v3.26.1
Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) (Unaudited) - USD ($)
$ in Thousands
Total
ATM
June 2026 Financing
Series Seed Convertible Preferred Stock
Preferred Stock
Series A Convertible Preferred Stock
Common Stock
Common Stock
ATM
Common Stock
June 2026 Financing
Additional Paid-In Capital
Additional Paid-In Capital
ATM
Additional Paid-In Capital
June 2026 Financing
Accumulated Other Comprehensive (Loss) Income
Accumulated Deficit
Temporary equity, beginning balance (in shares) at Dec. 31, 2024       20,000,000                  
Temporary equity, beginning balance at Dec. 31, 2024       $ 2                  
Beginning balance (in shares) at Dec. 31, 2024           3,672,794              
Beginning balance at Dec. 31, 2024 $ (46,799)         $ 1     $ 179       $ (46,979)
Stock-based compensation 1,458               1,458        
Net loss (38,169)                       (38,169)
Temporary equity, ending balance (in shares) at Mar. 31, 2025       20,000,000                  
Temporary equity, ending balance at Mar. 31, 2025       $ 2                  
Ending balance (in shares) at Mar. 31, 2025           3,672,794              
Ending balance at Mar. 31, 2025 (83,510)         $ 1     1,637       (85,148)
Temporary equity, beginning balance (in shares) at Dec. 31, 2024       20,000,000                  
Temporary equity, beginning balance at Dec. 31, 2024       $ 2                  
Beginning balance (in shares) at Dec. 31, 2024           3,672,794              
Beginning balance at Dec. 31, 2024 (46,799)         $ 1     179       (46,979)
Net loss (70,303)                        
Ending balance (in shares) at Jun. 30, 2025         12,622 32,626,730              
Ending balance at Jun. 30, 2025 201,556       $ 2 $ 3     318,857     $ (24) (117,282)
Temporary equity, beginning balance (in shares) at Mar. 31, 2025       20,000,000                  
Temporary equity, beginning balance at Mar. 31, 2025       $ 2                  
Beginning balance (in shares) at Mar. 31, 2025           3,672,794              
Beginning balance at Mar. 31, 2025 (83,510)         $ 1     1,637       (85,148)
Temporary equity, exchange of series seed convertible preferred stock for series a non-voting convertible preferred stock upon the closing of the reverse recapitalization (in shares)       (20,000,000)                  
Temporary equity, exchange of series seed convertible preferred stock for series a non-voting convertible preferred stock upon the closing of the reverse recapitalization       $ (2)                  
Exchange of Series Seed convertible preferred stock for Series A non-voting convertible preferred stock upon the closing of the reverse recapitalization (in shares)         12,622                
Exchange of Series Seed convertible preferred stock for Series A non-voting convertible preferred stock upon the closing of the reverse recapitalization 2       $ 2                
Conversion of convertible notes (including accrued interest and discount) into pre-funded warrants upon the closing of the reverse recapitalization (in shares)           9,433,831              
Conversion of convertible notes (including accrued interest and discount) into pre-funded warrants upon the closing of the reverse recapitalization 129,184         $ 1     129,183        
Issuance of common stock and pre-funded warrants in the Pre-Closing Financing (in shares)           18,301,109              
Issuance of common stock and pre-funded warrants in the Pre-Closing Financing 205,000         $ 1     204,999        
Issuance costs of Pre-Closing Financing and reverse recapitalization (18,887)               (18,887)        
Issuance of common stock to former stockholders of Aerovate in connection with the closing of the reverse recapitalization (in shares)           828,143              
Issuance of common stock to former stockholders of Aerovate in connection with the closing of the reverse recapitalization (448)               (448)        
Issuance of common stock in connection with exercise of pre-funded warrants (in shares)           390,853              
Currency translation adjustment (24)                     (24)  
Stock-based compensation 2,373               2,373        
Net loss (32,134)                       (32,134)
Ending balance (in shares) at Jun. 30, 2025         12,622 32,626,730              
Ending balance at Jun. 30, 2025 201,556       $ 2 $ 3     318,857     (24) (117,282)
Beginning balance (in shares) at Dec. 31, 2025         12,622 49,316,287              
Beginning balance at Dec. 31, 2025 332,518       $ 2 $ 5     506,771     129 (174,389)
Exercise of stock options (in shares)           29,680              
Exercise of stock options 45               45        
Currency translation adjustment 2                     2  
Unrealized loss on investments (473)                     (473)  
Stock-based compensation 4,738               4,738        
Net loss (40,368)                       (40,368)
Ending balance (in shares) at Mar. 31, 2026         12,622 49,345,967              
Ending balance at Mar. 31, 2026 296,462       $ 2 $ 5     511,554     (342) (214,757)
Beginning balance (in shares) at Dec. 31, 2025         12,622 49,316,287              
Beginning balance at Dec. 31, 2025 332,518       $ 2 $ 5     506,771     129 (174,389)
Net loss (96,133)                        
Ending balance (in shares) at Jun. 30, 2026         12,622 63,556,065              
Ending balance at Jun. 30, 2026 439,915       $ 2 $ 6     711,089     (660) (270,522)
Beginning balance (in shares) at Mar. 31, 2026         12,622 49,345,967              
Beginning balance at Mar. 31, 2026 296,462       $ 2 $ 5     511,554     (342) (214,757)
Issuance of common stock in connection with exercise of pre-funded warrants (in shares)           1,062,297              
Issuance of common stock in connection with exercise of pre-funded warrants 0                        
Issuance of common stock, (in shares)             1,319,738 11,500,000          
Issuance of common stock   $ 29,331 $ 172,500         $ 1   $ 29,331 $ 172,499    
Issuance costs of financing     $ (10,917)               $ (10,917)    
Issuance of stock under employee stock purchase plan, (in shares)           50,986              
Issuance of stock under employee stock purchase plan 585               585        
Exercise of stock options (in shares)           277,077              
Exercise of stock options 1,534               1,534        
Currency translation adjustment (73)                     (73)  
Stock-based compensation 6,503               6,503        
Unrealized loss on investments (245)                     (245)  
Net loss (55,765)                       (55,765)
Ending balance (in shares) at Jun. 30, 2026         12,622 63,556,065              
Ending balance at Jun. 30, 2026 $ 439,915       $ 2 $ 6     $ 711,089     $ (660) $ (270,522)