0001628280-26-021413 | 10-K | XBRL Viewer | Acumen Pharmaceuticals INC

INCOME TAXES

12 Months Ended

Dec. 31, 2025

The Company has not recorded any tax provision or benefit for federal income taxes for the years ended December 31, 2025 and 2024. Current income taxes are based upon the year’s income taxable for federal and state tax reporting purposes. Deferred income taxes (benefits) are provided for certain income and expenses, which are recognized in different periods for tax and financial reporting purposes. Deferred tax assets and liabilities are computed for differences between the financial statements and tax bases of assets and liabilities that will result in taxable or deductible amounts in the future based on enacted tax laws and rates applicable to the period in which the differences are expected to affect taxable income, and NOL and R&D tax credit carryforwards.

A reconciliation of the U.S. statutory federal income tax rate of 21% to the Company’s effective income tax rate, after the adoption of ASU 2023-09 for the year ended December 31, 2025 is as follows:


	Year Ended December 31, 2025
	Amount		Percent
Statutory federal income tax rate	$	(25,453)	21.0	%
Non-deductible stock compensation	1,222		(1.0)
Other	432		(0.4)
Change in valuation allowance	23,799		(19.6)
Income tax provision	$	—	—	%

A reconciliation of the U.S. statutory federal income tax rate of 21% to the Company’s effective income tax rate, prior to the adoption of ASU 2023-09 for the year ended December 31, 2024 is as follows:


	Year Ended December 31, 2024
Statutory federal income tax rate	21.0	%
State tax, net of federal benefit	3.1	%
Non-deductible stock compensation	(0.5)	%
Rate change	0.4	%
Other	(1.9)	%
Change in valuation allowance	(22.1)	%
Income tax provision	—	%

Significant components of the Company’s deferred tax assets as of December 31, 2025 and 2024 were as follows (in thousands):


	December 31,
	2025		2024
Deferred tax assets:
Net operating loss	$	50,390	$	20,906
Capitalized R&D	27,657		29,548
Stock compensation	4,179		3,171
R&D credit	992		1,215
Intangible assets	622		443
Accruals and other temporary differences	1,796		1,395
Gross deferred tax assets	85,636		56,678
Valuation allowance	(85,473)		(56,405)
Total deferred tax assets	163		273
Deferred tax liabilities:
Embedded debt derivative liabilities	(128)		(208)
Other	(35)		(65)
Total deferred tax liabilities	(163)		(273)
Net deferred tax assets	$	—	$	—

In assessing the realizability of deferred tax assets as of December 31, 2025 and 2024, management considered whether it is more likely than not that some portion or all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible or the net operating loss (“NOL”) carryforwards and R&D tax credit carryforwards will be used. The Company has determined that it is not more likely than not that its deferred tax assets will be realized. Accordingly, a valuation allowance for the full amount of the net deferred tax assets has been recorded as of December 31, 2025 and 2024. The change in the valuation allowance as of December 31, 2025 from December 31, 2024 is due to the pretax loss incurred for the year ended December 31, 2025.

As of December 31, 2025, the Company had approximately $211.2 million of NOL carryforwards available for federal tax purposes. As a result of the Tax Act of 2017, for U.S. income tax purposes, NOLs generated prior to December 31, 2017 can still be carried forward for up to 20 years, but NOLs generated after December 31, 2017 carryforward indefinitely, but are limited to 80% utilization against taxable income. Of the total federal NOLs of $211.2 million, $6.5 million will begin to expire on December 31, 2028 and $204.7 million will not expire.

As of December 31, 2025, the Company also had approximately $96.5 million of state NOL carryforwards. The state NOLs begin to expire on December 31, 2028.

As of December 31, 2025, the Company had approximately $1.0 million of R&D credit carryforwards available for federal tax purposes, which begin to expire on December 31, 2026.

Utilization of the NOL and R&D credit carryforwards may be subject to a substantial annual limitation due to ownership change limitations that may have occurred or that could occur in the future, as required by Sections 382 and 383 of the Internal Revenue Code of 1986, as amended (the “Code”), as well as similar state provisions. These ownership changes may limit the amount of NOL and R&D credit carryforwards that can be utilized annually to offset future taxable income and tax, respectively. In general, an “ownership change” as defined by Section 382 of the Code results from a transaction or series of transactions over a three-year period resulting in an ownership change of more than 50% of the outstanding stock of a company by certain stockholders.

The Company has not completed a formal analysis of the potential impact of Section 382 on its deferred tax assets as of December 31, 2025. Until this analysis has been completed, the Company has not adjusted any of its deferred tax assets,

including NOLs or R&D credits. The Company will reassess the amount of NOLs and credits subject to limitation under Section 382 when a study is complete. Due to the existence of the valuation allowance, future changes in the deferred tax assets related to these tax attributes will not impact the Company’s effective tax rate.

The Company is subject to U.S. federal and various state taxes. Generally, the tax years remain open for examination by the federal statute under a three-year statute of limitation; however, states generally keep their statutes open for four years. However, the Company’s tax years from 2004 and after are subject to examination by the United States and state taxing authorities due to the carry forward of unused NOLs and R&D credits.

- Definition

The entire disclosure for income tax.

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+ Details

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands, SFr in Millions	1 Months Ended
	Jul. 31, 2025 USD ($)	Nov. 30, 2022 CHF (SFr)
License Agreements
Other Commitments [Line Items]
Payment of upfront fees \| SFr		SFr 1.0
Royalty percentage		1.00%
Payment obligation, term (in years)		10 years
JCR Pharmaceuticals \| Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Other Commitments [Line Items]
Upfront payment received	$ 9,250
Future milestone payment received	555,000
JCR Pharmaceuticals \| Collaborative Arrangement, Transaction with Party to Collaborative Arrangement \| Development
Other Commitments [Line Items]
Future milestone payment received	40,000
JCR Pharmaceuticals \| Collaborative Arrangement, Transaction with Party to Collaborative Arrangement \| Sales and Royalties
Other Commitments [Line Items]
Future milestone payment received	$ 515,000

SUPPLEMENTAL FINANCIAL INFORMATION - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Supplemental Financial Information [Abstract]
Research and development service agreements, current	$ 3,527	$ 4,841
Research and development service agreements, noncurrent	29	75
Research and development service agreements	3,556	4,916
Other receivables	625	345
Prepaid insurance	601	858
Dues and subscriptions	368	230
Right-of-use asset	$ 140	$ 266
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets, long-term	Other assets, long-term
Property and equipment, net	$ 103	$ 73
Other, current	266	475
Other, noncurrent	78	72
Other	344	547
Prepaid expenses and other current assets	5,387	6,749
Other assets, long-term	350	486
Total	5,737	7,235
Accumulated depreciation, property and equipment	$ 200	$ 100

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

SUBSEQUENT EVENTS	12 Months Ended
SUBSEQUENT EVENTS	Dec. 31, 2025
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS In January 2026, the Company issued 727,052 shares of its common stock in settlement of fully vested RSUs. The Company also issued 77,006 shares of its common stock in connection with the exercise of stock options subsequent to year end. On March 13, 2026, the Company entered into a securities purchase agreement with certain institutional and accredited investors for a private placement (the “Private Placement”) of 10,833,331 shares of the Company’s common stock, at an offering price of $3.30 per share. The Private Placement closed on March 16, 2026, for aggregate gross proceeds of approximately $35.75 million, before deducting applicable fees and expenses. The Company intends to use the net proceeds from the Private Placement to primarily support its EBD program, including ongoing preclinical development work to support the nomination of a lead clinical candidate molecule, and for working capital and other general corporate purposes.

STOCKHOLDERS’ EQUITY (Details) $ / shares in Units, $ in Millions	12 Months Ended		42 Months Ended
	Dec. 31, 2025 vote $ / shares shares	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2025 USD ($) vote $ / shares shares	Nov. 13, 2025 USD ($)	Mar. 27, 2024 USD ($)	Nov. 10, 2023 USD ($) $ / shares shares	Apr. 23, 2023	Jul. 01, 2022 USD ($)
Class of Warrant or Right [Line Items]
Common stock and preferred stock, shares authorized (in shares)	310,000,000		310,000,000
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000	10,000,000
Preferred stock, par value (in dollars per share) \| $ / shares	$ 0.0001	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	300,000,000	300,000,000	300,000,000
Common stock, number of voting rights \| vote	1		1
Sale of stock, commission rate to sales agents							3.00%
Common Stock Warrants
Class of Warrant or Right [Line Items]
Exercise price (in dollars per share) \| $ / shares						$ 1.95
Class of warrants or rights term (in years)						10 years
Warrant, fair value \| $						$ 1.1
Common Stock
Class of Warrant or Right [Line Items]
Common stock issued in settlement of vested RSUs (in shares)	446,756	115,376
Common Stock \| Common Stock Warrants
Class of Warrant or Right [Line Items]
Warrants (in shares)						730,769
Registration Statement
Class of Warrant or Right [Line Items]
Sale of stock, maximum authorized amount \| $								$ 200.0
At The Market Offering
Class of Warrant or Right [Line Items]
Sale of stock, maximum authorized amount \| $				$ 50.0				$ 50.0
Sale of stock, number of shares issued in transaction (in shares)	0	2,068,246
Sale of stock, consideration received on transaction \| $		$ 7.9	$ 12.2
Sale of stock, price per share (in dollars per share) \| $ / shares		$ 3.84
2024 Registration Statement
Class of Warrant or Right [Line Items]
Sale of stock, maximum authorized amount \| $				$ 200.0	$ 200.0

MARKETABLE SECURITIES - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Marketable Securities [Line Items]
Debt securities, available-for-sale, allowance for credit loss	$ 0	$ 0
Debt securities, available-for-sale, realized gain	$ 100,000	$ 100,000
Maximum
Marketable Securities [Line Items]
Debt securities, available-for-sale, current, term (in years)	1 year
Minimum
Marketable Securities [Line Items]
Debt securities, available-for-sale, unrealized loss position period (in months)	12 months	12 months

INCOME TAXES - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Income Tax Contingency [Line Items]
Income tax provision (benefit)	$ 0	$ 0
Research Tax Credit Carryforward
Income Tax Contingency [Line Items]
Tax credit carryforwards	1,000,000.0
Domestic Tax Jurisdiction
Income Tax Contingency [Line Items]
Operating loss carryforwards	211,200,000
Operating loss carryforwards, subject to expiration	6,500,000
Operating loss carryforwards, not subject to expiration	204,700,000
State and Local Jurisdiction
Income Tax Contingency [Line Items]
Operating loss carryforwards	$ 96,500,000

- Definition

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

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+ Details

STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Operating expenses
Research and development	$ 104,885	$ 93,798
General and administrative	18,947	20,219
Total operating expenses	123,832	114,017
Loss from operations	(123,832)	(114,017)
Other income (expense)
Interest income	7,447	14,317
Interest expense	(4,224)	(4,068)
Change in fair value of embedded derivatives	(460)	1,590
Other expense, net	(266)	(151)
Total other income	2,497	11,688
Net loss	(121,335)	(102,329)
Other comprehensive gain (loss)
Unrealized gain (loss) on marketable securities	131	(360)
Comprehensive loss	$ (121,204)	$ (102,689)
Net loss per common share, basic (in dollars per share)	$ (2.00)	$ (1.71)
Net loss per common share, diluted (in dollars per share)	$ (2.00)	$ (1.71)
Weighted-average shares outstanding, basic (in shares)	60,561,836	60,013,277
Weighted-average shares outstanding diluted (in shares)	60,561,836	60,013,277

SUBSEQUENT EVENTS (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	3 Months Ended	12 Months Ended
	Mar. 16, 2026	Jan. 31, 2026	Mar. 26, 2026	Dec. 31, 2025	Dec. 31, 2024
Subsequent Event [Line Items]
Exercised (in shares)				34,530	0
Aggregate gross proceeds				$ 0	$ 7,938
Subsequent Event
Subsequent Event [Line Items]
Issuance of common stock for restricted stock units, net of shares withheld for taxes (in shares)		727,052
Exercised (in shares)			77,006
Subsequent Event \| Private Placement
Subsequent Event [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	10,833,331
Sale of stock, price per share (in dollars per share)	$ 3.30
Aggregate gross proceeds	$ 35,750

MARKETABLE SECURITIES

12 Months Ended

Dec. 31, 2025

Marketable Securities [Abstract]

MARKETABLE SECURITIES

The Company’s marketable securities consisted of the following (in thousands):


	December 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-sale securities, short-term
Corporate debt securities	$	62,793	$	88	$	(5)	$	62,876






Total available-for-sale securities, short-term	$	62,793	$	88	$	(5)	$	62,876


	December 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-sale securities, short-term
Corporate debt securities	$	118,813	$	128	$	(8)	$	118,933
Government and agency - U.S. securities	16,962		35		—		16,997
Total available-for-sale securities, short-term	135,775		163		(8)		135,930
Available-for-sale securities, long-term
Corporate debt securities	60,171		—		(203)		59,968

Total available-for-sale securities, long-term	60,171		—		(203)		59,968
Total available-for-sale securities	$	195,946	$	163	$	(211)	$	195,898

The following tables summarize the amount of unrealized losses, defined as the amount by which the amortized cost exceeds fair value, and the related fair value of available-for-sale marketable securities with unrealized losses, which have been segregated into two categories: those that have been in a continuous unrealized loss position for less than 12 months and those that have been in a continuous unrealized loss position for 12 or more months (in thousands):


	December 31, 2025
	Less than 12 Months				Greater than 12 Months				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Corporate debt securities	$	6,036	$	(3)	$	5,119	$	(2)	$	11,155	$	(5)


Total	$	6,036	$	(3)	$	5,119	$	(2)	$	11,155	$	(5)


	December 31, 2024
	Less than 12 Months				Greater than 12 Months				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Corporate debt securities	$	73,952	$	(211)	$	2,515	$	—	$	76,467	$	(211)

Total	$	73,952	$	(211)	$	2,515	$	—	$	76,467	$	(211)

As of December 31, 2025, the Company’s available-for-sale securities mature in one year or less. As noted in the tables above, some of the Company’s available-for-sale marketable securities have been in an unrealized loss position for more than 12 months as of December 31, 2025 and 2024. The unrealized loss as of December 31, 2025 is immaterial and the Company does not intend to sell any of its available-for-sale securities and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases, which may be at maturity. No credit losses were recognized on the Company’s available-for-sale securities during the years ended December 31, 2025 and 2024. The Company recorded realized gains of approximately $0.1 million during each of the years ended December 31, 2025 and December 31, 2024.

BASIS OF PRESENTATION, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS (Policies)	12 Months Ended
	Dec. 31, 2025
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). In the opinion of management, all adjustments (consisting of normal recurring adjustments) have been made that are necessary to present fairly the Company’s financial position, and the results of its operations and its cash flows.
Emerging Growth Company	Emerging Growth Company From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) or other standard setting bodies and adopted by the Company as of the specified effective date. Unless otherwise discussed, the impact of recently issued standards that are not yet effective will not have a material impact on the Company’s financial statements upon adoption. Under the Jumpstart Our Business Startups Act of 2012, as amended, the Company meets the definition of an emerging growth company and has elected to use the extended transition period for complying with new or revised accounting standards, which delays the adoption of these accounting standards until they would apply to private companies.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of expenses during the reporting periods. These estimates and assumptions are based on the Company’s historical experience, and on various other factors that management believes are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of expenses that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. To the extent there are material differences between the estimates and actual results, the Company’s future results of operations will be affected. The more significant estimates and assumptions by management include, among others: the valuation allowance of deferred tax assets resulting from net operating losses, the valuation of stock options, the valuation of embedded derivatives within the Company’s debt, long-term and accruals for clinical trial expenses and other research and development expenses.
Cash and Cash Equivalents and Restricted Cash	Cash and Cash Equivalents and Restricted Cash The Company considers all highly liquid investments with an original maturity of three months or less at the date of purchase to be cash equivalents. All of the Company’s cash equivalents have liquid markets and high credit ratings.Restricted cash primarily consists of deposited cash collateral for the Company’s credit card program.
Marketable Securities	Marketable Securities The Company’s marketable securities portfolio consists primarily of investments in money market funds, U.S. treasury and agency securities and short-term highly liquid, high credit quality corporate debt securities. The Company considers its marketable securities to be available-for-sale. Available-for-sale securities are classified as cash equivalents, or as short-term or long-term marketable securities based on the maturity date at the time of purchase and their availability to meet current operating requirements. Available-for-sale securities that mature in three months or less from the date of purchase are classified as cash equivalents. Available-for-sale securities, excluding cash equivalents, that mature in one year or less are classified as short-term marketable securities and those that mature in more than one year are classified as long-term. Securities that are classified as available-for-sale are measured at fair value; see “Fair Value of Financial Instruments” below. Any premium arising at purchase is amortized to the earliest call date and any discount arising at purchase is accreted to maturity. Amortization of premiums and accretion of discounts are recorded along with interest income on investments in interest income, net in the statements of operations and comprehensive loss. Unrealized gains and losses are excluded from earnings and are reported as a component of other comprehensive income. The cost of investments sold will be calculated using the specific-identification method. For securities available-for-sale, Accounting Standards Update 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments eliminates the concept of other-than-temporary impairment and instead requires entities to determine if impairment is related to credit loss or non-credit loss. In making the assessment of whether a loss is from credit or other factors, 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 related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows is less than the amortized cost basis, a credit loss exists and an allowance is created, limited by the amount that the fair value is less than the amortized cost basis. Subsequent activity related to the credit loss component in the form of write-offs or recoveries is recognized as part of the allowance for credit losses on securities available-for-sale. The Company has made the accounting policy election to exclude accrued interest receivable on securities from the estimate of credit losses and will record a credit loss expense for accrued interest receivable in the period when a credit loss is recorded for the related securities.
Concentrations of Credit Risk	Concentrations of Credit Risk Financial instruments that potentially subject the Company to significant concentration of credit risk consist primarily of cash, cash equivalents and marketable securities. The Company maintains deposits in financial institutions in excess of government insured limits. Management believes that the Company is not exposed to significant credit risk as the Company’s cash and cash equivalents are held at financial institutions that management believes to be of high credit quality. The Company has not experienced any losses due to credit risk on such accounts during any of the periods presented.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company’s financial assets and liabilities are accounted for in accordance with ASC 820, Fair Value Measurements and Disclosures, which defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The fair value hierarchy requires an entity to maximize the use of observable inputs when measuring fair value and classifies those inputs into three levels: Level 1 — Observable inputs, such as quoted prices in active markets for identical assets or liabilities. Level 2 — Inputs other than Level 1 inputs that are either directly or indirectly observable, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the instrument’s anticipated life. Level 3 — Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. To the extent the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair values requires more judgment. Accordingly, the degree of judgment exercised by management in determining fair value is greatest for instruments categorized as Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. There were no transfers made among the three levels in the fair value hierarchy for the years ended December 31, 2025 and 2024. The carrying values reported in the balance sheets for cash (excluding cash equivalents which are recorded at fair value on a recurring basis), restricted cash, accounts payable, accrued clinical trial expenses and accrued expenses are reasonable estimates of their fair values due to the short-term nature of these items. The carrying amount of the Company’s long-term debt approximates fair value due to its variable market interest rate and management’s opinion that current rates and terms that would be available to the Company with the same maturity and security structure would be essentially equivalent to that of the Company’s long-term debt. Certain features of the Company’s term loan facility (the “Term Loan”) were determined to be an embedded derivative requiring separate measurement from the loan host instrument.
Property and Equipment	Property and Equipment Property and equipment are stated at cost. Depreciation expense is computed using the straight-line method over the estimated useful lives of the assets, including leasehold improvements and finance lease right-of-use assets that are amortized over the shorter of their estimated useful lives or the terms of the respective leases. The Company generally uses the following useful lives for its property and equipment categories: three years for computer-related assets and five years for furniture.
Leases	Leases The Company accounts for its leases under ASC 842, Leases. Under this guidance, arrangements meeting the definition of a lease are classified as operating or finance leases and are recorded in the balance sheet at the commencement date as both a right-of-use asset and a lease liability, calculated by discounting fixed lease payments over the lease term at the rate implicit in the lease or the Company’s incremental borrowing rate. Lease liabilities are increased by interest and reduced by payments each period, and right-of-use assets are amortized over the lease term, or, for finance leases, over the shorter of the lease term or the estimated useful life of the assets. For operating leases, interest on the lease liability and the amortization of the right-of-use asset results in straight-line rent expense over the lease term. For finance leases, the right-of-use asset is amortized on a straight-line basis and the amortization is presented as an operating expense separately from interest expense on the lease liability. Variable lease expenses are recorded when incurred and not included in the measurement of right-of-use assets and lease liabilities. ASC 842 provides practical expedients for an entity’s ongoing accounting. In calculating right-of-use assets and lease liabilities, the Company has elected to combine lease and non-lease components for real estate leases, but has not elected to combine lease and non-lease components for computer equipment leases. Additionally, the Company has elected not to recognize a right-of-use asset or lease liability for leases with an initial term of 12 months or less. For short-term leases, the Company recognized lease payments on a straight-line basis over the lease term. Computer Equipment Lease In September 2023, the Company entered into an agreement with a vendor that included the lease of certain computer equipment for its Phase 2 clinical trial with an October 2023 lease commencement date. In January 2024, the Company paid $0.8 million for the computer equipment, which will be returned to the vendor at the completion of the vendor’s services under the agreement. Upon the lease inception, the Company recorded noncash expense of $0.7 million in research and development expense in the statement of operations and comprehensive loss for the right-of-use assets related to the computer equipment lease as the equipment is being used for research and development and does not have an alternative future use.
Debt Discount and Debt Issuance Costs	Debt Discount and Debt Issuance Costs The debt discount, which reduces the related debt balance in the balance sheets, is comprised of debt issuance costs, contractual fees due upon repayment of the debt, the issuance date fair value of warrants issued with the debt and the issuance date fair value of any derivatives that are bifurcated from the debt. Debt issuance costs include direct costs (e.g., legal costs and bank fees) incurred to issue non-revolving debt instruments. The debt discount is amortized to interest expense over the contractual term of the related debt using the effective interest method.
Embedded Derivatives	Embedded Derivatives The Company evaluates embedded derivatives within debt to determine whether the embedded derivatives should be bifurcated from the host instrument and accounted for as a derivative at fair value that will be remeasured at each reporting period for the term of the loan, with changes in fair value recorded in the statements of operations and comprehensive loss. Management initially assesses the probability of the occurrence of trigger events for bifurcated embedded derivatives in determining fair value. The probability is reassessed at each reporting period during the term of a loan.
Research and Development Expenses	Research and Development Expenses Research and development (“R&D”) expenses primarily consist of consultants and materials, biologic storage, salaries and other personnel-related expenses related to R&D activities and are expensed as incurred. Payments for these activities are based on the terms of the individual agreements, which may differ from the pattern of costs incurred, and are reflected on the balance sheets as prepaid or accrued expenses. The Company records accruals for estimated ongoing research costs. When evaluating the adequacy of the accrued liabilities, the Company analyzes progress of the studies or research, including the phase or completion of events, invoices received and contracted costs. Clinical trial costs are a significant component of R&D expenses and include costs associated with third-party contractors. The Company accrues and expenses costs for clinical trial activities performed by third parties based upon the work completed to date for each clinical trial in accordance with established agreements. The Company determines its costs through discussions with internal clinical stakeholders and outside service providers as to the progress or stage of completion of clinical trials or services and the contracted fee to be paid for such services. In the event advance payments are made to an outside service provider, the payments are recorded within prepaid expenses and other current assets in the balance sheets and subsequently recognized as R&D expense in the statements of operations and comprehensive loss when the associated services have been performed. As actual costs become known, the Company adjusts its estimates, liabilities and assets. Inputs used in the determination of estimates discussed above may vary from actual, which will result in adjustments to R&D expense in future periods. The Company has acquired licenses of intellectual property to develop and commercialize product candidates. Upfront payments that relate to licenses of intellectual property, as well as pre-commercial milestone payments, are immediately expensed as acquired in-process research and development in the period in which they are incurred, provided that the licenses did not also include processes or activities that would constitute a “business” as defined under U.S. GAAP and have no established alternative future use.
Stock-based Compensation	Stock-based Compensation The Company expenses stock-based compensation to employees, non-employees and board members over the requisite service period based on the estimated grant date fair value of the awards and actual forfeitures. The Company estimates the fair value of stock option grants using the Black-Scholes option pricing model, which requires the use of a number of complex assumptions including expected volatility, risk-free interest rate, expected dividends, and the expected term of the option. The fair value of restricted stock units (“RSUs”) is the closing market price of the common stock on the date of the grant. The assumptions used in calculating the fair value of stock-based awards represent management’s best estimates and involve inherent uncertainties and the application of management’s judgment. Stock-based awards with graded-vesting schedules are recognized on a straight-line basis over the requisite service period. All stock-based compensation costs are recorded in research and development expense or general and administrative expense in the statements of operations and comprehensive loss based upon the respective employee’s or non-employee’s roles within the Company. Forfeitures are recorded as they occur.
Income Taxes	Income Taxes Income taxes are recorded in accordance with ASC 740, Income Taxes (“ASC 740”), which provides for deferred taxes using an asset and liability approach. The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse, and net operating loss (“NOL”) carryforwards and R&D tax credit carryforwards. Valuation allowances are provided if, based upon the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company has recorded a full valuation allowance to reduce its net deferred income tax assets to zero. In the event the Company were to determine that it would be able to realize some or all of its deferred income tax assets in the future, an adjustment to the deferred income tax asset valuation allowance would increase income in the period such determination was made. The Company accounts for uncertain tax positions in accordance with the provisions of ASC 740. When uncertain tax positions exist, the Company recognizes the tax benefit of tax positions to the extent that the benefit would more likely than not be realized assuming examination by the taxing authority. The determination as to whether the tax benefit will more likely than not be realized is based upon the technical merits of the tax position as well as consideration of the available facts and circumstances.
Net Loss Per Share of Common Stock	Net Loss Per Share of Common Stock Basic net loss per share of common stock is computed by dividing net loss by the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per share of common stock includes the effect, if any, from the potential exercise or conversion of securities, such as convertible debt, stock options, RSUs and warrants, which would result in the issuance of incremental shares of common stock. However, potential shares of common stock are excluded if their effect is anti-dilutive. For diluted net loss per share, the weighted-average number of shares of common stock is the same for basic net loss per share due to the fact that when a net loss exists, dilutive securities are not included in the calculation as the impact is anti-dilutive. For the years ended December 31, 2025 and 2024, potential common shares consisted of stock options, RSUs, convertible debt and a warrant to purchase common stock.
Segment Information	Segment Information Operating segments are defined as components of an enterprise for which separate discrete financial information is available for evaluation by the chief operating decision maker (“CODM”) in deciding how to allocate resources and assess performance. The Company’s CODM is its chief executive officer. The Company has one operating segment focused on the research and development of sabirnetug for the treatment of patients with AD.
Collaboration Agreements	Collaboration Agreements The Company enters into collaboration agreements with companies to license intellectual property and may be obligated to make future development, regulatory and commercial milestone payments and royalty payments on future sales of specified products associated with these agreements. Payments under these agreements generally become due and payable upon achievement of such milestones or sales. These commitments are not recorded on the Company’s balance sheet because the achievement and timing of these milestones are not fixed and determinable. When the achievement of these milestones or sales has occurred, the corresponding amounts are recognized in the Company’s financial statements.
Recently Adopted and Issued Accounting Pronouncements	Recently Adopted Accounting Pronouncements In December 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The standard is intended to enhance the existing income tax disclosures to provide information to better assess how an entity’s operations and related tax risks and tax planning and operational opportunities affect its tax rate and prospects for future cash flows. The standard was adopted by the Company on a prospective basis for its annual period beginning on January 1, 2025. The adoption of this standard did not have a material impact on the Company’s financial statements and disclosures. Recently Issued Accounting Pronouncements In November 2024, the FASB issued ASU 2024-04, Debt - Debt with Conversion and Other Options (Subtopic 470- 20): Induced Conversions of Convertible Debt Instruments. The standard is intended to clarify the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion. The standard is effective for annual periods beginning after December 15, 2025, and for interim periods within those annual reporting periods. Early adoption is permitted if ASU 2020-06 has been adopted. As of December 31, 2025, the Company had no induced conversions. The Company will adopt this standard on a prospective basis on January 1, 2026 and does not expect this standard to have any impact on its financial statements upon adoption. In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The standard is intended to require more detailed disclosures about specified categories of expenses, including employee compensation, depreciation and amortization, included in certain expense captions presented on the face of the income statement. The ASU is effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 31, 2027. Early adoption is permitted. The amendments may be applied either (1) prospectively to financial statements issued for reporting periods after the effective date of this ASU or (2) retrospectively to all prior periods presented in the financial statements. The Company is evaluating the potential impact of this adoption on the financial statements and related disclosures. In December 2025, the FASB issued ASU 2025-11, Interim Reporting - Narrow Scope Improvements. The standard is intended to improve the guidance in Topic 270, Interim Reporting, by improving the navigability of the required interim disclosures and clarifying when that guidance is applicable. The amendments in this update clarify interim disclosure requirements and the applicability of Topic 270. The amendments also provide additional guidance on what disclosures should be provided in interim reporting periods. The amendments in this update are effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. Upon adoption, the amendments may be applied on a prospective or retrospective basis. The Company is evaluating the potential impact of this adoption on the financial statements and related disclosures.

STOCK-BASED COMPENSATION

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION

2021 Equity Incentive Plan

The 2021 Equity Incentive Plan (the “2021 Plan”), which provides for the grant of incentive stock options to employees, and the grant of nonstatutory stock options, stock appreciation rights, restricted stock awards, restricted stock units, performance awards and other forms of stock awards to employees, directors and consultants, became effective on June 30, 2021. The 2021 Plan is a successor to the Company’s Amended and Restated Stock Performance Plan that was adopted by the Company’s board of directors and stockholders on April 8, 2013 (as amended from time to time, most recently on November 20, 2020, the “2013 Plan”). Following the effectiveness of the 2021 Plan, no further grants may be made under the 2013 Plan; however, any outstanding equity awards granted under the 2013 Plan continue to be governed by the 2013 Plan. As of December 31, 2025, there were 3,129,483 options outstanding under the 2013 Plan.

The number of shares of common stock reserved for issuance under the 2021 Plan automatically increases on January 1 of each calendar year through January 1, 2031, in an amount equal to 5% of the total number of shares of common stock outstanding on December 31 of the fiscal year before the date of each automatic increase, or a lesser number of shares

determined by the board of directors prior to the applicable January 1. On January 1, 2025, the number of shares of common stock reserved for issuance under the 2021 Plan automatically increased by 3,004,704 shares.

The maximum number of shares of common stock that may be issued upon the exercise of incentive stock options under the 2021 Plan is 12,000,000. As of December 31, 2025, 17,673,425 shares were authorized for issuance under the 2021 Plan and 2,344,000 shares remained available for issuance under the 2021 Plan.

The Company recorded stock-based compensation expense related to stock options and RSUs in the following expense categories of the statements of operations and comprehensive loss for the periods shown (in thousands):


	Year Ended December 31,
	2025		2024
General and administrative	$	5,913	$	6,113
Research and development	3,939		3,522
Total stock-based compensation	$	9,852	$	9,635

Stock Options

The Black-Scholes option-pricing model was used to estimate the fair value of stock options granted during the years ended December 31, 2025 and 2024 with the following weighted average assumptions:


	Year Ended December 31,
	2025	2024
Risk-free interest rate	3.8% – 4.5%	3.8% – 5.1%
Expected term (in years)	1.0 – 6.0	0.9 – 6.1
Expected volatility	76% - 92%	92% - 103%
Expected dividend yield	0%	0%

The weighted average grant date fair value of options granted during the years ended December 31, 2025 and 2024 was $1.26 per share and $2.85 per share, respectively.

Stock options granted after December 31, 2017 generally vest monthly over a range of 12 to 48 months or vest monthly over a total of 48 months following a one-year cliff and all have a ten-year contractual term. Beginning January 1, 2024, stock options granted to consultants vest quarterly over a one-year period, provided the consultants continue to perform services as dictated by their respective consulting agreements with the Company. Annual option awards issued to members of the Company’s board of directors vest in full on the first anniversary of the grant date. Stock options granted prior to December 31, 2017 were either fully vested upon grant or generally vested monthly over a range of three to 24 months and have a ten-year term. The Company’s common stock became publicly traded in July 2021. Prior to January 1, 2025, the Company lacked sufficient company-specific historical and implied volatility information for its common stock and estimated its expected stock volatility using a weighted average blend of historical volatility of a publicly traded set of peer companies, as well as its own historical volatility. Beginning on January 1, 2025, based on the availability of sufficient historical trading data of the Company’s common stock, the Company began using its historical volatility to estimate expected stock volatility. Due to the lack of historical exercise history, the expected term of the Company’s stock options has been determined using the “simplified” method for awards. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected

term of the award. Expected dividend yield is zero based on the fact that the Company has never paid cash dividends and does not expect to pay any cash dividends in the foreseeable future.

The following table reflects summarized stock option activity during the year ended December 31, 2025:


	Stock Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in years)	Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2024	10,656,129	$	3.83
Granted	2,188,960	$	1.64
Exercised	(34,530)	$	1.13
Forfeited	(75,402)	$	2.75
Expired	(156,391)	$	4.23
Outstanding as of December 31, 2025	12,578,766	$	3.46	7.0	$	374
Vested and exercisable as of December 31, 2025	8,421,358	$	3.66	6.2	$	346

The intrinsic value of stock options exercised during the year ended December 31, 2025 was immaterial. There were no stock options exercised during the year ended December 31, 2024. As of December 31, 2025, total unrecognized compensation cost related to unvested stock option awards granted was approximately $9.4 million, which the Company expects to recognize over a weighted-average period of approximately 2.2 years.

Restricted Stock Units

RSUs granted to employees vest in equal annual installments on the first three anniversaries of the grant date and RSUs granted to members of the Company’s board of directors vest in full on the first anniversary of the grant date.

The following table reflects summarized RSU activity during the year ended December 31, 2025:


	Number of Shares	Weighted Average Grant Date Fair Value
Unvested as of December 31, 2024	1,354,543	$	4.46
Granted	1,066,950	$	1.73
Vested	(485,867)	$	4.57
Forfeited	(27,650)	$	2.31
Unvested as of December 31, 2025	1,907,976	$	2.93

As of December 31, 2025, total unrecognized compensation cost related to unvested RSUs was approximately $2.8 million, which the Company expects to recognize over a weighted-average period of approximately 1.5 years.

Employee Stock Purchase Plan

The 2021 Employee Stock Purchase Plan (the “ESPP”), which permits employees to purchase shares of common stock, became effective on June 30, 2021. The number of shares of common stock reserved for issuance automatically increases on January 1 of each calendar year through January 1, 2031, by the lesser of (1) 1% of the total number of shares of common stock outstanding on the last day of the fiscal year before the date of the automatic increase, and (2) 800,000 shares; provided, however, that before the date of any such increase, the board of directors may determine that such increase will be less than the amount set forth in clauses (1) and (2). On January 1, 2025, the number of shares of common stock reserved for issuance under the ESPP automatically increased by 600,941 shares. As of December 31, 2025, there are a total of 2,370,029 shares reserved for issuance under the ESPP and there have been no purchases of shares under the ESPP, as the ESPP has not yet been implemented.

SEGMENT REPORTING - Additional Information (Details)	12 Months Ended
SEGMENT REPORTING - Additional Information (Details)	Dec. 31, 2025 segment
Segment Reporting [Abstract]
Number of reportable segments	1
Number of operating segments	1

FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The Company’s financial assets and liabilities subject to fair value measurement on a recurring basis and the level of inputs used for such measurements were as follows (in thousands):


	Fair value measurements as of December 31, 2025 using
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value as of December 31, 2025
Assets included in:
Cash and cash equivalents
Money market securities	$	53,708	$	—	$	—	$	53,708
Marketable securities
Corporate debt securities	—		62,876		—		62,876

Total fair value	$	53,708	$	62,876	$	—	$	116,584
Liabilities included in:
Debt, long-term
Embedded derivative liabilities	$	—	$	—	$	1,430	$	1,430
Total fair value	$	—	$	—	$	1,430	$	1,430


	Fair value measurements as of December 31, 2024 using
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value as of December 31, 2024
Assets included in:
Cash and cash equivalents
Money market securities	$	35,268	$	—	$	—	$	35,268
Marketable securities
Corporate debt securities	—		178,901		—		178,901
Government and agency - U.S.	—		16,997		—		16,997
Total fair value	$	35,268	$	195,898	$	—	$	231,166
Liabilities included in:
Debt, long-term
Embedded derivative liabilities	$	—	$	—	$	970	$	970
Total fair value	$	—	$	—	$	970	$	970

Schedule of the Fair Value using Level 3 Significant Unobservable Inputs

The following table presents changes in Level 3 liabilities measured at fair value for the two-year period ended December 31, 2025 (in thousands):


Balance, January 1, 2024	$	2,560
Change in fair value of embedded derivatives	(1,590)
Balance, December 31, 2024	970
Change in fair value of embedded derivatives	460
Balance, December 31, 2025	$	1,430

INCOME TAXES - Schedule of Significant Components of the Company's Deferred Tax Assets (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Deferred tax assets:
Net operating loss	$ 50,390,000	$ 20,906,000
Capitalized R&D	27,657,000	29,548,000
Stock compensation	4,179,000	3,171,000
R&D credit	992,000	1,215,000
Intangible assets	622,000	443,000
Accruals and other temporary differences	1,796,000	1,395,000
Gross deferred tax assets	85,636,000	56,678,000
Valuation allowance	(85,473,000)	(56,405,000)
Total deferred tax assets	163,000	273,000
Deferred tax liabilities:
Embedded debt derivative liabilities	(128,000)	(208,000)
Other	(35,000)	(65,000)
Total deferred tax liabilities	(163,000)	(273,000)
Net deferred tax assets	$ 0	$ 0

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation


	Year Ended December 31, 2025
	Amount		Percent
Statutory federal income tax rate	$	(25,453)	21.0	%
Non-deductible stock compensation	1,222		(1.0)
Other	432		(0.4)
Change in valuation allowance	23,799		(19.6)
Income tax provision	$	—	—	%


	Year Ended December 31, 2024
Statutory federal income tax rate	21.0	%
State tax, net of federal benefit	3.1	%
Non-deductible stock compensation	(0.5)	%
Rate change	0.4	%
Other	(1.9)	%
Change in valuation allowance	(22.1)	%
Income tax provision	—	%

Schedule of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets as of December 31, 2025 and 2024 were as follows (in thousands):


	December 31,
	2025		2024
Deferred tax assets:
Net operating loss	$	50,390	$	20,906
Capitalized R&D	27,657		29,548
Stock compensation	4,179		3,171
R&D credit	992		1,215
Intangible assets	622		443
Accruals and other temporary differences	1,796		1,395
Gross deferred tax assets	85,636		56,678
Valuation allowance	(85,473)		(56,405)
Total deferred tax assets	163		273
Deferred tax liabilities:
Embedded debt derivative liabilities	(128)		(208)
Other	(35)		(65)
Total deferred tax liabilities	(163)		(273)
Net deferred tax assets	$	—	$	—

STOCK-BASED COMPENSATION - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Jan. 01, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding (in shares)	12,578,766	10,656,129
Options, exercises in period, intrinsic value	$ 0.0
Exercised (in shares)	34,530	0
Option, cost not yet recognized, amount	$ 9.4
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value of options granted (in dollars per share)	$ 1.26	$ 2.85
Expected dividend yield	0.00%	0.00%
Weighted average period of recognition (in years)	2 years 2 months 12 days
Stock Options \| Award Date, One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contractual term (in years)	10 years
Stock Options \| Award Date, Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	48 months
Cliff period (in years)	1 year
Contractual term (in years)	10 years
Stock Options \| Award Date, Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	1 year
Stock Options \| Minimum \| Award Date, One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 months
Stock Options \| Minimum \| Award Date, Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	12 months
Stock Options \| Maximum \| Award Date, One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	24 months
Stock Options \| Maximum \| Award Date, Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	48 months
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Weighted average period of recognition (in years)	1 year 6 months
Non option, cost not yet recognized, amount	$ 2.8
RSUs \| Share-Based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage	33.33%
RSUs \| Share-Based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage	33.33%
RSUs \| Share-Based Payment Arrangement, Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage	33.33%
Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of outstanding stock maximum	1.00%
Common stock, capital shares reserved for future issuance (in shares)			600,941
Number of shares authorized (in shares)	2,370,029
Shares of common stock outstanding maximum (in shares)	800,000
Shares issued in period (in shares)	0
2013 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding (in shares)	3,129,483
2021 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, capital shares reserved for future issuance (in shares)			3,004,704
Maximum threshold common stock issuable on exercise of incentive stock options (in shares)	12,000,000
2021 Equity Incentive Plan \| Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of outstanding stock maximum	5.00%
Number of shares authorized (in shares)	17,673,425
Shares available for future grant (in shares)	2,344,000

STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (Parenthetical) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)
Common Stock
Payments of stock issuance costs	$ 87

DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS - Additional Information (Details) $ in Thousands	Dec. 31, 2025 USD ($) patient	Dec. 31, 2024 USD ($)	Jul. 31, 2023 patient
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Maximum number of patients per arm in trial \| patient	180
Number of patients enrolled in trail \| patient	542		62
Accumulated deficit \| $	$ 446,462	$ 325,127
Cash and cash equivalents and marketable securities \| $	$ 116,900

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

SUPPLEMENTAL FINANCIAL INFORMATION (Tables)

12 Months Ended

Dec. 31, 2025

Supplemental Financial Information [Abstract]

Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other assets as of December 31, 2025 and 2024 consisted of the following (in thousands):


	December 31, 2025
	Prepaid Expenses and Other Current Assets		Other Long-Term Assets		Total Prepaid Expenses and Other Assets
Research and development service agreements	$	3,527	$	29	$	3,556
Other receivables	625		—		625
Prepaid insurance	601		—		601
Dues and subscriptions	368		—		368
Right-of-use asset	—		140		140
Property and equipment, net (1)	—		103		103
Other	266		78		344
Total	$	5,387	$	350	$	5,737


	December 31, 2024
	Prepaid Expenses and Other Current Assets		Other Long-Term Assets		Total Prepaid Expenses and Other Assets
Research and development service agreements	$	4,841	$	75	$	4,916
Prepaid insurance	858		—		858
Other receivables	345		—		345
Dues and subscriptions	230		—		230
Right-of-use asset	—		266		266
Property and equipment, net (1)	—		73		73
Other	475		72		547
Total	$	6,749	$	486	$	7,235

(1) As of December 31, 2025 and 2024, accumulated depreciation totaled approximately $0.2 million and $0.1 million, respectively.

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities as of December 31, 2025 consisted of the following (in thousands):


	Accrued Expenses and Other Current Liabilities
Research and development	$	5,427
Compensation and other employee liabilities	4,066
Interest	249
Operating lease liability	150
Other	180
Total	$	10,072

Accrued expenses and other liabilities as of December 31, 2024 consisted of the following (in thousands):


	December 31, 2024
	Accrued Expenses and Other Current Liabilities		Other Long-Term Liabilities		Total Accrued Expenses and Other Liabilities
Compensation and other employee liabilities	$	4,207	$	—	$	4,207
Research and development	1,796		—		1,796
Interest	249		—		249
Operating lease liability	133		150		283
Other	230		—		230
Total	$	6,615	$	150	$	6,765

STOCK-BASED COMPENSATION - Schedule of Assumptions Used for Valuation of Fair Value of Stock (Details) - Stock Options	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Risk-free interest rate, minimum	3.80%	3.80%
Risk-free interest rate, maximum	4.50%	5.10%
Expected volatility, minimum	76.00%	92.00%
Expected volatility, maximum	92.00%	103.00%
Expected dividend yield	0.00%	0.00%
Minimum
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Expected term (in years)	1 year	10 months 24 days
Maximum
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Expected term (in years)	6 years	6 years 1 month 6 days

DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS	12 Months Ended
DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS	DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS Acumen Pharmaceuticals, Inc. (“Acumen” or the “Company”) was incorporated in 1996 in the state of Delaware. Acumen is a clinical-stage biopharmaceutical company developing a novel disease-modifying approach targeting what the Company believes to be a key underlying cause of Alzheimer’s disease (“AD”). Alzheimer’s disease is a progressive neurodegenerative disease of the brain that leads to loss of memory and cognitive functions and ultimately results in death. The Company’s scientific founders pioneered research on soluble amyloid-beta oligomers (“AßOs”), which are globular assemblies of the amyloid-beta (“Aß”) peptide that are distinct from Aß monomers and amyloid plaques. Based on decades of research and supporting evidence, AßOs have gained increasing scientific acceptance as a primary toxin involved in the initiation and propagation of AD pathology. The Company is currently focused on advancing a targeted immunotherapy drug candidate, sabirnetug, in its Phase 2 ALTITUDE-AD clinical trial, and expects to announce top-line results in late 2026. ALTITUDE-AD is a randomized, double-blind, placebo-controlled, three-arm clinical trial designed to evaluate the clinical efficacy, safety and tolerability of sabirnetug with up to 180 participants per arm for a total of 542 participants with mild cognitive impairment or mild dementia due to AD. Sabirnetug is a recombinant humanized immunoglobulin gamma 2 monoclonal antibody that was designed to selectively target AßOs. In July 2023, the Company announced topline results from its Phase 1 INTERCEPT-AD clinical trial of sabirnetug, which demonstrated that sabirnetug met the primary and secondary objectives of this clinical trial in 62 participants with early AD. In addition, the Company is investigating a subcutaneous dosing option of sabirnetug, as well as a blood-brain barrier-penetrating, Aß oligomer-targeted Enhanced Brain Delivery (EBD™) therapy for AD. The Company is subject to the uncertainty of whether its intellectual property will develop into successful commercial products. Liquidity, Capital Resources and Going Concern In accordance with Accounting Standards Codification (“ASC”) 205-40, Presentation of Financial Statements-Going Concern, the Company evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern. The Company has incurred operating losses since inception. As of December 31, 2025, the Company had an accumulated deficit of $446.5 million and had cash and cash equivalents and marketable securities of $116.9 million. The Company expects to incur additional losses for the foreseeable future as it continues its research and development activities and will need to raise additional capital to fully implement its business plan and to fund its operations. Until such time, if ever, as the Company can generate revenue sufficient to achieve profitability, the Company expects to finance its operations through a combination of equity offerings, debt financings, collaborations, strategic alliances and licensing arrangements. There can be no assurance that any such financing will be available to the Company at adequate levels and on a timely basis, or such agreements may not be available on terms acceptable to the Company, or at all. The Company may be required to delay, limit, reduce or terminate its product discovery and development activities or future commercialization efforts if it is unable to maintain sufficient financial resources, and its business, financial condition and results of operations will be materially and adversely affected. The Company expects that its current balance of cash and cash equivalents and marketable securities may not be sufficient to fund its operations for at least 12 months from the date of issuance of these financial statements. The Company’s cash forecast contains estimates and assumptions related to its ongoing clinical trial and other research and development expenses, and the Company cannot predict the amount or timing of all expenditures with certainty. Accordingly, the Company has concluded that substantial doubt exists about its ability to continue as a going concern. The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business, and do not include any adjustments relating to recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary, should the Company be unable to continue as a going concern.

SEGMENT REPORTING (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following table presents selected financial information about the Company’s single operating segment for the years ended December 31, 2025 and 2024 (in thousands):


	Year Ended December 31,
	2025		2024
Operating expenses
Research and development
External costs	$	81,909	$	71,188
Internally-managed costs (1)	19,028		19,062
General and administrative (2)	12,985		14,069
Other segment expenses (3)	9,910		9,698
Other income, net	(2,497)		(11,688)
Segment net loss	$	121,335	$	102,329

(1) Includes Company-managed research, consultants and contractors, as well as internal personnel and operating expenses, and excludes stock-based compensation expense and depreciation.

(2) Excludes stock-based compensation expense and depreciation.

(3) Other segment expenses include stock-based compensation expense and depreciation.

STOCK-BASED COMPENSATION - Schedule of Share-Based Compensation Expense Related to Stock Options (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 9,852	$ 9,635
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	5,913	6,113
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 3,939	$ 3,522

INCOME TAXES - Schedule of U.S. Statutory Federal Income Tax Rate to the Total Benefit for Income Taxes (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Amount
Statutory federal income tax rate	$ (25,453,000)
Non-deductible stock compensation	1,222,000
Other	432,000
Change in valuation allowance	23,799,000
Income tax provision	$ 0	$ 0
Percent
Statutory federal income tax rate	21.00%	21.00%
State tax, net of federal benefit		3.10%
Non-deductible stock compensation	(1.00%)	(0.50%)
Rate change		0.40%
Other	(0.40%)	(1.90%)
Change in valuation allowance	(19.60%)	(22.10%)
Income tax provision	0.00%	0.00%

SEGMENT REPORTING

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

SEGMENT REPORTING

The Company manages its operations as a single segment. The CODM assesses performance and allocates resources for its clinical-stage biopharmaceutical segment based on net loss, which is reported on the statement of operations and comprehensive loss as net loss. The CODM is regularly provided with actual, budgeted and forecasted expense information to make decisions on resource allocation and assess performance of the business and monitor budget versus actual results using loss from operations. Substantially all long-lived assets are located in the U.S. The measure of segment assets is reported on the balance sheet as total assets.

The following table presents selected financial information about the Company’s single operating segment for the years ended December 31, 2025 and 2024 (in thousands):


	Year Ended December 31,
	2025		2024
Operating expenses
Research and development
External costs	$	81,909	$	71,188
Internally-managed costs (1)	19,028		19,062
General and administrative (2)	12,985		14,069
Other segment expenses (3)	9,910		9,698
Other income, net	(2,497)		(11,688)
Segment net loss	$	121,335	$	102,329

(1) Includes Company-managed research, consultants and contractors, as well as internal personnel and operating expenses, and excludes stock-based compensation expense and depreciation.

(2) Excludes stock-based compensation expense and depreciation.

(3) Other segment expenses include stock-based compensation expense and depreciation.

- Definition

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

+ References

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

STOCKHOLDERS’ EQUITY	12 Months Ended
STOCKHOLDERS’ EQUITY	Dec. 31, 2025
Stockholders' Equity Note [Abstract]
STOCKHOLDERS’ EQUITY	STOCKHOLDERS’ EQUITY Authorized Shares As of December 31, 2025, the total number of shares of capital stock authorized to be issued per the Company’s Amended and Restated Certificate of Incorporation is 310,000,000, with 10,000,000 shares designated as preferred stock with a par value of $0.0001, and 300,000,000 shares designated as common stock, with a par value of $0.0001. Each share of common stock issued and outstanding is entitled to one vote. Shelf Registration and At-The-Market Equity Offering On July 1, 2022, the Company filed a shelf registration statement on Form S-3 (the “2022 Registration Statement”). Pursuant to the 2022 Registration Statement, the Company may offer and sell securities having an aggregate public offering price of up to $200.0 million. In connection with the filing of the 2022 Registration Statement, the Company also entered into a sales agreement (the “Sales Agreement”) with BofA Securities, Inc. (“BofA”) and Stifel, Nicolaus & Company, Incorporated (“Stifel”) as sales agents, pursuant to which the Company may issue and sell shares of its common stock for an aggregate offering price of up to $50.0 million under an at-the-market offering program (the “ATM”), which was included in the $200.0 million of securities that were registered for sale pursuant to the 2022 Registration Statement. On April 23, 2023, the Company entered into an amendment to the Sales Agreement (as amended, the “Amended Sales Agreement”) to add BTIG, LLC (“BTIG”) as a sales agent under the Amended Sales Agreement (BTIG, BofA and Stifel are collectively referred to as the “Sales Agents”). Pursuant to the Amended Sales Agreement, the Company will pay the Sales Agents a commission rate of up to 3.0% of the gross proceeds from the sale of any shares of the Company’s common stock made under the ATM. The Company is not obligated to make any sales of shares of its common stock under the ATM. During the year ended December 31, 2025, the Company did not sell any shares of common stock under the ATM. During the year ended December 31, 2024, the Company issued and sold 2,068,246 shares of common stock under the ATM for net proceeds of $7.9 million, or $3.84 per share. The Company has issued shares of common stock for aggregate gross proceeds of $12.2 million under the ATM since the program’s inception. On March 27, 2024, the Company filed a shelf registration statement on Form S-3 (the “2024 Registration Statement”). Pursuant to the 2024 Registration Statement, the Company may offer and sell securities having an aggregate public offering price of up to $200.0 million. On November 13, 2025, the Company filed a prospectus supplement to the 2024 Registration Statement with respect to its ATM, designating up to $50.0 million of the $200.0 million of securities that may be offered pursuant to the 2024 Registration Statement for issuance under the ATM. Restricted Stock Units During the years ended December 31, 2025 and 2024, the Company issued 446,756 and 115,376 shares, respectively, of its common stock in settlement of fully vested RSUs. Common Stock Warrant On November 10, 2023, in accordance with the Loan Agreement, the Company issued the Loan Warrant to purchase 730,769 shares of its common stock at an exercise price of $1.95 with a ten-year contractual term and an allocated fair value of $1.1 million. This warrant is outstanding as of December 31, 2025. In accordance with ASC 815, the Loan Warrant issued in 2023 did not meet the definition of a derivative and was classified in stockholders’ equity in the balance sheet.

- Definition

The entire disclosure for equity.

+ References

+ Details

DEBT - Schedule of Aggregate Principal Payments (Details) - Term Loan - Secured Debt - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Year ended December 31, 2026	$ 10,104
Year ended December 31, 2027	21,531
Total principal payment due for Term Loan	$ 31,635	$ 31,635

- Definition

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

+ References

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

MARKETABLE SECURITIES - Schedule of Unrealized Loss on Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Less than 12 Months
Fair Value	$ 6,036	$ 73,952
Unrealized Losses	(3)	(211)
Greater than 12 Months
Fair Value	5,119	2,515
Unrealized Losses	(2)	0
Total
Fair Value	11,155	76,467
Unrealized Losses	(5)	(211)
Corporate debt securities
Less than 12 Months
Fair Value	6,036	73,952
Unrealized Losses	(3)	(211)
Greater than 12 Months
Fair Value	5,119	2,515
Unrealized Losses	(2)	0
Total
Fair Value	11,155	76,467
Unrealized Losses	$ (5)	$ (211)

FAIR VALUE MEASUREMENTS - Schedule of Level 3 Liabilities Measured at Fair Value (Details) - Embedded derivative liabilities - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 970	$ 2,560
Change in fair value of embedded derivatives	460	(1,590)
Ending balance	$ 1,430	$ 970

SUPPLEMENTAL FINANCIAL INFORMATION - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Supplemental Financial Information [Abstract]
Research and development	$ 5,427	$ 1,796
Compensation and other employee liabilities	4,066	4,207
Interest	249	249
Operating lease liability, current	150	133
Operating lease liability, noncurrent		150
Operating lease liability		283
Other, current	180	230
Other, noncurrent		0
Other		230
Accrued expenses and other current liabilities	$ 10,072	$ 6,615
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued expenses and other current liabilities	Accrued expenses and other current liabilities
Other liabilities, long-term	$ 0	$ 150
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]		Other liabilities, long-term
Total		$ 6,765

DEBT (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Outstanding Debt and Interest Expense

Outstanding debt consisted of the following (in thousands):


	December 31,
	2025		2024
Principal value of Term Loan, including final payment of $1,635	$	31,635	$	31,635
Fair value of bifurcated embedded derivatives	1,430		970
Unamortized debt discount	(1,904)		(3,186)
Total	31,161		29,419
Less: debt, short-term	8,765		—
Total debt, long-term	$	22,396	$	29,419

The following table provides the components of interest expense (in thousands):


	Year Ended December 31,
	2025		2024
Interest expense based on the coupon interest rate of the outstanding debt	$	2,935	$	2,943
Accretion of debt discount	1,282		1,112
Total interest expense related to debt	$	4,217	$	4,055

Schedule of Aggregate Principal Payments

As of December 31, 2025, the aggregate principal payments due for the Term Loan by year are as follows (in thousands):


Year ended December 31, 2026	$	10,104
Year ended December 31, 2027	21,531
Total principal payment due for Term Loan	$	31,635

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	We have adopted processes designed to identify, assess and manage material risks from cybersecurity threats. Those processes include frameworks to respond to and assess internal and external threats to the security, confidentiality and integrity of our data and information systems, along with other material risks to our operations, which we review at least annually or whenever there are material changes to our systems or operations. Our IT department collaborates with our Chief Operating Officer to evaluate and address cybersecurity risks in alignment with our business objectives and operational needs. We have processes to detect potential vulnerabilities and anomalies through technical safeguards. As part of our risk management process, we conduct regular IT security audits to assess and respond to internal and external security threats. In addition, we consult with outside advisors and experts, when appropriate, to assist with assessing, identifying and managing cybersecurity risks, including to anticipate future threats and trends and their potential impact on the Company’s risk environment. We rely on third parties, including cloud vendors and consultants, for various business functions. We oversee third-party service providers by conducting vendor diligence. Vendors are generally assessed for risk based on the nature of their service, access to data and systems and supply chain risk and, based on that assessment, we conduct diligence that may include completing security questionnaires, onsite evaluation and scans or other technical evaluations.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We have adopted processes designed to identify, assess and manage material risks from cybersecurity threats. Those processes include frameworks to respond to and assess internal and external threats to the security, confidentiality and integrity of our data and information systems, along with other material risks to our operations, which we review at least annually or whenever there are material changes to our systems or operations.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our Board of Directors has established oversight mechanisms with respect to risks from cybersecurity threats.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Audit Committee has primary responsibility for oversight of cybersecurity, including the responsibility to review and discuss with management and the Company’s auditors, as appropriate, management risks relating to data privacy, technology and information security.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Audit Committee, or the Board of Directors as a whole, is briefed on any material cybersecurity incidents that may adversely affect the Company and on cybersecurity risks in general at least once each year.
Cybersecurity Risk Role of Management [Text Block]	At the management level, our cybersecurity program is managed by our Director of IT, who reports to our Chief Operating Officer.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	At the management level, our cybersecurity program is managed by our Director of IT, who reports to our Chief Operating Officer.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our Director of IT has over 13 years of IT security experience in regulated industries such as government, energy and biopharma. He has over 20 years of combined IT experience.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our Director of IT reports at least annually to the Audit Committee and such reporting includes topics such as our risk assessment, risk management and control decisions, service provider arrangements, test results, security incidents and responses and recommendations for changes and updates to policies and procedures.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

DEBT - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	Nov. 10, 2023	Dec. 31, 2025	Dec. 31, 2024
Debt Instrument, Redemption [Line Items]
Fair value of bifurcated embedded derivatives		$ 1,430	$ 970
Common Stock Warrants
Debt Instrument, Redemption [Line Items]
Warrant, fair value	$ 1,100
Common Stock Warrants \| Common Stock
Debt Instrument, Redemption [Line Items]
Warrants (in shares)	730,769
Term Loan \| Secured Debt
Debt Instrument, Redemption [Line Items]
Principle borrowing capacity	$ 50,000
Interest rate	9.65%
Variable interest rate	1.15%
Final payment fee	$ 1,600	1,635	1,635
Minimum required payment (more than)	5,000
Minimum required payment, outstanding debt requirement (at least)	15,000
Conversion, if-converted amount	$ 2,500
Conversion price (in dollars per share)	$ 2.53
Direct fees	$ 500
Fair value of bifurcated embedded derivatives	1,200	$ 1,430	$ 970
Discount	4,400
Effective interest rate		14.10%	13.50%
Term Loan \| Secured Debt \| Common Stock Warrants
Debt Instrument, Redemption [Line Items]
Warrant, fair value	$ 1,100
Term Loan \| Secured Debt \| Common Stock Warrants \| Common Stock
Debt Instrument, Redemption [Line Items]
Warrants (in shares)	730,769
Term Loan, First Tranche \| Secured Debt
Debt Instrument, Redemption [Line Items]
Principle borrowing capacity	$ 30,000
Term Loan, Second Tranche \| Secured Debt
Debt Instrument, Redemption [Line Items]
Principle borrowing capacity	20,000
Covenant, proceeds from issuance of debt required (at least)	$ 20,000

SEGMENT REPORTING - Schedule of Segment Reporting Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Research and development
General and administrative	$ 18,947	$ 20,219
Other income, net	(2,497)	(11,688)
Segment net loss	121,335	102,329
Reportable Segment
Research and development
External costs	81,909	71,188
Internally-managed costs	19,028	19,062
General and administrative	12,985	14,069
Other segment expenses	9,910	9,698
Other income, net	(2,497)	(11,688)
Segment net loss	$ 121,335	$ 102,329

- Definition

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

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+ Details

DEBT

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

DEBT

Term Loan

On November 10, 2023, the Company entered into a Loan and Security Agreement with K2 HealthVentures LLC (the “Loan Agreement”). The Loan Agreement provided the Company with a Term Loan in the aggregate principal amount of $50.0 million, of which the Company borrowed $30.0 million in the first tranche upon closing. The remaining $20.0 million is available for borrowing upon the Company’s request based on review of certain information and discretionary approval from the lenders. The principal amount of the Term Loan outstanding under the Loan Agreement bears interest per annum at the greater of (i) 9.65% or (ii) the sum of the prime rate last quoted in The Wall Street Journal plus 1.15% for such interest period. The Term Loan matures on November 1, 2027, and can be extended to November 1, 2028 if the Company achieves certain financing milestones. The Loan Agreement provides for a final payment fee of an additional $1.6 million (the “Final Payment”) due upon repayment of the Term Loan. As security for its obligations under the Loan Agreement, the Company granted the lenders a security interest in substantially all of the Company’s assets (other than intellectual property).

The principal and interest of the Term Loan are to be repaid in equal monthly installments beginning on July 1, 2026 through the maturity of the Loan Agreement. The Loan Agreement allows prepayment of the entire Term Loan or a portion of the Term Loan of more than $5.0 million, provided that any partial prepayment will leave outstanding borrowings of at least $15.0 million.

The lenders can elect to convert up to $2.5 million of the Term Loan (the “Conversion Amount”) into the Company’s common stock at a conversion price of $2.53 (the “Conversion Option”). If the lenders elect to convert the Conversion Amount upon the Next Qualified Financing, as defined in the Loan Agreement whereby the Company receives aggregate gross proceeds of at least $20.0 million, the conversion price will equal the lowest effective cash price per share of securities issued in such Qualified Financing (the “Share-Settled Redemption”). The Conversion Option and Share-Settled Redemption within the Loan Agreement are required to be bifurcated as a single compound embedded derivative (the

“Embedded Derivatives”) at fair value, with subsequent changes in fair value recognized in the statements of operations and comprehensive loss.

In accordance with the Loan Agreement, the Company issued an equity-classified warrant to purchase 730,769 shares of common stock (the “Loan Warrant”), with an initial allocated fair value of $1.1 million. See additional discussion in Note 7. Stockholders’ Equity.

The initial recognition of the direct fees of $0.5 million, the Final Payment of $1.6 million, the fair value of the Embedded Derivatives at issuance of the Term Loan of $1.2 million and the fair value of the Loan Warrant of $1.1 million for the Loan Agreement resulted in a discount of $4.4 million, which is being amortized to interest expense over the term of the Loan Agreement using the effective interest method.

Outstanding debt consisted of the following (in thousands):


	December 31,
	2025		2024
Principal value of Term Loan, including final payment of $1,635	$	31,635	$	31,635
Fair value of bifurcated embedded derivatives	1,430		970
Unamortized debt discount	(1,904)		(3,186)
Total	31,161		29,419
Less: debt, short-term	8,765		—
Total debt, long-term	$	22,396	$	29,419

The following table provides the components of interest expense (in thousands):


	Year Ended December 31,
	2025		2024
Interest expense based on the coupon interest rate of the outstanding debt	$	2,935	$	2,943
Accretion of debt discount	1,282		1,112
Total interest expense related to debt	$	4,217	$	4,055

For the years ended December 31, 2025 and 2024, the effective interest rate for the Term Loan was 14.1% and 13.5%, respectively.

As of December 31, 2025, the aggregate principal payments due for the Term Loan by year are as follows (in thousands):


Year ended December 31, 2026	$	10,104
Year ended December 31, 2027	21,531
Total principal payment due for Term Loan	$	31,635

- Definition

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

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+ Details

BASIS OF PRESENTATION, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Cash and cash equivalents	$ 53,989	$ 35,627
Restricted cash	231	232
Cash and cash equivalents	$ 54,220	$ 35,859	$ 67,119

FAIR VALUE MEASUREMENTS

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

The Company’s financial assets and liabilities subject to fair value measurement on a recurring basis and the level of inputs used for such measurements were as follows (in thousands):


	Fair value measurements as of December 31, 2025 using
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value as of December 31, 2025
Assets included in:
Cash and cash equivalents
Money market securities	$	53,708	$	—	$	—	$	53,708
Marketable securities
Corporate debt securities	—		62,876		—		62,876

Total fair value	$	53,708	$	62,876	$	—	$	116,584
Liabilities included in:
Debt, long-term
Embedded derivative liabilities	$	—	$	—	$	1,430	$	1,430
Total fair value	$	—	$	—	$	1,430	$	1,430


	Fair value measurements as of December 31, 2024 using
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value as of December 31, 2024
Assets included in:
Cash and cash equivalents
Money market securities	$	35,268	$	—	$	—	$	35,268
Marketable securities
Corporate debt securities	—		178,901		—		178,901
Government and agency - U.S.	—		16,997		—		16,997
Total fair value	$	35,268	$	195,898	$	—	$	231,166
Liabilities included in:
Debt, long-term
Embedded derivative liabilities	$	—	$	—	$	970	$	970
Total fair value	$	—	$	—	$	970	$	970

The fair value of the Company’s money market funds is determined using quoted market prices in active markets for identical assets.

The fair value for the available-for-sale marketable securities is determined based on valuation models using inputs that are observable either directly or indirectly (Level 2 inputs), such as quoted prices for similar assets or liabilities, yield curve, volatility factors, credit spreads, default rates, loss severity, current market and contractual prices for the underlying instruments or debt, broker and dealer quotes, as well as other relevant economic measures.

The following table presents changes in Level 3 liabilities measured at fair value for the two-year period ended December 31, 2025 (in thousands):


Balance, January 1, 2024	$	2,560
Change in fair value of embedded derivatives	(1,590)
Balance, December 31, 2024	970
Change in fair value of embedded derivatives	460
Balance, December 31, 2025	$	1,430

- Definition

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

+ References

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

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

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

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

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

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

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

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

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

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

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

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

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

+ Details

STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)
Beginning balance (in shares) at Dec. 31, 2023		57,910,461
Beginning balance at Dec. 31, 2023	$ 266,973	$ 6	$ 489,453	$ (222,798)	$ 312
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock for cash, net of issuance costs (in shares)		2,068,246
Issuance of common stock for cash, net of issuance costs	7,938		7,938
Issuance of common stock for restricted stock units, net of shares withheld for taxes (in shares)		115,376
Issuance of common stock for restricted stock units, net of shares withheld for taxes	$ (41)		(41)
Stock options exercised for cash (in shares)	0
Unrealized gain (loss) on marketable securities	$ (360)				(360)
Stock-based compensation	9,635		9,635
Net loss	$ (102,329)			(102,329)
Ending balance (in shares) at Dec. 31, 2024	60,094,083	60,094,083
Ending balance at Dec. 31, 2024	$ 181,816	$ 6	506,985	(325,127)	(48)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock for restricted stock units, net of shares withheld for taxes (in shares)		446,756
Issuance of common stock for restricted stock units, net of shares withheld for taxes	$ (73)		(73)
Stock options exercised for cash (in shares)	34,530	34,530
Stock options exercised for cash	$ 39		39
Unrealized gain (loss) on marketable securities	131				131
Stock-based compensation	9,852		9,852
Net loss	$ (121,335)			(121,335)
Ending balance (in shares) at Dec. 31, 2025	60,575,369	60,575,369
Ending balance at Dec. 31, 2025	$ 70,430	$ 6	$ 516,803	$ (446,462)	$ 83

BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
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 dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	300,000,000	300,000,000
Common stock, shares issued (in shares)	60,575,369	60,094,083
Common stock, shares outstanding (in shares)	60,575,369	60,094,083

BASIS OF PRESENTATION, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS - Additional Information (Details)	1 Months Ended	12 Months Ended
	Oct. 31, 2023 USD ($)	Dec. 31, 2025 USD ($) segment	Dec. 31, 2024 USD ($)	Jan. 31, 2024 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cash equivalents		$ 53,700,000	$ 35,300,000
Debt securities, available-for-sale, allowance for credit loss		0	0
Research and development		104,885,000	93,798,000
Deferred tax assets, net		0	0
Uncertain tax positions		0	0
Uncertain tax positions, interest or penalties recorded		$ 0	$ 0
Number of operating segments \| segment		1
Computer-related assets
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Estimated useful lives of the assets (in years)		3 years
Finance lease liability				$ 800,000
Research and development	$ 700,000
Furniture
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Estimated useful lives of the assets (in years)		5 years

MARKETABLE SECURITIES - Schedule of Marketable Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Amortized Cost
Available-for-sale securities, short-term	$ 62,793	$ 135,775
Available-for-sale securities, long-term		60,171
Total available-for-sale securities		195,946
Gross Unrealized Gains
Available-for-sale securities, short-term	88	163
Available-for-sale securities, long-term		0
Total available-for-sale securities		163
Gross Unrealized Losses
Available-for-sale securities, short-term	(5)	(8)
Available-for-sale securities, long-term		(203)
Total available-for-sale securities		(211)
Fair Value
Available-for-sale securities, short-term	62,876	135,930
Available-for-sale securities, long-term		59,968
Total available-for-sale securities		195,898
Corporate debt securities
Amortized Cost
Available-for-sale securities, short-term	62,793	118,813
Available-for-sale securities, long-term		60,171
Gross Unrealized Gains
Available-for-sale securities, short-term	88	128
Available-for-sale securities, long-term		0
Gross Unrealized Losses
Available-for-sale securities, short-term	(5)	(8)
Available-for-sale securities, long-term		(203)
Fair Value
Available-for-sale securities, short-term	$ 62,876	118,933
Available-for-sale securities, long-term		59,968
Government and agency - U.S.
Amortized Cost
Available-for-sale securities, short-term		16,962
Gross Unrealized Gains
Available-for-sale securities, short-term		35
Gross Unrealized Losses
Available-for-sale securities, short-term		0
Fair Value
Available-for-sale securities, short-term		$ 16,997

DEBT - Schedule of Outstanding Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Nov. 10, 2023
Debt Instrument, Redemption [Line Items]
Fair value of bifurcated embedded derivatives	$ 1,430	$ 970
Total	31,161	29,419
Less: debt, short-term	8,765	0
Total debt, long-term	22,396	29,419
Term Loan \| Secured Debt
Debt Instrument, Redemption [Line Items]
Principal value of Term Loan, including final payment of $1,635	31,635	31,635
Fair value of bifurcated embedded derivatives	1,430	970	$ 1,200
Unamortized debt discount	(1,904)	(3,186)
Final payment fee	$ 1,635	$ 1,635	$ 1,600

BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets
Cash and cash equivalents	$ 53,989	$ 35,627
Marketable securities, short-term	62,876	135,930
Prepaid expenses and other current assets	5,387	6,749
Total current assets	122,252	178,306
Marketable securities, long-term	0	59,968
Restricted cash	231	232
Other assets, long-term	350	486
Total assets	122,833	238,992
Current liabilities
Accounts payable	554	5,648
Accrued clinical trial expenses	10,616	15,344
Accrued expenses and other current liabilities	10,072	6,615
Debt, short-term	8,765	0
Total current liabilities	30,007	27,607
Debt, long-term	22,396	29,419
Other liabilities, long-term	0	150
Total liabilities	52,403	57,176
Commitments and contingencies (Note 11)
Stockholders’ equity
Preferred stock, $0.0001 par value; 10,000,000 shares authorized and no shares issued and outstanding as of December 31, 2025 and 2024	0	0
Common stock, $0.0001 par value; 300,000,000 shares authorized as of December 31, 2025 and 2024; 60,575,369 and 60,094,083 shares issued and outstanding as of December 31, 2025 and 2024, respectively	6	6
Additional paid-in capital	516,803	506,985
Accumulated deficit	(446,462)	(325,127)
Accumulated other comprehensive income (loss)	83	(48)
Total stockholders’ equity	70,430	181,816
Total liabilities and stockholders’ equity	$ 122,833	$ 238,992

Cover - USD ($) $ in Millions	12 Months Ended
Cover - USD ($) $ in Millions	Dec. 31, 2025	Mar. 20, 2026	Jun. 30, 2025
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-40551
Entity Registrant Name	Acumen Pharmaceuticals, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-4108129
Entity Address, Address Line One	1210-1220 Washington St.
Entity Address, Address Line Two	Suite 210
Entity Address, City or Town	Newton
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02465
City Area Code	617
Local Phone Number	344-4190
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	ABOS
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 45.3
Entity Common Stock, Shares Outstanding		72,212,758
Documents Incorporated by Reference	Portions of the registrant’s definitive proxy statement relating to its 2026 annual meeting of the shareholders, or the 2026 Proxy Statement, are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated. The 2026 Proxy Statement will be filed with the U.S. Securities and Exchange Commission within 120 days after the end of the fiscal year to which this report relates.
Entity Central Index Key	0001576885
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Amendment Flag	false

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

STOCK-BASED COMPENSATION - Schedule of Restricted Stock Units Activity (Details) - RSUs	12 Months Ended
	Dec. 31, 2025 $ / shares shares
Number of Shares
Unvested beginning balance (in shares) \| shares	1,354,543
Granted (in shares) \| shares	1,066,950
Vested (in shares) \| shares	(485,867)
Forfeited (in shares) \| shares	(27,650)
Unvested ending balance (in shares) \| shares	1,907,976
Weighted Average Grant Date Fair Value
Unvested beginning balance (in dollars per share) \| $ / shares	$ 4.46
Granted (in dollars per share) \| $ / shares	1.73
Vested (in dollars per share) \| $ / shares	4.57
Forfeited (in dollars per share) \| $ / shares	2.31
Unvested ending balance (in dollars per share) \| $ / shares	$ 2.93

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Audit Information [Abstract]
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	Philadelphia, Pennsylvania

COMMITMENTS AND CONTINGENCIES	12 Months Ended
COMMITMENTS AND CONTINGENCIES	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES The Company is not a party to any material legal proceedings and is not aware of any pending or threatened claims. From time to time, the Company may be subject to various legal proceedings and claims that arise in the ordinary course of its business activities. In July 2025, the Company entered into a collaboration, option and license agreement with JCR Pharmaceuticals Co. Ltd. (“JCR”) to develop an Aß oligomer-targeted Enhanced Brain Delivery (EBDTM) therapy for the treatment of AD. Under the terms of the agreement, the Company paid JCR an upfront license payment, which was recognized as in-process research and development expense during the year ended December 31, 2025. Additionally, if the Company exercises its exclusive option to develop up to two development candidates, JCR will be eligible to receive an option exercise payment of $9.25 million. JCR will also be eligible to receive future milestone payments of up to $40.0 million related to development, and up to $515.0 million related to sales, for a total of up to $555.0 million, as well as single-digit percentage royalties on sales of any products that emerge from the collaboration. In November 2023, the Company entered into a Non-exclusive Collaboration and License Agreement (the “Halozyme License Agreement”) with Halozyme, Inc. (“Halozyme”). Under the terms of the Halozyme License Agreement, Halozyme granted the Company a non-exclusive license to Halozyme’s drug delivery technology for the development of a subcutaneous formulation of sabirnetug (such combination, the “Halozyme Product”). In January 2024, the Company paid a seven-figure upfront license payment for the Halozyme Product. The Company is required to make milestone payments upon the achievement of certain development and commercialization events with respect to the Halozyme Product, as well as milestone payments based on achievement of certain net sales levels of the Halozyme Product. The Company will also make single-digit royalty payments based on worldwide net sales of the Halozyme Product. The upfront license payment and milestones are recorded as in-process research and development expense when incurred. In November 2022, the Company entered into a License Agreement (“Lonza License Agreement”) with Lonza Sales AG (“Lonza”). Under the terms of the Lonza License Agreement, Lonza granted the Company a worldwide non-exclusive license to use Lonza’s glutamine synthetase gene expression system to manufacture and commercialize sabirnetug (the “Lonza Product”). Under the terms of the Lonza License Agreement, in consideration of the licenses and consents granted to the Company, the Company paid an upfront fee of 1.0 million Swiss Francs. The Company is also required to pay certain royalties upon commercialization and annual payments on a country-by-country basis in respect of the manufacturing and sale of the Lonza Product, which include (i) a royalty of less than 1% on net sales where Lonza manufactures the Lonza Product, (ii) an annual royalty payment in Swiss Francs in the low six-digits and a royalty of less than 1% on net sales where the Company manufactures the Lonza Product and (iii) an annual payment in Swiss Francs in the mid six-digits per sublicense and a royalty on net sales in the low single digits where a third party manufactures the Lonza Product. These payment obligations expire ten years from the first commercial sales of the Lonza Product in such country of sale.

STOCK-BASED COMPENSATION - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Stock Options
Beginning balance (in shares)	10,656,129
Granted (in shares)	2,188,960
Exercised (in shares)	(34,530)	0
Forfeited (in shares)	(75,402)
Expired (in shares)	(156,391)
Ending balance (in shares)	12,578,766	10,656,129
Vested and exercisable (in shares)	8,421,358
Weighted Average Exercise Price
Beginning balance (in dollars per share)	$ 3.83
Granted (in dollars per share)	1.64
Exercised (in dollars per share)	1.13
Forfeited (in dollars per share)	2.75
Expired (in dollars per share)	4.23
Ending balance (in dollars per share)	3.46	$ 3.83
Vested and exercisable (in dollars per share)	$ 3.66
Weighted Average Remaining Contractual Life (in years)
Outstanding balance (in years)	7 years
Vested and exercisable (in years)	6 years 2 months 12 days
Ending balance, aggregate intrinsic value	$ 374
Vested and exercisable, aggregate intrinsic value	$ 346

STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Cash flows from operating activities
Net loss	$ (121,335)	$ (102,329)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	58	63
Stock-based compensation expense	9,852	9,635
Amortization of premiums and accretion of discounts on marketable securities, net	(809)	(5,015)
Change in fair value of embedded derivatives	460	(1,590)
Amortization of right-of-use asset	126	115
Realized gain on marketable securities	(59)	(97)
Noncash interest expense	1,288	1,118
Other noncash expense	0	232
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	1,362	(3,656)
Other long-term assets	40	74
Accounts payable	(5,094)	4,269
Accrued clinical trial expenses	(4,728)	10,957
Accrued expenses and other liabilities	3,301	32
Finance lease liability	0	(23)
Net cash used in operating activities	(115,538)	(86,215)
Cash flows from investing activities
Purchases of marketable securities	(38,056)	(170,731)
Proceeds from maturities and sales of marketable securities	172,077	218,774
Purchases of property and equipment	(88)	(16)
Net cash provided by investing activities	133,933	48,027
Cash flows from financing activities
Proceeds from issuance of common stock, net of issuance costs	0	7,938
Proceeds from exercise of stock options	39	0
Payment for financing lease	0	(739)
Payments for deferred offering costs	0	(230)
Repurchase of common shares to pay employee withholding taxes	(73)	(41)
Net cash (used in) provided by financing activities	(34)	6,928
Net change in cash and cash equivalents and restricted cash	18,361	(31,260)
Cash and cash equivalents and restricted cash at the beginning of the period	35,859	67,119
Cash and cash equivalents and restricted cash at the end of the period	54,220	35,859
Supplemental disclosure of cash flow information
Cash paid for income taxes	0	0
Cash paid for interest	$ 2,936	$ 2,973

BASIS OF PRESENTATION, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

BASIS OF PRESENTATION, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS

Basis of Presentation

The accompanying financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the U.S.

Securities and Exchange Commission (“SEC”). In the opinion of management, all adjustments (consisting of normal recurring adjustments) have been made that are necessary to present fairly the Company’s financial position, and the results of its operations and its cash flows.

Emerging Growth Company

From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) or other standard setting bodies and adopted by the Company as of the specified effective date. Unless otherwise discussed, the impact of recently issued standards that are not yet effective will not have a material impact on the Company’s financial statements upon adoption. Under the Jumpstart Our Business Startups Act of 2012, as amended, the Company meets the definition of an emerging growth company and has elected to use the extended transition period for complying with new or revised accounting standards, which delays the adoption of these accounting standards until they would apply to private companies.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of expenses during the reporting periods. These estimates and assumptions are based on the Company’s historical experience, and on various other factors that management believes are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of expenses that are not readily apparent from other sources.

Actual results may differ from these estimates under different assumptions or conditions. To the extent there are material differences between the estimates and actual results, the Company’s future results of operations will be affected. The more significant estimates and assumptions by management include, among others: the valuation allowance of deferred tax assets resulting from net operating losses, the valuation of stock options, the valuation of embedded derivatives within the Company’s debt, long-term and accruals for clinical trial expenses and other research and development expenses.

Cash and Cash Equivalents and Restricted Cash

The Company considers all highly liquid investments with an original maturity of three months or less at the date of purchase to be cash equivalents. All of the Company’s cash equivalents have liquid markets and high credit ratings. The Company had $53.7 million and $35.3 million in cash equivalents as of December 31, 2025 and 2024, respectively.

Restricted cash primarily consists of deposited cash collateral for the Company’s credit card program.

The following table provides a reconciliation of cash, cash equivalents and restricted cash from the balance sheets to the statements of cash flows (in thousands):


	December 31,
	2025		2024
Cash and cash equivalents	$	53,989	$	35,627
Restricted cash	231		232
Total cash, cash equivalents and restricted cash	$	54,220	$	35,859

Marketable Securities

The Company’s marketable securities portfolio consists primarily of investments in money market funds, U.S. treasury and agency securities and short-term highly liquid, high credit quality corporate debt securities. The Company considers its marketable securities to be available-for-sale. Available-for-sale securities are classified as cash equivalents, or as short-term or long-term marketable securities based on the maturity date at the time of purchase and their availability to meet current operating requirements. Available-for-sale securities that mature in three months or less from the date of purchase are classified as cash equivalents. Available-for-sale securities, excluding cash equivalents, that mature in one year or less are classified as short-term marketable securities and those that mature in more than one year are classified as long-term.

Securities that are classified as available-for-sale are measured at fair value; see “Fair Value of Financial Instruments” below. Any premium arising at purchase is amortized to the earliest call date and any discount arising at purchase is accreted to maturity. Amortization of premiums and accretion of discounts are recorded along with interest income on investments in interest income, net in the statements of operations and comprehensive loss. Unrealized gains and losses are excluded from earnings and are reported as a component of other comprehensive income. The cost of investments sold will be calculated using the specific-identification method.

For securities available-for-sale, Accounting Standards Update 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments eliminates the concept of other-than-temporary impairment and instead requires entities to determine if impairment is related to credit loss or non-credit loss. In making the assessment of whether a loss is from credit or other factors, 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 related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows is less than the amortized cost basis, a credit loss exists and an allowance is created, limited by the amount that the fair value is less than the amortized cost basis. Subsequent activity related to the credit loss component in the form of write-offs or recoveries is recognized as part of the allowance for credit losses on securities available-for-sale. The Company has made the accounting policy election to exclude accrued interest receivable on securities from the estimate of credit losses and will record a credit loss expense for accrued interest receivable in the period when a credit loss is recorded for the related securities.

Management determined that the Company did not require an allowance for credit losses for available-for-sale securities as of December 31, 2025 or 2024, as the aggregate amount of any credit losses was immaterial. The Company did not have any related write-offs or recoveries for the years ended December 31, 2025 and 2024.

Concentrations of Credit Risk

Financial instruments that potentially subject the Company to significant concentration of credit risk consist primarily of cash, cash equivalents and marketable securities. The Company maintains deposits in financial institutions in excess of government insured limits. Management believes that the Company is not exposed to significant credit risk as the Company’s cash and cash equivalents are held at financial institutions that management believes to be of high credit quality. The Company has not experienced any losses due to credit risk on such accounts during any of the periods presented.

Fair Value of Financial Instruments

The Company’s financial assets and liabilities are accounted for in accordance with ASC 820, Fair Value Measurements and Disclosures, which defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The fair value hierarchy requires an entity to maximize the use of observable inputs when measuring fair value and classifies those inputs into three levels:

Level 1 — Observable inputs, such as quoted prices in active markets for identical assets or liabilities.

Level 2 — Inputs other than Level 1 inputs that are either directly or indirectly observable, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the instrument’s anticipated life.

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

To the extent the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair values requires more judgment. Accordingly, the degree of judgment exercised by management in determining fair value is greatest for instruments categorized as Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. There were no transfers made among the three levels in the fair value hierarchy for the years ended December 31, 2025 and 2024.

The carrying values reported in the balance sheets for cash (excluding cash equivalents which are recorded at fair value on a recurring basis), restricted cash, accounts payable, accrued clinical trial expenses and accrued expenses are reasonable estimates of their fair values due to the short-term nature of these items.

The carrying amount of the Company’s long-term debt approximates fair value due to its variable market interest rate and management’s opinion that current rates and terms that would be available to the Company with the same maturity and security structure would be essentially equivalent to that of the Company’s long-term debt. Certain features of the Company’s term loan facility (the “Term Loan”) were determined to be an embedded derivative requiring separate measurement from the loan host instrument. For additional information regarding the Term Loan, see Note 6. Debt.

Property and Equipment

Property and equipment are stated at cost. Depreciation expense is computed using the straight-line method over the estimated useful lives of the assets, including leasehold improvements and finance lease right-of-use assets that are amortized over the shorter of their estimated useful lives or the terms of the respective leases. The Company generally uses the following useful lives for its property and equipment categories: three years for computer-related assets and five years for furniture. See Note 5. Supplemental Financial Information.

Leases

The Company accounts for its leases under ASC 842, Leases. Under this guidance, arrangements meeting the definition of a lease are classified as operating or finance leases and are recorded in the balance sheet at the commencement date as both a right-of-use asset and a lease liability, calculated by discounting fixed lease payments over the lease term at the rate implicit in the lease or the Company’s incremental borrowing rate. Lease liabilities are increased by interest and reduced by payments each period, and right-of-use assets are amortized over the lease term, or, for finance leases, over the shorter of the lease term or the estimated useful life of the assets. For operating leases, interest on the lease liability and the amortization of the right-of-use asset results in straight-line rent expense over the lease term. For finance leases, the right-of-use asset is amortized on a straight-line basis and the amortization is presented as an operating expense separately from interest expense on the lease liability. Variable lease expenses are recorded when incurred and not included in the measurement of right-of-use assets and lease liabilities.

ASC 842 provides practical expedients for an entity’s ongoing accounting. In calculating right-of-use assets and lease liabilities, the Company has elected to combine lease and non-lease components for real estate leases, but has not elected to combine lease and non-lease components for computer equipment leases. Additionally, the Company has elected not to recognize a right-of-use asset or lease liability for leases with an initial term of 12 months or less. For short-term leases, the Company recognized lease payments on a straight-line basis over the lease term.

Computer Equipment Lease

In September 2023, the Company entered into an agreement with a vendor that included the lease of certain computer equipment for its Phase 2 clinical trial with an October 2023 lease commencement date. In January 2024, the Company paid $0.8 million for the computer equipment, which will be returned to the vendor at the completion of the vendor’s services under the agreement. Upon the lease inception, the Company recorded noncash expense of $0.7 million in research and development expense in the statement of operations and comprehensive loss for the right-of-use assets related to the computer equipment lease as the equipment is being used for research and development and does not have an alternative future use.

Debt Discount and Debt Issuance Costs

The debt discount, which reduces the related debt balance in the balance sheets, is comprised of debt issuance costs, contractual fees due upon repayment of the debt, the issuance date fair value of warrants issued with the debt and the issuance date fair value of any derivatives that are bifurcated from the debt. Debt issuance costs include direct costs (e.g., legal costs and bank fees) incurred to issue non-revolving debt instruments. The debt discount is amortized to interest expense over the contractual term of the related debt using the effective interest method.

Embedded Derivatives

The Company evaluates embedded derivatives within debt to determine whether the embedded derivatives should be bifurcated from the host instrument and accounted for as a derivative at fair value that will be remeasured at each reporting period for the term of the loan, with changes in fair value recorded in the statements of operations and comprehensive loss. Management initially assesses the probability of the occurrence of trigger events for bifurcated embedded derivatives in determining fair value. The probability is reassessed at each reporting period during the term of a loan.

Research and Development Expenses

Research and development (“R&D”) expenses primarily consist of consultants and materials, biologic storage, salaries and other personnel-related expenses related to R&D activities and are expensed as incurred. Payments for these activities are based on the terms of the individual agreements, which may differ from the pattern of costs incurred, and are reflected on the balance sheets as prepaid or accrued expenses. The Company records accruals for estimated ongoing research costs. When evaluating the adequacy of the accrued liabilities, the Company analyzes progress of the studies or research, including the phase or completion of events, invoices received and contracted costs.

Clinical trial costs are a significant component of R&D expenses and include costs associated with third-party contractors. The Company accrues and expenses costs for clinical trial activities performed by third parties based upon the work completed to date for each clinical trial in accordance with established agreements. The Company determines its costs through discussions with internal clinical stakeholders and outside service providers as to the progress or stage of completion of clinical trials or services and the contracted fee to be paid for such services. In the event advance payments are made to an outside service provider, the payments are recorded within prepaid expenses and other current assets in the balance sheets and subsequently recognized as R&D expense in the statements of operations and comprehensive loss when the associated services have been performed. As actual costs become known, the Company adjusts its estimates, liabilities and assets. Inputs used in the determination of estimates discussed above may vary from actual, which will result in adjustments to R&D expense in future periods.

The Company has acquired licenses of intellectual property to develop and commercialize product candidates. Upfront payments that relate to licenses of intellectual property, as well as pre-commercial milestone payments, are immediately expensed as acquired in-process research and development in the period in which they are incurred, provided that the licenses did not also include processes or activities that would constitute a “business” as defined under U.S. GAAP and have no established alternative future use.

Stock-based Compensation

The Company expenses stock-based compensation to employees, non-employees and board members over the requisite service period based on the estimated grant date fair value of the awards and actual forfeitures. The Company estimates the fair value of stock option grants using the Black-Scholes option pricing model, which requires the use of a number of complex assumptions including expected volatility, risk-free interest rate, expected dividends, and the expected term of the option. The fair value of restricted stock units (“RSUs”) is the closing market price of the common stock on the date of the grant. The assumptions used in calculating the fair value of stock-based awards represent management’s best estimates and involve inherent uncertainties and the application of management’s judgment. Stock-based awards with graded-vesting schedules are recognized on a straight-line basis over the requisite service period. All stock-based compensation costs are recorded in research and development expense or general and administrative expense in the statements of operations and comprehensive loss based upon the respective employee’s or non-employee’s roles within the Company. Forfeitures are recorded as they occur. See Note 8. Stock-based Compensation.

Income Taxes

Income taxes are recorded in accordance with ASC 740, Income Taxes (“ASC 740”), which provides for deferred taxes using an asset and liability approach. The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse, and net operating loss (“NOL”) carryforwards and R&D tax credit carryforwards. Valuation allowances are provided if, based upon the weight of available

evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company has recorded a full valuation allowance to reduce its net deferred income tax assets to zero. In the event the Company were to determine that it would be able to realize some or all of its deferred income tax assets in the future, an adjustment to the deferred income tax asset valuation allowance would increase income in the period such determination was made.

The Company accounts for uncertain tax positions in accordance with the provisions of ASC 740. When uncertain tax positions exist, the Company recognizes the tax benefit of tax positions to the extent that the benefit would more likely than not be realized assuming examination by the taxing authority. The determination as to whether the tax benefit will more likely than not be realized is based upon the technical merits of the tax position as well as consideration of the available facts and circumstances. The Company has not recorded any liabilities related to uncertain tax positions as of December 31, 2025 and 2024. The Company’s policy is to record interest and penalties, if any, as part of income tax benefit. No interest or penalties were recorded during the years ended December 31, 2025 and 2024.

Net Loss Per Share of Common Stock

Basic net loss per share of common stock is computed by dividing net loss by the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per share of common stock includes the effect, if any, from the potential exercise or conversion of securities, such as convertible debt, stock options, RSUs and warrants, which would result in the issuance of incremental shares of common stock. However, potential shares of common stock are excluded if their effect is anti-dilutive. For diluted net loss per share, the weighted-average number of shares of common stock is the same for basic net loss per share due to the fact that when a net loss exists, dilutive securities are not included in the calculation as the impact is anti-dilutive. For the years ended December 31, 2025 and 2024, potential common shares consisted of stock options, RSUs, convertible debt and a warrant to purchase common stock.

Potentially dilutive securities not included in the calculation of diluted net loss per share of common stock as of the periods presented, because to do so would be anti-dilutive, were as follows:


	December 31,
	2025	2024
Shares issuable upon exercise of stock options	12,578,766	10,656,129
Shares issuable upon conversion election for Term Loan	988,142	988,142
Shares issuable upon exercise of warrant	730,769	730,769
Unvested RSUs	1,907,976	1,354,543
Total	16,205,653	13,729,583

Segment Information

Operating segments are defined as components of an enterprise for which separate discrete financial information is available for evaluation by the chief operating decision maker (“CODM”) in deciding how to allocate resources and assess performance. The Company’s CODM is its chief executive officer. The Company has one operating segment focused on the research and development of sabirnetug for the treatment of patients with AD. See Note 10 – Segments.

Collaboration Agreements

The Company enters into collaboration agreements with companies to license intellectual property and may be obligated to make future development, regulatory and commercial milestone payments and royalty payments on future sales of specified products associated with these agreements. Payments under these agreements generally become due and payable upon achievement of such milestones or sales. These commitments are not recorded on the Company’s balance sheet because the achievement and timing of these milestones are not fixed and determinable. When the achievement of these milestones or sales has occurred, the corresponding amounts are recognized in the Company’s financial statements.

Recently Adopted Accounting Pronouncements

In December 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The standard is intended to enhance the existing income tax disclosures to

provide information to better assess how an entity’s operations and related tax risks and tax planning and operational opportunities affect its tax rate and prospects for future cash flows. The standard was adopted by the Company on a prospective basis for its annual period beginning on January 1, 2025. The adoption of this standard did not have a material impact on the Company’s financial statements and disclosures.

Recently Issued Accounting Pronouncements

In November 2024, the FASB issued ASU 2024-04, Debt - Debt with Conversion and Other Options (Subtopic 470- 20): Induced Conversions of Convertible Debt Instruments. The standard is intended to clarify the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion. The standard is effective for annual periods beginning after December 15, 2025, and for interim periods within those annual reporting periods. Early adoption is permitted if ASU 2020-06 has been adopted. As of December 31, 2025, the Company had no induced conversions. The Company will adopt this standard on a prospective basis on January 1, 2026 and does not expect this standard to have any impact on its financial statements upon adoption.

In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The standard is intended to require more detailed disclosures about specified categories of expenses, including employee compensation, depreciation and amortization, included in certain expense captions presented on the face of the income statement. The ASU is effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 31, 2027. Early adoption is permitted. The amendments may be applied either (1) prospectively to financial statements issued for reporting periods after the effective date of this ASU or (2) retrospectively to all prior periods presented in the financial statements. The Company is evaluating the potential impact of this adoption on the financial statements and related disclosures.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting - Narrow Scope Improvements. The standard is intended to improve the guidance in Topic 270, Interim Reporting, by improving the navigability of the required

interim disclosures and clarifying when that guidance is applicable. The amendments in this update clarify interim disclosure requirements and the applicability of Topic 270. The amendments also provide additional guidance on what disclosures should be provided in interim reporting periods. The amendments in this update are effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. Upon adoption, the amendments may be applied on a prospective or retrospective basis. The Company is evaluating the potential impact of this adoption on the financial statements and related disclosures.

SUPPLEMENTAL FINANCIAL INFORMATION

12 Months Ended

Dec. 31, 2025

Supplemental Financial Information [Abstract]

SUPPLEMENTAL FINANCIAL INFORMATION

Prepaid expenses and other assets as of December 31, 2025 and 2024 consisted of the following (in thousands):


	December 31, 2025
	Prepaid Expenses and Other Current Assets		Other Long-Term Assets		Total Prepaid Expenses and Other Assets
Research and development service agreements	$	3,527	$	29	$	3,556
Other receivables	625		—		625
Prepaid insurance	601		—		601
Dues and subscriptions	368		—		368
Right-of-use asset	—		140		140
Property and equipment, net (1)	—		103		103
Other	266		78		344
Total	$	5,387	$	350	$	5,737


	December 31, 2024
	Prepaid Expenses and Other Current Assets		Other Long-Term Assets		Total Prepaid Expenses and Other Assets
Research and development service agreements	$	4,841	$	75	$	4,916
Prepaid insurance	858		—		858
Other receivables	345		—		345
Dues and subscriptions	230		—		230
Right-of-use asset	—		266		266
Property and equipment, net (1)	—		73		73
Other	475		72		547
Total	$	6,749	$	486	$	7,235

(1) As of December 31, 2025 and 2024, accumulated depreciation totaled approximately $0.2 million and $0.1 million, respectively.

Accrued expenses and other current liabilities as of December 31, 2025 consisted of the following (in thousands):


	Accrued Expenses and Other Current Liabilities
Research and development	$	5,427
Compensation and other employee liabilities	4,066
Interest	249
Operating lease liability	150
Other	180
Total	$	10,072

Accrued expenses and other liabilities as of December 31, 2024 consisted of the following (in thousands):


	December 31, 2024
	Accrued Expenses and Other Current Liabilities		Other Long-Term Liabilities		Total Accrued Expenses and Other Liabilities
Compensation and other employee liabilities	$	4,207	$	—	$	4,207
Research and development	1,796		—		1,796
Interest	249		—		249
Operating lease liability	133		150		283
Other	230		—		230
Total	$	6,615	$	150	$	6,765

DEBT - Schedule Of Interest Expense, Debt (Details) - Term Loan - Secured Debt - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Interest expense based on the coupon interest rate of the outstanding debt	$ 2,935	$ 2,943
Accretion of debt discount	1,282	1,112
Total interest expense related to debt	$ 4,217	$ 4,055

- 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

FAIR VALUE MEASUREMENTS - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Marketable securities
Total fair value	$ 116,584	$ 231,166
Debt, long-term
Fair value of bifurcated embedded derivatives	1,430	970
Total fair value	1,430	970
Quoted Prices in Active Markets for Identical Assets (Level 1)
Marketable securities
Total fair value	53,708	35,268
Debt, long-term
Fair value of bifurcated embedded derivatives	0	0
Total fair value	0	0
Significant Other Observable Inputs (Level 2)
Marketable securities
Total fair value	62,876	195,898
Debt, long-term
Fair value of bifurcated embedded derivatives	0	0
Total fair value	0	0
Significant Unobservable Inputs (Level 3)
Marketable securities
Total fair value	0	0
Debt, long-term
Fair value of bifurcated embedded derivatives	1,430	970
Total fair value	1,430	970
Corporate debt securities
Marketable securities
Marketable securities	62,876	178,901
Corporate debt securities \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Marketable securities
Marketable securities	0	0
Corporate debt securities \| Significant Other Observable Inputs (Level 2)
Marketable securities
Marketable securities	62,876	178,901
Corporate debt securities \| Significant Unobservable Inputs (Level 3)
Marketable securities
Marketable securities	0	0
Government and agency - U.S.
Marketable securities
Marketable securities		16,997
Government and agency - U.S. \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Marketable securities
Marketable securities		0
Government and agency - U.S. \| Significant Other Observable Inputs (Level 2)
Marketable securities
Marketable securities		16,997
Government and agency - U.S. \| Significant Unobservable Inputs (Level 3)
Marketable securities
Marketable securities		0
Money market securities
Cash and cash equivalents
Cash and cash equivalents	53,708	35,268
Money market securities \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Cash and cash equivalents
Cash and cash equivalents	53,708	35,268
Money market securities \| Significant Other Observable Inputs (Level 2)
Cash and cash equivalents
Cash and cash equivalents	0	0
Money market securities \| Significant Unobservable Inputs (Level 3)
Cash and cash equivalents
Cash and cash equivalents	$ 0	$ 0

BASIS OF PRESENTATION, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Schedule of Cash, Cash Equivalents and Restricted Cash

The following table provides a reconciliation of cash, cash equivalents and restricted cash from the balance sheets to the statements of cash flows (in thousands):


	December 31,
	2025		2024
Cash and cash equivalents	$	53,989	$	35,627
Restricted cash	231		232
Total cash, cash equivalents and restricted cash	$	54,220	$	35,859

Schedule of Antidilutive Securities Excluded from Computation of Loss Per Share

Potentially dilutive securities not included in the calculation of diluted net loss per share of common stock as of the periods presented, because to do so would be anti-dilutive, were as follows:


	December 31,
	2025	2024
Shares issuable upon exercise of stock options	12,578,766	10,656,129
Shares issuable upon conversion election for Term Loan	988,142	988,142
Shares issuable upon exercise of warrant	730,769	730,769
Unvested RSUs	1,907,976	1,354,543
Total	16,205,653	13,729,583

MARKETABLE SECURITIES (Tables)

12 Months Ended

Dec. 31, 2025

Marketable Securities [Abstract]

Schedule of Marketable Securities

The Company’s marketable securities consisted of the following (in thousands):


	December 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-sale securities, short-term
Corporate debt securities	$	62,793	$	88	$	(5)	$	62,876






Total available-for-sale securities, short-term	$	62,793	$	88	$	(5)	$	62,876


	December 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-sale securities, short-term
Corporate debt securities	$	118,813	$	128	$	(8)	$	118,933
Government and agency - U.S. securities	16,962		35		—		16,997
Total available-for-sale securities, short-term	135,775		163		(8)		135,930
Available-for-sale securities, long-term
Corporate debt securities	60,171		—		(203)		59,968

Total available-for-sale securities, long-term	60,171		—		(203)		59,968
Total available-for-sale securities	$	195,946	$	163	$	(211)	$	195,898

Schedule of Unrealized


	December 31, 2025
	Less than 12 Months				Greater than 12 Months				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Corporate debt securities	$	6,036	$	(3)	$	5,119	$	(2)	$	11,155	$	(5)


Total	$	6,036	$	(3)	$	5,119	$	(2)	$	11,155	$	(5)


	December 31, 2024
	Less than 12 Months				Greater than 12 Months				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Corporate debt securities	$	73,952	$	(211)	$	2,515	$	—	$	76,467	$	(211)

Total	$	73,952	$	(211)	$	2,515	$	—	$	76,467	$	(211)

BASIS OF PRESENTATION, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS - Schedule of Antidilutive Securities Excluded from Computation of Loss Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	16,205,653	13,729,583
Shares issuable upon exercise of stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	12,578,766	10,656,129
Shares issuable upon conversion election for Term Loan
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	988,142	988,142
Shares issuable upon exercise of warrant
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	730,769	730,769
Unvested RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	1,907,976	1,354,543

STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Share-Based Compensation Expense Related to Stock Options


	Year Ended December 31,
	2025		2024
General and administrative	$	5,913	$	6,113
Research and development	3,939		3,522
Total stock-based compensation	$	9,852	$	9,635

Schedule of Assumptions Used for Valuation of Fair Value of Stock Options

The Black-Scholes option-pricing model was used to estimate the fair value of stock options granted during the years ended December 31, 2025 and 2024 with the following weighted average assumptions:


	Year Ended December 31,
	2025	2024
Risk-free interest rate	3.8% – 4.5%	3.8% – 5.1%
Expected term (in years)	1.0 – 6.0	0.9 – 6.1
Expected volatility	76% - 92%	92% - 103%
Expected dividend yield	0%	0%

Schedule of Stock Option Activity

The following table reflects summarized stock option activity during the year ended December 31, 2025:


	Stock Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in years)	Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2024	10,656,129	$	3.83
Granted	2,188,960	$	1.64
Exercised	(34,530)	$	1.13
Forfeited	(75,402)	$	2.75
Expired	(156,391)	$	4.23
Outstanding as of December 31, 2025	12,578,766	$	3.46	7.0	$	374
Vested and exercisable as of December 31, 2025	8,421,358	$	3.66	6.2	$	346

Schedule of Nonvested Restricted Stock Units Activity

The following table reflects summarized RSU activity during the year ended December 31, 2025:


	Number of Shares	Weighted Average Grant Date Fair Value
Unvested as of December 31, 2024	1,354,543	$	4.46
Granted	1,066,950	$	1.73
Vested	(485,867)	$	4.57
Forfeited	(27,650)	$	2.31
Unvested as of December 31, 2025	1,907,976	$	2.93