0001104659-26-092007 | 10-Q | XBRL Viewer

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Capital stock - Stock Purchase Agreement (Details) - Notes - Stock purchase agreement - USD ($) $ / shares in Units, $ in Millions		1 Months Ended
	Jan. 13, 2025	Jan. 31, 2025
Capital stock
Issuance of Convertible Preferred Stock, net of issuance costs and preferred stock tranche liability	1,416,939
Share price (in dollars per share)	$ 5.2931
Gross proceeds		$ 7.4
Stock purchase period	3 years
Stock purchase, maximum amount	$ 2.5

- 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.

+ References

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+ Details

- Definition

Number of new stock issued during the period.

+ References

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+ Details

Segment Reporting - Segment net loss including segment expenses (Details) - USD ($) $ in Thousands		3 Months Ended				6 Months Ended
	Jan. 13, 2025	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025
Expenses
Cost of sales - product		$ 3,762		$ 318		$ 6,532	$ 318
Cost of sales - intangible amortization		279		128		559	128
Research and development expenses		40,050		23,979
Commercial expenses		11,899		8,364
Medical affairs expenses		4,468		2,234
General and administrative expenses		8,537		7,475
Stock-based compensation expense		3,430		3,413
Depreciation expense							10
Interest income		(1,108)		(822)		(2,405)	(1,782)
Interest expense		360		212		743	404
Loss on debt extinguishment	$ 1,800						1,826
Change in fair value of warrant liability				(20,320)		(9,323)	(17,904)
Change in fair value of Notes		1,843		2,990		3,714	7,405
Other segment items		415		100
Income tax expense		816				816
Net loss		(34,673)	$ (36,591)	(25,934)	$ (52,103)	(71,264)	(78,037)
Product revenue, net
Revenue:
Revenue		25,078		$ 2,137		43,749	2,137
Sale of COPIKTRA license and related assets
Revenue:
Revenue		$ 15,000				15,000
Research, developing and commercialization drugs
Expenses
Cost of sales - product						6,532	318
Cost of sales - intangible amortization						559	128
Research and development expenses						77,422	52,532
Commercial expenses						21,775	12,417
Medical affairs expenses						7,576	4,459
General and administrative expenses						15,812	15,140
Stock-based compensation expense						5,476	5,084
Depreciation expense							10
Interest income						(2,405)	(1,782)
Interest expense						743	404
Loss on debt extinguishment							1,826
Change in fair value of warrant liability						(9,323)	(17,904)
Change in fair value of Notes						3,714	7,405
Other segment items						1,316	137
Income tax expense						816
Net loss						$ (71,264)	$ (78,037)
Segment reporting, other segment items						Other segment items primarily include severance expense and transactions losses and gains due to foreign currency fluctuations.	Other segment items primarily include severance expense and transactions losses and gains due to foreign currency fluctuations.
Research, developing and commercialization drugs \| Product revenue, net
Revenue:
Revenue						$ 43,749	$ 2,137
Research, developing and commercialization drugs \| Sale of COPIKTRA license and related assets
Revenue:
Revenue						$ 15,000

Subsequent events

6 Months Ended

Jun. 30, 2026

Subsequent Events [Abstract]

Subsequent events

21. Subsequent events

The Company reviews all activity subsequent to the end of the quarter but prior to issuance of the condensed consolidated financial statements for events that could require disclosure or that could impact the carrying value of assets or liabilities as of the balance sheet date. The Company is not aware of any material subsequent events other than the following:

Third Amendment to Note Purchase Agreement

On August 6, 2026, the Company entered into a third amendment to the Note Purchase Agreement (the “Third Amendment”). The Third Amendment amends the financing arrangement under the Note Purchase Agreement by establishing two new separate tranches under the Note Purchase Agreement (“Revenue Notes”) with an aggregate purchase price of up to $75.0 million, replacing the previously available Second Purchase and Third Sale described in Note 10, Debt, which is no longer available under the Note Purchase Agreement. The existing $75.0 million of the Initial Note remains outstanding and provides that the Revenue Participation Percentage applicable to the Initial Note will remain fixed at 1.00% and will not be adjusted in connection with the issuance of additional Notes.

The Revenue Notes are a separate series of Notes which, rather than bearing fixed interest, entitle the Purchasers to quarterly payments (the “Revenue Payments”) equal to the “Revenue Payment Percentage” of net sales of AVMAPKI FAKZYNJA CO-PACK for such fiscal quarter.

Ø	Pursuant to the Third Amendment an initial tranche of $50.0 million in Revenue Notes will be issued on August 28, 2026, subject to satisfaction of certain customary conditions precedent (the “Second Purchase”).

At the option of the Company, a second tranche of up to $25.0 million principal amount of Revenue Notes may be issued (the “Third Purchase”), at any time prior to May 15, 2027, provided that worldwide net sales of AVAMPKI FAKZYNJA CO-PACK are at least $40.0 million for the calendar quarter ended immediately prior to the Third Purchase.

The Revenue Notes mature on June 30, 2033 and require quarterly cash payments initially equal to 4.50% the (“Revenue Payment Percentage”) of net sales of AVMAPKI FAKZYNJA CO-PACK. If the total Revenue Payments are equal to or greater than 100% of the then total purchase price paid by the Purchasers for all Revenue Notes (the “Funded Amount”) as of December 31, 2031, (“Test Date”), the Revenue Payment Percentage will automatically decrease to 1.75% after the Test Date. If the Test Date Condition is not satisfied by the Test Date, the Purchasers will be entitled to a one-time contingent make-whole payment from the Company (the “Contingent Make-Whole Payment”) in an amount equal to 100% of the Funded Amount as of the Test Date less the total Revenue Payments made by the Company as of the Test Date. Except as modified by the Third Amendment, all other terms and conditions of the Note Purchase Agreement remain unchanged.

Stock-based compensation (Tables)

6 Months Ended

Jun. 30, 2026

Stock-based compensation

Summary of stock option activity and related information


		Shares		Weighted-average exercise price per share			Weighted-average remaining contractual term (years)		Aggregate intrinsic value (in thousands)
Outstanding at December 31, 2025		3,030,432		$	10.53		7.7		$	2,731
Granted		493,000			6.11
Exercised/released		(10,375)			3.05
Forfeited/cancelled		(169,352)			7.59
Outstanding at June 30, 2026		3,343,705		$	10.05		7.5		$	262
Vested at June 30, 2026		2,099,619		$	11.83		6.9		$	156

Schedule of assumptions used to estimate fair value of each stock option on grant date


	Six months ended June 30,
	2026		2025
Risk-free interest rate	3.90	%	3.98	%
Volatility	103	%	107	%
Dividend yield	—		—
Expected term (years)	5.9		5.9

Schedule of restricted stock units


		Shares		Weighted-average grant date fair value per share
Outstanding at December 31, 2025		1,313,898		$	5.73
Granted		2,979,640		$	5.09
Vested		(419,467)		$	5.47
Forfeited/cancelled		(172,398)		$	5.82
Outstanding at June 30, 2026		3,701,673		$	5.24

Schedule of assumptions used to estimate fair value of each employee stock purchase plan on grant date


	Six months ended June 30,
	2026		2025
Risk-free interest rate	3.58	%	4.25	%
Volatility	84	%	107	%
Dividend yield	—		—
Expected term (years)	0.5		0.5

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands	Jun. 30, 2026	Dec. 31, 2025
CONDENSED CONSOLIDATED BALANCE SHEETS
Preferred stock, par value (in dollars per share)	$ 0.0001
Preferred stock, shares authorized	5,000
Preferred stock, shares issued	0
Preferred stock, shares outstanding	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	300,000	300,000
Common stock, shares issued	90,482	77,740
Common stock, shares outstanding	90,482	77,740

- Definition

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

+ References

+ Details

- Definition

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

+ References + Details

- Definition

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

+ References + Details

- Definition

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

+ References

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

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

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

+ Details

Debt - Schedule of interest expenses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Debt
Contractual Interest	$ 360	$ 212	$ 743	$ 375
Amortization of debt discount and issuance costs				29
Total	$ 360	$ 212	$ 743	$ 404

- Definition

Amount of interest expense classified as operating and nonoperating. Includes, but is not limited to, cost of borrowing accounted for as interest expense.

+ References

+ Details

Nature of business (Details) $ in Millions	Jun. 30, 2026 USD ($)
Nature of business
Cash, cash equivalents, and investments	$ 136.4

Commitments and contingencies (Details) $ in Millions	Jun. 30, 2026 USD ($)	Feb. 15, 2018 ft²
IQVIA
Property, Plant and Equipment [Line Items]
Other commitments	$ 34.4
Location, Statement of Financial Position, Balance [Axis]: us-gaap:LiabilitiesCurrent \| IQVIA
Property, Plant and Equipment [Line Items]
Other commitments	10.7
Office and Laboratory Space in Needham, Massachusetts.
Property, Plant and Equipment [Line Items]
Area of space \| ft²		27,810
Office and Laboratory Space in Needham, Massachusetts. \| Letter of credit \| Location, Statement of Financial Position, Balance [Axis]: us-gaap:RestrictedCashAndCashEquivalentsNoncurrent
Property, Plant and Equipment [Line Items]
Security deposit	$ 0.2

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478964/842-20-50-7A

+ Details

Debt - Reconciliation of changes in the fair value of the Notes (Details) - Notes - USD ($) $ in Thousands	6 Months Ended		18 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026
Reconciliation of changes in the fair value of the Notes
Beginning fair value balance	$ 76,330
Change in fair value reported in statements of operations	$ 3,714
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Fair Value Adjustment of Notes
Change in fair value reported in comprehensive loss	$ (2,814)	$ (5,300)	$ (8,000)
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Liability, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration]	Fair Value Adjustment of Notes, Instrument Specific Credit Risk
Interest and revenue participation payments	$ (3,456)
Ending fair value	$ 73,774		$ 73,774

License, collaboration and commercial agreements - Pfizer, Inc. (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended		6 Months Ended
	Jul. 11, 2012	Apr. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
License, collaboration and commercial agreements
Intangible asset			$ 17,123		$ 17,123
Interest expense			$ 360	$ 212	$ 743	$ 404
Pfizer
License, collaboration and commercial agreements
One-time cash payment	$ 1,500
Shares issued	16,001
Intangible asset		$ 15,000
Interest expense		$ 500
Royalty obligations term		10 years
Pfizer \| Achievement of FDA approval
License, collaboration and commercial agreements
Potential milestone payments		$ 7,500
Pfizer \| Achievement of FDA approval anniversary
License, collaboration and commercial agreements
Potential milestone payments		8,000
Pfizer \| Achievement of certain development and commercialization milestones
License, collaboration and commercial agreements
Potential milestone payments		2,000
Pfizer \| Achievement of certain sales milestones
License, collaboration and commercial agreements
Potential milestone payments		$ 110,000

Intangible Assets - Schedule of intangible assets (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Dec. 31, 2025
Intangible Assets
Acquired and in-licensed rights	$ 17,123
Less: accumulated amortization	(1,256)
Total intangible assets, net	$ 15,867	$ 16,426
Weighted-Average Remaining Amortization Period (Years)	14 years 3 months 18 days

Notes Payable

6 Months Ended

Jun. 30, 2026

Notes Payable.

Notes Payable

12. Notes Payable

In February 2026, the Company entered into a finance agreement with AFCO Premium Credit LLC (“AFCO”). Pursuant to the agreement, AFCO loaned the Company the principal amount of $0.7 million which accrues interest at 7.9% per annum, to fund a portion of the Company’s insurance policies. Pursuant to the agreement, the Company is required to make monthly payments of $0.1 million, including principal and interest, through August 2026. The agreement assigns AFCO a first priority lien and security interest in the financed insurance policies. The outstanding balance as of June 30, 2026 was recorded as a note payable on the condensed consolidated balance sheet. The outstanding balances as of June 30, 2026 and December 31, 2025 were $0.2 million and $0.0 million, respectively.

Capital stock - July 2024 Public Offering (Details) - USD ($)			1 Months Ended	3 Months Ended				6 Months Ended		12 Months Ended
	Jan. 25, 2026	Jul. 23, 2024	Jan. 31, 2026	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025	Dec. 31, 2024
Capital stock
Warrant liability										$ 35,647,000
Value of warrants on issuance date					$ (55,694,000)	$ (22,426,000)	$ (9,952,000)
Warrant outstanding				0				0
Change in fair value of warrant liability						(20,320,000)		$ (9,323,000)	$ (17,904,000)
Issuance of stock costs						$ 5,072,000	$ 74,000
Common stock
Capital stock
Exercise of warrants					8,391,666	2,787,499	1,166,666
Value of warrants on issuance date					$ (1,000)
Shares exercised				9,375	1,000
July 2024 Public Offering
Capital stock
Shares reserved for issuance		13,333,334
Gross proceeds		$ 50,800,000
July 2024 Public Offering \| July 2024 Pre-Funded Warrant
Capital stock
Number of shares of common stock in the warrant issued		5,000,000
Share price (in dollars per share)		$ 2.999
Exercise price of shares of common stock in the warrant issued (in dollars per share)		$ 0.001		$ 0.001		$ 0.001		$ 0.001	$ 0.001
Exercise of warrants				2,500,000		2,500,000		0
Change in fair value of warrant liability				$ 0				$ 9,300,000
Proceeds from issuance of warrants and common stock		$ 15,400,000
Shares issued				2,499,338		2,499,665
July 2024 Public Offering \| Warrant liability
Capital stock
Number of shares of common stock in the warrant issued		13,333,334	8,391,666
Share price (in dollars per share)		$ 3
Exercise price of shares of common stock in the warrant issued (in dollars per share)		$ 3.5
Share of exercisable warrant		1
Warrant liability		$ 39,600,000		$ 0				$ 0
Proceeds from the issuance of warrants		$ 39,600,000
Exercise of warrants					8,391,666					9,654,168	250,000
Value of warrants on issuance date					$ 26,300,000					$ 50	$ 0.5
Warrant outstanding				0				0
Warrants exercised			8,391,666
Warrants expired	37,500
July 2024 Public Offering \| Pre-funded warrants
Capital stock
Share of exercisable warrant		1

Leases

6 Months Ended

Jun. 30, 2026

Leases

Leases

11. Leases

On April 15, 2014, the Company entered into a lease agreement for approximately 15,197 square feet of office and laboratory space in Needham, Massachusetts. The lease term commenced on April 15, 2014 and it was scheduled to expire on September 30, 2019. Effective February 15, 2018, the Company amended its lease agreement to relocate within the facility to another location consisting of 27,810 square feet of office space (the “February 2018 Amended Lease Agreement”). The February 2018 Amended Lease Agreement extended the expiration date of the lease from September 2019 through June 2025. Pursuant to the February 2018 Amended Lease Agreement, the initial annual base rent amount was approximately $0.7 million, which increased during the lease term to $1.1 million for the last 12-month period. Effective November 1, 2024, the Company amended the February 2018 Amended Lease Agreement to extend the expiration date from June 2025 to June 2026 (the “November 2024 Amended Lease Agreement”). The payment terms of the November 2024 Amended Lease Agreement are $1.1 million per annum through the expiration date in June 2026. Effective March 12, 2026, the Company amended the November 2024 Amended Lease Agreement to extend the expiration date from June 2026 to September 2029 (the “March 2026 Amended Lease Agreement”). The payment terms of the March 2026 Amended Lease Agreement are $0.8 million per annum for the initial annual base rent, increasing during the lease term to $1.1 million for the last 12 month period. As a result of the March 2026 Amended Lease Agreement, the Company recorded an incremental $2.5 million right-of-use asset and corresponding lease liability during the six months ended June 30, 2026.

The Company has accounted for its Needham, Massachusetts office space as an operating lease. The Company’s lease contains an option to renew and extend the lease terms and an option to terminate the lease prior to the expiration date. The Company has not included the lease extension or the termination options within the right-of-use asset and lease liability on the condensed consolidated balance sheets as neither option is reasonably certain to be exercised. The Company’s lease includes variable non-lease components (e.g., common area maintenance, maintenance, consumables, etc.) that are not included in the right-of-use asset and lease liability and are reflected as an expense in the period incurred. The Company does not have any other operating or finance leases.

As of June 30, 2026, a right-of-use asset of $2.6 million and lease liability of $2.6 million are reflected on the condensed consolidated balance sheets. The elements of lease expense were as follows (dollar amounts in thousands):


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
Lease Expense
Operating lease expense	$	244	$	252	$	490	$	501
Total Lease Expense	$	244	$	252	$	490	$	501
Other Information - Operating Leases
Operating cash flows paid for amounts included in measurement of lease liabilities	$	273	$	273	$	546	$	546


		June 30, 2026
Other Balance Sheet Information - Operating Leases
Weighted average remaining lease term (in years)		3.3
Weighted average discount rate		11.5%
Maturity Analysis
2026		257
2027		1,036
2028		1,064
2029		813
Total	$	3,170
Less: Present value discount		(556)
Lease Liability	$	2,614

Subsequent events (Details) - USD ($) $ in Thousands	6 Months Ended
Subsequent events (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025
Subsequent events
Proceeds from exercise of warrants	$ 29,371	$ 13,840

Fair value of financial instruments - Inputs used to value the warrant liability (Details)	Jun. 30, 2026 shares	Dec. 31, 2025 Y
Fair value of financial instruments
Warrant outstanding \| shares	0
Risk-free interest rate
Fair value of financial instruments
Warrant liability		0.0374
Volatility
Fair value of financial instruments
Warrant liability		0.53
Remaining term
Fair value of financial instruments
Warrant liability \| Y		0.1

Product revenue reserves and allowances (Tables)

6 Months Ended

Jun. 30, 2026

Product revenue reserves and allowances

Schedule of product revenue allowance and reserve categories


		Trade			Third Party Payer			Government
		discounts			chargebacks,			rebates and
		and			discounts			other
		allowances			and fees			incentives			Returns			Total
Balance at December 31, 2025		$	236		$	252		$	3,025		$	376		$	3,889
Provision related to sales in the current year			1,213			770			6,126			226			8,335
Adjustments related to prior period sales			—			—			(193)			—			(193)
Credits and payments made			(1,136)			(622)			(4,451)			—			(6,209)
Ending balance at June 30, 2026		$	313		$	400		$	4,507		$	602		$	5,822

License, collaboration and commercial agreements - License Agreement (Details) - Exclusive license agreement $ in Millions	3 Months Ended	12 Months Ended
	Jun. 30, 2025 item	Dec. 31, 2025 USD ($)	Jun. 30, 2026 USD ($)
License, collaboration and commercial agreements
Number of patents \| item	1
Intangible assets			$ 2.1
Pursuant to license agreement
License, collaboration and commercial agreements
One-time cash payment		$ 2.1
Achievement of certain sales milestones
License, collaboration and commercial agreements
Potential milestone payments			$ 2.3

Subsequent events - Third Amendment to Note Purchase Agreement (Details) - Notes $ in Thousands			6 Months Ended		18 Months Ended
	Aug. 06, 2026 USD ($) tranche	Jan. 13, 2025 USD ($) installment	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)	Jun. 30, 2026 USD ($)
Subsequent events
Aggregate principal amount			$ 75,000		$ 75,000
Additional issue of principal amount of notes		$ 50,000
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]		us-gaap:SecuredOvernightFinancingRateSofrMember
Variable rate (as a percent)		4.29%
Additional interest rate (%)		3.71%
Interest rate (as a percent)		9.75%
Additional increase in interest rate at event of default		5.00%
Number of equal installments \| installment		2
Financial covenants		The Note Purchase Agreement contains no financial covenants.
Change in fair value reported in comprehensive loss			$ (2,814)	$ (5,300)	$ (8,000)
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Liability, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration]			Fair Value Adjustment of Notes, Instrument Specific Credit Risk
Debt issuance costs			$ 700
Maximum
Subsequent events
Aggregate principal amount of notes		$ 150,000
Initial sale
Subsequent events
Aggregate principal amount		75,000
Second sale
Subsequent events
Additional issue of principal amount of notes		$ 25,000
Subsequent events
Subsequent events
Number of tranches \| tranche	2
Aggregate principal amount of notes	$ 75,000
Participation Percentage	1.00%
Total Revenue Payments to Total Purchase Price Ratio	100.00%
Contingent Make Whole Payment of the Funded Amount	100.00%
Subsequent events \| Minimum
Subsequent events
Revenue Payment Percentage	1.75%
Subsequent events \| Maximum
Subsequent events
Revenue Payment Percentage	4.50%
Subsequent events \| Initial sale
Subsequent events
Additional issue of principal amount of notes	$ 50,000
Subsequent events \| Second sale
Subsequent events
Additional issue of principal amount of notes	25,000
Threshold sales to trigger milestone payments	$ 40,000

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
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Stock-based compensation - Stock options (Details) - Stock options - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Shares
Outstanding at the beginning of the period (in shares)	3,030,432
Granted (in shares)	493,000
Exercised/Released (in shares)	(10,375)
Forfeited/cancelled (in shares)	(169,352)
Outstanding at the end of the period (in shares)	3,343,705		3,030,432
Vested at the end of the period (in shares)	2,099,619
Weighted-average exercise price per share
Outstanding at the beginning of the period (in dollars per share)	$ 10.53
Granted (in dollars per share)	6.11
Exercised/Released (in dollars per share)	3.05
Forfeited/cancelled (in dollars per share)	7.59
Outstanding at the end of the period (in dollars per share)	10.05		$ 10.53
Vested at the end of the period (in dollars per share)	$ 11.83
Weighted-average remaining contractual term (years)
Outstanding at the end of the period	7 years 6 months		7 years 8 months 12 days
Vested at the end of the period	6 years 10 months 24 days
Aggregate intrinsic value
Outstanding at the beginning of the period (in dollars)	$ 2,731
Outstanding at the end of the period (in dollars)	262		$ 2,731
Vested at the end of the period (in dollars)	$ 156
Assumptions used to estimate fair value of each stock-based award on the grant date
Risk-free interest rate (as a percent)	3.90%	3.98%
Volatility (as a percent)	103.00%	107.00%
Expected term (years)	5 years 10 months 24 days	5 years 10 months 24 days

Net loss per share - Basic and Diluted Net (Loss) Income per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ 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
Computation of basic and diluted net income (loss) per share:
Net loss	$ (34,673)	$ (36,591)	$ (25,934)	$ (52,103)	$ (71,264)	$ (78,037)
Fair value adjustment			(20,320)		(9,323)	(17,904)
Adjusted diluted net loss	$ (34,673)		$ (46,254)		$ (80,587)	$ (95,941)
Weighted average shares outstanding - basic	100,116		66,143		99,209	60,191
Add: Dilutive effect of the Warrants			7,894		425	7,991
Weighted average shares outstanding - diluted	100,116		74,037		99,634	68,182
Net loss per share-basic (in dollars per share)	$ (0.35)		$ (0.39)		$ (0.72)	$ (1.3)
Net loss per share-diluted (in dollars per share)	$ (0.35)		$ (0.62)		$ (0.81)	$ (1.41)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482705/350-40-65-4

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479719/606-10-65-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

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/1943274/2147483443/250-10-50-6

Reference 11: http://www.xbrl.org/2003/role/exampleRef
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-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 38: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 39: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 40: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 41: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 42: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479105/946-220-45-7

Reference 43: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 44: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 45: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 46: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 47: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 48: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 49: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 50: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 51: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 52: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

Reference 53: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

- Definition

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

+ References + Details

Fair value of financial instruments - Reconciliation of the warrant liability (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Fair value of financial instruments
Beginning balance		$ 35,647
Fair value of warrants exercised		26,324	$ 18,538
Fair value adjustment	$ (20,320)	(9,323)	$ (17,904)
Level 3
Fair value of financial instruments
Beginning balance		35,647
Fair value of warrants exercised		(26,324)
Fair value adjustment		$ (9,323)

Cash, cash equivalents and restricted cash

6 Months Ended

Jun. 30, 2026

Cash, cash equivalents and restricted cash

Cash, cash equivalents and restricted cash

3. Cash, cash equivalents and restricted cash

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same such amounts shown in the condensed consolidated statements of cash flows (in thousands):


		June 30, 2026			December 31, 2025
Cash and cash equivalents		$	136,353		$	204,990
Restricted cash			241			241
Total cash, cash equivalents and restricted cash		$	136,594		$	205,231

Amounts included in restricted cash as of June 30, 2026 and December 31, 2025 represent cash held to collateralize outstanding letters of credit provided as a security deposit for the Company’s office space located in Needham, Massachusetts in the amount of $0.2 million. The letters of credit are included in non-current restricted cash as of June 30, 2026, and in prepaid expenses and other current assets on the condensed consolidated balance sheets as of December 31, 2025.

Accrued expenses

6 Months Ended

Jun. 30, 2026

Accrued expenses

Accrued expenses

6. Accrued expenses

Accrued expenses consist of the following (in thousands):


		June 30, 2026			December 31, 2025

Accrued clinical trial expenses		$	24,283		$	14,338
Accrued milestone payments and royalties			3,698			11,767
Accrued compensation and related benefits			6,635			10,860
Accrued commercialization costs			6,956			8,205
Accrued contract manufacturing expenses			4,488			3,224
Accrued other research and development expenses			3,895			3,015
Accrued consulting fees			1,892			1,287
Accrued professional fees			798			793
Accrued other			1,551			492
Total accrued expenses		$	54,196		$	53,981

Capital stock - April 2025 Private Placement (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended
	Apr. 25, 2025	Mar. 31, 2026	Jun. 30, 2026
Capital stock
Warrant outstanding			0
Private Placement 2025
Capital stock
Shares issued	3,429,287
Share price (in dollars per share)	$ 7
Private Placement 2025 \| April 2025 Pre-Funded Warrants
Capital stock
Share price (in dollars per share)	$ 6.9999
Number of common stock warrants can purchase	7,285,713	1,428,571
Exercise price of shares of common stock in the warrant issued (in dollars per share)	$ 0.0001	$ 0.0001
Period of notice for ownership limitation	61 days
Threshold percentage held to the shares outstanding at election of the holder	19.99%
Gross proceeds	$ 69.9
Warrants exercised		1,428,571
Warrant outstanding			5,857,142

Vendor Financing Arrangement

6 Months Ended

Jun. 30, 2026

Vendor Financing Arrangement

Vendor Financing Arrangement

13. Vendor Financing Arrangement

The Company and IQVIA, Inc. (“IQVIA”) entered into a master services agreement (“IQVIA Master Services Agreement”) for the Company’s strategic collaboration with IQVIA to leverage IQVIA’s infrastructure and established commercialization solutions to complement the Company’s launch strategy for AVMAPKI FAKZYNJA CO-PACK in patients with KRAS mutant recurrent LGSOC. Pursuant to the IQVIA Master Services Agreement, the Company has extended payment terms with respect to a portion of the services provided and has recorded a vendor financing arrangement liability of $7.7 million and $10.3 million as of June 30, 2026 and December 31, 2025, respectively. The Company expects to pay the amounts recorded as vendor financing arrangement liabilities during 2026 and 2027.

Fair value of financial instruments - Note Purchase Agreement and Oxford Loan Agreement (Details) $ in Millions	Jun. 30, 2026 USD ($)	Dec. 31, 2025 USD ($)
Notes
Financial liabilities
Aggregate principal amount	$ 75.0
Debt, fair value	73.8	$ 76.3
Difference in fair value and principle amount	$ (1.2)	$ 1.3
Level 3 \| Discount rate, notes \| Maximum
Financial liabilities
Discount rate	0.142	0.13
Level 3 \| Discount rate, notes \| Minimum
Financial liabilities
Discount rate	0.139	0.126

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue:
Total revenue	$ 40,078	$ 2,137	$ 58,749	$ 2,137
Operating expenses:
Cost of sales - product	3,762	318	6,532	318
Cost of sales - intangible amortization	279	128	559	128
Research and development	41,338	24,786	79,555	53,938
Selling, general and administrative	27,409	20,669	49,709	35,692
Total operating expenses	72,788	45,901	136,355	90,076
Loss from operations	(32,710)	(43,764)	(77,606)	(87,939)
Other expense	(52)	(110)	(113)	(149)
Interest income	1,108	822	2,405	1,782
Interest expense	(360)	(212)	(743)	(404)
Loss on debt extinguishment				(1,826)
Change in fair value of warrant liability		20,320	9,323	17,904
Change in fair value of Notes	(1,843)	(2,990)	(3,714)	(7,405)
Net loss before taxes	(33,857)	(25,934)	(70,448)	(78,037)
Income tax expense	(816)		(816)
Net loss	$ (34,673)	$ (25,934)	$ (71,264)	$ (78,037)
Net loss per share-basic (in dollars per share)	$ (0.35)	$ (0.39)	$ (0.72)	$ (1.3)
Net loss per share-diluted (in dollars per share)	$ (0.35)	$ (0.62)	$ (0.81)	$ (1.41)
Weighted average common shares outstanding used in computing net loss per share - basic (in shares)	100,116	66,143	99,209	60,191
Weighted average common shares outstanding used in computing net loss per share - diluted (in shares)	100,116	74,037	99,634	68,182
Net loss	$ (34,673)	$ (25,934)	$ (71,264)	$ (78,037)
Unrealized gain on available-for-sale securities	7
Change in fair value of Notes attributable to instrument specific credit risk	(582)	1,349	2,814	(5,290)
Comprehensive loss	(35,248)	(24,585)	(68,450)	(83,327)
Product revenue, net
Revenue:
Revenue	25,078	$ 2,137	43,749	$ 2,137
Sale of COPIKTRA license and related assets
Revenue:
Revenue	$ 15,000		$ 15,000

Net loss per share - Potentially dilutive shares (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Net loss per share
Total potentially dilutive securities (in shares)	7,060,489	4,452,042	7,060,489	4,452,042
Employee Stock Option Member
Net loss per share
Total potentially dilutive securities (in shares)	3,343,705	2,945,631	3,343,705	2,945,631
Outstanding restricted stock units
Net loss per share
Total potentially dilutive securities (in shares)	3,701,673	1,498,103	3,701,673	1,498,103
Employee stock purchase plan
Net loss per share
Total potentially dilutive securities (in shares)	15,111	8,308	15,111	8,308

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' (DEFICIT) EQUITY - USD ($)	Preferred stock Series A Convertible Preferred Stock	Common stock	Additional paid-in capital	Accumulated other comprehensive income (loss)	Accumulated (deficit)	Total
Beginning balance at Dec. 31, 2024	$ 1,000,000	$ 4,000	$ 926,630,000		$ (955,527,000)	$ (28,893,000)
Beginning balance (in shares) at Dec. 31, 2024		44,784,350
Increase (Decrease) in Stockholders' Equity
Net loss					(52,103,000)	(52,103,000)
Change in fair value of Notes attributable to instrument specific credit risk				$ (6,639,000)		(6,639,000)
Stock-based compensation expense			1,788,000			1,788,000
Issuance of common stock under Employee Stock Purchase Plan			22,000			22,000
Issuance of common stock under Employee Stock Purchase Plan (in shares)		8,033
Issuance of common stock resulting from vesting of restricted stock units (in shares)		114,010
Issuance of common stock upon exercise of warrants			9,952,000			9,952,000
Issuance of common stock upon exercise of warrants (in shares)		1,166,666
Issuance of common stock resulting from at-the-market transactions		$ 1,000	22,735,000			22,736,000
Issuance of common stock resulting from at-the-market transactions (in shares)		4,000,000
Issuance of common stock, and pre-funded warrants, net of issuance costs			7,426,000			7,426,000
Issuance of common stock, and pre-funded warrants, net of issuance costs of $5,072 (in shares)		1,416,939
Ending balance at Mar. 31, 2025	1,000,000	$ 5,000	968,553,000	6,639,000	(1,007,630,000)	(32,433,000)
Ending balance (in shares) at Mar. 31, 2025		51,489,998
Beginning balance at Dec. 31, 2024	1,000,000	$ 4,000	926,630,000		(955,527,000)	(28,893,000)
Beginning balance (in shares) at Dec. 31, 2024		44,784,350
Increase (Decrease) in Stockholders' Equity
Net loss						(78,037,000)
Change in fair value of Notes attributable to instrument specific credit risk						5,290,000
Ending balance at Jun. 30, 2025		$ 6,000	1,064,324,000	5,290,000	(1,033,564,000)	36,056,000
Ending balance (in shares) at Jun. 30, 2025		61,523,425
Beginning balance at Dec. 31, 2024	1,000,000	$ 4,000	926,630,000		(955,527,000)	(28,893,000)
Beginning balance (in shares) at Dec. 31, 2024		44,784,350
Ending balance at Dec. 31, 2025		$ 8,000	1,216,958,000	5,229,000	(1,164,998,000)	57,197,000
Ending balance (in shares) at Dec. 31, 2025		77,739,712
Beginning balance at Mar. 31, 2025	$ 1,000,000	$ 5,000	968,553,000	6,639,000	(1,007,630,000)	(32,433,000)
Beginning balance (in shares) at Mar. 31, 2025		51,489,998
Increase (Decrease) in Stockholders' Equity
Net loss					(25,934,000)	(25,934,000)
Change in fair value of Notes attributable to instrument specific credit risk				(1,349,000)		(1,349,000)
Stock-based compensation expense			3,413,000			3,413,000
Issuance of common stock resulting from vesting of restricted stock units (in shares)		483,644
Issuance of common stock upon exercise of warrants			22,426,000			22,426,000
Issuance of common stock upon exercise of warrants (in shares)		2,787,499
Issuance of common stock upon exercise of pre-funded warrants (in shares)		2,499,665
Issuance of common stock, and pre-funded warrants, net of issuance costs		$ 1,000	69,932,000			69,933,000
Issuance of common stock, and pre-funded warrants, net of issuance costs of $5,072 (in shares)		3,429,287
Ending balance at Jun. 30, 2025		$ 6,000	1,064,324,000	5,290,000	(1,033,564,000)	36,056,000
Ending balance (in shares) at Jun. 30, 2025		61,523,425
Increase (Decrease) in Stockholders' Equity
Issuance of common stock upon conversion of Series A Preferred Stock	(1,000,000)	833,332
Beginning balance at Dec. 31, 2025		$ 8,000	1,216,958,000	5,229,000	(1,164,998,000)	57,197,000
Beginning balance (in shares) at Dec. 31, 2025		77,739,712
Increase (Decrease) in Stockholders' Equity
Net loss					(36,591,000)	(36,591,000)
Change in fair value of Notes attributable to instrument specific credit risk				(3,396,000)		(3,396,000)
Stock-based compensation expense			2,046,000			2,046,000
Issuance of common stock under Employee Stock Purchase Plan			38,000			38,000
Issuance of common stock under Employee Stock Purchase Plan (in shares)		10,240
Issuance of common stock resulting from vesting of restricted stock units (in shares)		271,866
Issuance of common stock upon exercise of options			4,000			4,000
Issuance of common stock upon exercise of options (in shares)		1,000
Issuance of common stock upon exercise of warrants		$ 1,000	55,693,000			55,694,000
Issuance of common stock upon exercise of warrants (in shares)		8,391,666
Issuance of common stock upon exercise of pre-funded warrants (in shares)		1,428,571
Unrealized gain (loss) on available for sale securities				(7,000)		(7,000)
Ending balance at Mar. 31, 2026		$ 9,000	1,274,739,000	8,618,000	(1,201,589,000)	81,777,000
Ending balance (in shares) at Mar. 31, 2026		87,843,055
Beginning balance at Dec. 31, 2025		$ 8,000	1,216,958,000	5,229,000	(1,164,998,000)	57,197,000
Beginning balance (in shares) at Dec. 31, 2025		77,739,712
Increase (Decrease) in Stockholders' Equity
Net loss						(71,264,000)
Change in fair value of Notes attributable to instrument specific credit risk						(2,814,000)
Ending balance at Jun. 30, 2026		$ 9,000	1,278,196,000	8,043,000	(1,236,262,000)	49,986,000
Ending balance (in shares) at Jun. 30, 2026		90,481,615
Beginning balance at Mar. 31, 2026		$ 9,000	1,274,739,000	8,618,000	(1,201,589,000)	81,777,000
Beginning balance (in shares) at Mar. 31, 2026		87,843,055
Increase (Decrease) in Stockholders' Equity
Net loss					(34,673,000)	(34,673,000)
Change in fair value of Notes attributable to instrument specific credit risk				582,000		582,000
Stock-based compensation expense			3,430,000			3,430,000
Issuance of common stock resulting from vesting of restricted stock units (in shares)		129,847
Issuance of common stock upon exercise of options			27,000			27,000
Issuance of common stock upon exercise of options (in shares)		9,375
Issuance of common stock upon exercise of pre-funded warrants (in shares)		2,499,338
Unrealized gain (loss) on available for sale securities				7,000		7,000
Ending balance at Jun. 30, 2026		$ 9,000	$ 1,278,196,000	$ 8,043,000	$ (1,236,262,000)	$ 49,986,000
Ending balance (in shares) at Jun. 30, 2026		90,481,615

License, collaboration and commercial agreements

6 Months Ended

Jun. 30, 2026

License, collaboration and commercial agreements

License, collaboration and commercial agreements

18. License, collaboration and commercial agreements

Pfizer, Inc.

On July 11, 2012, the Company entered into a license agreement (the “Pfizer Agreement”) with Pfizer under which Pfizer granted the Company worldwide, exclusive rights to research, develop, manufacture and commercialize products containing certain of Pfizer’s inhibitors of FAK, including defactinib, for all therapeutic, diagnostic and prophylactic uses in humans. The Company has the right to grant sublicenses under the foregoing licensed rights, subject to certain restrictions.

Upon entering into the Pfizer Agreement, the Company made a one-time cash payment to Pfizer in the amount of $1.5 million and issued 16,001 shares of its common stock. In April 2025, the Company entered into an amendment to the Pfizer Agreement such that a $7.5 million milestone became payable upon FDA approval of AVMAPKI FAKZYNJA CO-PACK on May 8, 2025 (the “First Pfizer Milestone”), and an $8.0 million milestone (the “Second Pfizer Milestone”) is payable upon the one-year anniversary of the FDA approval of AVMAPKI FAKZYNJA CO-PACK. The Company recorded a $15.0 million intangible asset related to these payments on the condensed consolidated balance sheets and recorded $0.5 million of interest expense related to the Second Pfizer Milestone. Pfizer is also eligible to receive up to $2.0 million in developmental milestones and up to an additional $110.0 million based on the successful attainment of regulatory and commercial sales milestones. The future milestone payments are contingent in nature and will be recognized if and when the respective contingencies are resolved. Pfizer is also eligible to receive high single to mid-double-digit royalties on future net sales of the products. The Company’s royalty obligations with respect to each product in each country begin on the date of first commercial sale of the product in that country, and end on the later of 10 years after the date of first commercial sale of the product in that country or the date of expiration or abandonment of the last claim contained in any issued patent or patent application licensed by Pfizer to the Company that covers the product in that country.

License Agreement

In the second quarter of 2025, the Company entered into an agreement with a third party to obtain an exclusive license for certain patents and intellectual property related to avutometinib and defactinib (the “License Agreement”). This agreement covers one of the four patent families that the Company has exclusively licensed and are owned by either Chugai or the third party. Pursuant to the License Agreement, the Company paid $2.1 million during the year ended December 31, 2025 and is further obligated to pay up to $2.3 million upon achievement of certain milestones. The Company recorded $2.1 million within intangible assets related to these payments on the condensed consolidated balance sheets. The future milestone payments are contingent in nature and will be recognized if and when the respective contingencies are resolved.

GenFleet Therapeutics (Shanghai), Inc.

On August 24, 2023, the Company entered into the GenFleet Agreement, pursuant to which GenFleet granted the Company the option to obtain exclusive development and commercialization rights worldwide outside of mainland China, Hong Kong, Macau, and Taiwan (the “Territory”) for up to three oncology programs targeting RAS pathway driven cancers (the “GenFleet Options”). The Company may exercise its GenFleet Options on a program-by-program basis. In January 2025, the Company exercised its GenFleet Option with respect to VS-7375 and made a $6.0 million payment to GenFleet.

The Company made an upfront payment of $2.0 million to GenFleet in September 2023 and will provide $1.5 million of research support over the first three years of the GenFleet Agreement. In addition, pursuant to the GenFleet Agreement, upon achievement of certain milestones, and upon the Company exercising its GenFleet Options, GenFleet will be entitled to receive payments of up to $622.0 million, inclusive of (i) up to $154.0 million upon achievement of certain development and commercialization milestones, (ii) up to $450.0 million upon achievement of certain sales milestones, and (iii) up to $18.0 million upon exercise of all three GenFleet Options. The Company paid GenFleet a $3.0 million milestone during the year ended December 31, 2024 upon GenFleet achieving a development milestone. The Company

has also agreed to pay GenFleet royalties on net sales of licensed products in the Territory ranging from the mid to high single digits.

The Company may terminate the GenFleet Agreement in its entirety or on a program-by-program basis by providing 90 days written notice to GenFleet. Either party may terminate the GenFleet Agreement in its entirety or on a program-by-program and country-by-country basis, with 60 days’ written notice for the other party’s material breach if such party fails to cure the breach. Either party may also terminate the GenFleet Agreement in its entirety upon certain insolvency events involving the other party.

The Company expensed the $6.0 million Option exercise fee when paid in January 2025, as research and development expense in the condensed consolidated statements of operations and comprehensive loss. Other future milestone payments are contingent in nature and will be recognized if and when the respective contingencies are resolved. If the Company exercises further GenFleet Options, the related payment will be recognized if and when each respective GenFleet Option is exercised.

Secura Bio

On August 10, 2020, the Company and Secura Bio signed an Asset Purchase Agreement (“the Secura APA”) and on September 30, 2020, the transaction closed.

Pursuant to the Secura APA, the Company sold to Secura its exclusive worldwide license, including related assets, for the research, development, commercialization, and manufacture in oncology indications of products containing duvelisib. The sale included certain intellectual property related to duvelisib in oncology indications, certain existing duvelisib inventory, claims and rights under certain contracts pertaining to duvelisib. Pursuant to the Secura APA, Secura assumed all operational and financial responsibility for activities that were part of the Company’s duvelisib oncology program, including all commercialization efforts related to duvelisib in the United States and Europe, as well as the Company’s ongoing duvelisib clinical trials. Further, Secura assumed all obligations with existing collaboration partners developing and commercializing duvelisib, which include Yakult Honsha Co., Ltd. (“Yakult”), CSPC Pharmaceutical Group Limited (“CSPC”), and Sanofi. Additionally, Secura assumed all royalty payment obligations due under the amended and restated license agreement with Infinity Pharmaceuticals, Inc.

Pursuant to the terms of the Secura APA, Secura has paid the Company an up-front payment of $70.0 million in September 2020 and has agreed to pay the Company (i) regulatory milestone payments up to $45.0 million, consisting of a payment of $35.0 million upon receipt of regulatory approval of COPIKTRA in the United States for the treatment of peripheral T-cell lymphoma and a payment of $10.0 million upon receipt of the first regulatory approval for the commercial sale of COPIKTRA in the European Union for the treatment of peripheral T-cell lymphoma, (ii) sales milestone payments of up to $50.0 million, consisting of $10.0 million when total worldwide net sales of COPIKTRA exceed $100.0 million, $15.0 million when total worldwide net sales of COPIKTRA exceed $200.0 million and $25.0 million when total worldwide net sales of COPIKTRA exceed $300.0 million, (iii) low double-digit royalties on the annual aggregate net sales above $100.0 million in the United States, European Union, and the United Kingdom of Great Britain and Northern Ireland and (iv) 50% of all royalty, milestone and sublicense revenue payments payable to Secura under the Company’s existing license agreements with Sanofi, Yakult, and CSPC, and 50% of all royalty and milestone payments payable to Secura under any license or sublicense agreement entered into by Secura in certain jurisdictions.

The Company evaluated the Secura APA in accordance with ASC 606 as the Company concluded that the counterparty, Secura, is a customer. The Company identified a bundled performance obligation consisting of delivery of the duvelisib global license and intellectual property, certain existing duvelisib inventory, certain duvelisib contracts and clinical trials, certain regulatory approvals, and certain regulatory documentation and books and records (the “Bundled Secura Performance Obligation”).

The Company concluded that the duvelisib global license and intellectual property were not distinct within the context of the contract (i.e. separately identifiable) because the other assets including certain existing duvelisib inventory, certain duvelisib contracts and clinical trials, certain regulatory approval, and certain regulatory documentation and books and records do not have stand-alone value from other duvelisib global license and intellectual property and Secura could not

benefit from them without the duvelisib global license and intellectual property. Consistent with the guidance under ASC 606-10-25-16A, the Company disregarded immaterial promised goods and services when determining performance obligations.

The Company has determined that the upfront payment of $70.0 million, future potential milestone payments and royalties, including from Secura’s sublicensees should be allocated to the delivery of the Bundled Secura Performance Obligation.

During the three and six months ended June 30, 2026, Secura achieved $200.0 million of cumulative worldwide net sales of COPIKTRA which triggered a $15.0 million sales milestone payment to the Company under the Secura APA. The Company recognized $15.0 million of sale of COPIKTRA license and related assets revenue within the condensed statements of operations and comprehensive loss for the three and six months ended June 30, 2026. The Company determined all other future potential milestones and royalties were excluded from the transaction price, as all other milestone amounts were fully constrained under applicable accounting guidance as of June 30, 2026. As part of the Company’s evaluation of the constraint, the Company considered several factors in determining whether there is significant uncertainty associated with the future events that would result in the milestone payments. Those factors included: the likelihood and magnitude of revenue reversals related to future milestones, the amount of variable consideration that is highly susceptible to factors outside of the Company’s influence and the uncertainty about the consideration is not expected to be resolved for an extended period of time. The Company received the $15.0 million milestone payment in July 2026.

Nature of business

6 Months Ended

Jun. 30, 2026

Nature of business

Nature of business

1. Nature of business

Verastem, Inc. (the “Company”) is a biopharmaceutical company committed to the development and commercialization of new medicines to improve the lives of patients diagnosed with ras sarcoma (“RAS”)/ mitogen-activated protein kinase (“MAPK”) pathway-driven cancers. On May 8, 2025, the U.S. Food and Drug Administration (the “FDA”) approved AVMAPKI FAKZYNJA CO-PACK (avutometinib capsules; defactinib tablets) for the treatment of adult patients with Kirsten rat sarcoma viral oncogene homolog (“KRAS”) mutant (“KRAS mt”) recurrent low grade serous ovarian cancer (“LGSOC”) who received prior systemic therapy. The Company markets AVMAPKI FAKZYNJA CO-PACK in the United States. The Company’s pipeline is focused on novel small molecule drugs that inhibit critical signaling pathways in cancer that promote cancer cell survival and tumor growth, including RAF/MEK inhibition, FAK inhibition and KRAS G12D inhibition.

The condensed consolidated financial statements include the accounts of Verastem Securities Company and Verastem Europe GmbH, wholly-owned subsidiaries of the Company. All financial information presented has been consolidated and includes the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

The Company is subject to the risks associated with other life science companies, including, but not limited to, possible failure of preclinical testing or clinical trials, competitors developing new technological innovations, market acceptance and commercial success of AVMAPKI FAKZYNJA CO-PACK, or any of the Company’s product candidates following receipt of regulatory approval, inability to obtain marketing approval for additional indications or product candidates, protection of proprietary technology and the continued ability to obtain adequate financing to fund the Company’s future operations. If the Company does not successfully commercialize AVMAPKI FAKZYNJA CO-PACK or any of its other product candidates, it will be unable to generate sufficient product revenue or achieve profitability and may need to raise additional capital.

As of June 30, 2026, the Company had cash, cash equivalents, and investments of $136.4 million. In accordance with applicable accounting standards, the Company evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within twelve months after the date of the issuance of these condensed consolidated financial statements. The Company anticipates that operating losses may continue for the foreseeable future and the Company continues to incur operating costs to execute its strategic plan, including costs related to research and development of its product candidates and commercial activities. As a result of the assessment in accordance with the applicable accounting standards, these conditions raise substantial doubt about the Company’s ability to continue as a going concern for twelve months after the date the condensed consolidated financial statements are issued.

The Company expects to finance its operations with its existing cash, cash equivalents and investments, through future net product revenues, through potential future milestones and royalties received pursuant to the Company’s Asset Purchase Agreement (“Secura APA”) with Secura, pursuant to the Company’s Note Purchase Agreement (as defined herein) (see Note 10. Debt), or through other strategic financing opportunities that could include, but are not limited to collaboration agreements, offerings of its equity, or the incurrence of debt. However, given the risks associated with these potential strategic or financing opportunities, they are not deemed probable for purposes of the going concern assessment. If the Company fails to obtain additional capital or generate sufficient revenue from its commercialization activities in the future, it may be unable to complete its planned preclinical studies and clinical trials and obtain approval of certain investigational product candidates from the FDA or foreign regulatory authorities. Therefore, there is substantial doubt about the Company’s ability to continue as a going concern.

Summary of significant accounting policies

6 Months Ended

Jun. 30, 2026

Summary of significant accounting policies

Summary of significant accounting policies

2. Summary of significant accounting policies

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) for interim financial reporting and as required by Regulation S-X, Rule 10-01 under the assumption that the Company will continue as a going concern for the next twelve months. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements, or any adjustments that might result from the uncertainty related to the Company’s ability to continue as a going concern. In the opinion of management, all adjustments (including those which are normal and recurring) considered necessary for a fair presentation of the interim financial information have been included. When preparing financial statements in conformity with GAAP, the Company must make estimates and assumptions that affect the reported amounts and related disclosures at the date of the financial statements. Actual results could differ from those estimates. Additionally, operating results for the three and six months ended June 30, 2026 are not necessarily indicative of the results that may be expected for any other interim period or for the year ending December 31, 2026. For further information, refer to the financial statements and footnotes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on March 4, 2026.

Significant Accounting Policies

The significant accounting policies are described in Note 2. Significant accounting policies in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. During the six months ended June 30, 2026, there were no material changes to the significant accounting policies.

Recently issued accounting standards updates

In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No 2024-03—Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”). The guidance in ASU 2024-03 is intended to require more detailed disclosures about specified categories of expenses (including employee compensation, depreciation, and amortization) included in certain expense captions presented on the face of the income statement. ASU 2024-03 is effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The amendments may be applied either prospectively to financial statements issued for reporting periods after the effective date of this ASU or retrospectively to all prior periods presented in the financial statements. The Company is in the process of evaluating the impact of this new guidance on its condensed consolidated financial statements and related disclosures.

In September 2025, the FASB issued ASU No. 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (“ASU 2025-06”). This standard modernizes the accounting for internal-use software by removing references to prescriptive development stages and instead requiring capitalization of costs once (1) management has authorized and committed to funding the software project, and (2) it is probable the project will be completed and placed in service. Entities must evaluate whether there is “significant development uncertainty,” such as unresolved novel functionality or substantially revised performance requirements, before meeting this capitalization threshold. ASU 2025-06 is effective for annual reporting periods beginning after December 15, 2027, and interim periods within such annual reporting periods, with early adoption permitted. Entities may adopt the amendments prospectively, retrospectively, or under a modified transition approach. The Company is in the process of evaluating the impact that the adoption of this ASU may have on its condensed consolidated financial statements and related disclosures.

Other recent accounting pronouncements issued, but not yet effective, are not expected to be applicable to the Company or have a material effect on the condensed consolidated financial statements upon future adoption.

Concentrations of credit risk and off-balance sheet risk

Cash, cash equivalents, investments and trade accounts receivable are financial instruments that potentially subject the Company to concentrations of credit risk. The Company mitigates this risk by maintaining its cash, cash equivalents and investments with high quality, accredited financial institutions. The management of the Company’s investments is not discretionary on the part of these financial institutions. As of June 30, 2026, the Company’s cash, cash equivalents and investments were deposited at three financial institutions and it has no significant off-balance sheet concentrations of credit risk, such as foreign currency exchange contracts, option contracts or other hedging arrangements.

As of June 30, 2026 there were five customers that cumulatively comprised 100% of the Company’s trade accounts receivable balance and two customers that cumulatively accounted for more than 65% of the Company’s trade accounts receivable balance. The Company assesses the creditworthiness of all its customers and sets and reassesses customer credit limits to ensure collectability of any trade accounts receivable balances are assured. Based on the Company’s latest assessment of the collectability of its accounts receivable, an allowance for credit loss is not deemed necessary at June 30, 2026.

For each of the three and the six months ended June 30, 2026, there were two customers who each individually accounted for greater than 10% of the Company’s product revenue, net. These two customers accounted for revenues of $21.3 million and $37.2 million for the three and six months ended June 30, 2026, respectively. In addition, for the three and six months ended June 30, 2026, the Company recognized $15.0 million of sale of COPIKTRA license and related assets revenue upon Secura achieving cumulative worldwide net sales of $200.0 million. Refer to Note 18. License, collaboration and commercial agreements for a detailed discussion of the Secura APA.

Proceeds from Grants

In May 2022, the Company was awarded the “Therapeutic Accelerator Award” grant from Pancreatic Cancer Action Network (“PanCAN”) for up to $3.8 million (the “PanCAN Grant”). In August 2022, PanCAN agreed to provide the Company with an additional $0.5 million for the collection and analysis of patient samples. The grant is supporting a Phase 1b/2 clinical trial of GEMZAR (gemcitabine) and ABRAXANE (Nab-paclitaxel) in combination with avutometinib and defactinib entitled RAMP 205. The RAMP 205 trial is evaluating whether combining avutometinib (to target KRAS mutant, which is found in more than 90% of pancreatic adenocarcinomas) and defactinib (to reduce stromal density and adaptive resistance to avutometinib) to the standard GEMZAR/ABRAXANE regimen improves outcomes for patients with such pancreatic cancers. The Company recognizes grants as contra research and development expense in the consolidated statement of operations and comprehensive loss on a systematic basis over the periods in which the Company recognizes as expenses the related costs for which the grants are intended to compensate. Eligible expenses incurred in excess of grant payments received up to the total amount of the PanCAN Grant are recorded as a grant receivable. Through June 30, 2026, the Company has received $4.1 million of cash proceeds, which were initially recorded as deferred liabilities on the balance sheet. The Company did not record any proceeds as a reduction of research and development expense for the six months ended June 30, 2026 and June 30, 2025, respectively. As of June 30, 2026, and December 31, 2025, the Company recorded a grant receivable of $0.2 million related to the PanCAN Grant in the condensed consolidated and consolidated balance sheets.

Accrued expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Accrued expenses
Accrued clinical trial expenses	$ 24,283	$ 14,338
Accrued milestone payments and royalties	3,698	11,767
Accrued compensation and related benefits	6,635	10,860
Accrued commercialization costs	6,956	8,205
Accrued contract manufacturing expenses	4,488	3,224
Accrued other research and development expenses	3,895	3,015
Accrued consulting fees	1,892	1,287
Accrued professional fees	798	793
Accrued other	1,551	492
Total accrued expenses	$ 54,196	$ 53,981

Investments

6 Months Ended

Jun. 30, 2026

Investments

Investments

5. Investments

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

 

June 30, 2026

 

Gross

 

Gross

 

Amortized

Unrealized

Fair

 

Cost

 

Gains

 

Losses

 

Value

Cash, cash equivalents & restricted cash:

Cash and money market accounts

136,594

—

136,594

Total cash, cash equivalents & restricted cash

136,594

—

136,594

 

December 31, 2025

 

Gross

 

Gross

 

Amortized

Unrealized

Fair

 

Cost

 

Gains

 

Losses

 

Value

Cash, cash equivalents & restricted cash:

Cash and money market accounts

205,231

—

205,231

Total cash, cash equivalents & restricted cash

205,231

—

205,231

There were no realized gains or losses on investments for the three or six months ended June 30, 2026 or June 30, 2025. Accrued interest receivable is excluded from the amortized cost and estimated fair value of the Company's investments. Accrued interest receivable of $0.1 million and $0.2 million is presented within prepaid expenses and other current assets on the condensed consolidated balance sheets as of June 30, 2026 and December 31, 2025, respectively. There were no debt securities in an unrealized loss position as of June 30, 2026 or December 31, 2025.

Cash, cash equivalents and restricted cash (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Cash and cash equivalents	$ 136,353	$ 204,990
Restricted cash	241
Restricted cash	241	241
Cash, cash equivalents and restricted cash	136,594	205,231	$ 164,563	$ 89,059
Letter of credit \| Office and Laboratory Space in Needham, Massachusetts \| Location, Statement of Financial Position, Balance [Axis]: us-gaap:RestrictedCashAndCashEquivalentsNoncurrent
Property, Plant and Equipment [Line Items]
Security Deposit	$ 200	$ 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

Summary of significant accounting policies (Policies)	6 Months Ended
Summary of significant accounting policies (Policies)	Jun. 30, 2026
Summary of significant accounting policies
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) for interim financial reporting and as required by Regulation S-X, Rule 10-01 under the assumption that the Company will continue as a going concern for the next twelve months. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements, or any adjustments that might result from the uncertainty related to the Company’s ability to continue as a going concern. In the opinion of management, all adjustments (including those which are normal and recurring) considered necessary for a fair presentation of the interim financial information have been included. When preparing financial statements in conformity with GAAP, the Company must make estimates and assumptions that affect the reported amounts and related disclosures at the date of the financial statements. Actual results could differ from those estimates. Additionally, operating results for the three and six months ended June 30, 2026 are not necessarily indicative of the results that may be expected for any other interim period or for the year ending December 31, 2026. For further information, refer to the financial statements and footnotes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on March 4, 2026.
Significant Accounting Policies	Significant Accounting Policies The significant accounting policies are described in Note 2. Significant accounting policies in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. During the six months ended June 30, 2026, there were no material changes to the significant accounting policies.
Recently issued accounting standards updates	Recently issued accounting standards updates In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No 2024-03—Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”). The guidance in ASU 2024-03 is intended to require more detailed disclosures about specified categories of expenses (including employee compensation, depreciation, and amortization) included in certain expense captions presented on the face of the income statement. ASU 2024-03 is effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The amendments may be applied either prospectively to financial statements issued for reporting periods after the effective date of this ASU or retrospectively to all prior periods presented in the financial statements. The Company is in the process of evaluating the impact of this new guidance on its condensed consolidated financial statements and related disclosures. In September 2025, the FASB issued ASU No. 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (“ASU 2025-06”). This standard modernizes the accounting for internal-use software by removing references to prescriptive development stages and instead requiring capitalization of costs once (1) management has authorized and committed to funding the software project, and (2) it is probable the project will be completed and placed in service. Entities must evaluate whether there is “significant development uncertainty,” such as unresolved novel functionality or substantially revised performance requirements, before meeting this capitalization threshold. ASU 2025-06 is effective for annual reporting periods beginning after December 15, 2027, and interim periods within such annual reporting periods, with early adoption permitted. Entities may adopt the amendments prospectively, retrospectively, or under a modified transition approach. The Company is in the process of evaluating the impact that the adoption of this ASU may have on its condensed consolidated financial statements and related disclosures. Other recent accounting pronouncements issued, but not yet effective, are not expected to be applicable to the Company or have a material effect on the condensed consolidated financial statements upon future adoption.
Concentrations of credit risk and off-balance sheet risk	Concentrations of credit risk and off-balance sheet risk Cash, cash equivalents, investments and trade accounts receivable are financial instruments that potentially subject the Company to concentrations of credit risk. The Company mitigates this risk by maintaining its cash, cash equivalents and investments with high quality, accredited financial institutions. The management of the Company’s investments is not discretionary on the part of these financial institutions. As of June 30, 2026, the Company’s cash, cash equivalents and investments were deposited at three financial institutions and it has no significant off-balance sheet concentrations of credit risk, such as foreign currency exchange contracts, option contracts or other hedging arrangements. As of June 30, 2026 there were five customers that cumulatively comprised 100% of the Company’s trade accounts receivable balance and two customers that cumulatively accounted for more than 65% of the Company’s trade accounts receivable balance. The Company assesses the creditworthiness of all its customers and sets and reassesses customer credit limits to ensure collectability of any trade accounts receivable balances are assured. Based on the Company’s latest assessment of the collectability of its accounts receivable, an allowance for credit loss is not deemed necessary at June 30, 2026. For each of the three and the six months ended June 30, 2026, there were two customers who each individually accounted for greater than 10% of the Company’s product revenue, net. These two customers accounted for revenues of $21.3 million and $37.2 million for the three and six months ended June 30, 2026, respectively. In addition, for the three and six months ended June 30, 2026, the Company recognized $15.0 million of sale of COPIKTRA license and related assets revenue upon Secura achieving cumulative worldwide net sales of $200.0 million. Refer to Note 18. License, collaboration and commercial agreements for a detailed discussion of the Secura APA.
Proceeds from Grants	Proceeds from Grants In May 2022, the Company was awarded the “Therapeutic Accelerator Award” grant from Pancreatic Cancer Action Network (“PanCAN”) for up to $3.8 million (the “PanCAN Grant”). In August 2022, PanCAN agreed to provide the Company with an additional $0.5 million for the collection and analysis of patient samples. The grant is supporting a Phase 1b/2 clinical trial of GEMZAR (gemcitabine) and ABRAXANE (Nab-paclitaxel) in combination with avutometinib and defactinib entitled RAMP 205. The RAMP 205 trial is evaluating whether combining avutometinib (to target KRAS mutant, which is found in more than 90% of pancreatic adenocarcinomas) and defactinib (to reduce stromal density and adaptive resistance to avutometinib) to the standard GEMZAR/ABRAXANE regimen improves outcomes for patients with such pancreatic cancers. The Company recognizes grants as contra research and development expense in the consolidated statement of operations and comprehensive loss on a systematic basis over the periods in which the Company recognizes as expenses the related costs for which the grants are intended to compensate. Eligible expenses incurred in excess of grant payments received up to the total amount of the PanCAN Grant are recorded as a grant receivable. Through June 30, 2026, the Company has received $4.1 million of cash proceeds, which were initially recorded as deferred liabilities on the balance sheet. The Company did not record any proceeds as a reduction of research and development expense for the six months ended June 30, 2026 and June 30, 2025, respectively. As of June 30, 2026, and December 31, 2025, the Company recorded a grant receivable of $0.2 million related to the PanCAN Grant in the condensed consolidated and consolidated balance sheets.

Debt

6 Months Ended

Jun. 30, 2026

Debt

Debt

10. Debt

Note Purchase Agreement

On January 13, 2025 (the “Closing Date”), the Company entered into a Note Purchase Agreement (the “Note Purchase Agreement”) with RGCM SA LLC, as Purchaser Agent, Oberland Capital Management LLC (“Oberland”) and certain funds managed by Oberland Capital Management LLC, as purchasers (together with other purchasers party thereto from time to time, the “Purchasers”), pursuant to which the Company may sell to the Purchasers, and the Purchasers may buy from the Company, notes (the “Notes”) in an aggregate principal amount not to exceed $150.0 million. On the Closing Date, the Company issued and sold an initial Note in an aggregate principal amount of $75.0 million. In addition, the Company may issue and sell additional Notes with aggregate principal amount of up to $50.0 million, exclusive of an option to issue an additional $25.0 million that expired as follows:

at the option of the Company, a second purchase (the “Second Purchase”) of $25.0 million principal amount of Notes, at any time prior to December 31, 2025, upon the FDA’s approval sufficient for the promotion and sale of avutometinib and defactinib for the treatment of LGSOC and subject to certain other customary conditions precedent. In March 2026, we amended the Note Purchase Agreement to extend the date by which we may draw down the Second Purchase from December 31, 2025 to June 30, 2026. As of June 30, 2026 the Company did not make the Second Purchase and therefore the Second Purchase expired.

ii.

at the option of the Company, a third sale (the “Third Sale”) of up to $50.0 million principal amount of Notes, at any time prior to December 31, 2026, provided that trailing six-month worldwide net sales of avutometinib and defactinib are at least $55.0 million and subject to certain other customary conditions precedent.

The outstanding principal amount of the Notes bear interest at a rate per annum equal to the sum of (i) the greater of the Term SOFR (as defined in the Note Purchase Agreement) and 4.29%, and (ii) 3.71%, subject to adjustment in certain circumstances set forth in the Note Purchase Agreement and an overall cap of 9.75%, payable quarterly in arrears until the seventh anniversary of the Closing Date or the date on which all amounts owing to the Purchasers under the Note Purchase Agreement have been paid in full (the “Maturity Date”). For the first eight (8) quarters following the Closing Date, at the Company’s option, up to 50% of the interest due may be paid-in-kind and added to the then-outstanding principal balance of the Notes. Through June 30, 2026, the Company has not elected to defer any interest through its paid-in-kind option. Upon the occurrence and during the continuance of an Event of Default (as defined in the Note Purchase Agreement) under the Note Purchase Agreement, the then-applicable interest rate on all outstanding obligations may be increased by an additional 5.00%.

Beginning on January 13, 2025 and continuing until the Maturity Date, the Purchasers will receive 1.00% (the “Revenue Participation Percentage”) of the first $100.0 million of net sales of each Included Product (as defined in the Note Purchase Agreement) by the Company or its affiliates or licensees in each calendar year, payable quarterly. “Included Products” is defined in the Note Purchase Agreement to include (a) avutometinib and defactinib, including any product that contains either one of the foregoing in combination with any other active ingredient(s), and (b) all other compounds, chemical entities or pharmaceutical products being designed, developed, licensed, manufactured or commercialized by the Company or its subsidiaries from time to time. The Revenue Participation Percentage will increase pro rata immediately upon the occurrence of the Second Purchase and the Third Sale, such that the Revenue Participation Percentage shall increase to a maximum of 2.00% in the event that $150.0 million in aggregate principal amount of Notes has been purchased pursuant to the Note Purchase Agreement following the Third Sale. The outstanding principal amount of the Notes, interest accrued thereon and any other amounts owing to the Purchasers under the Note Purchase Agreement will be due in two equal instalments on (a) the sixth anniversary of the Closing Date, and (b) the Maturity Date.

All of the Notes may be redeemed prior to the Maturity Date at the option of the Company, subject to payment of the Repayment Amount (as defined in the Note Purchase Agreement). The Purchasers may demand redemption of the Notes prior to the Maturity Date in the event of a Change of Control (as defined in the Note Purchase Agreement) of the Company or an Event of Default (as defined in the Note Purchase Agreement) under the Note Purchase Agreement, subject to payment of the Repayment Amount. The Repayment Amount is due at the earlier of the Maturity Date and when payment of all obligations under the Note Purchase Agreement are otherwise due. The Repayment Amount is (a) 135% of the principal amount of the Notes if redemption occurs before the second anniversary of the Closing Date upon a Change of Control; (b) if the preceding clause (a) does not apply, 175% of the principal amount of the Notes if redemption occurs prior to the third anniversary of the Closing Date; and (c) thereafter, 195% of the principal amount of the Notes if redemption occurs after the third anniversary of the Closing Date, minus, in each case, the sum of regularly scheduled interest paid in cash, payments of principal in cash, and payments of revenue participation in cash prior to such redemption date.

The Note Purchase Agreement contains no financial covenants. The Company’s obligations under the Note Purchase Agreement are subject to customary covenants, including limitations on the Company’s ability to dispose of assets, undergo a change of control, merge with or acquire other entities, incur debt, incur liens, pay dividends or other distributions to holders of its capital stock, repurchase stock and make investments, in each case subject to certain exceptions. The Company’s obligations under the Note Purchase Agreement are secured by a security interest on substantially all of the Company’s and its subsidiaries’ assets, including its intellectual property related to avutometinib and defactinib, and a negative pledge on intellectual property related to the Company’s collaboration and option agreement with GenFleet (the “GenFleet Agreement”), subject to certain exceptions relating to the Company’s development of its intellectual property.

A portion of the proceeds of the Note Purchase Agreement were used to repay the Company’s obligations under the Loan Agreement (as defined below) in full. The Loan Agreement was terminated concurrently with entry into the Note Purchase Agreement.

The Company assessed the terms and features of the Note Purchase Agreement and determined that the Company is eligible to elect the fair value option under Accounting Standard Codification (“ASC”) 825, Financial Instruments. The Note Purchase Agreement contains various embedded features and the election of the fair value option allows the Company to bypass analysis of potential embedded derivatives and further analysis of bifurcation of any recognized financial liabilities. Under the fair value option, the financial liability is initially measured at its fair value on the issuance date and subsequently remeasured at estimated fair value on a recurring basis at each reporting date. Changes in the fair value of the Note Purchase Agreement, which include accrued interest, if any, are recorded as a component of change in fair value of Notes in the condensed consolidated statements of operations. The Company has not elected to present interest expense separately from changes in fair value and therefore will not separately present interest expense associated with the Note Purchase Agreement. Changes in fair value caused by instrument-specific credit risk are presented separately in other comprehensive income or loss within the condensed statements of equity (deficit). The portion of total changes in fair value of Notes attributable to changes in instrument-specific credit risk are determined through specific measurement of periodic changes in the discount rate assumption exclusive of base market changes and

are presented as a component of comprehensive income (loss) in the accompanying condensed consolidated statements of operations and comprehensive loss. The change in fair value attributable to instrument specific credit risk recorded during the six months ended June 30, 2026, June 30, 2025 and cumulatively life to date for the debt was a decrease of $2.8 million, $5.3 million and $8 million, respectively. Under the fair value option, debt issuance costs are expensed as incurred. The Company incurred $0.7 million of debt issuance costs which was recorded within selling, general and administrative expense in the condensed consolidated statements of operations during the three months ended March 31, 2025.

Amendment to the Note Purchase Agreement

Subsequent to June 30, 2026, the Second Purchase and Third Sale were replaced and the related potential increases in the Revenue Participation Percentage were fixed pursuant to an amendment to the Note Purchase Agreement. See Note 21, Subsequent Events for further detail.

The following table reconciles the change in fair value of the Notes during the six months ended June 30, 2026 (in thousands):


Beginning fair value balance at December 31, 2025	$	76,330
Change in fair value reported in statements of operations		3,714
Change in fair value reported in comprehensive loss		(2,814)
Interest and revenue participation payments		(3,456)
Ending fair value at June 30, 2026	$	73,774

As of June 30, 2026, future principal payments under the Note Purchase Agreement are due as follows (in thousands):


2026		—
2027		—
2028		—
2029		—
2030		—
2031		37,500
2032		37,500
Total principal payments	$	75,000

Loan Agreement

On March 25, 2022 (the “Loan Agreement Closing Date”), the Company entered into a loan and security agreement (the “Original Loan Agreement”) with Oxford Finance, LLC (“Oxford”), as collateral agent and a lender, and Oxford Finance Credit Fund III LP, as a lender (“OFCF III” and together with Oxford, the “Lenders”), pursuant to which the Lenders agreed to lend the Company up to an aggregate principal amount of $150.0 million in a series of term loans (the “Term Loans”). On January 4, 2024, the Company amended the Original Loan Agreement (as amended, the “Loan Agreement”) to extend the date by which it may draw down the Term C Loan from March 31, 2024, to March 31, 2025.

Pursuant to the Loan Agreement, the Company received an initial Term Loan of $25.0 million on the Loan Agreement Closing Date, and drew down the second term loan of $15.0 million (the “Term B Loan”) on March 22, 2023.

The Company was required to make a final payment of 5.0% of the original principal amount of the Term Loans that are drawn, payable at maturity or upon any earlier acceleration or prepayment of the Term Loans (the “Final Payment Fee”). The Company could have prepaid all, but not less than all, of the Term Loans, subject to a prepayment fee equal to (i) 3.0% of the principal amount of the applicable Term Loan if prepaid on or before the first anniversary date of the funding date of such Term Loan, (ii) 2.0% of the principal amount of the applicable Term Loan if prepaid after the first

anniversary and on or before the second anniversary of the funding date of such Term Loan, and (iii) 1.0% of the principal amount of the applicable Term Loan if prepaid after the second anniversary of the applicable funding date of such Term Loan. All Term Loans were subject to a facility fee of 0.5% of the principal amount.

Substantially concurrently with the closing of the Note Purchase Agreement, on January 13, 2025, the Company terminated its Loan Agreement and repaid in full the balance of its obligations under the Loan Agreement of approximately $42.7 million (the “Payoff Amount”). The Payoff Amount included the Final Payment Fee of $2.0 million, which was due at the earlier of prepayment or loan maturity, and certain prepayment fees as set forth in the Loan Agreement, a prepayment penalty fee of $0.6 million, and unpaid interest of $0.1 million. Upon the Lenders’ receipt of the Payoff Amount, the Loan Agreement was terminated along with the Lenders’ commitment to provide funding under any future term loans. All liens on the Company’s assets to secure the loans under the Loan Agreement have been terminated and released. The Payoff Amount, excluding accrued interest, exceeded the carrying amount of the Term Loan on January 13, 2025 by $1.8 million. As a result, the Company recorded a loss on debt extinguishment of $1.8 million included in the condensed statements of operations and comprehensive loss for the six months ended June 30, 2025.

The following table sets forth total interest expense for the three and six months ended June 30, 2026 and 2025 (in thousands):


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
Contractual Interest	$	360	$	212	$	743	$	375
Amortization of debt discount and issuance costs		—		—		—		29
Amortization of Final Payment Fee		—		—		—		—
Total	$	360	$	212	$	743	$	404

- Definition

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

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+ Details

Capital stock - Convertible Preferred Stock (Details) - $ / shares	Nov. 04, 2022	Jun. 30, 2026	Jun. 30, 2025
Capital stock
Preferred stock, par value (in dollars per share)		$ 0.0001
Preferred stock, shares outstanding		0
Common stock
Capital stock
Shares issuable upon conversion			833,332
Series A Convertible Preferred Stock
Capital stock
Convertible preferred stock, shares issued upon conversion	0.833
Number of preferred stock converted into common stock			1,000,000
Preferred stock, shares outstanding		0
Series A Convertible Preferred Stock \| BVF
Capital stock
Preferred stock, par value (in dollars per share)	$ 0.0001
Shares issued on conversion	1,000,000
Series A Convertible Preferred Stock \| Common stock \| BVF
Capital stock
Conversion of stock, shares converted	833,333

Leases (Details) $ in Millions			6 Months Ended
Leases (Details) $ in Millions	Nov. 01, 2024 USD ($)	Feb. 15, 2018 USD ($) ft²	Jun. 30, 2026 USD ($)	Apr. 15, 2014 ft²
Leases
Right-of-use asset			$ 2.5
Corresponding lease liability			2.5
Office and Laboratory Space in Needham, Massachusetts
Leases
Area of space \| ft²		27,810		15,197
Initial annual base rent			0.8
Amount of annual base rent for last 12- Months			$ 1.1
Office and Laboratory Space in Needham, Massachusetts \| Minimum
Leases
Operating lease expense		$ 0.7
Office and Laboratory Space in Needham, Massachusetts \| Maximum
Leases
Operating lease expense	$ 1.1	$ 1.1

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' (DEFICIT) EQUITY (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2025	Mar. 31, 2025
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' (DEFICIT) EQUITY
Issuance of stock costs	$ 5,072	$ 74

Segment Reporting

6 Months Ended

Jun. 30, 2026

Segment Reporting

Segment Reporting

14. Segment Reporting

The Company has one operating segment which is the business of researching, developing and commercializing drugs for the treatment of patients with cancer. While the Company group consists of entities incorporated in both the U.S. and Germany, the Company manages all business activities on a consolidated basis for the purposes of assessing

performance, making operating decisions, and allocating Company resources. The Company’s Chief Operating Decision Maker (the “CODM”) is its President and Chief Executive Officer. The measure of segment assets is the same as reported on the condensed consolidated balance sheets as total assets. The CODM assesses performance based on consolidated net loss that is also reported on the consolidated statements of operations and comprehensive loss. The CODM uses net loss to monitor budget versus actual results and to determine how to allocate resources and capital in line with the Company’s overall strategy and goals. The accounting policies of the Company's segment are the same as those described in Note 2. Significant Accounting Policies in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

The table below is a summary of segment net loss including significant segment expenses for the three and six months ended June 30, 2026 and 2025 (in thousands):


	Three months ended June 30,					Six months ended June 30,
	2026			2025		2026			2025
Revenue:
Product revenue, net	$	25,078		$	2,137	$	43,749		$	2,137
Sale of COPIKTRA license and related assets		15,000			—		15,000			—
Expenses:
Cost of sales - product		3,762			318		6,532			318
Cost of sales - intangible amortization		279			128		559			128
Research and development expenses⁽¹⁾		40,050			23,979		77,422			52,532
Commercial expenses⁽¹⁾		11,899			8,364		21,775			12,417
Medical affairs expenses⁽¹⁾		4,468			2,234		7,576			4,459
General and administrative expenses⁽¹⁾		8,537			7,475		15,812			15,140
Stock-based compensation expense		3,430			3,413		5,476			5,084
Depreciation expense		—			—		—			10
Interest income		(1,108)			(822)		(2,405)			(1,782)
Interest expense		360			212		743			404
Loss on debt extinguishment		—			—		—			1,826
Change in fair value of warrant liability		—			(20,320)		(9,323)			(17,904)
Change in fair value of Notes		1,843			2,990		3,714			7,405
Other segment items⁽²⁾		415			100		1,316			137
Income tax expense		816			—		816			—
Net loss	$	(34,673)		$	(25,934)	$	(71,264)		$	(78,037)

(1)

This category is exclusive of non-cash stock-based compensation and severance expense.

(2)

Other segment items primarily include severance expense and transactions losses and gains due to foreign currency fluctuations.

- Definition

The entire disclosure for segment reporting.

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-Publisher FASB
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Publisher FASB
-URI https://asc.fasb.org/280/tableOfContent

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26

+ Details

Capital Stock

6 Months Ended

Jun. 30, 2026

Capital stock

Capital stock

15. Capital stock

November 2025 Public Offering

On November 13, 2025, the Company entered into an Underwriting Agreement (the “November 2025 Public Offering”) with several Underwriters to sell in a public offering 8,543,794 shares of the Company’s common stock, at a price to the public of $7.25 per share, less the underwriting discounts and commissions, and, in lieu of shares of common stock to certain investors, pre-funded warrants (the “November 2025 Pre-Funded Warrants”) to purchase up to an aggregate of 3,870,000 shares of common stock at a price to the public of $7.2499 per share of common stock underlying a pre-funded warrant, which represents the per share public offering price for the shares of common stock less the $0.001 per

share exercise price for each such share of common stock underlying a November 2025 Pre-Funded Warrant. Furthermore, as part of the Underwriting Agreement, Greenshoe Options (“November 2025 Overallotment Options”) were granted to the Underwriters to purchase up to an aggregate of 1,862,069 shares of the Company’s Common Stock, par value $0.0001 per share, at a price to the Underwriters of $7.25 per share, less the underwriting discounts and commissions. On November 14, 2025, the underwriters exercised their Overallotment Options in full and the Company issued 1,862,069 additional shares of common stock at the price of $7.25 per share.

The exercise price of each November 2025 Pre-Funded Warrant equals $0.0001 per underlying share of common stock. The exercise price and the number of shares of common stock issuable upon exercise of each November 2025 Pre-Funded Warrant is subject to appropriate adjustment in the event of certain stock dividends, stock splits, stock combinations, or similar events affecting the Company’s common stock. The November 2025 Pre-Funded Warrants are exercisable in cash or by means of a cashless exercise and will not expire until the date the November 2025 Pre-Funded Warrants are fully exercised. The November 2025 Pre-Funded Warrants may not be exercised if the aggregate number of shares of common stock beneficially owned by the holder thereof (together with its affiliates) immediately following such exercise would exceed a specified beneficial ownership limitation.

The November 2025 Pre-Funded Warrants cannot require cash settlement, are freestanding financial instruments that are legally detachable and separately exercisable from the shares of common stock with which they were issued, are immediately exercisable, do not embody an obligation for the Company to repurchase its common stock shares and permit the holders to receive a fixed number of shares of common stock upon exercise. Additionally, the November 2025 Pre-Funded Warrants do not provide any guarantee of value or return. Accordingly, the November 2025 Pre-Funded Warrants are classified as a component of permanent equity. The net proceeds of the 2025 Public Offering were approximately $96.9 million, after deducting underwriting fees and other expenses. 3,870,000 November 2025 Pre-Funded Warrants remain outstanding as of June 30, 2026.

April 2025 Private Placement

On April 25, 2025, the Company entered into a securities purchase agreement with certain institutional accredited investors (the “PIPE Investors”), pursuant to which the Company sold to the PIPE Investors, in a private placement (the “2025 Private Placement”), an aggregate of 3,429,287 shares of the Company’s common stock at an offering price of $7.00 per share and, in lieu of common stock to certain PIPE Investors, pre-funded warrants to purchase an aggregate of 7,285,713 shares of common stock (the “April 2025 Pre-Funded Warrants,”) at an offering price of $6.9999 per April 2025 Pre-Funded Warrant. The 2025 Private Placement closed on April 28, 2025.

The exercise price of each April 2025 Pre-Funded Warrant equals $0.0001 per underlying share of common stock. The exercise price and the number of shares of common stock issuable upon exercise of each April 2025 Pre-Funded Warrant is subject to appropriate adjustment in the event of certain stock dividends, stock splits, stock combinations, or similar events affecting the Company’s common stock. The April 2025 Pre-Funded Warrants are exercisable in cash or by means of a cashless exercise and will not expire until the date the April 2025 Pre-Funded Warrants are fully exercised. The April 2025 Pre-Funded Warrants may not be exercised if the aggregate number of shares of common stock beneficially owned by the holder thereof (together with its affiliates) immediately following such exercise would exceed a specified beneficial ownership limitation; provided, however, that a holder may increase or decrease the beneficial ownership limitation by giving 61 days’ notice to the Company, but not to any percentage in excess of 19.99%. In addition, upon the occurrence of a fundamental transaction (as described in the April 2025 Pre-Funded Warrant), each April 2025 Pre-Funded Warrant will have the right to receive, upon exercise of such April 2025 Pre-Funded Warrant, the kind and amount of securities, cash or other property that such holders would have received had they exercised such April 2025 Pre-Funded Warrant immediately prior to such fundamental transaction without regard to any limitations on exercise contained in the April 2025 Pre-Funded Warrants.

The April 2025 Pre-Funded Warrants cannot require cash settlement, are freestanding financial instruments that are legally detachable and separately exercisable from the shares of common stock with which they were issued, are immediately exercisable, do not embody an obligation for the Company to repurchase its common stock shares and permit the holders to receive a fixed number of shares of common stock upon exercise. Additionally, the April 2025 Pre-Funded Warrants do not provide any guarantee of value or return. Accordingly, the April 2025 Pre-Funded Warrants are

classified as a component of permanent equity. The net proceeds of the 2025 Private Placement were approximately $69.9 million, after deducting placement agent fees and other expenses. During the first quarter of 2026, the holders exercised 1,428,571 April 2025 Pre-Funded Warrants, exercise price $0.0001 per share, resulting in the issuance of 1,428,571 shares of common stock. 5,857,142 April 2025 Pre-Funded Warrants remain outstanding as of June 30, 2026.

Stock Purchase Agreement

In connection with the Note Purchase Agreement, on January 13, 2025, the Company entered into a Stock Purchase Agreement (the “Stock Purchase Agreement”) with certain funds managed by Oberland and affiliates thereof (the “SPA Investors”), pursuant to which the SPA Investors purchased an aggregate of 1,416,939 shares of the Company’s common stock, at a price of $5.2931 per share, based on the trailing 30-trading day volume-weighted average price of the Company’s common stock, as of the date of the Stock Purchase Agreement. The Company received net proceeds of $7.4 million after deducting offering costs, which was recorded as a component of permanent equity during the three months ended March 31, 2025. In addition, pursuant to the Stock Purchase Agreement, the Company granted the SPA Investors, for a period of three years following the closing on January 13, 2025, a right to participate in any equity offerings consummated by the Company in an amount up to $2.5 million, subject to certain limitations and exclusions set out in the Stock Purchase Agreement.

July 2024 Public Offering

On July 23, 2024, the Company entered into an underwriting agreement with Guggenheim Securities, LLC and Cantor Fitzgerald & Co. (“Cantor”), as representatives of the several underwriters relating to the underwritten offering, issuance and sale by the Company of: (i) 13,333,334 shares of the Company’s common stock, and accompanying warrants (the “Warrants”) to purchase up to 13,333,334 shares of common stock; and (ii) to certain investors, pre-funded warrants (the “July 2024 Pre-Funded Warrants”) to purchase up to 5,000,000 shares of common stock and accompanying Warrants to purchase 5,000,000 shares of common stock (collectively, the “July 2024 Offering”). Each share of common stock was sold with an accompanying Warrant at a combined price of $3.00, and each July 2024 Pre-Funded Warrant was sold together with an accompanying Warrant at a combined price of $2.999, which is equal to the combined offering price per share of common stock and accompanying Warrant less the $0.001 exercise price of each July 2024 Pre-Funded Warrant. The July 2024 Offering closed on July 25, 2024. The Company received approximately $50.8 million in net proceeds, after deducting underwriting discounts and commissions and offering expenses.

Pre-Funded Warrants

Each July 2024 Pre-Funded Warrant has an exercise price equal to $0.001 per underlying share of common stock. The July 2024 Pre-Funded Warrants are exercisable as of July 25, 2024, do not expire and are exercisable in cash or by means of a cashless exercise.

The July 2024 Pre-Funded Warrants cannot require cash settlement, are freestanding financial instruments that are legally detachable and separately exercisable from the shares of common stock and Warrants with which they were issued, are immediately exercisable, and do not embody an obligation for the Company to repurchase its common stock shares and permit the holders to receive a fixed number of shares of common stock upon exercise. Additionally, the July 2024 Pre-Funded Warrants do not provide any guarantee of value or return. Accordingly, the July 2024 Pre-Funded Warrants are classified as a component of permanent equity. The Company allocated $15.4 million of the proceeds to the July 2024 Pre-Funded Warrants and shares of common stock issued. During the second quarter of 2025, the holders exercised 2,500,000 July 2024 Pre-Funded Warrants, exercise price $0.001 per share, via cashless exercise resulting in the issuance of 2,499,665 shares of common stock. During the second quarter of 2026, the holders exercised the remaining 2,500,000 July 2024 Pre-Funded Warrants, exercise price $0.001 per share, via cashless exercise resulting in the issuance of 2,499,338 shares of common stock. No July 2024 Pre-Funded Warrants remain outstanding as of June 30, 2026.

Warrants

Each Warrant had an exercise price equal to $3.50. Each Warrant was exercisable for one share of the Company’s common stock (or, in certain limited circumstances in lieu of a share of common stock, a pre-funded warrant for one share of the Company’s common stock at the warrant exercise price less the exercise price of the pre-funded warrant purchased). The Warrants were exercisable as of July 25, 2024 and expired as of January 25, 2026. The Warrants were exercisable in cash or, in certain limited circumstances only, by means of a cashless exercise.

The Warrants met the definition of a derivative pursuant to FASB ASC 815, Derivatives and Hedging, and did not meet the derivative scope exception given the Warrants did not qualify under the indexation guidance. As a result, the Warrants were initially recognized as liabilities and measured at fair value using the Black-Scholes valuation model with subsequent changes in fair value recorded in earnings. The Warrants were recorded at a fair value of $39.6 million upon issuance and the Company allocated $39.6 million of the proceeds as warrant liability. During the year ended December 31, 2025 and 2024, 9,654,168 Warrants and 250,000 Warrants, respectively, were exercised for shares of common stock and the fair value of the Warrants on the respective exercise dates was $50.0 million and $0.5 million, respectively, which was reclassified from warrant liability to additional paid in capital. In January 2026, 8,391,666 Warrants were exercised for 8,391,666 shares of common stock. The fair value of the 8,391,666 Warrants on their exercise dates was $26.3 million, which was reclassified from warrant liability to additional paid-in capital during the first quarter of 2026.

On January 25, 2026, 37,500 Warrants expired. As of June 30, 2026, no Warrants remained outstanding and there was no warrant liability outstanding. The Company recorded the mark-to-market adjustment of $0.0 million and $9.3 million for the three and six months ended June 30, 2026 under change in fair value of warrant liability within the condensed consolidated statements of operations and comprehensive loss.

Series A Convertible Preferred Stock

On November 4, 2022, the Company entered into an exchange agreement with Biotechnology Value Fund, L.P., Biotechnology Value Fund II, L.P., Biotechnology Value Trading Fund OS LP and MSI BVF SPV, LLC (collectively referred to as “BVF”), pursuant to which BVF exchanged 833,333 shares of the Company’s common stock for 1,000,000 shares of newly designated Series A convertible preferred stock, par value $0.0001 per share (the “Series A Convertible Preferred Stock”).

Each share of the Series A Convertible Preferred Stock was convertible into 0.833 shares of the Company’s common stock at the option of the holder at any time, subject to certain limitations,

In June 2025, holders of the Series A Convertible Preferred Stock elected to convert all 1,000,000 shares of Series A Convertible Preferred Stock for 833,332 shares of the Company’s common stock and consequently, the Company issued 833,332 shares of its common stock to holders of the Series A Convertible Preferred Stock. As of June 30, 2026, there were no shares of Series A Convertible Preferred Stock outstanding.

At-the-market equity offering program

In August 2021, the Company entered into a sales agreement with Cantor pursuant to which the Company can offer and sell up to $100.0 million of its common stock at the current market prices from time to time through Cantor as sales agent (the “August 2021 ATM”). In August 2025, the Company entered into a separate sales agreement with Cantor pursuant to which the Company can offer and sell up to $100.0 million of its common stock at the current market prices from time to time through Cantor as sales agent (the “August 2025 ATM” and together with the August 2021 ATM, “ATM Programs”). During the three and six months ended June 30, 2026, the Company did not sell any shares under the ATM Programs. During the three and six months ended June 30, 2025, the Company sold 0 shares and 4,000,000 shares, respectively, under the August 2021 ATM for net proceeds of approximately $0.0 million and $22.7 million, respectively, after deducting commissions and other offering expenses.

- 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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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 136,353	$ 204,990
Accounts receivable, net	28,874	8,813
Inventory	2,396	1,833
Grant receivable	200	200
Prepaid expenses and other current assets	8,332	7,577
Total current assets	176,155	223,413
Right-of-use asset, net	2,625	491
Restricted cash	241	241
Intangible assets, net	15,867	16,426
Other assets	11,623	6,112
Total assets	206,511	246,442
Current liabilities:
Accounts payable	17,999	12,448
Accrued expenses, short-term	54,196	53,981
Note Payable	214
Vendor financing arrangement, short-term	5,228	5,304
Lease liability, short-term	493	535
Total current liabilities	78,130	72,268
Non-current liabilities:
Long-term debt	73,774	76,330
Vendor financing arrangement, long-term	2,500	5,000
Lease liability, long-term	2,121
Warrant liability		35,647
Total liabilities	156,525	189,245
Stockholders' equity:
Preferred stock, $0.0001 par value; 5,000 shares authorized, 0 shares issued and outstanding at June 30, 2026 and at December 31, 2025, respectively
Common stock, $0.0001 par value; 300,000 shares authorized, 90,482 and 77,740 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	9	8
Additional paid-in capital	1,278,196	1,216,958
Accumulated other comprehensive income	8,043	5,229
Accumulated deficit	(1,236,262)	(1,164,998)
Total stockholders' equity	49,986	57,197
Total liabilities, preferred stock and stockholders' equity	$ 206,511	$ 246,442

Capital stock - At-the market equity offering program (Details) - Common stock - USD ($) $ in Millions	1 Months Ended		3 Months Ended	6 Months Ended
	Aug. 31, 2025	Aug. 31, 2021	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
2021 ATM Program
Capital stock
Shares issued			0		4,000,000
Net proceeds from issuance of stock			$ 0.0		$ 22.7
At-the-market equity offering program
Capital stock
Maximum value of common stock allowed to be sold	$ 100.0	$ 100.0
Shares issued				0

- Definition

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

+ References

+ Details

- Definition

Number of new stock issued during the period.

+ References

+ Details

Cash, cash equivalents and restricted cash (Tables)

6 Months Ended

Jun. 30, 2026

Cash, cash equivalents and restricted cash

Schedule of reconciliation of cash, cash equivalents and restricted cash


		June 30, 2026			December 31, 2025
Cash and cash equivalents		$	136,353		$	204,990
Restricted cash			241			241
Total cash, cash equivalents and restricted cash		$	136,594		$	205,231

License, collaboration and commercial agreements - Genfleet Therapeutics (Details) - License and Collaboration Agreement - Genfleet - USD ($) $ in Millions		1 Months Ended	12 Months Ended
	Aug. 24, 2023	Jan. 31, 2025	Dec. 31, 2024
License, collaboration and commercial agreements
Upfront payment	$ 2.0
Potential milestone payments	$ 622.0
Payment for development milestone		$ 6.0	$ 3.0
Number of days written prior notice required for other party to terminate agreement	90 days
Number of days written notice required to terminate agreement if fails to cure breach	60 days
Location, Statement of Income, Balance [Axis]: us-gaap:ResearchAndDevelopmentExpense
License, collaboration and commercial agreements
Upfront payment		$ 6.0
Maximum \| Achievement of certain development and commercialization milestones
License, collaboration and commercial agreements
Potential milestone payments	$ 154.0
Maximum \| Achievement of certain sales milestones
License, collaboration and commercial agreements
Potential milestone payments	450.0
Maximum \| Exercise of All Three Gen Fleet Options
License, collaboration and commercial agreements
Potential milestone payments	18.0
Research and Development Arrangement
License, collaboration and commercial agreements
Genfleet R&D Support Fee	$ 1.5

Fair value of financial instruments

6 Months Ended

Jun. 30, 2026

Fair value of financial instruments

Fair value of financial instruments

4. Fair value of financial instruments

The Company determines the fair value of its financial instruments based upon the fair value hierarchy, which prioritizes valuation inputs based on the observable nature of those inputs. The fair value hierarchy applies only to the valuation inputs used in determining the reported fair value of the financial assets or liabilities and is not a measure of the credit quality. The hierarchy defines three levels of valuation inputs:

Level 1 inputs	Quoted prices in active markets for identical assets or liabilities that the Company can access at the measurement date.
Level 2 inputs	Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.
Level 3 inputs	Unobservable inputs that reflect the Company’s own assumptions about the assumptions market participants would use in pricing the asset or liability.

Items Measured at Fair Value on a Recurring Basis

The following table presents information about the Company’s financial instruments that are measured at fair value on a recurring basis (in thousands):


		June 30, 2026
Description		Total			Level 1			Level 2			Level 3
Financial assets
Cash equivalents		$	78,734		$	78,734		$	—		$	—
Total financial assets		$	78,734		$	78,734		$	—		$	—
Financial liabilities
Notes		$	73,774		$	—		$	—		$	73,774
Total financial liabilities		$	73,774		$	—		$	—		$	73,774


	December 31, 2025
Description	Total			Level 1			Level 2			Level 3
Financial assets
Cash equivalents	$	106,830		$	106,830		$	—		$	—
Total financial assets	$	106,830		$	106,830		$	—		$	—
Financial liabilities
Warrant liability	$	35,647		$	—		$	—		$	35,647
Notes	$	76,330		$	—		$	—		$	76,330
Total financial liabilities	$	111,977		$	—		$	—		$	111,977

The Company’s financial assets consist of cash equivalents, including U.S. Government money market funds and short-term investments comprised of commercial paper. The financial assets have been initially valued at the transaction price and subsequently valued, at the end of each reporting period, utilizing third party pricing services or other market observable data. The pricing services utilize industry standard valuation models, including both income and market-based approaches and observable market inputs to determine value. These observable market inputs include reportable trades, benchmark yields, credit spreads, broker/dealer quotes, bids, offers, current spot rates and other industry and economic events. The Company validates the prices provided by third-party pricing services by reviewing their pricing

methods and matrices, obtaining market values from other pricing sources, analyzing pricing data in certain instances and confirming that the relevant markets are active. After completing its validation procedures, the Company did not adjust or override any fair value measurements provided by the pricing services as of June 30, 2026, or December 31, 2025.

Warrant Liability

A warrant liability was recorded as a result of the July 2024 Offering (as defined herein) (see Note 15. Capital Stock). The fair value measurement of the warrant liability is classified as Level 3 under the fair value hierarchy. The fair value of the warrant liability at inception was determined using the Black-Scholes valuation model. The inputs to the Black-Scholes valuation model include the risk-free rate, stock price volatility, expected dividends and remaining term. Significant increases or decreases in any of those inputs in isolation could result in a significantly lower or higher fair value measurement. During the first quarter of 2026, all outstanding Warrants were either exercised or expired. As a result, no Warrants remained outstanding as of June 30, 2026. The Company marked the warrant liability to fair value at the exercise date using the Black-Scholes model and reclassified the warrant liability to equity upon exercise. No further fair value measurements using the Black-Scholes model were required.

Below are the inputs used to value the warrant liability at December 31, 2025:


	December 31, 2025
Risk-free interest rate	3.74	%
Volatility	53	%
Dividend yield	—
Remaining term (years)	0.1

The following table represents a reconciliation of the warrant liability (in thousands):


December 31, 2025	$	35,647
Fair value of warrants exercised		(26,324)
Fair value adjustment		(9,323)
June 30, 2026	$	—

Note Purchase Agreement

The fair value of the Notes pursuant to the Note Purchase Agreement represents the present value of estimated future payments, including interest, principal, Repayment Amount, and Revenue Participation Payments (each as defined in the Note Purchase Agreement) (see Note 10. Debt). The fair value measurement is based on significant Level 3 unobservable inputs such as the probability and timing of Revenue Participation Payments, Repayment Amount, and the discount rate. The Company determined the fair value of the Notes utilizing a discounted cash flow model of estimated future payments including interest, principal, Repayment Amount and Revenue Participation Payments utilizing a discount rate calculated as the term matched risk-free rate plus credit spread. At December 31, 2025, the Company utilized a discount rate between 12.6% - 13.0% and at June 30, 2026, the Company utilized a discount rate between 13.9% - 14.2%. The fair value of the Notes at June 30, 2026 and December 31, 2025 was $73.8 million and $76.3 million, respectively. The fair value of the Notes as of June 30, 2026 and December 31, 2025 differed from the contractual principal amount of $75.0 million by ($1.2) million and $1.3 million, respectively. Significant increases or decreases in any of these inputs in isolation could result in a significantly lower or higher fair value measurement.

- Definition

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

+ References

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

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

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

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

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

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

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

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

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

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

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

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

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

+ Details

Significant accounting policies - Concentrations of credit risk and off-balance sheet risk (Details) $ in Thousands	1 Months Ended	3 Months Ended	6 Months Ended
	Sep. 30, 2020 USD ($)	Jun. 30, 2026 USD ($) customer	Jun. 30, 2026 USD ($) customer Institution
Concentrations of credit risk and off-balance sheet risk
Off-balance sheet concentrations of credit risk description			As of June 30, 2026, the Company’s cash, cash equivalents and investments were deposited at three financial institutions and it has no significant off-balance sheet concentrations of credit risk, such as foreign currency exchange contracts, option contracts or other hedging arrangements.
Number of financial institutions in which cash, cash equivalents and investments were deposited \| Institution			3
Trade accounts receivable \| Credit Concentration Risk
Concentrations of credit risk and off-balance sheet risk
Number of customer \| customer			5
Percentage of trade accounts receivable			100.00%
Trade accounts receivable \| Credit Concentration Risk \| Major customer
Concentrations of credit risk and off-balance sheet risk
Number of customer \| customer			2
Percentage of trade accounts receivable			65.00%
Revenue \| Customer Concentration Risk \| Major customer
Concentrations of credit risk and off-balance sheet risk
Number of customer \| customer		2	2
Revenue recognized		$ 21,300	$ 37,200
License and collaboration agreement \| Sales Exceeds $200 Million \| Secura
Concentrations of credit risk and off-balance sheet risk
Threshold sales to trigger milestone payments	$ 200,000		200,000
License and collaboration agreement \| Sales Exceeds $300 Million \| Secura
Concentrations of credit risk and off-balance sheet risk
Threshold sales to trigger milestone payments	$ 300,000
Sale of COPIKTRA license and related assets
Concentrations of credit risk and off-balance sheet risk
Revenue recognized		$ 15,000	15,000
Sale of COPIKTRA license and related assets \| License and collaboration agreement \| Secura
Concentrations of credit risk and off-balance sheet risk
Revenue recognized			15,000
Sale of COPIKTRA license and related assets \| License and collaboration agreement \| Sales Exceeds $200 Million \| Secura
Concentrations of credit risk and off-balance sheet risk
Revenue recognized			15,000
Threshold sales to trigger milestone payments			$ 200,000

Product revenue reserves and allowances (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2026 USD ($)
Product revenue reserves and allowances
Product revenue reserves and allowances at beginning	$ 3,889
Provision related to sales in the current year	8,335
Adjustments related to prior period sales	(193)
Credits and payments made	(6,209)
Product revenue reserves and allowances at ending	5,822
Trade discounts and allowances
Product revenue reserves and allowances
Product revenue reserves and allowances at beginning	236
Provision related to sales in the current year	1,213
Credits and payments made	(1,136)
Product revenue reserves and allowances at ending	313
Third Party Payer chargebacks, discounts and fees
Product revenue reserves and allowances
Product revenue reserves and allowances at beginning	252
Provision related to sales in the current year	770
Credits and payments made	(622)
Product revenue reserves and allowances at ending	400
Government rebates and other incentives
Product revenue reserves and allowances
Product revenue reserves and allowances at beginning	3,025
Provision related to sales in the current year	6,126
Adjustments related to prior period sales	(193)
Credits and payments made	(4,451)
Product revenue reserves and allowances at ending	4,507
Returns
Product revenue reserves and allowances
Product revenue reserves and allowances at beginning	376
Provision related to sales in the current year	226
Product revenue reserves and allowances at ending	$ 602

Fair value of financial instruments - Items Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Financial assets
Warrant liability		$ 35,647
Level 3
Financial assets
Warrant liability		35,647
Recurring basis
Financial assets
Cash equivalents	$ 78,734	106,830
Total financial assets	78,734	106,830
Warrant liability		35,647
Notes	73,774	76,330
Total financial liabilities	73,774	111,977
Recurring basis \| Level 1
Financial assets
Cash equivalents	78,734	106,830
Total financial assets	78,734	106,830
Recurring basis \| Level 3
Financial assets
Warrant liability		35,647
Notes	73,774	76,330
Total financial liabilities	$ 73,774	$ 111,977

- Definition

Fair value of financial obligations, including, but not limited to, debt instruments, derivative liabilities, federal funds purchased and sold under agreements to repurchase, securities loaned or sold under agreements to repurchase, financial instruments sold not yet purchased, guarantees, line of credit, loans and notes payable, servicing liability, and trading liabilities.

+ References + Details

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2026	Aug. 03, 2026
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2026
Document Transition Report	false
Entity File Number	001-35403
Entity Registrant Name	Verastem, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	27-3269467
Entity Address, Address Line One	117 Kendrick Street, Suite 500
Entity Address, City or Town	Needham
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02494
City Area Code	781
Local Phone Number	292-4200
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	VSTM
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		90,563,441
Entity Central Index Key	0001526119
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q2
Amendment Flag	false

Stock-based compensation - Restricted stock units (Details) - Restricted stock units	6 Months Ended
	Jun. 30, 2026 $ / shares shares
Shares
Outstanding at the beginning of the period (in shares) \| shares	1,313,898
Granted (in shares) \| shares	2,979,640
Vested (in shares) \| shares	(419,467)
Forfeited/cancelled (in shares) \| shares	(172,398)
Outstanding at the end of the period (in shares) \| shares	3,701,673
Weighted-average grant date fair value per share
Outstanding at the beginning of the period (in dollars per share) \| $ / shares	$ 5.73
Granted (in dollars per share) \| $ / shares	5.09
Vested (in dollars per share) \| $ / shares	5.47
Forfeited/cancelled (in dollars per share) \| $ / shares	5.82
Outstanding at the end of the period (in dollars per share) \| $ / shares	$ 5.24

Net loss per share (Tables)

6 Months Ended

Jun. 30, 2026

Net loss per share

Schedule of computation of basic and diluted net loss income per share


		Three months ended June 30,				Six months ended June 30,
		2026		2025		2026		2025
Net loss		(34,673)		(25,934)		(71,264)		(78,037)
Less: Change in fair value of warrant liability		—		(20,320)		(9,323)		(17,904)
Adjusted diluted net loss		(34,673)		(46,254)		(80,587)		(95,941)

Weighted average shares outstanding		100,116		66,143		99,209		60,191
Add: Dilutive effect of the Warrants		—		7,894		425		7,991
Weighted average diluted shares outstanding		100,116		74,037		99,634		68,182

Net loss per share - basic		(0.35)		(0.39)		(0.72)		(1.30)
Net loss per share - diluted		(0.35)		(0.62)		(0.81)		(1.41)

Schedule of potentially dilutive securities were excluded from the calculation of diluted net loss per share


		Three months ended June 30,				Six months ended June 30,
		2026		2025		2026		2025
Outstanding stock options		3,343,705		2,945,631		3,343,705		2,945,631
Outstanding restricted stock units		3,701,673		1,498,103		3,701,673		1,498,103
Employee stock purchase plan		15,111		8,308		15,111		8,308
Total potentially dilutive securities		7,060,489		4,452,042		7,060,489		4,452,042

Investments (Tables)

6 Months Ended

Jun. 30, 2026

Investments

Schedule of cash, cash equivalents and investments

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

 

June 30, 2026

 

Gross

 

Gross

 

Amortized

Unrealized

Fair

 

Cost

 

Gains

 

Losses

 

Value

Cash, cash equivalents & restricted cash:

Cash and money market accounts

136,594

—

136,594

Total cash, cash equivalents & restricted cash

136,594

—

136,594

 

December 31, 2025

 

Gross

 

Gross

 

Amortized

Unrealized

Fair

 

Cost

 

Gains

 

Losses

 

Value

Cash, cash equivalents & restricted cash:

Cash and money market accounts

205,231

—

205,231

Total cash, cash equivalents & restricted cash

205,231

—

205,231

Income taxes (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
Income taxes (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2026	Sep. 30, 2020
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Income tax expense	$ 816	$ 816
Secura \| License and Collaboration Agreement
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Milestone payments receivable upon approval of COPIKTRA			$ 35,000
Sale of COPIKTRA license and related assets \| Secura \| License and Collaboration Agreement
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Milestone payments receivable upon approval of COPIKTRA	$ 15,000	$ 15,000

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 3: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
-Section 45
-Paragraph 3A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483475/205-20-45-3A

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
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-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
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-Name Accounting Standards Codification
-Section 55
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-21

Reference 6: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
-Section 55
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-14

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 10: http://www.xbrl.org/2003/role/exampleRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 55
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-Publisher FASB
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
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Reference 12: 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/1943274/2147483443/250-10-50-9

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

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Product revenue reserves and allowances

6 Months Ended

Jun. 30, 2026

Product revenue reserves and allowances

Product revenue reserves and allowances

7. Product revenue reserves and allowances

Since 2025, the Company’s sole source of product revenue has been from sales of AVMAPKI FAKZYNJA CO-PACK in the United States. The following table summarizes activity in each of the product revenue allowance and reserve categories for the six months ended June 30, 2026 (in thousands):


		Trade			Third Party Payer			Government
		discounts			chargebacks,			rebates and
		and			discounts			other
		allowances			and fees			incentives			Returns			Total
Balance at December 31, 2025		$	236		$	252		$	3,025		$	376		$	3,889
Provision related to sales in the current year			1,213			770			6,126			226			8,335
Adjustments related to prior period sales			—			—			(193)			—			(193)
Credits and payments made			(1,136)			(622)			(4,451)			—			(6,209)
Ending balance at June 30, 2026		$	313		$	400		$	4,507		$	602		$	5,822

Trade discounts and Payer chargebacks and discounts are recorded as a reduction to accounts receivable, net on the condensed consolidated balance sheets. Trade allowances and Payer fees, government rebates, other incentives and returns are recorded as a component of accrued expenses on the condensed consolidated balance sheets.

License, collaboration and commercial agreements - Secura (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	6 Months Ended
	Sep. 30, 2020	Jun. 30, 2026	Jun. 30, 2026
Sale of COPIKTRA license and related assets
License, collaboration and commercial agreements
Revenue recognized		$ 15,000	$ 15,000
License and Collaboration Agreement \| Secura
License, collaboration and commercial agreements
Upfront payment	$ 70,000
Milestone payments receivable upon approval of COPIKTRA	35,000
Milestone payments receivable upon approval for commercial sale	10,000
Threshold sales to trigger royalty payments	$ 100,000
Percentage of all royalty, milestone and sublicense revenue payments payable	50.00%
Percentage of all royalty and milestone payments payable under certain jurisdictions	50.00%
License and Collaboration Agreement \| Secura \| Sale of COPIKTRA license and related assets
License, collaboration and commercial agreements
Milestone payments receivable upon approval of COPIKTRA		15,000	15,000
Sales milestone receivable		$ 15,000	15,000
Revenue recognized			15,000
License and Collaboration Agreement \| Secura \| Sales Exceeds $100 Million
License, collaboration and commercial agreements
Sales milestone receivable	$ 10,000
Threshold sales to trigger milestone payments	100,000
License and Collaboration Agreement \| Secura \| Sales Exceeds $200 Million
License, collaboration and commercial agreements
Sales milestone receivable	15,000
Threshold sales to trigger milestone payments	200,000		200,000
License and Collaboration Agreement \| Secura \| Sales Exceeds $200 Million \| Sale of COPIKTRA license and related assets
License, collaboration and commercial agreements
Threshold sales to trigger milestone payments			200,000
Revenue recognized			$ 15,000
License and Collaboration Agreement \| Secura \| Sales Exceeds $300 Million
License, collaboration and commercial agreements
Sales milestone receivable	25,000
Threshold sales to trigger milestone payments	300,000
License and Collaboration Agreement \| Secura \| Maximum
License, collaboration and commercial agreements
Regulatory milestone payments	45,000
Sales milestone receivable	$ 50,000

Investments - Cash, cash equivalents, restricted cash and investments (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026 USD ($) item	Jun. 30, 2025 USD ($)	Jun. 30, 2026 USD ($) item	Jun. 30, 2025 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)
Restricted Cash and Cash Equivalent Item [Line Items]
Cash, cash equivalents and restricted cash	$ 136,594	$ 164,563	$ 136,594	$ 164,563	$ 205,231	$ 89,059
Realized gains or losses on investments	$ 0	$ 0	$ 0	$ 0
Number of investments in unrealized loss position \| item	0		0
Location, Statement of Financial Position, Balance [Axis]: us-gaap:PrepaidExpenseAndOtherAssetsCurrent
Restricted Cash and Cash Equivalent Item [Line Items]
Accrued interest receivable	$ 100		$ 100		$ 200

Intangible Assets

6 Months Ended

Jun. 30, 2026

Intangible Assets

Intangible Assets

9. Intangible Assets

The Company’s intangible assets consist of the following (in thousands):


		June 30, 2026			Weighted-Average Remaining Amortization Period (Years)
Acquired and in-licensed rights		$	17,123		14.3
Less: accumulated amortization			(1,256)
Total intangible assets, net		$	15,867

The Company's finite-lived intangible assets are the result of milestone payments due under the Pfizer Agreement (defined herein) and the License Agreement (defined herein). Refer to Note 18. License, collaboration and commercial agreements for further discussion of the Pfizer Agreement and License Agreement.

The Company recorded approximately $0.3 million and $0.6 million in cost of sales – intangible amortization expense related to finite-lived intangible assets during the three and six months ended June 30, 2026, using straight-line methodology. Estimated future cost of sales- intangible amortization expense for finite-lived intangible assets as of June 30, 2026 is as follows (in thousands):


Year ending December 31,	Amount
2026		558
2027		1,117
2028		1,117
2029		1,117
2030		1,117
Thereafter		10,841
Total future amortization	$	15,867

Commitments and contingencies

6 Months Ended

Jun. 30, 2026

Commitments and contingencies

Commitments and contingencies

20. Commitments and contingencies

The Company entered into a lease agreement for approximately 27,810 square feet of office space in Needham, Massachusetts. Please refer to Note 11. Leases for further details regarding the minimum aggregate future lease commitments as of June 30, 2026. In conjunction with the execution of the February 2018 Amended Lease Agreement, November 2024 Amended Lease Agreement, and March 2026 Amended Lease Agreement, the Company has provided a security deposit in the form of a letter of credit in the amount of $0.2 million as of June 30, 2026. The amount is included in non-current restricted cash on the consolidated balance sheets as of June 30, 2026.

As of June 30, 2026, the Company has a remaining commitment to spend approximately $34.4 million under the IQVIA Master Services Agreement which the Company expects to incur in the next two to three years. As of June 30, 2026, approximately $10.7 million of this commitment is included within vendor financing arrangements, accrued expenses, and accounts payable on the condensed balance sheet. Pursuant to the terms of various other agreements, the Company may be required to pay various development, regulatory and commercial milestones. In addition, the Company may be required to pay significant royalties on future sales. The payment of these amounts, however, is contingent upon the occurrence of various future events, the occurrence of which is highly uncertain.

Intangible Assets - Schedule of future amortization expense of finite-lived intangible assets (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Intangible Assets
2026	$ 558
2027	1,117
2028	1,117
2029	1,117
2030	1,117
Thereafter	10,841
Total intangible assets, net	$ 15,867	$ 16,426

Leases (Tables)

6 Months Ended

Jun. 30, 2026

Leases

Summary of elements of lease expenses


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
Lease Expense
Operating lease expense	$	244	$	252	$	490	$	501
Total Lease Expense	$	244	$	252	$	490	$	501
Other Information - Operating Leases
Operating cash flows paid for amounts included in measurement of lease liabilities	$	273	$	273	$	546	$	546


		June 30, 2026
Other Balance Sheet Information - Operating Leases
Weighted average remaining lease term (in years)		3.3
Weighted average discount rate		11.5%
Maturity Analysis
2026		257
2027		1,036
2028		1,064
2029		813
Total	$	3,170
Less: Present value discount		(556)
Lease Liability	$	2,614

Capital stock - November 2025 Public Offering (Details) - USD ($) $ / shares in Units, $ in Millions	Nov. 14, 2025	Nov. 13, 2025	Jun. 30, 2026	Dec. 31, 2025
Capital stock
Common stock, par value (in dollars per share)			$ 0.0001	$ 0.0001
Warrant outstanding			0
November 2025 Public Offering
Capital stock
Shares issued		8,543,794
Selling price per share (in dollars per share)		$ 7.25
Number of shares of common stock in the warrant issued		3,870,000
Share price (in dollars per share)		$ 7.2499
Exercise price of shares of common stock in the warrant issued (in dollars per share)		0.001
November 2025 Public Offering \| November 2025 Pre-Funded Warrant
Capital stock
Common stock, par value (in dollars per share)		$ 0.0001
Gross proceeds		$ 96.9
Warrant outstanding			3,870,000
Overallotment Option
Capital stock
Shares issued	1,862,069
Selling price per share (in dollars per share)		$ 7.25
Share price (in dollars per share)	$ 7.25
Option to purchase, maximum number of shares		1,862,069
Common stock, par value (in dollars per share)		$ 0.0001

Accrued expenses (Tables)

6 Months Ended

Jun. 30, 2026

Accrued expenses

Schedule of accrued expenses

Accrued expenses consist of the following (in thousands):


		June 30, 2026			December 31, 2025

Accrued clinical trial expenses		$	24,283		$	14,338
Accrued milestone payments and royalties			3,698			11,767
Accrued compensation and related benefits			6,635			10,860
Accrued commercialization costs			6,956			8,205
Accrued contract manufacturing expenses			4,488			3,224
Accrued other research and development expenses			3,895			3,015
Accrued consulting fees			1,892			1,287
Accrued professional fees			798			793
Accrued other			1,551			492
Total accrued expenses		$	54,196		$	53,981

Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Intangible Assets
Cost of sales - intangible amortization	$ 279	$ 128	$ 559	$ 128

Income taxes

6 Months Ended

Jun. 30, 2026

Income taxes

Income taxes

19. Income taxes

The Company recorded income tax expense of $0.8 million for the three and six months ended June 30, 2026. This was primarily from interest under Internal Revenue Code (“IRC”) section 453A related to the $15.0 million milestone payment from Secura because it was an installment sale. A portion was also related to state taxes. The Company did not record a federal or state income tax provision or benefit for the six months ended June 30, 2025, due to the expected loss before income taxes to be incurred for the years ended December 31, 2025, as well as the Company’s continued maintenance of a full valuation allowance against its net deferred tax assets.

- 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
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-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
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-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
-Name Accounting Standards Codification
-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
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-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
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-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
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-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
-Topic 740
-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

Inventory - Schedule of inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Inventory
Raw materials	$ 91
Work in process	2,037	$ 1,797
Finished goods	268	36
Total inventory	$ 2,396	$ 1,833

Debt - Note Purchase Agreement (Details) - Notes $ in Thousands			6 Months Ended		18 Months Ended
	Aug. 06, 2026 USD ($)	Jan. 13, 2025 USD ($) installment	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)	Jun. 30, 2026 USD ($)
Debt
Aggregate principal amount			$ 75,000		$ 75,000
Additional issue of principal amount of notes		$ 50,000
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]		us-gaap:SecuredOvernightFinancingRateSofrMember
Variable rate (as a percent)		4.29%
Additional interest rate (%)		3.71%
Interest rate (as a percent)		9.75%
Additional increase in interest rate at event of default		5.00%
Number of equal installments \| installment		2
Financial covenants		The Note Purchase Agreement contains no financial covenants.
Change in fair value reported in comprehensive loss			$ 2,814	$ 5,300	$ 8,000
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Liability, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration]			Fair Value Adjustment of Notes, Instrument Specific Credit Risk
Debt issuance costs			$ 700
Maximum
Debt
Aggregate principal amount of notes		$ 150,000
Initial sale
Debt
Aggregate principal amount		75,000
Second sale, any time prior to December 31, 2025
Debt
Additional issue of principal amount of notes		25,000
Third sale, any time prior to December 31, 2026 (trailing six-month worldwide net sales of avutometinib and defactinib are at least $55.0 million)
Debt
Additional issue of principal amount of notes		50,000
Worldwide net sales of avutobetinib and defactinib during trailing 6-months		$ 55,000
First 8 Quarters following the Note Purchase Agreement Closing Date
Debt
Interest due paid-in-kind (%)		50.00%
First $100 million net sales of each included product
Debt
Participation Percentage		1.00%
Sales amount		$ 100,000
Purchased of full $150 million aggregate principal amount of Notes
Debt
Participation Percentage		2.00%
Aggregate principal amount of notes		$ 150,000
Redemption prior to second anniversary
Debt
Debt redemption, percentage of principal amount		135.00%
Redemption prior to third anniversary
Debt
Debt redemption, percentage of principal amount		175.00%
Redemption after third anniversary
Debt
Debt redemption, percentage of principal amount		195.00%
Subsequent events
Debt
Aggregate principal amount of notes	$ 75,000
Participation Percentage	1.00%
Subsequent events \| Initial sale
Debt
Additional issue of principal amount of notes	$ 50,000
Subsequent events \| Second sale, any time prior to December 31, 2025
Debt
Additional issue of principal amount of notes	$ 25,000

Debt - Loan Agreement (Details) - USD ($) $ in Thousands				6 Months Ended
Debt - Loan Agreement (Details) - USD ($) $ in Thousands	Jan. 13, 2025	Mar. 22, 2023	Mar. 25, 2022	Jun. 30, 2025
Debt
Repayment of long-term, debt				$ 42,580
Loss on debt extinguishment	$ 1,800			$ 1,826
Loan Agreement
Debt
Repayment of long-term, debt	42,700
Final payment fee	2,000
Prepayment penalty fee	600
Unpaid interest	$ 100
Term loan
Debt
Aggregate principal amount			$ 150,000
Issuance of debt			$ 25,000
Percentage of final prepayment fee			5.00%
Additional interest rate in an event of default			0.50%
Term loan \| If prepaid on or before the first anniversary
Debt
Percentage of final prepayment fee			3.00%
Term loan \| If prepaid after the first anniversary and on or before the second anniversary
Debt
Percentage of final prepayment fee			2.00%
Term loan \| If prepaid after the second anniversary
Debt
Percentage of final prepayment fee			1.00%
Term B Loan
Debt
Issuance of debt		$ 15,000

Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2026

Segment Reporting

Summary of segment net loss including significant segment expenses

The table below is a summary of segment net loss including significant segment expenses for the three and six months ended June 30, 2026 and 2025 (in thousands):


	Three months ended June 30,					Six months ended June 30,
	2026			2025		2026			2025
Revenue:
Product revenue, net	$	25,078		$	2,137	$	43,749		$	2,137
Sale of COPIKTRA license and related assets		15,000			—		15,000			—
Expenses:
Cost of sales - product		3,762			318		6,532			318
Cost of sales - intangible amortization		279			128		559			128
Research and development expenses⁽¹⁾		40,050			23,979		77,422			52,532
Commercial expenses⁽¹⁾		11,899			8,364		21,775			12,417
Medical affairs expenses⁽¹⁾		4,468			2,234		7,576			4,459
General and administrative expenses⁽¹⁾		8,537			7,475		15,812			15,140
Stock-based compensation expense		3,430			3,413		5,476			5,084
Depreciation expense		—			—		—			10
Interest income		(1,108)			(822)		(2,405)			(1,782)
Interest expense		360			212		743			404
Loss on debt extinguishment		—			—		—			1,826
Change in fair value of warrant liability		—			(20,320)		(9,323)			(17,904)
Change in fair value of Notes		1,843			2,990		3,714			7,405
Other segment items⁽²⁾		415			100		1,316			137
Income tax expense		816			—		816			—
Net loss	$	(34,673)		$	(25,934)	$	(71,264)		$	(78,037)

(1)

This category is exclusive of non-cash stock-based compensation and severance expense.

(2)

Other segment items primarily include severance expense and transactions losses and gains due to foreign currency fluctuations.

- Definition

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

+ References

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

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

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

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

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

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

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

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

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

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

+ Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities
Net loss	$ (71,264)	$ (78,037)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation		10
Amortization of acquired intangible assets	559	128
Non-cash operating lease cost	(55)	(44)
Stock-based compensation expense	5,476	5,201
Amortization of deferred financing costs, debt discounts and premiums and discounts on available-for-sale marketable securities	(235)	29
Change in fair value of warrant liability	(9,323)	(17,904)
Non-cash change in fair value of Notes	258	4,565
Loss on debt extinguishment		1,826
Changes in operating assets and liabilities:
Accounts receivable, net	(20,061)	(2,076)
Inventory	(563)	(1,168)
Prepaid expenses, other current assets and other assets	(6,507)	(795)
Accounts payable	5,551	4,021
Accrued expenses and other liabilities	139	6,641
Accrued expenses, long term		6,264
Net cash used in operating activities	(96,025)	(71,339)
Investing activities
Purchases of investments	(16,015)
Maturities of investments	16,250
Net cash used in investing activities	235
Financing activities
Proceeds from the issuance of common stock and pre-funded warrants, net		100,095
Repayment of vendor financing arrangement	(2,500)
Proceeds from exercise of warrants	29,371	13,840
Proceeds from long-term debt		75,000
Repayment of long-term debt		(42,580)
Proceeds from insurance premium financing	736	1,180
Payments on insurance premium financing	(522)	(714)
Proceeds from the exercise of stock options and employee stock purchase program	68	22
Net cash provided by financing activities	27,153	146,843
(Decrease) increase in cash, cash equivalents and restricted cash	(68,637)	75,504
Cash, cash equivalents and restricted cash at beginning of period	205,231	89,059
Cash, cash equivalents and restricted cash at end of period	136,594	164,563
Supplemental disclosure of non-cash investing and financing activities
Conversion of warrant liability into additional paid-in capital upon warrant exercise	26,324	$ 18,538
Right of use assets obtained in exchange for operating lease liabilities	$ 2,515

Inventory

6 Months Ended

Jun. 30, 2026

Inventory

Inventory

8. Inventory

Inventory consists of the following (in thousands):


		June 30, 2026			December 31, 2025
Raw materials		$	91		$	—
Work in process			2,037			1,797
Finished goods			268			36
Total inventory		$	2,396		$	1,833

At June 30, 2026, all of our inventory was related to AVMAPKI and FAKZYNJA. In May 2025, the FDA approved AVMAPKI FAKZYNJA CO-PACK, at which time the Company began to capitalize costs to manufacture AVMAPKI FAKZYNJA CO-PACK. Prior to FDA approval of AVMAPKI FAKZYNJA CO-PACK, all costs related to the manufacturing of AVMAPKI and FAKZYNJA and related material were charged to research and development expense in the period incurred. At June 30, 2026, we determined that a reserve related to inventory was not required.

Segment Reporting (Details)	6 Months Ended
Segment Reporting (Details)	Jun. 30, 2026 segment
Segment Reporting
Number of operating segments	1
Number of reportable segments	1

Stock-based compensation - Employee stock purchase plan (Details) $ in Thousands		3 Months Ended		6 Months Ended
	Jun. 21, 2019 item	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)
Assumptions used to estimate fair value of each stock-based award on the grant date
Stock-based compensation expense		$ 3,430	$ 3,413
Proceeds from the exercise of stock options and employee stock purchase program				$ 68	$ 22
Employee stock purchase plan
Stock-based compensation
Percent of common stock at market price to be purchased	85.00%
Number of vesting periods \| item	2
Vesting period	6 months
Assumptions used to estimate fair value of each stock-based award on the grant date
Risk-free interest rate (as a percent)				3.58%	4.25%
Volatility (as a percent)				84.00%	107.00%
Dividend yield (as a percent)				0.00%	0.00%
Expected term (years)				6 months	6 months
Stock-based compensation expense				$ 100	$ 100
Employee stock purchase plan \| Maximum
Assumptions used to estimate fair value of each stock-based award on the grant date
Proceeds from the exercise of stock options and employee stock purchase program				$ 100

Significant accounting policies - Proceeds from Grants (Details) - USD ($) $ in Millions	1 Months Ended		6 Months Ended
	Aug. 31, 2022	May 31, 2022	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Government Assistance [Line Items]
Grant awarded, amount		$ 3.8	$ 4.1
Government Assistance, Statement of Income or Comprehensive Income [Extensible Enumeration]		Research and Development Expense
Reduction of research and development expense			0.0	$ 0.0
Grant, grants receivable			$ 0.2		$ 0.2
Government Assistance, Asset, Current, Statement of Financial Position [Extensible Enumeration]			Grants Receivable, Net		Grants Receivable, Net
Additional funding
Government Assistance [Line Items]
Grant awarded, amount	$ 0.5

Vendor Financing Arrangement - Roll forward (Details) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Supplier Finance Program, Obligation [Roll Forward]
Vendor financing arrangement liability	$ 7.7	$ 10.3
Supplier Finance Program, Obligation, Statement of Financial Position [Extensible Enumeration]	Supplier Finance Program, Obligation, Current, Supplier Finance Program, Obligation, Noncurrent

Stock-based compensation

6 Months Ended

Jun. 30, 2026

Stock-based compensation

Stock-based compensation

16. Stock-based compensation

Stock options

A summary of the Company’s stock option activity and related information for the six months ended June 30, 2026 is as follows:


		Shares		Weighted-average exercise price per share			Weighted-average remaining contractual term (years)		Aggregate intrinsic value (in thousands)
Outstanding at December 31, 2025		3,030,432		$	10.53		7.7		$	2,731
Granted		493,000			6.11
Exercised/released		(10,375)			3.05
Forfeited/cancelled		(169,352)			7.59
Outstanding at June 30, 2026		3,343,705		$	10.05		7.5		$	262
Vested at June 30, 2026		2,099,619		$	11.83		6.9		$	156

The fair value of each stock option granted during the six months ended June 30, 2026 and 2025 was estimated on the grant date using the Black-Scholes option-pricing model using the following weighted-average assumptions:


	Six months ended June 30,
	2026		2025
Risk-free interest rate	3.90	%	3.98	%
Volatility	103	%	107	%
Dividend yield	—		—
Expected term (years)	5.9		5.9

Restricted stock units

A summary of the Company’s restricted stock unit activity and related information for the six months ended June 30, 2026 is as follows:


		Shares		Weighted-average grant date fair value per share
Outstanding at December 31, 2025		1,313,898		$	5.73
Granted		2,979,640		$	5.09
Vested		(419,467)		$	5.47
Forfeited/cancelled		(172,398)		$	5.82
Outstanding at June 30, 2026		3,701,673		$	5.24

Employee stock purchase plan

At the Special Meeting of Stockholders, held on December 18, 2018, the stockholders approved the 2018 Employee Stock Purchase Plan (“2018 ESPP”). On June 21, 2019, the board of directors of the Company amended and restated the 2018 ESPP, to account for certain non-material changes to the plan’s administration and, effective May 30, 2023, in connection with the Reverse Stock Split, the board of directors amended and restated the 2018 ESPP to account for the adjustments to the share reserves. At the Company’s 2026 Annual General Meeting of Shareholders in May 2026, the Company’s shareholders approved the Amended and Restated 2018 ESPP (the “Amended and Restated 2018 ESPP”). The Amended and Restated 2018 ESPP provides eligible employees with the opportunity, through regular payroll deductions, to purchase shares of the Company’s common stock at 85% of the lesser of the fair market value of the

common stock on (a) the date the option is granted, which is the first day of the purchase period, and (b) the exercise date, which is the last business day of the purchase period. The Amended and Restated 2018 ESPP generally allows for two six-month purchase periods per year beginning in January and July, or such other periods as determined by the compensation committee of the Company’s board of directors. The fair value of shares expected to be purchased under the Amended and Restated 2018 ESPP was calculated using the following weighted-average assumptions:


	Six months ended June 30,
	2026		2025
Risk-free interest rate	3.58	%	4.25	%
Volatility	84	%	107	%
Dividend yield	—		—
Expected term (years)	0.5		0.5

For the six months ended June 30, 2026 and 2025, the Company recognized less than $0.1 million in each period of stock-based compensation expense under the Amended and Restated 2018 ESPP. During the six months ended June 30, 2026, the Company issued 10,240 shares of common stock for proceeds of less than $0.1 million under the Amended and Restated 2018 ESPP.

Notes Payable (Details) - AFCO - USD ($) $ in Millions	1 Months Ended
Notes Payable (Details) - AFCO - USD ($) $ in Millions	Feb. 28, 2026	Jun. 30, 2026	Dec. 31, 2025
Notes Payable
Aggregate principal amount	$ 0.7
Interest rate (as a percent)	7.90%
Monthly payments	$ 0.1
Note Payable		$ 0.2	$ 0.0

- Definition

Including the current and noncurrent portions, aggregate carrying amount of all types of notes payable, as of the balance sheet date, with initial maturities beyond one year or beyond the normal operating cycle, if longer.

+ References + Details

Leases - Balance sheet and other information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Leases
Right-of use asset	$ 2,625		$ 2,625		$ 491
Lease liability	2,614		2,614
Lease Expense
Operating lease expense	244	$ 252	490	$ 501
Total Lease Expense	244	252	490	501
Other Information - Operating Leases
Operating cash flows paid for amounts included in measurement of lease liabilities	$ 273	$ 273	$ 546	$ 546
Weighted average remaining lease term (in years)	3 years 3 months 18 days		3 years 3 months 18 days
Weighted average discount rate	11.50%		11.50%
Maturity Analysis
2026	$ 257		$ 257
2027	1,036		1,036
2028	1,064		1,064
2029	813		813
Total	3,170		3,170
Less: Present value discount	(556)		(556)
Lease Liability	$ 2,614		$ 2,614

Debt (Tables)

6 Months Ended

Jun. 30, 2026

Debt

Schedule of reconciliation of changes in the fair value of the Notes

The following table reconciles the change in fair value of the Notes during the six months ended June 30, 2026 (in thousands):


Beginning fair value balance at December 31, 2025	$	76,330
Change in fair value reported in statements of operations		3,714
Change in fair value reported in comprehensive loss		(2,814)
Interest and revenue participation payments		(3,456)
Ending fair value at June 30, 2026	$	73,774

Schedule of future principal payments under the Notes Purchase Agreement

As of June 30, 2026, future principal payments under the Note Purchase Agreement are due as follows (in thousands):


2026		—
2027		—
2028		—
2029		—
2030		—
2031		37,500
2032		37,500
Total principal payments	$	75,000

Schedule of interest expenses

The following table sets forth total interest expense for the three and six months ended June 30, 2026 and 2025 (in thousands):


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
Contractual Interest	$	360	$	212	$	743	$	375
Amortization of debt discount and issuance costs		—		—		—		29
Amortization of Final Payment Fee		—		—		—		—
Total	$	360	$	212	$	743	$	404

Fair value of financial instruments (Tables)

6 Months Ended

Jun. 30, 2026

Fair value of financial instruments

Schedule of financial instruments measured at fair value on a recurring basis

The following table presents information about the Company’s financial instruments that are measured at fair value on a recurring basis (in thousands):


		June 30, 2026
Description		Total			Level 1			Level 2			Level 3
Financial assets
Cash equivalents		$	78,734		$	78,734		$	—		$	—
Total financial assets		$	78,734		$	78,734		$	—		$	—
Financial liabilities
Notes		$	73,774		$	—		$	—		$	73,774
Total financial liabilities		$	73,774		$	—		$	—		$	73,774


	December 31, 2025
Description	Total			Level 1			Level 2			Level 3
Financial assets
Cash equivalents	$	106,830		$	106,830		$	—		$	—
Total financial assets	$	106,830		$	106,830		$	—		$	—
Financial liabilities
Warrant liability	$	35,647		$	—		$	—		$	35,647
Notes	$	76,330		$	—		$	—		$	76,330
Total financial liabilities	$	111,977		$	—		$	—		$	111,977

Schedule of inputs used to value the preferred stock tranche liability and warrant liability


	December 31, 2025
Risk-free interest rate	3.74	%
Volatility	53	%
Dividend yield	—
Remaining term (years)	0.1

Schedule of reconciliation of warrant liability

The following table represents a reconciliation of the warrant liability (in thousands):


December 31, 2025	$	35,647
Fair value of warrants exercised		(26,324)
Fair value adjustment		(9,323)
June 30, 2026	$	—

Net loss per share

6 Months Ended

Jun. 30, 2026

Net loss per share

Net loss per share

17. Net loss per share

Basic loss per common share is calculated by dividing net loss applicable to common stockholders by the weighted-average number of common shares outstanding during the period. For purposes of calculating net loss per share, weighted-average number of common shares outstanding includes the weighted average effect of the pre-funded warrants issued in July 2024, April 2025 and November 2025, the exercise of which requires little or no consideration for the delivery of shares of common stock. Diluted net loss per common share is calculated by increasing the denominator by the weighted-average number of additional shares that could have been outstanding from securities convertible into common stock, such as the warrants issued in July 2024, stock options, restricted stock units, and employee stock purchase plan shares (using the “treasury stock” method), and the Series A Convertible Preferred Stock (using the “if-converted” method), unless their effect on net loss per share is anti-dilutive.


		Three months ended June 30,				Six months ended June 30,
		2026		2025		2026		2025
Net loss		(34,673)		(25,934)		(71,264)		(78,037)
Less: Change in fair value of warrant liability		—		(20,320)		(9,323)		(17,904)
Adjusted diluted net loss		(34,673)		(46,254)		(80,587)		(95,941)

Weighted average shares outstanding		100,116		66,143		99,209		60,191
Add: Dilutive effect of the Warrants		—		7,894		425		7,991
Weighted average diluted shares outstanding		100,116		74,037		99,634		68,182

Net loss per share - basic		(0.35)		(0.39)		(0.72)		(1.30)
Net loss per share - diluted		(0.35)		(0.62)		(0.81)		(1.41)

The following potentially dilutive securities were excluded from the calculation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect:


		Three months ended June 30,				Six months ended June 30,
		2026		2025		2026		2025
Outstanding stock options		3,343,705		2,945,631		3,343,705		2,945,631
Outstanding restricted stock units		3,701,673		1,498,103		3,701,673		1,498,103
Employee stock purchase plan		15,111		8,308		15,111		8,308
Total potentially dilutive securities		7,060,489		4,452,042		7,060,489		4,452,042

Inventory (Tables)

6 Months Ended

Jun. 30, 2026

Inventory

Schedule of inventory

Inventory consists of the following (in thousands):


		June 30, 2026			December 31, 2025
Raw materials		$	91		$	—
Work in process			2,037			1,797
Finished goods			268			36
Total inventory		$	2,396		$	1,833

Debt - Future principal payments (Details) $ in Thousands	Jun. 30, 2026 USD ($)
Future principal payments
2031	$ 37,500
2032	37,500
Total principal payments	$ 75,000

Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2026

Intangible Assets

Schedule of intangible assets

The Company’s intangible assets consist of the following (in thousands):


		June 30, 2026			Weighted-Average Remaining Amortization Period (Years)
Acquired and in-licensed rights		$	17,123		14.3
Less: accumulated amortization			(1,256)
Total intangible assets, net		$	15,867

Schedule of future amortization expense for finite-lived intangible assets


Year ending December 31,	Amount
2026		558
2027		1,117
2028		1,117
2029		1,117
2030		1,117
Thereafter		10,841
Total future amortization	$	15,867