Balance Sheet Accounts and Supplemental Disclosures (Tables)

6 Months Ended

Jun. 30, 2026

Balance Sheet Related Disclosures [Abstract]

Schedule of Property and Equipment, Net

Property and equipment, net consist of the following:


(in thousands)		June 30, 2026				December 31, 2025				December 31, 2024
Leasehold improvements(1)		$	203			$	203			$	203
Less: accumulated depreciation and amortization			(101	)			(92	)			(72	)
Total property and equipment, net		$	102			$	111			$	131

(1)

All leasehold improvements remained with AnaptysBio as part of the Spin-Off.

Schedule of Accrued Expenses

Accrued expenses consist of the following:


(in thousands)		June 30, 2026				December 31, 2025				December 31, 2024
Accrued compensation and related expenses		$	5,872			$	11,094			$	8,449
Accrued professional fees and other expenses			4,411				4,796				839
Accrued research, development and manufacturing expenses			14,289				16,402				30,213
Accrued for repurchases of common stock			—				382				—
Accrued liability - First Tracks Biotherapeutics			4,226				—				—
Total accrued expenses		$	28,798			$	32,674			$	39,501

Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consist of the following:


(in thousands)		June 30, 2026				December 31, 2025				December 31, 2024
Other Receivables		$	2,761			$	—			$	—
Income taxes receivable			3,238				—				—
Prepaid expenses			2,651				—				1,178
Total prepaid expenses and other assets		$	8,650			$	—			$	1,178