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Equity Incentive Plans - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2026	Dec. 31, 2025
Shares Subject to Options Outstanding, Shares
Outstanding as of beginning balance (in shares)	47,436,953
Options granted (in shares)	63,000,828
Option exercised (in shares)	(211,460)
Options forfeited/cancelled (in shares)	(55,541,870)
Outstanding as ending balance (in shares)	54,684,451	47,436,953
Options vested and expected to vest as of ending balance (in shares)	54,684,451
Options exercisable as of ending balance (in shares)	27,944,056
Shares Subject to Options Outstanding, Weighted Average Exercise Price
Outstanding as of beginning balance (in dollars per share)	$ 1.74
Options granted (in dollars per share)	0.91
Option exercised (in dollars per share)	1.04
Options forfeited/cancelled (in dollars per share)	1.74
Outstanding as of ending balance (in dollars per share)	0.79	$ 1.74
Options vested and expected to vest as of ending balance (in dollars per share)	0.79
Options exercisable as of ending balance (in dollars per share)	$ 1.06
Weighted-Average Remaining Contractual Life (in years)	6 years 1 month 6 days	7 years 4 months 24 days
Weighted-Average Remaining Contractual Life (in years), Options vested and expected to vest as of end of period	6 years 1 month 6 days
Weighted-Average Remaining Contractual Life (in years), Options exercisable as of end of period	5 years
Aggregate Intrinsic Value	$ 0	$ 84,257
Aggregate Intrinsic Value, Options vested and expected to vest as of end of period	0
Aggregate Intrinsic Value, Options exercisable as of end of period	$ 0

Balance Sheet Accounts and Supplemental Disclosures

6 Months Ended

Jun. 30, 2026

Balance Sheets Accounts And Supplemental Disclosures [Abstract]

Balance Sheet Accounts and Supplemental Disclosures

Accrued Expenses and Other Current Liabilities

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


	As of
	June 30, 2026		December 31, 2025
Accrued compensation and benefits	$	9,060	$	11,211
Operating lease liabilities	965		938
Accrued consulting fees	2,875		1,807
Accrued interest	422		833
Accrued legal fees	3,915		84

Accrued accounting fees	150		449

Accrued income tax	6		6
Accrued other	317		499
Total accrued expenses and other current liabilities	$	17,710	$	15,827

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2026

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Presentation

The Company's accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) for interim financial information and with the instructions of the Securities and Exchange Commission (“SEC”) on Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and disclosures required by GAAP for complete financial statements. In the opinion of management, the unaudited condensed consolidated financial statements include all adjustments necessary, which are of a normal and recurring nature, for the fair presentation of the Company’s financial position and of the results of operations and cash flows for the periods presented. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2025 included in the Company’s Annual Report on Form 10-K filed with the SEC on March 17, 2026. The results of operations for the interim period shown in this report are not necessarily indicative of the results that may be expected for any other interim period or for the full year. The balance sheet at December 31, 2025, has been derived from the audited consolidated financial statements at that date.

Use of Estimates

The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The most significant estimates in the Company’s condensed consolidated financial statements relate to accrued research and development expenses, convertible debt components, stand-alone selling price of performance obligations and estimated collaboration expenses associated with the Company’s Chiesi Collaboration Agreement. These estimates and assumptions are based on current facts, historical experience and various other factors 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 recording of expenses that are not readily apparent from other sources. Actual results could differ from those estimates.

Segments

Operating segments are identified as components of an enterprise about which discrete financial information is available for evaluation by the chief operating decision-maker ("CODM") in making decisions regarding resource allocation and assessing performance. The Company views its operations and manages its business as one operating segment. The identification of a single operating and reportable segment is consistent with the management approach as the CODM regularly reviews consolidated financial information for the purpose of assessing performance and allocating resources. See Note 11, "Segment Reporting" for more information.

Collaborative Arrangements

The Company assesses whether its licensing and other agreements are collaborative arrangements based on whether they involve joint operating activities and whether both parties have active participation in the arrangement and are exposed to significant risks and rewards. For arrangements that the Company determines are collaborations, it identifies each unit of account, and then determines whether a customer relationship exists for that unit of account. If the Company determines a performance obligation within the collaborative arrangement to be with a customer, it applies its revenue recognition accounting policy. If a portion of a distinct bundle of goods or services within the collaborative arrangement is not with a customer, the Company applies recognition and measurement based on an analogy to authoritative accounting literature or, if there is no appropriate analogy, a reasonable, rational and consistently applied accounting policy election. To the extent the arrangement is within the scope of Accounting Standards Codification ("ASC") Topic 808, Collaborative Arrangements ("ASC 808"), the Company assesses whether aspects of the arrangement between the Company and the collaboration partner are within the scope of other accounting literature. If the Company concludes that some or all aspects of the arrangement represent a transaction with a customer, the Company accounts for those aspects of the arrangement within the scope of ASC Topic 606, Revenue from Contracts with Customers ("ASC 606"). See Note 10, "Significant Agreements and Contracts," for more information.

Revenue Recognition

The Company recognizes revenue when a customer obtains control of promised goods or services in a contract for an amount that reflects the consideration the Company expects to receive in exchange for those goods or services. For contracts

with customers, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the Company satisfies each performance obligation. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. As part of the accounting for contracts with customers, the Company develops assumptions that require judgment to determine the standalone selling price of each distinct performance obligation identified in the contract. In addition, variable consideration such as milestone payments are evaluated to determine if they are constrained and, therefore, excluded from the transaction price. The Company then allocates the total transaction price proportionally to each distinct performance obligation based on their estimated standalone selling prices, unless an allocation exception applies. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective distinct performance obligation when (or as) the performance obligation is satisfied.

In a contract with multiple performance obligations, the Company must develop estimates and assumptions that require judgment to determine the underlying standalone selling price for each distinct performance obligation, which determines how the transaction price is allocated among the distinct performance obligations. The estimation of the stand-alone selling price(s) may include estimates regarding forecasted revenues or costs, development timelines, discount rates, and probabilities of technical and regulatory success. The Company evaluates each performance obligation to determine if it can be satisfied at a point in time or over time. Any change made to estimated progress towards completion of a distinct performance obligation and, therefore, revenue recognized will be recorded as a change in estimate. In addition, variable consideration must be evaluated to determine if it is constrained and, therefore, excluded from the transaction price.

If a license to the Company’s intellectual property is determined to be distinct from the other performance obligations identified in a contract, the Company recognizes revenues from the transaction price allocated to the license when the license is transferred to the licensee and the licensee is able to use and benefit from the license. For licenses that are bundled with other promises, the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue from the allocated transaction price. The Company evaluates the measure of progress at each reporting period and, if necessary, adjusts the measure of performance and related revenue or expense recognition as a change in estimate.

At the inception of each arrangement that includes milestone payments, the Company evaluates whether the milestones are considered probable of being reached. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the Company’s or a collaboration partner’s control, such as regulatory approvals, are generally not considered probable of being achieved until those approvals are received. At the end of each reporting period, the Company re-evaluates the probability of achievement of milestones that are within its or a collaboration partner’s control, such as operational developmental milestones and any related constraint, and, if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which will affect revenue from sale of licenses and revenue from contracts with collaborators in the period of adjustment. Revisions to the Company’s estimate of the transaction price may also result in negative revenue from sale of licenses and revenue from contracts with collaborators in the period of adjustment.

For arrangements that include sales-based royalties, including commercial milestone payments based on the level of sales, and a license is deemed to be the predominant item to which the royalties relate, the Company will recognize revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied, or partially satisfied. To date, the Company has not recognized any royalty revenue from collaborative arrangements.

For arrangements that include cost-share reimbursements, we will recognize such payments when control of the related goods or services are transferred to the customer. Cost-sharing reimbursements are presented as revenue from contracts with collaborators.

Major Customer and Concentration of Credit Risk

During the six months ended June 30, 2026, Chiesi was the Company's principal customer, accounting for 100% of its revenue. Consequently, Chiesi represented 100% of the Company's accounts receivable balance as of June 30, 2026, and December 31, 2025.

The Company is exposed to concentration of credit risk through its financial instruments, primarily cash and cash equivalents. The Company’s cash and cash equivalents are maintained in financial institutions that management considers to be of high credit quality. Amounts on deposit with these financial institutions have and will continue to exceed federally-insured

limits. The Company has not experienced any losses on its deposits of cash and cash equivalents and does not believe that it is subject to unusual credit risk beyond the normal credit risk associated with commercial banking relationships.

5.00% Convertible Senior Notes due 2027 (the “2027 Notes”)

The Company accounted for the 2027 Notes under Accounting Standards Update (“ASU”) No. 2020-06, “Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40)” (“ASU 2020-06”), which the Company adopted on January 1, 2022 using the modified retrospective approach, and accordingly reflected the 2027 Notes as a single liability instrument as if the embedded conversion feature had not been separated. The 2027 Notes were recorded in long-term liabilities at face value net of issuance costs. Following the Company’s May 2026 irrevocable election to settle all conversions of the 2027 Notes solely in cash, the embedded conversion option no longer qualified for the derivatives scope exception for contracts in the Company’s own equity and is accounted for as a bifurcated derivative liability measured at fair value, with changes in fair value recognized in earnings. The exchange and modification of the 2027 Notes completed in June 2026 are described in Note 5.

7.50% Convertible Senior Notes due 2030 (the “2030 Notes”)

The Company accounts for the 2030 Notes under Accounting Standards Codification (“ASC”) 470, Debt. The Company identified certain embedded features of the 2030 Notes that require bifurcation from the debt host and separate accounting as a derivative liability under ASC 815-15. The bifurcated derivative was initially recorded at fair value, with an offsetting discount to the carrying amount of the 2030 Notes and is subsequently remeasured at fair value each reporting period with changes in fair value recognized in earnings; the related discount is accreted to interest expense over the term of the 2030 Notes. The terms of the 2030 Notes, including the springing maturity feature and the resulting balance sheet classification, and the issuance of the 2030 Notes in the Exchange Offer, are described in Note 5.

Debt Modifications and Extinguishments

The Company first evaluates whether a debt exchange or amendment is within the scope of the troubled debt restructuring guidance in ASC 470-60, Troubled Debt Restructurings by Debtors, which applies when the Company is experiencing financial difficulty and the lender grants a concession. If the restructuring is not a troubled debt restructuring, the Company then evaluates the exchange or amendment under ASC 470-50, Debt - Modifications and Extinguishments, to determine whether it is accounted for as an extinguishment or as a modification. When an exchange is accounted for as an extinguishment, the existing debt is derecognized at its net carrying amount, the new instruments issued are recognized at fair value, and the difference is recognized as a gain or loss on extinguishment. When an amendment is accounted for as a modification, no gain or loss is recognized and the Company continues to account for the debt using the original effective interest rate. Direct costs incurred in a debt exchange are allocated to the instruments issued based on their respective accounting classification: costs allocable to equity-classified instruments reduce additional paid-in capital; costs allocable to debt reduce the carrying amount of the debt and are accreted to interest expense; and costs allocable to instruments measured at fair value through earnings are expensed as incurred.

Recent Accounting Pronouncements - Adopted

In July 2025, the Financial Accounting Standards Board ("FASB") issued ASU No. 2025-05, Credit Losses (Topic 326) - Measurement of Credit Losses for Accounts Receivable and Contract Assets. The amendments provide all entities with a practical expedient to assume that the current conditions as of balance sheet date will remain unchanged for the remaining life of the asset when developing a reasonable and supportable forecast as part of estimating expected credit losses on current accounts receivable and current contract assets arising from transactions accounted for under ASC 606, Revenue from Contracts with Customers. The guidance is effective for all entities for annual reporting periods beginning after December 15, 2025 and interim reporting periods within those annual reporting periods. Entities that use the practical expedient are required to apply the amendments prospectively. The adoption of ASU No. 2025-05 does not have a material impact on its consolidated financial statements and related disclosures.

Recent Accounting Pronouncements - Not Yet Adopted

In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, as further clarified by ASU 2025-01, Income Statement - Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date, issued in January, 2025, which requires disaggregated disclosure of certain costs and expenses on an interim and annual basis. ASU No. 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The disclosure updates are

required to be applied prospectively with the option for retrospective application. The Company is currently evaluating the impact of adopting ASU No. 2024-03 on its consolidated financial statements and related disclosures.

In December 2025, the FASB issued ASU No. 2025-12, Codification Improvements, to address suggestions received from stakeholders on the ASC and to make other incremental improvements to U.S. GAAP. The update represents changes to the ASC that clarify, correct errors in or make other improvements to a variety of topics that are intended to make it easier to understand and apply. ASU No. 2025-12 is effective for fiscal years beginning after December 15, 2026 and interim periods. The Company is currently evaluating the impact of adopting ASU No. 2025-12 on its consolidated financial statements and related disclosures.

In December 2025, the FASB issued ASU No. 2025-11, Interim Reporting (Topic 270), which provides clarifications intended to improve the consistency and usability of interim disclosure requirements, including a comprehensive listing of required interim disclosures and a new disclosure principle for reporting material events occurring after the most recent annual period. The amendments do not change the underlying objectives of interim reporting but are designed to enhance clarity in application. ASU No. 2025-11 is effective for fiscal years beginning after December 15, 2027, including interim periods within those fiscal years. The Company is currently evaluating the impact of adopting ASU No. 2025-11 on its consolidated financial statements and related disclosures.

Other recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force), the American Institute of Certified Public Accountants, and the SEC did not, or are not believed by management to, have a material impact on the Company’s present or future financial position, results of operations, cash flows or disclosures.

Net Income (Loss) Per Share

The Company follows the guidance in FASB ASC 260, Earnings per Share, which establishes standards regarding the computation of earnings per share ("EPS") by companies that have issued securities other than common stock that contractually entitle the holder to participate in dividends and earnings of a company. The guidance requires earnings to be hypothetically allocated between the common, preferred, and other participating stockholders based on their respective rights to receive non-forfeitable dividends, whether or not declared.

Basic net income is calculated by dividing the net income attributable to common stockholders by the weighted-average number of common shares outstanding for the period. Prefunded warrants are considered outstanding for the purposes of computing basic and diluted net loss per share because shares may be issued for little or no additional consideration and are fully vested and exercisable after the original issuance date of the pre-funded warrants. Diluted net income per share is computed by dividing the net income attributable to common shareholders by the weighted-average number of common shares outstanding for the period and dilutive common stock equivalents outstanding for the period determined using the treasury-stock and if-converted methods. Dilutive common stock equivalents are comprised of warrants, options outstanding under the Company's stock option plans, options outstanding under the Company's stock purchase agreement and 2027 Notes, on an as converted basis.

Basic and diluted net loss per share of common stock is computed by dividing net loss attributable to common stockholders by the weighted-average number of common shares outstanding for the period. In loss periods, basic net loss per share and diluted net loss per share are identical because the otherwise dilutive potential common shares become anti-dilutive and are therefore excluded.

The following table sets forth the computation of basic and diluted earnings (loss) per common share:


(in thousands, except share and per share amounts)	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
Numerator:
Numerator for basic earnings (loss) per share - income available to common stockholders	$	16,900	$	(38,273)	$	(29,764)	$	(74,911)
Add back the interest on 2027 Notes	1,778		—		4,278		—
Deduct the gain on debt extinguishment	(43,846)		—		(43,846)		—
Numerator of diluted earnings (loss) per share	$	(25,168)	$	(38,273)	$	(69,332)	$	(74,911)

Denominator:
Denominator for basic earnings (loss) per share - common shares outstanding	320,014,255		227,275,466		277,313,038		227,048,022
Add back 2027 Notes, as converted	8,762,240		—		10,542,070		—
Denominator for diluted earnings (loss) per share - adjusted weighted average shares outstanding	328,776,495		227,275,466		287,855,108		227,048,022

Basic earnings (loss) per common share	$	0.05	$	(0.17)	$	(0.11)	$	(0.33)
Diluted earnings (loss) per common share	$	(0.08)	$	(0.17)	$	(0.24)	$	(0.33)

Concurrently with our irrevocable election to settle the 2027 notes in cash we also commenced the Exchange Offer which was completed on June 4, 2026.

The table below provides potentially dilutive securities not included in the calculation of the diluted net loss per share because to do so would be anti-dilutive (in common stock equivalent shares):


	Three and six months ended June 30,
	2026	2025
2027 Notes	—	12,321,900
2030 Notes	348,524,065	—
Shares issuable upon exercise of stock options	54,684,451	48,272,951
Shares issuable upon exercise of Chiesi Equity Option	—	22,504,930
Shares issuable upon exercise of warrants	166,464,537	32,467,360
Nonvested shares under restricted stock grants	6,557,915	—
Total potentially dilutive securities	576,230,968	115,567,141

Equity Incentive Plans - Schedule of Fair Value of the Derivative Liability (Details) - Purchase Warrants - Significant Unobservable Inputs (Level 3) $ in Thousands	1 Months Ended
	Jun. 30, 2026 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance at June 4, 2026	$ 19,893
Change in fair value in net gain	(1,602)
Ending balance at June 30, 2026	$ 18,291

Equity Incentive Plans

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Equity Incentive Plans

2023 Employment Inducement Incentive Plan

In November 2023, the Company approved the 2023 Employment Inducement Incentive Plan (the "2023 Inducement Plan"). The terms of the 2023 Inducement Plan are substantially similar to the terms of the Company’s 2019 Incentive Award Plan (as described below) with the exception that incentive stock options may not be issued under the 2023 Inducement Plan and awards under the 2023 Inducement Plan may only be issued to eligible recipients under the applicable Nasdaq rules. The 2023 Inducement Plan was adopted without stockholder approval pursuant to Rule 5635(c)(4) of the Nasdaq Listing Rules. In accordance with Rule 5635(c)(4) of the Nasdaq Listing Rules, awards under the 2023 Inducement Plan may only be made to an

employee who has not previously been an employee or member of the board of directors of the Company or any parent or subsidiary, or following a bona fide period of non-employment by the Company or a parent or subsidiary, if he or she is granted such award in connection with his or her commencement of employment with the Company or a subsidiary and such grant is an inducement material to his or her entering into employment with the Company or such subsidiary. The Company has initially reserved 6,762,279 shares of the Company’s common stock for issuance pursuant to awards granted under the 2023 Inducement Plan. As of June 30, 2026, an aggregate of 4,062,685 shares of common stock were available for issuance under the 2023 Inducement Plan. As of June 30, 2026 and December 31, 2025, 2,605,428 and 4,811,455 shares of common stock, respectively, were subject to outstanding awards under the 2023 Inducement Plan.

2019 Equity Incentive Plan

In January 2019, the Company’s board of directors and stockholders approved and adopted the 2019 Incentive Award Plan (the “2019 Plan”). The 2019 Plan became effective on February 6, 2019, the day prior to the effectiveness of the registration statement filed in connection with the IPO. Under the 2019 Plan, the Company may grant stock options, stock appreciation rights, restricted stock, restricted stock units, and other stock or cash-based awards to individuals who are then employees, officers, directors or consultants of the Company, and employees and consultants of the Company’s subsidiaries. A total of 5,750,000 shares of common stock were approved to be initially reserved for issuance under the 2019 Plan. The number of shares that remained available for issuance under the 2017 Plan (as defined below) as of the effective date of the 2019 Plan were, and shares subject to outstanding awards under the 2017 Plan as of the effective date of the 2019 Plan that are subsequently canceled, forfeited or repurchased by the Company will be, added to the shares reserved under the 2019 Plan. The Company’s board of directors and stockholders approved an amendment and restatement to the 2019 Plan in 2025 to, among other things, increase the aggregate number of shares of common stock authorized for issuance under the 2019 Plan by 11,350,000 shares of common stock. In addition, the number of shares of common stock available for issuance under the 2019 Plan will be automatically increased on the first day of each calendar year during the ten-year term of the 2019 Plan, beginning with January 1, 2026 and ending with January 1, 2035, by an amount equal to 5% of the outstanding number of shares of the Company’s common stock on December 31 of the preceding calendar year or such lesser amount as determined by the Company’s board of directors. As of June 30, 2026, an aggregate of 8,033,648 shares of common stock were available for issuance under the 2019 Plan. As of June 30, 2026 and December 31, 2025, 56,759,243 and 44,796,989 shares of common stock, respectively, were subject to outstanding awards under the 2019 Plan.

On May 15, 2026, the Board approved an amendment and restatement of the 2019 Plan (the “Restated Plan”), to increase the number of shares of common stock authorized for issuance thereunder. The Restated Plan was effective on May 18, 2026, subject to the occurrence of the closing of the Exchange Offer and stockholder approval. On July 14, 2026, the Company’s stockholder approved the Restated Plan.

Pursuant to the Restated Plan, the number of shares reserved for issuance is equal to the sum of the following:

•The number of shares of common stock reserved for issuance under the existing 2019 Plan prior to the effective date of the Restated Plan (which was 69,238,008 shares); plus

•On the date following the closing date of the Exchange Offer, an increase equal to 71,965,321 shares; plus

•An annual increase on January 1 of each calendar year during the term of the Restated Plan commencing January 1, 2027 and ending on and including January 1, 2036, equal to the lesser of (A) 5% of the Evergreen Fully-Diluted Shares Outstanding (as defined in the Restated Plan) on such date (rounded up to the nearest whole share) or (B) such number of shares of common stock determined by the plan administrator; plus

•Any outstanding awards under the Company’s 2017 Stock Incentive Plan (the “2017 Plan”) as of the effective date of the Restated Plan that become available after such date in accordance with the share counting provisions of the Restated Plan.

2019 Employee Stock Purchase Plan

In January 2019, the Company’s board of directors and stockholders approved and adopted the 2019 Employee Stock Purchase Plan (the “ESPP”). The ESPP became effective as of February 6, 2019, the day prior to the effectiveness of the registration statement filed in connection with the IPO. The ESPP permits participants to purchase common stock through payroll deductions of up to 20% of their eligible compensation. A total of 700,000 shares of common stock were approved to be initially reserved for issuance under the ESPP. In addition, the number of shares of common stock available for issuance under the ESPP will be automatically increased on the first day of each calendar year during the first ten years of the term of the ESPP, beginning with January 1, 2020 and ending with January 1, 2029, by an amount equal to 1% of the outstanding number of shares of the Company’s common stock on December 31 of the preceding calendar year or such lesser amount as determined by the Company’s board of directors. During the six months ended June 30, 2026, 807,765 shares were issued pursuant to the ESPP. As of June 30, 2026, an aggregate of 7,250,975 shares of common stock were available for issuance under the ESPP.

2017 Equity Incentive Plan

The Company’s 2017 Equity Incentive Plan (the “2017 Plan”) permitted the granting of incentive stock options, non-statutory stock options, restricted stock, restricted stock units and other stock-based awards. Subsequent to the adoption of the 2019 Plan, no additional equity awards can be made under the 2017 Plan. As of June 30, 2026 and December 31, 2025, 1,877,695 and 1,955,471 shares of common stock, respectively, were subject to outstanding options under the 2017 Plan. As of June 30, 2026, no shares of restricted stock awards granted under the 2017 Plan were unvested.

Stock Options

The fair value of each employee and non-employee time-vested stock option grant is estimated on the date of grant using the Black-Scholes option-pricing model. The Company uses its own volatility to the extent it has sufficient trading history, and for awards in which sufficient trading history is not available, a peer group is used to calculate the expected volatility. Due to the lack of historical exercise history, the expected term of the Company’s stock options for employees has been determined utilizing the “simplified” method for awards. The expected term of stock options granted to non-employees is equal to the contractual term of the option award. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the award. Expected dividend yield is zero based on the fact that the Company has never paid cash dividends and does not expect to pay any cash dividends in the foreseeable future.

Effective March 19, 2026, and in accordance with the terms of the 2019 Plan, the Company's board of directors approved a stock option repricing (the “Option Repricing”) whereby the exercise price of each Eligible Option (as defined below) was immediately reduced to $0.45 per share, the closing stock price on March 19, 2026. For purposes of the Option Repricing, “Eligible Options” were 48,725,528 outstanding stock options as of March 19, 2026 (vested or unvested) granted under the 2019 Plan and held by those eligible employees of the Company identified by the Company's board of directors, including the Company’s executive officers. The reduced exercise price became effective immediately after the repricing. Except for the reduction in the exercise prices of the Eligible Options as described above, the Eligible Options will retain their existing terms and conditions as set forth in the 2019 Plan and the applicable award agreements.

The repricing resulted in $2.9 million of incremental cost, which was calculated using the Black-Scholes option-pricing model, of which $1.4 million of the incremental cost was recognized immediately, and $1.5 million of the incremental cost will be recognized on the straight-line basis over the remaining vesting period of the repriced options. The incremental cost is included in general and administrative expense and research and development expense on the condensed consolidated statements of operations and comprehensive loss.

The following table summarizes stock option activity during the six months ended June 30, 2026:


	Shares Subject to Options Outstanding			Weighted- Average
	Shares	Weighted- Average Exercise Price		Remaining Contractual Life (Years)	Aggregate Intrinsic Value
					(in thousands)
Outstanding as of December 31, 2025	47,436,953	$	1.74	7.4	$	84,257
Options granted	63,000,828	$	0.91
Options exercised	(211,460)	$	1.04
Options forfeited/cancelled	(55,541,870)	$	1.74
Outstanding as of June 30, 2026	54,684,451	$	0.79	6.1	$	—
Options vested and expected to vest as of June 30, 2026	54,684,451	$	0.79	6.1	$	—
Options exercisable as of June 30, 2026	27,944,056	$	1.06	5.0	$	—

The aggregate intrinsic value in the above table is calculated as the difference between fair value of the Company’s common stock price on June 30, 2026 and the exercise price of the stock options. The aggregate intrinsic value of stock options exercised was $0.3 million and $0.1 million during the six months ended June 30, 2026 and 2025, respectively.

The weighted-average grant date fair value per share for the stock option grants, excluding re-granted stock options due to repricing, during the six months ended June 30, 2026 and 2025 was $2.16 and $0.91, respectively.

The aggregate fair value of stock options that vested during the six months ended June 30, 2026 and 2025 was $6.6 million and $6.2 million, respectively.

Warrants

On July 24, 2023, the Company completed a private placement of 129,869,440 shares of the Company’s common stock and accompanying warrants to purchase up to 32,467,360 shares of the Company's common stock at a combined purchase price of $1.63125 per share and accompanying warrant, or with respect to any purchaser that was an officer, director, employee or consultant of the Company, $1.85125 per share and accompanying warrant. Each warrant has an exercise price per share of $2.04, was immediately exercisable on the date of issuance and will expire five years from the closing of the private placement.

On June 4, 2026, in connection with the Exchange Offer, the Company issued 135,789,000 Purchase Warrants pursuant to a warrant agreement by and between the Company and Computershare, Inc., as warrant agent. The Company is permitted to satisfy its obligations under the Purchase Warrants by physical settlement in shares of common stock. Additionally, Purchase Warrants will be exercisable at any time from December 3, 2026 until June 4, 2031. The Purchase Warrants will be exercisable with a cash exercise price equal to the greater of (i) $0.34 and (ii) a 25% premium to the Reference Price, subject to adjustments. On July 1, 2026, the exercise price was established as $0.34. The number of shares of common stock issuable upon exercise of the Purchase Warrants is subject to customary anti-dilution adjustments in the event of stock dividends, stock splits, stock combinations, reclassifications, distributions and similar events, as well as adjustments in connection with certain degressive issuances at a price below the then-current strike price and a reduction to the strike price in connection with a fundamental change based on a Black-Scholes valuation of the Purchase Warrants. The Purchase Warrant Agreement includes a beneficial ownership limitation that provides that the holders may not exercise (nor may the Company allow the exercise of) the Purchase Warrants if, upon giving effect to such exercise, such exercise would cause the aggregate number of shares of common stock beneficially owned by the holder (together with its affiliates and any other persons whose beneficial ownership of common stock would be aggregated for the purposes of Section 13(d) of the Exchange Act)) to exceed 4.99% (or, at the holder’s election, up to 9.99%) of the total number of the then issued and outstanding shares of common stock; provided that any increase in such percentage will not be effective until the 61st day after such notice is delivered to the Company. The Purchase Warrant Agreement provides that the Company will prepare a resale registration statement with respect to the shares of common stock underlying the Purchase Warrants, subject to certain terms and exceptions.

The Company evaluated the Purchase Warrants for classification as a liability or equity under ASC 815-40. Because the Warrant Agreement required net-cash settlement of any exercise prior to obtaining the requisite stockholder approval, the Purchase Warrants failed to meet the equity-classification conditions in ASC 815-40-25-1(a) and 25-4(a)(1), regardless of indexation, and did not qualify for the scope exception in ASC 815-10-15-74(a). As of June 30, 2026, the Purchase Warrants were therefore classified as a derivative liability, measured at fair value with changes in fair value recognized in earnings. The

fair value of the warrant liability was determined based on significant inputs not observable in the market, which represents a Level 3 measurement within the fair value hierarchy.

The summary of the changes in the fair value of the warrant liabilities Level 3 rollforward is as follows (in thousands):


	Three Months Ended June 30, 2026
Beginning balance at June 4, 2026	$	19,893
Change in fair value in net gain	(1,602)
Ending balance at June 30, 2026	$	18,291

The requisite stockholder approval was obtained on July 14, 2026. Reassessing classification as of that date under ASC 815-40-35-8, the Company concluded the Purchase Warrants are indexed to the Company's own stock and satisfy the remaining equity-classification conditions in ASC 815-40-25-10, and reclassified them from a liability to equity at fair value as of that date, with no further remeasurement thereafter.

On June 4, 2026, in connection with the Exchange Offer, the Company issued 33,402,727 Prefunded Warrants that have an exercise price of $0.0001 per underlying share of common stock, exercisable via cashless exercise at any time after the date of issuance of such Prefunded Warrant, subject to the ownership limitations described below, and do not expire. The number of shares of common stock issuable upon exercise of each Prefunded Warrant is subject to appropriate adjustment in the event of certain stock dividends and distributions, stock splits, stock combinations, reclassifications or similar events affecting the common stock. In addition, the holders of the Prefunded Warrants are entitled to participate in pro rata distributions and purchase rights on the same basis as if they held the underlying shares of common stock, and in the event of a fundamental transaction, the holders will be entitled to receive, upon exercise, the same kind and amount of securities, cash or property as they would have received had they held the underlying shares immediately prior to such fundamental transaction. The Prefunded Warrants include a beneficial ownership limitation that provides that the holders may not exercise (nor may the Company allow the exercise of) such Prefunded Warrant if, upon giving effect to such exercise, such exercise would cause the aggregate number of shares of common stock beneficially owned by the holder (together with affiliates and any other persons whose beneficial ownership of common stock would be aggregated for the purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) to exceed 9.99% of the total number of the then issued and outstanding shares of common stock as determined in accordance with the terms of each Prefunded Warrant; provided that the Prefunded Warrant holder may decrease (or increase) such percentage to a percentage not in excess of 9.99%; provided further that any increase in such percentage will not be effective until the 61st day after notice of such increase is delivered to the Company.

Given that the warrants are indexed to the Company's shares of common stock (and otherwise meet the requirements to be classified in equity), the Company recorded the estimated fair value of the Prefunded Warrants as a component of additional paid-in capital on the Company's unaudited condensed consolidated balance sheets, as part of the accounting for the debt extinguishment.

During the six months ended June 30, 2026, no warrants were exercised. As of June 30, 2026, there were 199,867,264 warrants outstanding, including 135,789,000 Purchase Warrants, 33,402,727 Prefunded Warrants and 32,467,360 warrants issued in connection with Company's private placement in July 2023.

Restricted Stock

Restricted stock grants include performance stock units ("PSUs") and restricted stock units ("RSUs").

The fair value of the PSUs is determined based on the closing market price of the Company's common stock on the grant date. Compensation expense for PSUs is recognized if and when the Company concludes that it is probable that the performance conditions will be achieved. The Company reassesses the probability of vesting at each reporting period for awards with performance conditions and adjusts compensation expense based on its probability assessment.

All PSUs vest in full upon the earlier of (i) the approval of an NDA for seralutinib or (ii) a Change in Control (as defined in the 2019 Plan), in either case on or prior to the fourth anniversary of the grant date, and subject to the participant not experiencing a termination of service prior to the applicable vesting date. In the event the PSUs have not vested on or prior to the fourth anniversary of the grant date due to the failure of either of the above events to occur, the PSUs will be forfeited on such date. As of June 30, 2026, the Company determined that the achievement of the performance condition of the PSUs is not probable, and therefore no compensation expense was recorded during the three and six months ended June 30, 2026.

The summary of the Company’s restricted stock grants activity during the six months ended June 30, 2026 is as follows:


	Number of Restricted Stock Grants Outstanding	Weighted- Average Grant Date Fair Value
Nonvested at December 31, 2025	4,126,962	$	1.71
Granted	4,039,821	2.88

Forfeited	(1,608,868)	2.17
Nonvested at June 30, 2026	6,557,915	$	2.31

Stock-Based Compensation Expense

Stock-based compensation expense has been reported in the Company’s condensed consolidated statements of operations and comprehensive loss as follows (in thousands):


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
Research and development	$	653	$	1,328	$	3,424	$	2,466
General and administrative	1,810		1,258		5,343		2,525
Total stock-based compensation expense	$	2,463	$	2,586	$	8,767	$	4,991

As of June 30, 2026, the total unrecognized compensation expense related to the unvested stock option awards granted was $28.9 million, which the Company expects to recognize over a weighted-average period of approximately 2.6 years.

As of June 30, 2026, the total unrecognized stock-based compensation expense related to the unvested restricted stock granted was $11.9 million, which the Company expects to recognize over a weighted-average period of approximately 2.3 years.

As of June 30, 2026, the total unrecognized compensation expense related to the ESPP was $0.5 million, which the Company expects to recognize over a weighted-average period of approximately 0.8 years.

Fair Value Measurements and Available for Sale Investments (Tables)

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Schedule of Assets Measured at Fair Value on Recurring Basis

The following table presents the hierarchy for assets and liabilities measured at fair value on a recurring basis as of June 30, 2026 and December 31, 2025 (in thousands):


	Fair Value Measurements at End of Period Using:
	Total Fair Value		Quoted Market Prices for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
As of June 30, 2026
Money market funds	$	37,767	$	37,767	$	—	$	—

Commercial paper	15,878		—		15,878		—

Warrant liability	18,291		—		—		18,291
Embedded derivative liability	42,938		—		—		42,938
As of December 31, 2025
Money market funds	$	22,228	$	22,228	$	—	$	—
U.S. Treasury and agency securities	8,090		8,090		—		—
Commercial paper	73,592		—		73,592		—
Corporate debt securities	27,377		—		27,377		—

Fair Value, Liabilities Measured on Recurring Basis

The following table presents the hierarchy for assets and liabilities measured at fair value on a recurring basis as of June 30, 2026 and December 31, 2025 (in thousands):


	Fair Value Measurements at End of Period Using:
	Total Fair Value		Quoted Market Prices for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
As of June 30, 2026
Money market funds	$	37,767	$	37,767	$	—	$	—

Commercial paper	15,878		—		15,878		—

Warrant liability	18,291		—		—		18,291
Embedded derivative liability	42,938		—		—		42,938
As of December 31, 2025
Money market funds	$	22,228	$	22,228	$	—	$	—
U.S. Treasury and agency securities	8,090		8,090		—		—
Commercial paper	73,592		—		73,592		—
Corporate debt securities	27,377		—		27,377		—

Schedule of Available for Sale Investments by Security Type

The aggregate market value, cost basis, and gross unrealized gains and losses of available-for-sale investments by security type, classified in marketable securities as of June 30, 2026 and December 31, 2025 are as follows (in thousands except securities amounts):


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Total Fair Value
As of June 30, 2026


Commercial paper	$	15,878	$	—	$	—	$	15,878
Total marketable securities	$	15,878	$	—	$	—	$	15,878
Number of securities with unrealized losses					—

As of December 31, 2025
U.S. Treasury and agency securities	$	8,088	$	2	$	—	$	8,090
Corporate debt securities	27,359		18		—		27,377
Commercial paper	73,544		49		(1)		73,592
Total marketable securities	$	108,991	$	69	$	(1)	$	109,059
Number of securities with unrealized losses					1

Schedule of Contractual Maturities of Available-for-sale Debt Securities

Contractual maturities of available-for-sale debt securities, as of June 30, 2026, were as follows (in thousands):


	Estimated Fair Value
Less than one year	$	15,878
Greater than one year	—
Total	$	15,878

Segment Information (Tables)

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Schedule of Segment Information

Significant segment expenses which are regularly reported to the CODM for purposes of making decisions regarding the allocation of resources are included within the table below and are reconciled to consolidated net loss (in thousands):


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
Total revenue	$	9,238	$	11,489	$	26,193	$	21,378
Less:
Seralutinib	25,914		41,575		68,264		79,616
Other segment items (1)	9,398		8,679		28,869		17,337
Interest income	(268)		(542)		(622)		(836)
Interest expense	2,705		2,744		5,460		5,490
Remeasurement of warrant liability	(1,602)		—		(1,602)		—
Remeasurement of derivative liability	(4,113)		—		(4,113)		—
Gain on debt extinguishment	(43,846)		—		(43,846)		—
Other income, net	4,150		(2,694)		3,547		(5,318)

Segment net gain (loss)	$	16,900	$	(38,273)	$	(29,764)	$	(74,911)

(1) Other segment items include general and administrative expenses, which are provided to the CODM regularly, but are included within other segment items as they are not utilized as part of the decision making process as it relates to the allocation of resources. Further, R&D expenses for other terminated programs are also provided to the CODM. These costs include employee expenses, as well as allocations of consolidated overhead and stock compensation. Other segment items also include costs related to Respira (as defined in Note 13 below).

- 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

Indebtedness - Schedule of Interest Expense Recognized (Details) - 2027 and 2030 Notes - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Debt Instrument [Line Items]
Contractual interest expense	$ 2,164	$ 2,500	$ 4,664	$ 5,000
Amortization of debt discount	517	229	756	455
Amortization of debt issuance cost	24	15	40	31
Total interest expense related to the 2027 Notes	$ 2,705	$ 2,744	$ 5,460	$ 5,486

- 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/1943274/2147481139/470-20-50-1D

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
-Paragraph 1F
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Reference 37: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)
-Publisher FASB
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Reference 38: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
-Paragraph 1F
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 39: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 40: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 41: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 42: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1

+ Details

Balance Sheet Accounts and Supplemental Disclosures (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Balance Sheets Accounts And Supplemental Disclosures [Abstract]
Accrued compensation and benefits	$ 9,060	$ 11,211
Operating lease liabilities	965	938
Accrued consulting fees	2,875	1,807
Accrued interest	422	833
Accrued legal fees	3,915	84
Accrued accounting fees	150	449
Accrued income tax	6	6
Accrued other	317	499
Total accrued expenses and other current liabilities	$ 17,710	$ 15,827

Indebtedness - Additional Information (Details) $ / shares in Units, $ in Thousands						1 Months Ended	3 Months Ended		6 Months Ended
	Jul. 01, 2026 $ / shares	Jun. 17, 2026 USD ($)	Jun. 04, 2026 USD ($) $ / shares shares	May 18, 2026 USD ($) $ / shares shares	May 21, 2020 USD ($) $ / shares	Jun. 30, 2026 USD ($) day $ / shares	Jun. 30, 2026 USD ($) $ / shares	Jun. 30, 2025 USD ($)	Jun. 30, 2026 USD ($) $ / shares	Jun. 30, 2025 USD ($)	Dec. 31, 2025 $ / shares
Debt Instrument [Line Items]
Debt conversion, converted instrument, common shares issued (in shares) \| shares			254,150,441
Common stock, par value (in dollars per share) \| $ / shares				$ 0.0001		$ 0.0001	$ 0.0001		$ 0.0001		$ 0.0001
Beneficial ownership, percentage				9.99%
Debt conversion, converted instrument, warrants issued (in shares) \| shares				150,000,000
Gain on debt extinguishment							$ 43,846	$ 0	$ 43,846	$ 0
Prefunded Warrants
Debt Instrument [Line Items]
Debt conversion, converted instrument, warrants issued (in shares) \| shares			33,402,727
Exercise price of warrants (in dollars per share) \| $ / shares			$ 0.0001
Purchase Warrants
Debt Instrument [Line Items]
Debt conversion, converted instrument, warrants issued (in shares) \| shares			135,789,000
Exercise price of warrants (in dollars per share) \| $ / shares			$ 0.34
Purchase Warrants \| Subsequent Event
Debt Instrument [Line Items]
Exercise price of warrants (in dollars per share) \| $ / shares	$ 0.34
Maximum
Debt Instrument [Line Items]
Debt conversion, converted instrument, common shares issued (in shares) \| shares				317,647,058
2027 Notes
Debt Instrument [Line Items]
Convertible notes, initial conversion price (in dollars per share) \| $ / shares					$ 16.23
Debt instrument interest rate percentage					5.00%
Debt instrument aggregate principal amount					$ 200,000
Proceeds from convertible debt					$ 193,600
Debt instrument conversion ratio					0.0616095
Total issuance costs						$ 400	400		400
Unamortized debt discount and issuance costs						$ 1,000	$ 1,000		$ 1,000
Convertible Debt \| 2027 Notes
Debt Instrument [Line Items]
Debt instrument interest rate percentage				5.00%		5.00%	5.00%		5.00%
Aggregate principal amount			$ 181,052
Convertible debt outstanding		$ 18,948	18,948			$ 18,948	$ 18,948		$ 18,948
Tendered percentage		90.50%				90.50%
Aggregate principal amount						$ 181,052	$ 181,052		181,052
Springing maturity aggregate principal amount									$ 4,000
Gain on debt extinguishment						$ 43,800
Convertible Debt \| 2030 Notes
Debt Instrument [Line Items]
Debt instrument interest rate percentage				7.50%		7.50%	7.50%		7.50%
Debt conversion, converted instrument, amount			65,174
Total issuance costs			9,000
Debt instrument redemption threshold						$ 4,000
Convertible notes, percentage of conversion price						10.00%
Debt instrument reference price per share (in dollars per share) \| $ / shares						$ 0.17	$ 0.17		$ 0.17
Reference price (in dollars per share) \| $ / shares						$ 0.34	$ 0.34		$ 0.34
Reference price, pricing period in trading days \| day						7
Debt instrument fundamental change trigger percentage						50.00%
Convertible notes, redemption percentage						100.00%
Equity costs			3,400
Non-equity costs			5,600
Amortization of debt issuance cost			4,400
Unamortized debt issuance expense			$ 1,200
Convertible Debt \| 2030 Notes \| Debt Instrument, Covenant Term One
Debt Instrument [Line Items]
Debt instrument covenant minimum liquidity amount						$ 40,000
Convertible Debt \| 2030 Notes \| Debt Instrument, Covenant Term Two
Debt Instrument [Line Items]
Debt instrument covenant minimum liquidity step down amount						20,000
Debt instrument covenant equity proceeds threshold						100,000
Convertible Debt \| 2030 Notes \| Debt Instrument, Covenant Term Three
Debt Instrument [Line Items]
Debt instrument covenant minimum liquidity step down amount						10,000
Convertible Debt \| 2030 Notes \| Debt Instrument, Covenant Term Four
Debt Instrument [Line Items]
Debt instrument covenant minimum liquidity step down amount						0
Debt instrument covenant equity proceeds threshold						$ 150,000
Convertible Debt \| 2030 Notes \| Subsequent Event
Debt Instrument [Line Items]
Convertible notes, initial conversion price (in dollars per share) \| $ / shares	$ 0.19
Debt instrument conversion ratio	5.3475936
Convertible Debt \| 2030 Notes \| Maximum
Debt Instrument [Line Items]
Debt conversion, converted instrument, amount				$ 72,000

Fair Value Measurements and Available for Sale Investments - Additional Information (Details) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest receivable	$ 0.0	$ 0.3
Significant Other Observable Inputs (Level 2) \| 2027 Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of convertible senior notes	11.9	$ 138.3
Significant Other Observable Inputs (Level 2) \| 2030 Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of convertible senior notes	$ 66.9

- Definition

Fair value portion of borrowing which can be exchanged for a specified number of another security at the option of the issuer or the holder, for example, but not limited to, the entity's common stock.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-10

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-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 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-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

+ Details

Fair Value Measurements and Available for Sale Investments - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
U.S. Treasury and agency securities and corporate debt securities	$ 15,878	$ 109,059
Warrant liability	18,291	0
Embedded derivative liability	42,938	0
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	37,767	22,228
U.S. Treasury and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
U.S. Treasury and agency securities and corporate debt securities		8,090
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commercial paper	15,878	73,592
Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
U.S. Treasury and agency securities and corporate debt securities		27,377
Warrant liability
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liability	18,291
Embedded derivative liability
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Embedded derivative liability	42,938
Quoted Market Prices for Identical Assets (Level 1) \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	37,767	22,228
Quoted Market Prices for Identical Assets (Level 1) \| U.S. Treasury and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
U.S. Treasury and agency securities and corporate debt securities		8,090
Quoted Market Prices for Identical Assets (Level 1) \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commercial paper	0	0
Quoted Market Prices for Identical Assets (Level 1) \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
U.S. Treasury and agency securities and corporate debt securities		0
Quoted Market Prices for Identical Assets (Level 1) \| Warrant liability
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liability	0
Quoted Market Prices for Identical Assets (Level 1) \| Embedded derivative liability
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Embedded derivative liability	0
Significant Other Observable Inputs (Level 2) \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	0	0
Significant Other Observable Inputs (Level 2) \| U.S. Treasury and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
U.S. Treasury and agency securities and corporate debt securities		0
Significant Other Observable Inputs (Level 2) \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commercial paper	15,878	73,592
Significant Other Observable Inputs (Level 2) \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
U.S. Treasury and agency securities and corporate debt securities		27,377
Significant Other Observable Inputs (Level 2) \| Warrant liability
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liability	0
Significant Other Observable Inputs (Level 2) \| Embedded derivative liability
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Embedded derivative liability	0
Significant Unobservable Inputs (Level 3) \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	0	0
Significant Unobservable Inputs (Level 3) \| U.S. Treasury and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
U.S. Treasury and agency securities and corporate debt securities		0
Significant Unobservable Inputs (Level 3) \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commercial paper	0	0
Significant Unobservable Inputs (Level 3) \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
U.S. Treasury and agency securities and corporate debt securities		$ 0
Significant Unobservable Inputs (Level 3) \| Warrant liability
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liability	18,291
Significant Unobservable Inputs (Level 3) \| Embedded derivative liability
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Embedded derivative liability	$ 42,938

Fair Value Measurements and Available for Sale Investments

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements and Available for Sale Investments

Fair Value Measurements

The accounting guidance defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As 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. As a basis for considering such assumptions, the accounting guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:

Level 1: Observable inputs such as quoted prices in active markets;

Level 2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and

Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.

The Company classifies its cash equivalents and available-for-sale investments within Level 1 or Level 2. The fair value of the Company’s investment grade corporate debt securities and commercial paper is classified as Level 2 and determined using proprietary valuation models and analytical tools, which utilize market pricing or prices for similar instruments that are both objective and publicly available, such as matrix pricing or reported trades, benchmark yields, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, and offers. The valuation techniques used to measure the warrant liabilities and embedded derivative liabilities were determined based on Level 3 inputs not observable in the market and significant to the instruments' valuations.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table presents the hierarchy for assets and liabilities measured at fair value on a recurring basis as of June 30, 2026 and December 31, 2025 (in thousands):


	Fair Value Measurements at End of Period Using:
	Total Fair Value		Quoted Market Prices for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
As of June 30, 2026
Money market funds	$	37,767	$	37,767	$	—	$	—

Commercial paper	15,878		—		15,878		—

Warrant liability	18,291		—		—		18,291
Embedded derivative liability	42,938		—		—		42,938
As of December 31, 2025
Money market funds	$	22,228	$	22,228	$	—	$	—
U.S. Treasury and agency securities	8,090		8,090		—		—
Commercial paper	73,592		—		73,592		—
Corporate debt securities	27,377		—		27,377		—

The Company did not reclassify any investments between levels in the fair value hierarchy during the periods presented.

Fair Value of Other Financial Instruments

As of June 30, 2026 and December 31, 2025, the carrying amounts of the Company’s financial instruments, which include cash, prepaid and other current assets, interest receivable, accrued research and development expenses, accounts payable and accrued expenses and other current liabilities, approximate fair values because of their short-term maturities.

There was no interest receivable as of June 30, 2026, and there was $0.3 million interest receivable as of December 31, 2025. Interest receivable is recorded as a component of prepaid expenses and other current assets on the condensed balance sheets.

As of June 30, 2026 and December 31, 2025, the fair value of the Company’s 2027 Notes was $11.9 million and $138.3 million, respectively. As of June 30, 2026, the fair value of the Company's 2030 Notes was $66.9 million. The fair value was determined on the basis of market prices observable for similar instruments and is considered Level 2 in the fair value hierarchy. See Note 5, "Indebtedness," for more information.

Available for Sale Investments

The Company invests its excess cash in U.S. Treasury and agency securities, corporate debt securities, and commercial paper, which are classified as available-for-sale investments. These investments are carried at fair value and are included in the tables below. The Company evaluates securities with unrealized losses to determine whether such losses, if any, are due to credit-related factors. Realized gains and losses are calculated using the specific identification method and recorded in other income, net in the Company's condensed consolidated statement of operations and comprehensive loss. The Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recover of their amortized cost basis.


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Total Fair Value
As of June 30, 2026


Commercial paper	$	15,878	$	—	$	—	$	15,878
Total marketable securities	$	15,878	$	—	$	—	$	15,878
Number of securities with unrealized losses					—

As of December 31, 2025
U.S. Treasury and agency securities	$	8,088	$	2	$	—	$	8,090
Corporate debt securities	27,359		18		—		27,377
Commercial paper	73,544		49		(1)		73,592
Total marketable securities	$	108,991	$	69	$	(1)	$	109,059
Number of securities with unrealized losses					1

At each reporting date, the Company performs an evaluation of impairment to determine if any unrealized losses are due to credit-related factors. The Company records an allowance for credit losses when unrealized losses are due to credit-related factors. Factors considered when evaluating available-for-sale investments for impairment include the severity of the impairment, changes in underlying credit ratings, the financial condition of the issuer, the probability that the scheduled cash payments will continue to be made and the Company’s intent and ability to hold the investment until recovery of the amortized cost basis. The Company intends and has the ability to hold its investments in unrealized loss positions until their amortized cost basis has been recovered. As of June 30, 2026 and December 31, 2025, there were no material declines in the market value of the Company’s available-for-sale investments due to credit-related factors.

Contractual maturities of available-for-sale debt securities, as of June 30, 2026, were as follows (in thousands):


	Estimated Fair Value
Less than one year	$	15,878
Greater than one year	—
Total	$	15,878

The Company has the ability, if necessary, to liquidate any of its cash equivalents and marketable securities to meet its liquidity needs in the next 12 months.

- Definition

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

+ References

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

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

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

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

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

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

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

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

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

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

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

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

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

+ Details

Summary of Significant Accounting Policies - Additional Information (Details) - segment	6 Months Ended	12 Months Ended
	Jun. 30, 2026	Dec. 31, 2025	May 18, 2026
Product Information [Line Items]
Number of operating segments	1
2027 Notes \| Convertible Debt
Product Information [Line Items]
Debt instrument interest rate percentage	5.00%		5.00%
2030 Notes \| Convertible Debt
Product Information [Line Items]
Debt instrument interest rate percentage	7.50%		7.50%
Chiesi \| Revenue Benchmark \| Customer Concentration Risk
Product Information [Line Items]
Concentration risk, percentage	100.00%
Chiesi \| Accounts Receivable \| Customer Concentration Risk
Product Information [Line Items]
Concentration risk, percentage	100.00%	100.00%

Indebtedness - Schedule of Fair Value of the Derivative Liability (Details) - Significant Unobservable Inputs (Level 3) - Embedded Derivative Financial Instruments $ in Thousands	1 Months Ended
	Jun. 30, 2026 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance at June 4, 2026	$ 47,051
Change in fair value in net gain	(4,113)
Ending balance at June 30, 2026	$ 42,938

Equity Incentive Plans - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands								3 Months Ended		6 Months Ended
	Jan. 01, 2027	Jun. 04, 2026	May 18, 2026	Mar. 19, 2026	Jan. 01, 2026	Jul. 24, 2023	Feb. 06, 2019	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Mar. 31, 2026	Dec. 31, 2025	Nov. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, option, shares outstanding (in shares)								54,684,451		54,684,451			47,436,953
Share-based payment arrangement, expense								$ 2,463	$ 2,586	$ 8,767	$ 4,991
Aggregate intrinsic value, options vested in period										$ 300	$ 100
Share-based compensation arrangement by share-based payment award, options, vested, weighted average grant date fair value										$ 2.16	$ 0.91
Aggregate fair value of stock options vested during period										$ 6,600	$ 6,200
Warrant term (in years)						5 years
Debt conversion, converted instrument, warrants issued (in shares)			150,000,000
Warrant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise of warrants (in shares)										0
Warrants outstanding (in shares)								199,867,264		199,867,264
Purchase Warrants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price of warrants (in dollars per share)		$ 0.34
Debt conversion, converted instrument, warrants issued (in shares)		135,789,000
Premium price percentage		25.00%
Warrants outstanding (in shares)								135,789,000		135,789,000
Prefunded Warrants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price of warrants (in dollars per share)		$ 0.0001
Debt conversion, converted instrument, warrants issued (in shares)		33,402,727
Warrants outstanding (in shares)								33,402,727		33,402,727
Private Placement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Warrants outstanding (in shares)								32,467,360		32,467,360
Private Placement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Private placement, number of shares (in shares)						129,869,440
Offering price (in dollars per share)						$ 1.63125
Exercise price of warrants (in dollars per share)						2.04
Private Placement \| Officer, Director, Employee or Consultant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Offering price (in dollars per share)						$ 1.85125
Nonvested shares under restricted stock grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average period of cost expects to recognize (in years)										2 years 3 months 18 days
Unvested performance stock units granted								$ 11,900		$ 11,900
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend yield										0.00%
Share-based payment arrangement, nonvested award, cost not yet recognized, amount								$ 28,900		$ 28,900
Weighted-average period of cost expects to recognize (in years)										2 years 7 months 6 days
Maximum \| Private Placement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of warrants (in shares)						32,467,360
2023 Employment Inducement Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for future issuance (in shares)														6,762,279
Common stock available for issuance (in shares)								4,062,685		4,062,685
Shares reserved for issuance on granting of outstanding awards								2,605,428		2,605,428			4,811,455
2019 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for future issuance (in shares)							5,750,000
Common stock available for issuance (in shares)								8,033,648		8,033,648		69,238,008
Share-based compensation arrangement by share-based payment award, additional number of shares authorized					11,350,000
Term of awards (in years)					10 years
Percentage of amount increase in outstanding shares					5.00%
Share-based payment arrangement, option, shares outstanding (in shares)								56,759,243		56,759,243			44,796,989
Restated Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock available for issuance (in shares)		71,965,321
Restated Plan \| Forecast
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of amount increase in outstanding shares	5.00%
2019 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for future issuance (in shares)							700,000
Common stock available for issuance (in shares)								7,250,975		7,250,975
Term of awards (in years)							10 years
Percentage of amount increase in outstanding shares							1.00%
Number of share issued under ESPP (in shares)										807,765
Share-based payment arrangement, nonvested award, cost not yet recognized, amount								$ 500		$ 500
Weighted-average period of cost expects to recognize (in years)										9 months 18 days
2019 Employee Stock Purchase Plan \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Purchase of common stock through payroll deductions, percentage							20.00%
2017 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, option, shares outstanding (in shares)								1,877,695		1,877,695			1,955,471
2017 Equity Incentive Plan \| Nonvested shares under restricted stock grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock awards , shares outstanding awarded (in shares)								0		0
2026 Option Repricing Under 2019 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, option, shares outstanding (in shares)				48,725,528
Exercise price (in dollars per share)				$ 0.45
Share-based payment arrangement, plan modification, incremental cost				$ 2,900
Share-based payment arrangement, expense				1,400
Share-based payment arrangement, nonvested award, cost not yet recognized, amount				$ 1,500

Significant Agreements and Contracts (Tables)

6 Months Ended

Jun. 30, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Contract Liability Activity

The following table presents a summary of the activity in the Company's contract liabilities related to the Chiesi Collaboration Agreement (recorded as contract liabilities on the balance sheet) during the six months ended June 30, 2026 and 2025 (in thousands):


	2026		2025
Balance, January 1	$	49,593	$	55,919



Revenue from PAH research and development service performance obligations satisfied during reporting period	(9,680)		(6,144)
Revenue from PH-ILD research and development service performance obligations satisfied during reporting period	(1,089)		(1,133)
Effect of exchange rate changes on contract liabilities	(1,601)		6,325
Balance, June 30	$	37,223	$	54,967

Schedule of Contract Revenues Disaggregated by Timing of Revenue Recognition and Excludes Royalty Revenue

The following table presents the Company's contract revenues from the Chiesi Collaboration Agreement disaggregated by timing of revenue recognition and excluding royalty revenue (in thousands):


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
Revenue from Chiesi Collaboration Agreement:



Over Time:
Revenue from PAH research and development service performance obligation satisfied during reporting period	$	2,623	$	3,356	$	9,680	$	6,145
Revenue from PH-ILD research and development service performance obligation satisfied during reporting period	486		586		1,089		1,133
Revenue from PAH research and development costs subject to reimbursement	3,595		3,186		6,053		7,598
Revenue from PH-ILD research and development costs subject to reimbursement	1,763		2,791		6,584		4,222
Revenue from PAH commercial costs subject to reimbursement	747		1,371		2,720		2,048
Revenue from PH-ILD commercial costs subject to reimbursement	—		231		—		295
Effect of exchange rate changes on revenue	24		(32)		67		(63)
Total revenue from Chiesi Collaboration Agreement	$	9,238	$	11,489	$	26,193	$	21,378

Balance Sheet Accounts and Supplemental Disclosures (Tables)

6 Months Ended

Jun. 30, 2026

Balance Sheets Accounts And Supplemental Disclosures [Abstract]

Schedule of Accrued Expenses

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


	As of
	June 30, 2026		December 31, 2025
Accrued compensation and benefits	$	9,060	$	11,211
Operating lease liabilities	965		938
Accrued consulting fees	2,875		1,807
Accrued interest	422		833
Accrued legal fees	3,915		84

Accrued accounting fees	150		449

Accrued income tax	6		6
Accrued other	317		499
Total accrued expenses and other current liabilities	$	17,710	$	15,827

Fair Value Measurements and Available for Sale Investments - Schedule of Contractual Maturities of Available-for-sale Debt Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Fair Value Disclosures [Abstract]
Less than one year	$ 15,878
Greater than one year	0
Total	$ 15,878	$ 109,059

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 320
-Name Accounting Standards Codification
-Section 50
-Paragraph 3A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477268/942-320-50-3A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (g)
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-URI https://asc.fasb.org/1943274/2147477268/942-320-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Subparagraph (ff)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 12: http://www.xbrl.org/2003/role/exampleRef
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Reference 13: http://www.xbrl.org/2003/role/exampleRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2009/role/commonPracticeRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479130/326-30-45-1

+ Details

Equity Incentive Plans - Stock-Based Compensation Expense Reported in Condensed Consolidated Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 2,463	$ 2,586	$ 8,767	$ 4,991
Location, Statement of Income, Balance [Axis]: us-gaap:GeneralAndAdministrativeExpense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	1,810	1,258	5,343	2,525
Location, Statement of Income, Balance [Axis]: us-gaap:ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 653	$ 1,328	$ 3,424	$ 2,466

Segment Information

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Segment Information

Operating segments are identified as components of an enterprise for which separate discrete financial information is available for evaluation by the CODM in making decisions regarding the allocation of resources and assessing performance. The Company's CODM is its chief executive officer. The Company views its operations and manages its business as one operating segment. The Company's operating segment derives its revenues from the Chiesi Collaboration Agreement. The CODM assesses performance for the Company's single operating segment and decides how to allocate resources based on research and development expenses incurred, which is a component of the Company's consolidated net loss as reported on the consolidated statement of operations and comprehensive loss. The measure of segment assets is reported on the balance sheet as

total consolidated assets. Further, segment depreciation expense and segment asset additions are consistent with consolidated amounts reported within the consolidated statement of cash flows given the Company's operations are aggregated within a single reportable segment. The CODM uses research and development expenses and results of clinical trial activities completed to date to evaluate how to allocate the Company's resources to advance seralutinib.


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
Total revenue	$	9,238	$	11,489	$	26,193	$	21,378
Less:
Seralutinib	25,914		41,575		68,264		79,616
Other segment items (1)	9,398		8,679		28,869		17,337
Interest income	(268)		(542)		(622)		(836)
Interest expense	2,705		2,744		5,460		5,490
Remeasurement of warrant liability	(1,602)		—		(1,602)		—
Remeasurement of derivative liability	(4,113)		—		(4,113)		—
Gain on debt extinguishment	(43,846)		—		(43,846)		—
Other income, net	4,150		(2,694)		3,547		(5,318)

Segment net gain (loss)	$	16,900	$	(38,273)	$	(29,764)	$	(74,911)

- Definition

The entire disclosure for segment reporting.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
-Paragraph 40
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Licenses, Asset Acquisitions and Contingent Consideration (Details) - Pulmokine, Inc. - License Agreement - In Process Research and Development Seralutinib - USD ($)		1 Months Ended
	Oct. 02, 2017	Oct. 31, 2017	Jun. 30, 2026	Jan. 31, 2024	Jan. 31, 2021
Business Combination [Line Items]
Product license term (in years)	10 years
Upfront payment		$ 5,500,000
Milestones accrued			$ 0	$ 10,000,000.0	$ 5,000,000.0
Maximum
Business Combination [Line Items]
Development and regulatory milestone payments	$ 48,000,000.0
Development and regulatory milestone payments, due upon the initiation of a Phase 3 clinical trial	5,000,000.0
Commercial milestone payments, payable	45,000,000.0
Sales milestone payments, payable	$ 190,000,000.0

Investments in Variable Interest Entities (Details) $ / shares in Units, $ in Millions	Sep. 24, 2025 USD ($) $ / shares shares
Variable Interest Entity [Line Items]
Shares price (in USD per share) \| $ / shares	$ 2.99
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Investment in merger option through issuance of stock (in shares) \| shares	2,500,000
Number of additional shares issuable in asset acquisition (in shares) \| shares	1,500,000
Research and development fund committed \| $	$ 7.8
Investment in merger option through issuance of stock \| $	$ 7.5

Significant Agreements and Contracts - Additional Information (Details) $ in Thousands		3 Months Ended		6 Months Ended		12 Months Ended
	May 03, 2024 USD ($) performanceObligation license	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2025 USD ($)
Effect of exchange rate changes on revenue
Distinct performance obligations		$ 9,238	$ 11,489	$ 26,193	$ 21,378
Current contract liabilities		7,068		7,068			$ 19,987
Long-term contract liabilities		30,155		30,155			29,606
Receivable from contracts with collaborators		6,105		6,105			12,227
Chiesi
Effect of exchange rate changes on revenue
Number of significant distinct performance obligations \| performanceObligation	4
Number of licenses granted \| license	2
Commercial efforts contribution, percentage	50.00%
Commercialization activities performance, percentage	50.00%
Up-front, nonrefundable payment received	$ 160,000
Loyalty term, expiration period	10 years
Development cost reimbursement payment	$ 160,000
Contract with customer, liability, fair value of equity option	$ 500
Distinct performance obligations		9,238	11,489	26,193	21,378
Contract liability		$ 37,223	54,967	$ 37,223	54,967	$ 55,919	$ 49,593
Revenue recognition period		4 years 6 months		4 years 6 months
Receivable from contracts with collaborators		$ 6,100		$ 6,100
Account receivable, payment term				30 days
Chiesi \| US License
Effect of exchange rate changes on revenue
Number of significant distinct performance obligations \| performanceObligation	2
Distinct performance obligations						$ 90,700
Chiesi \| Research and Development Services
Effect of exchange rate changes on revenue
Number of significant distinct performance obligations \| performanceObligation	2
Chiesi \| PAH and PH-ILD Research and Development Services, Performance Obligations Satisfied
Effect of exchange rate changes on revenue
Distinct performance obligations		8,500	9,900	$ 23,400	19,100
Chiesi \| PAH and PH-ILD Commercialization Activities
Effect of exchange rate changes on revenue
Distinct performance obligations		$ 700	$ 1,600	$ 2,700	$ 2,300
Chiesi \| Maximum
Effect of exchange rate changes on revenue
Collaboration agreement, regulatory milestones receivable	$ 146,000
Collaboration agreement, sales milestones receivable	$ 180,000

Segment Information - Schedule of Segment Reporting (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
Segment Reporting [Line Items]
Total revenue	$ 9,238		$ 11,489		$ 26,193	$ 21,378
Interest income	(268)		(542)		(622)	(836)
Interest expense	2,705		2,744		5,460	5,490
Remeasurement of warrant liability	(1,602)		0		(1,602)	0
Remeasurement of derivative liability	(4,113)		0		(4,113)	0
Gain on debt extinguishment	(43,846)		0		(43,846)	0
Other income, net	4,150		(2,694)		3,547	(5,318)
Segment net gain (loss)	16,900	$ (46,664)	(38,273)	$ (36,638)	(29,764)	(74,911)
Reporting Segment
Segment Reporting [Line Items]
Total revenue	9,238		11,489		26,193	21,378
Seralutinib	25,914		41,575		68,264	79,616
Other segment items	9,398		8,679		28,869	17,337
Interest income	(268)		(542)		(622)	(836)
Interest expense	2,705		2,744		5,460	5,490
Remeasurement of warrant liability	(1,602)		0		(1,602)	0
Remeasurement of derivative liability	(4,113)		0		(4,113)	0
Gain on debt extinguishment	(43,846)		0		(43,846)	0
Other income, net	4,150		(2,694)		3,547	(5,318)
Segment net gain (loss)	$ 16,900		$ (38,273)		$ (29,764)	$ (74,911)

Commitments and Contingencies - Schedule of Lease Costs (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	$ 371	$ 359	$ 729	$ 851
Short-term lease cost	5	5	11	11
Total lease cost	$ 376	$ 364	$ 740	$ 862

Significant Agreements and Contracts

6 Months Ended

Jun. 30, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Significant Agreements and Contracts

On May 3, 2024, the Company, GB002, Inc., a Delaware corporation and wholly-owned subsidiary of the Company, and Gossamer Bio 002 Ltd., a corporation organized and existing under the laws of Ireland and indirect wholly-owned subsidiary of the Company, entered into a global collaboration and license agreement (the “Chiesi Collaboration Agreement”) with Chiesi Farmaceutici S.p.A and Chiesi USA, Inc. (collectively, “Chiesi”). The Company concluded that there were four distinct performance obligations under the Chiesi Collaboration Agreement: the U.S. Territory license (as defined below), the ROW Territory license (as defined below), the research and development services of PAH clinical development and the research and development services of PH-ILD clinical development. Revenue associated with the licenses was recognized upon delivery in May 2024. In addition, the Company granted to Chiesi an option to purchase the Equity Option, as described in Note 7. "Stockholders Equity." Subsequent to June 30, 2026, in July 2026, the Company and Chiesi entered into that certain Rights Reacquisition Agreement, pursuant to which, among other things, the parties terminated the Chiesi Collaboration Agreement. See Note 14, "Subsequent Events," for additional information.

The collaboration focused on the development and commercialization of seralutinib and licensed products including seralutinib and related licensed compounds (“Licensed Products”) in the U.S. (“U.S. Territory”) and the rest of the world (“ROW Territory”), for therapeutic, prophylactic and diagnostic uses in humans and animals, for the treatment of PAH and PH-ILD and other indications, as may be permitted under the Chiesi Collaboration Agreement.

Pursuant to the Chiesi Collaboration Agreement, the Company granted two exclusive, sublicensable (with the Company’s consent required in the U.S. Territory for third party sublicenses) licenses to Chiesi under intellectual property rights controlled by the Company relating to seralutinib and Licensed Products, for the worldwide development, manufacture and commercialization of seralutinib and Licensed Products. The licenses granted to Chiesi were subject to retained rights of

the Company for the worldwide development and manufacture of seralutinib and Licensed Products, commercialization of Licensed Products in the U.S. Territory, and performance of its obligations and exercise of its rights that may be set forth in the global development plan and U.S. commercialization plan, in each case in accordance with the Chiesi Collaboration Agreement.

The parties agreed to use commercially reasonable efforts to conduct development and commercialization activities in relation to seralutinib and Licensed Products, under the global development plan and U.S. commercialization plan in accordance with the timelines therein. The Company agreed to continue to lead global development of seralutinib in PAH and PH-ILD, and the parties were to equally share the costs for the activities included in the global development plan for all Licensed Products, with the exception of the PROSERA Phase 3 study, which the Company was to be solely responsible for conducting at the Company’s own cost and expense. With respect to each country in the ROW Territory, such obligation to equally share such development costs was to end when regulatory approval is received for a Licensed Product in such country. With respect to U.S. Territory, the development costs incurred following regulatory approval was to continue to be shared equally. The Company agreed to lead potential commercialization for PAH and PH-ILD in the U.S. Territory, with both parties contributing 50 percent of commercial efforts, including performing 50 percent of the commercialization activities. Chiesi agreed to lead potential commercialization in the U.S. Territory in any additional indications, and Chiesi had the exclusive right to commercialize Licensed Products in the ROW Territory. Chiesi further agreed to use commercially reasonable efforts to commercialize Licensed Products in certain specified countries in the ROW Territory following receipt of regulatory approvals. Generally, the Company had the right to lead in manufacturing commercial supply of seralutinib and Licensed Products for the U.S. Territory for PAH and PH-ILD, and, subject to any existing obligations of the Company to third party manufacturers, Chiesi had the right to lead in manufacturing commercial supply of seralutinib and Licensed Products in the ROW Territory, in each case in accordance with the Chiesi Collaboration Agreement.

Pursuant to the Chiesi Collaboration Agreement, neither party nor its affiliates was permitted to develop or commercialize any compound or product throughout the term whose primary mechanism of action is inhibition of a tyrosine kinase for the treatment of PAH or PH-ILD in the U.S. Territory or ROW Territory, subject to certain restrictions for the European Union and United Kingdom.

In consideration and as reimbursement for the Company’s development costs, Chiesi agreed to pay the Company an up-front, nonrefundable payment of $160 million. Additionally, the Company was eligible to receive up to $146 million in regulatory milestones and $180 million in sales milestones. In the U.S. Territory, the parties agreed to share commercial profits and losses equally. In the ROW Territory, Chiesi agreed to pay the Company an escalating mid-to-high teens percentage royalty on net sales of Licensed Product for PAH and additional indications on a Licensed Product-by-Licensed Product and country-by-country basis with such payment obligations beginning on the first commercial sale of Licensed Product in such country and expiring on a country-by-country basis on the latest of (a) the expiration of a valid claim to the Company's patent right in such country, (b) the expiration of regulatory exclusivity, and (c) the date that is 10 years after the first commercial sale of such Licensed Product in such country.

Potential future payments for variable consideration, such as regulatory and commercial milestones, development costs, and profit sharing U.S. Territory would have been recognized when it becomes probable that, if recorded, a significant reversal will not take place. Potential future royalty payments will be recorded as revenue when the associated sales occur.

Unless earlier terminated, the Chiesi Collaboration Agreement was to remain in force until no Licensed Products are being developed or commercialized in the U.S. Territory and in the ROW Territory, on a country-by-country basis, until no royalty terms are in effect for all countries. Either party was able to terminate the Chiesi Collaboration Agreement for the other party’s material breach, subject to a specified notice and cure periods, or due to an insolvency event of the other party. In lieu of termination upon a party’s material breach due to non-payment of development costs within a specified time the non-breaching party may elect an alternative remedy which may involve modifications to their performance and payment obligations. The Company had the right to terminate by providing written notice in the event Chiesi or its affiliates or sublicensee brings a patent challenge and Chiesi does not take certain steps to withdraw from or cease supporting such challenge. Chiesi had the right to terminate the Chiesi Collaboration Agreement without cause upon prior written notice to the Company, subject to a notice period in which all rights to Licensed Products will revert back to the Company.

The Company concluded that progress towards completion of the research and development services performance obligation related to the Chiesi Collaboration Agreement is best measured in an amount proportional to the collaboration expenses incurred and the total estimated collaboration expenses. The Company periodically reviews and updates the estimated collaboration expenses, when appropriate, which may adjust revenue recognized for the period. While such changes to the Company’s estimates have no impact on the Company’s reported cash flows, the amount of revenue recorded in the period could be materially impacted. The transaction price to be recognized as revenue from sale of licenses and revenue from

contracts with collaborators under the Chiesi Collaboration Agreement consists of the one-time non-refundable and non-creditable development cost reimbursement payment and research and development costs. The transaction price was reduced by the fair value of the Equity Option.

Revenue Recognition

The Company determined the transaction price pursuant to the Chiesi Collaboration Agreement is equal to the one-time development cost reimbursement payment of $160.0 million less the fair market value of the Equity Option of $0.5 million. The price allocated for the Equity Option was determined to be at fair market value utilizing the Geometric Brownian Motion/Monte Carlo model and was considered a reduction in the transaction price. The transaction price was allocated to the performance obligations on the basis of the relative stand-alone selling price estimated for each distinct performance obligation. In estimating the stand-alone selling price for each distinct performance obligation, the Company developed assumptions that require judgment and included forecasted revenues or costs, expected development timelines, discount rates and probabilities of technical and regulatory success. A description of the distinct performance obligations identified under the Chiesi Collaboration Agreement, as well as the amount of revenue allocated to each distinct significant performance obligation, is as follows:

Licenses of Intellectual Property. The licenses to the Company’s intellectual property, bundled with the associated know-how, represents two distinct performance obligations. The licenses and associated know-how were transferred to Chiesi in June 2024, therefore the Company recognized the full revenue related to these distinct performance obligations in the amount of $90.7 million during the year ended December 31, 2024 as revenue from sale of licenses on its consolidated statements of operations and comprehensive loss.

Research and Development Services. The progress towards completion of two distinct performance obligations related to PAH and PH-ILD research and development services for the Licensed Products is measured in an amount proportional to the research and development expenses incurred and the total estimated PAH and PH-ILD research and development expenses. In addition, the Company and Chiesi share equally in the costs of ongoing global seralutinib clinical development, with the exception of the PROSERA Phase 3 study, and the costs of commercialization in the U.S. The Company records the revenue from performing research and development services and the cost-sharing payments due from Chiesi as revenue from contracts with collaborators on its condensed consolidated statements of operations and comprehensive loss. For the three months ended June 30, 2026 and 2025, the Company recognized $8.5 million and $9.9 million, respectively, for the PAH and PH-ILD research and development performance obligations. For the six months ended June 30, 2026 and 2025, the Company recognized $23.4 million and $19.1 million, respectively, for the PAH and PH-ILD research and development performance obligations. For the three months ended June 30, 2026 and 2025, the Company recognized $0.7 million and $1.6 million, respectively, for the PAH and PH-ILD commercialization activities. For the six months ended June 30, 2026 and 2025, the Company recognized $2.7 million and $2.3 million, respectively, for the PAH and PH-ILD commercialization activities.

Milestone Payments. The Company determined that as of June 30, 2026, it is not probable that a significant revenue reversal will not occur related to the potential milestone payments as their achievement is highly dependent on factors outside the Company's control or are otherwise constrained under the sales and usage based royalty exception. Therefore, these payments have been fully constrained and are therefore not included in the transaction price. At the end of each subsequent reporting period, the Company will re-evaluate the probability of achievement of each milestone and any related constraint. No milestone payments were recognized during the three and six months ended June 30, 2026 and 2025.

Royalties. As the licenses are deemed to be the predominant item to which sales-based royalties relate, the Company will recognize revenue when the related sales occur. No royalty revenue was recognized during the three and six months ended June 30, 2026 and 2025.


	2026		2025
Balance, January 1	$	49,593	$	55,919



Revenue from PAH research and development service performance obligations satisfied during reporting period	(9,680)		(6,144)
Revenue from PH-ILD research and development service performance obligations satisfied during reporting period	(1,089)		(1,133)
Effect of exchange rate changes on contract liabilities	(1,601)		6,325
Balance, June 30	$	37,223	$	54,967

As of June 30, 2026, the contract liability amount of $37.2 million represents the aggregate transaction price allocated to performance obligations that are unsatisfied under the Chiesi Collaboration Agreement. This amount is expected to be recognized over 4.5 years, which represents the remaining research period under the Chiesi Collaboration Agreement. As of June 30, 2026, the current contract liability balance of $7.1 million is classified as a current liability since the rights to the research and development service are expected to be satisfied within one year, and the remaining contract liability balance of $30.2 million is classified as a long-term liability.

As of June 30, 2026, the Company recorded $6.1 million in accounts receivable associated with the Chiesi Collaboration Agreement. The payments are typically due 30 days after quarterly invoices are issued.

The following table presents the Company's contract revenues from the Chiesi Collaboration Agreement disaggregated by timing of revenue recognition and excluding royalty revenue (in thousands):


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
Revenue from Chiesi Collaboration Agreement:



Over Time:
Revenue from PAH research and development service performance obligation satisfied during reporting period	$	2,623	$	3,356	$	9,680	$	6,145
Revenue from PH-ILD research and development service performance obligation satisfied during reporting period	486		586		1,089		1,133
Revenue from PAH research and development costs subject to reimbursement	3,595		3,186		6,053		7,598
Revenue from PH-ILD research and development costs subject to reimbursement	1,763		2,791		6,584		4,222
Revenue from PAH commercial costs subject to reimbursement	747		1,371		2,720		2,048
Revenue from PH-ILD commercial costs subject to reimbursement	—		231		—		295
Effect of exchange rate changes on revenue	24		(32)		67		(63)
Total revenue from Chiesi Collaboration Agreement	$	9,238	$	11,489	$	26,193	$	21,378

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2026	Aug. 08, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2026
Document Transition Report	false
Entity File Number	001-38796
Entity Registrant Name	GOSSAMER BIO, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-5461709
Entity Address, Address Line One	3115 Merryfield Row, Suite 120
Entity Address, City or Town	San Diego
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92121
City Area Code	858
Local Phone Number	684-1300
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	GOSS
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	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		488,846,722
Amendment Flag	false
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001728117
Current Fiscal Year End Date	--12-31

Equity Incentive Plans - Schedule of Restricted Stock (Details) - Nonvested shares under restricted stock grants	6 Months Ended
	Jun. 30, 2026 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested beginning balance (in shares) \| shares	4,126,962
Granted (in shares) \| shares	4,039,821
Forfeited (in shares) \| shares	(1,608,868)
Nonvested ending balance (in shares) \| shares	6,557,915
Weighted- Average Grant Date Fair Value
Nonvested beginning balance (in dollars per share) \| $ / shares	$ 1.71
Granted (in dollars per share) \| $ / shares	2.88
Forfeited (in dollars per share) \| $ / shares	2.17
Nonvested ending balance (in dollars per share) \| $ / shares	$ 2.31

Investments in Variable Interest Entities	6 Months Ended
Investments in Variable Interest Entities	Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Investments in Variable Interest Entities	Investments in Variable Interest Entities The Company reviews its investments in other entities to determine whether the Company is the primary beneficiary of a variable interest entity ("VIE"). The Company would be the primary beneficiary of the VIE and would be required to consolidate the VIE, if it has the power to direct the significant activities of the entity and the obligation to absorb losses or receive benefits from the entity that may be significant to the VIE. On September 24, 2025, the Company entered into an option agreement with Prana Bio, Inc. (“Prana”) to acquire Prana and its wholly-owned subsidiary, Respira Therapeutics, Inc. ("Respira") via merger (the "Respira Merger Option"). The Company identified Prana as a VIE but does not consolidate Prana as the Company lacks the power to direct the activities that significantly impact the economic success of Prana. Pursuant to the agreement, the Company issued 2,500,000 shares of its common stock as consideration for the option grant and agreed to issue up to an additional 1,500,000 shares of common stock following the exercise of the option. Concurrent with the option agreement, the Company entered into a research funding agreement with Prana whereas the Company agreed to provide up to a total of $7.8 million to Respira to carry out chemistry, manufacturing, and controls (“CMC”) activities related to Respira’s RT234 drug program. The Respira Merger Option was valued at $7.5 million based on the value of the 2,500,000 shares of common stock issued using the Company's share price as of September 24, 2025, which was $2.99 per share of common stock. The option value was recognized as IPR&D expense in the Company's condensed consolidated statements of operations and comprehensive loss. The Company does not consolidate Respira as the Company lacks the power to direct the activities that significantly impact the economic success of Respira. The Company's maximum loss exposure to Prana, prior to the exercise of the option to acquire, is limited to the Respira Merger Option and cost reimbursements for certain research and development activities, which will be recognized as research and development expenses in the Company's condensed consolidated statements of operations and comprehensive loss as incurred.

Commitments and Contingencies - Additional Information (Details) $ in Thousands		3 Months Ended		6 Months Ended
	Jul. 09, 2024 USD ($) ft² month	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)
Lessee, Lease, Description [Line Items]
Termination fee, number of monthly base rent \| month	4
Operating lease, weighted average discount rate		12.40%		12.40%
Weighted average remaining lease term (in years)		3 years 3 months 18 days		3 years 3 months 18 days
Cash paid for operating lease liabilities		$ 300	$ 400	$ 700	$ 1,200
Lease Agreement Entered in August 2024
Lessee, Lease, Description [Line Items]
Leased area \| ft²	18,421
Operating lease, term of contract	63 months
Base rent	$ 109,605
Operating sublease, annual increase percentage for base rent	3.00%
Extension term	1 year
Operating lease, weighted average discount rate		12.40%		12.40%
Non-cancelable Lease Agreement Entered in August 2018
Lessee, Lease, Description [Line Items]
Operating lease, weighted average discount rate		7.00%		7.00%

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2026

Accounting Policies [Abstract]

Schedule of Basic and Diluted Earnings (Loss) Per Common Share

The following table sets forth the computation of basic and diluted earnings (loss) per common share:


(in thousands, except share and per share amounts)	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
Numerator:
Numerator for basic earnings (loss) per share - income available to common stockholders	$	16,900	$	(38,273)	$	(29,764)	$	(74,911)
Add back the interest on 2027 Notes	1,778		—		4,278		—
Deduct the gain on debt extinguishment	(43,846)		—		(43,846)		—
Numerator of diluted earnings (loss) per share	$	(25,168)	$	(38,273)	$	(69,332)	$	(74,911)

Denominator:
Denominator for basic earnings (loss) per share - common shares outstanding	320,014,255		227,275,466		277,313,038		227,048,022
Add back 2027 Notes, as converted	8,762,240		—		10,542,070		—
Denominator for diluted earnings (loss) per share - adjusted weighted average shares outstanding	328,776,495		227,275,466		287,855,108		227,048,022

Basic earnings (loss) per common share	$	0.05	$	(0.17)	$	(0.11)	$	(0.33)
Diluted earnings (loss) per common share	$	(0.08)	$	(0.17)	$	(0.24)	$	(0.33)

Schedule of Potentially Dilutive Securities Not Included in Calculation of Diluted Net Loss Per Share

The table below provides potentially dilutive securities not included in the calculation of the diluted net loss per share because to do so would be anti-dilutive (in common stock equivalent shares):


	Three and six months ended June 30,
	2026	2025
2027 Notes	—	12,321,900
2030 Notes	348,524,065	—
Shares issuable upon exercise of stock options	54,684,451	48,272,951
Shares issuable upon exercise of Chiesi Equity Option	—	22,504,930
Shares issuable upon exercise of warrants	166,464,537	32,467,360
Nonvested shares under restricted stock grants	6,557,915	—
Total potentially dilutive securities	576,230,968	115,567,141

Indebtedness - Schedule of Net Carrying Amount of 2027 Notes (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2026	Dec. 31, 2025
2027 and 2030 Notes
Debt Instrument [Line Items]
Principal amount	$ 84,122	$ 200,000
Unamortized debt discount	(46,789)	(1,398)
Unamortized debt issuance cost	(1,188)	(94)
Net carrying amount	36,145	$ 198,508
2027 Notes
Debt Instrument [Line Items]
Principal amount	18,900
Debt issuance cost, writeoff	900
2030 Notes
Debt Instrument [Line Items]
Principal amount	$ 65,200

- 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

- Definition

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

+ References

+ Details

Stockholders’ Equity (Details) - vote	6 Months Ended
Stockholders’ Equity (Details) - vote	Jun. 30, 2026	May 03, 2024
Stockholders Equity [Line Items]
Common stock number of votes per share	1
Chiesi \| Maximum
Stockholders Equity [Line Items]
Equity option owned by Chiesi		9.90%

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2026
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Rights Reacquisition Agreement On July 23, 2026, the Company, Gossamer Bio USA, Inc. (formerly GB002, Inc.) and Gossamer Bio 002 Ltd., on the one hand, and Chiesi, on the other hand, entered into a Rights Reacquisition Agreement (the “Rights Reacquisition Agreement”), under which the Company and Chiesi have agreed (a) to terminate that certain Chiesi Collaboration Agreement, subject to survival of certain provisions, and provide for assistance and cooperation in connection with certain wind-down activities conducted by or on behalf of Chiesi; (b) to provide for the reacquisition by the Company of seralutinib assets (including by termination of licenses granted under the Chiesi Collaboration Agreement by the Company to Chiesi and assignment or transfer or license of related assets, including regulatory filings and certain intellectual property rights related to seralutinib, by Chiesi to the Company) and worldwide development and commercial rights to seralutinib, including control of pulmonary arterial hypertension (PAH), pulmonary hypertension associated with interstitial lung disease (PH-ILD) and potential future indications, and (c) to provide for certain post-termination payments and related obligations in consideration of the rights granted under the Rights Reacquisition Agreement. Under the Rights Reacquisition Agreement, (a) Chiesi paid $5 million (the “Chiesi Amount”) to the Company as reimbursement of outstanding development costs, and (b) in consideration of the development activities conducted by or on behalf of Chiesi and costs and expenses incurred by Chiesi under the Chiesi Collaboration Agreement, as well as the return of related seralutinib assets, the Company has agreed to (i) make certain success-based milestone payments to Chiesi and (ii) pay royalties on net sales of certain products previously licensed under the Chiesi Collaboration Agreement up to a capped amount, after which no further payment obligations would be due under the Rights Reacquisition Agreement. In connection with the reacquisition of seralutinib rights under the Rights Reacquisition Agreement, Chiesi has assigned and licensed certain intellectual property rights owned or jointly owned by the Company and Chiesi that cover the products originally licensed under the License Agreement. Such licenses may be revoked by Chiesi in the event of a breach by the Company of its undisputed payment obligations under the Rights Reacquisition Agreement, subject to certain specified cure periods. In consideration for such assignment and license, in certain specified circumstances, the Company is obligated to use commercially reasonable efforts to continue to develop and/or commercialize certain products previously covered by the Chiesi Collaboration Agreement. The parties to the Rights Reacquisition Agreement have also agreed to the survival of indemnity obligations for claims arising under the Chiesi Collaboration Agreement, as well as a mutual release of all claims under the Chiesi Collaboration Agreement other than those that may arise under the surviving indemnity obligations or claims raised under the Rights Reacquisition Agreement. Increase in Authorized Shares and Proposed Reverse Stock Split On July 14, 2026, at the Company’s special meeting of stockholders (the “Special Meeting”), the Company’s stockholders approved, among other proposals, (i) an amendment to the Company’s Amended and Restated Certificate of Incorporation (the “Charter”) to increase the number of authorized shares of common stock from 700,000,000 to 4,000,000,000 and (ii) a series of alternate amendments to the Charter to effect a reverse stock split of the issued and outstanding shares of common stock and a proportionate reduction in the number of authorized shares of common stock. Accordingly, on July 14, 2026, the Company filed a certificate of amendment (the “Charter Amendment”) to the Charter with the Secretary of State of the State of Delaware to increase the number of authorized shares of its common stock from 700,000,000 to 4,000,000,000 in order to support, among other things, the additional share issuances of common stock issuable upon conversion of the Company’s newly issued 2030 Notes and exercise of the Company’s newly issued Purchase Warrants, each issued as part of the Exchange Offer, and under the Restated Plan. The Charter Amendment became effective upon filing.

Description of Business (Details) $ in Thousands	Mar. 16, 2026 USD ($) individual	Jun. 30, 2026 USD ($)	Dec. 31, 2025 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accumulated deficit		$ 1,468,702	$ 1,438,938
Restructuring and related cost, number of positions eliminated \| individual	73
Restructuring and related cost, percentage of positions eliminated to total workforce	46.00%
Restructuring and related cost, expected cost	$ 6,100

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References

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+ Details

Licenses, Asset Acquisitions and Contingent Consideration	6 Months Ended
	Jun. 30, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]
Licenses, Asset Acquisitions and Contingent Consideration	Licenses, Asset Acquisitions and Contingent Consideration The following purchased assets were accounted for as asset acquisitions as substantially all of the fair value of the assets acquired were concentrated in a group of similar assets and/or the acquired assets were not capable of producing outputs due to the lack of employees and early stage of development. Because the assets had not yet received regulatory approval, the fair value attributable to these assets was recorded as in process research and development, or IPR&D, expenses in the Company’s condensed consolidated statements of operations and comprehensive loss. The Company accounts for contingent consideration payable upon achievement of certain regulatory, development or sales milestones in such asset acquisitions when the underlying contingency is met. License from Pulmokine, Inc. (Seralutinib) On October 2, 2017, the Company entered into a license agreement with Pulmokine, Inc. under which it was granted an exclusive worldwide license and sublicense to certain intellectual property rights owned or controlled by Pulmokine to develop and commercialize seralutinib and certain backup compounds for the treatment, prevention and diagnosis of any and all disease or conditions. On November 26, 2024, Pulmokine became a wholly-owned subsidiary of XOMA Royalty Corporation. The Company also has the right to sublicense its rights under the license agreement, subject to certain conditions. The assets acquired are in the early stages of the Food and Drug Administration ("FDA") approval process, and the Company intends to further develop the assets acquired through potential FDA approval as evidenced by the milestone arrangement in the contract. The development activities cannot be performed without significant cost and effort by the Company. The agreement will remain in effect from the effective date, unless terminated earlier, until, on a licensed product-by-licensed product and country-by-country basis, the later of ten years from the date of first commercial sale or when there is no longer a valid patent claim covering such licensed product or specified regulatory exclusivity for the licensed product in such country. The Company is obligated to make future development and regulatory milestone payments of up to $48.0 million, which includes a payment of $5.0 million due upon initiation of a Phase 3 clinical trial in a second indication, commercial milestone payments of up to $45.0 million, and sales milestone payments of up to $190.0 million. The Company is also obligated to pay tiered royalties on sales for each licensed product, at percentages ranging from the mid-single digits to the high single-digits. In addition, if the Company chooses to sublicense or assign to any third parties its rights under the agreement with respect to a licensed product, or the Company’s seralutinib operating subsidiary undergoes a change of control, the Company must pay to Pulmokine a specified percentage of all revenue to be received in connection with such transaction. The Company made an upfront payment of $5.5 million in October 2017. The Company made a milestone payment of $5.0 million in connection with the initiation of the first Phase 2 clinical trial of seralutinib in January 2021 and made a milestone payment of $10.0 million, which was accrued in 2023, in connection with the initiation of the Phase 3 clinical trial of seralutinib in January 2024. The Company recognized these milestone payments as research and development expense on its condensed consolidated statements of operations and comprehensive loss. As of June 30, 2026, no other milestones had been accrued as the underlying contingencies had not yet been met.

- Definition

The entire disclosure for business combination.

+ References

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+ Details

Commitments and Contingencies - Schedule of Gross Future Minimum Annual Rental Commitments (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
2026 (remaining 6 months)	$ 688
2027	1,406
2028	1,448
2029	1,237
Total undiscounted rent payments	4,779
Present value discount	(856)
Present value of lease payments	3,923
Current portion of operating lease liabilities (included as a component of accrued expenses and other current liabilities)	965	$ 938
Operating lease liabilities - long-term	2,958	$ 3,460
Total operating lease liability	$ 3,923

Significant Agreements and Contracts - Schedule of Contract Liability Activity (Details) - Chiesi - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Contract With Customer, Liability [Rollforward]
Opening balance	$ 49,593	$ 55,919
Effect of exchange rate changes on contract liabilities	(1,601)	6,325
Ending balance	37,223	54,967
Revenue from PAH research and development service performance obligations satisfied during reporting period
Contract With Customer, Liability [Rollforward]
Revenue	(9,680)	(6,144)
Revenue from PH-ILD research and development service performance obligations satisfied during reporting period
Contract With Customer, Liability [Rollforward]
Revenue	$ (1,089)	$ (1,133)

Significant Agreements and Contracts - Schedule of Revenues Disaggregated by Timing of Revenue Recognition (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Effect of exchange rate changes on revenue
Total revenue from Chiesi Collaboration Agreement	$ 9,238	$ 11,489	$ 26,193	$ 21,378
Chiesi
Effect of exchange rate changes on revenue
Total revenue from Chiesi Collaboration Agreement	9,238	11,489	26,193	21,378
Revenue from PAH research and development service performance obligation satisfied during reporting period \| Over Time: \| Chiesi
Effect of exchange rate changes on revenue
Total revenue from Chiesi Collaboration Agreement	2,623	3,356	9,680	6,145
Revenue from PH-ILD research and development service performance obligation satisfied during reporting period \| Over Time: \| Chiesi
Effect of exchange rate changes on revenue
Total revenue from Chiesi Collaboration Agreement	486	586	1,089	1,133
Revenue from PAH research and development costs subject to reimbursement \| Over Time: \| Chiesi
Effect of exchange rate changes on revenue
Total revenue from Chiesi Collaboration Agreement	3,595	3,186	6,053	7,598
Revenue from PH-ILD research and development costs subject to reimbursement \| Over Time: \| Chiesi
Effect of exchange rate changes on revenue
Total revenue from Chiesi Collaboration Agreement	1,763	2,791	6,584	4,222
Revenue from PAH commercial costs subject to reimbursement \| Over Time: \| Chiesi
Effect of exchange rate changes on revenue
Total revenue from Chiesi Collaboration Agreement	747	1,371	2,720	2,048
Revenue from PH-ILD commercial costs subject to reimbursement \| Over Time: \| Chiesi
Effect of exchange rate changes on revenue
Total revenue from Chiesi Collaboration Agreement	0	231	0	295
Effect of exchange rate changes on revenue \| Over Time: \| Chiesi
Effect of exchange rate changes on revenue
Total revenue from Chiesi Collaboration Agreement	$ 24	$ (32)	$ 67	$ (63)

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 41,148	$ 37,732
Marketable securities	15,878	99,200
Receivable from contracts with collaborators	6,105	12,227
Prepaid expenses and other current assets	9,594	18,485
Total current assets	72,725	167,644
Property and equipment, net	55	64
Operating lease right-of-use assets	3,658	4,133
Other assets	429	408
Total assets	76,867	172,249
Current liabilities
Accounts payable	5,951	5,959
Accrued research and development expenses	9,680	21,662
Current contract liabilities	7,068	19,987
Current convertible senior notes	36,145	0
Warrant liability at fair value	18,291	0
Embedded derivative liability at fair value	42,938	0
Accrued expenses and other current liabilities	17,710	15,827
Total current liabilities	137,783	63,435
Long-term convertible senior notes	0	198,508
Operating lease liabilities - long-term	2,958	3,460
Long-term contract liabilities	30,155	29,606
Total liabilities	170,896	295,009
Commitments and contingencies (Note 9)
Stockholders' equity (deficit)
Common stock, $0.0001 par value; 700,000,000 shares authorized as of June 30, 2026 and December 31, 2025; 488,846,723 shares issued and outstanding as of June 30, 2026, and 233,677,057 shares issued and outstanding as of December 31, 2025	50	24
Additional paid-in capital	1,378,357	1,321,303
Accumulated deficit	(1,468,702)	(1,438,938)
Accumulated other comprehensive loss	(3,734)	(5,149)
Total stockholders' deficit	(94,029)	(122,760)
Total liabilities and stockholders' deficit	$ 76,867	$ 172,249

Income Taxes (Details)	3 Months Ended		6 Months Ended
Income Taxes (Details)	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Tax Disclosure [Abstract]
Effective income tax rate percent	0.00%	0.00%	0.00%	0.00%

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue:
Total revenue	$ 9,238	$ 11,489	$ 26,193	$ 21,378
Operating expenses:
Research and development	26,412	41,575	69,487	79,616
General and administrative	8,900	8,679	27,646	17,337
Total operating expenses	35,312	50,254	97,133	96,953
Loss from operations	(26,074)	(38,765)	(70,940)	(75,575)
Other income (expense)
Interest income	268	542	622	836
Interest expense	(2,705)	(2,744)	(5,460)	(5,490)
Remeasurement of warrant liability	1,602	0	1,602	0
Remeasurement of derivative liability	4,113	0	4,113	0
Gain on debt extinguishment	43,846	0	43,846	0
Other income (loss), net	(4,150)	2,694	(3,547)	5,318
Total other income, net	42,974	492	41,176	664
Net income (loss)	16,900	(38,273)	(29,764)	(74,911)
Other comprehensive income (loss):
Foreign currency translation	291	(4,195)	1,483	(6,098)
Unrealized loss on marketable securities	(1)	(69)	(68)	(179)
Other comprehensive income (loss)	290	(4,264)	1,415	(6,277)
Comprehensive income (loss)	$ 17,190	$ (42,537)	$ (28,349)	$ (81,188)
Net income (loss) per share, basic (in dollars per share)	$ 0.05	$ (0.17)	$ (0.11)	$ (0.33)
Net income (loss) per share, diluted (in dollars per share)	$ (0.08)	$ (0.17)	$ (0.24)	$ (0.33)
Weighted average common shares outstanding, basic (in shares)	320,014,255	227,275,466	277,313,038	227,048,022
Weighted average common shares outstanding, diluted (in shares)	328,776,495	227,275,466	287,855,108	227,048,022
Revenue from contracts with collaborators
Revenue:
Total revenue	$ 9,238	$ 11,489	$ 26,193	$ 21,378

Commitments and Contingencies

6 Months Ended

Jun. 30, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Leases

The Company previously leased certain office and laboratory space under a non-cancelable operating lease, which expired in January 2025.

On July 9, 2024, the Company entered into a lease agreement for office space located at 3115 Merryfield Row, Suite 120, San Diego, CA 92121, consisting of approximately 18,421 square feet. The term of the lease is 63 months commencing on August 1, 2024. The base rent is $109,605 per month effective October 1, 2024, and it is subject to a 3% annual increase every October. The lease expires on October 31, 2029 with an option for a one-year extension and an option to terminate on December 1, 2027 with the payment of a termination fee equal to four months of the then-current base rent upon the termination date. As of June 30, 2026, the Company was not reasonably certain that it would exercise the extension options, and therefore did not include these options in the determination of the total operating lease term for accounting purposes.

Monthly rent expense is recognized on a straight-line basis over the term of the leases. The operating leases are included in the condensed consolidated balance sheets at the present value of the lease payments at an incremental borrowing rate of 7% for each of the initial leased space and expansion space and 12.4% for the office lease commenced on August 1, 2024 using the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment as the leases do not provide an implicit rate.

As of June 30, 2026, the weighted average remaining lease term was 3.3 years and weighted average discount rate was 12.4%.

Lease costs were comprised of the following (in thousands):


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
Operating lease cost	$	371	$	359	$	729	$	851
Short-term lease cost	5		5		11		11
Total lease cost	$	376	$	364	$	740	$	862

Cash paid for amounts included in the measurement of operating lease liabilities for the three months ended June 30, 2026 and 2025 was $0.3 million and $0.4 million, respectively. Cash paid for amounts included in the measurement of operating lease liabilities for the six months ended June 30, 2026 and 2025 was $0.7 million and $1.2 million, respectively.

Gross future minimum annual rental commitments as of June 30, 2026, were as follows (in thousands):


	Undiscounted Rent Payments
Year ending December 31
2026 (remaining 6 months)	$	688
2027	1,406
2028	1,448
2029	1,237
Total undiscounted rent payments	4,779

Present value discount	(856)
Present value of lease payments	3,923
Current portion of operating lease liabilities (included as a component of accrued expenses and other current liabilities)	965
Operating lease liabilities - long-term	2,958
Total operating lease liability	$	3,923

Stockholders’ Equity	6 Months Ended
Stockholders’ Equity	Jun. 30, 2026
Equity [Abstract]
Stockholders’ Equity	Stockholders’ Equity Common Stock Each share of common stock is entitled to one vote. Common stock owners are entitled to dividends when funds are legally available and declared by the Company's board of directors. Chiesi Equity Option On May 3, 2024, pursuant to the Chiesi Collaboration Agreement the Company granted to Chiesi (as defined in Note 10 below) an option to purchase directly from the Company, on one or more occasions, up to an aggregate number of shares of the Company’s common stock (the "Equity Option") such that immediately following such issuance, Chiesi’s beneficial ownership of the Company’s common stock shall not exceed 9.9% of the total number of issued and outstanding shares of the Company’s common stock. In November 2025, the Equity Option expired and is no longer exercisable, and in July 2026, the Chiesi Collaboration Agreement was terminated (see Note 14, “Subsequent Events”).

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2026

Accounting Policies [Abstract]

Basis of Presentation

Use of Estimates

Segments

Collaborative Arrangements

Revenue Recognition

Major Customer and Concentration of Credit Risk/ 5.00% Convertible Senior Notes due 2027 (the “2027 Notes”)/ 7.50% Convertible Senior Notes due 2030 (the “2030 Notes”)

Major Customer and Concentration of Credit Risk

5.00% Convertible Senior Notes due 2027 (the “2027 Notes”)

7.50% Convertible Senior Notes due 2030 (the “2030 Notes”)

Debt Modifications and Extinguishments

Recent Accounting Pronouncements - Adopted and Not Yet Adopted

Recent Accounting Pronouncements - Adopted

Recent Accounting Pronouncements - Not Yet Adopted

Net Income (Loss) Per Share

The following table sets forth the computation of basic and diluted earnings (loss) per common share:


(in thousands, except share and per share amounts)	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
Numerator:
Numerator for basic earnings (loss) per share - income available to common stockholders	$	16,900	$	(38,273)	$	(29,764)	$	(74,911)
Add back the interest on 2027 Notes	1,778		—		4,278		—
Deduct the gain on debt extinguishment	(43,846)		—		(43,846)		—
Numerator of diluted earnings (loss) per share	$	(25,168)	$	(38,273)	$	(69,332)	$	(74,911)

Denominator:
Denominator for basic earnings (loss) per share - common shares outstanding	320,014,255		227,275,466		277,313,038		227,048,022
Add back 2027 Notes, as converted	8,762,240		—		10,542,070		—
Denominator for diluted earnings (loss) per share - adjusted weighted average shares outstanding	328,776,495		227,275,466		287,855,108		227,048,022

Basic earnings (loss) per common share	$	0.05	$	(0.17)	$	(0.11)	$	(0.33)
Diluted earnings (loss) per common share	$	(0.08)	$	(0.17)	$	(0.24)	$	(0.33)

Fair Value Measurements and Available for Sale Investments - Schedule of Available for sale Investments by Security Type (Details) $ in Thousands	Jun. 30, 2026 USD ($) security	Dec. 31, 2025 USD ($) security
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	$ 15,878	$ 108,991
Gross Unrealized Gains	0	69
Gross Unrealized Losses	0	(1)
Total Fair Value	$ 15,878	$ 109,059
Number of securities with unrealized losses \| security	0	1
U.S. Treasury and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost		$ 8,088
Gross Unrealized Gains		2
Gross Unrealized Losses		0
Total Fair Value		8,090
Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost		27,359
Gross Unrealized Gains		18
Gross Unrealized Losses		0
Total Fair Value		27,377
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	$ 15,878	73,544
Gross Unrealized Gains	0	49
Gross Unrealized Losses	0	(1)
Total Fair Value	$ 15,878	$ 73,592

- 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).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
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-Name Accounting Standards Codification
-Section 50
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

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

+ References

+ Details

Summary of Significant Accounting Policies - Schedule of Potentially Dilutive Securities not Included in Calculation of Diluted Net Loss Per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities not included from calculation of diluted net loss per share (in shares)	576,230,968	115,567,141	576,230,968	115,567,141
2027 Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities not included from calculation of diluted net loss per share (in shares)	0	12,321,900	0	12,321,900
2030 Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities not included from calculation of diluted net loss per share (in shares)	348,524,065	0	348,524,065	0
Shares issuable upon exercise of stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities not included from calculation of diluted net loss per share (in shares)	54,684,451	48,272,951	54,684,451	48,272,951
Shares issuable upon exercise of Chiesi Equity Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities not included from calculation of diluted net loss per share (in shares)	0	22,504,930	0	22,504,930
Shares issuable upon exercise of warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities not included from calculation of diluted net loss per share (in shares)	166,464,537	32,467,360	166,464,537	32,467,360
Nonvested shares under restricted stock grants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities not included from calculation of diluted net loss per share (in shares)	6,557,915	0	6,557,915	0

Subsequent Events (Details) - USD ($) $ in Millions	Jul. 23, 2026	Jul. 14, 2026	Jul. 13, 2026	Jun. 30, 2026	Dec. 31, 2025
Subsequent Event [Line Items]
Common stock, authorized (in shares)				700,000,000	700,000,000
Subsequent Event
Subsequent Event [Line Items]
Common stock, authorized (in shares)		4,000,000,000	700,000,000
Subsequent Event \| Chiesi
Subsequent Event [Line Items]
Reimbursement of research and development expense	$ 5

Indebtedness

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

Indebtedness

Exchange Offer and Consent Solicitation

On May 18, 2026, the Company commenced an exchange offer (the “Exchange Offer”) to exchange any and all of its 5.00% Convertible Senior Notes due 2027 issued pursuant to an indenture, dated as of May 21, 2020, and a first supplemental indenture, dated as of May 21, 2020 (together, the “2027 Notes Indenture”), for a pro rata portion of (i) up to $72.0 million in aggregate principal amount of its new 7.50% Convertible Senior Secured First Lien Notes due 2030, (ii) up to 317,647,058 shares of its common stock, par value $0.0001 per share (the “New Shares”) or, in lieu of issuing shares of common stock to the extent any investor would beneficially own greater than 9.99% of the outstanding common stock, prefunded warrants to purchase shares of Common Stock (the “Prefunded Warrants” and, together with the New Shares, the “Equity Securities”) and (iii) up to 150,000,000 warrants to purchase shares of its common stock (the “Purchase Warrants”). Simultaneously with the Exchange Offer, the Company solicited consents (the “Consent Solicitation”) from holders of the 2027 Notes to adopt certain amendments (the “Amendments”) to the 2027 Notes Indenture.

Additionally, on May 18, 2026, and as permitted by the 2027 Notes Indenture, the Company delivered an irrevocable notice of its election to settle all conversions of the 2027 Notes with a conversion date on or after May 18, 2026, solely in cash (the “Cash Settlement Election”). The Cash Settlement Election applied to all 2027 Notes, whether or not tendered in the Exchange Offer.

On June 4, 2026 (the “Early Settlement Date”), the Company completed the early settlement of the exchange of the 2027 Notes that were validly tendered on or before the early tender deadline of 5:00 p.m., New York City time, on June 2, 2026 (the “Extended Early Tender Date”) in the Exchange Offer. Pursuant to the early settlement of the Exchange Offer, $181,052,000 in aggregate principal amount of the 2027 Notes were validly tendered, accepted for exchange by the Company and subsequently cancelled (collectively, the “Early Tendered Notes”). Following such cancellation, $18,948,000 in aggregate principal amount of the 2027 Notes remain outstanding. On the Early Settlement Date, the Company issued (i) $65,174,000 in aggregate principal amount of 2030 Notes, (ii) 254,150,441 New Shares, (iii) 33,402,727 Prefunded Warrants and (iv) 135,789,000 Purchase Warrants, in exchange for the validly tendered and accepted Early Tendered Notes. The Company also completed the Consent Solicitation and entered into a supplemental indenture (the “Supplemental Indenture”) to the 2027 Notes Indenture with Wilmington Trust, National Association, as trustee (the “2027 Notes Trustee”).

The Exchange Offer expired at 5:00 p.m., New York City time, on June 16, 2026. Because no additional 2027 Notes were validly tendered in the Exchange Offer following the Early Settlement Date and prior to the expiration of the Exchange Offer, $18,948,000 in aggregate principal amount of 2027 Notes remain outstanding following this Exchange Offer.

Cancellation of 2027 Notes Tendered in the Exchange Offer

The Company caused the Early Tendered Notes accepted for exchange to be delivered to the 2027 Notes Trustee for cancellation on the Early Settlement Date. There were no additional 2027 Notes accepted following the Early Settlement Date. The Company did not receive any cash proceeds from the Exchange Offer. In exchange for issuing the 2030 Notes, the New Shares, the Prefunded Warrants and the Purchase Warrants pursuant to the Exchange Offer, the Company received and cancelled 90.5% of the 2027 Notes.

2027 Notes

On May 21, 2020, the Company issued $200.0 million aggregate principal amount of the 2027 Notes. The 2027 Notes were registered pursuant to the Company’s shelf registration statement on Form S-3 filed with the SEC on April 10, 2020. The interest rate on the 2027 Notes is fixed at 5.00% per annum. Interest is payable semi-annually in arrears on June 1 and December 1 of each year, commencing on December 1, 2020. The 2027 Notes will mature on June 1, 2027. The net proceeds from the offering, after deducting the underwriting discounts and commissions and other offering costs, were approximately $193.6 million.

Prior to the Cash Settlement Election, the 2027 Notes were convertible, at the holder’s option, only upon satisfaction of specified conditions (including a common stock sale-price condition, a notes trading-price condition, notice of redemption, or the occurrence of certain corporate events), and at any time on or after March 1, 2027, and the Company could elect to settle conversions in cash, shares, or a combination. The initial conversion rate was 61.6095 shares per $1,000 principal amount (an initial conversion price of approximately $16.23 per share), subject to adjustment.

On May 18, 2026, the Company made the Cash Settlement Election, following which all conversions of the 2027 Notes with a conversion date on or after that date are settled solely in cash, irrespective of whether the holder participated in the Exchange Offer. As a result, the embedded conversion option no longer qualified for the own-equity scope exception and, from that date, was bifurcated from the 2027 Notes and accounted for as a derivative liability measured at fair value, with changes in fair value recognized in earnings.

In June 2026, the Company completed the Exchange Offer, in which $181,052,000 aggregate principal amount (90.5%) of the 2027 Notes was tendered and extinguished. Following the Exchange Offer, $18,948,000 aggregate principal amount of 2027 Notes remains outstanding, held by a single non-tendering holder. Because the 2027 Notes mature on June 1, 2027, the remaining 2027 Notes are classified as a current liability as of June 30, 2026.

The Company recorded $0.4 million of the debt issuance costs related to the 2027 Notes as a reduction to the liability and amortizes these costs to interest expense over the term of the 2027 Notes. In June 2026, concurrently with the completion of the Exchange Offer, the remaining unamortized debt discount and issuance costs associated with the exchanged 2027 Notes in the amount of $1.0 million was offset against the gain on debt extinguishment discussed below.

Amendments to the 2027 Notes

Concurrently with the Exchange Offer, the Company solicited and obtained consents from holders of the 2027 Notes to adopt the Amendments to the 2027 Notes Indenture, which were effected through the Supplemental Indenture and eliminated substantially all restrictive covenants and certain events of default applicable to the 2027 Notes, including the $18,948,000

aggregate principal amount that remained outstanding following the Exchange Offer. The Amendments did not reduce the principal amount, reduce or defer the stated interest rate, or extend the maturity date of the remaining 2027 Notes.

The Company evaluated the Amendments under ASC 470-50 and determined that, because the contractual cash flows of the remaining 2027 Notes are unchanged, the present value of the cash flows under the amended terms is not at least 10% different from the present value of the remaining cash flows under the original terms, and the fair value of the embedded conversion feature was likewise unaffected. Accordingly, the Amendments are not substantially different from the original terms and are accounted for as a modification, rather than an extinguishment, of the remaining 2027 Notes. No consideration was exchanged with the holders of the remaining 2027 Notes and no gain or loss was recognized; the Company continues to account for those notes as a continuation of the original debt instrument at the existing effective interest rate. The bifurcated conversion derivative of the remaining 2027 Notes was not altered by the Amendments and continues to be measured at fair value through earnings.

2030 Notes

The 2030 Notes are secured, first lien obligations of the Company. The 2030 Notes will mature on July 1, 2030, unless earlier converted or repurchased in accordance with the terms of the 2030 Notes, provided that the 2030 Notes have a springing maturity date of March 2, 2027 (91 days prior to the stated maturity of the 2027 Notes) if more than $4.0 million of the 2027 Notes remain outstanding at such time. The 2030 Notes bear interest at a rate of 7.50% per annum from June 4, 2026, which interest will be payable in cash semi-annually in arrears on January 1 and July 1 of each year, starting on January 1, 2027.

The conversion rate for the 2030 Notes was initially set to a number of shares of common stock per $1,000 principal amount of New Convertible Notes equal to the quotient of $1,000 divided by a 10% premium to the Reference Price (as defined below), rounded to the nearest 1/10,000th of a share. The “Reference Price” was equal the greater of (i) $0.17 and (ii) the lower of (x) $0.34 and (y) the average of the daily volume-weighted average prices for the seven (7) consecutive VWAP trading days beginning on, and including, the VWAP trading day immediately following the Final Settlement Date. On July 1, 2026, the initial conversion rate for 2030 Notes was established as 5,347.5936 shares of the Company's common stock per $1,000 principal amount of the 2030 Notes, which represents a conversion price of approximately $0.19 per share of common stock, and the initial exercise price of its Purchase Warrants will be $0.34 per whole share of its common stock.

The 2030 Notes Indenture provided that prior to obtaining stockholder approval of certain proposals that would allow the issuance of common stock pursuant to the terms of the 2030 Notes, the Company was permitted to satisfy its obligations upon conversion of the 2030 Notes only in the form of cash settlement. On July 14, 2026, the Company’s stockholders approved such proposals. On July 1, 2026, the conversion rate was established at 5,347.5936 shares of common stock per $1,000 principal amount of the 2030 Notes. Following such stockholder approval, the Company is permitted to satisfy its obligations under the 2030 Notes with any settlement method it is otherwise permitted to elect, including by physical settlement in shares of common stock. Additionally, a holder of 2030 Notes was not permitted to convert its 2030 Notes at any time prior to the later of (a) the date the conversion rate has been determined and (b) the earlier of (1) the date of the special meeting at which the Company seeks stockholder approval of such proposals, whether or not such approvals are obtained and (2) the date that is 61 calendar days following the initial settlement date of the Offered Securities. A “make whole” premium will be payable on the 2030 Notes through an increase to the conversion rate in certain circumstances to compensate converting holders for interest that would have been payable to the maturity date.

The 2030 Notes Indenture includes incurrence based negative covenants, including but not limited to, limitations on debt, limitations on liens and entry into restrictive agreements, limitations on mergers, consolidations or sales of all or substantially all assets, limitations on transactions with affiliates, limitations on restricted payments and investments, limitations on disposals of assets, limitations on foreign subsidiaries and limitations on impairment of security. The 2030 Notes Indenture also includes usual and customary affirmative covenants, including but not limited to, further assurance, payment of obligations, reporting, and compliance certificate. The 2030 Notes Indenture also contains a minimum liquidity covenant that requires the Company to maintain a minimum amount of liquidity of $40 million, tested monthly on the date that the compliance certificate for the applicable month will be delivered and commencing with the fiscal month ending June 30, 2026; provided that the minimum liquidity requirement will be reduced to (x) $20 million, upon completion of one or more equity raises with aggregate proceeds of at least $100 million, (y) $10 million, subject to satisfaction of condition (x) above and written notice from the FDA by December 1, 2026 that it has accepted for filing the Company’s new drug application and (z) $0, subject to satisfaction of conditions (x) and (y) above and completion of one or more equity raises with aggregate proceeds (including all proceeds under condition (x) above) of at least $150 million. The 2030 Notes Indenture contains other customary terms including with respect to events of default, amendments, defeasance, and satisfaction and discharge, and is governed by New York law.

Under certain circumstances and subject to conditions set forth in the 2030 Notes Indenture, the Company may elect to force a mandatory conversion of the 2030 Notes.

If certain corporate events constituting a fundamental change occur (which shall include, among other things, the acquisition by any person or group of more than 50% of the outstanding common stock of the Company or a delisting of the Company’s common stock), the Company shall offer to repurchase all of the outstanding 2030 Notes for cash at a repurchase price equal to 100% of the aggregate principal amount of the 2030 Notes then outstanding plus accrued and unpaid interest. As of June 30, 2026, the Company was in compliance with the covenants under the 2030 Notes.

2030 Notes - Maturity and Balance Sheet Classification

The 2030 Notes have a stated maturity of July 1, 2030. However, the 2030 Notes are subject to a springing maturity: if more than $4.0 million aggregate principal amount of the 2027 Notes remains outstanding on March 2, 2027, the maturity of the 2030 Notes accelerates to March 2, 2027. Because $18,948,000 aggregate principal amount of the 2027 Notes remained outstanding as of June 30, 2026, and is expected to remain outstanding on March 2, 2027, the springing maturity is expected to be triggered. Accordingly, the Company evaluated the classification of the 2030 Notes under ASC 470-10 and classified the 2030 Notes, net of the bifurcated derivative, as a current liability as of June 30, 2026.

2030 Notes - Embedded Derivative

The 2030 Notes contain an embedded conversion feature that requires bifurcation and separate accounting from the debt host pursuant to ASC 815. The conversion feature is accounted for as a derivative liability measured at fair value, with changes in fair value recognized in earnings. Because the Company is required to settle conversions of the 2030 Notes solely in cash until the requisite stockholder approval is obtained, the conversion feature does not qualify for equity classification under ASC 815-40 and is therefore accounted for as a bifurcated derivative. The bifurcated derivative was recorded at fair value on the Early Settlement Date, with an offsetting discount to the carrying amount of the 2030 Notes that is accreted to interest expense over their term.

Following the requisite stockholder approval, the Company is permitted to settle conversions of the 2030 Notes in cash, shares, or a combination thereof, at its election. However, the conversion feature includes an interest make-whole adjustment that delivers a variable number of shares determined by reference to the remaining scheduled interest through maturity. As a result, the conversion feature is not considered indexed to the Company's own stock. Accordingly, even in periods following the approval date, the conversion feature does not qualify for the equity classification under ASC 815-40 and continues to be bifurcated and accounted for as a derivative liability measured at fair value, with changes in fair value recognized in earnings. The fair value of the derivative liabilities was determined based on significant inputs not observable in the market, which represents a Level 3 measurement within the fair value hierarchy.

A summary of the changes in the fair value of the derivative liabilities Level 3 rollforward is as follows (in thousands):


	Three Months Ended June 30, 2026
Beginning balance at June 4, 2026	$	47,051
Change in fair value in net gain	(4,113)
Ending balance at June 30, 2026	$	42,938

Extinguishment of Debt

The Exchange Offer qualified as a debt extinguishment under ASC 470-50, Debt - Modifications and Extinguishments. Given the substantial doubt about the Company's ability to continue as a going concern disclosed in Note 1 – Liquidity and Going Concern, the Company evaluated the Exchange Offer under ASC 470-60, Troubled Debt Restructurings by Debtors, and concluded that the 2027 Note holders did not grant concession within the meaning of ASC 470-60, because the total consideration received by the holders in exchange for the tendered 2027 Notes did not reflect a concession by them; accordingly, the transaction is accounted for under ASC 470-50 rather than ASC 470-60. The holders of the 2027 Notes tendered 90.5% of the 2027 Notes in exchange for a combination of the 2030 Notes, the New Shares, the Prefunded Warrants and the Purchase Warrants, resulting in a significant reduction of the Company’s outstanding debt.

The exchange of the tendered 2027 Notes for the 2030 Notes, the New Shares, the Prefunded Warrants and the Purchase Warrants was accounted for as a debt extinguishment as follows: (1) the aggregate fair value of the 2030 Notes, the

New Shares, the Prefunded Warrants and the Purchase Warrants issued at the settlement date was recorded as a component of the reacquisition price; and (2) the Company recognized an extinguishment gain equal to the excess of the net carrying amount of the extinguished 2027 Notes over the reacquisition price, measured as the total fair value of the consideration transferred, comprising the aggregate fair value of the 2030 Notes, the New Shares, the Prefunded Warrants and the Purchase Warrants issued.

Gain on Debt Extinguishment

The Exchange Offer qualified as a debt extinguishment under ASC 470-50. Since the aggregate fair value of the 2030 Notes, the New Shares, the Prefunded Warrants and the Purchase Warrants issued in the Exchange Offer were less than the carrying amount of the exchanged 2027 Notes discussed above, the Company recorded a gain debt extinguishment of $43.8 million, included in the other income of the Company's condensed consolidated statement of operations and comprehensive loss.

Issuance Costs

The Company incurred total costs of approximately $9.0 million in connection with the Exchange Offer. Approximately $3.4 million was attributable to the equity-classified New Shares and Prefunded Warrants and reduced the initial carrying amount of those instruments through a charge to additional paid-in capital. The remaining approximately $5.6 million was attributable to the 2030 Notes, the liability-classified Purchase Warrants and the bifurcated conversion derivative. Of that amount, approximately $4.4 million attributable to the instruments measured at fair value through earnings (the Purchase Warrants and the bifurcated derivative) was expensed as incurred and included in other income (loss), and approximately $1.2 million attributable to the 2030 Notes was recorded as a reduction to their carrying value and is accreted to interest expense over the term of the 2030 Notes.

The net carrying amount of the 2027 Notes and 2030 Notes was as follows (in thousands):


	June 30, 2026		December 31, 2025
Principal amount(1)	$	84,122	$	200,000
Unamortized debt discount(2)	(46,789)		(1,398)
Unamortized debt issuance cost(3)	(1,188)		(94)
Net carrying amount	$	36,145	$	198,508

_________

(1) As of June 30, 2026, the principal amount includes the 2027 Notes' principal amount of $18.9 million remaining after the Exchange Offer and the 2030 Notes' principal amount of $65.2 million. As of December 31, 2025, the principal amount includes the 2027 Notes' principal amount outstanding prior to the Exchange Offer.

(2) The amount as of June 30, 2026 represents the unamortized embedded derivative in the 2030 Notes, recorded as a single derivative, bifurcated from the host and recorded as a discount in accordance with ASC 815. The Embedded Derivative discount is being amortized to interest expense over the term of the 2030 Notes.

(3) Upon closing of the Exchange Offer, unamortized debt issuance costs associated with the 2027 Notes in the amount of $0.9 million were written off to gain on debt extinguishment in the Company's condensed consolidated statement of operations and comprehensive loss for the quarter ended June 30, 2026.

The following table sets forth the interest expense recognized related to the 2027 and 2030 Notes (in thousands):


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
Contractual interest expense	$	2,164	$	2,500	$	4,664	$	5,000
Amortization of debt discount	517		229		756		455
Amortization of debt issuance cost	24		15		40		31
Total interest expense related to the 2027 Notes	$	2,705	$	2,744	$	5,460	$	5,486

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Description of Business	6 Months Ended
Description of Business	Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	Description of Business Gossamer Bio, Inc. (including its subsidiaries, referred to as "we," "us," "our,", or the “Company”) is a clinical-stage biopharmaceutical company focused on the development and commercialization of seralutinib for the treatment of pulmonary hypertension ("PH") including pulmonary arterial hypertension ("PAH") and PH associated with interstitial lung disease ("PH-ILD"). The Company was incorporated in the state of Delaware on October 25, 2015 (originally as FSG Bio, Inc.) and is based in San Diego, California. The unaudited condensed consolidated financial statements include the accounts of Gossamer Bio, Inc. and its wholly owned subsidiaries. All intercompany balances and transactions among the consolidated entity have been eliminated in consolidation. Liquidity and Going Concern The Company has incurred significant operating losses since its inception. As of June 30, 2026, the Company had an accumulated deficit of $1,468.7 million. From the Company’s inception through June 30, 2026, the Company has funded its operations primarily through equity financings, convertible senior notes and the Chiesi Collaboration Agreement (as defined in Note 10 below). The Company’s existing cash and cash equivalents are not sufficient to fund operating plans for at least one year from the issuance date of these financial statements. Accordingly, these conditions raise substantial doubt about the Company’s ability to continue as a going concern. The consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and settlement of liabilities, in the normal course of business, and does not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or amounts and classification of liabilities that may result from the outcome of this uncertainty. If the Company is not able to obtain the required funding, through equity or debt financings, license agreements for seralutinib in domestic or foreign markets, or other means, or is unable to obtain funding on terms favorable to the Company, or there is an event of default affecting the Company’s 2027 Notes and 2030 Notes (each as defined below), there will be a material adverse effect on commercialization and development operations, and the Company's ability to execute its strategic development plan for future growth. If the Company cannot successfully raise additional funding and implement its strategic development plan, the Company may be forced to make further reductions in spending, including spending in connection with our clinical development, pre-commercialization activities, extend payment terms with suppliers, suspend or curtail planned operations or cease operations entirely. The Company has concluded that these circumstances and the uncertainties associated with the Company’s ability to obtain additional equity or debt financing on terms that are favorable to the Company, or at all, and otherwise succeed in its future operations raise substantial doubt about the Company’s ability to continue as a going concern. Management believes that it has sufficient working capital on hand to fund operations into the first quarter of 2027. On March 16, 2026, the Company commenced a workforce reduction of 73 individuals, constituting approximately 46% of its workforce, to reduce its operating expenses. The Company's remaining management and employees will continue the development of seralutinib and explore potential regulatory paths forward. This workforce reduction is expected to be completed by the end of September 2026. The Company recognized $6.1 million of charges associated with the workforce reduction in the first quarter of 2026.

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net loss	$ (29,764)	$ (74,911)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense	9	12
Stock-based compensation expense	8,767	4,991
Amortization of operating lease right-of-use assets	475	543
Amortization and expense of debt discount and issuance costs	5,210	486
Amortization of premium on marketable securities, net of accretion of discounts	(1,052)	(4,611)
Change in warrant liability	(1,602)	0
Change in derivative liability	(4,113)	0
Gain on debt extinguishment	(43,846)	0
Changes in operating assets and liabilities:
Receivable from contracts with collaborators	6,122	(2,241)
Prepaid expenses and other current assets	8,891	(5,369)
Other assets	(21)	(100)
Operating lease liabilities	(475)	(534)
Accounts payable	1,565	(6,774)
Accrued expenses and other current liabilities	(1,397)	363
Accrued research and development expenses	(11,982)	5,146
Accrued compensation and benefits	(2,151)	(2,834)
Contract liabilities	(12,370)	(952)
Accrued interest expense	(411)	0
Net cash used in operating activities	(78,145)	(86,785)
Cash flows from investing activities
Purchase of marketable securities	(24,994)	(176,533)
Maturities of marketable securities	109,300	242,800
Purchase of property and equipment	0	(79)
Net cash provided by investing activities	84,306	66,188
Cash flows from financing activities
Payment of debt issuance costs in connection with the exchange of the 2027 Notes	(1,963)	0
Payment of equity issuance costs in connection with the exchange of the 2027 Notes	(1,181)	0
Proceeds from issuance of common stock pursuant to Employee Stock Purchase Plan	292	372
Proceeds from the exercise of stock options	220	226
Net cash provided by (used in) financing activities	(2,632)	598
Effect of exchange rate changes on cash and cash equivalents	(113)	234
Net increase (decrease) in cash and cash equivalents	3,416	(19,765)
Cash and cash equivalents, at the beginning of the period	37,732	46,074
Cash and cash equivalents, at the end of the period	41,148	26,309
Supplemental disclosure of cash flow information:
Cash paid for interest	5,075	5,000
Supplemental disclosure of noncash investing and financing activities:
Unpaid debt issuance costs in connection with the exchange of the 2027 Notes	3,631	0
Unpaid equity issuance costs in connection with the exchange of the 2027 Notes	2,184	0
Issuance of common stock in connection with the exchange of 2027 Notes	45,239	0
Issuance of a derivative in connection with the exchange of 2027 Notes	47,051	0
Issuance of 2030 Notes in connection with the exchange of 2027 Notes	18,123	0
Change in unrealized loss on marketable securities, net	(68)	(179)
Prefunded Warrants
Supplemental disclosure of noncash investing and financing activities:
Issuance warrants in connection with the exchange of 2027 Notes	5,935	0
Purchase Warrants
Supplemental disclosure of noncash investing and financing activities:
Issuance warrants in connection with the exchange of 2027 Notes	$ 19,893	$ 0

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	700,000,000	700,000,000
Common stock, issued (in shares)	488,846,723	233,677,057
Common stock, outstanding (in shares)	488,846,723	233,677,057

- Definition

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

+ 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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-Section S45
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section S45
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 210
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.6-05(4))
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-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(4)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(16)(a))
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-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(7))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

+ Details

Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2026

Commitments and Contingencies Disclosure [Abstract]

Schedule of Lease Costs

Lease costs were comprised of the following (in thousands):


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
Operating lease cost	$	371	$	359	$	729	$	851
Short-term lease cost	5		5		11		11
Total lease cost	$	376	$	364	$	740	$	862

Schedule of Gross Future Minimum Annual Rental Commitments

Gross future minimum annual rental commitments as of June 30, 2026, were as follows (in thousands):


	Undiscounted Rent Payments
Year ending December 31
2026 (remaining 6 months)	$	688
2027	1,406
2028	1,448
2029	1,237
Total undiscounted rent payments	4,779

Present value discount	(856)
Present value of lease payments	3,923
Current portion of operating lease liabilities (included as a component of accrued expenses and other current liabilities)	965
Operating lease liabilities - long-term	2,958
Total operating lease liability	$	3,923

Indebtedness (Tables)

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

Schedule of Fair Value of the Derivative Liability

A summary of the changes in the fair value of the derivative liabilities Level 3 rollforward is as follows (in thousands):


	Three Months Ended June 30, 2026
Beginning balance at June 4, 2026	$	47,051
Change in fair value in net gain	(4,113)
Ending balance at June 30, 2026	$	42,938

The summary of the changes in the fair value of the warrant liabilities Level 3 rollforward is as follows (in thousands):


	Three Months Ended June 30, 2026
Beginning balance at June 4, 2026	$	19,893
Change in fair value in net gain	(1,602)
Ending balance at June 30, 2026	$	18,291

Schedule of Net Carrying Amount of 2027 Notes

The net carrying amount of the 2027 Notes and 2030 Notes was as follows (in thousands):


	June 30, 2026		December 31, 2025
Principal amount(1)	$	84,122	$	200,000
Unamortized debt discount(2)	(46,789)		(1,398)
Unamortized debt issuance cost(3)	(1,188)		(94)
Net carrying amount	$	36,145	$	198,508

_________

Schedule of Interest Expense Recognized

The following table sets forth the interest expense recognized related to the 2027 and 2030 Notes (in thousands):


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
Contractual interest expense	$	2,164	$	2,500	$	4,664	$	5,000
Amortization of debt discount	517		229		756		455
Amortization of debt issuance cost	24		15		40		31
Total interest expense related to the 2027 Notes	$	2,705	$	2,744	$	5,460	$	5,486

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2026
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesWe calculate the interim income tax provision in accordance with Accounting Standards Codification Topic 270, Interim Reporting, ("ASC 270"), and Topic 740, Accounting for Income Taxes, ("ASC 740"). At the end of each interim period, we estimate our annual effective tax rate and apply that rate to our ordinary quarterly earnings to calculate the tax related to ordinary income. The tax effects for other items that are excluded from ordinary income are discretely calculated and recognized in the period in which they occur. Our annual effective tax rate from continuing operations was 0% for the three and six months ended June 30, 2026 and 2025.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: 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 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Equity Incentive Plans (Tables)

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

The following table summarizes stock option activity during the six months ended June 30, 2026:


	Shares Subject to Options Outstanding			Weighted- Average
	Shares	Weighted- Average Exercise Price		Remaining Contractual Life (Years)	Aggregate Intrinsic Value
					(in thousands)
Outstanding as of December 31, 2025	47,436,953	$	1.74	7.4	$	84,257
Options granted	63,000,828	$	0.91
Options exercised	(211,460)	$	1.04
Options forfeited/cancelled	(55,541,870)	$	1.74
Outstanding as of June 30, 2026	54,684,451	$	0.79	6.1	$	—
Options vested and expected to vest as of June 30, 2026	54,684,451	$	0.79	6.1	$	—
Options exercisable as of June 30, 2026	27,944,056	$	1.06	5.0	$	—

Schedule of Restricted Stock Activity

The summary of the Company’s restricted stock grants activity during the six months ended June 30, 2026 is as follows:


	Number of Restricted Stock Grants Outstanding	Weighted- Average Grant Date Fair Value
Nonvested at December 31, 2025	4,126,962	$	1.71
Granted	4,039,821	2.88

Forfeited	(1,608,868)	2.17
Nonvested at June 30, 2026	6,557,915	$	2.31

Schedule of Stock-Based Compensation Expense Reported in Condensed Consolidated Statements of Operations

Stock-based compensation expense has been reported in the Company’s condensed consolidated statements of operations and comprehensive loss as follows (in thousands):


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
Research and development	$	653	$	1,328	$	3,424	$	2,466
General and administrative	1,810		1,258		5,343		2,525
Total stock-based compensation expense	$	2,463	$	2,586	$	8,767	$	4,991

Schedule of Fair Value of the Derivative Liability

A summary of the changes in the fair value of the derivative liabilities Level 3 rollforward is as follows (in thousands):


	Three Months Ended June 30, 2026
Beginning balance at June 4, 2026	$	47,051
Change in fair value in net gain	(4,113)
Ending balance at June 30, 2026	$	42,938

The summary of the changes in the fair value of the warrant liabilities Level 3 rollforward is as follows (in thousands):


	Three Months Ended June 30, 2026
Beginning balance at June 4, 2026	$	19,893
Change in fair value in net gain	(1,602)
Ending balance at June 30, 2026	$	18,291

Condensed Consolidated Statements of Stockholders’ Equity (Deficit) - USD ($) $ in Thousands	Total	Common stock	Additional paid-in capital	Accumulated deficit	Accumulated other comprehensive income (loss)
Beginning balance (in shares) at Dec. 31, 2024		226,604,138
Beginning balance at Dec. 31, 2024	$ 29,492	$ 23	$ 1,296,848	$ (1,268,568)	$ 1,189
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)		112,617
Exercise of stock options	132		132
Stock-based compensation	2,405		2,405
Issuance of common stock pursuant to Employee Stock Purchase Plan (in shares)		504,507
Issuance of common stock pursuant to Employee Stock Purchase Plan	372		372
Net loss	(36,638)			(36,638)
Other comprehensive income (loss)	(2,013)				(2,013)
Ending balance (in shares) at Mar. 31, 2025		227,221,262
Ending balance at Mar. 31, 2025	(6,250)	$ 23	1,299,757	(1,305,206)	(824)
Beginning balance (in shares) at Dec. 31, 2024		226,604,138
Beginning balance at Dec. 31, 2024	29,492	$ 23	1,296,848	(1,268,568)	1,189
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(74,911)
Other comprehensive income (loss)	(6,277)
Ending balance (in shares) at Jun. 30, 2025		227,322,528
Ending balance at Jun. 30, 2025	(46,107)	$ 23	1,302,437	(1,343,479)	(5,088)
Beginning balance (in shares) at Mar. 31, 2025		227,221,262
Beginning balance at Mar. 31, 2025	(6,250)	$ 23	1,299,757	(1,305,206)	(824)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of restricted stock (in shares)		0
Exercise of stock options (in shares)		101,266
Exercise of stock options	94		94
Stock-based compensation	2,586		2,586
Net loss	(38,273)			(38,273)
Other comprehensive income (loss)	(4,264)				(4,264)
Ending balance (in shares) at Jun. 30, 2025		227,322,528
Ending balance at Jun. 30, 2025	$ (46,107)	$ 23	1,302,437	(1,343,479)	(5,088)
Beginning balance (in shares) at Dec. 31, 2025	233,677,057	233,677,057
Beginning balance at Dec. 31, 2025	$ (122,760)	$ 24	1,321,303	(1,438,938)	(5,149)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)		211,460
Exercise of stock options	220		220
Stock-based compensation	6,304		6,304
Issuance of common stock pursuant to Employee Stock Purchase Plan (in shares)		807,765
Issuance of common stock pursuant to Employee Stock Purchase Plan	292		292
Net loss	(46,664)			(46,664)
Other comprehensive income (loss)	1,125				1,125
Ending balance (in shares) at Mar. 31, 2026		234,696,282
Ending balance at Mar. 31, 2026	$ (161,483)	$ 24	1,328,119	(1,485,602)	(4,024)
Beginning balance (in shares) at Dec. 31, 2025	233,677,057	233,677,057
Beginning balance at Dec. 31, 2025	$ (122,760)	$ 24	1,321,303	(1,438,938)	(5,149)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)	211,460
Net loss	$ (29,764)
Other comprehensive income (loss)	$ 1,415
Ending balance (in shares) at Jun. 30, 2026	488,846,723	488,846,723
Ending balance at Jun. 30, 2026	$ (94,029)	$ 50	1,378,357	(1,468,702)	(3,734)
Beginning balance (in shares) at Mar. 31, 2026		234,696,282
Beginning balance at Mar. 31, 2026	(161,483)	$ 24	1,328,119	(1,485,602)	(4,024)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	$ 2,463		2,463
Issuance of common stock and warrants in connection with the exchange of the 2027 Notes, net of issuance costs (in shares)	254,150,441
Issuance of common stock and warrants in connection with the exchange of the 2027 Notes, net of issuance costs	$ 47,801	$ 26	47,775
Net loss	16,900			16,900
Other comprehensive income (loss)	$ 290				290
Ending balance (in shares) at Jun. 30, 2026	488,846,723	488,846,723
Ending balance at Jun. 30, 2026	$ (94,029)	$ 50	$ 1,378,357	$ (1,468,702)	$ (3,734)

Summary of Significant Accounting Policies - Schedule of Basic and Diluted Earnings (Loss) Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Numerator:
Numerator for basic earnings (loss) per share - income available to common stockholders	$ 16,900	$ (38,273)	$ (29,764)	$ (74,911)
Add back the interest on 2027 Notes	1,778		4,278
Deduct the gain on debt extinguishment	(43,846)		(43,846)
Numerator of diluted earnings (loss) per share	$ (25,168)	$ (38,273)	$ (69,332)	$ (74,911)
Denominator:
Denominator for basic earnings (loss) per share - common shares outstanding (in shares)	320,014,255	227,275,466	277,313,038	227,048,022
Add back 2030 Notes, as converted (in shares)	8,762,240		10,542,070
Denominator for diluted earnings (loss) per share - adjusted weighted average shares outstanding (in shares)	328,776,495	227,275,466	287,855,108	227,048,022
Basic earnings (loss) per common share (in dollars per share)	$ 0.05	$ (0.17)	$ (0.11)	$ (0.33)
Diluted earnings (loss) per common share (in dollars per share)	$ (0.08)	$ (0.17)	$ (0.24)	$ (0.33)

Segment Information - Additional Information (Details)	6 Months Ended
Segment Information - Additional Information (Details)	Jun. 30, 2026 segment
Segment Reporting [Abstract]
Number of operating segments	1
Number of reportable segments	1

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Terminated	false
Faheem Hasnain [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On May 1, 2026, Faheem Hasnain, CEO and President, terminated a trading arrangement that had been adopted on October 31, 2025 and was intended to satisfy the affirmative-defense conditions of Rule 10b5-1(c). The trading arrangement provided for the sale of up to 1,125,000 shares of our common stock and was scheduled to remain in effect from March 15, 2026 until December 29, 2026, subject to earlier termination in accordance with its terms.
Name	Faheem Hasnain
Title	CEO and President
Rule 10b5-1 Arrangement Terminated	true
Termination Date	May 1, 2026