Segment Information (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2026

Dec. 31, 2025

Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Abstract]

Schedule of Reportable Segment Revenue, Operating Expenses, and Net Loss

The Company’s reportable segment operating expenses and net loss for the three and six months ended June 30, 2026 and 2025 are as follows (in thousands):


		Three months ended June 30,								Six Months Ended June 30,
		2026				2025				2026				2025
Operating expenses:
Research and development
Pociredir external expenses			5,166				4,093				10,580				8,357
Losmapimod external expenses			—				(89	)			—				935
Employee compensation expenses (excluding stock-based compensation expenses)			2,085				2,808				6,085				5,887
Stock-based compensation expenses			705				555				2,076				1,539
Pre-development candidate expenses and unallocated expenses			4,488				5,620				7,787				9,673
General and administrative			7,462				6,828				15,564				13,827
Impairment of long-lived assets			5,086				—				5,086				—
Restructuring expenses			4,318				—				4,318				—

Total operating expenses			29,310				19,815				51,496				40,218

Loss from operations			(29,310	)			(19,815	)			(51,496	)			(40,218	)
Other income, net			3,131				2,519				6,426				5,267

Net loss		$	(26,179	)		$	(17,296	)		$	(45,070	)		$	(34,951	)

The Company’s reportable segment revenue, operating expenses, and net loss for the years ended December 31, 2025 and December 31, 2024 are as follows:


		Year Ended December 31,
		2025				2024
Collaboration Revenue			—				80,000
Operating expenses:
Research and development
Pociredir external expenses			19,994				8,577
Losmapimod external expenses			941				20,801
Employee compensation expenses (excluding stock-based compensation expenses)			12,659				15,347
Stock-based compensation expenses			3,448				4,653
Pre-development candidate expenses and unallocated expenses			19,061				14,008
General and administrative			28,666				36,448
Restructuring expenses			—				2,063

Total operating expenses			84,769				101,897

Loss from operations			(84,769	)			(21,897	)
Other income, net			9,889				12,172

Net loss		$	(74,880	)		$	(9,725	)