0001563577-26-000014 | 10-Q | XBRL Viewer

Related Party Transactions (Additional Information) (Details) - USD ($)	3 Months Ended	12 Months Ended
Mar. 31, 2026	Dec. 31, 2025
Related Party Transaction [Line Items]
Description of transaction	effective date of January 1, 2025. Fees incurred by the Company with respect to Mr. Friedman during the three months ended March 31, 2026 and 2025 were $30,000 in each quarter. Mr. Friedman serves on the Company's board of directors.
IntellectMap
Related Party Transaction [Line Items]
Advisory services fees	$ 43,000	$ 30,000
Mr. Friedman [Member]
Related Party Transaction [Line Items]
Related Party Transaction Amounts	$ 30,000,000

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

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Pay vs Performance Disclosure
Net Income (Loss)	$ (1,606)	$ (1,592)

- Definition

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

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+ Details

Subsequent events (Additional Information) (Details) - USD ($)	Apr. 14, 2026	Apr. 08, 2026	Apr. 07, 2026	May 08, 2026	Mar. 31, 2026	Dec. 31, 2025
Subsequent Event [Line Items]
Common stock, par value					$ 0.001	$ 0.001
Common stock, shares authorized (shares)					200,000,000	200,000,000
Merger Agreement [Member]
Subsequent Event [Line Items]
Cash	$ 1,800,000
Subsequent Event Member \| Merger Agreement [Member]
Subsequent Event [Line Items]
Assumed own by investor	350,000,000
Equity holders valuation amount	13,800,000
Cash decrease	$ 200,000
Subsequent Event Member \| Merger Agreement [Member] \| Obsidian [Member]
Subsequent Event [Line Items]
Equity method investment ownership percentage	53.20%
Subsequent Event Member \| Merger Agreement [Member] \| Galera [Member]
Subsequent Event [Line Items]
Equity method investment ownership percentage	1.80%
Subsequent Event Member \| Merger Agreement [Member] \| PIPE Investors [Member]
Subsequent Event [Line Items]
Equity method investment ownership percentage	45.00%
Subsequent Event Member \| Series B Preferred Stock [Member] \| Galera Therapeutics, Inc. [Member]
Subsequent Event [Line Items]
Number of shares converted			76,479.175
Number of conversion shares issued			42,839.11
Number of conversion shares outstanding			42,839.11
Subsequent Event Member \| Common Stock [Member] \| Galera Therapeutics, Inc. [Member]
Subsequent Event [Line Items]
Number of shares converted			76,479,164
Common stock, par value			$ 0.001
Subsequent Event Member \| Common Stock [Member] \| Ikarian Capital, LLC [Member] \| Pre-funded Warrants [Member]
Subsequent Event [Line Items]
Warrant exercised		8,488,229
Exercise price \| $ / shares		$ 0.001
Proceeds from warrant exercises		$ 8,488,230
Number of shares outstanding		14,552,811
Subsequent Event Member \| Maximum Member \| Common Stock [Member]
Subsequent Event [Line Items]
Common stock, shares authorized (shares)				400,000,000
Subsequent Event Member \| Minimum Member \| Common Stock [Member]
Subsequent Event [Line Items]
Common stock, shares authorized (shares)				200,000,000

Basis of presentation and significant accounting policies - Summarizes the significant expense categories reviewed (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting Information [Line Items]
Stock-based compensation	$ 78	$ 137
Research and Development Expense, Total	15	93
General and Administrative Expense, Total	1,640	1,870
Other segment items	(49)	(371)
Net loss	1,606	1,592
Research and Development Expense [Member]
Segment Reporting Information [Line Items]
Personnel	0	4
Stock-based compensation	0	15
Program expenses	0	26
Other unallocated expenses	15	48
Research and Development Expense, Total	15	93
General and Administrative Expense [Member]
Segment Reporting Information [Line Items]
Personnel	502	314
Stock-based compensation	78	122
Professional fees	845	1,151
Other general and administrative	215	283
General and Administrative Expense, Total	$ 1,640	$ 1,870

Share-based compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended
	Nov. 30, 2019	Mar. 31, 2026	Mar. 31, 2025
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Proceeds from Issuance of Private Placement		$ 0	$ 635
Unrecognized compensation cost		$ 300
Estimated recognition weighted-average amortization period		1 year 9 months 18 days
Aggregate intrinsic value of options outstanding		$ 200
Aggregate intrinsic value of options exercisable		$ 100
Weighted-average grant-date fair values of options granted		$ 0	$ 0.03
Expected dividend yield		0.00%	0.00%
2019 Incentive Award Plan \| Common Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	1,948,970
Number of shares of common stock initially available for issuance	1,948,970
Percentage of shares of common stock outstanding	4.00%
Shares available for issuance		3,018,496
2019 Incentive Award Plan \| Common Stock [Member] \| Maximum Member
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares issued under the plan		14,130,029
Shares available for issuance		5,888,150
2019 Employee Stock Purchase Plan \| Common Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of shares of common stock outstanding	1.00%
Number of shares available for issuance	243,621
Shares available for issuance		3,344,353
2019 Employee Stock Purchase Plan \| Common Stock [Member] \| Maximum Member
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares issued under the plan	3,288,886
2012 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Convertible Preferred Stock, Shares Issued upon Conversion		572,458
Number of shares available for issuance		1,500,000
2023 Employment Inducement Award Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period		4 years
Term of award		10 years
2023 Employment Inducement Award Plan [Member] \| April 28, 2023 [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance		1,500,000
Number of shares of common stock initially available for issuance		1,500,000
Two Thousand Nineteen Employee Stock Purchase Plan [Member] \| Common Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares available for issuance		754,624

Organization and description of business

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and description of business

Galera Therapeutics, Inc. (the Company, or Galera) is a biopharmaceutical company that historically was focused on developing a portfolio of small molecule dismutase (SOD) mimetics to improve radiotherapy in cancer, primarily by reducing one of the most common side effects of radiotherapy, severe oral mucositis (SOM). The Company sold its assets related to avasopasem and rucosopasem and all other dismutase mimetics assets to Biossil, Inc. (Biossil), a privately-held company based in Toronto, Canada, in October 2025. Galera received consideration from Biossil in the form of an upfront payment of $3.5 million and is eligible to receive further payments upon the achievement of future regulatory and commercial milestones and to receive contingent value rights of up to $105.0 million in the aggregate. In addition, Biossil assumed all rights and obligations associated with the Company’s royalty purchase obligation (Note 7), resulting in a gain on sale of assets of $3.5 million and a gain on extinguishment of debt of $151.0 million related to the extinguishment of the royalty purchase liability that was assumed by Biossil.

Galera’s clinical portfolio now is comprised of a pan-inhibitor of nitric oxide synthase (NOS) that was acquired in December 2024 through the acquisition of Nova Pharmaceuticals, Inc. (Nova). Galera’s lead program is now an investigator-sponsored Phase 1/2 trial of the pan-NOS inhibitor in combination with nab-paclitaxel and alpelisib for MpBC, which is being conducted at Methodist Hospital in Houston, Texas (Houston Methodist) with funding by a grant from the National Institutes of Health.

In April 2026 the Company entered into an Agreement and Plan of Merger (the Merger Agreement) with Obsidian Therapeutics, Inc. (Obsidian), a privately-held company based in Cambridge, Massachusetts (Note 12). Pursuant to the Merger Agreement, and upon the terms and subject to the satisfaction or waiver of the conditions described therein, Galera will be merged with and into a merger subsidiary of a newly formed parent company, Gazelle Parent, Inc. (Parent), with Galera surviving as a wholly owned subsidiary of Parent, and Obsidian will be merged with and into a separate merger subsidiary of Parent, with Obsidian surviving as a wholly owned subsidiary of Parent. Upon completion of the transaction, the combined company is expected to operate under the name Obsidian Therapeutics, Inc. and focus primarily on advancing Obsidian’s pipeline of engineered tumor infiltrating lymphocyte (TIL) cell therapies for the treatment of patients with solid tumors, including its lead product candidate, OBX-115, while continuing to support Galera’s pipeline. Closing of the planned merger (the Obsidian Merger) is subject to certain closing conditions, including the effectiveness of a registration statement on Form S-4 and approval by the stockholders of both companies.

Also in April 2026, Galera entered into a securities purchase agreement with certain investors, pursuant to which Galera has agreed to sell, and such investors have agreed to purchase, shares of Galera’s Series C Non-Voting Convertible Preferred Stock, $0.001 par value, for an aggregate purchase price of approximately $350.0 million (less any proceeds received by Obsidian in connection with certain interim permitted financings), immediately prior to the closing of the Obsidian Merger (a Private Investment in Public Equity, or PIPE). The concurrent closing of the PIPE is conditioned upon the satisfaction or waiver of each of the conditions to the closing of the Obsidian Merger, other than those conditions which, by their nature, are to be satisfied at the closing of the transactions contemplated by the Merger Agreement, as well as certain other conditions.

The percentage of the combined company that pre-closing Galera security holders will own as of the closing of the Obsidian Merger is subject to adjustment based on the valuation of Galera immediately prior to the closing. Furthermore, each holder of Galera common stock of record as of the consummation of the PIPE will be entitled to (i) one contingent value right (CVR) for each share of Galera common stock held by such holder, representing the right to receive a pro rata portion of 80% of any potential future net proceeds received by Parent or its affiliates from the development, commercialization, licensing, sale or other disposition of Galera’s product candidate, tilarginine, or related intellectual property during the five years following the closing of the Obsidian Merger and (ii) one CVR for each share of Galera common stock held by such holder, representing the right to receive a pro rata portion of 95% of any potential future net proceeds received by Parent or its affiliates from the Asset Purchase and Sale Agreement with Biossil during the ten years following the closing of the Obsidian Merger.

Liquidity

The Company follows the provisions of the Financial Accounting Standards Board (FASB), Accounting Standards Codification (ASC) Topic 205-40, Presentation of Financial Statements—Going Concern, which requires management to assess the Company’s ability to continue as a going concern for one year after the date the consolidated financial statements are issued.

The Company has incurred recurring losses and negative cash flows from operations since inception and has an accumulated deficit of $308.9 million as of March 31, 2026. The Company anticipates incurring additional losses until such time, if

ever, that it can generate significant sales of its product candidate currently in development. Additionally, the Company has incurred significant expenses in connection with the planned Obsidian Merger, including expenses for the Merger Agreement and the registration statement on Form S-4. As a result of these conditions, it expects its existing cash and cash equivalents as of March 31, 2026 will not enable the Company to fund its operating expenses and capital expenditure requirements for more than one year after the date these consolidated financial statements are issued, and therefore management has concluded that substantial doubt exists about the Company's ability to continue as a going concern.

Management’s plans to mitigate this risk involve a strategic transaction through the Obsidian Merger. Management’s plans may also include the deferral of certain operating expenses unless and until additional capital is received. However, there can be no assurance that the Company will be successful in consummating the Obsidian Merger or deferring certain operating expenses. The Company's ability to continue operations is dependent on consummating the Obsidian Merger and the related financing transactions on a timely basis. If the Obsidian Merger is not completed, the Company may be required to pursue other strategic alternatives, which could include raising additional capital on unfavorable terms, significantly reducing or discontinuing operations, or pursuing a voluntary dissolution.

The consolidated financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the continuity of operations, the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. The consolidated financial statements do not include any adjustments to the carrying amounts and classification of assets, liabilities, and reported expenses that may be necessary if the Company were unable to continue as a going concern.

In December 2024, the Company completed a private placement with a group of investors led by Ikarian Capital, LLC (Ikarian). The Company issued 21,070,220 shares of common stock plus pre-funded warrants exercisable for 23,041,040 shares of common stock at an offering price of $0.065 per share or pre-funded warrant. The Company received net proceeds of approximately $2.9 million after deducting issuance costs of approximately $27,000, of which $0.6 million was received in January 2025. The pre-funded warrants have an exercise price of $0.001 per share, are exercisable immediately following their issuance and never expire.

The Company does not currently have sufficient cash to adequately fund the development of its product candidate. In order to continue research and development, the Company will need to raise additional financing to fund its operations, which could be through equity or debt financing or through strategic transactions such as the Obsidian Merger. Future capital requirements will depend on what, if any, strategic alternatives are available to the Company, which may include pursuit of a strategic transaction, a voluntary dissolution, or the continued operation of product development.

Organization and description of business - Additional Information (Details) - USD ($)		1 Months Ended		3 Months Ended
	Dec. 31, 2024	Apr. 30, 2026	Oct. 31, 2025	Mar. 31, 2026	Dec. 31, 2025
Organization And Description Of Business [Line Items]
Gain (Loss) on Extinguishment of Debt				$ 151,000,000
Cash and cash equivalents				5,500,000	$ 6,375,000
Accumulated deficit				(308,920,000)	$ (307,314,000)
Upfront Payment			$ 3,500,000	3,500,000
Commercial Milestones And Contingent Value Rights				105,000,000
Gain (Loss) on Disposition of Other Assets				$ 3,500,000
Aggregate Purchase Price		$ 350,000,000
Sale of common stock warrants, net of issuance costs, shares \| shares	21,070,220
Common stock plus pre-funded warrants exercisable	23,041,040
Offering price	$ 0.065
Net proceeds	$ 2,900,000
Convertible Preferred Stock Par Value		$ 0.001
Debt issuance cost	27,000
Proceeds from Issuance of Debt	$ 600,000
Potential Future Net		a pro rata portion of 80% of any potential future net proceeds received by Parent or its affiliates from the development, commercialization, licensing, sale or other disposition of Galera’s product candidate, tilarginine, or related intellectual property during the five years following the closing of the Obsidian Merger and (ii) one CVR for each share of Galera common stock held by such holder, representing the right to receive a pro rata portion of 95% of any potential future net proceeds received by Parent or its affiliates from the Asset Purchase and Sale Agreement with Biossil during the ten years following the closing of the Obsidian Merger.
Initial Public Offering And Concurrent Private Placements [Member]
Organization And Description Of Business [Line Items]
Exercise price \| $ / shares	$ 0.001

Share-based compensation - Summary of Share-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based compensation expense	$ 78	$ 137
Research and Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based compensation expense	0	15
General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based compensation expense	$ 78	$ 122

- Definition

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

+ References

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+ Details

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2026	May 12, 2026
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2026
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Entity Registrant Name	Galera Therapeutics, Inc.
Entity Central Index Key	0001563577
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Title of 12(b) Security	Common Stock,$0.001 par value per share
Trading Symbol	GRTX
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		160,429,783
Entity File Number	001-39114
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-1454898
Entity Address, Address Line One	101 Lindenwood Drive, Suite 225
Entity Address, City or Town	Malvern
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19355
City Area Code	610
Local Phone Number	725-1500
Document Quarterly Report	true
Document Transition Report	false

Share-based compensation

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Equity

10.

Share-based compensation

Equity Incentive Plan

In November 2012, the Company adopted the Galera Therapeutics, Inc. Equity Incentive Plan (the Prior Plan). The Prior Plan provided for the grant of incentive stock options, nonstatutory stock options, restricted stock awards, and stock appreciation rights. In connection with the adoption of the 2019 Plan (as defined below), the Company ceased issuing awards under the Prior Plan. As a result, no shares remain available for issuance under the Prior Plan; however, the Prior Plan continues to govern awards that are outstanding under it. The total number of shares subject to outstanding awards under the Prior Plan as of March 31, 2026 was 572,458.

2019 Incentive Award Plan

In connection with the Company’s Initial Public Offering, or IPO, in November 2019, the Company’s board of directors adopted and the Company’s stockholders approved the Galera Therapeutics, Inc. 2019 Incentive Award Plan (the 2019 Plan), which became effective upon the effectiveness of the registration statement on Form S-1 for the IPO. Upon effectiveness of the 2019 Plan, the Company ceased granting new awards under the Prior Plan.

The 2019 Plan provides for the grant of incentive stock options, nonstatutory stock options, restricted stock awards, restricted stock units, stock appreciation rights and other stock-based awards. The number of shares of common stock initially available for issuance under the 2019 Plan was 1,948,970 shares of common stock plus the number of shares subject to awards outstanding under the Prior Plan that expire, terminate or are otherwise surrendered, cancelled, forfeited or repurchased by the Company on or after the effective date of the 2019 Plan. In addition, the number of shares of common stock available for issuance under the 2019 Plan is subject to an annual increase on the first day of each calendar year beginning on January 1, 2020 and ending on and including January 1, 2029 equal to the lesser of (i) 4% of the Company’s outstanding shares of common stock on the final day of the immediately preceding calendar year, and (ii) such smaller number of shares of common stock as determined by the Company’s board of directors. As of March 31, 2026, there were 5,888,150 shares available for future issuance under the 2019 Plan, including 3,018,496 shares added pursuant to this provision effective January 1, 2026. The maximum number of shares of common stock that may be issued under the 2019 Plan upon the exercise of incentive stock options is 14,130,029.

In November 2019, the Company’s board of directors adopted and the Company’s stockholders approved the Galera Therapeutics, Inc. 2019 Employee Stock Purchase Plan (the ESPP). The ESPP allows employees to buy Company stock through after-tax payroll deductions at a discount from market value. The number of shares of common stock initially available for issuance under

the ESPP was 243,621 shares of common stock. In addition, the number of shares of common stock available for issuance under the ESPP is subject to an annual increase on the first day of each calendar year beginning on January 1, 2020 and ending on and including January 1, 2029 equal to the lesser of (i) 1% of the Company’s outstanding shares of common stock on the final day of the immediately preceding calendar year and (ii) such smaller number of shares of common stock as determined by the Company’s board of directors, provided that not more than 3,288,886 shares of common stock may be issued under the ESPP. As of March 31, 2026, there were 3,344,353 shares available for issuance under the ESPP, including 754,624 shares added pursuant to this provision effective January 1, 2026.

2023 Employment Inducement Award Plan

On April 28, 2023, the Board of Directors adopted the Galera Therapeutics, Inc. 2023 Employment Inducement Award Plan (Inducement Plan), which became effective on such date without stockholder approval pursuant to Rule 5635(c)(4) of The Nasdaq Stock Market LLC listing rules (Rule 5635(c)(4)). The Inducement Plan provides for the grant of nonstatutory stock options, stock appreciation rights, restricted stock, restricted stock units, and other stock-based awards. In accordance with Rule 5635(c)(4), awards under the Inducement Plan may only be granted to persons who (a) were not previously an employee or director of the Company, or (b) are commencing employment with the Company following a bona fide period of non-employment, in either case as an inducement material to the individual’s entering into employment with the Company. A total of 1,500,000 shares of common stock was reserved for issuance under the Inducement Plan. Any shares subject to awards previously granted under the Inducement Plan that expire, terminate or are otherwise surrendered, canceled, or forfeited, in a manner that results in the Company (i) acquiring the shares covered by the award at a price not greater than the price (as adjusted to reflect any equity restructuring) paid by the participant for such shares or (ii) not issuing any shares covered by the award, the unused shares covered by such awards will again be available for award grants under the Inducement Plan. As of March 31, 2026, there were 1,500,000 shares available for issuance under the Inducement Plan.

Share-based Compensation

Share-based compensation expense was as follows for the three months ended March 31, 2026 and 2025 (in thousands):


	Three months ended March 31,
	2026		2025
Research and development	$	—	$	15
General and administrative		78		122
	$	78	$	137

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


	Shares			Weighted average exercise price per share		Weighted- average remaining contractual life (years)
Outstanding at January 1, 2026		10,969,734		$	1.27		8.2
Granted		—			—
Forfeited/Expired		(370,675	)		2.43
Outstanding at March 31, 2026		10,599,059		$	1.23		8.2
Vested and exercisable at March 31, 2026		3,878,171		$	3.28		6.9
Vested and expected to vest at March 31, 2026		10,599,059		$	1.23		8.2

The Company’s stock option awards vest based on the terms in the governing agreements and generally vest over four years and have a term of 10 years.

As of March 31, 2026, the unrecognized compensation cost was $0.3 million and will be recognized over an estimated weighted-average remaining amortization period of 1.8 years. The aggregate intrinsic value of options outstanding and of options exercisable as of March 31, 2026 were $0.2 million and less than $0.1 million, respectively. Options granted during the three months ended March 31, 2025 had weighted-average grant-date fair values of $0.03 per share. There were no options granted during the three months ended March 31, 2026.

The fair value of options is estimated using the Black-Scholes option pricing model, which takes into account inputs such as the exercise price, the estimated fair value of the underlying common stock at the grant date, expected term, expected stock price volatility, risk-free interest rate and dividend yield. The fair value of stock options granted during the three months ended March 31, 2025 was determined using the methods and assumptions discussed below.

•

The expected term of employee stock options with service-based vesting is determined using the “simplified” method, as prescribed in SEC’s Staff Accounting Bulletin (SAB) No. 107, whereby the expected life equals the arithmetic average of the vesting term and the original contractual term of the option due to the Company’s lack of sufficient historical data. The expected term of nonemployee options is equal to the contractual term.

•

The expected stock price volatility is based on historical volatilities of the Company as well as comparable public entities within the Company’s industry which were commensurate with the expected term assumption as described in SAB No. 107.

•

The risk-free interest rate is based on the interest rate payable on U.S. Treasury securities in effect at the time of grant for a period that is commensurate with the expected term.

•

The expected dividend yield is 0% because the Company has not historically paid, and does not expect for the foreseeable future to pay, a dividend on its common stock.

•

The Company’s board of directors has determined the per share value of the Company’s common stock based on the closing price as reported by the OTCQB Market on the date of the grant.

The grant date fair value of each option grant was estimated throughout the three months ended March 31, 2025 using the Black-Scholes option-pricing model using the following weighted-average assumptions. There were no options granted during the three months ended March 31, 2026.


	Three months ended March 31,
	2025
Expected term (in years)		5.7
Expected stock price volatility		96.6	%
Risk-free interest rate		4.26	%
Expected dividend yield		0	%

- Definition

The entire disclosure for equity.

+ References

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-Paragraph 13
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 13
-Subparagraph (g)
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 13
-Subparagraph (i)
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 14
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Basis of Presentation and Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Summarizes the significant expense categories reviewed

The table below summarizes the significant expense categories reviewed by the CEO for the three months ended March 31, 2026 and 2025:


	Three months ended March 31,
	2026			2025
Research and Development
Personnel	$	—		$	4
Stock-based compensation		—			15
Program expenses		—			26
Other unallocated expenses		15			48
Total research and development		15			93
General and Administrative
Personnel		502			314
Stock-based compensation		78			122
Professional fees		845			1,151
Other general and administrative		215			283
Total general and administrative		1,640			1,870
Other segment items		(49	)		(371	)
Net loss	$	1,606		$	1,592

Dilutive Securities Excluded from Computation of Diluted Weighted Average Shares of Common Stock Outstanding

The following potentially dilutive securities have been excluded from the computation of diluted weighted-average shares outstanding, as they would be anti-dilutive:


	March 31,
	2026		2025
Stock options		10,599,059		3,175,859
Common stock warrants		13,850,661		13,850,661
		24,449,720		17,026,520

Share-based compensation - Summary of Activity Related to Stock Option Grants (Details)	3 Months Ended
	Mar. 31, 2026 $ / shares shares
Share-Based Payment Arrangement [Abstract]
Shares, Outstanding beginning balance \| shares	10,969,734
Shares, Granted \| shares	0
Shares, Forfeited/Expired \| shares	(370,675)
Shares, Outstanding ending balance \| shares	10,599,059
Shares, Vested and exercisable \| shares	3,878,171
Shares, Vested and expected to vest \| shares	10,599,059
Weighted average exercise price per share, Outstanding beginning balance \| $ / shares	$ 1.27
Weighted average exercise price per share, Granted \| $ / shares	0
Weighted average exercise price per share, Forfeited/Expired \| $ / shares	2.43
Weighted average exercise price per share, Outstanding ending balance \| $ / shares	1.23
Weighted average exercise price per share, Vested and exercisable \| $ / shares	3.28
Weighted average exercise price per share, Vested and expected to vest \| $ / shares	$ 1.23
Weighted average remaining contractual life, Outstanding	8 years 2 months 12 days
Weighted average remaining contractual life, Vested and exercisable	6 years 10 months 24 days
Weighted average remaining contractual life, Vested and expected to vest	8 years 2 months 12 days

CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 5,500	$ 6,375
Prepaid expenses and other current assets	563	720
Total current assets	6,063	7,095
Other assets	101	101
Total assets	6,164	7,196
Current liabilities:
Liabilities	1,141	645
Accounts payable	699	265
Accrued expenses	442	380
Commitments and contingencies (Note 9)
Stockholders' deficit:
Common stock, $0.001 par value: 200,000,000 shares authorized; 75,462,390 shares issued and outstanding at March 31, 2026 and December 31, 2025	75	75
Additional paid-in capital	309,573	311,213
Accumulated deficit	(308,920)	(307,314)
Total stockholders' deficit	728	3,974
Total liabilities, redeemable convertible preferred stock and stockholders` equity	6,164	7,196
Series B Redeemable Convertible Preferred Stock [Member]
Stockholders' deficit:
Series B redeemable convertible preferred stock, $0.001 par value: 10,000,000 shares authorized; 119,318 shares issued and outstanding at March 31, 2026 and December 31, 2025	$ 4,295	$ 2,577

CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Operating expenses:
Research and development	$ 15	$ 93
General and administrative	1,640	1,870
Loss from operations	(1,655)	(1,963)
Other income :
Interest income	49	77
Change in fair value of warrant liability	0	294
Net loss	(1,606)	(1,592)
Net loss attributable to common stockholders, basic	(726)	(720)
Net loss attributable to common stockholders, diluted	$ (726)	$ (720)
Weighted-average shares of common stock outstanding, basic	98,503,430	98,503,430
Weighted-average shares of common stock outstanding, diluted	98,503,430	98,503,430
Net loss per share of common stock, basic	$ (0.01)	$ (0.01)
Net loss per share of common stock, diluted	$ (0.01)	$ (0.01)
Series B Redeemable Convertible Preferred Stockholders [Member]
Other income :
Net loss attributable to common stockholders, basic	$ (880)	$ (872)
Net loss attributable to common stockholders, diluted	$ (880)	$ (872)
Series B Redeemable Convertible Preferred Stock [Member]
Other income :
Weighted-average shares of common stock outstanding, basic	119,318	119,318
Weighted-average shares of common stock outstanding, diluted	119,318	119,318
Net loss per share of common stock, basic	$ (7.37)	$ (7.31)
Net loss per share of common stock, diluted	$ (7.37)	$ (7.31)

Fair value measurements

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Fair value measurements

The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The Company determines fair value based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels:

•

Level 1 Inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date.

•

Level 2 Inputs: Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability.

•

Level 3 Inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date.

The following table presents the Company’s assets and liabilities that are measured at fair value on a recurring basis (amounts in thousands):


	March 31, 2026
	(Level 1)		(Level 2)		(Level 3)
Assets
Money market funds (included in cash equivalents)	$	5,401	$	—	$	—


	December 31, 2025
	(Level 1)		(Level 2)		(Level 3)
Assets
Money market funds (included in cash equivalents)	$	6,265	$	—	$	—

There were no changes in valuation techniques during the three months ended March 31, 2026. The Company’s short-term investment instruments classified using Level 1 inputs within the fair value hierarchy are classified as such because they are valued using quoted market prices, broker or dealer quotations, or alternative pricing sources with reasonable levels of price transparency.

The initial fair value of the pre-funded warrants was based on the closing price of the private placement that occurred in December 2024. Each subsequent reporting period prior to their reclassification to equity, the warrants were marked-to-market based on the period-end closing price of the Company's common stock. The change in fair value of the warrant liabilities for the quarter ended March 31, 2025 was as follows (amounts in thousands):


Balance at December 31, 2024	$	1,055
Additions		—
Change in fair value		(294	)
Reclassification to equity		(761	)
Balance at March 31, 2025	$	—

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-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
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-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
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-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
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-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
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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
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

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

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

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

+ Details

Basis of Presentation and Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Liquidity

Basis of Presentation and Consolidation

Basis of presentation and consolidation

The accompanying unaudited interim consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (U.S. GAAP) for interim financial information. Any reference in these notes to applicable guidance is meant to refer to U.S. GAAP as found in the Accounting Standards Codification (ASC) and Accounting Standards Updates (ASU) of the Financial Accounting Standards Board (FASB). These unaudited interim consolidated financial statements do not include any adjustments relating to the recovery of recorded assets or the classification of the liabilities that might be necessary under the liquidation basis of accounting or should the Company be unable to continue as a going concern.

In the opinion of management, the accompanying interim consolidated financial statements include all normal and recurring adjustments (which consist primarily of accruals, estimates and assumptions that impact the financial statements) considered necessary to present fairly the Company’s financial position as of March 31, 2026 and its results of operations for the three months ended March 31, 2026 and 2025, and statements of changes in stockholders’ equity (deficit) and cash flows for the three months ended March 31, 2026 and 2025. Operating results for the three months ended March 31, 2026 are not necessarily indicative of the results that may be expected for the year ending December 31, 2026, or for any future period. The interim consolidated financial statements, presented herein, do not contain the required disclosures under U.S. GAAP for annual financial statements. Therefore, these interim consolidated financial statements should be read in conjunction with the annual audited consolidated financial statements and related notes as of and for the year ended December 31, 2025, included in the Company’s Annual Report on Form 10-K filed with the SEC on March 19, 2026.

Use of Estimates

Use of estimates

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

Estimates and assumptions are periodically reviewed and the effects of revisions are reflected in the unaudited interim consolidated financial statements in the period they are determined to be necessary. Significant areas that require management’s estimates include the share-based compensation assumptions, royalty purchase liability assumptions and accrued research and development expenses.

Segments

Operating segments are identified as components of an enterprise about which separate 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’s Chief Executive Officer (CEO), as the CODM, manages the Company’s business activities as a single operating and reportable segment at the consolidated level. Accordingly, the CEO uses consolidated income (loss) from operations as well as consolidated net income (loss) to measure segment profit or loss, allocate resources, and assess performance. The measure of segment assets is reported on the balance sheet as total assets.

Significant expenses within income (loss) from operations, as well as within net income (loss), include research and development and general and administrative expenses, which are each separately presented on the Company’s consolidated statements of operations. Other segment items within net income (loss) include interest income and the change in fair value of warrant liability.

The table below summarizes the significant expense categories reviewed by the CEO for the three months ended March 31, 2026 and 2025:


	Three months ended March 31,
	2026			2025
Research and Development
Personnel	$	—		$	4
Stock-based compensation		—			15
Program expenses		—			26
Other unallocated expenses		15			48
Total research and development		15			93
General and Administrative
Personnel		502			314
Stock-based compensation		78			122
Professional fees		845			1,151
Other general and administrative		215			283
Total general and administrative		1,640			1,870
Other segment items		(49	)		(371	)
Net loss	$	1,606		$	1,592

Cash and cash equivalents

The Company considers all highly liquid investments that have maturities of three months or less when acquired to be cash equivalents. Cash and cash equivalents as of March 31, 2026 and December 31, 2025 consisted of bank deposits and a money market mutual fund invested in U.S. Treasury obligations. The Company maintains a portion of its cash and cash equivalents in accounts with major financial institutions, and its deposits at these institutions exceed insured limits.

Warrant Liability

The pre-funded warrants issued in conjunction with the private placement in December 2024 (See Note 1) were classified as liabilities on the balance sheet at December 31, 2024, as they contained terms for redemption of the underlying security that were outside the Company's control. The warrant liability was initially recorded at fair value upon the date of issuance and subsequently remeasured to fair value at each reporting date, with changes recognized in the consolidated statements of operations. In March 2025 the pre-funded warrants were amended, and were thereafter deemed to qualify for equity classification. The Company recognized a final change in the fair value of the liability classified warrants immediately prior to the reclassification.

Redeemable Convertible Preferred Stock

The Company records shares of redeemable convertible preferred stock at their respective fair values on the dates of issuance, net of issuance costs. The Company has applied the guidance in ASC 480-10-S99-3A, SEC Staff Announcement: Classification and Measurement of Redeemable Securities, and has therefore classified the redeemable convertible preferred stock outside of stockholders’ equity because, if conversion to common stock is not approved by the stockholders, the redeemable convertible preferred stock will be redeemable at the option of the holders for cash equal to the closing price of the common stock on the last trading day prior to the holder’s redemption request. The Company determined that the conversion and redemption are outside of the Company’s control. Additionally, the Company determined the conversion and redemption features did not require bifurcation as derivatives.

Research and development expenses

Research and development costs are expensed as incurred and consist primarily of funds paid to third parties for the provision of services for product candidate development, clinical and preclinical development and related supply and manufacturing costs, and regulatory compliance costs. The Company accrues and expenses preclinical studies and clinical trial activities performed by third parties based upon estimates of the proportion of work completed over the term of the individual trial and patient enrollment rates in accordance with agreements with clinical research organizations and clinical trial sites. The Company determines the estimates by reviewing contracts, vendor agreements and purchase orders, and through discussions with internal clinical personnel and external service providers as to the progress or stage of completion of trials or services and the agreed-upon fee to be paid for such services. However, actual costs and timing of clinical trials are highly uncertain, subject to risks and may change depending upon a number of factors, including the Company’s clinical development plan.

Management makes estimates of the Company’s accrued expenses as of each balance sheet date in the Company’s consolidated financial statements based on facts and circumstances known to the Company at that time. If the actual timing of the performance of services or the level of effort varies from the estimate, the Company will adjust the accrual accordingly. Nonrefundable advance payments for goods and services, including fees for process development or manufacturing and distribution of clinical supplies that will be used in future research and development activities, are deferred and recognized as expense in the period that the related goods are consumed or services are performed.

Income tax

Income taxes

The Company uses the asset and liability method of accounting for income taxes. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and operating loss and credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. A valuation allowance is provided when it is more likely than not that some portion or all of a deferred tax asset will not be realized. The Company recognizes the benefit of an uncertain tax position that it has taken or expects to take on its income tax return if such a position is more likely than not to be sustained.

The budget and tax legislation signed into law on July 4, 2025 includes changes to U.S. federal tax law, which may be subject to further clarification and the issuance of interpretive guidance. The Company has assessed the legislation and its effect on its consolidated financial statements. Due to the existence of a full valuation allowance against the Company's U.S. federal deferred tax assets, the Company does not expect the enactment of this law to have a material impact on its consolidated financial statements.

Under Internal Revenue Code section 382, if a corporation undergoes a specified change in ownership, the corporation’s ability to use its pre-change net operating loss (NOL) carryforwards and other pre-change tax attributes to offset its post-change income may be limited. Such limitation may result in the expiration of the NOL carryforwards generated before 2018 and other

pre-change tax attributes prior to their utilization. During the quarter ended September 30, 2025 the Company performed a section 382 study and determined that an ownership change occurred on December 30, 2024 upon the completion of the acquisition of Nova. The Company calculated the section 382 annual limitation and evaluated the corporation’s ability to use its NOL carryforwards and other pre-change tax attributes in future periods and determined that a portion of them would likely expire before being utilized. Consequently, $62.6 million of pre-2018 federal NOLs, $230.2 million of state NOLs and $9 million of federal research and development tax credits were written off during the quarter. However, as the Company had previously recorded a full valuation allowance on all deferred tax assets, these write-offs resulted in no impact to the net deferred tax position or net income during the quarter.

Net Loss Per Share

Net loss per share

For purposes of net loss per share, shares of the Series B redeemable convertible preferred stock (Series B) have the same characteristics as common stock and have no material preferential rights over common stock, and accordingly have been considered as a second class of common stock in the computation of basic and diluted net loss per share regardless of their legal form. Losses are allocated between the common shares and the Series B on a pro rata basis as they share equally in losses and residual net assets on an as-converted basis.

Basic loss per share of common stock is computed by dividing net loss by the weighted-average number of shares of common stock outstanding during each period, including pre-funded warrants. The pre-funded warrants to purchase common stock are included in the calculation of basic and diluted net loss per share as the exercise price of $0.001 per share is non-substantive and is virtually assured.

Diluted loss per share of common stock includes the effect, if any, from the potential exercise or conversion of securities, such as stock options and common stock warrants, which would result in the issuance of incremental shares of common stock. Basic and diluted net loss per share data is the same due to the fact that when a net loss exists, dilutive securities are not included in the calculation as the impact is anti-dilutive.

The following potentially dilutive securities have been excluded from the computation of diluted weighted-average shares outstanding, as they would be anti-dilutive:


	March 31,
	2026		2025
Stock options		10,599,059		3,175,859
Common stock warrants		13,850,661		13,850,661
		24,449,720		17,026,520

Recent Accounting Pronouncements

In November 2024, the FASB issued ASU 2024-04, “ASC 470-Debt with Conversion and Other Options, Induced Conversions of Convertible Debt Instruments,” (ASU 2024-04) which clarifies whether or not a settlement of a convertible debt instrument is subject to the induced conversion guidance. The Company adopted this ASU on January 1, 2026. The adoption did not have a material impact on the Company’s consolidated financial statements.

Recent Accounting Pronouncements Not Yet Adopted

In November 2024, the FASB issued ASU 2024-03, “Income Statement–Reporting Comprehensive Income–Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses,” which requires the disaggregation of certain expenses in the notes of the financials, to provide enhanced transparency into the expense captions presented on the face of the income statement. The guidance is effective for annual reporting periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027 and may be applied either prospectively or retrospectively. The Company is assessing the impact of adopting this guidance on its consolidated financial statements.

In September 2025, the FASB issued ASU 2025-06, “Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software.” The updated guidance changes the accounting for internal-use software by eliminating references to sequential project stages. Eligible software development cost capitalization will begin when: (1) management has authorized and committed to funding the software project and (2) it is probable that the software will

be completed and used as intended. The guidance is effective for annual periods beginning after December 15, 2027, and interim periods within those annual periods, with early adoption permitted. The guidance may be applied using a prospective transition method, a retrospective transition method or a modified prospective transition method. The Company is assessing the impact of adopting this guidance on its consolidated financial statements.

In December 2025, the FASB issued ASU 2025-11, “Interim Reporting - Narrow Scope Improvements,” (ASU 2025-11) which is intended to improve the navigability of the guidance in ASC 270, Interim Reporting, and clarify when it applies. Under the amendments, an entity is subject to ASC 270 if it provides interim financial statements and notes in accordance with GAAP. ASU 2025-11 also addresses the form and content of such financial statements, interim disclosures requirements, and establishes a principle under which an entity must disclose events since the end of the last annual reporting period that have a material impact on the entity. ASU 2025-11 is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027, and early adoption is permitted. The Company is assessing the impact of adopting this guidance on its consolidated financial statements.

Basis of Presentation and Significant Accounting Policies

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Basis of Presentation and Significant Accounting Policies

Basis of presentation and significant accounting policies

The summary of significant accounting policies disclosed in the Company’s annual consolidated financial statements for the years ended December 31, 2025 and 2024 included in the Company’s Annual Report on Form 10-K filed with the SEC on March 19, 2026 has not materially changed, except as set forth below.

Basis of presentation and consolidation

Use of estimates

Segments

The table below summarizes the significant expense categories reviewed by the CEO for the three months ended March 31, 2026 and 2025:


	Three months ended March 31,
	2026			2025
Research and Development
Personnel	$	—		$	4
Stock-based compensation		—			15
Program expenses		—			26
Other unallocated expenses		15			48
Total research and development		15			93
General and Administrative
Personnel		502			314
Stock-based compensation		78			122
Professional fees		845			1,151
Other general and administrative		215			283
Total general and administrative		1,640			1,870
Other segment items		(49	)		(371	)
Net loss	$	1,606		$	1,592

Cash and cash equivalents

Warrant Liability

Redeemable Convertible Preferred Stock

Research and development expenses

Income taxes

Net loss per share

The following potentially dilutive securities have been excluded from the computation of diluted weighted-average shares outstanding, as they would be anti-dilutive:


	March 31,
	2026		2025
Stock options		10,599,059		3,175,859
Common stock warrants		13,850,661		13,850,661
		24,449,720		17,026,520

Recent Accounting Pronouncements

Recent Accounting Pronouncements Not Yet Adopted

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Operating activities:
Net loss	$ (1,606)	$ (1,592)
Adjustments to reconcile net loss to net cash used in operating activities:
Share-based compensation expense	78	137
Change in fair value of warrants	0	(294)
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	157	203
Other assets	0	(1)
Accounts payable	434	(531)
Accrued expense	62	(160)
Cash used in operating activities	(875)	(2,238)
Financing activities:
Proceeds from the sale of common stock and common stock warrants in private placement, net of issuance costs	0	635
Cash provided by financing activities	0	635
Net decrease in cash and cash equivalents	(875)	(1,603)
Cash and cash equivalents at beginning of period	6,375	8,289
Cash and cash equivalents at end of period	5,500	6,686
Supplemental schedule of non-cash investing and financing activities:
Accretion (amortization) of redeemable convertible preferred stock to redemption value	1,718	(1,508)
Reclassification of warrant liability to additional paid-in capital	$ 0	$ 761

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT (unaudited) - USD ($) $ in Thousands	Total	Redeemable convertible preferred stock	Common Stock [Member]	Additional Paid-in Capital	Accumulated Deficit
Balance at Dec. 31, 2024	$ (148,041)	$ 4,372	$ 75	$ 308,247	$ (456,363)
Balance (in shares) at Dec. 31, 2024		119,318	75,462,390
Share-based compensation expense	137			137
Accretion of redeemable convertible preferred stock to redemption value	1,508
Accretion of redeemable convertible preferred stock to redemption value	1,508	$ (1,508)		1,508
Reclassification of pre-funded stock warrants	761			761
Net Income (Loss)	(1,592)				(1,592)
Balance at Mar. 31, 2025	(147,227)	$ 2,864	$ 75	310,653	(457,955)
Balance (in shares) at Mar. 31, 2025		119,318	75,462,390
Balance at Dec. 31, 2025	$ 3,974	$ 2,577	$ 75	311,213	(307,314)
Balance (in shares) at Dec. 31, 2025	75,462,390	119,318	75,462,390
Share-based compensation expense	$ 78			78
Accretion of redeemable convertible preferred stock to redemption value	(1,718)	$ (1,718)		(1,718)
Net Income (Loss)	(1,606)				(1,606)
Balance at Mar. 31, 2026	$ 728	$ 4,295	$ 75	$ 309,573	$ (308,920)
Balance (in shares) at Mar. 31, 2026	75,462,390	119,318	75,462,390

- Definition

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

+ References

+ Details

- Definition

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

+ References

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+ Details

CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized (shares)	10,000,000	10,000,000
Preferred stock, shares issued	119,318	119,318
Preferred stock, shares outstanding (shares)	119,318	119,318
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized (shares)	200,000,000	200,000,000
Common stock, shares issued	75,462,390	75,462,390
Common stock, shares outstanding (shares)	75,462,390	75,462,390

Share-based compensation (Tables)

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Summary of Share-based Compensation Expense

Share-based compensation expense was as follows for the three months ended March 31, 2026 and 2025 (in thousands):


	Three months ended March 31,
	2026		2025
Research and development	$	—	$	15
General and administrative		78		122
	$	78	$	137

Summary of Activity Related to Stock Option Grants

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


	Shares			Weighted average exercise price per share		Weighted- average remaining contractual life (years)
Outstanding at January 1, 2026		10,969,734		$	1.27		8.2
Granted		—			—
Forfeited/Expired		(370,675	)		2.43
Outstanding at March 31, 2026		10,599,059		$	1.23		8.2
Vested and exercisable at March 31, 2026		3,878,171		$	3.28		6.9
Vested and expected to vest at March 31, 2026		10,599,059		$	1.23		8.2

Summary of Fair Value of Each Option Grant Estimated Throughout Year Using Black-Scholes Option-pricing Model

There were no options granted during the three months ended March 31, 2026.


	Three months ended March 31,
	2025
Expected term (in years)		5.7
Expected stock price volatility		96.6	%
Risk-free interest rate		4.26	%
Expected dividend yield		0	%

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ (1,606)	$ (1,592)

- Definition

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

+ References

+ Details

Sale of assets (Additional Information) (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Oct. 31, 2025	Mar. 31, 2026
Business Combination [Line Items]
Upfront payment	$ 3.5	$ 3.5
Commercial milestones	75.0
Contingent value rights	30.0
Gain on sale of assets	151.0
Gain on sale of dismutase mimetics assets	$ 3.5

- Definition

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

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+ Details

Prepaid expenses and other current assets - Schedule of Prepaid Expenses And Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid insurance	$ 357	$ 490
Other prepaid expenses and other current assets	206	230
Total	$ 563	$ 720

Basis of Presentation and Significant Accounting Policies - Additional Information (Details) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2026 USD ($) $ / shares
Indefinite-Lived Intangible Assets [Line Items]
Exercise price \| $ / shares	$ 0.001
Federal research and development tax credits	$ 9.0
Pre-2018 Federal
Indefinite-Lived Intangible Assets [Line Items]
Net operating loss	62.6
State
Indefinite-Lived Intangible Assets [Line Items]
Net operating loss	$ 230.2

Leases - Summary of Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Leases [Abstract]
Operating lease rental expense	$ 4	$ 3
Total operating lease expense	$ 4	$ 3

Fair Value Measurements - Additional Information (Details)	3 Months Ended
	Mar. 31, 2026 USD ($)
Fair Value Disclosures [Abstract]
Changes in valuation techniques	$ 0

Basis of Presentation and Significant Accounting Policies - Dilutive Securities Excluded from Computation of Diluted Weighted Average Shares of Common Stock Outstanding (Details) - shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive Securities excluded from computation of earnings per share	24,449,720	17,026,520
Stock Options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive Securities excluded from computation of earnings per share	10,599,059	3,175,859
Common Stock Warrants
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive Securities excluded from computation of earnings per share	13,850,661	13,850,661

Share-based compensation - Summary of Fair Value of Each Option Grant Estimated Throughout Year Using Black-Scholes Option-pricing Model (Details)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Expected term (in years)		5 years 8 months 12 days
Expected stock price volatility		96.60%
Risk-free interest rate		4.26%
Expected dividend yield	0.00%	0.00%

Commitments and contingencies (Additional Information) (Details) - shares	Mar. 31, 2026	Dec. 31, 2025	Dec. 30, 2024
Restructuring Cost and Reserve [Line Items]
Common stock, shares issued	75,462,390	75,462,390
Nova Pharmaceuticals [Member]
Restructuring Cost and Reserve [Line Items]
Common stock, shares issued			7,323

Accrued Expenses - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Payables and Accruals [Abstract]
Compensation and related benefits	$ 218	$ 20
Research and development expenses	0	20
Late filing penalty	144	115
Professional fees and other expenses	80	225
Accrued expenses	$ 442	$ 380

Fair value measurements - Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Money Market Funds - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents and restricted cash equivalents	$ 5,401	$ 6,265
Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents and restricted cash equivalents	0	0
Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents and restricted cash equivalents	$ 0	$ 0