0001193125-26-344607 | 10-Q | XBRL Viewer

Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2026

Summary of Segment Loss Including Significant Segment Expenses

The following table sets forth the Company’s summary of segment loss, including significant segment expenses for the three and six months ended June 30, 2026 and 2025 (in thousands):


		Three Months Ended June 30,								Six Months Ended June 30,
		2026				2025				2026				2025
Research and development expenses:
Miv-cel	$		11,386		$		22,541		$		26,616		$		44,661
Other programs			24				986				230				1,498
Other research and development expenses(a)			13,378				12,289				28,015				27,090
General and administrative expenses(b)			14,768				8,594				26,062				18,569
Interest (income)			(1,929	)			(2,364	)			(4,256	)			(5,189	)
Interest expense and other expense, net			692				35				1,380				87
Segment loss and net loss	$		38,319		$		42,081		$		78,047		$		86,716

(a) Primarily includes personnel costs, license fees, R&D consulting services, unallocated CRO and CMO costs and allocated overhead and facilities expenses.

(b) Primarily includes personnel costs, allocated overhead and facilities expenses, legal, IT, accounting and general and administrative expenses.

- Definition

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

+ References

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+ Details

License and Collaboration Agreements	6 Months Ended
Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
License and Collaboration Agreements	6. License and Collaboration Agreements Patent License Agreements with the National Institutes of Health In May 2021, the Company entered into two patent license agreements (the “NIH Agreements”) with the National Institutes of Health (the “NIH”), pursuant to which the Company obtained exclusive, worldwide licenses to certain patents to use an anti-CD19 CAR in the Company’s autologous and allogeneic CAR T-cell products for the treatment of patients with autoimmune disease. The Company paid $3.3 million for acquired licenses. Under the NIH Agreements, commencing in January 2023 and subsequently on January 1 of each calendar year thereafter, the Company is also required to make minimum annual royalty payments of $0.2 million, which shall be credited against any earned royalties due based on a low single-digit percentage of net sales made in a respective year. In addition, benchmark royalties following the completion of certain regulatory-and clinical-related benchmarks are due to the NIH, with the minimum cumulative royalty due for a product reaching FDA approval or foreign-equivalent approval totaling $5.7 million for the autologous patent license agreement and $1.7 million for the allogeneic patent license agreement. Additional benchmark royalties would be payable for a subsequent indication under each NIH Agreement. If the Company enters into a sublicensing agreement, it will be required to pay the NIH a sublicense royalty payment as a percentage of the fair market value of any consideration received for each sublicense granted. The sublicensing percentage starts at a high teens to low twenties percentage if clinical trials for the product have not yet begun and decreases to a mid-single-digit percentage if the product has received FDA approval or foreign-equivalent approval. Unless terminated sooner, the NIH Agreements remain in effect until the last licensed patent right granted pursuant to the respective agreement expires. The acquisition of the licenses, including patent rights and know-how, was accounted for as an asset acquisition. As the acquired technology did not have an alternative use for accounting purposes, the consideration of $3.3 million was recorded as research and development expense in the statements of operations and comprehensive loss for the year ended December 31, 2021. The Company recognized $1.2 million and $0.2 million as research and development expense related to minimum annual and benchmark royalties for the six months ended June 30, 2026 and 2025, respectively. The Company did not recognize any royalties for the three months ended June 30, 2026 and 2025. No royalties were probable or payable as of June 30, 2026 and December 31, 2025. Intellia License and Collaboration Agreement In December 2021, the Company entered into a License and Collaboration Agreement (the “Intellia Agreement”) with Intellia Therapeutics, Inc. (“Intellia”) to research and develop an allogeneic CD19-directed CAR cell therapy product (the “CRISPR Product”), suitable for validation through pre-clinical and clinical proof-of-concept clinical trials, including the performance of activities as agreed in the collaboration plan. Pursuant to the Intellia Agreement, Intellia granted to the Company an exclusive, worldwide, sublicensable in multiple tiers, royalty bearing license under certain of Intellia’s intellectual property to research, develop, sell and otherwise exploit the CRISPR Product. The Company is performing the majority of the work under the collaboration plan. As consideration for the licenses granted to the Company pursuant to the Intellia Agreement, the Company issued to Intellia shares of its Series B Preferred Stock with the fair value of $7.0 million. The Company is also obligated to make aggregate milestone payments to Intellia of up to $64.5 million upon the achievement of specified development and regulatory milestones and is obligated to pay to Intellia low to mid-single-digit royalties as a percentage of annual worldwide sales, subject to certain adjustments, and additional potential royalties and milestones to Intellia’s licensors. The royalties are payable on a country-by-country basis, commencing upon the first commercial sale of the CRISPR Product in the applicable country and expiring upon the later of (i) 12 years after the first commercial sale or (ii) the expiration of the last-to-expire valid patent claim. Under the Intellia Agreement, Intellia owns rights, title and interests in and to any intellectual property developed in the course of performance under the Intellia Agreement that is not specifically directed to the CRISPR Product. The Company granted to Intellia certain non-exclusive, royalty-free, fully paid-up, worldwide licenses under the Company’s intellectual property solely to perform the activities designated to Intellia under the collaboration, and to research, develop or otherwise exploit any human therapeutic product that is developed or commercialized by Intellia, utilizes or incorporates Intellia intellectual property and that is not the CRISPR Product or any product directed to CD19 or any other B-cell antigen. In addition, the Company granted Intellia an exclusive option (the “Intellia Option”) to enter into a co-development and co-commercialization agreement with the Company for the CRISPR Product (the “Co-Co Agreement”) for a fee payable to the Company. If Intellia exercises the Intellia Option, the Company and Intellia would share equally the regulatory and clinical development expenses associated with obtaining approval of the CRISPR Product in the U.S. and would also share equally all net profits and losses from commercialization of the CRISPR Product in the U.S. If Intellia exercises the Intellia Option, no milestone payments will be due and payable from that time forward and the Company will only pay royalties on sales outside of the U.S. In addition, upon exercise of the Intellia Option, following regulatory approval of the CRISPR Product, Intellia will have exclusive commercialization rights for the CRISPR Product for U.S. administration, subject to the Company’s rights to co-promote the CRISPR Product in the U.S., and the Company will retain the sole and exclusive rights to research, develop, or otherwise exploit the CRISPR Product for rest-of-world administration and shall have sole decision-making authority in relation thereto, subject to the parties’ obligations to cooperate regarding certain development, regulatory and commercialization strategies. During the term of the Co-Co Agreement, subject to certain exceptions, neither party will clinically develop or commercialize a cell therapy product directed to CD19 other than the CRISPR Product for use in the treatment or prevention of certain indications set forth in the Intellia Agreement and any additional indication that the parties mutually agree to include (any such product, a “Competitive Product”); provided, however, that (i) any products for use in any indications that are the subject of a development program or third-party collaboration as of the effective date of the Co-Co Agreement shall not be considered Competitive Products and (ii) any products for use in any additional indications that are the subject of a development program or third-party collaboration as of the date that such additional indications are included in the global development plan shall not be considered Competitive Products. The Intellia Agreement terminates on a country-by-country basis upon the expiration of the last valid claim within Intellia’s patent rights covering the CRISPR Product within such country, unless the agreement is earlier terminated in its entirety by either party for insolvency, by either party for material breach of contract, by Intellia if the Company participates in legal action or proceeding challenging the validity or enforceability of Intellia’s patents, or by the execution of the Co-Co Agreement. The Company may terminate the Intellia Agreement in its entirety, or on a country-by-country basis, by providing a written notice after the expiration or termination of the Intellia Option. Following the expiration of the term for a given country, the licenses granted to the Company in such country will automatically become fully paid-up, perpetual, irrevocable and royalty-free licenses. No milestone payments were probable or payable as of June 30, 2026 and December 31, 2025. Kite License Agreement (Related Party) In January 2020, the Company entered into a License Agreement with Kite Therapeutics, Inc. ("Kite"), a subsidiary of Gilead Sciences, Inc. ("Gilead") (the "Kite Agreement"). Pursuant to the Kite Agreement, Kite granted to the Company a ten-year, co-exclusive license for the SynNotch technology primarily used in the Company’s own internal research and development programs for the treatment, diagnosis or prevention of autoimmune, inflammatory or allogeneic stem cell transplant inflammatory diseases (excluding post-transplant infectious diseases). Kite had licensed certain of the SynNotch technology included in the Kite Agreement pursuant to that certain Amended and Restated Exclusive License Agreement, between The Regents of the University of California and Kite (as successor to Cell Design Labs, Inc.) (the “UCSF License Agreement”). The Company was responsible for all costs and payments arising under the UCSF License Agreement and as a result of activities under the Kite Agreement, including earned royalties based on a low single-digit percentage of net sales, milestone payments in an aggregate amount of up to $10.8 million and accrued interest payables. Pursuant to the Kite Agreement, the Company was also obligated to pay mid-teen-and mid-single-digit percentages of annual maintenance fees, minimum annual royalties and patent prosecution costs payable under the UCSF License Agreement. The Company was also obligated to pay a $6.3 million sublicensing fee under the UCSF License Agreement, which the Company agreed to offset with future milestone payments payable by Gilead under the Gilead Collaboration, Option and License Agreement, which was terminated in January 2024. In October 2025, the Company, Gilead and Kite agreed to settle the outstanding balance as follows: (1) a payment of $2.5 million by the Company to Kite in cash within 30 days; and (2) the remaining balance of $3.8 million to settle no later than December 31, 2026, through an issuance of the Company's common stock to Kite at market price, a cash payment, or any combination of both cash payment and common stock issuance, at the discretion of the Company. The parties also agreed to terminate the Kite Agreement and released one another from any further obligations. The Company paid $2.5 million to Kite in November 2025 and the remaining balance of $3.8 million is presented as current accrued license expense – related party in the condensed balance sheets as of June 30, 2026 and December 31, 2025.

License and Collaboration Agreements

6 Months Ended

Jun. 30, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

License and Collaboration Agreements

6. License and Collaboration Agreements

Patent License Agreements with the National Institutes of Health

In May 2021, the Company entered into two patent license agreements (the “NIH Agreements”) with the National Institutes of Health (the “NIH”), pursuant to which the Company obtained exclusive, worldwide licenses to certain patents to use an anti-CD19 CAR in the Company’s autologous and allogeneic CAR T-cell products for the treatment of patients with autoimmune disease. The Company paid $3.3 million for acquired licenses.

Under the NIH Agreements, commencing in January 2023 and subsequently on January 1 of each calendar year thereafter, the Company is also required to make minimum annual royalty payments of $0.2 million, which shall be credited against any earned royalties due based on a low single-digit percentage of net sales made in a respective year. In addition, benchmark royalties following the completion of certain regulatory-and clinical-related benchmarks are due to the NIH, with the minimum cumulative royalty due for a product reaching FDA approval or foreign-equivalent approval totaling $5.7 million for the autologous patent license agreement and $1.7 million for the allogeneic patent license agreement. Additional benchmark royalties would be payable for a subsequent indication under each NIH Agreement. If the Company enters into a sublicensing agreement, it will be required to pay the NIH a sublicense royalty payment as a percentage of the fair market value of any consideration received for each sublicense granted. The sublicensing percentage starts at a high teens to low twenties percentage if clinical trials for the product have not yet begun and decreases to a mid-single-digit percentage if the product has received FDA approval or foreign-equivalent approval.

Unless terminated sooner, the NIH Agreements remain in effect until the last licensed patent right granted pursuant to the respective agreement expires.

The acquisition of the licenses, including patent rights and know-how, was accounted for as an asset acquisition. As the acquired technology did not have an alternative use for accounting purposes, the consideration of $3.3 million was recorded as research and development expense in the statements of operations and comprehensive loss for the year ended December 31, 2021. The Company recognized $1.2 million and $0.2 million as research and development expense related to minimum annual and benchmark royalties for the six months ended June 30, 2026 and 2025, respectively. The Company did not recognize any royalties for the three months ended June 30, 2026 and 2025. No royalties were probable or payable as of June 30, 2026 and December 31, 2025.

Intellia License and Collaboration Agreement

In December 2021, the Company entered into a License and Collaboration Agreement (the “Intellia Agreement”) with Intellia Therapeutics, Inc. (“Intellia”) to research and develop an allogeneic CD19-directed CAR cell therapy product (the “CRISPR Product”), suitable for validation through pre-clinical and clinical proof-of-concept clinical trials, including the performance of activities as agreed in the collaboration plan. Pursuant to the Intellia Agreement, Intellia granted to the Company an exclusive, worldwide, sublicensable in multiple tiers, royalty bearing license under certain of Intellia’s intellectual property to research, develop, sell and otherwise exploit the CRISPR Product. The Company is performing the majority of the work under the collaboration plan.

As consideration for the licenses granted to the Company pursuant to the Intellia Agreement, the Company issued to Intellia shares of its Series B Preferred Stock with the fair value of $7.0 million. The Company is also obligated to make aggregate milestone payments to Intellia of up to $64.5 million upon the achievement of specified development and regulatory milestones and is obligated to pay to Intellia low to mid-single-digit royalties as a percentage of annual worldwide

sales, subject to certain adjustments, and additional potential royalties and milestones to Intellia’s licensors. The royalties are payable on a country-by-country basis, commencing upon the first commercial sale of the CRISPR Product in the applicable country and expiring upon the later of (i) 12 years after the first commercial sale or (ii) the expiration of the last-to-expire valid patent claim.

Under the Intellia Agreement, Intellia owns rights, title and interests in and to any intellectual property developed in the course of performance under the Intellia Agreement that is not specifically directed to the CRISPR Product. The Company granted to Intellia certain non-exclusive, royalty-free, fully paid-up, worldwide licenses under the Company’s intellectual property solely to perform the activities designated to Intellia under the collaboration, and to research, develop or otherwise exploit any human therapeutic product that is developed or commercialized by Intellia, utilizes or incorporates Intellia intellectual property and that is not the CRISPR Product or any product directed to CD19 or any other B-cell antigen.

In addition, the Company granted Intellia an exclusive option (the “Intellia Option”) to enter into a co-development and co-commercialization agreement with the Company for the CRISPR Product (the “Co-Co Agreement”) for a fee payable to the Company. If Intellia exercises the Intellia Option, the Company and Intellia would share equally the regulatory and clinical development expenses associated with obtaining approval of the CRISPR Product in the U.S. and would also share equally all net profits and losses from commercialization of the CRISPR Product in the U.S. If Intellia exercises the Intellia Option, no milestone payments will be due and payable from that time forward and the Company will only pay royalties on sales outside of the U.S. In addition, upon exercise of the Intellia Option, following regulatory approval of the CRISPR Product, Intellia will have exclusive commercialization rights for the CRISPR Product for U.S. administration, subject to the Company’s rights to co-promote the CRISPR Product in the U.S., and the Company will retain the sole and exclusive rights to research, develop, or otherwise exploit the CRISPR Product for rest-of-world administration and shall have sole decision-making authority in relation thereto, subject to the parties’ obligations to cooperate regarding certain development, regulatory and commercialization strategies.

During the term of the Co-Co Agreement, subject to certain exceptions, neither party will clinically develop or commercialize a cell therapy product directed to CD19 other than the CRISPR Product for use in the treatment or prevention of certain indications set forth in the Intellia Agreement and any additional indication that the parties mutually agree to include (any such product, a “Competitive Product”); provided, however, that (i) any products for use in any indications that are the subject of a development program or third-party collaboration as of the effective date of the Co-Co Agreement shall not be considered Competitive Products and (ii) any products for use in any additional indications that are the subject of a development program or third-party collaboration as of the date that such additional indications are included in the global development plan shall not be considered Competitive Products.

The Intellia Agreement terminates on a country-by-country basis upon the expiration of the last valid claim within Intellia’s patent rights covering the CRISPR Product within such country, unless the agreement is earlier terminated in its entirety by either party for insolvency, by either party for material breach of contract, by Intellia if the Company participates in legal action or proceeding challenging the validity or enforceability of Intellia’s patents, or by the execution of the Co-Co Agreement. The Company may terminate the Intellia Agreement in its entirety, or on a country-by-country basis, by providing a written notice after the expiration or termination of the Intellia Option. Following the expiration of the term for a given country, the licenses granted to the Company in such country will automatically become fully paid-up, perpetual, irrevocable and royalty-free licenses.

No milestone payments were probable or payable as of June 30, 2026 and December 31, 2025.

Kite License Agreement (Related Party)

In January 2020, the Company entered into a License Agreement with Kite Therapeutics, Inc. ("Kite"), a subsidiary of Gilead Sciences, Inc. ("Gilead") (the "Kite Agreement"). Pursuant to the Kite Agreement, Kite granted to the Company a ten-year, co-exclusive license for the SynNotch technology primarily used in the Company’s own internal research and development programs for the treatment, diagnosis or prevention of autoimmune, inflammatory or allogeneic stem cell transplant inflammatory diseases (excluding post-transplant infectious diseases).

Kite had licensed certain of the SynNotch technology included in the Kite Agreement pursuant to that certain Amended and Restated Exclusive License Agreement, between The Regents of the University of California and Kite (as successor to Cell Design Labs, Inc.) (the “UCSF License Agreement”). The Company was responsible for all costs and payments arising under the UCSF License Agreement and as a result of activities under the Kite Agreement, including earned royalties based on a low single-digit percentage of net sales, milestone payments in an aggregate amount of up to $10.8 million and accrued interest payables.

Pursuant to the Kite Agreement, the Company was also obligated to pay mid-teen-and mid-single-digit percentages of annual maintenance fees, minimum annual royalties and patent prosecution costs payable under the UCSF License Agreement. The Company was also obligated to pay a $6.3 million sublicensing fee under the UCSF License Agreement, which the Company agreed to offset with future milestone payments payable by Gilead under the Gilead Collaboration, Option and License Agreement, which was terminated in January 2024.

In October 2025, the Company, Gilead and Kite agreed to settle the outstanding balance as follows: (1) a payment of $2.5 million by the Company to Kite in cash within 30 days; and (2) the remaining balance of $3.8 million to settle no later than December 31, 2026, through an issuance of the Company's common stock to Kite at market price, a cash payment, or any combination of both cash payment and common stock issuance, at the discretion of the Company. The parties also agreed to terminate the Kite Agreement and released one another from any further obligations. The Company paid $2.5 million to Kite in November 2025 and the remaining balance of $3.8 million is presented as current accrued license expense – related party in the condensed balance sheets as of June 30, 2026 and December 31, 2025.

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2026	Aug. 03, 2026
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2026
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q2
Entity File Number	001-41947
Entity Registrant Name	Kyverna Therapeutics, Inc.
Entity Central Index Key	0001994702
Current Fiscal Year End Date	--12-31
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	83-1365441
Entity Address, Address Line One	5980 Horton St.
Entity Address, Address Line Two	STE 200
Entity Address, City or Town	Emeryville
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94608
City Area Code	(510)
Local Phone Number	925-2492
Title of 12(b) Security	Common Stock, par value $0.00001 per share
Trading Symbol	KYTX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Document Quarterly Report	true
Document Transition Report	false
Entity Common Stock, Shares Outstanding		61,843,444

Commitments and Contingent Liabilities (Tables)

6 Months Ended

Jun. 30, 2026

Commitments and Contingencies Disclosure [Abstract]

Components of Lease Expense

Components of the lease expense for the three and six months ended June 30, 2026 and 2025, were as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025

Operating lease cost	$	619	$	850	$	1,383	$	1,700
Finance lease cost:
Amortization of right-of-use assets		41		237		193		475
Interest on lease liabilities		4		13		10		32
Variable lease cost		78		285		750		657
Total lease expense	$	742	$	1,385	$	2,336	$	2,864

Related Party Transactions

6 Months Ended

Jun. 30, 2026

Related Party Transactions

12. Related Party Transactions

The Company had zero and $0.1 million in other accrued expenses and current liabilities on the condensed balance sheet as of June 30, 2026 and December 31, 2025, respectively, related to severance payments for the Company’s former chief executive officer.

- 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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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Commitments and Contingent Liabilities - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]
Operating lease cost	$ 619	$ 850	$ 1,383	$ 1,700
Finance lease cost:
Amortization of right-of-use assets	41	237	193	475
Interest on lease liabilities	4	13	10	32
Variable lease cost	78	285	750	657
Total lease expense	$ 742	$ 1,385	$ 2,336	$ 2,864

Net Loss Per Share Attributable to Common Stockholders - Schedule of Potential Shares of Common Stock that were Excluded from the Computation of Diluted Net Loss Per Share (Details) - shares	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential shares of common stock that were excluded from the computation of diluted net loss per share	12,277,134	11,187,468
Options issued and outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential shares of common stock that were excluded from the computation of diluted net loss per share	10,590,212	9,938,939
Unvested RSUs and PRSUs outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential shares of common stock that were excluded from the computation of diluted net loss per share	1,686,922	1,248,529

Balance Sheet Components

6 Months Ended

Jun. 30, 2026

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Components

5. Balance Sheet Components

Property and Equipment, Net

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


	June 30,			December 31,
	2026			2025
Laboratory equipment	$	2,169		$	3,064
Furniture and fixtures		1,132			1,132
Leasehold improvements		936			936
Computer equipment and software		85			164
Construction in progress		293			—
Property and equipment, gross		4,615			5,296
Less accumulated depreciation		(3,289	)		(3,750	)
Property and equipment, net	$	1,326		$	1,546

Depreciation and amortization expense related to property and equipment was $0.3 million for each of the three months ended June 30, 2026 and 2025, and $0.5 million for each of the six months ended June 30, 2026 and 2025. The Company recognized $0.6 million in impairment charges related to capitalized software as research and development expenses in the condensed statement of operations and comprehensive loss for the six months ended June 30, 2025. No such loss was recognized for any other periods presented.

Other Accrued Expenses and Current Liabilities

Other accrued expenses and current liabilities consist of the following (in thousands):


	June 30,		December 31,
	2026		2025
Accrued research and development expenses - Contract Research Organizations	$	3,432	$	6,393
Accrued research and development expenses - Contract Manufacturing Organizations		1,682		4,908
Other accrued expenses		3,998		2,171
Total other accrued expenses and current liabilities	$	9,112	$	13,472

Commitments and Contingent Liabilities

6 Months Ended

Jun. 30, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingent Liabilities

7. Commitments and Contingent Liabilities

Leases

As of June 30, 2026, the Company leased office and laboratory space in Emeryville, California under operating leases (the “Emeryville Lease”). On February 27, 2026, the Company entered into a lease amendment to reduce total office and lab space and add new office space in the same building, which commenced on July 2, 2026. The term of the Emeryville Lease is through August 31, 2030. Base rent payments under the lease amendment are approximately $0.2 million per month. In addition to the base rent, which includes escalating payments over the lease term, the Company pays variable costs related to operating expenses and taxes, which are recognized as incurred.

The Company also has multiple leases for laboratory equipment with terms of 36 months that are accounted for as finance leases. Some of the Company’s office and lab space were leased under short-term lease agreements during the six months ended June 30, 2026 and 2025.

Components of the lease expense for the three and six months ended June 30, 2026 and 2025, were as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025

Operating lease cost	$	619	$	850	$	1,383	$	1,700
Finance lease cost:
Amortization of right-of-use assets		41		237		193		475
Interest on lease liabilities		4		13		10		32
Variable lease cost		78		285		750		657
Total lease expense	$	742	$	1,385	$	2,336	$	2,864

Total undiscounted lease obligations under the Company’s operating and finance leases were $10.5 million and $0.1 million, respectively, as of June 30, 2026.

License Agreements

The Company entered into license agreements with the NIH, Intellia and Kite, pursuant to which the Company is required to pay certain milestone payments contingent upon the achievement of specific development and regulatory events, and royalties on sales of products developed under these agreements (See Note 6).

Contractual Obligations and Commitments

The Company enters into contracts in the normal course of business with clinical research organizations (“CROs”) for clinical trials, with clinical manufacturing organizations (“CMOs”) for clinical supplies manufacturing and with other vendors for preclinical studies, supplies and other products and services for operating purposes. These agreements generally provide for termination at the request of either party generally with less than one-year notice. The Company did not expect any of these agreements to be terminated and did not have any non-cancellable obligations under these agreements as of June 30, 2026.

Legal Contingencies

From time to time, the Company may become involved in legal proceedings arising from the ordinary course of business. The Company records a liability for such matters when it is probable that future losses will be incurred and that such losses can be reasonably estimated. Significant judgment is required to determine both probability and the estimated amount. Legal fees and other costs associated with such proceedings are expensed as incurred.

On December 9, 2024, a shareholder class action complaint was filed in the United States District Court for the Northern District of California against the Company, certain of its current and former officers and directors, and the underwriters of the IPO. Per a stipulated schedule, an amended complaint was filed on May 2, 2025 (the “Amended Complaint”). The Amended Complaint alleges that the registration statement on Form S-1 filed in connection with the IPO and the prospectus contained therein contained material misstatements or omissions in violation of federal securities laws. Pursuant to a stipulated order setting a response schedule, on June 26, 2025, the defendants filed a motion to dismiss all the claims in the Amended Complaint, with the plaintiff filing an opposition on August 18, 2025. The defendants filed their reply brief in support of the motion to dismiss on September 26, 2025. Following oral argument, on March 23, 2026, the court issued an order granting defendants’ motion to dismiss on all claims, with leave to amend the complaint. On April 20, 2026, plaintiff filed another amended complaint alleging the same claims under the Securities Act of 1933, as amended. Defendants subsequently filed a motion to dismiss the entire second amended complaint on May 19, 2026. Plaintiff filed an opposition to the defendants’ motion to dismiss on June 17, 2026. Defendants filed a reply brief in support of the motion to dismiss on July 2, 2026. A hearing on the motion to dismiss is scheduled for September 3, 2026.

In addition, on May 14, 2025, a stockholder derivative complaint was filed in the United States District Court for the Northern District of California against certain of the Company's current and former officers and directors which was captioned Perez v. Seidenberg, et al., Case No. 3:25-cv-04163-PCP (the “Perez Action”). On May 22, 2025, another stockholder derivative complaint was filed alleging the same claims against the same individual defendants captioned McDaniel v. Seidenberg, et al., Case No. 3:25-cv-04393-PCP (the “McDaniel Action”, and together with the Perez Action, the “Derivative Actions”). The complaints filed in the Derivative Actions allege claims related to the allegations raised in the Amended Complaint. On June 2, 2025, the court entered a stipulation and order to stay the Perez Action pending the disposition of a motion to dismiss the Amended Complaint in the related securities class action. On June 25, 2025, the court entered a stipulation and order to consolidate the Derivative Actions as In re Kyverna Therapeutics Derivative Litigation, Case No. 5:25-cv-04163-PCP. Finally, on July 22, 2025, the court entered a stipulation and order staying the consolidated derivative action pending the disposition of the motion to dismiss the Amended Complaint in the related securities class action.

The Company believes it has good and substantial defenses to the claims in the Amended Complaint and the Derivative Actions, but there is no guarantee that it will be successful in these efforts. The Company is unable to determine whether any loss ultimately will occur or to estimate the range of such loss; therefore, no amount of loss has been accrued in the accompanying condensed statements of operations and comprehensive loss for the three and six months ended June 30, 2026. The Company did not have any accruals for the matters described above on its condensed balance sheets as of June 30, 2026 and December 31, 2025.

Guarantees and Indemnifications

In the normal course of business, the Company enters into agreements that contain a variety of representations and provide for general indemnification. The Company’s exposure under these agreements is unknown because it involves claims that may be made against the Company in the future. To date, the Company has not paid any claims or been required to defend any action related to its indemnification obligations. As of June 30, 2026 and December 31, 2025, the Company did not have any material indemnification claims that were probable or reasonably possible.

Equity Incentive Plans - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Jan. 31, 2024	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Jan. 29, 2026	Jan. 01, 2026	Dec. 31, 2025	Jan. 01, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock, shares reserved for future issuance		18,089,043		18,089,043				14,401,865
Options exercised				(520,351)
Common stock shares outstanding		61,570,247		61,570,247				60,389,893
Weighted-average grant date fair value of options granted		$ 6.53		$ 6.58
Intrinsic value of options exercised		$ 2,500		$ 3,100
Fair value of options vested		3,900	$ 1,700	6,600	$ 4,600
Recognized stock-based compensation expense		3,507	2,518	6,678	4,679
Unrecognized stock-based compensation expense		$ 33,000		$ 33,000
Weighted average period over which unrecognized compensation is expected to be recognized (in years)				2 years 10 months 24 days
ESPP [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock, shares reserved for future issuance		1,266,000		1,266,000
Percentage of common stock outstanding	1.00%
Common stock shares outstanding	422,000
Employees purchase shares of common stock at a price per share, percentage of the lower of the fair market value	85.00%
ESPP [Member] \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock, shares reserved for future issuance	844,000
Eligible compensation percentage through payroll deductions, maximum	15.00%
Inducement Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares granted				4,989,259
Shares available for future grant		10,741		10,741
Common stock shares outstanding						5,000,000
Inducement Plan [Member] \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares available for future grant						1,000,000
Stock Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Recognized stock-based compensation expense		$ 2,765	$ 2,231	$ 5,434	$ 4,187
RSU [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares granted				1,103,809
Vesting period				4 years
Weighted-average grant date fair value per share				$ 8.55
Estimated fair value		2,500		$ 9,400
Unrecognized stock-based compensation expense		$ 10,900		$ 10,900
Weighted average period over which unrecognized compensation is expected to be recognized (in years)				3 years 4 months 24 days
Performance RSU [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares granted		0		24,301
Vesting period				10 years
Expected volatility				105.00%
Risk-free interest rate				4.19%
Fair Value Assumptions, Exercise Price		$ 8.23		$ 8.23
Weighted-average grant date fair value per share		$ 0		$ 8.12
Estimated fair value				$ 200
Unrecognized stock-based compensation expense		$ 100		$ 100
Weighted average period over which unrecognized compensation is expected to be recognized (in years)				7 months 6 days
Performance RSU [Member] \| Tranche One
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense over the derived requisite service period				8 months 12 days
Performance RSU [Member] \| Tranche Two
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense over the derived requisite service period				1 year 6 months
2024 Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock, shares reserved for future issuance	4,215,000	4,535,168		4,535,168			3,019,494		2,160,745
Shares of common stock outstanding on the last day of the immediately preceding fiscal year, percentage	5.00%
Options exercised	(12,645,000)
2019 Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares, Issued	3,960,713
Shares available for future grant		0		0

Condensed Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) (Parenthetical) $ in Thousands	3 Months Ended
	Jun. 30, 2026 USD ($)
Statement of Stockholders' Equity [Abstract]
Agent fee and issuance cost	$ 332

Equity Incentive Plans - Schedule of Fair Value of Options Granted to Employees and Nonemployees Estimated using Black-Scholes Valuation Model using the Assumptions (Details) - Employee Stock Option Member	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected volatility, minimum	89.30%	95.10%	89.30%	95.10%
Expected volatility, maximum	90.30%	97.60%	94.90%	97.60%
Expected dividend yield	0.00%	0.00%	0.00%	0.00%
Risk-free interest rate, minimum	4.10%	3.90%	3.60%	3.90%
Risk-free interest rate, maximum	4.40%	4.20%	4.40%	4.50%
Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)	5 years 6 months	5 years 6 months	5 years 6 months	5 years 4 months 24 days
Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)	6 years 1 month 6 days	6 years 1 month 6 days	6 years 1 month 6 days	6 years 1 month 6 days

Term Loan - Additional Information (Details) - USD ($)			3 Months Ended	6 Months Ended
Term Loan - Additional Information (Details) - USD ($)	Jul. 08, 2026	Oct. 31, 2025	Jun. 30, 2026	Jun. 30, 2026	Dec. 31, 2025	Nov. 03, 2025
Debt Instrument [Line Items]
Term loan balance			$ 24,883,000	$ 24,883,000	$ 24,743,000
Loan and Security Agreement \| Term A Loan \| Tranche One [Member]
Debt Instrument [Line Items]
Drew funds from tranche						$ 25,000,000
Loan and Security Agreement \| Term B Loan \| Second Tranche \| Minimum
Debt Instrument [Line Items]
Aggregate principal amount		$ 5,000,000
Loan and Security Agreement \| Term B Loan \| Second Tranche \| Maximum
Debt Instrument [Line Items]
Aggregate principal amount		$ 20,000,000
Loan and Security Agreement \| Term Loan Facility
Debt Instrument [Line Items]
Term loan balance			24,900,000	24,900,000
Loan facility, date of maturity		Oct. 01, 2030
Deferred finance costs			100,000	100,000
Interest payable			200,000	200,000
Debt issuance costs			$ 700,000	1,300,000
Payments of debt issuance				$ 100,000
Effective interest at period end			10.80%	10.80%
Loan and Security Agreement \| Term Loan Facility \| Minimum
Debt Instrument [Line Items]
Variable rate		3.75%
Loan and Security Agreement \| Term Loan Facility \| Maximum
Debt Instrument [Line Items]
Aggregate principal amount		$ 150,000,000
Payments of debt issuance			$ 100,000
Loan and Security Agreement \| Term Loan Facility \| Tranche One [Member] \| Maximum
Debt Instrument [Line Items]
Aggregate principal amount		40,000,000
Loan and Security Agreement \| Term C Loan \| Three Tranche \| Maximum
Debt Instrument [Line Items]
Aggregate principal amount		$ 40,000,000
Loan and Security Agreement \| Secured Overnight Funding Rate
Debt Instrument [Line Items]
Interest rate during period		8.75%
Loan and Security Agreement \| Secured Overnight Funding Rate \| Maximum
Debt Instrument [Line Items]
Variable rate		5.00%
Loan and Security Agreement \| Term D Loan \| Tranche Four \| Maximum
Debt Instrument [Line Items]
Aggregate principal amount		$ 50,000,000
Loan and Security Agreement Amendment \| Term A Loan \| Subsequent Event
Debt Instrument [Line Items]
Remaining availability of the loan	$ 15,000,000
Upfront cash fee	$ 187,500
Non-utilization fee percentage of aggregate undrawn amount	1.00%
Loan and Security Agreement Amendment \| Term B Loan \| Subsequent Event
Debt Instrument [Line Items]
Non-utilization fee percentage of aggregate undrawn amount	1.00%
Loan and Security Agreement Amendment \| Term B Loan \| Tranche One [Member] \| Minimum \| Subsequent Event
Debt Instrument [Line Items]
Aggregate principal amount	$ 5,000,000
Loan and Security Agreement Amendment \| Term B Loan \| Tranche One [Member] \| Maximum \| Subsequent Event
Debt Instrument [Line Items]
Aggregate principal amount	20,000,000
Loan and Security Agreement Amendment \| Term C Loan \| Tranche One [Member] \| Subsequent Event
Debt Instrument [Line Items]
Aggregate principal amount	20,000,000
Loan and Security Agreement Amendment \| Term C Loan \| Second Tranche \| Subsequent Event
Debt Instrument [Line Items]
Aggregate principal amount	$ 20,000,000

Condensed Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Operating expenses
Research and development	$ 24,788	$ 35,816	$ 54,861	$ 73,249
General and administrative	14,768	8,594	26,062	18,569
Total operating expenses	39,556	44,410	80,923	91,818
Loss from operations	(39,556)	(44,410)	(80,923)	(91,818)
Interest income	1,929	2,364	4,256	5,189
Interest expense	(674)	(14)	(1,341)	(38)
Other expense, net	(18)	(21)	(39)	(49)
Total other income, net	1,237	2,329	2,876	5,102
Net loss	(38,319)	(42,081)	(78,047)	(86,716)
Other comprehensive loss
Unrealized loss on available-for-sale marketable securities, net	(46)	(19)	(239)	(125)
Total other comprehensive loss	(46)	(19)	(239)	(125)
Net loss and other comprehensive loss	$ (38,365)	$ (42,100)	$ (78,286)	$ (86,841)
Net loss per share attributable to common stockholders, basic	$ (0.63)	$ (0.97)	$ (1.29)	$ (2.01)
Net loss per share attributable to common stockholders, diluted	$ (0.63)	$ (0.97)	$ (1.29)	$ (2.01)
Weighted-average shares of common stock outstanding, basic	60,896,872	43,225,365	60,666,814	43,220,498
Weighted-average shares of common stock outstanding, diluted	60,896,872	43,225,365	60,666,814	43,220,498

Equity Incentive Plans

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Equity Incentive Plans

10. Equity Incentive Plans

In January 2024, the Company’s board of directors adopted, and stockholders approved, the Company’s 2024 Equity Incentive Plan (the “2024 Plan”), which became effective on February 6, 2024. The 2024 Plan superseded the Company’s 2019 Equity Incentive Plan (the “2019 Plan”). No share awards can be granted under the 2019 Plan from the effective date of the 2024 Plan. Shares subject to outstanding equity awards granted under the 2019 Plan may be added to the 2024 Plan as such shares become available from time to time if awards terminate, expire, or lapse for any reason without the delivery of shares, or are reacquired or withheld (or not issued) to satisfy a tax withholding obligation or the purchase or exercise price.

The Company initially reserved 4,215,000 shares of common stock for future issuance under the 2024 Plan. In addition, up to 3,960,713 shares issued and outstanding under the 2019 Plan may be added to the 2024 Plan as such shares become available from time to time if awards terminate, expire, or lapse for any reason without the delivery of shares, or are reacquired or withheld (or not issued) to satisfy a tax withholding obligation or the purchase or exercise price. The 2024 Plan also provides that the number of shares reserved and available for issuance will automatically increase each January 1, beginning on January 1, 2025 and ending on January 1, 2034, by an amount equal to the lesser of (i) 5% of the shares of common stock outstanding on the last day of the immediately preceding fiscal year, and (ii) such smaller number of shares of common stock as determined by the Company’s board of directors. In accordance with the foregoing, 2,160,745 and 3,019,494 shares of common stock were added to the shares reserved for future issuance under the 2024 Plan on January 1, 2025 and 2026, respectively. No more than 12,645,000 shares of common stock may be issued upon the exercise of incentive stock options under the 2024 Plan.

As of June 30, 2026, incentive stock options, nonstatutory stock options and restricted stock units had been granted under the 2024 Plan. As of June 30, 2026, 4,535,168 shares of the Company’s common stock remained available for future grant under the 2024 Plan.

In January 2024, the Company’s board of directors and stockholders adopted the Company’s 2024 Employee Stock Purchase Plan (the “ESPP”), which became effective on February 6, 2024. As of June 30, 2026, 1,266,000 shares of common stock were reserved for future issuance under the ESPP. The number of shares of common stock reserved for issuance under the ESPP may not exceed 844,000 shares of common stock, plus the number of shares of common stock that will be automatically increased each January 1, beginning on January 1, 2025 and ending on January 1, 2034 by an amount equal to the lesser of (i) 1.00% of the shares of common stock outstanding on December 31st of the immediately preceding calendar year and (ii) 422,000 shares of common stock. The ESPP allows an eligible employee to purchase shares of our common stock at a discount through payroll deductions of up to 15% of the employee’s eligible compensation. At the end of each purchase period, employees are able to purchase shares at 85% of the lower of the fair market value of our common stock at the beginning of the offering period or at the end of each applicable offering period.

In September 2024, the Company adopted the 2024 Inducement Equity Incentive Plan (as amended and restated in January 2026, the “Inducement Plan”). On January 29, 2026, the Company's compensation committee of the board of directors approved an increase of the maximum number of shares available for grant under the Inducement Plan by 1,000,000 shares to an aggregate of 5,000,000 shares of the Company's common stock. As of June 30, 2026, 4,989,259 shares were granted and 10,741 shares were available for future grant under the Inducement Plan.

Stock Options

A summary of option activity under the 2019 Plan, 2024 Plan and the Inducement Plan is as follows:


	Number of Options			Weighted- Average Exercise Price Per Share		Weighted- Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2025		9,330,722		$	4.77		8.50	$	43,821
Options granted		2,886,218		$	8.60
Options exercised		(520,351	)	$	3.64
Options forfeited		(1,003,158	)	$	4.30
Options expired		(103,219	)	$	8.90
Outstanding at June 30, 2026		10,590,212		$	5.88		8.52	$	32,714
Exercisable at June 30, 2026		3,572,604		$	4.93		7.51	$	14,579
Vested and expected to vest at June 30, 2026		10,590,212		$	5.88		8.52	$	32,714

Aggregate intrinsic value represents the difference between the fair value of the underlying common stock and the exercise price. The weighted-average grant date fair value of options granted for the three and six months ended June 30, 2026 was $6.53 and $6.58, respectively. The total fair value of options that vested during the three and six months ended June 30, 2026 was $3.9 million and $6.6 million, respectively. The total fair value of options that vested during the three and six months ended June 30, 2025 was $1.7 million and $4.6 million, respectively. The intrinsic value of options exercised during the three and six months ended June 30, 2026 was $2.5 million and $3.1 million, respectively, and is calculated as the difference between the exercise price and the fair value of common stock as of the exercise date. As of June 30, 2026, total unrecognized stock-based compensation expense related to issued options was $33.0 million, which is expected to be recognized over a weighted-average period of 2.9 years.

Restricted Stock Units


	Number of RSUs			Weighted- Average Grant Date Fair Value
Unvested at December 31, 2025		1,182,404		$	3.96
Granted – RSUs		1,103,809			8.55
Vested – RSUs		(278,773	)		2.80
Forfeited – RSUs		(344,819	)		3.00
Unvested at June 30, 2026		1,662,621		$	7.40

Issued restricted stock units (“RSUs”) vest over a four-year period. The estimated aggregate grant-date fair value of RSUs granted during the three and six months ended June 30, 2026 was $2.5 million and $9.4 million. As of June 30, 2026, total unrecognized compensation expense for RSUs was $10.9 million, which is expected to be recognized over a weighted-average period of 3.4 years.

Performance Restricted Stock Units

During the three and six months ended June 30, 2026, the Company granted performance restricted stock units (“PRSUs”) for zero and 24,301 shares with a weighted-average grant date fair value per share of zero and $8.12, respectively. These PRSU shares vest in two tranches upon the attainment of certain target closing prices per share of the Company’s common stock. The Company used a Monte Carlo simulation model to estimate the grant date fair value of the PRSUs with the following assumptions: common stock fair value of $8.23, which was the closing market price of the Company’s common stock at the grant date, volatility of 105.00%, risk free rate of 4.19%, and vesting term of 10 years. Total estimated fair value of $0.2 million will be recognized as stock-based compensation expense over the derived requisite service period of 0.7 years and 1.5 years from the grant date for each of the two tranches, respectively.

As of June 30, 2026, total unrecognized compensation expense for PRSUs was $0.1 million and is expected to be recognized over the weighted-average remaining term of 0.6 years.


	Number of Performance RSUs			Weighted- Average Grant Date Fair Value
Unvested at December 31, 2025		100,000		$	8.05
Granted – PRSUs		24,301			8.12
Forfeited – PRSUs		(100,000	)		8.05
Unvested at June 30, 2026		24,301		$	8.12

Stock-Based Compensation Expense

The fair value of options granted was estimated using the Black-Scholes valuation model using the following assumptions for the three and six months ended June 30, 2026 and 2025, respectively:


	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
Expected volatility	89.3%-90.3%	95.1% - 97.6%	89.3%-94.9%	95.1% - 97.6%
Expected dividend yield	0%	0%	0%	0%
Expected term (in years)	5.5 - 6.1	5.5-6.1	5.5 - 6.1	5.4-6.1
Risk-free interest rate	4.1%-4.4%	3.9%-4.2%	3.6%-4.4%	3.9%-4.5%

The following table presents the classification of stock-based compensation expense related to stock options and RSUs, including PRSUs, granted (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Research and development	$	1,102	$	898	$	1,938	$	1,704
General and administrative		2,405		1,620		4,740		2,975
Total stock-based compensation expense	$	3,507	$	2,518	$	6,678	$	4,679

The above stock-based compensation expense was related to the following stock-based awards (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Restricted stock units and PRSUs	$	742	$	287	$	1,244	$	492
Stock options		2,765		2,231		5,434		4,187
Total stock-based compensation expense	$	3,507	$	2,518	$	6,678	$	4,679

Available-for-Sale Marketable Securities (Tables)

6 Months Ended

Jun. 30, 2026

Investments, Debt and Equity Securities [Abstract]

Schedule of Available-for-Sale Marketable Securities

The following table summarizes the amortized cost, unrealized gains and losses and fair value of the Company’s available-for-sale marketable securities as of June 30, 2026 (in thousands):


	Total		Total		Total			Total
	Amortized		Unrealized		Unrealized			Estimated
As of June 30, 2026	Cost		Gains		Losses			Fair Value
Money market funds (included in cash and cash equivalents)	$	27,014	$	—	$	—		$	27,014
U.S. Treasury bills		154,514		1		(131	)		154,384
Corporate debt obligations		13,248		—		(11	)		13,237
Total available-for-sale marketable securities	$	194,776	$	1	$	(142	)	$	194,635

The following table summarizes the amortized cost, unrealized gains and losses and fair value of the Company’s available-for-sale marketable securities as of December 31, 2025 (in thousands):


	Total		Total		Total		Total
	Amortized		Unrealized		Unrealized		Estimated
As of December 31, 2025	Cost		Gains		Losses		Fair Value
Money market funds (included in cash and cash equivalents)	$	122,165	$	—	$	—	$	122,165
U.S. Treasury bills		109,667		52		—		109,719
U.S. Government bonds		45,397		44		—		45,441
Total available-for-sale marketable securities	$	277,229	$	96	$	—	$	277,325

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

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+ Details

Commitments and Contingent Liabilities - Additional Information (Details) - USD ($) $ in Millions		6 Months Ended
	Jul. 02, 2026	Jun. 30, 2026
Lessee, Lease, Description [Line Items]
Operating lease, description		As of June 30, 2026, the Company leased office and laboratory space in Emeryville, California under operating leases (the “Emeryville Lease”). On February 27, 2026, the Company entered into a lease amendment to reduce total office and lab space and add new office space in the same building, which commenced on July 2, 2026. The term of the Emeryville Lease is through August 31, 2030. Base rent payments under the lease amendment are approximately $0.2 million per month. In addition to the base rent, which includes escalating payments over the lease term, the Company pays variable costs related to operating expenses and taxes, which are recognized as incurred.
Undiscounted lease obligations, operating lease		$ 10.5
Undiscounted lease obligations, finance lease		$ 0.1
Subsequent Event [Member]
Lessee, Lease, Description [Line Items]
Operating lease expiration date	Aug. 31, 2030
Base rent payments per month	$ 0.2
Laboratory Equipment
Lessee, Lease, Description [Line Items]
Finance lease term of contract		36 months

Equity Incentive Plans - Summary of RSU activity and Performance RSUs (Details) - $ / shares	3 Months Ended	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2026
RSU [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Shares unvested, Outstanding at beginning of period		1,182,404
Shares granted		1,103,809
Shares vested		(278,773)
Shares forfeited		(344,819)
Number of Shares unvested, Outstanding at end of period	1,662,621	1,662,621
Weighted Average Exercise Price Per Share, Beginning Balance		$ 3.96
Weighted-average price per share, granted		8.55
Weighted-average price per share, vested		2.8
Weighted-average price per share, forfeited		3
Weighted Average Exercise Price Per Share, Ending Balance	$ 7.4	$ 7.4
Performance RSU [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Shares unvested, Outstanding at beginning of period		100,000
Shares granted	0	24,301
Shares forfeited		(100,000)
Number of Shares unvested, Outstanding at end of period	24,301	24,301
Weighted Average Exercise Price Per Share, Beginning Balance		$ 8.05
Weighted-average price per share, granted	$ 0	8.12
Weighted-average price per share, forfeited		8.05
Weighted Average Exercise Price Per Share, Ending Balance	$ 8.12	$ 8.12

Available-for-Sale Marketable Securities - Schedule of Available-for-Sale Marketable Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Debt Securities, Available-for-Sale [Line Items]
Total Amortized Cost	$ 194,776	$ 277,229
Total Unrealized Gains	1	96
Total Unrealized Losses	(142)
Total Estimated Fair Value	194,635	277,325
Money Market Funds
Debt Securities, Available-for-Sale [Line Items]
Total Amortized Cost	27,014	122,165
Total Estimated Fair Value	27,014	122,165
U.S. Treasury Bills
Debt Securities, Available-for-Sale [Line Items]
Total Amortized Cost	154,514	109,667
Total Unrealized Gains	1	52
Total Unrealized Losses	(131)
Total Estimated Fair Value	154,384	109,719
U.S. Government bonds
Debt Securities, Available-for-Sale [Line Items]
Total Amortized Cost		45,397
Total Unrealized Gains		44
Total Estimated Fair Value		$ 45,441
Corporate debt obligations
Debt Securities, Available-for-Sale [Line Items]
Total Amortized Cost	13,248
Total Unrealized Losses	(11)
Total Estimated Fair Value	$ 13,237

- Definition

Amortized cost of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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+ Details

Insider Trading Arrangements - Other Directors and Officers	3 Months Ended
	Jun. 30, 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

Available-for-Sale Marketable Securities - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]
Cash Equivalents	$ 27,000,000		$ 27,000,000		$ 122,200,000
Available-for-sale marketable securities	167,621,000		167,621,000		155,160,000
Impairment losses on investments	0	$ 0	0	$ 0
Accrued interest receivable	1,700,000		1,700,000		$ 600,000
Accrued write off interest receivables	$ 0	$ 0	$ 0	$ 0

Balance Sheet Components (Tables)

6 Months Ended

Jun. 30, 2026

Balance Sheet Related Disclosures [Abstract]

Schedule of Property and Equipment, Net

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


	June 30,			December 31,
	2026			2025
Laboratory equipment	$	2,169		$	3,064
Furniture and fixtures		1,132			1,132
Leasehold improvements		936			936
Computer equipment and software		85			164
Construction in progress		293			—
Property and equipment, gross		4,615			5,296
Less accumulated depreciation		(3,289	)		(3,750	)
Property and equipment, net	$	1,326		$	1,546

Schedule of Other Accrued Expenses and Current Liabilities

Other accrued expenses and current liabilities consist of the following (in thousands):


	June 30,		December 31,
	2026		2025
Accrued research and development expenses - Contract Research Organizations	$	3,432	$	6,393
Accrued research and development expenses - Contract Manufacturing Organizations		1,682		4,908
Other accrued expenses		3,998		2,171
Total other accrued expenses and current liabilities	$	9,112	$	13,472

Description of Business, Organization and Liquidity - Additional Information (Details) - USD ($) $ in Thousands			3 Months Ended				6 Months Ended
	Dec. 23, 2025	Dec. 17, 2025	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025	Nov. 03, 2025	Oct. 31, 2025
Subsidiary, Sale of Stock [Line Items]
Incorporated date							Jun. 14, 2018
Accumulated deficit			$ 502,874				$ 502,874		$ 424,827
Net loss			38,319	$ 39,728	$ 42,081	$ 44,635	78,047	$ 86,716
Cash and cash equivalents and available-for-sale marketable securities			$ 199,400				199,400
Net cash used in operating activities							$ (81,903)	$ (76,864)
Loan and Security Agreement \| Term A Loan \| Tranche One [Member]
Subsidiary, Sale of Stock [Line Items]
Drew funds from tranche										$ 25,000
Loan and Security Agreement \| Term Loan Facility \| Maximum
Subsidiary, Sale of Stock [Line Items]
Aggregate principal amount											$ 150,000
Loan and Security Agreement \| Term Loan Facility \| Maximum \| Tranche One [Member]
Subsidiary, Sale of Stock [Line Items]
Aggregate principal amount											$ 40,000
Common Stock
Subsidiary, Sale of Stock [Line Items]
Shares issued	704,499
Underwriters option to purchase
Subsidiary, Sale of Stock [Line Items]
Shares issued		13,333,333
ATM Prospectus
Subsidiary, Sale of Stock [Line Items]
Shares issued			426,038

Balance Sheet Components - Schedule of Other Accrued Expenses and Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Balance Sheet Related Disclosures [Abstract]
Accrued research and development expenses - Contract Research Organizations	$ 3,432	$ 6,393
Accrued research and development expenses - Contract Manufacturing Organizations	1,682	4,908
Other accrued expenses	3,998	2,171
Total other accrued expenses and current liabilities	$ 9,112	$ 13,472

Condensed Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 31,806	$ 124,093
Available-for-sale marketable securities	167,621	155,160
Prepaid expenses and other current assets	7,115	3,700
Total current assets	206,542	282,953
Restricted cash	551	551
Property and equipment, net	1,326	1,546
Operating lease right-of-use assets	7,848	3,568
Finance lease right-of-use assets	112	305
Other non-current assets	3,444	4,903
Total assets	219,823	293,826
Current liabilities
Accounts payable	2,933	5,306
Accrued compensation	5,481	9,990
Accrued license expense - related party	3,750	3,750
Other accrued expenses and current liabilities	9,112	13,472
Operating lease liabilities, short-term portion	1,400	3,662
Finance lease liabilities	126	307
Total current liabilities	22,802	36,487
Operating lease liabilities, net of short-term portion	6,589	320
Term loan	24,883	24,743
Total liabilities	54,274	61,550
Commitments and contingencies (Note 7)
Stockholders' equity
Preferred stock, 10,000,000 shares authorized, $0.00001 par value, no shares issued and outstanding at June 30, 2026 and December 31, 2025	0	0
Common stock, $0.00001 par value; 490,000,000 shares authorized as of June 30, 2026 and December 31, 2025; 61,570,247 and 60,389,893 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively.	1	1
Additional paid-in capital	668,564	657,005
Accumulated other comprehensive (loss) income	(142)	97
Accumulated deficit	(502,874)	(424,827)
Total stockholders' equity	165,549	232,276
Total liabilities and stockholders' equity	$ 219,823	$ 293,826

Equity Incentive Plans - Summary of Option Activity (Details) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2026 USD ($) $ / shares shares	Dec. 31, 2025 USD ($) $ / shares shares
Share-Based Payment Arrangement [Abstract]
Number of Options, Outstanding at beginning of period \| shares	9,330,722
Options granted \| shares	2,886,218
Options exercised \| shares	(520,351)
Options forfeited \| shares	(1,003,158)
Options expired \| shares	(103,219)
Number of Options, Outstanding at ending of period \| shares	10,590,212	9,330,722
Number of Options, Exercisable \| shares	3,572,604
Number Of Options, Vested and expected to vest \| shares	10,590,212
Weighted Average Exercise Price Per Share, Beginning Balance \| $ / shares	$ 4.77
Granted (in USD per share) \| $ / shares	8.6
Exercised (in USD per share) \| $ / shares	3.64
Forfeited (in USD per share) \| $ / shares	4.3
Expired (in USD per share) \| $ / shares	8.9
Weighted Average Exercise Price Per Share, Ending Balance \| $ / shares	5.88	$ 4.77
Weighted Average Exercise Price Per Share, Exercisable (in USD per share) \| $ / shares	4.93
Weighted Average Exercise Price Per Share, vested and expected to vest \| $ / shares	$ 5.88
Weighted Average Remaining Contractual Term, Outstanding	8 years 6 months 7 days	8 years 6 months
Weighted Average Remaining Contractual Term, Exercisable	7 years 6 months 3 days
Weighted Average Remaining Contractual Term, Vested and expected to vest	8 years 6 months 7 days
Aggregate Intrinsic Value, Outstanding \| $	$ 32,714	$ 43,821
Aggregate Intrinsic Value, Exercisable \| $	14,579
Aggregate Intrinsic Value, Vested and expected to vest \| $	$ 32,714

Equity Incentive Plans - Schedule of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock based compensation expense	$ 3,507	$ 2,518	$ 6,678	$ 4,679
Restricted stock units and PRSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock based compensation expense	742	287	1,244	492
Stock Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock based compensation expense	2,765	2,231	5,434	4,187
Location, Statement of Income, Balance [Axis]: us-gaap:GeneralAndAdministrativeExpense
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock based compensation expense	2,405	1,620	4,740	2,975
Location, Statement of Income, Balance [Axis]: us-gaap:ResearchAndDevelopmentExpense
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock based compensation expense	$ 1,102	$ 898	$ 1,938	$ 1,704

- 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

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+ Details

Condensed Statements of Cash Flows - USD ($)	6 Months Ended
Condensed Statements of Cash Flows - USD ($)	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net loss	$ (78,047,000)	$ (86,716,000)
Adjustments to reconcile net loss to net cash used in operations:
Stock-based compensation	6,678,000	4,679,000
Accretion of discounts on available-for-sale marketable securities	(920,000)	(3,953,000)
Non-cash interest expense	231,000	0
Depreciation and amortization expense	785,000	1,016,000
Impairment of capitalized software	0	648,000
Gain on sale of property and equipment	(47,000)	0
Non-cash lease expense	963,000	1,419,000
Changes in assets and liabilities:
Prepaid expense and other current assets	(526,000)	1,972,000
Other non-current assets	1,541,000	(505,000)
Accounts payable	(2,373,000)	5,193,000
Accrued compensation	(4,509,000)	88,000
Other accrued expenses and current liabilities	(4,443,000)	1,016,000
Operating lease liability	(1,236,000)	(1,721,000)
Net cash used in operating activities	(81,903,000)	(76,864,000)
Cash flows from investing activities
Purchases of available-for-sale marketable securities	(147,823,000)	(175,851,000)
Proceeds from maturities of available-for-sale marketable securities	134,300,000	210,800,000
Internal-use software development costs	(255,000)	(200,000)
Purchases of property and equipment	(293,000)	(4,000)
Net cash (used in) provided by investing activities	(14,071,000)	34,745,000
Cash flows from financing activities
Proceeds from issuance of common stock under the ATM Facility, net of agent's fees	2,487,000	0
Proceeds from exercise of common stock options	1,896,000	3,000
Principal paid on finance lease liabilities	(181,000)	(603,000)
Payments for offering costs	(138,000)	(412,000)
Taxes paid related to net share settlement upon vesting of restricted stock units	(377,000)	(51,000)
Net cash provided by (used in) financing activities	3,687,000	(1,063,000)
Net decrease in cash, cash equivalents and restricted cash	(92,287,000)	(43,182,000)
Cash, cash equivalents and restricted cash, at beginning of period	124,644,000	97,173,000
Cash, cash equivalents and restricted cash, at end of period	32,357,000	53,991,000
Reconciliation of cash, cash equivalents and restricted cash to statement of financial position
Cash and cash equivalents	31,806,000	53,440,000
Restricted cash	551,000	551,000
Cash, cash equivalents and restricted cash at end of period	32,357,000	53,991,000
Supplemental disclosure for non-cash investing and financing activities
Internal-use software development costs in accounts payable	0	100,000
Unpaid offering costs included in other current liabilities	83,000	0
Receivable from sale of property and equipment included in prepaid expenses and other current assets	50,000	0
Unsettled trade related to sales of common stock under ATM Facility	1,096,000	0
Right-of-use asset obtained in exchange for operating lease liability	5,243,000	0
Supplemental disclosure of cash flow information
Cash paid for interest	$ 1,141,000	$ 37,000

Condensed Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2026	Dec. 31, 2025
Preferred stock shares authorized	10,000,000	10,000,000
Preferred stock par value	$ 0.00001	$ 0.00001
Preferred stock shares issued	0	0
Preferred stock shares outstanding	0	0
Common stock par value	$ 0.00001	$ 0.00001
Common stock shares authorized	490,000,000	490,000,000
Common stock shares issued	61,570,247	60,389,893
Common stock shares outstanding	61,570,247	60,389,893

- Definition

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

+ References

+ Details

- Definition

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

+ References + Details

- Definition

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

+ References + Details

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section S45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Name Accounting Standards Codification
-Section S45
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-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 4: 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/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Net Loss Per Share Attributable to Common Stockholders

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Net Loss Per Share Attributable to Common Stockholders

11. Net Loss Per Share Attributable to Common Stockholders

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


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Numerator:
Net loss attributable to common stockholders	$	(38,319	)	$	(42,081	)	$	(78,047	)	$	(86,716	)
Denominator:
Weighted-average shares of common stock outstanding, basic and diluted		60,896,872			43,225,365			60,666,814			43,220,498
Net loss per share attributable to common stockholders, basic and diluted:	$	(0.63	)	$	(0.97	)	$	(1.29	)	$	(2.01	)

The potential shares of common stock that were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented because including them would have had an antidilutive effect were as follows:


	As of June 30,
	2026		2025
Options issued and outstanding		10,590,212		9,938,939
Unvested RSUs and PRSUs outstanding		1,686,922		1,248,529
		12,277,134		11,187,468

Available-for-Sale Marketable Securities

6 Months Ended

Jun. 30, 2026

Investments, Debt and Equity Securities [Abstract]

Available-for-Sale Marketable Securities

4. Available-for-Sale Marketable Securities

As of June 30, 2026, the Company’s available-for-sale marketable securities consisted of debt securities issued by the U.S. Treasury and corporate debt obligations with contractual maturities on various dates within the next 12 months.

The following table summarizes the amortized cost, unrealized gains and losses and fair value of the Company’s available-for-sale marketable securities as of June 30, 2026 (in thousands):


	Total		Total		Total			Total
	Amortized		Unrealized		Unrealized			Estimated
As of June 30, 2026	Cost		Gains		Losses			Fair Value
Money market funds (included in cash and cash equivalents)	$	27,014	$	—	$	—		$	27,014
U.S. Treasury bills		154,514		1		(131	)		154,384
Corporate debt obligations		13,248		—		(11	)		13,237
Total available-for-sale marketable securities	$	194,776	$	1	$	(142	)	$	194,635

As of June 30, 2026, $27.0 million was included in cash equivalents and $167.6 million was included in available-for-sale marketable securities.

The following table summarizes the amortized cost, unrealized gains and losses and fair value of the Company’s available-for-sale marketable securities as of December 31, 2025 (in thousands):


	Total		Total		Total		Total
	Amortized		Unrealized		Unrealized		Estimated
As of December 31, 2025	Cost		Gains		Losses		Fair Value
Money market funds (included in cash and cash equivalents)	$	122,165	$	—	$	—	$	122,165
U.S. Treasury bills		109,667		52		—		109,719
U.S. Government bonds		45,397		44		—		45,441
Total available-for-sale marketable securities	$	277,229	$	96	$	—	$	277,325

As of December 31, 2025, $122.2 million was included in cash equivalents and $155.2 million was included in available-for-sale marketable securities.

As of June 30, 2026 and December 31, 2025, no significant facts or circumstances were present to indicate a deterioration in the creditworthiness of the issuers of the Company’s marketable securities, and the Company has no requirement or intention to sell these securities before maturity or recovery of their amortized cost basis. The Company considered the current and expected future economic and market conditions and determined that its investments were not significantly impacted by such conditions. For all securities with a fair value less than its amortized cost basis, the Company determined the decline in fair value below amortized cost basis to be immaterial and non-credit related, and therefore no allowance for losses has been recorded. During the three and six months ended June 30, 2026 and 2025, the Company did not recognize any impairment losses on its investments.

As of June 30, 2026 and December 31, 2025, accrued interest receivable was $1.7 million and $0.6 million, respectively. The Company’s accounting policy is to not measure an allowance for credit losses for accrued interest receivables and to write-off any uncollectible accrued interest receivable as a reversal of interest income in a timely manner, which it considers to be in the period in which the Company determines the accrued interest will not be collected. During the three and six months ended June 30, 2026 and 2025, the Company did not write off any accrued interest receivables.

Common Stock - Schedule of Common Stock Reserved for Future Issuance (Details) - shares	Jun. 30, 2026	Dec. 31, 2025
Class of Stock [Line Items]
Shares reserved for future issuance	18,089,043	14,401,865
Options issued and outstanding
Class of Stock [Line Items]
Shares reserved for future issuance	10,590,212	9,330,722
Unvested restricted stock units awards
Class of Stock [Line Items]
Shares reserved for future issuance	1,686,922	1,282,404
Shares Available For Future Grants Under The 2024 Equity Incentive Plan And 2024 Inducement Equity Incentive Plan
Class of Stock [Line Items]
Shares reserved for future issuance	4,545,909	2,944,739
Shares available for future grants under the 2024 Employee Stock Purchase Plan
Class of Stock [Line Items]
Shares reserved for future issuance	1,266,000	844,000

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 5
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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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
-Topic 505
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Equity Incentive Plans (Tables)

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Summary of Option Activity

A summary of option activity under the 2019 Plan, 2024 Plan and the Inducement Plan is as follows:


	Number of Options			Weighted- Average Exercise Price Per Share		Weighted- Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2025		9,330,722		$	4.77		8.50	$	43,821
Options granted		2,886,218		$	8.60
Options exercised		(520,351	)	$	3.64
Options forfeited		(1,003,158	)	$	4.30
Options expired		(103,219	)	$	8.90
Outstanding at June 30, 2026		10,590,212		$	5.88		8.52	$	32,714
Exercisable at June 30, 2026		3,572,604		$	4.93		7.51	$	14,579
Vested and expected to vest at June 30, 2026		10,590,212		$	5.88		8.52	$	32,714

Summary of RSU activity and Performance RSUs


	Number of RSUs			Weighted- Average Grant Date Fair Value
Unvested at December 31, 2025		1,182,404		$	3.96
Granted – RSUs		1,103,809			8.55
Vested – RSUs		(278,773	)		2.80
Forfeited – RSUs		(344,819	)		3.00
Unvested at June 30, 2026		1,662,621		$	7.40


	Number of Performance RSUs			Weighted- Average Grant Date Fair Value
Unvested at December 31, 2025		100,000		$	8.05
Granted – PRSUs		24,301			8.12
Forfeited – PRSUs		(100,000	)		8.05
Unvested at June 30, 2026		24,301		$	8.12

Schedule of Fair Value of Options Granted to Employees and Nonemployees Estimated using Black-Scholes Valuation Model using the Assumptions

The fair value of options granted was estimated using the Black-Scholes valuation model using the following assumptions for the three and six months ended June 30, 2026 and 2025, respectively:


	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
Expected volatility	89.3%-90.3%	95.1% - 97.6%	89.3%-94.9%	95.1% - 97.6%
Expected dividend yield	0%	0%	0%	0%
Expected term (in years)	5.5 - 6.1	5.5-6.1	5.5 - 6.1	5.4-6.1
Risk-free interest rate	4.1%-4.4%	3.9%-4.2%	3.6%-4.4%	3.9%-4.5%

Schedule of Stock-based Compensation Expense

The following table presents the classification of stock-based compensation expense related to stock options and RSUs, including PRSUs, granted (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Research and development	$	1,102	$	898	$	1,938	$	1,704
General and administrative		2,405		1,620		4,740		2,975
Total stock-based compensation expense	$	3,507	$	2,518	$	6,678	$	4,679

The above stock-based compensation expense was related to the following stock-based awards (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Restricted stock units and PRSUs	$	742	$	287	$	1,244	$	492
Stock options		2,765		2,231		5,434		4,187
Total stock-based compensation expense	$	3,507	$	2,518	$	6,678	$	4,679

Net Loss Per Share Attributable to Common Stockholder - Schedule of Computation of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025
Numerator:
us-gaap:NetIncomeLoss	$ (38,319)	$ (39,728)	$ (42,081)	$ (44,635)	$ (78,047)	$ (86,716)
Denominator
Weighted-average shares of common stock outstanding, basic	60,896,872		43,225,365		60,666,814	43,220,498
Weighted-average shares of common stock outstanding, diluted	60,896,872		43,225,365		60,666,814	43,220,498
Net loss per share attributable to common stockholders, basic	$ (0.63)		$ (0.97)		$ (1.29)	$ (2.01)
Net loss per share attributable to common stockholders, diluted	$ (0.63)		$ (0.97)		$ (1.29)	$ (2.01)

- Definition

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

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+ Details

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2026
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and the requirements of the Securities and Exchange Commission (the “SEC”) for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP can be condensed or omitted. These condensed financial statements have been prepared on the same basis as and should be read in conjunction with the annual financial statements included in the Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on March 26, 2026. In the opinion of the Company’s management, the information in these condensed financial statements reflects all adjustments, all of which are of a normal and recurring nature necessary for a fair statement of the financial position and results of operations for the reported interim periods. The Company considers events or transactions that occur after the balance sheet date but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. The results of operations for interim periods are not necessarily indicative of results to be expected for the full year or any other interim period. Any reference in these notes to applicable guidance is meant to refer to the authoritative U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”).
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. On an ongoing basis, the Company evaluates its estimates and assumptions, including those related to research and development accrued expenses and stock-based compensation. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the amount reported as revenue and expenses that are not readily apparent from other sources. Actual results may differ materially from those estimates.
Significant Accounting Policies	Significant Accounting Policies There have been no material changes to the accounting policies discussed in Note 2 to the financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on March 26, 2026.
Accounting Pronouncements Not Yet Adopted	Accounting Pronouncements Not Yet Adopted In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation (Subtopic 220-40): Disaggregation of Income Statement Expenses. The amendments in ASU No. 2024-03 require a public business entity to disclose specific information about certain costs and expenses in the notes to its financial statements for interim and annual reporting periods. The objective of the disclosure requirements is to provide disaggregated information about a public business entity's expenses to help investors (a) better understand the entity's performance, (b) better assess the entity's prospects for future cash flows, and (c) compare an entity's performance over time and with that of other entities. ASU No. 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted, and entities may apply the standard prospectively or retrospectively. The Company is currently evaluating the impact of the adoption of this standard on its financial statements. In September 2025, the FASB issued ASU No. 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The amendments in ASU No. 2025-06 remove all references to prescriptive and sequential software development stages. This ASU requires entities to begin capitalizing software costs when management authorizes and commits to funding the software project, and it is probable that the project will be completed and the software will be used for its intended purpose. ASU No. 2025-06 is effective for fiscal years beginning after December 15, 2027. Early adoption is permitted, and entities may apply the standard prospectively or retrospectively. The Company is currently evaluating the impact of the adoption of this standard on its financial statements.

- Definition

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

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+ Details

Common Stock (Tables)

6 Months Ended

Jun. 30, 2026

Equity [Abstract]

Schedule of Common Stock Reserved for Future Issuance

As of June 30, 2026 and December 31, 2025, common stock shares reserved for future issuance were as follows:


	June 30,		December 31,
	2026		2025
Outstanding stock option awards		10,590,212		9,330,722
Unvested restricted stock units awards		1,686,922		1,282,404
Shares available for future grants under the 2024 Equity Incentive Plan and 2024 Inducement Equity Incentive Plan		4,545,909		2,944,739
Shares available for future grants under the 2024 Employee Stock Purchase Plan		1,266,000		844,000
Total shares reserved for future issuance		18,089,043		14,401,865

- Definition

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

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+ Details

Available-for-Sale Marketable Securities - Schedule of Available-for-Sale Marketable Securities (Parenthetical) (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2025
Debt Securities, Available-for-Sale [Line Items]
Cash and Cash Equivalent	$ 31,806	$ 124,093	$ 53,440

- 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

Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Related Party Transaction [Line Items]
Other accrued expenses and current liabilities	$ 9,112	$ 13,472
Related Party
Related Party Transaction [Line Items]
Other accrued expenses and current liabilities	$ 100	$ 100

- 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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-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(16))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(15)(4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(15)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 970
-SubTopic 810
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477383/970-810-45-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481990/310-10-45-13

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

+ Details

Segment Reporting - Summary of Segment Loss Including Significant Segment Expenses (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2026

Mar. 31, 2026

Jun. 30, 2025

Mar. 31, 2025

Jun. 30, 2026

Jun. 30, 2025

Research and development expenses:

Interest expense and other expense, net

$ (18)

$ (21)

$ (39)

$ (49)

Net loss

(38,319)

$ (39,728)

(42,081)

$ (44,635)

(78,047)

(86,716)

Operating Segment

Research and development expenses:

Other research and development expenses

^[1]

13,378

12,289

28,015

27,090

General and administrative expenses

^[2]

14,768

8,594

26,062

18,569

Interest (income)

(1,929)

(2,364)

(4,256)

(5,189)

Interest expense and other expense, net

692

1,380

Net loss

38,319

42,081

78,047

86,716

Operating Segment | Miv-cel

Research and development expenses:

External research and development expenses allocated by program

11,386

22,541

26,616

44,661

Operating Segment | Other Programs

Research and development expenses:

External research and development expenses allocated by program

$ 24

$ 986

$ 230

$ 1,498

[1]	Primarily includes personnel costs, license fees, R&D consulting services, unallocated CRO and CMO costs and allocated overhead and facilities expenses.
[2]	Primarily includes personnel costs, allocated overhead and facilities expenses, legal, IT, accounting and general and administrative expenses

Segment Reporting - Additional Information (Details)	6 Months Ended
Segment Reporting - Additional Information (Details)	Jun. 30, 2026 Segment
Segment Reporting [Abstract]
Number of reportable segments	1
Number of operating segments	1
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	Chief Executive Officer [Member]
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description	The CODM assesses performance based on net loss as reported on the statement of operations and comprehensive loss. Segment assets are not regularly reviewed by the CODM for purposes of assessing segment performance or allocating resources; total assets are, however, presented on the balance sheet. Segment depreciation expense and segment asset additions are consistent with amounts reported within the statement of cash flows given the Company's operations are aggregated within a single reportable segment. All of the Company’s long-lived assets are located in the United States.

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2026
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation The accompanying condensed financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and the requirements of the Securities and Exchange Commission (the “SEC”) for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP can be condensed or omitted. These condensed financial statements have been prepared on the same basis as and should be read in conjunction with the annual financial statements included in the Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on March 26, 2026. In the opinion of the Company’s management, the information in these condensed financial statements reflects all adjustments, all of which are of a normal and recurring nature necessary for a fair statement of the financial position and results of operations for the reported interim periods. The Company considers events or transactions that occur after the balance sheet date but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. The results of operations for interim periods are not necessarily indicative of results to be expected for the full year or any other interim period. Any reference in these notes to applicable guidance is meant to refer to the authoritative U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”). Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. On an ongoing basis, the Company evaluates its estimates and assumptions, including those related to research and development accrued expenses and stock-based compensation. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the amount reported as revenue and expenses that are not readily apparent from other sources. Actual results may differ materially from those estimates. Significant Accounting Policies There have been no material changes to the accounting policies discussed in Note 2 to the financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on March 26, 2026. Accounting Pronouncements Not Yet Adopted In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation (Subtopic 220-40): Disaggregation of Income Statement Expenses. The amendments in ASU No. 2024-03 require a public business entity to disclose specific information about certain costs and expenses in the notes to its financial statements for interim and annual reporting periods. The objective of the disclosure requirements is to provide disaggregated information about a public business entity's expenses to help investors (a) better understand the entity's performance, (b) better assess the entity's prospects for future cash flows, and (c) compare an entity's performance over time and with that of other entities. ASU No. 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted, and entities may apply the standard prospectively or retrospectively. The Company is currently evaluating the impact of the adoption of this standard on its financial statements. In September 2025, the FASB issued ASU No. 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The amendments in ASU No. 2025-06 remove all references to prescriptive and sequential software development stages. This ASU requires entities to begin capitalizing software costs when management authorizes and commits to funding the software project, and it is probable that the project will be completed and the software will be used for its intended purpose. ASU No. 2025-06 is effective for fiscal years beginning after December 15, 2027. Early adoption is permitted, and entities may apply the standard prospectively or retrospectively. The Company is currently evaluating the impact of the adoption of this standard on its financial statements.

Fair Value Measurements and Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Schedule of Financial Instruments Measured at Fair Value on a Recurring Basis

The Company’s fair value hierarchy for its financial instruments measured at fair value on a recurring basis as of June 30, 2026, was as follows (in thousands):


	Fair Value Measurements
As of June 30, 2026	Total		Level 1		Level 2		Level 3
Cash equivalents
Money market funds	$	27,014	$	27,014	$	—	$	—
Available-for-sale marketable securities
U.S. Treasury bills		154,384		—		154,384		—
Corporate debt obligations		13,237		—		13,237		—
Total fair value of assets	$	194,635	$	27,014	$	167,621	$	—

The Company’s fair value hierarchy for its financial instruments measured at fair value on a recurring basis as of December 31, 2025, was as follows (in thousands):


	Fair Value Measurements
As of December 31, 2025	Total		Level 1		Level 2		Level 3
Cash equivalents
Money market funds	$	122,165	$	122,165	$	—	$	—
Available-for-sale marketable securities
U.S. Treasury bills		109,719		—		109,719		—
U.S. Government bonds		45,441		—		45,441		—
Total fair value of assets	$	277,325	$	122,165	$	155,160	$	—

Common Stock - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands					1 Months Ended	3 Months Ended			6 Months Ended
	Mar. 26, 2026	Dec. 23, 2025	Dec. 17, 2025	Mar. 27, 2025	Nov. 30, 2025	Jun. 30, 2026	Mar. 31, 2026	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025
Class of Stock [Line Items]
Options exercised									520,351
Proceeds from issuance of common stock under the ATM Facility, net of agent's fees									$ 2,487	$ 0
Common stock remaining available unallocated amount						$ 200,000			200,000
Common Stock
Class of Stock [Line Items]
Options exercised						429,616	90,735	3,955
Shares issued		704,499
IPO
Class of Stock [Line Items]
Aggregate offering price of shares of its common stock, shares of its preferred stock, debt securities, warrants, rights, units and/or depositary shares				$ 250,000
ATM Prospectus
Class of Stock [Line Items]
Shares issued						426,038
Proceeds from issuance of common stock under the ATM Facility, net of agent's fees						$ 3,600
ATM Prospectus \| Maximum
Class of Stock [Line Items]
Aggregate offering price of shares of its common stock, shares of its preferred stock, debt securities, warrants, rights, units and/or depositary shares	$ 100,000			$ 50,000
ATM Facility
Class of Stock [Line Items]
Aggregate offering price of shares of its common stock, shares of its preferred stock, debt securities, warrants, rights, units and/or depositary shares	$ 300,000
Shares issued					2,477,100
Proceeds from issuance of common stock under the ATM Facility, net of agent's fees					$ 16,400
Common stock remaining available allocated amount						$ 96,300			$ 96,300
Underwriters option to purchase
Class of Stock [Line Items]
Shares issued			13,333,333
Purchase price per share						$ 7.5			$ 7.5
Proceeds from sale of stock			$ 98,700
Purchase of Additional Shares of Common Stock			1,999,999

Fair Value Measurements and Fair Value of Financial Instruments - Schedule of Financial Instruments Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available-for-sale marketable securities	$ 194,635	$ 277,325
U.S. Treasury Bills
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available-for-sale marketable securities	154,384	109,719
Fair Value, Recurring Basis
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total fair value of assets	194,635	277,325
Fair Value, Recurring Basis \| U.S. Treasury Bills
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available-for-sale marketable securities	154,384	109,719
Fair Value, Recurring Basis \| Corporate Debt Obligations
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available-for-sale marketable securities	13,237
Fair Value, Recurring Basis \| U.S. Government bonds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available-for-sale marketable securities		45,441
Fair Value, Recurring Basis \| Money Market Funds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	27,014	122,165
Fair Value, Recurring Basis \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total fair value of assets	27,014	122,165
Fair Value, Recurring Basis \| Level 1 \| Money Market Funds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	27,014	122,165
Fair Value, Recurring Basis \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total fair value of assets	167,621	155,160
Fair Value, Recurring Basis \| Level 2 \| U.S. Treasury Bills
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available-for-sale marketable securities	154,384	109,719
Fair Value, Recurring Basis \| Level 2 \| Corporate Debt Obligations
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available-for-sale marketable securities	$ 13,237
Fair Value, Recurring Basis \| Level 2 \| U.S. Government bonds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available-for-sale marketable securities		$ 45,441

Term Loan

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

Term Loan

8. Term Loan

On October 31, 2025, the Company entered into a Loan and Security Agreement (the “Loan and Security Agreement”) with Oxford Finance LLC (“Oxford Finance”) as collateral agent (the “Collateral Agent”), and certain lenders from time to time party thereto (the “Lenders”). The Loan and Security Agreement provides a term loan facility (the “Loan Facility”) of up to an aggregate principal amount of $150.0 million in senior secured credit facilities. The Loan Facility provides for term loans to be funded in multiple tranches, subject to the satisfaction of specified conditions. The term loans include (i) up to $40.0 million of Term A Loans available during the initial draw period of up to June 30, 2026, (ii) a single Term B Loan of $5.0 million to $20.0 million available upon achievement of specified clinical milestones to be drawn by June 30, 2026, which date is subject to an extended deadline to the extent that the full remaining Term A Loans are drawn on as described

below, (iii) up to $40.0 million of Term C Loans available upon achievement of specified revenue and clinical milestones to be drawn by December 31, 2027, which date is subject to an extended deadline to the extent that the full remaining Term A Loans are drawn on as described below and (iv) an additional discretionary Term D Loan of up to $50.0 million upon the Company’s request, subject to the Lenders’ approval. On November 3, 2025, the Company drew $25.0 million from funds available from the first tranche of Term A Loans.

On July 8, 2026, the Company, the Collateral Agent, and the Lenders entered into an amendment to the Loan and Security Agreement (the “Amendment”), pursuant to which the parties agreed, among other things, to extend the availability of the remaining $15.0 million of Term A Loans through December 31, 2026, in exchange for the Company paying an upfront cash fee of $187,500. In addition, if the Company does not draw the full remaining $15.0 million of Term A Loans by December 31, 2026, the Company will pay the Lenders a non-utilization fee equal to 1.0% of the aggregate undrawn amount of the Term A Loans.

The Amendment also provides that, contingent upon the Company drawing the full remaining $15.0 million of Term A Loans, the following additional modifications to the Loan Facility will become effective: (i) the availability of the single Term B Loan of $5.0 million to $20.0 million shall be extended through the earlier of September 30, 2027 and the 90th day following the date of achievement of a clinical milestone; (ii) the Company shall pay the Lenders a non-utilization fee of 1.0% of the aggregate undrawn amount of the Term B Loan if it does not draw on the Term B Loan by the end of the draw period for the Term B Loan; (iii) the Term C Loans shall be available in two tranches of $20.0 million, with the first tranche being available subject to achievement of a revenue milestone through the earlier of March 31, 2028 and the 90th day following the date of the achievement of such revenue milestone and the second tranche being available subject to achievement of a clinical milestone through the earlier of March 31, 2028 and the 90th day following the date of achievement of such clinical milestone; and (iv) the Company shall become subject to minimum revenue covenants beginning with the quarter ending June 30, 2027, September 30, 2027, or December 31, 2027, depending upon the aggregate amount of gross cash proceeds the Company receives from other capital sources during certain periods. If the Company does not draw the full remaining $15.0 million of Term A Loans, then the additional modifications described above will not be effective and the original terms of the Loan Facility will continue to apply.

Outstanding borrowings under the Loan Facility bear interest at a floating rate equal to the greater of (i) one-month CME Term Secured Overnight Funding Rate (“SOFR”) administered by CME Group Benchmark Administrator or (ii) 3.75%, plus a margin of 5.00%, subject to a minimum interest rate floor of 8.75%. Interest is computed on the basis of a 360-day year and is payable monthly. The Company is required to make monthly interest-only payments through the applicable amortization date. Thereafter, principal is repaid in equal monthly installments over either 24 months or 12 months, depending on whether specified revenue milestones are achieved. If such milestones are not achieved, principal amortization will begin on November 1, 2028 and will be payable in equal monthly installments over a 24-month period. If the milestones are achieved, principal amortization will begin on November 1, 2029 and will be payable in equal monthly installments over a 12-month period. All outstanding principal and accrued interest are due and payable at maturity on October 1, 2030.

The obligations under the Loan Facility are secured by a first-priority security interest in substantially all of the Company’s assets, including its intellectual property, subject to customary exceptions. The Loan and Security Agreement contains customary affirmative and negative covenants, including covenants relating to reporting requirements, maintenance of insurance, payment of taxes, limitations on indebtedness, liens, asset dispositions, mergers, and dividends. Beginning on February 28, 2027, the Company is required to maintain minimum unrestricted cash balances in controlled accounts equal to a specified percentage of the outstanding term loan principal, with such percentage decreasing upon achievement of specified regulatory approvals and revenue milestones. The Loan Facility also includes minimum revenue covenants beginning in 2027, subject to certain cash and market capitalization exceptions.

The Loan and Security Agreement includes customary events of default, including payment defaults, covenant violations, insolvency events, material adverse changes, delisting from Nasdaq, and certain judgments. Upon the occurrence of an event of default, the Lenders may, among other remedies, declare all outstanding obligations immediately due and payable and exercise remedies against the collateral. The Company was in compliance with applicable covenants as of June 30, 2026.

As of June 30, 2026, the term loan balance was $24.9 million, which reflects the $25.0 million borrowed under the Term A Loans net of unamortized debt discount and debt issuance costs of $0.1 million. The Company recognized $0.7 million and $1.3 million of interest expense for the three and six months ended June 30, 2026, respectively. As of June 30, 2026, the Company had $0.2 million accrued interest, which is presented in the other accrued expenses and current liabilities. The Company also recognized less than $0.1 million and $0.1 million for the three and six months ended June 30, 2026,

respectively, related to debt issuance costs allocated to undrawn term loans in prepaid expenses and other current assets, which were fully amortized to interest expense as of June 30, 2026. At June 30, 2026, the effective interest rate was 10.8%.

Fair Value Measurements and Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements and Fair Value of Financial Instruments

3. Fair Value Measurements and Fair Value of Financial Instruments

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. The authoritative guidance on fair value measurements establishes a three-tier fair value hierarchy for disclosure of fair value measurements, as follows:

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

Level 2—Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires management to make judgments and consider factors specific to the asset or liability.

The Company’s fair value hierarchy for its financial instruments measured at fair value on a recurring basis as of June 30, 2026, was as follows (in thousands):


	Fair Value Measurements
As of June 30, 2026	Total		Level 1		Level 2		Level 3
Cash equivalents
Money market funds	$	27,014	$	27,014	$	—	$	—
Available-for-sale marketable securities
U.S. Treasury bills		154,384		—		154,384		—
Corporate debt obligations		13,237		—		13,237		—
Total fair value of assets	$	194,635	$	27,014	$	167,621	$	—

The Company’s fair value hierarchy for its financial instruments measured at fair value on a recurring basis as of December 31, 2025, was as follows (in thousands):


	Fair Value Measurements
As of December 31, 2025	Total		Level 1		Level 2		Level 3
Cash equivalents
Money market funds	$	122,165	$	122,165	$	—	$	—
Available-for-sale marketable securities
U.S. Treasury bills		109,719		—		109,719		—
U.S. Government bonds		45,441		—		45,441		—
Total fair value of assets	$	277,325	$	122,165	$	155,160	$	—

Financial assets measured at fair value on a recurring basis consist of the Company’s cash equivalents and available-for-sale marketable securities. Cash equivalents consisted of money market funds, and available-for-sale marketable securities consisted of U.S. Treasury bills, corporate debt obligations and U.S. Government bonds. The Company obtains pricing information from its investment manager and generally determines the fair value of available-for-sale marketable securities using standard observable inputs, including reported trades, broker/dealer quotes and bids and/or offers. The Company recognizes transfers into and out of levels within the fair value hierarchy in the period in which the actual event or change in circumstances that caused the transfer occurs.

- 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
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+ Details

Balance Sheet Components - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Property, Plant, and Equipment [Line Items]
Property and equipment, gross	$ 4,615	$ 5,296
Less accumulated depreciation	(3,289)	(3,750)
Property and equipment, net	1,326	1,546
Laboratory Equipment
Property, Plant, and Equipment [Line Items]
Property and equipment, gross	2,169	3,064
Furniture and Fixtures
Property, Plant, and Equipment [Line Items]
Property and equipment, gross	1,132	1,132
Leasehold Improvements
Property, Plant, and Equipment [Line Items]
Property and equipment, gross	936	936
Computer Equipment and Software
Property, Plant, and Equipment [Line Items]
Property and equipment, gross	85	164
Construction in progress
Property, Plant, and Equipment [Line Items]
Property and equipment, gross	$ 293	$ 0

- Definition

Amount of accumulated depreciation, depletion, and amortization of property, plant, and equipment. Includes, but is not limited to, land and land improvement; building; machinery and equipment; furniture and fixture; and work of art, historical treasure, or similar asset classified as collection.

+ 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.

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Amount, after accumulated depreciation, depletion, and amortization, of property, plant, and equipment. Includes, but is not limited to, land and land improvement; building; machinery and equipment; furniture and fixture; and work of art, historical treasure, or similar asset classified as collection.

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+ Details

License and Collaboration Agreements - Additional Information (Details)	1 Months Ended				3 Months Ended		6 Months Ended		12 Months Ended
	Nov. 30, 2025 USD ($)	Dec. 31, 2021 USD ($)	May 31, 2021 USD ($) Agreements	Jan. 31, 2020 USD ($)	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2021 USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research and development expense					$ 24,788,000	$ 35,816,000	$ 54,861,000	$ 73,249,000
Other accrued expenses and current liabilities					9,112,000		$ 9,112,000		$ 13,472,000
National Institutes of Health
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration, option and license agreement, description							Under the NIH Agreements, commencing in January 2023 and subsequently on January 1 of each calendar year thereafter, the Company is also required to make minimum annual royalty payments of $0.2 million, which shall be credited against any earned royalties due based on a low single-digit percentage of net sales made in a respective year. In addition, benchmark royalties following the completion of certain regulatory-and clinical-related benchmarks are due to the NIH, with the minimum cumulative royalty due for a product reaching FDA approval or foreign-equivalent approval totaling $5.7 million for the autologous patent license agreement and $1.7 million for the allogeneic patent license agreement. Additional benchmark royalties would be payable for a subsequent indication under each NIH Agreement. If the Company enters into a sublicensing agreement, it will be required to pay the NIH a sublicense royalty payment as a percentage of the fair market value of any consideration received for each sublicense granted. The sublicensing percentage starts at a high teens to low twenties percentage if clinical trials for the product have not yet begun and decreases to a mid-single-digit percentage if the product has received FDA approval or foreign-equivalent approval.
Intellia Therapeutics, Inc.
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration, option and license agreement, description							Under the Intellia Agreement, Intellia owns rights, title and interests in and to any intellectual property developed in the course of performance under the Intellia Agreement that is not specifically directed to the CRISPR Product. The Company granted to Intellia certain non-exclusive, royalty-free, fully paid-up, worldwide licenses under the Company’s intellectual property solely to perform the activities designated to Intellia under the collaboration, and to research, develop or otherwise exploit any human therapeutic product that is developed or commercialized by Intellia, utilizes or incorporates Intellia intellectual property and that is not the CRISPR Product or any product directed to CD19 or any other B-cell antigen.In addition, the Company granted Intellia an exclusive option (the “Intellia Option”) to enter into a co-development and co-commercialization agreement with the Company for the CRISPR Product (the “Co-Co Agreement”) for a fee payable to the Company. If Intellia exercises the Intellia Option, the Company and Intellia would share equally the regulatory and clinical development expenses associated with obtaining approval of the CRISPR Product in the U.S. and would also share equally all net profits and losses from commercialization of the CRISPR Product in the U.S. If Intellia exercises the Intellia Option, no milestone payments will be due and payable from that time forward and the Company will only pay royalties on sales outside of the U.S. In addition, upon exercise of the Intellia Option, following regulatory approval of the CRISPR Product, Intellia will have exclusive commercialization rights for the CRISPR Product for U.S. administration, subject to the Company’s rights to co-promote the CRISPR Product in the U.S., and the Company will retain the sole and exclusive rights to research, develop, or otherwise exploit the CRISPR Product for rest-of-world administration and shall have sole decision-making authority in relation thereto, subject to the parties’ obligations to cooperate regarding certain development, regulatory and commercialization strategies.
Kite Pharma, Inc.
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration, option and license agreement, description							Pursuant to the Kite Agreement, the Company was also obligated to pay mid-teen-and mid-single-digit percentages of annual maintenance fees, minimum annual royalties and patent prosecution costs payable under the UCSF License Agreement. The Company was also obligated to pay a $6.3 million sublicensing fee under the UCSF License Agreement, which the Company agreed to offset with future milestone payments payable by Gilead under the Gilead Collaboration, Option and License Agreement, which was terminated in January 2024.In October 2025, the Company, Gilead and Kite agreed to settle the outstanding balance as follows: (1) a payment of $2.5 million by the Company to Kite in cash within 30 days; and (2) the remaining balance of $3.8 million to settle no later than December 31, 2026, through an issuance of the Company's common stock to Kite at market price, a cash payment, or any combination of both cash payment and common stock issuance, at the discretion of the Company. The parties also agreed to terminate the Kite Agreement and released one another from any further obligations. The Company paid $2.5 million to Kite in November 2025 and the remaining balance of $3.8 million is presented as current accrued license expense – related party in the condensed balance sheets as of June 30, 2026 and December 31, 2025.
Patent License Agreements \| National Institutes of Health
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Minimum annual royalty payments			$ 200,000
Number of agreements \| Agreements			2
Acquired licenses, amount paid			$ 3,300,000
Research and development expense					0	$ 0	$ 1,200,000	$ 200,000
Royalties payable					$ 0		0		0
Patent License Agreements \| National Institutes of Health \| Location, Statement of Income, Balance [Axis]: us-gaap:ResearchAndDevelopmentExpense
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Acquired licenses, amount paid										$ 3,300,000
Patent License Agreements \| Autologous Patent License Agreement \| National Institutes of Health
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Cumulative royalty due			5,700,000
Patent License Agreements \| Allogeneic Patent License Agreement \| National Institutes of Health
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Cumulative royalty due			$ 1,700,000
License and Collaboration Agreement \| Intellia Therapeutics, Inc.
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone payments							0		0
License and Collaboration Agreement \| Intellia Therapeutics, Inc. \| Maximum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone payments		$ 64,500,000
License and Collaboration Agreement \| Intellia Therapeutics, Inc. \| Series B Preferred Stock
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Temporary equity shares issued, fair value		$ 7,000,000
Kite License Agreement \| Gilead Sciences, Inc.
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Outstanding Sublicensing Fee Agreed To Settle in Cash							2,500,000
Remaining Outstanding Sublicensing Fee Agreed To Pay							3,800,000
Kite License Agreement \| Kite Pharma, Inc. \| Location, Statement of Income, Balance [Axis]: us-gaap:ResearchAndDevelopmentExpense
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Sublicensing fee				$ 6,300,000
Kite License Agreement \| Kite Pharma, Inc. \| Accrued License Expense, Related Party
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Sublicensing fee	$ 2,500,000						$ 3,800,000		$ 3,800,000
Kite License Agreement \| Kite Pharma, Inc. \| Maximum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone payments				$ 10,800,000

Balance Sheet Components - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Property, Plant, and Equipment [Abstract]
Depreciation and amortization expense	$ 300,000	$ 300,000	$ 500,000	$ 500,000
Impairments charges related to capitalized computer software				600,000
Impairment loss related to a capitalized software project			$ 0	$ 648,000

Segment Reporting

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Segment Reporting

13. Segment Reporting

The Company operates and manages its business as one reportable and operating segment, which is the business of developing therapies for autoimmune and inflammatory diseases. The chief executive officer, who is the chief operating decision maker (“CODM”), reviews financial information on an aggregate basis for purposes of allocating resources, assessing performance and monitoring budget versus actuals. The CODM assesses performance based on net loss as reported on the statement of operations and comprehensive loss. Segment assets are not regularly reviewed by the CODM for purposes of assessing segment performance or allocating resources; total assets are, however, presented on the balance sheet. Segment depreciation expense and segment asset additions are consistent with amounts reported within the statement of cash flows given the Company's operations are aggregated within a single reportable segment. All of the Company’s long-lived assets are located in the United States.

The following table sets forth the Company’s summary of segment loss, including significant segment expenses for the three and six months ended June 30, 2026 and 2025 (in thousands):


		Three Months Ended June 30,								Six Months Ended June 30,
		2026				2025				2026				2025
Research and development expenses:
Miv-cel	$		11,386		$		22,541		$		26,616		$		44,661
Other programs			24				986				230				1,498
Other research and development expenses(a)			13,378				12,289				28,015				27,090
General and administrative expenses(b)			14,768				8,594				26,062				18,569
Interest (income)			(1,929	)			(2,364	)			(4,256	)			(5,189	)
Interest expense and other expense, net			692				35				1,380				87
Segment loss and net loss	$		38,319		$		42,081		$		78,047		$		86,716

(a) Primarily includes personnel costs, license fees, R&D consulting services, unallocated CRO and CMO costs and allocated overhead and facilities expenses.

(b) Primarily includes personnel costs, allocated overhead and facilities expenses, legal, IT, accounting and general and administrative expenses.

- Definition

The entire disclosure for segment reporting.

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+ Details

Condensed Statements of Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)
Beginning balance at Dec. 31, 2024	$ 266,587		$ 530,002	$ (263,520)	$ 105
Beginning balance, Shares at Dec. 31, 2024		43,214,918
Common shares issued upon exercise of options	3		3
Common shares issued upon exercise of options,Shares		3,955
Stock-based compensation expense	2,161		2,161
Net loss	(44,635)			(44,635)
Unrealized loss on available-for-sale marketable securities, net	(106)				(106)
Ending balance at Mar. 31, 2025	224,010		532,166	(308,155)	(1)
Ending balance, Shares at Mar. 31, 2025		43,218,873
Beginning balance at Dec. 31, 2024	266,587		530,002	(263,520)	105
Beginning balance, Shares at Dec. 31, 2024		43,214,918
Net loss	(86,716)
Unrealized loss on available-for-sale marketable securities, net	(125)
Ending balance at Jun. 30, 2025	184,377		534,633	(350,236)	(20)
Ending balance, Shares at Jun. 30, 2025		43,244,930
Beginning balance at Mar. 31, 2025	224,010		532,166	(308,155)	(1)
Beginning balance, Shares at Mar. 31, 2025		43,218,873
Issuance of common stock upon settlement of restricted stock units, net of shares withheld for taxes, shares		26,057
Issuance of common stock upon settlement of restricted stock units, net of shares withheld for taxes	(51)		(51)
Stock-based compensation expense	2,518		2,518
Net loss	(42,081)			(42,081)
Unrealized loss on available-for-sale marketable securities, net	(19)				(19)
Ending balance at Jun. 30, 2025	184,377		534,633	(350,236)	(20)
Ending balance, Shares at Jun. 30, 2025		43,244,930
Beginning balance at Dec. 31, 2025	232,276	$ 1	657,005	(424,827)	97
Beginning balance, Shares at Dec. 31, 2025		60,389,893
Common shares issued upon exercise of options	243		243
Common shares issued upon exercise of options,Shares		90,735
Issuance of common stock upon settlement of restricted stock units, net of shares withheld for taxes, shares		51,872
Issuance of common stock upon settlement of restricted stock units, net of shares withheld for taxes	(189)		(189)
Stock-based compensation expense	3,171		3,171
Net loss	(39,728)			(39,728)
Unrealized loss on available-for-sale marketable securities, net	(193)				(193)
Ending balance at Mar. 31, 2026	195,580	$ 1	660,230	(464,555)	(96)
Ending balance, Shares at Mar. 31, 2026		60,532,500
Beginning balance at Dec. 31, 2025	$ 232,276	$ 1	657,005	(424,827)	97
Beginning balance, Shares at Dec. 31, 2025		60,389,893
Common shares issued upon exercise of options,Shares	520,351
Net loss	$ (78,047)
Unrealized loss on available-for-sale marketable securities, net	(239)
Ending balance at Jun. 30, 2026	165,549	$ 1	668,564	(502,874)	(142)
Ending balance, Shares at Jun. 30, 2026		61,570,247
Beginning balance at Mar. 31, 2026	195,580	$ 1	660,230	(464,555)	(96)
Beginning balance, Shares at Mar. 31, 2026		60,532,500
Issuance of common stock under ATM Facility, net of sales agent's fees and issuance costs of $332	3,362		3,362
Issuance of common stock under ATM Facility, net of sales agent's fees and issuance costs of $332, shares		426,038
Common shares issued upon exercise of options	1,653		1,653
Common shares issued upon exercise of options,Shares		429,616
Issuance of common stock upon settlement of restricted stock units, net of shares withheld for taxes, shares		182,093
Issuance of common stock upon settlement of restricted stock units, net of shares withheld for taxes	(188)		(188)
Stock-based compensation expense	3,507		3,507
Net loss	(38,319)			(38,319)
Unrealized loss on available-for-sale marketable securities, net	(46)				(46)
Ending balance at Jun. 30, 2026	$ 165,549	$ 1	$ 668,564	$ (502,874)	$ (142)
Ending balance, Shares at Jun. 30, 2026		61,570,247

Net Loss Per Share Attributable to Common Stockholders (Tables)

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders

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


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Numerator:
Net loss attributable to common stockholders	$	(38,319	)	$	(42,081	)	$	(78,047	)	$	(86,716	)
Denominator:
Weighted-average shares of common stock outstanding, basic and diluted		60,896,872			43,225,365			60,666,814			43,220,498
Net loss per share attributable to common stockholders, basic and diluted:	$	(0.63	)	$	(0.97	)	$	(1.29	)	$	(2.01	)

Schedule of Potential Shares of Common Stock that were Excluded from the Computation of Diluted Net Loss Per Share


	As of June 30,
	2026		2025
Options issued and outstanding		10,590,212		9,938,939
Unvested RSUs and PRSUs outstanding		1,686,922		1,248,529
		12,277,134		11,187,468

Description of Business, Organization and Liquidity

6 Months Ended

Jun. 30, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Description of Business, Organization and Liquidity

1. Description of Business, Organization and Liquidity

Kyverna Therapeutics, Inc. (“Kyverna” or “the Company”) is a late-stage clinical immunology company pioneering differentiated therapies with curative potential for people living with neurologic autoimmune diseases. The lead product candidate, mivocabtagene autoleucel, or miv-cel, and also known as KYV-101, is advancing through late-stage clinical development. The Company is currently focused on advancing its neuroimmunology CAR T franchise, which includes evaluating miv-cel in stiff person syndrome, or SPS, and generalized myasthenia gravis, or gMG. The Company was incorporated on June 14, 2018, was initially named BAIT Therapeutics, Inc., changed its name to Kyverna Therapeutics, Inc. on October 1, 2019, and is headquartered in Emeryville, California.

Liquidity

The Company has incurred losses and negative cash flows from operations since inception. As of June 30, 2026, the Company had an accumulated deficit of $502.9 million. The Company had net losses of $78.0 million and $86.7 million for the six months ended June 30, 2026 and 2025, respectively. The Company had cash used in operations of $81.9 million and $76.9 million for the six months ended June 30, 2026 and 2025, respectively.

The Company has historically financed its operations primarily through issuances of redeemable convertible preferred stock and convertible notes, revenue from its collaboration agreement and sale of shares of its common stock and debt financing. On October 31, 2025, the Company entered into a Loan and Security Agreement with Oxford Finance (as defined in Note 8). The Loan and Security Agreement provides a term loan facility (the “Loan Facility”) up to an aggregate principal amount of $150.0 million. On November 3, 2025, the Company borrowed $25.0 million from funds available from the first tranche of the term loan. On July 8, 2026, the Company, the Collateral Agent, and the Lenders entered into an amendment to the Loan and Security Agreement (see Note 8 for additional details). The Loan Facility matures on October 1, 2030.

As of June 30, 2026, the Company had cash and cash equivalents and available-for-sale marketable securities of $199.4 million. The Company expects to continue to incur operating losses and negative cash flows from operations to support the development of its product candidates, to expand its product portfolio and to continue its research and development activities and product launch readiness activities. The Company’s activities are subject to significant risks and uncertainties, including the completion of requisite clinical activities to support regulatory approvals, market acceptance of the Company’s product candidates, if approved, as well as the timing and extent of spending on research and development. There can be no assurance that the Company will ever earn revenue or achieve profitability, or if achieved, that the revenue or profitability will be sustained on a continuing basis. Unless and until it does, the Company will need to continue to raise additional capital. Based on its current operating plan, management estimates that its existing cash and cash equivalents and available-for-sale marketable securities balances, net proceeds from the sale of shares under the ATM Facility (see Note 9) and the term loans available under the Loan Facility with Oxford Finance will be sufficient to fund its operating plan and capital expenditure requirements for at least the next 12 months from the issuance of these condensed financial statements.

Common Stock

6 Months Ended

Jun. 30, 2026

Equity [Abstract]

Common Stock

9. Common Stock

As of June 30, 2026 and December 31, 2025, common stock shares reserved for future issuance were as follows:


	June 30,		December 31,
	2026		2025
Outstanding stock option awards		10,590,212		9,330,722
Unvested restricted stock units awards		1,686,922		1,282,404
Shares available for future grants under the 2024 Equity Incentive Plan and 2024 Inducement Equity Incentive Plan		4,545,909		2,944,739
Shares available for future grants under the 2024 Employee Stock Purchase Plan		1,266,000		844,000
Total shares reserved for future issuance		18,089,043		14,401,865

Shelf Registration Statement and the ATM Facility

On March 27, 2025, the Company filed a shelf registration statement on Form S-3 (the “Prior Registration Statement”), covering the offer and sale from time to time of up to $250.0 million in aggregate offering price of shares of its common stock, shares of its preferred stock, debt securities, warrants, rights, units and/or depositary shares. The Prior Registration Statement was declared effective by the SEC on April 15, 2025. The Prior Registration Statement included a sales agreement prospectus (the “Prior ATM Prospectus”), covering the offer and sale from time to time through or to Jefferies, LLC (“Jefferies”), as sales agent, of up to $50.0 million in aggregate offering price of shares of the Company’s common stock under an Open Market Sale AgreementSM entered into with Jefferies on March 27, 2025 (the "ATM Agreement"). In November 2025, the Company sold 2,477,100 shares of its common stock under the Prior ATM Prospectus for net proceeds of $16.4 million after deducting the sales agent’s fees.

On March 26, 2026, the Company filed a new shelf registration statement on Form S-3 (the “2026 Registration Statement”), covering the offer and sale from time to time of up to $300.0 million in aggregate offering price of shares of its common stock, shares of its preferred stock, debt securities, warrants, rights, units and/or depositary shares. The 2026 Registration Statement was declared effective by the SEC on April 2, 2026, and the Prior Registration Statement, including the Prior ATM Prospectus, ceased to be available for further utilization at that time. The terms of any offering under the 2026 Registration Statement will be established at the time of such offering and will be described in a prospectus supplement to the 2026 Registration Statement filed with the SEC prior to the completion of any such offering.

The 2026 Registration Statement includes a sales agreement prospectus (the “2026 ATM Prospectus”), covering the offer and sale from time to time through or to Jefferies, as sales agent, of up to $100.0 million in aggregate offering price of shares of the Company’s common stock under the ATM Agreement (the "ATM Facility"). During the quarter ended June 30, 2026, the Company sold 426,038 shares of its common stock under the 2026 ATM Prospectus for net proceeds of $3.6 million after deducting the sales agent fees.

As of June 30, 2026, $200.0 million remains available and unallocated under the 2026 Registration Statement and $96.3 million remains available and allocated for sale under the ATM Facility.

December 2025 Offering

On December 17, 2025, the Company entered into an underwriting agreement (the “Underwriting Agreement”) with the several underwriters named therein (the “Underwriters”), relating to the issuance and sale of an aggregate of 13,333,333 shares of the Company’s common stock at $7.50 per share under the Prior Registration Statement. The offering closed on December 18, 2025. Pursuant to the Underwriting Agreement, the Underwriters were granted a 30-day option to purchase up to 1,999,999 additional shares (the “Option Shares”) of common stock, which was partially exercised and the underwriters purchased 704,499 shares of common stock on December 23, 2025. Total proceeds of the transaction, including the Option Shares were approximately $98.7 million, net of underwriting discounts and issuance costs. The Prior Registration Statement was superseded by the 2026 Registration Statement once the 2026 Registration Statement was declared effective on April 2, 2026.

- Definition

The entire disclosure for equity.

+ References

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+ Details