v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED SHARES AND SHAREHOLDERS' EQUITY (DEFICIT) (UNAUDITED) - USD ($)
$ in Thousands
Total
Reverse Recapitalization Of GlycoMimetics
Non-Voting Preferred Shares
Convertible Notes Payable
Convertible Preferred Stock
Non-Voting Preferred Shares
Non-Voting Preferred Shares
Non-Voting Preferred Shares
Ordinary Shares
Ordinary Shares
Reverse Recapitalization Of GlycoMimetics
 [1]
Ordinary Shares
Convertible Notes Payable
 [1]
Additional Paid-in Capital
Additional Paid-in Capital
Reverse Recapitalization Of GlycoMimetics
Additional Paid-in Capital
Convertible Notes Payable
Accumulated Deficit
Beginning balance, Convertible Preferred Stock (in shares) at Dec. 31, 2024         20,000,000                  
Beginning balance, Convertible Preferred Stock at Dec. 31, 2024         $ 4,000                  
Ending balance, Convertible Preferred Stock (in shares) at Mar. 31, 2025         20,000,000                  
Ending balance, Convertible Preferred Stock at Mar. 31, 2025         $ 4,000                  
Beginning balance (in shares) at Dec. 31, 2024           0                
Beginning balance at Dec. 31, 2024 $ (15,479)         $ 0   $ 1 [1]     $ 2,387     $ (17,867)
Beginning balance (in shares) at Dec. 31, 2024 [1]               1,018,604            
Increase (Decrease) in Stockholders' Equity [Roll Forward]                            
Stock-based compensation expense 466                   466      
Early exercise of stock options (in shares) [1]               811            
Net loss (15,148)                         (15,148)
Ending balance (in shares) at Mar. 31, 2025           0                
Ending balance at Mar. 31, 2025 (30,161)         $ 0   $ 1 [1]     2,853     (33,015)
Ending balance (in shares) at Mar. 31, 2025 [1]               1,019,415            
Beginning balance, Convertible Preferred Stock (in shares) at Dec. 31, 2024         20,000,000                  
Beginning balance, Convertible Preferred Stock at Dec. 31, 2024         $ 4,000                  
Ending balance, Convertible Preferred Stock (in shares) at Jun. 30, 2025         0                  
Ending balance, Convertible Preferred Stock at Jun. 30, 2025         $ 0                  
Beginning balance (in shares) at Dec. 31, 2024           0                
Beginning balance at Dec. 31, 2024 (15,479)         $ 0   $ 1 [1]     2,387     (17,867)
Beginning balance (in shares) at Dec. 31, 2024 [1]               1,018,604            
Increase (Decrease) in Stockholders' Equity [Roll Forward]                            
Net loss (36,938)                          
Ending balance (in shares) at Jun. 30, 2025           2,890                
Ending balance at Jun. 30, 2025 139,254         $ 4,000   $ 14 [1]     190,045     (54,805)
Ending balance (in shares) at Jun. 30, 2025 [1]               13,892,516            
Beginning balance, Convertible Preferred Stock (in shares) at Mar. 31, 2025         20,000,000                  
Beginning balance, Convertible Preferred Stock at Mar. 31, 2025         $ 4,000                  
Increase (Decrease) in Temporary Equity [Roll Forward]                            
Exchange of Series Seed convertible preferred stock for Series A designated non-voting convertible preferred shares upon the closing of the reverse recapitalization (in shares)         (20,000,000)                  
Exchange of Series Seed convertible preferred stock for Series A designated non-voting convertible preferred shares upon the closing of the reverse recapitalization         $ (4,000)                  
Ending balance, Convertible Preferred Stock (in shares) at Jun. 30, 2025         0                  
Ending balance, Convertible Preferred Stock at Jun. 30, 2025         $ 0                  
Beginning balance (in shares) at Mar. 31, 2025           0                
Beginning balance at Mar. 31, 2025 (30,161)         $ 0   $ 1 [1]     2,853     (33,015)
Beginning balance (in shares) at Mar. 31, 2025 [1]               1,019,415            
Increase (Decrease) in Stockholders' Equity [Roll Forward]                            
Repurchase and cancellation of restricted stock awards (in shares) [1]               (127,889)            
Repurchase and cancellation of restricted stock awards (177)                   (177)      
Number of exercisable shares (in shares)             2,890   645,274 1,850,790        
Conversion of convertible securities   $ 525 $ 4,000 $ 40,515     $ 4,000     $ 2   $ 525 $ 40,513  
Issuance of common stock and pre-funded warrants in the Pre-Closing financing (in shares) [1]               10,504,926            
Issuance of ordinary shares and pre-funded warrants in the Pre-Closing financing 159,475             $ 11 [1]     159,464      
Issuance costs of Pre-closing financing and reverse recapitalization (17,201)                   (17,201)      
Stock-based compensation expense 4,068                   4,068      
Net loss (21,790)                         (21,790)
Ending balance (in shares) at Jun. 30, 2025           2,890                
Ending balance at Jun. 30, 2025 $ 139,254         $ 4,000   $ 14 [1]     190,045     (54,805)
Ending balance (in shares) at Jun. 30, 2025 [1]               13,892,516            
Beginning balance, Convertible Preferred Stock (in shares) at Dec. 31, 2025         0                  
Beginning balance, Convertible Preferred Stock at Dec. 31, 2025         $ 0                  
Ending balance, Convertible Preferred Stock (in shares) at Mar. 31, 2026         0                  
Ending balance, Convertible Preferred Stock at Mar. 31, 2026         $ 0                  
Beginning balance (in shares) at Dec. 31, 2025 2,890   2,890     2,890                
Beginning balance at Dec. 31, 2025 $ 203,012         $ 4,000   $ 28 [1]     370,793     (171,809)
Beginning balance (in shares) at Dec. 31, 2025 27,556,767             27,556,767 [1]            
Increase (Decrease) in Stockholders' Equity [Roll Forward]                            
Issuance of Parascent warrants $ 423                   423      
Release of restricted stock units (in shares) [1]               15,168            
Vesting of early exercised stock options 5                   5      
Stock-based compensation expense 3,690                   3,690      
Net loss (23,283)                         (23,283)
Ending balance (in shares) at Mar. 31, 2026           2,890                
Ending balance at Mar. 31, 2026 $ 183,847         $ 4,000   $ 28 [1]     374,911     (195,092)
Ending balance (in shares) at Mar. 31, 2026 [1]               27,571,935            
Beginning balance, Convertible Preferred Stock (in shares) at Dec. 31, 2025         0                  
Beginning balance, Convertible Preferred Stock at Dec. 31, 2025         $ 0                  
Ending balance, Convertible Preferred Stock (in shares) at Jun. 30, 2026         0                  
Ending balance, Convertible Preferred Stock at Jun. 30, 2026         $ 0                  
Beginning balance (in shares) at Dec. 31, 2025 2,890   2,890     2,890                
Beginning balance at Dec. 31, 2025 $ 203,012         $ 4,000   $ 28 [1]     370,793     (171,809)
Beginning balance (in shares) at Dec. 31, 2025 27,556,767             27,556,767 [1]            
Increase (Decrease) in Stockholders' Equity [Roll Forward]                            
Early exercise of stock options (in shares) 0                          
Net loss $ (48,120)                          
Ending balance (in shares) at Jun. 30, 2026 2,890   2,890     2,890                
Ending balance at Jun. 30, 2026 $ 163,255         $ 4,000   $ 28 [1]     379,156     (219,929)
Ending balance (in shares) at Jun. 30, 2026 27,756,044             27,756,044 [1]            
Beginning balance, Convertible Preferred Stock (in shares) at Mar. 31, 2026         0                  
Beginning balance, Convertible Preferred Stock at Mar. 31, 2026         $ 0                  
Ending balance, Convertible Preferred Stock (in shares) at Jun. 30, 2026         0                  
Ending balance, Convertible Preferred Stock at Jun. 30, 2026         $ 0                  
Beginning balance (in shares) at Mar. 31, 2026           2,890                
Beginning balance at Mar. 31, 2026 $ 183,847         $ 4,000   $ 28 [1]     374,911     (195,092)
Beginning balance (in shares) at Mar. 31, 2026 [1]               27,571,935            
Increase (Decrease) in Stockholders' Equity [Roll Forward]                            
Release of restricted stock units (in shares) [1]               158,937            
Shares issued during period (in shares) [1]               25,172            
Issuance of ordinary shares under employee stock purchase plan 280                   280      
Stock-based compensation expense 3,965                   3,965      
Net loss $ (24,837)                         (24,837)
Ending balance (in shares) at Jun. 30, 2026 2,890   2,890     2,890                
Ending balance at Jun. 30, 2026 $ 163,255         $ 4,000   $ 28 [1]     $ 379,156     $ (219,929)
Ending balance (in shares) at Jun. 30, 2026 27,756,044             27,756,044 [1]            
[1] Includes 168,215 restricted stock awards outstanding as of June 30, 2025 and June 30, 2026