Ended December 31,
	2024			2023
Federal statutory income tax rate		21.0	%		21.0	%
State income tax rate		6.0	%		11.1	%
Tax credits		2.9	%		4.1	%
Stock-based compensation		(1.0	)%		(1.0	)%
Change in valuation allowance		(28.8	)%		(34.6	)%
Other		(0.1	)%		(0.6	)%
Effective income tax rate		0.0	%		0.0	%

Summary of Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities consist of the following (in thousands):


	Year Ended December 31,
	2025			2024
Deferred tax assets:
Net operating loss carryforwards	$	66,433		$	48,853
Capitalized research and development		43,088			41,642
Property and equipment		109			—
Accrued liabilities and reserves		714			—
Stock-based compensation		5,423			7,830
Intangible assets		1,973			1,927
Operating lease liabilities		441			2,431
Research and development credits		15,055			13,222
Gross deferred tax assets		133,236			115,905
Valuation allowance		(133,236	)		(113,866	)
Total deferred tax assets		—			2,039
Deferred tax liabilities:
Property and equipment		—			(139	)
Operating lease right-of-use assets		—			(1,900	)
Total deferred tax liabilities		—			(2,039	)
Net deferred tax assets	$	—		$	—

Schedule of Unrecognized Tax Benefits

The following table summarizes the activity related to the Company’s gross unrecognized tax benefits (in thousands):


	Year Ended December 31,
	2025			2024			2023
Beginning balance	$	3,914		$	2,216		$	624
Increases for tax provisions related to prior year		(1	)		84			227
Decreases for tax provision related to prior year		(60	)		(104	)		—
Increases for tax provisions related to current year		603			1,718			1,365
Ending balance	$	4,456		$	3,914		$	2,216

Segment Reporting - Summary of General and Administrative Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting [Abstract]
External costs	$ 5,814	$ 6,488	$ 5,007
Internal costs:
Personnel-related expenses (including stock-based compensation)	11,902	17,768	16,466
Facilities and other allocated expenses	1,612	1,729	2,116
Total general and administrative expenses	$ 19,328	$ 25,985	$ 23,589

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Summary of Useful Lives of Property and Equipment

The useful lives of property and equipment are as follows:


Computer equipment	3 years
Furniture and fixtures	5 years
Laboratory equipment	5 years
Leasehold improvements	Shorter of remaining lease term or estimated useful life

Balance Sheet Components - Summary of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 1,162	$ 7,945
Less: accumulated depreciation	(1,009)	(4,179)
Total property and equipment, net	153	3,766
Laboratory Equipment
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	102	3,928
Computer Equipment
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	146	146
Furniture and Fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	432	432
Leasehold Improvements
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 482	$ 3,439

Segment Reporting - Reconciliation of Segment Loss From Operations to Net Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting [Abstract]
Loss from operations of reportable segments	$ (83,512)	$ (144,070)	$ (126,135)
Change in fair value of common warrant liability	19,857	0	0
Interest income	1,858	5,644	8,880
Net loss	$ (61,797)	$ (138,426)	$ (117,255)

- Definition

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

+ References

+ Details

- Definition

The net result for the period of deducting operating expenses from operating revenues.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-14

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 32
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 270
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
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Reference 8: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

+ Details

Stock-Based Compensation - Summary of Restricted Stock Activity (Details) - Restricted Stock	12 Months Ended
	Dec. 31, 2025 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Restricted stock awards granted \| shares	954,000
Number of Restricted Stock Awards, Released \| shares	0
Number of Restricted Stock Awards, Canceled/Forfeited \| shares	(61,500)
Number of Restricted Stock Awards \| shares	892,500
Weighted-Average Grant Date Fair Value, Granted \| $ / shares	$ 1.53
Weighted-Average Grant Date Fair Value, Released \| $ / shares	0
Weighted-Average Grant Date Fair Value, Canceled/Forfeited \| $ / shares	1.53
Weighted-Average Grant Date Fair Value, Ending Balance \| $ / shares	$ 1.53

Stock-Based Compensation

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Note 6. Stock-Based Compensation

2020 Equity Incentive Plan

The Company adopted the 2020 Equity Incentive Plan (the “2020 Plan”) on December 18, 2020. The 2020 Plan reserved 4,327,799 shares of common stock to grant stock-based compensation awards, including stock options and restricted stock awards, to employees and non-employees. As of April 9, 2021, the Company ceased granting awards under the 2020 Plan. However, 2020 Plan awards will remain subject to the terms of the 2020 Plan.

2021 Equity Incentive Plan

In April 2021, the Company adopted the 2021 Equity Incentive Plan (the “2021 Plan”). Options granted under the 2021 Plan expire no later than 10 years from the date of grant. The exercise price of options granted under the 2021 Plan must at least be equal to the fair market value of the Company’s common stock on the date of grant. With respect to any participant who owns more than 10% of the voting power of all classes of the Company’s outstanding stock, the term of an incentive stock option granted to such participant must not exceed five years and the exercise price must equal at least 110% of the fair market value on the grant date. Employee stock options generally vest 1/16th quarterly over four years subject to continued service to the Company.

Subject to adjustment in the case of certain capitalization events as provided in the 2021 Plan, the Company initially reserved 3,370,000 shares of the Company’s common stock for issuance pursuant to awards under the 2021 Plan. The 2021 Plan is administered by the Compensation Committee of the Company’s Board of Directors. The number of shares of the Company’s common stock available for issuance under the 2021 Plan will also include an annual increase on the first day of each fiscal year beginning in 2022 and ending in 2031, equal to the lesser of (i) 5% of the Company’s common stock outstanding at December 31 of the immediately preceding year, or (ii) such number of shares as determined by the Company’s Board of Directors. As of December 31, 2025, 2,672,434 shares of common stock remained available for issuance under the 2021 Plan. Effective January 1, 2026, the number of shares of common stock available under the 2021 Plan increased by 3,614,972 shares pursuant to the evergreen provision of the 2021 Plan.

2023 Inducement Plan

On November 17, 2023, the Company's board of directors adopted the 2023 Inducement Equity Plan (Inducement Plan) pursuant to which the Company reserved 2,000,000 shares of common stock, to be used exclusively for grants of equity-based awards to individuals who were not previously employees or directors of the Company, as an inducement material to the individual’s entry into employment with the Company within the meaning of Rule 5635(c)(4) of the Nasdaq Listing Rules. The Inducement Plan provides for the grant of equity-based awards in the form of non-qualified stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, performance stock unit awards, unrestricted stock awards, dividend equivalent rights or Other Stock Based Awards (as defined in the Inducement Plan). The Inducement Plan was adopted by the board of directors without stockholder approval pursuant to Rule 5635(c)(4) of the Nasdaq Listing Rules. As of December 31, 2025, 1,845,000 shares of common stock remained available for issuance under the Inducement Plan.

2021 Employee Stock Purchase Plan

The Company adopted a 2021 Employee Stock Purchase Plan (ESPP) in April 2021. The ESPP enables eligible employees of the Company and designated affiliates to purchase shares of common stock at a discount of 15%. Subject to adjustment in the case of certain capitalization events, a total of 306,000 common shares of the Company were available for purchase at adoption of the ESPP. Pursuant to the ESPP, the annual share increase pursuant to the evergreen provision is determined based on the lesser of (i) 1% of the Company’s common stock outstanding at December 31 of the immediately preceding year, or (ii) such number of shares as determined by the Company’s Board of Directors. As of December 31, 2025, 805,008 shares of common stock remained available for issuance under the ESPP. Effective January 1, 2026, the number of shares of common stock available under the ESPP increased by 722,994 shares pursuant to the evergreen provision of the ESPP.

Repricing

On August 11, 2025 (the Repricing Effective Date), the Company's Board approved a repricing of certain outstanding vested and unvested stock option awards under the 2021 Plan for eligible non-executive employees and certain other service providers (the Repricing Participants). The per share exercise price of eligible stock option awards was reduced to $4.50. To receive the benefit of the repricing, Repricing Participants were required to remain an employee or service provider through the period (the Retention Period) that began on the Repricing Effective Date and ended on September 12, 2025 (the Retention Date). No other changes were made to the terms and conditions of the eligible stock option awards. The stock option repricing impacted approximately 2.6 million shares of common stock subject to stock option awards and affected 48 employees and service providers.

The repricing resulted in a total incremental stock-based compensation expense of $0.4 million, which was calculated using the Black-Scholes option pricing model, of which $0.3 million is associated with vested repriced options as of the Retention Date and was recognized on a straight-line basis over the Retention Period. The remaining $0.1 million of the incremental stock-based compensation expense is associated with unvested repriced options beyond the Retention Period and will be recognized on a straight-line basis over the remaining original vesting periods. For the twelve months ended December 31, 2025, the Company recognized $0.3 million of incremental stock-based compensation expense.

Stock-Based Compensation Expense

Total stock-based compensation expense related to the Company's equity incentive plans and ESPP was recorded in the statements of operations and allocated as follows (in thousands):


	Year Ended December 31,
	2025		2024		2023
Research and development	$	5,465	$	9,816	$	6,933
General and administrative		4,055		9,278		7,198
Total stock-based compensation expense	$	9,520	$	19,094	$	14,131

As of December 31, 2025, there was $10.8 million of total unrecognized compensation cost related to stock options, restricted stock units, and ESPP under the Plans. The unrecognized stock-based compensation cost is expected to be recognized over a weighted-average period of 2.8 years.

Stock Options

The following table summarizes stock option activity:


	Number of Options Outstanding			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value (in thousands)
Balance as of December 31, 2024		9,168,745		$	10.19		7.6	$	119
Granted		3,854,981			1.75
Exercised		—			—
Cancelled		(4,768,446	)		9.82
Balance as of December 31, 2025		8,255,280		$	4.11		8.0	$	1.73
Options exercisable as of December 31, 2025		4,129,149		$	5.72		6.8	$	—

The fair value of stock options was estimated using the following weighted-average assumptions:


	Year Ended December 31,
	2025			2024			2023
Expected term in years		5.9			6.0			6.0
Expected volatility		104.7	%		91.0	%		79.9	%
Risk-free interest rate		4.0	%		4.1	%		3.8	%
Dividend yield		—			—			—
Weighted average fair value of options granted	$	1.05		$	10.04		$	7.57

The aggregate intrinsic value of options exercised for the years ended December 31, 2025, 2024 and 2023 was $0.0 million, $0.8 million, and $1.7 million, respectively. Intrinsic values are calculated as the difference between the exercise price of the underlying options and the fair value of the common stock on the date of exercise.

Employee Stock Purchase Plan

The fair value of ESPP was estimated using the following weighted-average assumptions:


	Year Ended December 31,
	2025			2024			2023
Expected term in years		1.3			1.3			1.3
Expected volatility		116.3	%		136.5	%		80.9	%
Risk-free interest rate		3.7	%		4.6	%		4.9	%
Dividend yield		—			—			—

Restricted Stock Units

The following table summarizes the restricted stock activity:


	Shares			Weighted-Average Grant Date Fair Value
Balance, December 31, 2024		—		$	—
Granted		954,000		$	1.53
Vested		—			—
Canceled/Forfeited		(61,500	)	$	1.53
Balance, December 31, 2025		892,500		$	1.53

Capital Structure - Schedule of Fair Value of Common Warrants Using the Black-Scholes Option Pricing Model (Details) - Common Warrants	Dec. 31, 2025 $ / shares	Oct. 08, 2025 $ / shares	Jun. 20, 2025 $ / shares
June 2025 Underwritten Public Offering
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Common stock price	$ 1.24		$ 1.81
Expected term (years)	1 year		1 year 6 months
October 2025 Underwritten Public Offering
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Common stock price	$ 1.24	$ 1.68
Expected term (years)	2 years 9 months 18 days	3 years
Risk-Free Interest Rate \| June 2025 Underwritten Public Offering
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and rights outstanding, measurement input	3.5		4
Risk-Free Interest Rate \| October 2025 Underwritten Public Offering
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and rights outstanding, measurement input	3.6	3.6
Expected Volatility \| June 2025 Underwritten Public Offering
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and rights outstanding, measurement input	116.3		132.9
Expected Volatility \| October 2025 Underwritten Public Offering
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and rights outstanding, measurement input	125	121.6

Net Loss Per Share - Summary of Potential Dilutive Securities Excluded from Calculation of Diluted Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti Dilutive Shares	46,217,849	9,185,462	7,501,172
Stock Options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti Dilutive Shares	8,255,280	9,168,745	7,357,607
Estimated Shares Issuable Under the ESPP
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti Dilutive Shares	45,680	16,717	31,645
Restricted Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti Dilutive Shares	0	0	111,920
Restricted Stock Subject to Future Vesting
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti Dilutive Shares	892,500	0	0
Common Warrants to Purchase Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti Dilutive Shares	37,024,389	0	0

Taxes - Schedule of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Unrecognized Tax Benefits [Roll Forward]
Beginning balance	$ 3,914	$ 2,216	$ 624
Increases for tax provisions related to prior year	(1)	84	227
Decreases for tax provision related to prior year	(60)	(104)
Increases for tax provisions related to current year	603	1,718	1,365
Ending balance	$ 4,456	$ 3,914	$ 2,216

Commitments and Contingencies - Schedule of Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]
2026	$ 1,526
Thereafter	128
Total undiscounted lease payments	1,654
Less: Present value adjustments	(65)
Total operating lease liabilities	1,589
Operating lease liabilities, current	1,461	$ 2,079
Operating lease liabilities, non-current	$ 128	$ 6,692

Taxes - Summary of Reconciliation of Statutory Federal Income Tax Rate to Company's Effective Tax Rate (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Expected provision (benefit) at statutory federal income tax rate	$ (12,978,000)
State and local income tax, net of federal (national) income tax effect	(167,000)
Change in valuation allowance	14,578,000
Stock-based compensation	756,000
Change in common warrants	(4,170,000)
Other nontaxable and nondeductible items	(9,000)
Research and development credits	(1,572,000)
Changes in unrecognized tax benefits	498,000
True up to deferred tax asset	3,053,000
Other	11,000
Effective income tax rate	$ 0	$ 0	$ 0
Expected provision (benefit) at statutory federal income tax rate	21.00%	21.00%	21.00%
State and local income tax, net of federal (national) income tax effect	0.30%	6.00%	11.10%
Change in valuation allowance	(23.60%)	(28.80%)	(34.60%)
Stock-based compensation	(1.20%)
Stock-based compensation		(1.00%)	(1.00%)
Change in common warrants	6.80%
Other nontaxable and nondeductible items	0.00%
Research and development credits	2.50%
Changes in unrecognized tax benefits	(0.80%)
True up to deferred tax asset	(4.90%)
Tax credits		2.90%	4.10%
Other	0.00%	(0.10%)	(0.60%)
Effective income tax rate	(0.00%)	0.00%	0.00%

Capital Structure

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Capital Structure

Note 5. Capital Structure

Common Stock

As of December 31, 2025 and 2024, the Company was authorized to issue 300,000,000 shares of common stock with a par value of $0.0001 per share and 10,000,000 shares of preferred stock with a par value of $0.0001 per share.

Common stockholders are entitled to dividends when and if declared by the Company’s Board of Directors and after any preferred share dividends are fully paid. The holder of each share of common stock is entitled to one vote. As of December 31, 2025 and 2024, no dividends have been declared.

The Company had reserved common stock for future issuance as follows:


	December 31,
	2025		2024
Stock options, issued and outstanding		8,255,280		9,168,745
Stock options, authorized for future issuance		4,517,434		2,680,934
Employee stock purchase plan, available for future issuance		805,008		583,263
Restricted stock subject to future vesting		892,500		—
Total		14,470,222		12,432,942

Public Offerings

In April 2023, pursuant to a registration statement on Form S-3, the Company issued and sold 5,750,000 shares of common stock at a public offering price of $30.00 per share in an underwritten public offering. The net proceeds to the Company from the offering were approximately $161.8 million, after deducting underwriting discounts and commissions and offering costs of approximately $11.0 million.

In June 2025, the Company completed an underwritten public offering transaction in which it issued and sold 19,450,000 shares of common stock at an offering price of $2.00 per share and, to a certain investor in lieu of common stock, pre-funded warrants to purchase up to 550,000 shares of common stock at an offering price of $1.9999 per share and accompanying common warrants to purchase up to 23,000,000 shares of common stock at a per share exercise price of $2.50. The net proceeds to the Company from the offering were approximately $37.2 million, after deducting underwriting discounts and commissions and offering costs of approximately $2.8 million.

In July 2025, in connection with the completed underwritten public offering, the underwriters partially exercised their over-allotment option to purchase an additional 1,381,262 shares of common stock at an offering price of $2.00 per share. The net proceeds from the offering pursuant to the over-allotment option were approximately $2.6 million, after deducting underwriting discounts and commissions and offering costs of approximately $0.2 million.

In October 2025, the Company completed an underwritten public offering transaction in which it issued and sold 11,195,121 shares of common stock at an offering price of $2.05 per share and, to a certain investor in lieu of common stock, pre-funded warrants to purchase up to 1,000,000 shares of common stock at an offering price of $2.0499 per share and accompanying common warrants to purchase up to 12,195,121 shares of common stock at a per share exercise price of $2.50. The underwriters partially exercised their overallotment option to purchase 1,829,268 shares of common stock. The net proceeds to the Company from the offering were approximately $23.1 million, after deducting underwriting discounts and commissions and offering costs of approximately $1.9 million.

The Company concluded that the common warrants do not meet the equity contract scope exception. The liability associated with the common warrants is recorded as warrant liability in the balance sheet as of December 31, 2025.

The valuation of the common warrants is adjusted to fair value (Level 3) at each subsequent balance sheet date until the common warrants are settled or expired. To this date, due primarily to fluctuations in the Company's common stock price between the issuance date and December 31, 2025, the warrant liability was revalued at $17.8 million as of December 31, 2025. The change in fair value of $19.9 million has been recorded as Change in fair value of common warrant liability.

The Company calculated the fair value of common warrants using the Black-Scholes option pricing model with the following inputs:


	June 2025 Underwritten Public Offering
	June 20,			December 31,
	2025			2025
	(issuance)			(period end)
Common stock price	$	1.81		$	1.24
Expected dividend yield		—	%		—	%
Expected term (years)		1.5			1.0
Risk-free interest rate		4.0	%		3.5	%
Expected volatility		132.9	%		116.3	%


	October 2025 Underwritten Public Offering
	October 8,			December 31,
	2025			2025
	(issuance)			(period end)
Common stock price	$	1.68		$	1.24
Expected dividend yield		—	%		—	%
Expected term (years)		3.0			2.8
Risk-free interest rate		3.6	%		3.6	%
Expected volatility		121.6	%		125.0	%

Common Stock Warrants

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

         Warrant Type

         Issue Date

         Expiration Date

         Exercise Price

         Number of Warrants Outstanding

Common warrants

June 20, 2025

December 20, 2026

2.50

23,000,000

Common warrants

October 8, 2025

October 8, 2028

2.50

14,024,389

37,024,389

There were 1,550,000 pre-funded warrants exercised during the twelve months ended December 31, 2025 resulting in the Company issuing 1,549,860 shares of common stock due to net exercise of the pre-funded warrants.

ATM Offering Agreement with Piper Sandler & Co.

On November 25, 2022, the Company entered into an equity distribution agreement (the 2022 ATM Agreement) with Piper Sandler & Co. (Piper Sandler), as sales agent, with respect to an ATM offering program (the 2022 ATM Offering Program). Pursuant to the prospectus supplement relating to the Offering (as defined below), dated as of November 25, 2022 (the Prospectus Supplement), the Company may offer and sell, from time to time in its sole discretion, shares of its common stock, par value $0.0001 per share (the Common Stock), having an aggregate offering price of up to $100 million (the Shares) through Piper Sandler (the Offering).

The Offering was registered under the Securities Act of 1933, as amended (the Securities Act), pursuant to our shelf registration statement on Form S-3 (Registration Statement No. 333-267884), as previously filed with the SEC and declared effective on October 14, 2022 (the 2022 Registration Statement). The Company filed a prospectus supplement, dated November 25, 2022, with the SEC that provided for the sale of shares of common stock having an aggregate offering price of up to $100 million in connection with the 2022 ATM Offering Program.

On August 5, 2025, the Company filed a new shelf registration statement on Form S-3 (Registration Statement No. 333-267884), which was declared effective on August 15, 2025 (the 2025 Registration Statement), which replaced the previously filed 2022 Registration Statement. The 2025 Registration Statement included a prospectus, dated August 5, 2025, that provides for the sale of shares of common stock having an aggregate offering price of up to $100 million in connection with the 2022 ATM Offering Program.

The 2022 ATM Agreement contains customary representations, warranties and agreements by us, and customary

indemnification and contribution rights and obligations of the parties. The Company agreed to pay Piper Sandler a placement fee of up to 3.0% of the aggregate gross proceeds from the sale. The Company also agreed to reimburse Piper Sandler for certain specified expenses in connection with entering into the 2022 ATM Agreement.

During the twelve months ended December 31, 2025, the Company has received aggregate proceeds from its 2022 ATM Offering Program of $4.9 million, net of commissions and offering costs, pursuant to the issuance of 2,271,122 shares of its common stock.

- Definition

The entire disclosure for equity.

+ References

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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2025	Mar. 20, 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
Document Annual Report	true
Document Transition Report	false
Entity Registrant Name	Biomea Fusion, Inc.
Entity Central Index Key	0001840439
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Trading Symbol	BMEA
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Small Business	true
Entity Common Stock, Shares Outstanding		72,299,440
Entity Public Float			$ 93,614,787
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common Stock, $0.0001 par value
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity File Number	001-40335
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-2520134
Entity Address, Address Line One	1599 Industrial Road
Entity Address, City or Town	San Carlos
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94070
City Area Code	650
Local Phone Number	980-9099
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Auditor Firm ID	34
Auditor Name	Deloitte & Touche LLP
Auditor Location	San Francisco, CA
Auditor Opinion [Text Block]	Opinion on the Financial Statements We have audited the accompanying balance sheets of Biomea Fusion, Inc. (the “Company”) as of December 31, 2025 and 2024, the related statements of operations and comprehensive loss, stockholders’ equity (deficit), and cash flows, for each of the three years in the period 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 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, 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 to be filed with the Securities and Exchange Commission, or SEC, on or before the date 120 days after the conclusion of the Registrant’s fiscal year ended December 31, 2025 pursuant to Regulation 14A in connection with the Registrant’s 2026 Annual Meeting of Stockholders are incorporated by reference into Part III of this Annual Report on Form 10-K.

Stock-Based Compensation - Summary of Fair Value of Stock Options and ESPP Estimated using Weighted-Average Assumptions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term in years	5 years 10 months 24 days	6 years	6 years
Expected volatility	104.70%	91.00%	79.90%
Risk-free interest rate	4.00%	4.10%	3.80%
Weighted average fair value of options granted	$ 1.05	$ 10.04	$ 7.57
ESPP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term in years	1 year 3 months 18 days	1 year 3 months 18 days	1 year 3 months 18 days
Expected volatility	116.30%	136.50%	80.90%
Risk-free interest rate	3.70%	4.60%	4.90%

- Definition

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

+ References

+ Details

Commitments and Contingencies

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 8. Commitments and Contingencies

Operating Leases

The Company leases its headquarters with its main office in San Carlos, California.

In September 2022, the Company entered into a thirty-month sub-lease agreement for office space located at 900 Middlefield Road, 4th Floor, Redwood City, California, which commenced in January 2023 and expired in July 2025. In connection with the sub-lease expiration, the security deposit of $2.1 million was returned to the Company and recorded as part of cash and cash equivalents at December 31, 2025.

In November 2021, the Company entered into a four-year lease for additional lab space located at 1585 Industrial Road, San Carlos, California which commenced in January 2023 and expires in January 2027. Under the provisions of the agreement, upon the commencement date, the term of the lab space located at 1599 Industrial Road, San Carlos, California (1599 lease), was also extended from April 2026 to January 2027. The lease included a renewal option for an additional five years until January 2032, which had initially been included in the determination of the right-of-use asset at inception. As the term of the 1599 lease was extended, this did not result in a separate contract, accordingly, the Company re-measured the right-of-use asset and lease liability totaling to $7.8 million under one lease, discounted at 11.4%, the Company’s estimated incremental borrowing rate. In addition, the lease included a lease incentive in the form of a tenant improvement allowance of up to $1.5 million.

In November 2023, the Company submitted a claim of approximately $1.5 million against tenant improvement allowance reimbursement in connection with its operating lease for lab space located at 1585 Industrial Road, San Carlos, California which was received in January 2024. Of the total reimbursement, approximately $0.4 million constitutes a loan required to be repaid in the form of additional lease payments over the remaining original lease term at an annual interest rate of 7%. The Company has determined that impact of the remeasurement to be immaterial.

During 2025, the Company identified a significant change in circumstances within its control related to the permanent shutdown of laboratory operations (see Note 4). The shutdown was limited to laboratory activities, and the facility continues to be used for administrative and other operational purposes. As a result of this change in circumstances, the Company reassessed whether it was reasonably certain to exercise a renewal option associated with its laboratory facility lease and concluded that it was no longer reasonably certain to exercise the option.

Accordingly, the Company reassessed the lease term and incremental borrowing rate, and re-measured the related operating lease right-of-use asset and lease liability in accordance with ASC 842. The remeasurement resulted in a reduction of the operating lease liability of $5.1 million and a corresponding reduction of the right-of-use asset of approximately $5.0 million. The lease liability was re-measured using an updated incremental borrowing rate of approximately 8.1%, determined as of the modification date based on the remaining lease term and prevailing U.S. Treasury yields adjusted for a market-based credit spread reflective of the Company’s credit risk.

The following table summarizes the lease costs and cash paid for the Company’s leases (in thousands):


	December 31,
	2025		2024		2023

Cash paid for operating lease liabilities	$	2,903	$	3,794	$	2,469
Operating lease costs		2,623		3,993		4,099
Short-term lease costs		28		—		—
Variable lease costs		1,057		995		1,326

Supplemental balance sheet information related to operating leases is as follows:


	December 31,
	2025			2024			2023
Weighted average remaining lease term		1.1			6.0			5.6
Weighted average discount rate		7.8	%		11.4	%		10.9	%

Maturities of lease liabilities as of December 31, 2025 were as follows (in thousands):


	Operating Lease
Year Ending December 31,	Commitments
2026		1,526
Thereafter		128
Total undiscounted lease payments		1,654
Less: Present value adjustments		(65	)
Total operating lease liabilities	$	1,589
Operating lease liabilities, current		1,461
Operating lease liabilities, non-current		128
Total operating lease liabilities	$	1,589

Legal Proceedings

The Company, from time to time, may be party to litigation arising in the ordinary course of business. The Company was not subject to any material legal proceedings during the years ended December 31, 2025, 2024, and 2023, and to the best of its knowledge, no material legal proceedings are currently pending or threatened.

Indemnification

The Company enters into standard indemnification agreements in the ordinary course of business. Pursuant to these arrangements, the Company indemnifies, holds harmless and agrees to reimburse the indemnified parties for losses suffered or incurred by the indemnified party, in connection with any trade secret, copyright, patent or other intellectual property infringement claim by any third party with respect to its technology. The term of these indemnification agreements is generally perpetual any time after the execution of the agreement. The maximum potential amount of future payments the Company could be required to make under these arrangements is not determinable. The Company has never incurred costs to defend lawsuits or settle claims related to these indemnification agreements. As a result, the Company believes the fair value of these agreements is not material.

The Company has also entered into indemnification agreements with its directors and officers that may require the Company to indemnify its directors and officers against liabilities that may arise by reason of their status or service as directors or officers to the fullest extent permitted by Delaware corporate law. The Company currently has directors’ and officers’ insurance.

Taxes - Additional Information (Details) - USD ($)	12 Months Ended
Taxes - Additional Information (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax [Line Items]
Income tax expense	$ 0	$ 0	$ 0
Federal income taxes paid, net of refunds	0
State income taxes paid, net of refunds	0
Foreign income taxes paid, net of refunds	0
Valuation allowance, deferred tax asset, increase (decrease), amount	19,400,000	42,400,000
Net operating loss carryforwards available to reduce future taxable income	66,433,000	48,853,000
Research and development tax credit carryforwards	$ 15,055,000	$ 13,222,000
Tax credit carryforward, description	In general, an “ownership change” will occur if there is a cumulative change in the Company's ownership by “5-percent shareholders” that exceeds 50 percentage points over a rolling three-year period. Similar rules may apply under state tax laws. Therefore, certain of the Company's carryforward tax attributes may be subject to an annual limitation regarding their utilization against taxable income in future periods. The Company has performed a Section 382 study and has concluded that ownership changes have occurred
Interest and penalties	$ 0
Significant change in unrecognized tax benefits, nature of event	The Company does not expect the unrecognized tax benefits to change significantly over the next twelve months.
Income tax examination, description	There are currently no pending income tax examinations.
Tax Year 2025
Income Tax [Line Items]
Operating loss carryforwards, limitations on use	subject to an annual limitation of 80% of taxable income
Federal \| Tax Year 2025
Income Tax [Line Items]
Net operating loss carryforwards available to reduce future taxable income	$ 190,700,000
Federal \| Tax Year 2025 \| Research and Development Tax Credit Carryforwards
Income Tax [Line Items]
Tax credit carryforward, expiration year	2040
Research and development tax credit carryforwards	$ 14,000,000
State \| Tax Year 2025
Income Tax [Line Items]
Net operating loss carryforwards available to reduce future taxable income	378,700,000
State \| Tax Year 2025 \| Research and Development Tax Credit Carryforwards
Income Tax [Line Items]
Research and development tax credit carryforwards	$ 6,600,000

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Basis of Presentation

These financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP).

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. On an ongoing basis, the Company evaluates its estimates, including, but not limited to, those related to clinical and preclinical accruals, manufacturing accruals, fair value of common stock, stock-based compensation, warrant liability, operating lease right-of-use (ROU) assets and liabilities and income taxes. The Company bases its estimates on its historical experience and also on assumptions that it believes are reasonable; however, actual results could significantly differ from those estimates.

Segments

The Company operates and manages its business as one reportable and operating segment, which is the business of developing small molecule drugs to treat patients with diabetes and obesity. The Company’s interim chief executive officer, who is the chief operating decision maker, reviews financial information on an aggregate basis for allocating resources and evaluating financial performance. All long-lived assets are maintained in, and all losses are attributable to, the United States of America.

Concentration of Credit Risk

Financial instruments that potentially subject the Company to a concentration of credit risk, consist primarily of cash, cash equivalents and restricted cash. The Company maintains bank deposits in federally insured financial institutions and these deposits may exceed federally insured limits. The Company invests in money market funds, U.S. Treasury securities, U.S. government agency securities, corporate notes, commercial paper, and asset backed securities. The Company is exposed to credit risk in the event of default by the financial institutions holding its cash and cash equivalents and issuers of investments to the extent recorded in the balance sheet. The Company’s investment policy limits investments to money market funds, certain types of debt securities issued by the U.S. Government and its agencies, corporate notes and commercial paper, and places restrictions on the credit ratings, maturities and concentration by type and issuer. The Company has not experienced any losses on its deposits of cash, cash equivalents and restricted cash.

Other Risks and Uncertainties

The Company’s future results of operations involve a number of other risks and uncertainties. Factors that could affect the Company’s future operating results and cause actual results to vary materially from expectations include, but are not limited to, uncertainty of results of preclinical studies, clinical trials and achievement of milestones, uncertainty of regulatory approval of the Company’s potential product candidates, uncertainty of market acceptance of the Company’s product candidates, competition from substitute products and larger companies, securing and protecting proprietary technology, strategic relationships and dependence on key individuals or sole source suppliers and changes in the Company's operating expenses as a result of these uncertainties and other factors, such as inflation. The Company’s product candidates require approvals from the U.S. Food and Drug Administration and comparable foreign regulatory agencies prior to commercial sales in their respective jurisdictions. There can be no assurance that any product candidates will receive the necessary approvals. If the Company is denied approval, approval is delayed or the Company is unable to maintain approval for any product candidate, it could have a materially adverse impact on the Company.

Cash, Cash Equivalents, and Restricted Cash

Cash, Cash Equivalents and Restricted Cash

The Company considers all highly liquid investments with original maturities of three months or less from the date of purchase to be cash and cash equivalents. Cash equivalents consist of amounts invested in money market accounts and are stated at fair value. Restricted cash consists of two stand-by letters of credit issued to the Company’s landlord in connection with two of the Company’s leases.

Investments

The Company adopted Accounting Standards Update (“ASU”) 2016-13, Measurement of Credit Losses on Financial Instruments, on January 1, 2023. The Company’s investments have been classified as available-for-sale and carried at estimated fair values and reported in cash equivalents, short-term investments, or long-term investments. Management determines the appropriate classification of the investments at the time they are acquired and evaluates the appropriateness of such classifications at each balance sheet date. Investments with contractual maturities greater than 12 months are considered long-term investments.

For available-for-sale debt securities in an unrealized loss position, the Company first assesses whether it intends to sell, or whether it is more likely than not that it will be required to sell the security before the recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value and recognized in interest and other income, net in the statement of operations and comprehensive loss. If neither criteria is met, the Company evaluates whether the decline in fair value is related to credit-related factors or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. Credit-related impairment losses, limited by the amount that the fair value is less than the amortized cost basis, are recorded through an allowance for credit losses in interest and other income, net.

Any unrealized losses from declines in fair value below the amortized cost basis as a result of non-credit factors are recognized in accumulated other comprehensive loss, net of tax as a separate component of stockholders’ equity, along with unrealized gains. Realized gains and losses and declines in fair value, if any, on available-for-sale securities are included in interest and other income, net in the statement operations and comprehensive loss.

For purposes of identifying and measuring credit-related impairments, the Company’s policy is to exclude applicable accrued interest from both the fair value and amortized cost basis of the related security. The Company has elected to write-off uncollectible accrued interest receivable balances in a timely manner, which is defined by the Company as when interest due becomes 90 days delinquent. The accrued interest write-off will be recorded by reversing interest income. Accrued interest receivable is recorded in other current assets on the balance sheets.

Property and Equipment, Net

Property and equipment are recorded at cost net of accumulated depreciation. Property and equipment are depreciated using the straight-line method over the estimated useful lives of the assets. The useful lives of property and equipment are as follows:


Computer equipment	3 years
Furniture and fixtures	5 years
Laboratory equipment	5 years
Leasehold improvements	Shorter of remaining lease term or estimated useful life

Upon retirement or sale of the assets, the cost and related accumulated depreciation are removed from the balance sheet and the resulting gain or loss is recorded to the statements of operations. Repairs and maintenance are expensed as incurred.

Impairment of Long-Lived Assets

Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future net cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset. In conjunction with the Company's ongoing efforts to reduce operating costs, the Company ceased use of its laboratory facility, which triggered an impairment analysis. In connection with the impairment assessment, the Company recorded an impairment charge of $2.2 million, which is included in impairment of long-lived assets in the statements of operations and comprehensive loss for the year ended December 31, 2025 (see Note 4).

Research and Development Expenses

The Company expenses research and development costs as they are incurred. Research and development expenses consist primarily of: (i) personnel-related expenses, including salaries, benefits and stock-based compensation expense, for personnel in the Company’s research and development functions; (ii) fees paid to third parties such as contractors, consultants and contract research organizations (CROs), for animal studies and other costs related to preclinical and clinical testing; (iii) costs related to acquiring and manufacturing research and clinical trial materials, including under agreements with third parties such as contract manufacturing organizations (CMOs), and other vendors; (iv) costs related to the preparation of regulatory submissions; (v) expenses related to laboratory supplies and services; and (vi) depreciation of equipment and facilities expenses.

Accrued Research and Development Expenses

The Company records accruals for estimated costs of research, preclinical studies, clinical trials, and manufacturing development, which are significant components of research and development expenses. A substantial portion of the Company’s ongoing research and development activities is conducted by third-party service providers, CROs and CMOs. The Company’s contracts with the CROs and CMOs generally include fees such as initiation fees, reservation fees, costs related to animal studies and safety tests, verification run costs, materials and reagents expenses, investigator fees, taxes, etc. The financial terms of these contracts are subject to negotiations, which vary from contract to contract and may result in payment flows that do not match the periods over which materials or services are provided to the Company under such contracts. The Company accrues the costs incurred under agreements with these third parties based on estimates of actual work completed in accordance with the respective agreements. The Company determines the estimated costs through discussions with internal personnel and external service providers as to the progress, or stage of completion and actual timeline (start-date and end-date) of the services and the agreed-upon fees to be paid for such services. Through December 31, 2025, there have been no material differences from the Company’s estimated accrued research and development expenses to actual expenses.

Stock-Based Compensation

The Company accounts for stock-based compensation by measuring and recognizing compensation expense for all share-based awards made to employees, non-employees and directors based on estimated grant-date fair values. The Company uses the straight-line method to allocate compensation cost to reporting periods over the requisite service period, which is generally the vesting period, and estimates the fair value of share-based awards to employees, non-employees and directors using the Black-Scholes option-pricing model. The Company uses the “simplified” method to estimate the expected term. The Company utilizes this method as its stock options qualify as "plain-vanilla" options. The Company accounts for forfeitures as they occur. The fair value of restricted stock units is based on grant-date fair value. The fair value of each purchase under the employee stock purchase plan (ESPP) is estimated at the beginning of the offering period using the Black-Scholes option pricing model and recorded as expense over the service period using the straight-line method.

Pre-funded Warrants

The Company issued pre-funded warrants in connection with the completed underwritten public offerings. The Company accounts for the pre-funded warrants as a freestanding equity-linked financial instrument that met the criteria for equity classification in accordance with ASC 815, Derivatives and Hedging. Accordingly, the Company recorded the pre-funded warrants as a component of stockholders' equity within additional paid-in capital (see Note 5).

Net Loss Per Share

Basic net loss per share is calculated by dividing the net loss by the weighted-average number of shares of common stock outstanding during the period, without consideration for common stock equivalents. Diluted net loss per share is the same as basic net loss per share, since the effects of potentially dilutive securities are antidilutive given the net loss for each period presented.

Leases

The Company determines if an arrangement is a lease at inception in accordance with Accounting Standard Codification 842, “Leases” (ASC 842). As of December 31, 2025, the Company's lease population consisted of real estate leases and the Company did not have finance leases.

Operating leases are included in operating lease right-of-use (ROU) assets, current operating lease liabilities and non-current operating lease liabilities on the Company’s balance sheet. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. As most of the Company's leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of those lease payments. The Company determines the incremental borrowing rate based on an analysis of corporate bond yields with a credit rating similar to the Company. The determination of the Company’s incremental borrowing rate requires management judgment including the development of a synthetic credit rating and cost of debt as the Company currently does not carry any debt. The Company believes that the estimates used in determining the incremental borrowing rate are reasonable based upon current facts and circumstances. Applying different judgments to the same facts and circumstances could result in the estimated amounts to vary. The operating lease ROU assets also include adjustments for prepayments and accrued lease payments and exclude lease incentives. Lease incentives are recognized prospectively, on reimbursement, as reduction to the right-of-use asset and lease liabilities over the lease term. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise such options. The Company reassesses the lease term when significant events or changes in circumstances within its control occur, such as strategic shifts or facility closures, that affect whether it is reasonably certain to exercise extension or termination options. Operating lease cost is recognized on a straight-line basis over the expected lease term. Variable lease costs represent payments that are dependent on usage, a rate or index. Variable lease cost primarily relates to common area maintenance charges. Lease agreements that include lease and non-lease components are accounted for as a single lease component. The Company has elected to apply the short-term lease exception for all lease agreements with a noncancelable term of less than 12 months.

Income Taxes

The Company began providing for income taxes under the asset and liability method in December 2020 upon conversion from a limited liability company into a corporation. Current income tax expense or benefit represents the amount of income taxes expected to be payable or refundable for the current year. Deferred income tax assets and liabilities are determined based on differences between the financial statement reporting and tax basis of assets and liabilities and net operating loss and credit carryforwards and are measured using the enacted tax rates and laws that will be in effect when such items are expected to reverse. Deferred income tax assets are reduced, as necessary, by a valuation allowance when management determines it is more likely than not that some or all the tax benefits will not be realized.

The Company accounts for uncertain tax positions in accordance with ASC No. 740 Income Taxes. The Company assesses all material positions taken in any income tax return, including all significant uncertain positions, in all tax years that are still subject to assessment or challenge by relevant taxing authorities. Assessing an uncertain tax position begins with the initial determination of the position’s sustainability and is measured at the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. As of each balance sheet date, unresolved uncertain tax positions must be reassessed, and the Company will determine whether (i) the factors underlying the sustainability assertion have changed and (ii) the amount of the recognized tax benefit is still appropriate. The recognition and measurement of tax benefits requires significant judgment. Judgments concerning the recognition and measurement of a tax benefit might change as new information becomes available.

The Company includes any penalties and interest expense related to income taxes as a component of income tax expense, as necessary.

In July 2025, the One Big Beautiful Bill Act (“OBBBA”) was signed into law. The Company evaluated the potential impact of the OBBBA legislation on its financial position, results of operations, and cash flows. However, due to the Company’s valuation allowance position on its deferred tax assets, the OBBBA did not have a material impact on the Company’s effective tax rate or cash flow in the current fiscal year.

Warrant Liability

The Company accounts for its warrants in accordance with ASC 815, Derivatives and Hedging - Contracts in Entity's Own Equity, as either liabilities or as equity instruments depending on the specific terms of the warrant agreement. The common warrants issued in connection with the June and October 2025 underwritten public offerings (see Note 5) are classified as liabilities and are recorded at fair value. The warrants are subject to re-measurement at each settlement date and at each balance sheet date and any change in fair value is recognized in Change in fair value of common warrant liability in the statements of operations and comprehensive loss. The Company estimates the fair value of the warrant liability using a Black-Scholes pricing model. The Company is required to make assumptions and estimates in determining an appropriate expected term, risk-free interest rate, volatility factor, dividend yield, and the fair value of common stock. Any significant adjustments to the unobservable inputs would have a direct impact on the fair value of the warrant liability.

Recent Accounting Pronouncements - Adopted/Not Yet Adopted

Recent Accounting Pronouncements - Adopted

In December, 2023, the FASB issued Accounting Standards Update 2023-09, Income Taxes - Improvements to Income Tax Disclosures (ASU 2023-09) requiring enhancements and further transparency to certain income tax disclosures. ASU 2023-09 requires companies to disclose, on an annual basis, specific categories in the effective tax rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. In addition, ASU 2023-09 requires companies to disclose additional information about income taxes paid. We adopted the standard and applied the disclosure requirements on a prospective basis effective for the year ended December 31, 2025. Adoption of ASU 2023-09 did not have a material impact to the Company’s financial statements.

Recent Accounting Pronouncements - Not Yet Adopted

In November 2024, the FASB issued Accounting Standards Update 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (ASU 2024-03), which requires disaggregated information about certain income statement expense line items on an annual and interim basis. ASU 2024-03 is effective for annual periods beginning after December 15, 2026 and interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted and can be applied prospectively or retrospectively. The Company is evaluating the impact of the adoption of this standard on the Company’s financial statements and related disclosures.

Capital Structure - Additional Information (Details) - USD ($)			1 Months Ended				12 Months Ended
	Aug. 05, 2025	Nov. 25, 2022	Oct. 31, 2025	Jul. 31, 2025	Jun. 30, 2025	Apr. 30, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Preferred stock, shares authorized							10,000,000	10,000,000
Preferred stock, par value							$ 0.0001	$ 0.0001
Common stock, par value							$ 0.0001	$ 0.0001
Common stock, shares authorized							300,000,000	300,000,000
Dividends declared							$ 0	$ 0
Net proceeds from offering			$ 23,100,000		$ 37,200,000	$ 161,800,000	4,908,000
Warrant liability revalued							17,791,000	0
Change in fair value of common warrant liability							$ 19,857,000	$ 0	$ 0
Common stock, shares issued							72,299,440	36,310,713
Issuance of common stock for pre-funded warrants net exercise							1,549,860
2022 ATM Agreement
Class of Stock [Line Items]
Common stock, par value		$ 0.0001
Aggregate proceeds							$ 4,900,000
Common stock, shares issued							2,271,122
Completed Underwritten Public Offering
Class of Stock [Line Items]
Net proceeds from offering				$ 2,600,000
Maximum \| 2022 ATM Agreement
Class of Stock [Line Items]
Aggregate offering price	$ 100,000,000	$ 100,000,000
Placement fee percentage		3.00%
Pre-Funded Warrants
Class of Stock [Line Items]
Number of pre-funded warrants exercised							1,550,000
Common Warrants
Class of Stock [Line Items]
Warrants exercise price							$ 2.5
Common Stock
Class of Stock [Line Items]
Issuance of common stock (in shares)			11,195,121		19,450,000	5,750,000
Public offering price			$ 2.05		$ 2	$ 30
Underwritting discounts and commissions and offering costs			$ 1,900,000			$ 11,000,000
Underwriting commissions and offering costs					$ 2,800,000
Common Stock \| Completed Underwritten Public Offering
Class of Stock [Line Items]
Issuance of common stock (in shares)				1,381,262
Public offering price				$ 2
Underwriting commissions and offering costs				$ 200,000
Common Stock \| Pre-Funded Warrants
Class of Stock [Line Items]
Public offering price			$ 2.0499		$ 1.9999
Common Stock \| Pre-Funded Warrants \| Maximum
Class of Stock [Line Items]
Number of shares called by warrants			1,000,000		550,000
Common Stock \| Common Warrants
Class of Stock [Line Items]
Issuance of common stock (in shares)			1,829,268
Warrants exercise price			$ 2.5		$ 2.5
Common Stock \| Common Warrants \| Maximum
Class of Stock [Line Items]
Number of shares called by warrants			12,195,121		23,000,000

Capital Structure - Schedule of Warrants to Purchase Shares (Details)	Dec. 31, 2025 $ / shares shares
Class of Warrant or Right [Line Items]
Number of Warrants Outstanding	37,024,389
Common Warrants
Class of Warrant or Right [Line Items]
Issue Date	Jun. 20, 2025
Expiration Date	Dec. 20, 2026
Exercise Price \| $ / shares	$ 2.5
Number of Warrants Outstanding	23,000,000
Common Warrants
Class of Warrant or Right [Line Items]
Issue Date	Oct. 08, 2025
Expiration Date	Oct. 08, 2028
Exercise Price \| $ / shares	$ 2.5
Number of Warrants Outstanding	14,024,389

Net Loss Per Share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Net Loss Per Share

Note 9. Net Loss Per Share

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


	Year Ended December 31,
	2025			2024			2023
Numerator:
Net loss	$	(61,797	)	$	(138,426	)	$	(117,255	)
Denominator:
Weighted-average common shares outstanding, basic and diluted		52,228,068			36,105,671			34,106,923
Net loss per share, basic and diluted	$	(1.18	)	$	(3.83	)	$	(3.44	)

Since the Company was in a loss position for all periods presented, basic net loss per share is the same as diluted net loss per share for all periods as the inclusion of all common stock equivalents outstanding would have been anti-dilutive. Potentially dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive were as follows:


	December 31,
	2025		2024		2023
Stock options, issued and outstanding		8,255,280		9,168,745		7,357,607
Estimated shares issuable under the ESPP		45,680		16,717		31,645
Restricted stock, issued and outstanding		—		—		111,920
Restricted stock subject to future vesting		892,500		—		—
Common warrants to purchase common stock		37,024,389		—		—
Total		46,217,849		9,185,462		7,501,172

Net Loss Per Share (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Summary of Computation of Basic and Diluted Net Loss Per Share

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


	Year Ended December 31,
	2025			2024			2023
Numerator:
Net loss	$	(61,797	)	$	(138,426	)	$	(117,255	)
Denominator:
Weighted-average common shares outstanding, basic and diluted		52,228,068			36,105,671			34,106,923
Net loss per share, basic and diluted	$	(1.18	)	$	(3.83	)	$	(3.44	)

Summary of Potential Dilutive Securities Excluded from Calculation of Diluted Per Share

Potentially dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive were as follows:


	December 31,
	2025		2024		2023
Stock options, issued and outstanding		8,255,280		9,168,745		7,357,607
Estimated shares issuable under the ESPP		45,680		16,717		31,645
Restricted stock, issued and outstanding		—		—		111,920
Restricted stock subject to future vesting		892,500		—		—
Common warrants to purchase common stock		37,024,389		—		—
Total		46,217,849		9,185,462		7,501,172

Organization

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization

Note 1. Organization

Organization

Biomea Fusion, Inc., (the Company), was established in the state of Delaware in August 2017 as Biomea Fusion, LLC. In December 2020, all outstanding membership interests in Biomea Fusion, LLC were converted into equity interests in the Company. The capitalization information included in these financial statements is consistently presented as if it is that of Biomea Fusion, Inc., even during the prior period when investors held their equity interests in Biomea Fusion, LLC.

The company was founded with the goal of creating targeted treatments built through expertise in chemistry and a deep understanding of metabolic biology. The Company is a clinical-stage diabetes and obesity medicines company focused on the discovery and development of oral, small molecule drugs to treat and improve the lives of patients with diabetes, obesity and other metabolic diseases.

Liquidity and Capital Resources

The accompanying financial statements have been prepared assuming the Company will continue as a going concern, which assumes the realization of assets and satisfaction of liabilities and commitments in the normal course of business. The Company believes that based on its current operating plan, its cash, cash equivalents and restricted cash will not enable it to fund its operating expenses and capital expenditure requirements for at least twelve months following the issuance date of the financial statements. The Company has incurred net operating losses and negative cash flows from operations since its inception and had an accumulated deficit of $449.0 million at December 31, 2025. As of December 31, 2025, the Company had cash, cash equivalents, and restricted cash of $56.2 million. The Company’s ability to continue as a going concern will require the Company to raise additional capital to fund the Company's operations through public or private equity offering, debt financings, collaborations and licensing arrangements or other sources. There can be no assurance that additional financing will be available to the Company or that such financing, if available, will be available on terms acceptable to the Company. Accordingly, there is substantial doubt about the Company’s ability to continue as a going concern.

The Company has historically financed its operations primarily through the sale of convertible preferred stock and common stock and the issuance of unsecured promissory notes. To date, none of the Company’s product candidates have been approved for sale, and the Company has not generated any revenue since inception. Management expects operating losses to continue and increase for the foreseeable future, as the Company continues clinical development activities for its lead product candidate and advances the preclinical and clinical development of other product candidates. The Company’s prospects are subject to risks, expenses and uncertainties frequently encountered by companies in the biotechnology industry as discussed above. There can be no assurance that in the event the Company requires additional financing, such financing will be available on terms which are favorable or at all. Failure to generate sufficient cash flows from operations, raise additional capital or reduce certain discretionary spending would have a material adverse effect on the Company’s ability to achieve its intended business objectives.

Taxes - Summary of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Deferred tax assets:
Net operating loss carryforwards	$ 66,433	$ 48,853
Capitalized research and development	43,088	41,642
Property and equipment	109
Accrued liabilities and reserves	714
Stock-based compensation	5,423	7,830
Intangible assets	1,973	1,927
Operating lease liabilities	441	2,431
Research and development credits	15,055	13,222
Gross deferred tax assets	133,236	115,905
Valuation allowance	$ (133,236)	(113,866)
Total deferred tax assets		2,039
Deferred tax liabilities:
Property and equipment		(139)
Operating lease right-of-use assets		(1,900)
Total deferred tax liabilities		$ (2,039)

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended		12 Months Ended
	Nov. 30, 2023	Sep. 30, 2022	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Nov. 30, 2021
Commitments And Contingencies [Line Items]
Operating lease right-of-use assets			$ 0	$ 6,852
Operating lease, liability			1,589
Reimbursement on additional lease payments			$ 400
Lease term annual interest rate			7.00%
Remeasurement reduction of operating lease liability			$ (5,100)
Reduction in lease liability			$ 5,000
Incremental borrowing rate			8.10%
Operating lease, weighted average discount rate			7.80%	11.40%	10.90%
Operating lease, weighted average remaining lease term			1 year 1 month 6 days	6 years	5 years 7 months 6 days
Cash paid for lease liabilities			$ 2,903	$ 3,794	$ 2,469
CALIFORNIA
Commitments And Contingencies [Line Items]
Operating lease, lease not yet commenced, term of contract						4 years
Operating lease, lease not yet commenced, renewal term						5 years
Operating lease right-of-use assets			7,800
Operating lease, liability			$ 7,800
Operating lease, discount rate			11.40%
Tenant improvement allowance			$ 1,500
Claim against tenant improvement allowance	$ 1,500
Operating sublease, lease not yet commenced, expiration period		2025-07
Amount paid as deposit in connection with sublease included in prepaid expenses and other current assets		$ 2,100
Operating sublease, term of contract		30 months

Commitments and Contingencies - Schedule of Lease Costs and Cash Paid (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Lease, Cost [Abstract]
Cash paid for operating lease liabilities	$ 2,903	$ 3,794	$ 2,469
Operating lease costs	2,623	3,993	4,099
Short-term lease costs	28
Variable lease costs	$ 1,057	$ 995	$ 1,326

Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 55,812	$ 58,279
Prepaid expenses and other current assets	2,238	10,053
Total current assets	58,050	68,332
Property and equipment, net	153	3,766
Restricted cash	369	369
Other non-current assets	0	619
Operating lease right-of-use assets	0	6,852
Total assets	58,572	79,938
Current liabilities:
Accounts payable	3,233	12,932
Accrued expenses and other current liabilities	6,407	6,662
Operating lease liabilities, current	1,461	2,079
Total current liabilities	11,101	21,673
Operating lease liabilities, non-current	128	6,692
Warrant liability, non-current	17,791	0
Total liabilities	29,020	28,365
Commitments and contingencies (Note 8)
Stockholders' equity:
Preferred stock, $0.0001 par value; 10,000,000 shares authorized as of December 31, 2025 and December 31, 2024; 0 shares issued and outstanding as of December 31, 2025 and December 31, 2024
Common stock, $0.0001 par value; 300,000,000 shares authorized as of December 31, 2025 and December 31, 2024; 72,299,440 and 36,310,713 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively	7	4
Additional paid-in capital	478,593	438,820
Accumulated deficit	(449,048)	(387,251)
Total stockholders' equity	29,552	51,573
Total liabilities and stockholders' equity	$ 58,572	$ 79,938

Net Loss Per Share - Summary of Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Numerator:
Net loss	$ (61,797)	$ (138,426)	$ (117,255)
Denominator:
Weighted-average common shares outstanding, basic	52,228,068	36,105,671	34,106,923
Weighted-average common shares outstanding, diluted	52,228,068	36,105,671	34,106,923
Net loss per share, basic	$ (1.18)	$ (3.83)	$ (3.44)
Net loss per share, diluted	$ (1.18)	$ (3.83)	$ (3.44)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1

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

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

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+ Details

- Definition

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

+ References

+ Details

Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating expenses:
Research and development	$ 61,979	$ 118,085	$ 102,546
General and administrative	19,328	25,985	23,589
Impairment of long-lived assets	2,205	0	0
Total operating expenses	83,512	144,070	126,135
Loss from operations	(83,512)	(144,070)	(126,135)
Change in fair value of common warrant liability	19,857	0	0
Interest and other income, net	1,858	5,644	8,880
Net loss	(61,797)	(138,426)	(117,255)
Other comprehensive loss:
Unrealized gain on investments, net			1
Comprehensive loss	$ (61,797)	$ (138,426)	$ (117,254)
Net loss per common share, basic	$ (1.18)	$ (3.83)	$ (3.44)
Net loss per common share, diluted	$ (1.18)	$ (3.83)	$ (3.44)
Weighted-average number of common shares used to compute basic net loss per common share	52,228,068	36,105,671	34,106,923
Weighted-average number of common shares used to compute diluted net loss per common share	52,228,068	36,105,671	34,106,923

Balance Sheet Components

12 Months Ended

Dec. 31, 2025

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Components

Note 4. Balance Sheet Components

Property and Equipment, Net

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


	December 31,
	2025			2024
Laboratory equipment	$	102		$	3,928
Computer equipment		146			146
Furniture and fixtures		432			432
Leasehold improvements		482			3,439
Total property and equipment, gross		1,162			7,945
Less: accumulated depreciation		(1,009	)		(4,179	)
Total property and equipment, net	$	153		$	3,766

Depreciation expense was approximately $1.4 million, $1.7 million, $1.5 million for the years ended December 31, 2025, 2024 and 2023, respectively.

During 2025, the Company ceased the use of its laboratory facility for research and development activities as part of its ongoing efforts to reduce operating costs. Following the cessation of laboratory activities, the leased facilities continued to be utilized for ongoing operating purposes. As a result, the Company evaluated the recoverability of its property and equipment previously used for research and development purposes and determined that the carrying value of certain assets was not recoverable and recorded a one-time impairment charge of $2.2 million which is included as an impairment of long-lived assets in the statements of operations and comprehensive loss for year ended December 31, 2025. The impairment charges primarily related to laboratory equipment and leasehold improvements.

The fair value of the impaired laboratory equipment and leasehold improvements was determined based on estimated net realizable value, using a market approach based on prices for similar assets. Leasehold improvements were assigned no fair value as such assets have no realizable value to a third party. As a result, the carrying value of these assets was written down to their estimated fair value, resulting in the $2.2 million impairment charge.

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):


	December 31,
	2025		2024
Accrued research and development materials and services	$	3,163	$	5,947
Accrued personnel expenses		2,958		452
Accrued professional services		117		60
Other		169		203
Total accrued expenses and other current liabilities	$	6,407	$	6,662

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 2. Summary of Significant Accounting Policies

Basis of Presentation

These financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP).

Use of Estimates

Segments

Concentration of Credit Risk

Other Risks and Uncertainties

Cash, Cash Equivalents and Restricted Cash

Investments

Property and Equipment, Net


Computer equipment	3 years
Furniture and fixtures	5 years
Laboratory equipment	5 years
Leasehold improvements	Shorter of remaining lease term or estimated useful life

Impairment of Long-Lived Assets

Research and Development Expenses

Accrued Research and Development Expenses

Stock-Based Compensation

Pre-funded Warrants

Net Loss Per Share

Leases

Income Taxes

The Company includes any penalties and interest expense related to income taxes as a component of income tax expense, as necessary.

Warrant Liability

Recent Accounting Pronouncements - Adopted

Recent Accounting Pronouncements - Not Yet Adopted

Subsequent Events

12 Months Ended

Dec. 31, 2025

Subsequent Events [Abstract]

Subsequent Events

Note 11. Subsequent Events

None.

Segment Reporting - Summary of Research and Development Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
External costs
Other clinical related expenses	$ 6,331	$ 14,262	$ 7,320
Preclinical activities related expenses	6,037	11,815	10,165
Expenses related to manufacturing of clinical and research material	2,848	7,262	13,237
Other external costs	6,935	10,948	5,528
Internal costs:
Personnel-related expenses (including stock-based compensation)	20,563	31,856	28,838
Facilities and other allocated expenses	5,998	8,104	8,680
Total research and development expenses	61,979	118,085	102,546
COVALENT - 101
External costs
Clinical research organization expenses	2,162	2,386	7,380
COVALENT - 102
External costs
Clinical research organization expenses	1,140	205	3,415
COVALENT - 103
External costs
Clinical research organization expenses	3,561	3,710	2,007
COVALENT - 111
External costs
Clinical research organization expenses	4,345	22,489	14,670
COVALENT - 112
External costs
Clinical research organization expenses	1,131	$ 5,048	$ 1,306
COVALENT - 211
External costs
Clinical research organization expenses	87
COVALENT - 212
External costs
Clinical research organization expenses	67
GLP - 131
External costs
Clinical research organization expenses	$ 774

Fair Value Measurement - Summary of Roll forward of Aggregate Fair Value of Warrant Liability Categorized within Level 3 Inputs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Issuance of common warrants	$ 62,837		$ 161,803
Fair Value Adjustment of Warrants	(19,857)	$ 0	$ 0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of the warrant liability, balance	0
Issuance of common warrants	37,648
Fair Value Adjustment of Warrants	(19,857)
Fair value of the warrant liability, balance	$ 17,791	$ 0

- Definition

Fair value of financial obligations, including, but not limited to, debt instruments, derivative liabilities, federal funds purchased and sold under agreements to repurchase, securities loaned or sold under agreements to repurchase, financial instruments sold not yet purchased, guarantees, line of credit, loans and notes payable, servicing liability, and trading liabilities.

+ References + Details

Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) Segment LetterOfCredit	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Number of reportable segments	1
Number of operating segments	1
Number of letters of credit issued to landlord constituting restricted cash \| LetterOfCredit	2
Impairment charge \| $	$ 2,205	$ 0	$ 0

Segment Reporting - Additional Information (Details)	12 Months Ended
Segment Reporting - Additional Information (Details)	Dec. 31, 2025 Segment
Segment Reporting [Abstract]
Number of reportable segments	1
Number of operating segments	1
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	srt:ChiefExecutiveOfficerMember

Cybersecurity Risk Management, Strategy, and Governance Disclosure	12 Months Ended
	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 Risk Management and Strategy We regularly assess risks from cybersecurity threats; monitor our information systems for potential vulnerabilities; and test those systems pursuant to our internal information technology policies which are inclusive of cybersecurity policies, processes, and practices. To protect our information systems from cybersecurity threats, we use various security tools that are designed to help identify, escalate, investigate, resolve, and recover from security incidents in a timely manner. Our Cybersecurity Committee, which is comprised of representatives from our business operations and support functions, assesses risks based on current risks we are aware of, probability and potential impact to key business systems and processes. Risks that are considered high are incorporated into our overall risk management program. A mitigation plan is developed for each identified high risk, with progress reported to the Cybersecurity Committee and tracked as part of our overall risk management program overseen by the Audit Committee of our Board of Directors. We collaborate with third party vendors as deemed necessary to assess the effectiveness of our information technology environment, which is inclusive of our cybersecurity prevention and response systems and processes. These third party vendors include cybersecurity assessors, consultants, and other external cybersecurity experts to assist in the identification, verification, and validation of cybersecurity risks, as well as to support associated mitigation plans when necessary. We have implemented a third-party cybersecurity risk management process to conduct due diligence on external entities that are determined to be of higher risk due to the Sensitive Information that they have access to, including those that perform cybersecurity services. Cybersecurity threats, including those resulting from any previous cybersecurity incidents, have not materially affected our Company, including our business strategy, results of operations, or financial condition. We do not believe that cybersecurity threats resulting from any previous cybersecurity incidents of which we are aware are reasonably likely to materially affect our Company. Refer to the risk factor captioned “If our security measures are compromised, or the security, confidentiality, integrity, or availability of our information technology, software, services, communications, or data is compromised, limited, or fails, this could result in a material adverse impact” in Part I, Item 1A. “Risk Factors” for additional description of cybersecurity risks and potential related impacts on our Company. Governance Our Board oversees our risk management process, including as it pertains to cybersecurity risks, directly and through its committees. The Audit Committee of the Board oversees our risk management program, which focuses on the most significant risks we face in the short-, intermediate-, and long-term timeframe. Audit Committee meetings include discussions of specific risk areas throughout the year, including, among others, those relating to cybersecurity threats, when applicable, and reports from management on our enterprise risk profile on an annual basis. The Audit Committee reviews our information technology environment risk, which is inclusive of our cybersecurity risk profile with management on a periodic basis using key performance and/or risk indicators. These key performance indicators are metrics and measurements designed to assess the prevention, detection, and mitigation efforts of our cybersecurity program, as well as our remediation of cybersecurity incidents, as applicable. We take a risk-based approach to cybersecurity and have implemented cybersecurity policies throughout our operations that are designed to address cybersecurity threats and incidents. Our Head of Information Technology and the Cybersecurity Committee are responsible for the establishment and maintenance of our cybersecurity program, as well as the assessment and management of cybersecurity risks. The current Head of Information Technology has over 20 years of experience in information security and possesses the education, skills, experience, and industry certifications expected by our company of an individual assigned to these duties. The Head of Information Technology provides periodic updates on our information technology environment risk, which is inclusive of our cybersecurity risk profile, to the Board, which includes the Audit Committee members.
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]	Our Board oversees our risk management process, including as it pertains to cybersecurity risks, directly and through its committees. The Audit Committee of the Board oversees our risk management program, which focuses on the most significant risks we face in the short-, intermediate-, and long-term timeframe. Audit Committee meetings include discussions of specific risk areas throughout the year, including, among others, those relating to cybersecurity threats, when applicable, and reports from management on our enterprise risk profile on an annual basis. The Audit Committee reviews our information technology environment risk, which is inclusive of our cybersecurity risk profile with management on a periodic basis using key performance and/or risk indicators. These key performance indicators are metrics and measurements designed to assess the prevention, detection, and mitigation efforts of our cybersecurity program, as well as our remediation of cybersecurity incidents, as applicable.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Audit Committee of the Board oversees our risk management program, which focuses on the most significant risks we face in the short-, intermediate-, and long-term timeframe. Audit Committee meetings include discussions of specific risk areas throughout the year, including, among others, those relating to cybersecurity threats, when applicable, and reports from management on our enterprise risk profile on an annual basis.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Audit Committee reviews our information technology environment risk, which is inclusive of our cybersecurity risk profile with management on a periodic basis using key performance and/or risk indicators.
Cybersecurity Risk Role of Management [Text Block]	We take a risk-based approach to cybersecurity and have implemented cybersecurity policies throughout our operations that are designed to address cybersecurity threats and incidents. Our Head of Information Technology and the Cybersecurity Committee are responsible for the establishment and maintenance of our cybersecurity program, as well as the assessment and management of cybersecurity risks. The current Head of Information Technology has over 20 years of experience in information security and possesses the education, skills, experience, and industry certifications expected by our company of an individual assigned to these duties. The Head of Information Technology provides periodic updates on our information technology environment risk, which is inclusive of our cybersecurity risk profile, to the Board, which includes the Audit Committee members.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our Head of Information Technology and the Cybersecurity Committee are responsible for the establishment and maintenance of our cybersecurity program, as well as the assessment and management of cybersecurity risks
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	The current Head of Information Technology has over 20 years of experience in information security and possesses the education, skills, experience, and industry certifications expected by our company of an individual assigned to these duties.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The Head of Information Technology provides periodic updates on our information technology environment risk, which is inclusive of our cybersecurity risk profile, to the Board, which includes the Audit Committee members.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
Statements of Cash Flows - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities
Net loss	$ (61,797)	$ (138,426)	$ (117,255)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation expense	1,409	1,748	1,515
Non-cash operating lease expense	1,847	2,838	2,686
Stock-based compensation expense	9,520	19,094	14,131
Net amortization of premiums and accretion of discounts on investments			1
Change in fair value of warrant liability	(19,857)	0	0
Impairment of long-lived assets	2,205	0	0
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	7,815	(7,738)	2,478
Other non-current assets	619	4,884	(2,358)
Accounts payable	(9,700)	6,088	2,562
Accrued expenses and other current liabilities	(255)	(6,881)	1,886
Operating lease liabilities	(2,177)	(1,501)	(2,238)
Net cash used in operating activities	(70,371)	(119,894)	(96,592)
Cash flows from investing activities
Purchase of property and equipment		(362)	(3,370)
Maturities of investments			1,150
Net cash (used in) provided by investing activities		(362)	(2,220)
Cash flows from financing activities
Proceeds from issuance of common stock under at the market equity offering program, net of offering costs	4,908
Proceeds from issuance of common stock, common warrants and pre-funded warrants, net of offering costs	62,837		161,803
Proceeds from stock options exercised and purchases under the employee stock purchase plan	159	1,668	1,995
Net cash provided by financing activities	67,904	1,668	163,798
Net (decrease) increase in cash, cash equivalents, and restricted cash	(2,467)	(118,588)	64,986
Cash, cash equivalents, and restricted cash at the beginning of the period	58,648	177,236	112,250
Cash, cash equivalents, and restricted cash at the end of the period	56,181	58,648	177,236
Non-cash financing and investing activities:
Acquisition of operating lease right-of-use assets			5,971
Acquisition of property and equipment in accounts payable and accrued liabilities		7
Remeasurement of operating lease right-of-use assets and lease liability	5,054		5,668
Reconciliation of cash, cash equivalents, and restricted cash:
Cash and cash equivalents	55,812	58,279	176,866
Restricted cash	369	369	370
Cash, cash equivalents, and restricted cash at the end of the period	$ 56,181	$ 58,648	$ 177,236

Statements of Stockholders' Equity (Deficit) (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2023
At the Market Offering
Issuance of common stock issuance costs	$ 134
IPO
Issuance of common stock issuance costs		$ 10,697
Issuance of common stock and pre-funded warrants issuance costs	$ 4,924

Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2025	Dec. 31, 2024
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	72,299,440	36,310,713
Common stock, shares outstanding	72,299,440	36,310,713

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Summary of Stock-Based Compensation Expense Recorded in Statements of Operations and Allocated

Total stock-based compensation expense related to the Company's equity incentive plans and ESPP was recorded in the statements of operations and allocated as follows (in thousands):


	Year Ended December 31,
	2025		2024		2023
Research and development	$	5,465	$	9,816	$	6,933
General and administrative		4,055		9,278		7,198
Total stock-based compensation expense	$	9,520	$	19,094	$	14,131

Summary of Stock Option Activity

The following table summarizes stock option activity:


	Number of Options Outstanding			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value (in thousands)
Balance as of December 31, 2024		9,168,745		$	10.19		7.6	$	119
Granted		3,854,981			1.75
Exercised		—			—
Cancelled		(4,768,446	)		9.82
Balance as of December 31, 2025		8,255,280		$	4.11		8.0	$	1.73
Options exercisable as of December 31, 2025		4,129,149		$	5.72		6.8	$	—

Summary of Fair Value of Stock Options Estimated using Weighted-Average Assumptions

The fair value of stock options was estimated using the following weighted-average assumptions:


	Year Ended December 31,
	2025			2024			2023
Expected term in years		5.9			6.0			6.0
Expected volatility		104.7	%		91.0	%		79.9	%
Risk-free interest rate		4.0	%		4.1	%		3.8	%
Dividend yield		—			—			—
Weighted average fair value of options granted	$	1.05		$	10.04		$	7.57

Summary of Fair Value of ESPP Estimated using Weighted-Average Assumptions

The fair value of ESPP was estimated using the following weighted-average assumptions:


	Year Ended December 31,
	2025			2024			2023
Expected term in years		1.3			1.3			1.3
Expected volatility		116.3	%		136.5	%		80.9	%
Risk-free interest rate		3.7	%		4.6	%		4.9	%
Dividend yield		—			—			—

Summary of Restricted Stock Activity

The following table summarizes the restricted stock activity:


	Shares			Weighted-Average Grant Date Fair Value
Balance, December 31, 2024		—		$	—
Granted		954,000		$	1.53
Vested		—			—
Canceled/Forfeited		(61,500	)	$	1.53
Balance, December 31, 2025		892,500		$	1.53

Balance Sheet Components (Tables)

12 Months Ended

Dec. 31, 2025

Balance Sheet Related Disclosures [Abstract]

Property, Plant and Equipment [Table Text Block]

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


	December 31,
	2025			2024
Laboratory equipment	$	102		$	3,928
Computer equipment		146			146
Furniture and fixtures		432			432
Leasehold improvements		482			3,439
Total property and equipment, gross		1,162			7,945
Less: accumulated depreciation		(1,009	)		(4,179	)
Total property and equipment, net	$	153		$	3,766

Schedule of Accrued Liabilities [Table Text Block]

Accrued expenses and other current liabilities consisted of the following (in thousands):


	December 31,
	2025		2024
Accrued research and development materials and services	$	3,163	$	5,947
Accrued personnel expenses		2,958		452
Accrued professional services		117		60
Other		169		203
Total accrued expenses and other current liabilities	$	6,407	$	6,662

Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Taxes

Note 7. Taxes

Biomea Fusion is subject to U.S. federal and state income taxes as a corporation. The Company had zero U.S. federal, state and foreign income taxes paid, net of refunds for the year ended December 31, 2025. There was zero income tax expense for the years ended December 31, 2025, 2024 and 2023.

The following is a reconciliation of the statutory federal income tax rate to the Company’s effective tax rate after the adoption of ASU 2023-09:


	Year Ended December 31,
	2025
	(in thousands)			Percent
Expected provision (benefit) at statutory federal income tax rate	$	(12,978	)		21.0	%
State and local income tax, net of federal (national) income tax effect		(167	)		0.3	%
Change in valuation allowance		14,578			(23.6	)%
Nontaxable and nondeductible items
Stock-based compensation		756			(1.2	)%
Change in common warrants		(4,170	)		6.8	%
Other nontaxable and nondeductible items		(9	)		0.0	%
Research and development credits		(1,572	)		2.5	%
Changes in unrecognized tax benefits		498			(0.8	)%
True up to deferred tax asset		3,053			(4.9	)%
Other		11			(0.0	)%
Effective income tax rate	$	—			(0.0	)%

For the year ended December 31, 2025, state and local income taxes in California comprise the majority of the state and local income tax, net of federal (national) income tax effect category.

The following is a reconciliation of the statutory federal income tax rate to the Company’s effective tax rate for the years prior to the adoption of ASU 2023-09:


	Year Ended December 31,
	2024			2023
Federal statutory income tax rate		21.0	%		21.0	%
State income tax rate		6.0	%		11.1	%
Tax credits		2.9	%		4.1	%
Stock-based compensation		(1.0	)%		(1.0	)%
Change in valuation allowance		(28.8	)%		(34.6	)%
Other		(0.1	)%		(0.6	)%
Effective income tax rate		0.0	%		0.0	%

Deferred tax assets and liabilities consist of the following (in thousands):


	Year Ended December 31,
	2025			2024
Deferred tax assets:
Net operating loss carryforwards	$	66,433		$	48,853
Capitalized research and development		43,088			41,642
Property and equipment		109			—
Accrued liabilities and reserves		714			—
Stock-based compensation		5,423			7,830
Intangible assets		1,973			1,927
Operating lease liabilities		441			2,431
Research and development credits		15,055			13,222
Gross deferred tax assets		133,236			115,905
Valuation allowance		(133,236	)		(113,866	)
Total deferred tax assets		—			2,039
Deferred tax liabilities:
Property and equipment		—			(139	)
Operating lease right-of-use assets		—			(1,900	)
Total deferred tax liabilities		—			(2,039	)
Net deferred tax assets	$	—		$	—

The provisions of ASC Topic 740, Accounting for Income Taxes (ASC 740), require an assessment of both positive and negative evidence when determining whether it is more likely than not that deferred tax assets are recoverable. For the years ended December 31, 2025 and 2024, based on all available objective evidence, including the existence of cumulative losses, the Company determined that it was not more likely than not that the net deferred tax assets were fully realizable. Accordingly, the Company established a full valuation allowance against its deferred tax assets. The Company intends to maintain a full valuation allowance on net deferred tax assets until sufficient positive evidence exists to support reversal of the valuation allowance. The Company’s valuation allowance increased by $19.4 million during the year ended December 31, 2025, primarily because of an increase to the Company's net operating losses, credits and capitalization of research and experimental expenses. The Company’s valuation allowance increased by $42.4 million during the year ended December 31, 2024, primarily because of an increase to the Company's net operating losses, credits, stock compensation and the capitalization of research and development expenses.

At December 31, 2025, the Company had net operating loss carryforwards available to reduce future taxable income, if any, for federal and state income tax purposes of approximately $190.7 million and $378.7 million, respectively. The federal net operating loss carryforwards at December 31, 2025 can be carried forward indefinitely, subject to an annual limitation of 80% of taxable income. The state net operating loss carryforward are subject to expiration in various tax years.

At December 31, 2025, the Company also had federal and California research and development tax credit carryforwards of $14.0 million and $6.6 million, respectively, available to offset future income tax, if any. The federal credit carryforwards begins expiring in 2040, and the California credits can be carried forward indefinitely.

Under Section 382 and 383 of the Internal Revenue Code of 1986, as amended, if a corporation undergoes an “ownership change,” the corporation's ability to use its pre-change net operating loss carryforwards and other pre-change attributes, such as research tax credits, to offset its post-change income may be limited. In general, an “ownership change” will occur if there is a cumulative change in the Company's ownership by “5-percent shareholders” that exceeds 50 percentage points over a rolling three-year period. Similar rules may apply under state tax laws. Therefore, certain of the Company's carryforward tax attributes may be subject to an annual limitation regarding their utilization against taxable income in future periods. The Company has performed a Section 382 study and has concluded that ownership changes have occurred. As a result, the federal and state NOL carryforwards and tax credit carryforwards may be subject to annual limitations before being applied to reduce future income tax liabilities.

Uncertain Tax Positions

The Company adopted the provisions of ASC 740, which requires companies to determine whether it is “more likely than not” that a tax position will be sustained upon examination by the appropriate taxing authorities before any tax benefit can be recorded in the financial statements. It also provides guidance on the recognition, measurement, classification and interest and penalties related to uncertain tax positions.

The following table summarizes the activity related to the Company’s gross unrecognized tax benefits (in thousands):


	Year Ended December 31,
	2025			2024			2023
Beginning balance	$	3,914		$	2,216		$	624
Increases for tax provisions related to prior year		(1	)		84			227
Decreases for tax provision related to prior year		(60	)		(104	)		—
Increases for tax provisions related to current year		603			1,718			1,365
Ending balance	$	4,456		$	3,914		$	2,216

The unrecognized tax benefits, if recognized, would not affect the effective income tax rate due to the valuation allowance that currently offsets deferred tax assets. Interest and penalties were zero. The Company does not expect the unrecognized tax benefits to change significantly over the next twelve months.

The Company files federal and state income tax returns. All periods since inception are subject to examination by federal and state authorities, where applicable. There are currently no pending income tax examinations.

- Definition

The entire disclosure for income tax.

+ References

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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Capital Structure (Tables)

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Schedule of Reserved Common Stock for Future Issuance

The Company had reserved common stock for future issuance as follows:


	December 31,
	2025		2024
Stock options, issued and outstanding		8,255,280		9,168,745
Stock options, authorized for future issuance		4,517,434		2,680,934
Employee stock purchase plan, available for future issuance		805,008		583,263
Restricted stock subject to future vesting		892,500		—
Total		14,470,222		12,432,942

Schedule of Fair Value of Common Warrants Using the Black-Scholes Option Pricing Model

The Company calculated the fair value of common warrants using the Black-Scholes option pricing model with the following inputs:


	June 2025 Underwritten Public Offering
	June 20,			December 31,
	2025			2025
	(issuance)			(period end)
Common stock price	$	1.81		$	1.24
Expected dividend yield		—	%		—	%
Expected term (years)		1.5			1.0
Risk-free interest rate		4.0	%		3.5	%
Expected volatility		132.9	%		116.3	%


	October 2025 Underwritten Public Offering
	October 8,			December 31,
	2025			2025
	(issuance)			(period end)
Common stock price	$	1.68		$	1.24
Expected dividend yield		—	%		—	%
Expected term (years)		3.0			2.8
Risk-free interest rate		3.6	%		3.6	%
Expected volatility		121.6	%		125.0	%

Schedule of Warrants to Purchase Shares

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

         Warrant Type

         Issue Date

         Expiration Date

         Exercise Price

         Number of Warrants Outstanding

Common warrants

June 20, 2025

December 20, 2026

2.50

23,000,000

Common warrants

October 8, 2025

October 8, 2028

2.50

14,024,389

37,024,389

Statements of Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Total	At the Market Offering	IPO	Common Stock	Common Stock At the Market Offering	Common Stock IPO	Additional Paid-In Capital	Additional Paid-In Capital At the Market Offering	Additional Paid-In Capital IPO	Accumulated Other Comprehensive Gain (Loss)	Accumulated Deficit
Balance at Dec. 31, 2022	$ 108,539			$ 3			$ 240,107			$ (1)	$ (131,570)
Balance (in shares) at Dec. 31, 2022				29,561,554
Issuance of restricted stock (in shares)				180,316
Exercise of stock options	937						937
Exercise of stock options, (in shares)				125,192
Issuance of common stock, public offering/market equity offering			$ 161,803			$ 1			$ 161,802
Issuance of common stock, public offering/market equity offering (in shares)						5,750,000
Purchases under employee stock purchase plan	1,081						1,081
Purchases under employee stock purchase plan (in shares)				249,548
Stock-based compensation expense	14,131						14,131
Unrealized gain (loss) on investments, net	1									$ 1
Net loss	(117,255)										(117,255)
Balance at Dec. 31, 2023	169,237			$ 4			418,058				(248,825)
Balance (in shares) at Dec. 31, 2023				35,866,610
Issuance of restricted stock (in shares)				109,356
Exercise of stock options	518						518
Exercise of stock options, (in shares)				106,339
Purchases under employee stock purchase plan	1,150						1,150
Purchases under employee stock purchase plan (in shares)				228,408
Stock-based compensation expense	19,094						19,094
Net loss	(138,426)										(138,426)
Balance at Dec. 31, 2024	51,573			$ 4			438,820				(387,251)
Balance (in shares) at Dec. 31, 2024				36,310,713
Issuance of common stock, public offering/market equity offering		$ 4,908						$ 4,908
Issuance of common stock, public offering/market equity offering (in shares)					2,271,122
Issuance of common stock and pre-funded warrants under the public offering	25,189			$ 3			25,186
Issuance of common stock and pre-funded warrants under the public offering (in shares)						32,026,383
Purchases under employee stock purchase plan	159						159
Purchases under employee stock purchase plan (in shares)				141,362
Issuance of common stock for pre-funded warrant exercises (in shares)				1,549,860
Stock-based compensation expense	9,520						9,520
Net loss	(61,797)										(61,797)
Balance at Dec. 31, 2025	$ 29,552			$ 7			$ 478,593				$ (449,048)
Balance (in shares) at Dec. 31, 2025				72,299,440

Organization - Additional Information (Detail) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accumulated deficit	$ (449,048)	$ (387,251)
Cash, cash equivalents, and restricted cash	$ 56,200

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Commitments and Contingencies - Schedule of Supplemental Balance Sheet Information Related To Operating Leases (Details)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Lease, Cost [Abstract]
Weighted average remaining lease term	1 year 1 month 6 days	6 years	5 years 7 months 6 days
Weighted average discount rate	7.80%	11.40%	10.90%

Segment Reporting

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment Reporting

Note 10. Segment Reporting

The Company operates and manages its business as one reportable and operating segment, which is the business of developing small molecule drugs to treat patients with metabolic diseases. The Company’s interim chief executive officer, who is the chief operating decision maker, reviews financial information on an aggregate basis for allocating resources and evaluating financial performance. All long-lived assets are maintained in, and all losses are attributable to, the United States of America.

Below is the breakdown of the Company’s research and development and general and administrative expenses for the years ended December 31, 2025, 2024 and 2023 (in thousands):


	Year Ended December 31,
	2025		2024		2023
External costs
Clinical research organization expenses
COVALENT - 101	$	2,162	$	2,386	$	7,380
COVALENT - 102		1,140		205		3,415
COVALENT - 103		3,561		3,710		2,007
COVALENT - 111		4,345		22,489		14,670
COVALENT - 112		1,131		5,048		1,306
COVALENT - 211		87		—		—
COVALENT - 212		67		—		—
GLP - 131		774		—		—
Other clinical related expenses		6,331		14,262		7,320
Preclinical activities related expenses		6,037		11,815		10,165
Expenses related to manufacturing of clinical and research material		2,848		7,262		13,237
Other external costs		6,935		10,948		5,528
Internal costs:
Personnel-related expenses (including stock-based compensation)		20,563		31,856		28,838
Facilities and other allocated expenses		5,998		8,104		8,680
Total research and development expenses	$	61,979	$	118,085	$	102,546


	Year Ended December 31,
	2025		2024		2023
External costs	$	5,814	$	6,488	$	5,007
Internal costs:
Personnel-related expenses (including stock-based compensation)		11,902		17,768		16,466
Facilities and other allocated expenses		1,612		1,729		2,116
Total general and administrative expenses	$	19,328	$	25,985	$	23,589


	Year Ended December 31,
	2025		2024		2023
Impairment of long-lived assets	$	2,205	$	—	$	—

Reconciliation of segment loss from operations to net loss:


	Year Ended December 31,
	2025			2024			2023
Loss from operations of reportable segments	$	(83,512	)	$	(144,070	)	$	(126,135	)
Change in fair value of common warrant liability		19,857			—			—
Interest income		1,858			5,644			8,880
Net loss	$	(61,797	)	$	(138,426	)	$	(117,255	)

- Definition

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

+ References

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+ Details