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Equity Based Compensation - Schedule of Outstanding and Exercisable Stock Options (Details) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Options
Options outstanding (in shares)	3,405,906	1,515,449	1,569,972
Options exercisable (in shares)	715,535
Weighted Average Exercise Price
Weighted average exercise price, options outstanding (in dollars per share)	$ 4.64	$ 1.74	$ 1.25
Weighted average exercise price, options exercisable (in dollars per share)	$ 1.57
Weighted Average Remaining Contractual Life (Years)
Options outstanding, weighted-average remaining contractual life	8 years 9 months 14 days
Options exercisable, weighted-average remaining contractual life	7 years 21 days

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Dec. 31, 2025
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The financial statements and accompanying notes are prepared on the accrual basis of accounting in accordance with GAAP. Certain prior period amounts have been reclassified to conform to the current period presentation. These reclassifications had no impact on previously reported net loss, total assets, total liabilities, stockholders’ equity, or cash flows. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities, if any, at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, the Company evaluates its estimates and judgments, including those related to the valuation of operating lease right-of-use assets, valuation of clinical trial accruals, payroll accruals, redeemable convertible preferred stock tranche liability, redeemable convertible preferred stock, stock-based compensation and income taxes, which are based on historical and anticipated results and trends, and on various other assumptions that management believes to be reasonable under the circumstances. Actual results could differ from those estimates. Fair Value Measurements In accordance with Accounting Standards Codification 820, “Fair Value Measurements and Disclosures” (“ASC 820”), the Company measures fair value based on a three-level hierarchy of inputs, of which the first two are considered observable and the last unobservable. Unobservable inputs reflect the Company’s own assumptions about current market conditions. The three-level hierarchy of inputs is as follows: nLevel 1 - Quoted prices in active markets for identical assets or liabilities. nLevel 2 - Inputs other than level 1 that are observable, either directly or indirectly, 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. nLevel 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of assets or liabilities. The fair values of cash, cash equivalents, short-term investments, receivables, prepaid expenses and other current assets, accounts payable and accrued expenses are estimated to approximate their respective carrying values as of December 31, 2025 and 2024 due to the short-term maturities of such instruments. Cash and Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less, when acquired, to be cash equivalents, such as money market accounts. Substantially all of the Company’s cash and cash equivalents are maintained with various financial institutions domiciled in the United States. Amounts on deposit with these financial institutions may, from time to time, exceed the federally insured limit, as well as coverage provided by the Securities Investment Protection Corporation. The fair value of the Company’s cash equivalents was determined using level 1 inputs. Short-Term Investments Short-term investments consist of fixed income U.S. treasury securities and certificates of deposit with maturities primarily between three and twelve months. The U.S. treasury securities and certificate of deposit investments are classified as held-to-maturity and are reported at amortized cost, plus any additional costs incurred, as of December 31, 2025 and 2024. Amortized cost includes accrued interest of $0.1 million at December 31, 2025. Interest accrued on these investments is reported within the statements of operations as interest income. The amortized cost and fair value of held-to-maturity securities approximated each other at December 31, 2025 and 2024. These short-term investments have maturity dates between three and twelve months. Management believes that they have both the intent and ability to hold these securities until maturity. No held-to-maturity securities were pledged as collateral at December 31, 2025 and 2024. There were no sales or transfers of held-to-maturity securities during the periods presented. The fair value of the Company’s short-term investments was determined using level 2 inputs. Other Receivables Other receivables consist of amounts due from the Internal Revenue Service related to refundable R&D payroll tax credits. Other Current and Non-Current Assets Other current assets consist of deposits and other prepayments for future services expected to be received or consumed within twelve months, while other non-current assets consist of deposits and other prepayments for future services expected to be received or consumed more than twelve months, in each case from December 31, 2025 and 2024, respectively. Property and Equipment Property and equipment are recorded at cost less accumulated depreciation. The Company provides for depreciation over estimated useful lives ranging from three to five years for all non-leasehold improvement assets using the straight- line method. Leasehold improvements are depreciated over the lesser of the estimated useful life or the lease term. Repairs and maintenance expenditures that do not significantly add value to property and equipment, or prolong its life, or are below the Company’s capitalization threshold policy, are charged to expense as incurred. Gains and losses on dispositions of property and equipment are included in the operating results of the related period within research and development or general and administrative operating expenses, depending on the nature of the underlying asset. Impairment of Long-Lived Assets Long-lived assets, including property and equipment, are reviewed for potential impairment when events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. In the event the sum of the expected undiscounted future cash flows resulting from the use of the asset is less than the carrying amount of the asset, an impairment loss equal to the excess of the asset’s carrying value over its fair value is recorded. There were no impairment losses recognized during the years ended December 31, 2025 and 2024. Leases The Company determines if an arrangement is or contains a lease and evaluates the classification of that lease at inception of a contract. The Company considers whether it controls the underlying asset and has the right to obtain substantially all the economic benefits or outputs from the asset. Operating lease right-of-use (“ROU”) assets and operating lease liabilities are measured and recorded based on the present value of the future minimum lease payments over the lease term at the commencement date. Operating lease ROU assets are based on the corresponding lease liability adjusted for (i) payments made at or before the commencement date, (ii) initial direct costs incurred, and (iii) tenant incentives under the lease. The Company does not account for renewals or early terminations unless it is reasonably certain to exercise these options at commencement. Operating lease expense is recognized on a straight-line basis over the lease term. The Company accounts for lease and non-lease components as a single lease component for operating leases. The Company elects the short-term practical expedient and does not record leases with terms of twelve months or less on the balance sheets. The Company used an incremental borrowing rate based on the information available at the lease commencement date in determining the present value of future lease payments. The Company’s incremental borrowing rate was estimated to approximate the interest rate on a collateralized basis with similar terms and payments. The Company determined the incremental borrowing rate by considering various factors, such as its credit rating, interest rates of similar debt instruments of entities with comparable credit rating, and the lease term. Operating lease cost is recognized as a component of general and administrative expenses in the statement of operations. The Company excludes variable payments, such as common area maintenance, and operating expenses such as real estate taxes and insurance, from ROU assets and lease liabilities, to the extent not considered fixed or dependent on an index or specific rate, and instead expenses these costs as incurred. Deferred Offering Costs Deferred equity financing costs are included within non-current assets in the accompanying balance sheets. Such costs are comprised of specific incremental costs directly attributable to the Company's initial public offering of common stock that was completed in February 2026. Such costs were charged against the gross proceeds of the equity offering upon completion (Note 13 - Subsequent Events). As of December 31, 2025, the Company had recorded $2.7 million of deferred equity financing costs related to its offering of securities. As of December 31, 2024, the Company did not have any deferred equity financing costs. Redeemable Convertible Preferred Stock The Company records redeemable convertible preferred stock at fair value on the dates of issuance, net of issuance costs. If the redeemable convertible preferred stock is issued contemporaneously with another freestanding financial instrument, the redeemable convertible preferred stock is recorded at an amount equal to the allocated proceeds. The redeemable convertible preferred stock is recorded outside of stockholders’ deficit because the shares contain a redemption feature upon the occurrence of a deemed liquidation event, the occurrence of which is not solely within the Company’s control because the holders of preferred stock control the Company’s board of directors. The Company has not adjusted the carrying values of the redeemable convertible preferred stock to the redemption amount of such shares because it is uncertain whether or when a deemed liquidation event would occur that would obligate the Company to pay the redemption amount to holders of shares of redeemable convertible preferred stock. Subsequent adjustments to the carrying values to the liquidation preferences will be made only when it becomes probable that such a deemed liquidation event will occur (Note 4 - Redeemable Convertible Preferred Stock and Stockholders’ Deficit). Redeemable Convertible Preferred Stock Tranche Liability The Company determined the right of the investors to purchase shares of Series C-2 redeemable convertible preferred stock at a fixed cash issuance price per share at a future date met the definition of a freestanding instrument as the instruments are legally detachable and separately exercisable from the shares of Series C-1 redeemable convertible preferred stock. The Redeemable Convertible Preferred Stock Tranche Liability was issued with, and was calculated at the fair value upon the initial issuance of Series C-1 redeemable convertible preferred stock in July 2023 (the “Redeemable Convertible Preferred Stock Tranche Liability”). The Redeemable Convertible Preferred Stock Tranche Liability was subject to remeasurement at each balance sheet date, with changes in fair value recognized within other income (expense) in the statement of operations and comprehensive loss. The Redeemable Convertible Preferred Stock Tranche Liability is measured at level 3 of the fair value hierarchy in accordance with ASC 820. Upon closing of the C-2 redeemable convertible preferred stock tranche in March 2025, the Redeemable Convertible Preferred Stock Tranche Liability was settled (Note 5 - Fair Value Measurements). Research and Development Expenses Research and development costs, which include clinical and regulatory expenses, are expensed when incurred. They typically include, but are not limited to, payroll and personnel expenses, preclinical studies, clinical trials, formulations and materials, laboratory supplies, depreciation on laboratory equipment, temporary laboratory space and consulting costs. At each financial reporting date, the Company accrues the estimated cost of clinical study activities performed by third-party clinical sites with whom the Company has agreements that provide for fees based upon the number of participants enrolled and the clinical evaluation visits that occur over the life of the study. These estimates are determined based upon a review of the agreements and data collected by clinical personnel as to the status of participant enrollment and visits, and are based upon the facts and circumstances known to the Company at each financial reporting date. If the actual performance of activities varies from the assumptions used in the estimates, the accruals are adjusted accordingly. Costs to acquire technologies to be used in research and development that have not reached technological feasibility and have no alternative future use are also expensed when incurred. Patent Costs All patent-related costs incurred in connection with the research, filing, maintenance and prosecution of patent applications are expensed as incurred due to the uncertainty about the recovery of these expenditures. Amounts incurred are classified as general and administrative expenses in the accompanying statements of operations. Stock-based Compensation The Company’s 2019 Equity Incentive Plan (the “2019 Plan”) permits the grant of incentive stock options, nonstatutory stock options, stock appreciation rights, restricted stock, and restricted stock units to the Company’s employees, directors, and consultants. The exercise price of options granted under the 2019 Plan is based on the fair value of the common stock on the grant date as approved by the Company’s board of directors, and no option shall have a term in excess of ten years from the option grant date. Options vest in various installments as outlined in the related stock option agreements, or as determined by the Company’s board of directors. If an incentive stock option is granted to a participant who, at the time of granting, owns stock representing more than 10% of the total combined voting power of all classes of stock of the Company, the incentive stock option will have a term of five years from the date of grant or such shorter term as may be provided in the award agreement and the per share exercise price will be no less than 110% of the fair market value per share of the common stock on the date of grant. The maximum aggregate number of shares that may be subject to awards under the amended and restated 2019 Plan is 4,610,036. This amount has been reserved by the Company to provide for the issuance of shares of the Company’s common stock to employees, directors and consultants under its amended and restated 2019 Plan. The 2019 Plan terminated upon the effectiveness of the Company’s 2026 Equity Incentive Plan in connection with the completion of the Company’s initial public offering, and the Company will not grant any additional awards under the 2019 Plan following its termination (Note 13 – Subsequent Events). However, the 2019 Plan will continue to govern the terms and conditions of the outstanding awards previously granted under our 2019 Plan. Stock-based awards result in a cost that is measured at fair value on the awards’ grant date, based on the estimated number of awards that are expected to vest. Stock-based compensation is recognized on a straight-line basis over the period during which the grantee is required to provide service in exchange for the award, which is generally the vesting period of the award. The Company recognizes forfeitures of stock-based compensation awards as they occur. The determination of fair value requires significant judgment and the use of estimates, which include Black-Scholes assumptions such as stock price volatility and expected option term. The Company has historically been a private company and lacks company-specific historical and implied volatility information. Therefore, it estimates its expected stock volatility based on the historical volatility of a publicly traded set of peer companies and expects to continue to do so until such time as it has adequate historical data regarding the volatility of its own traded stock price. Income Taxes The Company uses the asset and liability method of accounting for income taxes. Accordingly, deferred tax liabilities and assets are determined based on the difference between the financial statement and tax bases of assets and liabilities, using enacted tax rates in effect for the year in which the differences are expected to reverse. Current income taxes are based on the year’s taxable income/loss for federal and state income tax reporting purposes. A valuation allowance is recorded against deferred tax assets to reduce the net carrying value when it is more likely than not that some portion or all of a deferred tax asset will not be realized. The evaluation of the need for a valuation allowance is performed on a jurisdiction-by-jurisdiction basis and includes a review of all available positive and negative evidence. Factors reviewed include projections of pretax book income for the foreseeable future, determination of cumulative pretax book income after permanent differences, earnings history and reliability of forecasting. The Company’s net deferred tax assets as of December 31, 2025, consist principally of net operating losses and section 174 research and experimentation expenditure capitalization. The Company provided a 100% valuation allowance for the tax effect of deferred tax assets, and as a result, no benefit for income taxes has been provided in the accompanying statements of operations. The Company established a valuation allowance because management could not determine that it was “more likely than not” that the benefits of the deferred tax assets would be realized. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. The tax benefit recognized in the financial statements for a particular tax position is based on the largest benefit that is more likely than not to be realized upon settlement. Accordingly, the Company establishes reserves for uncertain tax positions. The Company follows the accounting guidance on accounting for uncertainty in income taxes. The guidance prescribes a recognition threshold and measurement attribute criteria for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. As applicable, the Company recognizes accrued penalties and interest related to unrecognized tax benefits in the provision for income taxes. The Company has not recognized interest or penalties in its statement of operations and comprehensive loss for the years ended December 31, 2025, and 2024. Net Loss Per Share of Common Stock Basic net loss per share is based on the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per share is based on the average number of shares of common stock used for the basic earnings per share calculation, adjusted for the dilutive effect of dilutive securities. For purposes of the diluted net loss per share of common stock, stock options and the redeemable convertible preferred stock are potentially dilutive securities. Redeemable convertible preferred stock participates pari passu in the dividends distributed to common stock. The Company’s redeemable convertible preferred stock contractually entitles the holders of such shares to participate in dividends, but does not contractually require the holders of such shares to participate in the Company’s losses. Accordingly, basic and diluted net loss per share attributable to common stockholders is presented in conformity with the two-class method required for participating securities as the redeemable convertible preferred stock is considered a participating security. As the Company has reported a net loss for the periods presented, the losses are not allocated to such participating securities and as a result, diluted net loss per share is the same as basic net loss per share. Recently Issued Accounting Pronouncements Adopted In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”). ASU 2023-09 requires public entities, on an annual basis, to provide: a tabular rate reconciliation (using both percentages and reporting currency amounts) of (1) the reported income tax expense (or benefit) from continuing operations, to (2) the product of the income (or loss) from continuing operations before income taxes and the applicable statutory federal (national) income tax rate of the jurisdiction (country) of domicile using specific categories, and separate disclosure for any reconciling items within certain categories that are equal to or greater than a specified quantitative threshold. For each annual period presented, ASU 2023-09 also requires all reporting entities to disclose the year-to-date amount of income taxes paid (net of refunds received) disaggregated by federal (national), state, and foreign. It also requires additional disaggregated information on income taxes paid (net of refunds received) to an individual jurisdiction equal to or greater than 5% of total income taxes paid (net of refunds received). ASU 2023-09 is effective for public entities and for other entities for fiscal years beginning after December 15, 2024 and December 15, 2025, respectively. ASU 2023-09 is to be applied on a prospective basis with the option to apply the standard retrospectively. Early adoption is permitted. While the Company qualifies as an emerging growth company and qualifies to take advantage of the extended transition period for complying with new or revised accounting standards, the Company elected to early adopt ASU 2023-09 for the fiscal year beginning January 1, 2025 on a prospective basis. Recently Issued Accounting Pronouncements Not Yet Adopted In November 2024, the FASB issued ASU 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) – Disaggregation of Income Statement Expenses” (“ASU 2024-03”), which requires additional disclosure about specified categories of expenses included in relevant expense captions presented on the statement of operations and comprehensive loss. The amendments are effective for annual periods beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The amendments may be applied either prospectively or retrospectively. The Company is currently evaluating the impact that ASU 2024-03 will have on its financial statements. The Company considers the applicability and impact of all ASUs issued by the FASB. There are no other accounting pronouncements which have been issued but are not yet effective that would have a material impact on the Company’s financial statements when adopted.

Description of Business	12 Months Ended
Description of Business	Dec. 31, 2025
Accounting Policies [Abstract]
Description of Business	Description of Business Business SpyGlass Pharma, Inc. (“SpyGlass”, or the “Company”) was incorporated on January 7, 2019 pursuant to the laws of the State of Delaware. The Company is a late-stage biopharmaceutical company initiating its Phase 3 clinical trials for its lead product, an IOL mounted, controlled release, drug delivery system intended to treat glaucoma through the delivery of the drug bimatoprost. Risks, uncertainties, going concern and management’s plans The Company is subject to certain risks and uncertainties, including, but not limited to changes in any of the following areas that the Company believes could have a material adverse effect on future financial position or results of operations: the availability of future financing; the ability to obtain regulatory approval and market acceptance of, and reimbursement for, the Company’s drug candidates if approved; the performance of third-party clinical research organizations and manufacturers; licenses of intellectual property; future development of intellectual property; litigation or claims against the Company, patent, product, regulatory or other factors; and the Company’s ability to attract and retain employees necessary to support commercial operations. In addition, significant changes in the biotechnology industry or the approval of competitive products or therapies could adversely affect the Company’s development and operating results. The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”), which contemplate continuation of the Company as a going concern. To date, the Company has relied on equity financing to fund its operations. The Company has an accumulated deficit of $104.7 million as of December 31, 2025, and used cash in operations of $32.7 million during the year ended December 31, 2025. While the Company has no revenue-generating activities, working capital totals $100.2 million as of December 31, 2025. Successful completion of development of the Company’s initial commercial products is dependent upon continued operations of the Company, which in turn is dependent upon the Company’s ability to meet its financial obligations. The Company will require substantial additional capital to fund its research and development and ongoing operating expenses. The Company expects to seek additional funding through equity financings, debt financings or other sources. The Company may not be able to obtain funding on acceptable terms, or at all. The terms of any future financing may adversely affect the holdings or the rights of the Company’s existing stockholders. If the Company is unable to raise additional funds when needed, it may be required to delay, reduce or eliminate its research and development. In July 2023, the Company closed a first tranche of Series C redeemable convertible preferred stock totaling $40.0 million. In March 2025, the Company closed on a second tranche of Series C redeemable convertible preferred stock totaling $50.0 million. Additionally, in May and June 2025, the Company closed on a Series D redeemable convertible preferred stock financing totaling $77.3 million. In February 2026, the Company completed the initial public offering of its common stock, with aggregate gross proceeds from the offering of $172.5 million, before deducting underwriting discounts and commissions and other offering expenses (Note 13 - Subsequent Events). Management believes its existing cash, cash equivalents, and short-term investments provide sufficient liquidity to continue as a going concern for the next twelve months. The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. The financial statements do not reflect any adjustments relating to the recoverability and reclassification of assets and liabilities that might be necessary if the Company is unable to continue as a going concern.

Net Loss Per Share - Schedule of Anti-dilutive (Details) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	23,747,874	11,124,363
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	3,405,906	1,515,449
Redeemable convertible preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	20,341,968	9,608,914

Commitments and Contingencies - Narrative (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Mar. 31, 2023 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 01, 2025	Oct. 01, 2024	Jan. 01, 2024	Dec. 01, 2023 operating_lease
Other Commitments [Line Items]
Uninsured amount		$ 18,900	$ 14,600
Research and development		29,183	19,984
Number of operating lease agreements \| operating_lease							2
Operating lease term					12 months
Non-cancellable lease period				91 months		90 months
Renewal term				5 years		5 years
Discount rate				6.42%		6.52%
Rent expense		200	700
Gain on lease modification costs		500	0
University of Colorado License Agreement
Other Commitments [Line Items]
Payment for license fee	$ 100
Research and development		$ 200	$ 100

Commitments and Contingencies

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Concentrations of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash equivalents and short-term investments. Management mitigates such potential risks by maintaining the Company’s cash equivalents and short-term investment balances with entities that management believes possess high-credit quality. As of December 31, 2025 and 2024, the Company had $18.9 million and $14.6 million, respectively, on deposit that was not federally-insured or insured by the Securities Investor Protection Corporation.

University of Colorado License Agreement

In March 2020, the Company entered into a license agreement with the Regents of the University of Colorado, which was amended in December of 2020, May of 2023 and October of 2025, under which the Company obtained an exclusive, royalty-bearing, sublicensable, worldwide license under a patent application co-owned by the University of Colorado and us relating to an intra-ocular drug dispenser and all patents claiming priority to such patent to develop, manufacture, and commercialize products for use in the treatment of various ophthalmic diseases. The Company has the right to grant sublicenses to third parties.

In consideration for the rights granted by the agreement, the Company paid a one-time, non-refundable $0.1 million license fee in conjunction with the second amendment in March 2023, which was recorded as a research and development expense in 2023. The Company is required to reimburse the University of Colorado for costs incurred in applying and maintaining patents, which are recorded as a research and development expense as incurred. The Company is also required to pay the maintenance fees on an annual basis as each of the anniversary dates from the effective date. The Company expenses this annual license fee to research and development. The Company is required to make payments to the University of Colorado for contingent milestones achieved in the development and commercialization process. The future contingent milestone payments under the Agreements made prior to FDA approval (or the equivalent) are considered contingent upon future research and development outcomes and will be expensed to research and development when issuable. If milestones are achieved, the milestone payment related to FDA approval and any subsequent milestone payments will be capitalized. In addition, the Company is required to pay future royalty payments. The future royalty payments are contingent consideration and should be recorded when payment is probable and estimable. These payments will only be made if commercialization of the Licensed Product(s) is achieved. Therefore, the Company will record royalty payable if/when commercialization is completed and revenues associated with the Licensed Product are estimable and probable. Additionally, the Company must pay the University of Colorado a percentage of the sublicense income received if the Company decides to sublicense their rights to the Licensed Patents.

The Company recorded research and development expense in the amount of $0.2 million and $0.1 million for the years ended December 31, 2025 and 2024, respectively, under the agreement.

Legal Proceedings

From time to time, the Company may be involved in legal proceedings, investigations and claims generally incidental to its normal business activities. In accordance with GAAP, loss contingencies are accrued when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. These estimates are based on an analysis made by management and external legal counsel considering information known at the time.

On September 17, 2025, Glaukos Corporation (Glaukos) filed a lawsuit in the United States District Court for the Central District of California against the Company and against one of its employees (together, the Defendants) (Case No. 8:25-cv-02105) (the Complaint). Glaukos asserted two causes of action against the Company: trade secret misappropriation under the federal Defend Trade Secrets Act, and a similar claim under California’s unfair competition statute. Glaukos asserted three claims against the employee: breach of contract, fraud regarding employee exit documentation, and a violation of the Computer Fraud and Abuse Act. The Complaint requests customary remedies, including (a) a judgment that the Company misappropriated Glaukos’ trade secrets, (b) seizure of Defendants’ computers to arrange for the deletion of any of Glaukos’ trade secrets, (c) a temporary, preliminary and permanent injunction against the Defendants from the use of certain intellectual property, (d) damages, (e) attorneys’ fees, (f) interest on any foregoing sums, and (g) any relief as the court deems just and equitable, which could include future royalty payments. Although the Company believes it has meritorious defenses, vehemently denies the allegations and intends to defend the case vigorously, the outcome of this matter is inherently uncertain. Based on management’s review of the facts and circumstances currently available, the Company does not believe that a loss is probable, and no accrual has been recorded related to this matter as of December 31, 2025 and 2024.

Legal costs in connection with loss contingencies are generally expensed as incurred, net of insurance reimbursements as applicable. Insurance reimbursements related to such legal costs are recognized when realized or when recovery is probable and reasonably estimable, and are presented as a reduction of the related legal expense. Legal costs that are contingent upon the outcome of a proceeding are recognized upon resolution of the matter.

Guarantees and Indemnifications

In the normal course of business, the Company enters into agreements that contain a variety of representations and provide for certain indemnifications. The Company’s exposure under these agreements is unknown because any such claims may be made against the Company in the future. To date, the Company has not paid any claims or been required to defend any action related to its indemnification obligations. As of December 31, 2025 and 2024, the Company does not have any material indemnification claims that were probably or reasonably possible and consequently have not recorded related liabilities.

Leases

The Company has entered into two operating lease agreements for office and lab space in Aliso Viejo, California. The Company entered into a lease termination agreement on December 1, 2023 and subsequently reinstated the lease on October 1, 2024 for a 12 month period where the Company elected the short-term lease practical expedient and expenses lease cost on a straight line basis. The Company entered into a new lease on January 1, 2024 with a noncancelable period of 90 months, an early termination option with a substantive penalty, and a five-year renewal option. The Company did not include the termination or renewal option in considering the lease term as the Company is not likely to exercise the options. The lease was classified as an operating lease in accordance with the provisions of ASC 842, “Leases”, and discounted using an estimated incremental borrowing rate of 6.52%.

On November 22, 2025, the Company entered into a lease termination agreement related to its office and lab space in Aliso Viejo, California. Under the terms of this agreement, the Company expects to terminate the lease no later than July 2026. Additionally, on November 22, 2025, the Company entered into a new operating lease agreement for office and lab space in Irvine, California. The new lease commenced on December 1, 2025 with a noncancelable period of 91 months, with a five-year renewal option, and no early termination option. The Company did not include the renewal option in considering the lease in accordance with the provisions of ASC 842, and discounted using an estimated incremental borrowing rate of 6.42%. The Company’s operating leases do not contain any significant residual value guarantees or restrictive covenants.

Additional balance sheet information related to the operating leases at December 31, 2025 are as follows:


(in thousands)	2025		2024
ROU asset	$	1,552	$	3,291
Lease liabilities, current	—		442
Lease liabilities, non-current	1,582		3,455

The components of operating lease expense for the years ended December 31, 2025 and 2024 were as follows:


(in thousands)	2025		2024
Operating lease cost (net of lease modification)	$	86	$	645


Short-term and variable lease cost	163	32

Variable lease costs for the year were immaterial for the years ended December 31, 2025 and 2024. Rent expense for the years end December 31, 2025 and 2024 was $0.2 million and $0.7 million, respectively, which is presented net of gain on lease modification costs of $0.5 million and $0.

Supplemental cash flows information related to leases for the years ended December 31, 2025 and 2024 were as follows:


(in thousands)	2025		2024
Cash paid for amounts included in the measurement of operating lease liabilities	$	819	$	39
ROU asset in exchange for lease liability	$	1,573	$	3,696
Weighted average remaining lease term	7.5 years		6.5 years
Weighted average discount rate	6.42%		6.52%

Future minimum lease payments under non-cancellable leases as of December 31, 2025 were as follows:


(in thousands)	2025

2026(1)	$	(2,068)
2027	522
2028	714
2029	736
2030	759
Thereafter	1,998
Total future minimum lease payments	2,661
Less: imputed interest	(1,089)
Total lease liabilities	$	1,572

(1)The Company expects to receive a tenant improvement allowance reimbursement of $2.2 million in 2026 which results in a negative lease commitment for 2026.

Commitments and Contingencies

Concentrations of Credit Risk

University of Colorado License Agreement

The Company recorded research and development expense in the amount of $0.2 million and $0.1 million for the years ended December 31, 2025 and 2024, respectively, under the agreement.

Legal Proceedings

Guarantees and Indemnifications

Leases

Additional balance sheet information related to the operating leases at December 31, 2025 are as follows:


(in thousands)	2025		2024
ROU asset	$	1,552	$	3,291
Lease liabilities, current	—		442
Lease liabilities, non-current	1,582		3,455

The components of operating lease expense for the years ended December 31, 2025 and 2024 were as follows:


(in thousands)	2025		2024
Operating lease cost (net of lease modification)	$	86	$	645


Short-term and variable lease cost	163	32

Supplemental cash flows information related to leases for the years ended December 31, 2025 and 2024 were as follows:


(in thousands)	2025		2024
Cash paid for amounts included in the measurement of operating lease liabilities	$	819	$	39
ROU asset in exchange for lease liability	$	1,573	$	3,696
Weighted average remaining lease term	7.5 years		6.5 years
Weighted average discount rate	6.42%		6.52%

Future minimum lease payments under non-cancellable leases as of December 31, 2025 were as follows:


(in thousands)	2025

2026(1)	$	(2,068)
2027	522
2028	714
2029	736
2030	759
Thereafter	1,998
Total future minimum lease payments	2,661
Less: imputed interest	(1,089)
Total lease liabilities	$	1,572

(1)The Company expects to receive a tenant improvement allowance reimbursement of $2.2 million in 2026 which results in a negative lease commitment for 2026.

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2025
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The financial statements and accompanying notes are prepared on the accrual basis of accounting in accordance with GAAP. Certain prior period amounts have been reclassified to conform to the current period presentation. These reclassifications had no impact on previously reported net loss, total assets, total liabilities, stockholders’ equity, or cash flows.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities, if any, at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, the Company evaluates its estimates and judgments, including those related to the valuation of operating lease right-of-use assets, valuation of clinical trial accruals, payroll accruals, redeemable convertible preferred stock tranche liability, redeemable convertible preferred stock, stock-based compensation and income taxes, which are based on historical and anticipated results and trends, and on various other assumptions that management believes to be reasonable under the circumstances. Actual results could differ from those estimates.
Fair Value Measurements	Fair Value Measurements In accordance with Accounting Standards Codification 820, “Fair Value Measurements and Disclosures” (“ASC 820”), the Company measures fair value based on a three-level hierarchy of inputs, of which the first two are considered observable and the last unobservable. Unobservable inputs reflect the Company’s own assumptions about current market conditions. The three-level hierarchy of inputs is as follows: nLevel 1 - Quoted prices in active markets for identical assets or liabilities. nLevel 2 - Inputs other than level 1 that are observable, either directly or indirectly, 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. nLevel 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of assets or liabilities. The fair values of cash, cash equivalents, short-term investments, receivables, prepaid expenses and other current assets, accounts payable and accrued expenses are estimated to approximate their respective carrying values as of December 31, 2025 and 2024 due to the short-term maturities of such instruments.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less, when acquired, to be cash equivalents, such as money market accounts. Substantially all of the Company’s cash and cash equivalents are maintained with various financial institutions domiciled in the United States. Amounts on deposit with these financial institutions may, from time to time, exceed the federally insured limit, as well as coverage provided by the Securities Investment Protection Corporation. The fair value of the Company’s cash equivalents was determined using level 1 inputs.
Short-Term Investments	Short-Term Investments Short-term investments consist of fixed income U.S. treasury securities and certificates of deposit with maturities primarily between three and twelve months. The U.S. treasury securities and certificate of deposit investments are classified as held-to-maturity and are reported at amortized cost, plus any additional costs incurred, as of December 31, 2025 and 2024. Amortized cost includes accrued interest of $0.1 million at December 31, 2025. Interest accrued on these investments is reported within the statements of operations as interest income. The amortized cost and fair value of held-to-maturity securities approximated each other at December 31, 2025 and 2024. These short-term investments have maturity dates between three and twelve months. Management believes that they have both the intent and ability to hold these securities until maturity. No held-to-maturity securities were pledged as collateral at December 31, 2025 and 2024. There were no sales or transfers of held-to-maturity securities during the periods presented. The fair value of the Company’s short-term investments was determined using level 2 inputs.
Other Receivables	Other Receivables Other receivables consist of amounts due from the Internal Revenue Service related to refundable R&D payroll tax credits.
Other Current and Non-Current Assets	Other Current and Non-Current Assets Other current assets consist of deposits and other prepayments for future services expected to be received or consumed within twelve months, while other non-current assets consist of deposits and other prepayments for future services expected to be received or consumed more than twelve months, in each case from December 31, 2025 and 2024, respectively.
Property and Equipment	Property and Equipment Property and equipment are recorded at cost less accumulated depreciation. The Company provides for depreciation over estimated useful lives ranging from three to five years for all non-leasehold improvement assets using the straight- line method. Leasehold improvements are depreciated over the lesser of the estimated useful life or the lease term. Repairs and maintenance expenditures that do not significantly add value to property and equipment, or prolong its life, or are below the Company’s capitalization threshold policy, are charged to expense as incurred. Gains and losses on dispositions of property and equipment are included in the operating results of the related period within research and development or general and administrative operating expenses, depending on the nature of the underlying asset.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets Long-lived assets, including property and equipment, are reviewed for potential impairment when events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. In the event the sum of the expected undiscounted future cash flows resulting from the use of the asset is less than the carrying amount of the asset, an impairment loss equal to the excess of the asset’s carrying value over its fair value is recorded.
Leases	Leases The Company determines if an arrangement is or contains a lease and evaluates the classification of that lease at inception of a contract. The Company considers whether it controls the underlying asset and has the right to obtain substantially all the economic benefits or outputs from the asset. Operating lease right-of-use (“ROU”) assets and operating lease liabilities are measured and recorded based on the present value of the future minimum lease payments over the lease term at the commencement date. Operating lease ROU assets are based on the corresponding lease liability adjusted for (i) payments made at or before the commencement date, (ii) initial direct costs incurred, and (iii) tenant incentives under the lease. The Company does not account for renewals or early terminations unless it is reasonably certain to exercise these options at commencement. Operating lease expense is recognized on a straight-line basis over the lease term. The Company accounts for lease and non-lease components as a single lease component for operating leases. The Company elects the short-term practical expedient and does not record leases with terms of twelve months or less on the balance sheets. The Company used an incremental borrowing rate based on the information available at the lease commencement date in determining the present value of future lease payments. The Company’s incremental borrowing rate was estimated to approximate the interest rate on a collateralized basis with similar terms and payments. The Company determined the incremental borrowing rate by considering various factors, such as its credit rating, interest rates of similar debt instruments of entities with comparable credit rating, and the lease term. Operating lease cost is recognized as a component of general and administrative expenses in the statement of operations. The Company excludes variable payments, such as common area maintenance, and operating expenses such as real estate taxes and insurance, from ROU assets and lease liabilities, to the extent not considered fixed or dependent on an index or specific rate, and instead expenses these costs as incurred.
Deferred Offering Costs	Deferred Offering Costs Deferred equity financing costs are included within non-current assets in the accompanying balance sheets. Such costs are comprised of specific incremental costs directly attributable to the Company's initial public offering of common stock that was completed in February 2026. Such costs were charged against the gross proceeds of the equity offering upon completion
Redeemable Convertible Preferred Stock / Redeemable Convertible Preferred Stock Tranche Liability	Redeemable Convertible Preferred Stock The Company records redeemable convertible preferred stock at fair value on the dates of issuance, net of issuance costs. If the redeemable convertible preferred stock is issued contemporaneously with another freestanding financial instrument, the redeemable convertible preferred stock is recorded at an amount equal to the allocated proceeds. The redeemable convertible preferred stock is recorded outside of stockholders’ deficit because the shares contain a redemption feature upon the occurrence of a deemed liquidation event, the occurrence of which is not solely within the Company’s control because the holders of preferred stock control the Company’s board of directors. The Company has not adjusted the carrying values of the redeemable convertible preferred stock to the redemption amount of such shares because it is uncertain whether or when a deemed liquidation event would occur that would obligate the Company to pay the redemption amount to holders of shares of redeemable convertible preferred stock. Subsequent adjustments to the carrying values to the liquidation preferences will be made only when it becomes probable that such a deemed liquidation event will occur Redeemable Convertible Preferred Stock Tranche Liability The Company determined the right of the investors to purchase shares of Series C-2 redeemable convertible preferred stock at a fixed cash issuance price per share at a future date met the definition of a freestanding instrument as the instruments are legally detachable and separately exercisable from the shares of Series C-1 redeemable convertible preferred stock. The Redeemable Convertible Preferred Stock Tranche Liability was issued with, and was calculated at the fair value upon the initial issuance of Series C-1 redeemable convertible preferred stock in July 2023 (the “Redeemable Convertible Preferred Stock Tranche Liability”). The Redeemable Convertible Preferred Stock Tranche Liability was subject to remeasurement at each balance sheet date, with changes in fair value recognized within other income (expense) in the statement of operations and comprehensive loss. The Redeemable Convertible Preferred Stock Tranche Liability is measured at level 3 of the fair value hierarchy in accordance with ASC 820. Upon closing of the C-2 redeemable convertible preferred stock tranche in March 2025, the Redeemable Convertible Preferred Stock Tranche Liability was settled
Research and Development Expenses	Research and Development Expenses Research and development costs, which include clinical and regulatory expenses, are expensed when incurred. They typically include, but are not limited to, payroll and personnel expenses, preclinical studies, clinical trials, formulations and materials, laboratory supplies, depreciation on laboratory equipment, temporary laboratory space and consulting costs. At each financial reporting date, the Company accrues the estimated cost of clinical study activities performed by third-party clinical sites with whom the Company has agreements that provide for fees based upon the number of participants enrolled and the clinical evaluation visits that occur over the life of the study. These estimates are determined based upon a review of the agreements and data collected by clinical personnel as to the status of participant enrollment and visits, and are based upon the facts and circumstances known to the Company at each financial reporting date. If the actual performance of activities varies from the assumptions used in the estimates, the accruals are adjusted accordingly. Costs to acquire technologies to be used in research and development that have not reached technological feasibility and have no alternative future use are also expensed when incurred.
Patent Costs	Patent Costs All patent-related costs incurred in connection with the research, filing, maintenance and prosecution of patent applications are expensed as incurred due to the uncertainty about the recovery of these expenditures. Amounts incurred are classified as general and administrative expenses in the accompanying statements of operations.
Stock-based Compensation	Stock-based Compensation The Company’s 2019 Equity Incentive Plan (the “2019 Plan”) permits the grant of incentive stock options, nonstatutory stock options, stock appreciation rights, restricted stock, and restricted stock units to the Company’s employees, directors, and consultants. The exercise price of options granted under the 2019 Plan is based on the fair value of the common stock on the grant date as approved by the Company’s board of directors, and no option shall have a term in excess of ten years from the option grant date. Options vest in various installments as outlined in the related stock option agreements, or as determined by the Company’s board of directors. If an incentive stock option is granted to a participant who, at the time of granting, owns stock representing more than 10% of the total combined voting power of all classes of stock of the Company, the incentive stock option will have a term of five years from the date of grant or such shorter term as may be provided in the award agreement and the per share exercise price will be no less than 110% of the fair market value per share of the common stock on the date of grant. The maximum aggregate number of shares that may be subject to awards under the amended and restated 2019 Plan is 4,610,036. This amount has been reserved by the Company to provide for the issuance of shares of the Company’s common stock to employees, directors and consultants under its amended and restated 2019 Plan. The 2019 Plan terminated upon the effectiveness of the Company’s 2026 Equity Incentive Plan in connection with the completion of the Company’s initial public offering, and the Company will not grant any additional awards under the 2019 Plan following its termination (Note 13 – Subsequent Events). However, the 2019 Plan will continue to govern the terms and conditions of the outstanding awards previously granted under our 2019 Plan. Stock-based awards result in a cost that is measured at fair value on the awards’ grant date, based on the estimated number of awards that are expected to vest. Stock-based compensation is recognized on a straight-line basis over the period during which the grantee is required to provide service in exchange for the award, which is generally the vesting period of the award. The Company recognizes forfeitures of stock-based compensation awards as they occur. The determination of fair value requires significant judgment and the use of estimates, which include Black-Scholes assumptions such as stock price volatility and expected option term. The Company has historically been a private company and lacks company-specific historical and implied volatility information. Therefore, it estimates its expected stock volatility based on the historical volatility of a publicly traded set of peer companies and expects to continue to do so until such time as it has adequate historical data regarding the volatility of its own traded stock price.
Income Taxes	Income Taxes The Company uses the asset and liability method of accounting for income taxes. Accordingly, deferred tax liabilities and assets are determined based on the difference between the financial statement and tax bases of assets and liabilities, using enacted tax rates in effect for the year in which the differences are expected to reverse. Current income taxes are based on the year’s taxable income/loss for federal and state income tax reporting purposes. A valuation allowance is recorded against deferred tax assets to reduce the net carrying value when it is more likely than not that some portion or all of a deferred tax asset will not be realized. The evaluation of the need for a valuation allowance is performed on a jurisdiction-by-jurisdiction basis and includes a review of all available positive and negative evidence. Factors reviewed include projections of pretax book income for the foreseeable future, determination of cumulative pretax book income after permanent differences, earnings history and reliability of forecasting. The Company’s net deferred tax assets as of December 31, 2025, consist principally of net operating losses and section 174 research and experimentation expenditure capitalization. The Company provided a 100% valuation allowance for the tax effect of deferred tax assets, and as a result, no benefit for income taxes has been provided in the accompanying statements of operations. The Company established a valuation allowance because management could not determine that it was “more likely than not” that the benefits of the deferred tax assets would be realized. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. The tax benefit recognized in the financial statements for a particular tax position is based on the largest benefit that is more likely than not to be realized upon settlement. Accordingly, the Company establishes reserves for uncertain tax positions. The Company follows the accounting guidance on accounting for uncertainty in income taxes. The guidance prescribes a recognition threshold and measurement attribute criteria for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. As applicable, the Company recognizes accrued penalties and interest related to unrecognized tax benefits in the provision for income taxes. The Company has not recognized interest or penalties in its statement of operations and comprehensive loss for the years ended December 31, 2025, and 2024.
Net Loss Per Share of Common Stock	Net Loss Per Share of Common Stock Basic net loss per share is based on the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per share is based on the average number of shares of common stock used for the basic earnings per share calculation, adjusted for the dilutive effect of dilutive securities. For purposes of the diluted net loss per share of common stock, stock options and the redeemable convertible preferred stock are potentially dilutive securities. Redeemable convertible preferred stock participates pari passu in the dividends distributed to common stock. The Company’s redeemable convertible preferred stock contractually entitles the holders of such shares to participate in dividends, but does not contractually require the holders of such shares to participate in the Company’s losses. Accordingly, basic and diluted net loss per share attributable to common stockholders is presented in conformity with the two-class method required for participating securities as the redeemable convertible preferred stock is considered a participating security. As the Company has reported a net loss for the periods presented, the losses are not allocated to such participating securities and as a result, diluted net loss per share is the same as basic net loss per share.
Recently Issued Accounting Pronouncements Adopted and Recently Issued Accounting Pronouncements Not Yet Adopted	Recently Issued Accounting Pronouncements Adopted In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”). ASU 2023-09 requires public entities, on an annual basis, to provide: a tabular rate reconciliation (using both percentages and reporting currency amounts) of (1) the reported income tax expense (or benefit) from continuing operations, to (2) the product of the income (or loss) from continuing operations before income taxes and the applicable statutory federal (national) income tax rate of the jurisdiction (country) of domicile using specific categories, and separate disclosure for any reconciling items within certain categories that are equal to or greater than a specified quantitative threshold. For each annual period presented, ASU 2023-09 also requires all reporting entities to disclose the year-to-date amount of income taxes paid (net of refunds received) disaggregated by federal (national), state, and foreign. It also requires additional disaggregated information on income taxes paid (net of refunds received) to an individual jurisdiction equal to or greater than 5% of total income taxes paid (net of refunds received). ASU 2023-09 is effective for public entities and for other entities for fiscal years beginning after December 15, 2024 and December 15, 2025, respectively. ASU 2023-09 is to be applied on a prospective basis with the option to apply the standard retrospectively. Early adoption is permitted. While the Company qualifies as an emerging growth company and qualifies to take advantage of the extended transition period for complying with new or revised accounting standards, the Company elected to early adopt ASU 2023-09 for the fiscal year beginning January 1, 2025 on a prospective basis. Recently Issued Accounting Pronouncements Not Yet Adopted In November 2024, the FASB issued ASU 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) – Disaggregation of Income Statement Expenses” (“ASU 2024-03”), which requires additional disclosure about specified categories of expenses included in relevant expense captions presented on the statement of operations and comprehensive loss. The amendments are effective for annual periods beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The amendments may be applied either prospectively or retrospectively. The Company is currently evaluating the impact that ASU 2024-03 will have on its financial statements. The Company considers the applicability and impact of all ASUs issued by the FASB. There are no other accounting pronouncements which have been issued but are not yet effective that would have a material impact on the Company’s financial statements when adopted.

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Schedule of Operating Lease Disclosure

Additional balance sheet information related to the operating leases at December 31, 2025 are as follows:


(in thousands)	2025		2024
ROU asset	$	1,552	$	3,291
Lease liabilities, current	—		442
Lease liabilities, non-current	1,582		3,455

Schedule of Lease Cost

The components of operating lease expense for the years ended December 31, 2025 and 2024 were as follows:


(in thousands)	2025		2024
Operating lease cost (net of lease modification)	$	86	$	645


Short-term and variable lease cost	163	32

Supplemental cash flows information related to leases for the years ended December 31, 2025 and 2024 were as follows:


(in thousands)	2025		2024
Cash paid for amounts included in the measurement of operating lease liabilities	$	819	$	39
ROU asset in exchange for lease liability	$	1,573	$	3,696
Weighted average remaining lease term	7.5 years		6.5 years
Weighted average discount rate	6.42%		6.52%

Schedule of Operating Lease, Liability, to be Paid, Maturity

Future minimum lease payments under non-cancellable leases as of December 31, 2025 were as follows:


(in thousands)	2025

2026(1)	$	(2,068)
2027	522
2028	714
2029	736
2030	759
Thereafter	1,998
Total future minimum lease payments	2,661
Less: imputed interest	(1,089)
Total lease liabilities	$	1,572

(1)The Company expects to receive a tenant improvement allowance reimbursement of $2.2 million in 2026 which results in a negative lease commitment for 2026.

Fair Value Measurements - Schedule of Fair Value of Level 3 Redeemable Convertible Preferred Stock Tranche Liability (Details) - Level 3 $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value of the Redeemable Convertible Preferred Stock Tranche Liability as of December 31, 2024	$ 3,417
Change in fair value of the Redeemable Convertible Preferred Stock Tranche Liability in March 2025	1,526
Settlement of tranche in March 2025	(4,943)
Fair value of the Redeemable Convertible Preferred Stock Tranche Liability as of December 31, 2025	$ 0
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Change in fair value of redeemable convertible preferred stock tranche liability

Summary of Significant Accounting Policies (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Amortized cost includes accrued interest	$ 100,000
Impairment of long-lived assets	0	$ 0
Deferred offering costs	$ 2,715,000	0
Expiration period	10 years
Minimum threshold limit of percentage of owning stock with voting power on grant date	10.00%
Minimum threshold limit of shares fair value on grant date	110.00%
Number of shares available for grant (in shares)	4,610,036
Income tax penalties and interest	$ 0	$ 0
Employee Stock Option
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Expiration period	5 years
Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Property and equipment, useful life	3 years
Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Property and equipment, useful life	5 years

Redeemable Convertible Preferred Stock and Stockholders’ Deficit - Schedule of Redeemable Convertible Preferred Stock (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Redeemable convertible preferred stock, shares issued (in shares)	20,341,968	9,608,914
Redeemable convertible preferred stock, shares outstanding (in shares)	20,341,968	9,608,914	9,608,914
Amount	$ 204,537	$ 72,546	$ 72,546
Aggregate Liquidation Preference	$ 200,878	$ 73,542
Series A preferred stock
Class of Stock [Line Items]
Redeemable convertible preferred stock, shares issued (in shares)	956,575	956,575
Redeemable convertible preferred stock, shares outstanding (in shares)	956,575	956,575
Amount	$ 5,465	$ 5,465
Aggregate Liquidation Preference	$ 6,032	$ 6,032
Series B preferred stock
Class of Stock [Line Items]
Redeemable convertible preferred stock, shares issued (in shares)	3,718,503	3,718,503
Redeemable convertible preferred stock, shares outstanding (in shares)	3,718,503	3,718,503
Amount	$ 27,321	$ 27,321
Aggregate Liquidation Preference	$ 27,500	$ 27,500
Series C-1 preferred stock
Class of Stock [Line Items]
Redeemable convertible preferred stock, shares issued (in shares)	4,933,836	4,933,836
Redeemable convertible preferred stock, shares outstanding (in shares)	4,933,836	4,933,836
Amount	$ 39,760	$ 39,760
Aggregate Liquidation Preference	$ 40,010	$ 40,010
Series C-2 preferred stock
Class of Stock [Line Items]
Redeemable convertible preferred stock, shares issued (in shares)	4,933,589
Redeemable convertible preferred stock, shares outstanding (in shares)	4,933,589
Amount	$ 54,932
Aggregate Liquidation Preference	$ 50,010
Series D preferred stock
Class of Stock [Line Items]
Redeemable convertible preferred stock, shares issued (in shares)	5,799,465
Redeemable convertible preferred stock, shares outstanding (in shares)	5,799,465
Amount	$ 77,059
Aggregate Liquidation Preference	$ 77,326

Property and Equipment - Narrative (Details) - USD ($)	12 Months Ended
Property and Equipment - Narrative (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 612,000	$ 271,000
Loss on disposal of property and equipment	5,400	0
Asset impairment	$ 0	$ 0

Property and Equipment - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 3,453	$ 2,711
Less: accumulated depreciation	(1,114)	(543)
Property and equipment, net	2,339	2,168
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	2,098	1,794
Construction in progress - machinery and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	393	0
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	96	63
Computers and hardware
Property, Plant and Equipment [Line Items]
Property and equipment, gross	108	133
Software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	99	99
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	622	622
Construction in progress - leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 37	$ 0

Property and Equipment

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment, net consisted of the following at December 31, 2025 and 2024:


(in thousands)	2025		2024
Machinery and equipment	$	2,098	$	1,794
Construction in progress - machinery and equipment	393		—
Furniture and fixtures	96		63
Computers and hardware	108		133
Software	99		99
Leasehold improvements	622		622
Construction in progress - leasehold improvements	37		—
Property and equipment, gross	3,453		2,711
Less: accumulated depreciation	(1,114)		(543)
Property and equipment, net	$	2,339	$	2,168

Depreciation expense for the years ended December 31, 2025 and 2024 was $0.6 million and $0.3 million respectively, and was allocated as follows:


(in thousands)	2025		2024
Research and development	$	543	$	173
General and administrative	69		98
Depreciation expense	$	612	$	271

The Company recognized a loss of $5.4 thousand on the disposition of property and equipment for the year ended December 31, 2025. There were no gains or losses on dispositions for the year ended December 31, 2024. Additionally, there were no impairment losses recognized during the years ended December 31, 2025 and 2024.

Segment Information (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of significant segment expenses and other segment items

Significant segment expenses and other segment items are reviewed by the CODM on a disaggregated basis as follows:


	Year Ended December 31,
(in thousands)	2025		2024
Salaries and benefits	$	11,762	$	7,203
Stock-based compensation	2,786		1,489
Professional fees	6,248		1,517
Marketing expense	1,003		205
Lead product project expenses	15,918		14,208
Rental and facilities expense	1,655		1,360
Other segment items (1)	497		3,182
Net loss and comprehensive loss	$	39,869	$	29,164

(1)Other segment items primarily consist of costs associated with early-stage research and development programs, business travel and state related taxes, interest income and the change in fair value of redeemable convertible preferred stock tranche liability.

Fair Value Measurements - Schedule of Assets and Liabilities that are Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Assets
Short-term investments	$ 11,078	$ 0
Total Assets	20,494	12,305
Liabilities
Redeemable convertible preferred stock tranche liability		3,417
Total Liabilities		3,417
Level 1
Assets
Short-term investments	0	0
Total Assets	9,416	12,305
Liabilities
Redeemable convertible preferred stock tranche liability		0
Total Liabilities		0
Level 2
Assets
Short-term investments	11,078	0
Total Assets	11,078	0
Liabilities
Redeemable convertible preferred stock tranche liability		0
Total Liabilities		0
Level 3
Assets
Short-term investments	0	0
Total Assets	0	0
Liabilities
Redeemable convertible preferred stock tranche liability		3,417
Total Liabilities		3,417
Money market funds
Assets
Money market funds	9,416	12,305
Money market funds \| Level 1
Assets
Money market funds	9,416	12,305
Money market funds \| Level 2
Assets
Money market funds	0	0
Money market funds \| Level 3
Assets
Money market funds	$ 0	$ 0

Equity Based Compensation - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Number of Shares Underlying Options
Outstanding balances at beginning of period (in shares)	1,515,449	1,569,972
Granted (in shares)	2,133,622	483,594
Cancelled / Expired (in shares)	(61,536)	(94,339)
Exercised (in shares)	(181,629)	(443,778)
Outstanding balances at end of period (in shares)	3,405,906	1,515,449
Vested and expected to vest (in shares)	3,405,906
Weighted Average Exercise Price
Outstanding balances at beginning of period (in dollars per share)	$ 1.74	$ 1.25
Granted (in dollars per share)	6.31	2.18
Cancelled / Expired (in dollars per share)	2.23	2.09
Exercised (in dollars per share)	0.94	0.42
Outstanding balances at end of period (in dollars per share)	4.64	$ 1.74
Vested and expected to vest (in dollars per share)	$ 4.64
Aggregate Intrinsic Value	$ 19,279	$ 5,705	$ 5,596
Vested and expected to vest, outstanding, aggregate intrinsic value	$ 19,279

Equity Based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Fair Value of Each Option Grant Using the Black-scholes Option Pricing Model

The fair value of each option grant during the years ended December 31, 2025 and 2024, was estimated on the grant date using the Black-Scholes option pricing model with the following assumptions:


	Year Ended December 31
	2025			2024
Expected volatility	60	-	80%	60	-	70%
Dividend yield	0%			0%
Risk free interest rates	3.87	0	4.32%	3.99	0	4.46%
Expected term	6	-	7 years	6	-	7 years

Schedule of Stock Option Activity

A summary of stock option activity for the years ended December 31, 2025 and 2024 is as follows:


(in thousands, except share and per share amounts)	Number of Shares Underlying Options	Weighted Average Exercise Price		Aggregate Intrinsic Value
Outstanding at January 1, 2024	1,569,972	$	1.25	$	5,596
Granted	483,594	2.18
Cancelled / Expired	(94,339)	2.09
Exercised	(443,778)	0.42
Outstanding at December 31, 2024	1,515,449	$	1.74	$	5,705
Granted	2,133,622	6.31
Cancelled / Expired	(61,536)	2.23
Exercised	(181,629)	0.94
Outstanding at December 31, 2025	3,405,906	$	4.64	$	19,279
Vested and expected to vest at December 31, 2025	3,405,906	$	4.64	$	19,279

The following table summarizes information concerning outstanding and exercisable stock options at December 31, 2025:


	Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)
Outstanding at December 31, 2025	3,405,906	$	4.64	8.79
Exercisable at December 31, 2025	715,535	$	1.57	7.06

Net Loss Per Share - Schedule of Earnings Per Share Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Earnings Per Share [Abstract]
Net loss	$ (39,869)	$ (29,164)
Comprehensive loss	$ (39,869)	$ (29,164)
Basic weighted-average shares outstanding (in shares)	2,217,104	1,788,211
Diluted weighted-average share outstanding (in shares)	2,217,104	1,788,211
Basic net loss per share (in dollars per share)	$ (17.98)	$ (16.31)
Diluted net loss per share (in dollars per share)	$ (17.98)	$ (16.31)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
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Reference 43: http://www.xbrl.org/2003/role/disclosureRef
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Reference 46: http://www.xbrl.org/2003/role/disclosureRef
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Reference 48: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Risk Management and Strategy The Company integrates cybersecurity risk management into its broader enterprise risk management processes, which are reviewed periodically by the board of directors. As a newly public organization, we continue to make investments to augment the capabilities of our people, processes, and technologies to address cybersecurity risks. Our cybersecurity risks and controls are integrated into our enterprise risk governance framework and are reviewed by the board of directors. We maintain a comprehensive set of cybersecurity and data protection policies and procedures. We provide regular cybersecurity awareness training, including specific topics related to social engineering and financial email fraud. We engage external consultants with significant expertise and certifications in cybersecurity within our industry to support cybersecurity governance, risk assessment, and program development. These consultants work with internal leadership to identify risks, evaluate controls, and align cybersecurity practices with regulatory expectations. Our information technology (IT) and cybersecurity controls are established based on recognized industry standards and cover areas such as risk management, data backup, disaster recovery, vulnerability management, third-party risk management, network segmentation, identity protection, and continuous monitoring. The primary responsibility for assessing, monitoring, and managing cybersecurity risks rests with the chief operating officer, who oversees the risk assessment and mitigation process. We maintain a dedicated external IT consultant resource with expertise in cybersecurity and risk management within our industry, working alongside internal leadership on cybersecurity oversight. We engage a managed security service provider (MSSP) to deliver operational IT and cybersecurity activities, including endpoint protection, identity monitoring, vulnerability management, network segmentation monitoring, incident response support, encryption enforcement, SaaS monitoring, and workforce awareness training. The MSSP monitors cybersecurity events continuously within our environment to detect, alert, respond to, and minimize cybersecurity threats. The chief operating officer oversees cybersecurity risk management, supported by external cybersecurity leadership and the MSSP. These activities represent an ongoing, continuous-improvement effort to mature our cybersecurity capabilities. Annual penetration testing and periodic red team exercises are identified as 2026 validation priorities as part of our continued cybersecurity maturity roadmap.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	The Company integrates cybersecurity risk management into its broader enterprise risk management processes, which are reviewed periodically by the board of directors. As a newly public organization, we continue to make investments to augment the capabilities of our people, processes, and technologies to address cybersecurity risks. Our cybersecurity risks and controls are integrated into our enterprise risk governance framework and are reviewed by the board of directors.
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 of directors is responsible for overseeing cybersecurity risk management and strategy. The chief operating officer provides periodic briefings to the board of directors regarding cybersecurity risks, monitoring activities, potential incidents, and mitigation efforts. Cybersecurity risk management is integrated into the Company’s broader risk oversight discussions at the board of directors level. Additionally, the Audit Committee reviews and discusses with management and our independent auditor guidelines and policies to identify, monitor, and address enterprise risks, including those related to cybersecurity, and the steps management has taken to monitor and control such exposures. The Audit Committee also oversees and monitors management’s plans to address such risks.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The chief operating officer provides periodic briefings to the board of directors regarding cybersecurity risks, monitoring activities, potential incidents, and mitigation efforts.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The chief operating officer provides periodic briefings to the board of directors regarding cybersecurity risks, monitoring activities, potential incidents, and mitigation efforts. Cybersecurity risk management is integrated into the Company’s broader risk oversight discussions at the board of directors level. Additionally, the Audit Committee reviews and discusses with management and our independent auditor guidelines and policies to identify, monitor, and address enterprise risks, including those related to cybersecurity, and the steps management has taken to monitor and control such exposures. The Audit Committee also oversees and monitors management’s plans to address such risks.
Cybersecurity Risk Role of Management [Text Block]	The chief operating officer oversees cybersecurity risk management, supported by external cybersecurity leadership and the MSSP. These activities represent an ongoing, continuous-improvement effort to mature our cybersecurity capabilities. Annual penetration testing and periodic red team exercises are identified as 2026 validation priorities as part of our continued cybersecurity maturity roadmap.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	The chief operating officer provides periodic briefings to the board of directors regarding cybersecurity risks, monitoring activities, potential incidents, and mitigation efforts.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	The primary responsibility for assessing, monitoring, and managing cybersecurity risks rests with the chief operating officer, who oversees the risk assessment and mitigation process. We maintain a dedicated external IT consultant resource with expertise in cybersecurity and risk management within our industry, working alongside internal leadership on cybersecurity oversight.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The Company integrates cybersecurity risk management into its broader enterprise risk management processes, which are reviewed periodically by the board of directors. As a newly public organization, we continue to make investments to augment the capabilities of our people, processes, and technologies to address cybersecurity risks. Our cybersecurity risks and controls are integrated into our enterprise risk governance framework and are reviewed by the board of directors. We maintain a comprehensive set of cybersecurity and data protection policies and procedures. We provide regular cybersecurity awareness training, including specific topics related to social engineering and financial email fraud. We engage external consultants with significant expertise and certifications in cybersecurity within our industry to support cybersecurity governance, risk assessment, and program development. These consultants work with internal leadership to identify risks, evaluate controls, and align cybersecurity practices with regulatory expectations. Our information technology (IT) and cybersecurity controls are established based on recognized industry standards and cover areas such as risk management, data backup, disaster recovery, vulnerability management, third-party risk management, network segmentation, identity protection, and continuous monitoring. The primary responsibility for assessing, monitoring, and managing cybersecurity risks rests with the chief operating officer, who oversees the risk assessment and mitigation process. We maintain a dedicated external IT consultant resource with expertise in cybersecurity and risk management within our industry, working alongside internal leadership on cybersecurity oversight. We engage a managed security service provider (MSSP) to deliver operational IT and cybersecurity activities, including endpoint protection, identity monitoring, vulnerability management, network segmentation monitoring, incident response support, encryption enforcement, SaaS monitoring, and workforce awareness training. The MSSP monitors cybersecurity events continuously within our environment to detect, alert, respond to, and minimize cybersecurity threats. The chief operating officer oversees cybersecurity risk management, supported by external cybersecurity leadership and the MSSP. These activities represent an ongoing, continuous-improvement effort to mature our cybersecurity capabilities. Annual penetration testing and periodic red team exercises are identified as 2026 validation priorities as part of our continued cybersecurity maturity roadmap.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Redeemable Convertible Preferred Stock and Stockholders’ Deficit - Narrative (Details)		1 Months Ended					12 Months Ended			24 Months Ended
	Feb. 09, 2026 shares	Jun. 30, 2025 USD ($) $ / shares shares	May 31, 2025 USD ($) $ / shares	Mar. 31, 2025 USD ($) shares	Jul. 31, 2023 USD ($) tranches $ / shares	May 31, 2019 USD ($) $ / shares shares	Dec. 31, 2025 USD ($) director d $ / shares shares	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares	Dec. 31, 2025 USD ($) director $ / shares shares	Dec. 31, 2023 shares
Class of Stock [Line Items]
Common stock, shares authorized (in shares)							154,383,336	154,383,336		154,383,336
Common stock, par value per share (in dollars per share) \| $ / shares							$ 0.00001	$ 0.00001		$ 0.00001
Common stock, shares issued (in shares)							2,203,620	2,196,423		2,203,620
Common stock, shares outstanding (in shares)							2,203,620	2,196,423		2,203,620
Company repurchased shares (in shares)		174,432
Common stock at per share (in USD per share) \| $ / shares		$ 8.31
Redeemable convertible preferred stock, shares authorized (in shares)							116,618,581	116,618,581		116,618,581
Redeemable convertible preferred stock, shares issued (in shares)							20,341,968	9,608,914		20,341,968
Redeemable convertible preferred stock, par value per share (in dollars per share) \| $ / shares							$ 0.00001	$ 0.00001		$ 0.00001
Redeemable convertible preferred stock, shares outstanding (in shares)							20,341,968	9,608,914		20,341,968	9,608,914
Payments of temporary equity issuance costs \| $							$ 288,000	$ 0
Percentage of distribution rate							8.00%			8.00%
Minimum threshold period for written notice of liquidation event \| d							10
Conversion price, threshold (in USD per share) \| $ / shares							$ 16.68			$ 16.68
Gross proceeds, IPO, threshold \| $							$ 100,000,000.0
Percentage of outstanding shares, voting threshold							60.00%			60.00%
Series A preferred stock
Class of Stock [Line Items]
Redeemable convertible preferred stock, shares authorized (in shares)							5,483,956			5,483,956
Redeemable convertible preferred stock, shares issued (in shares)							956,575	956,575		956,575
Redeemable convertible preferred stock, par value per share (in dollars per share) \| $ / shares							$ 0.00001			$ 0.00001
Redeemable convertible preferred stock, shares outstanding (in shares)							956,575	956,575		956,575
Issuance of redeemable convertible preferred stock (in shares)						956,575
Purchase price (in USD per share) \| $ / shares						$ 6.31
Issuance of redeemable convertible preferred stock, net of issuance costs \| $						$ 6,000,000.0
Payments of temporary equity issuance costs \| $						$ 100,000
Number of directors entitled to elect \| director							1			1
Liquidation preference per share (in USD per share) \| $ / shares							$ 6.31			$ 6.31
Series B preferred stock
Class of Stock [Line Items]
Redeemable convertible preferred stock, shares authorized (in shares)							21,317,825			21,317,825
Redeemable convertible preferred stock, shares issued (in shares)							3,718,503	3,718,503		3,718,503
Redeemable convertible preferred stock, par value per share (in dollars per share) \| $ / shares							$ 0.00001			$ 0.00001
Redeemable convertible preferred stock, shares outstanding (in shares)							3,718,503	3,718,503		3,718,503
Purchase price (in USD per share) \| $ / shares									$ 7.40
Issuance of redeemable convertible preferred stock, net of issuance costs \| $									$ 27,500,000
Payments of temporary equity issuance costs \| $									$ 200,000
Number of directors entitled to elect \| director							1			1
Liquidation preference per share (in USD per share) \| $ / shares							$ 7.40			$ 7.40
Redeemable Convertible Series C Preferred Stock
Class of Stock [Line Items]
Payments of temporary equity issuance costs \| $							$ 20,800	$ 300,000
Number of tranches \| tranches					2
Number of directors entitled to elect \| director							2			2
Series C-1 preferred stock
Class of Stock [Line Items]
Redeemable convertible preferred stock, shares issued (in shares)							4,933,836	4,933,836		4,933,836
Redeemable convertible preferred stock, shares outstanding (in shares)							4,933,836	4,933,836		4,933,836
Purchase price (in USD per share) \| $ / shares					$ 8.11
Issuance of redeemable convertible preferred stock, net of issuance costs \| $					$ 40,000,000.0
Liquidation preference per share (in USD per share) \| $ / shares							$ 8.11			$ 8.11
Series C-2 preferred stock
Class of Stock [Line Items]
Redeemable convertible preferred stock, shares issued (in shares)							4,933,589			4,933,589
Redeemable convertible preferred stock, shares outstanding (in shares)							4,933,589			4,933,589
Issuance of redeemable convertible preferred stock (in shares)				4,933,589
Purchase price (in USD per share) \| $ / shares					$ 10.14
Issuance of redeemable convertible preferred stock, net of issuance costs \| $				$ 50,000,000.0
Payments of temporary equity issuance costs \| $										$ 300,000
Liquidation preference per share (in USD per share) \| $ / shares							$ 10.14			$ 10.14
Series D preferred stock
Class of Stock [Line Items]
Redeemable convertible preferred stock, shares issued (in shares)							5,799,465			5,799,465
Redeemable convertible preferred stock, shares outstanding (in shares)							5,799,465			5,799,465
Purchase price (in USD per share) \| $ / shares			$ 13.34
Issuance of redeemable convertible preferred stock, net of issuance costs \| $		$ 2,300,000	$ 75,000,000.0
Payments of temporary equity issuance costs \| $		$ 5,300	$ 300,000				$ 300,000
Number of directors entitled to elect \| director							2			2
Liquidation preference per share (in USD per share) \| $ / shares							$ 13.34			$ 13.34
Common Stock
Class of Stock [Line Items]
Number of directors entitled to elect \| director							2			2
Subsequent Event \| Common Stock
Class of Stock [Line Items]
Outstanding shares of preferred stock were converted into common stock (in shares)	20,341,968

Subsequent Events (Details) $ / shares in Units, $ in Millions				1 Months Ended	12 Months Ended
	Feb. 09, 2026 USD ($) $ / shares shares	Feb. 05, 2026 shares	Jan. 28, 2026	Feb. 28, 2026 USD ($)	Dec. 31, 2025 shares	Dec. 31, 2024 shares
Subsequent Event [Line Items]
Granted (in shares)					2,133,622	483,594
Subsequent Event
Subsequent Event [Line Items]
Stock split ratio, common stock			0.1744
Granted (in shares)		1,312,044
Subsequent Event \| IPO
Subsequent Event [Line Items]
Shares sold in offering (in shares)	10,781,250
Offering price per share (in dollars per share) \| $ / shares	$ 16.00
Aggregate gross proceeds from the offering \| $	$ 172.5			$ 172.5
Subsequent Event \| Over-Allotment Option
Subsequent Event [Line Items]
Shares sold in offering (in shares)	1,406,250

Commitments and Contingencies - Schedule of Components of Operating Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Operating lease cost (net of lease modification)	$ 86	$ 645
Short-term and variable lease cost	$ 163	$ 32

Defined Contribution Plan	12 Months Ended
Defined Contribution Plan	Dec. 31, 2025
Retirement Benefits [Abstract]
Defined Contribution Plan	Defined Contribution Plan The Company has a defined contribution savings plan under Section 401(k) of the Internal Revenue Code. The plan covers substantially all employees who meet minimum age and eligibility requirements and allows participants to defer a portion of their annual compensation on a pretax and/or after-tax basis. Company contributions to the plan may be made at the discretion of the Company’s board of directors. There were no contributions made by the Company during each of the years ended December 31, 2025 and 2024.

Equity Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	$ 2.8	$ 1.5
Dividend yield	0.00%	0.00%
Aggregate intrinsic value of exercisable options	$ 6.2
Unrecognized compensation cost related to non-vested options	$ 13.4
Weighted-average period expected to recognize compensation expense (in years)	2 years 9 months 18 days
Weighted average grant date fair value of stock options granted (in dollars per share)	$ 6.05	$ 4.06
Research and Development Expense
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	$ 1.1	$ 0.6
General and Administrative Expense
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	$ 1.7	$ 0.8

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Related Party Transactions (Details) - University of Colorado License Agreement - Related Party - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Related Party Transaction [Line Items]
Amounts of transaction	$ 300,000	$ 300,000
Accounts payable	$ 25,000.0	$ 24,200

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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+ Details

Income Taxes - Schedule Income Tax Provision (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Current:
Federal	$ 0	$ 0
State	0	0
Foreign	0	0
Total current taxes	0	0
Deferred:
Federal	(8,704,000)	(5,666,000)
State	(1,206,000)	(864,000)
Foreign	0	0
Total deferred taxes	(9,910,000)	(6,530,000)
Valuation allowance	9,910,000	6,530,000
Income tax provision	$ 0	$ 0

Income Taxes - Schedule of Unrecognized Tax Benefits Roll Forward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Unrecognized Tax Benefits [Roll Forward]
Balance as of beginning of year	$ 1,660	$ 1,149
Increases related to current year tax positions	625	511
Balance as of end of year	$ 2,285	$ 1,660

Commitments and Contingencies - Schedule of Operating Lease, Liability, to be Paid, Maturity (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2026	$ (2,068)
2027	522
2028	714
2029	736
2030	759
Thereafter	1,998
Total future minimum lease payments	2,661
Less: imputed interest	(1,089)
Total lease liabilities	1,572
Leasehold improvement allowance	$ 2,200

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2025
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Dr. Malik Y. Kahook, the Company’s co-founder, board chair, and chief medical officer, is a party to a services agreement with the Company and the University of Colorado Medicine, pursuant to which he provides services to the Company in connection with the responsibilities associated with his positions. Such service expenses are recorded within general and administrative operating expenses given the executive management and corporate governance related nature of Dr. Kahook’s positions. In conjunction with this agreement, the Company paid the University of Colorado Medicine $0.3 million and $0.3 million during the years ended December 31, 2025 and 2024, respectively. The terms of the services agreement, which automatically renews each year, were approved by the Company’s board of directors. $25.0 thousand and $24.2 thousand was payable to the University of Colorado Medicine under this agreement as of December 31, 2025 and 2024, respectively.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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Reference 2: 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 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Cover - USD ($)	12 Months Ended
Cover - USD ($)	Dec. 31, 2025	Mar. 01, 2026	Jun. 30, 2025
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-43105
Entity Registrant Name	SpyGlass Pharma, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	83-3044245
Entity Address, Address Line One	27061 Aliso Creek Rd.
Entity Address, Address Line Two	Suite 100
Entity Address, City or Town	Aliso Viejo
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92656
City Area Code	949
Local Phone Number	284-6904
Title of 12(b) Security	Common Stock, par value $0.00001 per share
Trading Symbol	SGP
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		33,426,557
Documents Incorporated by Reference	None
Central Index Key	0001778922
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Entity Public Float			$ 0

Commitments and Contingencies - Schedule of Additional Balance Sheet Information Related to Lease Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Right-of-use asset	$ 1,552	$ 3,291
Lease liability, current	0	442
Lease liability, non-current	$ 1,582	$ 3,455

Net Loss Per Share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Net Loss Per Share

The following table sets forth the computation of basic and diluted net loss per share of common stock. Diluted net loss per share considers the more dilutive of the two-class method and if-converted method. The Company’s potentially dilutive securities have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. Therefore, the weighted average number of shares of common stock outstanding used to calculate both basic and diluted net loss per share is the same.


	Year Ended December 31,
(in thousands, except share and per share amounts)	2025		2024
Net loss and comprehensive loss	$	(39,869)	$	(29,164)
Basic and diluted weighted-average shares outstanding	2,217,104		1,788,211
Basic net loss per share	$	(17.98)	$	(16.31)
Diluted net loss per share	$	(17.98)	$	(16.31)

The Company’s redeemable convertible preferred stock and stock-based compensation awards could have the most significant impact on diluted shares should the instruments represent dilutive instruments. However, securities that could potentially be dilutive are excluded from the computation of diluted earnings per share when a loss from continuing operations exists or when the exercise price exceeds the average closing price of the Company’s shares of common stock during the period, because their inclusion would result in an anti-dilutive effect on the per share amounts.

The following amounts were not included in the calculation of net loss per diluted share for the periods presented because their effects were anti-dilutive:


	Year Ended December 31,
	2025	2024
Stock options	3,405,906	1,515,449
Redeemable convertible preferred stock	20,341,968	9,608,914
Total	23,747,874	11,124,363

Commitments and Contingencies - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 819	$ 39
Right-of-use asset in exchange for lease liability	$ 1,573	$ 3,696
Weighted average remaining lease term	7 years 6 months	6 years 6 months
Weighted average discount rate	6.42%	6.52%

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

Fair Value Measurements - Schedule of Significant Unobservable Inputs (Details) - Range/Average - Level 3	Dec. 31, 2024 yr
Probability of achieving certain development milestones
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Development Milestones	0.95
Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Development Milestones	0.60
Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Development Milestones	0.0426
Timing of achieving certain development milestones
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Development Milestones	0.16

Equity Based Compensation - Schedule of Fair Value of Each Option Grant Using the Black-scholes Option Pricing Model (Details)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Dividend yield	0.00%	0.00%
Employee Stock Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected volatility, minimum	60.00%	60.00%
Expected volatility, maximum	80.00%	70.00%
Dividend yield	0.00%	0.00%
Risk free interest rates, minimum	3.87%	3.99%
Risk free interest rates, maximum	4.32%	4.46%
Minimum \| Employee Stock Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term	6 years	6 years
Maximum \| Employee Stock Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term	7 years	7 years

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2025
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company evaluated subsequent events that occurred after the balance sheet date through March 26, 2026, the date the financial statements were available to be issued. Based upon this evaluation, the Company did not identify any other subsequent events that would require adjustment or disclosure in the financial statements, except as described below. Reverse Stock Split The Company’s board of directors approved a one-for-5.7329 reverse stock split effective on January 28, 2026 of its issued and outstanding common stock, Series A, Series B, Series C-1, Series C-2, and Series D redeemable convertible preferred stock. Stockholders entitled to fractional shares as a result of the reverse stock split received a cash payment in lieu of receiving fractional shares. Accordingly, all share and per share amounts for all periods presented in the accompanying financial statements and notes thereto have been retroactively adjusted, where applicable, to reflect the effects of the reverse stock split. The authorized shares and par value of the common stock and preferred stock remain unchanged. As the number, issuance price, and conversion price of all outstanding preferred stock were adjusted, the conversion ratios for each series of the Company’s preferred stock were unchanged. Additionally, the number of shares of common stock underlying outstanding stock options were proportionately reduced and the respective exercise prices were proportionately increased in accordance with the terms of the appropriate agreements. Initial Public Offering of Common Stock On February 9, 2026, the Company closed its initial public offering of 10,781,250 shares of common stock, which includes the exercise in full of the underwriters’ option to purchase 1,406,250 additional shares of common stock, at a public offering price of $16.00 per share. The aggregate gross proceeds from the offering were $172.5 million, before deducting underwriting discounts and commissions and other offering expenses. Upon the pricing of the IPO, on February 5, 2026, the Company granted 1,312,044 options to purchase common stock at the public offering price under the Company’s 2026 Equity Incentive Plan, which became effective in connection with the IPO. The 2019 Plan terminated upon the effectiveness of the 2026 Equity Incentive Plan, and the Company will not grant any additional awards under the 2019 Plan following its termination. However, the 2019 Plan will continue to govern the terms and conditions of the outstanding awards previously granted under our 2019 Plan.

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Loss From Continuing Operations Before Income Tax

The components of loss from continuing operations before income tax provision consist of the following:


(in thousands)	2025		2024
Operations	$	(39,869)	$	(29,164)
Total loss before income taxes	$	(39,869)	$	(29,164)

Schedule of Components of Income Tax Expense (Benefit)

Income tax provision consists of the following:


(in thousands)	2025		2024
Current:
Federal	$	—	$	—
State	—		—
Foreign	—		—
Total current taxes	$	—	$	—
Deferred:
Federal	$	(8,704)	$	(5,666)
State	(1,206)		(864)
Foreign	—		—
Total deferred taxes	$	(9,910)	$	(6,530)
Valuation allowance	9,910		6,530
Income tax provision	$	—	$	—

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the provision for income taxes to the amount computed by applying the 21% statutory U.S. federal income tax rate to income before income taxes after the adoption of ASU 2023-09 is as follows:


(in thousands)	2025 ($)		2025 (%)
Income tax at U.S. federal statutory rate	$	(8,372)	21.0	%
State income tax, net of federal tax effect (1)	—		0.0	%
Tax credits
R&D credits	(1,605)		4.0	%
Change in valuation allowance	8,957		(22.5)	%
Nontaxable and nondeductible items
Stock-based compensation	469		(1.2)	%
Other	221		(0.5)	%
Changes in unrecognized tax benefits	321		(0.8)	%
Other reconciling items	9		0.0	%
Effective tax provision	$	—	0.0	%

(1) State and local taxes in California comprise the majority of this category.

A reconciliation of the provision for income taxes to the amount computed by applying the 21% statutory U.S. federal income tax rate to income before income taxes prior to the adoption of ASU 2023-09 is as follows:


(in thousands)	2024
Income tax at U.S. federal statutory rate	$	(6,124)
Stock-based compensation	251
State income tax, net of federal tax effect	(682)
Permanent adjustments	22
Loss on tranche liability fair value adjustment	717
R&D credits	(667)
Other	(47)
Change in valuation allowance	6,530
Effective tax provision	$	—

Schedule of Deferred Tax Assets and Liabilities

The significant components that comprised the Company’s net deferred taxes at December 31, 2025 and 2024 are as follows:


(in thousands)	2025		2024
Deferred tax assets:
Lease liabilities	$	395	$	972
Stock-based compensation	173		60
Book over tax depreciation	—		—
Section 174 R&E expenditures	3,823		5,151
Sales and bad debt allowances	—		—
Accrued compensation	3		17
Net operating loss	16,055		7,032
Credits	4,967		2,719
Other	—		—
Total deferred tax assets	25,416		15,951
Valuation allowance	(24,954)		(15,044)
Net deferred tax assets	$	462	$	907

Deferred tax liabilities:
Right-of-use assets	$	387	$	820
Tax over book depreciation	1		13
Other	74		74
Total deferred tax liabilities	462		907
Net deferred tax assets (liabilities)	$	—	$	—

Schedule of Unrecognized Tax Benefits Roll Forward

Reconciliation of unrecognized tax benefits:


(in thousands)	2025		2024
Balance as of beginning of year	$	1,660	$	1,149
Increases related to current year tax positions	625		511
Balance as of end of year	$	2,285	$	1,660

Schedule of Income Taxes Paid

The amount of income taxes paid by the Company in cash in 2025 was as follows:


(in thousands)	2025
Federal	$	—
State
California	1
New Jersey	—
Total cash paid for income taxes, net of refunds	$	1

Fair Value Measurements

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

The Company’s assets and liabilities that are measured at fair value on a recurring basis include the following as of December 31, 2025 and 2024, set forth by level within the fair value hierarchy:


	As of December 31, 2025
(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Money market funds	$	9,416	$	—	$	—	$	9,416
Short-term investments	—		11,078		—		11,078
Total Assets	$	9,416	$	11,078	$	—	$	20,494


	As of December 31, 2024
(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Money market funds	$	12,305	$	—	$	—	$	12,305
Short-term investments	—		—		—		—
Total Assets	$	12,305	$	—	$	—	$	12,305
Liabilities
Redeemable convertible preferred stock tranche liability	—		—		3,417		3,417
Total Liabilities	$	—	$	—	$	3,417	$	3,417

The fair value of the Redeemable Convertible Preferred Stock Tranche Liability was based on significant inputs not observable in the market, which represent a level 3 measurement within the fair value hierarchy. The fair value of the Redeemable Convertible Preferred Stock Tranche Liability was determined using a Monte Carlo simulation forecasting the timing and likelihood of certain development milestone events being achieved and discounting the probability adjusted payments using an appropriate discount rate based on market interest rates. The main assumptions when determining the fair value of the Redeemable Convertible Preferred Stock Tranche Liability is the timing of and probability of achieving certain milestones, the estimated volatility of the Company’s common stock, and the discount rate. The estimated fair value presented is not necessarily indicative of an amount that could be realized in a current market exchange. The use of alternative inputs and estimation methodologies could have a material effect on these estimates of fair value.

Significant unobservable inputs for the Redeemable Convertible Preferred Stock Tranche Liability as of December 31, 2024 are as follows:

Preferred Equity Tranche Liability

Valuation Technique

Unobservable Input

Range/Average

Development Milestones

Monte Carlo Simulation

Probability of achieving certain development milestones

Volatility

Discount Rate

4.26

Timing of achieving certain development milestones

0.16 years

The following table reflects the fair value of the Company's level 3 Redeemable Convertible Preferred Stock Tranche Liability for the year ended December 31, 2025:


(in thousands)
Fair value of the Redeemable Convertible Preferred Stock Tranche Liability as of December 31, 2024	$	3,417
Change in fair value of the Redeemable Convertible Preferred Stock Tranche Liability in March 2025	1,526
Settlement of tranche in March 2025	(4,943)
Fair value of the Redeemable Convertible Preferred Stock Tranche Liability as of December 31, 2025	$	—

Short-term investments consist of fixed income U.S. treasury securities and certificates of deposit with maturities primarily between three and twelve months. The United States Treasury securities and Certificate of Deposit investments are classified as held-to-maturity and are reported at amortized cost, plus any additional costs incurred, as of December 31, 2025 and 2024. The amortized cost and fair value of held-to-maturity securities approximated each other at December 31, 2025 and 2024.

During the years ended December 31, 2025 and 2024, there were no transfers between level 1, level 2 and level 3.

- 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.

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+ Details

Income Taxes - Schedule of Loss From Continuing Operations Before Income Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Loss before income taxes	$ (39,869)	$ (29,164)

- Definition

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

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+ Details

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Amount
Income tax at U.S. federal statutory rate	$ (8,372,000)	$ (6,124,000)
State income tax, net of federal tax effect	0	(682,000)
Tax credits
R&D credits	(1,605,000)	(667,000)
Change in valuation allowance	8,957,000	6,530,000
Nontaxable and nondeductible items
Stock-based compensation	469,000	251,000
Other	221,000
Changes in unrecognized tax benefits	321,000
Other reconciling items	9,000
Permanent adjustments		22,000
Loss on tranche liability fair value adjustment		717,000
Other		(47,000)
Income tax provision	$ 0	$ 0
Percent
Income tax at U.S. federal statutory rate	21.00%
State income tax, net of federal tax effect	0.00%
Tax credits
R&D credits	4.00%
Change in valuation allowance	(22.50%)
Nontaxable and nondeductible items
Stock-based compensation	(1.20%)
Other	(0.50%)
Changes in unrecognized tax benefits	(0.80%)
Other reconciling items	0.00%
Effective tax provision	0.00%	0.00%

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating Loss Carryforwards [Line Items]
Income tax provision	$ 0	$ 0
Effective income tax rate reconciliation, percent	0.00%	0.00%
Valuation allowance	$ 24,954,000	$ 15,044,000
Unrecognized tax benefits	2,285,000	1,660,000	$ 1,149,000
Domestic Tax Jurisdiction
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	76,500,000	33,500,000
Tax credit carryforward, amount	3,300,000	1,700,000
State and Local Jurisdiction
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	5,000,000.0	5,000,000.0
Tax credit carryforward, amount	$ 4,200,000	$ 2,600,000

- Definition

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

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+ Details

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Audit Information [Abstract]
Auditor Name	Deloitte & Touche LLP
Auditor Location	Costa Mesa, CA
Auditor Firm ID	34

Income Taxes - Schedule of Income Taxes Paid (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Income Tax Paid, by Individual Jurisdiction [Line Items]
Federal	$ 0
Total cash paid for income taxes, net of refunds	1	$ 18
California
Income Tax Paid, by Individual Jurisdiction [Line Items]
State	1
New Jersey
Income Tax Paid, by Individual Jurisdiction [Line Items]
State	$ 0

BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Redeemable convertible preferred stock, par value per share (in dollars per share)	$ 0.00001	$ 0.00001
Redeemable convertible preferred stock, shares authorized (in shares)	116,618,581	116,618,581
Redeemable convertible preferred stock, shares issued (in shares)	20,341,968	9,608,914
Redeemable convertible preferred stock, shares outstanding (in shares)	20,341,968	9,608,914	9,608,914
Aggregate Liquidation Preference	$ 200,878	$ 73,542
Common stock, par value per share (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	154,383,336	154,383,336
Common stock, shares issued (in shares)	2,203,620	2,196,423
Common stock, shares outstanding (in shares)	2,203,620	2,196,423

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

The components of loss from continuing operations before income tax provision consist of the following:


(in thousands)	2025		2024
Operations	$	(39,869)	$	(29,164)
Total loss before income taxes	$	(39,869)	$	(29,164)

Income tax provision consists of the following:


(in thousands)	2025		2024
Current:
Federal	$	—	$	—
State	—		—
Foreign	—		—
Total current taxes	$	—	$	—
Deferred:
Federal	$	(8,704)	$	(5,666)
State	(1,206)		(864)
Foreign	—		—
Total deferred taxes	$	(9,910)	$	(6,530)
Valuation allowance	9,910		6,530
Income tax provision	$	—	$	—


(in thousands)	2025 ($)		2025 (%)
Income tax at U.S. federal statutory rate	$	(8,372)	21.0	%
State income tax, net of federal tax effect (1)	—		0.0	%
Tax credits
R&D credits	(1,605)		4.0	%
Change in valuation allowance	8,957		(22.5)	%
Nontaxable and nondeductible items
Stock-based compensation	469		(1.2)	%
Other	221		(0.5)	%
Changes in unrecognized tax benefits	321		(0.8)	%
Other reconciling items	9		0.0	%
Effective tax provision	$	—	0.0	%

(1) State and local taxes in California comprise the majority of this category.


(in thousands)	2024
Income tax at U.S. federal statutory rate	$	(6,124)
Stock-based compensation	251
State income tax, net of federal tax effect	(682)
Permanent adjustments	22
Loss on tranche liability fair value adjustment	717
R&D credits	(667)
Other	(47)
Change in valuation allowance	6,530
Effective tax provision	$	—

There was no income tax provision for each of the years ended December 31, 2025, and 2024. The effective tax rate was 0.0% for each of the years ended December 31, 2025, and 2024 and differs from the statutory federal income tax rate due to the deferred tax assets being subject to a full valuation allowance.

The significant components that comprised the Company’s net deferred taxes at December 31, 2025 and 2024 are as follows:


(in thousands)	2025		2024
Deferred tax assets:
Lease liabilities	$	395	$	972
Stock-based compensation	173		60
Book over tax depreciation	—		—
Section 174 R&E expenditures	3,823		5,151
Sales and bad debt allowances	—		—
Accrued compensation	3		17
Net operating loss	16,055		7,032
Credits	4,967		2,719
Other	—		—
Total deferred tax assets	25,416		15,951
Valuation allowance	(24,954)		(15,044)
Net deferred tax assets	$	462	$	907

Deferred tax liabilities:
Right-of-use assets	$	387	$	820
Tax over book depreciation	1		13
Other	74		74
Total deferred tax liabilities	462		907
Net deferred tax assets (liabilities)	$	—	$	—

Under the provisions of ASC 740, management is required to evaluate whether a valuation allowance should be established against its deferred tax assets based on the consideration of all available evidence using a “more likely than not” standard. Realization of deferred tax assets is dependent upon taxable income in prior carryback years, estimates of future taxable income, tax planning strategies, and reversal of existing taxable temporary differences. ASC 740 provides that forming a conclusion that a valuation allowance is not needed is difficult when there is negative evidence such as cumulative losses in recent years or losses expected in early future years. As of December 31, 2025, and 2024, due to cumulative losses in recent years, the Company maintained a valuation allowance in the amount of

$25.0 million and $15.0 million, respectively, against deferred tax assets that were not more likely than not of being realized.

As of December 31, 2025, and 2024, the Company had federal net operating loss (“NOL”) carryforwards of $76.5 million and $33.5 million, respectively and state NOL carryforwards of $5.0 million and $5.0 million, respectively. Due to the enactment of the Tax Cuts and Jobs Act, federal net operating losses generated beginning in 2018 are carried forward indefinitely. Therefore, the Company’s federal NOL carryforwards do not expire. The state NOL carryforwards begin to expire in 2029.

As of December 31, 2025, and 2024, the Company had federal general business credit carryforwards of $3.3 million and $1.7 million, respectively and state general business credit carryforwards of $4.2 million and $2.6 million, respectively. The federal general business credit carryforwards begin to expire in 2039. The Company's state general business credit carryforwards do not expire.

In general, if the Company experiences a greater than 50 percentage point aggregate change in ownership of certain significant stockholders over a three-year period, utilization of its pre-change NOL carryforwards and general business credit carryforwards is subject to an annual limitation under Sections 382 and 383 of the Internal Revenue Code of 1986, as amended, and similar state laws. The annual limitation generally is determined by multiplying the value of the Company’s stock at the time of such ownership change, subject to certain adjustments, by the applicable long-term tax-exempt rate. The annual limitations may result in the expiration of NOL and general business credit carryforwards before utilization and may be material. The Company completed an analysis to determine whether its NOL and general business credits generated through June 30, 2025, are likely to be limited by Section 382 and 383. The Company determined that ownership changes as defined under Section 382 may have occurred and that the resulting limitation would reduce the Company’s ability to utilize its NOL and general business credit carryforwards in the near future. Additionally, future ownership changes under Section 382 and 383 may also reduce the Company's ability to utilize tax attributes. As of December 31, 2025, the Company’s net deferred income tax assets have been offset by a valuation allowance. Therefore, any resulting reduction to the Company’s NOL and general business credit carryforwards will be offset by a corresponding reduction of the valuation allowance and there would be no impact on the Company’s balance sheet, statement of operations, or cash flows.

Reconciliation of unrecognized tax benefits:


(in thousands)	2025		2024
Balance as of beginning of year	$	1,660	$	1,149
Increases related to current year tax positions	625		511
Balance as of end of year	$	2,285	$	1,660

The Company has considered the amounts and probabilities of the outcomes that can be realized upon ultimate settlement with the tax authorities and determined unrecognized tax benefits should be established as noted in the summary rollforward. The Company’s effective income tax rate would not be impacted if the unrecognized tax benefits are recognized, due to the full valuation allowance. The Company does not expect its unrecognized tax benefits to change significantly over the next 12 months.

The Company has no liabilities recorded for uncertain tax positions but does have unrecognized tax benefits of $2.3 and $1.7 million, which have been recorded as a direct reduction to the deferred tax asset as of the year ended December 31, 2025, and 2024.

The Company’s policy is to recognize interest expense and penalties related to income tax matters as a component of income tax expense. There were no accrued interest and penalties associated with uncertain tax positions as of December 31, 2025, and 2024. The Company’s tax returns for all years since inception are open for audit.

The amount of income taxes paid by the Company in cash in 2025 was as follows:


(in thousands)	2025
Federal	$	—
State
California	1
New Jersey	—
Total cash paid for income taxes, net of refunds	$	1

- Definition

The entire disclosure for income tax.

+ References

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

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

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Equity Based Compensation

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Equity Based Compensation

Stock-based compensation expense is included in the accompanying statements of operations and comprehensive loss and is allocated to operating expenses based on the function of the related employee. Total stock-based compensation expense for the years ended December 31, 2025 and 2024 was $2.8 million and $1.5 million, respectively. Of these amounts, $1.1 million and $0.6 million were recorded to research and development expenses and $1.7 million and $0.8 million were recorded to general and administrative expenses for the years ended December 31, 2025 and 2024, respectively.

The fair value of each option grant during the years ended December 31, 2025 and 2024, was estimated on the grant date using the Black-Scholes option pricing model with the following assumptions:


	Year Ended December 31
	2025			2024
Expected volatility	60	-	80%	60	-	70%
Dividend yield	0%			0%
Risk free interest rates	3.87	0	4.32%	3.99	0	4.46%
Expected term	6	-	7 years	6	-	7 years

Expected volatility – Since the Company does not have sufficient stock price history, the expected volatility is calculated based on the average volatility for a peer group of companies in the industry and a similar stage of development in which the Company does business.

Dividend yield of zero – The Company has not, and does not, intend to pay, dividends.

Risk-free interest rates – The Company applies the risk-free interest rate based on the U.S. Treasury yield for the expected term of the option.

Expected term - For employee and non-employee stock options, the Company calculated the expected term as the average of the contractual term of the option and the vesting period.

The estimated fair value of the Company’s Common Stock was determined by the Company’s management and board of directors and considered valuation estimates from a qualified, independent third-party valuation firm.

Stock Option Activity

A summary of stock option activity for the years ended December 31, 2025 and 2024 is as follows:


(in thousands, except share and per share amounts)	Number of Shares Underlying Options	Weighted Average Exercise Price		Aggregate Intrinsic Value
Outstanding at January 1, 2024	1,569,972	$	1.25	$	5,596
Granted	483,594	2.18
Cancelled / Expired	(94,339)	2.09
Exercised	(443,778)	0.42
Outstanding at December 31, 2024	1,515,449	$	1.74	$	5,705
Granted	2,133,622	6.31
Cancelled / Expired	(61,536)	2.23
Exercised	(181,629)	0.94
Outstanding at December 31, 2025	3,405,906	$	4.64	$	19,279
Vested and expected to vest at December 31, 2025	3,405,906	$	4.64	$	19,279

The following table summarizes information concerning outstanding and exercisable stock options at December 31, 2025:


	Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)
Outstanding at December 31, 2025	3,405,906	$	4.64	8.79
Exercisable at December 31, 2025	715,535	$	1.57	7.06

The aggregate intrinsic value of exercisable options at December 31, 2025 was $6.2 million. As of December 31, 2025, unrecognized compensation cost related to non-vested options was $13.4 million, and the weighted average period over which this amount is expected to be recognized is 2.8 years. The weighted average grant date fair value of stock options granted during the years ended December 31, 2025 and 2024 was $6.05 per share and $4.06 per share, respectively.

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

Segment Information (Details) $ in Thousands	12 Months Ended
Segment Information (Details) $ in Thousands	Dec. 31, 2025 USD ($) segment	Dec. 31, 2024 USD ($)
Segment Reporting [Abstract]
Number of reportable segment \| segment	1
Number of operating segments \| segment	1
Segment Reporting Information [Line Items]
Stock-based compensation	$ 2,800	$ 1,500
Net loss	39,869	29,164
Comprehensive loss	39,869	29,164
Reporting Segment
Segment Reporting Information [Line Items]
Salaries and benefits	11,762	7,203
Stock-based compensation	2,786	1,489
Professional fees	6,248	1,517
Marketing expense	1,003	205
Lead product project expenses	15,918	14,208
Rental and facilities expense	1,655	1,360
Other segment items	497	3,182
Net loss	39,869	29,164
Comprehensive loss	$ 39,869	$ 29,164

Property and Equipment - Schedule of Depreciation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 612	$ 271
Research and Development Expense
Property, Plant and Equipment [Line Items]
Depreciation expense	543	173
General and Administrative Expense
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 69	$ 98

Description of Business (Details) - USD ($) $ in Thousands		1 Months Ended			2 Months Ended	12 Months Ended
Description of Business (Details) - USD ($) $ in Thousands	Feb. 09, 2026	Feb. 28, 2026	Mar. 31, 2025	Jul. 31, 2023	Jun. 30, 2025	Dec. 31, 2025	Dec. 31, 2024
Class of Stock [Line Items]
Accumulated deficit						$ 104,730	$ 64,861
Net cash used in operating activities						32,701	$ 22,027
Working capital						$ 100,200
Subsequent Event \| IPO
Class of Stock [Line Items]
Aggregate gross proceeds from the offering	$ 172,500	$ 172,500
Series C-1 preferred stock
Class of Stock [Line Items]
Issuance of redeemable convertible preferred stock, net of issuance costs				$ 40,000
Series C-2 preferred stock
Class of Stock [Line Items]
Issuance of redeemable convertible preferred stock, net of issuance costs			$ 50,000
Series D preferred stock
Class of Stock [Line Items]
Issuance of redeemable convertible preferred stock, net of issuance costs					$ 77,300

Defined Contribution Plan (Details) - USD ($)	12 Months Ended
Defined Contribution Plan (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Retirement Benefits [Abstract]
Contribution made by employer	$ 0	$ 0

Redeemable Convertible Preferred Stock and Stockholders’ Deficit

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Redeemable Convertible Preferred Stock and Stockholders’ Deficit

In connection with the completion of the Company's initial public offering on February 9, 2026, all outstanding shares of the Company’s redeemable convertible preferred stock automatically converted into shares of common stock at the applicable conversion ratio then in effect (See Note 13 – Subsequent Events). The Company's outstanding shares of preferred stock were converted into 20,341,968 shares of common stock.

Common Stock

As of December 31, 2025, the Company had authorized 154,383,336 shares of common stock with a par value of $0.00001. As of December 31, 2025 and 2024, 2,203,620 and 2,196,423 shares were issued and outstanding, respectively.

The Company repurchased 174,432 shares of its common stock at $8.31 per share in June 2025. The repurchased common stock was retired and returned to the status of authorized and unissued shares.

Redeemable Convertible Series A Preferred Stock

As of December 31, 2025, the Company had authorized 5,483,956 shares of Series A redeemable convertible preferred stock (“Series A”) with a par value of $0.00001. 956,575 shares of Series A were issued and outstanding as of December 31, 2025 and 2024.

Prior to 2023, the Company entered into a Series A Preferred Stock Purchase Agreement which provided for the sale and issuance of the Company’s Series A to investors. The financing provided for multiple closings and was completed in May 2019 whereby an aggregate amount of 956,575 shares of Series A were sold and issued at a purchase price of $6.31 per share for an aggregate purchase price of $6.0 million in cash. Related issuance costs for the Series A aggregated to $0.1 million.

Redeemable Convertible Series B Preferred Stock

As of December 31, 2025, the Company had authorized 21,317,825 shares of Series B redeemable convertible preferred stock (“Series B”) with a par value of $0.00001.

Prior to 2023, the Company entered into a Series B Preferred Stock Purchase Agreement which provided for the sale and issuance of the Company’s Series B to investors at a purchase price of $7.40 per share. As of December 31, 2025 and 2024, 3,718,503 shares of Series B were issued and outstanding, respectively. Gross cash proceeds raised from Series B totaled $27.5 million. Related issuance costs for the Series B aggregated to $0.2 million.

Redeemable Convertible Series C Preferred Stock

In July 2023, the Company entered into a Series C Preferred Stock Purchase Agreement which provided for the sale and issuance of the Company’s Series C redeemable convertible preferred stock in two tranches, Series C-1 and Series C-2, to investors at a purchase price of $8.11 per share and $10.14 per share, respectively. As of December 31, 2025, 4,933,836 shares of Series C-1 were issued and outstanding. Gross cash proceeds raised from Series C-1 totaled $40.0 million and were issued contemporaneously with the execution of the Series C Preferred Stock Purchase Agreement. The Company completed the issuance of the Series C-2 in March 2025. Gross cash proceeds raised from the issuance of 4,933,589 Series C-2 shares totaled $50.0 million. Related issuance costs for the Series C totaled $0.3 million from the original issuance in 2024 and an additional $20.8 thousand in 2025 in conjunction with the Series C-2 issuance aggregating to $0.3 million.

Redeemable Convertible Preferred Stock Tranche Liability

The Company determined the right of the investors to purchase shares of Series C-2 redeemable convertible preferred stock at a fixed cash issuance price per share at a future date met the definition of a freestanding financial instrument as the Redeemable Convertible Preferred Stock Tranche Liability is legally detachable and separately exercisable from the shares of Series C-1 Preferred Stock. The Redeemable Convertible Preferred Stock Tranche Liability was recognized at fair value upon the issuance of the Series C-1 redeemable convertible preferred stock in July 2023. The Redeemable Convertible Preferred Stock Tranche Liability was subject to remeasurement at each balance sheet date, with changes in fair value recognized within other income (expense) in the statement of operations and comprehensive loss. The Redeemable Convertible Preferred Stock Tranche Liability was measured at level 3 of the fair value hierarchy in accordance with ASC 820. Upon closing of the Series C-2 preferred stock tranche in March 2025, the Redeemable Convertible Preferred Stock Tranche Liability was settled.

Redeemable Convertible Series D Preferred Stock

In May 2025, the Company entered into a Series D Preferred Stock Purchase Agreement which provides for the sale and issuance of the Company’s Series D redeemable convertible preferred stock (“Series D”) to investors at a purchase price of $13.34. As of December 31, 2025, 5,799,465 shares of Series D were issued and outstanding. Gross cash proceeds raised from Series D in the initial closing in May 2025 totaled $75.0 million and were issued contemporaneously with the execution of the Series D Preferred Stock Purchase Agreement. Gross proceeds raised from Series D in the subsequent closing in June 2025 totaled $2.3 million. Related issuance costs for the Series D totaled $0.3 million from the original issuance and an additional $5.3 thousand in the subsequent issuance aggregating to $0.3 million.

Redeemable convertible preferred stock consisted of the following at December 31, 2025 and 2024:


(in thousands, except share amounts)	Redeemable Convertible Preferred Stock
As of December 31, 2025	Shares	Amount		Aggregate Liquidation Preference
Series A preferred stock	956,575	$	5,465	$	6,032
Series B preferred stock	3,718,503	27,321		27,500
Series C-1 preferred stock	4,933,836	39,760		40,010
Series C-2 preferred stock	4,933,589	54,932		50,010
Series D preferred stock	5,799,465	77,059		77,326
Total redeemable convertible preferred stock	20,341,968	$	204,537	$	200,878


(in thousands, except share amounts)	Redeemable Convertible Preferred Stock
As of December 31, 2024	Shares	Amount		Aggregate Liquidation Preference
Series A preferred stock	956,575	$	5,465	$	6,032
Series B preferred stock	3,718,503	27,321		$	27,500
Series C-1 preferred stock	4,933,836	39,760		$	40,010
Total redeemable convertible preferred stock	9,608,914	$	72,546	$	73,542

Rights and Privileges of Series A, Series B, Series C and Series D Preferred Stockholders

As of December 31, 2025 and 2024, the rights and privileges of the holders of shares of the Series A, Series B, Series C and Series D redeemable convertible preferred stock (collectively, the “Preferred Stock”) were as follows:

Voting: Each holder of outstanding shares of Preferred Stock shall be entitled to cast the number of votes equal to the number of shares of common stock into which the shares of Preferred Stock held by such holder are then convertible.

The holders of shares of Series D, exclusively and voting together as a single class and on an as-converted to common stock basis, shall be entitled to elect two directors. The holders of shares of Series C, exclusively and voting together as a single class and on an as-converted to Common Stock basis, shall be entitled to elect two directors. The holders of shares of Series B, exclusively and as a separate class, shall be entitled to elect one director. The holders of shares of Series A, exclusively and as a separate class, shall be entitled to elect one director. The holders of shares of common stock, exclusively and as a separate class, shall be entitled to elect two directors. The holders of common stock and of any other class or series of voting stock (including the Preferred Stock), exclusively and voting together as a single class and on an as-converted basis, are entitled to elect all the remaining members of the board of directors.

Dividends: The holders of Preferred Stock shall be entitled to receive dividends out of any assets legally available, on a pari passu basis and prior and in preference to any declaration or payment of any dividend on the common stock, at the rate of 8% per annum of the original issue price. Such dividends shall not be cumulative and shall be payable only when, as and if declared by the board of directors. After payment of such dividends, any additional dividends shall be distributed among the holders of Preferred Stock and common stock pro rata based on the number of shares of common stock then held by each holder, assuming conversion of all such Preferred Stock into common stock.

Deemed liquidation event: Each of the following events shall be considered a “Deemed Liquidation Event” unless the holders of a majority of the outstanding shares of Preferred Stock, which must also include the holders of a majority of the outstanding shares of Series C and Series D Preferred Stock voting together as a single class on an as-converted to Common Stock basis, elect otherwise by written notice sent to the Company at least 10 business days prior to the effective date of any such event; (a) A merger or consolidation in which the Company is a constituent party or a subsidiary of the Company is a constituent party and the Company issues shares of its capital stock pursuant to such merger or consolidation, except any such merger or consolidation involving the Company or a subsidiary in which the shares of capital stock of the Company outstanding immediately prior to such merger or consolidation continue to represent, or are converted into or exchanged for shares of capital stock that represent, immediately following such merger or consolidation, at least a majority of the capital stock of (1) the surviving or resulting company; or (2) if the surviving or resulting company is a wholly owned subsidiary of another company immediately following such merger or consolidation, the parent company of such surviving or resulting corporation; or (b) (1) the sale, lease, transfer, exclusive license or other disposition, in a single transaction or series of related transactions, by the Company or any subsidiary of the Company of all or substantially all the assets of the Company and its subsidiaries taken as a whole, or (2) the sale or disposition (whether by merger, consolidation or otherwise, and whether in a single transaction or a series of related transactions) of one or more subsidiaries of the Company if substantially all of the assets of the Company and its subsidiaries taken as a whole are held by such subsidiary or subsidiaries, except where such sale, lease, transfer, exclusive license or other disposition is to a wholly owned subsidiary of the Company.

The identified Deemed Liquidation Events above are not solely within the control of the Company. In accordance with ASC 480-10-S99-3A, the Company has classified the Preferred Stock outside of permanent equity as temporary equity in the accompanying financial statements.

Liquidation Preference: The Preferred Stock contains a liquidation preference in the event of any Deemed Liquidation Event, voluntary or involuntary liquidation, dissolution or winding up of the corporation, such that the holders of shares of each series of preferred stock then outstanding shall be entitled to be paid out of the assets of the corporation available for distribution to its stockholders. Preferred stockholders have liquidation preferences over common stock and Series A, Series B, Series C-1, Series C-2 and Series D holders have a priority to receive the greater of a) $6.31, $7.40, $8.11, $10.14 and $13.34 per share plus declared, but unpaid dividends, respectively, or b) such amount per share as would have been payable had all such shares of the Preferred Stock been converted into common stock immediately prior to a liquidation event. The preferred stock does not contain a mandatory redemption provision.

Conversion: Each share of Preferred Stock is convertible, at the option of the holder thereof, at any time and from time to time, and without the payment of additional consideration by the holder thereof. Upon either the closing of the sale of shares of common stock to the public at a price of at least $16.68 per share in a firm-commitment underwritten public offering resulting in at least $100.0 million of gross proceeds to the Company, or the date and time specified by vote or written consent of the holders of sixty percent of the outstanding shares of Series C and Series D, voting together as a single class on an as-converted to common stock basis, all outstanding shares of Preferred Stock shall be automatically converted into shares of common stock. The conversion price of the Preferred Stock is subject to adjustment in the event of stock splits, stock dividends, reclassifications, or similar recapitalization events, as well as pursuant to down-round provisions. As of December 31, 2025, the conversion price remained unchanged from the original issue price whereby shares of Series A will be converted to common stock at a per share price of $6.31 Series B at $7.40, Series C-1 at $8.11, Series C-2 at $10.14, and Series D at $13.34.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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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 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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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
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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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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended		24 Months Ended
STATEMENTS OF CASH FLOWS - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2025
Cash flows from operating activities
Net loss	$ (39,869,000)	$ (29,164,000)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation expense	612,000	271,000
Loss on disposal of property and equipment	5,400	0
Non-cash lease expense	383,000	405,000
Gain on lease termination	(518,000)	0
Stock-based compensation	2,786,000	1,490,000
Change in fair value of redeemable convertible preferred stock tranche liability	1,526,000	3,417,000
Interest receivable	(74,000)	216,000
Changes in:
Other receivables	(8,000)	(300,000)
Prepaid expenses and other current assets	(186,000)	(540,000)
Other non-current assets	(38,000)	(367,000)
Accounts payable	549,000	1,339,000
Payroll-related accruals	900,000	673,000
Accrued expenses and other current liabilities	1,672,000	332,000
Lease liability	(441,000)	201,000
Net cash used in operating activities	(32,701,000)	(22,027,000)
Cash flows from investing activities
Property and equipment	(789,000)	(1,991,000)
Purchases of short-term investments	(17,001,000)	(20,630,000)
Redemptions of short-term investments	5,996,000	44,882,000
Net cash (used in) provided by investing activities	(11,794,000)	22,261,000
Cash flows from financing activities
Proceeds from exercise of stock options	170,000	185,000
Repurchases of common stock	(1,450,000)	0
Gross proceeds from issuance of redeemable convertible preferred stock	127,336,000	0
Issuance costs of redeemable convertible preferred stock	(288,000)	0
Payments for deferred offering cost	(1,183,000)	0
Net cash provided by financing activities	124,585,000	185,000
Net increase in cash and cash equivalents	80,090,000	419,000
Cash and cash equivalents, beginning of year	16,268,000	15,849,000	$ 15,849,000
Cash and cash equivalents, end of year	96,358,000	16,268,000	$ 96,358,000
Supplemental cash flow information
Cash paid for taxes	1,000	18,000
Settlement of redeemable convertible preferred stock tranche liability	4,943,000	0
Purchases of property and equipment included in accounts payable and accrued expense	248,000	0
Deferred offering costs included in accounts payable and accrued expense	1,531,000	0
Reduction of right-of-use asset	2,929,000	0
Reduction of lease liability due to early termination	3,447,000	0
Right-of-use asset in exchange for lease liability	$ 1,573,000	$ 3,696,000

STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ DEFICIT - USD ($) $ in Thousands	Total	Series C-2 Preferred Stock	Series D Preferred Stock	Common Stock	Additional Paid In Capital	Accumulated Deficit
Balance at the beginning (in shares) at Dec. 31, 2023	9,608,914
Balance at the beginning at Dec. 31, 2023	$ 72,546
Balance at the end (in shares) at Dec. 31, 2024	9,608,914
Balance at the end at Dec. 31, 2024	$ 72,546
Beginning balance (in shares) at Dec. 31, 2023				1,752,646
Beginning balance at Dec. 31, 2023	$ (32,985)			$ 0	$ 2,712	$ (35,697)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock option exercises (in shares)	443,778			443,777
Stock option exercises	$ 185				185
Stock-based compensation	1,490				1,490
Net loss	(29,164)					(29,164)
Comprehensive loss	$ (29,164)					(29,164)
Ending balance (in shares) at Dec. 31, 2024	2,196,423			2,196,423
Ending balance at Dec. 31, 2024	$ (60,474)			$ 0	4,387	(64,861)
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of redeemable convertible preferred stock (in shares)		4,933,589	5,799,465
Issuance of redeemable convertible preferred stock, net of issuance costs		$ 54,932	$ 77,059
Balance at the end (in shares) at Dec. 31, 2025	20,341,968
Balance at the end at Dec. 31, 2025	$ 204,537
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock option exercises (in shares)	181,629			181,629
Stock option exercises	$ 170				170
Stock-based compensation	2,786				2,786
Repurchase of common stock (in shares)				(174,432)
Repurchase of common stock	(1,450)				(1,450)
Net loss	(39,869)					(39,869)
Comprehensive loss	$ (39,869)					(39,869)
Ending balance (in shares) at Dec. 31, 2025	2,203,620			2,203,620
Ending balance at Dec. 31, 2025	$ (98,837)			$ 0	$ 5,893	$ (104,730)

BALANCE SHEETS - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Current assets
Cash and cash equivalents	$ 96,358,000	$ 16,268,000
Short-term investments	11,078,000	0
Other receivables	431,000	423,000
Prepaid expenses and other current assets	901,000	715,000
Total current assets	108,768,000	17,406,000
Other non-current assets	492,000	453,000
Property and equipment, net	2,339,000	2,168,000
Deferred offering costs	2,715,000	0
Right-of-use asset	1,552,000	3,291,000
Total assets	115,866,000	23,318,000
Current liabilities
Accounts payable	2,696,000	1,978,000
Payroll-related accruals	2,182,000	1,282,000
Other current liabilities	3,706,000	672,000
Lease liability, current	0	442,000
Redeemable convertible preferred stock tranche liability	0	3,417,000
Total current liabilities	8,584,000	7,791,000
Lease liability, non-current	1,582,000	3,455,000
Total liabilities	10,166,000	11,246,000
Commitments and contingencies (Note 7)
Redeemable convertible preferred stock, $.00001 par value; 116,618,581 shares authorized, 20,341,968 and 9,608,914 shares issued and outstanding as of December 31, 2025 and 2024, respectively (aggregate liquidation preference of $200,878 and $73,542 as of December 31, 2025 and 2024, respectively)	204,537,000	72,546,000
Stockholders' deficit
Common stock, $.00001 par value; 154,383,336 shares authorized; 2,203,620 and 2,196,423 shares issued and outstanding as of December 31, 2025 and 2024, respectively	0	0
Common stock additional paid-in capital	5,893,000	4,387,000
Accumulated deficit	(104,730,000)	(64,861,000)
Total stockholders' deficit	(98,837,000)	(60,474,000)
Total liabilities, redeemable convertible preferred stock and stockholders' deficit	$ 115,866,000	$ 23,318,000

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities that are Measured at Fair Value on a Recurring Basis

The Company’s assets and liabilities that are measured at fair value on a recurring basis include the following as of December 31, 2025 and 2024, set forth by level within the fair value hierarchy:


	As of December 31, 2025
(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Money market funds	$	9,416	$	—	$	—	$	9,416
Short-term investments	—		11,078		—		11,078
Total Assets	$	9,416	$	11,078	$	—	$	20,494


	As of December 31, 2024
(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Money market funds	$	12,305	$	—	$	—	$	12,305
Short-term investments	—		—		—		—
Total Assets	$	12,305	$	—	$	—	$	12,305
Liabilities
Redeemable convertible preferred stock tranche liability	—		—		3,417		3,417
Total Liabilities	$	—	$	—	$	3,417	$	3,417

Schedule of Significant Unobservable Inputs

Significant unobservable inputs for the Redeemable Convertible Preferred Stock Tranche Liability as of December 31, 2024 are as follows:

Preferred Equity Tranche Liability

Valuation Technique

Unobservable Input

Range/Average

Development Milestones

Monte Carlo Simulation

Probability of achieving certain development milestones

Volatility

Discount Rate

4.26

Timing of achieving certain development milestones

0.16 years

Schedule of Fair Value of Level 3 Redeemable Convertible Preferred Stock Tranche Liability

The following table reflects the fair value of the Company's level 3 Redeemable Convertible Preferred Stock Tranche Liability for the year ended December 31, 2025:


(in thousands)
Fair value of the Redeemable Convertible Preferred Stock Tranche Liability as of December 31, 2024	$	3,417
Change in fair value of the Redeemable Convertible Preferred Stock Tranche Liability in March 2025	1,526
Settlement of tranche in March 2025	(4,943)
Fair value of the Redeemable Convertible Preferred Stock Tranche Liability as of December 31, 2025	$	—

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

Property and equipment, net consisted of the following at December 31, 2025 and 2024:


(in thousands)	2025		2024
Machinery and equipment	$	2,098	$	1,794
Construction in progress - machinery and equipment	393		—
Furniture and fixtures	96		63
Computers and hardware	108		133
Software	99		99
Leasehold improvements	622		622
Construction in progress - leasehold improvements	37		—
Property and equipment, gross	3,453		2,711
Less: accumulated depreciation	(1,114)		(543)
Property and equipment, net	$	2,339	$	2,168

Depreciation expense for the years ended December 31, 2025 and 2024 was $0.6 million and $0.3 million respectively, and was allocated as follows:


(in thousands)	2025		2024
Research and development	$	543	$	173
General and administrative	69		98
Depreciation expense	$	612	$	271

Segment Information

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment Information

The Company operates as a single reportable and single operating segment in the development of the treatment paradigm for patients living with chronic eye conditions through long-acting, sustained drug delivery of approved medicines. The Company has not generated revenues since inception. The Company’s chief operating decision maker (“CODM”) is its chief executive officer. The CODM reviews financial information on a basis consistent with the information presented in the financial statements for purposes of making operating decisions, allocating resources, and evaluating financial performance. The Company’s CODM uses operating loss as the measure to evaluate the segment’s operating performance and to monitor budgeted to actual expenditures associated with capital projects. The measure of segment assets is reported on the Company’s balance sheets as total assets.

Significant segment expenses and other segment items are reviewed by the CODM on a disaggregated basis as follows:


	Year Ended December 31,
(in thousands)	2025		2024
Salaries and benefits	$	11,762	$	7,203
Stock-based compensation	2,786		1,489
Professional fees	6,248		1,517
Marketing expense	1,003		205
Lead product project expenses	15,918		14,208
Rental and facilities expense	1,655		1,360
Other segment items (1)	497		3,182
Net loss and comprehensive loss	$	39,869	$	29,164

- 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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-Publisher FASB
-URI https://asc.fasb.org/280/tableOfContent

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

+ Details

Redeemable Convertible Preferred Stock and Stockholders’ Deficit (Tables)

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Schedule of Redeemable Convertible Preferred Stock

Redeemable convertible preferred stock consisted of the following at December 31, 2025 and 2024:


(in thousands, except share amounts)	Redeemable Convertible Preferred Stock
As of December 31, 2025	Shares	Amount		Aggregate Liquidation Preference
Series A preferred stock	956,575	$	5,465	$	6,032
Series B preferred stock	3,718,503	27,321		27,500
Series C-1 preferred stock	4,933,836	39,760		40,010
Series C-2 preferred stock	4,933,589	54,932		50,010
Series D preferred stock	5,799,465	77,059		77,326
Total redeemable convertible preferred stock	20,341,968	$	204,537	$	200,878


(in thousands, except share amounts)	Redeemable Convertible Preferred Stock
As of December 31, 2024	Shares	Amount		Aggregate Liquidation Preference
Series A preferred stock	956,575	$	5,465	$	6,032
Series B preferred stock	3,718,503	27,321		$	27,500
Series C-1 preferred stock	4,933,836	39,760		$	40,010
Total redeemable convertible preferred stock	9,608,914	$	72,546	$	73,542

- Definition

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

+ References + Details

STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Operating expenses
Research and development	$ 29,183,000	$ 19,984,000
General and administrative	12,266,000	7,080,000
Total operating expenses	41,449,000	27,064,000
Loss from operations	(41,449,000)	(27,064,000)
Other income (expense)
Interest income	3,106,000	1,317,000
Change in fair value of redeemable convertible preferred stock tranche liability	(1,526,000)	(3,417,000)
Total other income (expense)	1,580,000	(2,100,000)
Loss before income tax	(39,869,000)	(29,164,000)
Income tax provision	0	0
Net loss	(39,869,000)	(29,164,000)
Comprehensive loss	$ (39,869,000)	$ (29,164,000)
Net loss per share
Weighted average common stock outstanding - basic (in shares)	2,217,104	1,788,211
Weighted average common stock outstanding - diluted (in shares)	2,217,104	1,788,211
Net loss per share of common stock - basic (in dollars per share)	$ (17.98)	$ (16.31)
Net loss per share of common stock - diluted (in dollars per share)	$ (17.98)	$ (16.31)

Net Loss Per Share (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted


	Year Ended December 31,
(in thousands, except share and per share amounts)	2025		2024
Net loss and comprehensive loss	$	(39,869)	$	(29,164)
Basic and diluted weighted-average shares outstanding	2,217,104		1,788,211
Basic net loss per share	$	(17.98)	$	(16.31)
Diluted net loss per share	$	(17.98)	$	(16.31)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following amounts were not included in the calculation of net loss per diluted share for the periods presented because their effects were anti-dilutive:


	Year Ended December 31,
	2025	2024
Stock options	3,405,906	1,515,449
Redeemable convertible preferred stock	20,341,968	9,608,914
Total	23,747,874	11,124,363

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Deferred tax assets:
Lease liabilities	$ 395	$ 972
Stock-based compensation	173	60
Book over tax depreciation	0	0
Section 174 R&E expenditures	3,823	5,151
Sales and bad debt allowances	0	0
Accrued compensation	3	17
Net operating loss	16,055	7,032
Credits	4,967	2,719
Other	0	0
Total deferred tax assets	25,416	15,951
Valuation allowance	(24,954)	(15,044)
Net deferred tax assets	462	907
Deferred tax liabilities:
Right-of-use assets	387	820
Tax over book depreciation	1	13
Other	74	74
Total deferred tax liabilities	462	907
Net deferred tax assets (liabilities)	$ 0	$ 0

Award Timing Disclosure	12 Months Ended
Award Timing Disclosure	Dec. 31, 2025
Award Timing Disclosures [Line Items]
Award Timing MNPI Disclosure	From time to time, we grant stock options to our named executive officers, our employees and our other service providers. Historically, we have granted new-hire option awards on or soon after a new-hire’s employment start date and refresh, promotion or retention option grants when and as determined by our board of directors or compensation committee thereof. In response to Item 402(x)(1) of Regulation S-K, we have no specific policy or practice on the timing of options or other equity awards in relation to the public disclosure of material nonpublic information by us, and we have no 2025 stock option or other awards to disclose under Item 402(x)(2).
Award Timing Method	From time to time, we grant stock options to our named executive officers, our employees and our other service providers. Historically, we have granted new-hire option awards on or soon after a new-hire’s employment start date and refresh, promotion or retention option grants when and as determined by our board of directors or compensation committee thereof. In response to Item 402(x)(1) of Regulation S-K, we have no specific policy or practice on the timing of options or other equity awards in relation to the public disclosure of material nonpublic information by us, and we have no 2025 stock option or other awards to disclose under Item 402(x)(2).
Award Timing MNPI Considered	false
Award Timing, How MNPI Considered	From time to time, we grant stock options to our named executive officers, our employees and our other service providers. Historically, we have granted new-hire option awards on or soon after a new-hire’s employment start date and refresh, promotion or retention option grants when and as determined by our board of directors or compensation committee thereof. In response to Item 402(x)(1) of Regulation S-K, we have no specific policy or practice on the timing of options or other equity awards in relation to the public disclosure of material nonpublic information by us, and we have no 2025 stock option or other awards to disclose under Item 402(x)(2).
MNPI Disclosure Timed for Compensation Value	false