0001628280-26-056199 | 10-Q | XBRL Viewer | Acumen Pharmaceuticals INC

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STOCK-BASED COMPENSATION - Schedule of Nonvested Restricted Stock Units Activity (Details) - RSUs	6 Months Ended
	Jun. 30, 2026 $ / shares shares
Number of Shares
Unvested beginning balance (in shares) \| shares	1,907,976
Granted (in shares) \| shares	2,045,683
Vested (in shares) \| shares	(869,203)
Forfeited (in shares) \| shares	(25,685)
Unvested ending balance (in shares) \| shares	3,058,771
Weighted Average Grant Date Fair Value
Unvested beginning balance (in dollars per share) \| $ / shares	$ 2.93
Granted (in dollars per share) \| $ / shares	1.97
Vested (in dollars per share) \| $ / shares	3.28
Forfeited (in dollars per share) \| $ / shares	1.93
Unvested ending balance (in dollars per share) \| $ / shares	$ 2.20

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

6 Months Ended

Jun. 30, 2026

Accounting Policies [Abstract]

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information, the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. In the opinion of management, the unaudited condensed financial statements reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s financial position and results of its operations and its cash flows for the periods presented. Certain information and note disclosures normally included in the Company’s annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. These unaudited condensed financial statement results are not necessarily indicative of results to be expected for the full fiscal year or any future period.

A description of the Company’s significant accounting policies is included in the Company’s Annual Report. There have been no material changes in the Company’s significant accounting policies to those previously disclosed in the Company’s Annual Report.

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 unaudited condensed 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 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 $59.3 million and $53.7 million in cash equivalents as of June 30, 2026 and December 31, 2025, 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):


	June 30, 2026		December 31, 2025
Cash and cash equivalents	$	59,443	$	53,989
Restricted cash	231		231
Total cash, cash equivalents and restricted cash	$	59,674	$	54,220

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.

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, restricted stock units (“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.

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:


	June 30,
	2026	2025
Shares issuable upon exercise of stock options	15,441,098	12,539,238
Shares issuable upon conversion election for term loan facility	988,142	988,142
Shares issuable upon exercise of warrant	730,769	730,769
Unvested RSUs	3,058,771	1,917,293
Total	20,218,780	16,175,442

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 treatments for AD, including both sabirnetug and its EBD therapy. See Note 9 – Segment Reporting.

Recently Issued Accounting Pronouncements

From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) or other standard setting bodies that the Company adopts as of the specified effective date. Unless otherwise discussed below, the Company does not believe that the adoption of recently issued standards have or may have a material impact on its financial statements and disclosures.

In November 2024, the FASB issued Accounting Standards Update (“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. As of June 30, 2026, the Company had no induced conversions. The Company adopted this standard on a prospective basis on January 1, 2026. The adoption of this standard did not have a material impact on the Company’s financial statements and related disclosures.

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 its 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 its financial statements and related disclosures.

DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS	6 Months Ended
DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS	Jun. 30, 2026
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 (“AβOs”), which are globular assemblies of the amyloid-beta (“Aβ”) peptide that are distinct from Aβ monomers and amyloid plaques. Based on decades of research and supporting evidence, AβOs 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 plans to announce top-line results in late 2026. Top-line results are expected to include the difference compared to placebo after 18 months as measured by the Integrated Alzheimer’s Disease Rating Scale, our primary clinical efficacy endpoint, as well as key secondary endpoints, such as Clinical Dementia Rating – Sum of the Boxes, certain safety measures such as adverse event rates, including rates of amyloid-related imaging abnormalities, and key fluid biomarkers. 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 AβOs. In July 2023, the Company announced top-line 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, Aβ oligomer-targeted Enhanced Brain Delivery™ (EBD™) therapy for AD. In June 2026, the Company announced the nomination of two EBD development candidates for the treatment of AD pursuant to its collaboration agreement with JCR Pharmaceuticals Co. Ltd. (“JCR”) and the exercise of its option pursuant to the collaboration agreement to license and develop such development candidates. See additional information in Note 10. Commitments and Contingencies. 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 June 30, 2026, the Company had an accumulated deficit of $499.9 million and had cash and cash equivalents and marketable securities of $110.2 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 unaudited condensed 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 - Additional Information (Details)	6 Months Ended
SEGMENT REPORTING - Additional Information (Details)	Jun. 30, 2026 segment
Segment Reporting [Abstract]
Number of reportable segments	1
Number of operating segments	1

STOCKHOLDERS’ EQUITY	6 Months Ended
STOCKHOLDERS’ EQUITY	Jun. 30, 2026
Stockholders' Equity Note [Abstract]
STOCKHOLDERS’ EQUITY	STOCKHOLDERS’ EQUITY Authorized Shares As of June 30, 2026, 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 per share, and 300,000,000 shares designated as common stock with a par value of $0.0001 per share. Each share of common stock issued and outstanding is entitled to one vote. Private Placement On March 13, 2026, the Company entered into 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 $35.7 million, before deducting offering costs of approximately $0.3 million. 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. The Company filed a shelf registration statement on Form S-3 with the Securities and Exchange Commission on March 26, 2026 to register the shares sold in the Private Placement. 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 six months ended June 30, 2026 and 2025, the Company did not sell any shares of common stock under the ATM. 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 six months ended June 30, 2026 and 2025, the Company issued 791,052 and 446,756 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 equity-classified warrant is outstanding as of June 30, 2026.

- Definition

The entire disclosure for equity.

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+ Details

STOCK-BASED COMPENSATION (Tables)

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Share-Based Compensation Expense Related to Stock Options

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
General and administrative	$	1,462	$	1,491	$	2,828	$	2,983
Research and development	1,062		1,007		2,092		1,989
Total stock-based compensation	$	2,524	$	2,498	$	4,920	$	4,972

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 six months ended June 30, 2026 and 2025 with the following weighted average assumptions:


	Six Months Ended June 30,
	2026	2025
Risk-free interest rate	3.70% - 4.34%	3.93% - 4.52%
Expected term (in years)	1.0 - 6.0	1.0 - 6.0
Expected volatility	84% - 90%	76% - 92%
Expected dividend yield	0%	0%

Schedule of Stock Option Activity

The following table reflects summarized stock option activity during the six months ended June 30, 2026:


	Stock Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in years)	Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2025	12,578,766	$	3.46
Granted	3,135,539	$	1.97
Exercised	(114,962)	$	1.50
Forfeited	(65,286)	$	2.11
Expired	(92,959)	$	2.32
Outstanding as of June 30, 2026	15,441,098	$	3.18	7.1	$	362
Vested and exercisable as of June 30, 2026	9,634,417	$	3.61	6.0	$	351

Schedule of Nonvested Restricted Stock Units Activity

The following table reflects summarized RSU activity during the six months ended June 30, 2026:


	Number of Shares	Weighted Average Grant Date Fair Value
Unvested as of December 31, 2025	1,907,976	$	2.93
Granted	2,045,683	$	1.97
Vested	(869,203)	$	3.28
Forfeited	(25,685)	$	1.93
Unvested as of June 30, 2026	3,058,771	$	2.20

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Antidilutive Securities Excluded from Computation of Loss Per Share (Details) - shares	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	20,218,780	16,175,442
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)	15,441,098	12,539,238
Shares issuable upon conversion election for term loan facility
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)	3,058,771	1,917,293

STOCK-BASED COMPENSATION - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions			6 Months Ended
	Jun. 03, 2026	Jun. 02, 2026	Jun. 30, 2026	Jun. 30, 2025	Jan. 01, 2026	Dec. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding (in shares)			15,441,098			12,578,766
Intrinsic value of stock options exercised			$ 0.1	$ 0.0
Option, cost not yet recognized, amount			$ 10.7
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)			$ 1.47	$ 1.26
Expected dividend yield			0.00%	0.00%
Weighted average period of recognition			2 years 3 months 18 days
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 \| Award Date, One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contractual term (in years)			10 years
Stock Options \| Minimum \| Award Date, Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			12 months
Stock Options \| Minimum \| Award Date, One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			3 months
Stock Options \| Maximum \| Award Date, Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			48 months
Stock Options \| Maximum \| Award Date, One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			24 months
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			3 years
Weighted average period of recognition			1 year 10 months 24 days
Non option, cost not yet recognized, amount			$ 5.1
RSUs \| Share-Based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			33.33%
RSUs \| Share-Based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			33.33%
RSUs \| Share-Based Payment Arrangement, Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			33.33%
Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding stock maximum (as percent)			1.00%
Common stock, shares reserved for future issuance (in shares)			2,975,783		605,754
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)			3,028,936
2021 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of additional shares authorized (in shares)	10,000,000
Common stock, shares reserved for future issuance (in shares)					3,028,768
Maximum threshold common stock issuable on exercise of incentive stock options (in shares)			29,040,630
2021 Equity Incentive Plan \| Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding stock maximum (as percent)		5.00%
Number of shares authorized (in shares)			30,702,193
Shares available for future grant (in shares)			10,453,627

FAIR VALUE MEASUREMENTS - Schedule of the Fair Value using Level 3 Significant Unobservable Inputs (Details) - Embedded Derivative Financial Instruments $ in Thousands	6 Months Ended
	Jun. 30, 2026 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 1,430
Change in fair value of embedded derivatives	(300)
Ending balance	$ 1,130

DEBT - Schedule of Interest Expense, Debt (Details) - Term Loan - Secured Debt - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Debt Instrument [Line Items]
Interest expense based on the coupon interest rate of the outstanding debt	$ 732	$ 732	$ 1,455	$ 1,456
Accretion of debt discount	362	314	708	613
Total interest expense related to debt	$ 1,094	$ 1,046	$ 2,163	$ 2,069

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

SUPPLEMENTAL FINANCIAL INFORMATION - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Supplemental Financial Information [Abstract]
Research and development	$ 4,638	$ 5,427
Compensation and other employee liabilities	2,409	4,066
Interest	241	249
Operating lease liability	77	150
Other	168	180
Total	$ 7,533	$ 10,072

SUPPLEMENTAL FINANCIAL INFORMATION - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Supplemental Financial Information [Abstract]
Research and development service agreements, current	$ 3,763	$ 3,527
Research and development service agreements, noncurrent	24	29
Research and development service agreements	3,787	3,556
Other receivables	1,005	625
Dues and subscriptions	246	368
Prepaid insurance	128	601
Property and equipment, net	80	103
Right-of-use asset	$ 72	$ 140
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets, long-term	Other assets, long-term
Other, current	$ 174	$ 266
Other, noncurrent	87	78
Other	261	344
Prepaid expenses and other current assets	5,316	5,387
Other assets, long-term	263	350
Total	5,579	5,737
Accumulated depreciation, property and equipment	$ 100	$ 200

MARKETABLE SECURITIES

6 Months Ended

Jun. 30, 2026

Marketable Securities [Abstract]

MARKETABLE SECURITIES

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


	June 30, 2026
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-sale securities, short-term
Corporate debt securities	$	28,944	$	10	$	(12)	$	28,942

Government and agency - U.S.	21,823		—		(11)		21,812
Total available-for-sale securities, short-term	$	50,767	$	10	$	(23)	$	50,754


	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

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):


	June 30, 2026
	Less than 12 Months				Greater than 12 Months				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Corporate debt securities	$	12,395	$	(12)	$	—	$	—	$	12,395	$	(12)
Government and agency - U.S.	21,812		(11)		—		—		21,812		(11)
Total	$	34,207	$	(23)	$	—	$	—	$	34,207	$	(23)


	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)

As of June 30, 2026, all of the Company’s available-for-sale securities mature in less than one year. As noted in the table above, none of the Company’s available-for-sale marketable securities as of June 30, 2026 have been in an unrealized loss position for more than 12 months. As of December 31, 2025, some of the Company’s available-for-sale securities had been in an unrealized loss position for more than 12 months; however, the losses were immaterial. 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 three and six months ended June 30, 2026 and 2025. The Company recorded immaterial realized gains during the six months ended June 30, 2026 and 2025. No realized gains were recorded during the three months ended June 30, 2026 and 2025.

MARKETABLE SECURITIES - Schedule of Unrealized Loss on Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Less than 12 Months
Fair Value	$ 34,207	$ 6,036
Unrealized Losses	(23)	(3)
Greater than 12 Months
Fair Value	0	5,119
Unrealized Losses	0	(2)
Total
Fair Value	34,207	11,155
Unrealized Losses	(23)	(5)
Corporate debt securities
Less than 12 Months
Fair Value	12,395	6,036
Unrealized Losses	(12)	(3)
Greater than 12 Months
Fair Value	0	5,119
Unrealized Losses	0	(2)
Total
Fair Value	12,395	11,155
Unrealized Losses	(12)	$ (5)
Government and agency - U.S.
Less than 12 Months
Fair Value	21,812
Unrealized Losses	(11)
Greater than 12 Months
Fair Value	0
Unrealized Losses	0
Total
Fair Value	21,812
Unrealized Losses	$ (11)

DEBT - Schedule of Aggregate Principal Payments (Details) - Term Loan - Secured Debt - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
Year ended December 31, 2026	$ 10,104
Year ended December 31, 2027	21,531
Total principal payments 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

+ Details

STOCK-BASED COMPENSATION - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2026
Stock Options
Beginning balance (in shares)	12,578,766
Granted (in shares)	3,135,539
Exercised (in shares)	(114,962)
Forfeited (in shares)	(65,286)
Expired (in shares)	(92,959)
Ending balance (in shares)	15,441,098
Vested and exercisable (in shares)	9,634,417
Weighted Average Exercise Price
Beginning balance (in dollars per share)	$ 3.46
Granted (in dollars per share)	1.97
Exercised (in dollars per share)	1.50
Forfeited (in dollars per share)	2.11
Expired (in dollars per share)	2.32
Ending balance (in dollars per share)	3.18
Vested and exercisable (in dollars per share)	$ 3.61
Weighted Average Remaining Contractual Life (in years)
Outstanding balance (in years)	7 years 1 month 6 days
Vested and exercisable (in years)	6 years
Aggregate Intrinsic Value (in thousands)
Ending balance, aggregate intrinsic value	$ 362
Vested and exercisable, aggregate intrinsic value	$ 351

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2025	Dec. 31, 2024
Accounting Policies [Abstract]
Cash and cash equivalents	$ 59,443	$ 53,989
Restricted cash	231	231
Total cash, cash equivalents and restricted cash	$ 59,674	$ 54,220	$ 37,042	$ 35,859

- Definition

Amount of cash restricted as to withdrawal or usage. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits.

+ References + Details

DEBT (Tables)

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

Schedule of Outstanding Debt and Interest Expense

Outstanding debt consisted of the following (in thousands):


	June 30, 2026		December 31, 2025
Principal value of Term Loan, including Final Payment of $1,635	$	31,635	$	31,635
Fair value of bifurcated embedded derivatives	1,130		1,430
Unamortized debt discount	(1,196)		(1,904)
Total	31,569		31,161
Less: debt, short-term	19,673		8,765
Total debt, long-term	$	11,896	$	22,396

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Interest expense based on the coupon interest rate of the outstanding debt	$	732	$	732	$	1,455	$	1,456
Accretion of debt discount	362		314		708		613
Total interest expense related to debt	$	1,094	$	1,046	$	2,163	$	2,069

Schedule of Aggregate Principal Payments

As of June 30, 2026, 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 payments 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.

+ References

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-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
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-Topic 505
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+ Details

DEBT - Schedule of Outstanding Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025	Nov. 10, 2023
Debt Instrument, Redemption [Line Items]
Fair value of bifurcated embedded derivatives	$ 1,130	$ 1,430
Total	31,569	31,161
Less: debt, short-term	19,673	8,765
Total debt, long-term	11,896	22,396
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	1,130	1,430	$ 1,200
Unamortized debt discount	(1,196)	(1,904)
Final payment fee	$ 1,635	$ 1,635	$ 1,600

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands, SFr in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	Nov. 30, 2022 CHF (SFr)	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)	Jul. 31, 2025 USD ($)
Other Commitments [Line Items]
Research and development		$ 27,809	$ 37,125	$ 44,293	$ 62,391
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]
Research and development		$ 9,250		$ 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

COMMITMENTS AND CONTINGENCIES	6 Months Ended
COMMITMENTS AND CONTINGENCIES	Jun. 30, 2026
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 to develop an Aß oligomer-targeted EBD™ 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. In June 2026, the Company nominated two EBD development candidates for the treatment of AD pursuant to its collaboration agreement with JCR and exercised its exclusive option to license and develop such development candidates. The option exercise payment of $9.25 million was recognized as in-process research and development expense during the three and six months ended June 30, 2026 and was paid to JCR in July 2026. 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 (the “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 figures 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 figures 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 Share-Based Compensation Expense Related to Stock Options (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 2,524	$ 2,498	$ 4,920	$ 4,972
Income Statement Location [Axis]: us-gaap:GeneralAndAdministrativeExpense
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	1,462	1,491	2,828	2,983
Income Statement Location [Axis]: us-gaap:ResearchAndDevelopmentExpense
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 1,062	$ 1,007	$ 2,092	$ 1,989

SEGMENT REPORTING

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

SEGMENT REPORTING

The Company manages its operations as a single reportable segment which includes research and development efforts for the treatment of AD. The CODM assesses performance and allocates resources for the segment based on segment net loss, which is reported on the statement of operations and comprehensive loss as net loss. The CODM uses segment net loss to monitor spending, assess performance for the Company and management, evaluate the progress of completing corporate goals and make decisions regarding the allocation of resources. Substantially all long-lived assets are located in the United States. 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 three and six months ended June 30, 2026 and 2025 (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Operating expenses
Research and development
External costs	$	22,418	$	31,559	$	33,177	$	50,986
Internally managed costs (1)	4,329		4,556		9,024		9,409
General and administrative (2)	3,274		3,121		6,561		6,722
Other segment expenses (3)	2,535		2,514		4,943		5,003
Other expense (income), net	162		(800)		(250)		(2,374)
Segment net loss	$	32,718	$	40,950	$	53,455	$	69,746

(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 segment reporting.

+ References

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

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2026	Aug. 07, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2026
Document Transition Report	false
Entity File Number	001-40551
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 Street
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, par value $0.0001 per share
Trading Symbol	ABOS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		72,317,285
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Entity Central Index Key	0001576885
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q2

SEGMENT REPORTING - Schedule of Segment Reporting Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Research and development
General and administrative	$ 4,747	$ 4,625	$ 9,412	$ 9,729
Other expense (income), net	162	(800)	(250)	(2,374)
Segment net loss	32,718	40,950	53,455	69,746
Reportable Segment
Research and development
External costs	22,418	31,559	33,177	50,986
Internally managed costs	4,329	4,556	9,024	9,409
General and administrative	3,274	3,121	6,561	6,722
Other segment expenses	2,535	2,514	4,943	5,003
Other expense (income), net	162	(800)	(250)	(2,374)
Segment net loss	$ 32,718	$ 40,950	$ 53,455	$ 69,746

- 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

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2026
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information, the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. In the opinion of management, the unaudited condensed financial statements reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s financial position and results of its operations and its cash flows for the periods presented. Certain information and note disclosures normally included in the Company’s annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. These unaudited condensed financial statement results are not necessarily indicative of results to be expected for the full fiscal year or any future period. A description of the Company’s significant accounting policies is included in the Company’s Annual Report. There have been no material changes in the Company’s significant accounting policies to those previously disclosed in the Company’s Annual Report.
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 unaudited condensed 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 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.
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.
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, restricted stock units (“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.
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 treatments for AD, including both sabirnetug and its EBD therapy.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) or other standard setting bodies that the Company adopts as of the specified effective date. Unless otherwise discussed below, the Company does not believe that the adoption of recently issued standards have or may have a material impact on its financial statements and disclosures. In November 2024, the FASB issued Accounting Standards Update (“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. As of June 30, 2026, the Company had no induced conversions. The Company adopted this standard on a prospective basis on January 1, 2026. The adoption of this standard did not have a material impact on the Company’s financial statements and related disclosures. 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 its 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 its financial statements and related disclosures.

- Definition

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-SubTopic 10
-Topic 275
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-SubTopic 10
-Topic 275
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-1

+ Details

SUPPLEMENTAL FINANCIAL INFORMATION (Tables)

6 Months Ended

Jun. 30, 2026

Supplemental Financial Information [Abstract]

Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other assets as of June 30, 2026 and December 31, 2025 consisted of the following (in thousands):


	June 30, 2026
	Prepaid Expenses and Other Current Assets		Other Assets, Long-Term		Total Prepaid Expenses and Other Assets
Research and development service agreements	$	3,763	$	24	$	3,787
Other receivables	1,005		—		1,005
Dues and subscriptions	246		—		246
Prepaid insurance	128		—		128
Property and equipment, net (1)	—		80		80
Right-of-use asset	—		72		72
Other	174		87		261
Total	$	5,316	$	263	$	5,579


	December 31, 2025
	Prepaid Expenses and Other Current Assets		Other Assets, Long-Term		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

(1) As of June 30, 2026 and December 31, 2025, accumulated depreciation totaled approximately $0.1 million and $0.2 million, respectively.

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities as of June 30, 2026 consisted of the following (in thousands):



	Accrued Expenses and Other Current Liabilities
Research and development	4,638
Compensation and other employee liabilities	$	2,409
Interest	241
Operating lease liability	77
Other	168
Total	$	7,533

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

STOCKHOLDERS’ EQUITY (Details) $ / shares in Units, $ in Thousands		6 Months Ended		48 Months Ended
	Mar. 13, 2026 USD ($) $ / shares shares	Jun. 30, 2026 USD ($) vote $ / shares shares	Jun. 30, 2025 USD ($) shares	Jun. 30, 2026 USD ($) vote $ / shares shares	Dec. 31, 2025 $ / 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 Stock [Line Items]
Common stock and preferred stock, shares authorized (in shares) \| shares		310,000,000		310,000,000
Preferred stock, shares authorized (in shares) \| 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) \| shares		300,000,000		300,000,000	300,000,000
Common stock, par value (in dollars per share) \| $ / shares		$ 0.0001		$ 0.0001	$ 0.0001
Common stock, number of voting rights \| vote		1		1
Proceeds from private placement, net of offering costs		$ 35,441	$ 0
Stock issuance offering costs		$ 309
Sale of stock, commission rate to sales agents (as percent)									3.00%
Common Stock Warrant
Class of Stock [Line Items]
Exercise price (in dollars per share) \| $ / shares								$ 1.95
Class of warrants or rights term (in years)								10 years
Warrant, fair value								$ 1,100
Common Stock
Class of Stock [Line Items]
Common stock issued in settlement of vested RSUs (in shares) \| shares		791,052	446,756
Common Stock \| Common Stock Warrant
Class of Stock [Line Items]
Warrants (in shares) \| shares								730,769
Private Placement
Class of Stock [Line Items]
Sale of stock, number of shares issued in transaction (in shares) \| shares	10,833,331
Sale of stock, price per share (in dollars per share) \| $ / shares	$ 3.30
Proceeds from private placement, net of offering costs	$ 35,700
Stock issuance offering costs	$ 300
Registration Statement
Class of Stock [Line Items]
Sale of stock, maximum authorized amount										$ 200,000
At The Market Offering
Class of Stock [Line Items]
Sale of stock, number of shares issued in transaction (in shares) \| shares		0	0
Sale of stock, maximum authorized amount						$ 50,000				$ 50,000
Sale of stock, consideration received on transaction				$ 12,200
2024 Registration Statement
Class of Stock [Line Items]
Sale of stock, maximum authorized amount						$ 200,000	$ 200,000

STOCK-BASED COMPENSATION - Schedule of Assumptions Used for Valuation of Fair Value of Stock Options (Details) - Stock Options	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Risk-free interest rate, minimum	3.70%	3.93%
Risk-free interest rate, maximum	4.34%	4.52%
Expected volatility, minimum	84.00%	76.00%
Expected volatility, maximum	90.00%	92.00%
Expected dividend yield	0.00%	0.00%
Minimum
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Expected term (in years)	1 year	1 year
Maximum
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Expected term (in years)	6 years	6 years

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

6 Months Ended

Jun. 30, 2026

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):


	June 30, 2026		December 31, 2025
Cash and cash equivalents	$	59,443	$	53,989
Restricted cash	231		231
Total cash, cash equivalents and restricted cash	$	59,674	$	54,220

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:


	June 30,
	2026	2025
Shares issuable upon exercise of stock options	15,441,098	12,539,238
Shares issuable upon conversion election for term loan facility	988,142	988,142
Shares issuable upon exercise of warrant	730,769	730,769
Unvested RSUs	3,058,771	1,917,293
Total	20,218,780	16,175,442

MARKETABLE SECURITIES - Schedule of Marketable Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Amortized Cost
Available-for-sale securities, short-term	$ 50,767	$ 62,793
Gross Unrealized Gains
Available-for-sale securities, short-term	10	88
Gross Unrealized Losses
Available-for-sale securities, short-term	(23)	(5)
Fair Value
Available-for-sale securities, short-term	50,754	62,876
Corporate debt securities
Amortized Cost
Available-for-sale securities, short-term	28,944	62,793
Gross Unrealized Gains
Available-for-sale securities, short-term	10	88
Gross Unrealized Losses
Available-for-sale securities, short-term	(12)	(5)
Fair Value
Available-for-sale securities, short-term	28,942	$ 62,876
Government and agency - U.S.
Amortized Cost
Available-for-sale securities, short-term	21,823
Gross Unrealized Gains
Available-for-sale securities, short-term	0
Gross Unrealized Losses
Available-for-sale securities, short-term	(11)
Fair Value
Available-for-sale securities, short-term	$ 21,812

SUPPLEMENTAL FINANCIAL INFORMATION

6 Months Ended

Jun. 30, 2026

Supplemental Financial Information [Abstract]

SUPPLEMENTAL FINANCIAL INFORMATION

Prepaid expenses and other assets as of June 30, 2026 and December 31, 2025 consisted of the following (in thousands):


	June 30, 2026
	Prepaid Expenses and Other Current Assets		Other Assets, Long-Term		Total Prepaid Expenses and Other Assets
Research and development service agreements	$	3,763	$	24	$	3,787
Other receivables	1,005		—		1,005
Dues and subscriptions	246		—		246
Prepaid insurance	128		—		128
Property and equipment, net (1)	—		80		80
Right-of-use asset	—		72		72
Other	174		87		261
Total	$	5,316	$	263	$	5,579


	December 31, 2025
	Prepaid Expenses and Other Current Assets		Other Assets, Long-Term		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

(1) As of June 30, 2026 and December 31, 2025, accumulated depreciation totaled approximately $0.1 million and $0.2 million, respectively.

Accrued expenses and other current liabilities as of June 30, 2026 consisted of the following (in thousands):



	Accrued Expenses and Other Current Liabilities
Research and development	4,638
Compensation and other employee liabilities	$	2,409
Interest	241
Operating lease liability	77
Other	168
Total	$	7,533

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

Condensed Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 59,443	$ 53,989
Marketable securities	50,754	62,876
Prepaid expenses and other current assets	5,316	5,387
Total current assets	115,513	122,252
Restricted cash	231	231
Other assets, long-term	263	350
Total assets	116,007	122,833
Current liabilities
Accounts payable	13,379	554
Accrued clinical trial expenses	6,263	10,616
Accrued expenses and other current liabilities	7,533	10,072
Debt, short-term	19,673	8,765
Total current liabilities	46,848	30,007
Debt, long-term	11,896	22,396
Total liabilities	58,744	52,403
Commitments and contingencies (Note 10)
Stockholders’ equity
Preferred stock, $0.0001 par value; 10,000,000 shares authorized and no shares issued and outstanding as of June 30, 2026 and December 31, 2025	0	0
Common stock, $0.0001 par value; 300,000,000 shares authorized as of June 30, 2026 and December 31, 2025; 72,314,714 and 60,575,369 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	7	6
Additional paid-in capital	557,186	516,803
Accumulated deficit	(499,917)	(446,462)
Accumulated other comprehensive (loss) income	(13)	83
Total stockholders’ equity	57,263	70,430
Total liabilities and stockholders’ equity	$ 116,007	$ 122,833

Condensed Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Operating expenses
Research and development	$ 27,809	$ 37,125	$ 44,293	$ 62,391
General and administrative	4,747	4,625	9,412	9,729
Total operating expenses	32,556	41,750	53,705	72,120
Loss from operations	(32,556)	(41,750)	(53,705)	(72,120)
Other income (expense)
Interest income	1,111	2,015	2,175	4,486
Interest expense	(1,094)	(1,046)	(2,163)	(2,069)
Change in fair value of embedded derivatives	(160)	(40)	300	150
Other expense, net	(19)	(129)	(62)	(193)
Total other (expense) income	(162)	800	250	2,374
Net loss	(32,718)	(40,950)	(53,455)	(69,746)
Other comprehensive gain (loss)
Unrealized (loss) gain on marketable securities	(34)	8	(96)	71
Comprehensive loss	$ (32,752)	$ (40,942)	$ (53,551)	$ (69,675)
Net loss per common share, basic (in dollars per share)	$ (0.45)	$ (0.68)	$ (0.79)	$ (1.15)
Net loss per common share, diluted (in dollars per share)	$ (0.45)	$ (0.68)	$ (0.79)	$ (1.15)
Weighted-average shares outstanding, basic (in shares)	72,250,694	60,573,425	67,759,940	60,549,658
Weighted-average shares outstanding, diluted (in shares)	72,250,694	60,573,425	67,759,940	60,549,658

STOCK-BASED COMPENSATION

6 Months Ended

Jun. 30, 2026

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, RSUs, 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 terms of the 2013 Plan. As of June 30, 2026, there were 3,028,936 options outstanding under the 2013 Plan. On June 3, 2026, Acumen’s stockholders approved the adoption of the Company’s Amended and Restated 2021 Equity Incentive Plan (the “Amended and Restated 2021 Plan”) to (i) increase the number of shares available for issuance by 10,000,000 shares, (ii) remove the automatic “evergreen” share pool increase provision, and (iii) prohibit repricing of stock options without stockholder approval (other than in connection with certain corporate transactions).

Prior to the effectiveness of the Amended and Restated 2021 Plan, the number of shares of common stock reserved for issuance under the 2021 Plan automatically increased on January 1 of each calendar year, 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, 2026, the number of shares of common stock reserved for issuance under the 2021 Plan automatically increased by 3,028,768 shares.

The maximum number of shares of common stock that may be issued upon the exercise of incentive stock options under the Amended and Restated 2021 Plan is 29,040,630. As of June 30, 2026, a total of 30,702,193 shares were authorized for issuance under the Amended and Restated 2021 Plan and 10,453,627 shares remained available for issuance under the Amended and Restated 2021 Plan.


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
General and administrative	$	1,462	$	1,491	$	2,828	$	2,983
Research and development	1,062		1,007		2,092		1,989
Total stock-based compensation	$	2,524	$	2,498	$	4,920	$	4,972

Stock Options

The Black-Scholes option-pricing model was used to estimate the fair value of stock options granted during the six months ended June 30, 2026 and 2025 with the following weighted average assumptions:


	Six Months Ended June 30,
	2026	2025
Risk-free interest rate	3.70% - 4.34%	3.93% - 4.52%
Expected term (in years)	1.0 - 6.0	1.0 - 6.0
Expected volatility	84% - 90%	76% - 92%
Expected dividend yield	0%	0%

The weighted average grant date fair value of options granted during the six months ended June 30, 2026 and 2025 was $1.47 per share and $1.26 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 10-year contractual term. Beginning January 1, 2024, stock options granted to consultants vest quarterly over a one-year period, provided that such 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 also have a 10-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 six months ended June 30, 2026:


	Stock Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in years)	Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2025	12,578,766	$	3.46
Granted	3,135,539	$	1.97
Exercised	(114,962)	$	1.50
Forfeited	(65,286)	$	2.11
Expired	(92,959)	$	2.32
Outstanding as of June 30, 2026	15,441,098	$	3.18	7.1	$	362
Vested and exercisable as of June 30, 2026	9,634,417	$	3.61	6.0	$	351

The intrinsic value of stock options exercised during the six months ended June 30, 2026 was approximately $0.1 million and the intrinsic value of stock options exercised during the six months ended June 30, 2025 was immaterial. As of June 30, 2026, total unrecognized compensation costs related to unvested stock option awards were approximately $10.7 million, which the Company expects to recognize over a weighted-average period of approximately 2.3 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 six months ended June 30, 2026:


	Number of Shares	Weighted Average Grant Date Fair Value
Unvested as of December 31, 2025	1,907,976	$	2.93
Granted	2,045,683	$	1.97
Vested	(869,203)	$	3.28
Forfeited	(25,685)	$	1.93
Unvested as of June 30, 2026	3,058,771	$	2.20

As of June 30, 2026, total unrecognized compensation costs related to unvested RSUs were approximately $5.1 million, which the Company expects to recognize over a weighted-average period of approximately 1.9 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, 2026, the number of shares of common stock reserved for issuance under the ESPP automatically increased by 605,754 shares. As of June 30, 2026, there are a total of 2,975,783 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.

DEBT

6 Months Ended

Jun. 30, 2026

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”). Prior to the consummation of the Company’s Private Placement (as defined below), which constituted the Next Qualified Financing (as defined in the Loan Agreement) pursuant to which the Company received aggregate gross proceeds of at least $20.0 million, the lenders also had an option to convert the Conversion Amount at a conversion price equal to 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 were 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.

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 shares of the Company’s common stock. See additional information regarding the Private Placement in Note 7. Stockholders' Equity. The Private Placement was a Qualified Financing under the terms of the Loan Agreement and the lenders did not elect to convert the Conversion Amount at the time of the Private Placement. Therefore, the only remaining embedded derivative under the Loan Agreement is the Conversion Option (the “Embedded Derivative”) as the Share-Settled Redemption is no longer an election available to the lenders.

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):


	June 30, 2026		December 31, 2025
Principal value of Term Loan, including Final Payment of $1,635	$	31,635	$	31,635
Fair value of bifurcated embedded derivatives	1,130		1,430
Unamortized debt discount	(1,196)		(1,904)
Total	31,569		31,161
Less: debt, short-term	19,673		8,765
Total debt, long-term	$	11,896	$	22,396

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Interest expense based on the coupon interest rate of the outstanding debt	$	732	$	732	$	1,455	$	1,456
Accretion of debt discount	362		314		708		613
Total interest expense related to debt	$	1,094	$	1,046	$	2,163	$	2,069

For the three and six months ended June 30, 2026 the effective interest rate for the Term Loan was 14.8% and 14.6%, respectively. For the three and six months ended June 30, 2025 the effective interest rate for the Term Loan was 14.1% and 14.0%, respectively.

As of June 30, 2026, 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 payments 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.

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(16))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-8

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(19)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 1
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+ Details

FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2026

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 June 30, 2026 using
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at June 30, 2026
Assets included in:
Cash and cash equivalents
Money market securities	$	59,289	$	—	$	—	$	59,289

Marketable securities
Corporate debt securities	—		28,942		—		28,942
Government and agency - U.S.	—		21,812		—		21,812
Total fair value	$	59,289	$	50,754	$	—	$	110,043
Liabilities included in:
Debt, long-term
Embedded derivatives liability	$	—	$	—	$	1,130	$	1,130
Total fair value	$	—	$	—	$	1,130	$	1,130


	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 at 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 derivatives liability	$	—	$	—	$	1,430	$	1,430
Total fair value	$	—	$	—	$	1,430	$	1,430

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 six months ended June 30, 2026 (in thousands):


Balance, December 31, 2025	$	1,430
Change in fair value of embedded derivatives	(300)
Balance, June 30, 2026	$	1,130

DEBT - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		6 Months Ended
	Nov. 10, 2023	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Debt Instrument, Redemption [Line Items]
Fair value of bifurcated embedded derivatives		$ 1,130		$ 1,130		$ 1,430
Common Stock Warrant
Debt Instrument, Redemption [Line Items]
Warrant, fair value	$ 1,100
Common Stock Warrant \| 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 (as percent)	9.65%
Variable interest rate (as percent)	1.15%
Final payment fee	$ 1,600	1,635		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	$ 1,130		$ 1,130		$ 1,430
Discount	4,400
Effective interest rate (as percent)		14.80%	14.10%	14.60%	14.00%
Term Loan \| Secured Debt \| Common Stock Warrant
Debt Instrument, Redemption [Line Items]
Warrant, fair value	$ 1,100
Term Loan \| Secured Debt \| Common Stock Warrant \| 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

FAIR VALUE MEASUREMENTS - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Marketable securities
Total fair value	$ 110,043	$ 116,584
Debt, long-term
Embedded derivatives liability	1,130	1,430
Total fair value	1,130	1,430
Quoted Prices in Active Markets for Identical Assets (Level 1)
Marketable securities
Total fair value	59,289	53,708
Debt, long-term
Embedded derivatives liability	0	0
Total fair value	0	0
Significant Other Observable Inputs (Level 2)
Marketable securities
Total fair value	50,754	62,876
Debt, long-term
Embedded derivatives liability	0	0
Total fair value	0	0
Significant Unobservable Inputs (Level 3)
Marketable securities
Total fair value	0	0
Debt, long-term
Embedded derivatives liability	1,130	1,430
Total fair value	1,130	1,430
Corporate debt securities
Marketable securities
Marketable securities	28,942	62,876
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	28,942	62,876
Corporate debt securities \| Significant Unobservable Inputs (Level 3)
Marketable securities
Marketable securities	0	0
Government and agency - U.S.
Marketable securities
Marketable securities	21,812
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	21,812
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	59,289	53,708
Money market securities \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Cash and cash equivalents
Cash and cash equivalents	59,289	53,708
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

FAIR VALUE MEASUREMENTS

6 Months Ended

Jun. 30, 2026

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 June 30, 2026 using
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at June 30, 2026
Assets included in:
Cash and cash equivalents
Money market securities	$	59,289	$	—	$	—	$	59,289

Marketable securities
Corporate debt securities	—		28,942		—		28,942
Government and agency - U.S.	—		21,812		—		21,812
Total fair value	$	59,289	$	50,754	$	—	$	110,043
Liabilities included in:
Debt, long-term
Embedded derivatives liability	$	—	$	—	$	1,130	$	1,130
Total fair value	$	—	$	—	$	1,130	$	1,130


	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 at 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 derivatives liability	$	—	$	—	$	1,430	$	1,430
Total fair value	$	—	$	—	$	1,430	$	1,430

The carrying values reported in the Company’s condensed 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 and other current liabilities are reasonable estimates of their fair values due to the short-term nature of these items.

The carrying amount of the Company’s 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 debt, long-term. Certain features of the Company’s term loan facility (the “Term Loan”) were determined to be embedded derivatives requiring separate measurement from the loan host instrument. For additional information regarding the Term Loan, see Note 6. Debt.

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 six months ended June 30, 2026 (in thousands):


Balance, December 31, 2025	$	1,430
Change in fair value of embedded derivatives	(300)
Balance, June 30, 2026	$	1,130

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Condensed Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
Condensed Statements of Cash Flows - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net loss	$ (53,455)	$ (69,746)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	23	31
Stock-based compensation expense	4,920	4,972
Amortization of premiums and accretion of discounts on marketable securities, net	(161)	(644)
Change in fair value of embedded derivatives	(300)	(150)
Amortization of right-of-use asset	68	61
Realized gain on marketable securities	(6)	(3)
Noncash interest expense	708	613
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	71	1,714
Other long-term assets	(4)	18
Accounts payable	12,825	(3,545)
Accrued clinical trial expenses	(4,353)	(4,236)
Accrued expenses and other liabilities	(2,539)	4,962
Net cash used in operating activities	(42,203)	(65,953)
Cash flows from investing activities
Purchases of marketable securities	(40,823)	(38,056)
Proceeds from maturities and sales of marketable securities	53,016	105,316
Purchases of property and equipment	0	(88)
Net cash provided by investing activities	12,193	67,172
Cash flows from financing activities
Proceeds from private placement, net of offering costs	35,441	0
Proceeds from exercise of stock options	172	37
Repurchase of common shares to pay employee withholding taxes	(149)	(73)
Net cash provided by (used in) financing activities	35,464	(36)
Net change in cash and cash equivalents and restricted cash	5,454	1,183
Cash and cash equivalents and restricted cash at the beginning of the period	54,220	35,859
Cash and cash equivalents and restricted cash at the end of the period	59,674	37,042
Supplemental disclosure of cash flow information
Cash paid for income taxes	0	0
Cash paid for interest	$ 1,463	$ 1,464

Condensed Statements of Changes in Stockholders’ Equity (Parenthetical) $ in Thousands	6 Months Ended
	Jun. 30, 2026 USD ($)
Statement of Stockholders' Equity [Abstract]
Stock issuance offering costs	$ 309

Condensed Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2026	Dec. 31, 2025
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)	72,314,714	60,575,369
Common stock, shares outstanding (in shares)	72,314,714	60,575,369

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

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

+ References + Details

- Definition

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

+ References + Details

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details) $ in Millions	6 Months Ended
	Jun. 30, 2026 USD ($) segment	Dec. 31, 2025 USD ($)
Accounting Policies [Abstract]
Cash equivalents \| $	$ 59.3	$ 53.7
Number of operating segments \| segment	1

SEGMENT REPORTING (Tables)

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Segment Reporting

The following table presents selected financial information about the Company’s single operating segment for the three and six months ended June 30, 2026 and 2025 (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Operating expenses
Research and development
External costs	$	22,418	$	31,559	$	33,177	$	50,986
Internally managed costs (1)	4,329		4,556		9,024		9,409
General and administrative (2)	3,274		3,121		6,561		6,722
Other segment expenses (3)	2,535		2,514		4,943		5,003
Other expense (income), net	162		(800)		(250)		(2,374)
Segment net loss	$	32,718	$	40,950	$	53,455	$	69,746

(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

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

+ References

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

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2026 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Daniel O’Connell [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On June 29, 2026, Daniel O’Connell, our Chief Executive Officer and a member of our board of directors, entered into a Rule 10b5-1 trading plan that provides that Mr. O’Connell, acting through a broker, may sell the number of shares of common stock sufficient to cover the taxes, commissions and any fees associated with the vesting of up to 299,800 RSU awards granted to Mr. O’Connell as equity compensation, which sales may occur from January 21, 2027 to December 31, 2029. On June 30, 2026, Mr.O’Connell also entered into a separate Rule 10b5-1 trading plan that provides that Mr. O’Connell, acting through a broker, may sell (1) 294,858 shares of our common stock and (2) 418,903 shares of our common stock received upon the exercise of option awards granted to Mr.O’Connell as equity incentive compensation, which sales may occur from September 29, 2026 to June 30, 2027.
Matthew Zuga [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On June 29, 2026, Matthew Zuga, our Chief Financial Officer and Chief Business Officer, entered into a Rule 10b5-1 trading plan that provides that Mr. Zuga, acting through a broker, may sell the number of shares of common stock sufficient to cover the taxes, commissions and any fees associated with the vesting of up to 99,133 RSU awards granted to Mr. Zuga as equity incentive compensation, which sales may occur from January 19, 2027 to December 31, 2029. On June 29, 2026, Mr. Zuga also entered into a separate Rule 10b5-1 plan that provides that Mr. Zuga, acting through a broker, may sell 616,591 shares of our common stock received upon the exercise of option awards granted to Mr. Zuga as equity incentive compensation, which sales may occur from September 28, 2026 to September 28, 2027.
Amy Schacterle [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On June 30, 2026, Amy Schacterle, Ph.D., our Chief Regulatory Officer and Head of Quality, entered into a Rule 10b5-1 trading plan that provides that Dr. Schacterle, acting through a broker, may sell 147,500 shares of our common stock received upon the exercise of option awards and 31,133 shares of our common stock received upon the settlement of RSU awards granted to Dr. Schacterle as equity incentive compensation, which sales may occur from October 1, 2026 to December 31, 2027. On June 30, 2026, Dr. Schacterle also entered into a separate Rule 10b5-1 plan that provides that Dr. Schacterle, acting through a broker, may sell the number of shares of common stock sufficient to cover the taxes, commissions and any fees associated with the vesting of up to 84,600 RSU awards granted to Dr. Schacterle as equity incentive compensation, which sales may occur from January 19, 2027 to December 31, 2029.
Daniel O’Connell, June 29, 2026 Plan [Member] \| Daniel O’Connell [Member]
Trading Arrangements, by Individual
Name	Daniel O’Connell
Title	Chief Executive Officer and a member of our board of directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	June 29, 2026
Expiration Date	December 31, 2029
Arrangement Duration	1075 days
Aggregate Available	299,800
Daniel O’Connell, June 30, 2026 Plan [Member] \| Daniel O’Connell [Member]
Trading Arrangements, by Individual
Name	Daniel O’Connell
Title	Chief Executive Officer and a member of our board of directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	June 30, 2026
Expiration Date	June 30, 2027
Arrangement Duration	274 days
Daniel O’Connell, June 30, 2026 Plan, Shares Of Common Stock [Member] \| Daniel O’Connell [Member]
Trading Arrangements, by Individual
Aggregate Available	294,858
Daniel O’Connell, June 30, 2026 Plan, Shares Of Common Stock Received Upon Exercise Of Options Awards [Member] \| Daniel O’Connell [Member]
Trading Arrangements, by Individual
Aggregate Available	418,903
Matthew Zuga Plan 1 [Member] \| Matthew Zuga [Member]
Trading Arrangements, by Individual
Name	Matthew Zuga
Title	Chief Financial Officer and Chief Business Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	June 29, 2026
Expiration Date	December 31, 2029
Arrangement Duration	1077 days
Aggregate Available	99,133
Matthew Zuga Plan 2 [Member] \| Matthew Zuga [Member]
Trading Arrangements, by Individual
Name	Matthew Zuga
Title	Chief Financial Officer and Chief Business Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	June 29, 2026
Expiration Date	September 28, 2027
Arrangement Duration	365 days
Aggregate Available	616,591
Amy Schacterle Plan 1 [Member] \| Amy Schacterle [Member]
Trading Arrangements, by Individual
Name	Amy Schacterle
Title	Chief Regulatory Officer and Head of Quality
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	June 30, 2026
Expiration Date	December 31, 2027
Arrangement Duration	456 days
Amy Schacterle Plan 2 [Member] \| Amy Schacterle [Member]
Trading Arrangements, by Individual
Name	Amy Schacterle
Title	Chief Regulatory Officer and Head of Quality
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	June 30, 2026
Expiration Date	December 31, 2029
Arrangement Duration	1077 days
Aggregate Available	84,600
Amy Schacterle Plan 1, Shares Of Common Stock Received Upon Exercise Of Option Awards [Member] \| Amy Schacterle [Member]
Trading Arrangements, by Individual
Aggregate Available	147,500
Amy Schacterle Plan 1, Shares Of Common Stock Received Upon Settlement Of RSU Awards [Member] \| Amy Schacterle [Member]
Trading Arrangements, by Individual
Aggregate Available	31,133

DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS (Details) $ in Thousands	Jun. 30, 2026 USD ($) patient	Dec. 31, 2025 USD ($)	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 \| $	$ 499,917	$ 446,462
Cash and cash equivalents and marketable securities \| $	$ 110,200

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-4

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

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

Condensed 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, 2024		60,094,083
Beginning 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)		32,586
Stock options exercised for cash	37		37
Unrealized (loss) gain on marketable securities	71				71
Stock-based compensation	4,972		4,972
Net loss	(69,746)			(69,746)
Ending balance (in shares) at Jun. 30, 2025		60,573,425
Ending balance at Jun. 30, 2025	117,077	$ 6	511,921	(394,873)	23
Beginning balance (in shares) at Mar. 31, 2025		60,573,425
Beginning balance at Mar. 31, 2025	155,521	$ 6	509,423	(353,923)	15
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Unrealized (loss) gain on marketable securities	8				8
Stock-based compensation	2,498		2,498
Net loss	(40,950)			(40,950)
Ending balance (in shares) at Jun. 30, 2025		60,573,425
Ending balance at Jun. 30, 2025	$ 117,077	$ 6	511,921	(394,873)	23
Beginning balance (in shares) at Dec. 31, 2025	60,575,369	60,575,369
Beginning balance at Dec. 31, 2025	$ 70,430	$ 6	516,803	(446,462)	83
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock in connection with the private placement, net of offering costs (in shares)		10,833,331
Issuance of common stock in connection with the private placement, net of offering costs	35,441	$ 1	35,440
Issuance of common stock for restricted stock units, net of shares withheld for taxes (in shares)		791,052
Issuance of common stock for restricted stock units, net of shares withheld for taxes	$ (149)		(149)
Stock options exercised for cash (in shares)	114,962	114,962
Stock options exercised for cash	$ 172		172
Unrealized (loss) gain on marketable securities	(96)				(96)
Stock-based compensation	4,920		4,920
Net loss	$ (53,455)			(53,455)
Ending balance (in shares) at Jun. 30, 2026	72,314,714	72,314,714
Ending balance at Jun. 30, 2026	$ 57,263	$ 7	557,186	(499,917)	(13)
Beginning balance (in shares) at Mar. 31, 2026		72,227,580
Beginning balance at Mar. 31, 2026	87,476	$ 7	554,647	(467,199)	21
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Private placement offering costs	(12)		(12)
Issuance of common stock for restricted stock units (in shares)		64,000
Stock options exercised for cash (in shares)		23,134
Stock options exercised for cash	27		27
Unrealized (loss) gain on marketable securities	(34)				(34)
Stock-based compensation	2,524		2,524
Net loss	$ (32,718)			(32,718)
Ending balance (in shares) at Jun. 30, 2026	72,314,714	72,314,714
Ending balance at Jun. 30, 2026	$ 57,263	$ 7	$ 557,186	$ (499,917)	$ (13)

MARKETABLE SECURITIES - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Marketable Securities [Line Items]
Debt securities, available-for-sale, unrealized loss					$ 0
Debt securities, available-for-sale, allowance for credit loss	$ 0	$ 0	$ 0	$ 0
Debt securities, available-for-sale, realized gains	$ 0	$ 0	$ 0	$ 0
Minimum
Marketable Securities [Line Items]
Debt securities, available-for-sale, unrealized loss position period (in months)			12 months		12 months
Maximum
Marketable Securities [Line Items]
Debt securities, available-for-sale, current, term (in years)			1 year

MARKETABLE SECURITIES (Tables)

6 Months Ended

Jun. 30, 2026

Marketable Securities [Abstract]

Schedule of Marketable Securities

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


	June 30, 2026
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-sale securities, short-term
Corporate debt securities	$	28,944	$	10	$	(12)	$	28,942

Government and agency - U.S.	21,823		—		(11)		21,812
Total available-for-sale securities, short-term	$	50,767	$	10	$	(23)	$	50,754


	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

Schedule of Unrealized Losses


	June 30, 2026
	Less than 12 Months				Greater than 12 Months				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Corporate debt securities	$	12,395	$	(12)	$	—	$	—	$	12,395	$	(12)
Government and agency - U.S.	21,812		(11)		—		—		21,812		(11)
Total	$	34,207	$	(23)	$	—	$	—	$	34,207	$	(23)


	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)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-9

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

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

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

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

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

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

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

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

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

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

+ Details