0001193125-26-343607 | 10-Q | XBRL Viewer

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Stock-Based Compensation - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 9,399	$ 1,844	$ 18,269	$ 3,777
Location, Statement of Income, Balance [Axis]: us-gaap:GeneralAndAdministrativeExpense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	8,585	1,245	16,855	2,136
Location, Statement of Income, Balance [Axis]: us-gaap:ResearchAndDevelopmentExpense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 814	$ 599	$ 1,414	$ 1,641

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025
Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Continuing Operation [Abstract]
Cash and cash equivalents	$ 107,855	$ 190,574
Restricted cash equivalents	168	2,413
Total cash, cash equivalents and restricted cash equivalents as shown on the statements of cash flows	$ 108,023	$ 192,987

- Definition

Amount of cash equivalent restricted as to withdrawal or usage. Cash equivalent includes, but is not limited to, short-term, highly liquid investment that is both readily convertible to known amount of cash and so near maturity that it presents insignificant risk of change in value because of change in interest rate.

+ References + Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net loss	$ (282,392)	$ (1,606,155)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense	64	2,862
Non-cash lease expense	218	5,480
Stock-based compensation	18,269	3,777
Change in fair value of warrant liabilities	207,657	1,299,922
Interest amortization on marketable securities	(913)	(22)
Loss on sale of property and equipment	0	3,303
Acquisition of in-process research and development	0	222,592
Changes in operating assets and liabilities:
Operating lease liabilities, net	(123)	(2,327)
Prepaid expenses and other current assets	(6,081)	2,632
Accounts payable, accrued liabilities and other current liabilities	(296)	(277)
Other assets	(27)	1,963
Net cash used in operating activities	(63,624)	(66,250)
Cash flows from investing activities
Purchases of marketable securities	(355,500)	0
Proceeds from maturities of marketable securities	55,897	0
Purchases of property and equipment	(168)	(383)
Proceeds from sales of property and equipment	0	799
Net cash (used in) provided by investing activities	(299,771)	416
Cash flows from financing activities
Payment of issuance costs related to private placements	(234)	(551)
Proceeds from the issuance of pre-funded warrants	0	175,000
Proceeds from exercise of pre-funded warrants	3	0
Proceeds from stock option exercises and the issuance of shares under ESPP	0	97
Repurchases of shares for tax withholdings upon vesting of restricted stock unit awards	(4)	(87)
Proceeds from issuance of common stock in private placement	74,999	0
Net cash provided by financing activities	74,764	174,459
Net (decrease) increase in cash, cash equivalents and restricted cash equivalents	(288,631)	108,625
Cash, cash equivalents and restricted cash equivalents, beginning of period	396,654	84,362
Cash, cash equivalents and restricted cash equivalents, end of period	108,023	192,987
Supplemental disclosure of non-cash activities
Purchases of property and equipment in accounts payable and accrued liabilities	12	0
Unrealized loss on available-for-sale securities	(964)	0
Unpaid license payments included in accounts payable and accrued expenses	0	45,000
Issuance costs associated with the sale of pre-funded warrants included in accounts payable and accrued expenses	$ 0	$ 643

Leases - Additional Information (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended	6 Months Ended
	Aug. 04, 2025	Aug. 31, 2025	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Lessee Lease Description [Line Items]
Lessee operating option to extend		The Company has the option to extend the term for one additional five-year period.
Operating sublease, option to extend		true
Lease termination expense				$ 218	$ 5,480
Boylston Lease
Lessee Lease Description [Line Items]
Operating lease commencement date		Sep. 01, 2025
Lease expiration date		Aug. 31, 2031
Fixed lease payments		$ 3,800
Boylston Lease \| Standby Letters of Credit
Lessee Lease Description [Line Items]
Increase in annual fixed rental payments		$ 200
Cambridgepark Lease
Lessee Lease Description [Line Items]
Non-refundable termination fee	$ 8,500
Lease termination expense			$ 11,200		$ 11,200

Fair Value Measurements

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements

4. Fair Value Measurements

The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis:


	June 30, 2026
(in thousands)	Level 1		Level 2		Level 3		Total

Cash equivalents
Money market funds	$	106,896	$	—	$	—	$	106,896
Total cash equivalents		106,896		—		—		106,896
Marketable securities
Corporate bonds		—		112,438		—		112,438
Commercial paper		—		8,424		—		8,424
U.S. Treasury bills		—		45,908		—		45,908
U.S. Treasuries		—		189,009		—		189,009
Yankee bonds		—		2,495		—		2,495
Total marketable securities		—		358,274		—		358,274
Restricted cash equivalents
Money market funds		168		—		—		168
Liabilities
Warrant liabilities		—		653,894		—		653,894


	December 31, 2025
(in thousands)	Level 1		Level 2		Level 3		Total

Cash equivalents
Money market funds	$	392,803	$	—	$	—	$	392,803
U.S. Treasury bills		—		3,434		—		3,434
Total cash equivalents		392,803		3,434		—		396,237
Marketable securities
U.S. Treasury bills		—		13,642		—		13,642
U.S. Treasuries		—		45,080		—		45,080
Total marketable securities		—		58,722		—		58,722
Restricted cash equivalents
Money market funds		168		—		—		168
Liabilities
Warrant liabilities		—		600,547		—		600,547

The fair value of the Company’s cash equivalents and restricted cash equivalents is determined based on quoted market prices in active markets with no valuation adjustment. The fair value of marketable securities and warrant liabilities is determined based on observable market inputs. There were no transfers between levels during the six months ended June 30, 2026.

Prepaid expenses, accounts payable and accrued expenses are stated at their respective historical carrying values, which approximate fair value due to their short-term nature.

- 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

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2026
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates issued by the Financial Accounting Standards Board.
September 2025 Reverse Stock Split	September 2025 Reverse Stock Split On August 25, 2025, the Company’s stockholders approved a proposal to authorize the Company’s board of directors to amend the Company’s Amended and Restated Certificate of Incorporation to effect a reverse stock split. The Board approved the reverse stock split on August 27, 2025 and, on September 18, 2025, the Company effected a 1-for-20 reverse stock split of its common stock. The par value and the number of authorized shares of the common stock were not adjusted as a result of the reverse stock split. All share and per share amounts for periods prior to the effective date presented in these condensed consolidated financial statements and the notes thereto have been adjusted retroactively, where applicable, to reflect the effect of this reverse stock split.
Use of Estimates	Use of Estimates The preparation of the condensed consolidated financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the condensed consolidated financial statements and the reported amount of expenses during the reporting period. Actual results could differ from those estimates. Management considers many factors in selecting appropriate financial accounting policies in developing the estimates and assumptions that are used in the preparation of the condensed consolidated financial statements. Management must apply significant judgment in this process. Management’s estimation process often may yield a range of potentially reasonable estimates and management must select an amount that falls within that range of reasonable estimates. Estimates are used in the following areas, among others: accrued expenses and stock-based compensation expense.
Unaudited Interim Financial Information	Unaudited Interim Financial Information The condensed consolidated financial statements of the Company included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiary. All intercompany transactions and balances have been eliminated in consolidation. In the opinion of management, the information furnished reflects all adjustments, all of which are of a normal and recurring nature, necessary for a fair presentation of the results for the reported interim periods. The results of operations for interim periods are not necessarily indicative of results to be expected for the full year or any other interim period. The accompanying condensed consolidated balance sheet as of December 31, 2025 has been derived from the Company’s audited consolidated financial statements for the year ended December 31, 2025. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to GAAP or the rules and regulations of the SEC. However, the Company believes that the disclosures are adequate to make the information presented not misleading. These unaudited interim condensed consolidated financial statements should be read in conjunction with the audited annual consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 (the “2025 Annual Report”). There have been no material changes to the Company’s significant accounting policies as described in the 2025 Annual Report.

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

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+ Details

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Summary of Weighted-Average Assumptions Used Principally in Determining Fair Value of New Options Granted

The weighted-average assumptions used principally in determining the fair value of new options granted during the periods presented were as follows:


	Six months ended June 30,
	2026			2025
Expected term (in years)		6.0			6.1
Expected volatility		101.8	%		98.9	%
Risk-free interest rate		4.0	%		3.9	%
Dividend yield		—			—

Summary of Stock-Based Compensation Expense

Stock-based compensation expense was allocated as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2026		2025		2026		2025
Research and development	$	814	$	599	$	1,414	$	1,641
General and administrative		8,585		1,245		16,855		2,136
Total stock-based compensation expense	$	9,399	$	1,844	$	18,269	$	3,777

Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Payables and Accruals [Abstract]
Employee-related expenses	$ 4,719	$ 3,066
Professional fees	1,141	1,366
Clinical expenses	9,418	8,466
Manufacturing expenses	3,945	6,071
Other research and development expenses	941	241
Other	317	554
Total accrued liabilities	$ 20,481	$ 19,764

Summary of Significant Accounting Policies - Additional Information (Details)	6 Months Ended
	Jun. 30, 2026
Accounting Policies [Abstract]
Reverse stock split description	Board approved the reverse stock split on August 27, 2025 and, on September 18, 2025, the Company effected a 1-for-20 reverse stock split of its common stock.

Fair Value Measurements - Additional Information (Details)	6 Months Ended
	Jun. 30, 2026 USD ($)
Fair Value Disclosures [Abstract]
Fair value assets, level 1 to level 2 transfers amount	$ 0
Fair value assets, level 2 to level 1 transfers amount	0
Fair value assets, transfers into level 3	0
Fair value assets, transfers out of level 3	$ 0

Marketable Securities - Summary of Fair Value and Gross Unrealized Losses of Marketable Securities (Details) $ in Thousands	Jun. 30, 2026 USD ($)
Debt Securities, Available-for-Sale [Line Items]
Less than twelve months, Fair value	$ 358,274
Less than twelve months Unrealized loss	(922)
Total Fair value	358,274
Total Unrealized loss	(922)
Corporate bonds
Debt Securities, Available-for-Sale [Line Items]
Less than twelve months, Fair value	112,438
Less than twelve months Unrealized loss	(435)
Total Fair value	112,438
Total Unrealized loss	(435)
Commercial paper
Debt Securities, Available-for-Sale [Line Items]
Less than twelve months, Fair value	8,424
Total Fair value	8,424
U.S. Treasury Bill
Debt Securities, Available-for-Sale [Line Items]
Less than twelve months, Fair value	45,908
Less than twelve months Unrealized loss	(5)
Total Fair value	45,908
Total Unrealized loss	(5)
U.S. Treasuries
Debt Securities, Available-for-Sale [Line Items]
Less than twelve months, Fair value	189,009
Less than twelve months Unrealized loss	(467)
Total Fair value	189,009
Total Unrealized loss	(467)
Yankee bonds
Debt Securities, Available-for-Sale [Line Items]
Less than twelve months, Fair value	2,495
Less than twelve months Unrealized loss	(15)
Total Fair value	2,495
Total Unrealized loss	$ (15)

Marketable Securities - Summary of Amortized Cost and Estimated Fair Value of Marketable Securities by Contractual Maturity (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	$ 359,196	$ 58,681
Gross Unrealized Holding Gains		41
Gross Unrealized Holding losses	(922)
Fair Value	358,274	58,722
Maturing in One Year or Less \| Corporate bonds
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	64,673
Gross Unrealized Holding losses	(190)
Fair Value	64,483
Maturing in One Year or Less \| Commercial paper
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	8,424
Fair Value	8,424
Maturing in One Year or Less \| Yankee bonds
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	2,510
Gross Unrealized Holding losses	(15)
Fair Value	2,495
Maturing in One Year or Less \| U.S. Treasury Bill
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	45,913	13,636
Gross Unrealized Holding Gains		6
Gross Unrealized Holding losses	(5)
Fair Value	45,908	13,642
Maturing in One Year or Less \| U.S. Treasuries
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	131,087	25,772
Gross Unrealized Holding Gains		16
Gross Unrealized Holding losses	(252)
Fair Value	130,835	25,788
Maturing after One Year through Five Years \| Corporate bonds
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	48,200
Gross Unrealized Holding losses	(245)
Fair Value	47,955
Maturing after One Year through Five Years \| U.S. Treasuries
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	58,389	19,273
Gross Unrealized Holding Gains		19
Gross Unrealized Holding losses	(215)
Fair Value	$ 58,174	$ 19,292

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2026
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	During the quarter ended June 30, 2026, no director or officer, as defined in Rule 16a-1(f), adopted or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement,” each as defined in Regulation S-K Item 408.
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

Net Loss Per Share (Tables)

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Net Loss Per Share

The following table sets forth the computation of the Company’s basic and diluted net loss per share for the three and six months ended June 30, 2026 and 2025:


	Three Months Ended June 30,						Six Months Ended June 30,
(in thousands, except share and per share amounts)	2026			2025			2026			2025
Numerator:
Net loss attributable to common stockholders	$	(62,810	)	$	(1,573,669	)	$	(282,392	)	$	(1,606,155	)
Denominator:
Weighted-average number of common shares outstanding, basic and diluted		54,304,456			6,263,572			48,689,196			6,252,452
Net loss per share attributable to common stockholders, basic and diluted	$	(1.16	)	$	(251.24	)	$	(5.80	)	$	(256.88	)

Potential Dilutive Securities Excluded from Computation of Diluted Net Loss Per Share

The Company’s potentially dilutive securities were stock options, restricted stock units, warrants, and performance stock units. Based on the amounts outstanding as of June 30, 2026 and 2025, the Company excluded the following potential common shares from the computation of diluted net loss per share attributable to common stockholders because including them would have had an anti-dilutive effect:


	As of June 30,
	2026		2025
Options to purchase common stock		7,545,245		4,731,052
Restricted stock units		373,811		96,432
Performance stock units		604,285		—
Warrants		39,014,213		54,491,952

Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Property Plant And Equipment [Line Items]
Total	$ 738	$ 558
Less: Accumulated depreciation	(90)	(25)
Property and equipment, net	648	533
Furniture, Fixtures and Other
Property Plant And Equipment [Line Items]
Total	$ 738	$ 558

- Definition

Amount of accumulated depreciation, depletion, and amortization of property, plant, and equipment. Includes, but is not limited to, land and land improvement; building; machinery and equipment; furniture and fixture; and work of art, historical treasure, or similar asset classified as collection.

+ References + Details

- Definition

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

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+ Details

- Definition

Amount, after accumulated depreciation, depletion, and amortization, of property, plant, and equipment. Includes, but is not limited to, land and land improvement; building; machinery and equipment; furniture and fixture; and work of art, historical treasure, or similar asset classified as collection.

+ References

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+ Details

Stock-Based Compensation - Summary of Weighted-Average Assumptions Used Principally in Determining Fair Value of New Options Granted (Details) - Employee Stock Option Member	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)	6 years	6 years 1 month 6 days
Expected volatility	101.80%	98.90%
Risk-free interest rate	4.00%	3.90%
Dividend yield	0.00%	0.00%

- Definition

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

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+ Details

Accrued Liabilities (Tables)

6 Months Ended

Jun. 30, 2026

Payables and Accruals [Abstract]

Schedule of Accrued Liabilities

Accrued liabilities consisted of the following:


	June 30,		December 31,
(in thousands)	2026		2025
Employee-related expenses	$	4,719	$	3,066
Professional fees		1,141		1,366
Clinical expenses		9,418		8,466
Manufacturing expenses		3,945		6,071
Other research and development expenses		941		241
Other		317		554
Total accrued liabilities	$	20,481	$	19,764

Subsequent Events

6 Months Ended

Jun. 30, 2026

Subsequent Events [Abstract]

Subsequent Events

14. Subsequent Events

At-the-Market Sales Activity

During July 2026, the Company sold 2,558,569 shares of common stock under the existing at-the-market sales agreement with Stifel, Nicolaus & Company, Incorporated as the agent (the "Stifel ATM Facility"). The shares were sold at a weighted-average price per share of $19.11 for aggregate gross proceeds of $48.9 million, before deducting commissions of $0.5 million. Following these sales, there is no remaining capacity under the current prospectus supplement associated with the Stifel ATM Facility.

2025 Warrant Exercise

In July 2026, 2,100,000 of the 2025 Warrants were exercised on a cashless basis by RA Capital Healthcare Fund, L.P. (“RA Capital”) in exchange for 2,099,787 shares of common stock. RA Capital was a related party to the Company under ASC 850 through the reporting date of June 30, 2026.

Fair Value Measurements - Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Warrant Liabilities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Liabilities	$ 653,894	$ 600,547
Marketable Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	358,274	58,722
Marketable Securities \| U.S. Treasury Bill
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	45,908	13,642
Marketable Securities \| U.S. Treasuries
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	189,009	45,080
Marketable Securities \| Commercial paper
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	8,424
Corporate Bonds \| Marketable Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	112,438
Yankee Bonds \| Marketable Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	2,495
Cash Equivalents
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	106,896	396,237
Cash Equivalents \| U.S. Treasury Bill
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets		3,434
Cash Equivalents \| Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	106,896	392,803
Restricted Cash Equivalents \| Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	168	168
Level 1 \| Cash Equivalents
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	106,896	392,803
Level 1 \| Cash Equivalents \| Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	106,896	392,803
Level 1 \| Restricted Cash Equivalents \| Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	168	168
Level 2 \| Warrant Liabilities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Liabilities	653,894	600,547
Level 2 \| Marketable Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	358,274	58,722
Level 2 \| Marketable Securities \| U.S. Treasury Bill
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	45,908	13,642
Level 2 \| Marketable Securities \| U.S. Treasuries
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	189,009	45,080
Level 2 \| Marketable Securities \| Commercial paper
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	8,424
Level 2 \| Corporate Bonds \| Marketable Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	112,438
Level 2 \| Yankee Bonds \| Marketable Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	$ 2,495
Level 2 \| Cash Equivalents
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets		3,434
Level 2 \| Cash Equivalents \| U.S. Treasury Bill
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets		$ 3,434

Leases - Summary of Amounts Reported in Condensed Consolidated Balance Sheets and Weighted-average Lease Term and Discount rate Information (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets
Operating lease right-of-use assets	$ 2,718	$ 2,936
Liabilities
Operating lease liabilities, current	335	280
Operating lease liabilities, non-current	2,542	2,720
Total lease liabilities	$ 2,877	$ 3,000
Weighted Average Lease Term and Discount Rate
Weighted-average remaining lease term (years)	5 years 2 months 12 days	5 years 8 months 12 days
Weighted-average discount rate	6.70%	6.70%

Stockholders' Equity and Warrants

6 Months Ended

Jun. 30, 2026

Equity [Abstract]

Stockholders' Equity and Warrants

7. Stockholders' Equity and Warrants

2024 Private Placement

On December 27, 2024, the Company entered into a purchase agreement with certain institutional investors (collectively, the “2024 Purchasers”), pursuant to which the Company issued and sold to the 2024 Purchasers in a private placement an aggregate of (i) 2,793,562 shares of the Company's common stock and (ii) warrants to purchase up to 3,491,953 shares of the Company's common stock (the “2024 Warrants”) at the closing of the private placement on December 30, 2024. Net proceeds from the private placement were $52.7 million, after deducting placement fees and issuance costs payable by the Company.

The 2024 Warrants have an exercise price of $16.76 per share and are immediately exercisable, subject to certain limitations on exercise set forth in the 2024 Warrants. The 2024 Warrants will terminate seven years from issuance on December 30, 2031.

The Company determined that the 2024 Warrants are freestanding instruments that do not meet the definition of a liability or derivative. The 2024 Warrants are indexed to the Company’s common stock and meet all other conditions for equity classification. Accordingly, the 2024 Warrants were classified as equity and accounted for as a component of additional paid-in capital at the time issued. The Company also determined that the 2024 Warrants should be included in the determination of diluted net loss per share if their impact is dilutive. However, they are not included within diluted net loss per share for the three and six months ended June 30, 2026 or 2025 as their effect would be antidilutive.

As of June 30, 2026, none of the 2024 Warrants have been exercised.

June 2025 Private Placement

On June 25, 2025, the Company entered into a purchase agreement with certain institutional investors (collectively, the “2025 Purchasers”), pursuant to which the Company issued and sold to the 2025 Purchasers in a private placement warrants to purchase up to an aggregate of 34,999,999 shares of the Company’s common stock (the “2025 PIPE Warrants”) at the closing on June 27, 2025. Net proceeds from the private placement were $174.4 million, after deducting issuance costs payable by the Company. In addition to the 2025 PIPE Warrants, on June 25, 2025 the Company issued a warrant to purchase up to 16,000,000 shares of the Company’s common stock as partial consideration for the Telitacicept License Agreement (as defined below) to a subsidiary of RemeGen Co., Ltd.

(“RemeGen Warrant”). Refer to Note 10 for additional information on the license arrangement. The 2025 PIPE Warrants and RemeGen Warrant are collectively referred to as the 2025 Warrants.

The 2025 Warrants have an exercise price of $0.002 per share and became exercisable upon stockholder approval of the issuance of the underlying shares and an amendment to the certificate of incorporation to increase the number of authorized shares, subject to certain limitations on exercise set forth in the 2025 Warrants. On August 25, 2025, the stockholders approved the issuance of the underlying shares and on September 17, 2025, the Company filed a Certificate of Amendment to its Amended and Restated Certificate of Incorporation with the Secretary of State of the State of Delaware to effect a reverse stock split, resulting in sufficient available authorized shares for warrant holders to exercise the 2025 Warrants. The 2025 Warrants do not expire.

Upon issuance, the 2025 Warrants were liability-classified as they are not considered indexed to the Company’s common stock. The 2025 Warrants are measured at fair value each period with changes in fair value presented within the condensed consolidated statements of operations and comprehensive loss. The valuation of the 2025 Warrants is classified within Level 2 of the fair value hierarchy due to the use of observable market inputs, primarily the quoted price of the Company’s common stock underlying the warrants. The initial carrying value of the 2025 PIPE Warrants and the RemeGen Warrant at issuance was $175.0 million and $177.4 million, respectively. Issuance costs related to the 2025 PIPE Warrants were expensed as incurred.

The Company also determined the 2025 Warrants should be included in the determination of diluted net loss per share if their impact is dilutive. However, they are not included within diluted net loss per share for the three and six months ended June 30, 2026 and 2025 as the effect would be antidilutive.

During the three and six months ended June 30, 2026, 269,912 and 10,398,099, respectively, of the 2025 Warrants were exercised for an immaterial amount of net proceeds. Some of the exercises were completed via cashless exercise, which resulted in slightly less shares issued than warrants exercised for such transactions. The remaining 35,522,260 outstanding 2025 Warrants had a fair value of $653.9 million as of June 30, 2026.

November 2025 Public Offering

On November 10, 2025, the Company entered into an underwriting agreement relating to the issuance and sale in a public offering of 11,500,000 shares of the Company’s common stock, including 1,500,000 shares purchased by the underwriters under a 30-day option to purchase additional shares (the “November 2025 Offering”) at a public offering price of $10.00 per share. The net proceeds to the Company from the November 2025 Offering were $107.7 million after deducting the underwriting discounts and commissions and offering expenses.

December 2025 Private Placement

On December 15, 2025, the Company entered into a securities purchase agreement with certain investors pursuant to which the Company, in a private placement, issued and sold an aggregate of 13,876,032 shares of common stock, at a price per share of $10.81, for net proceeds of $149.9 million after deducting offering expenses (the “December 2025 Private Placement”).

March 2026 Private Placement

On March 26, 2026 the Company entered into a securities purchase agreement with entities affiliated with TCG Crossover Management, LLC (“TCGX”) pursuant to which the Company, in a private placement, issued and sold an aggregate of 5,338,078 shares of common stock, at a price per share of $14.05, for net proceeds of $74.9 million after deducting offering expenses (the “March 2026 Private Placement”). The private placement closed on March 30, 2026.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 20
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479951/505-20-S50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479982/505-20-S25-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

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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-Name Accounting Standards Codification
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-Paragraph 3
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-3

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 20
-Name Accounting Standards Codification
-Section S50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479951/505-20-S50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479982/505-20-S25-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481520/505-30-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.5-02(29))
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-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

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 17: 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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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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Reference 34: http://www.xbrl.org/2003/role/disclosureRef
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

+ Details

Stockholders' Equity and Warrants - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands						3 Months Ended		6 Months Ended
	Mar. 26, 2026	Dec. 15, 2025	Nov. 10, 2025	Jun. 25, 2025	Dec. 27, 2024	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Class of Stock [Line Items]
Change in fair value of warrant liabilities						$ 19,300	$ 1,299,922	$ 207,657	$ 1,299,922
2025 PIPE Warrants
Class of Stock [Line Items]
Amount of warrant issued				$ 175,000
RemeGen Warrant
Class of Stock [Line Items]
Amount of warrant issued				177,400
2024 Warrants
Class of Stock [Line Items]
Exercise price of warrants						$ 0		$ 0
2025 Warrants
Class of Stock [Line Items]
Warrants exercised						$ 269,912		$ 10,398,099
Warrants outstanding						$ 35,522,260		35,522,260
Change in fair value of warrant liabilities								$ 653,900
Private Placement
Class of Stock [Line Items]
Aggregate net proceeds				$ 174,400	$ 52,700
Exercise price of warrants				$ 0.002	$ 16.76
Warrants expiration period					7 years
Warrants expiration date					Dec. 30, 2031
Common Stock \| RemeGen Warrant
Class of Stock [Line Items]
Warrants purchase				16,000,000
Common Stock \| Private Placement
Class of Stock [Line Items]
Common stock shares sold		13,876,032			2,793,562
Warrants purchase				34,999,999	3,491,953
Aggregate net proceeds		$ 149,900
Common stock issued price per share		$ 10.81
Common Stock \| Private Placement \| TCGX
Class of Stock [Line Items]
Common stock shares sold	5,338,078
Aggregate net proceeds	$ 74,900
Common stock issued price per share	$ 14.05
Common Stock \| November 2025 Public Offering
Class of Stock [Line Items]
Common stock shares sold			11,500,000
Aggregate net proceeds			$ 107,700
Common stock issued price per share			$ 10
Common Stock \| 30day Option to Purchase Additional Shares Under November 2025 Offering
Class of Stock [Line Items]
Common stock shares sold			1,500,000

Net Loss Per Share - Potential Dilutive Securities Excluded from Computation of Diluted Net Loss Per Share (Details) - shares	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Options to Purchase Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potential dilutive securities excluded from computation of diluted net loss per share	7,545,245	4,731,052
Restricted Stock Units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potential dilutive securities excluded from computation of diluted net loss per share	373,811	96,432
Performance Stock Units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potential dilutive securities excluded from computation of diluted net loss per share	604,285	0
Warrants
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potential dilutive securities excluded from computation of diluted net loss per share	39,014,213	54,491,952

Subsequent Events - Additional Information (Details) - USD ($)

1 Months Ended

3 Months Ended

6 Months Ended

Jul. 31, 2026

Jun. 30, 2026

Mar. 31, 2026

Jun. 30, 2026

Jun. 30, 2025

Subsequent Event [Line Items]

Stock issuance cost

$ 234,000

$ 551,000

Common Stock

Subsequent Event [Line Items]

Issuance of common stock from exercise of warrants

^[1]

269,874

10,126,956

Subsequent Event | Stifel ATM Facility

Subsequent Event [Line Items]

Aggregate net proceeds

$ 48,900,000

Stock issuance cost

$ 500,000

Subsequent Event | 2025 Warrants

Subsequent Event [Line Items]

Warrants exercised

2,100,000

Issuance of common stock from exercise of warrants

2,099,787

Subsequent Event | Common Stock | Stifel ATM Facility

Subsequent Event [Line Items]

Number of shares issued

2,558,569

Weighted-average price per share

$ 19.11

Sales remaining capacity

$ 0

[1]	All share and per share amounts have been restated for prior periods on a retroactive basis to reflect a one-for-twenty reverse stock split effected in September 2025. See Note 2 for details.

Significant Agreements - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 25, 2025	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Significant Agreements [Line Items]
Cash payment related to warrant issued				$ 234	$ 551
Research and development expense		$ 25,920	$ 261,499	$ 43,515	$ 288,200
Telitacicept License Agreement
Significant Agreements [Line Items]
Research and development expense						$ 222,600
Regulatory milestone payments related to agreement	$ 330,000
Sales milestone payments related to agreement	3,775,000
RemeGen Warrant
Significant Agreements [Line Items]
Amount of warrant issued	177,400
RemeGen Warrant \| Telitacicept License Agreement
Significant Agreements [Line Items]
Cash payment related to warrant issued	45,000
Amount of warrant issued	$ 177,400
Warrant and rights payable						45,000
Transaction costs related to license agreement						$ 200

Accrued Liabilities

6 Months Ended

Jun. 30, 2026

Payables and Accruals [Abstract]

Accrued Liabilities

6. Accrued Liabilities

Accrued liabilities consisted of the following:


	June 30,		December 31,
(in thousands)	2026		2025
Employee-related expenses	$	4,719	$	3,066
Professional fees		1,141		1,366
Clinical expenses		9,418		8,466
Manufacturing expenses		3,945		6,071
Other research and development expenses		941		241
Other		317		554
Total accrued liabilities	$	20,481	$	19,764

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2026	Aug. 06, 2026
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2026
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Registrant Name	VOR BIOPHARMA INC.
Entity Central Index Key	0001817229
Entity File Number	001-39979
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-1591163
Entity Address, Address Line One	500 Boylston Street
Entity Address, Address Line Two	Suite 1350
Entity Address, City or Town	Boston
Entity Address, State or Province	MA
City Area Code	617
Entity Address, Postal Zip Code	02116
Local Phone Number	655-6580
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Common Stock, Shares Outstanding		59,162,294
Entity Shell Company	false
Document Quarterly Report	true
Document Transition Report	false
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	VOR
Security Exchange Name	NASDAQ

Leases - Summary of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Leases [Abstract]
Operating lease cost	$ 158	$ 13,085	$ 316	$ 15,036
Variable lease cost	67	774	126	1,485
Total lease cost	$ 225	$ 13,859	$ 442	$ 16,521

Leases

6 Months Ended

Jun. 30, 2026

Leases [Abstract]

Leases

9. Leases

Boylston Lease

In August 2025, the Company entered into a lease agreement for office space (“Boylston Lease”) with 500 Boylston & 222 Berkeley Owner (DE) LLC (the “Boylston Landlord”). The commencement date of the lease was September 1, 2025, and the Boylston Lease will expire on August 31, 2031, unless terminated earlier in accordance with the lease agreement. The Company has the option to extend the term for one additional five-year period.

Payments due associated with the Boylston Lease include both fixed and variable payments. Total fixed lease payments under the lease agreement are $3.8 million. Variable payments relate to the Company’s share of the Boylston Landlord’s operating costs associated with the underlying assets and are recognized when the event on which those payments are assessed occurs. The Boylston Lease does not contain a residual value guarantee.

In conjunction with the Boylston Lease, the Company was required to execute an irrevocable standby letter of credit of $0.2 million for the benefit of the Boylston Landlord. As of June 30, 2026, the funds securing the letter of credit were presented as restricted cash equivalents on the condensed consolidated balance sheets.

The elements of lease expense were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2026		2025		2026		2025
Operating lease cost	$	158	$	13,085	$	316	$	15,036
Variable lease cost		67		774		126		1,485
Total lease cost	$	225	$	13,859	$	442	$	16,521

During the three and six months ended June 30, 2025, the Company entered into an early termination agreement with the landlord of its previously leased office space on June 20, 2025, pursuant to which the parties agreed to terminate the lease, effective August 4, 2025. Per the terms of such agreement, the Company made a non-refundable termination payment in the amount of $8.5 million to the previous landlord. The early termination was treated as a lease modification for accounting purposes. As a result of the modification, the Company remeasured the lease liability and recognized a corresponding adjustment to the right-of-use asset as of the date of the modification. Additionally, as of June 30, 2025, the space was determined to be abandoned, thus the Company accelerated amortization of the right of-use asset and de-recognized any remaining balances during the period. The total expense recognized in the three and six months ended June 30, 2025 in connection with the termination of the lease in those periods was $11.2 million.

Amounts reported in the condensed consolidated balance sheets and the weighted-average lease term and discount rate information were as follows:


(in thousands except weighted-average amounts)	June 30, 2026			December 31, 2025
Assets
Operating lease right-of-use assets	$	2,718		$		2,936
Liabilities
Operating lease liabilities, current	$	335		$		280
Operating lease liabilities, non-current		2,542				2,720
Total lease liabilities	$	2,877		$		3,000
Weighted-Average Lease Term and Discount Rate
Weighted-average remaining lease term (years)		5.2			5.7
Weighted-average discount rate		6.7	%			6.7	%

The following table represents other lease activity:


	Three months ended				Six months ended
(in thousands)	2026		2025		2026		2025
Other Information
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	$	110	$	10,196	$	220	$	11,884

Leases - Summary of Other Lease Activity (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Cash Paid For Amounts Included In The Measurement Of Lease Liabilities [Abstract]
Operating cash flows for operating leases	$ 110	$ 10,196	$ 220	$ 11,884

Related Party Transactions

6 Months Ended

Jun. 30, 2026

Related Party Transactions

13. Related Party Transactions

March 2026 Private Placement

As discussed in Note 7, on March 26, 2026, the Company entered into a securities purchase agreement with entities affiliated with TCGX pursuant to which the Company issued and sold an aggregate of 5,338,078 shares of common stock, at a price per share of $14.05, for net proceeds of $74.9 million after deducting offering expenses. Upon the execution of the March 2026 Private Placement on March 30, 2026, TCGX became a greater than 10% owner of the Company’s common stock and therefore became a principal owner in accordance with ASC 850, Related Party Transactions.

- 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 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

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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-Name Accounting Standards Codification
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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
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-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

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-Section S99
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-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
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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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-URI https://asc.fasb.org/850/tableOfContent

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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-Section 50
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Property, Plant, and Equipment [Abstract]
Depreciation expense	$ 2,100	$ 64	$ 2,862

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock options granted	972,425	4,377,494
Weighted-average grant-date fair value of stock options granted	$ 11.65	$ 14.6
Unrecognized compensation expense related to stock options	$ 107.3
Unrecognized share based compensation expense, recognition period	3 years 1 month 6 days
Number of options outstanding	7,545,245
Stock options exercised	0
Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted-average exercise price		$ 3
Employee Stock Option Member
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting rights description	vest ratably over a four-year period
Vesting period	4 years
Contractual term	10 years
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock units granted	194,715	61,200
Weighted average grant date fair value of restricted stock, granted	$ 14.9	$ 26.6
Unrecognized compensation expense related to related to restricted stock units	$ 7.6
Unrecognized share based compensation expense, recognition period	3 years 4 months 24 days
Unvested restricted stock	373,811
Performance Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock units granted	604,285
Weighted average grant date fair value of restricted stock, granted	$ 14.09
Unrecognized compensation expense related to related to restricted stock units	$ 8.5
Common Stock \| Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for future issuance	205,932
Shares of common stock issued under ESPP	0	33,494
2023 Inducement Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for future issuance	2,274,893
2021 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for future issuance	517,674

Significant Agreements

6 Months Ended

Jun. 30, 2026

Significant Agreements [Abstract]

Significant Agreements

10. Significant Agreements

Telitacicept License Agreement

On June 25, 2025, the Company and RemeGen Co., Ltd. (“RemeGen”) entered into a license agreement (the “Telitacicept License Agreement”) granting the Company exclusive rights to develop and commercialize RemeGen’s proprietary fusion protein compound, telitacicept (the “Licensed Compound”), outside of the People’s Republic of China, Hong Kong, Macau and Taiwan

(collectively, “Greater China”). RemeGen retains all rights to the Licensed Compound in Greater China. Under the License Agreement, the Company received an exclusive (even as to RemeGen) license under RemeGen’s patents and know-how to exploit, develop and commercialize the Licensed Compound in all territories other than Greater China, with the right to grant sublicenses. The Company also received a non-exclusive license to manufacture the Licensed Compound and any resulting licensed products (“Licensed Products”) worldwide solely for use in the licensed territory. The Company is responsible for all development, regulatory and commercialization activities and costs in the licensed territory, including the conduct of clinical trials and regulatory submissions. The Telitacicept License Agreement established a joint steering committee (“JSC”) to oversee the ongoing development and commercialization of telitacicept. The JSC comprises an equal number of senior-level executives from each party; however, final decision-making authority as it relates to the development and commercialization of the Licensed Compound outside Greater China lies with the Company.

As consideration for the rights granted, the Company agreed to make an upfront cash payment in the amount of $45.0 million and issued the RemeGen Warrant to a subsidiary of RemeGen, which was initially valued at $177.4 million. Refer to Note 7 for details on the terms of the RemeGen Warrant. The $45.0 million cash payment due to RemeGen was paid during the year ended December 31, 2025. The Company incurred $0.2 million in transaction costs related to the Telitacicept License Agreement during the year ended December 31, 2025.

The Company accounted for the Telitacicept License Agreement as an asset acquisition as substantially all of the value received was concentrated in the Licensed Compound which does not have an alternate future use as it is not yet approved for commercial sale in the licensed territory. Accordingly, the Company recognized a $222.6 million charge to research and development expense on the condensed consolidated statement of operations and comprehensive loss during the year ended December 31, 2025 associated with this asset acquisition. The Company’s accounting policy is to classify the cost of asset acquisitions as an operating cash outflow on the condensed consolidated statement of cash flows.

Pursuant to the terms of the Telitacicept License Agreement, RemeGen is eligible to receive up to $330 million in regulatory milestone payments and up to $3.775 billion in sales milestone payments. In addition, RemeGen is entitled to receive tiered royalties on net sales of the Licensed Products in the licensed territory, ranging from high single digit to mid-teen percentages of net sales, subject to customary reductions. If the Company enters into a sublicense or divests rights to the Licensed Products prior to a specified development event and other than in connection with a change of control, RemeGen is entitled to receive a single digit percentage of certain net proceeds from such transactions. The Telitacicept License Agreement also provides for technology transfer, mutual indemnification and confidentiality. As of June 30, 2026, no milestone or royalty payments have been accrued for as the consideration is not yet payable per the terms of the Agreement.

The Telitacicept License Agreement may be terminated, in its entirety or on a region-by-region basis, by either party for material breach (subject to cure periods and dispute resolution) or insolvency of the other party, by the Company for convenience with advance notice, or by RemeGen if the Company challenges the validity of licensed patents. Upon termination, all rights and licenses in the terminated region will revert to RemeGen, with a wind-down period for the Company to cease activities.

Leases (Tables)

6 Months Ended

Jun. 30, 2026

Leases [Abstract]

Summary of Lease Expense

The elements of lease expense were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2026		2025		2026		2025
Operating lease cost	$	158	$	13,085	$	316	$	15,036
Variable lease cost		67		774		126		1,485
Total lease cost	$	225	$	13,859	$	442	$	16,521

Summary of Amounts Reported in Condensed Consolidated Balance Sheets and Weighted-average Lease Term and Discount rate Information

Amounts reported in the condensed consolidated balance sheets and the weighted-average lease term and discount rate information were as follows:


(in thousands except weighted-average amounts)	June 30, 2026			December 31, 2025
Assets
Operating lease right-of-use assets	$	2,718		$		2,936
Liabilities
Operating lease liabilities, current	$	335		$		280
Operating lease liabilities, non-current		2,542				2,720
Total lease liabilities	$	2,877		$		3,000
Weighted-Average Lease Term and Discount Rate
Weighted-average remaining lease term (years)		5.2			5.7
Weighted-average discount rate		6.7	%			6.7	%

Summary of Other Lease Activity

The following table represents other lease activity:


	Three months ended				Six months ended
(in thousands)	2026		2025		2026		2025
Other Information
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	$	110	$	10,196	$	220	$	11,884

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2026
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates issued by the Financial Accounting Standards Board. September 2025 Reverse Stock Split On August 25, 2025, the Company’s stockholders approved a proposal to authorize the Company’s board of directors to amend the Company’s Amended and Restated Certificate of Incorporation to effect a reverse stock split. The Board approved the reverse stock split on August 27, 2025 and, on September 18, 2025, the Company effected a 1-for-20 reverse stock split of its common stock. The par value and the number of authorized shares of the common stock were not adjusted as a result of the reverse stock split. All share and per share amounts for periods prior to the effective date presented in these condensed consolidated financial statements and the notes thereto have been adjusted retroactively, where applicable, to reflect the effect of this reverse stock split. Use of Estimates The preparation of the condensed consolidated financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the condensed consolidated financial statements and the reported amount of expenses during the reporting period. Actual results could differ from those estimates. Management considers many factors in selecting appropriate financial accounting policies in developing the estimates and assumptions that are used in the preparation of the condensed consolidated financial statements. Management must apply significant judgment in this process. Management’s estimation process often may yield a range of potentially reasonable estimates and management must select an amount that falls within that range of reasonable estimates. Estimates are used in the following areas, among others: accrued expenses and stock-based compensation expense. Unaudited Interim Financial Information The condensed consolidated financial statements of the Company included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiary. All intercompany transactions and balances have been eliminated in consolidation. In the opinion of management, the information furnished reflects all adjustments, all of which are of a normal and recurring nature, necessary for a fair presentation of the results for the reported interim periods. The results of operations for interim periods are not necessarily indicative of results to be expected for the full year or any other interim period. The accompanying condensed consolidated balance sheet as of December 31, 2025 has been derived from the Company’s audited consolidated financial statements for the year ended December 31, 2025. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to GAAP or the rules and regulations of the SEC. However, the Company believes that the disclosures are adequate to make the information presented not misleading. These unaudited interim condensed consolidated financial statements should be read in conjunction with the audited annual consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 (the “2025 Annual Report”). There have been no material changes to the Company’s significant accounting policies as described in the 2025 Annual Report.

Net Loss Per Share - Schedule of Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2026

Mar. 31, 2026

Jun. 30, 2025

Mar. 31, 2025

Jun. 30, 2026

Jun. 30, 2025

Numerator:

us-gaap:NetIncomeLoss

$ (62,810)

$ (219,582)

$ (1,573,669)

$ (32,486)

$ (282,392)

$ (1,606,155)

Denominator, basic

Weighted-average number of common shares outstanding, basic

54,304,456

^[1]

6,263,572

^[1]

48,689,196

6,252,452

Net loss per share attributable to common stockholders, basic

$ (1.16)

^[1]

$ (251.24)

^[1]

$ (5.8)

$ (256.88)

Denominator, diluted

Weighted-average number of common shares outstanding, diluted

54,304,456

^[1]

6,263,572

^[1]

48,689,196

6,252,452

Net loss per share attributable to common stockholders, diluted

$ (1.16)

^[1]

$ (251.24)

^[1]

$ (5.8)

$ (256.88)

[1]	All share and per share amounts have been restated for prior periods on a retroactive basis to reflect a one-for-twenty reverse stock split effected in September 2025. See Note 2 for details.

- Definition

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

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+ Details

- Definition

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

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+ Details

- Definition

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

+ References

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+ Details

Segments - Additional Information (Details) $ in Millions	6 Months Ended
Segments - Additional Information (Details) $ in Millions	Jun. 30, 2026 USD ($) Segment
Segment Reporting [Abstract]
Number of reportable segment	1
Number of operating segment	1
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	srt:ChiefExecutiveOfficerMember
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description	The Company’s CODM reviews consolidated operating results, manages the business on a consolidated basis and utilizes consolidated net loss from the condensed consolidated statements of operations and comprehensive loss to make decisions about allocating resources and assessing performance for the entire Company.
Segment Reporting, Expense Information Used by CODM, Type [Extensible Enumeration]	us-gaap:NetIncomeLoss
Cash and marketable securities \| $	$ 466.1

Segments - Summary of the Segment Profit or Loss, Including Significant Segment Expenses (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025
Segment Reporting [Line Items]
Salaries and benefits	$ 9,787		$ 17,863		$ 17,342	$ 29,476
General corporate activities	8,235		16,694		13,209	21,863
Other segment items	24,403		1,308,454		218,063	1,311,145
Segment expenses	62,810		1,573,669		282,392	1,606,155
Net loss	(62,810)	$ (219,582)	(1,573,669)	$ (32,486)	(282,392)	(1,606,155)
Telitacicept - gMG
Segment Reporting [Line Items]
External research and development expenditures	12,152				21,945
Telitacicept - SjD
Segment Reporting [Line Items]
External research and development expenditures	6,331				8,830
Trem-cel
Segment Reporting [Line Items]
External research and development expenditures	0		3,095		250	9,477
VCAR33
Segment Reporting [Line Items]
External research and development expenditures	0		2,419		73	6,055
Other Research and Development
Segment Reporting [Line Items]
External research and development expenditures	$ 1,902		$ 225,144		$ 2,680	$ 228,139

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands

Jun. 30, 2026

Dec. 31, 2025

Current assets:

Cash and cash equivalents

$ 107,855

$ 396,486

Marketable securities

358,274

58,722

Prepaid expenses

5,875

1,152

Other current assets

3,103

1,745

Total current assets

475,107

458,105

Restricted cash

168

Property and equipment, net

648

533

Operating lease right-of-use assets

2,718

2,936

Other assets

2,412

2,384

Total assets

481,053

464,126

Current liabilities:

Accounts payable

3,998

5,127

Accrued liabilities

20,481

19,764

Operating lease liabilities

335

280

Total current liabilities

24,814

25,171

Non-current liabilities:

Operating lease liabilities, less current portion

2,542

2,720

Warrant liabilities

653,894

600,547

Total liabilities

681,250

628,438

Stockholders' deficit:

Preferred stock, $0.0001 par value; 10,000,000 shares authorized as of June 30, 2026 and December 31, 2025; 0 shares issued and outstanding as of June 30, 2026 and December 31, 2025

Common stock, $0.0001 par value; 800,000,000 and 400,000,000 shares authorized as of June 30, 2026 and December 31, 2025, respectively; 54,455,751 and 38,720,196 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively

^[1]

Additional paid-in capital

^[1]

1,236,073

988,604

Accumulated other comprehensive (loss) income

^[1]

(922)

Accumulated deficit

^[1]

(1,435,367)

(1,152,975)

Total stockholders' deficit

^[1]

(200,197)

(164,312)

Total liabilities and stockholders' deficit

$ 481,053

$ 464,126

[1]	All share and per share amounts have been restated for prior periods on a retroactive basis to reflect a one-for-twenty reverse stock split effected in September 2025. See Note 2 for details.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

Operating expenses:

Research and development

$ 25,920

$ 261,499

$ 43,515

$ 288,200

General and administrative

21,933

12,785

39,498

19,375

Total operating expenses

47,853

274,284

83,013

307,575

Loss from operations

(47,853)

(274,284)

(83,013)

(307,575)

Other income (expense):

Interest income

4,343

537

8,278

1,342

Change in fair value of warrant liabilities

(19,300)

(1,299,922)

(207,657)

(1,299,922)

Total other expense, net

(14,957)

(1,299,385)

(199,379)

(1,298,580)

Net loss

$ (62,810)

$ (1,573,669)

$ (282,392)

$ (1,606,155)

Net loss per share attributable to common stockholders, basic

$ (1.16)

^[1]

$ (251.24)

^[1]

$ (5.8)

$ (256.88)

Net loss per share attributable to common stockholders, diluted

$ (1.16)

^[1]

$ (251.24)

^[1]

$ (5.8)

$ (256.88)

Weighted-average common shares outstanding, basic

54,304,456

^[1]

6,263,572

^[1]

48,689,196

6,252,452

Weighted-average common shares outstanding, diluted

54,304,456

^[1]

6,263,572

^[1]

48,689,196

6,252,452

Other comprehensive loss:

Unrealized loss on available for sale marketable securities

$ (216)

$ (9)

$ (963)

$ (8)

Total other comprehensive loss:

(216)

(9)

(963)

(8)

Comprehensive loss

$ (63,026)

$ (1,573,678)

$ (283,355)

$ (1,606,163)

[1]	All share and per share amounts have been restated for prior periods on a retroactive basis to reflect a one-for-twenty reverse stock split effected in September 2025. See Note 2 for details.

Property and Equipment, Net

6 Months Ended

Jun. 30, 2026

Property, Plant, and Equipment [Abstract]

Property and Equipment, Net

5. Property and Equipment, Net

Property and equipment, net consisted of the following:


	June 30,			December 31,
(in thousands)	2026			2025
Furniture, fixtures and other		738			558
Total		738			558
Less: Accumulated depreciation		(90	)		(25	)
Property and equipment, net	$	648		$	533

An immaterial amount of depreciation was recognized during the three and six months ended June 30, 2026. Depreciation expense for the three and six months ended June 30, 2025 was $2.1 and $2.9 million, respectively.

- Definition

The entire disclosure for property, plant, and equipment. Includes, but is not limited to, land and land improvement; building; machinery and equipment; furniture and fixture; and work of art, historical treasure, or similar asset classified as collection.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
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-Name Accounting Standards Codification
-Section 50
-Paragraph 3
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/360/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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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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-Subparagraph (SAB Topic 5.CC)
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-SubTopic 360
-Topic 958
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477798/958-360-50-7

+ Details

Marketable Securities

6 Months Ended

Jun. 30, 2026

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

3. Marketable Securities

The amortized cost and estimated fair value of marketable securities, by remaining contractual maturity, are as follows:


	June 30, 2026
(in thousands)	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses			Fair Value

Maturing in one year or less
Corporate bonds	$	64,673		—	$	(190	)	$	64,483
Commercial paper		8,424		—		—			8,424
Yankee bonds		2,510		—		(15	)		2,495
U.S. Treasuries		131,087		—		(252	)		130,835
U.S. Treasury bills		45,913		—		(5	)		45,908
Maturing after one year through five years
Corporate bonds		48,200		—		(245	)		47,955
U.S. Treasuries		58,389		—		(215	)		58,174
Total	$	359,196	$	—	$	(922	)	$	358,274


	December 31, 2025
(in thousands)	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses		Fair Value

Maturing in one year or less
U.S. Treasuries	$	25,772	$	16	$	—	$	25,788
U.S. Treasury bills		13,636		6		—		13,642
Maturing after one year through five years
U.S. Treasuries		19,273		19		—		19,292
Total	$	58,681	$	41	$	—	$	58,722

The following table presents the fair value of the Company’s securities that were in an unrealized loss position as of June 30, 2026, and the total unrealized loss by each type of security. The Company did not record any impairments to marketable securities or reserves for credit losses related to its marketable debt securities during the periods presented. There were no securities in an unrealized loss position as of December 31, 2025.


	June 30, 2026
	Less than twelve months					Greater than twelve months				Total
(in thousands)	Fair value		Unrealized loss			Fair value		Unrealized loss		Fair value		Unrealized loss
Corporate bonds	$	112,438	$	(435	)		—		—	$	112,438	$	(435	)
Commercial paper		8,424		—			—		—		8,424		—
U.S. Treasury bills		45,908		(5	)		—		—		45,908		(5	)
U.S. Treasuries		189,009		(467	)		—		—		189,009		(467	)
Yankee bonds		2,495		(15	)		—		—		2,495		(15	)
Total	$	358,274	$	(922	)	$	—	$	—	$	358,274	$	(922	)

Segments

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Segments

12. Segments

The Company operates and manages its business as one reportable and operating segment, centered around the commercial development of its product candidates. The Company’s chief operating decision maker (“CODM”) is the Chief Executive Officer.

The Company’s CODM reviews consolidated operating results, manages the business on a consolidated basis and utilizes consolidated net loss from the condensed consolidated statements of operations and comprehensive loss to make decisions about allocating resources and assessing performance for the entire Company. Consolidated net loss is also used to monitor budget to actual results. The CODM is additionally regularly provided with more detailed expense information at the program level.

The following table is a summary of the segment profit or loss, including significant segment expenses:


	Three Months Ended June 30,						Six Months Ended June 30,
(in thousands)	2026			2025			2026			2025
Segment expenses:
Telitacicept - gMG(a)	$	12,152		$	—		$	21,945		$	—
Telitacicept - SjD(a)		6,331			—			8,830			—
Trem-cel(a)		—			3,095			250			9,477
VCAR33(a)		—			2,419			73			6,055
Other research and development(a)		1,902			225,144			2,680			228,139
Salaries and benefits		9,787			17,863			17,342			29,476
General corporate activities		8,235			16,694			13,209			21,863
Other segment items(b)		24,403			1,308,454			218,063			1,311,145
Segment expenses:		62,810			1,573,669			282,392			1,606,155
Segment net loss	$	(62,810	)	$	(1,573,669	)	$	(282,392	)	$	(1,606,155	)

(a) Includes only external research and development expenditures.

(b) Other segment items are primarily comprised of interest income on marketable securities and certain non-cash expenses such as change in fair value of warrant liabilities, stock-based compensation, and depreciation expense.

The measure of segment assets is reported on the condensed consolidated balance sheets as total assets. The CODM additionally reviews cash, cash equivalents and marketable securities when reviewing segment assets. As of June 30, 2026, the Company’s cash, cash equivalents and marketable securities were $466.1 million. The Company does not provide its CODM with any more detailed segment asset information than what is included on the Company’s condensed consolidated balance sheets.

- Definition

The entire disclosure for segment reporting.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

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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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

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 9: 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/exampleRef
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+ Details

Marketable Securities - Additional Information (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2026	Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]
Credit losses related to marketable securities	$ 0
Unrealized loss position		$ 0

Nature of the Business - Additional Information (Details) - USD ($)
$ in Thousands

6 Months Ended

Jun. 30, 2026

Dec. 31, 2025

Accounting Policies [Abstract]

Incorporation date

Dec. 30, 2015

Cash and marketable securities

$ 466,100

Accumulated deficit

^[1]

$ 1,435,367

$ 1,152,975

[1]	All share and per share amounts have been restated for prior periods on a retroactive basis to reflect a one-for-twenty reverse stock split effected in September 2025. See Note 2 for details.

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-4

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-Topic 944
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-Name Accounting Standards Codification
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-Publisher FASB
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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
-Topic 946
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(17))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

+ Details

Nature of the Business

6 Months Ended

Jun. 30, 2026

Accounting Policies [Abstract]

Nature of the Business

1. Nature of the Business

Vor Biopharma Inc. (the “Company”) is a clinical-stage company advancing telitacicept, a novel, dual-target recombinant fusion protein that inhibits both BLyS (BAFF) and APRIL—two key cytokines involved in B cell survival and autoantibody production. This dual-target mechanism reduces autoreactive B cells and autoantibody production, key drivers of autoimmune pathology. The Company is headquartered in Boston, Massachusetts. The Company was incorporated on December 30, 2015.

Risks and Uncertainties

The Company is subject to a number of risks common to development stage companies in the biotechnology industry, including, but not limited to, risks of failure of clinical trials, dependence on key personnel, protection of proprietary technology, reliance on third party organizations, uncertainty of obtaining regulatory approval for any product candidate that it may develop, development by competitors of technological innovations, compliance with government regulations, adverse macroeconomic conditions and the need to obtain additional financing.

Liquidity and Capital Resources

The Company expects that its existing cash, cash equivalents and marketable securities as of June 30, 2026 of $466.1 million will be sufficient to allow the Company to fund its current planned operations through at least a period of one year after the date the financial statements are issued.

As of June 30, 2026, the Company has an accumulated deficit of $1,435.4 million. The Company anticipates that it will continue to incur significant operating losses for the next several years as it continues to develop its product candidate. As a result, the Company's continued operations are dependent on its ability to raise additional funding. If the Company is unable to obtain additional funding on a timely basis, it may be forced to significantly curtail, delay, or discontinue one or more of its planned research or development programs or be unable to expand its operations.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) (Parenthetical)	3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Statement of Stockholders' Equity [Abstract]
Reverse stock split conversion ratio	0.05	0.05	0.05	0.05	0.05	0.05	0.05

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) - USD ($)
$ in Thousands

Total

Common Stock

Additional Paid-In Capital

Accumulated Other Comprehensive Income (Loss)

Accumulated Deficit

Beginning Balance at Dec. 31, 2024

$ 96,664

$ 13

$ 553,623

$ 22

$ (456,994)

Beginning Balance, Shares at Dec. 31, 2024

6,238,799

Issuance of common stock upon vesting of RSUs, net of shares withheld for taxes, and exercise of stock options

(55)

Issuance of common stock upon vesting of RSUs, net of shares withheld for taxes, and exercise of stock options, shares

3,769

Issuance costs for private placement

Stock-based compensation expense

1,933

Other comprehensive income (loss)

Net loss

(32,486)

Ending Balance at Mar. 31, 2025

66,069

$ 13

555,513

(489,480)

Ending Balance, Shares at Mar. 31, 2025

6,242,568

Beginning Balance at Dec. 31, 2024

96,664

$ 13

553,623

(456,994)

Beginning Balance, Shares at Dec. 31, 2024

6,238,799

Other comprehensive income (loss)

(8)

Net loss

(1,606,155)

Ending Balance at Jun. 30, 2025

(1,505,700)

$ 13

557,422

(2,063,149)

Ending Balance, Shares at Jun. 30, 2025

6,282,288

Beginning Balance at Mar. 31, 2025

66,069

$ 13

555,513

(489,480)

Beginning Balance, Shares at Mar. 31, 2025

6,242,568

Issuance of common stock upon vesting of RSUs, net of shares withheld for taxes, exercise of stock options, and issuance of common stock under ESPP

Issuance of common stock upon vesting of RSUs, net of shares withheld for taxes, exercise of stock options, and issuance of common stock under ESPP, Shares

39,720

Stock-based compensation expense

1,844

Other comprehensive income (loss)

(9)

Net loss

(1,573,669)

Ending Balance at Jun. 30, 2025

(1,505,700)

$ 13

557,422

(2,063,149)

Ending Balance, Shares at Jun. 30, 2025

6,282,288

Beginning Balance at Dec. 31, 2025

$ (164,312)

^[1]

$ 18

^[2]

988,604

(1,152,975)

Beginning Balance, Shares at Dec. 31, 2025

38,720,196

^[2]

Issuance of common stock upon vesting of RSUs, net of shares withheld for taxes, and exercise of stock options

$ (2)

(2)

Issuance of common stock upon vesting of RSUs, net of shares withheld for taxes, and exercise of stock options, shares

^[2]

352

Issuance of common stock from private placement, net of issuance costs, shares

^[2]

5,338,078

Issuance of common stock from private placement, net of issuance costs

74,906

Stock-based compensation expense

8,870

Issuance of common stock from exercise of pre-funded warrants

150,446

$ 1

^[2]

150,445

Issuance of common stock from exercise of pre-funded warrants, shares

^[2]

10,126,956

Other comprehensive income (loss)

(747)

Net loss

(219,582)

Ending Balance at Mar. 31, 2026

(150,421)

$ 19

^[2]

1,222,823

(706)

(1,372,557)

Ending Balance, Shares at Mar. 31, 2026

^[2]

54,185,582

Beginning Balance at Dec. 31, 2025

$ (164,312)

^[1]

$ 18

^[2]

988,604

(1,152,975)

Beginning Balance, Shares at Dec. 31, 2025

38,720,196

^[2]

Other comprehensive income (loss)

$ (963)

Net loss

(282,392)

Ending Balance at Jun. 30, 2026

$ (200,197)

^[1]

$ 19

^[2]

1,236,073

(922)

(1,435,367)

Ending Balance, Shares at Jun. 30, 2026

54,455,751

^[2]

Beginning Balance at Mar. 31, 2026

$ (150,421)

$ 19

^[2]

1,222,823

(706)

(1,372,557)

Beginning Balance, Shares at Mar. 31, 2026

^[2]

54,185,582

Issuance of common stock upon vesting of RSUs, net of shares withheld for taxes, and exercise of stock options

(2)

Issuance of common stock upon vesting of RSUs, net of shares withheld for taxes, and exercise of stock options, shares

^[2]

295

Issuance costs for private placement

(14)

Stock-based compensation expense

9,399

Issuance of common stock from exercise of pre-funded warrants

3,867

Issuance of common stock from exercise of pre-funded warrants, shares

^[2]

269,874

Other comprehensive income (loss)

(216)

Net loss

(62,810)

Ending Balance at Jun. 30, 2026

$ (200,197)

^[1]

$ 19

^[2]

$ 1,236,073

$ (922)

$ (1,435,367)

Ending Balance, Shares at Jun. 30, 2026

54,455,751

^[2]

[1]	All share and per share amounts have been restated for prior periods on a retroactive basis to reflect a one-for-twenty reverse stock split effected in September 2025. See Note 2 for details.
[2]	All share and per share amounts have been restated for prior periods on a retroactive basis to reflect a one-for-twenty reverse stock split effected in September 2025. See Note 2 for details.

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical)	3 Months Ended	6 Months Ended	12 Months Ended
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical)	Jun. 30, 2026 $ / shares shares	Jun. 30, 2026 $ / shares shares	Dec. 31, 2025 $ / shares shares
Preferred stock, par value \| $ / shares	$ 0.0001	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000	10,000,000
Preferred stock, shares issued	0	0	0
Preferred stock, shares outstanding	0	0	0
Common stock, par value \| $ / shares	$ 0.0001	$ 0.0001	$ 0.0001
Common stock, shares authorized	800,000,000	800,000,000	400,000,000
Common stock, shares issued	54,455,751	54,455,751	38,720,196
Common stock, shares outstanding	54,455,751	54,455,751	38,720,196
Reverse stock split conversion ratio	0.05	0.05	0.05

- Definition

Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.

+ References

+ Details

- Definition

The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws.

+ References + Details

- Definition

Number of shares issued for nonredeemable preferred shares and preferred shares redeemable solely at option of issuer. Includes, but is not limited to, preferred shares issued, repurchased, and held as treasury shares. Excludes preferred shares classified as debt.

+ References + Details

- Definition

Aggregate share number for all nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) held by stockholders. Does not include preferred shares that have been repurchased.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-11

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.6-05(4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(4)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(16)(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(7))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

+ Details

Property and Equipment, Net (Tables)

6 Months Ended

Jun. 30, 2026

Property, Plant, and Equipment [Abstract]

Schedule of Property and Equipment, Net

Property and equipment, net consisted of the following:


	June 30,			December 31,
(in thousands)	2026			2025
Furniture, fixtures and other		738			558
Total		738			558
Less: Accumulated depreciation		(90	)		(25	)
Property and equipment, net	$	648		$	533

Marketable Securities (Tables)

6 Months Ended

Jun. 30, 2026

Investments, Debt and Equity Securities [Abstract]

Summary of Amortized Cost and Estimated Fair Value of Marketable Securities by Contractual Maturity

The amortized cost and estimated fair value of marketable securities, by remaining contractual maturity, are as follows:


	June 30, 2026
(in thousands)	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses			Fair Value

Maturing in one year or less
Corporate bonds	$	64,673		—	$	(190	)	$	64,483
Commercial paper		8,424		—		—			8,424
Yankee bonds		2,510		—		(15	)		2,495
U.S. Treasuries		131,087		—		(252	)		130,835
U.S. Treasury bills		45,913		—		(5	)		45,908
Maturing after one year through five years
Corporate bonds		48,200		—		(245	)		47,955
U.S. Treasuries		58,389		—		(215	)		58,174
Total	$	359,196	$	—	$	(922	)	$	358,274


	December 31, 2025
(in thousands)	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses		Fair Value

Maturing in one year or less
U.S. Treasuries	$	25,772	$	16	$	—	$	25,788
U.S. Treasury bills		13,636		6		—		13,642
Maturing after one year through five years
U.S. Treasuries		19,273		19		—		19,292
Total	$	58,681	$	41	$	—	$	58,722

Schedule of Fair Value and Gross Unrealized Losses of Marketable Securities


	June 30, 2026
	Less than twelve months					Greater than twelve months				Total
(in thousands)	Fair value		Unrealized loss			Fair value		Unrealized loss		Fair value		Unrealized loss
Corporate bonds	$	112,438	$	(435	)		—		—	$	112,438	$	(435	)
Commercial paper		8,424		—			—		—		8,424		—
U.S. Treasury bills		45,908		(5	)		—		—		45,908		(5	)
U.S. Treasuries		189,009		(467	)		—		—		189,009		(467	)
Yankee bonds		2,495		(15	)		—		—		2,495		(15	)
Total	$	358,274	$	(922	)	$	—	$	—	$	358,274	$	(922	)

Stock-Based Compensation

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

8. Stock-Based Compensation

2023 Inducement Plan

As of June 30, 2026, the Company had 2,274,893 shares of its common stock available for future issuance under the 2023 Inducement Plan.

Amended and Restated 2021 Equity Incentive Plan

As of June 30, 2026, the Company had 517,674 shares of its common stock available for future issuance under its Amended and Restated 2021 Equity Incentive Plan.

Stock Options

The Company’s stock options generally vest ratably over a four-year period and have a contractual term of ten years. The weighted-average assumptions used principally in determining the fair value of new options granted during the periods presented were as follows:


	Six months ended June 30,
	2026			2025
Expected term (in years)		6.0			6.1
Expected volatility		101.8	%		98.9	%
Risk-free interest rate		4.0	%		3.9	%
Dividend yield		—			—

During the six months ended June 30, 2026 and 2025, the Company granted new stock options to purchase 972,425 shares and 4,377,494 shares of its common stock, respectively, with a weighted-average grant-date fair value of $11.65 and $14.60 per share, respectively. As of June 30, 2026, total unrecognized compensation expense related to stock options was $107.3 million, which is expected to be recognized over a weighted-average period of 3.1 years. There were no stock options exercised during the six months ended June 30, 2026. There were 7,545,245 options outstanding as of June 30, 2026.

Restricted Stock Units

During the six months ended June 30, 2026 and 2025, the Company granted 194,715 and 61,200 restricted stock units, respectively, with a weighted-average grant date fair value of $14.90 and $26.60 per share, respectively. As of June 30, 2026, total unrecognized compensation expense related to restricted stock units was $7.6 million, which is expected to be recognized over a weighted-average period of 3.4 years. There were 373,811 unvested restricted stock units as of June 30, 2026.

Employee Stock Purchase Plan

As of June 30, 2026, the Company had 205,932 shares of its common stock available for issuance under its Employee Stock Purchase Plan (“ESPP”). The Company did not issue any shares of common stock under the ESPP during the six months ended June 30, 2026. The Company issued 33,494 shares with a weighted-average exercise price of $3 under the ESPP during the six months ended June 30, 2025.

Performance Stock Units

During the six months ended June 30, 2026, the Company granted a total of 604,285 Performance Stock Units (“PSUs”) with an initial fair value of $14.09 to certain members of the Company’s management team. Vesting of the PSUs is contingent upon meeting certain performance conditions as well as meeting certain service conditions. The total initial expense of $8.5 million for these awards is expected to be recognized through June 2029, depending on the achievement of the related performance conditions.

Stock-Based Compensation

Stock-based compensation expense was allocated as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2026		2025		2026		2025
Research and development	$	814	$	599	$	1,414	$	1,641
General and administrative		8,585		1,245		16,855		2,136
Total stock-based compensation expense	$	9,399	$	1,844	$	18,269	$	3,777

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

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

The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis:


	June 30, 2026
(in thousands)	Level 1		Level 2		Level 3		Total

Cash equivalents
Money market funds	$	106,896	$	—	$	—	$	106,896
Total cash equivalents		106,896		—		—		106,896
Marketable securities
Corporate bonds		—		112,438		—		112,438
Commercial paper		—		8,424		—		8,424
U.S. Treasury bills		—		45,908		—		45,908
U.S. Treasuries		—		189,009		—		189,009
Yankee bonds		—		2,495		—		2,495
Total marketable securities		—		358,274		—		358,274
Restricted cash equivalents
Money market funds		168		—		—		168
Liabilities
Warrant liabilities		—		653,894		—		653,894


	December 31, 2025
(in thousands)	Level 1		Level 2		Level 3		Total

Cash equivalents
Money market funds	$	392,803	$	—	$	—	$	392,803
U.S. Treasury bills		—		3,434		—		3,434
Total cash equivalents		392,803		3,434		—		396,237
Marketable securities
U.S. Treasury bills		—		13,642		—		13,642
U.S. Treasuries		—		45,080		—		45,080
Total marketable securities		—		58,722		—		58,722
Restricted cash equivalents
Money market funds		168		—		—		168
Liabilities
Warrant liabilities		—		600,547		—		600,547

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Parenthetical)	3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Income Statement [Abstract]
Reverse stock split conversion ratio	0.05	0.05	0.05	0.05	0.05	0.05	0.05

Segments (Tables)

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Summary of the Segment Profit or Loss, Including Significant Segment Expenses

The following table is a summary of the segment profit or loss, including significant segment expenses:


	Three Months Ended June 30,						Six Months Ended June 30,
(in thousands)	2026			2025			2026			2025
Segment expenses:
Telitacicept - gMG(a)	$	12,152		$	—		$	21,945		$	—
Telitacicept - SjD(a)		6,331			—			8,830			—
Trem-cel(a)		—			3,095			250			9,477
VCAR33(a)		—			2,419			73			6,055
Other research and development(a)		1,902			225,144			2,680			228,139
Salaries and benefits		9,787			17,863			17,342			29,476
General corporate activities		8,235			16,694			13,209			21,863
Other segment items(b)		24,403			1,308,454			218,063			1,311,145
Segment expenses:		62,810			1,573,669			282,392			1,606,155
Segment net loss	$	(62,810	)	$	(1,573,669	)	$	(282,392	)	$	(1,606,155	)

(a) Includes only external research and development expenditures.

- Definition

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

+ References

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

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

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

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

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

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

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

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

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

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

+ Details

Related Party Transactions - Additional Information (Details) - Private Placement - USD ($) $ / shares in Units, $ in Millions	Mar. 26, 2026	Dec. 15, 2025	Jun. 25, 2025	Dec. 27, 2024
Related Party Transaction [Line Items]
Net proceeds after deducting offering expenses			$ 174.4	$ 52.7
Common Stock
Related Party Transaction [Line Items]
Common stock shares sold		13,876,032		2,793,562
Common stock issued price per share		$ 10.81
Net proceeds after deducting offering expenses		$ 149.9
TCGX \| Common Stock
Related Party Transaction [Line Items]
Common stock shares sold	5,338,078
Common stock issued price per share	$ 14.05
Net proceeds after deducting offering expenses	$ 74.9
Ownership percentage	10.00%

- 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 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(7)(e)(1)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
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-Paragraph 1
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-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(15)(3))
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-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 970
-SubTopic 810
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
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-Section S99
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-Subparagraph (SX 210.4-08(k)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
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+ Details

- Definition

Number of new stock issued during the period.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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-Publisher FASB
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-Publisher FASB
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-Publisher FASB
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-Publisher FASB
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 946
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+ Details

Net Loss Per Share

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Net Loss Per Share

11. Net Loss Per Share

The following table sets forth the computation of the Company’s basic and diluted net loss per share for the three and six months ended June 30, 2026 and 2025:


	Three Months Ended June 30,						Six Months Ended June 30,
(in thousands, except share and per share amounts)	2026			2025			2026			2025
Numerator:
Net loss attributable to common stockholders	$	(62,810	)	$	(1,573,669	)	$	(282,392	)	$	(1,606,155	)
Denominator:
Weighted-average number of common shares outstanding, basic and diluted		54,304,456			6,263,572			48,689,196			6,252,452
Net loss per share attributable to common stockholders, basic and diluted	$	(1.16	)	$	(251.24	)	$	(5.80	)	$	(256.88	)


	As of June 30,
	2026		2025
Options to purchase common stock		7,545,245		4,731,052
Restricted stock units		373,811		96,432
Performance stock units		604,285		—
Warrants		39,014,213		54,491,952