0001193125-26-099360 | 10-K | XBRL Viewer

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Common Stock - Additional Information (Details)				1 Months Ended		12 Months Ended
Common Stock - Additional Information (Details)	Jan. 07, 2026 USD ($)	Jul. 01, 2025 USD ($)	May 31, 2024	Sep. 30, 2025 USD ($) $ / shares shares	Jun. 30, 2024 USD ($) $ / shares shares	Dec. 31, 2025 USD ($) shares	Dec. 31, 2024 USD ($) shares	May 30, 2024 shares	May 29, 2024 shares
Subsidiary, Sale of Stock [Line Items]
Common stock, shares authorized \| shares						500,000,000	500,000,000
Reverse stock split conversion ratio			0.11675
Common stock reserved for future issuance						one-for-8.5648
Net proceeds from public offering				$ 269,400,000	$ 157,600,000
Stock offering cost						$ 269,439,000	$ 140,868,000
2022 Stock Option and Grant Plan
Subsidiary, Sale of Stock [Line Items]
Number of common stock reserved \| shares						2,503,036
2024 Stock Option and Grant Plan
Subsidiary, Sale of Stock [Line Items]
Number of common stock reserved \| shares						5,685,887
2024 ESPP
Subsidiary, Sale of Stock [Line Items]
Number of common stock reserved \| shares						690,045
IPO
Subsidiary, Sale of Stock [Line Items]
Underwriting discounts and commissions and offering costs							15,519,000
Private Placement
Subsidiary, Sale of Stock [Line Items]
Underwriting discounts and commissions and offering costs							1,297,000
Underwritten Public Offering
Subsidiary, Sale of Stock [Line Items]
Underwriting discounts and commissions and offering costs						$ 18,061,000
Common Stock
Subsidiary, Sale of Stock [Line Items]
Voting right, description						Each share of common stock entitles the holder to one vote
Dividends						$ 0	$ 0
Common stock, shares authorized \| shares								500,000,000	250,000,000
Issuance of common stock from IPO \| shares						11,057,692	9,200,000
Issuance of common stock from private placement \| shares							1,058,824
Stock offering cost						$ 11,000	$ 9,000
Number of common stock reserved \| shares						8,878,968
Common Stock \| IPO
Subsidiary, Sale of Stock [Line Items]
Issuance of common stock from IPO \| shares					9,200,000
Net proceeds from public offering					$ 140,900,000
Shares issued, price per share \| $ / shares					$ 17
Underwriting discounts and commissions and offering costs					$ 15,500,000
Common Stock \| Private Placement
Subsidiary, Sale of Stock [Line Items]
Issuance of common stock from private placement \| shares					1,058,824
Net proceeds from private placement					$ 16,700,000
Shares issued, price per share \| $ / shares					$ 17
Underwriting discounts and commissions and offering costs					$ 1,300,000
Common Stock \| Underwritten Public Offering
Subsidiary, Sale of Stock [Line Items]
Issuance of common stock from private placement \| shares				11,057,692
Shares sold \| shares				1,442,307
Net proceeds from private placement				$ 269,400,000
Shares issued, price per share \| $ / shares				$ 26
Underwriting discounts and commissions and offering costs				$ 18,100,000
Maximum
Subsidiary, Sale of Stock [Line Items]
Stock offering cost		$ 400,000,000
Maximum \| ATM Program
Subsidiary, Sale of Stock [Line Items]
Stock offering cost		$ 150,000,000
Maximum \| ATM Program \| Subsequent Event
Subsidiary, Sale of Stock [Line Items]
Stock offering cost	$ 110,000,000

Insider Trading Arrangements

3 Months Ended

Dec. 31, 2025

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

(a) None.

(b) During the quarter ended December 31, 2025, the following directors and officers (as defined in Rule 16a-1(f) under the Exchange Act) adopted certain trading plans intended to satisfy the requirements of Rule 10b5-1(c):


Name (Title)	Action Taken (Date of Action)	Type of Trading Arrangement	Nature of Trading Arrangement	Duration of Trading Arrangement	Aggregate Number of Securities
Cheryl Gault (Chief Operating Officer)	Adoption (December 10, 2025)	Trading plan intended to satisfy the affirmative defense conditions of Securities Exchange Act Rule 10b5-1(c)	Sale of the Company’s common stock pursuant to the terms of the plan	Approximately 12 months	40,000
Krishnaswamy Yeleswaram (Chief Development Officer)	Adoption (December 10, 2025)	Trading plan intended to satisfy the affirmative defense conditions of Securities Exchange Act Rule 10b5-1(c)	Sale of the Company’s common stock pursuant to the terms of the plan	Approximately 12 months	202,257

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

Cheryl Gault

Trading Arrangements, by Individual

Name

Cheryl Gault

Title

Chief Operating Officer

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

December 10, 2025

Arrangement Duration

12 months

Aggregate Available

40,000

KrishnaswamyYeleswaram

Trading Arrangements, by Individual

Name

Krishnaswamy Yeleswaram

Title

Chief Development Officer

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

December 10, 2025

Arrangement Duration

12 months

Aggregate Available

202,257

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Pay vs Performance Disclosure
Net Income (Loss)	$ (111,483)	$ (78,307)

- Definition

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

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+ Details

Income Taxes - Summary of Reconciliation of U.S. Federal Statutory Income Tax Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Effective Income Tax Rate Reconciliation, Percent [Abstract]
U.S. Federal Statutory Income Tax (benefit), percent	21.00%	21.00%
R&D Credit, percent	3.81%
Nontaxable or Nondeductible Items, percent
Excess Officer Compensation, percent	(1.64%)
Other, percent	(0.61%)
Permanent Differences		(3.59%)
Research and development credits		3.62%
Other		(1.68%)
Changes in valuation allowance, percent	(22.54%)	(21.79%)
Other reconciling items, percent	(0.01%)
State income taxes, net of federal benefit, percent	0.00%	2.44%
Effective income tax rate, percent	0.00%	0.00%
U.S. Federal Statutory Income Tax (benefit)	$ (23,412)
R&D Credit	(4,245)
Nontaxable or Nondeductible Items
Excess Officer Compensation	1,831
Other	684
Changes in valuation allowance	25,133
Other reconciling items	9
State income taxes, net of federal effect
Effective income tax rate	$ 0	$ 0

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	12 Months Ended
	Jun. 07, 2024	Dec. 31, 2024	Dec. 31, 2025	Dec. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares granted			2,522,420
Stock-based compensation expense			$ 18,855	$ 10,235
Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period			4 years
Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period			10 years
Service-Based RSAs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period			4 years
Total unrecognized compensation cost related to unvested stock options			$ 1,500
Stock-based compensation expense, expected weighted average period for recognition				1 year 2 months 12 days
Aggregate intrinsic fair value of service-based and performance-based RSAs, vested			$ 8,900	$ 10,100
Vesting, PSU			513,038
Forfeiture, PSU			51,725
Performance-Based RSAs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total unrecognized compensation cost related to unvested stock options			$ 100
Stock-based compensation expense, expected weighted average period for recognition			9 months 18 days
Aggregate intrinsic fair value of service-based and performance-based RSAs, vested			$ 3,300	3,400
Vesting, PSU			190,042
Forfeiture, PSU			41,216
Stock Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense			$ 15,700	$ 7,400
Weighted-average grant-date fair value of stock options granted			$ 11.41	$ 11.35
Total unrecognized compensation cost related to unvested stock options			$ 43,100
Stock-based compensation expense, expected weighted average period for recognition			2 years 6 months
Restricted Stock Awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense			$ 2,200	$ 2,800
Performance-Based Restricted Stock Units ("PSUs")
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense			900	$ 0
Total unrecognized compensation cost related to unvested stock options			$ 1,000
Vesting, PSU			34,750
Forfeiture, PSU			13,000
Shares granted		95,500
Vesting description		Each PSU represents a right to receive one share of the Company’s Common Stock when it becomes vested.
Granted, Weighted Average Grant Date Fair Value			$ 21.56
2022 Stock Option and Grant Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of common stock reserved			2,503,036
2022 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares granted			0
Number of stock-based awards cancelled			115,875
2024 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of common stock reserved		3,814,618		3,814,618
Number of shares granted			1,839,709
Annual automatic increases in the number of shares		5.00%		5.00%
2024 ESPP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of common stock reserved and authorized for issuance	324,243
Number of common stock reserved			690,045
Number of additional shares allowable under the plan	648,486
Percentage of outstanding shares	1.00%
2024 Stock Option and Grant Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of common stock reserved			5,685,887

Property and Equipment, Net

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

4. Property and Equipment, Net

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


	December 31, 2025			December 31, 2024
Lab equipment	$	4,419		$	3,716
Furniture and Fixtures		34			—
Computer equipment		92			67
Leasehold improvements		295			281
Construction in process		118			430
Total property and equipment		4,958			4,494
Less: Accumulated depreciation		(1,982	)		(965	)
	$	2,976		$	3,529

Depreciation expense of property and equipment for the years ended December 31, 2025 and 2024 was $1.0 million and $0.8 million, respectively.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Use of Estimates

The preparation of the Company’s consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates and assumptions reflected within these consolidated financial statements include, but are not limited to, research and development expenses and accruals, the valuation of the Company’s common stock prior to its IPO in June 2024 and stock-based awards and the valuation of preferred stock tranche right liability. The Company bases its estimates on known trends and other market-specific or relevant factors that it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates, as there are changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results may differ materially from those estimates or assumptions.

Concentrations of Credit Risk and of Significant Suppliers

Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents and short-term investments. The Company maintains its cash and cash equivalents at high-quality and accredited financial institutions in amounts that could exceed federally insured limits. Cash equivalents are invested in money market funds and U.S. Treasury bills. However, the Company does not believe that it is subject to unusual credit risk beyond the normal credit risk associated with commercial banking relationships. The Company’s short-term investments consist of U.S. Treasury bills, government securities, and government agency securities and as a result, the Company believes represent minimal credit risk.

The Company is dependent on third-party vendors for its product candidates. In particular, the Company relies, and expects to continue to rely, on a small number of vendors to manufacture supplies and process its product candidates for its development programs. These programs could be adversely affected by a significant interruption in the manufacturing process.

Restricted cash

The Company's restricted cash of $0.1 million as of December 31, 2025 and 2024 was restricted as cash collateral for the Company’s business credit card program.

Cash and Cash Equivalents

The Company considers all short-term, highly liquid investments, with original maturities of three months or less, to be cash equivalents. As of December 31, 2025 and 2024, cash equivalents includes $47.9 million and $9.4 million held in money market funds, respectively.

Short-Term Investments

The Company’s short-term investments consist of investments in debt securities, including U.S. Treasury bills, government securities, and U.S. agency securities with remaining maturities beyond three months at the date of purchase that are available to be converted into cash to fund its current operations. As of December 31, 2025 and 2024, all of the Company’s debt securities were classified as available-for-sale and were carried at fair market value (see Note 3). The unrealized gains and losses on the Company’s available-for-sale debt securities are recorded in other comprehensive income (loss) in the consolidated statements of operations and comprehensive loss.

Debt securities in an unrealized loss position are evaluated for impairment at least quarterly. For available-for-sale debt securities in an unrealized loss position, the Company first assesses whether or not it intends to sell, or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the investment security’s amortized cost basis is written down to fair value through net loss.

For available-for-sale debt securities that do not meet the aforementioned criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In conducting this assessment for debt securities in an unrealized loss position, management evaluates the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors.

If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the investment security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any unrealized loss that has not been recorded through an allowance for credit loss is recognized in other comprehensive income (loss). As of December 31, 2025 and 2024, there was no allowance for credit losses recorded on the Company’s consolidated balance sheet.

The Company’s interest income consists of interest earned from cash, cash equivalents, and short-term investments.

Deferred Offering Costs

The Company capitalizes certain legal, professional, accounting and other third-party fees that are directly associated with in-process equity financings as deferred offering costs until such financings are consummated. After consummation of an equity financing, these costs are recorded as a reduction of the proceeds from the offering, either as a reduction of the carrying value of the convertible preferred stock or in stockholders’ equity (deficit) as a reduction of additional paid-in capital generated as a result of the offering. Should the in-process equity financing be abandoned, the deferred offering costs would be expensed immediately as a charge to operating expenses in the consolidated statements of operations and comprehensive loss. Upon closing of the Company’s IPO in June 2024, these deferred offering costs were included in the $16.8 million issuance costs classified to stockholders equity (deficit) and recorded against the proceeds from the offering. Upon the closing of the September 2025 Offering, there were $0.8 million of deferred offering costs included in the $18.1 million of issuance costs classified to stockholders equity (deficit) and recorded against the proceeds from the offering. In connection with the ATM Program (as defined below), the Company filed a prospectus supplement with the SEC on January 7, 2026, for the offer and sale of up to $110.0 million of shares of common stock from time to time through the sales agents.

As of December 31, 2025 and 2024, the Company recorded deferred offering costs of $35 thousand and zero, respectively, in other assets on its balance sheet.

Fair Value Measurements

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

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

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

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

The Company’s cash equivalents and short-term investments are carried at fair value, determined according to the fair value hierarchy described above (see Note 3). The carrying values of the Company’s accounts payable and accrued expenses approximate their fair values due to the short-term nature of these liabilities.

Property and Equipment

Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization expense is recognized using the straight-line method over the estimated useful life of each asset as follows:


Asset Classification	Estimated Useful Life
Computer equipment	3 years
Furniture and Fixtures	5 years
Lab equipment	5 years
Leasehold Improvements	Shorter of remaining lease term or useful life

Costs for capital assets not yet placed into service are capitalized and are depreciated once placed into service. Upon retirement or sale, the cost of assets disposed of and the related accumulated depreciation and amortization are removed from the accounts and any resulting gain or loss is included in loss from operations. Expenditures for repairs and maintenance that do not improve or extend the life of the respective assets are charged to expense as incurred.

Impairment of Long-Lived Assets

Long-lived assets consist primarily of property and equipment, and operating lease right-of-use assets. Long-lived assets to be held and used are tested for recoverability whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. Factors that the Company considers in deciding when to perform an impairment review include significant underperformance of the business in relation to expectations, significant negative industry or economic trends and significant changes or planned changes in the use of the assets. If an impairment review is performed to evaluate a long-lived asset group for recoverability, the Company compares forecasts of undiscounted cash flows expected to result from the use and eventual disposition of the long-lived asset group to its carrying value. If such asset group is considered to not be recoverable, the impairment loss to be recognized is measured based on the excess of the carrying value of the impaired asset group over its fair value.

For the years ended December 31, 2025 and 2024, the Company did not recognize any impairment losses on long-lived assets.

Segment Information

The Company operates and manages its business as a single segment for the purposes of assessing performance and making operating decisions. The Company’s chief executive officer, who is the chief operating decision maker, reviews the Company’s financial information on a consolidated basis for purposes of evaluating financial performance and allocating resources. All of the Company’s long-lived assets are located in the United States (see Note 10).

Research and Development Expenses

Costs for research and development activities are expensed as incurred. Research and development expenses consist of costs incurred in connection with performing research and development activities, including amounts incurred under agreements with external vendors and consultants engaged to perform preclinical and clinical studies and to manufacture research and development materials for use in such studies, salaries and related personnel costs, stock-based compensation, consultant fees, and third-party license fees.

Upfront payments under license agreements are expensed upon receipt of the license, and annual maintenance fees under license agreements are expensed over the maintenance period. Milestone payments under license agreements are accrued, with a corresponding expense being recognized, in the period in which the milestone is determined to be probable of achievement and the related amount is reasonably estimable. Contingent milestone payments, if any, are expensed when the milestone results are probable and estimable, which is generally upon the achievement of the milestone.

Nonrefundable advance payments for goods or services to be received in the future for use in research and development activities are recorded as prepaid expenses. The prepaid amounts are expensed as the related goods are delivered or the services are performed.

Accrued Research and Development Expenses

The Company estimates preclinical study and clinical trial and other research and development expenses based on the services performed but not yet invoiced, pursuant to contracts with research institutions and third-party service providers that conduct and manage preclinical studies and clinical trials and research services on its behalf. The Company includes these costs of research and development activities in accrued expenses and other current liabilities in the consolidated balance sheets and in research and development expense in the consolidated statements of operations and comprehensive loss.

The Company periodically confirms the accuracy of its estimates with the service providers and adjust if necessary. If timelines or contracts are modified based upon changes in the clinical trial protocol or scope of work to be performed, estimates of accrued expenses are modified on a prospective basis.

Patent Costs

All patent-related costs incurred in connection with filing and prosecuting patent applications are expensed as incurred due to the uncertainty about the recovery of the expenditure. Amounts incurred are classified as general and administrative expenses in the consolidated statements of operations and comprehensive loss.

Contingencies

The Company is subject to contingent liabilities, such as legal proceedings and claims, that arise in the ordinary course of business activities. The Company accrues for loss contingencies when losses become probable and are reasonably estimable. If the reasonable estimate of the loss is a range and no amount within the range is a better estimate, the minimum amount of the range is recorded as a liability on the consolidated balance sheets. The Company does not accrue for contingent losses that, in its judgment, are considered to be reasonably possible, but not probable; however, it discloses the range of reasonably possible losses. As of December 31, 2025 and 2024, no liabilities were recorded for loss contingencies (see Note 12).

Stock-Based Compensation

The Company measures all stock options granted to employees, directors and non-employees based on the fair value of the awards on the date of grant using the Black-Scholes option-pricing model. For awards to non-employees, the expected term of the option is equal to the contractual term of the non-employees’ service agreement. The Company measured restricted stock awards using the difference, if any, between the purchase price per share of the award and the fair value of the Company’s common stock at the date of grant.

The Company grants stock options and restricted stock awards that are subject to either service or performance-based vesting conditions and performance-based restricted stock units that are subject to performance-based vesting conditions. Compensation expense for awards to employees and directors with service-based vesting conditions is recognized using the straight-line method over the requisite service period, which is generally the vesting period of the respective award. Compensation expense for awards to non-employees with service-based vesting conditions is recognized in the same manner as if the Company had paid cash in exchange for the goods or services, which is generally over the vesting period of the award. Forfeitures are accounted for as they occur. Compensation expense for awards to employees and non-employees with service and performance-based vesting conditions is recognized based on the grant-date fair value over the requisite service period using the accelerated attribution method to the extent achievement of the performance condition is probable. As of each reporting date, the Company estimates the probability that specified performance criteria will be met and does not recognize compensation expense until it is probable that the performance-based vesting condition will be achieved.

The Company also grants performance-based restricted stock units (“PSUs”) to certain employees that are subject to performance-based vesting conditions. The performance conditions are related to the achievement of certain program milestones in the Company’s drug discovery and development process.

The Company classifies stock-based compensation expense in its consolidated statements of operations and comprehensive loss in the same manner in which the award recipient’s payroll costs are classified or in which the award recipient’s service payments are classified.

Leases

The Company determines if an arrangement is a lease at inception. Operating lease right-of-use (“ROU”) assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As the Company’s leases do not provide an implicit rate, it uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The operating lease ROU asset also includes any lease payments made and is reduced by lease incentives received. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term in general and administrative expenses. The Company classifies leases at the lease commencement date as operating or finance leases and records a right-of-use asset and a lease liability on the consolidated balance sheet for all leases with an initial lease term of greater than 12 months. Leases with an initial term of 12 months or less are not recorded in the balance sheet, but payments are recognized as expense on a straight-line basis over the lease term. The Company enters into contracts that contain both lease and non-lease components. Non-lease components may include maintenance, utilities, and other operating costs. The Company combines the lease and non-lease components of fixed costs in its lease arrangements as a single lease component. Variable costs, such as utilities or maintenance costs, are not included in the measurement of right-of-use assets and lease liabilities, but rather are expensed when the event determining the amount of variable consideration to be paid occurs.

Income Taxes

The Company accounts for income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the consolidated financial statements or in the Company’s tax returns. Deferred tax assets and liabilities are determined based on the differences between the financial statement basis and tax basis of assets and liabilities using enacted tax rates in effect for the years in which the differences are expected to reverse. Changes in deferred tax assets and liabilities are recorded in the provision for income taxes. The Company assesses the likelihood that its deferred tax assets will be recovered from future taxable income and, to the extent it believes, based upon the weight of available evidence, that it is more likely than not that all or a portion of the deferred tax assets will not be realized, a valuation allowance is established through a charge to income tax expense. Potential for recovery of deferred tax assets is evaluated by estimating the future taxable profits expected and considering prudent and feasible tax planning strategies.

The Company accounts for uncertainty in income taxes recognized in the consolidated financial statements by applying a two-step process to determine the amount of tax benefit to be recognized. First, the tax position must be evaluated to determine the likelihood that it will be sustained upon external examination by the taxing authorities. If the tax position is deemed more likely than not to be sustained, the tax position is then assessed to determine the amount of benefit to recognize in the consolidated financial statements. The amount of the benefit that may be recognized is the largest amount that has a greater than 50 percent likelihood of being realized upon ultimate settlement. The provision for income taxes includes the effects of any resulting tax reserves, or unrecognized tax benefits, that are considered appropriate as well as the related net interest and penalties. The Company had accrued no amounts for interest or penalties related to uncertain tax positions as of December 31, 2025 and 2024.

Net Loss Per Share

Following the closing of its IPO, the Company only has one class of shares outstanding, and basic net loss per common share is computed by dividing the net loss by the weighted average number of shares of common stock outstanding for the period. Diluted net loss per common share is computed by dividing net loss by the weighted average number of shares of common stock outstanding for the period, including potential dilutive common shares assuming the dilutive effect of outstanding stock awards.

For periods in which the Company reports a net loss, diluted net loss per common share is the same as basic net loss per common share, since dilutive common shares are not assumed to have been issued if their effect is anti-dilutive.

Comprehensive Loss

Comprehensive loss includes net loss as well as other changes in stockholders’ equity (deficit) that result from transactions and economic events other than those with stockholders. For the year ended December 31, 2025, comprehensive loss includes unrealized gains on short-term investments. For the year ended December 31, 2024, comprehensive loss includes unrealized losses on short-term investments.

Recently Issued Accounting Pronouncements Not Yet Adopted

Recently Adopted Accounting Pronouncements

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), which requires enhanced income tax disclosures, including specific categories and disaggregation of information in the effective tax rate reconciliation, disaggregated information related to income taxes paid, income or loss from continuing operations before income tax expense or benefit, and income tax expense or benefit from continuing operations. The requirements of the ASU were effective for annual periods beginning after December 15, 2024. The Company adopted this standard on a prospective basis for the year ended December 31, 2025. The Company’s adoption of the standard had an immaterial impact on its consolidated financial statements and related disclosures. See Note 11 for additional information.

Recently Issued Accounting Pronouncements Not Yet Adopted

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires disclosures about specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses. The requirements of the ASU are effective for annual periods beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted. The requirements will be applied prospectively with the option for retrospective application. The Company is currently in the process of evaluating the effects of this pronouncement on its related disclosures.

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Summary of Assumptions Used in Black-Scholes Option-Pricing model to Determine the Fair Value of Stock Options Granted

The following table presents the assumptions used in the Black-Scholes option-pricing model to determine the fair value of stock options granted:


	Year Ended December 31,	Year Ended December 31,
	2025	2024
Expected volatility	82.30% - 90.25%	83.80% - 99.30%
Risk-free interest rate	3.77% - 4.43%	3.55% - 4.48%
Expected dividend yield	0.00%	0.00%
Expected term (in years)	6.00	5.85 - 6.08
Fair value of common stock	$7.15 - $28.55	$6.34 - $26.90

Summary of Stock Option Activity

The following table summarizes the Company’s stock option activity for the year ended December 31, 2025:


	Number of Shares			Weighted- Average Exercise Price per share		Weighted- Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Balance at December 31, 2024		4,189,746		$	10.02		9.19	$	34,324
Granted		2,522,420			15.56
Exercised		(192,864	)		6.98
Forfeited		(231,825	)		12.80
Options outstanding at December 31, 2025		6,287,477		$	12.23		8.62	$	113,839
Options vested and exercisable at December 31, 2025		2,035,935			10.22		8.32		40,955
Options vested and expected to vest at December 31, 2025		6,287,477		$	12.23		8.62	$	113,839

Summary of Restricted Stock Awards Grant Activity

The following table summarizes the Company’s service-based RSA grant activity for the year ended December 31, 2025:


	RSAs			Weighted- Average Grant Date Fair Value
Unvested shares at December 31, 2024		976,596		$	3.69
Granted		—			—
Vested		(513,038	)		3.56
Forfeited		(51,725	)		3.14
Unvested shares at December 31, 2025		411,833		$	3.94

Summary of Performance-based RSA Grant Activity

The following table summarizes the Company’s performance-based RSA grant activity for the year ended December 31, 2025:


	RSAs			Weighted- Average Grant Date Fair Value
Unvested shares at December 31, 2024		444,235		$	3.63
Granted		—			—
Vested		(190,042	)		3.69
Forfeited		(41,216	)		2.92
Unvested shares at December 31, 2025		212,977		$	3.72

Summary of Share-based Compensation Expense

The following table below summarizes the classification of the Company’s stock-based compensation expense in the consolidated statements of operations and comprehensive loss (in thousands):


	For the Twelve Months Ended December 31,
	2025		2024
General and Administrative	$	11,571	$	6,190
Research and Development		7,284		4,045
	$	18,855	$	10,235

Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 4,958	$ 4,494
Less: Accumulated depreciation	(1,982)	(965)
Property and equipment, net	2,976	3,529
Lab Equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	4,419	3,716
Furniture And Fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment	34
Computer Equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	92	67
Leasehold Improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	295	281
Construction In Process
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 118	$ 430

Nature of the Business and Basis of Presentation - Additional Information (Details) $ in Thousands		1 Months Ended		12 Months Ended
	May 31, 2024	Sep. 30, 2025 USD ($)	Jun. 30, 2024 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)
Nature of the Business and Basis of Presentation [Line Items]
Common stock reserved for future issuance				one-for-8.5648
Reverse stock split conversion ratio	0.11675
Net loss				$ (111,483)	$ (78,307)
Accumulated deficit				(235,228)	$ (123,745)
Net proceeds from public offering		$ 269,400	$ 157,600
Cash and cash equivalents and short-term investments excluding restricted cash				$ 490,500

- Definition

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

+ References

+ Details

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Fair Value Measurements - Schedule of Short-Term Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments, Amortized Cost	$ 437,348	$ 248,997
Short-term investments, Unrealized Gains	546	30
Short-term investments, Unrealized Losses		(552)
Short-term investments, Fair Value	437,894	248,475
U.S. Treasury Bills
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments, Amortized Cost	79,334	28,694
Short-term investments, Unrealized Gains	25	30
Short-term investments, Fair Value	79,359	28,724
Government Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments, Amortized Cost	247,968	136,829
Short-term investments, Unrealized Gains	430
Short-term investments, Unrealized Losses		(316)
Short-term investments, Fair Value	248,398	136,513
Government Agency Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments, Amortized Cost	110,046	83,474
Short-term investments, Unrealized Gains	91
Short-term investments, Unrealized Losses		(236)
Short-term investments, Fair Value	$ 110,137	$ 83,238

- Definition

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

+ References

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-URI https://asc.fasb.org/1943274/2147479130/326-30-45-1

+ Details

Summary of Significant Accounting Policies - Summary of Estimated Useful Life of Property and Equipment (Details)	Dec. 31, 2025
Computer Equipment
Property, Plant and Equipment [Line Items]
Estimated useful life of property and equipment	3 years
Furniture and Fixtures
Property, Plant and Equipment [Line Items]
Estimated useful life of property and equipment	5 years
Lab Equipment
Property, Plant and Equipment [Line Items]
Estimated useful life of property and equipment	5 years
Leasehold Improvements
Property, Plant and Equipment [Line Items]
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration]	us-gaap:UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)			1 Months Ended		12 Months Ended
	Jan. 07, 2026	Jul. 01, 2025	Sep. 30, 2025	Jun. 30, 2024	Dec. 31, 2025	Dec. 31, 2024
Summary of Significant Accounting Policies [Line Items]
Restricted cash					$ 105,000	$ 105,000
Cash equivalents					52,645,000	56,805,000
Allowance for credit losses					0	0
Proceeds from offering			$ 269,400,000	$ 157,600,000
Stock offering cost					269,439,000	140,868,000
Impairment losses on long-lived assets					$ 0	0
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]					srt:ChiefExecutiveOfficerMember
Liabilities for loss contingencies					$ 0	0
Interest or penalties related to uncertain tax positions					0	0
Issuance costs				$ 16,800,000
September 2025 Offering
Summary of Significant Accounting Policies [Line Items]
Deferred offering costs			800,000
Proceeds from offering			$ 18,100,000
Maximum
Summary of Significant Accounting Policies [Line Items]
Stock offering cost		$ 400,000,000
Maximum \| ATM Program
Summary of Significant Accounting Policies [Line Items]
Stock offering cost		$ 150,000,000
Maximum \| Subsequent Event \| ATM Program
Summary of Significant Accounting Policies [Line Items]
Stock offering cost	$ 110,000,000
Money Market Funds
Summary of Significant Accounting Policies [Line Items]
Cash equivalents					47,900,000	9,400,000
Other Assets
Summary of Significant Accounting Policies [Line Items]
Deferred offering costs					$ 35,000	$ 0

Cybersecurity Risk Management, Strategy and Governance	12 Months Ended
Cybersecurity Risk Management, Strategy and Governance	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Item 1C. Cybersecurity. Cyber Risk Management and Strategy We have implemented cybersecurity risk management processes aligned with our risk profile and business size to identify, assess, and mitigate risks from current and emerging cybersecurity threats. These processes, informed by the National Institute of Standards and Technology Cybersecurity Framework (“NIST CSF”), are supported by a third-party Managed Service Provider (“MSP”) that assists us in managing our information technology systems. Our multi-layered approach to cybersecurity includes, but is not limited to, employee security awareness training, phishing simulations, incident response planning, and the use of various cybersecurity tools and technologies. We leverage third-party information technology and security providers for system scans and threat intelligence analysis. In addition, we have conducted a cybersecurity risk assessment designed to reflect the evolving cyber threat landscape and industry best practices, and we continue to adapt our cyber strategy to mitigate emerging risks. We maintain a risk-based process to assess and review the cybersecurity practices of our third-party vendors, as appropriate, based on their level of access to critical operations, IT systems, and personally identifiable information. To date, we have not identified any cybersecurity incidents or threats that have materially affected us or are reasonably likely to materially affect us, including our business strategy, results of operations, or financial condition. However, like other companies in our industry, we and certain of our third-party vendors have occasionally experienced threats and cybersecurity incidents involving our information technology systems and infrastructure. Our third-party vendors may also encounter such threats and cybersecurity incidents from time to time. For more information, please refer to Item 1A, “Risk Factors,” in this Annual Report on Form 10-K. Governance Related to Cybersecurity Risk Management is responsible for identifying, evaluating, and assessing material business risks, including risks related to cybersecurity, on an ongoing basis. Our Chief Information Officer (“CIO”) oversees our overall IT strategy and operations, including the strategic direction of our cybersecurity program, cybersecurity risk oversight, and monitoring of prevention, detection, mitigation, and remediation of cybersecurity incidents. Our CIO brings over 10 years of experience in information security. Our Board of Directors has delegated oversight of our cybersecurity risk management program to our Audit Committee, as outlined in the Audit Committee Charter. Our CIO provides quarterly updates to the Audit Committee on cybersecurity risks and delivers an annual enterprise risk management update, which includes updates on plans intended to enhance our overall cybersecurity posture. The Audit Committee, in turn, updates the full Board of Directors on cybersecurity risk management matters as needed.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	implemented cybersecurity risk management processes aligned with our risk profile and business size to identify, assess, and mitigate risks from current and emerging cybersecurity threats.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our Board of Directors has delegated oversight of our cybersecurity risk management program to our Audit Committee, as outlined in the Audit Committee Charter. Our CIO provides quarterly updates to the Audit Committee on cybersecurity risks and delivers an annual enterprise risk management update, which includes updates on plans intended to enhance our overall cybersecurity posture. The Audit Committee, in turn, updates the full Board of Directors on cybersecurity risk management matters as needed.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Board of Directors has delegated oversight of our cybersecurity risk management program to our Audit Committee, as outlined in the Audit Committee Charter
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our CIO provides quarterly updates to the Audit Committee on cybersecurity risks and delivers an annual enterprise risk management update, which includes updates on plans intended to enhance our overall cybersecurity posture. The Audit Committee, in turn, updates the full Board of Directors on cybersecurity risk management matters as needed.
Cybersecurity Risk Role of Management [Text Block]	Management is responsible for identifying, evaluating, and assessing material business risks, including risks related to cybersecurity, on an ongoing basis. Our Chief Information Officer (“CIO”) oversees our overall IT strategy and operations, including the strategic direction of our cybersecurity program, cybersecurity risk oversight, and monitoring of prevention, detection, mitigation, and remediation of cybersecurity incidents. Our CIO brings over 10 years of experience in information security.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our Chief Information Officer (“CIO”) oversees our overall IT strategy and operations, including the strategic direction of our cybersecurity program, cybersecurity risk oversight, and monitoring of prevention, detection, mitigation, and remediation of cybersecurity incidents
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our CIO brings over 10 years of experience in information security.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our CIO provides quarterly updates to the Audit Committee on cybersecurity risks and delivers an annual enterprise risk management update, which includes updates on plans intended to enhance our overall cybersecurity posture.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Segment (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Summary of Reconciles Reported Revenues to Net (Loss) Income under Significant Expense Principle

The following table reconciles reported revenues to net loss under the significant expense principle for the years ended December 31, 2025 and 2024 (in thousands):


	For the Year Ended December 31,
	2025			2024

Research and Development Expenses:
RAP-219 program external expenses	$	41,144		$	22,080
Preclinical programs external expenses		16,565			16,535
R&D personnel-related costs (including stock-based compensation)		30,404			19,500
Other costs		6,676			2,820
General and Administrative Expenses:
G&A personnel-related costs (including stock-based compensation)		21,519			13,989
Professional and consulting costs		5,260			5,482
Facility related and other		3,531			2,649
Loss from operations	$	(125,099	)	$	(83,055	)
Interest income		13,616			12,138
Change in fair value of preferred stock tranche right liability		—			(7,390	)
Net loss	$	(111,483	)	$	(78,307	)

Fair Value Measurements - Summary of Contractual Maturities of Short-term Investments in Available-for-Sale Debt Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Debt Securities, Available-for-Sale, Fair Value, Fiscal Year Maturity [Abstract]
Short-term investments, Due within one year	$ 243,613	$ 117,761
Short-term investments, Due between one and two years	194,281	130,714
Short-term investments	$ 437,894	$ 248,475

- Definition

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

+ References

+ Details

Preferred Stock - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Jun. 07, 2024	Jun. 05, 2024	May 30, 2024
Temporary Equity [Line Items]
Preferred stock, shares authorized	10,000,000	10,000,000				10,000,000
Preferred stock, par value	$ 0.001	$ 0.001				$ 0.001
Converted aggregate common shares				22,146,816
Non-cumulative dividends rate on original issue price	8.00%
Percentage of voting stock on closing of transfer, minimum	50.00%
Minimum
Temporary Equity [Line Items]
Common stock, underwritten public offering, price per share	$ 14.70302
Gross Proceeds, Net of Underwriting Discount and Commissions	$ 50,000
Series A Convertible Preferred Stock
Temporary Equity [Line Items]
Proceeds from issuance of convertible preferred stock	$ 0		$ 63,913
Preferred stock, convertible, conversion price					$ 8.5648
Series B Convertible Preferred Stock
Temporary Equity [Line Items]
Additional number of shares issued		38,157,240
Issuance costs		$ 87
Preferred stock, convertible, conversion price					$ 14.3655

Accrued Expenses and Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2025

Payables and Accruals [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

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


	December 31, 2025		December 31, 2024
Research and development	$	3,749	$	1,664
Professional fees		1,229		235
Employee related		7,120		3,708
Accrued other		6		469
	$	12,104	$	6,076

Income Taxes - Summary of Components of Income Tax Provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Deferred income tax provision (benefit)
Effective income tax rate	$ 0	$ 0

- Definition

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

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+ Details

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Loss Contingencies [Line Items]
Prepaid expenses and other current assets	$ 7,917	$ 4,417
Research and development expense	94,789	$ 60,935
NeuroPace SOW
Loss Contingencies [Line Items]
Cumulative expense	4,200
NeuroPace SOW \| Maximum
Loss Contingencies [Line Items]
Payment for service provided	$ 5,300

- Definition

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

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+ Details

Subsequent Event

12 Months Ended

Dec. 31, 2025

Subsequent Events [Abstract]

Subsequent Event

14. Subsequent Event

On March 6 2026, the Company entered into a strategic collaboration and license agreement with Tenacia Biotechnology (Hong Kong) Co., Ltd. (“Tenacia”) to develop and commercialize RAP-219 in Greater China across indications, including focal onset seizures and bipolar mania.

Under the terms of the Tenacia Biotechnology collaboration and license agreement, the Company is eligible to receive an upfront payment of $20 million and will be eligible to receive up to an aggregate of approximately $308 million in potential development and commercialization milestones and other payments and mid-single digits to mid-teens tiered royalties on net sales of RAP-219 in China, Hong Kong, Macau, and Taiwan. Tenacia will be responsible for the development and commercialization of RAP-219 in Greater China, while Rapport retains rights in all other territories globally.

Fair Value Measurements - Additional Information (Details)	Dec. 31, 2025 $ / shares
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net asset value	$ 1

- Definition

Net asset value per share or per unit of investments in certain entities that calculate net asset value per share. Includes, but is not limited to, by unit, membership interest, or other ownership interest. Investment includes, but is not limited to, investment in certain hedge funds, venture capital funds, private equity funds, real estate partnerships or funds. Excludes fair value disclosure.

+ References + Details

Income Taxes - Summary of Net Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets:
US and State net operating loss carryforwards	$ 10,195	$ 3,246
Capitalized research and development costs	34,006	19,043
License fees capitalization	958	1,022
Research and development credit carryforwards	10,589	5,065
Accruals and other	1,633	853
Lease liability	2,809	355
Stock-based compensation	1,792	1,049
Other	20	0
Total deferred tax assets	62,002	30,633
Deferred tax liabilities
Depreciation	(121)	(75)
Right-of-Use Asset	(2,424)	(347)
Total deferred tax liabilities	(2,545)	(422)
Valuation Allowance	(59,457)	(30,211)	$ (13,145)
Net deferred tax assets (liabilities)	$ 0	$ 0

Stock-Based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Number of Shares, Options outstanding beginning balance	4,189,746
Number of Shares, Granted	2,522,420
Number of Shares, Exercised	(192,864)
Number of Shares, Forfeited	(231,825)
Number of Shares, Options outstanding ending balance	6,287,477	4,189,746
Number of Shares, Options vested and exercisable	2,035,935
Number of Shares, Options vested and expected to vest	6,287,477
Weighted- Average Exercise Price per share, options outstanding beginning balance	$ 10.02
Weighted- Average Exercise Price per share, granted	15.56
Weighted- Average Exercise Price per share, exercised	6.98
Weighted- Average Exercise Price per share, forfeited	12.8
Weighted- Average Exercise Price per share, options outstanding ending balance	12.23	$ 10.02
Weighted- Average Exercise Price per share, Options vested and exercisable	10.22
Weighted- Average Exercise Price per share, Options vested and expected to vest	$ 12.23
Weighted- Average Remaining Contractual Term, Options outstanding	8 years 7 months 13 days	9 years 2 months 8 days
Weighted- Average Remaining Contractual Term, Options vested and exercisable	8 years 3 months 25 days
Weighted- Average Remaining Contractual Term, Options vested and expected to vest	8 years 7 months 13 days
Aggregate Intrinsic Value, Options outstanding	$ 113,839	$ 34,324
Aggregate Intrinsic Value, Options vested and exercisable	40,955
Aggregate Intrinsic Value, Options vested and expected to vest	$ 113,839

Common Stock

12 Months Ended

Dec. 31, 2025

Stockholders' Equity Note [Abstract]

Common Stock

7. Common Stock

The voting, dividend and liquidation rights of the holders of the Company’s common stock were subject to and qualified by the rights, powers and preferences of the holders of the convertible preferred stock set forth above. Each share of common stock entitles the holder to one vote, together with the holders of the convertible preferred stock, on all matters submitted to the stockholders for a vote. The holders of common stock are entitled to receive dividends, if any, as declared by the Company’s board of directors, subject to the preferential dividend rights of convertible preferred stock. As of December 31, 2025 and 2024, no dividends have been declared or paid.

On May 30, 2024, the Company’s stockholders approved the third amended and restated certificate of incorporation, which was filed upon the closing of the IPO on June 10, 2024 and which, among other things, increased the number of shares of common stock authorized for issuance from 250,000,000 to 500,000,000 shares of common stock.

In June 2024, the Company completed its IPO of its common stock. In connection with its IPO, the Company issued and sold 9,200,000 shares of its common stock at a price of $17.00 per share. As a result, the Company received $140.9 million in net proceeds, after deducting underwriting discounts and commissions and offering costs of $15.5 million.

In connection with its IPO, the Company issued and sold 1,058,824 shares of its common stock in a concurrent private placement, at a price of $17.00 per share, and received $16.7 million in net proceeds, after deducting placement agent fees and other private placement costs of $1.3 million.

In July 2025, the Company filed a registration statement on Form S-3 (the “Registration Statement”) with the U.S. Securities and Exchange Commission (the “SEC”) covering the offering of up to $400.0 million in common stock, preferred stock, debt securities, warrants and/or units. Concurrent with the filing of the Registration Statement, the Company entered into a common stock sales agreement, dated July 1, 2025, by and between the Company and Leerink Partners LLC and Cantor Fitzgerald & Co., acting as sales agents (the “Sales Agreement”), which established an at-the-market offering program for the offer and sale of common stock from time to time (the “ATM Program”). In connection with the ATM Program, the Company also filed a prospectus with the Registration Statement for the offer and sale of up to $150.0 million of shares of common stock from time to time through the sales agents (the “ATM Prospectus”). In September 2025, the Company terminated the ATM Prospectus.

In September 2025, the Company completed an underwritten public offering of 11,057,692 shares of common stock (inclusive of 1,442,307 shares of common stock sold pursuant to the underwriters’ full exercise of their option to purchase additional shares) at a public offering price of $26.00 per share (the “September 2025 Offering”) pursuant to an effective shelf registration statement (File No. 333-288444) and a related prospectus supplement filed with the SEC. The net proceeds from the September 2025 Offering were approximately $269.4 million, after deducting underwriter discounts, commissions, and other offering costs of $18.1 million.

In connection with the ATM Program, the Company filed a prospectus supplement with the Securities and Exchange Commission on January 7, 2026, for the offer and sale of up to $110.0 million of shares of common stock from time to time through the sales agents. To date, the Company had not issued and sold any shares of common stock under the Sales Agreement.

As of December 31, 2025, the Company had reserved 8,878,968 shares of common stock, of which 2,503,036 shares were reserved for issuance under the 2022 Plan, 5,685,887 shares under the 2024 Stock Option and Grant Plan (the “2024 Plan”) and 690,045 shares under the 2024 Employee Stock Purchase Plan (the “2024 ESPP”) (see Note 8).

- Definition

The entire disclosure for equity.

+ References

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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 505
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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+ Details

Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Depreciation expense of property and equipment	$ 1.0	$ 0.8

Segment - Additional Information (Details) $ in Millions	12 Months Ended
Segment - Additional Information (Details) $ in Millions	Dec. 31, 2025 USD ($) Segment
Segment Reporting [Abstract]
Number of operating segments	1
Number of reportable segments	1
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description	The CODM reviews the segment’s profit or loss based on net (loss) income reported on the consolidated statement of operations and comprehensive loss and considers forecast-to-actuals variances on a quarterly basis for expenses that are deemed significant. Further, the CODM reviews the segment’s assets based on total assets reported on the consolidated balance sheet. In addition, the CODM is regularly provided information on total cash, which is inclusive of cash, cash equivalents and short-term investments, as a measure of segment assets. As of December 31, 2025, the Company’s cash, cash equivalents and short-term investments were $490.5 million. All long-lived assets are held in the United States.
Cash and cash equivalents and short-term investments \| $	$ 490.5
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	srt:ChiefExecutiveOfficerMember

Leases - Additional Information (Details) $ in Thousands	1 Months Ended			12 Months Ended
Leases - Additional Information (Details) $ in Thousands	Nov. 30, 2024 USD ($) SquareFeet	Feb. 29, 2024 USD ($) SquareFeet	Jun. 30, 2023 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)
Lessee, Lease, Description [Line Items]
Operating Lease, Payments				$ 1,212	$ 804
Corporate Headquarters Boston, Massachusetts
Lessee, Lease, Description [Line Items]
Operating lease term of contract			40 months
Operating lease, payments first 12 months			$ 66
Operating lease, percentage of escalation			2.00%
Operating lease, security deposit				100
Laboratory and Office Space San Diego, California
Lessee, Lease, Description [Line Items]
Operating lease term of contract		60 months
Total lease square feet \| SquareFeet		20,626
Annual base rent adjustment rate		3.00%
Lessee, Operating Lease, Existence of Option to Extend [true false]		false
Operating Lease, Payments		$ 1,900
Corporate Headquarters, Office Space In Boston, Massachusetts
Lessee, Lease, Description [Line Items]
Operating lease term of contract	6 years 6 months
Operating lease, security deposit				$ 400
Total lease square feet \| SquareFeet	15,275
Annual base rent adjustment rate	2.00%
Lessee, Operating Lease, Existence of Option to Extend [true false]	false
Operating Lease, Payments	$ 800

Leases - Schedule of Lease Term and Discount Rate (Details)	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
Weighted-average remaining lease term--operating lease	4 years 7 months 6 days	2 years
Weighted-average discount rate--operating lease	7.24%	7.29%

Stock-Based Compensation - Summary of Performance-based RSA Grant Activity (Details) - Performance-Based RSAs	12 Months Ended
	Dec. 31, 2025 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unvested RSAs, Beginning balance \| shares	444,235
Vested, RSAs \| shares	(190,042)
Forfeited, RSAs \| shares	(41,216)
Unvested RSAs, Ending balance \| shares	212,977
Unvested, Weighted Average Grant Date Fair Value, Beginning balance \| $ / shares	$ 3.63
Vested, Weighted Average Grant Date Fair Value \| $ / shares	3.69
Forfeited, Weighted Average Grant Date Fair Value \| $ / shares	2.92
Unvested, Weighted Average Grant Date Fair Value, Ending balance \| $ / shares	$ 3.72

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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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 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Preferred Stock

12 Months Ended

Dec. 31, 2025

Temporary Equity Disclosure [Abstract]

Preferred Stock

6. Preferred Stock

Prior to the closing of the Company’s IPO in June 2024, the Company had issued Series A convertible preferred stock and Series B convertible preferred stock.

On May 30, 2024, the Company’s stockholders approved the third amended and restated certificate of incorporation, which was filed upon the closing of the IPO on June 10, 2024, and which, among other things, created 10,000,000 undesignated shares of authorized preferred stock, $0.001 par value per share.

Immediately prior to the closing of the Company’s IPO on June 6, 2024, pursuant to the reverse stock split and a proportional adjustment to the existing conversion ratios of each series of the Company’s preferred stock as discussed further below, all of the Company’s outstanding shares of convertible preferred stock were converted into an aggregate of 22,146,816 shares of common stock.

The holders of the convertible preferred stock had the following rights and preferences:

Voting

The holders of the convertible preferred stock were entitled to vote, together with the holders of common stock, as a single class, on all matters submitted to the shareholders for a vote and were entitled to the number of votes equal to the number of shares of common stock into which the convertible preferred stock could convert on the record date for determination of shareholders entitled to vote. A majority vote of the holders of convertible preferred stock along with a majority vote of the Series B convertible preferred stock (the “Required Vote”) was required to, among others, liquidate or dissolve the Company, amend the certificate of incorporation or bylaws, reclassify common stock or establish another class of capital stock, create shares that would rank senior to or authorize additional shares of convertible preferred stock, declare a dividend or make a distribution, or change

the authorized number of directors constituting the board of directors.

In addition, the holders of shares of Series A convertible preferred stock, voting exclusively and as a separate class, were entitled to elect up to three directors of the Company. The holders of shares of Series B convertible preferred stock, voting exclusively and as a separate class, were entitled to elect up to two directors of the Company.

Conversion

Each share of Series A convertible preferred stock was convertible into common stock, at any time, at the option of the holder, and without the payment of additional consideration, at the applicable conversion ratio then in effect, provided that such holder may waive such option to convert upon written notice to the Company. Holders of Series B convertible preferred stock were not entitled to elect to convert shares of Series B convertible preferred stock into shares of Common Stock at any time during the period commencing on the date of the first issuance of the Series B convertible preferred stock and ending immediately following the earliest to occur of (i) the Series B Milestone Tranche closing, (ii) the achievement of the second tranche milestone, (iii) the date such holder’s obligation to purchase its Second Tranche Shares is fulfilled, (iv) the termination of such holder’s obligations to complete the Series B Milestone Tranche closing and (v) such date as agreed to by the Company and the holders of a majority of the then outstanding shares of Series B convertible preferred stock, voting as a separate, exclusive class. In addition, each share of convertible preferred stock would be automatically converted into shares of common stock at the then-effective applicable conversion ratio upon either (i) the closing of a firm-commitment underwritten public offering of its common stock at a price per share of at least $14.70302 resulting in at least $50.0 million of gross proceeds, net of underwriting discount and commissions, to the Company, or (ii) the date specified by vote or written consent of the holders of the Required Vote, voting as a single class.

The conversion ratio of each class of convertible preferred stock was determined by dividing the Applicable Original Issue Price of each class of convertible preferred stock by the Conversion Price of each class. Immediately prior to the closing of the Company’s IPO on June 6, 2024, all outstanding convertible preferred stock was converted into common stock at a Conversion Price of $8.5648 per share for Series A convertible preferred stock and $14.3655 per share for Series B convertible preferred stock.

There was no adjustment in the conversion price of the convertible preferred stock as the result of the issuance or deemed issuance of additional shares of the Company’s common stock if the Company received written notice from the holders of the Required Vote of the then outstanding shares of convertible preferred stock agreeing that no such adjustment shall be made as the result of the issuance or deemed issuance of additional shares of the Company’s common stock.

In the event that any holder of convertible preferred stock who was required to participate in a subsequent closing pursuant to the purchase agreement did not purchase the aggregate number of subsequent closing shares, then each share of convertible preferred stock held by such holder was automatically converted into shares of common stock at a ratio of one share of common stock for every ten shares of convertible preferred stock held immediately prior to the consummation of such subsequent closing.

Dividends

The holders of the convertible preferred stock were entitled to receive, only when, as and if declared by the Board of Directors, non-cumulative dividends at the rate of 8% of the Applicable Original Issue Price of the convertible preferred stock (the “Preferred Dividend”).

The Company shall not declare, pay or set aside any dividends on common shares of the Company unless the holders of convertible preferred stock then outstanding first received, or simultaneously received, the Preferred Dividend on each outstanding convertible preferred stock and a dividend on each outstanding convertible preferred stock in an amount at least equal to the product of (1) the dividend payable on each share of such class or series determined, as if all shares of such class or series had been converted into common stock and (2) the number of shares of common stock issuable upon conversion of a share of such series of convertible preferred stock, in each case calculated on the record date for determination of the holders entitled to receive such dividend. To-date, the Company has never declared or paid cash dividends.

Liquidation

In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Company, or upon the occurrence of a Deemed Liquidation Event (as defined below), the holders of shares of convertible preferred stock then outstanding were entitled, on a pari passu basis among the series of convertible preferred stock, to be paid out of the assets or funds of the Company available for distribution to stockholders before any payment was made to the holders of common stock. The holders of convertible preferred stock were entitled to an amount per share equal to the greater of (i) the Applicable Original Issue Price, plus any dividends declared but unpaid thereon, or (ii) the amount that would have been payable had all shares of each series of convertible preferred stock been converted into common stock immediately prior to such liquidation, dissolution, winding up or Deemed Liquidation Event (as defined below). After the payment in full of the convertible preferred stock preference amount, the remaining assets of the Company available for distribution to stockholders shall be distributed among the holders of common stock on a pro rata basis.

Unless at least the holders of the Required Vote, elect otherwise, a Deemed Liquidation Event shall include a merger, consolidation, or share exchange (other than one in which stockholders of the Company own a majority by voting power of the outstanding shares of the surviving or acquiring corporation) or a sale, lease, transfer, exclusive license or other disposition of all or substantially all of the assets of the Company, or the closing of the transfer of 50% or more of the Company’s outstanding voting stock, or any merger or consolidation in connection with a SPAC transaction or reverse merger transaction.

Redemption

The convertible preferred stock did not have redemption rights, except for the contingent redemption upon the occurrence of a Deemed Liquidation Event.

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2025	Mar. 02, 2026	Jun. 30, 2025
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Amendment Flag	false
Document Period End Date	Dec. 31, 2025
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Trading Symbol	RAPP
Entity Registrant Name	Rapport Therapeutics, Inc.
Entity Central Index Key	0002012593
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Shell Company	false
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Title of 12(b) Security	Common Stock, $0.001 par value per share
Security Exchange Name	NASDAQ
Entity File Number	001-42121
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	88-0724208
Entity Address, Address Line One	99 High Street
Entity Address, Address Line Two	Suite 2100
Entity Address, City or Town	Boston
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02110
City Area Code	857
Local Phone Number	321-8020
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	Yes
Document Financial Statement Error Correction [Flag]	false
Entity Public Float			$ 275,840,930
Document Transition Report	false
Entity Common Stock, Shares Outstanding		47,792,943
Documents Incorporated by Reference [Text Block]	DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant’s definitive proxy statement for its 2025 Annual Meeting of Stockholders to be filed pursuant to Regulation 14A within 120 days of the end of the registrant’s fiscal year ended December 31, 2025 are incorporated by reference into Part III of this Annual Report on Form 10-K to the extent stated herein.
Auditor Name	PricewaterhouseCoopers LLP
Auditor Firm ID	238
Auditor Location	Boston, Massachusetts

Stock-Based Compensation - Summary of Assumptions Used in Black-Scholes Option-Pricing model to Determine the Fair Value of Stock Options Granted (Details) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected volatility, Minimum	82.30%	83.80%
Expected volatility, Maximum	90.25%	99.30%
Risk-free interest rate, Minimum	3.77%	3.55%
Risk-free interest rate, Maximum	4.43%	4.48%
Expected dividend yield	0.00%	0.00%
Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)	6 years	5 years 10 months 6 days
Fair value of common stock	$ 7.15	$ 6.34
Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)		6 years 29 days
Fair value of common stock	$ 28.55	$ 26.9

Leases

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Leases

9. Leases

Operating Lease

In June 2023, the Company entered into a lease for its corporate headquarters in Boston, Massachusetts. The lease commenced August 31, 2023 with an initial term of 40 months. The monthly lease payments are $66 thousand for the first 12 months, with 2% escalation each year. In conjunction with the lease, the Company paid a security deposit of $0.1 million that is recorded on the Company’s consolidated balance sheet in prepaid expenses and other current assets as of December 31, 2025.

In February 2024, the Company entered into a lease in San Diego, California to lease a total of 20,626 square feet for laboratory and office space. The lease commenced January 11, 2025 with an initial term of 60 months with no option to extend for an additional term. The lease provides for annual base rent for the premises of approximately $1.9 million for the first year of the lease. Thereafter, the annual base rent will increase at an adjustment rate of 3.0% each year until the end of the term. The Company is also obligated to pay the landlord certain fees, taxes, and operating expenses, subject to certain exclusions.

In November 2024, the Company entered into a sublease for a new corporate headquarters space in Boston, Massachusetts for 15,275 square feet of office space. The lease commenced June 1, 2025 with a lease term of 6.5 years with no option to extend for an additional term. The lease provides for annual base rent for the premise of approximately $0.8 million for the first year of the lease. Thereafter, the annual base rent will increase at an adjustment of 2.0% each year until the end of the term. The Company is also obligated to pay the landlord certain fees, taxes, and operating expenses, subject to certain exclusions. In conjunction with the lease commencement, the Company paid a security deposit of $0.4 million that is recorded on the Company’s condensed consolidated balance sheet in other assets as of December 31, 2025.

Right-of-use lease assets and lease liabilities are reported in the Company’s consolidated balance sheets as follows (in thousands):


	For the year ended December 31,
	2025		2024
Operating lease
Operating lease right-of-use assets, net	$	9,909	$	1,442
Operating lease right-of-use liabilities, current		2,755		737
Operating lease right-of-use liabilities, non-current		8,729		739
Total operating lease liabilities	$	11,484	$	1,476

The components of operating lease costs were as follows (in thousands):


	For the year ended December 31,
	2025		2024
Operating lease costs	$	2,754	$	776
Variable lease costs		54		383
Short-term lease costs		—		66
Total Lease cost	$	2,808	$	1,225

Other information related to leases was as follows (in thousands):


	For the year ended December 31,
	2025		2024
Supplemental cash flow information
Cash flows included in the measurement of lease liabilities:
Cash paid for amounts included in the measurement of operating lease liabilities	$	1,212	$	804
Right-of-use lease assets obtained in exchange for new operating lease liabilities	$	10,499	$	—


	2025			2024
Lease term and discount rate
Weighted-average remaining lease term–operating lease		4.6			2.0
Weighted-average discount rate–operating lease		7.24	%		7.29	%

As of December 31, 2025, maturities of operating lease liabilities for each of the following five years and a total thereafter were as follows (in thousands):


2026	$	3,478
2027		2,785
2028		2,861
2029		2,591
2030		879
Thereafter		821
Total minimum future lease payments		13,415
Less: Imputed interest		(1,931	)
Total lease liabilities	$	11,484

Stock-Based Compensation - Summary of Restricted Stock Awards Grant Activity (Details) - Service-Based RSAs	12 Months Ended
	Dec. 31, 2025 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unvested RSAs, Beginning balance \| shares	976,596
Vested, RSAs \| shares	(513,038)
Forfeited, RSAs \| shares	(51,725)
Unvested RSAs, Ending balance \| shares	411,833
Weighted-Average Grant-Date Fair Value
Unvested, Weighted Average Grant Date Fair Value, Beginning balance \| $ / shares	$ 3.69
Vested, Weighted Average Grant Date Fair Value \| $ / shares	3.56
Forfeited, Weighted Average Grant Date Fair Value \| $ / shares	3.14
Unvested, Weighted Average Grant Date Fair Value, Ending balance \| $ / shares	$ 3.94

- 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

Net Loss per Share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Net Loss per Share

13. Net Loss per Share

Basic and diluted net loss per common share attributable to common stockholders was calculated as follows (in thousands, except share and per share amounts):


	Year Ended December 31,
	2025			2024
Numerator:
Net loss attributable to common stockholders	$	(111,483	)	$	(78,307	)
Denominator:
Weighted average common shares outstanding, basic and diluted		38,934,569			20,738,338
Net loss per share attributable to common stockholders, basic and diluted	$	(2.86	)	$	(3.78	)

For purposes of this calculation, the Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share available to common shareholders for the periods indicated because including them would have had an anti-dilutive effect:


	As of December 31,
	2025		2024
Options to purchase common stock		6,287,477		4,189,746
Unvested performance-based restricted stock units		47,750		—
Unvested restricted stock units		13,987		—
Unvested restricted common stock—service based		411,833		976,596
Unvested restricted common stock—performance based		212,977		444,235

Fair Value Measurements - Summary of Aggregate Fair Value Determined Using Level 3 Inputs (Details) - Level 3 - Series B Preferred Stock Tranche Right Liability $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value, Beginning Balance	$ 4,200
Change in fair value of preferred stock tranche right liability	7,390
Settlement of preferred stock tranche right liability upon waiver of milestone	(11,590)
Fair Value, Ending Balance	$ 0

Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Accrued Liabilities, Current [Abstract]
Research and development	$ 3,749	$ 1,664
Professional fees	1,229	235
Employee related	7,120	3,708
Accrued other	6	469
Accrued expenses and other current liabilities	$ 12,104	$ 6,076

Segment

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment

10. Segment

The Company is currently developing medicines for patients with neurological or psychiatric disorders in the United States. The Company does not have any revenue generating products, and revenue will not be generated from any other current or future product candidates until regulatory approval is obtained and products are commercialized.

For the year ended December 31, 2025, the Company has identified one operating and reportable segment. The Company defines its operating segments based on internally reported financial information that is regularly reviewed by the Chief Operating Decision Maker (“CODM”) to analyze financial performance, make decisions, and allocate resources. The Company’s Chief Executive Officer (“CEO”) is the CODM.

The CODM reviews the segment’s profit or loss based on net (loss) income reported on the consolidated statement of operations and comprehensive loss and considers forecast-to-actuals variances on a quarterly basis for expenses that are deemed significant. Further, the CODM reviews the segment’s assets based on total assets reported on the consolidated balance sheet. In addition, the CODM is regularly provided information on total cash, which is inclusive of cash, cash equivalents and short-term investments, as a measure of segment assets. As of December 31, 2025, the Company’s cash, cash equivalents and short-term investments were $490.5 million. All long-lived assets are held in the United States.

The Company’s CODM views specific categories within research and development expenses and general and administrative expenses as significant given the direct correlation between cash burn and profitability as a pre-revenue company.

The following table reconciles reported revenues to net loss under the significant expense principle for the years ended December 31, 2025 and 2024 (in thousands):


	For the Year Ended December 31,
	2025			2024

Research and Development Expenses:
RAP-219 program external expenses	$	41,144		$	22,080
Preclinical programs external expenses		16,565			16,535
R&D personnel-related costs (including stock-based compensation)		30,404			19,500
Other costs		6,676			2,820
General and Administrative Expenses:
G&A personnel-related costs (including stock-based compensation)		21,519			13,989
Professional and consulting costs		5,260			5,482
Facility related and other		3,531			2,649
Loss from operations	$	(125,099	)	$	(83,055	)
Interest income		13,616			12,138
Change in fair value of preferred stock tranche right liability		—			(7,390	)
Net loss	$	(111,483	)	$	(78,307	)

Accordingly, the Company consists of a single operating and reportable segment and the consolidated financial statements and notes thereto are presented as a single reportable segment.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Paragraph 21
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

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

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Schedule of Right-of-Use Lease Assets and Lease Liabilities Reported in Consolidated Balance Sheets

Right-of-use lease assets and lease liabilities are reported in the Company’s consolidated balance sheets as follows (in thousands):


	For the year ended December 31,
	2025		2024
Operating lease
Operating lease right-of-use assets, net	$	9,909	$	1,442
Operating lease right-of-use liabilities, current		2,755		737
Operating lease right-of-use liabilities, non-current		8,729		739
Total operating lease liabilities	$	11,484	$	1,476

Schedule of Components of Operating Lease Costs

The components of operating lease costs were as follows (in thousands):


	For the year ended December 31,
	2025		2024
Operating lease costs	$	2,754	$	776
Variable lease costs		54		383
Short-term lease costs		—		66
Total Lease cost	$	2,808	$	1,225

Schedule of Other Information Related to Leases

Other information related to leases was as follows (in thousands):


	For the year ended December 31,
	2025		2024
Supplemental cash flow information
Cash flows included in the measurement of lease liabilities:
Cash paid for amounts included in the measurement of operating lease liabilities	$	1,212	$	804
Right-of-use lease assets obtained in exchange for new operating lease liabilities	$	10,499	$	—


	2025			2024
Lease term and discount rate
Weighted-average remaining lease term–operating lease		4.6			2.0
Weighted-average discount rate–operating lease		7.24	%		7.29	%

Schedule of Maturities of Operating Lease Liabilities

As of December 31, 2025, maturities of operating lease liabilities for each of the following five years and a total thereafter were as follows (in thousands):


2026	$	3,478
2027		2,785
2028		2,861
2029		2,591
2030		879
Thereafter		821
Total minimum future lease payments		13,415
Less: Imputed interest		(1,931	)
Total lease liabilities	$	11,484

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Use of Estimates

Concentrations of Credit Risk and of Significant Suppliers

Restricted cash

The Company's restricted cash of $0.1 million as of December 31, 2025 and 2024 was restricted as cash collateral for the Company’s business credit card program.

Cash and Cash Equivalents

Short-Term Investments

The Company’s interest income consists of interest earned from cash, cash equivalents, and short-term investments.

Deferred Offering Costs

As of December 31, 2025 and 2024, the Company recorded deferred offering costs of $35 thousand and zero, respectively, in other assets on its balance sheet.

Fair Value Measurements

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

Property and Equipment


Asset Classification	Estimated Useful Life
Computer equipment	3 years
Furniture and Fixtures	5 years
Lab equipment	5 years
Leasehold Improvements	Shorter of remaining lease term or useful life

Impairment of Long-Lived Assets

For the years ended December 31, 2025 and 2024, the Company did not recognize any impairment losses on long-lived assets.

Segment Information

Research and Development Expenses

Accrued Research and Development Expenses

Patent Costs

Contingencies

Stock-Based Compensation

Leases

Income Taxes

Net Loss Per Share

Comprehensive Loss

Recently Adopted Accounting Pronouncements

Recently Issued Accounting Pronouncements Not Yet Adopted

Income Taxes - Summary of Change in Valuation Allowance for Deferred Tax Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Valuation allowance as of beginning of year	$ (30,211)	$ (13,145)
Decreases recorded as benefit to income tax provision
Increases recorded to income tax provision	(29,246)	(17,066)
Valuation allowance as of end of year	$ (59,457)	$ (30,211)

Stock-Based Compensation - Summary of Share-based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 18,855	$ 10,235
General and Administrative
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	11,571	6,190
Research and Development
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 7,284	$ 4,045

Net Loss per Share - Schedule of Basic and Diluted Net Loss Per Common Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Numerator:
Net loss attributable to common stockholders	$ (111,483)	$ (78,307)
Denominator:
Weighted average common shares outstanding, basic	38,934,569	20,738,338
Weighted average common shares outstanding, diluted	38,934,569	20,738,338
Net loss per share attributable to common stockholders, basic	$ (2.86)	$ (3.78)
Net loss per share attributable to common stockholders, diluted	$ (2.86)	$ (3.78)

- 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
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+ Details

- Definition

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

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+ Details

- Definition

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

+ References

+ Details

Leases - Schedule of Right-of-Use Lease Assets and Lease Liabilities Reported in Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
Operating lease right-of-use assets, net	$ 9,909	$ 1,442
Operating lease right-of-use liabilities, current	2,755	737
Operating lease right-of-use liabilities, non-current	8,729	739
Total operating lease liabilities	$ 11,484	$ 1,476

Leases - Schedule of Components of Operating Lease Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
Operating lease costs	$ 2,754	$ 776
Variable lease costs	54	383
Short-term lease costs		66
Total Lease cost	$ 2,808	$ 1,225

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets
Cash and cash equivalents	$ 52,645	$ 56,805
Short-term investments	437,894	248,475
Restricted cash	105	105
Prepaid expenses and other current assets	7,917	4,417
Total current assets	498,561	309,802
Property and equipment, net	2,976	3,529
Operating lease right of use asset, net	9,909	1,442
Other assets	985	160
Total assets	512,431	314,933
Current liabilities
Accounts payable	4,190	1,954
Accrued expenses and other current liabilities	12,104	6,076
Operating lease liability	2,755	737
Total current liabilities	19,049	8,767
Operating lease liability, net of current portion	8,729	739
Total liabilities	27,778	9,506
Commitments and contingencies (Note 12)
Stockholders' equity
Undesignated preferred stock, $0.001 par value; 10,000,000 shares authorized at December 31, 2025 and December 31, 2024, respectively; zero shares issued and outstanding at December 31, 2025 and December 31, 2024	0	0
Common stock, $0.001 par value; 500,000,000 shares authorized at December 31, 2025 and December 31, 2024; 47,772,567 shares and 36,580,202 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively	48	37
Additional paid-in capital	719,287	429,657
Accumulated other comprehensive income (loss)	546	(522)
Accumulated deficit	(235,228)	(123,745)
Total stockholders' equity	484,653	305,427
Total liabilities and stockholders' equity	$ 512,431	$ 314,933

Leases - Schedule of Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
2026	$ 3,478
2027	2,785
2028	2,861
2029	2,591
2030	879
Thereafter	821
Total minimum future lease payments	13,415
Less: Imputed interest	(1,931)
Total lease liabilities	$ 11,484	$ 1,476

Subsequent Event- Additional Information (Details) $ in Millions	Jan. 01, 2026 USD ($)
Subsequent Event [Member] \| Tenacia Biotechnology
Subsequent Event [Line Items]
Collaboration and license agreement received upfront payment	$ 20

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Operating expenses
Research and development	$ 94,789	$ 60,935
General and administrative	30,310	22,120
Total operating expenses	125,099	83,055
Loss from operations	(125,099)	(83,055)
Other income (expense):
Interest income	13,616	12,138
Change in fair value of preferred stock tranche right liability	0	(7,390)
Total other income, net	13,616	4,748
Net loss	$ (111,483)	$ (78,307)
Net loss per share attributable to common stockholders, basic	$ (2.86)	$ (3.78)
Net loss per share attributable to common stockholders, diluted	$ (2.86)	$ (3.78)
Weighted-average common shares outstanding, basic	38,934,569	20,738,338
Weighted-average common shares outstanding, diluted	38,934,569	20,738,338
Comprehensive loss:
Net loss	$ (111,483)	$ (78,307)
Change in unrealized gains (losses) on investments, net of tax	1,068	(526)
Total other comprehensive income (loss)	1,068	(526)
Comprehensive loss	$ (110,415)	$ (78,833)

Accrued Expenses and Other Current Liabilities

12 Months Ended

Dec. 31, 2025

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

5. Accrued Expenses and Other Current Liabilities

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


	December 31, 2025		December 31, 2024
Research and development	$	3,749	$	1,664
Professional fees		1,229		235
Employee related		7,120		3,708
Accrued other		6		469
	$	12,104	$	6,076

Fair Value Measurements

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

3. Fair Value Measurements

The following tables present the Company’s fair value hierarchy for its assets and liabilities that are measured at fair value on a recurring basis and indicate the level within the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value (in thousands):


	Fair Value Measurements at
	December 31, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	47,947	$	—	$	—	$	47,947
Short-term investments:
U.S. Treasury bills		—		79,359		—		79,359
Government securities		—		248,398		—		248,398
Government agency securities		—		110,137		—		110,137
	$	47,947	$	437,894	$	—	$	485,841


	Fair Value Measurements at
	December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	9,432	$	—	$	—	$	9,432
Short-term investments:
U.S. Treasury bills		—		28,723		—		28,723
Government securities		—		136,514		—		136,514
Government agency securities		—		83,238		—		83,238
	$	9,432	$	248,475	$	—	$	257,907

Money market funds are highly liquid and actively traded marketable securities that generally transact at a stable $1.00 net asset value representing its estimated fair value. During the years ended December 31, 2025 and 2024, there were no transfers between Level 1, Level 2 and Level 3.

The Company classifies its marketable securities as short-term because they are available to be converted into cash to fund current operations. The fair value of the Company’s U.S. Treasury bills, government securities, and government agency securities are classified as Level 2 because they are valued using observable inputs to quoted market prices, benchmark yields, reported trades, broker/dealer quotes or alternative pricing sources with reasonable levels of price transparency.

The underlying securities held in the money market funds held by the Company are all government backed securities.

Short-term investments consisted of the following (in thousands):


	December 31, 2025
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Short-term investments:
U.S. Treasury bills	$	79,334	$	25	$	—	$	79,359
Government securities		247,968		430		—		248,398
Government agency securities		110,046		91		—		110,137
	$	437,348	$	546	$	—	$	437,894


	December 31, 2024
	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Short-term investments:
U.S. Treasury bills	$	28,694	$	30	$	—		$	28,724
Government securities		136,829		—		(316	)		136,513
Government agency securities		83,474		—		(236	)		83,238
	$	248,997	$	30	$	(552	)	$	248,475

The contractual maturities of the Company’s short-term investments in available-for-sale debt securities held were as follows (in thousands):


	December 31,		December 31,
	2025		2024
Due within one year	$	243,613	$	117,761
Due between one and two years		194,281		130,714
	$	437,894	$	248,475

As of December 31, 2025, no investments were in an unrealized loss position. As of December 31, 2024, all investments in an unrealized loss position were in this position for less than 12 months. The Company evaluated its securities for potential

other-than-temporary impairment and considered the decline in market value to be primarily attributable to current economic and market conditions. Additionally, the Company does not intend to sell the securities in an unrealized loss position and does not expect it will be required to sell the securities before recovery of the unamortized cost basis. The Company did not recognize any credit losses during both the years ended December 31, 2025 and 2024.

Valuation of Preferred Stock Tranche Right Liability

The Series B preferred stock tranche right liabilities in the table below are composed of the fair value of obligations to issue Series B convertible preferred stock (see Note 6), either upon achievement of certain specified milestones, upon the waiver of such milestone achievement by a majority vote of the respective series convertible preferred stockholders, or upon a shareholder exercising its right to early exercise the tranche right. The fair value of the tranche right liability was determined based on significant inputs not observable in the market, which represented a Level 3 measurement within the fair value hierarchy. The fair value of the tranche right liabilities were determined using a Contingent Forward Analysis, which is a scenario-based lattice model that accounts for the different possible milestone scenarios and their associated probabilities, as estimated by the Company. The valuation model considered the probability of closing the tranche, the estimated future value of the Convertible Preferred Stock to be issued at each closing and the investment required at each closing. Future values were converted to present value using a discount rate appropriate for probability-adjusted cash flows. The risk-free rate was determined by reference to the U.S. Treasury yield curve for time periods approximately equal to the remaining estimated time to each tranche closing.

Series B Preferred Stock Tranche Right Liability

The following table provides a roll-forward of the aggregate fair value of the Company’s Series B preferred stock tranche right liability during the year ended December 31, 2024, for which fair value is determined using Level 3 inputs (in thousands):


	Series B Preferred Stock Tranche Right Liability
Balance as of December 31, 2023	$	4,200
Change in fair value of Series B preferred stock tranche right liability		7,390
Settlement of Series B preferred stock tranche right liability upon waiver of milestone		(11,590	)
Balance as of December 31, 2024	$	—

- 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.

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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Commitments and Contingencies

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

12. Commitments and Contingencies

Indemnification Agreements

In the ordinary course of business, the Company may provide indemnification of varying scopes and terms to vendors, lessors, business partners and other parties with respect to certain matters including, but not limited to, losses arising out of breach of such agreements or from intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements with the board of directors that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is, in many cases, unlimited. To date, the Company has not incurred any material costs as a result of such indemnifications. The Company is not aware of any indemnification arrangements that could have a material effect on its financial position, results of operations or cash flows, and it has not accrued any liabilities related to such obligations in its consolidated financial statements as of December 31, 2025 and 2024.

Legal Proceedings

From time to time, the Company may become involved in legal proceedings or other litigation relating to claims arising in the ordinary course of business. The Company accrues a liability for such matters when it is probable that future expenditures will be made and that such expenditures can be reasonably estimated. Significant judgment is required to determine both probability and estimated exposure amount. Legal fees and other costs associated with such proceedings are expensed as incurred. As of December 31, 2025 and 2024, the Company was not a party to any material legal proceedings or claims.

NeuroPace Master Services Agreement and Statement of Work

In November 2023, the Company entered into a master services agreement (the “NeuroPace Agreement”) with NeuroPace Inc. (“NeuroPace”), the manufacturer and distributor of the RNS system. Pursuant to the NeuroPace Agreement and in accordance with statement of work agreements entered into from time to time, NeuroPace provides the Company with certain services with respect to data from the RNS systems used in the Company’s clinical trials of RAP-219 in drug-resistant focal onset

seizures. The NeuroPace Agreement also grants the Company a royalty-free, worldwide, exclusive, non-transferable license to all data collected by the RNS systems in its RAP-219 clinical trials in drug-resistant FOS and the outcomes of algorithms that are applied to such data, as well as the ability to publish the outcomes of algorithms, subject to certain conditions. The consideration the Company will pay to NeuroPace for such services is set out in each statement of work agreement.

Concurrently with the execution of the NeuroPace Agreement, the parties also entered into an initial statement of work, as amended in March 2024, and a second SOW in July 2025 (collectively, the “NeuroPace SOWs”) under the NeuroPace Agreement, pursuant to which NeuroPace agreed to provide services related to the RAP-219 Phase 2a clinical trial and planned open-label long term safety trial in RAP-219 for FOS, including, among other things, clinical trial readiness support, identification of potential patients satisfying the enrollment criteria and RNS system data reporting and data analysis. Pursuant to the payment schedule set out in the NeuroPace SOWs, the Company will pay NeuroPace an aggregate of up to $5.3 million over a period of approximately four years in connection with NeuroPace’s provision of services and achievement of certain patient enrollment and deliverable milestones. The Company has incurred cumulative expenses of $4.2 million on both NeuroPace SOWs through December 31, 2025.

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax LineI tems
Tax provision	$ 0	$ 0
Federal operating loss carry forwards expiration period	indefinite
State operating loss carry forwards expiration year	2043
Research and development tax credit carryforwards	$ 10,589	5,065
Valuation allowance	59,457	$ 30,211	$ 13,145
Capitalized research and development	$ 19,100
U.S. Federal Statutory Income Tax (benefit), percent	21.00%	21.00%
U.S. Federal
Income Tax LineI tems
Net operating loss carryforward	$ 46,100	$ 13,700
Offset percentage of federal taxable income	80.00%
Research and development tax credit carryforwards	$ 8,000	3,800
Research and development tax credit carry forwards expiration year	2042
Capitalized research and development expense period	5 years
State
Income Tax LineI tems
Net operating loss carryforward	$ 15,100	12,000
Research and development tax credit carryforwards	$ 3,200	$ 1,600
Research and development tax credit carry forwards expiration year		2037
Outside U.S.
Income Tax LineI tems
Capitalized research and development expense period	15 years

Fair Value Measurements - Summary of Fair Value Hierarchy of Assets and Liabilities Measured on Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Assets:
Assets, fair value	$ 485,841	$ 257,907
Money Market Funds
Assets:
Cash equivalents	47,947	9,432
U.S. Treasury Bills
Assets:
Short-term investments	79,359	28,723
Government Securities
Assets:
Short-term investments	248,398	136,514
Government Agency Securities
Assets:
Short-term investments	110,137	83,238
Level 1
Assets:
Assets, fair value	47,947	9,432
Level 1 \| Money Market Funds
Assets:
Cash equivalents	47,947	9,432
Level 2
Assets:
Assets, fair value	437,894	248,475
Level 2 \| U.S. Treasury Bills
Assets:
Short-term investments	79,359	28,723
Level 2 \| Government Securities
Assets:
Short-term investments	248,398	136,514
Level 2 \| Government Agency Securities
Assets:
Short-term investments	$ 110,137	$ 83,238

Net Loss per Share (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

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

Basic and diluted net loss per common share attributable to common stockholders was calculated as follows (in thousands, except share and per share amounts):


	Year Ended December 31,
	2025			2024
Numerator:
Net loss attributable to common stockholders	$	(111,483	)	$	(78,307	)
Denominator:
Weighted average common shares outstanding, basic and diluted		38,934,569			20,738,338
Net loss per share attributable to common stockholders, basic and diluted	$	(2.86	)	$	(3.78	)

Schedule of Potential Common Shares Excluded from Computation of Diluted Net Loss Per Share Available to Common Shareholders


	As of December 31,
	2025		2024
Options to purchase common stock		6,287,477		4,189,746
Unvested performance-based restricted stock units		47,750		—
Unvested restricted stock units		13,987		—
Unvested restricted common stock—service based		411,833		976,596
Unvested restricted common stock—performance based		212,977		444,235

Segment - Summary of Reconciles Reported Revenues to Net (Loss) Income under Significant Expense Principle (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Research and development expenses	$ 94,789	$ 60,935
General and administrative expenses	30,310	22,120
Loss from operations	(125,099)	(83,055)
Interest income	13,616	12,138
Change in fair value of preferred stock tranche right liability		(7,390)
Change in fair value of preferred stock tranche right liability, change	0	7,390
Provision for income taxes	0	0
Net loss	(111,483)	(78,307)
RAP-219 Program External Expenses
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Research and development expenses	41,144	22,080
Preclinical Programs External Expenses
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Research and development expenses	16,565	16,535
R & D Personnel-Related Costs (Including Stock-based Compensation)
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Research and development expenses	30,404	19,500
Other Costs
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Research and development expenses	6,676	2,820
G & A Personnel Related Costs (Including Stock-based Compensation)
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
General and administrative expenses	21,519	13,989
Professional and Consulting Costs
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
General and administrative expenses	5,260	5,482
Facility Related and Other
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
General and administrative expenses	$ 3,531	$ 2,649

Nature of the Business and Basis of Presentation

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Nature of the Business and Basis of Presentation

1. Nature of the Business and Basis of Presentation

Rapport Therapeutics, Inc., together with its consolidated subsidiary (the “Company”) is a clinical-stage biotechnology company dedicated to discovering and developing small molecule precision medicines for patients with neurological or psychiatric disorders. The Company was incorporated in the state of Delaware in February 2022 as Precision Neuroscience NewCo, Inc. In October 2022, the Company changed its name to Rapport Therapeutics, Inc. The Company is located in Boston, Massachusetts and San Diego, California.

The Company is subject to risks and uncertainties common to early stage companies in the biotechnology industry, including, but not limited to, completing preclinical studies and clinical trials, obtaining regulatory approval for product candidates, market acceptance of products, development by competitors of new technological innovations, dependence on key personnel, the ability to attract and retain qualified employees, reliance on third-party organizations, protection of proprietary technology, compliance with government regulations, and the ability to raise additional capital to fund operations. The Company’s product candidates currently under development will require significant additional research and development efforts, including extensive preclinical and clinical testing and regulatory approval prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel and infrastructure, and extensive compliance-reporting capabilities. Even if the Company’s development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales.

Reverse stock split

On May 31, 2024, the Company effected a one-for-8.5648 reverse stock split of its issued and outstanding shares of common stock and a proportional adjustment to the existing conversion ratios of each series of the Company’s preferred stock (see Note 6). Accordingly, all share and per share amounts for all periods presented in the accompanying consolidated financial statements and notes thereto have been adjusted retroactively, where applicable, to reflect this reverse stock split and adjustment of the preferred stock conversion ratio.

Liquidity

The accompanying consolidated financial statements have been prepared on the basis of continuity of operations, realization of assets and the satisfaction of liabilities and commitments in the ordinary course of business. The Company has incurred recurring losses since its inception, including net losses of $111.5 million and $78.3 million for the years ended December 31, 2025 and 2024, respectively. As of December 31, 2025, the Company had an accumulated deficit of $235.2 million. The Company had cash and cash equivalents and short-term investments, excluding restricted cash, of $490.5 million as of December 31, 2025.

In June 2024, the Company completed its initial public offering (“IPO”) and concurrent private placement of its common stock which resulted in net proceeds of $157.6 million.

In September 2025, the Company completed an underwritten follow-on public offering of its common stock which resulted in net proceeds of $269.4 million (the “September 2025 Offering”).

The Company expects to continue to generate operating losses for the foreseeable future. The Company expects that its cash and cash equivalents and short-term investments will be sufficient to fund its operating expenses and capital expenditure requirements through at least 12 months from the issuance of these consolidated financial statements.

The Company will need additional financing to support its continuing operations and pursue its growth strategy. Until such time as the Company can generate significant revenue from product sales, if ever, it expects to finance its operations through equity offerings, debt financings or other capital sources, including collaborations with other companies or other strategic transactions. The Company may not be able to obtain funding on acceptable terms, or at all. The terms of any financing may adversely affect the holdings or the rights of the Company’s stockholders.

The inability to raise capital as and when needed would have a negative impact on the Company’s financial condition and its ability to pursue its business strategy. The company will need to generate significant revenue to achieve profitability, and it may never do so.

If the Company is unable to obtain funding, it could be forced to delay, reduce or eliminate some or all of its research and development programs, which could adversely affect its business prospects, or it may be unable to continue operations. Although management continues to pursue these plans, there is no assurance that the Company will be successful in obtaining sufficient funding on terms acceptable to the Company to fund continuing operations, if at all.

Basis of Presentation

The accompanying consolidated financial statements reflect the operations of the Company. Intercompany balances and transactions have been eliminated in consolidation. The accompanying consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America (“GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”).

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:
Net loss	$ (111,483)	$ (78,307)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization	1,017	839
Net (accretion) and amortization of investments in marketable securities	(1,396)	(3,211)
Change in fair value of preferred stock tranche right liability	0	7,390
Non-cash lease expense	2,032	642
Stock-based compensation expense	18,855	10,235
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(3,597)	(1,854)
Other assets	(791)	83
Accounts payable	2,215	(346)
Accrued expenses and other current liabilities	6,166	371
Operating lease liabilities	(491)	(670)
Net cash used in operating activities	(87,473)	(64,828)
Cash flows from investing activities
Purchases of short-term investments	(354,784)	(377,532)
Maturities of short-term investments	167,927	209,796
Purchases of property and equipment	(616)	(2,405)
Net cash used in investing activities	(187,473)	(170,141)
Cash flows from financing activities
Proceeds from initial public offering and concurrent private placement, net of underwriter discounts and commissions and deferred offering costs		157,705
Proceeds from underwritten public offering, net of underwriter discounts and commissions and deferred offering costs	269,439
Proceeds from exercise of stock options	1,348	7
Repurchase of unvested restricted common stock	(1)
Net cash provided by financing activities	270,786	221,625
Net (decrease) increase in cash, cash equivalents, and restricted cash	(4,160)	(13,344)
Cash, cash equivalents, and restricted cash at beginning of period	56,910	70,254
Cash, cash equivalents, and restricted cash at end of period	52,750	56,910	$ 70,254
Supplemental disclosure for noncash investing and financing activities:
Right-of-use assets obtained in exchange for operating lease liabilities	10,499
Offering costs included in accounts payable and accrued expenses at period end	35
Purchases of property and equipment included in accounts payable and accrued expenses at period end	20	172
Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents	52,645	56,805
Restricted cash	105	105
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	52,750	56,910	70,254
Series A Convertible Preferred Stock
Cash flows from financing activities
Proceeds from issuance of Series B convertible preferred stock, net of issuance costs paid	0		$ 63,913
Supplemental disclosure for noncash investing and financing activities:
Conversion of convertible preferred stock into common stock upon closing of initial public offering		89,487
Series B Convertible Preferred Stock
Supplemental disclosure for noncash investing and financing activities:
Conversion of convertible preferred stock into common stock upon closing of initial public offering		145,252
Series B Preferred Stock
Supplemental disclosure for noncash investing and financing activities:
Settlement of preferred stock tranche right liability	$ 0	$ 11,590

Consolidated Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Initial Public Offering
Issuance costs		$ 15,519
Private Placement
Issuance costs		1,297
Underwritten Public Offering
Issuance costs	$ 18,061
Series B Convertible Preferred Stock
Issuance costs		$ 87

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2025	Dec. 31, 2024
Undesignated preferred stock, par value	$ 0.001	$ 0.001
Undesignated preferred stock, shares authorized	10,000,000	10,000,000
Undesignated preferred stock, shares issued	0	0
Undesignated preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	47,772,567	36,580,202
Common stock, shares outstanding	47,772,567	36,580,202

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

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


	December 31, 2025			December 31, 2024
Lab equipment	$	4,419		$	3,716
Furniture and Fixtures		34			—
Computer equipment		92			67
Leasehold improvements		295			281
Construction in process		118			430
Total property and equipment		4,958			4,494
Less: Accumulated depreciation		(1,982	)		(965	)
	$	2,976		$	3,529

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Summary of Estimated Useful Life of Property and Equipment


Asset Classification	Estimated Useful Life
Computer equipment	3 years
Furniture and Fixtures	5 years
Lab equipment	5 years
Leasehold Improvements	Shorter of remaining lease term or useful life

Stock-Based Compensation

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

8. Stock-Based Compensation

2022 Plan

The 2022 Plan provides for the Company to grant incentive stock options (“ISO”) or non-qualified stock options, unrestricted stock awards, restricted stock awards and restricted stock units (collectively, the “Awards”) to the employees, directors, and consultants of the Company. The 2022 Plan is administered by the board of directors, or at the discretion of the board of directors, by a committee of the board of directors. The exercise prices, vesting and other restrictions are determined at the discretion of the board of directors, or its committee if so delegated.

The remaining shares reserved for issuance under the 2022 Plan ceased to be available for issuance at the time that the 2024 Plan became effective. There will be no further awards granted under the 2022 Plan, but all outstanding awards under the 2022 Plan will continue to be governed by their existing terms.

Subsequent to the effectiveness of the 2024 Plan, the shares of common stock underlying any awards under the 2022 Plan that are forfeited, canceled, reacquired by the Company prior to vesting, satisfied without the issuance of stock or otherwise terminated (other than by exercise) and shares withheld upon exercise of an option or settlement of an award to cover the exercise price or tax withholding will be added to the shares of common stock available for issuance under the 2024 Plan.

2024 Plan

In May 2024, the Company’s board of directors adopted, and its stockholders approved, the 2024 Plan, which became effective in June 2024. The 2024 Plan allows the Company to make equity-based and cash-based incentive awards to its officers, employees, directors, and consultants. The 2024 plan provides for the grant of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock awards, restricted stock units and other stock-based awards. The number of shares initially reserved for issuance under the 2024 Plan is 3,814,618 shares. In addition, the number of shares reserved and available for issuance under the 2024 Plan will automatically increase on January 1, 2025 and each January 1 thereafter, by five percent of the outstanding number of shares of common stock on the immediately preceding December 31 or such lesser number of shares as determined by the compensation committee. As of December 31, 2025, there have been 115,875 stock-based awards cancelled under the 2022 Plan from which the underlying shares were added to the shares reserved under the 2024 Plan. As of December 31, 2025, the Company had 1,839,709 shares remaining available for future grants.

The shares of common stock underlying any awards under the 2024 Plan and the 2022 Plan that are forfeited, cancelled, held back upon exercise or settlement of an award to satisfy the exercise price or tax withholding, reacquired by the Company prior to vesting, satisfied without the issuance of stock, expire, or are otherwise terminated (other than by exercise) will be added back to the shares of common stock available for issuance under the 2024 Plan.

2024 ESPP

In May 2024, the Company’s board of directors adopted, and its stockholders approved, the 2024 ESPP, which became effective in June 2024. The 2024 ESPP initially reserved and authorized the issuance of up to a total of 324,243 shares of the Company’s common stock to participating employees. The 2024 ESPP provides that the number of shares reserved and available for issuance will automatically increase on January 1, 2025 and each January 1 thereafter through January 1, 2034, by the lesser of (i) 648,486 shares of common stock, (ii) one percent of the outstanding number of shares of common stock on the immediately preceding December 31, or (iii) such lesser number of shares of common stock as determined by the administrator of the 2024 ESPP. On January 1, 2026, the annual increase resulted in no additional shares being reserved and authorized pursuant to the 2024 ESPP as determined by the administrator. The number of shares reserved under the 2024 ESPP is subject to adjustment in the event of a stock split, stock dividend or other change in our capitalization. As of December 31, 2025, the Company had 690,045 shares reserved for the 2024 ESPP.

As of December 31, 2025, the Company has not issued shares under the 2024 ESPP.

Stock Option Valuation

The fair value of each stock option grant was estimated on the grant date using the Black-Scholes option-pricing model. The Company historically had been a private company and lacks company-specific historical and implied volatility information. Therefore, it estimates its expected stock volatility based on the historical volatility of a publicly traded set of peer companies and expects to continue to do so until such time as it has adequate historical data regarding the volatility of its own traded stock price. For options with service-based vesting conditions, the expected term of the Company’s options has been determined utilizing the “simplified” method for awards that qualify as “plain-vanilla” options. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the award. The expected dividend yield is based on the fact that the Company has never paid cash dividends on common stock and does not expect to pay any cash dividends in the foreseeable future.

The following table presents the assumptions used in the Black-Scholes option-pricing model to determine the fair value of stock options granted:


	Year Ended December 31,	Year Ended December 31,
	2025	2024
Expected volatility	82.30% - 90.25%	83.80% - 99.30%
Risk-free interest rate	3.77% - 4.43%	3.55% - 4.48%
Expected dividend yield	0.00%	0.00%
Expected term (in years)	6.00	5.85 - 6.08
Fair value of common stock	$7.15 - $28.55	$6.34 - $26.90

Stock Options

The Company has granted stock options with service-based vesting conditions. Stock options generally vest over four years and have a maximum term of ten years. Prior to the IPO, the Company typically granted stock options to employees and non-employees at exercise prices deemed by the Board to be equal to the fair value of the common stock at the time of grant. Subsequent to the IPO, exercise prices are determined by the closing price of the Company’s stock on the date of the grant. The following table summarizes the Company’s stock option activity for the year ended December 31, 2025:


	Number of Shares			Weighted- Average Exercise Price per share		Weighted- Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Balance at December 31, 2024		4,189,746		$	10.02		9.19	$	34,324
Granted		2,522,420			15.56
Exercised		(192,864	)		6.98
Forfeited		(231,825	)		12.80
Options outstanding at December 31, 2025		6,287,477		$	12.23		8.62	$	113,839
Options vested and exercisable at December 31, 2025		2,035,935			10.22		8.32		40,955
Options vested and expected to vest at December 31, 2025		6,287,477		$	12.23		8.62	$	113,839

The weighted-average grant-date fair value of stock options granted during the years ended December 31, 2025 and 2024 was $11.41 per share and $11.35 per share, respectively. As of December 31, 2025, there was $43.1 million of total unrecognized compensation cost related to unvested stock options, which is expected to be recognized over a remaining weighted average period of 2.5 years.

Restricted Stock Awards (“RSA”)

The Company has awarded restricted stock both under the 2022 Plan as well as outside of the 2022 Plan.

Service-Based RSAs

The majority of the RSAs have service-based vesting conditions and vest over a period from immediately to four years. Compensation expense is recognized on a straight-line basis over the requisite service period.

The following table summarizes the Company’s service-based RSA grant activity for the year ended December 31, 2025:


	RSAs			Weighted- Average Grant Date Fair Value
Unvested shares at December 31, 2024		976,596		$	3.69
Granted		—			—
Vested		(513,038	)		3.56
Forfeited		(51,725	)		3.14
Unvested shares at December 31, 2025		411,833		$	3.94

The aggregate intrinsic fair value of service-based RSAs that vested during the years ended December 31, 2025 and 2024, was $8.9 million and $10.1 million, respectively. As of December 31, 2025, there was $1.5 million of total unrecognized compensation cost related to unvested service-based RSAs, which is expected to be recognized over a remaining weighted average period of 1.2 years.

Performance-Based RSAs

The Company has also granted performance-based RSAs to certain employees and directors with a vesting commencement date contingent upon the subsequent closing of the Company’s Series A convertible preferred stock financing. Share-based compensation expense associated with the performance-based RSAs is recognized if the performance condition is considered probable of achievement. The vesting of the performance-based RSAs is also subject to grantees’ continued service until the 4th anniversary date of the closing of a subsequent financing. In February 2023, the existing Series A convertible preferred stock investors waived the second and third tranche milestones and the Company closed on the sale of its second and third tranches of Series A convertible preferred stock. As a result, the performance condition was deemed to be met.

The following table summarizes the Company’s performance-based RSA grant activity for the year ended December 31, 2025:


	RSAs			Weighted- Average Grant Date Fair Value
Unvested shares at December 31, 2024		444,235		$	3.63
Granted		—			—
Vested		(190,042	)		3.69
Forfeited		(41,216	)		2.92
Unvested shares at December 31, 2025		212,977		$	3.72

The aggregate intrinsic fair value of performance-based RSAs that vested during the years ended December 31, 2025 and 2024 was $3.3 million and $3.4 million, respectively. The aggregate intrinsic value of restricted stock awards is calculated as the positive difference between the prices paid, if any, of the restricted stock awards and the fair value of the Company’s common stock.

As of December 31, 2025, there was $0.1 million of total unrecognized compensation cost related to unvested performance-based restricted common stock, which is expected to be recognized over a remaining weighted average period of 0.8 years.

Performance-Based Restricted Stock Units (“PSUs”)

In December 2024, the Company granted 95,500 performance-based restricted stock units (“PSUs”) to certain employees. Each PSU represents a right to receive one share of the Company’s Common Stock when it becomes vested. The PSUs will vest in two equal tranches over two performance periods starting on the grant date and ending, respectively, on December 31, 2025, and December 31, 2026, subject to the satisfaction of both service and performance conditions specifically defined for each

performance period and each PSU award. The performance conditions are related to the achievement of certain program milestones in the Company’s drug discovery and development process. The grant-date fair value of the PSUs were $21.56.

In December 2025, the Compensation Committee of the Board of Directors (the “Compensation Committee”) approved a modification of the vesting schedules related to two PSU awards. The first tranche of the original vesting schedules vested upon achievement of two separate milestones. The first tranche of these awards was modified to split into two separate tranches, with one milestone to be achieved for each tranche, both vesting on December 31, 2025.

Also in December 2025, the Compensation Committee confirmed the achievement of certain performance milestones for the first tranche of the PSUs granted in December 2024 related to the achievement of certain drug discovery and development milestones in 2025, with 34,750 PSU shares vesting on December 31, 2025, and also confirmed there were certain milestones for the first tranche that were not achieved, resulting in the forfeiture of 13,000 PSU awards. For the twelve months ended December 31, 2025, the Company recognized $0.9 million compensation expense in connection with the PSUs.

As of December 31, 2025, the unrecognized compensation expenses associated with the PSUs were $1.0 million.

Stock-Based Compensation

The Company recorded stock-based compensation expense for stock options of $15.7 million and $7.4 million in the years ended December 31, 2025 and 2024, respectively. The Company recorded stock-based compensation expense for RSAs of $2.2 million and $2.8 million in the years ended December 31, 2025 and 2024, respectively. The Company recorded stock-based compensation expense for PSUs of $0.9 million and zero in the years ended December 31, 2025 and 2024, respectively. The following table below summarizes the classification of the Company’s stock-based compensation expense in the consolidated statements of operations and comprehensive loss (in thousands):


	For the Twelve Months Ended December 31,
	2025		2024
General and Administrative	$	11,571	$	6,190
Research and Development		7,284		4,045
	$	18,855	$	10,235

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Summary of Fair Value Hierarchy of Assets and Liabilities Measured on Recurring Basis


	Fair Value Measurements at
	December 31, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	47,947	$	—	$	—	$	47,947
Short-term investments:
U.S. Treasury bills		—		79,359		—		79,359
Government securities		—		248,398		—		248,398
Government agency securities		—		110,137		—		110,137
	$	47,947	$	437,894	$	—	$	485,841


	Fair Value Measurements at
	December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	9,432	$	—	$	—	$	9,432
Short-term investments:
U.S. Treasury bills		—		28,723		—		28,723
Government securities		—		136,514		—		136,514
Government agency securities		—		83,238		—		83,238
	$	9,432	$	248,475	$	—	$	257,907

Schedule of Short-Term Investments

Short-term investments consisted of the following (in thousands):


	December 31, 2025
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Short-term investments:
U.S. Treasury bills	$	79,334	$	25	$	—	$	79,359
Government securities		247,968		430		—		248,398
Government agency securities		110,046		91		—		110,137
	$	437,348	$	546	$	—	$	437,894


	December 31, 2024
	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Short-term investments:
U.S. Treasury bills	$	28,694	$	30	$	—		$	28,724
Government securities		136,829		—		(316	)		136,513
Government agency securities		83,474		—		(236	)		83,238
	$	248,997	$	30	$	(552	)	$	248,475

Summary of Contractual Maturities of Short-term Investments in Available-for-Sale Debt Securities

The contractual maturities of the Company’s short-term investments in available-for-sale debt securities held were as follows (in thousands):


	December 31,		December 31,
	2025		2024
Due within one year	$	243,613	$	117,761
Due between one and two years		194,281		130,714
	$	437,894	$	248,475

Series B Preferred Stock Tranche Right Liability

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Summary of Aggregate Fair Value Determined Using Level 3 Inputs


	Series B Preferred Stock Tranche Right Liability
Balance as of December 31, 2023	$	4,200
Change in fair value of Series B preferred stock tranche right liability		7,390
Settlement of Series B preferred stock tranche right liability upon waiver of milestone		(11,590	)
Balance as of December 31, 2024	$	—

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

Consolidated Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Series A Convertible Preferred Stock	Series B Convertible Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Convertible Preferred Stock, beginning balance at Dec. 31, 2023		$ 89,487	$ 77,091
Convertible Preferred Stock, beginning balance, shares at Dec. 31, 2023		100,182,354	51,273,790
Beginning balance at Dec. 31, 2023	$ (25,634)			$ 4	$ 19,796	$ 4	$ (45,438)
Beginning balance, shares at Dec. 31, 2023				4,170,817
Issuance of Series B convertible preferred stock for the settlement of the tranche right liability, net of issuance costs	7,343		$ 68,161		7,343
Issuance of Series B convertible preferred stock for the settlement of the tranche right liability, net of issuance costs, shares			38,157,240
Conversion of Series A convertible preferred stock to common stock upon closing of the intial public offering	89,487	$ (89,487)		$ 12	89,475
Conversion of Series A convertible preferred stock to common stock upon closing of the intial public offering, shares		(100,182,354)		11,701,298
Conversion of Series B convertible preferred stock to common stock upon closing of the initial public offering	145,252		$ (145,252)	$ 10	145,242
Conversion of Series B Convertible Preferred Stock to Common Stock Upon Closing of the Initial Public Offering, Shares			(89,431,030)	10,445,518
Issuance of common stock from initial/underwritten public offering, net of issuance costs	140,868			$ 9	140,859
Issuance of common stock from initial/underwritten public offering, net of issuance costs, shares				9,200,000
Issuance of common stock from private placement, net of issuance cost	16,702			$ 1	16,701
Issuance of common stock from private placement, net of issuance cost, shares				1,058,824
Issuance of common stock upon exercise of stock options	7			$ 1	6
Issuance of common stock upon exercise of stock options, shares				3,745
Stock-based compensation expense	10,235				10,235
Net loss	(78,307)						(78,307)
Change in unrealized gain (loss) on investments, net of tax	(526)					(526)
Ending balance at Dec. 31, 2024	$ 305,427			$ 37	429,657	(522)	(123,745)
Ending balance, shares at Dec. 31, 2024	36,580,202			36,580,202
Issuance of common stock from initial/underwritten public offering, net of issuance costs	$ 269,439			$ 11	269,428
Issuance of common stock from initial/underwritten public offering, net of issuance costs, shares				11,057,692
Issuance of common stock upon exercise of stock options	$ 1,348				1,348
Issuance of common stock upon exercise of stock options, shares	192,864			192,864
Stock-based compensation expense	$ 18,855				18,855
Vesting of performance-based restricted stock units, shares				34,750
Repurchase of unvested restricted common stock	(1)				(1)
Repurchase of unvested restricted common stock, shares				(92,941)
Net loss	(111,483)						(111,483)
Change in unrealized gain (loss) on investments, net of tax	1,068					1,068
Ending balance at Dec. 31, 2025	$ 484,653			$ 48	$ 719,287	$ 546	$ (235,228)
Ending balance, shares at Dec. 31, 2025	47,772,567			47,772,567

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Summary of Reconciliation of U.S. Federal Statutory Income Tax Rate


	December 31, 2025
	Amounts			%
U.S. Federal Statutory Income Tax (benefit)	$	(23,412	)		21.00	%
Tax Credits
R&D Credit		(4,245	)		3.81	%
Nontaxable or Nondeductible Items
Excess Officer Compensation		1,831			-1.64	%
Other		684			-0.61	%
Changes in valuation allowance		25,133			-22.54	%
Other reconciling items		9			-0.01	%
Domestic State
State income taxes, net of federal effect		—			0.00	%
Effective income tax rate	$	—			0.00	%


	For the year ended December 31,
	2024
Rate Reconciliation
Statutory U.S. federal rate		21.00	%
Permanent Differences		-3.59	%
State income taxes, net of federal benefit		2.44	%
Research and development credits		3.62	%
Other		-1.68	%
Valuation allowance		-21.79	%
Effective tax rate		0.00	%

Summary of Net Deferred Tax Assets (Liabilities)

eferred tax assets consisted of the following (in thousands):


	As of December 31,
	2025			2024
Deferred Tax Summary
Deferred tax assets:
US and State net operating loss carryforwards	$	10,195		$	3,246
Capitalized research and development costs		34,006			19,043
License fees capitalization		958			1,022
Research and development credit carryforwards		10,589			5,065
Accruals		1,633			853
Lease liability		2,809			355
Stock-based compensation		1,792			1,049
Other		20			—
Total deferred tax assets		62,002			30,633
Deferred tax liabilities
Depreciation		(121	)		(75	)
Right-of-Use Asset		(2,424	)		(347	)
Total deferred tax liabilities		(2,545	)		(422	)
Valuation Allowance		(59,457	)		(30,211	)
Net deferred tax assets (liabilities)	$	—		$	—

Summary of Change in Valuation Allowance for Deferred Tax Assets

Changes in valuation allowance for deferred tax assets for the years ended December 31, 2025 and 2024 related primarily to the increases in NOLs, research and development tax credit carryforwards, capitalized research and development expenses pursuant to IRC Section 174 and Section 59(e), and stock-based compensation were as follows:


	For the year ended December 31,
	2025			2024
Valuation allowance as of beginning of year	$	(30,211	)	$	(13,145	)
Decreases recorded as benefit to income tax provision		—			—
Increases recorded to income tax provision		(29,246	)		(17,066	)
Valuation allowance as of end of year	$	(59,457	)	$	(30,211	)

Leases - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Cash flows included in the measurement of lease liabilities:
Cash paid for amounts included in the measurement of operating lease liabilities	$ 1,212	$ 804
Right-of-use lease assets obtained in exchange for new operating lease liabilities	$ 10,499

Net Loss per Share - Schedule of Potential Common Shares Excluded from Computation of Diluted Net Loss Per Share Available to Common Shareholders (Details) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Employee Stock Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	6,287,477	4,189,746
Unvested Performance-based Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	47,750
Unvested Restricted Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	13,987
Service Based \| Unvested Restricted Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	411,833	976,596
Performance Based \| Unvested Restricted Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	212,977	444,235

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

11. Income Taxes

For the years ended December 31, 2025 and 2024, the Company recorded tax provisions of zero. In addition, the Company has recorded a full valuation allowance against its net deferred tax assets as of December 31, 2025 and 2024.

The Company adopted ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, prospectively as of January 1, 2025. Income tax benefit attributable to loss from continuing operations for the year ended December 31, 2025 differed from the amounts computed by applying the statutory U.S. federal income tax rate of 21% to pretax loss from continuing operations as a result of the following:


	December 31, 2025
	Amounts			%
U.S. Federal Statutory Income Tax (benefit)	$	(23,412	)		21.00	%
Tax Credits
R&D Credit		(4,245	)		3.81	%
Nontaxable or Nondeductible Items
Excess Officer Compensation		1,831			-1.64	%
Other		684			-0.61	%
Changes in valuation allowance		25,133			-22.54	%
Other reconciling items		9			-0.01	%
Domestic State
State income taxes, net of federal effect		—			0.00	%
Effective income tax rate	$	—			0.00	%


	For the year ended December 31,
	2024
Rate Reconciliation
Statutory U.S. federal rate		21.00	%
Permanent Differences		-3.59	%
State income taxes, net of federal benefit		2.44	%
Research and development credits		3.62	%
Other		-1.68	%
Valuation allowance		-21.79	%
Effective tax rate		0.00	%

The Company accounts for income taxes in accordance with ASC Topic 740. Deferred income tax assets and liabilities are determined based upon temporary differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse.

Deferred tax assets consisted of the following (in thousands):


	As of December 31,
	2025			2024
Deferred Tax Summary
Deferred tax assets:
US and State net operating loss carryforwards	$	10,195		$	3,246
Capitalized research and development costs		34,006			19,043
License fees capitalization		958			1,022
Research and development credit carryforwards		10,589			5,065
Accruals		1,633			853
Lease liability		2,809			355
Stock-based compensation		1,792			1,049
Other		20			—
Total deferred tax assets		62,002			30,633
Deferred tax liabilities
Depreciation		(121	)		(75	)
Right-of-Use Asset		(2,424	)		(347	)
Total deferred tax liabilities		(2,545	)		(422	)
Valuation Allowance		(59,457	)		(30,211	)
Net deferred tax assets (liabilities)	$	—		$	—

For the years ended December 31, 2025 and 2024, the Company had U.S. federal net operating loss carryforwards of $46.1 million and $13.7 million and state net operating loss carryforwards of $15.1 million and $12.0 million, respectively. Federal losses have an indefinite carryforward period, but can only offset 80% of federal taxable income in a given year. Losses for state purposes begin to expire in 2043. For the years ended December 31, 2025 and 2024, the Company had federal research and development tax credit carryforwards of $8.0 million and $3.8 million, and state research and development tax credit carryforwards of $3.2 million and $1.6 million, respectively, which begin to expire in 2042 and 2037.

Management of the Company has evaluated the positive and negative evidence bearing upon the realizability of its deferred tax assets, which are comprised principally of capitalized research and development expenses, net operating loss carryforwards, and research and development tax credit carryforwards. Under the applicable accounting standards, management has considered the Company’s activity and concluded that it is more likely than not that the Company will not recognize the benefits of deferred tax assets. Accordingly, a full valuation allowance of $59.5 million as of December 31, 2025 and $30.2 million as of December 31, 2024, respectively, was recorded. Changes in valuation allowance for deferred tax assets for the years ended December 31, 2025 and 2024 related primarily to the increases in NOLs, research and development tax credit carryforwards, capitalized research and development expenses pursuant to IRC Section 174 and Section 59(e), and stock-based compensation were as follows:


	For the year ended December 31,
	2025			2024
Valuation allowance as of beginning of year	$	(30,211	)	$	(13,145	)
Decreases recorded as benefit to income tax provision		—			—
Increases recorded to income tax provision		(29,246	)		(17,066	)
Valuation allowance as of end of year	$	(59,457	)	$	(30,211	)

The federal and state net operating loss and research and development credit carryforwards may be subject to a substantial annual limitation under Section 382 of the Internal Revenue Code of 1986, and similar state provisions, due to ownership change limitations that have occurred previously or that could occur in the future. These ownership changes may limit the amount of net operating loss and research and development credit carryforwards that can be utilized annually to offset future taxable income and tax, respectively. As of December 31, 2025, the Company has not completed a 382 study to assess whether a change of ownership has occurred since its formation.

Section 174 previously made by the Tax Cuts and Jobs Act of 2017 (the TCJA) for tax year beginning on or after Jan. 1, 2022, no longer permitted an immediate deduction for qualified research and development expenditures in the tax year that such costs are incurred. Section 174 costs were expenditures which represented research and development costs incidental to the development or improvement of a product, process, formula, invention, computer software or technique. Between January 1, 2022 and December 31, 2024, the research and experimental expenses under the Section 174 were required to be capitalized and amortized over five years for research performed in the U.S and fifteen years for research performed outside the U.S.

The One Big Beautiful Bill Act (“OBBBA") passed on July 4th, 2025, reinstated immediate expensing of research and development costs performed in the U.S. The Company has included the impact of the OBBBA in the provision, which results in a deferred tax asset of approximately $19.1 million as of December 31, 2025.

The Company adopted the authoritative guidance on accounting for and disclosure of uncertain tax positions, which requires the Company to determine whether a tax position of the Company is more likely than not to be sustained upon examination, including resolution of any related appeals of litigation processes, based on the technical merits of the position. For tax positions meeting the more likely than not threshold, the tax amount recognized in the financial statements is reduced by the largest benefit that has a greater than fifty percent likelihood of being realized upon the ultimate settlement with the relevant taxing authority. As of December 31, 2025, the Company had not recorded any reserves for uncertain tax positions or related interest and penalties. The Company’s policy is to record interest and penalties related to income taxes as part of the tax provision.

The Company files income tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Company is subject to examination by federal and state jurisdictions in the United States, where applicable. There are currently no pending tax examinations. The Company is open to federal and state tax examination under statute from 2022 to present. Carryforward attributes from prior years can be adjusted upon examination by federal and state tax authorities to the extent utilized in an open tax year or in future periods.

There are no tax matters under discussion with taxing authorities that are expected to have a material effect on the Company’s consolidated financial statements.

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

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

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

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details