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Net Loss Per Share - Schedule of Calculation of Basic and Diluted Net Loss Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

Numerator:

Net loss - basic

$ (75,488)

$ (16,049)

$ (39,576)

$ (31,079)

Net loss - diluted

$ (75,488)

$ (16,049)

$ (39,576)

$ (31,079)

Denominator:

Weighted average shares of common stock and in-substance common stock outstanding - basic (in shares)

^[1]

6,132,845

233,431

3,295,727

226,571

Weighted average shares of common stock and in-substance common stock outstanding - diluted (in shares)

^[1]

6,132,845

233,431

3,295,727

226,571

Net loss per share - basic (in USD per share)

^[1]

$ (12.31)

$ (68.75)

$ (12.01)

$ (137.17)

Net loss per share - diluted (in USD per share)

^[1]

$ (12.31)

$ (68.75)

$ (12.01)

$ (137.17)

[1]	Adjusted prior period net loss per share and weighted average of common shares outstanding to reflect the 1-for-10 reverse stock split effected on April 10, 2026 and the 1-for-20 reverse stock split effected on June 29, 2026.

- Definition

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

+ References

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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

- Definition

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

+ References + Details

Intangible Assets

6 Months Ended

Jun. 30, 2026

Intangible Asset, Goodwill and Other [Abstract]

Intangible Assets

Note 15. Intangible Assets

EryDel Intangible Assets

The following table provides details of the carrying amount of the Company's indefinite-lived intangible asset (in thousands):


		(in thousands)
In-process research and development:
	Balance as of December 31, 2025	$	67,361
	Impairment charges		(67,361	)
	Balance as of June 30, 2026	$	—

The following table provides details of the carrying amount of the Company's finite-lived intangible asset (in thousands, except useful life):


			As of June 30, 2026								As of December 31, 2025
		Useful life	Cost		Accumulated Amortization			Net Carrying Value			Cost		Accumulated Amortization			Net Carrying Value
Finite life intangible assets:
	Trade name	21 years	$	460		(49	)	$	411		$	460		(26	)	$	434
	Foreign currency translation adjustments								36								(8	)
	Impairment charges								(447	)							—
	Total							$	—							$	426

In January 2026, the Company ceased clinical development of eDSP as the primary and secondary endpoints did not achieve statistical significance in its Phase 3 NEAT clinical trial. As a result, several of the assumptions used in determining the initial fair value have changed including expected cash flows and thus triggered the need for an interim impairment assessment as required under ASC 350. As a result, the fair value was determined to be significantly below its carrying value and the Company recognized a total impairment charge of $67.8 million for indefinite and finite-lived intangible assets during the six months ended June 30, 2026.

Asset Acquisition - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands			1 Months Ended
	May 18, 2026	Jun. 12, 2025	May 31, 2026	Jun. 30, 2026	Dec. 31, 2025
Business Combination [Line Items]
Common stock, shares issued (in shares)				1,017,063	278,627
Private Placement
Business Combination [Line Items]
Common stock, shares issued (in shares)		33,360
Aggregate gross proceeds of private placement		$ 11,500
Series C Preferred Stock
Business Combination [Line Items]
Exercise of Warrants			$ 11,000
Orphai Therapeutics [Member]
Business Combination [Line Items]
No of common stock issued	162,971
Common stock, shares issued (in shares)	1,308,804
Exercise of Warrants	$ 72,000
Number of common shares issuable upon conversion of preferred stock	7,498,447
Financing Warrants to purchase stock	3,749,231
Warrants to purchase common stock (in USD per share)	$ 19.17			$ 19.17
Acquisition costs	$ 2,100
Fair value of total consideration transferred	56,864
Orphai Therapeutics [Member] \| Private Placement
Business Combination [Line Items]
Aggregate gross proceeds of private placement	187,000
Upfront proceeds	115,000
Exercise of Warrants	$ 72,000
Orphai Therapeutics [Member] \| Orphai Warrants
Business Combination [Line Items]
Financing Warrants to purchase stock	570,169
Orphai Therapeutics [Member] \| Series C Preferred Stock
Business Combination [Line Items]
No of common stock issued	67,101.235
Convertible preferred stock, shares issued upon conversion				570,169
Stock issued during period shares acquisitions	144,200.633
Shares issued, price per share	$ 797.5
Financing Warrants to purchase stock	72,100.322
Warrants to purchase common stock (in USD per share)	$ 996.9			$ 996.9
Orphai Therapeutics [Member] \| Series C Preferred Stock \| Orphai Warrants
Business Combination [Line Items]
Financing Warrants to purchase stock	10,964.505
Orphai Therapeutics [Member] \| Common Stock [Member]
Business Combination [Line Items]
No of common stock issued	162,971
Convertible preferred stock, shares issued upon conversion	52
Orphai Therapeutics [Member] \| Common Stock [Member] \| Series C Preferred Stock
Business Combination [Line Items]
Convertible preferred stock, shares issued upon conversion	52

Leases

6 Months Ended

Jun. 30, 2026

Leases [Abstract]

Leases

Note 7. Leases

In January 2024, the Medolla Lease Agreement for the office space was renegotiated. The new Medolla Lease Agreement includes an additional space and commenced on February 1, 2024, to end on January 31, 2030, substituting the Medolla Lease Agreement commenced in June 2018. In June 2026, the Medolla Lease was terminated, and the Company recognized an immaterial loss in connection with the termination.

The Company recognizes lease expense on a straight-line basis over the term of its operating lease. During the three and six months ended June 30, 2026, the Company recorded lease expense of $43 thousand and $80 thousand, respectively. During the three and six months ended June 30, 2025, the Company recorded lease expense of $38 thousand and $76 thousand, respectively.

Supplemental balance sheet information related to leases as follows (in thousands except lease terms and discount rates):


	December 31, 2025
Assets:
Operating lease right of use asset, net	$	453
Liabilities:
Short-term operating lease liability		115
Long-term operating lease liability		330
Total lease liabilities	$	445

Other information:
Weighted average remaining lease term	3.7 years
Weighted average discount rate		9.12	%

There are no future minimum lease payments under lease agreements as of June 30, 2026.

Leases (Tables)

6 Months Ended

Jun. 30, 2026

Leases [Abstract]

Schedule of Supplemental Balance Sheet Information Related to Leases

Supplemental balance sheet information related to leases as follows (in thousands except lease terms and discount rates):


	December 31, 2025
Assets:
Operating lease right of use asset, net	$	453
Liabilities:
Short-term operating lease liability		115
Long-term operating lease liability		330
Total lease liabilities	$	445

Other information:
Weighted average remaining lease term	3.7 years
Weighted average discount rate		9.12	%

Balance Sheet Components - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Balance Sheet Related Disclosures [Abstract]
Prepaid research and development expenses	$ 1,269	$ 578
Short-term Italian research and development tax credit, net	229	0
Short-term VAT receivable, net	4,773	3,622
Prepaid insurance	272	635
Prepaid expenses	494	255
Other current assets	393	54
Total prepaid expenses and other current assets	$ 7,430	$ 5,144

Debt

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

Debt

Note 8. Debt

In connection with the acquisition of EryDel on October 20, 2023, the Company became a guarantor in respect of the EIB Loan. The EIB Loan was amended and restated as of the acquisition date. The EIB Loan provided for maximum borrowings of 30.0 million euro through four tranches; tranche A, 3.0 million euro; tranche B, 7.0 million euro; tranche C, 10.0 million euro; and tranche D, 10.0 million euro. Each tranche was subject to conditions precedent related to the Company’s business and capitalization. Only tranches A and B were drawn. All amounts due under tranche A and B were payable on their maturity date of August 2026. Interest accrued at fixed rates for each tranche and was payable on the maturity date for each Tranche (with the exception of 2% cash interest which was accrued and payable quarterly during fiscal year 2025 pursuant to the terms of the Amendment, which correspondingly reduced the deferred interest rate accruing during such period). The fixed rates ranged from 7.0% to 9.0% per annum.

The Company had elected to account for the EIB Loan at fair value, which required the EIB Loan to be recorded at fair value at issuance and at the end of each reporting period. Gains or losses upon remeasurement were recorded in other income (expense), net in the condensed consolidated statements of operations and comprehensive loss. The Company presented separately in other comprehensive loss the portion of the total change in the fair value of the EIB Loan that results from a change in instrument-specific credit risk. The EIB Loan’s fair value at the date it was assumed adjusted its carrying value based on using a discounted cash flow analysis with a discount rate based on a yield curve that was adjusted for credit rating.

In March 2026, the EIB agreed to a full settlement of all obligations associated with the loan with a single payment of 4.8 million euros ($5.5 million) which was paid on March 30, 2026.

For the six months ended June 30, 2026, the Company paid 25 thousand euros ($29 thousand) in interest payments.

- Definition

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

+ References

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+ Details

Fair Value Measurements - Schedule of Quantitative Information about Fair Value Measurements for Long-Term Debt (Details)	Dec. 31, 2025
Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt instrument, measurement input	0.13

- Definition

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

+ References + Details

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2026
Accounting Policies [Abstract]
Basis of Consolidation	Basis of Consolidation The accompanying unaudited condensed consolidated financial statements include the accounts of Quince Therapeutics, Inc. and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated upon consolidation.
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements and the notes thereto have been prepared in accordance with GAAP for interim financial information and pursuant to the instructions of the SEC on Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In management’s opinion, all adjustments (consisting only of normal recurring adjustments) considered necessary for the fair statement of the results of operations and cash flows for the periods presented have been included. The condensed consolidated balance sheet as of June 30, 2026, the condensed consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2026 and 2025, the condensed consolidated statements of Series C Preferred Stock and stockholders’ equity (deficit) for the three and six months ended June 30, 2026 and 2025, the condensed consolidated statements of cash flows for the six months ended June 30, 2026 and 2025, and the financial data and other financial information disclosed in the notes to the condensed consolidated financial statements are unaudited. These financial statements should be read in conjunction with the audited financial statements and notes thereto for the year ended December 31, 2025 included in the Company’s Form 10-K filed with the SEC on April 10, 2026. The results of operations for the three and six months ended June 30, 2026 are not necessarily indicative of the results to be expected for the year ending December 31, 2026 or for any other future annual or interim period.
Reverse Stock Split	Reverse Stock Splits On June 29, 2026, the Company effected a 1-for-20 reverse stock split of its outstanding common stock (the “June 2026 Reverse Stock Split”). The June 2026 Reverse Stock Split became effective as of 11:59 p.m., Eastern Time, on June 29, 2026 and the Company’s common stock began trading on the Nasdaq Stock Market on a split-adjusted basis on June 30, 2026. The June 2026 Reverse Stock Split did not change the par value of the common stock or the authorized number of shares of common stock. On April 10, 2026, the Company effected a 1-for-10 reverse stock split of its outstanding common stock (the “April 2026 Reverse Stock Split”). The April 2026 Reverse Stock Split became effective as of 11:59 p.m., Eastern Time, on April 10, 2026 and the Company’s common stock began trading on the Nasdaq Stock Market on a split-adjusted basis on April 13, 2026. The April 2026 Reverse Stock Split did not change the par value of the common stock or the authorized number of shares of common stock. All share and per share information has been retroactively adjusted to reflect the April and June 2026 Reverse Stock Splits (collectively, the "Reverse Stock Splits") for all periods presented in this report.
Use of Estimates	Use of Estimates The preparation of the Company’s condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and expenses, as well as related disclosure of contingent assets and liabilities. The most significant estimates used in the Company’s condensed consolidated financial statements relate to the determination of the fair value of identifiable assets and liabilities in connection with business combinations including associated intangible assets, the fair value of contingent consideration, warrant liabilities and debt, accruals for research and development costs, useful lives of long-lived assets, stock-based compensation and related assumptions, the incremental borrowing rate for leases and income tax uncertainties, including a valuation allowance for deferred tax assets, impairment of intangible assets; and contingencies. The Company bases its estimates on historical experience and on various other market specific and other relevant assumptions that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ materially from the Company’s estimates.
Foreign Currency Translation and Transactions	Foreign Currency Translation and Transactions The functional currency of the Company’s wholly-owned international subsidiaries is the Euro. Prior to the dissolution of the Company's Australian subsidiary, the functional currency of that subsidiary was the Australian Dollar. The Company's financial results and financial position are translated into U.S. dollars using exchange rates at balance sheet dates for assets and liabilities and using average exchange rates for income and expenses. The resulting translation differences are presented as a separate component of accumulated other comprehensive loss, as a separate component of equity. Foreign currency transactions are translated into the functional currencies using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses, resulting from the settlement of such transactions and from the re-measurement of monetary assets and liabilities denominated in foreign currencies using exchange rates at balance sheet date and non-monetary assets and liabilities using historical exchange rates, are recognized in the condensed consolidated statements of operations and comprehensive loss.
Segment Information	Segment Information The Company manages its business activities on a consolidated basis and operates as one operating and reportable segment, for the purposes of assessing performance and making operating decisions. Operating segments are defined as components of an enterprise for which discrete financial information is available and is evaluated regularly by the Chief Operating Decision Maker ("CODM"), in deciding how to allocate resources and assess performance. The Company’s Chief Executive Officer, who is the CODM, reviews financial information on a consolidated basis for purposes of allocating and evaluating financial performance. The CODM evaluates the Company’s performance and resource allocation by analyzing consolidated financial information. See Note 16 for further details.
Business Combination and Asset Acquisitions	Business Combination and Asset Acquisitions The Company evaluates whether an acquisition should be accounted for as a business combination or an asset acquisition under ASC 805, Business Combinations, based on whether substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. Transactions that do not meet the definition of a business are accounted for as asset acquisitions. The Company also evaluates whether the acquired entity is a variable interest entity ("VIE") under ASC 810, Consolidation. If the acquired entity is a VIE, the primary beneficiary is identified as the accounting acquirer.
Replacement Awards	Replacement Awards When the Company assumes and replaces outstanding stock options of an acquired entity, the fair value of the replacement awards is measured as of the acquisition date using the Black-Scholes option-pricing model. The portion of the fair value attributable to pre-combination service is included in consideration, and the portion attributable to post-combination service is recognized as future compensation expense.
Preferred Stock	Preferred Stock The Company assesses its preferred stock to determine whether it should be classified as a liability, mezzanine equity, or permanent equity. This assessment first considers whether the preferred stock meets the definition of a mandatorily redeemable financial instrument or is otherwise required to be classified as a liability under ASC 480, Distinguishing Liabilities from Equity. This includes an evaluation of any provisions labeled as a redemption feature, call option, or conversion option to determine whether the underlying redemption or settlement terms in substance require the Company to redeem the shares. For preferred stock that is not classified as a liability under ASC 480, the Company assesses whether the preferred stock should be classified as mezzanine equity or permanent equity. This assessment considers whether the preferred stock is redeemable (i) at a fixed or determinable price on a fixed or determinable date, (ii) at the option of the holder, or (iii) upon the occurrence of an event that is not solely within the Company's control. The Company also considers whether the preferred stock contains liquidation provisions, including fundamental transaction or deemed liquidation provisions, that carry the general characteristics of a redemption feature. Preferred stock that meets any of these conditions is classified as mezzanine equity and presented outside of permanent equity on the Company's condensed consolidated balance sheets. At all other times, the Company classifies its preferred stock in stockholders’ equity (deficit). If the preferred stock is classified as mezzanine equity, the Company further evaluates whether the preferred stock is currently redeemable or probable of becoming redeemable to determine whether the carrying value should be remeasured to its redemption value as of each balance sheet date.
Intangible Assets	Intangible Assets Definite lived Intangible Assets Intangible assets with a definite useful life are amortized on a straight-line basis over the estimated useful life of the related assets. The Company regularly reviews whether current conditions or events suggest that the carrying values of its acquired definite lived intangible assets might not be recoverable. When such conditions are identified, an estimate of the undiscounted future cash flows from these assets, or relevant asset groupings, is compared to their carrying value to determine if an impairment exists. If an impairment is identified, the loss is calculated as the difference between the carrying value of the intangible asset and its fair value, which is based on the net present value of the estimated future cash flows. Indefinite lived Intangible Assets Intangible assets with an indefinite useful life are not amortized. Intangible assets acquired in a business combination or an acquisition that are used in research and development activities (regardless of whether they have an alternative future use) shall be considered indefinite lived until the completion or abandonment of the associated research and development efforts. Intangible assets acquired in an asset acquisition with no alternative future use are allocated a portion of the consideration transferred and charged to expenses at the acquisition date. Intangible assets acquired in a business combination are initially recorded at fair value. During the period that those assets are considered indefinite lived, they shall not be amortized but shall be tested for impairment. Once the research and development efforts are completed or abandoned, the entity shall determine the useful life of the assets. An indefinite lived intangible asset shall be tested for impairment annually and more frequently if events or changes in circumstances indicate that it is more likely than not that the asset is impaired. The Company first assesses qualitative factors to determine whether it is more likely than not that the fair value of the intangible asset is less than its carrying amount. If that is the case, the Company performs a quantitative impairment test, and, if the carrying amount of the Company exceeds its fair value, then the Company will recognize an impairment charge for the amount by which its carrying amount exceeds its fair value, not to exceed the carrying amount of the intangible asset. Qualitative factors to be considered include but are not limited to: • Cost factors such as increases in raw materials, labor, or other costs that have a negative effect on future expected earnings and cash flows • Legal/regulatory factors or progress and results of clinical trials • Other relevant entity-specific events such as changes in management, key personnel, strategy, or customers; contemplation of bankruptcy; or litigation that could affect significant inputs used to determine the fair value of the indefinite-lived intangible asset • Industry and market considerations such as a deterioration in the environment in which an entity operates, or a more competitive environment • Macroeconomic conditions such as deterioration in general economic conditions, limitations on accessing capital, fluctuations in foreign exchange rates, or other developments in equity and credit markets that could affect significant inputs used to determine the fair value of the indefinite-lived intangible asset. As a result of the clinical readout of the Phase 3 NEAT study in January 2026, which led the Company to discontinue development of its encapsulated dexamethasone sodium phosphate encapsulated in patient's own red blood cells (“eDSP") product candidate, the research and development associated with the in-process research and development ("IPR&D") was abandoned and an impairment charge recorded to reduce the carrying value to zero. Intangible assets acquired in an asset acquisition that are used in research and development activities (regardless of whether they have an alternative future use) shall be considered indefinite lived until the completion or abandonment of the associated research and development efforts.
Contingent Consideration	Contingent Consideration The Company determines the fair value of contingent consideration related to the Company's acquisition of EryDel in October 2023 using a probability-weighted discounted cash flow method, with significant inputs that are not observable in the market and thus represents a Level 3 fair value measurement as defined in ASC Topic 820, Fair Value Measurement. The significant inputs in the Level 3 measurement not supported by market activity include the probability assessments of expected future cash flows, during the contingent consideration period, appropriately discounted considering the uncertainties associated with the earnout obligation, and calculated in accordance with the terms of the definitive agreement. The liability for the contingent consideration were initially established at the time of the acquisition and are evaluated on a quarterly basis based on additional information as it becomes available. Any change in the fair value adjustment is recorded in the earnings of that period. Changes in the fair value of the contingent consideration obligations may result from changes in probability assumptions with respect to the likelihood of achieving the various contingent payment obligations. Significant increases or decreases in the inputs noted above in isolation would result in a significantly lower or higher fair value measurement. As a result of the clinical readout of the Phase 3 NEAT study in January 2026, which led the Company to discontinue development of eDSP, the criteria for the contingent consideration payments will not be met, resulting in the related liability being reduced to zero.
Cash, Cash Equivalents and Investments	Cash, Cash Equivalents and Investments The Company considers all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. Cash equivalents include marketable securities. Management determines the appropriate classification of its investments in debt securities at the time of purchase and at the end of each reporting period. Investments with maturities beyond three months at the date of purchase and which mature at, or less than twelve months from the balance sheet date are classified as short-term investments. Collectively, cash equivalents and short-term investments are considered available-for-sale and are recorded at fair value. Unrealized gains and losses are recorded as a component of other comprehensive loss in the consolidated statements of operations and included as a separate component of consolidated statements of stockholders’ equity. Realized gains and losses are included in interest income in the condensed consolidated statements of operations and comprehensive loss. Premiums (discounts) are amortized (accreted) over the life of the related investment as an adjustment to yield using the straight-line interest method. Dividend and interest income are recognized when earned. These amounts are recorded in “interest income” in the condensed consolidated statements of operations and comprehensive loss.
Warrants	Warrants The Company accounts for warrants as equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms. The assessment considers whether the warrants are freestanding financial instruments, meet the definition of a liability, and whether the warrants meet all of the requirements for equity classification, including whether the warrants are indexed to the Company’s own common stock, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding. For warrants that meet all criteria for equity classification, the warrants are recorded as a component of additional paid-in capital in the condensed consolidated balance sheets at the time of issuance. For warrants that do not meet all the criteria for equity classification, the warrants are recorded as liabilities at their initial fair value on the date of issuance, and each balance sheet date thereafter. Changes in the estimated fair value of the warrants are recognized within the condensed consolidated statements of operations. The fair value of the warrants is estimated using the Black-Scholes option pricing model (see Note 11).
Reserve for Italian Research and Development Tax Credit	Reserve for Italian Research and Development Tax Credit The Company maintains a reserve for Italian research and development tax credits to reflect estimated loss of utilization due to the wind-down of the business. This estimate is based on historical utilization and management’s judgment regarding forecasted utilization. Adjustments are recorded in research and development operating expense in the period they become known.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements There were no new accounting standards adopted during the three and six months ended June 30, 2026. Recent Accounting Pronouncements Not Yet Adopted The following are new accounting pronouncements that the Company is evaluating for future impacts on its financial statements: ASU 2024-03, Disaggregation of Income Statement Expenses (“DISE”). In November 2024, the FASB issued a new accounting standard to improve the disclosures about an entity’s expenses and address requests from investors for more detailed information about the types of expenses included in commonly presented expense captions. The new standard is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with retrospective application permitted. The Company is evaluating the disclosure requirements related to the new standard. ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements. In December 2025, the FASB issued a new accounting standard to clarify the applicability of interim reporting guidance under GAAP, provide a comprehensive list of interim disclosure requirements within Topic 270, and introduce a disclosure principle requiring entities to provide information about events and changes occurring after the end of the most recent annual reporting period that have a material impact on the entity. The ASU does not change the fundamental nature of interim reporting or expand or reduce existing interim disclosure requirements. ASU 2025-11 is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027 for public business entities, with early adoption permitted. The Company is currently evaluating the impact of this guidance on its interim financial reporting and related disclosures. All other newly issued accounting pronouncements not yet effective have been deemed either immaterial or not applicable.

Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation	$ 12,093	$ 1,273	$ 13,379	$ 2,659
Location, Statement of Income, Balance [Axis]: us-gaap:GeneralAndAdministrativeExpense
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation	8,911	835	9,655	1,785
Location, Statement of Income, Balance [Axis]: us-gaap:ResearchAndDevelopmentExpense
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation	$ 3,182	$ 438	$ 3,724	$ 874

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (f)(2)(ii)
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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
-Topic 718
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-Section 50
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (d)(1)
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
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-Publisher FASB
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Warrants (Tables)

6 Months Ended

Jun. 30, 2026

Warrants and Rights Note Disclosure [Abstract]

Summary of Warrants Outstanding

The following table is a summary of the Company's Acquisition and Financing Warrants outstanding as of June 30, 2026:


	Number of Common Stock Issuable		Exercise Price
Acquisition Warrants		570,169	$	19.17
Financing Warrants		3,749,231	$	19.17

Cash, Cash Equivalents and Investments (Tables)

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Fair Value, Assets Measured on Recurring Basis [Table Text Block]

The following tables categorize the fair values of cash, cash equivalents and investments measured at fair value on a recurring basis on the condensed consolidated balance sheets (in thousands):


	June 30, 2026		December 31, 2025
Cash and cash equivalents:
Cash	$	1,532	$	1,407
Money market funds		114,449		4,402
Total cash and cash equivalents	$	115,981	$	5,809

Short-term investments:
Government and agency notes		—		11,943
Total short-term investments	$	—	$	11,943

Schedule of Available-for-Sale Securities

The following table summarizes the available-for-sale securities (in thousands):


	Fair Value Measurements as of June 30, 2026
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Money market funds	$	114,449					$	114,449
Total cash equivalents and investments	$	114,449		—	$	—	$	114,449

Classified as:
Cash equivalents (original maturities within 90 days)							$	114,449
Total cash equivalents and investments							$	114,449


	Fair Value Measurements as of December 31, 2025
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Money market funds	$	4,402	$	—	$	—	$	4,402
Government and agency notes		11,938		5		—		11,943
Total cash equivalents and investments	$	16,340	$	5	$	—	$	16,345

Classified as:
Cash equivalents (original maturities within 90 days)							$	4,402
Short-term investments (maturities within one year)								11,943
Total cash equivalents and investments							$	16,345

- 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 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 2: 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 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

Warrants - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended	6 Months Ended
	May 18, 2026	Jun. 30, 2026	Jun. 30, 2026	Jan. 31, 2026	Jan. 29, 2026	Dec. 31, 2025	Jun. 12, 2025
Class of Warrant or Right [Line Items]
Preferred stock, shares issued (in shares)		0	0			0
Common stock, shares issued (in shares)		1,017,063	1,017,063			278,627
Fair value gain		$ 4.5	$ 35.6
Orphai
Class of Warrant or Right [Line Items]
As converted to common basis	3,749,231
Warrants to purchase common stock (in USD per share)	$ 19.17	$ 19.17	$ 19.17
Common stock, shares issued (in shares)	1,308,804
Pre-Funded warrants exercise price	$ 19.17	$ 19.17	$ 19.17
Warrants exercised		0	0
Financing Warrants remained outstanding		83,064.827	83,064.827
Fair value of the Pre-Funded Warrants and Common Warrants at issuance			$ 11.5
Orphai Warrants \| Orphai
Class of Warrant or Right [Line Items]
As converted to common basis	570,169
Series C Preferred Stock \| Orphai
Class of Warrant or Right [Line Items]
Preferred stock, shares issued (in shares)	72,100.322	10,964.505	10,964.505
As converted to common basis	7,498,447
Warrants to purchase common stock (in USD per share)	$ 996.9	$ 996.9	$ 996.9
Pre-Funded warrants exercise price	996.9	996.9	$ 996.9
Shares issued, price per share	$ 797.5
Remaining proceeds			$ 103.5
Series C Preferred Stock \| Orphai Warrants \| Orphai
Class of Warrant or Right [Line Items]
Preferred stock, shares issued (in shares)	10,964.505
June 2025 Private Placement
Class of Warrant or Right [Line Items]
Common stock, shares issued (in shares)							33,360
Combined purchase price							$ 0.2
Fair value of the Pre-Funded Warrants and Common Warrants at issuance			$ 10.7
June 2025 Private Placement \| Nasdaq
Class of Warrant or Right [Line Items]
Combined purchase price							25
Pre-Funded Warants [Member]
Class of Warrant or Right [Line Items]
Warrants exercised				10,000	10,000
Issuance of common stock on exercise of pre funded warrants				9,989	9,989
Pre-Funded Warants [Member] \| June 2025 Private Placement
Class of Warrant or Right [Line Items]
Warrants to purchase common stock (in USD per share)							$ 0.2
Common stock, shares issued (in shares)							10,000
Pre-Funded warrants exercise price							$ 0.2
Common Warrant \| Orphai
Class of Warrant or Right [Line Items]
As converted to common basis	4,319,400
Warrants to purchase common stock (in USD per share)		$ 19.17	$ 19.17
Common stock, shares issued (in shares)		570,169	570,169
Pre-Funded warrants exercise price		$ 19.17	$ 19.17
Common Warrant \| Series C Preferred Stock \| Orphai
Class of Warrant or Right [Line Items]
Preferred stock, shares issued (in shares)	83,064.827
Common Warrant \| June 2025 Private Placement
Class of Warrant or Right [Line Items]
Warrants to purchase common stock (in USD per share)							$ 240
Common stock, shares issued (in shares)							43,360
Pre-Funded warrants exercise price							$ 240
Combined purchase price							265
Common Stock \| June 2025 Private Placement
Class of Warrant or Right [Line Items]
Remaining proceeds			$ 0.8
Pre Funded and Common Warrant \| June 2025 Private Placement
Class of Warrant or Right [Line Items]
Combined purchase price							$ 264.8

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Temporary equity, par value	$ 0.001	$ 0.001
Temporary equity, shares authorized	294,370	0
Temporary equity, shares issued	211,301.868	0
Temporary equity, shares outstanding	211,301.868	0
Preferred stock, par value (in USD per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in USD per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	250,000,000	250,000,000
Common stock, shares issued (in shares)	1,017,063	278,627
Common stock, shares outstanding (in shares)	1,017,063	278,627

Fair Value Measurements - Schedule of Changes in Present Value of Acquisition Related Accrued Earnouts of Contingent Consideration Liability (Details) - Contingent Consideration - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 64,330	$ 56,691
Change in fair value	(64,330)	2,456
Ending balance	$ 0	$ 59,147

Net Loss Per Share - Schedule of Outstanding Potentially Dilutive Shares Excluded from Calculation of Diluted Net Income Loss Per Share (Details) - shares	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from calculation of earnings per share (in shares)	5,697,709	117,509
Stock options issued and outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from calculation of earnings per share (in shares)	1,378,309	64,000
Common Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from calculation of earnings per share (in shares)	0	43,360
Acquisition Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from calculation of earnings per share (in shares)	570,169	0
Financing Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from calculation of earnings per share (in shares)	3,749,231	0
Pre-Funded Warants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from calculation of earnings per share (in shares)	0	10,000
Restricted stock awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from calculation of earnings per share (in shares)	0	149

Stock-Based Compensation - Additional Information (Details)	Jun. 30, 2026 Plan
Share-Based Payment Arrangement [Abstract]
Number of stock plans	3

Cash, Cash Equivalents and Investments - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Fair Value Disclosures [Abstract]
Available-for-sale securities outstanding	$ 114,449,000		$ 114,449,000		$ 16,345,000
Available-for-sale securities outstanding	0		0
Realized gains or losses on the sale or maturity of available-for-sale securities	0	$ 0	0	$ 0
Amounts reclassify out of accumulated other comprehensive loss	0	0	0	0
Credit losses related to available-for-sale securities	0	0	0	0
Impairment charges	$ 0	$ 0	$ 0	$ 0

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 320
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477268/942-320-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 320
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (fff)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477268/942-320-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 320
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (ff)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477268/942-320-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 320
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477268/942-320-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 320
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477268/942-320-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 320
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477268/942-320-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Organization (Details) - USD ($) $ in Thousands	1 Months Ended
Organization (Details) - USD ($) $ in Thousands	May 31, 2026	Jun. 30, 2026	Dec. 31, 2025
Line of Credit Facility [Line Items]
Accumulated deficit		$ (500,027)	$ (460,451)
Cash, cash equivalents, and short-term investments		$ 116,000
Series C Preferred Stock
Line of Credit Facility [Line Items]
Exercise of Warrants	$ 11,000
Series C Preferred Stock \| Orphai Acquisition [Member]
Line of Credit Facility [Line Items]
Warrants to purchase shares	115,000
Exercise of Warrants	$ 72,000

- Definition

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

+ References

+ Details

- Definition

Amount of accumulated undistributed earnings (deficit).

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+ Details

Fair Value Measurements - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands			1 Months Ended	6 Months Ended	12 Months Ended
	May 18, 2026	Jun. 12, 2025	May 31, 2026	Jun. 30, 2026	Dec. 31, 2025	Jan. 31, 2026	Jan. 29, 2026
Business Combination [Line Items]
Fair value assets transfers out of level 3				$ 0	$ 0
NDA acceptance under contingent consideration				$ 25,000
Preferred stock, shares issued (in shares)				0	0
Pre-Funded Warants [Member]
Business Combination [Line Items]
Warrants exercised						10,000	10,000
Issuance of common stock on exercise of pre funded warrants						9,989	9,989
Private Placement \| Pre-Funded Warants [Member]
Business Combination [Line Items]
Warrants to purchase common stock (in USD per share)		$ 0.2
Private Placement \| Warrant [Member]
Business Combination [Line Items]
Exercise of Warrants		$ 10,400
Warrants to purchase common stock (in USD per share)		$ 240
Series C Preferred Stock
Business Combination [Line Items]
Exercise of Warrants			$ 11,000
Specified Approval Milestones [Member]
Business Combination [Line Items]
Milestone Payment				$ 60,000
Ery Del [Member]
Business Combination [Line Items]
Amount payable upon achievement of specified milestone.				5,000
Milestone achievement related to market and sales				395,000
Ery Del [Member] \| Maximum
Business Combination [Line Items]
Maximum amount of future consideration payment				$ 485,000
Orphai Therapeutics [Member]
Business Combination [Line Items]
Exercise of Warrants	$ 72,000
Financing Warrants to purchase stock	3,749,231
Warrants to purchase common stock (in USD per share)	$ 19.17			$ 19.17
Warrants exercised				0
Orphai Therapeutics [Member] \| Common Stock [Member]
Business Combination [Line Items]
Convertible preferred stock, shares issued upon conversion	52
Orphai Therapeutics [Member] \| Warrant [Member]
Business Combination [Line Items]
Exercise of Warrants	$ 11,000
Warrants to purchase common stock (in USD per share)				$ 19.17
Orphai Therapeutics [Member] \| Private Placement
Business Combination [Line Items]
Exercise of Warrants	72,000
Orphai Therapeutics [Member] \| Private Placement \| Warrant [Member]
Business Combination [Line Items]
Exercise of Warrants	$ 72,000
Orphai Therapeutics [Member] \| Series C Preferred Stock
Business Combination [Line Items]
Preferred stock, shares issued (in shares)	72,100.322			10,964.505
Convertible preferred stock, shares issued upon conversion				570,169
Exercise price				$ 996.9
Preferred stock price per share				19.17
Financing Warrants to purchase stock	72,100.322
Warrants to purchase common stock (in USD per share)	$ 996.9			$ 996.9
Orphai Therapeutics [Member] \| Series C Preferred Stock \| Common Stock [Member]
Business Combination [Line Items]
Convertible preferred stock, shares issued upon conversion	52
Orphai Therapeutics [Member] \| Series C Preferred Stock \| Warrant [Member]
Business Combination [Line Items]
Preferred stock, shares issued (in shares)	83,064.827
Orphai Therapeutics [Member] \| Maximum \| Series C Preferred Stock
Business Combination [Line Items]
Financing Warrants to purchase stock	72,100.322

Stock-Based Compensation - Schedule of Activity for Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2026	Dec. 31, 2025
2019 Plan \| Service Based Stock Options
Number of Options and Unvested Shares
Number of Options and Unvested Shares, beginning balance (in shares)	51,454
Options granted (in shares)	14,174
Options cancelled / forfeited (in shares)	(8,598)
Number of Options and Unvested Shares, ending balance (in shares)	57,030	51,454
Options vested and expected to vest (in shares)	57,030
Options exercisable (in shares)	29,276
Weighted Average Exercise Price
Weighted Average Exercise Price, beginning balance	$ 546.01
Weighted Average Exercise Price, granted	604.12
Weighted Average Exercise Price, cancelled/forfeited	830.44
Weighted Average Exercise Price, ending balance	517.57	$ 546.01
Options vested and expected to vest (in USD per share)	517.57
Options exercisable (in USD per share)	$ 622.97
Weighted average remaining contractual life (years)
Weighted average remaining contractual life (years)	7 years 8 months 15 days	6 years 9 months 14 days
Options vested and expected to vest as of June 30 ,2026	7 years 8 months 15 days
Options exercisable as of June 30,2026	6 years 9 months 29 days
Aggregate intrinsic value
Aggregate intrinsic value	$ 0	$ 18,844
Options vested and expected to vest as of June 30,2026	0
Options exercisable as of June 30,2026	$ 0
2019 Novosteo Plan \| Employee Stock Option Member
Number of Options and Unvested Shares
Number of Options and Unvested Shares, beginning balance (in shares)	808
Options granted (in shares)	0
Options exercised (in shares)	0
Options cancelled / forfeited (in shares)	0
Number of Options and Unvested Shares, ending balance (in shares)	808	808
Options vested and expected to vest (in shares)	808
Options exercisable (in shares)	806
Weighted Average Exercise Price
Weighted Average Exercise Price, beginning balance	$ 110
Weighted Average Exercise Price, granted	0
Weighted Average Exercise Price, exercised	0
Weighted Average Exercise Price, cancelled/forfeited	0
Weighted Average Exercise Price, ending balance	110	$ 110
Options vested and expected to vest (in USD per share)	110
Options exercisable (in USD per share)	$ 110
Weighted average remaining contractual life (years)
Weighted average remaining contractual life (years)	5 years 8 months 23 days	6 years 2 months 23 days
Options vested and expected to vest as of June 30 ,2026	5 years 8 months 23 days
Options exercisable as of June 30,2026	5 years 8 months 23 days
Aggregate intrinsic value
Aggregate intrinsic value	$ 0	$ 451
Options vested and expected to vest as of June 30,2026	0
Options exercisable as of June 30,2026	$ 0
2022 Inducement Plan \| Employee Stock Option Member
Number of Options and Unvested Shares
Number of Options and Unvested Shares, beginning balance (in shares)	11,667
Options granted (in shares)	0
Options exercised (in shares)	0
Options cancelled / forfeited (in shares)	0
Number of Options and Unvested Shares, ending balance (in shares)	11,667	11,667
Options vested and expected to vest (in shares)	11,667
Options exercisable (in shares)	11,667
Weighted Average Exercise Price
Weighted Average Exercise Price, beginning balance	$ 596
Weighted Average Exercise Price, granted	0
Weighted Average Exercise Price, exercised	0
Weighted Average Exercise Price, cancelled/forfeited	0
Weighted Average Exercise Price, ending balance	596	$ 596
Options vested and expected to vest (in USD per share)	596
Options exercisable (in USD per share)	$ 596
Weighted average remaining contractual life (years)
Weighted average remaining contractual life (years)	5 years 10 months 24 days	6 years 4 months 20 days
Options vested and expected to vest as of June 30 ,2026	5 years 10 months 24 days
Options exercisable as of June 30,2026	5 years 10 months 24 days
Aggregate intrinsic value
Aggregate intrinsic value	$ 0	$ 863
Options vested and expected to vest as of June 30,2026	0
Options exercisable as of June 30,2026	$ 0
2013 Orphai Plan \| Employee Stock Option Member
Number of Options and Unvested Shares
Number of Options and Unvested Shares, beginning balance (in shares)	0
Options granted (in shares)	118,257
Options exercised (in shares)	0
Options cancelled / forfeited (in shares)	0
Number of Options and Unvested Shares, ending balance (in shares)	118,257	0
Options vested and expected to vest (in shares)	118,257
Options exercisable (in shares)	112,210
Weighted Average Exercise Price
Weighted Average Exercise Price, beginning balance	$ 0
Weighted Average Exercise Price, granted	17.99
Weighted Average Exercise Price, exercised	0
Weighted Average Exercise Price, cancelled/forfeited	0
Weighted Average Exercise Price, ending balance	17.99	$ 0
Options vested and expected to vest (in USD per share)	17.99
Options exercisable (in USD per share)	$ 18.85
Weighted average remaining contractual life (years)
Weighted average remaining contractual life (years)	5 years 9 months 18 days
Options vested and expected to vest as of June 30 ,2026	5 years 9 months 18 days
Options exercisable as of June 30,2026	5 years 7 months 24 days
Aggregate intrinsic value
Aggregate intrinsic value	$ 1,633
Options vested and expected to vest as of June 30,2026	1,633
Options exercisable as of June 30,2026	$ 1,535
2026 Orphai Plan \| Employee Stock Option Member
Number of Options and Unvested Shares
Number of Options and Unvested Shares, beginning balance (in shares)	0
Options granted (in shares)	1,190,547
Options exercised (in shares)	0
Options cancelled / forfeited (in shares)	0
Number of Options and Unvested Shares, ending balance (in shares)	1,190,547	0
Options vested and expected to vest (in shares)	1,190,547
Options exercisable (in shares)	657,144
Weighted Average Exercise Price
Weighted Average Exercise Price, beginning balance	$ 0
Weighted Average Exercise Price, granted	14.71
Weighted Average Exercise Price, exercised	0
Weighted Average Exercise Price, cancelled/forfeited	0
Weighted Average Exercise Price, ending balance	14.71	$ 0
Options vested and expected to vest (in USD per share)	14.71
Options exercisable (in USD per share)	$ 13.28
Weighted average remaining contractual life (years)
Weighted average remaining contractual life (years)	9 years 10 months 2 days
Options vested and expected to vest as of June 30 ,2026	9 years 10 months 2 days
Options exercisable as of June 30,2026	9 years 10 months 2 days
Aggregate intrinsic value
Aggregate intrinsic value	$ 4,141
Options vested and expected to vest as of June 30,2026	4,141
Options exercisable as of June 30,2026	$ 3,224

Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Finite-Lived Intangible Assets [Line Items]
Intangible asset impairment charge	$ 67,808	$ 0

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 40
-Name Accounting Standards Codification
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147482558/350-40-50-1

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+ Details

Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands				1 Months Ended	6 Months Ended
	May 18, 2026	Jun. 12, 2025	Dec. 18, 2024	May 31, 2026	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025	Jun. 04, 2025
Subsidiary, Sale of Stock [Line Items]
Authorized shares of common stock					250,000,000		250,000,000
Common stock, par value (in USD per share)					$ 0.001		$ 0.001
Preferred stock, shares issued (in shares)					0		0
Net proceeds					$ 20,338	$ 2,890
Common stock, shares issued (in shares)					1,017,063		278,627
Orphai Therapeutics [Member]
Subsidiary, Sale of Stock [Line Items]
Net proceeds from the offering	$ 103,600
As converted to common basis	3,749,231
Pre-Funded warrants exercise price	$ 19.17				$ 19.17
Common stock, par value (in USD per share)	$ 19.17
Deferred Offering Costs	$ 11,400
Common stock, shares issued (in shares)	1,308,804
Aggregate gross proceeds of cash exercise in full of the Common Warrants	$ 72,000
Orphai Therapeutics [Member] \| Upfront
Subsidiary, Sale of Stock [Line Items]
Aggregate gross proceeds of private placement	$ 115,000
Series C Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Aggregate gross proceeds of cash exercise in full of the Common Warrants				$ 11,000
Series C Preferred Stock \| Orphai Therapeutics [Member]
Subsidiary, Sale of Stock [Line Items]
As converted to common basis	7,498,447
Shares issued, price per share	$ 797.5
Pre-Funded warrants exercise price	$ 996.9				$ 996.9
Stock issued during period shares acquisitions	144,200.633
Preferred stock, shares issued (in shares)	72,100.322				10,964.505
Common Warrant \| Orphai Therapeutics [Member]
Subsidiary, Sale of Stock [Line Items]
As converted to common basis	4,319,400
Pre-Funded warrants exercise price					$ 19.17
Common stock, shares issued (in shares)					570,169
Aggregate gross proceeds of cash exercise in full of the Common Warrants	$ 11,000
Common Warrant \| Series C Preferred Stock \| Orphai Therapeutics [Member]
Subsidiary, Sale of Stock [Line Items]
Preferred stock, shares issued (in shares)	83,064.827
Controlled Equity Offering Sales Agreement
Subsidiary, Sale of Stock [Line Items]
Maximum aggregate offering price			$ 75,000
Private Placement
Subsidiary, Sale of Stock [Line Items]
Net proceeds					$ 20,300
Issuance of stock (in shares)					526,435
Common stock, shares issued (in shares)		33,360
Aggregate gross proceeds of private placement		$ 11,500
Private Placement \| Orphai Therapeutics [Member]
Subsidiary, Sale of Stock [Line Items]
Aggregate gross proceeds of private placement	$ 187,000
Aggregate gross proceeds of cash exercise in full of the Common Warrants	72,000
Private Placement \| Pre-Funded Warants [Member]
Subsidiary, Sale of Stock [Line Items]
Pre-Funded warrants exercise price		$ 0.2
Common stock, shares issued (in shares)		10,000
Private Placement \| Common Warrant
Subsidiary, Sale of Stock [Line Items]
Pre-Funded warrants exercise price		$ 240
Common stock, shares issued (in shares)		43,360
Aggregate gross proceeds of cash exercise in full of the Common Warrants		$ 10,400
Private Placement \| Common Warrant \| Orphai Therapeutics [Member]
Subsidiary, Sale of Stock [Line Items]
Aggregate gross proceeds of cash exercise in full of the Common Warrants	$ 72,000
ATM Program
Subsidiary, Sale of Stock [Line Items]
Common stock reserved for issuance (in shares)					47,500,000
Maximum
Subsidiary, Sale of Stock [Line Items]
Authorized shares of common stock								250,000,000
Minimum
Subsidiary, Sale of Stock [Line Items]
Authorized shares of common stock								100,000,000

Organization

6 Months Ended

Jun. 30, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization

Note 1. Organization

Description of Business

Quince Therapeutics, Inc. ("Quince" or the "Company") is a clinical-stage biopharmaceutical company developing a novel disease modifying therapeutic to address the significant unmet medical need associated with pulmonary disorders with few, if any, treatment options available.

Prior to the Orphai Acquisition (defined below), the Company was focused on developing its proprietary Autologous Intracellular Drug Encapsulation (“AIDE”) technology for the treatment of Ataxia-Telangiectasia (“A-T”) through its encapsulated dexamethasone sodium phosphate encapsulated in patient's own red blood cells (“eDSP”) product candidate. In January 2026, the Company completed its pivotal Phase 3 NEAT clinical trial of eDSP for the treatment of A-T. The primary endpoints of the NEAT trial did not reach statistical significance. Based on the results of the NEAT trial, the Company determined that it would no longer continue development of eDSP in this or other therapeutic indications, and is currently considering next steps for the eDSP program and other assets.

Orphai Acquisition

On May 18, 2026, the Company completed the Acquisition of Orphai (the "Orphai Acquisition"), in accordance with the terms of the Agreement and Plan of Merger, dated May 17, 2026 (the “Merger Agreement”). In connection with the Orphai Acquisition, the Company acquired Orphai’s lead asset, LAM-001, a proprietary investigational inhaled dry powder formulation of rapamycin whose differentiated characteristics may permit treatment of conditions associated with dysfunctional mammalian target of rapamycin (“mTOR”) activity that cannot be adequately treated using a systemically delivered formulation, including oral solution or tablets. Following the Orphai Acquisition, the Company’s lead product candidate is LAM-001. See Note 3 for further details.

Liquidity and Capital Resources

The Company has incurred losses and negative cash flows from operations since inception and expects to continue to generate operating losses for the foreseeable future. As of June 30, 2026, the Company had an accumulated deficit of $500.0 million. Since inception through June 30, 2026, the Company has funded operations primarily with the net proceeds from the sale of its securities, from the net proceeds from the Company’s initial public offering (the “IPO”) and from the net proceeds of private investments in public equity transactions (collectively known as “PIPE Financings”), including the concurrent private placement in May 2026 described below. As of June 30, 2026, the Company had cash and cash equivalents of $116.0 million.

The Company evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about its ability to continue as a going concern within one year after the date that these unaudited condensed consolidated financial statements are issued.

Concurrent with the Orphai Acquisition, in May 2026, the Company completed a private placement financing of the Company’s Series C Non-Voting Convertible Preferred Stock (the “Series C Preferred Stock”) and warrants to purchase shares of Series C Preferred Stock, providing $115.0 million in gross upfront proceeds, with the potential to receive up to an additional $72.0 million in gross proceeds upon the exercise of the warrants (with an additional up to $11.0 million in gross proceeds available upon the exercise of warrants issued to former Orphai stockholders). The Series C Preferred Stock is subject to automatic conversion into common stock upon the third business day following the Company’s receipt of stockholder approval in accordance with Nasdaq Listing Rules, subject to certain beneficial ownership limitations. The Certificate of Designation of Preferences, Rights and Limitations of the Series C Non-Voting Convertible Preferred Stock (the “Certificate of Designation”) provides that, at any time following the earlier of (i) stockholder approval or (ii) six months after the initial issuance of the Series C Preferred Stock, if the Company fails to timely deliver shares of common stock to a converting holder in accordance with the terms of the Certificate of Designation, such holder may require

the Company to pay cash in an amount equal to the fair value of the undelivered shares. As a result, the Company concluded that the proceeds received from the private placement financing cannot be relied upon to mitigate conditions that raise substantial doubt because the availability of those proceeds is subject to conditions that are not entirely within the Company’s control. The conversion of the Series C Preferred Stock into common stock and therefore removal of the requirement to make cash payment based on the value of the undelivered shares is subject to a vote of the Company's stockholders.

The Company’s ability to satisfy the potential cash settlement obligations associated with the Series C Preferred Stock is not entirely within its control, as it is contingent on, among other things, the Company’s ability to obtain stockholder approval and to deliver shares of common stock upon conversion within the timeframes required by the Certificate of Designation. If the Company is unable to obtain stockholder approval in a timely manner, or is otherwise unable to timely deliver shares of common stock upon conversion, holders who submit conversion notices after the applicable trigger date could require the Company to make significant cash payments that could substantially reduce the Company’s available cash resources. Factoring in these potential cash payments, based on its current operating plan, the Company believes that its cash and cash equivalents balance will not be sufficient to fund operations and capital expenditures for at least the twelve months following the issuance of these unaudited condensed consolidated financial statements. Accordingly, the Company concluded that substantial doubt about the Company’s ability to continue as a going concern continues to exist within one year after the date these financial statements are available to be issued.

The accompanying unaudited condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the ordinary course of business. The unaudited condensed consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of this uncertainty.

Stock-Based Compensation - 2022 Inducement Plan (Details) - USD ($)		3 Months Ended		6 Months Ended
	May 09, 2022	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation		$ 12,093,000	$ 1,273,000	$ 13,379,000	$ 2,659,000
2022 Inducement Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Increase in number of shares available for issuance as proportion of shares of common stock (in shares)	20,000
Award grant period	10 years
Rate of purchase price of stock on fair value (as a percent)	100.00%
Common stock reserved for issuance (in shares)		8,333		8,333
Stock-based compensation		$ 200,000	$ 300,000	$ 500,000	$ 700,000
Income tax benefits recognized				0
Options, stock-based compensation not yet recognized		$ 0		$ 0

- Definition

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

+ References

+ Details

Net Loss Per Share (Tables)

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Schedule of Calculation of Basic and Diluted Net Loss Per Share


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Numerator:
Net loss	$	(75,488	)	$	(16,049	)	$	(39,576	)	$	(31,079	)
Denominator:
Weighted average shares of common stock and in-substance common stock outstanding		6,132,845			233,431			3,295,727			226,571
Net loss per share – basic and diluted	$	(12.31	)	$	(68.75	)	$	(12.01	)	$	(137.17	)

Schedule of Outstanding Potentially Dilutive Ordinary Shares Excluded from Calculation of Diluted Net Loss Per Share

The following outstanding potentially dilutive shares have been excluded from the calculation of diluted net loss per share for the periods presented because including them would have been antidilutive:


	June 30,
	2026		2025
Stock options issued and outstanding		1,378,309		64,000
Common warrants		—		43,360
Acquisition Warrants		570,169		—
Financing Warrants		3,749,231		—
Pre-funded warrants		—		10,000
Restricted stock awards		—		149
Total		5,697,709		117,509

Balance Sheet Components - Schedule of Accrued Severance (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Balance Sheet Components [Roll Forward]
Beginning accrued severance	$ 42	$ 0
Incurred during the period	2,251	413
Severance paid during the period	(2,293)	(168)
Ending accrued severance	$ 0	$ 245

Asset Acquisition - Summary of Estimated Fair Value of the Consideration Transferred (Parenthetical) (Details) - Orphai Therapeutics [Member]	May 18, 2026 shares
Business Combination [Line Items]
No of common stock issued	162,971
Series C Preferred Stock
Business Combination [Line Items]
No of common stock issued	67,101.235
Common Stock [Member]
Business Combination [Line Items]
No of common stock issued	162,971
Warrant [Member] \| Series C Preferred Stock
Business Combination [Line Items]
No of common stock issued	10,964.505

- 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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-Subparagraph (a)(3)
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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Reference 34: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

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-Paragraph 1
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Reference 38: http://www.xbrl.org/2003/role/disclosureRef
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Reference 39: http://www.xbrl.org/2003/role/disclosureRef
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Reference 41: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

+ Details

Balance Sheet Components - Schedule of Other Long Term Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Other Liabilities, Noncurrent [Abstract]
Federal and state taxes payable	$ 540	$ 773
Foreign taxes payable	103	691
Other long-term liabilities	73	106
Other Liabilities, Noncurrent, Total	$ 716	$ 1,570

Intangible Assets - Schedule of Carrying Amount of Finite-Lived Intangible Asset (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2026	Dec. 31, 2025
Finite-Lived Intangible Assets [Line Items]
Foreign currency translation adjustments	$ 36	$ (8)
Impairment charges	(447)	0
Total	$ 0	426
Trade Names
Finite-Lived Intangible Assets [Line Items]
Useful life	21 years
Cost	$ 460	460
Accumulated Amortization	(49)	(26)
Net Carrying Value	$ 411	$ 434

- 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

Income Taxes

6 Months Ended

Jun. 30, 2026

Income Tax Disclosure [Abstract]

Income Taxes

Note 13. Income Taxes

After considering all available positive and negative evidence, including cumulative losses, the Company concluded that it remains more likely than not that its net deferred tax assets will not be realized. Accordingly, the Company maintains a full valuation allowance against its net deferred tax assets.

The Company recorded an income tax expense of $0.1 million for the three months ended June 30, 2026 and income tax benefit of $5.3 million for the six months ended June 30, 2026, primarily related to the discrete reversal of uncertain tax position liabilities associated with certain intellectual property following changes in facts and circumstances in the six months ended June 30, 2026 that affected the valuation of the intellectual property. This benefit was partially offset by current-period Italian income tax expense. The primary differences between the Company’s effective tax rate and the U.S. federal statutory tax rate were the change in valuation allowance and the discrete reversal of uncertain tax position liabilities.

The Company recorded $67 thousand and $0.1 million of tax expense for the three and six months ended June 30, 2025, respectively, primarily related to foreign withholding tax and interest on the uncertain tax position liability.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

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 5: http://www.xbrl.org/2003/role/exampleRef
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-Section 55
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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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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-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

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

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

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

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

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Balance Sheet Components

6 Months Ended

Jun. 30, 2026

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Components

Note 6. Balance Sheet Components

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consist of the following (in thousands):


	June 30, 2026		December 31, 2025
Prepaid research and development expenses	$	1,269	$	578
Short-term Italian research and development tax credit, net		229		—
Short-term VAT receivable, net		4,773		3,622
Prepaid insurance		272		635
Prepaid expenses		494		255
Other current assets		393		54
Total prepaid expenses and other current assets	$	7,430	$	5,144

The Company was eligible to obtain an R&D tax credit as companies in Italy that invest in eligible research and development activities, regardless of the legal form and economic sector in which they operate, can benefit from an R&D tax credit. Such tax credits can only be used to offset payments of certain taxes and contributions (e.g., social contributions, VAT payables, registration fees, income and withholding taxes and other tax-related items that companies usually pay monthly). During the three and six months ended June 30, 2026, the Company recorded no increases to R&D tax credit and $3.0 million increase to R&D tax credit balance due to the release of Italy-related unrecognized tax benefits. During the three and six months ended June 30, 2026, the Company utilized $1.5 million and $2.1 million of R&D tax credit towards related tax payable and payroll-related tax expenses. The Company recorded an adjustment to reduce the reserve for estimated credits that were not probable of being used of $0.4 million for a total of $0.7 million reserved based on forecasted utilization in Italy as of June 30, 2026.

During the three and six months ended June 30, 2026, the Company recorded a $0.5 million reserve for estimated VAT receivable that are not probable of being recovered.

The Company recognized a total reduction to R&D expense of $0.1 million and $1.2 million for the three and six months ended June 30, 2026, and reductions to R&D expense of $0.6 million and $0.9 million for the three and six months ended June 30, 2025.

The balance in the reserve for Italian research and development tax credit and reserve for VAT receivable for the six months ended June 30, 2026 is as follows (in thousands):


	Reserve for Italian research and development tax credit			Reserve for VAT receivable
Beginning balance as of December 31, 2025	$	—		$	—
Change in reserve		(649	)		(515	)
Ending balance as of June 30, 2026	$	(649	)	$	(515	)

Other Assets

Other assets consisted of the following (in thousands):


	June 30, 2026		December 31, 2025
Long-term VAT receivable	$	—	$	1,682
Equity investments in Lighthouse Pharmaceuticals, Inc.		78		78
Total other assets	$	78	$	1,760

Property and Equipment, Net

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


	June 30, 2026			December 31, 2025
Computer equipment	$	61		$	66
Computer software		38			32
Lab equipment		1,031			1,076
Leasehold improvement		37			38
Office furniture		221			227
Less: accumulated amortization and depreciation		(882	)		(844	)
Property and equipment, net	$	506		$	595

Accrued Expenses and Other Current Liabilities

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


	June 30, 2026		December 31, 2025
Personnel expenses	$	1,762	$	3,138
Research and development expenses		722		6,966
Professional fees		1,016		181
Current portion of operating lease liabilities		—		115
Other		364		208
Total accrued expenses and other current liabilities	$	3,864	$	10,608

During the six months ended June 30, 2026, the Company entered into settlement agreements with vendors pursuant to which they relinquished amounts owed by the Company. This resulted in a $3.7 million gain on settlement of accounts payable for the six months ended June 30, 2026, which is reflected in the condensed consolidated statements of operations and comprehensive loss within research and development.

For the six months ended June 30, 2026 and 2025, the severance accrual activity was as follows (in thousands):


	For the Six Months Ended June 30,
	2026			2025
Beginning accrued severance	$	42		$	—
Incurred during the period		2,251			413
Severance paid during the period		(2,293	)		(168	)
Ending accrued severance	$	—		$	245

During the six months ended June 30, 2026 and 2025, the Company incurred severance costs related to personnel separation, reflecting payments made and accrued to departing employees.

Other Long-Term Liabilities

Other long-term liabilities consist of the following (in thousands):


	June 30, 2026		December 31, 2025
Federal and state taxes payable	$	540	$	773
Foreign taxes payable		103		691
Other long-term liabilities		73		106
Other long-term liabilities	$	716	$	1,570

Balance Sheet Components - Schedule of Reserve for Foreign Research and Development Tax Credit And Reserve For VAT Receivable (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2026 USD ($)
Reserve for Italian research and development tax credit
Tax Credit Carryforward [Line Items]
Beginning balance, reserve	$ 0
Change in reserve	(649)
Ending balance, reserve	(649)
Reserve for VAT receivable
Tax Credit Carryforward [Line Items]
Beginning balance, reserve	0
Change in reserve	(515)
Ending balance, reserve	$ (515)

Cash, Cash Equivalents and Investments

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Cash, Cash Equivalents and Investments

Note 5. Cash, Cash Equivalents and Investments

The following tables categorize the fair values of cash, cash equivalents and investments measured at fair value on a recurring basis on the condensed consolidated balance sheets (in thousands):


	June 30, 2026		December 31, 2025
Cash and cash equivalents:
Cash	$	1,532	$	1,407
Money market funds		114,449		4,402
Total cash and cash equivalents	$	115,981	$	5,809

Short-term investments:
Government and agency notes		—		11,943
Total short-term investments	$	—	$	11,943

The Company's investments are classified as available-for-sale securities. As of June 30, 2026, there were no available-for-sale securities outstanding. There were no significant realized gains or losses recognized on the sale or maturity of available-for-sale securities for the three and six months ended June 30, 2026 and 2025, and as a result, the Company did not reclassify any significant amounts out of accumulated other comprehensive loss. No other-than-temporary impairments on these securities were recognized for the three and six months ended June 30, 2026 and 2025.

The Company periodically assesses its investment in available-for-sale securities for impairment losses and credit losses. The amount of credit losses is determined by comparing the difference between the present value of future cash flows expected to be collected on these securities and the amortized cost. Factors considered in assessing credit losses include the position in the capital structure, vintage and amount of collateral, delinquency rates, current credit support, and geographic concentration. There have been no impairments or credit losses related to available-for-sale securities for the three and six months ended June 30, 2026 and 2025.

For available-for-sale debt securities in an unrealized loss position, the Company first assesses whether 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 security’s amortized cost basis is written down to fair value and recognized in interest and other income, net in the statement of operations and comprehensive loss. If neither criteria is met, the Company evaluates whether the decline in fair value is related to credit-related factors or other factors. In making this assessment, management considers 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. Credit-related impairment losses, limited by the amount that the fair value is less than the amortized cost basis, are recorded through an allowance for credit losses in other income (expense), net.

Any unrealized losses from declines in fair value below the amortized cost basis as a result of non-credit factors are recognized in accumulated other comprehensive income, net of tax as a separate component of stockholders’ equity, along with unrealized gains. Realized gains and losses and declines in fair value, if any, on available-for-sale securities are included in other income (expense), net in the condensed consolidated statement of operations and comprehensive loss.

For purposes of identifying and measuring credit-related impairments, the Company’s policy is to exclude applicable accrued interest from both the fair value and amortized cost basis of the related security. The Company has elected to write-off uncollectible accrued interest receivable balances in a timely manner, which is defined by the Company as when interest due becomes 90 days delinquent. The accrued interest write-off will be recorded by reversing interest income. Accrued interest receivable is recorded in other current assets on the condensed consolidated balance sheets.

The following table summarizes the available-for-sale securities (in thousands):


	Fair Value Measurements as of June 30, 2026
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Money market funds	$	114,449					$	114,449
Total cash equivalents and investments	$	114,449		—	$	—	$	114,449

Classified as:
Cash equivalents (original maturities within 90 days)							$	114,449
Total cash equivalents and investments							$	114,449


	Fair Value Measurements as of December 31, 2025
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Money market funds	$	4,402	$	—	$	—	$	4,402
Government and agency notes		11,938		5		—		11,943
Total cash equivalents and investments	$	16,340	$	5	$	—	$	16,345

Classified as:
Cash equivalents (original maturities within 90 days)							$	4,402
Short-term investments (maturities within one year)								11,943
Total cash equivalents and investments							$	16,345

Fair Value Measurements - Schedule of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets:
Short-term investments	$ 0	$ 11,943
Total	114,449	16,345
Liabilities:
Debt		18,026
Acquisition Warrants	803
Financing Warrants	5,480
Common warrants	9	25,452
Pre-Funded warrants		6,698
Total Liabilities	6,292	114,506
Short-term Contingent consideration
Liabilities:
Contingent consideration		12,369
Long-term Contingent consideration
Liabilities:
Contingent consideration		51,961
Money market funds
Assets:
Money market funds	114,449	4,402
Government and agency notes
Assets:
Short-term investments	0	11,943
Level 1
Assets:
Total	114,449	4,402
Liabilities:
Debt		0
Acquisition Warrants	0
Financing Warrants	0
Common warrants	0	0
Pre-Funded warrants		0
Total Liabilities	0	0
Level 1 \| Short-term Contingent consideration
Liabilities:
Contingent consideration		0
Level 1 \| Long-term Contingent consideration
Liabilities:
Contingent consideration		0
Level 1 \| Money market funds
Assets:
Money market funds	114,449	4,402
Level 1 \| Government and agency notes
Assets:
Short-term investments		0
Level 2
Assets:
Total	0	11,943
Liabilities:
Debt		0
Acquisition Warrants	0
Financing Warrants	0
Common warrants	0
Pre-Funded warrants		0
Total Liabilities	0	0
Level 2 \| Short-term Contingent consideration
Liabilities:
Contingent consideration		0
Level 2 \| Long-term Contingent consideration
Liabilities:
Contingent consideration		0
Level 2 \| Money market funds
Assets:
Money market funds	0	0
Level 2 \| Government and agency notes
Assets:
Short-term investments		11,943
Level 3
Assets:
Total	0	0
Liabilities:
Debt		18,026
Acquisition Warrants	803
Financing Warrants	5,480
Common warrants	9	25,452
Pre-Funded warrants		6,698
Total Liabilities	6,292	114,506
Level 3 \| Short-term Contingent consideration
Liabilities:
Contingent consideration		12,369
Level 3 \| Long-term Contingent consideration
Liabilities:
Contingent consideration		51,961
Level 3 \| Money market funds
Assets:
Money market funds	$ 0	0
Level 3 \| Government and agency notes
Assets:
Short-term investments		$ 0

Segment Information

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Segment Information

Note 16. Segment Information

The Company manages its business activities on a consolidated basis and operates as one operating and reportable segment for the purposes of assessing performance and making operating decisions.

Operating segments are defined as components of an enterprise for which discrete financial information is available and is evaluated regularly by the CODM, in deciding how to allocate resources and assess performance.

The Company’s Chief Executive Officer, who is the CODM, reviews financial information on a consolidated basis for purposes of allocating and evaluating financial performance. The CODM evaluates the Company’s performance and resource allocation by analyzing consolidated net loss, as reported on the condensed consolidated statement of operations and comprehensive loss. This assessment involves comparing net loss across prior periods, the Company's forecast, and following the Orphai Acquisition, total expenditures related to LAM-001 product development.

The measure of segment assets reviewed by the CODM is the consolidated total assets, as reported on the condensed consolidated balance sheets. The following table presents the measure of segment assets regularly provided to the CODM (in thousands):


	June 30, 2026		December 31, 2025
Cash, cash equivalents and short-term investments		115,981		17,752

The following table presents financial information, including significant segment expenses, which are regularly provided to the CODM and included within condensed consolidated statements of operations and comprehensive loss (in thousands):


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Research and development:
Personnel	$	2,105		$	1,294		$	4,019		$	2,614
Stock-based compensation		3,182			438			3,724			873
Clinical and contract manufacturing		1,173			5,342			4,773			12,069
Other		(999	)		(521	)		(210	)		(858	)
General and administrative:
Personnel		2,102			1,038			3,438			2,765
Stock-based compensation		8,911			834			9,655			1,785
Consulting and professional costs		4,981			786			6,539			2,252
Other		632			684			1,261			1,329
Acquired in-process research and development		59,000			—			59,000			—
Gain on Orphai Acquisition		(1,305	)		—			(1,305	)		—
Intangible asset impairment charge		—			—			67,808			—
Fair value adjustment for contingent consideration		—			532			(64,330	)		2,456
Total operating expenses		79,782			10,427			94,372			25,285
Loss from operations		(79,782	)		(10,427	)		(94,372	)		(25,285	)
Fair value adjustment for debt		—			(501	)		12,168			(945	)
Fair value adjustment for warrants		4,507			(4,464	)		35,623			(4,464	)
Warrant issuance costs		(874	)		(872	)		(874	)		(872	)
Other segment items		661			215			7,879			487
Net loss	$	(75,488	)	$	(16,049	)	$	(39,576	)	$	(31,079	)

Other segment items within net loss include interest income, other income (expense), net, and income tax expense.

The Company’s long-lived assets consist primarily of property, plant and equipment, net, and operating lease right-of-use assets are maintained in Italy. As of June 30, 2026 and December 31, 2025, no individual country other than the U.S. accounted for 10% or more of these assets.

- Definition

The entire disclosure for segment reporting.

+ References

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+ Details

Series C Preferred Stock

6 Months Ended

Jun. 30, 2026

Equity [Abstract]

Series C Preferred Stock

Note 9. Series C Preferred Stock

Series C Preferred Stock

On May 18, 2026, the Company filed the Certificate of Designation with the Secretary of State of the State of Delaware in connection with the Orphai Acquisition. The Certificate of Designation provides for the authorization of 294,370 shares of Series C Preferred Stock, of which 67,101.235 shares were issued as merger consideration in connection with the Orphai Acquisition, and 144,200.633 shares were issued in the concurrent May 2026 Financing.

Holders of Series C Preferred Stock are entitled to receive dividends on shares of Series C Preferred Stock (on an as-converted basis) equal to and in the same form as dividends paid on shares of the Company's common stock.

Except as otherwise provided in the Certificate of Designation or as otherwise required by the Delaware General Corporation Law of the State of Delaware, the Series C Preferred Stock has no voting rights and no rights to elect directors.

Upon any liquidation, dissolution, or winding-up of the Company, whether voluntary or involuntary, each holder of Series C Preferred Stock is entitled to receive out of the assets of the Company the same amount that a holder of common stock would receive if the Series C Preferred Stock were converted to common stock, paid pari passu with the holders of common stock. If the assets of the Company are insufficient to pay the holders of Series C Preferred Stock in full, all remaining assets of the Company are distributed ratably to the holders of Series C Preferred Stock and the holders of common stock in accordance with their respective amounts.

The Series C Preferred Stock is not redeemable. However, if, at any time after the earlier of (i) stockholder approval of the Company Stockholder Matters or (ii) six months after the initial issuance of the Series C Preferred Stock, the Company fails to deliver conversion shares to a holder as required, the Company is required, at the request of the holder, to pay cash equal to the fair value of such undelivered shares.

Effective upon Stockholder Approval, each share of Series C Preferred Stock will automatically convert into 52.00 shares of Common Stock, as adjusted for the June 2026 Reverse Stock Split. Prior to that, each share of Series C Preferred Stock is convertible into 52.00 shares of Common Stock at the option of the holder, as adjusted for the June 2026 Reverse Stock Split, at any time following the earlier of (i) Stockholder Approval or (ii) six months after the initial issuance of the Series C Preferred Stock.

Given the cash settlement feature described above and the fundamental transaction provisions of the Series C Preferred Stock, the Series C Preferred Stock was classified as mezzanine equity on the condensed consolidated balance sheets.

Stock-Based Compensation - 2019 Equity Incentive Plan (Quince) - Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation	$ 12,093	$ 1,273	$ 13,379	$ 2,659
2019 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award grant period			10 years
Voting rights in percentage			10
Stock based awards vesting period			4 years
Stock-based compensation			$ 100
Options, stock-based compensation not yet recognized	7,200		$ 7,200
Unamortized employee stock-based compensation expected to recognized over remaining estimated vesting period			1 year 2 months 12 days
Weighted average grant date fair value per share of stock options			$ 507.87	$ 419.35
2019 Plan \| Employee Stock Option Member
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation	$ 700	$ 800	$ 1,600	$ 1,700
Income tax benefits recognized			$ 0
2019 Plan \| One Year Anniversary
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock based awards vesting period			1 year
Award vesting rights			25.00%
2019 Plan \| Three Year Anniversary
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock based awards vesting period			3 years
Award vesting rights			75.00%
2019 Plan \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Rate of purchase price of stock on fair value (as a percent)			100.00%
Stock options granted maximum period			10 years
Monthly installments over the remaining vesting period			4 years
Post-termination exercise window			5 years
2019 Plan \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Rate of purchase price of stock on fair value (as a percent)			110.00%
Stock options granted maximum period			3 months
Monthly installments over the remaining vesting period			3 years
Post-termination exercise window			90 days

COVER - shares	6 Months Ended
COVER - shares	Jun. 30, 2026	Aug. 07, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2026
Document Transition Report	false
Entity File Number	001-38890
Entity Registrant Name	Quince Therapeutics, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	90-1024039
Entity Address, Address Line One	611 Gateway Boulevard,
Entity Address, Address Line Two	Suite 273
Entity Address, City or Town	South San Francisco,
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94080
City Area Code	415
Local Phone Number	910-5717
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	QNCX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		1,017,063
Entity Central Index Key	0001662774
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q2
Amendment Flag	false
Current Fiscal Year End Date	--12-31

Asset Acquisition - Summary of Fair Value of the Consideration Transferred to the Net Assets Acquired and Liabilities Assumed with the Excess Recorded to Loss on Acquisition (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

May 18, 2026

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

Liabilities assumed:

Gain on Orphai Acquisition

$ (1,305)

$ 0

$ (1,305)

$ 0

Orphai Therapeutics [Member]

Assets acquired:

Cash and cash equivalents

$ 8,001

Prepaid expenses and other current expenses

451

In-process research and development

^[1]

59,000

Total assets acquired

67,452

Liabilities assumed:

Trade payables

(3,097)

Accrued expenses and other current liabilities

(6,186)

Total liabilities assumed

(9,283)

Fair value of assets acquired and liabilities assumed

58,169

Gain on Orphai Acquisition

$ (1,305)

[1]

IPR&D represents the research and development projects of Orphai which were in-process, but not yet completed, and which the Company plans to advance. The fair value of IPR&D projects acquired in an asset acquisition with no alternative future use are allocated a portion of the consideration transferred and charged to expenses at the acquisition date.

Fair Value Measurements - Schedule of Changes In The Fair Value Level 3 Liability Classified Warrants (Details) - Level 3 $ in Thousands	6 Months Ended
	Jun. 30, 2026 USD ($)
Acquisition Warrants [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	$ 0
Issuance of warrants	1,315
Change in fair value of warrants	(512)
Ending balance	803
Financing Warrants [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	0
Issuance of warrants	8,847
Change in fair value of warrants	(3,367)
Ending balance	5,480
June 2025 Warrants
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	32,150
Exercise of pre-funded warrants and reclassification to equity	(340)
Payout of common warrants	(57)
Change in fair value of warrants	(31,744)
Ending balance	$ 9

Asset Acquisition

6 Months Ended

Jun. 30, 2026

Asset Acquisition [Abstract]

Asset Acquisition

Note 3. Asset Acquisition

Acquisition of Orphai Therapeutics

On May 18, 2026, the Company acquired Orphai pursuant to that certain Agreement and Plan of Merger, dated May 17, 2026 (the "Merger Agreement"). Under the terms of the Merger Agreement, following closing of the Orphai Acquisition, the Company issued to holders of Orphai, an aggregate of (i) 162,971 shares of the Company’s common stock and (ii) 67,101.235 shares of Series C Preferred Stock, each share of which is convertible into 52 shares of common stock, as adjusted for the June 2026 Reverse Stock Split, subject to certain conditions.

Under the terms of the Merger Agreement, options to purchase Orphai common stock were assumed by the Company and were converted into options to purchase an aggregate of 1,308,804 shares of common stock, which options are subject to exercise restrictions prior to obtaining approval during a special meeting of stockholders. In addition, the Company issued to holders of Orphai warrants (the "Acquisition Warrants") to purchase an aggregate of 10,964.505 shares of Series C Preferred Stock (or 570,169 shares on an as-converted-to-common basis, and without giving effect to any beneficial ownership limitations), at an exercise price of $996.90 per share of Series C Preferred Stock (or $19.17 per share on an as-converted-to-common basis, as adjusted for the June 2026 Reverse Stock Split).

On May 18, 2026, concurrent with the Orphai Acquisition, the Company entered into a securities purchase agreement (the "May 2026 Securities Purchase Agreement") for a private placement financing with new and returning investors to raise up to $187.0 million in gross proceeds, which includes $115.0 million in upfront proceeds and up to an additional approximately $72.0 million upon exercise of accompanying warrants, in which the investors were issued approximately 144,200.633 shares of Series C Preferred Stock (convertible into an aggregate of 7,498,447 shares of common stock, without giving effect to any beneficial ownership limitations) at a price of $797.50 per share, and accompanying warrants (the "Financing Warrants") to purchase up to 72,100.322 shares of Series C Preferred Stock (or 3,749,231 shares, on an as-converted-to-common basis and without giving effect to any beneficial ownership limitations) at an exercise price of $996.90 per share (or $19.17 per share on an as-converted-to-common basis)

(the "May 2026 Financing"). For additional information relating to the May 2026 Financing, see Notes 4, 9, 10, and 11 to these unaudited condensed consolidated financial statements.

The Orphai Acquisition was accounted for as an asset acquisition as Orphai did not meet the definition of a business under ASC Topic 805, Business Combinations (“ASC 805”) as substantially all of its value was in the IPR&D asset. Accordingly, the acquired net assets and assumed net liabilities of Orphai are recorded as of the Orphai Acquisition closing date at their fair value. The Company was determined to be the accounting acquirer based upon the terms of the Orphai Acquisition. Orphai was determined to be a variable interest entity (“VIE”) as it was insufficiently capitalized to fund future operations, where the Company is the primary beneficiary. As such, the acquisition costs of $2.1 million were expensed and not capitalized as part of the purchase price in accordance with ASC 805. In addition, the excess of the consideration transferred, and the fair value of the net asset acquired, IPR&D, and net liabilities assumed were recorded as an asset acquisition loss and included in the gain on Orphai Acquisition line item in the condensed consolidated statements of operations and comprehensive loss.

The following table summarizes the estimated fair value of the consideration transferred of $56.9 million (in thousands):


Common stock consideration (a)	$	3,242
Preferred stock consideration (b)		48,146
Warrant consideration (c)		1,315
Assumed share-based awards (d)		4,161
Fair value of total consideration transferred	$	56,864

(a)

The fair value of consideration transferred was based on 162,971 shares of Common Stock issued multiplied by the closing price of Quince common stock on the acquisition date of May 18, 2026.

(b)

The fair value of 67,101.235 shares of Series C Preferred Stock was based on the fair value of the Series C Preferred Stock issued in the May 2026 Financing. For additional information, see Note 9 to these unaudited condensed consolidated financial statements.

(c)

The fair value of the warrants issued was determined utilizing the Black-Scholes-Merton option pricing model. Quince issued 10,964.505 warrants of Series C Preferred Stock. For additional information, see Note 11 to these unaudited condensed consolidated financial statements.

(d)

Each outstanding and unexercised option award to purchase shares of Orphai common stock was converted into an option award in respect of a number of shares of common stock of the Company. The calculation of consideration transferred includes the portion of the fair-value-based measure of the acquiree awards that relates to the pre-combination service period. The excess value of the replacement Quince awards as well as the fair-value-based measure of the acquiree award related to the post combination service period will be recorded as post combination compensation cost over the remaining service term.

The following table summarizes the allocation of the estimated fair value of the consideration transferred to the net assets acquired and liabilities assumed, with the excess recorded to gain on acquisition (in thousands):


Assets acquired:
Cash and cash equivalents	$	8,001
Prepaid expenses and other current expenses		451
In-process research and development (e)		59,000
Total assets acquired		67,452
Liabilities assumed:
Trade payables		(3,097	)
Accrued expenses and other current liabilities		(6,186	)
Total liabilities assumed		(9,283	)
Fair value of assets acquired and liabilities assumed		58,169
Gain on Orphai Acquisition	$	1,305

(e)

Stock-Based Compensation

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Note 12. Stock-Based Compensation

The Company operates three stock-based compensation plans as of June 30, 2026:

•

2019 Equity Incentive Plan (Quince)

•

2019 Equity Incentive Plan (Novosteo)

•

2022 Inducement Plan (Quince)

•

2013 Orphai Plan (Orphai)

•

2026 Orphai Plan (Orphai)

2019 Equity Incentive Plan (Quince)

On December 4, 2014, the Company’s stockholders approved the 2014 Stock Plan (“2014 Plan”), and on April 25, 2019 amended, restated and re-named the 2014 Plan as the 2019 Equity Incentive Plan (the “Quince 2019 Plan”), which became effective as of May 7, 2019, the day prior to the effectiveness of the registration statement filed in connection with the IPO. The remaining shares available for issuance under the 2014 Plan were added to the shares reserved for issuance under the Quince 2019 Plan.

The Quince 2019 Plan provides for the grant of stock options (including incentive stock options and non-qualified stock options), stock appreciation rights, restricted stock, RSUs, performance units, and performance shares to the Company’s employees, directors, and consultants. As of June 30, 2026, the maximum aggregate number of shares that may be issued under the Quince 2019 Plan is 78,309 shares of the Company’s common stock. In addition, the number of shares available for issuance under the Quince 2019 Plan will be annually increased on the first day of each fiscal years beginning with fiscal 2020, by an amount equal to the least of (i) 10,732 shares of common stock; (ii) 4% of the outstanding shares of its common stock as of the last day of its immediately preceding fiscal year; and (iii) such other amount as the Board of Directors may determine.

The Quince 2019 Plan may be amended, suspended or terminated by the Board of Directors at any time, provided such action does not impair the existing rights of any participant, subject to stockholder approval of any amendment to the Quince 2019 Plan as required by applicable law or listing requirements. Unless sooner terminated by the Company's Board of Directors, the Quince 2019 Plan will automatically terminate on April 23, 2029.

As of June 30, 2026, the Company had 10,510 shares available for future issuance under the Quince 2019 Plan.

Stock Options

Stock options under the Quince 2019 Plan may be granted for periods of up to 10 years and at prices no less than 100% of the fair market value of the shares on the date of grant. If, at the time of grant, the optionee directly owns stocks representing more than 10% of the voting power of all our outstanding capital stock, the exercise price for these options must be at least 110% of the fair value of the underlying common stock. Stock options granted to employees and non-employees generally have a maximum term of ten years and vest over four years from the vesting commencement date, of which 25% vest on the one-year anniversary of the vesting commencement date, and 75% vest in equal monthly installments over the remaining three years or monthly vesting over 3 to 4 years. We may grant options with different vesting terms from time to time. Unless an employee's or non-employee's termination is due to cause, disability or death, upon termination of service, any unexercised vested options will be forfeited at the end of the three months from the termination date or expiration of the option, whichever is earlier.

Activity for service-based stock options under the Quince 2019 Plan is as follows:


	Number of Options and Unvested Shares			Weighted Average Exercise Price		Weighted average remaining contractual life (years)		Aggregate intrinsic value
								(In thousands)
Balance as of December 31, 2025		51,454		$	546.01		6.79	$	18,844
Options granted		14,174			604.12		—		—
Options exercised		—			—		—		—
Options cancelled / forfeited		(8,598	)		830.44		—		—
Balance as of June 30, 2026		57,030		$	517.57		7.71	$	—
Options vested and expected to vest as of June 30, 2026		57,030			517.57		7.71		—
Options exercisable as of June 30, 2026		29,276		$	622.97		6.83	$	—

For the three and six months ended June 30, 2026, the Company recognized stock-based compensation expense of $0.7 million and $1.6 million, respectively, related to options granted to employees and non-employees. For the three and six months ended June 30, 2025, the Company recognized stock-based compensation expense of $0.8 million and $1.7 million, respectively, related to options granted to employees and non-employees. The compensation expense is allocated on a departmental basis, based on the classification of the option holder. No income tax benefits have been recognized in the condensed consolidated statements of operations and comprehensive loss for stock-based compensation arrangements. As of June 30, 2026, total unamortized employee stock-based compensation was $7.2 million, which is expected to be recognized over the remaining estimated vesting period of 1.2 years.

The weighted average grant date fair value per share of stock options granted during the six months ended June 30, 2026 and 2025 was $507.87 and $419.35, respectively.

For the six months ended June 30, 2026, in connection with the separation of employees as part of our restructuring activities, the Company extended the post-termination exercise window from 90 days to five years for separated employees and for those with consulting agreements allowed awards to continue vesting through term of the agreements. The Company recorded stock-based compensation expense related to the modification of these awards of $0.1 million.

2019 Equity Incentive Plan (Novosteo)

On May 19, 2022, in accordance with the terms of Agreement and Plan of Merger and Reorganization between the Company, Novosteo, Inc., and the other parties thereto, the Company assumed the 2019 Novosteo, Inc. Equity Incentive Plan (the "2019 Novosteo Plan"). The 2019 Novosteo Plan provides for the grant of stock options (including incentive stock options and non-qualified stock options), stock appreciation rights, restricted stock, RSUs, performance units, and performance shares to the Novosteo legacy employees. On the closing date, each outstanding Novosteo stock option granted under Novosteo’s equity compensation plans was converted into a corresponding stock option with the number of shares underlying such option and the applicable exercise price adjusted based on the exchange ratio of 0.0911. Each such converted stock option continues to be subject to substantially the same terms and conditions as applied to the corresponding Novosteo stock option prior to the acquisition. The maximum aggregate number of shares that may be issued under the 2019 Novosteo Plan is 2,725 shares of the Company’s common stock.

The 2019 Novosteo Plan may be amended, suspended or terminated by the Board of Directors at any time, provided such action does not impair the existing rights of any participant, subject to stockholder approval of any amendment to the 2019 Novosteo Plan as required by applicable law or listing requirements. Unless sooner terminated by the Board of Directors, the 2019 Novosteo Plan will automatically terminate on May 20, 2029.

Stock options under the 2019 Novosteo Plan may be granted for periods of up to 10 years and at prices no less than 100% of the fair market value of the shares on the date of grant. If, at the time of grant, the optionee directly owns stocks representing more than 10% of the voting power of all our outstanding capital stock, the exercise price for these options must be at least 110% of the fair value of

the underlying common stock. Stock options granted to employees and non-employees generally have a maximum term of ten years and vest over four years from the vesting commencement date, of which 25% vest on the one-year anniversary of the vesting commencement date, and 75% vest in equal monthly installments over the remaining three years or monthly vesting over 3 to 4 years. We may grant options with different vesting terms from time to time. Unless an employee's or non-employee's termination is due to cause, disability or death, upon termination of service, any unexercised vested options will be forfeited at the end of the three months from the termination date or expiration of the option, whichever is earlier.

As of June 30, 2026, the Company had 960 shares available for future issuance under the 2019 Novosteo Plan.

Activity for service-based stock options under the 2019 Novosteo Plan is as follows:


	Number of Options and Unvested Shares		Weighted Average Exercise Price		Weighted average remaining contractual life (years)		Aggregate intrinsic value
							(In thousands)
Balance as of December 31, 2025		808	$	110.00		6.23	$	451
Options granted		—		—		—		—
Options exercised		—		—		—		—
Options cancelled / forfeited		—		—		—		—
Balance as of June 30, 2026		808	$	110.00		5.73	$	—
Options vested and expected to vest as of June 30, 2026		808		110.00		5.73		—
Options exercisable as of June 30, 2026		806	$	110.00		5.73	$	—

For the three and six months ended June 30, 2026, the Company recognized stock-based compensation expense of $0 and $44 thousand, respectively, related to options granted to employees and non-employees for the 2019 Novosteo Plan. For the three and six months ended June 30, 2025, the Company recognized stock-based compensation expense of $48 thousand and $97 thousand, respectively, related to options granted to employees and non-employees for the 2019 Novosteo Plan. The compensation expense is allocated on a departmental basis, based on the classification of the option holder. No income tax benefits have been recognized in the condensed consolidated statements of operations and comprehensive loss for stock-based compensation arrangements. As of June 30, 2026, there was no total unamortized employee stock-based compensation.

Restricted Stock Awards

There was no restricted stock awards activity during the six months ended June 30, 2026.

For the three and six months ended June 30, 2026, the Company recognized no stock-based compensation expense related to restricted stock awards. For the three and six months ended June 30, 2025, the Company recognized stock-based compensation expense of $0.1 million and $0.2 million related to restricted stock awards. The compensation expense is allocated on a departmental basis, based on the classification of the award holder. No income tax benefits have been recognized in the condensed consolidated statement of operations and comprehensive loss for stock-based compensation arrangements. The fair value of vested restricted stock awards was $0.1 million and $0.2 million for the three and six months ended June 30, 2025, respectively.

2022 Inducement Plan

On May 9, 2022, the Company's Board of Directors approved 20,000 shares of common stock, that may be offered or issued under the Quince Therapeutics, Inc. 2022 Inducement Plan (the "2022 Inducement Plan"). The 2022 Inducement Plan was adopted by the independent members of the Board of Directors without stockholder approval pursuant to Rule 5635(c)(4) of the Nasdaq Listing Rules (“Nasdaq Rule 5635(c)(4)”). In accordance with Nasdaq Rule 5635(c)(4), awards under those plans may only be made to an employee who has not previously been an employee or member of the Board of Directors or of any board of directors of any parent or subsidiary of the Company, or following a bona fide period of non-employment by the Company or a parent or subsidiary, if he or she is granted

such award in connection with his or her commencement of employment with the Company or a subsidiary and such grant is an inducement material to his or her entering into employment with the Company or such subsidiary. The terms and conditions of the 2022 Inducement Plan are substantially similar to those of the Quince 2019 Plan.

Options under the 2022 Inducement Plan may be granted for periods of up to 10 years at prices no less than 100% of the fair market value of the shares on the date of grant. Options granted to employees may have different performance goals or other vesting provisions (including continued employment) in accordance with the applicable award agreement. Unless an employee's termination service is due to disability or death, upon termination of service, any unexercised vested options will be forfeited at the end of the three months from the date of termination or expiration of the option, whichever is earlier.

As of June 30, 2026, the Company had 8,333 shares available for future issuance under the 2022 Inducement Plan.

Activity for service-based stock options under the 2022 Inducement Plan is as follows:


	Number of Options and Unvested Shares		Weighted Average Exercise Price		Weighted average remaining contractual life (years)		Aggregate intrinsic value
							(In thousands)
Balance as of December 31, 2025		11,667	$	596.00		6.39		863
Options granted		—		—		—		—
Options exercised		—		—		—		—
Options cancelled / forfeited		—		—		—		—
Balance as of June 30, 2026		11,667	$	596.00		5.90		—
Options vested and expected to vest as of June 30, 2026		11,667		596.00		5.90		—
Options exercisable as of June 30, 2026		11,667	$	596.00		5.90		—

For the three and six months ended June 30, 2026, the Company recognized stock-based compensation expense of $0.2 million and $0.5 million, respectively, related to options granted to employees for the 2022 Inducement Plan. For the three and six months ended June 30, 2025, the Company recognized stock-based compensation expense of $0.3 million and $0.7 million, respectively, related to options granted to employees for the 2022 Inducement Plan. The compensation expense is allocated on a departmental basis, based on the classification of the option holder. No income tax benefits have been recognized in the condensed consolidated statements of operations and comprehensive loss for stock-based compensation arrangements. As of June 30, 2026, there was no total unamortized employee stock-based compensation.

Orphai Equity Incentive Plans

In connection with the Orphai Acquisition, the Company assumed all outstanding and unexercised stock options previously granted by Orphai under its 2013 Employee, Director, and Consultant Equity Incentive Plan (the "2013 Orphai Plan"), as amended, and its 2026 Stock Incentive Plan (the "2026 Orphai Plan") (collectively, the "Orphai Equity Incentive Plans"), whether or not vested as of the acquisition date.

Under the terms of the Merger Agreement, each Orphai stock option was converted into an option to purchase shares of the Company's common stock, with (i) the number of shares subject to each option determined by multiplying the number of shares subject to the original Orphai option by an exchange ratio of 0.6935, rounded down to the nearest whole share, and (ii) the per-share exercise price determined by dividing the original per-share exercise price by the same exchange ratio. The vesting schedule and remaining contractual term of each replacement award were not modified in connection with the assumption, and no vesting was accelerated.

Activity for service-based stock options under the 2013 Orphai Plan is as follows:


	Number of Options and Unvested Shares		Weighted Average Exercise Price		Weighted average remaining contractual life (years)		Aggregate intrinsic value
							(In thousands)
Balance as of December 31, 2025		—	$	—		—		—
Options assumed		118,257		17.99		—		—
Options exercised		—		—		—		—
Options cancelled / forfeited		—		—		—		—
Balance as of June 30, 2026		118,257	$	17.99		5.80		1,633
Options vested and expected to vest as of June 30, 2026		118,257		17.99		5.80		1,633
Options exercisable as of June 30, 2026		112,210	$	18.85		5.65		1,535

For the three and six months ended June 30, 2026, the Company recognized stock-based compensation expense of $0.5 million, related to options granted to employees and non-employees. The compensation expense is allocated on a departmental basis, based on the classification of the option holder. No income tax benefits have been recognized in the condensed consolidated statements of operations and comprehensive loss for stock-based compensation arrangements. As of June 30, 2026, total unamortized employee stock-based compensation was $0.1 million, which is expected to be recognized over the remaining estimated vesting period of 0.13 years.

The weighted average grant date fair value per share of stock options assumed during the six months ended June 30, 2026 was $19.59.

Activity for service-based stock options under the 2026 Orphai Plan is as follows:


	Number of Options and Unvested Shares		Weighted Average Exercise Price		Weighted average remaining contractual life (years)		Aggregate intrinsic value
							(In thousands)
Balance as of December 31, 2025		—	$	—		—		—
Options assumed		1,190,547		14.71		—		—
Options exercised		—		—		—		—
Options cancelled / forfeited		—		—		—		—
Balance as of June 30, 2026		1,190,547	$	14.71		9.84	$	4,141
Options vested and expected to vest as of June 30, 2026		1,190,547		14.71		9.84		4,141
Options exercisable as of June 30, 2026		657,144	$	13.28		9.84	$	3,224

For the three and six months ended June 30, 2026, the Company recognized stock-based compensation expense of $10.7 million, related to options granted to employees and non-employees. The compensation expense is allocated on a departmental basis, based on the classification of the option holder. No income tax benefits have been recognized in the condensed consolidated statements of operations and comprehensive loss for stock-based compensation arrangements. As of June 30, 2026, total unamortized employee stock-based compensation was $10.5 million, which is expected to be recognized over the remaining estimated vesting period of 1.38 years.

The weighted average grant date fair value per share of stock options assumed during the six months ended June 30, 2026 was $19.80.

Stock-Based Compensation Expense

The following table summarizes employee and non-employee stock-based compensation expense for the three and six months ended June 30, 2026 and 2025 and the allocation within the condensed consolidated statements of operations and comprehensive loss (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
General and administrative expense	$	8,911	$	835	$	9,655	$	1,785
Research and development expense		3,182		438		3,724		874
Total stock-based compensation	$	12,093	$	1,273	$	13,379	$	2,659

Leases - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Leases [Abstract]
Rent expenses (less than)	$ 43	$ 38	$ 80	$ 76
Future minimum lease payments	$ 0		$ 0

Stock-Based Compensation - 2019 Equity Incentive Plan (Quince) - General (Details) - 2019 Plan	6 Months Ended
	Jun. 30, 2026 shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Maximum aggregate number of shares that may be issued under the plan (in shares)	78,309
Increase in number of shares available for issuance as proportion of shares of common stock (in shares)	10,732
Percentage of common stock outstanding	4.00%
Common stock reserved for issuance (in shares)	10,510

- 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

Warrants - Summary of Warrants Outstanding (Details) - $ / shares	Jun. 30, 2026	May 18, 2026	Dec. 31, 2025
Class of Warrant or Right [Line Items]
Number of Common Stock Issuable	1,017,063		278,627
Orphai
Class of Warrant or Right [Line Items]
Number of Common Stock Issuable		1,308,804
Pre-Funded warrants exercise price	$ 19.17	$ 19.17
Common Warrant \| Orphai
Class of Warrant or Right [Line Items]
Number of Common Stock Issuable	570,169
Pre-Funded warrants exercise price	$ 19.17
Common Warrant \| May 2026 Financing
Class of Warrant or Right [Line Items]
Number of Common Stock Issuable	3,749,231
Pre-Funded warrants exercise price	$ 19.17

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Effective Income Tax Rate Reconciliation [Line Items]
Income tax expense (benefit)	$ 75	$ 67	$ (5,264)	$ 114

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Fair Value Measurements

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 4. Fair Value Measurements

The fair value of the Company's financial instruments reflects the amounts that the Company estimates that it would receive in connection with the sale of an asset or pay in connection with the transfer of a liability in an orderly transaction between market participants at the measurement date (exit price). The Company discloses and recognizes the fair value of the assets and liabilities using a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurements). The guidance establishes three levels of the fair value hierarchy as follows:

Level 1 - Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.

Level 2 - Inputs other than quoted prices that are observable for the assets or liability either directly or indirectly, including inputs in markets that are not considered to be active.

Level 3 - Inputs that are unobservable. Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires management to make judgments and consider factors specific to the asset or liability. The Company recognizes transfers between levels of the fair value hierarchy as of the end of the reporting period. There were no transfers within the hierarchy during the six months ended June 30, 2026 and year ended December 31, 2025.

The Company had elected the fair value option for the EIB Loan guaranteed by the Company in connection with the EryDel Acquisition. The Company had adjusted the EIB Loan to fair value through the change in fair value of debt in the accompanying condensed consolidated statements of operations and comprehensive loss. Subsequent unrealized gains and losses on items for which the fair value option is elected were reported in earnings. The Company will break out any change in value due to credit loss in accumulated other comprehensive loss. For the three and six months ended June 30, 2026 and year ended December 31, 2025, there was no change in value due to credit loss.

Financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used in such measurements by major security type as of June 30, 2026 and December 31, 2025 are presented in the following tables (in thousands):


	Fair Value Measurements as of June 30, 2026
	Total		Level 1		Level 2		Level 3
Assets:
Money market funds	$	114,449	$	114,449	$	—	$	—
Total Assets	$	114,449	$	114,449	$	—	$	—
Liabilities:
Acquisition Warrants		803		—		—		803
Financing Warrants		5,480		—		—		5,480
Common warrants		9		—		—		9
Total	$	6,292	$	—	$	—	$	6,292


	Fair Value Measurements as of December 31, 2025
	Total		Level 1		Level 2		Level 3
Assets:
Money market funds	$	4,402	$	4,402	$	—	$	—
Government and agency notes		11,943		—		11,943		—
Total Assets	$	16,345	$	4,402	$	11,943	$	—
Liabilities:
Short-term contingent consideration	$	12,369		—		—		12,369
Long-term contingent consideration		51,961		—		—		51,961
Debt		18,026		—		—		18,026
Common warrants		25,452		—		—		25,452
Pre-Funded warrants		6,698		—		—		6,698
Total Liabilities	$	114,506	$	—	$	—	$	114,506

The Company classifies government and agency notes as Level 2 investments as the Company uses quoted prices for similar assets sourced from certain third-party pricing services. The third-party pricing services generally utilize industry standard valuation models for which all significant inputs are observable, either directly or indirectly, to estimate the price or fair value of the securities. The primary input generally includes reported trades or quotes on the same or similar securities. The Company does not make additional judgments or assumptions made to the pricing data sourced from the third-party pricing services.

Level 3 Assets and Liabilities

Contingent Consideration

The following table reflects the changes in present value of acquisition related accrued earnouts of contingent consideration liability using significant unobservable inputs (Level 3) for the six months ended June 30, 2026 and 2025 (in thousands):


	June 30, 2026			June 30, 2025
Beginning balance	$	64,330		$	56,691
Change in fair value		(64,330	)		2,456
Ending balance	$	—		$	59,147

The contingent consideration arrangement required the Company to pay up to $485.0 million of additional consideration in cash, comprised of up to $5.0 million upon the enrollment of the first patient in the Phase 3 NEAT clinical trial, which was paid in 2024, $25.0 million at NDA acceptance, up to $60.0 million upon the achievement of specified approval milestones, and up to $395.0 million upon the achievement of specified on market and sales milestones. As a result of the clinical readout of the Phase 3 NEAT study in January 2026, which led the Company to discontinue development of eDSP, the criteria for the contingent consideration payments will not be met, resulting in the related liability being reduced to zero during the six months ended June 30, 2026.

To estimate the fair value of the contingent consideration, the Company used a probability-weighted discounted cash flow model with an expected present value valuation technique with significant unobservable fair value inputs and is therefore classified as a Level 3 measurement. The estimates of fair value are uncertain and changes in the estimated inputs may result in significant adjustments to the fair value. The unobservable inputs consisted of the expected timing of milestone completion dates, probability of achievement, and discount rate. The change in the fair value of the contingent consideration during the six months ended June 30, 2025 is primarily due

to the expected timing of achieving various milestones, and the passage of time related to the contingent consideration earnout resulting from the EryDel Acquisition.

The following table summarizes the assumptions used in the valuation of the contingent consideration in the period presented:


		December 31, 2025
Expected timing of milestones completion dates		2026 - 2038
Discount rate		14.2%
Probability of achievement		1% - 56.5%

Debt

The following table presents the changes in the fair value of the Level 3 EIB Loan for the six months ended June 30, 2026 and 2025 (in thousands):


	June 30, 2026			June 30, 2025
Beginning balance	$	18,026		$	14,321
Change in fair value		(12,168	)		945
Interest payment		(29	)		(117	)
Settlement of debt		(5,545	)		—
Due to foreign currency translation		(284	)		1,840
Ending balance	$	—		$	16,989

To estimate the fair value of the EIB Loan, the Company used an expected present value valuation technique with significant unobservable inputs resulting in classification as a Level 3 measurement. The estimate of fair value is uncertain and changes in the estimated inputs may result in significant adjustments to the fair value. The unobservable inputs consisted of discount rate which includes the credit quality of the Company and credit spreads for comparable debt.

The following table summarizes the assumptions including the unobservable inputs related to the Company's debt in the periods presented:


	December 31, 2025
Discount rate		13	%

Acquisition and Financing Warrants

In connection with the Orphai Acquisition, the Company issued to holders of Orphai warrants the Acquisition Warrants to purchase 10,964.505 shares of Series C Preferred Stock (or 570,169 shares on an as-converted-to-common basis, and without giving effect to any beneficial ownership limitations), at an exercise price of $996.90 per share of Series C Preferred Stock (or $19.17 per share on an as-converted-to-common basis, as adjusted for the June 2026 Reverse Stock Split).

Concurrent with the May 2026 Securities Purchase Agreement, the Company issued the Financing Warrants to purchase up to 72,100.322 shares of Series C Preferred Stock (or 3,749,231 shares, on an as-converted-to-common basis and without giving effect to any beneficial ownership limitations) at an exercise price of $996.90 per share (or $19.17 per share on an as-converted-to-common basis, as adjusted for the June 2026 Reverse Stock Split). Each Financing Warrant will be exercisable beginning on the trading day following the earlier of the Company’s public announcement of (a) top line data from the ongoing LAM-001 Phase 2 trial in Bronchiolitis Obliterans Syndrome (the “LAM-001 Trial”) and (b) the termination or suspension of the LAM-001 Trial and through the 30th day following such public announcement and will be exercisable at a price equal to $996.90 per share of Series C Preferred Stock (or $19.17 per share on an as-converted-to-common basis, as adjusted for the June 2026 Reverse Stock Split) for up to an

additional approximately $72.0 million in additional proceeds if exercised in full (with an additional up to $11.0 million in gross proceeds available upon the exercise of warrants issued to former Orphai stockholders).

The Acquisition and Financing Warrants will become exercisable for common stock following the Company’s receipt of stockholder approval for the conversion of the Series C Preferred Stock issued in the Orphai Acquisition in accordance with Nasdaq Listing Rules, among other related acquisition matters, subject to certain beneficial ownership limitations.

The Acquisition and Financing Warrants are classified as liabilities on the Company's condensed consolidated balance sheet based on an assessment of the warrants' specific terms and applicable authoritative guidance in ASC 480. See Note 11 for further details. The warrant liability is initially measured at fair value upon issuance and is subsequently remeasured at fair value at each reporting date, with changes in fair value recognized in the condensed consolidated statements of operations.

The Company estimates the fair value of warrants utilizing the Black-Scholes option pricing model, which is dependent upon several Level 3 inputs that are not observable in active markets, including the expected term, volatility, risk-free interest rate, and expected dividends. Each of these inputs is subjective and generally requires significant judgment to determine.

The following table summarizes key inputs used in the valuation of the liability classified Acquisition and Financing Warrants as of the periods presented:


	As of Orphai Acquisition issuance date			As of Private Placement issuance date			As of June 30, 2026
Expected term	0.75 years			0.75 years			0.75 years
Warrant exercise price	$	19.17		$	19.17		$	19.17
Risk-free interest rate		3.70	%		3.70	%		3.70	%
Expected volatility		80.00	%		80.00	%		80.00	%

The following table presents the changes in the fair value of the Level 3 liability classified Acquisition and Financing Warrants for the six months ended June 30, 2026:


	Acquisition Warrants			Financing Warrants
Balance as of December 31, 2025	$	—		$	—
Issuance of warrants		1,315			8,847
Change in fair value of warrants		(512	)		(3,367	)
Balance as of June 30, 2026	$	803		$	5,480

June 2025 Warrants

During the year ended December 31, 2025, in connection with the June 2025 Private Placement (as defined below), the Company issued common and pre-funded warrants (the "June 2025 Warrants") which are classified as liabilities based on an assessment of the warrant’s specific terms and applicable authoritative guidance in ASC 815. See Note 11 for further details. The Company estimated the fair value of the common and pre-funded warrants utilizing the Black-Scholes option pricing model, which was dependent upon several Level 3 inputs that are not observable in active markets, such as expected term, volatility, risk-free interest rate, and expected dividends. Each of these inputs is subjective and generally requires judgment to determine. In January 2026, all 10,000 shares of the pre-funded warrants were exercised through a cashless exercise into 9,989 shares of the Company's common stock. In May 2026, the common warrants were terminated as a result of the Orphai Acquisition.

The following table summarizes key inputs used in the valuation of the liability classified June 2025 Warrants as of the period presented:


	As of December 31, 2025
Expected term	4.45 years
Common stock market price	$	670.00
Common warrants exercise price	$	240.00
Pre-Funded warrants exercise price	$	0.20
Risk-free interest rate		3.63	%
Expected volatility		110.96	%

The following table presents the changes in the fair value of the Level 3 liability classified June 2025 Warrants for the six months ended June 30, 2026:


	(in thousands)
Balance as of December 31, 2025	$	32,150
Exercise of pre-funded warrants and reclassification to equity		(340	)
Payout of common warrants		(57	)
Change in fair value of warrants		(31,744	)
Balance as of June 30, 2026	$	9

- Definition

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

+ References

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

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

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

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

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

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

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

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

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

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

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

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

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

+ Details

Asset Acquisition - Summary of Estimated Fair Value of the Consideration Transferred (Details) - Orphai Therapeutics [Member]
$ in Thousands

May 18, 2026

USD ($)

Business Combination [Line Items]

Fair value of total consideration transferred

$ 56,864

Assumed Share-based Awards [Member]

Business Combination [Line Items]

Total Consideration

4,161

^[1]

Common Stock [Member]

Business Combination [Line Items]

Total Consideration

3,242

^[2]

Preferred Stock [Member]

Business Combination [Line Items]

Total Consideration

48,146

^[3]

Warrant [Member]

Business Combination [Line Items]

Total Consideration

$ 1,315

^[4]

[1]	Each outstanding and unexercised option award to purchase shares of Orphai common stock was converted into an option award in respect of a number of shares of common stock of the Company. The calculation of consideration transferred includes the portion of the fair-value-based measure of the acquiree awards that relates to the pre-combination service period. The excess value of the replacement Quince awards as well as the fair-value-based measure of the acquiree award related to the post combination service period will be recorded as post combination compensation cost over the remaining service term.
[2]	The fair value of consideration transferred was based on 162,971 shares of Common Stock issued multiplied by the closing price of Quince common stock on the acquisition date of May 18, 2026.
[3]	The fair value of 67,101.235 shares of Series C Preferred Stock was based on the fair value of the Series C Preferred Stock issued in the May 2026 Financing. For additional information, see Note 9 to these unaudited condensed consolidated financial statements.
[4]	The fair value of the warrants issued was determined utilizing the Black-Scholes-Merton option pricing model. Quince issued 10,964.505 warrants of Series C Preferred Stock. For additional information, see Note 11 to these unaudited condensed consolidated financial statements.

- 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

CONDENSED CONSOLIDATED STATEMENTS OF SERIES C PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) (Parenthetical)	Jun. 29, 2026	Apr. 10, 2026
Reverse stock split	1-for-20	1-for-10

Segment Information (Tables)

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Schedule of Segment Reporting Information

The following table presents the measure of segment assets regularly provided to the CODM (in thousands):


	June 30, 2026		December 31, 2025
Cash, cash equivalents and short-term investments		115,981		17,752


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Research and development:
Personnel	$	2,105		$	1,294		$	4,019		$	2,614
Stock-based compensation		3,182			438			3,724			873
Clinical and contract manufacturing		1,173			5,342			4,773			12,069
Other		(999	)		(521	)		(210	)		(858	)
General and administrative:
Personnel		2,102			1,038			3,438			2,765
Stock-based compensation		8,911			834			9,655			1,785
Consulting and professional costs		4,981			786			6,539			2,252
Other		632			684			1,261			1,329
Acquired in-process research and development		59,000			—			59,000			—
Gain on Orphai Acquisition		(1,305	)		—			(1,305	)		—
Intangible asset impairment charge		—			—			67,808			—
Fair value adjustment for contingent consideration		—			532			(64,330	)		2,456
Total operating expenses		79,782			10,427			94,372			25,285
Loss from operations		(79,782	)		(10,427	)		(94,372	)		(25,285	)
Fair value adjustment for debt		—			(501	)		12,168			(945	)
Fair value adjustment for warrants		4,507			(4,464	)		35,623			(4,464	)
Warrant issuance costs		(874	)		(872	)		(874	)		(872	)
Other segment items		661			215			7,879			487
Net loss	$	(75,488	)	$	(16,049	)	$	(39,576	)	$	(31,079	)

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

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

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

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

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

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

+ Details

Segment Information - Schedule of Segment Reporting Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
General and administrative:
Stock-based compensation	$ 12,093	$ 1,273	$ 13,379	$ 2,659
Acquired in-process research and development	59,000	0	59,000	0
Intangible asset impairment charge	0	0	67,808	0
Fair value adjustment for contingent consideration	0	532	(64,330)	2,456
Total operating expenses	79,782	10,427	94,372	25,285
Loss from operations	(79,782)	(10,427)	(94,372)	(25,285)
Fair value adjustment for warrants	4,507	(4,464)	35,623	(4,464)
Warrant issuance costs	(874)	(872)	(874)	(872)
Net income (loss)	(75,488)	(16,049)	(39,576)	(31,079)
Reportable Segment
Research and development:
Personnel	2,105	1,294	4,019	2,614
Stock-based compensation	3,182	438	3,724	873
Clinical and contract manufacturing	1,173	5,342	4,773	12,069
Other	(999)	(521)	(210)	(858)
General and administrative:
Personnel	2,102	1,038	3,438	2,765
Stock-based compensation	8,911	834	9,655	1,785
Consulting and professional costs	4,981	786	6,539	2,252
Other	632	684	1,261	1,329
Acquired in-process research and development	59,000	0	59,000	0
Gain on Orphai Acquisition	(1,305)	0	(1,305)	0
Intangible asset impairment charge	0	0	67,808	0
Fair value adjustment for contingent consideration	0	532	(64,330)	2,456
Total operating expenses	79,782	10,427	94,372	25,285
Loss from operations	(79,782)	(10,427)	(94,372)	(25,285)
Fair value adjustment for debt	0	(501)	12,168	(945)
Fair value adjustment for warrants	4,507	(4,464)	35,623	(4,464)
Warrant issuance costs	(874)	(872)	(874)	(872)
Other segment items	661	215	7,879	487
Net income (loss)	$ (75,488)	$ (16,049)	$ (39,576)	$ (31,079)

Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2026

Intangible Asset, Goodwill and Other [Abstract]

Schedule of Carrying Amount of Indefinite-Lived Intangible Asset

The following table provides details of the carrying amount of the Company's indefinite-lived intangible asset (in thousands):


		(in thousands)
In-process research and development:
	Balance as of December 31, 2025	$	67,361
	Impairment charges		(67,361	)
	Balance as of June 30, 2026	$	—

Schedule of Carrying Amount of Finite-Lived Intangible Asset

The following table provides details of the carrying amount of the Company's finite-lived intangible asset (in thousands, except useful life):


			As of June 30, 2026								As of December 31, 2025
		Useful life	Cost		Accumulated Amortization			Net Carrying Value			Cost		Accumulated Amortization			Net Carrying Value
Finite life intangible assets:
	Trade name	21 years	$	460		(49	)	$	411		$	460		(26	)	$	434
	Foreign currency translation adjustments								36								(8	)
	Impairment charges								(447	)							—
	Total							$	—							$	426

Series C Preferred Stock - Additional Information (Details) - shares		6 Months Ended
	May 18, 2026	Jun. 30, 2026	Dec. 31, 2025
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)		10,000,000	10,000,000
Voting Rights		Except as otherwise provided in the Certificate of Designation or as otherwise required by the Delaware General Corporation Law of the State of Delaware, the Series C Preferred Stock has no voting rights and no rights to elect directors.
Orphai Therapeutics [Member]
Class of Stock [Line Items]
No of common stock issued	162,971
Orphai Therapeutics [Member] \| Common Stock
Class of Stock [Line Items]
No of common stock issued	162,971
Convertible preferred stock, shares issued upon conversion	52
Series C Preferred Stock \| Orphai Therapeutics [Member]
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)	294,370
No of common stock issued	67,101.235
Stock issued during period shares acquisitions	144,200.633
Convertible preferred stock, shares issued upon conversion		570,169
Series C Preferred Stock \| Orphai Therapeutics [Member] \| Common Stock
Class of Stock [Line Items]
Convertible preferred stock, shares issued upon conversion	52

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-5

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section S99
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-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147480070/505-10-S50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Subparagraph (f)
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

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 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

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

+ References + Details

- Definition

Number of shares of stock issued during the period pursuant to acquisitions.

+ References

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+ Details

Summary of Significant Accounting Policies (Details)	6 Months Ended
Summary of Significant Accounting Policies (Details)	Jun. 30, 2026 Segment
Accounting Policies [Abstract]
Number of operating segment	1
Number of reportable segment	1

Leases - Schedule of Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets:
Operating lease right of use asset, net	$ 0	$ 453
Liabilities:
Short-term operating lease liability	$ 0	$ 115
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued expenses and other current liabilities	Accrued expenses and other current liabilities
Long-term operating lease liability	$ 0	$ 330
Total lease liabilities		$ 445
Other information:
Weighted average remaining lease term (in years)		3 years 8 months 12 days
Weighted average discount rate (as percent)		9.12%

Asset Acquisition (Tables)

6 Months Ended

Jun. 30, 2026

Asset Acquisition [Abstract]

Summary of Estimated Fair Value of the Consideration Transferred

The following table summarizes the estimated fair value of the consideration transferred of $56.9 million (in thousands):


Common stock consideration (a)	$	3,242
Preferred stock consideration (b)		48,146
Warrant consideration (c)		1,315
Assumed share-based awards (d)		4,161
Fair value of total consideration transferred	$	56,864

(a)

The fair value of consideration transferred was based on 162,971 shares of Common Stock issued multiplied by the closing price of Quince common stock on the acquisition date of May 18, 2026.

(b)

(c)

(d)

Summary of Fair Value of the Consideration Transferred to the Net Assets Acquired and Liabilities Assumed with the Excess Recorded to Loss on Acquisition


Assets acquired:
Cash and cash equivalents	$	8,001
Prepaid expenses and other current expenses		451
In-process research and development (e)		59,000
Total assets acquired		67,452
Liabilities assumed:
Trade payables		(3,097	)
Accrued expenses and other current liabilities		(6,186	)
Total liabilities assumed		(9,283	)
Fair value of assets acquired and liabilities assumed		58,169
Gain on Orphai Acquisition	$	1,305

(e)

- Definition

Tabular disclosure of business combination. Includes, but is not limited to, recognized asset and liability.

+ References + Details

Segment Information - Schedule of Segment Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Segment Reporting Information [Line Items]
Cash, cash equivalents, and short-term investments	$ 116,000
Reportable Segment
Segment Reporting Information [Line Items]
Cash, cash equivalents, and short-term investments	$ 115,981	$ 17,752

- 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

Cash, Cash Equivalents and Investments - Schedule of Fair Values of Cash, Cash Equivalents, and Short-Term Investments Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash	$ 1,532	$ 1,407
Money market funds	114,449	4,402
Total cash and cash equivalents	115,981	5,809
Short-term investments	0	11,943
Government and agency notes
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Short-term investments	$ 0	$ 11,943

- Definition

Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Excludes cash and cash equivalents within disposal group and discontinued operation.

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+ Details

Warrants

6 Months Ended

Jun. 30, 2026

Warrants and Rights Note Disclosure [Abstract]

Warrants

Note 11. Warrants

Acquisition and Financing Warrants

On May 18, 2026, under the Merger Agreement, the Company issued Acquisition Warrants to holders of Orphai warrants to purchase up to an aggregate of 10,964.505 shares of Series C Preferred Stock (or 570,169 shares on an as-converted-to-common basis, without giving effect to any beneficial ownership limitations), at an exercise price of $996.90 per share of Series C Preferred Stock (or $19.17 per share on an as-converted-to-common basis, as adjusted for the June 2026 Reverse Stock Split). In addition, on May 18, 2026, concurrent with the Orphai Acquisition, in connection with the May 2026 Financing, the Company issued Financing Warrants to investors in the May 2026 Financing to purchase up to an aggregate of 72,100.322 shares of Series C Preferred Stock (or 3,749,231 shares on an as-converted-to-common basis, without giving effect to any beneficial ownership limitations), at an exercise price of $996.90 per share of Series C Preferred Stock (or $19.17 per share on an as-converted-to-common basis, as adjusted for the June 2026 Reverse Stock Split).

In the aggregate, the Company issued warrants to purchase up to 83,064.827 shares of Series C Preferred Stock (or 4,319,400 shares on an as-converted-to-common basis).

The Acquisition and Financing Warrants do not become exercisable until the trading day following the earlier of the Company's public announcement of (a) top line data from the LAM-001 Trial or (b) the termination or suspension of the LAM-001 Trial, and remain exercisable only through the 30th day following such announcement. Prior to the Company's receipt of stockholder approval for the conversion of the Series C Preferred Stock issued in the Orphai Acquisition in accordance with Nasdaq Listing Rules, the Acquisition and Financing Warrants are exercisable only into shares of Series C Preferred Stock, which is itself subject to certain beneficial ownership limitations established by each holder. As a result of these provisions, the warrants fail the indexation guidance under ASC 815 and are classified as liabilities. The Acquisition and Financing Warrant liability was recorded at fair value as of the issuance date and is subject to remeasurement to estimated fair value at each balance sheet date until the warrants are exercised or expire, with changes in fair value recognized in the condensed consolidated statements of operations.

The proceeds from the May 2026 Financing were first allocated to the full fair value of the Financing Warrants due to the liability classification. The fair value of the Financing Warrants at issuance was $11.5 million. The remaining proceeds of $103.5 million, before issuance costs, were allocated to the Series C Preferred Stock.

As of June 30, 2026, none of the Acquisition and Financing Warrants had been exercised, and 83,064.827 shares underlying the Acquisition and Financing Warrants remained outstanding. The following table is a summary of the Company's Acquisition and Financing Warrants outstanding as of June 30, 2026:


	Number of Common Stock Issuable		Exercise Price
Acquisition Warrants		570,169	$	19.17
Financing Warrants		3,749,231	$	19.17

Common and Pre-Funded Warrants

On June 12, 2025, in connection with the sale and issuance of common stock as part of the June 2025 Private Placement, the Company issued Pre-Funded Warrants to purchase up to an aggregate of 10,000 shares of common stock at an exercise price of $0.20 per share and Common Warrants to purchase up to an aggregate of 43,360 shares of common stock at an exercise price of $240.00 per share. Each Share and each Pre-Funded Warrant sold pursuant to the June 2025 Securities Purchase Agreement was accompanied by one Common Warrant. The combined purchase price of each Share and accompanying Common Warrant was $265.00 (which included $25.00 per Common Warrant in accordance with the rules and regulations of Nasdaq). The combined purchase price of each Pre-Funded Warrant and accompanying Common Warrant was $264.80 (equal to the combined purchase price per Share and accompanying Common Warrant, minus $0.20).

The Common Warrants can be exercised into either common stock or Pre-Funded Warrants at the holders' option, and both Common Warrants and Pre-Funded Warrants contain purchase rights that could result in holders receiving securities that more than offsets or neutralizes the effect of a distribution event. As a result of the aforementioned provisions, both Common Warrants and Pre-Funded Warrants fail the indexation guidance under ASC 815 and are classified as liabilities. The Pre-Funded Warrants and Common Warrants liabilities were recorded at fair value as of the issuance date and June 30, 2026, and subject to adjustment to estimated fair value at each balance sheet date until the warrants are settled.

The proceeds from June 2025 Private Placement were first allocated to the full fair value of the Pre-Funded Warrants and Common Warrants due to the liability classification. The fair value of the Pre-Funded Warrants and Common Warrants at issuance was $10.7 million. The remaining proceeds of $0.8 million, before issuance costs, were allocated to the common stock.

During the three and six months ended June 30, 2026, the Company recognized a fair value gain of $4.5 million and $35.6 million, respectively, related to the total warrants.

On January 29, 2026, all 10,000 shares of the Pre-Funded Warrants were exercised through a cashless exercise into 9,989 shares of the Company's common stock. In May 2026, all of the Common Warrants issued in connection with the June 2025 Private Placement were terminated in connection with the consummation of the Orphai Acquisition.

Fair Value Measurements - Schedule of Quantitative Information about Fair Value Measurements for Contingent Consideration (Details)	Dec. 31, 2025
Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration, measurement input	0.142
Probability of achievement \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration, measurement input	0.01
Probability of achievement \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration, measurement input	0.565

- 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

Balance Sheet Components (Tables)

6 Months Ended

Jun. 30, 2026

Balance Sheet Related Disclosures [Abstract]

Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consist of the following (in thousands):


	June 30, 2026		December 31, 2025
Prepaid research and development expenses	$	1,269	$	578
Short-term Italian research and development tax credit, net		229		—
Short-term VAT receivable, net		4,773		3,622
Prepaid insurance		272		635
Prepaid expenses		494		255
Other current assets		393		54
Total prepaid expenses and other current assets	$	7,430	$	5,144

Schedule of Reserve for Foreign Research and Development Tax Credit And Reserve For VAT Receivable

The balance in the reserve for Italian research and development tax credit and reserve for VAT receivable for the six months ended June 30, 2026 is as follows (in thousands):


	Reserve for Italian research and development tax credit			Reserve for VAT receivable
Beginning balance as of December 31, 2025	$	—		$	—
Change in reserve		(649	)		(515	)
Ending balance as of June 30, 2026	$	(649	)	$	(515	)

Schedule of Other Assets

Other assets consisted of the following (in thousands):


	June 30, 2026		December 31, 2025
Long-term VAT receivable	$	—	$	1,682
Equity investments in Lighthouse Pharmaceuticals, Inc.		78		78
Total other assets	$	78	$	1,760

Schedule of Property and Equipment, Net

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


	June 30, 2026			December 31, 2025
Computer equipment	$	61		$	66
Computer software		38			32
Lab equipment		1,031			1,076
Leasehold improvement		37			38
Office furniture		221			227
Less: accumulated amortization and depreciation		(882	)		(844	)
Property and equipment, net	$	506		$	595

Schedule of Accrued Expenses and Other Current Liabilities

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


	June 30, 2026		December 31, 2025
Personnel expenses	$	1,762	$	3,138
Research and development expenses		722		6,966
Professional fees		1,016		181
Current portion of operating lease liabilities		—		115
Other		364		208
Total accrued expenses and other current liabilities	$	3,864	$	10,608

Schedule of Accrued Severance and Related Expenses

For the six months ended June 30, 2026 and 2025, the severance accrual activity was as follows (in thousands):


	For the Six Months Ended June 30,
	2026			2025
Beginning accrued severance	$	42		$	—
Incurred during the period		2,251			413
Severance paid during the period		(2,293	)		(168	)
Ending accrued severance	$	—		$	245

Schedule of Other-Long Term Liabilities

Other long-term liabilities consist of the following (in thousands):


	June 30, 2026		December 31, 2025
Federal and state taxes payable	$	540	$	773
Foreign taxes payable		103		691
Other long-term liabilities		73		106
Other long-term liabilities	$	716	$	1,570

Net Loss Per Share

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Net Loss Per Share

Note 14. Net Loss Per Share

Basic net loss per common share is determined by dividing the net loss by the weighted-average common shares outstanding during the period. The preferred shares do not have substantive preferential rights over common shares and are considered in-substance common shares and treated as a separate class of common stock for the purposes of computing earnings per share.

Basic and diluted net loss per common share is determined by dividing the net loss by the weighted-average common shares outstanding during the period, as follows (net loss in thousands):


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Numerator:
Net loss	$	(75,488	)	$	(16,049	)	$	(39,576	)	$	(31,079	)
Denominator:
Weighted average shares of common stock and in-substance common stock outstanding		6,132,845			233,431			3,295,727			226,571
Net loss per share – basic and diluted	$	(12.31	)	$	(68.75	)	$	(12.01	)	$	(137.17	)


	June 30,
	2026		2025
Stock options issued and outstanding		1,378,309		64,000
Common warrants		—		43,360
Acquisition Warrants		570,169		—
Financing Warrants		3,749,231		—
Pre-funded warrants		—		10,000
Restricted stock awards		—		149
Total		5,697,709		117,509

Balance Sheet Components - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Tax Credit Carryforward [Line Items]
Reductions in research and development expense	$ 0.1	$ 0.6	$ 1.2	$ 0.9
Gain on settlement of accounts payable			3.7
Reserve for VAT receivable	0.5		0.5
Italy
Tax Credit Carryforward [Line Items]
R&D tax credit	3.0		3.0
R&D tax credit towards related tax payable and payroll-related tax expenses	1.5		2.1
Reserve for estimated losses	0.7		0.7
Reduce the reserve credit	$ 0.4		$ 0.4

Segment Information - Additional Information (Details)	6 Months Ended
Segment Information - Additional Information (Details)	Jun. 30, 2026 Segment
Segment Reporting [Abstract]
Number of operating segment	1
Number of reportable segment	1
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description	The CODM evaluates the Company’s performance and resource allocation by analyzing consolidated net loss, as reported on the condensed consolidated statement of operations and comprehensive loss. This assessment involves comparing net loss
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	srt:ChiefExecutiveOfficerMember

Balance Sheet Components - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Balance Sheet Components [Line Items]
Less: accumulated amortization and depreciation	$ (882)	$ (844)
Property and equipment, net	506	595
Computer Equipment
Balance Sheet Components [Line Items]
Property and equipment	61	66
Computer software
Balance Sheet Components [Line Items]
Property and equipment	38	32
Lab Equipment
Balance Sheet Components [Line Items]
Property and equipment	1,031	1,076
Leasehold Improvement
Balance Sheet Components [Line Items]
Property and equipment	37	38
Office Furniture
Balance Sheet Components [Line Items]
Property and equipment	$ 221	$ 227

- Definition

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

+ References + Details

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 360
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478443/942-360-45-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 360
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478451/942-360-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

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

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(8))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478964/842-20-50-7A

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(8))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1

+ Details

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

Operating expenses:

Research and development

$ 5,461

$ 6,553

$ 12,306

$ 14,698

Acquired in-process research and development

59,000

General and administrative

16,626

3,342

20,893

8,131

Gain on Orphai Acquisition

(1,305)

Intangible asset impairment charge

67,808

Fair value adjustment for contingent consideration

532

(64,330)

2,456

Total operating expenses

79,782

10,427

94,372

25,285

Loss from operations

(79,782)

(10,427)

(94,372)

(25,285)

Fair value adjustment for debt

(501)

12,168

(945)

Fair value adjustment for warrants

4,507

(4,464)

35,623

(4,464)

Warrant issuance costs

(874)

(872)

(874)

(872)

Interest income

584

311

744

717

Other (expense) income, net

152

(29)

1,871

(116)

Net loss before income tax expense

(75,413)

(15,982)

(44,840)

(30,965)

Income tax benefit (expense)

(75)

(67)

5,264

(114)

Net income (loss)

(75,488)

(16,049)

(39,576)

(31,079)

Other comprehensive loss:

Foreign currency translation adjustments

(355)

4,216

(1,490)

6,261

Unrealized loss on available-for-sale securities

(17)

(5)

(70)

Total comprehensive loss

$ (75,843)

$ (11,850)

$ (41,071)

$ (24,888)

Net loss per share - basic (in USD per share)

^[1]

$ (12.31)

$ (68.75)

$ (12.01)

$ (137.17)

Net loss per share - diluted( (in USD per share)

^[1]

$ (12.31)

$ (68.75)

$ (12.01)

$ (137.17)

Weighted average shares of common stock and in-substance common stock outstanding - basic (in shares)

^[1]

6,132,845

233,431

3,295,727

226,571

Weighted average shares of common stock and in-substance common stock outstanding - diluted (in shares)

^[1]

6,132,845

233,431

3,295,727

226,571

[1]	Adjusted prior period net loss per share and weighted average of common shares outstanding to reflect the 1-for-10 reverse stock split effected on April 10, 2026 and the 1-for-20 reverse stock split effected on June 29, 2026.

Fair Value Measurements - Schedule of Quantitative Information about Valuation of the Liability Classified Warrants (Details) - $ / shares	Jun. 30, 2026	May 18, 2026	Dec. 31, 2025
Orphai
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Pre-Funded warrants exercise price	$ 19.17	$ 19.17
Expected term \| June 2025 Warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected term			4 years 5 months 12 days
Expected term \| Orphai
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected term	9 months
Expected term \| Private Placement \| Orphai
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected term		9 months
Expected term \| Acquisition issuance date \| Orphai
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected term		9 months
Common stock market price \| June 2025 Warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Common stock market price			$ 670
Common warrants exercise price \| June 2025 Warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Pre-Funded warrants exercise price			240
Common warrants exercise price \| Orphai
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Pre-Funded warrants exercise price	$ 19.17
Common warrants exercise price \| Private Placement \| Orphai
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Pre-Funded warrants exercise price		$ 19.17
Common warrants exercise price \| Acquisition issuance date \| Orphai
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Pre-Funded warrants exercise price		$ 19.17
Pre-Funded warrants exercise price \| June 2025 Warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants exercise price			$ 0.2
Risk-free interest rate \| June 2025 Warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Risk-free interest rate			3.63%
Risk-free interest rate \| Orphai
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Risk-free interest rate	3.70%
Risk-free interest rate \| Private Placement \| Orphai
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Risk-free interest rate		3.70%
Risk-free interest rate \| Acquisition issuance date \| Orphai
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Risk-free interest rate		3.70%
Expected volatility \| June 2025 Warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected volatility			110.96%
Expected volatility \| Orphai
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected volatility	80.00%
Expected volatility \| Private Placement \| Orphai
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected volatility		80.00%
Expected volatility \| Acquisition issuance date \| Orphai
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected volatility		80.00%

Stockholders' Equity

6 Months Ended

Jun. 30, 2026

Equity [Abstract]

Stockholders' Equity

Note 10. Stockholders’ Equity

Common Stock

On June 4, 2025, the Company’s shareholders approved an amendment to the Company’s certificate of incorporation to increase the total number of authorized shares of Common Stock from 100,000,000 to 250,000,000. The Reverse Stock Splits did not affect the number of authorized shares of common stock or the par value of the common stock.

ATM Program

On December 18, 2024, the Company entered into a Controlled Equity OfferingSM Sales Agreement, with Cantor Fitzgerald & Co. and H.C. Wainwright & Co., LLC (the "Agents"), relating to the sale of shares of the Company's common stock. In accordance with the terms of this agreement, the Company may offer and sell up to $75.0 million shares of common stock.

During the six months ended June 30, 2026, the Company utilized its ATM program to raise net proceeds of approximately $20.3 million by issuing 526,435 shares of common stock. As of June 30, 2026, $47.5 million remained available to be utilized under the ATM program.

May 2026 Private Placement

On May 18, 2026, concurrent with the Orphai Acquisition, the Company entered into the May 2026 Securities Purchase Agreement for a private placement financing with new and returning investors to raise up to $187.0 million in gross proceeds, which includes $115.0 million in gross upfront proceeds, net of $11.4 million of offering costs, commissions, legal and other expenses for net proceeds from the offering of $103.6 million, and up to an additional approximately $72.0 million upon exercise of the Financing Warrants, in which the investors were issued approximately 144,200.633 shares of Series C Preferred Stock (convertible into an aggregate of 7,498,447 shares of common stock, without giving effect to any beneficial ownership limitations) at a price of $797.50 per share and Financing Warrants to purchase up to 72,100.322 shares of Series C Preferred Stock (or 3,749,231 shares, on an as-converted-to-common basis and without giving effect to any beneficial ownership limitations) at an exercise price of $996.90 per share (or $19.17 per share on an as-converted-to-common basis, as adjusted for the June 2026 Reverse Stock Split). For additional information, see Note 3, 9, and 11 to these unaudited condensed consolidated financial statements.

June 2025 Private Placement

On June 12, 2025, the Company entered into a Securities Purchase Agreement (the “June 2025 Securities Purchase Agreement”), with certain institutional investors (the “Investors”) and certain members of the Company’s management (together with the Investors, the “June 2025 Purchasers”) pursuant to which the Company issued and sold to the June 2025 Purchasers in a private placement (“June 2025 Private Placement”): (i) 33,360 shares (the “Shares”) of its common stock, (ii) pre-funded warrants (the “Pre-Funded Warrants”) to purchase up to an aggregate of 10,000 shares of common stock, and (iii) accompanying warrants to purchase up to an aggregate of 43,360 shares of common stock (the “Common Warrants”), for aggregate gross proceeds of approximately $11.5 million (excluding up to approximately $10.4 million of aggregate gross proceeds that may be received in the future upon the cash exercise in full of the Common Warrants issued in the June 2025 Private Placement), before deducting placement agent fees and other expenses payable by the Company. In May 2026, all of the Common Warrants issued in connection with the June 2025 Private Placement were terminated in connection with the consummation of the Orphai Acquisition.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 20
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479951/505-20-S50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 20
-Name Accounting Standards Codification
-Section S25
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479982/505-20-S25-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480070/505-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-3

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 20
-Name Accounting Standards Codification
-Section S50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479951/505-20-S50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 20
-Name Accounting Standards Codification
-Section S25
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479982/505-20-S25-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 4
-Subparagraph (SAB Topic 4.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-4

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481520/505-30-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 1.D.2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479921/505-20-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 20
-Name Accounting Standards Codification
-Section S50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479951/505-20-S50-3

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 855
-SubTopic 10
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-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 1.B.3)
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-URI https://asc.fasb.org/1943274/2147480148/855-10-S99-1

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 20
-Name Accounting Standards Codification
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-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479982/505-20-S25-3

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 11
-Publisher FASB
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.5-02(31))
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-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 5
-Subparagraph (f)
-Publisher FASB
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Subparagraph (a)
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Publisher FASB
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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-Section 50
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-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Publisher FASB
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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 34: http://www.xbrl.org/2003/role/disclosureRef
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

+ Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
us-gaap:NetIncomeLoss	$ (39,576)	$ (31,079)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock based compensation	13,379	2,659
Depreciation and amortization	77	67
Change in the fair value of contingent consideration liabilities	(64,330)	2,456
Change in fair value of debt, net	(12,197)	828
Change in fair value of warrants	(35,623)	4,464
Gain on settlement of accounts payable	(3,720)	0
Intangible asset impairment charge	67,808	0
Acquired in-process research and development from the Orphai Acquistion	59,000	0
Gain on Orphai Acquisition	(1,305)	0
Amortization of discount on available-for-sale investments	(62)	(590)
Changes in operating assets and liabilities, net of acquisitions:
Prepaid expenses and other current assets	(3,277)	588
Right of use assets, operating leases and operating lease liabilities	451	53
Other assets	1,774	(121)
Accounts payable	6,171	(1,417)
Accrued expenses and other current liabilities	(15,097)	1,103
Other liabilities	13	(27)
Net cash used in operating activities	(26,514)	(21,016)
Cash flow from investing activities:
Purchase of investments	0	(13,789)
Proceeds from maturities of investments	12,000	31,000
Purchase of property and equipment	0	(274)
Net cash assumed in the Orphai Acquisition	8,001	0
Net cash provided by investing activities	20,001	16,937
Cash flows from financing activities:
Proceeds from issuance of common stock upon exercise of stock options	0	183
Proceeds from issuance of common stock, common warrants, and pre-funded warrants pursuant to June 2025 private placement offering, net of issuance costs	0	11,426
Proceeds from issuance of Series C Preferred Stock and Financing Warrants pursuant to May 2026 private placement offering, net of issuance costs	103,639	0
Issuance of common stock in connection with the ATM offerings, net of issuance costs	20,338	2,890
Repayment of debt	(5,545)	0
Cash settlement of common warrants	(56)	0
Net cash provided by financing activities	118,376	14,499
Effect of exchange rate changes on cash	(1,691)	194
Net increase in cash and cash equivalents	110,172	10,614
Cash and cash equivalents at beginning of period	5,809	6,212
Cash and cash equivalents at end of period	115,981	16,826
Supplemental disclosures of cash flow and non-cash information:
Cash paid for interest	29	117
Offering costs in accounts payable and accrued expenses	0	193
Noncash exercise of pre-funded warrants	341	0
Common stock and Series C Preferred Stock issued in connection with Orphai Acquisition	51,388	0
Fair value of replacement awards issued as consideration in the Orphai Acquisition	4,161	0
Net liabilities assumed in connection with Orpahi Acquisition	$ 9,283	$ 0

CONDENSED CONSOLIDATED STATEMENTS OF SERIES C PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) - USD ($)
$ in Thousands

Total

Orphai Therapeutics [Member]

Private Placement

At The Market Offering

Series C Preferred Stock

Orphai Therapeutics [Member]

Series C Preferred Stock

Private Placement

Common Stock

Orphai Therapeutics [Member]

Common Stock

Private Placement

Common Stock

At The Market Offering

Additional Paid in Capital

Orphai Therapeutics [Member]

Additional Paid in Capital

Private Placement

Additional Paid in Capital

At The Market Offering

Accumulated Other Comprehensive Income / (Loss)

Accumulated Deficit

Beginning balance (in shares) at Dec. 31, 2024

^[1]

220,009

Beginning balance at Dec. 31, 2024

$ 30,146

$ 0

^[1]

$ 406,653

^[1]

$ (35)

$ (376,472)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Issuance of stock (in shares)

^[1]

33,360

13,833

Issuance of stock

$ 746

$ 2,890

$ 746

^[1]

$ 2,890

^[1]

Issuance of common stock on exercise of stock options (in shares)

^[1]

920

Issuance of common stock on exercise of stock options

183

^[1]

Stock based compensation

2,659

^[1]

Foreign currency translation adjustments

6,261

Unrealized gain (loss) on available for sale investments

(70)

us-gaap:NetIncomeLoss

(31,079)

Ending balance (in shares) at Jun. 30, 2025

^[2]

268,122

Ending balance (in shares) at Jun. 30, 2025

Ending balance at Jun. 30, 2025

11,736

$ 0

^[2]

413,131

^[2]

6,156

(407,551)

Ending Balance at Jun. 30, 2025

$ 0

Beginning balance (in shares) at Mar. 31, 2025

^[2]

220,446

Beginning balance (in shares) at Mar. 31, 2025

Beginning balance at Mar. 31, 2025

18,581

$ 0

^[2]

408,126

^[2]

1,957

(391,502)

Beginning Balance at Mar. 31, 2025

$ 0

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Issuance of stock (in shares)

^[2]

33,360

13,833

Issuance of stock

$ 746

2,890

$ 746

^[2]

2,890

^[2]

Issuance of common stock on exercise of stock options (in shares)

^[2]

483

Issuance of common stock on exercise of stock options

^[2]

Stock based compensation

^[2]

1,273

Foreign currency translation adjustments

4,216

Unrealized gain (loss) on available for sale investments

(17)

us-gaap:NetIncomeLoss

(16,049)

Ending balance (in shares) at Jun. 30, 2025

^[2]

268,122

Ending balance (in shares) at Jun. 30, 2025

Ending balance at Jun. 30, 2025

$ 11,736

$ 0

^[2]

413,131

^[2]

6,156

(407,551)

Ending Balance at Jun. 30, 2025

$ 0

Beginning balance (in shares) at Dec. 31, 2025

278,627

^[1]

Beginning balance (in shares) at Dec. 31, 2025

Beginning balance at Dec. 31, 2025

$ (35,714)

$ 0

^[1]

418,987

^[1]

5,750

(460,451)

Beginning Balance at Dec. 31, 2025

$ 0

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Issuance of stock (in shares)

67,101.235

144,200.633

162,971

^[1]

526,435

^[1]

Issuance of stock

$ 3,242

20,338

$ 48,146

$ 95,665

$ 1

^[1]

$ 3,242

^[1]

20,337

^[1]

Issuance of common stock on exercise of stock options (in shares)

^[1]

9,989

Issuance of common stock on exercise of stock options

341

^[1]

Fractional shares round up due to June 2026 Reverse Stock Split , shares

^[1]

39,041

Fair value of replacement awards issued as consideration in Orphai Acquisition

4,161

^[1]

Stock based compensation

13,379

^[1]

Foreign currency translation adjustments

(1,490)

Unrealized gain (loss) on available for sale investments

(5)

us-gaap:NetIncomeLoss

$ (39,576)

(39,576)

Ending balance (in shares) at Jun. 30, 2026

1,017,063

^[2]

Ending balance (in shares) at Jun. 30, 2026

211,301.868

Ending balance at Jun. 30, 2026

$ (35,324)

$ 1

^[2]

460,447

^[2]

4,255

(500,027)

Ending Balance at Jun. 30, 2026

$ 143,811

Beginning balance (in shares) at Mar. 31, 2026

^[2]

689,541

Beginning balance (in shares) at Mar. 31, 2026

Beginning balance at Mar. 31, 2026

15,672

$ 1

^[2]

435,600

^[2]

4,610

(424,539)

Beginning Balance at Mar. 31, 2026

$ 0

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Issuance of stock (in shares)

67,101.235

144,200.633

162,971

^[2]

125,510

^[2]

Issuance of stock

3,242

$ 5,351

$ 48,146

$ 95,665

3,242

^[2]

$ 5,351

^[2]

Fractional shares round up due to June 2026 Reverse Stock Split , shares

^[2]

39,041

Fair value of replacement awards issued as consideration in Orphai Acquisition

$ 4,161

^[2]

Stock based compensation

12,093

^[2]

Foreign currency translation adjustments

(355)

Unrealized gain (loss) on available for sale investments

us-gaap:NetIncomeLoss

$ (75,488)

(75,488)

Ending balance (in shares) at Jun. 30, 2026

1,017,063

^[2]

Ending balance (in shares) at Jun. 30, 2026

211,301.868

Ending balance at Jun. 30, 2026

$ (35,324)

$ 1

^[2]

$ 460,447

^[2]

$ 4,255

$ (500,027)

Ending Balance at Jun. 30, 2026

$ 143,811

[1]	(1) Adjusted prior period common stock and additional paid-in-capital to reflect the 1-for-10 reverse stock split effected on April 10, 2026 and the 1-for-20 reverse stock split effected on June 29, 2026.
[2]	(1) Adjusted prior period common stock and additional paid-in-capital to reflect the 1-for-10 reverse stock split effected on April 10, 2026 and the 1-for-20 reverse stock split effected on June 29, 2026.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Balance Sheet Components - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Balance Sheet Related Disclosures [Abstract]
Personnel expenses	$ 1,762	$ 3,138
Research and development expenses	722	6,966
Professional fees	1,016	181
Current portion of operating lease liabilities	0	115
Other	364	208
Total accrued expenses and other current liabilities	$ 3,864	$ 10,608

Cash, Cash Equivalents and Investments - Schedule of Available-for-Sale Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Schedule Of Available For Sale Securities [Line Items]
Money market funds	$ 114,449	$ 4,402
Unrealized Gains	0	5
Unrealized Losses	0	0
Short-term investments (maturities within one year)	0	11,943
Total cash equivalents and investments, amortized cost	114,449	16,340
Total cash equivalents and investments, fair value	114,449	16,345
Cash equivalents (original maturities within 90 days)
Schedule Of Available For Sale Securities [Line Items]
Money market funds	114,449	4,402
Money market funds
Schedule Of Available For Sale Securities [Line Items]
Total cash equivalents and investments, amortized cost	114,449	4,402
Total cash equivalents and investments, fair value	114,449	4,402
Government and agency notes
Schedule Of Available For Sale Securities [Line Items]
Unrealized Gains		5
Unrealized Losses		0
Short-term investments (maturities within one year)	$ 0	11,943
Total cash equivalents and investments, amortized cost		11,938
Total cash equivalents and investments, fair value		$ 11,943

Debt - Additional Information (Details) € in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2026 EUR (€)	Mar. 31, 2026 USD ($)	Jun. 30, 2026 EUR (€)	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)	Oct. 20, 2023 EUR (€) Tranche
Debt Instrument [Line Items]
Cash interest payment on long-term debt \| $				$ 29	$ 117
EryDel
Debt Instrument [Line Items]
Acquisition date			Oct. 20, 2023	Oct. 20, 2023
Loan restated term			The EIB Loan provided for maximum borrowings of 30.0 million euro through four tranches; tranche A, 3.0 million euro; tranche B, 7.0 million euro; tranche C, 10.0 million euro; and tranche D, 10.0 million euro. Each tranche was subject to conditions precedent related to the Company’s business and capitalization.	The EIB Loan provided for maximum borrowings of 30.0 million euro through four tranches; tranche A, 3.0 million euro; tranche B, 7.0 million euro; tranche C, 10.0 million euro; and tranche D, 10.0 million euro. Each tranche was subject to conditions precedent related to the Company’s business and capitalization.
European Investment Bank Loan
Debt Instrument [Line Items]
Settlement of loan	€ 4,800	$ 5,500
Line of Credit \| European Investment Bank Loan
Debt Instrument [Line Items]
Maximum borrowings						€ 30,000
Number of tranches \| Tranche						4
Cash interest percentage						2.00%
Cash interest payment on long-term debt			€ 25	$ 29
Line of Credit \| European Investment Bank Loan \| Minimum
Debt Instrument [Line Items]
Fixed interest rate						7.00%
Line of Credit \| European Investment Bank Loan \| Maximum
Debt Instrument [Line Items]
Fixed interest rate						9.00%
Line of Credit \| EIB Loan, Tranche A
Debt Instrument [Line Items]
Maximum borrowings						€ 3,000
Line of Credit \| EIB Loan, Tranche B
Debt Instrument [Line Items]
Maximum borrowings						7,000
Line of Credit \| EIB Loan Tranche C
Debt Instrument [Line Items]
Maximum borrowings						10,000
Line of Credit \| EIB Loan ,Tranche D
Debt Instrument [Line Items]
Maximum borrowings						€ 10,000

Stock-Based Compensation - Orphai Equity Incentive Plans (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation	$ 12,093,000	$ 1,273,000	$ 13,379,000	$ 2,659,000
2013 Orphai Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation	500,000		500,000
Income tax benefits recognized			0
Options, stock-based compensation not yet recognized	$ 100,000		$ 100,000
Unamortized employee stock-based compensation expected to recognized over remaining estimated vesting period			1 month 17 days
Weighted average grant date fair value per share of stock options			$ 19.59
2013 Orphai Plan \| Employee Stock Option Member
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants to purchase common stock (in USD per share)	$ 0.6935		$ 0.6935
2026 Orphai Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation	$ 10,700,000		$ 10,700,000
Income tax benefits recognized			0
Options, stock-based compensation not yet recognized	$ 10,500,000		$ 10,500,000
Unamortized employee stock-based compensation expected to recognized over remaining estimated vesting period			1 year 4 months 17 days
Weighted average grant date fair value per share of stock options			$ 19.8

Stock-Based Compensation - 2019 Equity Incentive Plan (Novosteo) (Details) - USD ($)		3 Months Ended		6 Months Ended
	May 19, 2022	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation		$ 12,093,000	$ 1,273,000	$ 13,379,000	$ 2,659,000
Restricted Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation		$ 0	100,000	$ 0	200,000
2019 Novosteo Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Maximum aggregate number of shares that may be issued under the plan (in shares)	2,725
Common stock reserved for issuance (in shares)		960		960
Income tax benefits recognized				$ 0
2019 Novosteo Plan \| Employee Stock Option Member
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants to purchase common stock (in USD per share)	$ 0.0911
Award grant period	10 years
Rate of purchase price of stock on fair value (as a percent)	100.00%
Voting rights in percentage	0.10
Stock options granted maximum period	10 years
Stock based awards vesting period	4 years
2019 Novosteo Plan \| Employee Stock Option Member \| One Year Anniversary
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock based awards vesting period	1 year
Award vesting rights	25.00%
2019 Novosteo Plan \| Employee Stock Option Member \| Three Year Anniversary
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock based awards vesting period	3 years
Award vesting rights	75.00%
2019 Novosteo Plan \| Employee Stock Option Member \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Rate of purchase price of stock on fair value (as a percent)	110.00%
Monthly installments over the remaining vesting period	4 years
2019 Novosteo Plan \| Employee Stock Option Member \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Monthly installments over the remaining vesting period	3 years
2019 Novosteo Plan \| Restricted Stock Awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation		$ 0	48,000	44,000	97,000
Income tax benefits recognized				0
Total fair value of shares vested			$ 100,000		$ 200,000
Unamortized employee stock-based compensation		$ 0		$ 0

Fair Value Measurements - Schedule of Fair Value of the Level 3 EIB Debt (Details) - Debt - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 18,026	$ 14,321
Change in fair value	(12,168)	945
Interest payment	(29)	(117)
Settlement of debt	(5,545)	0
Due to foreign currency translation	(284)	1,840
Ending balance	$ 0	$ 16,989

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Schedule of Financial Assets and Liabilities to Fair Value Measurements on Recurring Basis


	Fair Value Measurements as of June 30, 2026
	Total		Level 1		Level 2		Level 3
Assets:
Money market funds	$	114,449	$	114,449	$	—	$	—
Total Assets	$	114,449	$	114,449	$	—	$	—
Liabilities:
Acquisition Warrants		803		—		—		803
Financing Warrants		5,480		—		—		5,480
Common warrants		9		—		—		9
Total	$	6,292	$	—	$	—	$	6,292


	Fair Value Measurements as of December 31, 2025
	Total		Level 1		Level 2		Level 3
Assets:
Money market funds	$	4,402	$	4,402	$	—	$	—
Government and agency notes		11,943		—		11,943		—
Total Assets	$	16,345	$	4,402	$	11,943	$	—
Liabilities:
Short-term contingent consideration	$	12,369		—		—		12,369
Long-term contingent consideration		51,961		—		—		51,961
Debt		18,026		—		—		18,026
Common warrants		25,452		—		—		25,452
Pre-Funded warrants		6,698		—		—		6,698
Total Liabilities	$	114,506	$	—	$	—	$	114,506

Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation


	June 30, 2026			June 30, 2025
Beginning balance	$	64,330		$	56,691
Change in fair value		(64,330	)		2,456
Ending balance	$	—		$	59,147

The following table presents the changes in the fair value of the Level 3 EIB Loan for the six months ended June 30, 2026 and 2025 (in thousands):


	June 30, 2026			June 30, 2025
Beginning balance	$	18,026		$	14,321
Change in fair value		(12,168	)		945
Interest payment		(29	)		(117	)
Settlement of debt		(5,545	)		—
Due to foreign currency translation		(284	)		1,840
Ending balance	$	—		$	16,989

The following table presents the changes in the fair value of the Level 3 liability classified Acquisition and Financing Warrants for the six months ended June 30, 2026:


	Acquisition Warrants			Financing Warrants
Balance as of December 31, 2025	$	—		$	—
Issuance of warrants		1,315			8,847
Change in fair value of warrants		(512	)		(3,367	)
Balance as of June 30, 2026	$	803		$	5,480

The following table presents the changes in the fair value of the Level 3 liability classified June 2025 Warrants for the six months ended June 30, 2026:


	(in thousands)
Balance as of December 31, 2025	$	32,150
Exercise of pre-funded warrants and reclassification to equity		(340	)
Payout of common warrants		(57	)
Change in fair value of warrants		(31,744	)
Balance as of June 30, 2026	$	9

Schedule of Quantitative Information About Fair Value Measurements

The following table summarizes the assumptions used in the valuation of the contingent consideration in the period presented:


		December 31, 2025
Expected timing of milestones completion dates		2026 - 2038
Discount rate		14.2%
Probability of achievement		1% - 56.5%

The following table summarizes the assumptions including the unobservable inputs related to the Company's debt in the periods presented:


	December 31, 2025
Discount rate		13	%

The following table summarizes key inputs used in the valuation of the liability classified Acquisition and Financing Warrants as of the periods presented:


	As of Orphai Acquisition issuance date			As of Private Placement issuance date			As of June 30, 2026
Expected term	0.75 years			0.75 years			0.75 years
Warrant exercise price	$	19.17		$	19.17		$	19.17
Risk-free interest rate		3.70	%		3.70	%		3.70	%
Expected volatility		80.00	%		80.00	%		80.00	%

The following table summarizes key inputs used in the valuation of the liability classified June 2025 Warrants as of the period presented:


	As of December 31, 2025
Expected term	4.45 years
Common stock market price	$	670.00
Common warrants exercise price	$	240.00
Pre-Funded warrants exercise price	$	0.20
Risk-free interest rate		3.63	%
Expected volatility		110.96	%

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Options Activity

Activity for service-based stock options under the Quince 2019 Plan is as follows:


	Number of Options and Unvested Shares			Weighted Average Exercise Price		Weighted average remaining contractual life (years)		Aggregate intrinsic value
								(In thousands)
Balance as of December 31, 2025		51,454		$	546.01		6.79	$	18,844
Options granted		14,174			604.12		—		—
Options exercised		—			—		—		—
Options cancelled / forfeited		(8,598	)		830.44		—		—
Balance as of June 30, 2026		57,030		$	517.57		7.71	$	—
Options vested and expected to vest as of June 30, 2026		57,030			517.57		7.71		—
Options exercisable as of June 30, 2026		29,276		$	622.97		6.83	$	—

Activity for service-based stock options under the 2019 Novosteo Plan is as follows:


	Number of Options and Unvested Shares		Weighted Average Exercise Price		Weighted average remaining contractual life (years)		Aggregate intrinsic value
							(In thousands)
Balance as of December 31, 2025		808	$	110.00		6.23	$	451
Options granted		—		—		—		—
Options exercised		—		—		—		—
Options cancelled / forfeited		—		—		—		—
Balance as of June 30, 2026		808	$	110.00		5.73	$	—
Options vested and expected to vest as of June 30, 2026		808		110.00		5.73		—
Options exercisable as of June 30, 2026		806	$	110.00		5.73	$	—

Activity for service-based stock options under the 2022 Inducement Plan is as follows:


	Number of Options and Unvested Shares		Weighted Average Exercise Price		Weighted average remaining contractual life (years)		Aggregate intrinsic value
							(In thousands)
Balance as of December 31, 2025		11,667	$	596.00		6.39		863
Options granted		—		—		—		—
Options exercised		—		—		—		—
Options cancelled / forfeited		—		—		—		—
Balance as of June 30, 2026		11,667	$	596.00		5.90		—
Options vested and expected to vest as of June 30, 2026		11,667		596.00		5.90		—
Options exercisable as of June 30, 2026		11,667	$	596.00		5.90		—

Activity for service-based stock options under the 2013 Orphai Plan is as follows:


	Number of Options and Unvested Shares		Weighted Average Exercise Price		Weighted average remaining contractual life (years)		Aggregate intrinsic value
							(In thousands)
Balance as of December 31, 2025		—	$	—		—		—
Options assumed		118,257		17.99		—		—
Options exercised		—		—		—		—
Options cancelled / forfeited		—		—		—		—
Balance as of June 30, 2026		118,257	$	17.99		5.80		1,633
Options vested and expected to vest as of June 30, 2026		118,257		17.99		5.80		1,633
Options exercisable as of June 30, 2026		112,210	$	18.85		5.65		1,535

Activity for service-based stock options under the 2026 Orphai Plan is as follows:


	Number of Options and Unvested Shares		Weighted Average Exercise Price		Weighted average remaining contractual life (years)		Aggregate intrinsic value
							(In thousands)
Balance as of December 31, 2025		—	$	—		—		—
Options assumed		1,190,547		14.71		—		—
Options exercised		—		—		—		—
Options cancelled / forfeited		—		—		—		—
Balance as of June 30, 2026		1,190,547	$	14.71		9.84	$	4,141
Options vested and expected to vest as of June 30, 2026		1,190,547		14.71		9.84		4,141
Options exercisable as of June 30, 2026		657,144	$	13.28		9.84	$	3,224

Schedule of Employee and Non-Employee Stock-Based Compensation Expense


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
General and administrative expense	$	8,911	$	835	$	9,655	$	1,785
Research and development expense		3,182		438		3,724		874
Total stock-based compensation	$	12,093	$	1,273	$	13,379	$	2,659

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2026
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2. Summary of Significant Accounting Policies Basis of Consolidation The accompanying unaudited condensed consolidated financial statements include the accounts of Quince Therapeutics, Inc. and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated upon consolidation. Basis of Presentation The accompanying unaudited condensed consolidated financial statements and the notes thereto have been prepared in accordance with GAAP for interim financial information and pursuant to the instructions of the SEC on Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In management’s opinion, all adjustments (consisting only of normal recurring adjustments) considered necessary for the fair statement of the results of operations and cash flows for the periods presented have been included. The condensed consolidated balance sheet as of June 30, 2026, the condensed consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2026 and 2025, the condensed consolidated statements of Series C Preferred Stock and stockholders’ equity (deficit) for the three and six months ended June 30, 2026 and 2025, the condensed consolidated statements of cash flows for the six months ended June 30, 2026 and 2025, and the financial data and other financial information disclosed in the notes to the condensed consolidated financial statements are unaudited. These financial statements should be read in conjunction with the audited financial statements and notes thereto for the year ended December 31, 2025 included in the Company’s Form 10-K filed with the SEC on April 10, 2026. The results of operations for the three and six months ended June 30, 2026 are not necessarily indicative of the results to be expected for the year ending December 31, 2026 or for any other future annual or interim period. Reverse Stock Splits On June 29, 2026, the Company effected a 1-for-20 reverse stock split of its outstanding common stock (the “June 2026 Reverse Stock Split”). The June 2026 Reverse Stock Split became effective as of 11:59 p.m., Eastern Time, on June 29, 2026 and the Company’s common stock began trading on the Nasdaq Stock Market on a split-adjusted basis on June 30, 2026. The June 2026 Reverse Stock Split did not change the par value of the common stock or the authorized number of shares of common stock. On April 10, 2026, the Company effected a 1-for-10 reverse stock split of its outstanding common stock (the “April 2026 Reverse Stock Split”). The April 2026 Reverse Stock Split became effective as of 11:59 p.m., Eastern Time, on April 10, 2026 and the Company’s common stock began trading on the Nasdaq Stock Market on a split-adjusted basis on April 13, 2026. The April 2026 Reverse Stock Split did not change the par value of the common stock or the authorized number of shares of common stock. All share and per share information has been retroactively adjusted to reflect the April and June 2026 Reverse Stock Splits (collectively, the "Reverse Stock Splits") for all periods presented in this report. Use of Estimates The preparation of the Company’s condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and expenses, as well as related disclosure of contingent assets and liabilities. The most significant estimates used in the Company’s condensed consolidated financial statements relate to the determination of the fair value of identifiable assets and liabilities in connection with business combinations including associated intangible assets, the fair value of contingent consideration, warrant liabilities and debt, accruals for research and development costs, useful lives of long-lived assets, stock-based compensation and related assumptions, the incremental borrowing rate for leases and income tax uncertainties, including a valuation allowance for deferred tax assets, impairment of intangible assets; and contingencies. The Company bases its estimates on historical experience and on various other market specific and other relevant assumptions that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ materially from the Company’s estimates. Foreign Currency Translation and Transactions The functional currency of the Company’s wholly-owned international subsidiaries is the Euro. Prior to the dissolution of the Company's Australian subsidiary, the functional currency of that subsidiary was the Australian Dollar. The Company's financial results and financial position are translated into U.S. dollars using exchange rates at balance sheet dates for assets and liabilities and using average exchange rates for income and expenses. The resulting translation differences are presented as a separate component of accumulated other comprehensive loss, as a separate component of equity. Foreign currency transactions are translated into the functional currencies using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses, resulting from the settlement of such transactions and from the re-measurement of monetary assets and liabilities denominated in foreign currencies using exchange rates at balance sheet date and non-monetary assets and liabilities using historical exchange rates, are recognized in the condensed consolidated statements of operations and comprehensive loss. Segment Information The Company manages its business activities on a consolidated basis and operates as one operating and reportable segment, for the purposes of assessing performance and making operating decisions. Operating segments are defined as components of an enterprise for which discrete financial information is available and is evaluated regularly by the Chief Operating Decision Maker ("CODM"), in deciding how to allocate resources and assess performance. The Company’s Chief Executive Officer, who is the CODM, reviews financial information on a consolidated basis for purposes of allocating and evaluating financial performance. The CODM evaluates the Company’s performance and resource allocation by analyzing consolidated financial information. See Note 16 for further details. Business Combination and Asset Acquisitions The Company evaluates whether an acquisition should be accounted for as a business combination or an asset acquisition under ASC 805, Business Combinations, based on whether substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. Transactions that do not meet the definition of a business are accounted for as asset acquisitions. The Company also evaluates whether the acquired entity is a variable interest entity ("VIE") under ASC 810, Consolidation. If the acquired entity is a VIE, the primary beneficiary is identified as the accounting acquirer. Replacement Awards When the Company assumes and replaces outstanding stock options of an acquired entity, the fair value of the replacement awards is measured as of the acquisition date using the Black-Scholes option-pricing model. The portion of the fair value attributable to pre-combination service is included in consideration, and the portion attributable to post-combination service is recognized as future compensation expense. Preferred Stock The Company assesses its preferred stock to determine whether it should be classified as a liability, mezzanine equity, or permanent equity. This assessment first considers whether the preferred stock meets the definition of a mandatorily redeemable financial instrument or is otherwise required to be classified as a liability under ASC 480, Distinguishing Liabilities from Equity. This includes an evaluation of any provisions labeled as a redemption feature, call option, or conversion option to determine whether the underlying redemption or settlement terms in substance require the Company to redeem the shares. For preferred stock that is not classified as a liability under ASC 480, the Company assesses whether the preferred stock should be classified as mezzanine equity or permanent equity. This assessment considers whether the preferred stock is redeemable (i) at a fixed or determinable price on a fixed or determinable date, (ii) at the option of the holder, or (iii) upon the occurrence of an event that is not solely within the Company's control. The Company also considers whether the preferred stock contains liquidation provisions, including fundamental transaction or deemed liquidation provisions, that carry the general characteristics of a redemption feature. Preferred stock that meets any of these conditions is classified as mezzanine equity and presented outside of permanent equity on the Company's condensed consolidated balance sheets. At all other times, the Company classifies its preferred stock in stockholders’ equity (deficit). If the preferred stock is classified as mezzanine equity, the Company further evaluates whether the preferred stock is currently redeemable or probable of becoming redeemable to determine whether the carrying value should be remeasured to its redemption value as of each balance sheet date. Intangible Assets Definite lived Intangible Assets Intangible assets with a definite useful life are amortized on a straight-line basis over the estimated useful life of the related assets. The Company regularly reviews whether current conditions or events suggest that the carrying values of its acquired definite lived intangible assets might not be recoverable. When such conditions are identified, an estimate of the undiscounted future cash flows from these assets, or relevant asset groupings, is compared to their carrying value to determine if an impairment exists. If an impairment is identified, the loss is calculated as the difference between the carrying value of the intangible asset and its fair value, which is based on the net present value of the estimated future cash flows. Indefinite lived Intangible Assets Intangible assets with an indefinite useful life are not amortized. Intangible assets acquired in a business combination or an acquisition that are used in research and development activities (regardless of whether they have an alternative future use) shall be considered indefinite lived until the completion or abandonment of the associated research and development efforts. Intangible assets acquired in an asset acquisition with no alternative future use are allocated a portion of the consideration transferred and charged to expenses at the acquisition date. Intangible assets acquired in a business combination are initially recorded at fair value. During the period that those assets are considered indefinite lived, they shall not be amortized but shall be tested for impairment. Once the research and development efforts are completed or abandoned, the entity shall determine the useful life of the assets. An indefinite lived intangible asset shall be tested for impairment annually and more frequently if events or changes in circumstances indicate that it is more likely than not that the asset is impaired. The Company first assesses qualitative factors to determine whether it is more likely than not that the fair value of the intangible asset is less than its carrying amount. If that is the case, the Company performs a quantitative impairment test, and, if the carrying amount of the Company exceeds its fair value, then the Company will recognize an impairment charge for the amount by which its carrying amount exceeds its fair value, not to exceed the carrying amount of the intangible asset. Qualitative factors to be considered include but are not limited to: • Cost factors such as increases in raw materials, labor, or other costs that have a negative effect on future expected earnings and cash flows • Legal/regulatory factors or progress and results of clinical trials • Other relevant entity-specific events such as changes in management, key personnel, strategy, or customers; contemplation of bankruptcy; or litigation that could affect significant inputs used to determine the fair value of the indefinite-lived intangible asset • Industry and market considerations such as a deterioration in the environment in which an entity operates, or a more competitive environment • Macroeconomic conditions such as deterioration in general economic conditions, limitations on accessing capital, fluctuations in foreign exchange rates, or other developments in equity and credit markets that could affect significant inputs used to determine the fair value of the indefinite-lived intangible asset. As a result of the clinical readout of the Phase 3 NEAT study in January 2026, which led the Company to discontinue development of its encapsulated dexamethasone sodium phosphate encapsulated in patient's own red blood cells (“eDSP") product candidate, the research and development associated with the in-process research and development ("IPR&D") was abandoned and an impairment charge recorded to reduce the carrying value to zero. Intangible assets acquired in an asset acquisition that are used in research and development activities (regardless of whether they have an alternative future use) shall be considered indefinite lived until the completion or abandonment of the associated research and development efforts. Contingent Consideration The Company determines the fair value of contingent consideration related to the Company's acquisition of EryDel in October 2023 using a probability-weighted discounted cash flow method, with significant inputs that are not observable in the market and thus represents a Level 3 fair value measurement as defined in ASC Topic 820, Fair Value Measurement. The significant inputs in the Level 3 measurement not supported by market activity include the probability assessments of expected future cash flows, during the contingent consideration period, appropriately discounted considering the uncertainties associated with the earnout obligation, and calculated in accordance with the terms of the definitive agreement. The liability for the contingent consideration were initially established at the time of the acquisition and are evaluated on a quarterly basis based on additional information as it becomes available. Any change in the fair value adjustment is recorded in the earnings of that period. Changes in the fair value of the contingent consideration obligations may result from changes in probability assumptions with respect to the likelihood of achieving the various contingent payment obligations. Significant increases or decreases in the inputs noted above in isolation would result in a significantly lower or higher fair value measurement. As a result of the clinical readout of the Phase 3 NEAT study in January 2026, which led the Company to discontinue development of eDSP, the criteria for the contingent consideration payments will not be met, resulting in the related liability being reduced to zero. Cash, Cash Equivalents and Investments The Company considers all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. Cash equivalents include marketable securities. Management determines the appropriate classification of its investments in debt securities at the time of purchase and at the end of each reporting period. Investments with maturities beyond three months at the date of purchase and which mature at, or less than twelve months from the balance sheet date are classified as short-term investments. Collectively, cash equivalents and short-term investments are considered available-for-sale and are recorded at fair value. Unrealized gains and losses are recorded as a component of other comprehensive loss in the consolidated statements of operations and included as a separate component of consolidated statements of stockholders’ equity. Realized gains and losses are included in interest income in the condensed consolidated statements of operations and comprehensive loss. Premiums (discounts) are amortized (accreted) over the life of the related investment as an adjustment to yield using the straight-line interest method. Dividend and interest income are recognized when earned. These amounts are recorded in “interest income” in the condensed consolidated statements of operations and comprehensive loss. Warrants The Company accounts for warrants as equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms. The assessment considers whether the warrants are freestanding financial instruments, meet the definition of a liability, and whether the warrants meet all of the requirements for equity classification, including whether the warrants are indexed to the Company’s own common stock, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding. For warrants that meet all criteria for equity classification, the warrants are recorded as a component of additional paid-in capital in the condensed consolidated balance sheets at the time of issuance. For warrants that do not meet all the criteria for equity classification, the warrants are recorded as liabilities at their initial fair value on the date of issuance, and each balance sheet date thereafter. Changes in the estimated fair value of the warrants are recognized within the condensed consolidated statements of operations. The fair value of the warrants is estimated using the Black-Scholes option pricing model (see Note 11). Reserve for Italian Research and Development Tax Credit The Company maintains a reserve for Italian research and development tax credits to reflect estimated loss of utilization due to the wind-down of the business. This estimate is based on historical utilization and management’s judgment regarding forecasted utilization. Adjustments are recorded in research and development operating expense in the period they become known. Recently Adopted Accounting Pronouncements There were no new accounting standards adopted during the three and six months ended June 30, 2026. Recent Accounting Pronouncements Not Yet Adopted The following are new accounting pronouncements that the Company is evaluating for future impacts on its financial statements: ASU 2024-03, Disaggregation of Income Statement Expenses (“DISE”). In November 2024, the FASB issued a new accounting standard to improve the disclosures about an entity’s expenses and address requests from investors for more detailed information about the types of expenses included in commonly presented expense captions. The new standard is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with retrospective application permitted. The Company is evaluating the disclosure requirements related to the new standard. ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements. In December 2025, the FASB issued a new accounting standard to clarify the applicability of interim reporting guidance under GAAP, provide a comprehensive list of interim disclosure requirements within Topic 270, and introduce a disclosure principle requiring entities to provide information about events and changes occurring after the end of the most recent annual reporting period that have a material impact on the entity. The ASU does not change the fundamental nature of interim reporting or expand or reduce existing interim disclosure requirements. ASU 2025-11 is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027 for public business entities, with early adoption permitted. The Company is currently evaluating the impact of this guidance on its interim financial reporting and related disclosures. All other newly issued accounting pronouncements not yet effective have been deemed either immaterial or not applicable.

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands

Jun. 30, 2026

Dec. 31, 2025

Current assets:

Cash and cash equivalents

$ 115,981

$ 5,809

Short-term investments

11,943

Prepaid expenses and other current assets

7,430

5,144

Total current assets

123,411

22,896

Property and equipment, net

506

595

Operating lease right-of-use assets

453

Intangible assets

67,819

Other assets

1,760

Total assets

123,995

93,523

Current liabilities:

Accounts payable

4,636

2,223

Accrued expenses and other current liabilities

3,864

10,608

Current portion of debt

18,026

Short-term contingent consideration

12,369

Total current liabilities

8,500

43,226

Long-term operating lease liabilities

330

Long-term contingent consideration

51,961

Warrant liabilities

6,292

32,150

Other long-term liabilities

716

1,570

Total liabilities

15,508

129,237

Mezzanine equity:

Series C Preferred Stock, $0.001 par value, 294,370 shares and no shares designated as of June 30, 2026 and December 31, 2025, respectively; 211,301.868 and no shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively

143,811

Stockholders' equity (deficit):

Preferred stock, $0.001 par value, 10,000,000 shares authorized, no shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively

Common stock, $0.001 par value, 250,000,000 shares authorized, 1,017,063 and 278,627 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively

^[1]

Additional paid in capital

^[1]

460,447

418,987

Accumulated other comprehensive income

4,255

5,750

Accumulated deficit

(500,027)

(460,451)

Total stockholders' equity (deficit)

(35,324)

(35,714)

Total liabilities, mezzanine equity, and stockholders' equity (deficit)

$ 123,995

$ 93,523

[1]	(1) Adjusted prior period common stock and additional paid-in-capital to reflect the 1-for-10 reverse stock split effected on April 10, 2026 and the 1-for-20 reverse stock split effected on June 29, 2026.

Balance Sheet Components - Schedule of Other Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Balance Sheet Related Disclosures [Abstract]
Long-term VAT receivable	$ 0	$ 1,682
Equity investments in Lighthouse Pharmaceuticals, Inc.	78	78
Total other assets	$ 78	$ 1,760

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

- Definition

Amount of assets classified as other.

+ References

+ Details

Intangible Assets - Schedule of Carrying Amount of Indefinite Lived Intangible Asset (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
In-process research and development:
Impairment charges	$ 0	$ 0	$ (67,808)	$ 0
IPR&D
In-process research and development:
Beginning balance			67,361
Impairment charges			(67,361)
Ending balance	$ 0		$ 0