Subsequent Events	12 Months Ended
Dec. 31, 2025
Subsequent Events
Subsequent Events	18.Subsequent Events ATM Program Since January 1, 2026, the Company completed the sales of 2,827,723 shares of common stock under the 2025 ATM Program, with an average gross sales price of $26.07 per share, resulting in proceeds of $71.5 million, net of commissions. As of the issuance date of these financial statements, $96.8 million remained available under the 2025 ATM Program. Senior Secured Term Loan On March 14, 2026, the Company entered into a five-year senior secured term loan (the “Loan Agreement”) with Credit PLC (the “Collateral Agent”), BPCR Limited Partnership and BioPharma Credit Investments V (Master) LP, which are funds managed by Pharmakon Advisors, LP (“Pharmakon”). The Loan Agreement provides a term loan facility of up to an aggregate principal amount of $250.0 million, subject to the achievement of certain development and commercial milestones. The term loan consists of five tranches including the initial tranche of $75.0 million drawn upon the execution of the Loan Agreement, and up to an additional $175.0 million available as future tranches. The Term Loan bears interest at a rate of the 3-month secured overnight financing rate (subject to a 3.25% floor) plus 5.75% payable quarterly in arrears; provided that the Company may elect for 100% of the interest for the first 24 months following the first tranche funding date to be paid-in-kind without an increase in the interest rate. The Company is required pay a funding fee equal to 1.00% or 2.00% depending on the tranche being drawn. The Company may elect to prepay the Term Loans in whole or, subject to certain conditions, in part prior to maturity with such prepayments being subject to certain prepayment, make-whole and exit fees. The Term Loans are subject to certain mandatory prepayments, including a repayment in full of all term loans in four equal payments commencing on September 30, 2028 to the extent certain conditions are not met on or prior to June 30, 2028. The Loan Agreement contains customary affirmative and restrictive covenants and representations and warranties. The Company is bound by certain affirmative covenants setting forth actions that are required during the term of the Loan Agreement, including a minimum liquidity covenant of $50.0 million prior to FDA approval of obexelimab. The Company’s obligations under the Loan Agreement are secured by substantially all of its assets, including its intellectual property.

Subsequent Events

12 Months Ended

Dec. 31, 2025

18.Subsequent Events

ATM Program

Since January 1, 2026, the Company completed the sales of 2,827,723 shares of common stock under the 2025 ATM Program, with an average gross sales price of $26.07 per share, resulting in proceeds of $71.5 million, net of commissions. As of the issuance date of these financial statements, $96.8 million remained available under the 2025 ATM Program.

Senior Secured Term Loan

On March 14, 2026, the Company entered into a five-year senior secured term loan (the “Loan Agreement”) with Credit PLC (the “Collateral Agent”), BPCR Limited Partnership and BioPharma Credit Investments V (Master) LP, which are funds managed by Pharmakon Advisors, LP (“Pharmakon”). The Loan Agreement provides a term loan facility of up to an aggregate principal amount of $250.0 million, subject to the achievement of certain development and commercial milestones. The term loan consists of five tranches including the initial tranche of $75.0 million drawn upon the execution of the Loan Agreement, and up to an additional $175.0 million available as future tranches.

The Term Loan bears interest at a rate of the 3-month secured overnight financing rate (subject to a 3.25% floor) plus 5.75% payable quarterly in arrears; provided that the Company may elect for 100% of the interest for the first 24 months following the first tranche funding date to be paid-in-kind without an increase in the interest rate.

The Company is required pay a funding fee equal to 1.00% or 2.00% depending on the tranche being drawn.

The Company may elect to prepay the Term Loans in whole or, subject to certain conditions, in part prior to maturity with such prepayments being subject to certain prepayment, make-whole and exit fees. The Term Loans are subject to certain mandatory prepayments, including a repayment in full of all term loans in four equal payments commencing on September 30, 2028 to the extent certain conditions are not met on or prior to June 30, 2028.

The Loan Agreement contains customary affirmative and restrictive covenants and representations and warranties. The Company is bound by certain affirmative covenants setting forth actions that are required during the term of the Loan Agreement, including a minimum liquidity covenant of $50.0 million prior to FDA approval of obexelimab.

The Company’s obligations under the Loan Agreement are secured by substantially all of its assets, including its intellectual property.