0001193125-26-213466 | 10-Q | XBRL Viewer

Commitments and Contingencies - Additional Information (Details) $ in Millions	1 Months Ended		3 Months Ended
	Sep. 30, 2024 SquareFeet	Aug. 31, 2017	Mar. 31, 2026 USD ($)	Mar. 31, 2025 USD ($)
Loss Contingencies [Line Items]
Size of office and lab space \| SquareFeet	10,479
Lessee, operating lease commenced date	Feb. 25, 2025
Initial term of lease	6 years
Option to extend the term	5 years
Weighted average remaining lease term			4 years 10 months 24 days
Weighted average discount rate			11.60%
Operating lease expense			$ 0.2	$ 0.1
Lease expired		Aug. 31, 2025
Operating lease liabilities			$ 0.1	$ 0.1

Basis of Presentation and Significant Accounting Policies	3 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies	Note 1. Basis of Presentation and Significant Accounting Policies Nature of Business BioAge Labs, Inc. (the “Company”) is a clinical-stage biopharmaceutical company developing therapeutic product candidates for cardiometabolic diseases by targeting the biology of human aging. The Company's technology platform and differentiated human datasets enable us to identify promising targets based on insights into molecular changes that drive aging. The Company was incorporated in 2015 in the State of Delaware and is headquartered in Emeryville, California. On October 2, 2025, the Company filed a universal shelf registration statement on Form S-3 (the “Registration Statement”) with the SEC, as amended on November 5, 2025, and entered into a sales agreement with Leerink Partners LLC, under which the Company may, from time to time, offer and sell common stock having an aggregate offering value of up to $75.0 million, referred to as the “at-the-market” program. The Company may terminate this at-the-market program at any time, pursuant to its terms. As of March 31, 2026, 1,400,000 shares of the Company's common stock had been offered or sold pursuant to the “at-the-market” program for gross proceeds of approximately $17.6 million, before deducting sales agent commission and offering costs of approximately $0.5 million, resulting in net proceeds of approximately $17.1 million. In January 2026, the Company completed an underwritten public offering of its common stock, issuing 5,897,435 shares at a public offering price of $19.50 per share for net proceeds of $107.4 million, after underwriting discounts and commissions and offering costs (the "January 2026 Public Offering"). The January 2026 Public Offering included a 30-day option for the underwriters to purchase up to 884,615 additional shares. In February 2026, the Company issued 884,615 shares of its common stock upon exercise of the underwriters’ option in the January 2026 Public Offering, resulting in net proceeds of $16.2 million, net of underwriting discounts and commissions. Liquidity and Capital Resources Since inception, the Company’s operations have consisted primarily of organizing and staffing the Company, business planning, raising capital, establishing its intellectual property portfolio, acquiring or discovering product candidates, research and development activities for its product candidates, establishing arrangements with third parties for the manufacture of its product candidates and component materials, and providing general and administrative support for these operations. The Company has not generated any product revenue to date. The Company has incurred losses and negative cash flows from operations since inception and had an accumulated deficit of $355.7 million as of March 31, 2026. The Company anticipates incurring additional losses until such time, if ever, that it can generate significant sales of its products currently in development. As of March 31, 2026, the Company had cash, cash equivalents, and marketable securities of $384.9 million, of which $1.7 million were long-term marketable securities. Current cash, cash equivalents, and marketable securities are sufficient to fund planned operations at least one year after the date these unaudited condensed consolidated financial statements are issued. Accordingly, these unaudited condensed consolidated financial statements have been prepared on a going concern basis and do not include any adjustments to the amounts and classification of assets and liabilities that may be necessary in the event the Company can no longer continue as a going concern. Until such time, if ever, the Company can generate substantial product revenues, it expects to finance its cash needs through equity offerings, debt financings or other capital sources, which could include collaborations, strategic alliances or licensing arrangements. To the extent that the Company raises additional capital through the sale of equity or convertible debt securities, the ownership interests of its existing stockholders may be diluted, and the terms of these securities may include liquidation or other preferences that could adversely affect the rights of such stockholders. Debt financing, if available, may involve agreements that include restrictive covenants that limit the Company’s ability to take specific actions, such as incurring additional debt, making capital expenditures or declaring dividends, that could adversely impact the Company’s ability to conduct its business. If the Company raises additional funds through collaborations, strategic alliances or licensing arrangements with third parties, the Company may have to relinquish valuable rights to the Company’s technologies, future revenue streams, research program or product candidates, or grant licenses on terms that may not be favorable to the Company. If the Company is unable to raise additional funds through equity or debt financings when needed, the Company may be required to delay, limit, reduce or terminate its product development or future commercialization efforts or grant rights to develop and market product candidates that the Company would otherwise prefer to develop and market itself. Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with United States of America generally accepted accounting principles (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. Any reference in these notes to applicable guidance is meant to refer to GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) promulgated by the Financial Accounting Standards Board (“FASB”). The unaudited condensed consolidated financial statements include the accounts of BioAge Labs, Inc. and its wholly owned subsidiary, BioAge Labs PTY LTD. BioAge Labs PTY LTD was incorporated in Australia in December 2020. All intercompany accounts and transactions have been eliminated in consolidation. The unaudited condensed consolidated financial statements presented in this Quarterly Report on Form 10-Q should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company’s 2025 Annual Report on Form 10-K. The balance sheet as of December 31, 2025 was derived from audited consolidated financial statements included in the Company’s 2025 Annual Report on Form 10-K but does not include all disclosures required by GAAP. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted from these interim financial statements. The interim results are not necessarily indicative of results to be expected for the full year. Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the condensed consolidated financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. Estimates and assumptions are periodically reviewed and the effects of revisions are reflected in the condensed consolidated financial statements in the period they are determined to be necessary. Areas that require management’s estimates include warrant liability, stock-based compensation expense assumptions, recording revenue for performance obligations recognized over time, valuation of deferred tax assets, and estimating services expended by third-party service providers used to recognize research and development expense. Cash, Cash Equivalents, and Marketable Securities The Company considers all highly liquid investments that have original maturities of three months or less when acquired to be cash equivalents. Marketable securities consist of high-grade debt securities. Marketable securities with maturities within twelve months from the balance sheet date are classified as short-term marketable securities and those with maturities over twelve months from the balance sheet date are classified as long-term marketable securities. The Company classifies all marketable securities as available-for-sale, which are recorded at fair value. Unrealized gains and losses are included in accumulated other comprehensive income (loss) in stockholders’ equity. As of and for the three months ended March 31, 2026 and 2025, the Company did not have any allowance for credit losses or impairments of its marketable securities. Concentrations of Credit Risk Financial instruments that potentially subject the Company to credit risk consist primarily of accounts receivable, cash, cash equivalents, and marketable securities. Management monitors exposure to credit risk on an ongoing basis. The Company invests its excess cash in investment-grade, liquid instruments in accordance with its investment policy. The Company maintains cash balances at financial institutions that may exceed federally insured limits and is exposed to credit risk in the event of a default by the financial institutions holding its cash and by issuers of its cash equivalents and marketable securities. The Company has not experienced any losses on its deposits of cash, cash equivalents, or marketable securities to date. As of March 31, 2026 and December 31, 2025, one customer accounted for 100% of the Company’s accounts receivable. For the three months ended March 31, 2026 and 2025, the same customer accounted for 100% of the Company’s revenue. The Company has no financial instruments with off-balance sheet risk of loss. Risks and Uncertainties The Company faces risks and uncertainties associated with companies in the biotechnology industry, including but not limited to the uncertainty of success of its preclinical studies and clinical trials, regulatory approval of product candidates, uncertainty of market acceptance of products, competition from substitute products and larger companies, the need for additional financing, compliance with government regulations, dependence on third parties, recruiting and retaining skilled personnel, and dependence on key members of management. The Company’s product candidates require approvals from the U.S. Food and Drug Administration (“FDA”) and comparable foreign regulatory agencies prior to commercial sales in their respective jurisdictions. There can be no assurance that any product candidates will receive the necessary approvals. If the Company was denied approval, approval was delayed or the Company was unable to maintain approval for any product candidate, it could have a materially adverse impact on the Company. Summary of Significant Accounting Policies The Company’s complete listing of significant accounting policies is set forth in Note 2. Basis of Presentation and Significant Accounting Policies, to the Notes to Condensed Financial Statements in its Annual Report on Form 10-K for the fiscal year ended December 31, 2025. Recently Issued Accounting Pronouncements In November 2024, the FASB issued ASU 2024-03 Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This standard calls for enhanced disclosures about components of expense captions on the face of the income statement. This standard will be effective for annual reporting periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted and the option for retrospective application. This ASU will result in the required additional disclosures being included in the Company's consolidated financial statements, once adopted, and will have no impact on our financial condition and results of operations.

Basis of Presentation and Significant Accounting Policies

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Basis of Presentation and Significant Accounting Policies

Note 1. Basis of Presentation and Significant Accounting Policies

Nature of Business

BioAge Labs, Inc. (the “Company”) is a clinical-stage biopharmaceutical company developing therapeutic product candidates for cardiometabolic diseases by targeting the biology of human aging. The Company's technology platform and differentiated human datasets enable us to identify promising targets based on insights into molecular changes that drive aging.

The Company was incorporated in 2015 in the State of Delaware and is headquartered in Emeryville, California.

On October 2, 2025, the Company filed a universal shelf registration statement on Form S-3 (the “Registration Statement”) with the SEC, as amended on November 5, 2025, and entered into a sales agreement with Leerink Partners LLC, under which the Company may, from time to time, offer and sell common stock having an aggregate offering value of up to $75.0 million, referred to as the “at-the-market” program. The Company may terminate this at-the-market program at any time, pursuant to its terms.

As of March 31, 2026, 1,400,000 shares of the Company's common stock had been offered or sold pursuant to the “at-the-market” program for gross proceeds of approximately $17.6 million, before deducting sales agent commission and offering costs of approximately $0.5 million, resulting in net proceeds of approximately $17.1 million.

In January 2026, the Company completed an underwritten public offering of its common stock, issuing 5,897,435 shares at a public offering price of $19.50 per share for net proceeds of $107.4 million, after underwriting discounts and commissions and offering costs (the "January 2026 Public Offering"). The January 2026 Public Offering included a 30-day option for the underwriters to purchase up to 884,615 additional shares.

In February 2026, the Company issued 884,615 shares of its common stock upon exercise of the underwriters’ option in the January 2026 Public Offering, resulting in net proceeds of $16.2 million, net of underwriting discounts and commissions.

Liquidity and Capital Resources

Since inception, the Company’s operations have consisted primarily of organizing and staffing the Company, business planning, raising capital, establishing its intellectual property portfolio, acquiring or discovering product candidates, research and development activities for its product candidates, establishing arrangements with third parties for the manufacture of its product candidates and component materials, and providing general and administrative support for these operations. The Company has not generated any product revenue to date.

The Company has incurred losses and negative cash flows from operations since inception and had an accumulated deficit of $355.7 million as of March 31, 2026. The Company anticipates incurring additional losses until such time, if ever, that it can generate significant sales of its products currently in development. As of March 31, 2026, the Company had cash, cash equivalents, and marketable securities of $384.9 million, of which $1.7 million were long-term marketable securities.

Current cash, cash equivalents, and marketable securities are sufficient to fund planned operations at least one year after the date these unaudited condensed consolidated financial statements are issued. Accordingly, these unaudited condensed consolidated financial statements have been prepared on a going concern basis and do not include any adjustments to the amounts and classification of assets and liabilities that may be necessary in the event the Company can no longer continue as a going concern.

Until such time, if ever, the Company can generate substantial product revenues, it expects to finance its cash needs through equity offerings, debt financings or other capital sources, which could include collaborations, strategic alliances or licensing arrangements. To the extent that the Company raises additional capital through the sale of equity or convertible debt securities, the ownership interests of its existing stockholders may be diluted, and the terms of these securities may include liquidation or other preferences that could adversely affect the rights of such stockholders. Debt financing, if available, may involve agreements that include restrictive covenants that limit the Company’s ability to take specific actions, such as incurring additional debt, making capital expenditures or declaring dividends, that could adversely impact the Company’s ability to conduct its business. If the Company raises additional funds through collaborations, strategic alliances or licensing arrangements with third parties, the Company may have to relinquish valuable rights to the Company’s technologies, future revenue streams, research program or product candidates, or grant licenses on terms that may not be favorable to the Company. If the Company is unable to raise additional funds through equity or debt financings when needed, the Company may be required to delay, limit, reduce or terminate its product development or future commercialization efforts or grant rights to develop and market product candidates that the Company would otherwise prefer to develop and market itself.

Basis of Presentation and Principles of Consolidation

The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with United States of America generally accepted accounting principles (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. Any reference in these notes to applicable guidance is meant to refer to GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) promulgated by the Financial Accounting Standards Board (“FASB”). The unaudited condensed consolidated financial statements include the accounts of BioAge Labs, Inc. and its wholly owned subsidiary, BioAge Labs PTY LTD. BioAge Labs PTY LTD was incorporated in Australia in December 2020. All intercompany accounts and transactions have been eliminated in consolidation.

The unaudited condensed consolidated financial statements presented in this Quarterly Report on Form 10-Q should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company’s 2025 Annual Report on Form 10-K. The balance sheet as of December 31, 2025 was derived from audited consolidated financial statements included in the Company’s 2025 Annual Report on Form 10-K but does not include all disclosures required by GAAP.

Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted from these interim financial statements. The interim results are not necessarily indicative of results to be expected for the full year.

Use of Estimates

The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the condensed consolidated financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates.

Estimates and assumptions are periodically reviewed and the effects of revisions are reflected in the condensed consolidated financial statements in the period they are determined to be necessary. Areas that require management’s estimates include warrant liability, stock-based compensation expense assumptions, recording revenue for performance obligations recognized over time, valuation of deferred tax assets, and estimating services expended by third-party service providers used to recognize research and development expense.

Cash, Cash Equivalents, and Marketable Securities

The Company considers all highly liquid investments that have original maturities of three months or less when acquired to be cash equivalents.

Marketable securities consist of high-grade debt securities. Marketable securities with maturities within twelve months from the balance sheet date are classified as short-term marketable securities and those with maturities over twelve months from the balance sheet date are classified as long-term marketable securities. The Company classifies all marketable securities as available-for-sale, which are recorded at fair value. Unrealized gains and losses are included in accumulated other comprehensive income (loss) in stockholders’ equity. As of and for the three months ended March 31, 2026 and 2025, the Company did not have any allowance for credit losses or impairments of its marketable securities.

Concentrations of Credit Risk

Financial instruments that potentially subject the Company to credit risk consist primarily of accounts receivable, cash, cash equivalents, and marketable securities. Management monitors exposure to credit risk on an ongoing basis.

The Company invests its excess cash in investment-grade, liquid instruments in accordance with its investment policy. The Company maintains cash balances at financial institutions that may exceed federally insured limits and is exposed to credit risk in the event of a default by the financial institutions holding its cash and by issuers of its cash equivalents and marketable securities. The Company has not experienced any losses on its deposits of cash, cash equivalents, or marketable securities to date.

As of March 31, 2026 and December 31, 2025, one customer accounted for 100% of the Company’s accounts receivable. For the three months ended March 31, 2026 and 2025, the same customer accounted for 100% of the Company’s revenue.

The Company has no financial instruments with off-balance sheet risk of loss.

Risks and Uncertainties

The Company faces risks and uncertainties associated with companies in the biotechnology industry, including but not limited to the uncertainty of success of its preclinical studies and clinical trials, regulatory approval of product candidates, uncertainty of market acceptance of products, competition from substitute products and larger companies, the need for additional financing, compliance with government regulations, dependence on third parties, recruiting and retaining skilled personnel, and dependence on key members of management.

The Company’s product candidates require approvals from the U.S. Food and Drug Administration (“FDA”) and comparable foreign regulatory agencies prior to commercial sales in their respective jurisdictions. There can be no assurance that any product candidates will receive the necessary approvals. If the Company was denied approval, approval was delayed or the Company was unable to maintain approval for any product candidate, it could have a materially adverse impact on the Company.

Summary of Significant Accounting Policies

The Company’s complete listing of significant accounting policies is set forth in Note 2. Basis of Presentation and Significant Accounting Policies, to the Notes to Condensed Financial Statements in its Annual Report on Form 10-K for the fiscal year ended December 31, 2025.

Recently Issued Accounting Pronouncements

In November 2024, the FASB issued ASU 2024-03 Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This standard calls for enhanced disclosures about components of expense captions on the face of the income statement. This standard will be effective for annual reporting periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted and the option for retrospective application. This ASU will result in the required additional disclosures being included in the Company's consolidated financial statements, once adopted, and will have no impact on our financial condition and results of operations.

Insider Trading Arrangements - Director or Officers	3 Months Ended
Insider Trading Arrangements - Director or Officers	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Commitments and Contingencies - Schedule of Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
2026 (excluding the three months ended March 31, 2026)	$ 497
2027	763
2028	786
2029	810
2030	834
2031	140
Total operating lease payments	3,830
Less: imputed interest	(955)
Total operating lease liabilities	2,875
Less: current portion	(646)	$ (582)
Operating lease liability, net of current portion	$ 2,229	$ 2,330

Stock-Based Compensation

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Note 6. Stock-Based Compensation

Stock Option Plans

Under the terms of its stock option plans, the Company’s board of directors may grant stock options to employees, directors and consultants. The Company issued stock options under the 2015 Equity Incentive Plan, as amended (the “2015 Plan”) until September 2024, when the 2024 Equity Incentive Plan (the “2024 Plan”) was adopted. There are no remaining shares available to be granted under the 2015 Plan. There were 4,197,064 and 5,094,369 stock options outstanding under the 2015 Plan and 2024 Plan, respectively, as of March 31, 2026.

The 2024 Plan authorizes the award of incentive stock options ("ISOs"), which are intended to qualify for tax treatment under Section 422 of the U.S. Internal Revenue Code of 1986, as amended, and nonqualified stock options, Restricted Stock Awards, Stock Appreciation Rights, Restricted Stock Units (each as defined in the 2024 Plan), performance awards and stock bonus awards (each as defined in the 2024 Plan). The 2024 Plan initially reserved 3,650,000 shares of the Company's common stock, which includes any reserved shares not issued or subject to outstanding grants under the 2015 Plan on the effective date of the 2024 Plan, for issuance pursuant to awards granted under our 2024 Plan. The number of shares reserved for issuance under the 2024 Plan will increase automatically on January 1 of each of the first ten calendar years during the term of the 2024 Plan by the number of shares equal to the lesser of 5% of the aggregate number of all classes of the Company's common stock and the total number of shares of the Company's common stock subject to any pre-funded warrants, in each case, as issued and outstanding as of the immediately preceding December 31, or a number as may be determined by the Company's board of directors. Pursuant to the 2024 Plan, ISOs may be granted only to employees of the Company. The Company may grant all other types of awards to its employees, directors and consultants.

As of March 31, 2026, 2,402,910 shares were available for future grants under the 2024 Plan. The 2024 Plan permits the granting of incentive stock options, non-statutory stock options, stock awards, and stock purchase rights. The terms of the agreements are determined by the board of directors. The Company’s stock options have a maximum term of 10 years and vest based on the terms in the agreements, generally over 4 years.

The following table summarizes the stock option activity for the three months ended March 31, 2026:


	Number of Options			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life (Years)		Aggregate Intrinsic Value (in thousands)
Balance-December 31, 2025		7,914,058		$	7.74		7.9	$	46,246
Granted		1,597,290			19.64
Exercised		(217,827	)		7.87
Forfeited/expired		(2,088	)		6.17
Balance-March 31, 2026		9,291,433		$	9.78		8.1	$	75,326
Vested and Exercisable-March 31, 2026		4,003,281		$	8.57		6.9	$	36,011

The intrinsic value of the stock options that were exercised during the three months ended March 31, 2026 was $2.4 million. There were no stock options exercised during the three months ended March 31, 2025.

The weighted-average grant date fair value of stock options granted during the three months ended March 31, 2026 and 2025 was $15.94 and $3.66, respectively, and were estimated on the date of grant using a Black-Scholes option pricing model with the following weighted-average assumptions:


	Three months ended March 31,
	2026			2025
Weighted-average risk-free interest rate		3.9	%		4.4	%
Expected term of stock options (in years)	6.0 years			6.0 years
Weighted-average expected stock price volatility		101.8	%		107.7	%
Estimated dividend yield		—			—

Stock-based compensation expense recorded as research and development and general and administrative expenses in the statements of operations and comprehensive loss is as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Research and development	$	1,474	$	788
General and administrative		2,782		2,161
Total stock-based compensation expense	$	4,256	$	2,949

As of March 31, 2026, there was $45.0 million of unrecognized compensation cost that is expected to be recognized over a weighted average period of 2.7 years.

Employee Stock Purchase Plan

In September 2024, the Company adopted the 2024 Employee Stock Purchase Plan (the "2024 ESPP"). The 2024 ESPP enables eligible employees to purchase shares of the Company's common stock with accumulated payroll deductions. The Company has initially reserved 330,000 shares of its common stock for sale under the 2024 ESPP. The aggregate number of shares issued over the term of the 2024 ESPP, subject to stock-splits, recapitalizations or similar events, may not exceed 3,300,000 shares of the Company's common stock. As of March 31, 2026, there were a total of 1,062,369 shares available for future purchase under the 2024 ESPP.

Debt (Tables)

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Summary of Components of Term Loan Balance

The components of the Term Loan balance were (in thousands):


	March 31, 2026
Principal loan balance	$	500
Final fee		659
Total Term Loan	$	1,159

Summary of Estimated Future Principal Payments Under Term Loan

As of March 31, 2026, the future principal payments under the Term Loan are as follows (in thousands):


Year ending December 31,	Total Principal Payments
2026 (excluding the three months ended March 31, 2026)	$	500
Principal amount of Term Loan	$	500

Basis of Presentation and Significant Accounting Policies - Additional Information (Details) - USD ($)	1 Months Ended		3 Months Ended		6 Months Ended	12 Months Ended
	Feb. 28, 2026	Jan. 31, 2026	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2026	Dec. 31, 2025	Oct. 02, 2025
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Underwriter fees			$ 716,000	$ 0
Accumulated deficit			(355,669,000)		$ (355,669,000)	$ (333,416,000)
Cash, cash equivalents, and marketable securities			384,900,000		384,900,000
Long-term marketable securities			1,700,000		1,700,000
Allowance for credit losses or impairments of its marketable securities			$ 0	$ 0	0
One Customer \| Accounts Receivable \| Customer Concentration Risk
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Concentration risk, percentage			100.00%			100.00%
One Customer \| Revenue \| Customer Concentration Risk
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Concentration risk, percentage			100.00%	100.00%
January 2026 Offering \| Common stock
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Issuance of common shares	884,615	5,897,435
Public offering price per share		$ 19.5
Proceeds from issuance of common stock	$ 16,200,000	$ 107,400,000
Number of shares available		884,615
Leerink Partners LLC \| Sales Agreement \| At-the-Market Program
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Issuance of common shares			1,400,000
Gross proceeds from issuance of common stock					17,600,000
Underwriter fees					500,000
Net proceeds from issuance of common stock					$ 17,100,000
Leerink Partners LLC \| Maximum \| Sales Agreement \| At-the-Market Program
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Common stock aggregate offering amount							$ 75,000,000

Stock-Based Compensation - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025	Sep. 30, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock options outstanding	9,291,433		7,914,058
Fair value of stock options exercised	$ 1,715,000
Intrinsic value of stock options exercised	$ 2,400,000	$ 0
Common stock reserved for sale	11,726,033		10,074,515
Weighted-average grant date fair value of stock options granted	$ 15.94	$ 3.66
Employee Stock Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock reserved for sale	9,291,433		7,914,058
Unrecognized compensation expense	$ 45,000,000
Weighted average period for recognize compensation expense	2 years 8 months 12 days
2015 Equity Incentive Plan \| Employee Stock Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock options outstanding	4,197,064
Stock options vesting period	4 years
2015 Equity Incentive Plan \| Employee Stock Option \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock options term	10 years
2024 Equity Incentive Plan \| Employee Stock Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock options outstanding	5,094,369
Common stock reserved for sale	3,650,000
Number of additional shares reserved for issuance, percentage, maximum	5.00%
2024 Employee Stock Purchase Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares available for grant	1,062,369
Common stock reserved for sale				330,000
2024 Employee Stock Purchase Plan \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares authorized (in shares)				3,300,000
2024 Employee Stock Purchase Plan \| Employee Stock Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares available for grant	2,402,910

Balance Sheet Components - Summary of Components of Property and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 1,658	$ 1,445
Accumulated depreciation	(543)	(482)
Property and equipment, net	1,115	963
Lab Equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,112	1,023
Computer Equipment and Software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	71	72
Furniture and Fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	165	167
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	161	161
Construction-in-progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 149	$ 22

Debt - Summary of Estimated Future Principal Payments Under Term Loan (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Debt Disclosure [Abstract]
2026 (excluding the three months ended March 31, 2026)	$ 500
Principal amount of Term Loan	$ 500

Balance Sheet Components - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Balance Sheet Related Disclosures [Abstract]
Research and development expenses	$ 2,436	$ 3,603
Payroll and related costs	1,615	4,352
Other	714	525
Total accrued expenses and other current liabilities	$ 4,765	$ 8,480

Balance Sheet Components - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Maximum
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 100,000	$ 100,000

Fair Value Measurements

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 2. Fair Value Measurements

GAAP establishes a fair value hierarchy for instruments measured at fair value that distinguishes between assumptions based on market data (observable inputs) and the Company’s own assumptions (unobservable inputs). Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company.

Unobservable inputs are inputs that reflect the Company’s assumptions about the inputs that market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances.

Fair value is established as the exchange price, or exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As a basis for considering market participant assumptions in fair value measurements, an established three-tier fair value hierarchy distinguishes between the following:

•

Level 1 inputs are quoted prices in active markets that are accessible at the market date for identical assets or liabilities.

•

Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

•

Level 3 inputs are unobservable inputs that reflect the Company’s own assumptions about the assumptions market participants would use in pricing the assets or liability. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value instrument.

The carrying amounts of the Company’s other current assets, accounts payable, accrued expenses and other current liabilities reported in the condensed consolidated financial statements approximate their fair values due to their short-term nature.

The following fair value hierarchy table presents information about each major category of the Company’s financial assets and liabilities measured at fair value on a recurring basis (in thousands):


	March 31, 2026
	(Level 1)		(Level 2)		(Level 3)		Total
Assets:
Money market funds	$	220,998	$	—	$	—	$	220,998
Treasury bill		2,487		—		—		2,487
U.S. government agency bonds		—		18,002		—		18,002
Cash equivalents	$	223,485	$	18,002	$	—	$	241,487

Treasury bill	$	2,977	$	—	$	—	$	2,977
U.S. government bonds		73,058		—		—		73,058
U.S. government agency bonds		—		37,253		—		37,253
Commercial paper		—		2,588		—		2,588
Corporate debt securities		—		24,036		—		24,036
Foreign corporate debt securities		—		1,505		—		1,505
Short-term marketable securities	$	76,035	$	65,382	$	—	$	141,417

U.S. government bonds	$	1,008	$	—	$	—	$	1,008
U.S. government agency bonds		—		672		—		672
Long-term marketable securities	$	1,008	$	672	$	—	$	1,680

Total fair value of financial assets	$	300,528	$	84,056	$	—	$	384,584

Liabilities:
Warrant liability	$	—	$	—	$	477	$	477


	December 31, 2025
	(Level 1)		(Level 2)		(Level 3)		Total
Assets:
Money market funds	$	182,234	$	—	$	—	$	182,234
Commercial paper		—		5,736		—		5,736
Corporate debt securities		—		642		—		642
Cash equivalents	$	182,234	$	6,378	$	—	$	188,612

U.S. government bonds	$	41,093	$	—	$	—	$	41,093
Commercial paper		—		5,053		—		5,053
U.S. government agency bonds		—		11,613		—		11,613
Corporate debt securities		—		32,941		—		32,941
Foreign corporate debt securities		—		1,510		—		1,510
Short-term marketable securities	$	41,093	$	51,117	$	—	$	92,210

U.S. government bonds	$	4,032	$	—	$	—	$	4,032
Long-term marketable securities	$	4,032	$	—	$	—	$	4,032

Total fair value of financial assets	$	227,359	$	57,495	$	—	$	284,854

Liabilities:
Warrant liability	$	—	$	—	$	370	$	370

Cash Equivalents and Marketable Securities

Cash equivalents include debt securities that have a maturity of three months or less from the original acquisition date. The Company’s money market funds and treasury bills are classified using Level 1 inputs within the fair value hierarchy because they are valued using quoted market prices. Treasury bills and U.S. government bonds are included within Level 1 of the fair value hierarchy because they are valued using quoted market prices. Corporate debt securities, commercial paper and U.S. government agency bonds are classified within Level 2 of the fair value hierarchy as they take into consideration valuations obtained from third-party pricing services. The pricing services utilize industry standard valuation models, including both income-based and market-based approaches, for which all significant inputs are observable, either directly or indirectly, to estimate the fair value. These inputs include reported trades of and broker/dealer quotes on similar securities, issuer credit spreads, benchmark securities, prepayment/default projections based on historical data and other observable inputs.

The following tables summarize the Company's cash equivalents and marketable securities' amortized costs, gross unrealized gains, gross unrealized losses, and estimated fair values by significant investment category (in thousands):


				Unrealized
March 31, 2026	Contractual Maturity	Amortized Cost		Losses			Gains		Fair Value
Assets:
Money market funds	Three months or less	$	220,998	$	—		$	—	$	220,998
Treasury bill	Three months or less		2,487		—			—		2,487
U.S. government agency bonds	Three months or less		18,020		(18	)		—		18,002
Cash equivalents		$	241,505	$	(18	)	$	—	$	241,487

Treasury bill	Less than 1 year	$	2,977	$	—		$	—	$	2,977
U.S. government bonds	Less than 1 year		73,066		(36	)		28		73,058
U.S. government agency bonds	Less than 1 year		37,276		(25	)		2		37,253
Commercial paper	Less than 1 year		2,590		(2	)		—		2,588
Corporate debt securities	Less than 1 year		24,057		(21	)		—		24,036
Foreign corporate debt securities	Less than 1 year		1,507		(2	)		—		1,505
Short-term marketable securities		$	141,473	$	(86	)	$	30	$	141,417

U.S. government bonds	1 to 2 years	$	1,005	$	—		$	3	$	1,008
U.S. government agency bonds	1 to 2 years		675		(3	)		—		672
Long-term marketable securities		$	1,680	$	(3	)	$	3	$	1,680

Total financial assets		$	384,658	$	(107	)	$	33	$	384,584


				Unrealized
December 31, 2025	Contractual Maturity	Amortized Cost		Losses			Gains		Fair Value
Assets:
Money market funds	Three months or less	$	182,234	$	—		$	—	$	182,234
Commercial paper	Three months or less		5,736		—			—		5,736
Corporate debt securities	Three months or less		642		—			—		642
Cash equivalents		$	188,612	$	—		$	—	$	188,612

U.S. government bonds	Less than 1 year	$	41,014	$	—		$	79	$	41,093
Commercial paper	Less than 1 year		5,051		—			2		5,053
U.S. government agency bonds	Less than 1 year		11,604		—			9		11,613
Corporate debt securities	Less than 1 year		32,933		(4	)		12		32,941
Foreign corporate debt securities	Less than 1 year		1,510		—			—		1,510
Short-term marketable securities		$	92,112	$	(4	)	$	102	$	92,210

U.S. government bonds	1 to 2 years		4,008		—			24		4,032
Long-term marketable securities		$	4,008	$	—		$	24	$	4,032

Total financial assets		$	284,732	$	(4	)	$	126	$	284,854

The Company does not intend to sell the securities in an unrealized loss position and does not expect they will be required to sell the securities before maturity. No allowance for credit losses has been recognized as of March 31, 2026 or December 31, 2025. During the three months ended March 31, 2026 and 2025, the Company did not recognize any impairment losses related to investments.

As of March 31, 2026 and December 31, 2025, the Company had accrued interest receivable of $1.9 million and $1.2 million, respectively, which was included in the prepaid expenses and other current assets financial statement line item in the condensed consolidated balance sheets.

Warrant Liability

As of March 31, 2026, warrants to purchase 31,690 shares of common stock were outstanding. These warrants are classified as a liability since the warrants meet the classification requirements for liability accounting pursuant to ASC 815. This liability is subject to remeasurement at each balance sheet date until the warrants are exercised or expire, and any change in fair value is recognized in the Company’s condensed statements of operations. The Company classifies the warrant liability within Level 3 of the fair value hierarchy as the assessed fair value is based on both observable and unobservable market inputs including the Company's stock price, risk-free rate, and volatility.

The following table sets forth the changes in fair value of the warrant liability for the three months ended March 31, 2026 (in thousands):


Fair value at December 31, 2025	$	370
Changes in fair value		107
Fair value at March 31, 2026	$	477

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Fair Value Measurements - Summary of Company's Cash Equivalents and Marketable Securities' Amortized Costs, Gross Unrealized Gains, Gross Unrealized Losses and Estimated Fair Values by Significant Investment Category (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Debt Securities, Available-for-Sale [Line Items]
Cash equivalents, Amortized cost	$ 241,505	$ 188,612
Cash equivalents, Unrealized losses	(18)
Cash equivalents, Fair value	241,487	188,612
Short-term marketable securities, Amortized cost	141,473	92,112
Short-term marketable securities, Unrealized losses	(86)	(4)
Short-term marketable securities, Unrealized gain	30	102
Short-term marketable securities, Fair value	141,417	92,210
Long-term marketable securities, Amortized cost	1,680	4,008
Long-term marketable securities, Unrealized losses	(3)
Long-term marketable securities, Unrealized gain	3	24
Long-term marketable securities, Fair value	1,680	4,032
Cash equivalents and marketable securities, Amortized cost	384,658	284,732
Cash equivalents and marketable securities, Unrealized losses	(107)	(4)
Cash equivalents and marketable securities, Unrealized gain	33	126
Cash equivalents and marketable securities, Fair value	384,584	284,854
US Government Bonds
Debt Securities, Available-for-Sale [Line Items]
Short-term marketable securities, Amortized cost	73,066	41,014
Short-term marketable securities, Unrealized losses	(36)
Short-term marketable securities, Unrealized gain	28	79
Short-term marketable securities, Fair value	73,058	41,093
Long-term marketable securities, Amortized cost	1,005	4,008
Long-term marketable securities, Unrealized gain	3	24
Long-term marketable securities, Fair value	$ 1,008	4,032
US Government Agency Bonds
Debt Securities, Available-for-Sale [Line Items]
Cash equivalents, Contractual Maturity	Three months or less
Cash equivalents, Amortized cost	$ 18,020
Cash equivalents, Unrealized losses	(18)
Cash equivalents, Fair value	18,002
Short-term marketable securities, Amortized cost	37,276	11,604
Short-term marketable securities, Unrealized losses	(25)
Short-term marketable securities, Unrealized gain	2	9
Short-term marketable securities, Fair value	37,253	$ 11,613
Long-term marketable securities, Amortized cost	675
Long-term marketable securities, Unrealized losses	(3)
Long-term marketable securities, Fair value	672
Commercial Paper
Debt Securities, Available-for-Sale [Line Items]
Cash equivalents, Contractual Maturity		Three months or less
Cash equivalents, Amortized cost		$ 5,736
Cash equivalents, Fair value		5,736
Short-term marketable securities, Amortized cost	2,590	5,051
Short-term marketable securities, Unrealized losses	(2)
Short-term marketable securities, Unrealized gain		2
Short-term marketable securities, Fair value	$ 2,588	$ 5,053
Treasury bill
Debt Securities, Available-for-Sale [Line Items]
Cash equivalents, Contractual Maturity	Three months or less
Cash equivalents, Amortized cost	$ 2,487
Cash equivalents, Fair value	2,487
Short-term marketable securities, Amortized cost	2,977
Short-term marketable securities, Fair value	2,977
Corporate Debt Securities
Debt Securities, Available-for-Sale [Line Items]
Cash equivalents, Contractual Maturity		Three months or less
Cash equivalents, Amortized cost		$ 642
Cash equivalents, Fair value		642
Short-term marketable securities, Amortized cost	24,057	32,933
Short-term marketable securities, Unrealized losses	(21)	(4)
Short-term marketable securities, Unrealized gain		12
Short-term marketable securities, Fair value	24,036	32,941
Foreign corporate debt securities
Debt Securities, Available-for-Sale [Line Items]
Short-term marketable securities, Amortized cost	1,507	1,510
Short-term marketable securities, Unrealized losses	(2)
Short-term marketable securities, Fair value	$ 1,505	$ 1,510
Maximum \| US Government Bonds
Debt Securities, Available-for-Sale [Line Items]
Short-term marketable securities, Contractual Maturity	1 year	1 year
Long-term marketable securities, Contractual Maturity	2 years	2 years
Maximum \| US Government Agency Bonds
Debt Securities, Available-for-Sale [Line Items]
Short-term marketable securities, Contractual Maturity	1 year	1 year
Long-term marketable securities, Contractual Maturity	2 years
Maximum \| Commercial Paper
Debt Securities, Available-for-Sale [Line Items]
Short-term marketable securities, Contractual Maturity	1 year	1 year
Maximum \| Treasury bill
Debt Securities, Available-for-Sale [Line Items]
Short-term marketable securities, Contractual Maturity	1 year
Maximum \| Corporate Debt Securities
Debt Securities, Available-for-Sale [Line Items]
Short-term marketable securities, Contractual Maturity	1 year	1 year
Maximum \| Foreign corporate debt securities
Debt Securities, Available-for-Sale [Line Items]
Short-term marketable securities, Contractual Maturity	1 year	1 year
Minimum \| US Government Bonds
Debt Securities, Available-for-Sale [Line Items]
Long-term marketable securities, Contractual Maturity	1 year	1 year
Minimum \| US Government Agency Bonds
Debt Securities, Available-for-Sale [Line Items]
Long-term marketable securities, Contractual Maturity	1 year
Money Market Funds
Debt Securities, Available-for-Sale [Line Items]
Cash equivalents, Contractual Maturity	Three months or less	Three months or less
Cash equivalents, Amortized cost	$ 220,998	$ 182,234
Cash equivalents, Fair value	$ 220,998	$ 182,234

Capital Structure - Additional Information (Details) - shares	Mar. 31, 2026	Dec. 31, 2025
Class of Stock [Line Items]
Common stock authorized	500,000,000	500,000,000
Preferred stock, share authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common Stock [Member]
Class of Stock [Line Items]
Common stock authorized	500,000,000	500,000,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479857/480-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 6: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 272
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-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483014/272-10-45-3

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482987/272-10-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Publisher FASB
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stock-Based Compensation - Schedule of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 4,256	$ 2,949
Research and Development
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	1,474	788
General and Administrative
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 2,782	$ 2,161

Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Summary of Segment Net Loss, Including Significant Segment Expenses


	Three Months Ended March 31,
	2026			2025
Collaboration revenue	$	2,772		$	1,451
Segment expenses:
Direct program costs		13,141			4,629
Indirect research and development expenses		7,269			6,480
General and administrative		7,737			6,788
Total operating and segment expenses	$	(28,147	)	$	(17,897	)
Loss from operations		(25,375	)		(16,446	)
Interest and other income (expense), net		3,122			3,518
Segment and consolidated net loss	$	(22,253	)	$	(12,928	)

Capital Structure (Tables)

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Schedule of Common Stock Shares Reserved for Future Issuance


	March 31, 2026		December 31, 2025
Stock options, issued and outstanding		9,291,433		7,914,058
Stock options, authorized for future issuance		2,402,910		2,128,767
Warrants, issued and outstanding		31,690		31,690
Total common stock reserved for future issuance		11,726,033		10,074,515

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

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+ Details

Debt - Summary of Components of Term Loan Balance (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Debt Disclosure [Abstract]
Principal loan balance	$ 500
Final fee	659
Total Term Loan	$ 1,159	$ 2,648

Income Taxes - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2026	Mar. 31, 2026
Income Taxes [Line Items]
Unrecognized tax benefits		$ 0
Forecast
Income Taxes [Line Items]
Effective tax rate	0.00%

Income Taxes

3 Months Ended

Mar. 31, 2026

Income Tax Disclosure [Abstract]

Income Taxes

Note 9. Income Taxes

The Company estimates an annual effective tax rate of 0% for the year ending December 31, 2026. The Company incurred losses for the three months ended March 31, 2026 and expects to continue to incur losses through the remainder of the year ending December 31, 2026, resulting in an estimated net loss for both financial statement and tax purposes. Therefore, no federal, state or foreign income taxes are expected and none have been recorded for the three months ended March 31, 2026.

Due to the Company's history of losses since inception, there is not enough evidence at this time to support that the Company will generate future income of a sufficient amount and nature to utilize the benefits of its net deferred tax assets. Accordingly, the deferred tax assets have been reduced by a full valuation allowance.

As of March 31, 2026, the Company had no unrecognized tax benefits that would reduce the Company’s effective tax rate if recognized.

- Definition

The entire disclosure for income tax.

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+ Details

Stock-Based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Options, Beginning Balance	7,914,058
Number of Options, Granted	1,597,290
Number of Options, Exercised	(217,827)
Number of Options, Forfeited/expired	(2,088)
Number of Options, Ending Balance	9,291,433	7,914,058
Number of Options, Vested and Exercisable	4,003,281
Weighted Average Exercise Price
Weighted Average Exercise Price, Beginning Balance	$ 7.74
Weighted Average Exercise Price, Granted	19.64
Weighted Average Exercise Price, Exercised	7.87
Weighted Average Exercise Price, Forfeited/expired	6.17
Weighted Average Exercise Price, Ending Balance	9.78	$ 7.74
Weighted Average Exercise Price, Vested and Exercisable	$ 8.57
Weighted Average Remaining Contractual Term and Aggregate Intrinsic Value
Weighted Average Remaining Contractual Life (Years)	8 years 1 month 6 days	7 years 10 months 24 days
Weighted Average Remaining Contractual Life (Years), Vested and Exercisable	6 years 10 months 24 days
Aggregate Intrinsic Value, Beginning Balance	$ 46,246
Aggregate Intrinsic Value, Ending Balance	75,326	$ 46,246
Aggregate Intrinsic Value, Vested and Exercisable	$ 36,011

Segment Reporting - Additional Information (Details)	3 Months Ended
Segment Reporting - Additional Information (Details)	Mar. 31, 2026 Segment
Segment Reporting [Abstract]
Number of reportable segment	1
Segment reporting, CODM, individual title and position	srt:ChiefExecutiveOfficerMember
Segment reporting, expense information used by CODM, description	the Company's financial performance, the CODM reviews total operating expenses and expense by function to make decisions on a company-wide basis.

Net Loss Per Share Attributable to Common Stockholders - Computation of Potentially Dilutive Securities Outstanding Excluded from Computation of Diluted Shares (Details) - shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from computation of diluted shares outstanding	9,323,123	8,006,446
Stock Options, Issued and Outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from computation of diluted shares outstanding	9,291,433	7,974,756
Warrants to Purchase Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from computation of diluted shares outstanding	31,690	31,690

Collaboration Agreements

3 Months Ended

Mar. 31, 2026

Collaboration Agreements [Abstract]

Collaboration Agreements

Note 8. Collaboration Agreements

Novartis Pharma AG Collaboration Agreement

On December 16, 2024, the Company entered into a collaboration agreement with Novartis Pharma AG ("Novartis") to identify and validate novel therapeutic drug targets by investigating the biological mechanisms that drive diseases related to aging and mediate the beneficial effects of physical exercise (the "Novartis Agreement").

Under the terms of the Novartis Agreement, the Company is obligated to perform additional analyses on the Company's longitudinal human aging cohort datasets, to expand data included in the Company's discovery platform, and perform other activities to enable the identification and validation of novel therapeutic drug targets. The Company has determined these activities represent a single performance obligation.

In consideration for the rights granted under the Novartis Agreement, the Company has received and may receive upfront payments and research funding of up to $20.0 million, and up to $530.0 million in future long-term research, development, and commercial milestones. The Company and Novartis each have the right to advance novel targets discovered under the Novartis Agreement and are each eligible to receive reciprocal success milestones and receive tiered royalties on net sales of licensed products.

Collaboration revenue of $2.8 million and $1.5 million was recognized under the Novartis Agreement in the three months ended March 31, 2026 and 2025. During the three months ended March 31, 2026, the Company recorded $2.1 million in revenue that was included in deferred revenue as of December 31, 2025 and $0.7 million in revenue related to research funding for reimbursable costs incurred during the three months ended March 31, 2026. Deferred revenue related to the Novartis Agreement amounted to $6.2 million and $5.8 million as of March 31, 2026, and December 31, 2025, respectively, all of which was included in current liabilities within the condensed consolidated balance sheets.

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2026	May 01, 2026
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Fiscal Year Focus	2026
Document Period End Date	Mar. 31, 2026
Document Fiscal Period Focus	Q1
Entity Interactive Data Current	Yes
Entity Central Index Key	0001709941
Current Fiscal Year End Date	--12-31
Entity Registrant Name	BIOAGE LABS, INC.
Entity File Number	001-42279
Document Transition Report	false
Entity Tax Identification Number	47-4721157
Entity Incorporation, State or Country Code	DE
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Address, Address Line One	5885 Hollis St
Entity Address, Address Line Two	Suite 370
Entity Address, City or Town	Emeryville, CA
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94608
City Area Code	510
Local Phone Number	806-1445
Entity Shell Company	false
Trading Symbol	BIOA
Security Exchange Name	NASDAQ
Title of 12(b) Security	Common Stock, par value $0.00001 per share
Entity Common Stock, Shares Outstanding		44,452,734
Document Quarterly Report	true

Collaboration Agreements - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration revenue	$ 2,772,000	$ 1,451,000
Collaboration Agreements \| Novartis Pharma AG
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Future long-term research, development, and commercial milestone payment	530,000,000
Upfront payments and research funding	20,000,000
Collaboration revenue	2,800,000	$ 1,500,000
Deferred revenue current liabilities	6,200,000		$ 5,800,000
Collaboration Agreements \| Novartis Pharma AG \| Deferred Revenue
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration revenue	2,100,000
Collaboration Agreements \| Novartis Pharma AG \| Reimbursable Costs
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration revenue	$ 700,000

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Employee Benefit Plan

3 Months Ended

Mar. 31, 2026

Defined Benefit Plan [Abstract]

Employee Benefit Plan

Note 11. Employee Benefit Plan

The Company maintains a defined contribution 401(k) plan, under which employee contributions are voluntary and are determined on an individual basis, limited by the maximum amounts allowable under federal tax regulations. The Company provides an automatic matching contribution of employee contributions into the plan up to a maximum of 4% of employee deferral. The Company’s matching contributions to employees were $0.2 million for each of the three months ended March 31, 2026 and 2025.

- Definition

The entire disclosure for defined benefit plan.

+ References

+ Details

Net Loss Per Share Attributable to Common Stockholders - Computation of Basic and Diluted Net Loss per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Numerator:
Net loss	$ (22,253)	$ (12,928)
Denominator:
Weighted average shares used to compute basic net loss per share	42,480,488	35,850,037
Weighted average of shares used to compute diluted net loss per share	42,480,488	35,850,037
Net loss per share attributable to common stockholders, Basic	$ (0.52)	$ (0.36)
Net loss per share attributable to common stockholders, Diluted	$ (0.52)	$ (0.36)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Balance Sheet Components (Tables)

3 Months Ended

Mar. 31, 2026

Balance Sheet Related Disclosures [Abstract]

Summary of Components of Property and Equipment

Property and equipment consisted of the following (in thousands):


	March 31,			December 31,
	2026			2025
Lab equipment	$	1,112		$	1,023
Computer equipment and software		71			72
Furniture and fixtures		165			167
Leasehold improvements		161			161
Construction-in-progress		149			22
Property and equipment, gross	$	1,658		$	1,445
Accumulated depreciation		(543	)		(482	)
Property and equipment, net	$	1,115		$	963

Schedule of Accrued Expenses

Accrued expenses consisted of the following (in thousands):


	March 31,		December 31,
	2026		2025
Research and development expenses	$	2,436	$	3,603
Payroll and related costs		1,615		4,352
Other		714		525
Total accrued expenses and other current liabilities	$	4,765	$	8,480

Capital Structure - Schedule of Common Stock Shares Reserved for Future Issuance (Details) - shares	Mar. 31, 2026	Dec. 31, 2025
Class of Stock [Line Items]
Common stock shares reserved for future issuance (in shares)	11,726,033	10,074,515
Stock Options, Issued and Outstanding
Class of Stock [Line Items]
Common stock shares reserved for future issuance (in shares)	9,291,433	7,914,058
Stock Options, Authorized for Future Issuance
Class of Stock [Line Items]
Common stock shares reserved for future issuance (in shares)	2,402,910	2,128,767
Warrants, Issued and Outstanding
Class of Stock [Line Items]
Common stock shares reserved for future issuance (in shares)	31,690	31,690

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Stock-Based Compensation - Summary of Estimated Fair Value of Stock Options Granted Weighted Average Assumptions (Details)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]
Weighted-average risk-free interest rate	3.90%	4.40%
Expected term of stock options (in years)	6 years	6 years
Weighted-average expected stock price volatility	101.80%	107.70%
Estimated dividend yield	0.00%	0.00%

Segment Reporting

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Segment Reporting

Note 12. Segment Reporting

The Company has one reportable segment, which is the business of extending healthy human life by targeting molecular causes of aging.

The Company’s CODM is its chief executive officer. When evaluating the Company's financial performance, the CODM reviews total operating expenses and expense by function to make decisions on a company-wide basis.

As a single reportable segment entity, the determined measure of profit or loss is the Company’s consolidated net income (loss). Consolidated asset information for the Company’s single reportable segment is presented in the Company’s condensed consolidated balance sheets.

The table below is a summary of the segment net loss, including significant segment expenses:


	Three Months Ended March 31,
	2026			2025
Collaboration revenue	$	2,772		$	1,451
Segment expenses:
Direct program costs		13,141			4,629
Indirect research and development expenses		7,269			6,480
General and administrative		7,737			6,788
Total operating and segment expenses	$	(28,147	)	$	(17,897	)
Loss from operations		(25,375	)		(16,446	)
Interest and other income (expense), net		3,122			3,518
Segment and consolidated net loss	$	(22,253	)	$	(12,928	)

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Fair Value Measurements - Summary of Financial Assets And Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Assets:
Cash equivalents	$ 241,487	$ 188,612
Short-term marketable securities	141,417	92,210
Long-term marketable securities	1,700
US Government Agency Bonds
Assets:
Cash equivalents	18,002
Commercial Paper
Assets:
Cash equivalents		5,736
Treasury bill
Assets:
Cash equivalents	2,487
Corporate Debt Securities
Assets:
Cash equivalents		642
Money Market Funds
Assets:
Cash equivalents	220,998	182,234
Recurring
Assets:
Cash equivalents	241,487	188,612
Short-term marketable securities	141,417	92,210
Long-term marketable securities	1,680	4,032
Total fair value of financial assets	384,584	284,854
Recurring \| Level 1
Assets:
Cash equivalents	223,485	182,234
Short-term marketable securities	76,035	41,093
Long-term marketable securities	1,008	4,032
Total fair value of financial assets	300,528	227,359
Recurring \| Level 2
Assets:
Cash equivalents	18,002	6,378
Short-term marketable securities	65,382	51,117
Long-term marketable securities	672
Total fair value of financial assets	84,056	57,495
Recurring \| Warrant liability
Liabilities:
Total liabilities	477	370
Recurring \| Warrant liability \| Level 3
Liabilities:
Total liabilities	477	370
Recurring \| US Government Bonds
Assets:
Short-term marketable securities	73,058	41,093
Long-term marketable securities	1,008	4,032
Recurring \| US Government Bonds \| Level 1
Assets:
Short-term marketable securities	73,058	41,093
Long-term marketable securities	1,008	4,032
Recurring \| US Government Agency Bonds
Assets:
Cash equivalents	18,002
Short-term marketable securities	37,253	11,613
Long-term marketable securities	672
Recurring \| US Government Agency Bonds \| Level 2
Assets:
Cash equivalents	18,002
Short-term marketable securities	37,253	11,613
Long-term marketable securities	672
Recurring \| Commercial Paper
Assets:
Cash equivalents		5,736
Short-term marketable securities	2,588	5,053
Recurring \| Commercial Paper \| Level 2
Assets:
Cash equivalents		5,736
Short-term marketable securities	2,588	5,053
Recurring \| Treasury bill
Assets:
Cash equivalents	2,487
Short-term marketable securities	2,977
Recurring \| Treasury bill \| Level 1
Assets:
Cash equivalents	2,487
Short-term marketable securities	2,977
Recurring \| Corporate Debt Securities
Assets:
Cash equivalents		642
Short-term marketable securities	24,036	32,941
Recurring \| Corporate Debt Securities \| Level 2
Assets:
Cash equivalents		642
Short-term marketable securities	24,036	32,941
Recurring \| Foreign corporate debt securities
Assets:
Short-term marketable securities	1,505	1,510
Recurring \| Foreign corporate debt securities \| Level 2
Assets:
Short-term marketable securities	1,505	1,510
Recurring \| Money Market Funds
Assets:
Cash equivalents	220,998	182,234
Recurring \| Money Market Funds \| Level 1
Assets:
Cash equivalents	$ 220,998	$ 182,234

Debt

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Debt

Note 4. Debt

Term Loan

In May 2022, the Company entered into a loan and security agreement (the “Loan Agreement”) with SVB Innovative Credit Growth Fund IX, LP and Innovative Credit Growth Fund VIII-A, LP, (collectively, the “Lenders”) pursuant to which the Company was eligible to borrow, and the Lenders are obligated to fund, up to $25.0 million in borrowing capacity across two potential tranches (the “Term Loan”).

Commencing on November 1, 2023, the Company was required to make monthly principal payments. The Company was required to pay a final payment fee equal to 4.4% of the total amount borrowed.

Debt issuance costs, including the fair value of the warrants issued in connection with the Term Loan (see Note 2, Fair Value Measurements), were treated as debt discounts in the condensed consolidated balance sheet and together with the final payment were amortized to interest expense over the life of the Term Loan using the effective interest rate method. As of March 31, 2026, there were unamortized issuance costs and debt discounts of less than $0.1 million, which are recorded as a direct deduction from the Term Loan in the condensed consolidated balance sheet. Interest expense related to the Loan Agreement was less than $0.1 million and $0.3 million for the three months ended March 31, 2026 and 2025, respectively. As of March 31, 2026, the stated rate on the Term Loan was 10.75%. As of March 31, 2026, the effective interest rate on the Term Loan, including the amortization of the debt discount and accretion of the final payment, was 15.4% for the Initial Term Loan and 13.8% for the Additional Term Loan. The carrying amount of the Term Loan was subject to variable interest rates, which were based on market rates, and as such, approximated fair value. The Term Loan matured on April 1, 2026, at which time the Company repaid all outstanding principal, accrued interest and the final payment fee in full.

The components of the Term Loan balance were (in thousands):


	March 31, 2026
Principal loan balance	$	500
Final fee		659
Total Term Loan	$	1,159

As of March 31, 2026, the future principal payments under the Term Loan are as follows (in thousands):


Year ending December 31,	Total Principal Payments
2026 (excluding the three months ended March 31, 2026)	$	500
Principal amount of Term Loan	$	500

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

Employee Benefit Plan - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Defined Benefit Plan Disclosure [Line Items]
Company's matching contributions to employees	$ 0.2	$ 0.2
Maximum [Member]
Defined Benefit Plan Disclosure [Line Items]
Percentage of employer matching contribution	4.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Segment Reporting - Summary of Segment Net Loss, Including Significant Segment Expenses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting Information [Line Items]
Collaboration revenue	$ 2,772	$ 1,451
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	Collaborative Arrangement [Member]	Collaborative Arrangement [Member]
Segment expenses:
General and administrative	$ 7,737	$ 6,788
Total operating and segment expenses	(28,147)	(17,897)
Loss from operations	(25,375)	(16,446)
Interest and other income (expense), net	3,122	3,518
Segment and consolidated net loss	(22,253)	(12,928)
Operating Segments
Segment Reporting Information [Line Items]
Collaboration revenue	$ 2,772	$ 1,451
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	Collaborative Arrangement [Member]	Collaborative Arrangement [Member]
Segment expenses:
Direct program costs	$ 13,141	$ 4,629
Indirect research and development expenses	7,269	6,480
General and administrative	7,737	6,788
Total operating and segment expenses	(28,147)	(17,897)
Loss from operations	(25,375)	(16,446)
Interest and other income (expense), net	3,122	3,518
Segment and consolidated net loss	$ (22,253)	$ (12,928)

Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current Assets:
Cash and cash equivalents	$ 241,777	$ 188,888
Marketable securities, current	141,417	92,210
Accounts receivable	709	769
Prepaid expenses and other current assets	7,957	4,926
Total current assets	391,860	286,793
Investments	100	100
Marketable securities	1,680	4,032
Property and equipment, net	1,115	963
Operating lease right-of-use assets	2,684	2,785
Other assets	215	216
Total assets	397,654	294,889
Current Liabilities:
Accounts payable	3,066	2,674
Accrued expenses and other current liabilities	4,765	8,480
Current portion of term loan	1,159	2,648
Operating lease liabilities, current	646	582
Deferred revenue	6,191	5,754
Total current liabilities	15,827	20,138
Warrant liability	477	370
Operating lease liabilities	2,229	2,330
Total liabilities	18,533	22,838
Commitments and Contingencies (Note 7)
Stockholders' Equity
Preferred stock, $0.00001 par value; 10,000,000 shares authorized as of March 31, 2026 and December 31, 2025; no shares issued or outstanding as of March 31, 2026 and December 31, 2025	0	0
Common stock, $0.00001 par value; 500,000,000 shares authorized as of March 31, 2026 and December 31, 2025; 44,386,785 and 37,386,908 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively	0	0
Additional paid-in-capital	734,717	605,189
Accumulated other comprehensive income	73	278
Accumulated deficit	(355,669)	(333,416)
Total stockholders' equity	379,121	272,051
Total liabilities and stockholders' equity	$ 397,654	$ 294,889

Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Income Statement [Abstract]
Collaboration revenue	$ 2,772	$ 1,451
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	Collaborative Arrangement [Member]	Collaborative Arrangement [Member]
Operating expenses:
Research and development	$ 20,410	$ 11,109
General and administrative	7,737	6,788
Total operating expenses	28,147	17,897
Loss from operations	(25,375)	(16,446)
Other income (expense)
Interest expense	(39)	(255)
Interest and other income (expense), net	3,268	3,714
Gain (loss) from changes in fair value of warrants	(107)	59
Total other income (expense), net	3,122	3,518
Segment and consolidated net loss	$ (22,253)	$ (12,928)
Net loss per share attributable to common stockholders, Basic	$ (0.52)	$ (0.36)
Net loss per share attributable to common stockholders, Diluted	$ (0.52)	$ (0.36)
Weighted-average common shares outstanding, basic	42,480,488	35,850,037
Weighted-average common shares outstanding, diluted	42,480,488	35,850,037
Comprehensive loss:
Net Income (Loss)	$ (22,253)	$ (12,928)
Unrealized holding gains (losses) on available-for-sale investments	(178)	29
Foreign currency translation adjustment	(27)	(10)
Total other comprehensive income(loss) :	(205)	19
Total comprehensive loss	$ (22,458)	$ (12,909)

Commitments and Contingencies

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 7. Commitments and Contingencies

Indemnification

The Company entered into indemnification agreements with directors and certain officers that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers. No demands have been made upon the Company to provide indemnification under such agreements, and thus, there are no claims that the Company is aware of that could have a material effect on the unaudited condensed consolidated financial statements. The Company also maintains director and officer insurance, which may cover certain liabilities arising from the Company’s obligation to indemnify its directors and officers. To date, the Company has not incurred any costs and has not accrued any liabilities in the unaudited condensed consolidated financial statements as a result of these provisions.

Legal Proceedings

On January 7, 2025, a putative securities class action complaint was filed against the Company and certain of its officers and directors in the United States District Court for the Northern District of California (the "Court"). The complaint alleged violations of Section 11 and Section 15 of the Securities Act of 1933, based on allegations that defendants misrepresented and/or omitted certain information in the Company’s Registration Statement concerning azelaprag. An amended complaint was filed on June 2, 2025. On October 30, 2025, the Court entered an order granting defendants’ motion to dismiss without prejudice. On November 20, 2025, a further amended complaint was filed. On March 2, 2026, the Court entered an order granting defendants’ further motion to dismiss with prejudice. On March 27, 2026, the plaintiff filed a notice of appeal of the Court’s order granting defendants’ motion to dismiss. The United States Court of Appeals for the Ninth Circuit has set the deadline for the plaintiff’s opening brief for June 22, 2026.

From time to time, in the ordinary course of business, the Company is subject to legal proceedings. The Company accrues a liability for such matters when it is probable that a liability has been incurred and that the amount can be reasonably estimated. Legal fees and other costs associated with such proceedings are expensed as incurred.

Leases

In August 2017, the Company entered into an agreement to lease office and lab space in Richmond, California, which the Company used for its corporate offices and research facility (the “Richmond Lease”). The Richmond Lease expired in August 2025. The Company recognized rent expense on a straight-line basis over the lease term.

In September 2024, the Company entered into an agreement to lease approximately 10,479 square feet of office and lab space in Emeryville, California (the "Emeryville Lease"). The Emeryville Lease commenced on February 25, 2025, as that was the date that the Company obtained control over the facility. The Emeryville Lease has an initial term of six years, ending in February 2031. The Emeryville Lease includes escalating rent payments and includes an option to extend the lease term for an additional five years. The Company is not reasonably certain to exercise the option to extend the lease term. The Company recognizes rent expense on a straight-line basis over the lease term. The Emeryville Lease does not provide a bargain purchase option nor does it transfer ownership at any point during the lease to the Company and is classified as an operating lease.

As of March 31, 2026, the Emeryville Lease remaining lease term was 4.9 years and the discount rate used to determine the operating lease liability was 11.6%.

Operating lease expense was $0.2 million and $0.1 million for the three months ended March 31, 2026 and 2025, respectively. Cash paid for amounts included in the measurement of operating lease liabilities was $0.1 million for each of the three months ended March 31, 2026 and 2025 and was included in net cash used in operating activities in the Company’s condensed consolidated statement of cash flows. Variable lease payments related to operating leases for the three months ended March 31, 2026 and 2025 were not material.

As of March 31, 2026, maturities of lease liabilities were as follows:


2026 (excluding the three months ended March 31, 2026)	$	497
2027	$	763
2028	$	786
2029	$	810
2030	$	834
2031	$	140
Total operating lease payments		3,830
Less: imputed interest		(955	)
Total operating lease liabilities		2,875
Less: current portion		(646	)
Operating lease liability, net of current portion	$	2,229

Capital Structure

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Capital Structure

Note 5. Capital Structure

There are 500,000,000 shares of common stock authorized as of March 31, 2026 and December 31, 2025. As of March 31, 2026 and December 31, 2025, there were 10,000,000 shares of preferred stock authorized and no preferred shares issued and outstanding. Common stock reserved for future issuance as of March 31, 2026 and December 31, 2025, consisted of the following:


	March 31, 2026		December 31, 2025
Stock options, issued and outstanding		9,291,433		7,914,058
Stock options, authorized for future issuance		2,402,910		2,128,767
Warrants, issued and outstanding		31,690		31,690
Total common stock reserved for future issuance		11,726,033		10,074,515

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/505/tableOfContent

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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Summary of Financial Assets And Liabilities Measured at Fair Value on a Recurring Basis

The following fair value hierarchy table presents information about each major category of the Company’s financial assets and liabilities measured at fair value on a recurring basis (in thousands):


	March 31, 2026
	(Level 1)		(Level 2)		(Level 3)		Total
Assets:
Money market funds	$	220,998	$	—	$	—	$	220,998
Treasury bill		2,487		—		—		2,487
U.S. government agency bonds		—		18,002		—		18,002
Cash equivalents	$	223,485	$	18,002	$	—	$	241,487

Treasury bill	$	2,977	$	—	$	—	$	2,977
U.S. government bonds		73,058		—		—		73,058
U.S. government agency bonds		—		37,253		—		37,253
Commercial paper		—		2,588		—		2,588
Corporate debt securities		—		24,036		—		24,036
Foreign corporate debt securities		—		1,505		—		1,505
Short-term marketable securities	$	76,035	$	65,382	$	—	$	141,417

U.S. government bonds	$	1,008	$	—	$	—	$	1,008
U.S. government agency bonds		—		672		—		672
Long-term marketable securities	$	1,008	$	672	$	—	$	1,680

Total fair value of financial assets	$	300,528	$	84,056	$	—	$	384,584

Liabilities:
Warrant liability	$	—	$	—	$	477	$	477


	December 31, 2025
	(Level 1)		(Level 2)		(Level 3)		Total
Assets:
Money market funds	$	182,234	$	—	$	—	$	182,234
Commercial paper		—		5,736		—		5,736
Corporate debt securities		—		642		—		642
Cash equivalents	$	182,234	$	6,378	$	—	$	188,612

U.S. government bonds	$	41,093	$	—	$	—	$	41,093
Commercial paper		—		5,053		—		5,053
U.S. government agency bonds		—		11,613		—		11,613
Corporate debt securities		—		32,941		—		32,941
Foreign corporate debt securities		—		1,510		—		1,510
Short-term marketable securities	$	41,093	$	51,117	$	—	$	92,210

U.S. government bonds	$	4,032	$	—	$	—	$	4,032
Long-term marketable securities	$	4,032	$	—	$	—	$	4,032

Total fair value of financial assets	$	227,359	$	57,495	$	—	$	284,854

Liabilities:
Warrant liability	$	—	$	—	$	370	$	370

Summary of Company's Cash Equivalents and Marketable Securities' Amortized Costs, Gross Unrealized Gains, Gross Unrealized Losses and Estimated Fair Values by Significant Investment Category


				Unrealized
March 31, 2026	Contractual Maturity	Amortized Cost		Losses			Gains		Fair Value
Assets:
Money market funds	Three months or less	$	220,998	$	—		$	—	$	220,998
Treasury bill	Three months or less		2,487		—			—		2,487
U.S. government agency bonds	Three months or less		18,020		(18	)		—		18,002
Cash equivalents		$	241,505	$	(18	)	$	—	$	241,487

Treasury bill	Less than 1 year	$	2,977	$	—		$	—	$	2,977
U.S. government bonds	Less than 1 year		73,066		(36	)		28		73,058
U.S. government agency bonds	Less than 1 year		37,276		(25	)		2		37,253
Commercial paper	Less than 1 year		2,590		(2	)		—		2,588
Corporate debt securities	Less than 1 year		24,057		(21	)		—		24,036
Foreign corporate debt securities	Less than 1 year		1,507		(2	)		—		1,505
Short-term marketable securities		$	141,473	$	(86	)	$	30	$	141,417

U.S. government bonds	1 to 2 years	$	1,005	$	—		$	3	$	1,008
U.S. government agency bonds	1 to 2 years		675		(3	)		—		672
Long-term marketable securities		$	1,680	$	(3	)	$	3	$	1,680

Total financial assets		$	384,658	$	(107	)	$	33	$	384,584


				Unrealized
December 31, 2025	Contractual Maturity	Amortized Cost		Losses			Gains		Fair Value
Assets:
Money market funds	Three months or less	$	182,234	$	—		$	—	$	182,234
Commercial paper	Three months or less		5,736		—			—		5,736
Corporate debt securities	Three months or less		642		—			—		642
Cash equivalents		$	188,612	$	—		$	—	$	188,612

U.S. government bonds	Less than 1 year	$	41,014	$	—		$	79	$	41,093
Commercial paper	Less than 1 year		5,051		—			2		5,053
U.S. government agency bonds	Less than 1 year		11,604		—			9		11,613
Corporate debt securities	Less than 1 year		32,933		(4	)		12		32,941
Foreign corporate debt securities	Less than 1 year		1,510		—			—		1,510
Short-term marketable securities		$	92,112	$	(4	)	$	102	$	92,210

U.S. government bonds	1 to 2 years		4,008		—			24		4,032
Long-term marketable securities		$	4,008	$	—		$	24	$	4,032

Total financial assets		$	284,732	$	(4	)	$	126	$	284,854

Summary of Changes in Fair Value of the Warrant Liability

The following table sets forth the changes in fair value of the warrant liability for the three months ended March 31, 2026 (in thousands):


Fair value at December 31, 2025	$	370
Changes in fair value		107
Fair value at March 31, 2026	$	477

Debt - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended
Debt - Additional Information (Details) - USD ($)	May 31, 2022	Mar. 31, 2026	Mar. 31, 2025
Debt Instrument [Line Items]
Warrants outstanding		31,690
(Gain) loss from changes in fair value on warrants		$ 107,000	$ (59,000)
Loan Agreement
Debt Instrument [Line Items]
Final payment fee, percentage	4.40%
Loan Agreement \| Lenders
Debt Instrument [Line Items]
Debt instrument payment commencement date		Nov. 01, 2023
Debt instrument, frequency of periodic payment		monthly
Loan borrowing, amount	$ 25,000,000
Interest expense		$ 100,000	$ 300,000
Interest rate, stated percentage		10.75%
Loan Agreement \| Lenders \| Maximum
Debt Instrument [Line Items]
Unamortized issuance costs and debt discounts		$ 100,000
Initial Term Loan \| Loan Agreement \| Lenders
Debt Instrument [Line Items]
Effective interest rate		15.40%
Additional Term Loan \| Loan Agreement \| Lenders
Debt Instrument [Line Items]
Effective interest rate		13.80%

Fair Value Measurements - Summary of Changes in Fair Value of the Warrant Liability (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Fair Value Disclosures [Abstract]
Fair value at December 31, 2025	$ 370
Fair value adjustment	107	$ (59)
Fair value at March 31, 2026	$ 477

Balance Sheet Components

3 Months Ended

Mar. 31, 2026

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Components

Note 3. Balance Sheet Components

Property and Equipment

Property and equipment consisted of the following (in thousands):


	March 31,			December 31,
	2026			2025
Lab equipment	$	1,112		$	1,023
Computer equipment and software		71			72
Furniture and fixtures		165			167
Leasehold improvements		161			161
Construction-in-progress		149			22
Property and equipment, gross	$	1,658		$	1,445
Accumulated depreciation		(543	)		(482	)
Property and equipment, net	$	1,115		$	963

Depreciation expense was less than $0.1 million for each of the three months ended March 31, 2026 and 2025.

Accrued Expenses and Other Current Liabilities

Accrued expenses consisted of the following (in thousands):


	March 31,		December 31,
	2026		2025
Research and development expenses	$	2,436	$	3,603
Payroll and related costs		1,615		4,352
Other		714		525
Total accrued expenses and other current liabilities	$	4,765	$	8,480

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Pay vs Performance Disclosure
Net Income (Loss)	$ (22,253)	$ (12,928)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
OPERATING ACTIVITIES
Net loss	$ (22,253)	$ (12,928)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	4,256	2,949
Depreciation expense	63	37
Non-cash interest expense	16	117
Non-cash lease expense	65	53
(Gain) loss from changes in fair value on warrants	107	(59)
Accretion of net investment discounts	(306)	0
Changes in operating assets and liabilities:
Accounts receivable	60	(361)
Prepaid expenses and other current assets	(2,975)	(1,180)
Other assets	1	1
Accounts payable	326	2,047
Accrued expenses and other current liabilities	(3,843)	(6,949)
Deferred revenue	437	(1,090)
Net cash used in operating activities	(24,046)	(17,363)
INVESTING ACTIVITIES
Purchase of property and equipment	(26)	(426)
Purchases of marketable securities	(80,214)	(77,562)
Maturities of marketable securities	33,487	0
Net cash used in investing activities	(46,753)	(77,988)
FINANCING ACTIVITIES
Underwritten offering issuance costs paid	(716)	0
Deferred offering costs paid	(91)	0
Term loan principal payments	(1,500)	(1,500)
Proceeds from issuance of common shares upon stock option exercises	1,707	0
Net cash provided by (used in) financing activities	123,715	(1,500)
Effect of changes in exchange rate on cash and cash equivalents	(27)	(12)
Net increase (decrease) in cash and cash equivalents	52,889	(96,863)
Cash and cash equivalents at end of period	188,888	354,349
Cash and cash equivalents at end of period	241,777	257,486
Supplemental non-cash disclosure:
Deferred offering costs included in accounts payable and accrued expenses	80	0
Unpaid underwritten offering issuance costs included in accounts payable and accrued expenses	42	0
Purchases of property and equipment in accounts payable and accrued expenses	202	73
Cash paid for interest	41	217
Right-of-use assets obtained in exchange for lease obligation	0	3,106
Over-Allotment Option [Member]
FINANCING ACTIVITIES
Proceeds from underwritten offering of common stock, net of underwriting discounts and commissions	$ 124,315	$ 0

Unaudited Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.00001	$ 0.00001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	44,386,785	37,386,908
Common stock, shares outstanding	44,386,785	37,386,908
Preferred stock, par value	$ 0.00001	$ 0.00001
Preferred stock, share authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0

Net Loss Per Share Attributable to Common Stockholders (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Computation of Basic and Diluted Net Loss per Share


	Three months ended March 31,
	2026			2025
Numerator:
Net loss	$	(22,253	)	$	(12,928	)
Denominator:
Weighted-average shares of common stock outstanding used to compute net loss per share attributable to common stockholders, basic and diluted		42,480,488			35,850,037
Net loss per share attributable to common stockholders, basic and diluted:	$	(0.52	)	$	(0.36	)

Computation of Potentially Dilutive Securities Outstanding Excluded from Computation of Diluted Shares


	March 31, 2026		March 31, 2025
Stock options, issued and outstanding		9,291,433		7,974,756
Warrants to purchase common stock		31,690		31,690
Total		9,323,123		8,006,446

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Summary of Stock Option Activity

The following table summarizes the stock option activity for the three months ended March 31, 2026:


	Number of Options			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life (Years)		Aggregate Intrinsic Value (in thousands)
Balance-December 31, 2025		7,914,058		$	7.74		7.9	$	46,246
Granted		1,597,290			19.64
Exercised		(217,827	)		7.87
Forfeited/expired		(2,088	)		6.17
Balance-March 31, 2026		9,291,433		$	9.78		8.1	$	75,326
Vested and Exercisable-March 31, 2026		4,003,281		$	8.57		6.9	$	36,011

Summary of Estimated Fair Value of Stock Options Granted Weighted Average Assumptions


	Three months ended March 31,
	2026			2025
Weighted-average risk-free interest rate		3.9	%		4.4	%
Expected term of stock options (in years)	6.0 years			6.0 years
Weighted-average expected stock price volatility		101.8	%		107.7	%
Estimated dividend yield		—			—

Schedule of Stock-based Compensation Expense

Stock-based compensation expense recorded as research and development and general and administrative expenses in the statements of operations and comprehensive loss is as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Research and development	$	1,474	$	788
General and administrative		2,782		2,161
Total stock-based compensation expense	$	4,256	$	2,949

Net Loss Per Share Attributable to Common Stockholders

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Net Loss Per Share Attributable to Common Stockholders

Note 10. Net Loss Per Share Attributable to Common Stockholders

The following table sets forth the computation of the basic and diluted net loss per share attributable to common stockholders (in thousands except for share and per share data):


	Three months ended March 31,
	2026			2025
Numerator:
Net loss	$	(22,253	)	$	(12,928	)
Denominator:
Weighted-average shares of common stock outstanding used to compute net loss per share attributable to common stockholders, basic and diluted		42,480,488			35,850,037
Net loss per share attributable to common stockholders, basic and diluted:	$	(0.52	)	$	(0.36	)

The Company’s potentially dilutive securities have been excluded from the computation of diluted net loss per share attributable to common stockholders as the effect would be antidilutive. Therefore, the weighted-average number of shares of common stock outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same. Potentially dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive were as follows:


	March 31, 2026		March 31, 2025
Stock options, issued and outstanding		9,291,433		7,974,756
Warrants to purchase common stock		31,690		31,690
Total		9,323,123		8,006,446

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Schedule of Maturities of Lease Liabilities

As of March 31, 2026, maturities of lease liabilities were as follows:


2026 (excluding the three months ended March 31, 2026)	$	497
2027	$	763
2028	$	786
2029	$	810
2030	$	834
2031	$	140
Total operating lease payments		3,830
Less: imputed interest		(955	)
Total operating lease liabilities		2,875
Less: current portion		(646	)
Operating lease liability, net of current portion	$	2,229

Unaudited Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income	Accumulated Deficit
Beginning balance at Dec. 31, 2024	$ 323,127		$ 575,693	$ 245	$ (252,811)
Beginning balance, shares at Dec. 31, 2024		35,850,037
Stock-based compensation expense	2,949		2,949
Unrealized loss on marketable securities	29			29
Foreign currency translation adjustment	(10)			(10)
Net Income (Loss)	(12,928)				(12,928)
Ending balance at Mar. 31, 2025	313,167		578,642	264	(265,739)
Ending balance, shares at Mar. 31, 2025		35,850,037
Beginning balance at Dec. 31, 2025	$ 272,051		605,189	278	(333,416)
Beginning balance, shares at Dec. 31, 2025	37,386,908	37,386,908
Issuance of common shares, Value	$ 123,557		123,557
Issuance of common shares		6,782,050
Stock option exercises	$ 1,715		1,715
Stock option exercises, shares	217,827	217,827
Stock-based compensation expense	$ 4,256		4,256
Unrealized loss on marketable securities	(178)			(178)
Foreign currency translation adjustment	(27)			(27)
Net Income (Loss)	(22,253)				(22,253)
Ending balance at Mar. 31, 2026	$ 379,121		$ 734,717	$ 73	$ (355,669)
Ending balance, shares at Mar. 31, 2026	44,386,785	44,386,785

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Fair Value Disclosures [Abstract]
Warrants outstanding	31,690
Accrued interest receivable	$ 1.9	$ 1.2

Basis of Presentation and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2026
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with United States of America generally accepted accounting principles (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. Any reference in these notes to applicable guidance is meant to refer to GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) promulgated by the Financial Accounting Standards Board (“FASB”). The unaudited condensed consolidated financial statements include the accounts of BioAge Labs, Inc. and its wholly owned subsidiary, BioAge Labs PTY LTD. BioAge Labs PTY LTD was incorporated in Australia in December 2020. All intercompany accounts and transactions have been eliminated in consolidation. The unaudited condensed consolidated financial statements presented in this Quarterly Report on Form 10-Q should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company’s 2025 Annual Report on Form 10-K. The balance sheet as of December 31, 2025 was derived from audited consolidated financial statements included in the Company’s 2025 Annual Report on Form 10-K but does not include all disclosures required by GAAP. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted from these interim financial statements. The interim results are not necessarily indicative of results to be expected for the full year.
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the condensed consolidated financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. Estimates and assumptions are periodically reviewed and the effects of revisions are reflected in the condensed consolidated financial statements in the period they are determined to be necessary. Areas that require management’s estimates include warrant liability, stock-based compensation expense assumptions, recording revenue for performance obligations recognized over time, valuation of deferred tax assets, and estimating services expended by third-party service providers used to recognize research and development expense.
Cash, Cash Equivalents, and Marketable Securities	Cash, Cash Equivalents, and Marketable Securities The Company considers all highly liquid investments that have original maturities of three months or less when acquired to be cash equivalents. Marketable securities consist of high-grade debt securities. Marketable securities with maturities within twelve months from the balance sheet date are classified as short-term marketable securities and those with maturities over twelve months from the balance sheet date are classified as long-term marketable securities. The Company classifies all marketable securities as available-for-sale, which are recorded at fair value. Unrealized gains and losses are included in accumulated other comprehensive income (loss) in stockholders’ equity. As of and for the three months ended March 31, 2026 and 2025, the Company did not have any allowance for credit losses or impairments of its marketable securities.
Concentrations of Credit Risk	Concentrations of Credit Risk Financial instruments that potentially subject the Company to credit risk consist primarily of accounts receivable, cash, cash equivalents, and marketable securities. Management monitors exposure to credit risk on an ongoing basis. The Company invests its excess cash in investment-grade, liquid instruments in accordance with its investment policy. The Company maintains cash balances at financial institutions that may exceed federally insured limits and is exposed to credit risk in the event of a default by the financial institutions holding its cash and by issuers of its cash equivalents and marketable securities. The Company has not experienced any losses on its deposits of cash, cash equivalents, or marketable securities to date. As of March 31, 2026 and December 31, 2025, one customer accounted for 100% of the Company’s accounts receivable. For the three months ended March 31, 2026 and 2025, the same customer accounted for 100% of the Company’s revenue. The Company has no financial instruments with off-balance sheet risk of loss.
Risks and Uncertainties	Risks and Uncertainties The Company faces risks and uncertainties associated with companies in the biotechnology industry, including but not limited to the uncertainty of success of its preclinical studies and clinical trials, regulatory approval of product candidates, uncertainty of market acceptance of products, competition from substitute products and larger companies, the need for additional financing, compliance with government regulations, dependence on third parties, recruiting and retaining skilled personnel, and dependence on key members of management. The Company’s product candidates require approvals from the U.S. Food and Drug Administration (“FDA”) and comparable foreign regulatory agencies prior to commercial sales in their respective jurisdictions. There can be no assurance that any product candidates will receive the necessary approvals. If the Company was denied approval, approval was delayed or the Company was unable to maintain approval for any product candidate, it could have a materially adverse impact on the Company.
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies The Company’s complete listing of significant accounting policies is set forth in Note 2. Basis of Presentation and Significant Accounting Policies, to the Notes to Condensed Financial Statements in its Annual Report on Form 10-K for the fiscal year ended December 31, 2025.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In November 2024, the FASB issued ASU 2024-03 Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This standard calls for enhanced disclosures about components of expense captions on the face of the income statement. This standard will be effective for annual reporting periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted and the option for retrospective application. This ASU will result in the required additional disclosures being included in the Company's consolidated financial statements, once adopted, and will have no impact on our financial condition and results of operations.

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-12

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
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-URI https://asc.fasb.org/1943274/2147482861/275-10-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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-Paragraph 1
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-SubTopic 10
-Topic 275
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-1

+ Details