0001104659-26-098412 | S-4 | XBRL Viewer

Nature of the Business and Basis of Presentation

5. Marketable Securities

Marketable securities consist of the following:



		June 30, 2026
					Gross			Gross
		Amortized			Unrealized			Unrealized			Estimated
(in thousands)		Cost			Gain			Loss			Fair Value
Corporate bonds		$	4,831		$	—		$	(3)		$	4,828
Total		$	4,831		$	—		$	(3)		$	4,828



	December 31, 2025
			Gross		Gross
	Amortized		Unrealized		Unrealized		Estimated
(in thousands)	Cost		Gain		Loss		Fair Value
Corporate bonds	$	15,818	$	19	$	(1)	$	15,836
Total	$	15,818	$	19	$	(1)	$	15,836

The Company uses the specific identification method when calculating realized gains and losses. There were no realized gains or losses on available-for-sale securities for the three months ended June 30, 2026 and a $1 thousand gain on available-for-sale securities for the six months ended June 30, 2026. The Company did not realize any gains or losses on available-for-sale securities for the three and six months ended June 30, 2025.

The Company reviewed all investments which were in a loss position at the respective balance sheet dates, as well as the remainder of the portfolio. As of June 30, 2026, the Company had investments with a total fair market value of $4.8 million in an immaterial unrealized loss position, of which none were in a continuous unrealized loss position for more than twelve months. The Company analyzed the unrealized losses and determined that market conditions were the primary factor driving these changes, and such unrealized losses are temporary as the Company anticipates a full recovery of the amortized cost basis of these securities at maturity. After analyzing the securities in an unrealized loss position, the portion of these losses that relates to changes in credit quality is insignificant. Furthermore, the Company does not believe that these securities expose the Company to undue market risk or counterparty credit risk.

The following table summarizes maturities of the Company’s investments available-for-sale as of June 30, 2026:



	June 30, 2026
			Fair
(in thousands)	Cost		Value
Maturities:
Within 1 year	$	4,831	$	4,828
Total investments available-for-sale	$	4,831	$	4,828

The Company has elected to report interest receivable from its marketable securities with prepaid expenses and other current assets on its balance sheet. Interest receivable included in prepaid expenses and other current assets totaled $0.1 million and $0.3 million as of June 30, 2026 and December 31, 2025, respectively.

5. Marketable Securities

Marketable securities consist of the following:



		December 31, 2025
					Gross			Gross
		Amortized			Unrealized			Unrealized			Estimated
(in thousands)		Cost			Gain			Loss			Fair Value
Corporate bonds		$	15,818		$	19		$	(1)		$	15,836
Total		$	15,818		$	19		$	(1)		$	15,836



	December 31, 2024
			Gross		Gross
	Amortized		Unrealized		Unrealized		Estimated
(in thousands)	Cost		Gain		Loss		Fair Value
Corporate bonds	$	32,515	$	22	$	(20)	$	32,517
U.S. Treasury and Government agencies		8,375		2		—		8,377
Total	$	40,890	$	24	$	(20)	$	40,894

The Company uses the specific identification method when calculating realized gains and losses. The Company did not realize any gains or losses on available-for-sale securities for the years ended December 31, 2025 and 2024.

The Company reviewed all investments which were in a loss position at the respective balance sheet dates, as well as the remainder of the portfolio. As of December 31, 2025, the Company had one investment with a total fair market value of $2.2 million in an immaterial loss position which was not in a continuous unrealized loss position for more than twelve months. The Company analyzed the unrealized loss and determined that market conditions were the primary factor driving the change, and such unrealized loss is temporary as the Company anticipates a full recovery of the amortized cost basis of this security at maturity. After analyzing the security in an unrealized loss position, the portion of the loss that relate to changes in credit quality is insignificant. The Company does not intend to sell this security, nor is it more likely than not that the Company will be required to sell it prior to the end of its contractual term. Furthermore, the Company does not believe that this security exposes the Company to undue market risk or counterparty credit risk.

The following table summarizes maturities of the Company’s investments available-for-sale as of December 31, 2025:



	December 31, 2025
			Fair
(in thousands)	Cost		Value
Maturities:
Within 1 year	$	14,593	$	14,607
Over 1 year		1,225		1,229
Total investments available-for-sale	$	15,818	$	15,836

The Company has classified all of its investments available-for-sale, including those with maturities beyond one year, as current assets on the accompanying balance sheets based on the highly liquid nature of these investment securities and because these investment securities are considered available for use in current operations.

Accrued Liabilities and Other Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025	Dec. 31, 2024
Accrued Liabilities and Other Liabilities
Payroll and related benefits		$ 851	$ 1,753
Clinical trial costs		862	371
Sponsored research		177	332
Lease liabilities, current portion		$ 1,005	$ 796
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]		Total accrued liabilities and other liabilities	Total accrued liabilities and other liabilities
License payments		$ 5,000
Operating expenses		525	$ 845
Other		135	124
Total accrued liabilities and other liabilities	$ 3,835	$ 8,555	$ 4,221

Segment Information - Other Information (Details) - segment	6 Months Ended	12 Months Ended
	Jun. 30, 2026	Dec. 31, 2025
Segment Information
Number of operating segment	1	1
Number of reporting segment	1	1

Fair Value Measurements (Details) - USD ($)	3 Months Ended	12 Months Ended
Fair Value Measurements (Details) - USD ($)	Jun. 30, 2026	Dec. 31, 2025	Dec. 31, 2024
Fair value of the Company's financial assets
Marketable Securities	$ 4,828,000	$ 15,836,000	$ 40,894,000
Assets transferred into level 3	0	0	0
Assets transferred out of level 3	0	0	0
Assets transferred from level 1 to level 2		0	0
Assets transferred from level 2 to level 1		0	0
Corporate bonds
Fair value of the Company's financial assets
Marketable Securities	4,828,000	15,836,000	32,517,000
Fair Value
Fair value of the Company's financial assets
Total financial assets	19,588,000	41,256,000	67,951,000
Fair Value \| Money market funds (cash equivalents)
Fair value of the Company's financial assets
Money market funds (cash equivalents)	14,760,000	25,420,000
Fair Value \| Corporate bonds
Fair value of the Company's financial assets
Marketable Securities	4,828,000	15,836,000
Fair Value \| Quoted Prices in Active Markets (Level 1)
Fair value of the Company's financial assets
Total financial assets	14,760,000	25,420,000	27,057,000
Fair Value \| Quoted Prices in Active Markets (Level 1) \| Money market funds (cash equivalents)
Fair value of the Company's financial assets
Money market funds (cash equivalents)	14,760,000	25,420,000
Fair Value \| Significant Other Observable Inputs (Level 2)
Fair value of the Company's financial assets
Total financial assets	4,828,000	15,836,000	40,894,000
Fair Value \| Significant Other Observable Inputs (Level 2) \| Corporate bonds
Fair value of the Company's financial assets
Marketable Securities	$ 4,828,000	15,836,000
Money market funds (cash equivalents) \| Fair Value
Fair value of the Company's financial assets
Money market funds (cash equivalents)		25,420,000	27,057,000
Money market funds (cash equivalents) \| Fair Value \| Quoted Prices in Active Markets (Level 1)
Fair value of the Company's financial assets
Money market funds (cash equivalents)		25,420,000	27,057,000
Corporate bonds \| Fair Value
Fair value of the Company's financial assets
Marketable Securities		15,836,000	32,517,000
Corporate bonds \| Fair Value \| Significant Other Observable Inputs (Level 2)
Fair value of the Company's financial assets
Marketable Securities		$ 15,836,000	32,517,000
U.S. Treasury and Government agencies \| Fair Value
Fair value of the Company's financial assets
Marketable Securities			8,377,000
U.S. Treasury and Government agencies \| Fair Value \| Significant Other Observable Inputs (Level 2)
Fair value of the Company's financial assets
Marketable Securities			$ 8,377,000

Nature of the Business and Basis of Presentation

6 Months Ended

12 Months Ended

Jun. 30, 2026

Dec. 31, 2025

Nature of the Business and Basis of Presentation

1. Nature of the Business

Organization

NextCure, Inc. (“NextCure” the “Company,” “we,” “us,” or “our”) was incorporated in Delaware in September 2015 and is headquartered in Beltsville, Maryland. The Company is a clinical-stage biopharmaceutical company that has focused on advancing innovative medicines that treat cancer patients that do not respond to, or that have disease progression on, current therapies, through the use of targeted therapies including antibody-drug conjugates. The Company has focused on advancing therapies that leverage our core strengths in understanding biological pathways and biomarkers, the interactions of cells, including in the tumor microenvironment, and the role each interaction plays in a biologic response. Since inception, the Company has devoted substantially all of its efforts and financial resources to discovery, research and development activities for the Company’s product candidates, identifying business development opportunities, raising capital and securing intellectual property rights related to the Company’s product candidates.

On July 14, 2026, the Company entered into a definitive merger agreement with Avere Therapeutics, Inc. (“Avere Therapeutics”), a privately held biotechnology company focused on oral therapies for IL-23-driven inflammatory diseases. Upon completion of the merger, the combined company is expected to operate as Avere Therapeutics, Inc. and trade on Nasdaq under the ticker symbol “AVRX.” The combined company will be led by Avere’s management team and governed by a board of directors constituted in accordance with the merger agreement. The merger is subject to customary closing conditions and stockholder approval. As of the filing date of this Quarterly Report on Form 10-Q, the merger has not been completed and NextCure continues to operate as a standalone company.

Concurrently with the merger agreement, Avere entered into a securities purchase agreement providing for a private financing expected to generate approximately $320 million in gross proceeds immediately prior to closing, subject to customary closing conditions. Existing NextCure stockholders are expected to receive contingent value rights tied to certain legacy NextCure assets.

In connection with the proposed merger and related restructuring activities, the Company has discontinued further investment in the LNCB74 co-development program and, subsequent to June 30, 2026, entered into a transition and continuation agreement with LigaChem Biosciences (the “Transition and Continuation Agreement”) pursuant to which LigaChem has elected to continue the LNCB74 program as the “Sole Developing Party” (as such term is defined in the LigaChem Agreement; see Note 15 Subsequent Events).

Reverse Stock Split

On July 14, 2025, the Company effectuated a one-for-twelve (1:12) reverse stock split of its outstanding shares of common stock (the “Reverse Stock Split”). In connection with the Reverse Stock Split, every twelve shares of the Company’s common stock issued and outstanding as of July 14, 2025 were automatically converted into one share of the Company’s common stock. No fractional shares were issued in connection with the Reverse Stock Split. The Company’s stockholders received the cash value equal to the fraction to which the stockholder would otherwise be entitled, multiplied by the closing price of the common stock, as reported by The Nasdaq Stock Market, LLC (“Nasdaq”), on the last trading day prior to the effective date of the Reverse Stock Split. All share and per share data for all periods presented in the accompanying financial statements and the related disclosures in this Quarterly Report on Form 10-Q have been adjusted retrospectively to reflect the Reverse Stock Split. The number of authorized shares of common stock and the par value per share remains unchanged.

1. Nature of the Business and Basis of Presentation

Organization

NextCure, Inc. (“NextCure” the “Company,” “we,” “us,” or “our”) was incorporated in Delaware in September 2015 and is headquartered in Beltsville, Maryland. The Company is a clinical-stage biopharmaceutical company that is focused on advancing innovative medicines that treat cancer patients that do not respond to, or that have disease progression on, current therapies, through the use of targeted therapies including antibody-drug conjugates. The Company focuses on advancing therapies that leverage our core strengths in understanding biological pathways and biomarkers, the interactions of cells, including in the tumor microenvironment, and the role each interaction plays in a biologic response. Since inception, the Company has devoted substantially all of its efforts and financial resources to discovery, research and development activities for the Company’s product candidates, identifying business development opportunities, raising capital and securing intellectual property rights related to the Company’s product candidates.

Reverse Stock Split

On July 14, 2025, the Company effectuated a one-for-twelve (1:12) reverse stock split of its outstanding shares of common stock (the “Reverse Stock Split”). In connection with the Reverse Stock Split, every twelve shares of the Company’s common stock issued and outstanding as of July 14, 2025 were automatically converted into one share of the Company’s common stock. No fractional shares were issued in connection with the Reverse Stock Split. The Company’s stockholders received the cash value equal to the fraction to which the stockholder would otherwise be entitled, multiplied by the closing price of the common stock, as reported by The Nasdaq Stock Market, LLC (“Nasdaq”), on the last trading day prior to the effective date of the Reverse Stock Split. All share and per share data for all periods presented in the accompanying financial statements and the related disclosures in this Annual Report on Form 10-K have been adjusted retrospectively to reflect the Reverse Stock Split. The number of authorized shares of common stock and the par value per share remains unchanged.

Liquidity

The Company has not generated any revenue to date from product sales and does not expect to generate any revenues from product sales in the foreseeable future. Through December 2025, the Company has funded its operations primarily with proceeds from public and private offerings of its common stock, private placements of its preferred stock and upfront fees received under the Company’s former agreement with Eli Lilly and Company. The Company expects to incur additional operating losses and negative operating cash flows for the foreseeable future.

As of December 31, 2025, the Company had cash, cash equivalents and marketable securities of $41.8 million. The Company’s expectation to incur additional operating losses and negative operating cash flows in the future and the need for additional funding to support its planned operations raise substantial doubt regarding the Company’s ability to continue as a going concern for a period of one year after the date that these unaudited financial statements are issued. See Note 2, Summary of Significant Accounting Policies for a further assessment of liquidity.

Risks and Uncertainties

The Company is subject to risks common to early-stage companies in the biotechnology industry including, but not limited to: having a limited operating history and no products approved for commercial sale; having a history of significant losses; its need to obtain additional financing; dependence on its ability to advance its current and future product candidates through clinical trials, marketing approval and commercialization; the unproven approach to the discovery and development of product candidates; the lengthy and expensive nature and uncertain outcomes of the clinical development process; the lengthy, time-consuming and unpredictable nature of the regulatory approval process; the results of preclinical studies and early-stage clinical trials that may not be predictive of future results; dependence on its key personnel; its limited manufacturing experience as an organization and with its manufacturing facility; risks related to patent protection and the Company’s pending patent applications; dependence on third-party collaborators for the discovery, development and commercialization of current and future product candidates; and significant competition from other biotechnology and pharmaceutical companies. Pursuit of the Company’s business efforts will require significant amounts of additional capital, adequate personnel, infrastructure and extensive compliance-reporting capabilities. Even if the Company’s development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales.

Segment and Geographic Information

In December 2024, the Company adopted ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ASU 2023-07 updates reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses.

Operating segments are defined as components of an entity about which separate discrete information is available for evaluation by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The chief operating decision maker views the operations and manages the business in a single operating segment and one reportable segment that operates exclusively in the United States. All long-lived assets of the Company reside in the United States.

CONDENSED STATEMENTS OF CASH FLOWS (Parenthetical) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)
CONDENSED STATEMENTS OF CASH FLOWS
Issuance costs	$ 1,223

Subsequent Events

6 Months Ended

12 Months Ended

Jun. 30, 2026

Dec. 31, 2025

Subsequent Events

Subsequent Events

15. Subsequent Events

Merger Agreement with Avere Therapeutics, Inc.

On July 14, 2026, the Company entered into a definitive merger agreement with Avere Therapeutics, providing for an all-stock transaction. Upon completion of the merger, the combined company is expected to operate as Avere Therapeutics, Inc. and trade on Nasdaq under the ticker symbol “AVRX.” The merger is subject to customary closing conditions and stockholder approval. As of the filing date of this Quarterly Report on Form 10-Q, the merger has not been completed and NextCure continues to operate as a standalone company. The transaction is expected to close in the second half of 2026. Following completion of the merger, the combined company is expected to be led by Avere’s management team and governed by a board of directors constituted in accordance with the merger agreement. NextCure stockholders are expected to retain an ownership interest in the combined company and receive contingent value rights (“CVRs”) tied to the potential future monetization of certain legacy NextCure assets.

Concurrent with the execution of the merger Agreement, certain institutional and accredited investors have entered into a securities purchase agreement with Avere, pursuant to which they have agreed, to purchase shares of Avere capital stock and pre-funded warrants to purchase shares of Avere capital stock for an aggregate purchase price of approximately $320 million in a private placement.

Employee Matters

On July 14, 2026, the Board approved a restructuring and workforce reduction plan (the “Plan”) intended to better align the Company’s workforce and operations with the anticipated needs of its business pending the closing of the merger. The Plan began in July 2026 and is expected to result in a reduction in force affecting a substantial majority of the Company’s workforce during the quarter ending September 30, 2026, in conjunction with the planned transition under the terms of the merger agreement. Following implementation of the Plan, the Company expects to retain its executive officers, each of whom is expected to continue as an employee of the Company, together with personnel in clinical, regulatory, finance and CMC (chemistry, manufacturing and controls) functions. These retained personnel support the Company’s ongoing obligations under the Transition and Continuation Agreement with LigaChem described below, including support of the ongoing LNCB74 clinical trial; the transition of patients enrolled in the SIM0505 study; the Company’s efforts to partner, license or otherwise monetize its legacy assets; the Company’s obligations as a reporting company under the Exchange Act; and the completion of the proposed merger.

In connection with the implementation of the Plan, the Company expects to incur one-time charges and cash expenditures of approximately $2.4 million through October 31, 2026, primarily related to employee wages and severance payments, healthcare continuation and related termination costs. The Company expects to incur these charges primarily during the third quarter of 2026 and payment of these charges is expected to be completed by the fourth quarter of 2026.

Transition and Continuation Agreement with LigaChem

On July 14, 2026, the Company announced that it had informed LigaChem that the Company had opted out of continued cost-sharing for LNCB74. On August 6, 2026, the Company and LigaChem entered into a Transition and Continuation Agreement, pursuant to which LigaChem exercised its rights under the LigaChem Agreement to continue as the Sole Developing Party with respect to LNCB74 and thereby assume full control of LNCB74 development, and 100% responsibility for all LNCB74 program costs incurred for the LNCB74 program on or after July 1, 2026. The Company agreed to provide certain transition support to LigaChem, including interim support for the ongoing clinical trial while the parties implement transfer of program-related materials, regulatory documentation, vendor agreements, inventory and related records, and LigaChem will reimburse the Company for certain full-time equivalent support costs the Company incurs supporting the program transfer. The Company’s transition support obligations are

expected to continue through the transition period and are performed by Company personnel retained following the restructuring described above, including clinical and regulatory personnel supporting the conduct of the ongoing LNCB74 clinical trial. Amounts incurred by the Company and LigaChem prior to July 1, 2026 will be shared under the 50-50 cost-sharing arrangement of the LigaChem Agreement. As per the terms of the LigaChem Agreement, LigaChem as Sole Developing Party will pay the Company certain developmental, regulatory and commercial milestones and single-digit royalties on future net sales of LNCB74.

SIM0505

On July 14, 2026, the Company announced that it had informed all U.S. clinical trial sites to stop screening, consenting, enrolling, and delivering first doses to new patients in the SIM0505 study. The Company also announced that it no longer intended to expand the clinical site footprint for SIM0505 into Europe and Canada. The Company is working with clinical trial sites and principal investigators to develop and implement plans to cease treatment of patients currently on study and to transition such patients, as appropriate, to alternative therapies in accordance with applicable requirements.

The Company is seeking opportunities to partner, license or otherwise monetize its rights to SIM0505. Any strategic alternatives with respect to SIM0505 would be pursued in accordance with the terms of the existing License Agreement with Zaiming.

Leases

On July 27, 2026 and August 3, 2026, respectively, the Company entered into a seventh amendment and eighth amendment to its lease agreement with ARE-8000/9000/10000 Virginia Manor, LLC (such amendments, the “Amendments”), pursuant to which the Company terminated leases for approximately 39,432 rentable square feet of manufacturing, laboratory and office space. Following the Amendments, the Company’s leased premises were reduced from approximately 69,296 rentable square feet to 29,864 rentable square feet. In connection with the Amendments, the Company is required to pay a one-time fee of $0.8 million for such reduction. The Company will account for the Amendments as a lease termination under ASC 842 during the quarter ending September 30, 2026, including the remeasurement of its operating lease liabilities and related right-of-use asset. The Amendments were executed after the second quarter ended June 30, 2026 and, accordingly, their effects are not reflected in the accompanying condensed financial statements.

Asset Purchase Agreement with Xcellon

On July 31, 2026 the Company entered into an Asset Purchase Agreement with Xcellon Biologics, LLC (“Xcellon”), pursuant to which the Company agreed to sell certain equipment, furniture, fixtures, supplies, permits and other assets located at the Company’s Beltsville, Maryland facility. The assets subject to the agreement consist primarily of manufacturing, laboratory and facility-related assets associated with the Company’s ongoing restructuring activities. The Company received cash consideration of approximately $0.5 million. No gain or loss related to the transaction has been recognized in the accompanying condensed financial statements as of June 30, 2026.

19. Subsequent Event

Subsequent to year end and through February 27, 2026, the Company sold 52,715 shares of common stock under the Wainwright ATM Agreement for net proceeds of approximately $0.7 million.

Subsequent Events (Details)			1 Months Ended	3 Months Ended
Subsequent Events (Details)	Aug. 01, 2026 USD ($)	Jul. 14, 2026 USD ($)	Jul. 28, 2026 USD ($)	Sep. 30, 2026 USD ($)	Aug. 06, 2026	Jul. 27, 2026 USD ($)	Jul. 01, 2026	Jun. 30, 2026	Dec. 31, 2025	Nov. 30, 2022
Research Collaboration and Co-Development Agreement
Subsequent Events
Collaboration agreements cost sharing percentage (as a percent)								50.00%	50.00%	50.00%
Subsequent Event
Subsequent Events
Restructuring cost				$ 2,400,000
Area of lease terminated			39,432
Area of land leased			29,864			69,296
Lease termination fee			$ 800,000
Sale of asset, cash consideration	$ 500,000
Gain (loss) on disposal of assets	$ 0
Subsequent Event \| Research Collaboration and Co-Development Agreement \| LigaChem Biosciences
Subsequent Events
Collaboration agreements cost sharing percentage (as a percent)					100.00%		50.00%
Subsequent Event \| Avere Therapeutics, Inc.
Subsequent Events
Aggregate purchase price		$ 320,000,000

CONDENSED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Mar. 31, 2026	Dec. 31, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 15,260		$ 25,982			$ 27,727
Marketable securities	4,828		15,836			40,894
Prepaid expenses and other current assets	2,167		1,929			3,186
Total current assets	22,255		43,747			71,807
Property and equipment, net	283		3,273			5,458
Right of use assets			2,617			3,263
Other assets	82		546			332
Total assets	22,620		50,183			80,860
Current liabilities:
Accounts payable	2,578		2,011			5,353
Accrued liabilities and other liabilities	3,835		8,555			4,221
Total current liabilities	6,413		10,566			9,574
Lease liabilities, long term	3,603		4,148			5,153
Other long-term liabilities	455		526			661
Total liabilities	10,471		15,240			15,388
Stockholders' equity:
Preferred stock, par value of $0.001 per share; 10,000,000 shares authorized at June 30, 2026 and December 31, 2025; No shares issued and outstanding at June 30, 2026 and December 31, 2025
Common stock, par value of $0.001 per share; 100,000,000 shares authorized at June 30, 2026 and December 31, 2025; 4,068,951 and 3,505,621 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	4		4			2
Additional paid-in capital	472,816		470,898			445,602
Accumulated other comprehensive (loss) income	(3)		21			4
Accumulated deficit	(460,668)		(435,980)			(380,136)
Total stockholders' equity	12,149	$ 26,716	34,943	$ 29,646	$ 55,855	65,472	$ 114,421
Total liabilities and stockholders' equity	$ 22,620		$ 50,183			$ 80,860

Summary of Significant Accounting Policies

6 Months Ended

12 Months Ended

Jun. 30, 2026

Dec. 31, 2025

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

There have been no material changes to the significant accounting policies previously disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 (the “Annual Report”).

Basis of Presentation

The unaudited condensed financial statements include the accounts of the Company and have been prepared by the Company in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these condensed financial statements should be read in conjunction with the Company’s audited financial statements and the notes thereto in the Annual Report.

Unaudited Financial Information

In the opinion of management, the information furnished reflects certain adjustments, all which are of a normal and recurring nature and are necessary for a fair presentation of the Company’s financial position as of the reported balance sheet date and of the Company’s results for the reported interim periods. The Company considers events or transactions that occur after the balance sheet date but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. The results of operations for interim periods are not necessarily indicative of results to be expected for the full year or any other interim period.

Liquidity and Going Concern

The Company has incurred net losses and negative cash flows from operations since its inception and has an accumulated deficit of $461 million as of June 30, 2026. Under the Company’s current plan, management believes its cash and cash equivalents and marketable securities of $20.1 million as of June 30, 2026 will be sufficient to fund the Company’s operations into the fourth quarter of 2026. However, the Company will need to obtain additional funding to sustain operations as it expects to continue to generate operating losses for the foreseeable future. The Company’s expectation to generate negative operating cash flows in the future and the need for additional funding to support its planned operations raise substantial doubt regarding the Company’s ability to continue as a going concern. Management’s plans to alleviate the conditions that raise substantial doubt include completing the proposed merger with Avere Therapeutics, implementing restructuring activities designed to reduce operating expenditures, and pursuing partnership, licensing, sale and other opportunities to advance or monetize its legacy assets. While these plans are intended to improve the Company’s liquidity position, the completion of the proposed merger and the concurrent private placement remains subject to stockholder approval and other closing conditions outside of the Company’s control, and the Company’s ability to monetize its legacy assets is uncertain. Accordingly, these plans are not considered probable of being effectively implemented and mitigating the substantial doubt within one year after the date the financial statements are issued. Accordingly, management has concluded that substantial doubt exists about the Company’s ability to continue as a going concern. The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the ordinary course of business. The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of the uncertainties described above.

The Company’s future operations are highly dependent on the closing of the Merger and there can be no assurances that the Merger will be successfully consummated. If the Merger is not consummated, the Company believes that its cash and cash equivalents as of June 30, 2026 would be adequate to fund its operating expenses into the fourth quarter of 2026. However, in order to continue development of its programs, the Company would need to secure substantial additional funding in the future, from one or more equity or debt financings, collaborations, or other sources. Additional funding may not be available to the Company on acceptable terms, or at all. The Company’s Board of Directors may also decide to pursue a dissolution and liquidation in lieu of continuing program development in the event the Merger is not consummated.

The Company intends to execute its strategic plan, including completing the proposed merger transaction, restructuring its activities, managing its legacy assets and obligations and seeking to monetize its legacy programs and intellectual property.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of assets and liabilities as of the date of the condensed financial statements, and the reported amounts of revenues and expenses during the reporting periods. Although actual results could differ from those estimates, management does not believe that such differences would be material.

Recently Issued Accounting Pronouncements

The Company considers the applicability and impact of all Accounting Standards Updates (“ASUs”) issued by the Financial Accounting Standards Board. All other ASUs issued subsequent to the filing of the Company’s Annual Report were assessed and determined to be either inapplicable or not expected to have a material impact on the Company’s financial position or results of operations.

2. Summary of Significant Accounting Policies

Basis of Presentation

The accompanying financial statements include the accounts of the Company. The Company’s financial statements have been prepared in accordance with United States generally accepted accounting principles (“GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”).

Liquidity and Going Concern

The Company has incurred net losses and negative cash flows from operations since its inception, has an accumulated deficit of $436.0 million as of December 31, 2025 and anticipates continuing to incur net losses for the foreseeable future. Under the Company’s current plan, management believes its cash and cash equivalents and marketable securities of $41.8 million as of December 31, 2025 will not be sufficient to fund the Company’s operations for a period of one year after the issuance of these audited financial statements.

As a result, the Company will be required to raise additional capital by partnering, selling equity, or other means and has implemented cost-reduction measures. There can be no assurance as to whether partnering efforts will be successful or whether additional financing will be available on terms acceptable to the Company, if at all. If sufficient funds on acceptable terms are not available when needed, it would have a negative impact on the Company’s financial condition and could force the Company to delay, limit, reduce, or terminate product development or future commercialization efforts or grant rights to develop and market product candidates that the Company would otherwise plan to develop and market itself.

The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. The accompanying financial statements do not reflect any adjustments relating to the recoverability and reclassifications of assets and liabilities that might be necessary if the Company is unable to continue as a going concern.

The Company intends to raise additional capital to continue the advancement of its programs. In the near term, the Company’s primary uses of cash will be to fund the completion of key milestones for clinical programs and to fund its operations, including research and development activities and employee salaries. This includes significant costs relating to clinical trials of the Company’s product candidates. The Company’s planned uses of cash in the long term will be similar as the Company advances its research and development activities and pays employee salaries. Most pharmaceutical products require larger clinical trials as development progresses, and the Company expects its funding requirements to grow with the advancement of its programs. The Company’s long-term funding requirements will depend on many factors, which are uncertain but include its portfolio prioritization decisions and the success of its collaborations. In turn, the Company’s ability to raise additional capital through equity or partnering, or other avenues, will depend on the general economic environment in which it operates and its ability to achieve key milestones.

Use of Estimates

The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses for the period presented. Although actual results could differ from those estimates, management does not believe that such differences would be material.

Cash and Cash Equivalents

The Company considers all highly liquid investments with an original maturity of three months or less at the date of purchase to be cash equivalents. The Company deposits its cash primarily in checking, sweep account and money market accounts. Cash equivalents are stated at amortized cost, plus accrued interest, which approximates fair value.

Marketable Securities

Marketable securities primarily consist of government debt securities, corporate bonds and agency bonds. These marketable securities are classified as available-for-sale, and as such, are carried at fair value as determined by prices for identical or similar securities at the balance sheet date. Marketable securities consist of Level 2 financial instruments in the fair-value hierarchy. The Company’s policy is to classify all investments with contractual maturities within one year as current. At each reporting date, the Company evaluates the classification of its investments with maturities beyond one year based on the nature of the investment securities and whether the investments are considered available for use in current operations. Investment income is recognized when earned and reported net of investment expenses. Unrealized holding gains and losses are reported within accumulated other comprehensive income (loss) as a separate component of stockholders’ equity. The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization and interest on securities are included in other income, net, on the Company’s statements of operations.

At each balance sheet date, the Company assesses available-for-sale securities in an unrealized loss position to determine whether the unrealized loss is other-than-temporary. If a decline in the fair value of a marketable security below the Company’s cost basis is determined to be other-than-temporary, such marketable security is written down to its estimated fair value as a new cost basis and the amount of the write-down is included in earnings as an impairment charge. The Company considers factors including the significance of the decline in value compared to the cost basis, underlying factors contributing to a decline in the prices of securities in a single asset class, the length of time the market value of the security has been less than its cost basis, the security’s relative performance versus its peers, sector or asset class, expected market volatility and the market and economy in general. The Company also evaluates whether it is more likely than not that it will be required to sell a security prior to recovery of its fair value. The cost of securities sold is based on the specific identification method.

Concentration of Credit Risk

Financial instruments that potentially expose the Company to concentrations of credit risk primarily consist of cash and cash equivalents. The Company maintains its cash and cash equivalents at two accredited financial institutions that are federally insured. While balances deposited often exceed federally insured limits, the Company does not believe that it is subject to unusual credit risk beyond the normal credit risk associated with commercial banking relationships. The Company’s investment policy limits investments to certain types of debt securities issued by the U.S. government, its agencies and institutions and corporate bonds with investment-grade credit ratings and places restrictions on maturities and concentration by type and issuer. The counterparties are various corporations, financial institutions and government agencies of high credit standing.

Fair Value of Financial Instruments

ASC Topic 820, Fair Value Measurement (“ASC 820”), 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. ASC 820 identifies fair value 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, ASC 820 establishes a three-tier value hierarchy that distinguishes between the following:

Level 1—Quoted market prices in active markets for identical assets or liabilities.

Level 2—Inputs other than Level 1 inputs that are either directly or indirectly observable, such as quoted market prices, interest rates and yield curves.

Level 3—Unobservable inputs developed using estimates of assumptions developed by the Company, which reflect those that a market participant would use. Use of these inputs involves significant and subjective judgments to be made by a reporting entity – e.g., determining an appropriate adjustment to a discount factor for illiquidity associated with a given security.

To the extent the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair values requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized as 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 measurement.

Property and Equipment, Net

Property and equipment are valued at cost less accumulated depreciation. Depreciation is recognized on a straight-line basis over the estimated useful lives of the related assets. Leasehold improvements are amortized on a straight-line basis over the shorter of the useful life or term of the lease. Upon retirement or disposal, the cost and related accumulated depreciation are removed from the balance sheet and the resulting gain or loss is recorded to general and administrative expenses in the accompanying statement of operations and comprehensive loss. Routine expenditures for maintenance and repairs are expensed as incurred.

Estimated useful lives for property and equipment are as follows:



		Estimated Useful Life
Computers and peripherals		3 years
Equipment		5 years
Furniture and fixtures		7 years
Leasehold improvements		Lesser of estimated useful life or remaining lease term

The Company reviews long-lived assets, which primarily consist of property and equipment, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or group of assets may not be fully recoverable based on the criteria for accounting for the impairment or disposal of long-lived assets under ASC Topic 360, Property, Plant and Equipment. These events or changes in circumstances may include a significant deterioration of operating results, changes in business plans, or changes in anticipated future cash flows. If an impairment indicator is present, the Company evaluates recoverability by comparing the carrying amount of the assets group to future undiscounted net cash flows expected to be generated by the assets group. Assets are grouped at the lowest level for which there is identifiable cash flows that are largely independent of the cash flows generated by other asset groups. If the total of the expected undiscounted future cash flows is less than the carrying amount of the asset, an impairment loss is recognized for the difference between the fair value and carrying value of assets within the group. Fair value is generally determined by estimates of discounted cash flows. The discount rate used in any estimate of discounted cash flows would be the rate required for a similar investment of like risk. An impairment loss of $1.2 million (Note 14) on certain equipment and leasehold improvements was recognized during the year ended December 31, 2024. No impairment loss was recognized during the year ended December 31, 2025.

Leases

The Company determines if an arrangement is a lease or implicitly contains a lease at inception based on the lease definition and also determines if the lease is classified as an operating lease or finance lease, each in accordance with ASU No. 2016-02, Leases (Topic 842). Operating leases are included in operating lease right-of-use (ROU) assets and operating lease liabilities in its balance sheets. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the commencement date or the adoption date for existing leases based on the present value of lease payments over the lease term using an estimated discount rate. As the Company’s leases do not provide an implicit rate, the Company uses an incremental borrowing rate based on the information available at commencement date or the adoption date in determining the present value of lease payments over a similar term. In determining the estimated incremental borrowing rate, the Company considered a rate obtained from its primary banker for discussion purposes of a potential collateralized loan with a term similar to the lease term and the Company’s historical borrowing capability in the market. For operating leases, lease expense is recognized on a straight-line basis over the lease term. Lease and non-lease components within a contract are generally accounted for separately.

Long-Lived Asset Impairment Assessments

Long-lived assets, including operating lease assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The recoverability of assets to be held and used is measured by a comparison of the carrying amount of the asset group to future net cash flows estimated by the Company to be generated by such assets. If such asset group is considered to be impaired, the impairment to be recognized is the amount by which the carrying amount of the asset group exceeds the fair value of the asset group.

Pre-Funded Warrants

The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in FASB ASC Topic 480, Distinguishing Liabilities from Equity (“ASC 480”) and ASC Topic 815, Derivatives and Hedging (“ASC 815”). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own common shares and whether the warrant holders could potentially require “net cash settlement” in a circumstance outside of the Company’s control, among other conditions for equity classification. The pre-funded warrants issued in the November 2025 Offering are indexed to the Company’s common stock and meet the criteria to be classified as equity. Proceeds from the issuance of pre-funded warrants are recorded within additional paid-in capital and are not subject to remeasurement. Please refer to Note 12 for further information regarding pre-funded warrants issued by the Company.

Preferred Stock

The Company did not have any outstanding preferred stock as of December 31, 2025 and 2024.

Collaboration Arrangements

The Company assesses whether collaboration agreements are subject to ASC 808, Collaborative Arrangements (“ASC 808”), based on whether they involve joint operating activities involving two or more parties that are active participants in the activity and are exposed to significant risks and rewards dependent on the commercial success of the activities.

A collaborative arrangement within the scope of ASC 808 may be partially (or entirely) within the scope of other guidance (including ASC 606). The Company evaluates the individual units of account (e.g., components) within a collaborative arrangement to assess the appropriate recognition and measurement. The Company accounts for components of a collaborative arrangement that are within the scope of other ASC guidance following the relevant provisions of that guidance rather than the guidance provided in ASC 808.

ASC 808 states that a collaborative arrangement should be accounted for under ASC 606 when the counterparty is a customer for a distinct good or service (i.e., a unit of account). That is, the Company is required to apply the unit-of-account guidance in ASC 606 to determine the distinct components of a collaborative arrangement. If the counterparty is a customer for that distinct good or service (or bundle of goods and/or services), it is accounted for under ASC 606. For units of account that are in the scope of ASC 606, all of the guidance in ASC 606 applies, including the guidance on recognition, measurement, presentation and disclosure.

The Company accounts for collaborative arrangements or components of collaborative arrangements that are outside the scope of other guidance by analogy to the authoritative accounting literature or, if there is no appropriate analogy, by using a reasonable, rational and consistently applied accounting policy election. When evaluating an appropriate analogy to other accounting guidance or an accounting policy for a collaborative arrangement, the Company assesses the nature of the arrangement, the nature of its business operations and the contractual terms of the arrangement. The Company recognizes the shared costs incurred that are not within the scope of other accounting literature as a component of the related expense in the period incurred by analogy to ASC 730, Research and Development, and records reimbursements from counterparties as an offset to the related research and development costs.

Research and Development Costs, Including Clinical Trial Accruals and Acquired in Process Research and Development

Research costs consist of employee-related costs, contractor expenses, laboratory supplies and facility costs, for research and development of product candidates are expensed as incurred. Development costs, including clinical trial-related expenses, incurred by third parties, such as clinical research organizations (“CROs”), are expensed as the contracted work is performed. Acquired in-process research and development (IPRD) is expensed when there is not an alternative future use for the acquired asset in other research and development projects. Where contingent milestone payments are due to third parties under research and development arrangements, the milestone payment obligations are expensed when the milestone results are probable of being achieved. When evaluating the adequacy of the accrued liabilities, the Company analyzes progress of the studies, including the phase or completion of events, invoices received and contracted costs.

Clinical trial expenses are a significant component of research and development expenses, and the Company outsources a significant portion of these costs to third parties. Third-party clinical trial expenses include investigator fees, site and patient costs, CRO costs, and costs for central laboratory testing and data management. The accrual for site and patient costs includes inputs such as estimates of patient enrollment, patient cycles incurred, clinical site activations, and other pass-through costs. These inputs are required to be estimated due to a lag in receiving the actual clinical information from third parties. Payments for these activities are based on the terms of the individual arrangements, which may differ from the pattern of costs incurred, and are reflected on the balance sheets as a prepaid asset or accrued expenses. These third-party agreements are generally cancelable, and related costs are recorded as research and development expenses as incurred. Non-refundable advance clinical payments for goods or services that will be used or rendered for future research and development activities are recorded as a prepaid asset and recognized as expense as the related goods are delivered or the related services are performed. When evaluating the adequacy of the accrued expenses, the Company analyzes progress of the studies, including the phase or completion of events, invoices received and contracted costs. Significant judgments and estimates may be made in determining the accrued balances at the end of any reporting period. Actual results could differ from the estimates made. The historical clinical accrual estimates have not been materially different from the actual costs. As of December 31, 2025, we have recorded accrued clinical trial costs of $0.9 million in Accrued liabilities and other liabilities in the accompanying Balance Sheet.

Restructuring Charges

The Company recognizes restructuring charges related to reorganization plans that have been implemented by management. In connection with these activities, the Company records restructuring charges at fair value for:

●

contractual or other employee termination benefits provided that the obligations result from services already rendered based on rights that vested or accumulate when the payment of benefits becomes probable and the amount can be reasonably estimated;

●

one-time employee termination benefits to the employees provided that management has committed to a plan of termination, the plan identifies the employees and their expected termination dates, the details of termination benefits are complete, and it is unlikely that changes to the plan will be made or the plan will be withdrawn;

●

contract termination costs when the Company cancels a contract in accordance with its terms; and

●

costs to be incurred over the remaining contract term without economic benefit to the Company at the cease-use date.

For one-time employee terminations benefits, the Company recognizes the liability in full on the communication date when future services are not required or amortizes the liability ratably over the service period, if required. The fair value of termination benefits reflects the Company’s estimate of expected utilization of certain Company-funded post-employment benefits.

Patent Costs

All patent-related costs incurred in connection with filing and prosecuting patent applications are expensed as incurred due to the uncertainty about the recovery of the expenditure. Amounts incurred are classified as general and administrative expenses in the accompanying statement of operations and comprehensive loss.

Stock-Based Compensation

The Company accounts for its stock-based compensation in accordance with ASC Topic 718, Compensation-Stock Compensation (“ASC 718”). ASC 718 requires all share-based payments to employees, consultants and directors, including grants of incentive stock options, nonqualified stock options, restricted stock awards, unrestricted stock awards or restricted stock units to employees, consultants and directors of the Company, to be recognized as expense in the statement of operations and comprehensive loss based on their grant date fair values. The Company estimates the fair value of options granted using the Black-Scholes option pricing model (“Black-Scholes”) for stock option grants to both employees and non-employees and the fair value of common stock to determine the fair value of restricted stock.

The Black-Scholes option pricing model requires inputs based on certain objective and subjective assumptions, including (i) the expected stock price volatility, (ii) the expected term of the award, (iii) the risk-free interest rate and (iv) expected dividends. Due to the lack of a public market for the Company’s common stock and lack of company-specific historical and implied volatility data, the Company has based its computation of expected volatility on the historical volatility of a representative group of public companies with similar characteristics to the Company, including stage of product development and life science industry focus. The historical volatility is calculated based on a period of time commensurate with expected term assumption. The Company uses the simplified method as prescribed by the SEC Staff Accounting Bulletin No. 107, Share-Based Payment, to calculate the expected term for options granted to employees as it does not have sufficient historical exercise data to provide a reasonable basis upon which to estimate the expected term. The expected term is applied to the stock option grant group as a whole, as the Company does not expect substantially different exercise or post-vesting termination behavior among its employee population. For options granted to non-employees, the Company utilizes the simplified method also as the basis for the expected term assumption. The risk-free interest rate is based on a treasury instrument whose term is consistent with the expected term of the stock options. The expected dividend yield is assumed to be zero because the Company has never paid dividends and has no current plans to pay any dividends on its common stock. The Company recognizes forfeitures as they occur as allowed by ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”).

The Company expenses the fair value of its share-based compensation awards on a straight-line basis over the requisite service period, which is generally the vesting period.

Income Taxes

The Company uses the asset and liability method of accounting for income taxes. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax base. Deferred tax assets and liabilities, which relate primarily to the carrying amount of the Company’s its net operating loss carryforwards, are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Deferred tax expense or benefit is the result of changes in the deferred tax assets and liabilities. Valuation allowances are established when necessary to reduce deferred tax assets where, based upon the available evidence, the Company concludes that it is more-likely-than-not that the deferred tax assets will not be realized. In evaluating its ability to recover deferred tax assets, the Company considers all available positive and negative evidence, including its operating results, ongoing tax planning and forecasts of future taxable income on a jurisdiction-by-jurisdiction basis. Because of the uncertainty of the realization of deferred tax assets, the Company has recorded a full valuation allowance against its deferred tax assets as of December 31, 2025 and 2024.

Reserves are provided for tax benefits for which realization is uncertain. Such benefits are only recognized when the underlying tax position is considered more-likely-than-not to be sustained on examination by a taxing authority, assuming they possess full knowledge of the position and facts. Interest and penalties related to uncertain tax positions are recognized in the provision of income taxes; however, the Company currently has no interest or penalties related to uncertain income tax benefits.

Comprehensive Income (Loss)

Comprehensive income (loss) is the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. Comprehensive income (loss) includes net income (loss) and the change in accumulated other comprehensive income (loss) for the period. Accumulated other comprehensive income (loss) consisted entirely of unrealized gains and losses on available-for-sale marketable securities at December 31, 2025 and 2024.

Net Loss per Share

Basic loss per common share is determined by dividing loss attributable to common stockholders by the weighted-average number of common shares outstanding during the period, without consideration of common stock equivalents. Diluted loss per share is computed by dividing the loss attributable to common stockholders by the weighted-average number of common share equivalents outstanding for the period. The treasury stock method is used to determine the dilutive effect of the Company’s stock option grants and warrants.

Recently Issued Accounting Pronouncements

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, to improve the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the rate reconciliation and income taxes paid disaggregated by jurisdiction. The ASU also includes certain other amendments to improve the effectiveness of income tax disclosures. The Company adopted the ASU on a prospective basis effective January 1, 2025. See Note 17 to the Financial Statements, Income Taxes.

In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40), to improve the disclosures about a public business entity’s expenses and address requests from investors for more detailed information about the types of expenses (including purchases of inventory, employee compensation, depreciation, amortization and depletion) in commonly presented expense captions (such as cost of sales, SG&A and research and development). The amendments in ASU 2024-03 are effective for fiscal years beginning after December 15, 2026, with early adoption permitted. The Company does not expect ASU No. 2024-03 to have a material impact on its financial statements.

The Company considers the applicability and impact of all ASUs issued by the FASB. All other ASUs issued subsequent to the filing of the Company’s Annual Report were assessed and determined to be either inapplicable or not expected to have a material impact on the Company’s financial position or results of operations.

Leases (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2026

Dec. 31, 2025

Leases

Schedule of future minimum lease payments under non-cancellable leases

As of June 30, 2026, the maturities of the Company’s operating lease liabilities were as follows (in thousands), which are included in Accrued liabilities and other liabilities and Lease liabilities, long term in the accompanying balance sheet:





2026		$	684
2027			1,396
2028			1,438
2029			1,481
2030			376
Total future minimum payments		$	5,375
Less: present value discount			(709)
Present value of lease liabilities		$	4,666

As of December 31, 2025, the maturities of the Company’s operating lease liabilities were as follows (in thousands), which are included in Accrued liabilities and other liabilities and Lease liabilities, long term in the accompanying balance sheet:



2026	$	1,355
2027		1,396
2028		1,438
2029		1,481
2030		376
Total future minimum payments	$	6,046
Less: present value discount		(893)
Present value of lease liabilities	$	5,153

Asset Impairment

6 Months Ended

Jun. 30, 2026

Asset Impairment

Asset Impairment

8. Asset Impairment

During the quarter ended June 30, 2026, the Company experienced a sustained decline in its stock price and market capitalization. As management met with potential investors and concluded they would not be able to raise additional capital, management had strong market indications that the value of its long-lived assets might not be recoverable. In addition, on July 14, 2026, the Company announced that it entered into an Agreement and Plan of Merger and Reorganization with Avere Therapeutics and its Board of Directors had approved a restructuring and workforce reduction plan intended to align the Company’s operations with its anticipated needs pending completion of the proposed merger. The Company also announced its intention to dispose of certain long-lived assets, including right-of-use assets. See Note 15, Subsequent Events.

These events are circumstances under ASC 360-10, Impairment and Disposal of Long-Lived Assets, that indicate the carrying value of its long-lived assets, including right-of-use assets, may not be recoverable. As a clinical stage life sciences company with one segment and no revenue, the Company concluded the applicable asset group was the entire company. The Company took an income approach to estimate the undiscounted cash flow for the asset group driven by the amount of proceeds generated in an asset purchase agreement entered into subsequent to June 30, 2026. See Note 15, Subsequent Events. Comparing the estimated

undiscounted cash flows from the sale of equipment to the carrying value of the long-lived assets, the Company determined an impairment was present and recorded $5.1 million of impairment charges related to operating right-of-use assets and property and equipment for the three and six-months ended June 30, 2026.

Assumptions used in this analysis included estimates of the salvage value for property and equipment that is no longer in use. This assumption is considered a nonrecurring Level 3 estimate.

Stock-Based Compensation - Assumptions (Details)	6 Months Ended		12 Months Ended
Stock-Based Compensation - Assumptions (Details)	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025	Dec. 31, 2024
Fair value assumptions
Expected term	6 years	6 years	6 years	5 years 9 months 18 days
Expected volatility	91.00%	90.50%	90.50%	83.30%
Risk free interest rate	3.90%	4.40%	4.40%
Expected dividend yield	0.00%	0.00%
Minimum
Fair value assumptions
Risk free interest rate				3.60%
Maximum
Fair value assumptions
Risk free interest rate				4.70%

Leases - Other Information (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
Leases - Other Information (Details) - USD ($)	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025	Dec. 31, 2024
Leases
Lease extension period	5 years		5 years		5 years
Lessee, Operating Lease, Existence of Option to Extend [true false]			true		true
Operating lease expense	$ 249,000	$ 252,000	$ 504,000	$ 499,000	$ 1,000,000	$ 1,000,000
Operating cash flows used for operating leases			$ 671,000	$ 575,000	$ 1,200,000	$ 1,100,000
Weighted=average remaining lease term	3 years 9 months		3 years 9 months		4 years 3 months
Weighted average discount rate (as a percent)	7.47%		7.47%		7.47%

Fair Value Measurements

6 Months Ended

12 Months Ended

Jun. 30, 2026

Dec. 31, 2025

Fair Value Measurements

6. Fair Value Measurements

The Company has certain financial assets recorded at fair value, which have been classified as Level 1, 2 or 3 within the fair value hierarchy as described in the accounting standards for fair value measurements.

Level 1—Quoted market prices in active markets for identical assets or liabilities.

Level 2—Inputs other than Level 1 inputs that are either directly or indirectly observable, such as quoted market prices, interest rates and yield curves.

Level 3—Unobservable inputs developed using estimates of assumptions developed by the Company, which reflect those that a market participant would use.

The following tables set forth the fair value of the Company’s financial assets by level within the fair value hierarchy as of June 30, 2026 and December 31, 2025:



		June 30, 2026
								Significant
					Quoted Prices in			Other
					Active Markets or			Observable			Significant
					Identical Assets			Inputs			Unobservable
(in thousands)		Total			(Level 1)			(Level 2)			(Level 3)
Cash equivalents:
Money market funds		$	14,760		$	14,760		$	—		$	—
Marketable securities:
Corporate bonds			4,828			—			4,828			—
Total		$	19,588		$	14,760		$	4,828		$	—



		December 31, 2025
								Significant
					Quoted Prices in			Other
					Active Markets or			Observable			Significant
					Identical Assets			Inputs			Unobservable
(in thousands)		Total			(Level 1)			(Level 2)			(Level 3)
Cash equivalents:
Money market funds		$	25,420		$	25,420		$	—		$	—
Marketable securities:
Corporate bonds			15,836			—			15,836			—
Total		$	41,256		$	25,420		$	15,836		$	—

The Company did not transfer any assets measured at fair value on a recurring basis between levels during the three months ended June 30, 2026.

6. Fair Value Measurements

Level 1—Quoted market prices in active markets for identical assets or liabilities.

Level 2—Inputs other than Level 1 inputs that are either directly or indirectly observable, such as quoted market prices, interest rates and yield curves.

Level 3—Unobservable inputs developed using estimates of assumptions developed by the Company, which reflect those that a market participant would use.

The following tables set forth the fair value of the Company’s financial assets by level within the fair value hierarchy as of December 31, 2025 and 2024:



		December 31, 2025
								Significant
					Quoted Prices in			Other
					Active Markets or			Observable			Significant
					Identical Assets			Inputs			Unobservable
(in thousands)		Total			(Level 1)			(Level 2)			(Level 3)
Cash equivalents:
Money market funds		$	25,420		$	25,420		$	—		$	—
Marketable securities:
Corporate bonds			15,836			—			15,836			—
Total		$	41,256		$	25,420		$	15,836		$	—



		December 31, 2024
								Significant
					Quoted Prices in			Other
					Active Markets or			Observable			Significant
					Identical Assets			Inputs			Unobservable
(in thousands)		Total			(Level 1)			(Level 2)			(Level 3)
Cash equivalents:
Money market funds		$	27,057		$	27,057		$	—		$	—
Marketable securities:
Corporate bonds			32,517			—			32,517			—
U.S. Treasury and Government agencies			8,377			—			8,377			—
Total		$	67,951		$	27,057		$	40,894		$	—

The Company did not transfer any assets measured at fair value on a recurring basis between levels during the years ended December 31, 2025 and 2024.

The carrying value of financial instruments, including trade receivables, accounts payable and accrued liabilities approximate fair value because of the short-term maturity of these items. The estimated fair values may not represent actual values of the financial instruments that could be realized as of the balance sheet date or that will be realized in the future.

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.

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Income Taxes

6 Months Ended

12 Months Ended

Jun. 30, 2026

Dec. 31, 2025

Income Taxes

13. Income Taxes

The Company did not record a provision or benefit for income taxes during the three and six month periods ended June 30, 2026 and 2025. The Company continues to maintain a full valuation allowance against its deferred tax assets.

The Company has evaluated the positive and negative evidence involving its ability to realize its deferred tax assets. Management has considered the Company’s history of cumulative net losses incurred since inception and its lack of any commercially ready products. The Company has concluded that it is more likely than not that the Company will not realize the benefits of the deferred tax assets. Management reevaluates the positive and negative evidence involving its ability to realize its deferred tax assets at each reporting period.

Under the provisions of Sections 382 and 383 of the Internal Revenue Code of 1986, as amended (the “IRC”), certain substantial changes in the Company’s ownership may have limited, or may limit in the future, the amount of net operating loss and research and development credit carryforwards that can be used to reduce future income taxes. We have not performed a detailed analysis to determine whether an ownership change under Section 382 of the IRC occurred. The effect of an ownership change would be the imposition of an annual limitation on the use of losses and credits attributable to periods before the change and could result in a reduction in the total losses and credits available.

On July 4, 2025, the One Big Beautiful Bill Act (the “Act”) was enacted into law. Given the Company’s history of operating losses and full valuation allowances against its deferred tax assets, the Act did not have a significant impact on the Company’s financial statements and is not expected to have a significant impact on the Company’s future financial statements.

17. Income Taxes

On July 4, 2025, the One Big Beautiful Bill Act (the “Act”) was enacted into law. Given the Company’s history of operating losses and full valuation allowances against its deferred tax assets, the Act does not currently have a significant impact on the Company’s financial statements.

The Company is subject to U.S. federal and state income taxes. No federal or state income taxes were paid in the year ended December 31, 2025.

The reconciliation of federal statutory income tax rate to the Company’s effective income tax rate for the year ended December 31, 2025 is as follows:



		December 31,
		Amount		Percent
Expected income tax benefit at the federal statutory rate	$	(11,727)		21.0	%
State taxes, net of federal benefit		(3,649)		6.5
Research and development credit, net		(1,393)		2.5
Other		175		(0.3)
Change in valuation allowance		16,594		(29.7)
Total	$	—		—	%

The reconciliation of federal statutory income tax rate to the Company’s effective income tax rate for the year ended December 31, 2024 is as follows:



		December 31,
		2024
Expected income tax benefit at the federal statutory rate		21.0	%
State taxes, net of federal benefit		6.6
Research and development credit, net		4.0
Non-deductible items		(0.6)
Other		(1.6)
Change in valuation allowance		(29.4)
Total		—	%

Deferred income taxes reflect the net effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes.

The principal components of the Company’s deferred tax assets consisted of the following as of December 31, 2025 and 2024:



		December 31,
(in thousands)			2025			2024
Deferred tax assets:
Federal and state net operating loss carryforwards		$	85,836		$	63,647
Research and development tax credits			17,829			16,436
Capitalized R&D Costs			18,271			25,826
Operating lease liabilities			1,419			1,642
Share-based compensation			8,032			7,234
Accruals and other			1,415			1,587
Gross deferred tax assets			132,802			116,372
Less: valuation allowance			(131,903)			(115,309)
Total deferred tax assets		$	899		$	1,063
Deferred tax liabilities:
Operating lease assets			(899)			(1,063)
Gross deferred tax liabilities		$	(899)		$	(1,063)
Net deferred tax assets		$	—		$	—

Based on the Company’s history of losses, the Company recorded a full valuation allowance against its deferred tax assets as of December 31, 2025. The Company increased its valuation allowance by approximately $16.6 million for the year ended December 31, 2025. The Company intends to maintain a valuation allowance until sufficient positive evidence exists to support a reversal of the allowance.

As of December 31, 2025, the Company had federal and state net operating loss carryforwards of $310.9 million and $314.0 million, respectively, some of which begin to expire in the year ending December 31, 2036. Approximately $288.2 million of the federal net operating loss carryforwards do not expire. The Company had federal and state research and development tax credit carryforwards of approximately $17.8 million and $0.1 million, respectively, as of December 31, 2025. The federal credits begin to expire in the year ending December 31, 2036, and the state credits begin to expire in the year ending December 31, 2026.

Under the provisions of Sections 382 and 383 of the Internal Revenue Code (the “IRC”), certain substantial changes in the Company’s ownership may have limited, or may limit in the future, the amount of net operating loss and credit carryforwards that can be used to reduce future income taxes if there has been a significant change in ownership of the Company, as defined by the IRC. Future owner or equity shifts could result in limitations on net operating loss and credit carryforwards.

The Company files income tax returns in the U.S. federal jurisdiction as well as in Maryland and Florida. The tax years 2022 to 2024 remain open to examination by the major jurisdictions in which the Company is subject to tax. Fiscal years outside the normal statute of limitation remain open to audit by tax authorities due to tax attributes generated in those early years, which have been carried forward and may be audited in subsequent years when utilized.

The Company evaluates tax positions for recognition using a more-likely-than-not recognition threshold, and those tax positions eligible for recognition are measured as the largest amount of tax benefit that is greater than 50% likely of being realized upon the effective settlement with a taxing authority that has full knowledge of all relevant information. As of December 31, 2025, the Company had no unrecognized income tax benefits that would affect the Company’s effective tax rate if recognized.

The entire disclosure for income tax.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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Marketable Securities (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2026

Dec. 31, 2025

Schedule of marketable securities

Marketable securities consist of the following:



		June 30, 2026
					Gross			Gross
		Amortized			Unrealized			Unrealized			Estimated
(in thousands)		Cost			Gain			Loss			Fair Value
Corporate bonds		$	4,831		$	—		$	(3)		$	4,828
Total		$	4,831		$	—		$	(3)		$	4,828



	December 31, 2025
			Gross		Gross
	Amortized		Unrealized		Unrealized		Estimated
(in thousands)	Cost		Gain		Loss		Fair Value
Corporate bonds	$	15,818	$	19	$	(1)	$	15,836
Total	$	15,818	$	19	$	(1)	$	15,836

Marketable securities consist of the following:



		December 31, 2025
					Gross			Gross
		Amortized			Unrealized			Unrealized			Estimated
(in thousands)		Cost			Gain			Loss			Fair Value
Corporate bonds		$	15,818		$	19		$	(1)		$	15,836
Total		$	15,818		$	19		$	(1)		$	15,836



	December 31, 2024
			Gross		Gross
	Amortized		Unrealized		Unrealized		Estimated
(in thousands)	Cost		Gain		Loss		Fair Value
Corporate bonds	$	32,515	$	22	$	(20)	$	32,517
U.S. Treasury and Government agencies		8,375		2		—		8,377
Total	$	40,890	$	24	$	(20)	$	40,894

Schedule of available-for-sale maturities

The following table summarizes maturities of the Company’s investments available-for-sale as of June 30, 2026:



	June 30, 2026
			Fair
(in thousands)	Cost		Value
Maturities:
Within 1 year	$	4,831	$	4,828
Total investments available-for-sale	$	4,831	$	4,828

The following table summarizes maturities of the Company’s investments available-for-sale as of December 31, 2025:



	December 31, 2025
			Fair
(in thousands)	Cost		Value
Maturities:
Within 1 year	$	14,593	$	14,607
Over 1 year		1,225		1,229
Total investments available-for-sale	$	15,818	$	15,836

Collaboration Agreement (Details) $ in Millions	1 Months Ended	6 Months Ended	12 Months Ended
Collaboration Agreement (Details) $ in Millions	Nov. 30, 2022 item	Jun. 30, 2026 USD ($)	Dec. 31, 2025 USD ($)	Aug. 06, 2026	Jul. 01, 2026
LigaChem Biosciences
Collaboration Agreements
Additional receivable on collaboration agreements, finalization of cost sharing		$ 0.8	$ 0.4
Research Collaboration and Co-Development Agreement
Collaboration Agreements
Maximum number of antibody drug conjugates to be developed \| item	3
Collaboration agreements cost sharing percentage (as a percent)	50.00%	50.00%	50.00%
Collaboration arrangement reduction in expenses		$ 0.6	$ 2.5
Research Collaboration and Co-Development Agreement \| LigaChem Biosciences \| Subsequent Event
Collaboration Agreements
Collaboration agreements cost sharing percentage (as a percent)				100.00%	50.00%

Stock-Based Compensation (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2026

Dec. 31, 2025

Summary of stock option activity



	Options Outstanding and Exercisable
				Weighted
		Weighted		Average	Aggregate
		Average		Remaining	Intrinsic
	Number of	Exercise		Contractual	Value⁽¹⁾
	Shares	Price		Life (Years)	(in thousands)
Outstanding as of December 31, 2025	848,966	$	73.76	6.5	$	—
Granted	174,500	$	9.92	—		—
Exercised	(2,488)	$	5.76	—		—
Forfeitures	(5,960)	$	21.90	—		—
Outstanding as of June 30, 2026	1,015,018	$	63.26	6.6		—
Exercisable as of June 30, 2026	709,995	$	85.67	5.6	$	—

(1)	The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying options and the estimated fair value of the common stock for the options that were in the money at December 31, 2025 and June 30, 2026.

A summary of stock option activity for awards under the Plans is presented below:



	Options Outstanding and Exercisable
				Weighted
		Weighted		Average	Aggregate
		Average		Remaining	Intrinsic
	Number of	Exercise		Contractual	Value⁽¹⁾
	Shares	Price		Life (Years)	(in thousands)
Outstanding as of January 1, 2024	567,995	$	105.96	7.3	$	52
Granted	248,609	$	19.80	—		—
Exercised	(1,214)	$	18.60	—		—
Forfeitures	(77,495)	$	41.76	—		—
Outstanding as of December 31, 2024	737,895	$	83.84	7.1	$	22
Granted	120,748	$	9.33	—		—
Exercised	—	$	—	—		—
Forfeitures	(9,677)	$	37.74	—		—
Outstanding as of December 31, 2025	848,966	$	73.76	6.5		—
Exercisable as of December 31, 2025	636,486	$	94.11	5.8	$	55

(1)	The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying options and the fair value of the common stock for the options that were in the money at December 31, 2025 and 2024.

Summary of stock based compensation expense recorded



		Three Months Ended						Six Months Ended
		June 30,						June 30,
(in thousands)		2026			2025			2026			2025
Research and development		$	112		$	285		$	236		$	865
General and administrative			192			302			412			1,086
Total stock-based compensation expense		$	304		$	587		$	648		$	1,951



	December 31,
(in thousands)	2025			2024
Research and development	$	1,345		$	2,756
General and administrative		1,641			3,579
Total stock-based compensation expense	$	2,986		$	6,335

Summary of assumptions used in the Black Scholes option pricing model for stock options granted



		Six Months Ended
		June 30,
		2026			2025
Expected term		6.0	years		6.0	years
Expected volatility		91.0	%		90.5	%
Risk free interest rate		3.9	%		4.4	%
Expected dividend yield		—	%		—	%

The assumptions used in the Black-Scholes option-pricing model for stock options granted were as follows:



		Year Ended
		December 31,
		2025			2024
Expected term		6.0	years		5.8	years
Expected volatility		90.5	%		83.3	%
Risk free interest rate		4.4	%		3.6 - 4.7	%
Expected dividend yield		—	%		—	%

Summary of Significant Accounting Policies - Property and Equipment and Leases (Details)	Dec. 31, 2025
Computer equipment
Property, plant and equipment
Property, Plant and Equipment, Estimated Useful Lives	3 years
Equipment
Property, plant and equipment
Property, Plant and Equipment, Estimated Useful Lives	5 years
Furniture and fixtures
Property, plant and equipment
Property, Plant and Equipment, Estimated Useful Lives	7 years
Leasehold improvements
Property, plant and equipment
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration]	us-gaap:UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember

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.

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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482558/350-40-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478964/842-20-50-7A

Net Loss per Share Attributable to Common Stockholders

Net Loss per Share Attributable to Common Stockholders (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2026

Dec. 31, 2025

Summary of computation of basic and diluted net loss per share attributable to common stockholders

The computation for basic and diluted loss per share were as follows (in thousands, except share and per share data):



		Three Months Ended						Six Months Ended
		June 30,						June 30,
		2026			2025			2026			2025
Net loss (Numerator):
Net loss - basic and diluted		$	(14,892)		$	(26,808)		$	(24,688)		$	(37,784)
Shares (Denominator):
Weighted-average shares outstanding - basic and diluted			5,309,724			2,374,729			5,274,630			2,354,425
Loss per share - basic and diluted		$	(2.80)		$	(11.29)		$	(4.68)		$	(16.05)

Summary of shares excluded from the computation of diluted net loss per share



		June 30,
		2026		2025
Outstanding options to purchase common stock		1,015,018		855,087
Total		1,015,018		855,087


		December 31,
		2025		2024
Outstanding options to purchase common stock		848,966		737,895
Total		848,966		737,895

Segment Information - Significant expense categories (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025	Dec. 31, 2024	Jun. 13, 2025
Segment Information
Upfront cash payment							$ 12,000
Research and development expenses
Total R&D	$ 7,425	$ 24,091	$ 14,259	$ 31,987	$ 44,923	$ 41,488
General and administrative expenses
Total G&A	2,592	3,201	5,863	6,927	12,693	15,718
Single reporting segment
Segment Information
Upfront cash payment		17,000		17,000
Research and development expenses
Employee costs	1,536	2,341	3,575	5,271	8,974	13,252
Clinical product candidates	4,250	2,569	7,290	5,604	27,669	13,562
Nonclincal product candidates	746	981	1,604	1,646	3,758	9,182
Depreciation and amortization	265	618	541	1,254	2,133	2,792
Other R&D	628	17,582	1,249	18,212	2,389	2,700
Total R&D	7,425	24,091	14,259	31,987	44,923	41,488
General and administrative expenses
Employee costs	877	1,374	2,400	3,451	5,887	8,400
Professional services	1,160	1,266	2,273	2,346	4,614	4,449
Insurance	233	243	455	505	947	1,281
Other G&A	322	318	735	625	1,245	1,588
Total G&A	$ 2,592	$ 3,201	$ 5,863	$ 6,927	$ 12,693	$ 15,718

Segment Information (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2026

Dec. 31, 2025

Schedule of significant expense categories



	Three Months Ended						Six Months Ended
	June 30,						June 30,
(in thousands)	2026			2025			2026			2025
Research and development expenses
Employee costs	$	1,536		$	2,341		$	3,575		$	5,271
Clinical product candidates		4,250			2,569			7,290			5,604
Nonclinical product candidates		746			981			1,604			1,646
Depreciation and amortization		265			618			541			1,254
Other R&D⁽¹⁾		628			17,582			1,249			18,212
Total R&D	$	7,425		$	24,091		$	14,259		$	31,987


General and administrative expenses
Employee costs	$	877		$	1,374		$	2,400		$	3,451
Professional services		1,160			1,266			2,273			2,346
Insurance		233			243			455			505
Other G&A⁽²⁾		322			318			735			625
Total G&A	$	2,592		$	3,201		$	5,863		$	6,927

(1)	Other R&D consists of facilities related expenses and office expenses and includes $17 million related to the License Agreement with Zaiming for both the three and six months ended June 30, 2025 (Note 3).

(2)	Other G&A consists of facilities related expenses, depreciation, office expenses and taxes and fees.

The tables below summarize the significant expense categories regularly reviewed by the CODM for the years ended December 31, 2025 and 2024:



	Year Ended
	December 31,
(in thousands)	2025				2024
Research and development expenses
Employee costs	$	8,974		$	13,252
Clinical product candidates		27,669			13,562
Nonclinical product candidates		3,758			9,182
Depreciation and amortization		2,133			2,792
Other R&D⁽¹⁾		2,389			2,700
Total R&D	$	44,923		$	41,488


General and administrative expenses
Employee costs	$	5,887		$	8,400
Professional services		4,614			4,449
Insurance		947			1,281
Other G&A⁽²⁾		1,245			1,588
Total G&A	$	12,693		$	15,718

(1)Other R&D consists of facilities related expenses and office expenses.

(2)Other G&A consists of facilities related expenses, depreciation, office expenses and taxes and fees.

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26A

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

Common Stock

6 Months Ended

12 Months Ended

Jun. 30, 2026

Dec. 31, 2025

Common Stock.

Common Stock

10. Common Stock

Securities Purchase Agreement

On November 12, 2025, the Company entered into a securities purchase agreement (the “Purchase Agreement”) with certain institutional and accredited investors (each, a “Purchaser” and collectively, the “Purchasers”) for a private placement of an aggregate of (i) 708,428 shares (the “Shares”) of the Company’s common stock at a purchase price of $8.52 per share, and (ii) pre-funded warrants to purchase up to an aggregate of 1,815,049 shares of common stock at a purchase price of $8.519 per pre-funded warrant, which represents the per share purchase price of the Shares less the $0.001 per share exercise price for each pre-funded warrant. The pre-funded warrants are exercisable at any time after the date of issuance and will not expire. The offering closed on November 14, 2025. Proceeds from the offering, net of placement agent’s fees and other offering expenses, were $20.3 million. On December 11, 2025, the Shares and pre-funded warrants were effectively registered with the SEC.

Pre-Funded Warrants

The rights and privileges of the pre-funded warrants issued under the offering are set forth in the warrant agreement between the Company and each of the respective warrant holders. The pre-funded warrants are exercisable at the option of the warrant holder at any time and do not expire. Pre-funded warrants do not provide any of the rights or privileges provided by the Company’s common stock, including any voting rights, until the pre-funded warrants are exercised and settled in underlying shares of common stock.

The Company evaluated the pre-funded warrants issued under the offering and concluded the warrants are indexed to the Company’s common stock, meet the criteria to be classified as equity and are not subject to remeasurement. The proceeds received from the issuance of the pre-funded warrants were recorded as additional paid-in capital. The Company issued 117,371 shares of common stock upon the exercise of pre-funded warrants during the year ended December 31, 2025 and 456,855 shares of common stock upon the exercise of pre-funded warrants during the three and six months ended June 30, 2026. As of June 30, 2026, pre-funded warrants to purchase up to an aggregate of 1,240,823 shares of common stock remained outstanding.

At-The-Market Offering Agreement

On December 19, 2025, the Company entered into an at-the-market offering agreement (the “Wainwright ATM Agreement”) with H.C. Wainwright & Co., LLC (the “Agent”), pursuant to which the Company may sell, from time to time, up to an aggregate

sales price of $14.5 million of its common stock, through the Agent. Actual sales will depend on a variety of factors to be determined by the Company from time to time, including, among other things, market conditions, the trading price of the common stock, capital needs and determinations by the Company of the appropriate sources of funding for the Company. During the six months ended June 30, 2026, 99,446 shares of common stock were sold under the Wainwright ATM Agreement for net proceeds of approximately $1.2 million.

12. Common Stock

As of December 31, 2025, the Company’s Certificate of Incorporation, as amended and restated, authorized the Company to issue 100,000,000 shares of $0.001 par value common stock, of which 3,505,621 were issued and outstanding.

Each share of common stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders. Common stockholders are entitled to receive dividends, as may be declared by the board of directors, if any, subject to the preferential dividend rights of any preferred stock. No dividends have been declared or paid by the Company through December 31, 2025.

In the event of any liquidation or dissolution of the Company, the holders of common stock are entitled to the remaining assets of the Company legally available for distribution after the payment of the full liquidation preference for any preferred stock.

Securities Purchase Agreement

On November 12, 2025, the Company entered into a securities purchase agreement (the “Purchase Agreement”) with certain institutional and accredited investors (each, a “Purchaser” and collectively, the “Purchasers”) for a private placement (the “Offering”) of an aggregate of (i) 708,428 shares (the “Shares”) of the Company’s common stock, par value $0.001 per share (the “Common Stock”), at a purchase price of $8.52 per share, and (ii) pre-funded warrants (the “Pre-Funded Warrants”) to purchase up to an aggregate of 1,815,049 shares of Common Stock (the “Pre-Funded Warrant Shares”) at a purchase price of $8.519 per Pre-Funded Warrant, which represents the per share purchase price of the Shares less the $0.001 per share exercise price for each Pre-Funded Warrant. The Pre-Funded Warrants are exercisable at any time after the date of issuance and will not expire. The Offering closed on November 14, 2025. Proceeds from the Offering, net of placement agent’s fees and other Offering expenses, were $20.3 million. On December 11, 2025, the Shares and Pre-Funded Warrants were effectively registered with the SEC.

Pre-Funded Warrants

The rights and privileges of the pre-funded warrants issued under the Offering are set forth in the warrant agreement between the Company and each of the respective warrant holders. The pre-funded warrants are exercisable at the option of the warrant holder at any time and do not expire. Pre-funded warrants do not provide any of the rights or privileges provided by the Company’s common stock, including any voting rights, until the pre-funded warrants are exercised and settled in underlying shares of common stock.

The Company evaluated the pre-funded warrants issued under the Offering and concluded the warrants are indexed to the Company’s common stock, meet the criteria to be classified as equity and are not subject to remeasurement. The proceeds received from the issuance of the pre-funded warrants were recorded as additional paid-in capital. The Company issued 117,371 shares of common stock upon the exercise of pre-funded warrants during the year ended December 31, 2025. As of December 31, 2025, 1,697,678 pre-funded warrants remained outstanding.

Summary of Significant Accounting Policies

6 Months Ended

12 Months Ended

Jun. 30, 2026

Dec. 31, 2025

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of Presentation

Unaudited Financial Information

Liquidity and Going Concern

Use of Estimates

Recently Issued Accounting Pronouncements

2. Summary of Significant Accounting Policies

Basis of Presentation

Liquidity and Going Concern

Use of Estimates

Cash and Cash Equivalents

Marketable Securities

Concentration of Credit Risk

Fair Value of Financial Instruments

Level 1—Quoted market prices in active markets for identical assets or liabilities.

Level 2—Inputs other than Level 1 inputs that are either directly or indirectly observable, such as quoted market prices, interest rates and yield curves.

Property and Equipment, Net

Estimated useful lives for property and equipment are as follows:



		Estimated Useful Life
Computers and peripherals		3 years
Equipment		5 years
Furniture and fixtures		7 years
Leasehold improvements		Lesser of estimated useful life or remaining lease term

Leases

Long-Lived Asset Impairment Assessments

Pre-Funded Warrants

Preferred Stock

The Company did not have any outstanding preferred stock as of December 31, 2025 and 2024.

Collaboration Arrangements

Research and Development Costs, Including Clinical Trial Accruals and Acquired in Process Research and Development

Restructuring Charges

●

contract termination costs when the Company cancels a contract in accordance with its terms; and

●

costs to be incurred over the remaining contract term without economic benefit to the Company at the cease-use date.

Patent Costs

Stock-Based Compensation

The Company expenses the fair value of its share-based compensation awards on a straight-line basis over the requisite service period, which is generally the vesting period.

Income Taxes

Comprehensive Income (Loss)

Net Loss per Share

Recently Issued Accounting Pronouncements

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2025

Property and Equipment, Net

Summary of property and equipment

Property and equipment consist of the following:



		December 31,			December 31,
(in thousands)		2025			2024

Research equipment		$	18,150		$	18,150
Leasehold improvements			9,309			9,309
Computer equipment			908			908
Furniture and fixtures			186			186
Property and equipment, gross			28,553			28,553
Less: accumulated depreciation and amortization			(25,280)			(23,095)
Property and equipment, net		$	3,273		$	5,458

Summary of Significant Accounting Policies - Additional Information (Details)	12 Months Ended
	Dec. 31, 2025 USD ($) item shares	Dec. 31, 2024 USD ($) shares	Jun. 30, 2026 USD ($) shares
Summary of Significant Accounting Policies
Accumulated deficit	$ (435,980,000)	$ (380,136,000)	$ (460,668,000)
Cash, cash equivalents and marketable securities	$ 41,800,000
Number of accredited financial institutions that are federally insured \| item	2
Property and Equipment, Net
Impairment loss recognized	$ 0	$ 1,200,000
Preferred Stock
Preferred stock, shares outstanding \| shares	0	0	0
Research and Development Costs, Including Clinical Trial Accruals and Acquired in Process Research and Development
Accrued clinical trial costs	$ 900,000
Income Taxes
Uncertain income tax benefits, interest or penalties	$ 0

Property and Equipment, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Jun. 30, 2026
Property and Equipment, Net
Property and equipment, gross	$ 28,553	$ 28,553
Less: accumulated depreciation and amortization	(25,280)	(23,095)
Property and equipment, net	3,273	5,458	$ 283
Depreciation and amortization expense	2,200	2,900
Impairment loss recognized	0	1,200
Research equipment
Property and Equipment, Net
Property and equipment, gross	18,150	18,150
Leasehold improvements
Property and Equipment, Net
Property and equipment, gross	9,309	9,309
Computer equipment
Property and Equipment, Net
Property and equipment, gross	908	908
Furniture and fixtures
Property and Equipment, Net
Property and equipment, gross	$ 186	$ 186

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Summary of estimated useful lives for property and equipment



		Estimated Useful Life
Computers and peripherals		3 years
Equipment		5 years
Furniture and fixtures		7 years
Leasehold improvements		Lesser of estimated useful life or remaining lease term

Stock-Based Compensation (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2026

Dec. 31, 2025

Summary of stock option activity



	Options Outstanding and Exercisable
				Weighted
		Weighted		Average	Aggregate
		Average		Remaining	Intrinsic
	Number of	Exercise		Contractual	Value⁽¹⁾
	Shares	Price		Life (Years)	(in thousands)
Outstanding as of December 31, 2025	848,966	$	73.76	6.5	$	—
Granted	174,500	$	9.92	—		—
Exercised	(2,488)	$	5.76	—		—
Forfeitures	(5,960)	$	21.90	—		—
Outstanding as of June 30, 2026	1,015,018	$	63.26	6.6		—
Exercisable as of June 30, 2026	709,995	$	85.67	5.6	$	—

(1)	The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying options and the estimated fair value of the common stock for the options that were in the money at December 31, 2025 and June 30, 2026.

A summary of stock option activity for awards under the Plans is presented below:



	Options Outstanding and Exercisable
				Weighted
		Weighted		Average	Aggregate
		Average		Remaining	Intrinsic
	Number of	Exercise		Contractual	Value⁽¹⁾
	Shares	Price		Life (Years)	(in thousands)
Outstanding as of January 1, 2024	567,995	$	105.96	7.3	$	52
Granted	248,609	$	19.80	—		—
Exercised	(1,214)	$	18.60	—		—
Forfeitures	(77,495)	$	41.76	—		—
Outstanding as of December 31, 2024	737,895	$	83.84	7.1	$	22
Granted	120,748	$	9.33	—		—
Exercised	—	$	—	—		—
Forfeitures	(9,677)	$	37.74	—		—
Outstanding as of December 31, 2025	848,966	$	73.76	6.5		—
Exercisable as of December 31, 2025	636,486	$	94.11	5.8	$	55

(1)	The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying options and the fair value of the common stock for the options that were in the money at December 31, 2025 and 2024.

Summary of stock based compensation expense recorded



		Three Months Ended						Six Months Ended
		June 30,						June 30,
(in thousands)		2026			2025			2026			2025
Research and development		$	112		$	285		$	236		$	865
General and administrative			192			302			412			1,086
Total stock-based compensation expense		$	304		$	587		$	648		$	1,951



	December 31,
(in thousands)	2025			2024
Research and development	$	1,345		$	2,756
General and administrative		1,641			3,579
Total stock-based compensation expense	$	2,986		$	6,335

Summary of assumptions used in the Black Scholes option pricing model for stock options granted



		Six Months Ended
		June 30,
		2026			2025
Expected term		6.0	years		6.0	years
Expected volatility		91.0	%		90.5	%
Risk free interest rate		3.9	%		4.4	%
Expected dividend yield		—	%		—	%

The assumptions used in the Black-Scholes option-pricing model for stock options granted were as follows:



		Year Ended
		December 31,
		2025			2024
Expected term		6.0	years		5.8	years
Expected volatility		90.5	%		83.3	%
Risk free interest rate		4.4	%		3.6 - 4.7	%
Expected dividend yield		—	%		—	%

Subsequent Events (Details) - USD ($) $ in Thousands	2 Months Ended	6 Months Ended
Subsequent Events (Details) - USD ($) $ in Thousands	Feb. 27, 2026	Jun. 30, 2026
Subsequent Events
Net proceeds from at-the-market sales		$ 1,234
Subsequent Event
Subsequent Events
Stock issued	52,715
Net proceeds from at-the-market sales	$ 700

Number of new stock issued during the period.

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480070/505-10-S50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-3

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-11

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(4)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

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-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Net Loss per Share Attributable to Common Stockholders

CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock At-the-market sales	Common Stock Private Placement	Common Stock	Additional Paid-in Capital At-the-market sales	Additional Paid-in Capital Private Placement	Additional Paid-in Capital	Accumulated Other Comprehensive (Loss) Income	Accumulated Deficit	At-the-market sales	Private Placement	Total
Balance at the beginning at Dec. 31, 2023			$ 2			$ 439,123	$ (222)	$ (324,482)			$ 114,421
Balance at the beginning (in shares) at Dec. 31, 2023			2,325,259
Increase (Decrease) in Stockholders' Deficit
Stock based compensation						6,335					6,335
Exercise of stock options						23					23
Exercise of stock options (in shares)			1,215
Issuance of shares under ESPP						82					82
Issuance of shares under ESPP (in shares)			5,993
Issuances of shares from at-the-market sales, net of expenses				$ 39					$ 39
Issuances of shares from at-the-market sales, net of expenses (in shares)	1,429
Unrealized loss on marketable securities, net of tax							226				226
Net loss								(55,654)			(55,654)
Balance at the end at Dec. 31, 2024			$ 2			445,602	4	(380,136)			$ 65,472
Balance at the end (in shares) at Dec. 31, 2024			2,333,896								2,333,896
Increase (Decrease) in Stockholders' Deficit
Stock based compensation						1,363					$ 1,363
Unrealized loss on marketable securities, net of tax							(4)				(4)
Net loss								(10,976)			(10,976)
Balance at the end at Mar. 31, 2025			$ 2			446,965		(391,112)			55,855
Balance at the end (in shares) at Mar. 31, 2025			2,333,896
Balance at the beginning at Dec. 31, 2024			$ 2			445,602	4	(380,136)			$ 65,472
Balance at the beginning (in shares) at Dec. 31, 2024			2,333,896								2,333,896
Increase (Decrease) in Stockholders' Deficit
Net loss											$ (37,784)
Balance at the end at Jun. 30, 2025			$ 2			447,571	(7)	(417,920)			29,646
Balance at the end (in shares) at Jun. 30, 2025			2,337,516
Balance at the beginning at Dec. 31, 2024			$ 2			445,602	4	(380,136)			$ 65,472
Balance at the beginning (in shares) at Dec. 31, 2024			2,333,896								2,333,896
Increase (Decrease) in Stockholders' Deficit
Stock based compensation						2,986					$ 2,986
Issuance of shares under ESPP						36					36
Issuance of shares under ESPP (in shares)			7,332
Issuances of shares from at-the-market sales, net of expenses		$ 2			$ 22,274					$ 22,276
Issuances of shares from at-the-market sales, net of expenses (in shares)		1,047,064
Exercise of pre-funded warrants (in shares)			117,371
Unrealized loss on marketable securities, net of tax							17				17
Reverse Split (1 for 12) adjustment (in shares)			(42)
Net loss								(55,844)			(55,844)
Balance at the end at Dec. 31, 2025			$ 4			470,898	21	(435,980)			$ 34,943
Balance at the end (in shares) at Dec. 31, 2025			3,505,621								3,505,621
Balance at the beginning at Mar. 31, 2025			$ 2			446,965		(391,112)			$ 55,855
Balance at the beginning (in shares) at Mar. 31, 2025			2,333,896
Increase (Decrease) in Stockholders' Deficit
Stock based compensation						587					587
Issuance of shares under ESPP						19					19
Issuance of shares under ESPP (in shares)			3,620
Unrealized loss on marketable securities, net of tax							(7)				(7)
Net loss								(26,808)			(26,808)
Balance at the end at Jun. 30, 2025			$ 2			447,571	(7)	(417,920)			29,646
Balance at the end (in shares) at Jun. 30, 2025			2,337,516
Balance at the beginning at Dec. 31, 2025			$ 4			470,898	21	(435,980)			$ 34,943
Balance at the beginning (in shares) at Dec. 31, 2025			3,505,621								3,505,621
Increase (Decrease) in Stockholders' Deficit
Stock based compensation						344					$ 344
Exercise of stock options						14					14
Exercise of stock options (in shares)			2,488
Issuances of shares from at-the-market sales, net of expenses						1,234					1,234
Issuances of shares from at-the-market sales, net of expenses (in shares)			99,446
Unrealized loss on marketable securities, net of tax							(23)				(23)
Net loss								(9,796)			(9,796)
Balance at the end at Mar. 31, 2026			$ 4			472,490	(2)	(445,776)			26,716
Balance at the end (in shares) at Mar. 31, 2026			3,607,555
Balance at the beginning at Dec. 31, 2025			$ 4			470,898	21	(435,980)			$ 34,943
Balance at the beginning (in shares) at Dec. 31, 2025			3,505,621								3,505,621
Increase (Decrease) in Stockholders' Deficit
Exercise of stock options (in shares)											2,488
Net loss											$ (24,688)
Balance at the end at Jun. 30, 2026			$ 4			472,816	(3)	(460,668)			$ 12,149
Balance at the end (in shares) at Jun. 30, 2026			4,068,951								4,068,951
Balance at the beginning at Mar. 31, 2026			$ 4			472,490	(2)	(445,776)			$ 26,716
Balance at the beginning (in shares) at Mar. 31, 2026			3,607,555
Increase (Decrease) in Stockholders' Deficit
Stock based compensation						304					304
Issuance of shares under ESPP						22					22
Issuance of shares under ESPP (in shares)			4,541
Exercise of pre-funded warrants (in shares)			456,855
Unrealized loss on marketable securities, net of tax							(1)				(1)
Net loss								(14,892)			(14,892)
Balance at the end at Jun. 30, 2026			$ 4			$ 472,816	$ (3)	$ (460,668)			$ 12,149
Balance at the end (in shares) at Jun. 30, 2026			4,068,951								4,068,951

Net Loss per Share Attributable to Common Stockholders

6 Months Ended

12 Months Ended

Jun. 30, 2026

Dec. 31, 2025

Net Loss per Share Attributable to Common Stockholders

12. Net Loss Per Share Attributable to Common Stockholders

Basic net loss per share is calculated by dividing net loss applicable to common stockholders by the weighted-average common shares outstanding during the period, without consideration for common stock equivalents. Diluted net loss per share is calculated by adjusting the weighted-average common shares outstanding for the dilutive effect of common stock equivalents outstanding for the period, determined using the treasury-stock method. For purposes of computing both basic and diluted net loss per share, pre-funded warrants are considered outstanding shares upon issuance because the underlying shares may be issued for nominal consideration and are exercisable immediately after the original issuance date. For the three and six months ended June 30, 2026, pre-funded warrants to purchase up to 1,240,823 shares of common stock in the aggregate were outstanding and included in the calculation of weighted average shares outstanding. Since the Company incurred net losses for the three and six months ended June 30, 2026 and 2025, common stock equivalents were excluded from the calculation of diluted net loss per share for such periods as their effect would be anti-dilutive. Therefore, the weighted average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same.

The computation for basic and diluted loss per share were as follows (in thousands, except share and per share data):



		Three Months Ended						Six Months Ended
		June 30,						June 30,
		2026			2025			2026			2025
Net loss (Numerator):
Net loss - basic and diluted		$	(14,892)		$	(26,808)		$	(24,688)		$	(37,784)
Shares (Denominator):
Weighted-average shares outstanding - basic and diluted			5,309,724			2,374,729			5,274,630			2,354,425
Loss per share - basic and diluted		$	(2.80)		$	(11.29)		$	(4.68)		$	(16.05)

The Company excluded the following potential common shares, presented based on amounts outstanding at period end, from the computation of diluted net loss per share attributable to common stockholders because including them would have had an anti-dilutive effect:



		June 30,
		2026		2025
Outstanding options to purchase common stock		1,015,018		855,087
Total		1,015,018		855,087

16. Net Loss per Share Attributable to Common Stockholders

Basic net loss per share is calculated by dividing net loss applicable to common stockholders by the weighted-average common shares outstanding during the period, without consideration for common stock equivalents. Diluted net loss per share is calculated by adjusting the weighted-average common shares outstanding for the dilutive effect of common stock equivalents outstanding for the period, determined using the treasury-stock method. For purposes of computing both basic and diluted net loss per share, pre-funded warrants are considered outstanding shares upon issuance because the underlying shares may be issued for nominal consideration and are exercisable immediately after the original issuance date. Since the Company incurred net losses for the years ended December 31, 2025 and 2024, common stock equivalents were excluded from the calculation of diluted net loss per share for such periods as their effect would be anti-dilutive. Therefore, the weighted average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same. The Company excluded the following potential common shares, presented based on amounts outstanding at period end, from the computation of diluted net loss per share attributable to common stockholders for the period indicated because including them would have had an anti-dilutive effect:


		December 31,
		2025		2024
Outstanding options to purchase common stock		848,966		737,895
Total		848,966		737,895

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025	Dec. 31, 2024
Summary of Significant Accounting Policies
Accumulated deficit	$ (460,668)	$ (435,980)	$ (380,136)
Cash and cash equivalents and marketable securities	$ 20,100

Amount of accumulated undistributed earnings (deficit).

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Nature of the Business and Basis of Presentation - Public Offerings and Common Stock (Details) $ in Millions		6 Months Ended	12 Months Ended
	Jul. 14, 2025 shares	Jun. 30, 2026 segment	Dec. 31, 2025 USD ($) segment
Nature of the Business and Basis of Presentation
Reverse stock split ratio	0.08		0.08
Reverse stock split shares \| shares	0
Cash, cash equivalents and marketable securities \| $			$ 41.8
Number of operating segment		1	1
Number of reporting segment		1	1

CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2026	Dec. 31, 2025	Dec. 31, 2024
CONDENSED BALANCE SHEETS
Preferred stock, par value per share	$ 0.001	$ 0.001	$ 0.001
Preferred stock, number of shares authorized	10,000,000	10,000,000	10,000,000
Preferred stock, shares issued	0	0	0
Preferred stock, shares outstanding	0	0	0
Common stock, par value per share	$ 0.001	$ 0.001	$ 0.001
Common stock, number of shares authorized	100,000,000	100,000,000	100,000,000
Common stock, shares issued	4,068,951	3,505,621	2,333,896
Common stock, shares outstanding	4,068,951	3,505,621	2,333,896

Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.

The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws.

Number of shares issued for nonredeemable preferred shares and preferred shares redeemable solely at option of issuer. Includes, but is not limited to, preferred shares issued, repurchased, and held as treasury shares. Excludes preferred shares classified as debt.

Aggregate share number for all nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) held by stockholders. Does not include preferred shares that have been repurchased.

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Preferred Stock (Details) - $ / shares	Jun. 30, 2026	Dec. 31, 2025	Dec. 31, 2024
Preferred Stock.
Preferred stock, number of shares authorized	10,000,000	10,000,000	10,000,000
Preferred stock, par value per share	$ 0.001	$ 0.001	$ 0.001
Preferred stock, shares issued	0	0	0
Preferred stock, shares outstanding	0	0	0

The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws.

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Leases

6 Months Ended

12 Months Ended

Jun. 30, 2026

Dec. 31, 2025

Leases

Accrued Liabilities and Other Liabilities

7. Leases

The Company’s lease portfolio consists of office space, manufacturing space and laboratory facilities. All of the Company’s leases are classified as operating leases. The terms of the Company’s lease agreements currently extend through March 2030 and provide the Company with an option for a five-year extension. Under the terms of the leases, the Company pays base annual rent subject to fixed dollar increases each year and other normal operating expenses such as taxes, repairs, and maintenance. The Company evaluates renewal options at lease inception and on an ongoing basis and considers renewal options that the Company is reasonably certain to exercise in its expected lease terms when classifying leases and measuring lease liabilities in accordance with ASC 842, Leases. The leases do not require variable lease payments or residual value guarantees and do not contain restrictive covenants.

The leases do not provide an implicit rate; therefore, the Company uses its incremental borrowing rate as the discount rate when measuring operating lease liabilities. The incremental borrowing rate represents an estimate of the interest rate the Company would incur at lease commencement to borrow an amount equal to the lease payments on a collateralized basis over the term of the lease.

Operating lease expense was $249,000 and $252,000 for the three months ended June 30, 2026 and June 30, 2025, respectively. Operating lease expense was $499,000 and $504,000 for the six months ended June 30, 2026 and June 30, 2025, respectively. Operating cash flows used for operating leases during the six months ended June 30, 2026 and June 30, 2025 were $671,000 and $575,000, respectively. As of June 30, 2026, the weighted-average remaining lease term was 3.75 years, and the weighted average discount rate was 7.47%.





2026		$	684
2027			1,396
2028			1,438
2029			1,481
2030			376
Total future minimum payments		$	5,375
Less: present value discount			(709)
Present value of lease liabilities		$	4,666

In July and August 2026, the Company entered into amendments for certain of its leased facilities. See Note 15, Subsequent Events for more information.

9. Leases

The Company’s lease portfolio consists of office space and laboratory facilities. All of the Company’s leases are classified as operating leases. The terms of the Company’s lease agreements that have commenced currently extend through March 2030 and provide the Company with an option for a five-year extension. Under the terms of the leases, the Company pays base annual rent subject to fixed dollar increases each year and other normal operating expenses such as taxes, repairs, and maintenance. The Company evaluates renewal options at lease inception and on an ongoing basis and considers renewal options that the Company is reasonably certain to exercise in its expected lease terms when classifying leases and measuring lease liabilities in accordance with ASC 842, Leases. The leases do not require variable lease payments or residual value guarantees and do not contain restrictive covenants.

The leases do not provide an implicit rate, therefore the Company uses its incremental borrowing rate as the discount rate when measuring the operating lease liability. The incremental borrowing rate represents an estimate of the interest rate the Company would incur at lease commencement to borrow an amount equal to the lease payments on a collateralized basis over the term of the lease.

Operating lease expense was $1.0 million and $1.0 million for the years ended December 31, 2025 and 2024, respectively. Operating cash flows used for operating leases during the years ended December 31, 2025 and December 31, 2024 were $1.2 million and $1.1 million, respectively. As of December 31, 2025, the weighted-average remaining lease term was 4.25 years, and the weighted average discount rate was 7.47%.



2026	$	1,355
2027		1,396
2028		1,438
2029		1,481
2030		376
Total future minimum payments	$	6,046
Less: present value discount		(893)
Present value of lease liabilities	$	5,153

Marketable Securities (Details)	3 Months Ended		6 Months Ended		12 Months Ended
Marketable Securities (Details)	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)	Dec. 31, 2025 USD ($) item	Dec. 31, 2024 USD ($)
Investments
Amortized Cost	$ 4,831,000		$ 4,831,000		$ 15,818,000	$ 40,890,000
Gross Unrealized Gain					19,000	24,000
Gross Unrealized Loss	(3,000)		(3,000)		(1,000)	(20,000)
Estimated Fair Value	4,828,000		4,828,000		15,836,000	40,894,000
Gross realized gains	0	$ 0	1,000	$ 0	0	0
Gross realized loss	0	$ 0		$ 0	$ 0	0
Number of investment whose position which was not in continuous unrealized loss position for more than twelve months \| item					1
Fair market value of investments in unrealized loss position	4,800,000		4,800,000		$ 2,200,000
Interest income					100,000	300,000
Unrealized losses in a continuous loss position for more than 12 months	0		0
Accrued interest receivable	$ 100,000		$ 100,000		$ 300,000
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Current, Statement of Financial Position [Extensible Enumeration]	Prepaid Expense and Other Assets, Current		Prepaid Expense and Other Assets, Current		Prepaid Expense and Other Assets, Current
Cost Maturities:
Within 1 year	$ 4,831,000		$ 4,831,000		$ 14,593,000
Over 1 year					1,225,000
Total investments available for sale	4,831,000		4,831,000		15,818,000
Fair Value Maturities:
Within 1 year	4,828,000		4,828,000		14,607,000
Over 1 year					1,229,000
Total investments available for sale	4,828,000		4,828,000		15,836,000
Corporate bonds
Investments
Amortized Cost	4,831,000		4,831,000		15,818,000	32,515,000
Gross Unrealized Gain					19,000	22,000
Gross Unrealized Loss	(3,000)		(3,000)		(1,000)	(20,000)
Estimated Fair Value	$ 4,828,000		$ 4,828,000		$ 15,836,000	32,517,000
U.S. Treasury and Government agencies
Investments
Amortized Cost						8,375,000
Gross Unrealized Gain						2,000
Estimated Fair Value						$ 8,377,000

Income Taxes - Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025	Dec. 31, 2024
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]
Expected income tax benefit at the federal statutory rate					$ (11,727)
State taxes, net of federal benefit					(3,649)
Research and development credit, net					(1,393)
Other					175
Change in valuation allowance					16,594
Income Tax Expense (Benefit), Total	$ 0	$ 0	$ 0	$ 0	$ 0
Reconciliation of federal statutory income tax rate to the Company's effective income tax rate
Expected income tax benefit at the federal statutory rate (as a percent)					21.00%	21.00%
State taxes, net of federal benefit (as a percent)					6.50%	6.60%
Research and development credit, net (as a percent)					2.50%
Research and development credit, net (as a percent)						4.00%
Non-deductible items (as a percent)						(0.60%)
Other (as a percent)					(0.30%)	(1.60%)
Change in valuation allowance (as a percent)					(29.70%)	(29.40%)
Total (as a percent)					0.00%	0.00%
Tax Jurisdiction of Domicile [Extensible Enumeration]					country:US	country:US

Stock-Based Compensation - Stock based compensation expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025	Dec. 31, 2024
Stock based compensation expense
Total stock-based compensation expense	$ 304	$ 587	$ 648	$ 1,951	$ 2,986	$ 6,335
Location, Statement of Income, Balance [Axis]: us-gaap:GeneralAndAdministrativeExpense
Stock based compensation expense
Total stock-based compensation expense	192	302	412	1,086	1,641	3,579
Location, Statement of Income, Balance [Axis]: us-gaap:ResearchAndDevelopmentExpense
Stock based compensation expense
Total stock-based compensation expense	$ 112	$ 285	$ 236	$ 865	$ 1,345	$ 2,756

Stock-Based Compensation - Stock options (Details) - USD ($)		6 Months Ended		12 Months Ended
	May 03, 2019	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Number of Shares
Outstanding at the beginning (in shares)		848,966
Granted (in shares)		174,500
Exercised (in shares)		(2,488)
Forfeitures (in shares)		(5,960)
Outstanding at the end (in shares)		1,015,018		848,966
Exercisable at the end (in shares)		709,995
Weighted Average Exercise Price
Outstanding at the beginning (in dollars per share)		$ 73.76
Granted (in dollars per share)		9.92
Exercised (in dollars per share)		5.76
Forfeited (in dollars per share)		21.9
Outstanding at the end (in dollars per share)		63.26		$ 73.76
Exercisable at the end (in dollars per share)		$ 85.67
Weighted Average Remaining Contractual Life (Years) And Aggregate Intrinsic Value
Outstanding (in years)		6 years 7 months 6 days		6 years 6 months
Exercisable at the end (in years)		5 years 7 months 6 days
Weighted average grant date fair value per share of stock options granted		$ 7.61
Aggregate grant date fair value		$ 800,000	$ 3,700,000
Share Based Compensation Expense Not Recognized
Unrecognized compensation cost		$ 2,300,000		$ 1,600,000
Compensation expense recognition period		2 years 8 months 12 days		2 years 1 month 6 days
2015 Plan
Number of Shares
Outstanding at the beginning (in shares)		848,966	737,895	737,895	567,995
Granted (in shares)				120,748	248,609
Exercised (in shares)					(1,214)
Forfeitures (in shares)				(9,677)	(77,495)
Outstanding at the end (in shares)				848,966	737,895	567,995
Exercisable at the end (in shares)				636,486
Weighted Average Exercise Price
Outstanding at the beginning (in dollars per share)		$ 73.76	$ 83.84	$ 83.84	$ 105.96
Granted (in dollars per share)				9.33	19.8
Exercised (in dollars per share)					18.6
Forfeited (in dollars per share)				37.74	41.76
Outstanding at the end (in dollars per share)				73.76	$ 83.84	$ 105.96
Exercisable at the end (in dollars per share)				$ 94.11
Weighted Average Remaining Contractual Life (Years) And Aggregate Intrinsic Value
Outstanding (in years)				6 years 6 months	7 years 1 month 6 days	7 years 3 months 18 days
Exercisable at the end (in years)				5 years 9 months 18 days
Outstanding at the beginning (in dollars)			$ 22,000	$ 22,000	$ 52,000
Outstanding at the end (in dollars)					$ 22,000	$ 52,000
Exercisable at the end (in dollars)				$ 55,000
Weighted average grant date fair value per share of stock options granted				$ 7.17	$ 14.28
Aggregate intrinsic value of stock options exercised				$ 0	$ 9,000
Aggregate grant date fair value				$ 4,500,000	$ 5,100,000
A&R 2019 Omnibus Incentive Plan
Stock Based Compensation
Total number of shares of common stock that may be issued		241,666
Annual increase in number of share reserved for issuance (as percent)	4.00%
Number of shares reserved for issuance under the plan		139,500
Vesting period		4 years
Expiration period		10 years
Maximum annual increase in shares available for issuance under the plan		80,000
Omnibus Incentive Plan
Stock Based Compensation
Annual increase in number of share reserved for issuance (as percent)	4.00%
Number of shares reserved for issuance under the plan	241,666
2015 Plan and 2019 Employee Stock Purchase Plan
Stock Based Compensation
Number of shares reserved for issuance under the plan				87,815
Vesting period				4 years
Expiration period				10 years
2019 Employee Stock Purchase Plan
Stock Based Compensation
Annual increase in number of share reserved for issuance (as percent)	1.00%
Number of shares reserved for issuance under the plan	20,000	80,461		85,002
Number of shares issued		32,020		27,479
Maximum annual increase in shares available for issuance under the plan	40,000

Segment Information - Significant expense categories (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025	Dec. 31, 2024	Jun. 13, 2025
Segment Information
Upfront cash payment							$ 12,000
Research and development expenses
Total R&D	$ 7,425	$ 24,091	$ 14,259	$ 31,987	$ 44,923	$ 41,488
General and administrative expenses
Total G&A	2,592	3,201	5,863	6,927	12,693	15,718
Single reporting segment
Segment Information
Upfront cash payment		17,000		17,000
Research and development expenses
Employee costs	1,536	2,341	3,575	5,271	8,974	13,252
Clinical product candidates	4,250	2,569	7,290	5,604	27,669	13,562
Nonclincal product candidates	746	981	1,604	1,646	3,758	9,182
Depreciation and amortization	265	618	541	1,254	2,133	2,792
Other R&D	628	17,582	1,249	18,212	2,389	2,700
Total R&D	7,425	24,091	14,259	31,987	44,923	41,488
General and administrative expenses
Employee costs	877	1,374	2,400	3,451	5,887	8,400
Professional services	1,160	1,266	2,273	2,346	4,614	4,449
Insurance	233	243	455	505	947	1,281
Other G&A	322	318	735	625	1,245	1,588
Total G&A	$ 2,592	$ 3,201	$ 5,863	$ 6,927	$ 12,693	$ 15,718

Common Stock - Securities Purchase Agreement and Pre-Funded Warrants (Details) - USD ($) $ / shares in Units, $ in Thousands				3 Months Ended	6 Months Ended	12 Months Ended
	Dec. 19, 2025	Nov. 14, 2025	Nov. 12, 2025	Jun. 30, 2026	Jun. 30, 2026	Dec. 31, 2025	Dec. 31, 2024
Common Stock
Common stock, par value per share				$ 0.001	$ 0.001	$ 0.001	$ 0.001
Net proceeds from at-the-market sales					$ 1,234
Private Placement
Common Stock
Stock issued			708,428
Common stock, par value per share			$ 0.001
purchase price, per share			$ 8.52
Net proceeds from at-the-market sales		$ 20,300				$ 22,276
Maximum \| Wainwright ATM Agreement
Common Stock
Net proceeds from at-the-market sales	$ 14,500
Pre-Funded Warrants
Common Stock
Stock issued					99,446
Net proceeds from at-the-market sales					$ 1,200
Exercise of pre-funded warrants (in shares)				456,855	456,855	117,371
Remaining outstanding balance of pre-funded warrants				1,240,823	1,240,823	1,697,678
Pre-Funded Warrants \| Private Placement
Common Stock
Number of warrants purchase			1,815,049
Purchase price for warrant			$ 8.519
Exercise price of warrants			$ 0.001

Accrued Liabilities and Other Liabilities

12 Months Ended

Dec. 31, 2025

Accrued Liabilities and Other Liabilities

8. Accrued Liabilities and Other Liabilities

Accrued liabilities consist of the following:



		December 31,			December 31,
(in thousands)		2025			2024
Payroll and related benefits		$	851		$	1,753
Clinical trial costs			862			371
Sponsored research			177			332
Lease liabilities, current portion			1,005			796
License payments			5,000			—
Operating expenses			525			845
Other			135			124
Total accrued liabilities		$	8,555		$	4,221

Segment Information (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2026

Dec. 31, 2025

Schedule of significant expense categories



	Three Months Ended						Six Months Ended
	June 30,						June 30,
(in thousands)	2026			2025			2026			2025
Research and development expenses
Employee costs	$	1,536		$	2,341		$	3,575		$	5,271
Clinical product candidates		4,250			2,569			7,290			5,604
Nonclinical product candidates		746			981			1,604			1,646
Depreciation and amortization		265			618			541			1,254
Other R&D⁽¹⁾		628			17,582			1,249			18,212
Total R&D	$	7,425		$	24,091		$	14,259		$	31,987


General and administrative expenses
Employee costs	$	877		$	1,374		$	2,400		$	3,451
Professional services		1,160			1,266			2,273			2,346
Insurance		233			243			455			505
Other G&A⁽²⁾		322			318			735			625
Total G&A	$	2,592		$	3,201		$	5,863		$	6,927

(1)	Other R&D consists of facilities related expenses and office expenses and includes $17 million related to the License Agreement with Zaiming for both the three and six months ended June 30, 2025 (Note 3).

(2)	Other G&A consists of facilities related expenses, depreciation, office expenses and taxes and fees.

The tables below summarize the significant expense categories regularly reviewed by the CODM for the years ended December 31, 2025 and 2024:



	Year Ended
	December 31,
(in thousands)	2025				2024
Research and development expenses
Employee costs	$	8,974		$	13,252
Clinical product candidates		27,669			13,562
Nonclinical product candidates		3,758			9,182
Depreciation and amortization		2,133			2,792
Other R&D⁽¹⁾		2,389			2,700
Total R&D	$	44,923		$	41,488


General and administrative expenses
Employee costs	$	5,887		$	8,400
Professional services		4,614			4,449
Insurance		947			1,281
Other G&A⁽²⁾		1,245			1,588
Total G&A	$	12,693		$	15,718

(1)Other R&D consists of facilities related expenses and office expenses.

(2)Other G&A consists of facilities related expenses, depreciation, office expenses and taxes and fees.

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

Document and Entity Information	6 Months Ended
Document and Entity Information	Jun. 30, 2026
Cover Abstract
Document Type	S-4
Entity Registrant Name	NEXTCURE, INC
Entity Central Index Key	0001661059
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Amendment Flag	false

Leases - Maturities (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Future minimum lease payments
2026	$ 684
2027	1,396	$ 1,355
2028	1,438	1,396
2029	1,481	1,438
2030	376	1,481
2031		376
Total future minimum payments	5,375	6,046
Less: present value discount	(709)	(893)
Present value of lease liabilities	$ 4,666	$ 5,153

Leases - Maturities (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Future minimum lease payments
2026	$ 684
2027	1,396	$ 1,355
2028	1,438	1,396
2029	1,481	1,438
2030	376	1,481
2031		376
Total future minimum payments	5,375	6,046
Less: present value discount	(709)	(893)
Present value of lease liabilities	$ 4,666	$ 5,153

Preferred Stock

12 Months Ended

Dec. 31, 2025

Preferred Stock.

Preferred Stock

11. Preferred Stock

As of December 31, 2025, the Company’s certificate of incorporation, as amended and restated, authorized the Company to issue 10,000,000 shares of preferred stock, $0.001 par value, and there were no shares of preferred stock issued or outstanding. The Company can fix the price, rights, preferences, privileges and restrictions of the preferred stock without any further vote or action by its stockholders.

Income Taxes

6 Months Ended

12 Months Ended

Jun. 30, 2026

Dec. 31, 2025

Income Taxes

13. Income Taxes

17. Income Taxes

On July 4, 2025, the One Big Beautiful Bill Act (the “Act”) was enacted into law. Given the Company’s history of operating losses and full valuation allowances against its deferred tax assets, the Act does not currently have a significant impact on the Company’s financial statements.

The Company is subject to U.S. federal and state income taxes. No federal or state income taxes were paid in the year ended December 31, 2025.

The reconciliation of federal statutory income tax rate to the Company’s effective income tax rate for the year ended December 31, 2025 is as follows:



		December 31,
		Amount		Percent
Expected income tax benefit at the federal statutory rate	$	(11,727)		21.0	%
State taxes, net of federal benefit		(3,649)		6.5
Research and development credit, net		(1,393)		2.5
Other		175		(0.3)
Change in valuation allowance		16,594		(29.7)
Total	$	—		—	%

The reconciliation of federal statutory income tax rate to the Company’s effective income tax rate for the year ended December 31, 2024 is as follows:



		December 31,
		2024
Expected income tax benefit at the federal statutory rate		21.0	%
State taxes, net of federal benefit		6.6
Research and development credit, net		4.0
Non-deductible items		(0.6)
Other		(1.6)
Change in valuation allowance		(29.4)
Total		—	%

The principal components of the Company’s deferred tax assets consisted of the following as of December 31, 2025 and 2024:



		December 31,
(in thousands)			2025			2024
Deferred tax assets:
Federal and state net operating loss carryforwards		$	85,836		$	63,647
Research and development tax credits			17,829			16,436
Capitalized R&D Costs			18,271			25,826
Operating lease liabilities			1,419			1,642
Share-based compensation			8,032			7,234
Accruals and other			1,415			1,587
Gross deferred tax assets			132,802			116,372
Less: valuation allowance			(131,903)			(115,309)
Total deferred tax assets		$	899		$	1,063
Deferred tax liabilities:
Operating lease assets			(899)			(1,063)
Gross deferred tax liabilities		$	(899)		$	(1,063)
Net deferred tax assets		$	—		$	—

The entire disclosure for income tax.

Common Stock (Details)	12 Months Ended
Common Stock (Details)	Dec. 31, 2025 Vote $ / shares shares	Jun. 30, 2026 $ / shares shares	Dec. 31, 2024 $ / shares shares
Common Stock.
Common stock, number of shares authorized	100,000,000	100,000,000	100,000,000
Common stock, par value per share \| $ / shares	$ 0.001	$ 0.001	$ 0.001
Common stock, shares issued	3,505,621	4,068,951	2,333,896
Common stock, shares outstanding	3,505,621	4,068,951	2,333,896
Number of votes per share \| Vote	1
Dividends declared \| $ / shares	$ 0

Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.

Segment Information

6 Months Ended

12 Months Ended

Jun. 30, 2026

Dec. 31, 2025

Segment Information

11. Segment Information

We operate our business in one operating segment, which also represents one reportable segment: life sciences. The life sciences segment focuses on advancing innovative medicines that, in the case of the Company, treat cancer patients that do not respond to, or that have disease progression on, current therapies, through the use of differentiated mechanisms of action including ADCs. The Company’s chief operating decision maker (“CODM”) is the chief executive officer.

The accounting policies of the life sciences segment are the same as those described in Note 2, Summary of Significant Accounting Policies. The CODM assesses performance for the life science segment based on net loss, which is reported on the statements of operations and comprehensive net loss as net loss. The measure of segment assets is reported on the balance sheet as total assets.

To date, the Company has not generated any product revenue. The Company expects to continue to incur significant expenses and operating losses for the foreseeable future as it executes its strategic plan, including completing the proposed merger transaction, restructuring its activities, managing its legacy assets and obligations and seeking to monetize its legacy programs and intellectual property.

As such, the CODM uses cash forecast models in deciding how to invest into the life sciences segment. Such cash forecast models are reviewed to assess the entity-wide operating results and performance. Net loss is used to monitor budget versus actual results. Monitoring budgeted versus actual results is used in assessing performance of the segment and in establishing management’s compensation, along with cash forecast models.

The tables below summarize the significant expense categories regularly reviewed by the CODM for the three and six months ended June 30, 2026 and 2025:



	Three Months Ended						Six Months Ended
	June 30,						June 30,
(in thousands)	2026			2025			2026			2025
Research and development expenses
Employee costs	$	1,536		$	2,341		$	3,575		$	5,271
Clinical product candidates		4,250			2,569			7,290			5,604
Nonclinical product candidates		746			981			1,604			1,646
Depreciation and amortization		265			618			541			1,254
Other R&D⁽¹⁾		628			17,582			1,249			18,212
Total R&D	$	7,425		$	24,091		$	14,259		$	31,987


General and administrative expenses
Employee costs	$	877		$	1,374		$	2,400		$	3,451
Professional services		1,160			1,266			2,273			2,346
Insurance		233			243			455			505
Other G&A⁽²⁾		322			318			735			625
Total G&A	$	2,592		$	3,201		$	5,863		$	6,927

(1)	Other R&D consists of facilities related expenses and office expenses and includes $17 million related to the License Agreement with Zaiming for both the three and six months ended June 30, 2025 (Note 3).

(2)	Other G&A consists of facilities related expenses, depreciation, office expenses and taxes and fees.

15. Segment Information

We operate our business in one operating segment, which also represents one reportable segment: life sciences. The life sciences segment focuses on advancing innovative medicines that, in the case of the Company, treat cancer patients that do not respond to, or that have disease progression on, current therapies, through the use of differentiated mechanisms of actions including antibody-drug conjugates (“ADCs”), antibodies and proteins. The Company’s chief operating decision maker (“CODM”) is the chief executive officer.

The accounting policies of the life sciences segment are the same as those described in the Note 2, Summary of Significant Accounting Policies. The CODM assesses performance for the life science segment based on net loss, which is reported on the

statements of operations and comprehensive net loss as net loss. The measure of segment assets is reported on the balance sheet as total assets.

To date, the Company has not generated any product revenue. The Company expects to continue to incur significant expenses and operating losses for the foreseeable future as it advances product candidates through all stages of development and clinical trials and, ultimately, seek regulatory approval.

The tables below summarize the significant expense categories regularly reviewed by the CODM for the years ended December 31, 2025 and 2024:



	Year Ended
	December 31,
(in thousands)	2025				2024
Research and development expenses
Employee costs	$	8,974		$	13,252
Clinical product candidates		27,669			13,562
Nonclinical product candidates		3,758			9,182
Depreciation and amortization		2,133			2,792
Other R&D⁽¹⁾		2,389			2,700
Total R&D	$	44,923		$	41,488


General and administrative expenses
Employee costs	$	5,887		$	8,400
Professional services		4,614			4,449
Insurance		947			1,281
Other G&A⁽²⁾		1,245			1,588
Total G&A	$	12,693		$	15,718

(1)Other R&D consists of facilities related expenses and office expenses.

(2)Other G&A consists of facilities related expenses, depreciation, office expenses and taxes and fees.

The entire disclosure for segment reporting.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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License Agreement (Details) - USD ($) $ in Millions	Jun. 13, 2025	Oct. 31, 2025
License Agreement
Consideration agreed	$ 17.0
Upfront cash payment	12.0
Consideration payable	5.0
License agreement expense	18.5
Upon initiation of the first Phase 1 clinical trial for SIM0505
License Agreement
Consideration agreed	1.5
Upon initiation of the first Phase 2 clinical trial for SIM0505
License Agreement
Value of stock agreed to be issued	1.0
Upon achieving development and regulatory milestone of Zaiming Product
License Agreement
Consideration payable		$ 1.5
Upon achieving development and regulatory milestone of Zaiming Product \| Maximum
License Agreement
Milestone payments	166.5
Upon achieving development and regulatory milestone of NextCure Product \| Maximum
License Agreement
Milestone payments	25.5
Upon achieving commercial sales-based milestone \| Maximum
License Agreement
Milestone payments	$ 535.0

Submission	Aug. 17, 2026
Submission [Line Items]
Central Index Key	0001661059
Registrant Name	NextCure, Inc.
Form Type	S-4
Submission Type	S-4
Fee Exhibit Type	EX-FILING FEES

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025	Dec. 31, 2024
Income Taxes
Provision or benefit from income taxes	$ 0	$ 0	$ 0	$ 0	$ 0
Effective tax rate (as a percent)					0.00%	0.00%

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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Net Loss per Share Attributable to Common Stockholders

Fair Value Measurements (Details) - USD ($)	3 Months Ended	12 Months Ended
Fair Value Measurements (Details) - USD ($)	Jun. 30, 2026	Dec. 31, 2025	Dec. 31, 2024
Fair value of the Company's financial assets
Marketable Securities	$ 4,828,000	$ 15,836,000	$ 40,894,000
Assets transferred into level 3	0	0	0
Assets transferred out of level 3	0	0	0
Assets transferred from level 1 to level 2		0	0
Assets transferred from level 2 to level 1		0	0
Corporate bonds
Fair value of the Company's financial assets
Marketable Securities	4,828,000	15,836,000	32,517,000
Fair Value
Fair value of the Company's financial assets
Total financial assets	19,588,000	41,256,000	67,951,000
Fair Value \| Money market funds (cash equivalents)
Fair value of the Company's financial assets
Money market funds (cash equivalents)	14,760,000	25,420,000
Fair Value \| Corporate bonds
Fair value of the Company's financial assets
Marketable Securities	4,828,000	15,836,000
Fair Value \| Quoted Prices in Active Markets (Level 1)
Fair value of the Company's financial assets
Total financial assets	14,760,000	25,420,000	27,057,000
Fair Value \| Quoted Prices in Active Markets (Level 1) \| Money market funds (cash equivalents)
Fair value of the Company's financial assets
Money market funds (cash equivalents)	14,760,000	25,420,000
Fair Value \| Significant Other Observable Inputs (Level 2)
Fair value of the Company's financial assets
Total financial assets	4,828,000	15,836,000	40,894,000
Fair Value \| Significant Other Observable Inputs (Level 2) \| Corporate bonds
Fair value of the Company's financial assets
Marketable Securities	$ 4,828,000	15,836,000
Money market funds (cash equivalents) \| Fair Value
Fair value of the Company's financial assets
Money market funds (cash equivalents)		25,420,000	27,057,000
Money market funds (cash equivalents) \| Fair Value \| Quoted Prices in Active Markets (Level 1)
Fair value of the Company's financial assets
Money market funds (cash equivalents)		25,420,000	27,057,000
Corporate bonds \| Fair Value
Fair value of the Company's financial assets
Marketable Securities		15,836,000	32,517,000
Corporate bonds \| Fair Value \| Significant Other Observable Inputs (Level 2)
Fair value of the Company's financial assets
Marketable Securities		$ 15,836,000	32,517,000
U.S. Treasury and Government agencies \| Fair Value
Fair value of the Company's financial assets
Marketable Securities			8,377,000
U.S. Treasury and Government agencies \| Fair Value \| Significant Other Observable Inputs (Level 2)
Fair value of the Company's financial assets
Marketable Securities			$ 8,377,000

Net Loss per Share Attributable to Common Stockholders (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2026

Dec. 31, 2025

Summary of computation of basic and diluted net loss per share attributable to common stockholders

The computation for basic and diluted loss per share were as follows (in thousands, except share and per share data):



		Three Months Ended						Six Months Ended
		June 30,						June 30,
		2026			2025			2026			2025
Net loss (Numerator):
Net loss - basic and diluted		$	(14,892)		$	(26,808)		$	(24,688)		$	(37,784)
Shares (Denominator):
Weighted-average shares outstanding - basic and diluted			5,309,724			2,374,729			5,274,630			2,354,425
Loss per share - basic and diluted		$	(2.80)		$	(11.29)		$	(4.68)		$	(16.05)

Summary of shares excluded from the computation of diluted net loss per share



		June 30,
		2026		2025
Outstanding options to purchase common stock		1,015,018		855,087
Total		1,015,018		855,087


		December 31,
		2025		2024
Outstanding options to purchase common stock		848,966		737,895
Total		848,966		737,895

Common Stock

6 Months Ended

12 Months Ended

Jun. 30, 2026

Dec. 31, 2025

Common Stock.

Common Stock

10. Common Stock

Securities Purchase Agreement

Pre-Funded Warrants

At-The-Market Offering Agreement

12. Common Stock

Securities Purchase Agreement

On November 12, 2025, the Company entered into a securities purchase agreement (the “Purchase Agreement”) with certain institutional and accredited investors (each, a “Purchaser” and collectively, the “Purchasers”) for a private placement (the “Offering”) of an aggregate of (i) 708,428 shares (the “Shares”) of the Company’s common stock, par value $0.001 per share (the “Common Stock”), at a purchase price of $8.52 per share, and (ii) pre-funded warrants (the “Pre-Funded Warrants”) to purchase up to an aggregate of 1,815,049 shares of Common Stock (the “Pre-Funded Warrant Shares”) at a purchase price of $8.519 per Pre-Funded Warrant, which represents the per share purchase price of the Shares less the $0.001 per share exercise price for each Pre-Funded Warrant. The Pre-Funded Warrants are exercisable at any time after the date of issuance and will not expire. The Offering closed on November 14, 2025. Proceeds from the Offering, net of placement agent’s fees and other Offering expenses, were $20.3 million. On December 11, 2025, the Shares and Pre-Funded Warrants were effectively registered with the SEC.

Pre-Funded Warrants

Fair Value Measurements (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2026

Dec. 31, 2025

Summary of fair value of the Company's financial assets

The following tables set forth the fair value of the Company’s financial assets by level within the fair value hierarchy as of June 30, 2026 and December 31, 2025:



		June 30, 2026
								Significant
					Quoted Prices in			Other
					Active Markets or			Observable			Significant
					Identical Assets			Inputs			Unobservable
(in thousands)		Total			(Level 1)			(Level 2)			(Level 3)
Cash equivalents:
Money market funds		$	14,760		$	14,760		$	—		$	—
Marketable securities:
Corporate bonds			4,828			—			4,828			—
Total		$	19,588		$	14,760		$	4,828		$	—



		December 31, 2025
								Significant
					Quoted Prices in			Other
					Active Markets or			Observable			Significant
					Identical Assets			Inputs			Unobservable
(in thousands)		Total			(Level 1)			(Level 2)			(Level 3)
Cash equivalents:
Money market funds		$	25,420		$	25,420		$	—		$	—
Marketable securities:
Corporate bonds			15,836			—			15,836			—
Total		$	41,256		$	25,420		$	15,836		$	—

The following tables set forth the fair value of the Company’s financial assets by level within the fair value hierarchy as of December 31, 2025 and 2024:



		December 31, 2025
								Significant
					Quoted Prices in			Other
					Active Markets or			Observable			Significant
					Identical Assets			Inputs			Unobservable
(in thousands)		Total			(Level 1)			(Level 2)			(Level 3)
Cash equivalents:
Money market funds		$	25,420		$	25,420		$	—		$	—
Marketable securities:
Corporate bonds			15,836			—			15,836			—
Total		$	41,256		$	25,420		$	15,836		$	—



		December 31, 2024
								Significant
					Quoted Prices in			Other
					Active Markets or			Observable			Significant
					Identical Assets			Inputs			Unobservable
(in thousands)		Total			(Level 1)			(Level 2)			(Level 3)
Cash equivalents:
Money market funds		$	27,057		$	27,057		$	—		$	—
Marketable securities:
Corporate bonds			32,517			—			32,517			—
U.S. Treasury and Government agencies			8,377			—			8,377			—
Total		$	67,951		$	27,057		$	40,894		$	—

Collaboration Agreement (Details) $ in Millions	1 Months Ended	6 Months Ended	12 Months Ended
Collaboration Agreement (Details) $ in Millions	Nov. 30, 2022 item	Jun. 30, 2026 USD ($)	Dec. 31, 2025 USD ($)	Aug. 06, 2026	Jul. 01, 2026
LigaChem Biosciences
Collaboration Agreements
Additional receivable on collaboration agreements, finalization of cost sharing		$ 0.8	$ 0.4
Research Collaboration and Co-Development Agreement
Collaboration Agreements
Maximum number of antibody drug conjugates to be developed \| item	3
Collaboration agreements cost sharing percentage (as a percent)	50.00%	50.00%	50.00%
Collaboration arrangement reduction in expenses		$ 0.6	$ 2.5
Research Collaboration and Co-Development Agreement \| LigaChem Biosciences \| Subsequent Event
Collaboration Agreements
Collaboration agreements cost sharing percentage (as a percent)				100.00%	50.00%

Collaboration Agreement

6 Months Ended

12 Months Ended

Jun. 30, 2026

Dec. 31, 2025

Collaboration Agreement

Collaboration Agreement

4. Collaboration Agreement

In November 2022, the Company entered into a Research and Collaboration and Co-Development Agreement (the “LigaChem Agreement”) with LigaChem Biosciences, Inc., formerly known as LegoChem Biosciences, Inc. (“LigaChem”), to develop up to three antibody drug conjugates. Under the terms of the LigaChem Agreement, both parties equally share the costs of developing the molecules and profits on commercialized products. The LigaChem Agreement provided for up to three research programs for which a research plan could be developed. With respect to a research plan, each party shall use reasonable efforts to execute and perform the activities assigned to it and shall be solely responsible for costs associated with its assigned activities. Upon successful completion of a research plan, or as otherwise agreed, the parties may designate a research product as a co-development product. Upon designation of a co-development product, cost sharing on a 50-50 basis between the Company and LigaChem would begin. The activities associated with the research plan and co-development products will be coordinated by a joint steering committee, which is comprised of an equal number of representatives from the Company and LigaChem. If and when a co-development product

becomes commercialized, the Company and LigaChem would equally share in the profits. There are no implied licenses or other rights created under the LigaChem Agreement after designation of a co-development product.

Effective April 1, 2023, the parties designated LNCB74 as the first co-development product under the LigaChem Agreement. As such, cost sharing on a 50-50 basis commenced for the first co-development product under the LigaChem Agreement. LNCB74 is the only co-development product under the LigaChem Agreement.

Given the involvement by both parties under the LigaChem Agreement, management assessed the criteria under ASC 808, Collaborative Arrangements (“ASC 808”), to determine if such agreement is within the scope of ASC 808. Based on the terms of the LigaChem Agreement, the Company concluded that the LigaChem Agreement meets the requirements of a collaboration within the guidance of ASC 808. The Company and LigaChem are active participants in the activities associated with the LigaChem Agreement and are exposed to significant risks and rewards dependent on the commercial success of the activity. The LigaChem Agreement is not reflective of a vendor-customer relationship and therefore not within the scope of ASC 606, Revenue from Contracts with Customers. Accordingly, the net costs associated with the co-development are expensed as incurred and recognized within research and development expenses on the statement of operations.

As of June 30, 2026, LNCB74 was the lone co-development product and was in the early stages of development. During the three months ended June 30, 2026, the Company incurred more costs than LigaChem under the LigaChem Agreement and recorded a corresponding reduction of $0.6 million in research and development costs reflecting the 50-50 cost sharing terms. A $0.8 million receivable is included in prepaid expenses and other current assets for amounts owed by LigaChem as of June 30, 2026.

Subsequent to June 30, 2026, the Company modified its participation in the LNCB74 co-development program and entered into the Transition and Continuation Agreement with LigaChem. For additional information regarding these arrangements, see Note 15, Subsequent Events.

4. Collaboration Agreement

LigaChem Agreement

In November 2022, the Company entered into the LigaChem Agreement to develop up to three antibody drug conjugates. Under the terms of the LigaChem Agreement, both parties equally share the costs of developing the molecules and profits on commercialized products. The collaboration can consist of up to three research programs for which a research plan will be developed. With respect to a research plan, each party shall use reasonable efforts to execute and perform the activities assigned to it. Each party shall be solely responsible for costs associated with its assigned activities as outlined in the research plan. Upon successful completion of a research plan, or as otherwise agreed, the parties may designate a research product as a co-development product. Upon designation of a co-development product, cost sharing on a 50-50 basis between the Company and LigaChem would begin. The activities associated with the research plan and co-development products will be coordinated by a joint steering committee, which is comprised of an equal number of representatives from the Company and LigaChem. If and when a co-development product becomes commercialized, the Company and LigaChem would equally share in the profits. There are no implied licenses or other rights created under the LigaChem Agreement after designation of a co-development product.

Given the involvement by both parties under the LigaChem Agreement, management assessed the criteria under ASC 808 to determine if such agreement is within the scope of ASC 808. Based on the terms of the LigaChem Agreement, the Company concluded that the LigaChem Agreement meets the requirements of a collaboration within the guidance of ASC 808. The Company and LigaChem are active participants in the activities associated with the LigaChem Agreement and are exposed to significant risks and rewards dependent on the commercial success of the activity. The LigaChem Agreement is not reflective of a vendor-customer relationship and therefore not within the scope of ASC 606. Accordingly, the net costs associated with the co-development are expensed as incurred and recognized within research and development expenses on the statement of operations.

As of December 31, 2025, LNCB74 was the lone co-development product and was in the early stages of development. During the year ended December 31, 2025, the Company incurred more costs than LigaChem under the LigaChem Agreement and recorded a corresponding reduction of $2.5 million in research and development costs reflecting the 50-50 cost sharing terms. A $0.4 million receivable is included in prepaid expenses and other current assets for amounts owed by LigaChem as of December 31, 2025.

CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025	Dec. 31, 2024
Operating expenses:
Research and development	$ 7,425		$ 24,091		$ 14,259	$ 31,987	$ 44,923	$ 41,488
General and administrative	2,592		3,201		5,863	6,927	12,693	15,718
Restructuring and asset impairment charges	5,077				5,077			2,542
Total operating expenses	15,094		27,292		25,199	38,914	57,616	59,748
Loss from operations	(15,094)		(27,292)		(25,199)	(38,914)	(57,616)	(59,748)
Other income, net	202		484		511	1,130	1,772	4,094
Net loss	$ (14,892)	$ (9,796)	$ (26,808)	$ (10,976)	$ (24,688)	$ (37,784)	$ (55,844)	$ (55,654)
Net loss per common share
Basic (in dollars per share)	$ (2.8)		$ (11.29)		$ (4.68)	$ (16.05)	$ (19.65)	$ (23.88)
Diluted (in dollars per share)	$ (2.8)		$ (11.29)		$ (4.68)	$ (16.05)	$ (19.65)	$ (23.88)
Weighted average shares outstanding
Basic (in shares)	5,309,724		2,374,729		5,274,630	2,354,425	2,842,448	2,330,386
Diluted (in shares)	5,309,724		2,374,729		5,274,630	2,354,425	2,842,448	2,330,386
Comprehensive loss:
Net loss	$ (14,892)	$ (9,796)	$ (26,808)	$ (10,976)	$ (24,688)	$ (37,784)	$ (55,844)	$ (55,654)
Unrealized loss on marketable securities	(1)		(7)		(24)	(11)	17	226
Total comprehensive loss	$ (14,893)		$ (26,815)		$ (24,712)	$ (37,795)	$ (55,827)	$ (55,428)

Commitments and Contingencies

6 Months Ended

12 Months Ended

Jun. 30, 2026

Dec. 31, 2025

Commitments and Contingencies.

Commitments and Contingencies

14. Commitments and Contingencies

Legal Proceedings

From time to time, the Company is a party to litigation or legal proceedings arising in the ordinary course of business. The Company is not currently a party to any litigation or legal proceeding, nor is management aware of any pending or threatened litigation that, in the opinion of the Company’s management, is likely to materially affect the Company’s business or financial results. At each reporting date, the Company evaluates whether a potential loss amount or a potential range of loss is probable and reasonably estimable under the provisions of the authoritative guidance that addresses accounting for contingencies. The Company expenses the costs related to its legal proceedings as incurred.

10. Commitments and Contingencies

Legal Proceedings

The Company, from time to time, is a party to litigation or legal proceedings arising in the ordinary course of business. The Company is not a party to any litigation or legal proceedings, nor is management aware of any pending or threatened litigation that, in the opinion of the Company’s management, are likely to materially affect the Company’s business or financial results. At each reporting date, the Company evaluates whether a potential loss amount or a potential range of loss is probable and reasonably

estimable under the provisions of the authoritative guidance that addresses accounting for contingencies. The Company expenses the costs related to its legal proceedings as incurred.

Marketable Securities (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2026

Dec. 31, 2025

Schedule of marketable securities

Marketable securities consist of the following:



		June 30, 2026
					Gross			Gross
		Amortized			Unrealized			Unrealized			Estimated
(in thousands)		Cost			Gain			Loss			Fair Value
Corporate bonds		$	4,831		$	—		$	(3)		$	4,828
Total		$	4,831		$	—		$	(3)		$	4,828



	December 31, 2025
			Gross		Gross
	Amortized		Unrealized		Unrealized		Estimated
(in thousands)	Cost		Gain		Loss		Fair Value
Corporate bonds	$	15,818	$	19	$	(1)	$	15,836
Total	$	15,818	$	19	$	(1)	$	15,836

Marketable securities consist of the following:



		December 31, 2025
					Gross			Gross
		Amortized			Unrealized			Unrealized			Estimated
(in thousands)		Cost			Gain			Loss			Fair Value
Corporate bonds		$	15,818		$	19		$	(1)		$	15,836
Total		$	15,818		$	19		$	(1)		$	15,836



	December 31, 2024
			Gross		Gross
	Amortized		Unrealized		Unrealized		Estimated
(in thousands)	Cost		Gain		Loss		Fair Value
Corporate bonds	$	32,515	$	22	$	(20)	$	32,517
U.S. Treasury and Government agencies		8,375		2		—		8,377
Total	$	40,890	$	24	$	(20)	$	40,894

Schedule of available-for-sale maturities

The following table summarizes maturities of the Company’s investments available-for-sale as of June 30, 2026:



	June 30, 2026
			Fair
(in thousands)	Cost		Value
Maturities:
Within 1 year	$	4,831	$	4,828
Total investments available-for-sale	$	4,831	$	4,828

The following table summarizes maturities of the Company’s investments available-for-sale as of December 31, 2025:



	December 31, 2025
			Fair
(in thousands)	Cost		Value
Maturities:
Within 1 year	$	14,593	$	14,607
Over 1 year		1,225		1,229
Total investments available-for-sale	$	15,818	$	15,836

Stock-Based Compensation - Stock options (Details) - USD ($)		6 Months Ended		12 Months Ended
	May 03, 2019	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Number of Shares
Outstanding at the beginning (in shares)		848,966
Granted (in shares)		174,500
Exercised (in shares)		(2,488)
Forfeitures (in shares)		(5,960)
Outstanding at the end (in shares)		1,015,018		848,966
Exercisable at the end (in shares)		709,995
Weighted Average Exercise Price
Outstanding at the beginning (in dollars per share)		$ 73.76
Granted (in dollars per share)		9.92
Exercised (in dollars per share)		5.76
Forfeited (in dollars per share)		21.9
Outstanding at the end (in dollars per share)		63.26		$ 73.76
Exercisable at the end (in dollars per share)		$ 85.67
Weighted Average Remaining Contractual Life (Years) And Aggregate Intrinsic Value
Outstanding (in years)		6 years 7 months 6 days		6 years 6 months
Exercisable at the end (in years)		5 years 7 months 6 days
Weighted average grant date fair value per share of stock options granted		$ 7.61
Aggregate grant date fair value		$ 800,000	$ 3,700,000
Share Based Compensation Expense Not Recognized
Unrecognized compensation cost		$ 2,300,000		$ 1,600,000
Compensation expense recognition period		2 years 8 months 12 days		2 years 1 month 6 days
2015 Plan
Number of Shares
Outstanding at the beginning (in shares)		848,966	737,895	737,895	567,995
Granted (in shares)				120,748	248,609
Exercised (in shares)					(1,214)
Forfeitures (in shares)				(9,677)	(77,495)
Outstanding at the end (in shares)				848,966	737,895	567,995
Exercisable at the end (in shares)				636,486
Weighted Average Exercise Price
Outstanding at the beginning (in dollars per share)		$ 73.76	$ 83.84	$ 83.84	$ 105.96
Granted (in dollars per share)				9.33	19.8
Exercised (in dollars per share)					18.6
Forfeited (in dollars per share)				37.74	41.76
Outstanding at the end (in dollars per share)				73.76	$ 83.84	$ 105.96
Exercisable at the end (in dollars per share)				$ 94.11
Weighted Average Remaining Contractual Life (Years) And Aggregate Intrinsic Value
Outstanding (in years)				6 years 6 months	7 years 1 month 6 days	7 years 3 months 18 days
Exercisable at the end (in years)				5 years 9 months 18 days
Outstanding at the beginning (in dollars)			$ 22,000	$ 22,000	$ 52,000
Outstanding at the end (in dollars)					$ 22,000	$ 52,000
Exercisable at the end (in dollars)				$ 55,000
Weighted average grant date fair value per share of stock options granted				$ 7.17	$ 14.28
Aggregate intrinsic value of stock options exercised				$ 0	$ 9,000
Aggregate grant date fair value				$ 4,500,000	$ 5,100,000
A&R 2019 Omnibus Incentive Plan
Stock Based Compensation
Total number of shares of common stock that may be issued		241,666
Annual increase in number of share reserved for issuance (as percent)	4.00%
Number of shares reserved for issuance under the plan		139,500
Vesting period		4 years
Expiration period		10 years
Maximum annual increase in shares available for issuance under the plan		80,000
Omnibus Incentive Plan
Stock Based Compensation
Annual increase in number of share reserved for issuance (as percent)	4.00%
Number of shares reserved for issuance under the plan	241,666
2015 Plan and 2019 Employee Stock Purchase Plan
Stock Based Compensation
Number of shares reserved for issuance under the plan				87,815
Vesting period				4 years
Expiration period				10 years
2019 Employee Stock Purchase Plan
Stock Based Compensation
Annual increase in number of share reserved for issuance (as percent)	1.00%
Number of shares reserved for issuance under the plan	20,000	80,461		85,002
Number of shares issued		32,020		27,479
Maximum annual increase in shares available for issuance under the plan	40,000

CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025	Dec. 31, 2024
CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY
Issuance costs			$ 1,223
Unrealized gain (loss) on marketable securities, tax expense (benefit)	$ 0	$ 0	$ 0	$ 0

Stock-Based Compensation - Assumptions (Details)	6 Months Ended		12 Months Ended
Stock-Based Compensation - Assumptions (Details)	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025	Dec. 31, 2024
Fair value assumptions
Expected term	6 years	6 years	6 years	5 years 9 months 18 days
Expected volatility	91.00%	90.50%	90.50%	83.30%
Risk free interest rate	3.90%	4.40%	4.40%
Expected dividend yield	0.00%	0.00%
Minimum
Fair value assumptions
Risk free interest rate				3.60%
Maximum
Fair value assumptions
Risk free interest rate				4.70%

Fees Summary	Aug. 17, 2026 USD ($)
Fees Summary [Line Items]
Total Offering	$ 147,961.19
Previously Paid Amount	0.00
Total Fee Amount	20.43
Total Offset Amount	0.00
Net Fee	$ 20.43
Offering Table N/A
Offset Table N/A	N/A
Combined Prospectus Table N/A	N/A

Restructuring and Asset Impairment (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended	12 Months Ended
	Mar. 19, 2024	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2026	Dec. 31, 2024	Dec. 31, 2025
Restructuring and Asset Impairment
Impairment charges			$ 1,800	$ 5,077	$ 1,786
Employee severance
Restructuring and Asset Impairment
Percent of workforce reduction	37.00%
Cash payments		$ 800	$ 800
Severance accrual						$ 0

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.

Nature of the Business and Basis of Presentation

CONDENSED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Mar. 31, 2026	Dec. 31, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 15,260		$ 25,982			$ 27,727
Marketable securities	4,828		15,836			40,894
Prepaid expenses and other current assets	2,167		1,929			3,186
Total current assets	22,255		43,747			71,807
Property and equipment, net	283		3,273			5,458
Right of use assets			2,617			3,263
Other assets	82		546			332
Total assets	22,620		50,183			80,860
Current liabilities:
Accounts payable	2,578		2,011			5,353
Accrued liabilities and other liabilities	3,835		8,555			4,221
Total current liabilities	6,413		10,566			9,574
Lease liabilities, long term	3,603		4,148			5,153
Other long-term liabilities	455		526			661
Total liabilities	10,471		15,240			15,388
Stockholders' equity:
Preferred stock, par value of $0.001 per share; 10,000,000 shares authorized at June 30, 2026 and December 31, 2025; No shares issued and outstanding at June 30, 2026 and December 31, 2025
Common stock, par value of $0.001 per share; 100,000,000 shares authorized at June 30, 2026 and December 31, 2025; 4,068,951 and 3,505,621 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	4		4			2
Additional paid-in capital	472,816		470,898			445,602
Accumulated other comprehensive (loss) income	(3)		21			4
Accumulated deficit	(460,668)		(435,980)			(380,136)
Total stockholders' equity	12,149	$ 26,716	34,943	$ 29,646	$ 55,855	65,472	$ 114,421
Total liabilities and stockholders' equity	$ 22,620		$ 50,183			$ 80,860

Net Loss per Share Attributable to Common Stockholders - Anti-dilutive effect (Details) - shares	6 Months Ended	12 Months Ended
	Jun. 30, 2026	Dec. 31, 2025	Dec. 31, 2024
Antidilutive Securities
Antidilutive securities excluded from computation of diluted net loss per share	1,015,018
Option to purchase common stock
Antidilutive Securities
Antidilutive securities excluded from computation of diluted net loss per share	1,015,018	848,966,000	737,895,000

Nature of the Business

6 Months Ended

12 Months Ended

Jun. 30, 2026

Dec. 31, 2025

Nature of the Business

1. Nature of the Business

Organization

Reverse Stock Split

1. Nature of the Business and Basis of Presentation

Organization

NextCure, Inc. (“NextCure” the “Company,” “we,” “us,” or “our”) was incorporated in Delaware in September 2015 and is headquartered in Beltsville, Maryland. The Company is a clinical-stage biopharmaceutical company that is focused on advancing innovative medicines that treat cancer patients that do not respond to, or that have disease progression on, current therapies, through the use of targeted therapies including antibody-drug conjugates. The Company focuses on advancing therapies that leverage our core strengths in understanding biological pathways and biomarkers, the interactions of cells, including in the tumor microenvironment, and the role each interaction plays in a biologic response. Since inception, the Company has devoted substantially all of its efforts and financial resources to discovery, research and development activities for the Company’s product candidates, identifying business development opportunities, raising capital and securing intellectual property rights related to the Company’s product candidates.

Reverse Stock Split

On July 14, 2025, the Company effectuated a one-for-twelve (1:12) reverse stock split of its outstanding shares of common stock (the “Reverse Stock Split”). In connection with the Reverse Stock Split, every twelve shares of the Company’s common stock issued and outstanding as of July 14, 2025 were automatically converted into one share of the Company’s common stock. No fractional shares were issued in connection with the Reverse Stock Split. The Company’s stockholders received the cash value equal to the fraction to which the stockholder would otherwise be entitled, multiplied by the closing price of the common stock, as reported by The Nasdaq Stock Market, LLC (“Nasdaq”), on the last trading day prior to the effective date of the Reverse Stock Split. All share and per share data for all periods presented in the accompanying financial statements and the related disclosures in this Annual Report on Form 10-K have been adjusted retrospectively to reflect the Reverse Stock Split. The number of authorized shares of common stock and the par value per share remains unchanged.

Liquidity

Risks and Uncertainties

Segment and Geographic Information

CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025	Dec. 31, 2024
Operating expenses:
Research and development	$ 7,425		$ 24,091		$ 14,259	$ 31,987	$ 44,923	$ 41,488
General and administrative	2,592		3,201		5,863	6,927	12,693	15,718
Restructuring and asset impairment charges	5,077				5,077			2,542
Total operating expenses	15,094		27,292		25,199	38,914	57,616	59,748
Loss from operations	(15,094)		(27,292)		(25,199)	(38,914)	(57,616)	(59,748)
Other income, net	202		484		511	1,130	1,772	4,094
Net loss	$ (14,892)	$ (9,796)	$ (26,808)	$ (10,976)	$ (24,688)	$ (37,784)	$ (55,844)	$ (55,654)
Net loss per common share
Basic (in dollars per share)	$ (2.8)		$ (11.29)		$ (4.68)	$ (16.05)	$ (19.65)	$ (23.88)
Diluted (in dollars per share)	$ (2.8)		$ (11.29)		$ (4.68)	$ (16.05)	$ (19.65)	$ (23.88)
Weighted average shares outstanding
Basic (in shares)	5,309,724		2,374,729		5,274,630	2,354,425	2,842,448	2,330,386
Diluted (in shares)	5,309,724		2,374,729		5,274,630	2,354,425	2,842,448	2,330,386
Comprehensive loss:
Net loss	$ (14,892)	$ (9,796)	$ (26,808)	$ (10,976)	$ (24,688)	$ (37,784)	$ (55,844)	$ (55,654)
Unrealized loss on marketable securities	(1)		(7)		(24)	(11)	17	226
Total comprehensive loss	$ (14,893)		$ (26,815)		$ (24,712)	$ (37,795)	$ (55,827)	$ (55,428)

Property and Equipment, Net

12 Months Ended

Dec. 31, 2025

Property and Equipment, Net

Property and Equipment, Net

7. Property and Equipment, Net

Property and equipment consist of the following:



		December 31,			December 31,
(in thousands)		2025			2024

Research equipment		$	18,150		$	18,150
Leasehold improvements			9,309			9,309
Computer equipment			908			908
Furniture and fixtures			186			186
Property and equipment, gross			28,553			28,553
Less: accumulated depreciation and amortization			(25,280)			(23,095)
Property and equipment, net		$	3,273		$	5,458

An impairment of $1.2 million on certain research equipment and leasehold improvements was recorded during the year ended December 31, 2024.

Depreciation and amortization expense was $2.2 million and $2.9 million for the years ended December 31, 2025 and 2024, respectively.

The entire disclosure for property, plant, and equipment. Includes, but is not limited to, land and land improvement; building; machinery and equipment; furniture and fixture; and work of art, historical treasure, or similar asset classified as collection.

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 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Common Stock - Securities Purchase Agreement and Pre-Funded Warrants (Details) - USD ($) $ / shares in Units, $ in Thousands				3 Months Ended	6 Months Ended	12 Months Ended
	Dec. 19, 2025	Nov. 14, 2025	Nov. 12, 2025	Jun. 30, 2026	Jun. 30, 2026	Dec. 31, 2025
Common Stock
Net proceeds from at-the-market sales					$ 1,234
Private Placement
Common Stock
Stock issued			708,428
purchase price, per share			$ 8.52
Net proceeds from at-the-market sales		$ 20,300				$ 22,276
Maximum \| Wainwright ATM Agreement
Common Stock
Net proceeds from at-the-market sales	$ 14,500
Pre-Funded Warrants
Common Stock
Stock issued					99,446
Net proceeds from at-the-market sales					$ 1,200
Exercise of pre-funded warrants (in shares)				456,855	456,855	117,371
Remaining outstanding balance of pre-funded warrants				1,240,823	1,240,823	1,697,678
Pre-Funded Warrants \| Private Placement
Common Stock
Number of warrants purchase			1,815,049
Purchase price for warrant			$ 8.519
Exercise price of warrants			$ 0.001

Fair Value Measurements

6 Months Ended

12 Months Ended

Jun. 30, 2026

Dec. 31, 2025

Fair Value Measurements

6. Fair Value Measurements

Level 1—Quoted market prices in active markets for identical assets or liabilities.

Level 2—Inputs other than Level 1 inputs that are either directly or indirectly observable, such as quoted market prices, interest rates and yield curves.

Level 3—Unobservable inputs developed using estimates of assumptions developed by the Company, which reflect those that a market participant would use.

The following tables set forth the fair value of the Company’s financial assets by level within the fair value hierarchy as of June 30, 2026 and December 31, 2025:



		June 30, 2026
								Significant
					Quoted Prices in			Other
					Active Markets or			Observable			Significant
					Identical Assets			Inputs			Unobservable
(in thousands)		Total			(Level 1)			(Level 2)			(Level 3)
Cash equivalents:
Money market funds		$	14,760		$	14,760		$	—		$	—
Marketable securities:
Corporate bonds			4,828			—			4,828			—
Total		$	19,588		$	14,760		$	4,828		$	—



		December 31, 2025
								Significant
					Quoted Prices in			Other
					Active Markets or			Observable			Significant
					Identical Assets			Inputs			Unobservable
(in thousands)		Total			(Level 1)			(Level 2)			(Level 3)
Cash equivalents:
Money market funds		$	25,420		$	25,420		$	—		$	—
Marketable securities:
Corporate bonds			15,836			—			15,836			—
Total		$	41,256		$	25,420		$	15,836		$	—

The Company did not transfer any assets measured at fair value on a recurring basis between levels during the three months ended June 30, 2026.

6. Fair Value Measurements

Level 1—Quoted market prices in active markets for identical assets or liabilities.

Level 2—Inputs other than Level 1 inputs that are either directly or indirectly observable, such as quoted market prices, interest rates and yield curves.

Level 3—Unobservable inputs developed using estimates of assumptions developed by the Company, which reflect those that a market participant would use.

The following tables set forth the fair value of the Company’s financial assets by level within the fair value hierarchy as of December 31, 2025 and 2024:



		December 31, 2025
								Significant
					Quoted Prices in			Other
					Active Markets or			Observable			Significant
					Identical Assets			Inputs			Unobservable
(in thousands)		Total			(Level 1)			(Level 2)			(Level 3)
Cash equivalents:
Money market funds		$	25,420		$	25,420		$	—		$	—
Marketable securities:
Corporate bonds			15,836			—			15,836			—
Total		$	41,256		$	25,420		$	15,836		$	—



		December 31, 2024
								Significant
					Quoted Prices in			Other
					Active Markets or			Observable			Significant
					Identical Assets			Inputs			Unobservable
(in thousands)		Total			(Level 1)			(Level 2)			(Level 3)
Cash equivalents:
Money market funds		$	27,057		$	27,057		$	—		$	—
Marketable securities:
Corporate bonds			32,517			—			32,517			—
U.S. Treasury and Government agencies			8,377			—			8,377			—
Total		$	67,951		$	27,057		$	40,894		$	—

The Company did not transfer any assets measured at fair value on a recurring basis between levels during the years ended December 31, 2025 and 2024.

Segment Information

6 Months Ended

12 Months Ended

Jun. 30, 2026

Dec. 31, 2025

Segment Information

11. Segment Information

The tables below summarize the significant expense categories regularly reviewed by the CODM for the three and six months ended June 30, 2026 and 2025:



	Three Months Ended						Six Months Ended
	June 30,						June 30,
(in thousands)	2026			2025			2026			2025
Research and development expenses
Employee costs	$	1,536		$	2,341		$	3,575		$	5,271
Clinical product candidates		4,250			2,569			7,290			5,604
Nonclinical product candidates		746			981			1,604			1,646
Depreciation and amortization		265			618			541			1,254
Other R&D⁽¹⁾		628			17,582			1,249			18,212
Total R&D	$	7,425		$	24,091		$	14,259		$	31,987


General and administrative expenses
Employee costs	$	877		$	1,374		$	2,400		$	3,451
Professional services		1,160			1,266			2,273			2,346
Insurance		233			243			455			505
Other G&A⁽²⁾		322			318			735			625
Total G&A	$	2,592		$	3,201		$	5,863		$	6,927

(1)	Other R&D consists of facilities related expenses and office expenses and includes $17 million related to the License Agreement with Zaiming for both the three and six months ended June 30, 2025 (Note 3).

(2)	Other G&A consists of facilities related expenses, depreciation, office expenses and taxes and fees.

15. Segment Information

We operate our business in one operating segment, which also represents one reportable segment: life sciences. The life sciences segment focuses on advancing innovative medicines that, in the case of the Company, treat cancer patients that do not respond to, or that have disease progression on, current therapies, through the use of differentiated mechanisms of actions including antibody-drug conjugates (“ADCs”), antibodies and proteins. The Company’s chief operating decision maker (“CODM”) is the chief executive officer.

statements of operations and comprehensive net loss as net loss. The measure of segment assets is reported on the balance sheet as total assets.

The tables below summarize the significant expense categories regularly reviewed by the CODM for the years ended December 31, 2025 and 2024:



	Year Ended
	December 31,
(in thousands)	2025				2024
Research and development expenses
Employee costs	$	8,974		$	13,252
Clinical product candidates		27,669			13,562
Nonclinical product candidates		3,758			9,182
Depreciation and amortization		2,133			2,792
Other R&D⁽¹⁾		2,389			2,700
Total R&D	$	44,923		$	41,488


General and administrative expenses
Employee costs	$	5,887		$	8,400
Professional services		4,614			4,449
Insurance		947			1,281
Other G&A⁽²⁾		1,245			1,588
Total G&A	$	12,693		$	15,718

(1)Other R&D consists of facilities related expenses and office expenses.

(2)Other G&A consists of facilities related expenses, depreciation, office expenses and taxes and fees.

The entire disclosure for segment reporting.

Marketable Securities

6 Months Ended

12 Months Ended

Jun. 30, 2026

Dec. 31, 2025

Restructuring and Asset Impairment

5. Marketable Securities

Marketable securities consist of the following:



		June 30, 2026
					Gross			Gross
		Amortized			Unrealized			Unrealized			Estimated
(in thousands)		Cost			Gain			Loss			Fair Value
Corporate bonds		$	4,831		$	—		$	(3)		$	4,828
Total		$	4,831		$	—		$	(3)		$	4,828



	December 31, 2025
			Gross		Gross
	Amortized		Unrealized		Unrealized		Estimated
(in thousands)	Cost		Gain		Loss		Fair Value
Corporate bonds	$	15,818	$	19	$	(1)	$	15,836
Total	$	15,818	$	19	$	(1)	$	15,836

The following table summarizes maturities of the Company’s investments available-for-sale as of June 30, 2026:



	June 30, 2026
			Fair
(in thousands)	Cost		Value
Maturities:
Within 1 year	$	4,831	$	4,828
Total investments available-for-sale	$	4,831	$	4,828

5. Marketable Securities

Marketable securities consist of the following:



		December 31, 2025
					Gross			Gross
		Amortized			Unrealized			Unrealized			Estimated
(in thousands)		Cost			Gain			Loss			Fair Value
Corporate bonds		$	15,818		$	19		$	(1)		$	15,836
Total		$	15,818		$	19		$	(1)		$	15,836



	December 31, 2024
			Gross		Gross
	Amortized		Unrealized		Unrealized		Estimated
(in thousands)	Cost		Gain		Loss		Fair Value
Corporate bonds	$	32,515	$	22	$	(20)	$	32,517
U.S. Treasury and Government agencies		8,375		2		—		8,377
Total	$	40,890	$	24	$	(20)	$	40,894

The following table summarizes maturities of the Company’s investments available-for-sale as of December 31, 2025:



	December 31, 2025
			Fair
(in thousands)	Cost		Value
Maturities:
Within 1 year	$	14,593	$	14,607
Over 1 year		1,225		1,229
Total investments available-for-sale	$	15,818	$	15,836

License Agreement (Details) - USD ($) $ in Millions	Jun. 13, 2025	Oct. 31, 2025
License Agreement
Consideration agreed	$ 17.0
Upfront cash payment	12.0
Consideration payable	5.0
License agreement expense	18.5
Upon initiation of the first Phase 1 clinical trial for SIM0505
License Agreement
Consideration agreed	1.5
Upon initiation of the first Phase 2 clinical trial for SIM0505
License Agreement
Value of stock agreed to be issued	1.0
Upon achieving development and regulatory milestone of Zaiming Product
License Agreement
Consideration payable		$ 1.5
Upon achieving development and regulatory milestone of Zaiming Product \| Maximum
License Agreement
Milestone payments	166.5
Upon achieving development and regulatory milestone of NextCure Product \| Maximum
License Agreement
Milestone payments	25.5
Upon achieving commercial sales-based milestone \| Maximum
License Agreement
Milestone payments	$ 535.0

Restructuring and Asset Impairment

12 Months Ended

Dec. 31, 2025

Restructuring and Asset Impairment

14. Restructuring and Asset Impairment

On March 19, 2024, the Board approved a restructuring plan and prioritization (the “2024 Restructuring”) of its clinical portfolio to focus on what the Company believed to be its highest-value opportunities in NC410 (ovarian and colorectal cancer) and LNCB74 (B7-H4 ADC). In addition to prioritizing these programs, the Company paused its internal manufacturing operations and reduced its workforce by approximately 37%.

Employees affected by the reduction in force under the 2024 Restructuring were entitled to receive severance payments and Company-funded medical insurance for a specified time. During the three months ended March 31, 2024, the Company recognized $0.8 million for employees who had no requirements for future service upon approval of the 2024 Restructuring. This $0.8 million was paid out in full during the three months ended June 30, 2024, and there is no remaining liability as of December 31, 2025.

The Company also completed an evaluation of the impact of the 2024 Restructuring on the carrying value of its long-lived assets. Our evaluation determined that indicators of impairment were present within right of use assets and property and equipment. Where impairment indicators existed, the Company evaluated the identified asset group and separately compared the estimated undiscounted cash flow for each asset group to the net book value of the related long-term asset. Based on this evaluation, the Company determined an impairment was present and then calculated the amount of the impairment by developing a fair value estimate of the asset group that was compared to the carrying value.

The Company recorded $1.8 million of impairment charges related to a facility operating lease asset and accelerated depreciation on manufacturing equipment for the three months ended March 31, 2024. No additional impairment charges were recorded through December 31, 2025.

Assumptions used in this analysis included current real estate trends, length of time to enter into a sublease and the discount rate used to develop the present value estimate. Other assumptions included an estimate of the salvage value for manufacturing equipment that is no longer in use. These assumptions are considered nonrecurring Level 3 estimates.

Employee Benefit Plan (Details) - USD ($) $ in Millions	12 Months Ended
Employee Benefit Plan (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Employee Benefit Plan
Employer contributions amount	$ 0.3	$ 0.3

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Taxes

Summary of reconciliation of federal statutory income tax rate to the Company's effective income tax rate

The reconciliation of federal statutory income tax rate to the Company’s effective income tax rate for the year ended December 31, 2025 is as follows:



		December 31,
		Amount		Percent
Expected income tax benefit at the federal statutory rate	$	(11,727)		21.0	%
State taxes, net of federal benefit		(3,649)		6.5
Research and development credit, net		(1,393)		2.5
Other		175		(0.3)
Change in valuation allowance		16,594		(29.7)
Total	$	—		—	%

The reconciliation of federal statutory income tax rate to the Company’s effective income tax rate for the year ended December 31, 2024 is as follows:



		December 31,
		2024
Expected income tax benefit at the federal statutory rate		21.0	%
State taxes, net of federal benefit		6.6
Research and development credit, net		4.0
Non-deductible items		(0.6)
Other		(1.6)
Change in valuation allowance		(29.4)
Total		—	%

Summary of components of deferred tax assets

The principal components of the Company’s deferred tax assets consisted of the following as of December 31, 2025 and 2024:



		December 31,
(in thousands)			2025			2024
Deferred tax assets:
Federal and state net operating loss carryforwards		$	85,836		$	63,647
Research and development tax credits			17,829			16,436
Capitalized R&D Costs			18,271			25,826
Operating lease liabilities			1,419			1,642
Share-based compensation			8,032			7,234
Accruals and other			1,415			1,587
Gross deferred tax assets			132,802			116,372
Less: valuation allowance			(131,903)			(115,309)
Total deferred tax assets		$	899		$	1,063
Deferred tax liabilities:
Operating lease assets			(899)			(1,063)
Gross deferred tax liabilities		$	(899)		$	(1,063)
Net deferred tax assets		$	—		$	—

Leases (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2026

Dec. 31, 2025

Leases

Schedule of future minimum lease payments under non-cancellable leases





2026		$	684
2027			1,396
2028			1,438
2029			1,481
2030			376
Total future minimum payments		$	5,375
Less: present value discount			(709)
Present value of lease liabilities		$	4,666



2026	$	1,355
2027		1,396
2028		1,438
2029		1,481
2030		376
Total future minimum payments	$	6,046
Less: present value discount		(893)
Present value of lease liabilities	$	5,153

Leases

6 Months Ended

12 Months Ended

Jun. 30, 2026

Dec. 31, 2025

Leases

Net Loss per Share Attributable to Common Stockholders

7. Leases





2026		$	684
2027			1,396
2028			1,438
2029			1,481
2030			376
Total future minimum payments		$	5,375
Less: present value discount			(709)
Present value of lease liabilities		$	4,666

In July and August 2026, the Company entered into amendments for certain of its leased facilities. See Note 15, Subsequent Events for more information.

9. Leases



2026	$	1,355
2027		1,396
2028		1,438
2029		1,481
2030		376
Total future minimum payments	$	6,046
Less: present value discount		(893)
Present value of lease liabilities	$	5,153

Income Taxes - Deferred tax assets (Details) - USD ($)	12 Months Ended
Income Taxes - Deferred tax assets (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Deferred tax assets:
Federal and state net operating loss carryforwards	$ 85,836,000	$ 63,647,000
Research and development tax credits	17,829,000	16,436,000
Capitalized R&D Costs	18,271,000	25,826,000
Operating lease liabilities	1,419,000	1,642,000
Share-based compensation	8,032,000	7,234,000
Accruals and other	1,415,000	1,587,000
Gross deferred tax assets	132,802,000	116,372,000
Less: valuation allowance	(131,903,000)	(115,309,000)
Total deferred tax assets	899,000	1,063,000
Deferred tax liabilities:
Operating lease assets	(899,000)	(1,063,000)
Gross deferred tax liabilities	(899,000)	(1,063,000)
Net deferred tax assets	0	$ 0
Increase in valuation allowance	16,600,000
Federal net operating loss carryforwards	310,900,000
State net operating loss carryforwards	314,000,000
Federal net operating loss carryforwards that do not expire	288,200,000
Federal research and development tax credit carryforwards	17,800,000
State research and development tax credit carryforwards	100,000
Unrecognized income tax benefits	$ 0

Net Loss per Share Attributable to Common Stockholders

6 Months Ended

12 Months Ended

Jun. 30, 2026

Dec. 31, 2025

Net Loss per Share Attributable to Common Stockholders

12. Net Loss Per Share Attributable to Common Stockholders

The computation for basic and diluted loss per share were as follows (in thousands, except share and per share data):



		Three Months Ended						Six Months Ended
		June 30,						June 30,
		2026			2025			2026			2025
Net loss (Numerator):
Net loss - basic and diluted		$	(14,892)		$	(26,808)		$	(24,688)		$	(37,784)
Shares (Denominator):
Weighted-average shares outstanding - basic and diluted			5,309,724			2,374,729			5,274,630			2,354,425
Loss per share - basic and diluted		$	(2.80)		$	(11.29)		$	(4.68)		$	(16.05)



		June 30,
		2026		2025
Outstanding options to purchase common stock		1,015,018		855,087
Total		1,015,018		855,087

16. Net Loss per Share Attributable to Common Stockholders

Basic net loss per share is calculated by dividing net loss applicable to common stockholders by the weighted-average common shares outstanding during the period, without consideration for common stock equivalents. Diluted net loss per share is calculated by adjusting the weighted-average common shares outstanding for the dilutive effect of common stock equivalents outstanding for the period, determined using the treasury-stock method. For purposes of computing both basic and diluted net loss per share, pre-funded warrants are considered outstanding shares upon issuance because the underlying shares may be issued for nominal consideration and are exercisable immediately after the original issuance date. Since the Company incurred net losses for the years ended December 31, 2025 and 2024, common stock equivalents were excluded from the calculation of diluted net loss per share for such periods as their effect would be anti-dilutive. Therefore, the weighted average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same. The Company excluded the following potential common shares, presented based on amounts outstanding at period end, from the computation of diluted net loss per share attributable to common stockholders for the period indicated because including them would have had an anti-dilutive effect:


		December 31,
		2025		2024
Outstanding options to purchase common stock		848,966		737,895
Total		848,966		737,895

License Agreement

6 Months Ended

12 Months Ended

Jun. 30, 2026

Dec. 31, 2025

License Agreement

License Agreement

3. License Agreement

On June 13, 2025, the Company entered into a License Agreement (the “License Agreement”) with Simcere Zaiming Pharmaceutical Co., Ltd. (formerly known as Hainan Simcere Zaiming Pharmaceutical Co., Ltd. or hereinafter “Zaiming”), a biopharmaceutical company based in China. Pursuant to the License Agreement, the Company obtained (1) an exclusive, worldwide (excluding the Zaiming Territory, as identified below) license to develop, manufacture, and commercialize Zaiming’s clinical-stage antibody drug conjugate (“ADC”) candidate, SIM0505 (also known as SCR-9359), and related compounds (the “Zaiming Products”), and (2) a non-exclusive, worldwide (excluding the Zaiming Territory) license to use Zaiming’s ADC platform technology to develop ADCs based on the Company’s proprietary antibodies for an additional novel target (the “NextCure Products”). Zaiming retained exclusive rights to develop and commercialize the Zaiming Products and any NextCure Products in China, Hong Kong, Macau, and Taiwan (the “Zaiming Territory”).

Under the License Agreement: (i) the Company agreed to pay $17 million to Zaiming, which included an upfront cash payment of $12 million and an additional $5 million that became payable upon the earlier of a qualifying financing event or December 31, 2025, which became payable on December 31, 2025; (ii) upon initiation of the first Phase 1 clinical trial for SIM0505, the Company agreed to pay Zaiming $1.5 million, which became payable in October 2025; (iii) upon initiation of the first Phase 2 clinical trial for SIM0505, the Company is obligated to issue to Zaiming $1 million in its common stock, or under certain conditions, pay an equivalent cash amount in lieu of common stock; (iv) the Company is obligated to pay Zaiming certain development and regulatory milestone payments of up to $166.5 million per Zaiming product and up to $25.5 million per NextCure product, and certain commercial sales-based milestone payments of up to $535 million; and (v) the Company is obligated to pay tiered royalties on annual net sales of licensed products, at rates ranging from mid-single digit to low double digit percentages for Zaiming products; and low to mid-single digit percentages for NextCure products, in all cases, subject to standard reductions.

The rights acquired under the License Agreement are considered in-process research and development (IPRD) under Accounting Standards Codification (“ASC”) 730, Research and Development. Specifically, ASC 730-10-25-(c) states intangible assets used in research and development activities acquired in an asset acquisition should be expensed at the acquisition date if there is no alternative future use in other research and development projects. Since the acquired asset is the right to a specific compound, the Company does not believe there is an alternative future use and expensed both the upfront $12 million payment and the additional $5 million payment that became due on December 31, 2025. In addition, in October 2025, the Company achieved the first Phase 1 development milestone triggering an obligation of $1.5 million to Zaiming. The combined total of $18.5 million was included in research and development costs in the statement of operations and comprehensive loss for the year ended December 31, 2025. None of the other milestone payments are considered probable and reasonably estimable as of June 30, 2026, so they have not been accrued.

Following the announcement of the proposed merger with Avere Therapeutics on July 14, 2026, the Company initiated certain actions relating to the SIM0505 program. For additional information regarding these actions and the Company’s strategic alternatives with respect to SIM0505, see Note 15, Subsequent Events.

3. License Agreement

Under the License Agreement: (i) the Company agreed to pay $17 million to Zaiming, which includes an upfront cash payment of $12 million and an additional $5 million that became payable upon the earlier of a qualifying financing event or December 31, 2025, which became payable on December 31, 2025; (ii) upon initiation of the first Phase 1 clinical trial for SIM0505, the Company agreed to pay Zaiming $1.5 million, which became payable in October 2025; (iii) upon initiation of the first Phase 2 clinical trial for SIM0505, the Company is obligated to issue to Zaiming $1 million in its common stock, or under certain conditions, pay an equivalent cash amount in lieu of common stock; (iv) the Company is obligated to pay Zaiming certain development and regulatory milestone payments of up to $166.5 million per Zaiming Product and up to $25.5 million per NextCure Product, and certain commercial sales-based milestone payments of up to $535 million; and (v) the Company is obligated to pay tiered royalties on annual net sales of licensed products, at rates ranging from mid-single digit to low double digit percentages for Zaiming Products; and low to mid-single digit percentages for NextCure Products, in all cases, subject to standard reductions.

The rights acquired under the License agreement are considered in-process research and development (IPRD) under ASC 730, Research and Development. Specifically, ASC 730-10-25-(c) states intangible assets used in research and development activities acquired in an asset acquisition should be expensed at the acquisition date if there is no alternative future use in other research and development projects. Since the acquired asset is the right to a specific compound, the Company does not believe there is an alternative future use and expensed both the upfront $12 million payment and the additional $5 million payment that became due on December 31, 2025. In addition, in October 2025, the Company achieved the first Phase 1 development milestone triggering an

obligation of $1.5 million to Zaiming. The combined total of $18.5 million is included in research and development costs in the statement of operations and comprehensive loss. None of the other milestone payments are considered probable and reasonably estimated as of December 31, 2025, so they have not been accrued.

CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025	Dec. 31, 2024
Cash flows from operating activities:
Net loss	$ (24,688)	$ (37,784)	$ (55,844)	$ (55,654)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	555	1,287	2,185	2,865
Amortization of premiums and discounts on marketable securities	(100)	(386)	(481)	(1,230)
Stock-based compensation	648	1,951	2,986	6,335
Noncash operating lease expense	315	288	587	561
Asset impairment	5,077			1,786
Changes in operating assets and liabilities:
Prepaid expenses and other assets	(113)	(1,716)	1,102	2,761
Accounts payable	567	(2,809)	(3,342)	3,023
Accrued liabilities and other liabilities	(4,722)	4,016	4,334	(332)
Lease liabilities	(545)	(488)	(1,005)	(796)
Other long-term liabilities	(72)	(66)	(135)	(124)
Net cash used in operating activities	(23,078)	(35,707)	(49,613)	(40,805)
Cash flows from investing activities:
Sales and maturities of marketable securities	11,086	37,558	52,261	104,228
Purchases of marketable securities		(26,705)	(26,705)	(48,448)
Purchases of property and equipment				(474)
Net cash provided by investing activities	11,086	10,853	25,556	55,306
Cash flows from financing activities:
Proceeds from issuance of common stock		2,000
Net proceeds from at-the-market sales	1,234
Proceeds from exercise of stock options	14			23
Proceeds from shares issued under ESPP	22	19	36	82
Net cash provided by financing activities	1,270	2,019	22,312	144
Net increase (decrease) in cash and cash equivalents	(10,722)	(22,835)	(1,745)	14,645
Cash and cash equivalents - beginning of period	25,982	27,727	27,727	13,082
Cash and cash equivalents - end of period	15,260	4,892	25,982	27,727
Supplemental disclosures of cash flow information:
Cash paid for interest	$ 27	$ 32	62	72
Private Placement
Cash flows from financing activities:
Net proceeds from at-the-market sales			$ 22,276
At-the-market sales
Cash flows from financing activities:
Net proceeds from at-the-market sales				$ 39

Nature of the Business - Liquidity (Details) $ in Millions			12 Months Ended
Nature of the Business - Liquidity (Details) $ in Millions	Jul. 14, 2026 USD ($)	Jul. 14, 2025 shares	Dec. 31, 2025 USD ($)
Class of Stock [Line Items]
Reverse stock split ratio		0.08	0.08
Reverse stock split shares \| shares		0
Cash, cash equivalents and marketable securities			$ 41.8
Avere Therapeutics, Inc. \| Subsequent Event
Class of Stock [Line Items]
Aggregate purchase price	$ 320.0

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-5

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480070/505-10-S50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480070/505-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (e)
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CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025	Dec. 31, 2024
CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY
Issuance costs			$ 1,223
Unrealized gain (loss) on marketable securities, tax expense (benefit)	$ 0	$ 0	$ 0	$ 0

Collaboration Agreement

6 Months Ended

12 Months Ended

Jun. 30, 2026

Dec. 31, 2025

Collaboration Agreement

Collaboration Agreement

4. Collaboration Agreement

4. Collaboration Agreement

LigaChem Agreement

CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2026	Dec. 31, 2025	Dec. 31, 2024
CONDENSED BALANCE SHEETS
Preferred stock, par value per share	$ 0.001	$ 0.001	$ 0.001
Preferred stock, number of shares authorized	10,000,000	10,000,000	10,000,000
Preferred stock, shares issued	0	0	0
Preferred stock, shares outstanding	0	0	0
Common stock, par value per share	$ 0.001	$ 0.001	$ 0.001
Common stock, number of shares authorized	100,000,000	100,000,000	100,000,000
Common stock, shares issued	4,068,951	3,505,621	2,333,896
Common stock, shares outstanding	4,068,951	3,505,621	2,333,896

Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.

The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws.

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Summary of Significant Accounting Policies (Policies)

6 Months Ended

12 Months Ended

Jun. 30, 2026

Dec. 31, 2025

Basis of Presentation and Unaudited Financial Information

Basis of Presentation

Unaudited Financial Information

Basis of Presentation

Liquidity and Going Concern

Use of Estimates

Cash and Cash Equivalents

Concentration of Credit Risk

Fair Value of Financial Instruments

Level 1—Quoted market prices in active markets for identical assets or liabilities.

Level 2—Inputs other than Level 1 inputs that are either directly or indirectly observable, such as quoted market prices, interest rates and yield curves.

Property and Equipment, Net

Estimated useful lives for property and equipment are as follows:



		Estimated Useful Life
Computers and peripherals		3 years
Equipment		5 years
Furniture and fixtures		7 years
Leasehold improvements		Lesser of estimated useful life or remaining lease term

Long-Lived Asset Impairment Assessments

Pre-Funded Warrants

Preferred Stock

The Company did not have any outstanding preferred stock as of December 31, 2025 and 2024.

Collaboration Arrangements

Research and Development Costs, Including Clinical Trial Accruals and Acquired in Process Research and Development

Restructuring Charges

●

contract termination costs when the Company cancels a contract in accordance with its terms; and

●

costs to be incurred over the remaining contract term without economic benefit to the Company at the cease-use date.

Patent Costs

Stock Based Compensation

Stock-Based Compensation

The Company expenses the fair value of its share-based compensation awards on a straight-line basis over the requisite service period, which is generally the vesting period.

Comprehensive Income (Loss)

Net Loss per Share

Recently Issued Accounting Pronouncements

Employee Benefit Plan

12 Months Ended

Dec. 31, 2025

Employee Benefit Plan

Employee Benefit Plan

18. Employee Benefit Plan

The Company sponsors a 401(k) plan which stipulates that eligible employees can elect to contribute to the 401(k) plan, subject to certain limitations, up to the lesser of the statutory maximum or 100% of eligible compensation on a pre-tax basis. For the years ended December 31, 2025, and 2024, the Company made matching contributions of $0.3 million and $0.3 million, respectively.

The entire disclosure for retirement benefits.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Commitments and Contingencies

Commitments and Contingencies

6 Months Ended

12 Months Ended

Jun. 30, 2026

Dec. 31, 2025

Commitments and Contingencies.

14. Commitments and Contingencies

Legal Proceedings

10. Commitments and Contingencies

Legal Proceedings

estimable under the provisions of the authoritative guidance that addresses accounting for contingencies. The Company expenses the costs related to its legal proceedings as incurred.

Subsequent Events

6 Months Ended

12 Months Ended

Jun. 30, 2026

Dec. 31, 2025

Subsequent Events

Subsequent Events

15. Subsequent Events

Merger Agreement with Avere Therapeutics, Inc.

Employee Matters

Transition and Continuation Agreement with LigaChem

SIM0505

Leases

Asset Purchase Agreement with Xcellon

19. Subsequent Event

Subsequent to year end and through February 27, 2026, the Company sold 52,715 shares of common stock under the Wainwright ATM Agreement for net proceeds of approximately $0.7 million.

Marketable Securities (Details)	3 Months Ended		6 Months Ended		12 Months Ended
Marketable Securities (Details)	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)	Dec. 31, 2025 USD ($) item	Dec. 31, 2024 USD ($)
Investments
Amortized Cost	$ 4,831,000		$ 4,831,000		$ 15,818,000	$ 40,890,000
Gross Unrealized Gain					19,000	24,000
Gross Unrealized Loss	(3,000)		(3,000)		(1,000)	(20,000)
Estimated Fair Value	4,828,000		4,828,000		15,836,000	40,894,000
Gross realized gains	0	$ 0	1,000	$ 0	0	0
Gross realized loss	0	$ 0		$ 0	$ 0	0
Number of investment whose position which was not in continuous unrealized loss position for more than twelve months \| item					1
Fair market value of investments in unrealized loss position	4,800,000		4,800,000		$ 2,200,000
Interest income					100,000	300,000
Unrealized losses in a continuous loss position for more than 12 months	0		0
Accrued interest receivable	$ 100,000		$ 100,000		$ 300,000
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Current, Statement of Financial Position [Extensible Enumeration]	Prepaid Expense and Other Assets, Current		Prepaid Expense and Other Assets, Current		Prepaid Expense and Other Assets, Current
Cost Maturities:
Within 1 year	$ 4,831,000		$ 4,831,000		$ 14,593,000
Over 1 year					1,225,000
Total investments available for sale	4,831,000		4,831,000		15,818,000
Fair Value Maturities:
Within 1 year	4,828,000		4,828,000		14,607,000
Over 1 year					1,229,000
Total investments available for sale	4,828,000		4,828,000		15,836,000
Corporate bonds
Investments
Amortized Cost	4,831,000		4,831,000		15,818,000	32,515,000
Gross Unrealized Gain					19,000	22,000
Gross Unrealized Loss	(3,000)		(3,000)		(1,000)	(20,000)
Estimated Fair Value	$ 4,828,000		$ 4,828,000		$ 15,836,000	32,517,000
U.S. Treasury and Government agencies
Investments
Amortized Cost						8,375,000
Gross Unrealized Gain						2,000
Estimated Fair Value						$ 8,377,000

CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock At-the-market sales	Common Stock Private Placement	Common Stock	Additional Paid-in Capital At-the-market sales	Additional Paid-in Capital Private Placement	Additional Paid-in Capital	Accumulated Other Comprehensive (Loss) Income	Accumulated Deficit	At-the-market sales	Private Placement	Total
Balance at the beginning at Dec. 31, 2023			$ 2			$ 439,123	$ (222)	$ (324,482)			$ 114,421
Balance at the beginning (in shares) at Dec. 31, 2023			2,325,259
Increase (Decrease) in Stockholders' Deficit
Stock based compensation						6,335					6,335
Exercise of stock options						23					23
Exercise of stock options (in shares)			1,215
Issuance of shares under ESPP						82					82
Issuance of shares under ESPP (in shares)			5,993
Issuances of shares from at-the-market sales, net of expenses				$ 39					$ 39
Issuances of shares from at-the-market sales, net of expenses (in shares)	1,429
Unrealized loss on marketable securities, net of tax							226				226
Net loss								(55,654)			(55,654)
Balance at the end at Dec. 31, 2024			$ 2			445,602	4	(380,136)			$ 65,472
Balance at the end (in shares) at Dec. 31, 2024			2,333,896								2,333,896
Increase (Decrease) in Stockholders' Deficit
Stock based compensation						1,363					$ 1,363
Unrealized loss on marketable securities, net of tax							(4)				(4)
Net loss								(10,976)			(10,976)
Balance at the end at Mar. 31, 2025			$ 2			446,965		(391,112)			55,855
Balance at the end (in shares) at Mar. 31, 2025			2,333,896
Balance at the beginning at Dec. 31, 2024			$ 2			445,602	4	(380,136)			$ 65,472
Balance at the beginning (in shares) at Dec. 31, 2024			2,333,896								2,333,896
Increase (Decrease) in Stockholders' Deficit
Net loss											$ (37,784)
Balance at the end at Jun. 30, 2025			$ 2			447,571	(7)	(417,920)			29,646
Balance at the end (in shares) at Jun. 30, 2025			2,337,516
Balance at the beginning at Dec. 31, 2024			$ 2			445,602	4	(380,136)			$ 65,472
Balance at the beginning (in shares) at Dec. 31, 2024			2,333,896								2,333,896
Increase (Decrease) in Stockholders' Deficit
Stock based compensation						2,986					$ 2,986
Issuance of shares under ESPP						36					36
Issuance of shares under ESPP (in shares)			7,332
Issuances of shares from at-the-market sales, net of expenses		$ 2			$ 22,274					$ 22,276
Issuances of shares from at-the-market sales, net of expenses (in shares)		1,047,064
Exercise of pre-funded warrants (in shares)			117,371
Unrealized loss on marketable securities, net of tax							17				17
Reverse Split (1 for 12) adjustment (in shares)			(42)
Net loss								(55,844)			(55,844)
Balance at the end at Dec. 31, 2025			$ 4			470,898	21	(435,980)			$ 34,943
Balance at the end (in shares) at Dec. 31, 2025			3,505,621								3,505,621
Balance at the beginning at Mar. 31, 2025			$ 2			446,965		(391,112)			$ 55,855
Balance at the beginning (in shares) at Mar. 31, 2025			2,333,896
Increase (Decrease) in Stockholders' Deficit
Stock based compensation						587					587
Issuance of shares under ESPP						19					19
Issuance of shares under ESPP (in shares)			3,620
Unrealized loss on marketable securities, net of tax							(7)				(7)
Net loss								(26,808)			(26,808)
Balance at the end at Jun. 30, 2025			$ 2			447,571	(7)	(417,920)			29,646
Balance at the end (in shares) at Jun. 30, 2025			2,337,516
Balance at the beginning at Dec. 31, 2025			$ 4			470,898	21	(435,980)			$ 34,943
Balance at the beginning (in shares) at Dec. 31, 2025			3,505,621								3,505,621
Increase (Decrease) in Stockholders' Deficit
Stock based compensation						344					$ 344
Exercise of stock options						14					14
Exercise of stock options (in shares)			2,488
Issuances of shares from at-the-market sales, net of expenses						1,234					1,234
Issuances of shares from at-the-market sales, net of expenses (in shares)			99,446
Unrealized loss on marketable securities, net of tax							(23)				(23)
Net loss								(9,796)			(9,796)
Balance at the end at Mar. 31, 2026			$ 4			472,490	(2)	(445,776)			26,716
Balance at the end (in shares) at Mar. 31, 2026			3,607,555
Balance at the beginning at Dec. 31, 2025			$ 4			470,898	21	(435,980)			$ 34,943
Balance at the beginning (in shares) at Dec. 31, 2025			3,505,621								3,505,621
Increase (Decrease) in Stockholders' Deficit
Exercise of stock options (in shares)											2,488
Net loss											$ (24,688)
Balance at the end at Jun. 30, 2026			$ 4			472,816	(3)	(460,668)			$ 12,149
Balance at the end (in shares) at Jun. 30, 2026			4,068,951								4,068,951
Balance at the beginning at Mar. 31, 2026			$ 4			472,490	(2)	(445,776)			$ 26,716
Balance at the beginning (in shares) at Mar. 31, 2026			3,607,555
Increase (Decrease) in Stockholders' Deficit
Stock based compensation						304					304
Issuance of shares under ESPP						22					22
Issuance of shares under ESPP (in shares)			4,541
Exercise of pre-funded warrants (in shares)			456,855
Unrealized loss on marketable securities, net of tax							(1)				(1)
Net loss								(14,892)			(14,892)
Balance at the end at Jun. 30, 2026			$ 4			$ 472,816	$ (3)	$ (460,668)			$ 12,149
Balance at the end (in shares) at Jun. 30, 2026			4,068,951								4,068,951

Stock-Based Compensation

6 Months Ended

12 Months Ended

Jun. 30, 2026

Dec. 31, 2025

Stock-Based Compensation

9. Stock-Based Compensation

Employee Equity Plans

The NextCure, Inc. 2015 Omnibus Incentive Plan (the “2015 Plan”) was adopted in December 2015 and provides for the grant of awards of stock options, restricted stock awards, unrestricted stock awards and restricted stock units to employees, consultants, and directors of the Company.

The NextCure, Inc. Amended and Restated 2019 Omnibus Incentive Plan (the “A&R 2019 Plan”) became effective on June 18, 2026, the date on which the Company’s stockholders approved the A&R 2019 Plan. The Company’s board of directors (the “Board”) determined not to make additional awards under the 2015 Plan following the effectiveness of the 2019 Plan. The A&R 2019 Plan provides for the grant of awards of stock options, stock appreciation rights, restricted stock, restricted stock units, deferred stock units, unrestricted stock, dividend equivalent rights, other equity-based awards and cash bonus awards to the Company’s officers, employees and non-employee directors as well as other key persons (including consultants).

The number of shares of common stock reserved for issuance under the A&R 2019 Plan is 241,666 plus the number of shares of stock related to awards outstanding under the 2015 Plan that subsequently terminate by expiration or forfeiture, cancellation or otherwise without the issuance of such shares, plus 80,000 shares of stock approved by the Company’s stockholders at the Company’s 2026 Annual Meeting of Stockholders. The number of shares reserved for issuance under the A&R 2019 Plan automatically increase each January 1st during the term of the A&R 2019 Plan by 4% of the number of fully diluted shares of the Company’s common stock outstanding on December 31st of the preceding calendar year or such lesser number of shares determined by the Company’s Board.

As of June 30, 2026, 139,500 shares were reserved for future grant under the A&R 2019 Plan. Stock options granted under the A&R 2019 Plan (together, the “Plans”) to employees generally vest over four years and expire after ten years. A summary of stock option activity for awards under the Plans is presented below:



	Options Outstanding and Exercisable
				Weighted
		Weighted		Average	Aggregate
		Average		Remaining	Intrinsic
	Number of	Exercise		Contractual	Value⁽¹⁾
	Shares	Price		Life (Years)	(in thousands)
Outstanding as of December 31, 2025	848,966	$	73.76	6.5	$	—
Granted	174,500	$	9.92	—		—
Exercised	(2,488)	$	5.76	—		—
Forfeitures	(5,960)	$	21.90	—		—
Outstanding as of June 30, 2026	1,015,018	$	63.26	6.6		—
Exercisable as of June 30, 2026	709,995	$	85.67	5.6	$	—

(1)	The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying options and the estimated fair value of the common stock for the options that were in the money at December 31, 2025 and June 30, 2026.

The weighted average grant date fair value of stock options granted to employees for the six months ended June 30, 2026 was $7.61 using the Black-Scholes option pricing model. 2,488 stock options were exercised during the six months ended June 30, 2026. As of June 30, 2026, there was $2.3 million of total unrecognized compensation expense related to unvested options under the Plans that will be recognized over a weighted-average period of approximately 2.7 years.

The aggregate grant date fair value of stock options vested during the six months ended June 30, 2026 and 2025 was approximately $0.8 million and $3.7 million, respectively.

Stock-based compensation expense was classified on the statements of operations as follows for the three and six months ended June 30, 2026 and 2025:



		Three Months Ended						Six Months Ended
		June 30,						June 30,
(in thousands)		2026			2025			2026			2025
Research and development		$	112		$	285		$	236		$	865
General and administrative			192			302			412			1,086
Total stock-based compensation expense		$	304		$	587		$	648		$	1,951

The fair value of each option award is estimated on the date of grant using the Black-Scholes option-pricing model using the assumptions in the following table for options issued during the period indicated:



		Six Months Ended
		June 30,
		2026			2025
Expected term		6.0	years		6.0	years
Expected volatility		91.0	%		90.5	%
Risk free interest rate		3.9	%		4.4	%
Expected dividend yield		—	%		—	%

Employee Stock Purchase Plan

The NextCure, Inc. 2019 Employee Stock Purchase Plan (the “ESPP”) was approved in May 2019 and provides for eligible employees of the Company to purchase shares of Company stock at a discounted price. As of June 30, 2026, 32,020 shares of common stock had been issued pursuant to the ESPP and 80,461 shares were reserved for future issuance thereunder.

13. Stock-Based Compensation

Employee Equity Plans

On May 3, 2019, the Company’s stockholders approved the NextCure, Inc. 2019 Omnibus Incentive Plan (as amended, the “2019 Plan”), which became effective on May 8, 2019, the date on which the Company’s Registration Statement on Form S-1 (Reg. No. 333-230837) was declared effective (the “Effective Date”). The Company’s board of directors (the “Board”) determined not to make additional awards under the 2015 Plan following the effectiveness of the 2019 Plan. The 2019 Plan provides for the grant of awards of stock options, stock appreciation rights, restricted stock, restricted stock units, deferred stock units, unrestricted stock, dividend equivalent rights, other equity-based awards and cash bonus awards to the Company’s officers, employees, non-employee

directors and other key persons (including consultants). The number of shares of common stock reserved for issuance under the 2019 Plan is 241,666 plus the number of shares of stock related to awards outstanding under the 2015 Plan that subsequently terminate by expiration or forfeiture, cancellation or otherwise without the issuance of such shares. The number of shares reserved for issuance under the 2019 Plan will automatically increases each January 1^st during the term of the 2019 Plan by 4% of the number of shares of the Company’s common stock outstanding on December 31^st of the preceding calendar year or such lesser number of shares determined by the Board.

As of December 31, 2025, 87,815 shares were reserved for future issuance under the 2019 Plan.

Stock options granted under the 2015 Plan and 2019 Plan (together, the “Plans”) to employees generally vest over four years and expire after 10 years.

A summary of stock option activity for awards under the Plans is presented below:



	Options Outstanding and Exercisable
				Weighted
		Weighted		Average	Aggregate
		Average		Remaining	Intrinsic
	Number of	Exercise		Contractual	Value⁽¹⁾
	Shares	Price		Life (Years)	(in thousands)
Outstanding as of January 1, 2024	567,995	$	105.96	7.3	$	52
Granted	248,609	$	19.80	—		—
Exercised	(1,214)	$	18.60	—		—
Forfeitures	(77,495)	$	41.76	—		—
Outstanding as of December 31, 2024	737,895	$	83.84	7.1	$	22
Granted	120,748	$	9.33	—		—
Exercised	—	$	—	—		—
Forfeitures	(9,677)	$	37.74	—		—
Outstanding as of December 31, 2025	848,966	$	73.76	6.5		—
Exercisable as of December 31, 2025	636,486	$	94.11	5.8	$	55

(1)	The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying options and the fair value of the common stock for the options that were in the money at December 31, 2025 and 2024.

The weighted average grant date fair value per share of stock options granted during the years ended December 31, 2025 and 2024 was $7.17 and $14.28, respectively. The aggregate intrinsic value of stock options exercised during the years ended December 31, 2025 and 2024 was $0 and $9,000, respectively.

The aggregate grant date fair value of stock options and restricted stock vested during the year ended December 31, 2025 and 2024 was approximately $4.5 million and $5.1 million, respectively.

On May 3, 2019, the Company’s stockholders approved the NextCure, Inc. 2019 Employee Stock Purchase Plan (the “ESPP”), which became effective on the Effective Date. The ESPP is intended to qualify as an “employee stock purchase plan” within the meaning of Section 423(b) of the Internal Revenue Code. A total of 20,000 shares of common stock were reserved for issuance under this plan. In addition, the number of shares of common stock that may be issued under the ESPP will automatically increase each January 1^st until expiration of the ESPP, in an amount equal to the lesser of (i) 1% of the number of shares of the Company’s common stock outstanding on December 31st of the preceding calendar year, (ii) 40,000 shares of common stock and (iii) a number of shares of common stock determined by the administrator of the ESPP. As of December 31, 2025, 27,479 shares of common stock had been issued pursuant to the ESPP and 85,002 shares were reserved for future issuance thereunder.

Stock-Based Compensation

The Company recorded stock-based compensation expense of $3.0 million and $6.3 million during the years ended December 31, 2025 and 2024, respectively. As of December 31, 2025, there was $1.6 million of unrecognized compensation cost related to unvested stock-based compensation arrangements granted under the Plans. This remaining compensation expense is

expected to be recognized over a weighted-average period of 2.1 years as of December 31, 2025. Stock-based compensation expense recorded as research and development and general and administrative expenses is as follows:



	December 31,
(in thousands)	2025			2024
Research and development	$	1,345		$	2,756
General and administrative		1,641			3,579
Total stock-based compensation expense	$	2,986		$	6,335

The assumptions used in the Black-Scholes option-pricing model for stock options granted were as follows:



		Year Ended
		December 31,
		2025			2024
Expected term		6.0	years		5.8	years
Expected volatility		90.5	%		83.3	%
Risk free interest rate		4.4	%		3.6 - 4.7	%
Expected dividend yield		—	%		—	%

Summary of Significant Accounting Policies (Policies)

6 Months Ended

12 Months Ended

Jun. 30, 2026

Dec. 31, 2025

Basis of Presentation and Unaudited Financial Information

Basis of Presentation

Unaudited Financial Information

Basis of Presentation

Liquidity and Going Concern

Use of Estimates

Cash and Cash Equivalents

Concentration of Credit Risk

Fair Value of Financial Instruments

Level 1—Quoted market prices in active markets for identical assets or liabilities.

Level 2—Inputs other than Level 1 inputs that are either directly or indirectly observable, such as quoted market prices, interest rates and yield curves.

Property and Equipment, Net

Estimated useful lives for property and equipment are as follows:



		Estimated Useful Life
Computers and peripherals		3 years
Equipment		5 years
Furniture and fixtures		7 years
Leasehold improvements		Lesser of estimated useful life or remaining lease term

Long-Lived Asset Impairment Assessments

Pre-Funded Warrants

Preferred Stock

The Company did not have any outstanding preferred stock as of December 31, 2025 and 2024.

Collaboration Arrangements

Research and Development Costs, Including Clinical Trial Accruals and Acquired in Process Research and Development

Restructuring Charges

●

contract termination costs when the Company cancels a contract in accordance with its terms; and

●

costs to be incurred over the remaining contract term without economic benefit to the Company at the cease-use date.

Patent Costs

Stock Based Compensation

Stock-Based Compensation

The Company expenses the fair value of its share-based compensation awards on a straight-line basis over the requisite service period, which is generally the vesting period.

Comprehensive Income (Loss)

Net Loss per Share

Recently Issued Accounting Pronouncements

Accrued Liabilities and Other Liabilities (Tables)

12 Months Ended

Dec. 31, 2025

Accrued Liabilities and Other Liabilities

Summary of accrued liabilities and other liabilities

Accrued liabilities consist of the following:



		December 31,			December 31,
(in thousands)		2025			2024
Payroll and related benefits		$	851		$	1,753
Clinical trial costs			862			371
Sponsored research			177			332
Lease liabilities, current portion			1,005			796
License payments			5,000			—
Operating expenses			525			845
Other			135			124
Total accrued liabilities		$	8,555		$	4,221

License Agreement

6 Months Ended

12 Months Ended

Jun. 30, 2026

Dec. 31, 2025

License Agreement

License Agreement

3. License Agreement

3. License Agreement

Segment Information - Other Information (Details) - segment	6 Months Ended	12 Months Ended
	Jun. 30, 2026	Dec. 31, 2025
Segment Information
Number of operating segment	1	1
Number of reporting segment	1	1

Net Loss Per Share Attributable to Common Stockholders - Computation for basic and diluted loss per share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025	Dec. 31, 2024
Net loss (Numerator):
Net loss - basic and diluted	$ (14,892)	$ (9,796)	$ (26,808)	$ (10,976)	$ (24,688)	$ (37,784)	$ (55,844)	$ (55,654)
Shares (Denominator):
Weighted-average shares outstanding - basic (in shares)	5,309,724		2,374,729		5,274,630	2,354,425	2,842,448	2,330,386
Weighted-average shares outstanding - diluted (in shares)	5,309,724		2,374,729		5,274,630	2,354,425	2,842,448	2,330,386
Loss per share - basic (in dollars per share)	$ (2.8)		$ (11.29)		$ (4.68)	$ (16.05)	$ (19.65)	$ (23.88)
Loss per share - diluted (in dollars per share)	$ (2.8)		$ (11.29)		$ (4.68)	$ (16.05)	$ (19.65)	$ (23.88)
Pre-Funded Warrants
Net Loss Per Share Attributable to Common Stockholders
Remaining outstanding balance of pre-funded warrants	1,240,823				1,240,823		1,697,678

CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025	Dec. 31, 2024
Cash flows from operating activities:
Net loss	$ (24,688)	$ (37,784)	$ (55,844)	$ (55,654)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	555	1,287	2,185	2,865
Amortization of premiums and discounts on marketable securities	(100)	(386)	(481)	(1,230)
Stock-based compensation	648	1,951	2,986	6,335
Noncash operating lease expense	315	288	587	561
Asset impairment	5,077			1,786
Changes in operating assets and liabilities:
Prepaid expenses and other assets	(113)	(1,716)	1,102	2,761
Accounts payable	567	(2,809)	(3,342)	3,023
Accrued liabilities and other liabilities	(4,722)	4,016	4,334	(332)
Lease liabilities	(545)	(488)	(1,005)	(796)
Other long-term liabilities	(72)	(66)	(135)	(124)
Net cash used in operating activities	(23,078)	(35,707)	(49,613)	(40,805)
Cash flows from investing activities:
Sales and maturities of marketable securities	11,086	37,558	52,261	104,228
Purchases of marketable securities		(26,705)	(26,705)	(48,448)
Purchases of property and equipment				(474)
Net cash provided by investing activities	11,086	10,853	25,556	55,306
Cash flows from financing activities:
Proceeds from issuance of common stock		2,000
Net proceeds from at-the-market sales	1,234
Proceeds from exercise of stock options	14			23
Proceeds from shares issued under ESPP	22	19	36	82
Net cash provided by financing activities	1,270	2,019	22,312	144
Net increase (decrease) in cash and cash equivalents	(10,722)	(22,835)	(1,745)	14,645
Cash and cash equivalents - beginning of period	25,982	27,727	27,727	13,082
Cash and cash equivalents - end of period	15,260	4,892	25,982	27,727
Supplemental disclosures of cash flow information:
Cash paid for interest	$ 27	$ 32	62	72
Private Placement
Cash flows from financing activities:
Net proceeds from at-the-market sales			$ 22,276
At-the-market sales
Cash flows from financing activities:
Net proceeds from at-the-market sales				$ 39

Offerings	Aug. 17, 2026 USD ($) shares
Offering: 1
Offering:
Fee Previously Paid	false
Other Rule	true
Security Type	Equity
Security Class Title	Common Stock, $0.001 par value per share
Amount Registered \| shares	443,883,560
Maximum Aggregate Offering Price	$ 147,961.19
Fee Rate	0.01381%
Amount of Registration Fee	$ 20.43
Offering Note	(A) Relates to common stock, $0.001 par value per share, of NextCure, Inc., a Delaware corporation ("NextCure"), issuable to holders of common stock, $0.0001 par value per share, of Avere Therapeutics, Inc., a Delaware corporation ("Avere"), and other Avere security holders in the proposed merger of Neptune Merger Sub Corp., a Delaware corporation and a direct, wholly owned subsidiary of NextCure, with and into Avere, with Avere surviving the merger, and as part of the same overall transaction, Avere will merge with and into Neptune Second Merger Sub, LLC, a Delaware limited liability company and a wholly owned subsidiary of NextCure, with Neptune Second Merger Sub, LLC continuing as a wholly owned subsidiary of NextCure and the surviving entity of the merger. The amount of common stock of NextCure to be registered includes the estimated maximum number of shares of common stock of NextCure that are expected to be issued (or become issuable) pursuant to the merger, without taking into account the effect of a reverse stock split of common stock of NextCure, assuming an estimated pre-split exchange ratio (which is subject to adjustment prior to the closing of the merger) of approximately 5.8265 shares of common stock of NextCure for each outstanding share of capital stock of Avere. The issuances of (i) all shares of NextCure Common Stock in exchange for each share of Avere Common Stock (including shares of Avere Common Stock issued in the Avere Pre-Closing Financing) and Avere Preferred Stock, (ii) all NextCure Pre-Funded Warrants issued in exchange for Avere Pre-Funded Warrants issued in the Avere Pre-Closing Financing, (iii) all NextCure Pre-Funded Warrants issued to certain Avere stockholders in lieu of shares of NextCure Common Stock otherwise issuable to such stockholders in the merger in excess of such stockholders' beneficial ownership limitations, and (iv) all shares of NextCure Common Stock issuable upon exercise of NextCure Pre-Funded Warrants described in clauses (ii) and (iii), are intended to be covered by this registration statement on Form S-4. In accordance with Rule 416 under the Securities Act of 1933, as amended (the "Securities Act"), this registration statement shall be deemed to cover any securities that may from time to time be offered or issued resulting from forward or reverse stock splits, stock dividends or similar transactions. (B) Estimated solely for purposes of calculating the registration fee in accordance with Rule 457(f)(2) of the Securities Act. Avere is a private company, no market exists for its securities, and it has an accumulated capital deficit. Therefore, the proposed maximum aggregate offering price for the shares expected to be issued pursuant to the merger is one-third of the aggregate par value of the Avere securities expected to be exchanged in the proposed merger.
Offering: 2
Offering:
Fee Previously Paid	false
Other Rule	true
Security Type	Equity
Security Class Title	Warrants to purchase Common Stock
Amount Registered \| shares	67,579,821
Maximum Aggregate Offering Price	$ 0.00
Fee Rate	0.01381%
Amount of Registration Fee	$ 0.00
Offering Note	Consists of NextCure Pre-Funded Warrants issued in the merger in exchange for Avere Pre-Funded Warrants issued in the Avere Pre-Closing Financing and NextCure Pre-Funded Warrants issued to certain Avere stockholders in lieu of shares of NextCure Common Stock otherwise issuable to such stockholders in the merger in excess of such stockholders' beneficial ownership limitations, in each case, without taking into account the effect of a reverse stock split of common stock of NextCure, assuming an estimated pre-split exchange ratio (which is subject to adjustment prior to the closing of the merger) of approximately 5.8265 shares of common stock of NextCure for each outstanding share of capital stock of Avere. The registration fee with respect to the NextCure Pre-Funded Warrants has been allocated to the underlying shares of NextCure Common Stock issuable upon exercise of such NextCure Pre-Funded Warrants, as described in footnote (1).

Fair Value Measurements (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2026

Dec. 31, 2025

Summary of fair value of the Company's financial assets

The following tables set forth the fair value of the Company’s financial assets by level within the fair value hierarchy as of June 30, 2026 and December 31, 2025:



		June 30, 2026
								Significant
					Quoted Prices in			Other
					Active Markets or			Observable			Significant
					Identical Assets			Inputs			Unobservable
(in thousands)		Total			(Level 1)			(Level 2)			(Level 3)
Cash equivalents:
Money market funds		$	14,760		$	14,760		$	—		$	—
Marketable securities:
Corporate bonds			4,828			—			4,828			—
Total		$	19,588		$	14,760		$	4,828		$	—



		December 31, 2025
								Significant
					Quoted Prices in			Other
					Active Markets or			Observable			Significant
					Identical Assets			Inputs			Unobservable
(in thousands)		Total			(Level 1)			(Level 2)			(Level 3)
Cash equivalents:
Money market funds		$	25,420		$	25,420		$	—		$	—
Marketable securities:
Corporate bonds			15,836			—			15,836			—
Total		$	41,256		$	25,420		$	15,836		$	—

The following tables set forth the fair value of the Company’s financial assets by level within the fair value hierarchy as of December 31, 2025 and 2024:



		December 31, 2025
								Significant
					Quoted Prices in			Other
					Active Markets or			Observable			Significant
					Identical Assets			Inputs			Unobservable
(in thousands)		Total			(Level 1)			(Level 2)			(Level 3)
Cash equivalents:
Money market funds		$	25,420		$	25,420		$	—		$	—
Marketable securities:
Corporate bonds			15,836			—			15,836			—
Total		$	41,256		$	25,420		$	15,836		$	—



		December 31, 2024
								Significant
					Quoted Prices in			Other
					Active Markets or			Observable			Significant
					Identical Assets			Inputs			Unobservable
(in thousands)		Total			(Level 1)			(Level 2)			(Level 3)
Cash equivalents:
Money market funds		$	27,057		$	27,057		$	—		$	—
Marketable securities:
Corporate bonds			32,517			—			32,517			—
U.S. Treasury and Government agencies			8,377			—			8,377			—
Total		$	67,951		$	27,057		$	40,894		$	—

Asset Impairment (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended	12 Months Ended
Asset Impairment (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Jun. 30, 2026	Dec. 31, 2024
Asset Impairment
Impairment charges	$ 1,800	$ 5,077	$ 1,786

Leases - Other Information (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
Leases - Other Information (Details) - USD ($)	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025	Dec. 31, 2024
Leases
Lease extension period	5 years		5 years		5 years
Lessee, Operating Lease, Existence of Option to Extend [true false]			true		true
Operating lease expense	$ 249,000	$ 252,000	$ 504,000	$ 499,000	$ 1,000,000	$ 1,000,000
Operating cash flows used for operating leases			$ 671,000	$ 575,000	$ 1,200,000	$ 1,100,000
Weighted=average remaining lease term	3 years 9 months		3 years 9 months		4 years 3 months
Weighted average discount rate (as a percent)	7.47%		7.47%		7.47%

Net Loss per Share Attributable to Common Stockholders - Anti-dilutive effect (Details) - shares	6 Months Ended	12 Months Ended
	Jun. 30, 2026	Dec. 31, 2025	Dec. 31, 2024
Antidilutive Securities
Antidilutive securities excluded from computation of diluted net loss per share	1,015,018
Option to purchase common stock
Antidilutive Securities
Antidilutive securities excluded from computation of diluted net loss per share	1,015,018	848,966,000	737,895,000

Stock-Based Compensation

6 Months Ended

12 Months Ended

Jun. 30, 2026

Dec. 31, 2025