0001193125-26-205021 | 10-Q | XBRL Viewer

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Fair Value Measurements - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other income (expense), net	$ 0.4

Nature of the Business	3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of the Business	1. Nature of the Business Organization Q32 Bio Inc. (“Q32” or the “Company”) is a clinical stage biotechnology company focused on developing innovative therapies for alopecia areata (“AA”) and other autoimmune and inflammatory diseases. The Company is advancing bempikibart (ADX-914), a fully human anti-IL-7Rα antibody that re-regulates adaptive immune function, for the treatment of AA in an ongoing Phase 2 program. Registered Direct Offering On February 17, 2026, the Company entered into a definitive agreement for the issuance and sale of 1,666,679 shares of common stock and pre-funded warrants to purchase up to 1,025,654 shares of common stock at an offering price of $3.90 per share of common stock, which was the closing price per share of the Company’s common stock on Nasdaq on February 13, 2026, and $3.8999 per pre-funded warrant, which represents the price per share for the common stock less the $0.0001 per share exercise price for each pre-funded warrant. The issuance of the shares was completed on February 19, 2026. The Company received net proceeds of $10.4 million pursuant to the registered direct offering (see Note 3 for more details surrounding the accounting for the pre-funded warrants). The securities referenced above were offered pursuant to a shelf registration statement on Form S-3 (333-286491) that was filed with the SEC on April 11, 2025, and was declared effective by the SEC on April 21, 2025. Entry into ATM Offering Program On March 27, 2026, the Company entered into a Controlled Equity OfferingSM Sales Agreement (the “Sales Agreement”) with Cantor Fitzgerald & Co. (the “Sales Agent”), with respect to an at-the-market (“ATM”) offering program pursuant to which the Company may offer and sell, from time to time at its sole discretion, shares of its common stock, par value $0.0001 per share (the “Shares”), through the Sales Agent. The Shares to be offered and sold under the Sales Agreement, if any, will be offered and sold pursuant to the Company’s shelf registration statement on Form S-3 (File No. 333-286491), which was filed with the Securities and Exchange Commission (“SEC”) on April 11, 2025 and declared effective by the SEC on April 21, 2025. The Company filed a prospectus supplement with the SEC on March 27, 2026, pursuant to which the Company may offer and sell Shares having an aggregate offering price of up to $14.2 million pursuant to the Sales Agreement. There were no shares of common stock sold pursuant to the ATM during the three months ended March 31, 2026. On March 31, 2026, there remained $14.2 million of common stock available for sale under the ATM. Subsequent to March 31, 2026, the Company sold 2,326,952 shares of common stock and received net proceeds of $13.8 million pursuant to the ATM, and the Company also filed an additional prospectus supplement with the SEC on April 24, 2026, pursuant to which the Company may offer and sell additional Shares having an aggregate offering price of up to $75 million pursuant to the Sales Agreement. Risks and Uncertainties The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry, including but not limited to, risks associated with completing preclinical studies and clinical trials, obtaining regulatory approvals for product candidates, development by competitors of new biopharmaceutical products, dependence on key personnel, protection of proprietary technology, compliance with government regulations and the ability to secure additional capital to fund operations. Programs currently under development will require significant additional research and development efforts, including preclinical and clinical testing, and will need to obtain regulatory approval prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel and infrastructure and extensive compliance-reporting capabilities. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will realize revenue from product sales. Since its inception, the Company’s operations have been focused on organizing and staffing, business planning, raising capital, establishing the Company’s intellectual property portfolio and performing research and development of its product candidates, programs and platform. The Company has primarily funded its operations with proceeds from the sale of convertible preferred stock, convertible notes, venture debt, the Company’s reverse merger (the “Merger”) with Homology Medicines, Inc. (“Homology”) and accompanying Pre-Closing Financing and its former collaboration arrangement with Horizon. Liquidity and Going Concern In accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2014-15, Disclosure of Uncertainties about an Entity’s ability to Continue as a Going Concern (Subtopic 205-40), the Company has evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the condensed consolidated financial statements are issued. As of March 31, 2026, the Company had an accumulated deficit of $212.6 million and cash and cash equivalents of $50.8 million. The Company expects that its cash and cash equivalents will be sufficient to fund its operating expenditures and capital expenditure requirements necessary to advance its research efforts and clinical trials for at least one year from the date of issuance of these unaudited condensed consolidated financial statements. The Company has incurred recurring operating losses since its inception. During the three months ended March 31, 2026, the Company incurred a net loss of $7.6 million. The Company expects its operating losses and negative operating cash flows to continue into the foreseeable future. The future viability of the Company is dependent on its ability to raise additional capital to finance its operations. The Company’s inability to raise capital as and when needed could have a negative impact on its financial condition and ability to pursue its business strategies. There can be no assurance that the current operating plan will be achieved or that additional funding will be available on terms acceptable to the Company, or at all.

Nature of the Business

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Nature of the Business

1. Nature of the Business

Organization

Q32 Bio Inc. (“Q32” or the “Company”) is a clinical stage biotechnology company focused on developing innovative therapies for alopecia areata (“AA”) and other autoimmune and inflammatory diseases. The Company is advancing bempikibart (ADX-914), a fully human anti-IL-7Rα antibody that re-regulates adaptive immune function, for the treatment of AA in an ongoing Phase 2 program.

Registered Direct Offering

On February 17, 2026, the Company entered into a definitive agreement for the issuance and sale of 1,666,679 shares of common stock and pre-funded warrants to purchase up to 1,025,654 shares of common stock at an offering price of $3.90 per share of common stock, which was the closing price per share of the Company’s common stock on Nasdaq on February 13, 2026, and $3.8999 per pre-funded warrant, which represents the price per share for the common stock less the $0.0001 per share exercise price for each pre-funded warrant. The issuance of the shares was completed on February 19, 2026. The Company received net proceeds of $10.4 million pursuant to the registered direct offering (see Note 3 for more details surrounding the accounting for the pre-funded warrants).

The securities referenced above were offered pursuant to a shelf registration statement on Form S-3 (333-286491) that was filed with the SEC on April 11, 2025, and was declared effective by the SEC on April 21, 2025.

Entry into ATM Offering Program

On March 27, 2026, the Company entered into a Controlled Equity OfferingSM Sales Agreement (the “Sales Agreement”) with Cantor Fitzgerald & Co. (the “Sales Agent”), with respect to an at-the-market (“ATM”) offering program pursuant to which the Company may offer and sell, from time to time at its sole discretion, shares of its common stock, par value $0.0001 per share (the “Shares”), through the Sales Agent. The Shares to be offered and sold under the Sales Agreement, if any, will be offered and sold pursuant to the Company’s shelf registration statement on Form S-3 (File No. 333-286491), which was filed with the Securities and Exchange Commission (“SEC”) on April 11, 2025 and declared effective by the SEC on April 21, 2025. The Company filed a prospectus supplement with the SEC on March 27, 2026, pursuant to which the Company may offer and sell Shares having an aggregate offering price of up to $14.2 million pursuant to the Sales Agreement. There were no shares of common stock sold pursuant to the ATM during the three months ended March 31, 2026. On March 31, 2026, there remained $14.2 million of common stock available for sale under the ATM. Subsequent to March 31, 2026, the Company sold 2,326,952 shares of common stock and received net proceeds of $13.8 million pursuant to the ATM, and the Company also filed an additional prospectus supplement with the SEC on April 24, 2026, pursuant to which the Company may offer and sell additional Shares having an aggregate offering price of up to $75 million pursuant to the Sales Agreement.

Risks and Uncertainties

The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry, including but not limited to, risks associated with completing preclinical studies and clinical trials, obtaining regulatory approvals for product candidates, development by competitors of new biopharmaceutical products, dependence on key personnel, protection of proprietary technology, compliance with government regulations and the ability to secure additional capital to fund operations. Programs currently under development will require significant additional research and development efforts, including preclinical and clinical testing, and will need to obtain regulatory approval prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel and infrastructure and extensive compliance-reporting capabilities. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will realize revenue from product sales. Since its inception, the Company’s operations have been focused on organizing and staffing, business planning, raising capital, establishing the Company’s intellectual property portfolio and performing research and development of its product candidates, programs and platform. The Company has primarily funded its operations with proceeds from the sale of convertible preferred stock, convertible notes, venture

debt, the Company’s reverse merger (the “Merger”) with Homology Medicines, Inc. (“Homology”) and accompanying Pre-Closing Financing and its former collaboration arrangement with Horizon.

Liquidity and Going Concern

In accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2014-15, Disclosure of Uncertainties about an Entity’s ability to Continue as a Going Concern (Subtopic 205-40), the Company has evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the condensed consolidated financial statements are issued.

As of March 31, 2026, the Company had an accumulated deficit of $212.6 million and cash and cash equivalents of $50.8 million. The Company expects that its cash and cash equivalents will be sufficient to fund its operating expenditures and capital expenditure requirements necessary to advance its research efforts and clinical trials for at least one year from the date of issuance of these unaudited condensed consolidated financial statements.

The Company has incurred recurring operating losses since its inception. During the three months ended March 31, 2026, the Company incurred a net loss of $7.6 million. The Company expects its operating losses and negative operating cash flows to continue into the foreseeable future. The future viability of the Company is dependent on its ability to raise additional capital to finance its operations. The Company’s inability to raise capital as and when needed could have a negative impact on its financial condition and ability to pursue its business strategies. There can be no assurance that the current operating plan will be achieved or that additional funding will be available on terms acceptable to the Company, or at all.

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

Stock-Based Compensation - Summary of Assumptions Used to Value Stock Options Granted (Detail)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk-free interest rate range		4.46%
Risk-free interest rate range, Minimum	3.79%
Risk-free interest rate range, Maximum	3.83%
Expected dividend rate	0.00%	0.00%
Expected term (years) range		5 years 2 months 23 days
Expected stock price volatility range		95.80%
Expected stock price volatility range, minimum	97.10%
Expected stock price volatility range, maximum	98.60%
Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (years) range	6 years 1 month 9 days
Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (years) range	5 years 2 months 23 days

Segment Reporting (Additional Information) (Details)	3 Months Ended
Segment Reporting (Additional Information) (Details)	Mar. 31, 2026 Segment
Segment Reporting [Abstract]
Operating segment	1

Investment in Equity Securities - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended
	Jun. 30, 2025	Mar. 31, 2026	May 22, 2024
Homology
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership, percentage		20.00%
Oxb Solutions
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership, percentage	10.00%		10.00%
Proceeds from sale of equity method investments	$ 2.5
Equity method investments	$ 0.0

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

- Definition

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

+ References + Details

Investment in Equity Securities

3 Months Ended

Mar. 31, 2026

Equity Method Investments and Joint Ventures [Abstract]

Investment in Equity Securities

6. Investment in Equity Securities

As part of the Merger, the Company obtained Homology's 20% equity interest in OXB (US) LLC, an AAV vector process development and manufacturing services company. At that time, the Company had significant influence over, but did not control, OXB (US) LLC through its noncontrolling representation on OXB (US) LLC’s board of directors and the Company’s equity interest in OXB (US) LLC. Accordingly, the Company did not consolidate the financial statements of OXB (US) LLC and accounted for its investment using the equity method of accounting.

In May 2024, as a result of transactions by OXB (US) LLC, the Company’s investment was diluted to a 10% equity interest in OXB (US) LLC and the Company no longer had the ability to exert significant influence over the operating and financial policies of OXB (US) LLC, therefore the Company discontinued the equity method of accounting for the investment in OXB (US) LLC and determined the remaining investment to be an equity security accounted for in accordance with FASB ASC Topic 321, Investments—Equity Securities (“ASC 321”). The Company recorded the equity instrument at fair value and applied the measurement alternative under ASC 321 such that the Company would not change the amount recorded for the equity instrument unless the Company identified observable price changes in orderly transactions for the identical or similar investment of the same issuer or the equity instrument was otherwise deemed to be impaired.

On March 1, 2025, Oxford Biomedica (US), Inc. exercised its option to cause the Company to sell and transfer to Oxford Biomedica (US), Inc. all of the Company’s equity ownership interest in OXB (US) LLC. In June 2025, the Company finalized the sale of its 10% equity interest in OXB (US) LLC to Oxford Biomedica (US), Inc. and received $2.5 million from Oxford Biomedica (US), Inc., calculated using the Company's pro rata share of OXB (US) LLC (10%), times a predetermined multiple of revenue for the immediately preceding 12-month period increased by OXB (US) LLC's cash balance and decreased by OXB (US) LLC's debt balance as of the exercise date, and reduced the associated equity investment on its condensed consolidated balance sheet to zero.

Net Loss per Share

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Net Loss per Share

17. Net Loss per Share

Basic net loss per share is computed by dividing net loss by the weighted-average number of shares of common stock outstanding, including the shares of common stock underlying the pre-funded warrants, for the three months ended March 31, 2026. Shares of common stock issuable upon exercise of the pre-funded warrants are considered outstanding for the purposes of computing basic net loss per share because the shares may be issued for little or no consideration, are fully vested and are exercisable after the original issuance date.

In computing diluted net loss per share, only potential shares of common stock that are dilutive are included. For the three months ended March 31, 2026 and 2025, the Company’s potentially dilutive securities, which include stock options, RSUs, warrants and pre-funded warrants have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share.


	Three Months Ended March 31,
(in thousands, except per share amounts)	2026			2025
Numerator:
Net loss-basic	$	(7,609	)	$	(11,031	)
Net loss-diluted	$	(7,609	)	$	(11,031	)
Denominator:
Weighted-average common shares outstanding-basic		14,095,371			12,197,615
Dilutive securities		—			—
Weighted-average common shares outstanding-diluted		14,095,371			12,197,615

Net loss per share-basic	$	(0.54	)	$	(0.90	)
Net loss per share-diluted	$	(0.54	)	$	(0.90	)

The Company excluded the following from the computation of diluted net loss per share attributable to common stockholders because including them would have had an anti-dilutive effect:


	Three Months Ended March 31,
	2026		2025
Options to purchase common stock		2,264,082		1,938,015
Restricted stock units		599,326		467,150
Warrants to purchase common stock		18,144		18,144
Pre-funded warrants to purchase common stock		1,025,654		—

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Schedule of Financial Assets And Liabilities Measured At Fair Value On A Recurring Basis

Financial assets measured at fair value on a recurring basis as of March 31, 2026 are summarized as follows (in thousands):


Description	Balance as of March 31, 2026		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
Assets
Cash equivalents:
Money market funds	$	49,383	$	49,383	$	—	$	—
Total cash equivalents	$	49,383	$	49,383	$	—	$	—
Total financial assets	$	49,383	$	49,383	$	—	$	—

Financial assets measured at fair value on a recurring basis as of December 31, 2025 are summarized as follows (in thousands):


Description	Balance as of December 31, 2025		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
Assets
Cash equivalents:
Money market funds	$	46,941	$	46,941	$	—	$	—
Total cash equivalents	$	46,941	$	46,941	$	—	$	—
Total financial assets	$	46,941	$	46,941	$	—	$	—

Accounting for the Merger - Summary of Recapitalization of Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025
Merger and Acquisition [Line Items]
Cash and cash equivalents	$ 50,751	$ 48,297	$ 65,483
Net assets acquired	$ 63,675	$ 61,776

- Definition

Amount of asset recognized for present right to economic benefit.

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-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 35: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481404/852-10-50-7

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(11))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

Debt (Tables)

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Summary of Long-term Debt Balance

The components of the long-term debt balance are as follows (in thousands):


	March 31, 2026			December 31, 2025
Principal amount of term loans	$	7,813		$	9,375
Unamortized debt discount and issuance costs		365			333
Carrying amount		8,178			9,708
Less current portion		(6,239	)		(6,235	)
Long-term debt, net	$	1,939		$	3,473

Nature of the Business - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands				3 Months Ended
	Apr. 24, 2026	Mar. 27, 2026	Feb. 17, 2026	Mar. 31, 2026	Mar. 31, 2025	Feb. 13, 2026	Dec. 31, 2025
Nature Of Business [Line Items]
Net Income (Loss)				$ (7,609)	$ (11,031)
Accumulated deficit				(212,602)			$ (204,993)
Cash and cash equivalents				$ 50,751	65,483		$ 48,297
Common stock, par value per share				$ 0.0001			$ 0.0001
Proceeds from issuance of common stock				$ 10,360	$ 0
Proceeds from Issuance or sale of equity			$ 10,400
Common Stock [Member]
Nature Of Business [Line Items]
Common stock, par value per share				$ 0.0001		$ 0.0001
Number of shares sold			1,666,679
Offering share price			$ 3.9
Pre-funded Warrants [Member]
Nature Of Business [Line Items]
Number of shares purchase			1,025,654
Offering share price						$ 3.8999
ATM Offering Program [Member] \| Sales Agreement [Member] \| Common Stock [Member]
Nature Of Business [Line Items]
Common stock, par value per share		$ 0.0001
Shares sold received amount		$ 14,200		$ 14,200
Number of shares sold				2,326,952
Proceeds from issuance of common stock				$ 13,800
Parent company [Member]
Nature Of Business [Line Items]
Cash and cash equivalents				$ 50,800
Subsequent event [Member] \| Sales Agreement [Member]
Nature Of Business [Line Items]
Offering Price	$ 75,000
Subsequent event [Member] \| ATM Offering Program [Member]
Nature Of Business [Line Items]
Proceeds from issuance of common stock	$ 13,800

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Summary of Stock Option Activity

The following table summarizes the Company’s stock option activity during the three months ended March 31, 2026:


	Number of Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (In Years)		Aggregate Intrinsic Value (in thousands)
Outstanding at January 1, 2026		2,186,531		$	2.82		7.81	$	1,567
Granted		86,135		$	3.53
Exercised		—		$	—
Cancelled		(8,584	)	$	17.63
Outstanding at March 31, 2026		2,264,082		$	2.86		7.64	$	8,365
Vested and expected to vest at March 31, 2026		2,264,082		$	2.86		7.64	$	8,365
Exercisable at March 31, 2026		1,230,591		$	2.99		6.75	$	4,522

Company's RSU Activity

The following table summarizes the Company’s RSU activity during the three months ended March 31, 2026:


	Number of Shares			Weighted- Average Grant Date Fair Value
Outstanding at January 1, 2026		317,213		$	2.54
Granted		389,850		$	4.50
Vested		(104,737	)	$	2.54
Forfeited		(3,000	)	$	2.54
Outstanding at March 31, 2026		599,326		$	3.81

Summary of Assumptions Used to Value Stock Options Granted

The underlying assumptions used to value stock options granted using the Black-Scholes option-pricing model prior to the Option Repricing during the three months ended March 31, 2026 and 2025 were as follows:


	Three Months Ended March 31,
	2026	2025
Risk-free interest rate range	3.79% — 3.83%	4.46%
Expected dividend rate	— %	— %
Expected term (years) range	5.23 — 6.11	5.23
Expected stock price volatility range	97.1% — 98.6%	95.8%

Summary of Stock-Based Compensation Expense

The Company recorded stock-based compensation expense in the following expense categories of its statements of operations (in thousands):


	Three Months Ended March 31,
	2026		2025
Research and development	$	187	$	265
General and administrative		1,361		1,077
Total stock-based compensation expense	$	1,548	$	1,342

Common Stock (Tables)

3 Months Ended

Mar. 31, 2026

Common Stock, Number of Shares, Par Value and Other Disclosure [Abstract]

Schedule of Shares of Common Stock for Future Issuance

The Company has reserved the following shares of common stock for future issuance:


	As of March 31, 2026		As of December 31, 2025
Shares available for future issuance under the 2024 Stock Incentive Plan		2,130,724		1,997,963
Shares available for future issuance under the 2024 Employee Stock Purchase Plan		371,393		242,813
Shares reserved for stock option exercises		2,264,082		2,186,531
Shares reserved for vesting of restricted stock units		599,326		317,213
Shares reserved for pre-funded warrants		1,025,654		—
Shares reserved for warrants		18,144		18,144
		6,409,323		4,762,664

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared by the Company in conformity with GAAP and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (the “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. However, the Company believes that the disclosures are adequate to make the information presented not misleading. These unaudited condensed consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements and the notes thereto for the year ended December 31, 2025, included in the Company's Annual Report on Form 10-K filed with the SEC on March 10, 2026.

The unaudited condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments, including those adjustments that are normal and recurring in nature, which are necessary for a fair statement of the Company’s financial position as of March 31, 2026, and consolidated results of operations for the three months ended March 31, 2026 and 2025, and cash flows for the three months ended March 31, 2026 and 2025. The results of operations for the three months ended March 31, 2026 are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2026 or for any future period.

Principles of Consolidation

The accompanying unaudited condensed consolidated financial statements include those of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the financial statements and accompanying notes. Actual results could materially differ from those estimates. Management considers many factors in selecting appropriate financial accounting policies and controls, and in developing the estimates and assumptions that are used in the preparation of these unaudited condensed consolidated financial statements. Management must apply significant judgment in this process. In addition, other factors may affect estimates, including expected business and operational changes, sensitivity and volatility associated with the assumptions used in developing estimates, and whether historical trends are expected to be representative of future trends. The estimation process often may yield a range of potentially reasonable estimates of the ultimate future outcomes and management must select an amount that falls within that range of reasonable estimates. Significant estimates and assumptions reflected in these unaudited condensed consolidated financial statements include, but are not limited to, the fair value of the common stock and convertible notes prior to the effective date of the Merger, the fair value of CVR liability, and the prepaid and accrued research and development expenses. The Company utilizes certain estimates to record

expenses relating to research and development contracts. These contract estimates, which are primarily related to the length of service of each contract and the amount of service provided as of each measurement date, are determined by the Company based on input from internal project management, as well as from service providers. Estimates are periodically reviewed considering changes in circumstances, facts and historical experience. Actual results may differ from the Company’s estimates.

Concentrations of Credit Risk and Significant Suppliers

Financial instruments that potentially expose the Company to credit risk primarily consist of cash, cash equivalents, restricted cash and restricted cash equivalents. The Company maintains its cash, cash equivalents, restricted cash and restricted cash equivalents balances with accredited financial institutions and, consequently, the Company does not believe it is subject to unusual credit risk beyond the normal credit risk associated with commercial banking relationships.

The Company’s cash management limits investment to investment-grade securities with the objective to preserve capital and to maintain liquidity until the funds can be used in business operations. The Company maintains its cash in bank deposit accounts that are Federal Deposit Insurance Corporation (“FDIC”) insured up to $250,000. At times, the Company’s bank accounts may exceed the federal insurance limit.

The Company is dependent on contract development and manufacturing organizations (“CDMOs”) to supply products for research and development activities in its programs. In particular, the Company relies and expects to continue to rely on a small number of manufacturers to supply it with its requirements for the active pharmaceutical ingredients, other raw materials and formulated drugs related to these programs. These programs could be adversely affected by a significant interruption in the supply of active pharmaceutical ingredients, other raw materials and formulated drugs. The Company is also dependent on contract research organizations (“CROs”) which provide services related to the research and development activities in its programs.

Comprehensive Income (Loss)

Comprehensive income (loss) includes net loss as well as other changes in stockholders’ equity (deficit) that result from transactions and economic events other than those with stockholders.

Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents

The Company considers all highly liquid investments that are readily convertible into cash with maturities of three months or less at the date of purchase to be cash equivalents. Cash equivalents are comprised of money market accounts invested in U.S. Treasury securities.

Restricted cash and restricted cash equivalents are comprised of deposits held by financial institutions as collateral for the Company’s venture debt and used to collateralize letters of credit related to the Company’s lease arrangements.

The Company includes the restricted cash and restricted cash equivalents balance together with its cash and cash equivalents when reconciling beginning-of-period and end-of-period total amounts shown on the consolidated statements of cash flows.

Cash, cash equivalents, restricted cash and restricted cash equivalents consisted of the following (in thousands):


	March 31,
	2026		2025
Cash and cash equivalents	$	50,751	$	65,483
Restricted cash and cash equivalents		647		647
Total cash, cash equivalents, restricted cash and restricted cash equivalents	$	51,398	$	66,130

Deferred Transaction Costs

The Company capitalizes certain legal, professional accounting and other third-party fees that are directly associated with in-process equity financings as deferred transaction costs until such financings are consummated. After consummation of an equity financing, these costs are recorded as a reduction of the proceeds from the transaction, either as a reduction of the carrying value of the preferred stock or in stockholders’ deficit as a reduction of additional paid-in capital generated as a result of the transaction. Should the in-process equity financing be abandoned, the deferred transaction costs would be expensed immediately as a charge to operating expenses in the condensed consolidated statements of operations.

Fair Value Measurements

Certain assets and liabilities are carried at fair value under GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable:

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

Level 2 – Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data.

Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques.

Leases

The Company evaluates whether an arrangement is or contains a lease at contract inception. If a contract is or contains a lease, lease classification is determined at lease commencement, which represents the date at which the underlying asset is made available for use by the Company. The Company’s lease terms are generally measured at the respective lease’s noncancelable term and exclude any optional extension terms as the Company is not reasonably certain to exercise such options. The Company elected the short-term lease exemption and therefore does not recognize lease liabilities and right of use assets for lease arrangements with original lease terms of twelve months or less.

Lease liabilities represent the Company’s obligation to make lease payments under a lease arrangement. Lease liabilities are measured as the present value of fixed lease payments, discounted using an incremental borrowing rate, as interest rates implicit in the Company’s lease arrangements are generally not readily determinable. The Company elected the practical expedient to not separate lease and non-lease components for its real estate leases and therefore both are considered when determining the lease payments in a lease arrangement. Variable lease costs are expensed as incurred.

The incremental borrowing rate represents the interest rate at which the Company could borrow a fully collateralized amount equal to the lease payments, over a similar term, in a similar economic environment. The Company determines the incremental borrowing rate at lease commencement, generally using a synthetic credit rating based on the Company’s financial position and negative cash flows, factoring in adjustments for additional risks based on the Company’s economic condition, a survey of comparable companies with similar credit and financial profiles, as well as additional market risks, as may be applicable.

Right-of-use assets represent the Company’s right to use an underlying asset over its lease term. Right-of-use assets are initially measured as the associated lease liability, adjusted for prepaid rent and tenant incentives. The Company remeasures right-of-use assets and lease liabilities when a lease is modified, and the modification is not accounted for as a separate contract. A modification is accounted for as a separate contract if the modification grants the Company an additional right of use not included in the original lease agreement and the increase in lease payments is commensurate with the additional right of use. The Company assesses its right-of-use assets for impairment consistent with its policy for impairment of long-lived assets held and used in operations.

Subsequent Event Considerations

The Company considers events or transactions that occur after the balance sheet date but prior to the issuance of the financial statements to provide additional evidence for certain estimates or to identify matters that require additional disclosure. The Company has evaluated events occurring after the date of its consolidated balance sheet through the date these condensed consolidated financial statements were issued (see Note 19).

Recent Accounting Pronouncements

From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies that are adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on its financial position or results of operations upon adoption.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740)—Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 provides more transparency about income tax information through improvements to income tax

disclosures primarily related to the rate reconciliation and income taxes paid information. For public companies, the amendments are effective for annual periods beginning after December 15, 2024, and should be applied prospectively. The Company adopted this standard as of January 1, 2025. The Company determined that the effects of adopting the amendments in ASU 2023-09 had no impact on its consolidated financial position and the results of its operations and additional required disclosures have been included.

Recently Issued Accounting Standards Not Yet Adopted

In November 2024, the FASB issued ASU No. 2024-03, Disaggregation Disclosures (Subtopic 220-40)—Disaggregation of Income Statement Expenses (“ASU 2024-03”) which is intended to improve disclosures about a public business entity's expenses, primarily through additional disaggregation of income statement expenses. ASU 2024-03 is effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted. The amendments in ASU 2024-03 should be applied either prospectively to financial statements issued for reporting periods after the effective date or retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating ASU 2024-03 to determine the impact on the Company's disclosures.

Prepaid Expenses, Other Current Assets and Other Noncurrent Assets (Tables)

3 Months Ended

Mar. 31, 2026

Prepaid Expense and Other Assets, Current [Abstract]

Summary of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following as of (in thousands):


	March 31, 2026		December 31, 2025
Amounts due under Asset Purchase Agreement	$	4,837	$	4,837
Payroll tax credit		555		555
Prepaid expenses		554		813
Deferred transaction costs		325		—
Prepaid external research and development		160		528
Other		20		20
Total prepaid expenses and other current assets	$	6,451	$	6,753

Summary of Significant Accounting Policies - Summary of Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025	Dec. 31, 2024
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 50,751	$ 48,297	$ 65,483
Restricted cash and cash equivalents	647		647
Total cash, cash equivalents, restricted cash and restricted cash equivalents	$ 51,398	$ 48,944	$ 66,130	$ 78,612

Fair Value Measurements - Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Detail) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 50,751	$ 48,297	$ 65,483
Restricted cash equivalents	647	647
Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	49,383	46,941
Assets, Fair Value Disclosure, Total	49,383	46,941
Fair Value, Measurements, Recurring [Member] \| Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	49,383	46,941
Fair Value, Measurements, Recurring [Member] \| Quoted Prices in Active Markets (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	49,383	46,941
Assets, Fair Value Disclosure, Total	49,383	46,941
Fair Value, Measurements, Recurring [Member] \| Quoted Prices in Active Markets (Level 1) [Member] \| Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	49,383	46,941
Fair Value, Measurements, Recurring [Member] \| Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Assets, Fair Value Disclosure, Total	0	0
Fair Value, Measurements, Recurring [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Fair Value, Measurements, Recurring [Member] \| Significant Other Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Assets, Fair Value Disclosure, Total	0	0
Fair Value, Measurements, Recurring [Member] \| Significant Other Unobservable Inputs (Level 3) [Member] \| Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 0	$ 0

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Summary of Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents

Cash, cash equivalents, restricted cash and restricted cash equivalents consisted of the following (in thousands):


	March 31,
	2026		2025
Cash and cash equivalents	$	50,751	$	65,483
Restricted cash and cash equivalents		647		647
Total cash, cash equivalents, restricted cash and restricted cash equivalents	$	51,398	$	66,130

Stock-Based Compensation - Company's RSU activity (Details)	3 Months Ended
	Mar. 31, 2026 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Shares, Outstanding at Beginning Balance \| shares	2,186,531
Number of Shares, Granted \| shares	86,135
Number of Shares, Forfeited \| shares	(8,584)
Number of Shares, Outstanding at Ending Balance \| shares	2,264,082
Weighted- Average Exercise Price, Outstanding at Beginning Balance \| $ / shares	$ 2.82
Weighted- Average Exercise Price, Granted \| $ / shares	3.53
Weighted- Average Exercise Price, Forfeited \| $ / shares	17.63
Weighted- Average Exercise Price, Outstanding at Ending Balance \| $ / shares	$ 2.86
Restricted Stock Units [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Shares, Outstanding at Beginning Balance \| shares	317,213
Number of Shares, Granted \| shares	389,850
Number of Shares, Vested \| shares	(104,737)
Number of Shares, Forfeited \| shares	(3,000)
Number of Shares, Outstanding at Ending Balance \| shares	599,326
Weighted- Average Exercise Price, Outstanding at Beginning Balance \| $ / shares	$ 2.54
Weighted- Average Exercise Price, Granted \| $ / shares	4.5
Weighted- Average Exercise Price, Vested \| $ / shares	2.54
Weighted- Average Exercise Price, Forfeited \| $ / shares	2.54
Weighted- Average Exercise Price, Outstanding at Ending Balance \| $ / shares	$ 3.81

Related Party Transactions - Additional Information (Detail) - Consulting and Advisory Agreements - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Related Party Transaction [Line Items]
Related party transaction expense	$ 0	$ 0
Related Party
Related Party Transaction [Line Items]
Due to related parties	$ 0		$ 0

- Definition

Amount of liabilities classified as other.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(15))
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
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+ Details

Income Taxes

3 Months Ended

Mar. 31, 2026

Income Tax Disclosure [Abstract]

Income Taxes

16. Income Taxes

The Company did not record a tax provision or benefit for the three months ended March 31, 2026 and 2025.

The Company has evaluated the positive and negative evidence involving its ability to realize its deferred tax assets and has considered its 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 it will not realize the benefits of its deferred tax assets. The Company reevaluates the positive and negative evidence at each reporting period.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of Segment Reporting Information by Segment

The following table presents reportable segment net loss, including significant expenses regularly provided to the CODM, attributable to the Company’s reportable segment for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
	2026			2025
Direct research and development expense by program:
Bempikibart	$	1,310		$	2,764
ADX-097		—			569
Discovery and other		3			43
Personnel-related costs (excluding stock-based compensation)		2,691			4,549
Other G&A expenses		2,029			2,706
Interest income, net		(192	)		(371	)
Other segment items (1)		1,768			771
Total segment net loss	$	7,609		$	11,031

(1) Other segment items are included in order to reconcile to total segment net loss. Other segment items include non-cash items such as depreciation and amortization expense, stock-based compensation expense and the change in fair value of contingent value rights.

Stock-Based Compensation - Summary of Stock Based Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 1,548	$ 1,342
Research and Development [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	187	265
General and Administrative [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 1,361	$ 1,077

Property and Equipment, Net - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 90	$ 119
Impairment, long-lived asset, held-for-use	0	0
Loss on disposal of property and equipment	$ 0	$ 0

Accrued Expenses and Other Current Liabilities

3 Months Ended

Mar. 31, 2026

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

9. Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following as of (in thousands):


	March 31, 2026		December 31, 2025
Accrued professional services and other	$	1,436	$	591
Accrued compensation and related expenses		1,015		2,486
Operating lease liability, current		714		693
Accrued external research and development		612		462
Total accrued expenses and other current liabilities	$	3,777	$	4,232

Pre-Funded Warrants (Additional Information) (Details) $ / shares in Units, $ in Millions	Feb. 17, 2026 USD ($) $ / shares shares
Pre Funded Warrants [Member]
Pre Funded Warrants [Line items]
Warrants and Rights Outstanding \| shares	1,025,654
Class of warrants or rights exercise price per share	$ 3.8999
Gross proceeds of warrants \| $	$ 4.0
Warrant, Exercise Price, Decrease	$ 0.0001
Common Stock [Member]
Pre Funded Warrants [Line items]
Beneficially Own Percentage Of Number Of Shares	9.99%

Common Stock - Additional Information (Detail) - $ / shares	Mar. 31, 2026	Feb. 13, 2026	Dec. 31, 2025
Class of Stock [Line Items]
Common stock, shares authorized	400,000,000		400,000,000
Common stock, par value per share	$ 0.0001		$ 0.0001
Common Stock [Member]
Class of Stock [Line Items]
Common stock, shares authorized	400,000,000
Common stock, par value per share	$ 0.0001	$ 0.0001

- Definition

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

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+ Details

Commitments and Contingencies - Schedule of Operating Lease Cost and Variable Lease Costs and Sub Lease Income (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Fixed lease costs	$ 273	$ 265
Variable lease costs	115	230
Total lease costs	$ 388	$ 495

Debt - Summary of Long-term Debt Balance (Detail) - Venture Debt Two Thousand Twenty And Two Thousand And Twenty Three Term A Loan [Member] - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Disclosure in tabular form of venture debt [Line Items]
Principal amount of term loans	$ 7,813	$ 9,375
Unamortized debt discount and issuance costs	365	333
Carrying amount	8,178	9,708
Less current portion	(6,239)	(6,235)
Long-term debt, net	$ 1,939	$ 3,473

- Definition

Amount of unamortized debt discount (premium) and debt issuance costs.

+ References + Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

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+ Details

Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Payables and Accruals [Abstract]
Accrued professional services and other	$ 1,436	$ 591
Accrued compensation and related expenses	1,015	2,486
Operating lease liabilities	$ 714	$ 693
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued Expenses And Other Liabilities Current	Accrued Expenses And Other Liabilities Current
Accrued external research and development	$ 612	$ 462
Total accrued expenses and other current liabilities	$ 3,777	$ 4,232

Prepaid Expenses, Other Current Assets and Other Noncurrent Assets

3 Months Ended

Mar. 31, 2026

Prepaid Expense and Other Assets, Current [Abstract]

Prepaid Expenses, Other Current Assets

8. Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following as of (in thousands):


	March 31, 2026		December 31, 2025
Amounts due under Asset Purchase Agreement	$	4,837	$	4,837
Payroll tax credit		555		555
Prepaid expenses		554		813
Deferred transaction costs		325		—
Prepaid external research and development		160		528
Other		20		20
Total prepaid expenses and other current assets	$	6,451	$	6,753

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2026	May 01, 2026
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2026
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2026
Current Fiscal Year End Date	--12-31
Entity Registrant Name	Q32 Bio Inc.
Entity Central Index Key	0001661998
Entity File Number	001-38433
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-3468154
Entity Address, Address Line One	830 Winter Street
Entity Address, City or Town	Waltham
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02451
Entity Interactive Data Current	Yes
Entity Current Reporting Status	Yes
City Area Code	781
Local Phone Number	999-0232
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Title of 12(b) Security	Common stock, par value $0.0001 per share
Trading Symbol	QTTB
Security Exchange Name	NASDAQ
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		16,956,415

Property and Equipment, Net - Schedule of Property Plant and Equipment (Detail) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Property Plant and Equipment [Line Items]
Total property and equipment	$ 2,823	$ 2,823
Less accumulated depreciation	(1,934)	(1,844)
Property and equipment, net	889	979
Lab equipment [Member]
Property Plant and Equipment [Line Items]
Total property and equipment	1,382	1,382
Furniture and fixtures [Member]
Property Plant and Equipment [Line Items]
Total property and equipment	351	351
Computer equipment [Member]
Property Plant and Equipment [Line Items]
Total property and equipment	89	89
Leasehold improvements [Member]
Property Plant and Equipment [Line Items]
Total property and equipment	$ 1,001	$ 1,001

Debt

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Debt

11. Debt

Venture Debt

In December 2020, the Company entered into a Loan and Security Agreement, as amended in June 2022, August 2022, December 2022, April 2023, July 2023, November 2023, March 2024 and July 2024, with Silicon Valley Bank, a California corporation (the “Loan Agreement”) for a lending facility of up to $25.0 million. The Company received $5.0 million upon execution of the Loan Agreement which it repaid in July 2023, a $5.5 million term loan advance in July 2023 and a $7.0 million term loan advance in March 2024. The Company no longer has the ability to draw down any additional loan advances. The term loan bears interest at an annual rate equal to the greater of the prime rate minus 0.25% or 8.00%. The Loan Agreement provided for interest-only payments until July 1, 2025, followed by 24 equal monthly payments of principal plus interest. The loan matures on July 1, 2027. In addition, the Company paid a fee of $0.1 million upon closing and is required to pay a fee of 3.5% of the aggregate amount of advances under the Loan Agreement at maturity. At its option, the Company may elect to prepay all or a portion of the outstanding advances by paying the principal balance, and all accrued and unpaid interest, and a prepayment premium. In connection with the Loan Agreement, the Company granted the lender a security interest in all of its personal property now owned or hereafter acquired, excluding intellectual property (but including the rights to payment and proceeds from the sale, licensing or disposition of intellectual property), and a negative pledge on intellectual property. The Loan Agreement also contains certain events of default, representations, warranties and non-financial covenants of the Company. If the Company fails to make payments when due or breaches any operational covenant or has any event of default, this could have a material adverse effect on its business and financial condition. The Company was in compliance with all covenants at March 31, 2026.

In conjunction with the Loan Agreement, in December 2020, the Company issued warrants to purchase 7,988 shares of common stock to the lender at a per share price of $6.87 with a maximum contractual term of 10 years and in July 2023, warrants to purchase 10,156 shares of common stock to the lender at a per share price of $7.50 with a maximum contractual term of 10 years. The warrants had a de minimis total relative fair value at the time of issuance. Pursuant to FASB ASC Topic 480, Distinguishing Liabilities from Equity and FASB ASC Topic 815, Derivatives and Hedging, the warrants were classified as equity and were initially measured at fair value. Subsequent changes to fair value will not be recognized so long as the instrument continues to be equity classified.

Interest expense was $0.2 million and $0.3 million for the three months ended March 31, 2026 and 2025, respectively. The effective rate on the Loan Agreement, including the amortization of the debt discount and issuance costs was 9.04% and 9.45%,

respectively, at each of March 31, 2026 and December 31, 2025. The components of the long-term debt balance are as follows (in thousands):


	March 31, 2026			December 31, 2025
Principal amount of term loans	$	7,813		$	9,375
Unamortized debt discount and issuance costs		365			333
Carrying amount		8,178			9,708
Less current portion		(6,239	)		(6,235	)
Long-term debt, net	$	1,939		$	3,473

- Definition

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

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+ Details

Prepaid Expenses, Other Current Assets - Summary of Prepaid Expenses and Other Current Assets (Detail) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Prepaid Expense and Other Assets, Current [Abstract]
Amounts due under Asset Purchase Agreement	$ 4,837	$ 4,837
Prepaid external research and development	160	528
Prepaid expenses	554	813
Deferred transaction costs	325	0
Payroll tax credit	555	555
Other	20	20
Total prepaid expenses and other current assets	$ 6,451	$ 6,753

Related Party Transactions

3 Months Ended

Mar. 31, 2026

Related Party Transactions

15. Related Party Transactions

The Company has consulting and advisory agreements with certain investors and board members which are considered to be related party transactions. The Company did not incur expense for the three months ended March 31, 2026 and 2025 related to services provided by these investors and board members.

No amounts were due to related parties at March 31, 2026 or December 31, 2025.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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+ Details

Summary of Significant Accounting Policies - Additional Information (Detail)	Mar. 31, 2026 USD ($)
Accounting Policies [Line Items]
Cash FDIC insured amount	$ 250,000

Sale of Asset (Additional Information) (Details) - USD ($) $ in Millions			3 Months Ended
	May 28, 2026	Nov. 28, 2025	Mar. 31, 2026
Business Combination [Line Items]
Amount received on sales of asset		$ 7.0
Milestone receivable upon the earlier of achievement of the first milestone		2.0
Milestones payment		580.0
Development and regulatory milestones		92.5
Commercial milestones		$ 487.5
Transaction as an asset sale			$ 11.7
Sale of asset guaranteed upfront			$ 12.0
Forecast
Business Combination [Line Items]
Amount received on sales of asset	$ 3.0

- Definition

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

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+ Details

Common Stock

3 Months Ended

Mar. 31, 2026

Common Stock, Number of Shares, Par Value and Other Disclosure [Abstract]

Common Stock

12. Common Stock

As of March 31, 2026, the Company’s Restated Certificate of Incorporation, as amended, authorized the Company to issue 400,000,000 shares of common stock, $0.0001 par value per share.

The Company has reserved the following shares of common stock for future issuance:


	As of March 31, 2026		As of December 31, 2025
Shares available for future issuance under the 2024 Stock Incentive Plan		2,130,724		1,997,963
Shares available for future issuance under the 2024 Employee Stock Purchase Plan		371,393		242,813
Shares reserved for stock option exercises		2,264,082		2,186,531
Shares reserved for vesting of restricted stock units		599,326		317,213
Shares reserved for pre-funded warrants		1,025,654		—
Shares reserved for warrants		18,144		18,144
		6,409,323		4,762,664

- Definition

The entire disclosure for equity.

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+ Details

Property and Equipment, Net (Tables)

3 Months Ended

Mar. 31, 2026

Property, Plant and Equipment [Abstract]

Schedule of Property Plant and Equipment

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


	March 31, 2026			December 31, 2025
Lab equipment	$	1,382		$	1,382
Furniture and fixtures		351			351
Computer equipment		89			89
Leasehold improvements		1,001			1,001
Total property and equipment		2,823			2,823
Less accumulated depreciation		(1,934	)		(1,844	)
Property and equipment, net	$	889		$	979

Sale of Asset

3 Months Ended

Mar. 31, 2026

Asset Acquisition [Abstract]

Sale of Asset

4. Sale of Asset

On November 28, 2025, the Company entered into an Asset Purchase Agreement (the “Asset Purchase Agreement”) with Q32 Bio Operations Inc., a wholly-owned subsidiary of the Company (“Q32 Bio Operations” and, together with the Company, the “Seller”), and Akebia Therapeutics, Inc. (“Akebia”) pursuant to which the Seller sold to Akebia substantially all of the Seller’s assets related to the research, development, manufacture and commercialization of ADX-097 (the “ADX-097 Asset Sale”). As consideration for the ADX-097 Asset Sale, the Company (i) received an upfront payment of $7.0 million on November 28, 2025, and (ii) will receive a payment of $3.0 million on the six-month anniversary of the closing, or May 28, 2026. The Company will also receive a near-term milestone payment of $2.0 million upon the earlier of achievement of the first milestone under the Asset Purchase Agreement or December 31, 2026. In addition to these payments, the Company is eligible to receive up to $580.0 million upon the achievement of additional specified milestones, including up to $92.5 million related to development and regulatory milestones and up to $487.5 million related to commercial milestones. The Company is also eligible to receive tiered royalties on potential future sales of ADX-097 ranging from low single-digit to mid-teen percentages of annual net sales. The royalties will expire on a country-by-country basis on the later to occur of (a) the date of expiration of the last-to-expire valid claim of any transferred patent right that covers such product in such country, and (b) the tenth anniversary of the first commercial sale of such product.

On November 28, 2025, in connection with the ADX-097 Asset Sale, the Colorado License Agreement (defined in Note 10) was amended and restated and all of the Company’s rights and obligations thereunder were transferred to Akebia.

The Company accounted for the transaction as an asset sale and recognized $11.7 million, comprised of $12.0 million in guaranteed upfront and near-term milestones less certain contractual offsets, as a gain on sale of asset included in other income (expense) in the consolidated statements of operations for the year ended December 31, 2025. Any future milestones and royalties will be recognized when achieved.

Agreements with Horizon - Additional Information (Detail) - USD ($) $ in Millions		3 Months Ended
	Nov. 07, 2025	Mar. 31, 2026	Dec. 31, 2025
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Common stock shares issued		14,629,463	12,858,047
Horizon collaboration agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Received amount from Horizon	$ 55.0
Refund liability	$ 55.0	$ 55.0
Common stock shares issued	553,695
Legacy Q32
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Business combination, intial consideration		$ 55.0

Commitments and Contingencies Summary of Amounts Reported in the Balance Sheet in Respect of Operating Lease Assets and Corresponding Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Assets:
Operating lease right-of-use assets	$ 4,937	$ 5,100
Current:
Operating lease liabilities	714	693
Noncurrent:
Operating lease liabilities, net of current portion	4,754	4,943
Total operating lease liabilities	$ 5,468	$ 5,636

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Income Tax Disclosure [Line Items]
Provision for tax expense (benefit)	$ 0	$ 0

- Definition

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

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+ Details

Commitments and Contingencies - Schedule of Maturities of Operating Lease Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
2026	$ 819
2027	1,124
2028	1,158
2029	1,193
Thereafter	2,495
Total minimum lease payments	6,789
Less imputed interest	(1,321)
Total lease liability	5,468	$ 5,636
Lease liability, current portion	714	693
Lease liability, net of current portion	4,754	4,943
Total	$ 5,468	$ 5,636

Commitments and Contingencies - Additional Information (Detail) $ in Millions	1 Months Ended	3 Months Ended	4 Months Ended	12 Months Ended
	Dec. 31, 2021 USD ($) ft²	Mar. 31, 2026 USD ($)	Dec. 31, 2019 USD ($) shares	Dec. 31, 2021 USD ($) ft²	Jul. 31, 2024 USD ($)	Sep. 30, 2019 USD ($)
Commitment And Contingencies [Line Items]
Lease expiration date				Dec. 31, 2031
Executive insurance reserve		$ 5.0
License Agreement With The University Of Colorado [Member]
Commitment And Contingencies [Line Items]
Development and sales milestone payment payable		$ 2.2
Percentage of sublicense fees		15.00%
Period of obligation to pay royalties		20 years
License Agreement With Bristol Mayers Equib Company [Member]
Commitment And Contingencies [Line Items]
Percentage of sublicense fees			60.00%
Period of obligation to pay royalties			12 years
Upfront payment made			$ 8.0
Commercial milestone payment payable						$ 215.0
Royalty as a percentage of sales			10.00%
Development Milestone Payment Payable					$ 4.0
License Agreement With Bristol Mayers Equib Company [Member] \| Maximum [Member] \| Tranche Three [Member]
Commitment And Contingencies [Line Items]
Development and sales milestone payment payable						49.0
License Agreement With Bristol Mayers Equib Company [Member] \| Minimum [Member] \| Tranche Three [Member]
Commitment And Contingencies [Line Items]
Development and sales milestone payment payable						$ 32.0
License Agreement With Bristol Mayers Equib Company [Member] \| Series A Redeemable Preferred Stock [Member]
Commitment And Contingencies [Line Items]
Stock issued during period shares purchase of assets \| shares			318,278
Waltham Massauchets [Member]
Commitment And Contingencies [Line Items]
Office space leased \| ft²	15,000			15,000
Lessee, operating lease, lease not yet commenced, renewal term	5 years			5 years
Sublease aggregate base rent obligation	$ 1.0			$ 1.0
Percentage increase in initial annual base rent per square foot.	3.00%
Annual Rent Operating lease Aggregate After Increase	$ 11.1
Security deposit		$ 0.6
Operating lease weighted average remaining lease term		5 years 9 months
Operating lease weighted average discount rate		7.50%
Waltham Massauchets [Member] \| Restricted Cash And Cash Equivalents Non Current [Member]
Commitment And Contingencies [Line Items]
Lessee tenant improvement allowance		$ 0.4

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 50,751	$ 48,297
Prepaid expenses and other current assets	6,451	6,753
Total current assets	57,202	55,050
Property and equipment, net	889	979
Right-of-use asset, operating leases	4,937	5,100
Restricted cash and restricted cash equivalents	647	647
Total assets	63,675	61,776
Current liabilities:
Accounts payable	653	879
Accrued expenses and other current liabilities	3,777	4,232
Venture debt, current portion	6,239	6,235
Total current liabilities	10,669	11,346
Lease liability, net of current portion	4,754	4,943
Venture debt, net of current portion	1,939	3,473
Total liabilities	17,362	19,762
Commitments and contingencies (Note 10)
Stockholders' equity:
Preferred stock, $0.0001 par value; 10,000,000 shares authorized, no shares issued and outstanding at March 31, 2026 and December 31, 2025	0	0
Common stock, $0.0001 par value; 400,000,000 shares authorized, 14,629,463 and 12,858,047 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively	2	2
Additional paid-in capital	258,913	247,005
Accumulated deficit	(212,602)	(204,993)
Total stockholders' equity	46,313	42,014
Total liabilities and stockholders' equity	$ 63,675	$ 61,776

Common Stock - Schedule of Shares of Common Stock for Future Issuance (Detail) - shares	Mar. 31, 2026	Dec. 31, 2025
Disclosure in Tabular form of Common Stock Shares Reserved for Future Issuance [Line Items]
Common stock capital shares reserved for future issuance	6,409,323	4,762,664
Shares reserved for warrants [Member]
Disclosure in Tabular form of Common Stock Shares Reserved for Future Issuance [Line Items]
Common stock capital shares reserved for future issuance	18,144	18,144
Pre-funded Warrants [Member]
Disclosure in Tabular form of Common Stock Shares Reserved for Future Issuance [Line Items]
Common stock capital shares reserved for future issuance	1,025,654	0
Shares reserved for stock option exercises [Member]
Disclosure in Tabular form of Common Stock Shares Reserved for Future Issuance [Line Items]
Common stock capital shares reserved for future issuance	2,264,082	2,186,531
Restricted Stock [Member]
Disclosure in Tabular form of Common Stock Shares Reserved for Future Issuance [Line Items]
Common stock capital shares reserved for future issuance	599,326	317,213
Shares reserved for future issuance under the 2024 Stock Incentive Plan
Disclosure in Tabular form of Common Stock Shares Reserved for Future Issuance [Line Items]
Common stock capital shares reserved for future issuance	2,130,724	1,997,963
Shares reserved for future issuance under the 2024 Employee Stock Purchase Plan
Disclosure in Tabular form of Common Stock Shares Reserved for Future Issuance [Line Items]
Common stock capital shares reserved for future issuance	371,393	242,813

Net Loss per Share - Summary of Computation of Diluted Net Loss Per Share Attributable to Common Stockholders (Detail) - shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Employee Stock Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Options to purchase common stock	2,264,082	1,938,015
Restricted Stock Units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Options to purchase common stock	599,326	467,150
Warrants to purchase common stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Options to purchase common stock	18,144	18,144
Pre-funded warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Options to purchase common stock	1,025,654	0

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Operating expenses:
Research and development	$ 3,218	$ 7,124
General and administrative	4,504	5,104
Total operating expenses	7,722	12,228
Loss from operations	(7,722)	(12,228)
Other income	113	1,197
Total other income	113	1,197
Net loss and comprehensive loss	$ (7,609)	$ (11,031)
Net loss per share - basic	$ (0.54)	$ (0.9)
Net loss per share - diluted	$ (0.54)	$ (0.9)
Weighted-average common shares - basic	14,095,371	12,197,615
Weighted-average common shares - diluted	14,095,371	12,197,615

Property and Equipment, Net

3 Months Ended

Mar. 31, 2026

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

7. Property and Equipment, Net

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


	March 31, 2026			December 31, 2025
Lab equipment	$	1,382		$	1,382
Furniture and fixtures		351			351
Computer equipment		89			89
Leasehold improvements		1,001			1,001
Total property and equipment		2,823			2,823
Less accumulated depreciation		(1,934	)		(1,844	)
Property and equipment, net	$	889		$	979

Depreciation expense for the three months ended March 31, 2026 and 2025 was approximately $0.1 million in each period. No impairment losses occurred in the three months ended March 31, 2026 and 2025. The Company had no losses on disposal of fixed assets for the three months ended March 31, 2026 and 2025.

Fair Value Measurements

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements

5. Fair Value Measurements

The carrying values of the Company’s prepaid expenses and other current assets, accounts payable, and accrued expenses and other current liabilities approximate their fair value due to their short-term nature. The carrying value of the Company’s term loan as of March 31, 2026 (see Note 11) approximated fair value based on interest rates currently available to the Company.

The tables below present information about the Company’s assets that are regularly measured and carried at fair value on a recurring basis at March 31, 2026 and December 31, 2025 and indicate the level within the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value, which is described further within Note 2, Summary of Significant Accounting Policies.

Financial assets measured at fair value on a recurring basis as of March 31, 2026 are summarized as follows (in thousands):


Description	Balance as of March 31, 2026		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
Assets
Cash equivalents:
Money market funds	$	49,383	$	49,383	$	—	$	—
Total cash equivalents	$	49,383	$	49,383	$	—	$	—
Total financial assets	$	49,383	$	49,383	$	—	$	—

Financial assets measured at fair value on a recurring basis as of December 31, 2025 are summarized as follows (in thousands):


Description	Balance as of December 31, 2025		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
Assets
Cash equivalents:
Money market funds	$	46,941	$	46,941	$	—	$	—
Total cash equivalents	$	46,941	$	46,941	$	—	$	—
Total financial assets	$	46,941	$	46,941	$	—	$	—

Money market funds

Money market funds were valued by the Company using quoted prices in active markets for identical securities, which represent a Level 1 measurement within the fair value hierarchy.

CVR liability

On March 25, 2024, the effective date of the Merger, each person who as of immediately prior to the effective time of the Merger was a stockholder of record of Homology or had the right to receive Homology’s common stock received a contractual contingent value right (“CVR”), issued by Homology subject to and in accordance with the terms and conditions of a Contingent Value Rights Agreement between Homology and the rights agent (the “CVR Agreement”), representing the contractual right to receive cash payments from the combined company upon the receipt of certain proceeds from a disposition of Homology’s pre-merger assets, calculated in accordance with the CVR Agreement.

The Company concluded that the CVR liability was a derivative liability and was accounted for at fair value. The fair value of the CVR liability was based on significant unobservable inputs, which represent Level 3 measurements within the fair value hierarchy. For the portion of the CVR liability that was related to Homology's equity interest in OXB (US) LLC, the Company utilized a monte carlo simulation model, also known as a probability simulation, to estimate the fair value of the CVR liability at December 31, 2024. This model requires the use of estimates and assumptions including estimated future revenues and discount rates. Upon Oxford Biomedica (US), Inc.'s exercise of its option to cause the Company to sell and transfer to Oxford Biomedica (US), Inc. all of the Company’s equity ownership interest in OXB (US) LLC in June 2025, the Company received proceeds from Oxford Biomedica (US), Inc. and then remitted those proceeds to the CVR holders, and subsequently removed the associated CVR liability and recorded $0.4 million for the change in estimated fair value during the twelve months ended December 31, 2025 in other income (expense), net.

For the portion of the CVR liability related to Homology's HMI-103, HMI-204, capsids and AAVHSC platform, the Company's fair value assessment includes judgments around the probability of progressing the in-process research and development assets. As of March 31, 2026, the Company's assessment resulted in a CVR liability of zero.

During the three months ended March 31, 2026 and 2025, there were no transfers between Level 1, Level 2 and Level 3 measurements. There have been no impairments of the Company’s assets measured and carried at fair value during the three months ended March 31, 2026 and 2025.

- Definition

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

+ References

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

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

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

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

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

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

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

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

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

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

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

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

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

+ Details

Agreements with Horizon

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Agreements with Horizon

14. Agreements with Horizon

From August 2022 until November 2023, Legacy Q32 was a party to the Collaboration and Option Agreement (the “Horizon Collaboration Agreement”) and the Asset Purchase Agreement (the “Purchase Agreement,” and together with the Horizon Collaboration Agreement, the “Horizon Agreements”), each between Legacy Q32 and Horizon Therapeutics Ireland DAC (“Horizon”), pursuant to which Legacy Q32 received $55.0 million in initial consideration and staged development funding for the completion of the two ongoing Phase 2 trials for bempikibart, and Horizon had an option to acquire the bempikibart program at a prespecified price, subject to certain adjustments.

In October 2023, Amgen Inc. (“Amgen”) completed its acquisition of Horizon Therapeutics public limited company (“Horizon plc”). Following the acquisition, the Company agreed with Amgen to mutually terminate the Horizon Agreements. In November 2023, the Company and Horizon entered into a termination agreement (the “Horizon Termination Agreement”), pursuant to which Horizon’s option to acquire the bempikibart program was terminated. As a result, the Company retained all initial consideration and development funding received under the Horizon Collaboration Agreement and regained full development and commercial rights to bempikibart. In consideration for the Horizon Termination Agreement, the Company agreed to pay Horizon regulatory and sales milestones payments upon the first achievement of certain regulatory and sales milestones with respect to bempikibart. All amounts previously recognized as revenue were reversed in the fourth quarter of 2023 and a refund liability was established for the $55.0 million cash received during the term of the Horizon Collaboration Agreement.

On November 7, 2025, the Company and Amgen entered into an amendment to the Horizon Termination Agreement (the “Amgen Amendment”) pursuant to which the Company issued Horizon a one-time equity grant of 553,695 shares of the Company’s common stock as full consideration of the milestone payments under the Horizon Termination Agreement. Following the transactions contemplated by the Amgen Amendment, the Company has no remaining obligations to Amgen, including with respect to the

regulatory and sales-based milestone payments set forth in the Horizon Collaboration Agreement. Therefore, the Company derecognized the $55.0 million refund liability previously recorded for the $55.0 million of cash received under the Horizon Collaboration Agreement and recognized collaboration arrangement revenue for the difference between the equity issuance, and the refund liability as the consideration was no longer constrained.

Stock-Based Compensation - Summary of Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Shares, Outstanding at Beginning Balance	2,186,531
Number of Shares, Granted	86,135
Number of Shares, Exercised	0
Number of Shares, Cancelled	(8,584)
Number of Shares, Outstanding at Ending Balance	2,264,082	2,186,531
Number of shares, Vested and expected to vest	2,264,082
Number of Shares, Exercisable	1,230,591
Weighted- Average Exercise Price, Outstanding at Beginning Balance	$ 2.82
Weighted- Average Exercise Price, Granted	3.53
Weighted- Average Exercise Price, Exercised	0
Weighted- Average Exercise Price, Cancelled	17.63
Weighted- Average Exercise Price, Outstanding at Ending Balance	2.86	$ 2.82
Weighted- Average Exercise Price, Vested and expected to vest	2.86
Weighted- Average Exercise Price, Exercisable	$ 2.99
Weighted Average Remaining Contractual Term, Outstanding	7 years 7 months 20 days	7 years 9 months 21 days
Weighted Average Remaining Contractual Term, Vested and expected to vest	7 years 7 months 20 days
Weighted Average Remaining Contractual Term, Exercisable	6 years 9 months
Aggregate Intrinsic Value, Outstanding Beginning Balance	$ 1,567
Aggregate Intrinsic Value, Outstanding Ending Balance	8,365	$ 1,567
Aggregate Intrinsic Value, Vested and expected to vest	8,365
Aggregate Intrinsic Value, Exercisable	$ 4,522

Net Loss per Share (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Summary of calculation of diluted net income (loss) per share, the numerator is adjusted for any changes

For the three months ended March 31, 2026 and 2025, the Company’s potentially dilutive securities, which include stock options, RSUs, warrants and pre-funded warrants have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share.


	Three Months Ended March 31,
(in thousands, except per share amounts)	2026			2025
Numerator:
Net loss-basic	$	(7,609	)	$	(11,031	)
Net loss-diluted	$	(7,609	)	$	(11,031	)
Denominator:
Weighted-average common shares outstanding-basic		14,095,371			12,197,615
Dilutive securities		—			—
Weighted-average common shares outstanding-diluted		14,095,371			12,197,615

Net loss per share-basic	$	(0.54	)	$	(0.90	)
Net loss per share-diluted	$	(0.54	)	$	(0.90	)

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

The Company excluded the following from the computation of diluted net loss per share attributable to common stockholders because including them would have had an anti-dilutive effect:


	Three Months Ended March 31,
	2026		2025
Options to purchase common stock		2,264,082		1,938,015
Restricted stock units		599,326		467,150
Warrants to purchase common stock		18,144		18,144
Pre-funded warrants to purchase common stock		1,025,654		—

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Schedule of Amounts Reported In The Balance Sheet In Respect Of Operating Lease Assets And Corresponding Liabilities

Amounts reported in the unaudited condensed consolidated balance sheet for leases where the Company is the lessee as of March 31, 2026 and December 31, 2025 were as follows (in thousands):


	March 31, 2026		December 31, 2025
Assets:
Operating lease right-of-use assets	$	4,937	$	5,100
Total operating lease right-of-use assets	$	4,937	$	5,100
Liabilities:
Current:
Operating lease liabilities	$	714	$	693
Noncurrent:
Operating lease liabilities, net of current portion		4,754		4,943
Total operating lease liabilities	$	5,468	$	5,636

Schedule of Operating Lease Cost and Variable Lease Costs and Sub Lease Income

The following table summarizes operating lease costs for the three months ended March 31, 2026 and 2025 (in thousands):


	March 31,
	2026		2025
Fixed lease costs	$	273	$	265
Variable lease costs		115		230
Total lease costs	$	388	$	495

Schedule of Maturities of Operating Lease Liabilities

Future minimum lease payments under non-cancelable lease agreement as of March 31, 2026 and a reconciliation to the carrying amount of the lease liabilities presented in the consolidated balance sheet are as follows (in thousands):


	Minimum Rental Payments
2026	$	819
2027		1,124
2028		1,158
2029		1,193
Thereafter		2,495
Total minimum lease payments		6,789
Less imputed interest		(1,321	)
Total lease liability	$	5,468
Lease liability, current portion		714
Lease liability, net of current portion		4,754
Total	$	5,468

Stock-Based Compensation - Additional Information (Detail) - USD ($)			3 Months Ended
	Feb. 23, 2025	Mar. 15, 2024	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based awards, common stock reserved for issuance			6,409,323		4,762,664
Share based compensation by share based award options granted during the period shares			86,135
Share based awards, maximum contractual term			10 years
Number of common stock underlying shares	1,871,416
Weighted- Average Exercise Price, Cancelled			$ 17.63
Recognized			$ 300,000
Recognized Remaining Vesting Terms			$ 200,000
Restricted Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based awards, common stock reserved for issuance			599,326		317,213
Fair value of options vested			$ 300,000
Unrecognised compensation cost			$ 2,400,000
Unrecognised compensation cost, recognition period			2 years 7 months 6 days
Employee Stock Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based awards, common stock reserved for issuance			2,264,082		2,186,531
Share based awards, vesting period			4 years
Weighted-average grant date fair value, options granted			$ 2.73
Fair value of options vested			$ 200,000
Unrecognised compensation cost			$ 6,800,000
Unrecognised compensation cost, recognition period			1 year 1 month 6 days
2017 Stock Option and Grant Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based awards, common stock reserved for issuance			1,246,290
Share based awards, shares available for future grant			0
2024 Stock Option and Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based awards, common stock reserved for issuance		2,839,888
Share based awards, shares available for future grant			2,130,724
Increase in number of shares reserved for issuance, percent of common stock outstanding		5.00%
2024 Employee Stock Purchase Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based awards, common stock reserved for issuance		120,836
Share based awards, shares available for future grant			371,393
Increase in number of shares reserved for issuance (shares)		241,677
Increase in number of shares reserved for issuance, percent of common stock outstanding		1.00%
Purchase of common stock through payroll deductions expressed in percentage of fair market value		85.00%
Common stock offering period		6 months
Shares issued during period			0	0
Excess of accrued right to purchase stock		$ 25,000

Pre Funded Warrants

3 Months Ended

Mar. 31, 2026

Pre Funded Warrants Abstract

Pre Funded Warrants

3. Pre-Funded Warrants

On February 17, 2026, as part of the registered direct offering, the Company issued pre-funded warrants to purchase up to 1,025,654 shares of its common stock to a certain institutional investor at a price of $3.8999 per pre-funded warrant for gross proceeds of approximately $4.0 million. The pre-funded warrants have an exercise price of $0.0001 per share and may be exercised at any time after the original issuance date. A holder of a pre-funded warrant may not exercise such pre-funded warrant if the holder, together with its affiliates, would beneficially own more than 9.99% of the number of shares of the Company’s common stock outstanding immediately after giving effect to such exercise. As of March 31, 2026, the pre-funded warrants have not been exercised.

The Company classified the pre-funded warrants as a component of permanent equity in its condensed consolidated balance sheet as they are freestanding financial instruments that are immediately exercisable, does not embody an obligation for the Company to repurchase its own shares, cannot require cash settlement and permit the holder to receive a fixed number of shares of common stock upon exercise. All of the shares underlying the pre-funded warrants have been included in the weighted-average number of shares of common stock used to calculate net loss per share attributable to common stockholders because the shares may be issued for little or no consideration, are fully vested and are exercisable any time after the original issuance date of the pre-funded warrants.

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Pay vs Performance Disclosure
Net Income (Loss)	$ (7,609)	$ (11,031)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
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-URI https://asc.fasb.org/1943274/2147479168/946-830-55-10

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities:
Net income (loss)	$ (7,609)	$ (11,031)
Adjustments to reconcile net income loss to net cash used in operating activities:
Amortization of debt discount and issuance costs	33	48
Depreciation expense	90	119
Stock-based compensation expense	1,548	1,342
Non-cash lease expense	163	151
Loss on impairment of equity investment	0	74
Change in fair value of CVR liability	0	(960)
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	302	763
Other noncurrent assets	0	(328)
Accounts payable	(226)	(277)
Operating lease liability	(168)	(149)
Accrued expenses and other current liabilities	(476)	(2,234)
Net cash used in operating activities	(6,343)	(12,482)
Cash flows from investing activities:
Net cash provided by investing activities	0	0
Cash flows from financing activities:
Principal payments on venture debt	(1,563)	0
Proceeds from issuance of common stock and pre-funded warrants in Registered Direct Offering, net of issuance costs	10,360	0
Net cash provided by financing activities	8,797
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents	2,454	(12,482)
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period	48,944	78,612
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	51,398	66,130
Supplemental disclosure of non-cash operating, investing and financing activities:
Interest payments on venture debt	175	247
Deferred transaction costs included in accrued expenses and other current liabilities	$ 325	$ 0

Subsequent Events (Additional Information) (Details) - USD ($) $ in Thousands		3 Months Ended
	Apr. 24, 2026	Mar. 31, 2026	Mar. 31, 2025
Subsequent Event [Line Items]
Proceeds from Issuance of Common Stock		$ 10,360	$ 0
Subsequent event [Member] \| Sales Agreement [Member]
Subsequent Event [Line Items]
Offering Price	$ 75,000
Subsequent event [Member] \| ATM Offering Program [Member]
Subsequent Event [Line Items]
Stock Issued During Period, Shares, New Issues	2,326,952
Proceeds from Issuance of Common Stock	$ 13,800

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
Preferred stock par value per share	$ 0.0001	$ 0.0001
Preferred stock shares authorized	10,000,000	10,000,000
Preferred stock shares issued	0	0
Preferred stock shares outstanding	0	0
Common stock, par value per share	$ 0.0001	$ 0.0001
Common stock, shares authorized	400,000,000	400,000,000
Common stock shares issued	14,629,463	12,858,047
Common stock shares outstanding	14,629,463	12,858,047

Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Basis of Presentation

Principles of Consolidation

Use of Estimates

Concentrations of Credit Risk and Significant Suppliers

Comprehensive Income (Loss)

Comprehensive income (loss) includes net loss as well as other changes in stockholders’ equity (deficit) that result from transactions and economic events other than those with stockholders.

Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents

Cash, cash equivalents, restricted cash and restricted cash equivalents consisted of the following (in thousands):


	March 31,
	2026		2025
Cash and cash equivalents	$	50,751	$	65,483
Restricted cash and cash equivalents		647		647
Total cash, cash equivalents, restricted cash and restricted cash equivalents	$	51,398	$	66,130

Deferred Transaction Costs

Fair Value Measurements

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

Leases

Subsequent Event Considerations

Recent Accounting Pronouncements

Recently Issued Accounting Standards Not Yet Adopted

Segment Reporting

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Segment Reporting

18. Segment Reporting

The Company operates as one operating segment, focused on research, development, and discovering, developing and delivering therapies for its novel biologics. The Company’s CEO, as the chief operating decision maker (“CODM”), manages and allocates resources to the operations of the Company on a consolidated basis. Managing and allocating resources on a total-company basis enables the CODM to assess the overall level of resources available and how to best deploy those resources across research and development projects that are in line with our long-term company-wide strategic goals. Consistent with this decision-making process, the CODM uses consolidated, single-segment financial information for purposes of evaluating performance, forecasting future period financial results, allocating resources and setting incentive targets. When evaluating the Company’s overall performance, the CODM is focused on the timing and progress of its preclinical and clinical development activities. The CODM regularly reviews total expenses, as well as direct research and development expenses by program and makes decisions using this information on a company-wide basis.

The accounting policies of the reportable segment are the same as those described in the summary of significant accounting policies. The CODM assesses performance and decides how to allocate resources based on consolidated net loss. This measure is used to monitor budget versus actual results to assess performance of the segment. The measure of segment assets is reported on the consolidated balance sheet as total consolidated assets.


	Three Months Ended March 31,
	2026			2025
Direct research and development expense by program:
Bempikibart	$	1,310		$	2,764
ADX-097		—			569
Discovery and other		3			43
Personnel-related costs (excluding stock-based compensation)		2,691			4,549
Other G&A expenses		2,029			2,706
Interest income, net		(192	)		(371	)
Other segment items (1)		1,768			771
Total segment net loss	$	7,609		$	11,031

- Definition

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

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+ Details

Commitments and Contingencies

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

10. Commitments and Contingencies

As of March 31, 2026, the Company had ongoing clinical studies in various clinical trial stages. Its most significant contracts relate to agreements with CROs for clinical trials and preclinical studies and CDMOs for manufacturing which the Company enters into in the normal course of business. The contracts with CROs and CDMOs are generally cancellable, with notice, at the Company’s option.

Operating lease

In 2021 the Company entered into a long-term operating lease agreement for its current corporate headquarters in Waltham, Massachusetts (“headquarters lease”). The headquarters lease provides approximately 15,000 square feet for general office use and research lab facilities. The headquarters lease commencement date was January 1, 2022 and the lease term ends in December 2031. The Company has an option to extend the headquarters lease term for an additional five years. The initial rent for the office space is approximately $1.0 million per year, increasing every year by 3% for total aggregate payment of $11.1 million. Upon the commencement date, the Company established a right-of-use asset and lease liability on the condensed consolidated balance sheet. As part of the agreement, the Company arranged for a letter of credit for $0.6 million as security for the headquarters lease, which is considered restricted cash and included as restricted cash and restricted cash equivalents in the condensed consolidated balance sheet. The Company received $0.4 million in a tenant improvement allowance that was applied against the right-of-use asset.

As of March 31, 2026, the Company’s headquarters lease had a weighted-average remaining lease term of 5.75 years and weighted average incremental borrowing rate of 7.5%.

Amounts reported in the unaudited condensed consolidated balance sheet for leases where the Company is the lessee as of March 31, 2026 and December 31, 2025 were as follows (in thousands):


	March 31, 2026		December 31, 2025
Assets:
Operating lease right-of-use assets	$	4,937	$	5,100
Total operating lease right-of-use assets	$	4,937	$	5,100
Liabilities:
Current:
Operating lease liabilities	$	714	$	693
Noncurrent:
Operating lease liabilities, net of current portion		4,754		4,943
Total operating lease liabilities	$	5,468	$	5,636

The following table summarizes operating lease costs for the three months ended March 31, 2026 and 2025 (in thousands):


	March 31,
	2026		2025
Fixed lease costs	$	273	$	265
Variable lease costs		115		230
Total lease costs	$	388	$	495

Variable lease costs were primarily related to operating expenses, taxes and insurance associated with the operating lease, which were assessed based on the Company’s proportionate share of such costs for the leased premises. As these costs are generally variable in nature, they were not included in the measurement of the operating lease right-of-use asset and related lease liability. Total lease costs are included as operating expenses in the Company’s unaudited condensed consolidated statements of operations. Future minimum lease payments under non-cancelable lease agreement as of March 31, 2026 and a reconciliation to the carrying amount of the lease liabilities presented in the consolidated balance sheet are as follows (in thousands):


	Minimum Rental Payments
2026	$	819
2027		1,124
2028		1,158
2029		1,193
Thereafter		2,495
Total minimum lease payments		6,789
Less imputed interest		(1,321	)
Total lease liability	$	5,468
Lease liability, current portion		714
Lease liability, net of current portion		4,754
Total	$	5,468

License Agreements

License Agreement with the University of Colorado

In August 2017, the Company entered into an exclusive license agreement, as amended in February 2018, September 2018, and April 2019 (the “Colorado License Agreement”), with The Regents of the University of Colorado (“Colorado”), pursuant to which the Company obtained worldwide, royalty-bearing, sublicensable licenses under certain patents and know-how owned by Colorado and Medical University of South Carolina (“MUSC”) relating to the research, development and commercialization of ADX-097. The licenses granted to the Company are exclusive with respect to certain patent families and know-how and non-exclusive with certain other patent families and know-how. The licenses granted to the Company are also subject to certain customary retained rights of Colorado and MUSC and rights of the United States government owing to federal funding giving rise to inventions covered by the licensed patents. The Company agreed to use commercially reasonable efforts to develop, manufacture and commercialize ADX-097, including by using commercially reasonable efforts to achieve specified development and regulatory milestones by specified dates.

In addition, the Company agreed to pay Colorado (i) development and sales milestone payments in an aggregate amount of up to $2.2 million per licensed product for the first three products, (ii) tiered royalty rates on cumulative net sales of licensed products in the low single digit percentages, (iii) 15% of sublicense income and (iv) ongoing fees associated with the prosecution, maintenance, or filing of the licensed patents. The Company’s obligation to pay royalties to Colorado commences, on a licensed product-by-licensed product and country-by-country basis, from the first commercial sale of a licensed product in any country and expires on the later of (a) the last to expire valid claim within the licensed patents covering such licensed product in such country, and (b) 20 years following the effective date of the Colorado License Agreement, or April 2037 (the “Royalty Term”).

On November 28, 2025, in connection with the ADX-097 Asset Sale, the Colorado License Agreement was amended and restated and all of the Company’s rights and obligations thereunder were transferred to Akebia.

License Agreement with Bristol-Myers Squibb Company

In September 2019, the Company entered into a license agreement, as amended in August 2021 and July 2022 (the “BMS License Agreement”) with Bristol-Myers Squibb Company (“BMS”), pursuant to which the Company obtained sublicensable licenses from BMS to research, develop and commercialize licensed products, including bempikibart, for any and all uses worldwide. The licenses granted to the Company are exclusive with respect to BMS’s patent rights and know-how relating to certain antibody fragments (including certain fragments of bempikibart) and non-exclusive with respect to BMS’s patent rights and know-how relating to the composition of matter and use of a specific region of bempikibart. BMS retained the right for it and its affiliates to use the exclusively licensed patents and know-how for internal, preclinical research purposes. Under the BMS License Agreement, the Company is prohibited from engaging in certain clinical development or commercialization of any antibody other than a licensed compound with the same mechanism of action until the earlier of the expiration of Q32’s obligation to pay BMS royalties or September 2029.

In consideration for the license, the Company made an upfront payment to BMS of $8 million, issued 318,278 Series A preferred shares to BMS and agreed to use commercially reasonable efforts to develop and commercialize at least one licensed product in key geographic markets. In addition, the Company agreed to pay BMS (i) development and regulatory milestone payments in aggregate amounts ranging from $32 million to $49 million per indication for the first three indications and commercial milestone payments in an aggregate amount of up to $215 million on net sales of licensed products, (ii) tiered royalties ranging from rates in the mid-single digit percentages to up to 10% of net sales, with increasing rates depending on the cumulative net sales, (iii) up to 60% of sublicense income, which percentage decreases based on the development stage of bempikibart at the time of the sublicensing event, and (iv) ongoing fees associated with the prosecution, maintenance, or filing of the licensed patents.

The Company’s obligation to pay BMS royalties under subsection (ii) above commences, on a licensed product-by-licensed product and country-by-country basis on the first commercial sale of a licensed product in a country and expires on the later of (x) 12 years from the first commercial sale of such Licensed Product in such country, (y) the last to expire licensed patent right covering bempikibart or such licensed product in such country, and (z) the expiration or regulatory or marketing exclusivity for such licensed product in such country (Royalty Term). If the Company undergoes a change of control prior to certain specified phase of development, the development and milestone payments are subject to increase by a low double digit percentage and the royalty rates are subject to increase by a low sub single digit percentage.

Unless terminated earlier by either party pursuant to its terms, the BMS License Agreement will expire on a country-by-country and licensed product-by-licensed product basis upon the expiration of the last to expire Royalty Term with respect to such licensed product in such country. Either party may terminate the BMS License Agreement for the other party’s material breach, subject to a specified notice and cure period. BMS may terminate the BMS License Agreement if the Company fails to meet its diligence obligations under the BMS License Agreement, for the Company’s insolvency, or if the Company or its affiliates challenges the validity, scope, enforceability, or patentability of any of the licensed patents. The Company may terminate the BMS License Agreement for any reason upon prior written notice to BMS, with a longer notice period if a licensed product has received regulatory approval. If the BMS Agreement is terminated for the Company’s material breach, BMS will regain rights to bempikibart and the Company must grant BMS an exclusive license under the Company’s patent rights covering bempikibart, subject to a low single digit percentage royalty on net sales of bempikibart payable to the Company by BMS

In July 2024, the Company made a $4.0 million development milestone payment to BMS and recorded it as research and development expenses. As of March 31, 2026, no further events have occurred that would require payment of milestones, royalties or sublicense fees.

Legal Proceedings

The Company is not currently party to any material legal proceedings. The Company accounts for estimated losses with respect to legal proceedings and claims when such losses are probable and reasonably estimable. Legal costs associated with these matters are expensed when incurred.

Indemnification Arrangements

As permitted under Delaware law, the Company has agreements whereby it indemnifies certain of its investors, stockholders, employees, officers, and directors (collectively, the “Indemnified Parties”) for certain events or occurrences while the Indemnified Parties are, or were serving, at its request in such capacity. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is unlimited; however, the Company has an Executive Liability insurance policy that limits its exposure and enables it to recover a portion of any future amounts paid up to $5.0 million. The Company believes the estimated fair value of these indemnification agreements is minimal. The Company enters into standard indemnification agreements in the ordinary course of business. Pursuant to these agreements, the Company indemnifies, holds harmless, and agrees to reimburse the Indemnified Parties for losses suffered or incurred by the Indemnified Parties, generally the Company’s business partners or customers, in connection with any U.S. patent or any copyright or other intellectual property infringement claim by any third party with respect to the Company’s products. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is unlimited. The Company has never incurred costs to defend lawsuits or settle claims related to these indemnification agreements.

Subsequent Events

3 Months Ended

Mar. 31, 2026

Subsequent Events [Abstract]

Subsequent Events

19. Subsequent Events

The Company considers events or transactions that occur after the balance sheet date but prior to the date the financial statements are available to be issued for potential recognition or disclosure in the financial statements. The Company has completed an evaluation of all subsequent events after the balance sheet date of March 31, 2026 through the date the financial statements were issued to ensure that these financial statements include appropriate disclosure of events both recognized in the financial statements as of March 31, 2026 and events which occurred subsequently but were not recognized in the financial statements, and there were no material subsequent events requiring disclosure, except that subsequent to March 31, 2026, the Company sold 2,326,952 shares of common stock and received net proceeds of $13.8 million pursuant to the ATM under the Sales Agreement, and the Company filed an additional prospectus supplement with the SEC on April 24, 2026, pursuant to which the Company may offer and sell additional Shares having an aggregate offering price of up to $75 million pursuant to the Sales Agreement.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]
Beginning balance, Shares at Dec. 31, 2024		12,197,615
Beginning balance at Dec. 31, 2024	$ 5,675	$ 2	$ 240,487	$ (234,814)
Stock-based compensation expense	1,342		1,342
Net income (loss)	(11,031)			(11,031)
Ending balance, Shares at Mar. 31, 2025		12,197,615
Ending balance at Mar. 31, 2025	(4,014)	$ 2	241,829	(245,845)
Beginning balance, Shares at Dec. 31, 2025		12,858,047
Beginning balance at Dec. 31, 2025	42,014	$ 2	247,005	(204,993)
Issuance of common stock and pre-funded warrants in Registered Direct Offering, net of issuance costs	$ 10,360		10,360
Issuance of common stock and pre-funded warrants in Registered Direct Offering, net of issuance costs, Shares		1,666,679
Issuance of common stock from option exercises, Shares	0
Issuance of common stock from RSU vesting, Shares		104,737
Stock-based compensation expense	$ 1,548		1,548
Net income (loss)	(7,609)			(7,609)
Ending balance, Shares at Mar. 31, 2026		14,629,463
Ending balance at Mar. 31, 2026	$ 46,313	$ 2	$ 258,913	$ (212,602)

- Definition

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

+ References

+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

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+ Details

Accrued Expenses and Other Current Liabilities (Tables)

3 Months Ended

Mar. 31, 2026

Payables and Accruals [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following as of (in thousands):


	March 31, 2026		December 31, 2025
Accrued professional services and other	$	1,436	$	591
Accrued compensation and related expenses		1,015		2,486
Operating lease liability, current		714		693
Accrued external research and development		612		462
Total accrued expenses and other current liabilities	$	3,777	$	4,232

Segment Reporting - Schedule of Segment Reporting Information by Segment (Details) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Segment Reporting Information [Line Items]

$ 2,691

$ 4,549

Other G&A Expenses

2,029

2,706

Interest income, net

(192)

(371)

Other segment items

^[1]

1,768

771

Total segment net loss

7,609

11,031

Bempikibart [Member]

Segment Reporting Information [Line Items]

Other Research And Development Expense

1,310

2,764

ADX-097 Member]

Segment Reporting Information [Line Items]

Other Research And Development Expense

569

Discovery and other [Member]

Segment Reporting Information [Line Items]

Other Research And Development Expense

$ 3

$ 43

[1]	Other segment items are included in order to reconcile to total segment net loss. Other segment items include non-cash items such as depreciation and amortization expense, stock-based compensation expense and the change in fair value of contingent value rights.

Debt - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
	Dec. 11, 2020	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025	Mar. 31, 2024	Jul. 31, 2023	Jul. 12, 2023	Dec. 31, 2020
Debt Instrument [Line Items]
Line of credit facility outstanding current		$ 6,239		$ 6,235
Other income (expense)		113	$ 1,197
Two Thousand And Twenty And Two Thousand And Twenty Three Term A Loan [Member]
Debt Instrument [Line Items]
Interest expenses		$ 200	$ 300
Debt instrument effective rate of interest percentage		9.04%	9.45%
Loan And Security Agreement With Silicon Valley Bank [Member]
Debt Instrument [Line Items]
Class of warrants or rights number of securities covered by warrants or rights	7,988
Class of warrants or rights term	10 years
Loan And Security Agreement With Silicon Valley Bank [Member] \| Two Thousand And Twenty Term A Loan Advance [Member]
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity	$ 25,000
Proceeds from long term line of credit	5,000
Line of credit remaining borrowing capacity					$ 7,000	$ 5,500
Line of credit facility commitment fee amount	$ 100
Line of credit facility commitment fee percentage	3.50%
Loan And Security Second Amendment Agreement With Silicon Valley Bank [Member] \| Two Thousand And Twenty Term A Loan Advance [Member]
Debt Instrument [Line Items]
Long term debt variable interest rate percentage								0.25%
Long term debt percentage bearing annual prime rate								8.00%
Sixth Amendment Agreement With Silicon Valley Bank [Member]
Debt Instrument [Line Items]
Class of warrants or rights number of securities covered by warrants or rights							10,156
Class of warrants or rights exercise price per share	$ 6.87						$ 7.5
Class of warrants or rights term							10 years

Net Loss per Share - Summary of calculation of diluted net income (loss) per share, the numerator is adjusted for any changes (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Numerator:
Net loss -basic	$ (7,609)	$ (11,031)
Net loss -diluted	$ (7,609)	$ (11,031)
Denominator:
Weighted-average common shares outstanding-basic	14,095,371	12,197,615
Dilutive securities	0	0
Weighted-average common shares outstanding-diluted	14,095,371	12,197,615
Net loss per share - basic	$ (0.54)	$ (0.9)
Net loss per share - diluted	$ (0.54)	$ (0.9)

- Definition

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

+ References

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-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

+ Details

- Definition

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

+ References

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+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

Stock-Based Compensation

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

13. Stock-Based Compensation

2017 Stock Option and Grant Plan

Legacy Q32 adopted the 2017 Stock Option and Grant Plan and subsequent amendments (the “2017 Plan”) with 1,246,290 shares of common stock reserved for issuance to employees, directors, and consultants. The 2017 Plan allowed for the grant of incentive stock options, non-statutory stock options, restricted stock awards, restricted stock unit awards and other stock awards. As of March 31, 2026, there were no additional shares available for future grant under the 2017 Plan.

2024 Stock Option and Incentive Plan

On March 15, 2024, Homology’s board of directors adopted and subsequently, Homology’s stockholders approved the Q32 Inc. 2024 Stock Option and Incentive Plan (the “2024 Plan”), which became effective upon the closing of the Merger. The 2024 Plan replaced the 2017 Plan, as well as the Homology 2015 Stock Incentive Plan (the “Homology 2015 Plan”), and the Homology 2018 Plan (together with the Homology 2015 Plan, the “Homology Incentive Plans”). Upon effectiveness of the 2024 Plan, the Company ceased granting new awards under the 2017 Plan and the Homology Incentive Plans.

The 2024 Plan provides for the grant of incentive stock options, nonqualified stock options, restricted stock awards, restricted stock units, stock appreciation rights and other stock or cash-based awards to officers, employees, directors and consultants of the Company. The number of shares of common stock initially available for issuance under the 2024 Plan was 2,839,888 shares of common stock. The 2024 Plan provides that the number of shares reserved and available for issuance under the 2024 Plan will automatically increase each January 1, beginning on January 1, 2025, by 5% of the outstanding number of shares on the immediately preceding December 31, or such lesser amount as determined by the plan administrator. As of March 31, 2026, there were 2,130,724 shares available for future grant under the 2024 Plan.

2024 Employee Stock Purchase Plan

On March 15, 2024, Homology’s board of directors adopted and subsequently, Homology’s stockholders approved the Q32 Inc. 2024 Employee Stock Purchase Plan (the “2024 ESPP”). The 2024 ESPP allows employees to buy Company stock through after-tax payroll deductions at a discount from market value. The 2024 ESPP is intended to qualify as an “employee stock purchase plan” under Section 423 of the Internal Revenue Code. The number of shares of common stock initially available for issuance under the 2024 ESPP was 120,836 shares of common stock. The 2024 ESPP provides that the number of shares reserved and available for issuance under the plan will automatically increase each January 1, beginning on January 1, 2025, by the lesser of 241,677 shares, a number of shares equal 1% of the outstanding number of shares on the immediately preceding December 31, or such lesser amount as determined by the plan administrator. As of March 31, 2026, there were 371,393 shares available for future grant under the 2024 ESPP.

Under the 2024 ESPP, employees may purchase common stock through after-tax payroll deductions at a price equal to 85% of the lower of the fair market value on the first trading day of an offering period or the last trading day of an offering period. The 2024 ESPP generally provides for offering periods of six months in duration that end on the final trading day of each February and August. In accordance with the Internal Revenue Code, no employee will be permitted to accrue the right to purchase stock under the 2024 ESPP at a rate in excess of $25,000 worth of shares during any calendar year during which such a purchase right is outstanding (based on the fair market value per share of the Company’s common stock as of the first day of the offering period).

There were no shares issued under the 2024 ESPP during the three months ended March 31, 2026 and 2025.

Stock Options

Stock options granted by the Company typically vest over a four-year period and have a ten-year contractual term. The following table summarizes the Company’s stock option activity during the three months ended March 31, 2026:


	Number of Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (In Years)		Aggregate Intrinsic Value (in thousands)
Outstanding at January 1, 2026		2,186,531		$	2.82		7.81	$	1,567
Granted		86,135		$	3.53
Exercised		—		$	—
Cancelled		(8,584	)	$	17.63
Outstanding at March 31, 2026		2,264,082		$	2.86		7.64	$	8,365
Vested and expected to vest at March 31, 2026		2,264,082		$	2.86		7.64	$	8,365
Exercisable at March 31, 2026		1,230,591		$	2.99		6.75	$	4,522

The per share weighted-average grant date fair value of options granted in the three months ended March 31, 2026 was $2.73. The total fair value of options vested during the three months ended March 31, 2026 was $0.2 million. As of March 31, 2026, total unrecognized compensation costs to the unvested stock options were approximately $6.8 million, which is expected to be recognized over a weighted-average period of 1.1 years. The per share weighted-average exercise price of options cancelled in the three months ended March 31, 2026 of $17.63 was impacted by the Option Repricing (defined below).

Stock Option Modifications

On February 23, 2025, the Company's board of directors approved a stock option repricing (the “Option Repricing”), which was effective on February 24, 2025 (the “Repricing Date”). The Option Repricing applied to outstanding options to purchase shares of common stock of the Company granted under the Company’s 2017 Plan and 2024 Plan (collectively, “the Plans”), which, as of the Repricing Date, were held by current employees and non-employee directors of the Company and had an exercise price in excess of the current trading price of the common stock (so-called “underwater options”) with grant dates prior to February 23, 2025 (the “Eligible Options”). As of the Repricing Date, the Eligible Options were repriced such that the exercise price per share for such Eligible Options was reduced to the closing price of the common stock on the Nasdaq Global Market on the Repricing Date (the “Repriced Exercise Price”). The total number of shares of common stock underlying all Eligible Options was 1,871,416.

The Eligible Options will revert to the original exercise price (the “Original Price”) if (i) such Eligible Options are exercised prior to the one-year anniversary of the Repricing Date (the “Retention Date”), (ii) an Eligible Option holder's employment is

terminated by the Company for Cause (as defined in the 2024 Plan) prior to the Retention Date, or (iii) an Eligible Option holder resigns for any reason prior to the Retention Date. If an Eligible Option holder is terminated by the Company other than for Cause prior to the Retention Date (a “Terminated Employee”), any Eligible Options vested as of the date of such termination shall be exercisable at the Repriced Exercise Price (the “Terminated Employee Vested Options”), even prior to the Retention Date; provided that any unvested Eligible Options as of the date of such termination shall revert to the Original Price as of the date of termination. The deadline to exercise any Terminated Employee Vested Options, and any other Eligible Options held by a Terminated Employee that may become vested, shall be extended (but not truncated) to the later of (a) the one-year anniversary of the Terminated Employee’s termination date and (b) to align with the Eligible Option holder’s severance period (whether now or later implemented); provided that no extension shall exceed the Terminated Employee Vested Option’s expiration date, if earlier. In the event of a change-in-control prior to the Retention Date, each Eligible Option shall retain the Repriced Exercise Price to the extent it has not otherwise reverted to the Original Price. For the avoidance of doubt, the Eligible Options as modified by the Option Repricing are subject to the severance or change-in-control provisions in the current or future employment agreements, programs, policies or plans the Company has entered into or implemented or will enter into or implement with its directors, executive officers and other employees. There were no changes to the number of shares, the vesting schedule, or the expiration date of the Repriced Options except as outlined above.

The repricing of the Eligible Options was accounted for as a modification under FASB ASC Topic 718, Compensation—Stock Compensation (“ASC 718”). Accordingly, the Company calculated incremental compensation cost on the modification date in an amount equal to the difference between the fair value of the awards before and after modification, determined using a lattice model based on the Hull-White framework, and recognized $0.3 million in its statement of operations for the year ended December 31, 2025. An additional $0.2 million is being recognized over the remaining vesting terms of the modified awards.

Restricted Stock Units

The fair values of restricted stock units (“RSUs”) are based on the fair market value of the Company’s common stock on the date of grant. Each RSU represents a contingent right to receive one share of the Company’s common stock upon vesting. In general, RSUs vest annually in two or three equal installments. The following table summarizes the Company’s RSU activity during the three months ended March 31, 2026:


	Number of Shares			Weighted- Average Grant Date Fair Value
Outstanding at January 1, 2026		317,213		$	2.54
Granted		389,850		$	4.50
Vested		(104,737	)	$	2.54
Forfeited		(3,000	)	$	2.54
Outstanding at March 31, 2026		599,326		$	3.81

As of March 31, 2026, total unrecognized compensation costs to the unvested RSUs were approximately $2.4 million, which is expected to be recognized over a weighted-average period of 2.6 years. The total fair value of RSUs vested during the three months ended March 31, 2026 was $0.3 million.

Stock-Based Compensation Expense


	Three Months Ended March 31,
	2026	2025
Risk-free interest rate range	3.79% — 3.83%	4.46%
Expected dividend rate	— %	— %
Expected term (years) range	5.23 — 6.11	5.23
Expected stock price volatility range	97.1% — 98.6%	95.8%

Risk-Free Interest Rate – The risk-free rate assumption is based on the U.S. Treasury instruments, the terms of which were consistent with the expected term of the Company’s stock options.

Expected Dividend – The expected dividend assumption is based on the Company’s history and expectation of dividend payouts. The Company has not paid and does not intend to pay dividends.

Expected Term – The expected term of stock options represents the weighted average period the stock options are expected to be outstanding. The Company uses the simplified method for estimating the expected term, which calculates the expected term as the average time-to-vesting and the contractual life of the options for stock options issued to employees. The expected term for options granted to non-employees is based on the contractual life of the options.

Expected Volatility – Due to the Company’s limited operating history and lack of sufficient company-specific historical or implied volatility, the expected volatility assumption was determined by examining the historical volatilities of a group of industry peers whose share prices are publicly available. The Company expects to continue to do so until such time as it has adequate historical data regarding the volatility of its own traded stock price.

Fair Value of Common Stock – Prior to the Merger, as there had been no public market for the Company’s common stock, the estimated fair value of its common stock was determined by the Company using estimates and assumptions on the respective grant dates of the awards. These estimates and assumptions include a number of objective and subjective factors, including external market conditions, the prices at which the Company sold shares of preferred securities and the superior likelihood of achieving a liquidity event, such as an IPO or sale. Significant changes to the key assumptions used in the valuations could result in different fair values of common stock at each valuation date.

As discussed above, incremental stock-based compensation expense for the Option Repricing on February 24, 2025 was calculated using a lattice model based on the Hull-White framework. This approach incorporated key assumptions, including suboptimal exercise multiples for both staff and executives, derived from empirical data. The model also accounted for additional factors such as vesting periods, employee turnover based on the accounting of forfeitures, volatility, contractual expiry, and risk-free rates.

The Company recorded stock-based compensation expense in the following expense categories of its statements of operations (in thousands):


	Three Months Ended March 31,
	2026		2025
Research and development	$	187	$	265
General and administrative		1,361		1,077
Total stock-based compensation expense	$	1,548	$	1,342