0001193125-26-115878 | 10-K | XBRL Viewer

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Stockholders Equity and Stock Options - Summary of Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	$ 7,004	$ 8,796
Research and Development [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	3,520	4,053
General and Administrative [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	$ 3,484	$ 4,743

- Definition

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

+ References

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+ Details

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

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

Commitments and Contingencies - Additional Information (Detail) $ in Thousands											1 Months Ended	12 Months Ended
	Nov. 24, 2025 ft²	Oct. 16, 2023	Mar. 09, 2023 ft²	Aug. 09, 2021	Oct. 27, 2020 USD ($)	Aug. 04, 2020	May 28, 2020 USD ($) ft²	Dec. 11, 2019 USD ($)	Aug. 08, 2019 ft²	Nov. 05, 2018	Oct. 31, 2022 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Oct. 31, 2024 USD ($)	May 10, 2024 USD ($)	Oct. 01, 2023 USD ($)	Sep. 01, 2023 USD ($)	Nov. 30, 2016 USD ($)
Other Commitments [Line Items]
Operating lease right-of-use assets												$ 2,069	$ 2,838
Operating lease liabilities												$ 2,962	$ 4,057
Weighted average remaining lease term in years												3 years 7 months 6 days	4 years 6 months
Weighted average discount rate												11.00%	11.00%
Lease expenses												$ 600	$ 500
Pennsylvania [Member] \| Office [Member]
Other Commitments [Line Items]
Operating lease term									3 years 6 months
Lease extension period									3 years
Lease term commencement date			Sep. 01, 2023						Feb. 15, 2020
Operating lease right-of-use assets																	$ 500
Operating lease liabilities																	$ 500
Area of office space \| ft²	8,104		4,642						4,642
Lease term expiration date									Aug. 31, 2023
Pennsylvania [Member] \| Office and Lab [Member]
Other Commitments [Line Items]
Lease extension period										2 years
Lease term commencement date										Jan. 01, 2019
Lease term expiration date				Dec. 31, 2022		Dec. 31, 2021				Dec. 31, 2020
Pennsylvania [Member] \| Additional Office [Member]
Other Commitments [Line Items]
Lease term commencement date			Oct. 01, 2023
Operating lease right-of-use assets																$ 300
Operating lease liabilities																$ 300
Area of office space \| ft²	7,107		3,462
Pennsylvania [Member] \| Lab Space [Member]
Other Commitments [Line Items]
Operating lease term		4 years
Lease term commencement date		May 10, 2024
Operating lease right-of-use assets															$ 500
Operating lease liabilities															$ 500
Massachusetts [Member] \| Office [Member]
Other Commitments [Line Items]
Area of office space \| ft²							17,705
Lease term expiration date							Oct. 30, 2029
Massachusetts [Member] \| Office Sublease [Member]
Other Commitments [Line Items]
Lease term commencement date					Dec. 04, 2020
Lease term expiration date					Oct. 30, 2029
Massachusetts [Member] \| Letter of Credit [Member] \| Office [Member]
Other Commitments [Line Items]
Letter of credit							$ 1,300							$ 600
Massachusetts [Member] \| First Sublease Year [Member] \| Office Sublease [Member]
Other Commitments [Line Items]
Annual base rent					$ 800
Massachusetts [Member] \| First Sublease Year [Member] \| Letter of Credit [Member] \| Office Sublease [Member]
Other Commitments [Line Items]
Lease security deposits letters of credit					800
Massachusetts [Member] \| Final Sublease Year [Member] \| Office Sublease [Member]
Other Commitments [Line Items]
Annual base rent					1,000
Massachusetts [Member] \| Sixth Sublease Year [Member] \| Letter of Credit [Member] \| Office Sublease [Member]
Other Commitments [Line Items]
Lease security deposits letters of credit					$ 400
WFUHS [Member] \| Maximum [Member]
Other Commitments [Line Items]
Milestone payments																		$ 2,000
IU [Member] \| Maximum [Member]
Other Commitments [Line Items]
Milestone payments																		2,000
Annual royalty pay obligation																		$ 100
WFUHS and IU [Member] \| Research and Development Expenses [Member]
Other Commitments [Line Items]
Milestone expenses											$ 100
WFUHS and IU [Member] \| Maximum [Member]
Other Commitments [Line Items]
Payment for license agreements								$ 100

Prepaid Expenses and Other Current Assets

12 Months Ended

Dec. 31, 2025

Prepaid Expense and Other Assets [Abstract]

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following:


	December 31,		December 31,
	2025		2024
	(in thousands)
Prepaid research and development expenses	$	3,666	$	9,780
Interest receivable		747		1,054
Prepaid insurance		504		499
Other prepaid expenses and other assets		253		517
Total prepaid expense and other assets	$	5,170	$	11,850

Prepaid Expenses and Other Current Assets (Tables)

12 Months Ended

Dec. 31, 2025

Prepaid Expense and Other Assets [Abstract]

Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following:


	December 31,		December 31,
	2025		2024
	(in thousands)
Prepaid research and development expenses	$	3,666	$	9,780
Interest receivable		747		1,054
Prepaid insurance		504		499
Other prepaid expenses and other assets		253		517
Total prepaid expense and other assets	$	5,170	$	11,850

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Domestic and Foreign Components of Loss Before Income Taxes

The domestic and foreign components of loss before income taxes are as follows.


	Year Ended December 31,
	2025			2024
Domestic	$	(165,673	)	$	(80,604	)
Foreign		—			—
	$	(165,673	)	$	(80,604	)

Reconciliation of the Provision for Income Tax Rate

A reconciliation of the provision for income taxes to the amount computed by applying the 21% U.S. federal statutory income tax rate to income before income taxes after the adoption of ASU 2023-09 is as follows:


	Year Ended December 31, 2025
	(in thousands, except percentage)
Federal taxes at U.S. statutory income tax rate	$	(34,791	)	21.0	%
State taxes, net of federal benefit		—		—
Tax credits
Research and development tax credits		(13,950	)	8.4
Change in valuation allowance		48,255		(29.1	)
Non-taxable or non-deductible items
Other non-deductible items		486		(0.3	)
Effective income tax rate	$	—		0.0	%

A reconciliation of the provision for income taxes to the amount computed by applying the 21% U.S. federal statutory income tax rate to income before income taxes for years prior to the adoption of ASU 2023-09 is as follows:


	Year Ended December 31, 2024
Federal statutory income tax rate		21.0	%
State taxes, net of federal benefit		5.3
Change in state tax rate		(1.3	)
Federal and state research and development tax credit		14.5
Nondeductible permanent differences		(0.8	)
Change in deferred tax asset valuation allowance		(38.7	)
Effective income tax rate		0.0	%

Schedule of Net Deferred Tax Assets

Net deferred tax assets as of December 31, 2025 and 2024 consisted of the following:


	2025			2024
Deferred tax assets:
Capitalized R&D - acquired in merger with Zafgen	$	66,659		$	66,678
Capitalized R&D - Section 174 Costs Post 2021		24,588			22,616
Stock based compensation		5,875			4,879
Net operating loss carryforwards		93,103			50,177
Tax credit carryforwards		41,972			28,022
Other temporary differences		30			30
Accruals & reserves		19			19
Fixed assets & intangibles		128			119
Operating lease liability		1,044			1,196
Total deferred tax assets	$	233,418		$	173,736
Deferred tax liabilities:
Operating right of use asset		(617	)		(708	)
Total deferred tax liabilities	$	(617	)	$	(708	)
Less: Valuation allowance	$	(232,801	)	$	(173,028	)
Net deferred tax assets / (liabilities)	$	—		$	—

Summary of Changes in Valuation Allowance for Deferred Tax Assets

Changes to the valuation allowance were as follows:


	Year Ended December 31,
	2025		2024
Valuation allowance as of the beginning of the year	$	173,028	$	141,770
Increases recorded to income tax provision		59,773		31,258
Valuation allowance at end of year	$	232,801	$	173,028

Stockholders Equity and Stock Options - Additional Information (Detail)			1 Months Ended						3 Months Ended	12 Months Ended
	Jan. 26, 2026 $ / shares shares	Jan. 01, 2025 shares	Feb. 28, 2026 USD ($) $ / shares shares	Jan. 31, 2026 shares	Dec. 31, 2025 USD ($) $ / shares shares	Jul. 31, 2025 USD ($) $ / shares shares	May 31, 2024 USD ($)	Feb. 29, 2024 USD ($) $ / shares shares	Mar. 19, 2026 shares	Dec. 31, 2025 USD ($) Milestone $ / shares shares	Dec. 31, 2024 USD ($) $ / shares shares	Jan. 01, 2026 shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Undesignated preferred stock, shares authorized					5,000,000					5,000,000	5,000,000
Undesignated preferred stock, par value \| $ / shares					$ 0.001					$ 0.001	$ 0.001
Undesignated preferred stock, shares issued					250,000					250,000	0
Undesignated preferred stock, shares outstanding					250,000					250,000	0
Common stock, shares authorized					115,000,000					115,000,000	115,000,000
Common stock, par value \| $ / shares					$ 0.001					$ 0.001	$ 0.001
Common stock, shares issued					83,090,392					83,090,392	63,815,065
Common stock, shares outstanding					83,090,392					83,090,392	63,815,065
Common stock voting rights										Each share of common stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders
Dividend paid \| $					$ 0					$ 0
Stock-based compensation expense \| $										$ 7,004,000	$ 8,796,000
Series A Convertible Preferred Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Undesignated preferred stock, par value \| $ / shares					$ 0.001					$ 0.001
Number of shares exchanged during period					250,000
Preferred Stock, Voting Rights										Shares of Series A Preferred Stock will generally have no voting rights
Subsequent Event [Member] \| Series A Convertible Preferred Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares exchanged during period				250,000
Restricted Stock Units [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation expense \| $					$ 2,200,000					$ 2,200,000
Unrecognized compensation expense recognized period										2 years 1 month 9 days
Weighted average grant date fair value \| $ / shares										$ 3.46
Number of shares granted										544,988
Performance-Based Restricted Stock Units [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense \| $										$ 0	$ 0
2020 Equity Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, description										The maximum number of shares that may be issued in respect of any awards under the 2020 Plan is the sum of: (i) 1,700,000 shares plus (ii) an annual increase on January 1, 2021 and each anniversary of such date thereafter through January 1, 2030, equal to the lesser of (A) 4% of the shares issued and outstanding on the last day of the immediately preceding fiscal year, or (B) such smaller number of shares as determined by the Board (collectively, the “Plan Limit”).
Minimum level of maximum number of shares allowed to be issued										1,700,000
Percentage of outstanding shares										4.00%
Unrecognized compensation expense \| $					$ 10,200,000					$ 10,200,000
Unrecognized compensation expense recognized period										2 years 4 months 24 days
Weighted-average grant date fair value of options granted \| $ / shares										$ 2.64
2020 Equity Incentive Plan [Member] \| From Prior Plans [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Increase in shares reserved for future issuance										1,333	1,242
2020 Equity Incentive Plan [Member] \| Restricted Stock [Member] \| Subsequent Event [Member] \| Employees [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period of stock option	4 years
2020 Equity Incentive Plan [Member] \| Restricted Stock Units [Member] \| Employees [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period of stock option										4 years
Weighted average grant date fair value \| $ / shares										$ 3.46
Number of shares granted										544,988
2020 Equity Incentive Plan [Member] \| Restricted Stock Units [Member] \| Subsequent Event [Member] \| Employees [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares granted	532,435
2020 Equity Incentive Plan [Member] \| Performance-Based Restricted Stock Units [Member] \| Executive Officer [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares granted										200,000
Number of performance milestones \| Milestone										2
2020 Equity Incentive Plan [Member] \| Performance-Based Restricted Stock Units [Member] \| Subsequent Event [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares granted									0
2020 Equity Incentive Plan [Member] \| Performance-Based Restricted Stock Units [Member] \| First Milestone [Member] \| Executive Officer [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock option vesting percentage										20.00%
2020 Equity Incentive Plan [Member] \| Performance-Based Restricted Stock Units [Member] \| Second Milestone [Member] \| Executive Officer [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock option vesting percentage										80.00%
Maximum [Member] \| 2020 Equity Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Maximum number of shares that may be issued under stock option incentive plan					8,000,000					8,000,000
Common Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Issuance of common stock										21,562,500	19,736,842
Number of shares exchanged during period					(2,500,000)					(2,500,000)
Number of shares, converted					10					10
Common Stock [Member] \| Subsequent Event [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Issuance of common stock			115,000,000
Number of shares exchanged during period				(2,500,000)
Share price per share \| $ / shares			$ 5
Proceeds net of issuance costs \| $			$ 107,600,000
Common Stock [Member] \| 2020 Equity Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares available for grant					565,802					565,802
Increase in shares reserved for future issuance		2,552,603
Common Stock [Member] \| 2020 Equity Incentive Plan [Member] \| Employees [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options to purchase shares of common stock granted										2,342,337
Vesting period of stock option										4 years
Common Stock [Member] \| 2020 Equity Incentive Plan [Member] \| Director [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options to purchase shares of common stock granted										95,000
Common Stock [Member] \| 2020 Equity Incentive Plan [Member] \| Employees and Directors [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options to purchase shares of common stock granted										2,437,337
Common Stock [Member] \| 2020 Equity Incentive Plan [Member] \| Subsequent Event [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Increase in shares reserved for future issuance				3,323,616
Maximum number of shares that may be issued under stock option incentive plan												3,889,418
Common Stock [Member] \| 2020 Equity Incentive Plan [Member] \| Subsequent Event [Member] \| Employees [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options to purchase shares of common stock granted	2,107,880
Options exercise price \| $ / shares	$ 3.6
Vesting period of stock option	4 years
Common Stock [Member] \| 2020 Equity Incentive Plan [Member] \| First Anniversary [Member] \| Employees [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock option vesting percentage										25.00%
Common Stock [Member] \| 2020 Equity Incentive Plan [Member] \| First Anniversary [Member] \| Subsequent Event [Member] \| Employees [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock option vesting percentage	25.00%
Common Stock [Member] \| 2020 Equity Incentive Plan [Member] \| After First Anniversary [Member] \| Employees [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period of stock option										36 months
Common Stock [Member] \| Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Beneficial Ownership Shares Limitation Percentage					9.99%					9.99%
Common Stock [Member] \| Maximum [Member] \| Permitted Increase Upon 60 Day Notice [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Beneficial Ownership Shares Limitation Percentage					19.99%					19.99%
Common Stock [Member] \| Maximum [Member] \| 2020 Equity Incentive Plan [Member] \| Director [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period of stock option										1 year
Inducement Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options to purchase shares of common stock granted										0
Unrecognized compensation expense \| $					$ 400,000					$ 400,000
Unrecognized compensation expense recognized period										1 year 3 months 14 days
ATM Offering Program [Member] \| Common Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock, shares issued					0					0
ATM Offering Program [Member] \| Common Stock [Member] \| Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Aggregate sale of shares of our common stock \| $							$ 100,000,000
Underwritten Public Offering [Member] \| Common Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Issuance of common stock						21,562,500		19,736,842
Share price per share \| $ / shares						$ 3.2		$ 8.74
Proceeds net of issuance costs \| $						$ 65,000,000		$ 161,800,000
Underwritten Public Offering [Member] \| Common Stock [Member] \| Subsequent Event [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Issuance of common stock			23,000,000
Share price per share \| $ / shares			$ 5
Proceeds net of issuance costs \| $			$ 107,600,000

Summary of Significant Accounting Policies - Summary of Significant Expense (Parenthetical) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Segment Reporting Information [Line Items]
Operating expenses	$ 172,497	$ 90,890
Research and Development Related Stock Compensation Expense [Member]
Segment Reporting Information [Line Items]
Operating expenses	3,500	4,100
General and Administrative Related Stock Compensation Expense [Member]
Segment Reporting Information [Line Items]
Operating expenses	$ 3,500	$ 4,700

Fixed Assets - Schedule of Fixed Assets, Net (Detail) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Total fixed assets	$ 2,515	$ 2,424
Less: Accumulated depreciation	(1,893)	(1,543)
Total fixed assets, net	622	881
Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Total fixed assets	$ 130	117
Fixed assets, useful life	5 years
Lab Equipment [Member]
Property, Plant and Equipment [Line Items]
Total fixed assets	$ 1,737	1,707
Fixed assets, useful life	5 years
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Total fixed assets	$ 555	555
Fixed assets, useful life	7 years
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Total fixed assets	$ 93	$ 45
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration]	us-gaap:UsefulLifeTermOfLeaseMember

Fair Value Measurements and Cash Equivalents/Marketable Securities - Summary of Cash Equivalents and Marketable Securities (Detail) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	$ 78,930	$ 26,702
Marketable securities	51,440	150,236
Total cash equivalents and marketable securities	130,370	176,938
U.S. Treasury Bills [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable securities		2,947
U.S. Government Securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable securities	51,440	147,289
Money Market Funds [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	78,930	26,702
Quoted Prices in Active Markets, (Level 1) [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	78,930	26,702
Marketable securities		2,947
Total cash equivalents and marketable securities	78,930	29,649
Quoted Prices in Active Markets, (Level 1) [Member] \| U.S. Treasury Bills [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable securities		2,947
Quoted Prices in Active Markets, (Level 1) [Member] \| Money Market Funds [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	78,930	26,702
Significant Other Observable Inputs (Level 2) [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable securities	51,440	147,289
Total cash equivalents and marketable securities	51,440	147,289
Significant Other Observable Inputs (Level 2) [Member] \| U.S. Government Securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable securities	$ 51,440	$ 147,289

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-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 4: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-SubTopic 10
-Topic 825
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482881/825-10-55-10

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482736/825-10-45-1A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-10

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482881/825-10-55-12

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 103
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-103

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

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

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-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 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481830/320-10-45-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(6))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479130/326-30-45-1

+ Details

Fair Value Measurements and Cash Equivalents/Marketable Securities - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Accrued interest receivable	$ 700,000	$ 1,100,000
Allowance for credit loss	0	0
Impairment losses on investment	$ 0	$ 0

Cybersecurity Risk Management, Strategy and Governance	12 Months Ended
Cybersecurity Risk Management, Strategy and Governance	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Cyber Risk Management and Strategy We have implemented and maintain various information security processes designed to manage cybersecurity risks relating to our critical computer networks, third party hosted services, communications systems, hardware and software, and our critical data, including intellectual property, confidential information that is proprietary, strategic or competitive in nature, and data related to our clinical trials and products (Information Systems and Data). Our Director of Information Technology, assisted by our information technology managed services provider and other third party service providers, leads the Company’s cybersecurity risk management processes. This group works to identify and assess risks from cybersecurity threats by monitoring and evaluating our threat environment and the Company’s risk profile using various methods in certain contexts, including, manual tools, subscribing to reports and services that identify cybersecurity threats, analyzing threat intelligence reports and feeds, conducting scans of certain environments, and other tests. We implement and maintain various technical, physical, and organizational measures, processes, standards and policies designed to manage risks from cybersecurity threats to our Information Systems and Data, as applicable depending on the environment, including incident detection and response, disaster recovery/business continuity policies, network security controls and data segmentation, access controls, physical security, asset management and tracking, systems monitoring, and employee training. Our assessment and management of risks from cybersecurity threats are part of the Company’s overall risk management processes. Our Director of Information Technology works with management to prioritize our risk management processes and the mitigation of cybersecurity threats. We use third-party service providers to assist us to identify, assess, and manage risks from cybersecurity threats. These third-party service providers may include threat intelligence service providers, cybersecurity consultants, cybersecurity software providers, managed cybersecurity service providers, and dark web monitoring services. We also have established a process to conduct diligence on certain third parties before engaging with those third parties, such as those that support our GxP processes, which may include a security assessment. We have not identified any cybersecurity incidents or threats that have materially affected us or are reasonably likely to materially affect us, including our business strategy, results of operations or financial condition; however, like other companies in our industry, we and our third-party vendors may, from time to time, experience threats and security incidents relating to our and our third-party vendors’ information systems and infrastructure. For more information, please see our risk factors under Part 1 Item 1A. Risk Factors. Governance Our board of directors holds oversight responsibility over the Company’s cybersecurity risk management as part of its general oversight function. The audit committee of the board of directors is responsible for overseeing the Company’s cybersecurity risk management processes, including oversight of the Company’s processes for monitoring and controlling cybersecurity risks. Our cybersecurity risk assessment and management processes are implemented and maintained by certain Company management, including our Director of Information Technology, who has over 10 years of information technology management experience. The Director of Information Technology, along with management, is responsible for helping to integrate cybersecurity risk considerations into the Company’s overall risk management strategy and communicating key priorities to relevant personnel. Management is responsible for approving budgets, helping prepare for cybersecurity incidents, approving cybersecurity processes, and reviewing security-related reports. We have processes designed to escalate certain cybersecurity matters, including incidents, to members of management depending on the circumstances, including our Vice President Legal and Compliance, Vice President Finance and Administration, Vice President - Controller, Chief Financial Officer and Director of Information Technology. In addition, the Company’s incident response policy includes a process for reporting to the audit committee of the board of directors for certain cybersecurity incidents. The audit committee receives reports from members of the Company’s management concerning the Company’s significant cybersecurity threats and risk and the processes the Company has implemented to address them, as applicable.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Governance Our board of directors holds oversight responsibility over the Company’s cybersecurity risk management as part of its general oversight function. The audit committee of the board of directors is responsible for overseeing the Company’s cybersecurity risk management processes, including oversight of the Company’s processes for monitoring and controlling cybersecurity risks. Our cybersecurity risk assessment and management processes are implemented and maintained by certain Company management, including our Director of Information Technology, who has over 10 years of information technology management experience. The Director of Information Technology, along with management, is responsible for helping to integrate cybersecurity risk considerations into the Company’s overall risk management strategy and communicating key priorities to relevant personnel. Management is responsible for approving budgets, helping prepare for cybersecurity incidents, approving cybersecurity processes, and reviewing security-related reports. We have processes designed to escalate certain cybersecurity matters, including incidents, to members of management depending on the circumstances, including our Vice President Legal and Compliance, Vice President Finance and Administration, Vice President - Controller, Chief Financial Officer and Director of Information Technology. In addition, the Company’s incident response policy includes a process for reporting to the audit committee of the board of directors for certain cybersecurity incidents. The audit committee receives reports from members of the Company’s management concerning the Company’s significant cybersecurity threats and risk and the processes the Company has implemented to address them, as applicable.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The audit committee of the board of directors is responsible for overseeing the Company’s cybersecurity risk management processes, including oversight of the Company’s processes for monitoring and controlling cybersecurity risks.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our board of directors holds oversight responsibility over the Company’s cybersecurity risk management as part of its general oversight function. The audit committee of the board of directors is responsible for overseeing the Company’s cybersecurity risk management processes, including oversight of the Company’s processes for monitoring and controlling cybersecurity risks.
Cybersecurity Risk Role of Management [Text Block]	Our cybersecurity risk assessment and management processes are implemented and maintained by certain Company management, including our Director of Information Technology, who has over 10 years of information technology management experience. The Director of Information Technology, along with management, is responsible for helping to integrate cybersecurity risk considerations into the Company’s overall risk management strategy and communicating key priorities to relevant personnel. Management is responsible for approving budgets, helping prepare for cybersecurity incidents, approving cybersecurity processes, and reviewing security-related reports.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our cybersecurity risk assessment and management processes are implemented and maintained by certain Company management, including our Director of Information Technology
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our cybersecurity risk assessment and management processes are implemented and maintained by certain Company management, including our Director of Information Technology, who has over 10 years of information technology management experience.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	We have processes designed to escalate certain cybersecurity matters, including incidents, to members of management depending on the circumstances, including our Vice President Legal and Compliance, Vice President Finance and Administration, Vice President - Controller, Chief Financial Officer and Director of Information Technology. In addition, the Company’s incident response policy includes a process for reporting to the audit committee of the board of directors for certain cybersecurity incidents.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Description of Business, Basis of Presentation and Liquidity and Capital Resources - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended			12 Months Ended
	Feb. 28, 2026	Jul. 31, 2025	Feb. 29, 2024	Dec. 31, 2025	Dec. 31, 2024
Subsidiary, Sale of Stock [Line Items]
Net loss				$ 165,673	$ 80,604
Cash flow used in operations				113,201	70,760
Accumulated deficit				(434,831)	$ (269,158)
Cash, cash equivalents and marketable securities				136,900
Common Stock [Member]
Subsidiary, Sale of Stock [Line Items]
Net loss				$ 165,375
Issuance of common stock				21,562,500	19,736,842
Common Stock [Member] \| Subsequent Event [Member]
Subsidiary, Sale of Stock [Line Items]
Issuance of common stock	115,000,000
Share price per share	$ 5
Proceeds net of issuance costs	$ 107,600
Common Stock [Member] \| Underwritten Public Offering [Member]
Subsidiary, Sale of Stock [Line Items]
Issuance of common stock		21,562,500	19,736,842
Share price per share		$ 3.2	$ 8.74
Proceeds net of issuance costs		$ 65,000	$ 161,800
Common Stock [Member] \| Underwritten Public Offering [Member] \| Subsequent Event [Member]
Subsidiary, Sale of Stock [Line Items]
Issuance of common stock	23,000,000
Share price per share	$ 5
Proceeds net of issuance costs	$ 107,600

Fixed Assets - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 0.3	$ 0.3
Depreciation expenses related to sublet assets		$ 0.1
Maximum [Member]
Property, Plant and Equipment [Line Items]
Depreciation expenses related to sublet assets	$ 0.1

Stockholders Equity and Stock Options - Summary of Restricted Stock Units (Detail) - Restricted Stock Units (RSUs) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares, Outstanding	699,003
Number of shares, Restricted stock units granted	544,988
Number of shares, Restricted stock units vested	(212,827)
Number of shares, Restricted stock units forfeited	(30,646)
Number of shares, Outstanding	1,000,518	699,003
Number of shares, Unvested and expected to vest as of December 31, 2025	1,000,518
Weighted average grant date fair value, balance	$ 4.69
Weighted average grant date fair value, Restricted stock units granted	3.46
Weighted average grant date fair value, Restricted stock units vested	4.73
Weighted average grant date fair value, Restricted stock units forfeited	4.06
Weighted average grant date fair value, balance	4.03	$ 4.69
Weighted average grant date fair value, Unvested and expected to vest as of December 31, 2025	$ 4.03
Weighted average remaining contractual term, Outstanding	1 year 2 months 12 days	1 year 2 months 12 days
Weighted average remaining contractual term, Unvested and expected to vest as of December 31, 2025	1 year 2 months 12 days
Aggregate intrinsic value, Outstanding as of December 31, 2025	$ 3.8
Aggregate intrinsic value, Unvested and expected to vest as of December 31, 2025	$ 3.8

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Schedule of Maturities of Lease Liabilities Due Under Lease Agreements

Maturities of lease liabilities due under these lease agreements as of December 31, 2025 are as follows:


	Operating
(in thousands)	Leases
Year ended December 31, 2026		1,478
Year ended December 31, 2027		1,273
Year ended December 31, 2028		1,188
Year ended December 31, 2029		959
Thereafter		—
Total lease payments		4,898
Less: imputed interest		(831	)
Present value of lease liabilities	$	4,067

Fair Value Measurements and Cash Equivalents/Marketable Securities (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Summary of Cash Equivalents and Marketable Securities

The following tables summarize the Company’s cash equivalents and marketable securities as of December 31, 2025 and 2024:


	Total		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(in thousands)
December 31, 2025
Cash equivalents:
Money market funds invested in government securities	$	78,930	$	78,930	$	—	$	—
Total cash equivalents		78,930		78,930		—		—

Marketable securities:
U.S. Government securities		51,440		—		51,440		—
Total marketable securities		51,440		—		51,440		—
Total cash equivalents and marketable securities	$	130,370	$	78,930	$	51,440	$	—

December 31, 2024
Cash equivalents:
Money market funds invested in government securities	$	26,702	$	26,702	$	—	$	—
Total cash equivalents		26,702		26,702		—		—

Marketable securities:
U.S. Treasury Bills		2,947		2,947		—		—
U.S. Government securities		147,289		—		147,289		—
Total marketable securities		150,236		2,947		147,289		—
Total cash equivalents and marketable securities	$	176,938	$	29,649	$	147,289	$	—

Summary of Marketable Securities

The following tables summarize the Company’s marketable securities as of December 31, 2025 and 2024:


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(in thousands)
December 31, 2025
Assets:
U.S. Government securities	$	51,386	$	54	$	—		$	51,440
Total marketable securities	$	51,386	$	54	$	—		$	51,440

December 31, 2024
Assets:
U.S. Treasury Bills	$	2,945	$	2	$	—		$	2,947
U.S. Government securities		147,143		166		(20	)		147,289
Total marketable securities	$	150,088	$	168	$	(20	)	$	150,236

Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Prepaid Expense and Other Assets [Abstract]
Prepaid research and development expenses	$ 3,666	$ 9,780
Interest receivable	747	1,054
Prepaid insurance	504	499
Other prepaid expenses and other assets	253	517
Total prepaid expense and other assets	$ 5,170	$ 11,850

Income Taxes - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Taxes Disclosure [Line Items]
Income tax benefit	$ 0	$ 0
U.S. federal statutory income tax rate	21.00%	21.00%
Net capitalized R&D deferred tax assets	$ 66,659,000	$ 66,678,000
Net deferred tax assets before the valuation allowance	232,800,000	173,000,000
Unrecognized tax benefits	$ 0	0
Open tax year	2022 2023 2024 2025
Zafgen [Member]
Income Taxes Disclosure [Line Items]
Net operating loss carryforwards	$ 33,500,000
Domestic Tax Authority [Member]
Income Taxes Disclosure [Line Items]
Net operating loss carryforwards, beginning of expiration period	2026
Domestic Tax Authority [Member] \| No Expiration [Member]
Income Taxes Disclosure [Line Items]
Net operating loss carryforwards	$ 343,900,000
Operating loss carryforwards, minimum percentage of taxable income in tax period	80.00%
Operating loss carryforwards, description	carryforwards are limited to 80% of the taxable income in any one tax period.
Domestic Tax Authority [Member] \| Expirable
Income Taxes Disclosure [Line Items]
Net operating loss carryforwards	$ 349,900,000
Foreign Tax Authority [Member] \| Expirable
Income Taxes Disclosure [Line Items]
Net operating loss carryforwards	$ 1,200,000
State and Local Jurisdiction [Member]
Income Taxes Disclosure [Line Items]
Net operating loss carryforwards, beginning of expiration period	2030
State and Local Jurisdiction [Member] \| Expirable
Income Taxes Disclosure [Line Items]
Net operating loss carryforwards	$ 353,500,000
Federal and State [Member]
Income Taxes Disclosure [Line Items]
Tax credit carryforward	$ 42,000,000
Research and development tax credit carry forwards, beginning of expiration period	2039
IRC Section 174 [Member]
Income Taxes Disclosure [Line Items]
Capitalization of research and development costs		$ 69,200,000	$ 24,500,000	$ 22,200,000
IRC Section 174 [Member] \| Performed in US [Member]
Income Taxes Disclosure [Line Items]
Capitalized research and development amortization period	5 years
IRC Section 174 [Member] \| Performed outside US [Member]
Income Taxes Disclosure [Line Items]
Capitalized research and development amortization period	15 years

Stockholders’ Equity and Stock Options

12 Months Ended

Dec. 31, 2025

Stockholders' Equity Note [Abstract]

Stockholders' Equity and Stock Options

Stockholders’ Equity and Stock Options

Common Stock

As of December 31, 2025, the Company’s Amended and Restated Certificate of Incorporation, authorized the Company to issue up to 115,000,000 shares of $0.001 par value common stock, of which 83,090,392 shares were issued and outstanding, and up to 5,000,000 shares of $0.001 par value undesignated preferred stock, of which 250,000 shares were issued and outstanding. The voting, dividend and liquidation rights of the holders of the Company’s common stock are subject to and qualified by the rights, powers and preferences of the holders of the preferred stock. Each share of common stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders. Common stockholders are entitled to receive dividends, as may be declared by the board of directors of the Company (the “Board”), if any. No cash dividends have been declared or paid to date.

In July 2025, the Company sold 21,562,500 shares of its common stock in an underwritten public offering at a price of $3.20 per share and received net proceeds of approximately $65.0 million.

In February 2026, the Company sold 115,000,000 shares of its common stock in an underwritten public offering at a price of $5.00 per share and received net proceeds of approximately $107.6 million.

ATM Agreement

In May 2024, the Company entered into a sales agreement (the "ATM Agreement") with Guggenheim Securities, LLC in connection with the establishment of an “at-the-market” offering program under which the Company could sell up to an aggregate of $100 million of shares of common stock (the “ATM Shares”) from time to time. To date, no sales of common stock have been made under this ATM Agreement.

Preferred Stock

In December 2025, the Company entered into an exchange agreement (the “Exchange Agreement”) with Blue Owl Healthcare Opportunities IV Public Investments LP (the “Stockholder”) pursuant to which the Stockholder exchanged 2,500,000 shares of the Company’s common stock for 250,000 shares of newly designated Series A convertible preferred stock of par value $0.001 per share ( the “Series A Preferred Stock”). In January 2026, the Stockholder exchanged an additional 2,500,000 shares of the Company’s common stock for an additional 250,000 shares of Series A convertible preferred stock.

Each share of the Series A Preferred Stock will be convertible into ten shares of common stock at the option of the holder at any time, subject to certain limitations, including that the holder will be prohibited from converting preferred stock into common stock if, as a result of such conversion, the holder, together with its affiliates, would beneficially own a number of shares of common stock more than 9.99% of the total common stock then issued and outstanding immediately following the conversion of such shares of Series A Preferred Stock. Holders of the Series A Preferred Stock are permitted to increase this percentage to an amount not to exceed 19.99% upon 60 days’ notice.

Shares of Series A Preferred Stock will generally have no voting rights, except as required by law and except that the consent of a majority of the holders of the outstanding preferred stock will be required to amend the terms of the preferred stock. In the event of the Company’s liquidation, dissolution or winding up, holders of series A preferred stock will participate pari passu with any distribution of proceeds to holders of common stock, calculated on an as-converted basis. Holders of preferred stock are entitled to receive when, as, and if dividends are declared and paid on the common stock, an equivalent dividend, calculated on an as-converted basis. Shares of series A Preferred Stock are otherwise not entitled to dividends.

The Series A Preferred Stock ranks on parity with the common stock and any class or series of capital stock of the Company created specifically ranking by its terms on parity with the preferred stock. Additionally, it ranks senior to any class or series of capital stock of the Company hereafter created specifically ranking by its terms junior to the preferred stock and junior to any class or series of capital stock of Larimar created specifically ranking by its terms senior to any preferred stock, in each case, as to distributions of assets upon liquidation, dissolution or winding up of the Company, whether voluntarily or involuntarily.

2020 Equity Incentive Plan

The Board adopted the 2020 Equity Incentive Plan (the “2020 Plan”) on July 16, 2020 and the stockholders of the Company approved the 2020 Plan on September 29, 2020. The 2020 Plan replaced the predecessor plans (the “Prior Plans”) that the Company assumed following its merger with Zafgen in May 2020. Options outstanding under the Prior Plans will remain outstanding, unchanged, and subject to the terms of the Prior Plans and the respective award agreements, and no further awards will be made under the Prior Plans. However, if any award previously granted under the Prior Plans, expires, terminates, is canceled, or is forfeited for any reason after the approval of the 2020 Plan, the shares subject to that award will be added to the 2020 Plan share pool so that they can be utilized for new grants under the 2020 Plan.

The 2020 Plan provides for the grant of incentive stock options (“ISOs”), nonstatutory stock options (“NSOs”), stock appreciation rights, restricted stock awards, restricted stock unit awards, performance-based restricted stock units, and cash or other stock-based awards. ISOs may be granted only to the Company’s employees, including the Company’s officers, and the employees of the Company’s affiliates. All other awards may be granted to the Company’s employees, including the Company’s officers, the Company’s non-employee directors and consultants, and the employees and consultants of the Company’s affiliates.

The maximum number of shares that may be issued in respect of any awards under the 2020 Plan is the sum of: (i) 1,700,000 shares plus (ii) an annual increase on January 1, 2021 and each anniversary of such date thereafter through January 1, 2030, equal to the lesser of (A) 4% of the shares issued and outstanding on the last day of the immediately preceding fiscal year, or (B) such smaller number of shares as determined by the Board (collectively, the “Plan Limit”). The maximum aggregate number of shares that may be issued in respect of incentive stock options under the 2020 Plan is 8,000,000.

As permitted by the 2020 Plan, the Company added 3,323,616 and 2,552,603 shares available for grant to the 2020 Plan on January 1, 2026 and January 1, 2025, respectively, which has increased the maximum number of shares of common stock that may be issued under the 2020 Plan to 3,889,418 shares as of January 1, 2026.

During the twelve months ended December 31, 2025 and 2024, options to purchase 1,333 and 1,242, respectively, issued under the Prior Plans were canceled and became available for grant under the 2020 Plan. In addition, as of December 31, 2025, 565,802 shares of common stock were available for grant under the 2020 Plan.

Stock Valuation

The following table presents, on a weighted average basis, the assumptions used in the Black-Scholes option-pricing model to determine the grant-date fair value of stock options granted to employees:


		December 31,
		2025
Risk-free interest rate		4.43%
Expected term (in years)		6.22
Expected volatility		94%
Dividend yield		0.00%

Stock Options

The following table summarizes the Company's stock option activity under the Company's 2020 Plan as well as inducement grants outside of the 2020 Plan for the twelve months ended December 31, 2025 :



				Weighted		Weighted Average
				Average		Remaining		Aggregate
				Exercise		Contractual		Intrinsic
	Number of			Price		Term		Value (a)
	Shares			(per share)		(in years)		(in millions)
Outstanding as of December 31, 2024		6,436,387		$	7.78		7.6
Options granted		2,437,337			3.33
Options forfeited/expired		(337,952	)		7.70
Outstanding as of December 31, 2025		8,535,772		$	6.51		7.2	$	1.5
Exercisable as of December 31, 2025		4,623,362		$	8.61		6.1	$	0.3
Vested and expected to vest as of December 31, 2025		8,535,772		$	6.51		7.2	$	1.5

(a)

The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying options and the fair value of the common stock for the options that were in the money at December 31, 2025.

Option Grants

During the twelve months ended December 31, 2025, the Company granted options to purchase 2,437,337 shares of common stock to employees and directors under the 2020 Plan. The options have an exercise price equal to the closing stock price as of the grant date. Of the 2,437,337 options granted, 2,342,337 were granted to employees and vest over four years, with 25% vesting on the first anniversary of the grant and the remainder vesting in 36 equal monthly installments thereafter. The remaining 95,000 options were annual grants to the Company's directors and vest one year from the grant date. The weighted-average grant date fair value of options granted under the 2020 Plan during the twelve months ended December 31, 2025 was $2.64.

As of December 31, 2025, total unrecognized compensation expense related to unvested stock options granted under the 2020 Plan was $10.2 million, which is expected to be recognized over a weighted average period of 2.40 years.

Inducement Stock Options

There were no inducement awards granted in the twelve months ended December 31, 2025.

As of December 31, 2025, total unrecognized compensation expense related to unvested inducement options granted outside of the under the 2020 Plan was $0.4 million, which is expected to be recognized over a weighted average period of 1.29 years.

Restricted Stock Units

RSUs are granted under the 2020 Plan to the Company's employees. The value of an RSU award is based on the Company's stock price on the date of the grant. The shares underlying the RSUs are not issued until the RSUs vest.

Activity with respect to the Company's RSUs during the twelve months ended December 31, 2025 was as follows:


				Weighted			Weighted Average
				Average			Remaining			Aggregate
				Grant Date			Contractual			Intrinsic
	Number of			Fair Value			Term			Value (a)
	Shares			(per share)			(in years)			(in millions)
Outstanding as of December 31, 2024		699,003		$	4.69			1.2
Restricted stock units granted		544,988			3.46
Restricted stock units vested		(212,827	)		4.73
Restricted stock units forfeited		(30,646	)		4.06
Outstanding as of December 31, 2025		1,000,518		$	4.03			1.2		$	3.8
Unvested and expected to vest as of December 31, 2025		1,000,518		$	4.03	$		1.2	$	$	3.8

Restricted Stock Unit Grants

During the twelve months ended December 31, 2025, the Company granted 544,988 shares of RSUs to employees under the 2020 Plan. The RSUs vest annually over four years and have a weighted-average grant date fair value during the twelve months ended December 31, 2025 of $3.46.

As of December 31, 2025, total unrecognized compensation expense for RSUs was $2.2 million, which is expected to be recognized over a weighted-average period of 2.11 years.

Performance-Based Restricted Stock Units

In 2025, the Company's Board of Directors approved the issuance of 200,000 performance-based restricted stock units (“2025 PSU Awards”) to its executive officers under the 2020 Plan. The 2025 PSU Awards include two performance milestones.

The first milestone, which relates to 20% of each grant, will vest if the FDA accepts the filing of a biologic license application for accelerated approval of nomlabofusp by December 31, 2026. The second milestone, representing 80% of each grant will vest if the FDA approves the Company's nomlabofusp BLA within 12 months of the BLA acceptance (no later than December 31, 2027.) If the first milestone is not achieved by December 31, 2026, the full grant will be forfeited. As of December 31, 2025, the underlying performance criteria of the 2025 PSU Awards were determined to not be probable of achievement for accounting purposes, and no stock-based compensation expense was recognized for either the year ended December 31, 2025 or 2024.

January 2026 Option and Restricted Stock Unit Grants

On January 26, 2026, the Company granted options to purchase 2,107,880 shares of common stock and 532,435 shares of restricted stock units to employees under the 2020 Plan. The options have an exercise price of $3.60 per share and vest over four years, with 25% vesting on the first anniversary of the grant and the remainder vesting in equal monthly installments thereafter. The shares of restricted stock will vest annually over four years. No performance-based restricted stock units were granted in 2026 to date.

Stock-Based Compensation

Stock-based compensation expense was classified in the consolidated statements of operations as follows:


	Year Ended December 31,
	2025		2024
Research and development	$	3,520	$	4,053
General and administrative		3,484		4,743
	$	7,004	$	8,796

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 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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-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stockholders Equity and Stock Options - Assumptions used to Determine Fair Value of Stock Options Granted (Detail)	12 Months Ended
	Dec. 31, 2025
Stockholders' Equity Note [Abstract]
Risk-free interest rate	4.43%
Expected term (in years)	6 years 2 months 19 days
Expected volatility	94.00%
Dividend yield	0.00%

Income Taxes - Summary of Changes in the Valuation Allowance for Deferred Tax Assets (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Income Taxes Disclosure [Line Items]
Valuation allowance as of the beginning of the year	$ 173,028	$ 141,770
Increases recorded to income tax provision	59,773	31,258
Valuation allowance at end of year	$ 232,801	$ 173,028

Net Loss Per Share Giving Effect to Conversion of Common Stock to Preferred Stock - Schedule of Computation for Diluted Earnings Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total excluded shares	9,536,290	7,135,390
Options to Purchase Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total excluded shares	8,535,772	6,436,387
Unvested Restricted Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total excluded shares	800,518	699,003
Unvested Performance-Based Restricted Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total excluded shares	200,000

Income Taxes - Reconciliation of the Provision for Income Tax Rate (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Amount
Federal taxes at U.S. statutory income tax rate	$ (34,791,000)
State taxes, net of federal benefit	0
Tax credits
Research and development tax credits	(13,950,000)
Change in valuation allowance	48,255,000
Non-taxable or non-deductible items
Other non-deductible items	486,000
Income Tax Expense (Benefit), Total	$ 0	$ 0
Percent
Federal taxes at U.S. statutory income tax rate	21.00%	21.00%
Tax credits
Research and development tax credits	8.40%	14.50%
Change in valuation allowance	(29.10%)	(38.70%)
Non-taxable or non-deductible items
Other non-deductible items	(0.30%)
State taxes, net of federal benefit	0.00%	5.30%
Change in state tax rate		(1.30%)
Nondeductible permanent differences		(0.80%)
Effective income tax rate	0.00%	0.00%

Accrued Expenses

12 Months Ended

Dec. 31, 2025

Payables and Accruals [Abstract]

Accrued Expenses

Accrued expenses consisted of the following:


	December 31,		December 31,
	2025		2024
	(in thousands)
Accrued research and development expenses	$	53,914	$	17,057
Accrued payroll and related expenses		3,783		3,254
Accrued other		777		561
Total accrued expense	$	58,474	$	20,872

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2025	Mar. 17, 2026	Jun. 30, 2025
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2025
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Trading Symbol	LRMR
Entity Registrant Name	LARIMAR THERAPEUTICS, INC.
Entity Central Index Key	0001374690
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		103,882,937
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity File Number	001-36510
Entity Tax Identification Number	20-3857670
Entity Address, Address Line One	Three Bala Plaza East
Entity Address, Address Line Two	Suite 506
Entity Address, City or Town	Bala Cynwyd
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19004
City Area Code	844
Local Phone Number	511-9056
Title of 12(b) Security	Common Stock, par value $0.001 per share
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes
Document Annual Report	true
Document Transition Report	false
Entity Incorporation State Country Code	DE
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Public Float			$ 94,670,955
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction	false
Documents Incorporated by Reference	Part III of this Annual Report on Form 10-K incorporates certain information by reference from the registrant’s definitive proxy statement for the 2026 annual meeting of stockholders to be filed no later than 120 days after the end of the registrant’s fiscal year ended December 31, 2025.
Auditor Firm ID	238
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Philadelphia, Pennsylvania, USA
Auditor Opinion	Opinion on the Financial Statements We have audited the accompanying consolidated balance sheets of Larimar Therapeutics, Inc. and its subsidiary (the “Company”) as of December 31, 2025 and 2024, and the related consolidated statements of operations and comprehensive loss, of changes in stockholders’ equity and of cash flows for the years then ended, including the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.

Commitments and Contingencies - Schedule of Maturities of Lease Liabilities Due Under Lease Agreements (Detail) $ in Thousands	Dec. 31, 2025 USD ($)
Leases [Abstract]
Year ended December 31, 2026	$ 1,478
Year ended December 31, 2027	1,273
Year ended December 31, 2028	1,188
Year ended December 31, 2029	959
Thereafter	0
Total lease payments	4,898
Less: imputed interest	(831)
Present value of lease liabilities	$ 4,067

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

During the years ended December 31, 2025, and 2024, the Company recorded no income tax benefits for the net operating losses incurred in each year due to its uncertainty of realizing a benefit from those items.

The domestic and foreign components of loss before income taxes are as follows.


	Year Ended December 31,
	2025			2024
Domestic	$	(165,673	)	$	(80,604	)
Foreign		—			—
	$	(165,673	)	$	(80,604	)


	Year Ended December 31, 2025
	(in thousands, except percentage)
Federal taxes at U.S. statutory income tax rate	$	(34,791	)	21.0	%
State taxes, net of federal benefit		—		—
Tax credits
Research and development tax credits		(13,950	)	8.4
Change in valuation allowance		48,255		(29.1	)
Non-taxable or non-deductible items
Other non-deductible items		486		(0.3	)
Effective income tax rate	$	—		0.0	%


	Year Ended December 31, 2024
Federal statutory income tax rate		21.0	%
State taxes, net of federal benefit		5.3
Change in state tax rate		(1.3	)
Federal and state research and development tax credit		14.5
Nondeductible permanent differences		(0.8	)
Change in deferred tax asset valuation allowance		(38.7	)
Effective income tax rate		0.0	%

Net deferred tax assets as of December 31, 2025 and 2024 consisted of the following:


	2025			2024
Deferred tax assets:
Capitalized R&D - acquired in merger with Zafgen	$	66,659		$	66,678
Capitalized R&D - Section 174 Costs Post 2021		24,588			22,616
Stock based compensation		5,875			4,879
Net operating loss carryforwards		93,103			50,177
Tax credit carryforwards		41,972			28,022
Other temporary differences		30			30
Accruals & reserves		19			19
Fixed assets & intangibles		128			119
Operating lease liability		1,044			1,196
Total deferred tax assets	$	233,418		$	173,736
Deferred tax liabilities:
Operating right of use asset		(617	)		(708	)
Total deferred tax liabilities	$	(617	)	$	(708	)
Less: Valuation allowance	$	(232,801	)	$	(173,028	)
Net deferred tax assets / (liabilities)	$	—		$	—

Changes in the valuation allowance for deferred tax assets during the year ended December 31, 2025 and 2024 related primarily to the increase in net operating loss carryforwards and tax credit carryforwards and a decrease other deferred tax assets associated with a reduction in the Company’s effective state rate. Changes to the valuation allowance were as follows:


	Year Ended December 31,
	2025		2024
Valuation allowance as of the beginning of the year	$	173,028	$	141,770
Increases recorded to income tax provision		59,773		31,258
Valuation allowance at end of year	$	232,801	$	173,028

As of December 31, 2025, the Company had net operating loss carryforwards that expire for federal, foreign and state income tax purposes of $349.9 million, $1.2 million and $353.5 million, respectively. The federal and state operating losses begin to expire in 2026 and 2030, while the foreign net loss carryforward can be carried forward indefinitely. As of December 31, 2025, the Company had federal net operating loss carryforwards that were generated after December 31, 2017 of $343.9 million that do not expire, however these carryforwards are limited to 80% of the taxable income in any one tax period. The increase in federal net operating losses carryforward is primarily driven by the pre-tax loss for the period and the current year expensing of domestic R&D costs. As of December 31, 2025, the Company also had available tax credit carryforwards for federal and state income tax purposes of $42.0 million which begin to expire in 2039. Utilization of the pre-Merger net operating loss carryforwards attributable to Zafgen, of approximately $33.5 million, are subject to a substantial annual limitation

under Section 382 of the Internal Revenue Code of 1986 due to ownership changes occurred during the tax year associated with the Merger. In general, an ownership change, as defined by Section 382, results from transactions increasing the ownership of certain stockholders or public groups in the stock of a corporation by more than 50% over a three-year period. The ownership changes will limit the amount of pre-merger Zafgen carryforwards that can be utilized annually to offset future taxable income. The Company has reduced their NOL and R&D tax credit deferred tax assets associated with the pre-Merger Zafgen operations as a result of the 382 analysis.

The Company believes that as a result of its merger with Zafgen, its ability to utilize NOLs acquired in the transaction and our other NOLs is expected to be severely limited by Section 382 of the Code. Additionally, the Company’s July 2021, September 2022, February 2024, July 2025 and February 2026 equity transactions could also limit its ability to utilize NOLs in the future. The Company has not conducted a study to assess whether a change of control has occurred or whether there have been multiple changes of control since inception. If the Company experienced a change of control, as defined by Section 382, at any time since inception, utilization of its net operating loss carryforwards or tax credit carryforwards would be subject to an annual limitation under Section 382, which is determined by first multiplying the value of the Company’s stock at the time of the ownership change by the applicable long-term tax-exempt rate, and then could be subject to additional adjustments, as required. Any limitation may result in expiration of a portion of the net operating loss carryforwards or tax credit carryforwards before utilization. Further, until a study is completed, and any limitation is known, no amounts are being presented as an uncertain tax position.

The Tax Cuts and Jobs Act (“TCJA”) required taxpayers to capitalize and amortize research and experimental expenditures under IRC Section 174 for tax years beginning after December 31, 2021. This rule became effective for the Company during the year ended December 31, 2022 and resulted in the capitalization of research and development costs of $69.2 million, $24.5 million and $22.2 million in 2024, 2023 and 2022, respectively. The Company is amortizing these costs for tax purposes over five years if the research and development was performed in the U.S. and over 15 years if the research and development was performed outside the U.S.

On July 4, 2025, Public Law 119-21 was enacted and added new IRC Section 174A, which permanently restores the ability to immediately deduct domestic research and experimental expenditures for tax years beginning after December 31, 2024; the requirement to capitalize and amortize foreign research and experimental expenditures over 15 years was not changed.

As of December 31, 2025 and 2024, the Company’s net deferred tax asset balance before the valuation allowance was $232.8 million and $173.0 million, respectively, and was comprised principally of net operating loss carryforwards, capitalized research and development expenses and tax credit carryforwards. During the years ended December 31, 2025 and 2024, gross deferred tax assets increased due to deferred tax assets acquired as a result of additional net operating loss carryforwards and research and development tax credits generated.

The Company has evaluated the positive and negative evidence bearing upon its ability to realize the deferred tax assets. Management has considered the Company’s history of cumulative net losses incurred since inception and its lack of commercialization of any products or generation of any revenue from product sales since inception and has concluded that it is more likely than not that the Company will not realize the benefits of the deferred tax assets. Accordingly, a full valuation allowance has been established against the deferred tax assets as of December 31, 2025 and 2024. Management reevaluates the positive and negative evidence at each reporting period.

The Company has not recorded any amounts for unrecognized tax benefits as of December 31, 2025 and 2024. The Company files tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Company is subject to examination by federal and state jurisdictions, where applicable. There are currently no pending income tax examinations. The Company’s tax years are still open under statute from 2022 to the present. Earlier years may be examined to the extent that tax credit or net operating loss carryforwards are used in future periods. The Company’s policy is to record interest and penalties related to income taxes as part of its income tax provision.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

Income Taxes - Schedule of Domestic and Foreign Components of Loss Before Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Domestic	$ (165,673)	$ (80,604)
Loss before income taxes	$ (165,673)	$ (80,604)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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+ Details

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Summary of Significant Expense

The table below summarizes the significant expense categories regularly provided to the CODM for the twelve months ended December 31, 2025 and 2024:


	For the Year Ended December 31,
	2025			2024
Operating expenses:
Technical operations	$	112,162		$	44,805
Development (a)		36,368			24,361
Nomlabofusp support		5,694			4,112
General and administrative (b)		15,194			15,944
Commercial (c)		3,079			1,668
Total operating expenses	$	172,497		$	90,890
Other income, net		(6,824	)		(10,286	)
Net loss	$	(165,673	)	$	(80,604	)

(a)

Development expenses include research and development related stock compensation expense of approximately $3.5 million and $4.1 million for the twelve months ended December 31, 2025 and 2024, respectively.

(b)

General and administrative expenses include general and administrative related stock compensation expense of approximately $3.5 million and $4.7 million for the twelve months ended December 31, 2025 and 2024, respectively.

(c)

Commercial expenses relate to commercial readiness activities.

Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Payables and Accruals [Abstract]
Accrued research and development expenses	$ 53,914	$ 17,057
Accrued payroll and related expenses	3,783	3,254
Accrued other	777	561
Total accrued expense	$ 58,474	$ 20,872

Stockholders Equity and Stock Options - Summary of Stock Option Activity (Detail) - 2020 Equity Incentive Plan [Member] - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares, Outstanding	6,436,387
Number of shares, Options granted	2,437,337
Number of shares, Options forfeited/expired	(337,952)
Number of shares, Outstanding	8,535,772	6,436,387
Number of shares, Exercisable as of December 31, 2025	4,623,362
Number of shares, Vested and expected to vest as of December 31, 2025	8,535,772
Weighted average exercise price, balance	$ 7.78
Weighted average exercise price, Options granted	3.33
Weighted average exercise price, Options forfeited/expired	7.7
Weighted average exercise price, balance	6.51	$ 7.78
Weighted average exercise price, Exercisable as of December 31, 2025	8.61
Weighted average exercise price, Vested and expected to vest as of December 31, 2025	$ 6.51
Weighted average remaining contractual term, outstanding	7 years 2 months 12 days	7 years 7 months 6 days
Weighted average remaining contractual term, Exercisable as of December 31, 2025	6 years 1 month 6 days
Weighted average remaining contractual term, Vested and expected to vest as of December 31, 2025	7 years 2 months 12 days
Aggregate intrinsic value, outstanding	$ 1.5
Aggregate intrinsic value, exercisable as of December 31, 2025	0.3
Aggregate intrinsic value, Vested and expected to vest as of December 31, 2025	$ 1.5

Related Party

12 Months Ended

Dec. 31, 2025

Related Party

10.

Related Party

In May 2024, the Company entered into an agreement with the Friedreich’s Ataxia Research Alliance (“FARA”) to join the TRACK-FA Neuroimaging Consortium that includes pharmaceutical, biotechnology, academic, and clinical partners. One of the Company’s directors is also a director of FARA.

The consortium is conducting a natural history study designed to establish disease-specific neuroimaging biomarkers to track disease progression in the brain and spinal cord and provide a basis for utilizing these biomarkers in clinical trials. As an industry partner, the Company is helping fund the study and contribute to the study design, research activities, and analysis. The Company has access to study data for use in its regulatory filings, as appropriate.

As of December 31, 2025 and December 31, 2024, the Company incurred $0.1 million and $0.9 million, respectively, of costs related to the TRACK-FA program.

Additionally, during the twelve months ended December 31, 2025 and 2024, the Company sponsored patient and caregiver awareness events held by FARA for a cumulative $0.1 million in each period presented.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Net Loss Per Share Giving Effect to Conversion of Common Stock to Preferred Stock (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Net Loss Per Share

The following table sets forth the computation of basic and diluted net loss per share for the year ended December 31, 2025 (in thousands, except share and per share amounts).


Net Loss	$	(165,673	)

Allocation of net loss to common		(165,375	)
Allocation of net loss to Series A Preferred		(298	)

Weighted average shares of common stock outstanding, basic and diluted		72,947,927
Weighted average shares of Series A Preferred outstanding, basic and diluted		250,000

Net loss per share of common stock, basic and diluted	$	(2.27	)
Net loss per share of Series A Preferred, basic and diluted	$	(1.19	)

Schedule of Computation for Diluted Earnings Per Share


	As of December 31,
	2025		2024
Options to purchase common stock		8,535,772		6,436,387
Unvested restricted common stock		800,518		699,003
Unvested performance-based restricted common stock		200,000		—
Total excluded shares		9,536,290		7,135,390

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Use of Estimates

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. This process involves reviewing open contracts and purchase orders, communicating with our personnel and outside vendors to identify services that have been performed on our behalf and estimating the level of service performed and the associated costs incurred for the services when we have not yet been invoiced or otherwise notified of the actual costs. Significant estimates and assumptions reflected in these consolidated financial statements include, but are not limited to, the accrual of research and development expense, the recording as prepaid expense of payments made in advance of the actual provision of goods or services, valuation of stock-based awards and valuation of leases. Due to inherent uncertainty involved in making estimates, actual results reported in future periods may be affected by changes in these estimates. On an ongoing basis, the Company evaluates its estimates and assumptions.

Concentrations of Credit Risk and Significant Suppliers

Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash, cash equivalents and marketable securities. Cash balances may be held in financial institutions which may exceed federally insured limits. The Company has not experienced realized losses related to its cash, cash equivalents or marketable securities.

The Company is highly dependent on third-party manufacturers to supply products for research and development activities in its programs, to scale and optimize their manufacturing processes and, ultimately, to provide commercial supply. The Company relies and expects to continue to rely on a small number of manufacturers to supply it with its requirements for drug substance and formulated drugs related to these programs. The drug

substance which is in frozen liquid form for nomlabofusp is currently manufactured for the Company by a third-party manufacturer, and the frozen liquid form of drug product is made at another manufacturer. The Company is utilizing a different third manufacturer to produce a lyophilized version of the drug product from the same drug substance that the company is currently using in its ongoing clinical trial and plans, to use in certain of its future planned clinical trials. The Company’s research and development programs and planned commercialization activities could be adversely affected by a significant interruption in these manufacturing services or in the supply of drug substance and formulated drugs.

Cash and Cash Equivalents

The Company considers all highly liquid investments with maturities of three months or less at the date of purchase to be cash equivalents. Cash equivalents consisted of money market funds as of December 31, 2025 and 2024.

Marketable securities

Marketable securities consist of debt investments with original maturities greater than ninety days. The Company classifies its marketable securities as available-for-sale. Accordingly, these investments are recorded at fair value, which is based on quoted market prices. When the fair value is below the amortized cost the amount of the expected credit loss is estimated. The credit-related impairment amount, if any, would be recognized in net income; the remaining impairment amount and unrealized gains are reported as a component of accumulated other comprehensive income in stockholders’ equity. Credit losses, if any, are recognized through the use of an allowance for credit losses account and subsequent improvements in expected credit losses are recognized as a reversal of the allowance account. If the Company has the intent to sell the security or if it is more likely than not that the Company would be required to sell the security prior to recovery of its amortized cost basis, the allowance for credit loss would be written off and the excess of the amortized cost basis of the asset over its fair value would be recorded in net income.

Property and Equipment

Property and equipment are stated at cost less accumulated depreciation. Depreciation expense is recognized using the straight-line method over a five or seven-year estimated useful life for equipment, furniture and fixtures and office equipment. Leasehold improvements are amortized over the shorter of the asset life or the term of the lease agreement. Expenditures for repairs and maintenance of assets are charged to expense as incurred. Upon retirement or sale, the cost and related accumulated depreciation of assets disposed of are removed from the accounts and any resulting gain or loss is included in loss from operations.

Impairment of Long-Lived Assets

Long-lived assets consist of property and equipment, net¸ and right-of-use assets. Long-lived assets to be held and used are tested for recoverability whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. Factors that the Company considers in deciding when to perform an impairment review include significant underperformance of the business in relation to expectations, significant negative industry or economic trends, and significant changes or planned changes in the use of the assets. If an impairment review is performed to evaluate a long-lived asset for recoverability, the Company compares forecasts of undiscounted cash flows expected to result from the use and eventual disposition of the long-lived asset to its carrying value. Any impairment loss, if indicated, is measured as the amount by which the carrying amount of the asset exceeds the estimated fair value of the asset.

Research and Development Accruals

Costs associated with internal research and development and external research and development services, including drug manufacturing and scale- up, other drug development and testing costs, clinical studies and non-clinical studies, are expensed as incurred. Research and development expenses include costs for salaries, employee benefits, subcontractors, facility-related expenses, depreciation, stock-based compensation, third-party license fees, laboratory supplies, and external costs of outside vendors engaged to conduct discovery, non-clinical and clinical development activities and clinical trials as well as to manufacture clinical trial materials and to scale up the manufacturing process, and other costs. The Company recognizes external research and development costs based on an evaluation of the progress to completion of specific tasks using information provided to the Company by its key service providers.

Nonrefundable advance payments for goods or services to be received in the future for use in research and development activities are recorded as prepaid expenses. Such prepaid expenses are recognized as an expense when the goods have been delivered or the related services have been performed, or when it is no longer expected that the goods will be delivered, or the services rendered.

Upfront payments, milestone payments and annual maintenance fees under license agreements are currently expensed in the period in which they are incurred.

Patent Costs

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

Stock-Based Compensation

The Company measures all stock-based awards granted to employees and directors based on the fair value on the date of grant using the Black-Scholes option-pricing model. Compensation expense of those awards is recognized over the requisite service period, which is the vesting period of the respective award. Typically, the Company issues awards with only service-based vesting conditions and records the expense for these awards using the straight-line method. The Company accounts for forfeitures as they occur.

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

Prior to May 28, 2020, the Company had been a private company and lacked company-specific historical and implied volatility information for its common stock. Prior to January 1, 2023, the Company estimated its expected common stock price volatility solely based on the historical volatility of publicly traded peer companies. Beginning on January 1, 2023, based on the availability of sufficient historical trading data of the Company's own common stock on the Nasdaq Global Market to calculate accurately its volatility, the Company began blending its volatility starting from June 2020 (following its merger with Zafgen in 2020) to the date of each stock-based award, and weighing the volatility of its peer group for the amount of time from May 31, 2020 backwards so that the blended volatility equals the expected term of the related stock-based award. The expected term of the Company’s stock options has been determined utilizing the “simplified” method for awards that qualify as “plain-vanilla” options. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the award. The expected dividend yield considers the fact that the Company has never paid cash dividends on common stock and does not expect to pay any cash dividends in the foreseeable future.

Segment Information

Operating segments are defined as components of an enterprise for which separate discrete information is available for evaluation by the chief operating decision maker, or decision making group, in deciding how to allocate resources in assessing performance. The Company is managed on a consolidated basis and has one operating and reportable segment related to the development of clinical and preclinical product candidates for the development of the Company’s proprietary new therapies, primarily nomlabofusp, the Company's life science segment. The Company’s chief operating decision maker (“CODM”) is the Company's chief executive officer (“CEO”).

The accounting policies of the life science segment are the same as those described in the summary of significant accounting policies. The CODM assesses performance for the Company and its reportable segment based on net loss, which is reported on the consolidated Statements of Operations. The measure of segment assets is reported on the balance sheet as total consolidated assets. All long-lived assets are located in the U.S.

To date, the Company has not generated any product revenue. The Company expects to continue to incur significant expenses and operating losses for the foreseeable future as it advances product candidates through all stages of development and clinical trials and regulatory approval.

The CODM uses consolidated financial information, including consolidated net loss, to evaluate performance, forecast future period financial results, allocate resources for the company by, among other things, comparing budgeted to actual results.

The table below summarizes the significant expense categories regularly provided to the CODM for the twelve months ended December 31, 2025 and 2024:


	For the Year Ended December 31,
	2025			2024
Operating expenses:
Technical operations	$	112,162		$	44,805
Development (a)		36,368			24,361
Nomlabofusp support		5,694			4,112
General and administrative (b)		15,194			15,944
Commercial (c)		3,079			1,668
Total operating expenses	$	172,497		$	90,890
Other income, net		(6,824	)		(10,286	)
Net loss	$	(165,673	)	$	(80,604	)

(a)

(b)

(c)

Commercial expenses relate to commercial readiness activities.

Income Taxes

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

The Company accounts for uncertainty in income taxes recognized in the consolidated financial statements by applying a two-step process to determine the amount of tax benefit to be recognized. First, the tax position must be evaluated to determine the likelihood that it will be sustained upon external examination by the taxing authorities. If the tax position is deemed more-likely-than-not to be sustained, the tax position is then assessed to determine the amount of benefit to recognize in the consolidated financial statements. The amount of the benefit that may be recognized is the largest amount that has a greater than 50% likelihood of being realized upon ultimate settlement. The provision for income taxes includes the effects of any resulting tax reserves, or unrecognized tax benefits, that are considered appropriate as well as the related net interest and penalties.

Comprehensive Gain (Loss)

Comprehensive gain (loss) includes net loss as well as other changes in stockholders’ equity that result from transactions and economic events other than those with stockholders. For the years ended December 31, 2025 and 2024, the Company’s only element of other comprehensive gain (loss) was unrealized gain (loss) on marketable securities.

Recently Issued and Adopted Accounting Pronouncements

From time to time, new accounting guidance is issued by the FASB or other standard setting bodies that is adopted by us as of the effective date or, in some cases where early adoption is permitted, in advance of the effective date. We have assessed the recently issued guidance that is not yet effective and believe the new guidance will not have a material impact on the consolidated results of operations, cash flows or financial position.

In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 requires disclosure of incremental segment information on an annual and interim basis. The amendments also require companies with a single reportable segment to provide all disclosures required by this amendment and all existing segment disclosures in ASC 280, Segment Reporting. The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods beginning after December 15, 2024. The Company adopted ASU 2023-07, effective December 31, 2024, in these consolidated financial statements. ASU 2023-07 only impacted the disclosures and did not impact the consolidated financial statements. See Note 2, Segment Information, for disclosures related to the adoption of ASU 2023-07.

In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” This standard enhances disclosures related to income taxes, including the rate reconciliation and information on income taxes paid. The Company adopted ASU No. 2023-09 effective December 31, 2025, on a prospective basis, the impact of which is limited to additional income tax disclosures in the notes to the Company’s consolidated financial statements.

Recently Issued Accounting Pronouncements Not Yet Adopted

In November 2024, the FASB issued ASU 2024-03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses”, which requires disaggregated disclosures in the notes of the financial statements of certain categories of expenses that are included in expense line items on the face of the income statement. This ASU is effective for annual periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company will evaluate the impact adopting ASU 2024-03 will have on the Company's consolidated financial statements and disclosures.

Income Taxes - Schedule of Net Deferred Tax Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets:
Capitalized R&D - acquired in merger with Zafgen	$ 66,659	$ 66,678
Capitalized R&D - Section 174 Costs Post 2021	24,588	22,616
Stock based compensation	5,875	4,879
Net operating loss carryforwards	93,103	50,177
Tax credit carryforwards	41,972	28,022
Other temporary differences	30	30
Accruals & reserves	19	19
Fixed assets & intangibles	128	119
Operating lease liability	1,044	1,196
Total deferred tax assets	233,418	173,736
Deferred tax liabilities:
Operating right of use asset	(617)	(708)
Total deferred tax liabilities	(617)	(708)
Less: Valuation allowance	$ (232,801)	$ (173,028)	$ (141,770)

Related Party - Additional Information (Detail) - Friedreich's Ataxia Research Alliances [Member] - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Track-FA program [Member]
Related Party Transaction [Line Items]
Cost related to FARA	$ 0.1	$ 0.9
Patient and Caregiver Awareness Events [Member]
Related Party Transaction [Line Items]
Cost related to FARA	$ 0.1	$ 0.1

- Definition

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

+ References

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+ Details

Net Loss Per Share Giving Effect to Conversion of Common Stock to Preferred Stock - Schedule of Computation of Basic and Diluted Net Loss Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net loss	$ (165,673)	$ (80,604)
Common Stock [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net loss	$ (165,375)
Weighted average shares of outstanding, basic	72,947,927	61,256,084
Weighted average shares of outstanding, diluted	72,947,927	61,256,084
Net loss per share, basic	$ (2.27)	$ (1.32)
Net loss per share, diluted	$ (2.27)	$ (1.32)
Series A Preferred Stock [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net loss	$ (298)
Weighted average shares of outstanding, basic	250,000
Weighted average shares of outstanding, diluted	250,000
Net loss per share, basic	$ (1.19)
Net loss per share, diluted	$ (1.19)

- Definition

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

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- Definition

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

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+ Details

- Definition

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

+ References

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+ Details

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 85,412	$ 33,218
Short-term marketable securities	51,440	150,236
Prepaid expenses and other current assets	5,170	11,850
Total current assets	142,022	195,304
Property and equipment, net	622	881
Operating lease right-of-use assets	2,069	2,838
Restricted cash	606	606
Other assets	523	596
Total assets	145,842	200,225
Current liabilities:
Accounts payable	5,216	2,424
Accrued expenses	58,474	20,872
Operating lease liabilities, current	1,105	1,060
Total current liabilities	64,795	24,356
Operating lease liabilities	2,962	4,057
Total liabilities	67,757	28,413
Commitments and contingencies (See Note 8)
Stockholders’ equity:
Preferred stock; $0.001 par value per share; 5,000,000 shares authorized as of December 31, 2025 and December 31, 2024; 250,000 and no shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively
Common stock, $0.001 par value per share; 115,000,000 shares authorized as of December 31, 2025 and December 31, 2024; 83,090,392 and 63,815,065 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively	83	64
Additional paid-in capital	512,779	440,758
Accumulated deficit	(434,831)	(269,158)
Accumulated other comprehensive gain	54	148
Total stockholders' equity	78,085	171,812
Total liabilities and stockholders' equity	$ 145,842	$ 200,225

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Operating expenses:
Research and development	$ 154,224	$ 73,278
General and administrative	18,273	17,612
Total operating expenses	172,497	90,890
Loss from operations	(172,497)	(90,890)
Other income, net	6,824	10,286
Net loss	(165,673)	(80,604)
Comprehensive loss:
Net loss	(165,673)	(80,604)
Other comprehensive loss:
Unrealized gain (loss) on marketable securities	(94)	67
Total other comprehensive gain (loss)	(94)	67
Total comprehensive loss	(165,767)	$ (80,537)
Common Stock [Member]
Operating expenses:
Net loss	(165,375)
Comprehensive loss:
Net loss	$ (165,375)
Basic and diluted net loss per share
Basic net loss per share	$ (2.27)	$ (1.32)
Diluted net loss per share	$ (2.27)	$ (1.32)
Weighted-average shares used in computing basic and diluted net loss per share
Weighted-average shares used in computing basic net loss per share	72,947,927	61,256,084
Weighted-average shares used in computing diluted net loss per share	72,947,927	61,256,084
Preferred Stock [Member]
Basic and diluted net loss per share
Basic net loss per share	$ (1.19)
Diluted net loss per share	$ (1.19)
Weighted-average shares used in computing basic and diluted net loss per share
Weighted-average shares used in computing basic net loss per share	250,000
Weighted-average shares used in computing diluted net loss per share	250,000

Fixed Assets

12 Months Ended

Dec. 31, 2025

Assets [Abstract]

Fixed Assets

Fixed assets, net consisted of the following:


		December 31,			December 31,
	Useful Life	2025			2024
		(in thousands)
Computer equipment	5 years	$	130		$	117
Lab equipment	5 years		1,737			1,707
Furniture and fixtures	7 years		555			555
Leasehold improvements	lease term		93			45
Total fixed assets			2,515			2,424
Less: Accumulated depreciation			(1,893	)		(1,543	)
Total fixed assets, net		$	622		$	881

Depreciation expense was $0.3 million for the years ended December 31, 2025 and 2024, respectively. In addition, for the years ended December 31, 2025 and 2024, respectively, there was less than $0.1 million and $0.1 million of depreciation related to sublet assets recorded as other expense.

Fair Value Measurements and Cash Equivalents/Marketable Securities

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements and Cash Equivalents/Marketable Securities

Fair Value Measurements

The Company’s assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2025 and December 31, 2024 are measured in accordance with the standards of ASC 820, Fair Value Measurements and Disclosures, which establishes a three-level valuation hierarchy for measuring fair value and expands financial statement disclosures about fair value measurements. The valuation hierarchy is based on upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows:


Level – 1	Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.

Level – 2	Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

Level – 3	Inputs to the valuation methodology are unobservable and significant to the fair value measurement.

The Company’s financial instruments consist primarily of cash and cash equivalents, marketable securities, accounts payable and accrued liabilities. For accounts payable and accrued liabilities, the carrying amounts of these financial instruments as of December 31, 2025 and 2024 were considered representative of their fair values due to their short term to maturity.

The following tables summarize the Company’s cash equivalents and marketable securities as of December 31, 2025 and 2024:


	Total		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(in thousands)
December 31, 2025
Cash equivalents:
Money market funds invested in government securities	$	78,930	$	78,930	$	—	$	—
Total cash equivalents		78,930		78,930		—		—

Marketable securities:
U.S. Government securities		51,440		—		51,440		—
Total marketable securities		51,440		—		51,440		—
Total cash equivalents and marketable securities	$	130,370	$	78,930	$	51,440	$	—

December 31, 2024
Cash equivalents:
Money market funds invested in government securities	$	26,702	$	26,702	$	—	$	—
Total cash equivalents		26,702		26,702		—		—

Marketable securities:
U.S. Treasury Bills		2,947		2,947		—		—
U.S. Government securities		147,289		—		147,289		—
Total marketable securities		150,236		2,947		147,289		—
Total cash equivalents and marketable securities	$	176,938	$	29,649	$	147,289	$	—

The accrued interest receivable related to the Company’s investments was $0.7 million and $1.1 million as of December 31, 2025 and 2024, respectively, and is included in prepaid expenses and other current assets on the consolidated balance sheet.

The Company classifies its money market funds and U.S. treasury bills, which are valued based on quoted market prices in active markets with no valuation adjustment, as Level 1 assets within the fair value hierarchy.

The Company classifies its investments in U.S. government and agency securities, corporate commercial paper, and corporate bonds, if any, as Level 2 assets within the fair value hierarchy. The fair values of these investments are estimated by taking into consideration valuations obtained from third-party pricing services. The pricing services utilize industry standard valuation models, including both income- and market-based approaches, for which all significant inputs are observable, either directly or indirectly, to estimate fair value. These inputs include reported trades of and broker/dealer quotes on the same or similar securities, issuer credit spreads, benchmark securities, prepayment/default projections based on historical data and other observable inputs.

As of December 31, 2025, the unrealized loss for available-for-sale investments were non-credit related, and the Company does not intend to sell the investments that were in an unrealized loss position, nor will it be required to sell those investments before recovery of their amortized cost basis, which may be maturity. As of December 31, 2025 and 2024, no allowances for credit losses for the Company’s investments were recorded. During the twelve months ended December 31, 2025 and 2024, the Company did not recognize any impairment losses related to investments.

As of December 31, 2025 and 2024, the Company's cash equivalents and marketable securities consisted of a U.S. government money market fund, U.S. Treasury Bills and U.S. government and agency securities, all held in our name in a separate custody account with U.S. Bank. The U.S. government money market fund has same-day liquidity access and the U.S. government and agency securities all have maturities of 360 days or less.

Marketable Securities

The following tables summarize the Company’s marketable securities as of December 31, 2025 and 2024:


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(in thousands)
December 31, 2025
Assets:
U.S. Government securities	$	51,386	$	54	$	—		$	51,440
Total marketable securities	$	51,386	$	54	$	—		$	51,440

December 31, 2024
Assets:
U.S. Treasury Bills	$	2,945	$	2	$	—		$	2,947
U.S. Government securities		147,143		166		(20	)		147,289
Total marketable securities	$	150,088	$	168	$	(20	)	$	150,236

- 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
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-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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-Section 55
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-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (h)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Subparagraph (e)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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

+ Details

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Basis of Presentation

The consolidated financial statements include the accounts of Larimar and its wholly owned subsidiary. All intercompany balances and transactions have been eliminated. The accompanying consolidated financial statements have been prepared in conformity with U. S. Generally Accepted Accounting Principles (“GAAP”).

Liquidity and Capital Resources

The Company’s consolidated financial statements have been presented on the basis that it will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business.

Since its inception, the Company has incurred significant recurring operating losses and negative cash flows from operations. The Company has incurred net losses of $165.7 million and $80.6 million for the years ended December 31, 2025, and 2024, respectively, and cash flow used in operations of $113.2 million and $70.8 million for the years ended December 31, 2025 and 2024, respectively. In addition, as of December 31, 2025, the Company had an accumulated deficit of $434.8 million. The Company expects to continue to generate operating losses for the foreseeable future. As of December 31, 2025, the Company had approximately $136.9 million of cash, cash equivalents and marketable securities available for use to fund its operations and capital requirements.

The Company has funded its operations to date primarily with proceeds from sales of common stock and proceeds from the sale of prefunded warrants for the purchase of common stock, the acquisition in 2020 of cash, cash equivalents and marketable securities upon the merger with Zafgen, Inc. (“Zafgen”) and, prior to the 2020 merger with Zafgen, capital contributions from Chondrial Holdings, LLC.

In February 2024, the Company sold 19,736,842 shares of its common stock in an underwritten public offering at a price of $8.74 per share and received net proceeds of approximately $161.8 million.

In July 2025, the Company sold 21,562,500 shares of its common stock in an underwritten public offering at a price of $3.20 per share and received net proceeds of approximately $65.0 million.

In February 2026, the Company sold 23,000,000 shares of its common stock in an underwritten public offering at a price of $5.00 per share. and received net proceeds of approximately $107.6 million.

In accordance with Accounting Standards Codification (“ASC”) 205, “Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern”, the Company has evaluated whether there are certain conditions and events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that these consolidated financial statements are issued. As of the issuance date of these consolidated financial statements, the Company expects its cash, cash equivalents and marketable securities together with the net proceeds of its February 2026 underwritten public offering will be sufficient to fund its forecasted operating expenses and capital expenditure requirements into the second quarter of 2027.

The Company has not yet commercialized any products and its ability to commercialize nomlabofusp is dependent on receiving regulatory approval in the United States and/or other countries. The Company expects that its research and development, general and administrative and commercial expenses will continue to increase and, as a result, that it may need additional capital to fund its future operating and capital requirements. Unless and until the Company can generate substantial revenue, management continuously evaluates different strategies to obtain the required funding for future operations. These strategies include seeking additional funding through a combination of

public or private equity offerings, debt or royalty financings, collaborations and licensing arrangements, strategic partnerships with pharmaceutical and/or larger biotechnology companies, or other sources. The incurrence of indebtedness would result in increased payment obligations and the Company may be required to agree to certain restrictive covenants, such as limitations on its ability to incur additional debt, limitations on its ability to acquire, sell or license intellectual property rights, minimum required cash balances and other operating restrictions that could adversely impact the Company's ability to conduct its business. Any additional fundraising efforts may divert the Company's management from their day-to-day activities, which may adversely affect its ability to develop and commercialize its product candidates.

There can be no assurance that the Company would be able to raise sufficient additional capital on acceptable terms, if at all. If such additional financing is not available on satisfactory terms, or is not available in sufficient amounts, or if the Company does not have sufficient authorized shares, the Company may be required to delay, limit, or eliminate the development of business opportunities and its ability to achieve its business objectives, its competitiveness, and its business, financial condition, and results of operations will be materially adversely affected. The Company could also be required to seek funds through arrangements with collaborative partners or otherwise at an earlier stage than otherwise would be desirable and it may be required to relinquish rights to some of its technologies or product candidates or otherwise agree to terms unfavorable to it, any of which may have a material adverse effect on the Company's business, operating results and prospects. In addition, geopolitical tensions, volatility of capital markets, and other adverse macroeconomic events, including those due to inflationary pressures, rising interest rates, tariff or trade protection measures that have been or may in the future be imposed by the U.S. or other countries, and bank instability and the ability of the U.S. government to manage federal debt limits as well as the potential impact of other health crises on the global financial markets may reduce the Company's ability to access capital, which could negatively affect its liquidity and ability to continue as a going concern.

If the Company is unable to obtain sufficient funding when needed and/or on acceptable terms, the Company may be required to significantly curtail, delay or discontinue one or more of its research and development programs, the manufacture of clinical and commercial supplies, product portfolio expansion, commercialization efforts and/or commercial operations, which could adversely affect its business prospects, or the Company may be unable to continue operations. If the timing of the Company's clinical assumptions are delayed or if there are other forecasted assumption changes that negatively impact its operating plan, the Company would reduce expenditures in order to further extend cash resources.

Use of Estimates

Concentrations of Credit Risk and Significant Suppliers

Cash and Cash Equivalents

Marketable Securities

Marketable securities

Property and Equipment

Impairment of Long-Lived Assets

Research and Development Accruals

Upfront payments, milestone payments and annual maintenance fees under license agreements are currently expensed in the period in which they are incurred.

Patent Costs

Stock-Based Compensation

Segment Information

The table below summarizes the significant expense categories regularly provided to the CODM for the twelve months ended December 31, 2025 and 2024:


	For the Year Ended December 31,
	2025			2024
Operating expenses:
Technical operations	$	112,162		$	44,805
Development (a)		36,368			24,361
Nomlabofusp support		5,694			4,112
General and administrative (b)		15,194			15,944
Commercial (c)		3,079			1,668
Total operating expenses	$	172,497		$	90,890
Other income, net		(6,824	)		(10,286	)
Net loss	$	(165,673	)	$	(80,604	)

(a)

(b)

(c)

Commercial expenses relate to commercial readiness activities.

Income Taxes

Comprehensive Gain (Loss)

Recently Issued and Adopted Accounting Pronouncements

Recently Issued Accounting Pronouncements Not Yet Adopted

Fair Value Measurements and Cash Equivalents/Marketable Securities - Summary of Marketable Securities (Detail) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	$ 51,386	$ 150,088
Gross Unrealized Gains	54	168
Gross Unrealized Losses		(20)
Fair Value	51,440	150,236
U.S. Treasury Bills [Member]
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost		2,945
Gross Unrealized Gains		2
Fair Value		2,947
U.S. Government Securities [Member]
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	51,386	147,143
Gross Unrealized Gains	54	166
Gross Unrealized Losses		(20)
Fair Value	$ 51,440	$ 147,289

- Definition

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

+ References

+ Details

- 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 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-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 3: http://www.xbrl.org/2003/role/disclosureRef
-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 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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-Section 50
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-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 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
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-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
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-Paragraph 3
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-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

Summary of Significant Accounting Policies - Summary of Significant Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Operating expenses:
Operating expenses	$ 172,497	$ 90,890
Other income, net	(6,824)	(10,286)
Net loss	(165,673)	(80,604)
Technical Operations [Member]
Operating expenses:
Operating expenses	112,162	44,805
Development [Member]
Operating expenses:
Operating expenses	36,368	24,361
Nomlabofusp Support [Member]
Operating expenses:
Operating expenses	5,694	4,112
General and Administrative [Member]
Operating expenses:
Operating expenses	15,194	15,944
Commercial [Member]
Operating expenses:
Operating expenses	$ 3,079	$ 1,668

- Definition

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

+ References

+ Details

Description of Business, Basis of Presentation and Liquidity and Capital Resources	12 Months Ended
	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business, Basis of Presentation and Liquidity and Capital Resources	1. Description of Business, Basis of Presentation and Liquidity and Capital Resources Larimar Therapeutics, Inc., together with its subsidiary (the “Company” or “Larimar”), is a clinical-stage biotechnology company focused on developing treatments for patients suffering from complex rare diseases using its novel cell penetrating peptide technology platform. Larimar's lead product candidate, nomlabofusp is a subcutaneously administered, recombinant fusion protein intended to deliver human frataxin (“FXN”), an essential protein, to the mitochondria of patients with Friedreich’s ataxia (“FA”). FA is a rare, progressive and fatal disease in which patients are unable to produce sufficient FXN due to a genetic abnormality. Basis of Presentation The consolidated financial statements include the accounts of Larimar and its wholly owned subsidiary. All intercompany balances and transactions have been eliminated. The accompanying consolidated financial statements have been prepared in conformity with U. S. Generally Accepted Accounting Principles (“GAAP”). Liquidity and Capital Resources The Company’s consolidated financial statements have been presented on the basis that it will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. Since its inception, the Company has incurred significant recurring operating losses and negative cash flows from operations. The Company has incurred net losses of $165.7 million and $80.6 million for the years ended December 31, 2025, and 2024, respectively, and cash flow used in operations of $113.2 million and $70.8 million for the years ended December 31, 2025 and 2024, respectively. In addition, as of December 31, 2025, the Company had an accumulated deficit of $434.8 million. The Company expects to continue to generate operating losses for the foreseeable future. As of December 31, 2025, the Company had approximately $136.9 million of cash, cash equivalents and marketable securities available for use to fund its operations and capital requirements. The Company has funded its operations to date primarily with proceeds from sales of common stock and proceeds from the sale of prefunded warrants for the purchase of common stock, the acquisition in 2020 of cash, cash equivalents and marketable securities upon the merger with Zafgen, Inc. (“Zafgen”) and, prior to the 2020 merger with Zafgen, capital contributions from Chondrial Holdings, LLC. In February 2024, the Company sold 19,736,842 shares of its common stock in an underwritten public offering at a price of $8.74 per share and received net proceeds of approximately $161.8 million. In July 2025, the Company sold 21,562,500 shares of its common stock in an underwritten public offering at a price of $3.20 per share and received net proceeds of approximately $65.0 million. In February 2026, the Company sold 23,000,000 shares of its common stock in an underwritten public offering at a price of $5.00 per share. and received net proceeds of approximately $107.6 million. In accordance with Accounting Standards Codification (“ASC”) 205, “Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern”, the Company has evaluated whether there are certain conditions and events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that these consolidated financial statements are issued. As of the issuance date of these consolidated financial statements, the Company expects its cash, cash equivalents and marketable securities together with the net proceeds of its February 2026 underwritten public offering will be sufficient to fund its forecasted operating expenses and capital expenditure requirements into the second quarter of 2027. The Company has not yet commercialized any products and its ability to commercialize nomlabofusp is dependent on receiving regulatory approval in the United States and/or other countries. The Company expects that its research and development, general and administrative and commercial expenses will continue to increase and, as a result, that it may need additional capital to fund its future operating and capital requirements. Unless and until the Company can generate substantial revenue, management continuously evaluates different strategies to obtain the required funding for future operations. These strategies include seeking additional funding through a combination of public or private equity offerings, debt or royalty financings, collaborations and licensing arrangements, strategic partnerships with pharmaceutical and/or larger biotechnology companies, or other sources. The incurrence of indebtedness would result in increased payment obligations and the Company may be required to agree to certain restrictive covenants, such as limitations on its ability to incur additional debt, limitations on its ability to acquire, sell or license intellectual property rights, minimum required cash balances and other operating restrictions that could adversely impact the Company's ability to conduct its business. Any additional fundraising efforts may divert the Company's management from their day-to-day activities, which may adversely affect its ability to develop and commercialize its product candidates. There can be no assurance that the Company would be able to raise sufficient additional capital on acceptable terms, if at all. If such additional financing is not available on satisfactory terms, or is not available in sufficient amounts, or if the Company does not have sufficient authorized shares, the Company may be required to delay, limit, or eliminate the development of business opportunities and its ability to achieve its business objectives, its competitiveness, and its business, financial condition, and results of operations will be materially adversely affected. The Company could also be required to seek funds through arrangements with collaborative partners or otherwise at an earlier stage than otherwise would be desirable and it may be required to relinquish rights to some of its technologies or product candidates or otherwise agree to terms unfavorable to it, any of which may have a material adverse effect on the Company's business, operating results and prospects. In addition, geopolitical tensions, volatility of capital markets, and other adverse macroeconomic events, including those due to inflationary pressures, rising interest rates, tariff or trade protection measures that have been or may in the future be imposed by the U.S. or other countries, and bank instability and the ability of the U.S. government to manage federal debt limits as well as the potential impact of other health crises on the global financial markets may reduce the Company's ability to access capital, which could negatively affect its liquidity and ability to continue as a going concern. If the Company is unable to obtain sufficient funding when needed and/or on acceptable terms, the Company may be required to significantly curtail, delay or discontinue one or more of its research and development programs, the manufacture of clinical and commercial supplies, product portfolio expansion, commercialization efforts and/or commercial operations, which could adversely affect its business prospects, or the Company may be unable to continue operations. If the timing of the Company's clinical assumptions are delayed or if there are other forecasted assumption changes that negatively impact its operating plan, the Company would reduce expenditures in order to further extend cash resources.

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Pay vs Performance Disclosure
Net Income (Loss)	$ (165,673)	$ (80,604)

- Definition

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

+ References

+ Details

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Operating activities:
Net loss	$ (165,673)	$ (80,604)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	7,004	8,796
Lease expense	(281)	(189)
Depreciation expense	350	318
Amortization of premium on marketable securities	(1,698)	(5,256)
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	6,680	(8,465)
Accounts payable	2,792	1,141
Accrued expenses	37,552	13,436
Other assets	73	63
Net cash used in operating activities	(113,201)	(70,760)
Investing activities:
Purchases of property and equipment	(91)	(515)
Purchases of marketable securities	(83,600)	(227,872)
Maturities of marketable securities	184,000	143,000
Net cash provided by (used in) investing activities	100,309	(85,387)
Financing activities:
Proceeds from issuance of common stock, net of issuance costs	65,086	161,806
Proceeds from exercise of stock options and warrants		77
Net cash provided by financing activities	65,086	161,883
Net increase in cash, cash equivalents and restricted cash	52,194	5,736
Cash, cash equivalents and restricted cash at beginning of period	33,824	28,088
Cash, cash equivalents and restricted cash at end of period	86,018	33,824
Supplemental disclosure of non-cash investing and financing activities:
Offering costs included in accounts payable and accrued expense	$ 100	50
Leased assets obtained in exchange for new operating lease liabilities		$ 465

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Preferred stock, par value per share	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	250,000	0
Preferred stock, shares outstanding	250,000	0
Common stock, par value per share	$ 0.001	$ 0.001
Common stock, shares authorized	115,000,000	115,000,000
Common stock, shares issued	83,090,392	63,815,065
Common stock, shares outstanding	83,090,392	63,815,065

Stockholders’ Equity and Stock Options (Tables)

12 Months Ended

Dec. 31, 2025

Stockholders' Equity Note [Abstract]

Assumptions used to Determine Fair Value of Stock Options Granted

The following table presents, on a weighted average basis, the assumptions used in the Black-Scholes option-pricing model to determine the grant-date fair value of stock options granted to employees:


		December 31,
		2025
Risk-free interest rate		4.43%
Expected term (in years)		6.22
Expected volatility		94%
Dividend yield		0.00%

Summary of Stock Option Activity

The following table summarizes the Company's stock option activity under the Company's 2020 Plan as well as inducement grants outside of the 2020 Plan for the twelve months ended December 31, 2025 :



				Weighted		Weighted Average
				Average		Remaining		Aggregate
				Exercise		Contractual		Intrinsic
	Number of			Price		Term		Value (a)
	Shares			(per share)		(in years)		(in millions)
Outstanding as of December 31, 2024		6,436,387		$	7.78		7.6
Options granted		2,437,337			3.33
Options forfeited/expired		(337,952	)		7.70
Outstanding as of December 31, 2025		8,535,772		$	6.51		7.2	$	1.5
Exercisable as of December 31, 2025		4,623,362		$	8.61		6.1	$	0.3
Vested and expected to vest as of December 31, 2025		8,535,772		$	6.51		7.2	$	1.5

(a)

Summary of Restricted Stock Units

Activity with respect to the Company's RSUs during the twelve months ended December 31, 2025 was as follows:


				Weighted			Weighted Average
				Average			Remaining			Aggregate
				Grant Date			Contractual			Intrinsic
	Number of			Fair Value			Term			Value (a)
	Shares			(per share)			(in years)			(in millions)
Outstanding as of December 31, 2024		699,003		$	4.69			1.2
Restricted stock units granted		544,988			3.46
Restricted stock units vested		(212,827	)		4.73
Restricted stock units forfeited		(30,646	)		4.06
Outstanding as of December 31, 2025		1,000,518		$	4.03			1.2		$	3.8
Unvested and expected to vest as of December 31, 2025		1,000,518		$	4.03	$		1.2	$	$	3.8

Summary of Stock-Based Compensation Expense

Stock-based compensation expense was classified in the consolidated statements of operations as follows:


	Year Ended December 31,
	2025		2024
Research and development	$	3,520	$	4,053
General and administrative		3,484		4,743
	$	7,004	$	8,796

Fixed Assets (Tables)

12 Months Ended

Dec. 31, 2025

Assets [Abstract]

Schedule of Fixed Assets, Net

Fixed assets, net consisted of the following:


		December 31,			December 31,
	Useful Life	2025			2024
		(in thousands)
Computer equipment	5 years	$	130		$	117
Lab equipment	5 years		1,737			1,707
Furniture and fixtures	7 years		555			555
Leasehold improvements	lease term		93			45
Total fixed assets			2,515			2,424
Less: Accumulated depreciation			(1,893	)		(1,543	)
Total fixed assets, net		$	622		$	881

Commitments and Contingencies

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Intellectual Property Licenses

The Company is party to an exclusive License Agreement, dated November 30, 2016, as amended, with Indiana University (“IU”). Such agreement provides for a transferable, worldwide license to certain patent rights regarding technology used by the Company with respect to the development of nomlabofusp.

In partial consideration for the right and license granted under the agreement, the Company will pay IU a royalty of a low single digit percentage of net sales of licensed products depending on whether there is a valid patent covering such products. As additional consideration for these agreements, the Company is obligated to pay IU certain milestone payments of up to $2.0 million in the aggregate upon the achievement of certain developmental milestones, which commenced with the enrollment of the first patient in a Phase 1 clinical trial. The Company enrolled the first patient in its SAD trial on December 11, 2019 and paid IU less than $0.1 million. The Company will also pay IU sublicensing fees ranging from a high-single digit to a low double-digit percentage of sublicense consideration depending on the Company’s achievement of certain regulatory milestones as of the time of receipt of the sublicense consideration. The Company is also obligated to reimburse IU for patent-related expenses. In the event that the Company disputes the validity of any of the licensed patents, the royalty rate would be tripled during such dispute. The Company is also obligated to pay to IU a minimum annual royalty of less than $0.1 million per annum.

In October 2022, the Company initiated dosing of a Phase 2 study. Pursuant to the terms of the IU License, the company recognized milestone expense of $0.1 million within research and development expenses.

The agreement continues from its effective date through the last to date of expiration of the licensed patent, unless earlier terminated by either party in accordance with the terms of the agreement.

We were previously a party to License Agreement dated November 30, 2016, with Wake Forest University Health Sciences (“WFUHS”), which licensed certain patent rights regarding technology used by us with respect to the development of nomlabofusp in consideration for an obligation to pay WFUHS a royalty of a low single digit percentage of net sales of licensed products, certain milestones, and certain sublicensing revenue. The WFUHS license expired in December 2025 with the last to expire licensed patent.

Leases

The right of use assets and lease liabilities with the following leases are reflected in the financial statements for both the years ended December 31, 2025 and 2024.

Bala Cynwyd Office Space

On August 8, 2019, the Company entered into an operating lease for 4,642 square feet of office space in Bala Cynwyd, Pennsylvania, effective as of December 15, 2019, for a period of three years and six months with an option to extend the lease for three additional years. Due to required tenant improvements to be completed by the landlord, the Company did not take immediate possession of the leased property and the lease term commenced on February 15, 2020.

On March 9, 2023, the Company executed a lease extension agreement on its original 4,642 square footage of office space in Bala Cynwyd, Pennsylvania (which was set to expire in August 2023) and agreed to lease an additional 3,462 square feet of office space from the same landlord.

The lease extension on the original 4,642 square footage commenced on September 1, 2023 and the Company recorded a right of use asset and lease liability of $0.5 million as of that date.

The lease extension on the 3,462 additional square footage commenced on October 1, 2023 and the Company recorded a right of use asset and lease liability of $0.3 million as of that date.

On November 24, 2025, the Company executed the second amendment to the lease on the current 8,104 square footage of office space in Bala Cynwyd, Pennsylvania (which was set to expire in August 2026) and agreed to lease an additional 7,107 square feet of space from the same landlord. The property was not yet made available for use due to the significant tenant improvement work being performed by the landlord. Consequently, the Company determined that the lease has not yet commenced for accounting purposes. No right of use asset or lease liability will be recorded until the lease commencement date.

Boston Office Lease

In connection with the Company's 2020 merger with Zafgen described in footnote 1, on May 28, 2020, the Company acquired a non-cancellable operating lease for approximately 17,705 square feet of office space (the “Premises”). The lease expires on October 30, 2029. As part of the agreement, the Company was initially required to maintain a letter of credit, of $1.3 million. In October of 2024, upon the agreement with the landlord that we had achieved certain clinical development milestones required in the lease, this letter of credit was reduced to $0.6 million. During both periods presented, this cash deposit and is classified as restricted cash within the consolidated financial statements. In addition to the base rent, the Company is also responsible for its share of operating expenses, electricity and real estate taxes, which costs are not included in the determination of the leases’ right-of-use assets or lease liabilities. The right-of-use asset is being amortized to other income/(expense) over the remaining lease term as a result of the sublease described below.

On October 27, 2020, the Company entered into a sublease agreement (the “Sublease”) with Massachusetts Municipal Association, Inc. (the “Subtenant”), whereby the Company sublet the entire Premises to the Subtenant. The initial term of the Sublease commenced on December 4, 2020 and continues until October 30, 2029. In connection with the Sublease, the Company evaluated the need for impairment under ASC 360 “Impairment Testing: Long-Lived Assets Classified as Held and Used,” and determined there was no impairment.

The Sublease provided for an initial annual base rent of $0.8 million, which increases annually up to a maximum annual base rent of $1.0 million. The Subtenant also is responsible for paying to the Company future increases in operating costs (commencing on January 1, 2022), future increases in annual tax costs (commencing July 1, 2021) and all utility costs (commencing March 1, 2021) attributable to the Premises during the term of the Sublease. As part of the Sublease, the subtenant deposited a letter of credit in the amount of $0.8 million to assure their performance under the sublease. If there are no uncured events of default under the sublease, the amount of this security deposit decreases over time to $0.4 million on the sixth anniversary of the Sublease. The Company records sublease income on this sublease on a straight-line basis as a component of other income/(expense).

Lab Space

On November 5, 2018, the Company entered into an operating lease for office and lab space in Philadelphia, Pennsylvania, effective as of January 1, 2019, and expiring on December 31, 2020 with an option to extend the lease for two additional years. On August 4, 2020, the Company executed the first option to extend the lease for an additional year, expiring on December 31, 2021. On August 9, 2021, the Company executed the remaining option to extend the lease for an additional year, expiring on December 31, 2022. In September 2023, the Company extended this lease for an additional year with the option to terminate with four months' notice. On March 28, 2024, the Company gave the requisite notice and vacated the property in May 2024.

On October 16, 2023, the Company entered into an operating lease for lab space in King of Prussia, Pennsylvania for a period of four years. Due to required tenant improvements to be completed by the landlord, the Company did not take possession of the leased property until the actual lease term commencement date of May 10, 2024. Upon commencement of the lease term, the Company recorded a right of use asset and lease liability of $0.5 million which are reflected in these consolidated financial statements.

Lease Expense

Expense arising from operating leases was $0.6 million and $0.5 million during the twelve months ended December 31, 2025 and 2024, respectively. For operating leases, the weighted-average remaining lease term for leases at December 31, 2025 and 2024 was 3.6 and 4.5 years, respectively. For operating leases, the weighted average discount rate for leases at December 31, 2025 and 2024 was 11.0%. The Company has not entered into any financing leases.

Maturities of lease liabilities due under these lease agreements as of December 31, 2025 are as follows:


	Operating
(in thousands)	Leases
Year ended December 31, 2026		1,478
Year ended December 31, 2027		1,273
Year ended December 31, 2028		1,188
Year ended December 31, 2029		959
Thereafter		—
Total lease payments		4,898
Less: imputed interest		(831	)
Present value of lease liabilities	$	4,067

Legal Proceedings

The Company is not currently a party to any litigation, nor is management aware of any pending or threatened litigation against the Company, that it believes would materially affect the Company’s business, operating results, financial condition or cash flows.

Accrued Expenses (Tables)

12 Months Ended

Dec. 31, 2025

Payables and Accruals [Abstract]

Schedule of Accrued Expenses

Accrued expenses consisted of the following:


	December 31,		December 31,
	2025		2024
	(in thousands)
Accrued research and development expenses	$	53,914	$	17,057
Accrued payroll and related expenses		3,783		3,254
Accrued other		777		561
Total accrued expense	$	58,474	$	20,872

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Gain (Loss) [Member]
Balances at Dec. 31, 2023	$ 81,720		$ 43	$ 270,150	$ (188,554)	$ 81
Beginning balance, shares at Dec. 31, 2023			43,909,069
Issuance of common stock, net	161,756		$ 20	161,736
Issuance of common stock, net, shares			19,736,842
Vesting of restricted stock units			$ 1	(1)
Vesting of restricted stock units, shares			153,750
Exercise of stock options	77			77
Exercise of stock options, shares			15,404
Stock-based compensation expense	8,796			8,796
Unrealized gain (loss) on marketable debt securities	67					67
Net loss	(80,604)				(80,604)
Balances at Dec. 31, 2024	171,812		$ 64	440,758	(269,158)	148
Ending balance, shares at Dec. 31, 2024			63,815,065
Issuance of common stock, net	65,036		$ 22	65,014
Issuance of common stock, net, shares			21,562,500
Issuance of Series A preferred stock in exchange for common stock			$ (3)	3
Issuance of Series A preferred stock in exchange for common stock, shares		250,000	(2,500,000)
Vesting of restricted stock units, shares			212,827
Stock-based compensation expense	7,004			7,004
Unrealized gain (loss) on marketable debt securities	(94)					(94)
Net loss	(165,673)		$ (165,375)		(165,673)
Balances at Dec. 31, 2025	$ 78,085		$ 83	$ 512,779	$ (434,831)	$ 54
Ending balance, shares at Dec. 31, 2025		250,000	83,090,392

Summary of Significant Accounting Policies - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2025 Segment
Summary Of Significant Accounting Policies [Line Items]
Percentage of likelihood to be realized upon ultimate settlement, description	50.00%
Number of operating segment	1
Number of reportable segment	1
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	srt:ChiefExecutiveOfficerMember
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description	The CODM uses consolidated financial information, including consolidated net loss, to evaluate performance, forecast future period financial results, allocate resources for the company by, among other things, comparing budgeted to actual results.
Accounting Standards Update 2023-09 [Member]
Summary Of Significant Accounting Policies [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adoption Date	Dec. 31, 2025
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	true
Accounting Standards Update 2023-07 [Member]
Summary Of Significant Accounting Policies [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adoption Date	Dec. 31, 2024
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	true
Equipment, Furniture and Fixtures and Office Equipment [Member] \| Minimum [Member]
Summary Of Significant Accounting Policies [Line Items]
Estimated useful life	5 years
Equipment, Furniture and Fixtures and Office Equipment [Member] \| Maximum [Member]
Summary Of Significant Accounting Policies [Line Items]
Estimated useful life	7 years

Net Loss Per Share Giving Effect to Conversion of Common Stock to Preferred Stock - Additional Information (Detail) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive shares	9,536,290	7,135,390

Net Loss Per Share Giving Effect to Conversion of Common Stock to Preferred Stock

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Net Loss Per Share Giving Effect to Conversion of Common Stock to Preferred Stock

11.

Net Loss Per Share Giving Effect to Conversion of Common Stock to Preferred Stock

The following table sets forth the computation of basic and diluted net loss per share for the year ended December 31, 2025 (in thousands, except share and per share amounts). For purposes of earnings per share, the Series A preferred shares have the same characteristics as common stock and have no liquidation or other material preferential rights over common stock and accordingly, have been considered as a second class of common stock in the computation of net loss per share regardless of their legal form. Losses are allocated between the common shares and the Series A preferred stock on a pro rata basis as they share equally in losses and residual net assets on an as-converted basis.


Net Loss	$	(165,673	)

Allocation of net loss to common		(165,375	)
Allocation of net loss to Series A Preferred		(298	)

Weighted average shares of common stock outstanding, basic and diluted		72,947,927
Weighted average shares of Series A Preferred outstanding, basic and diluted		250,000

Net loss per share of common stock, basic and diluted	$	(2.27	)
Net loss per share of Series A Preferred, basic and diluted	$	(1.19	)

The weighted average number of Series A Preferred stock reflects only the period of time that this class of securities has been newly designated and issued.

The Company excluded the below options to purchase common stock, unreleased restricted stock units, performance-based restricted stock units outstanding as of December 31, 2025 and 2024 respectively, from the computation of diluted net loss per share for the twelve months ended December 31, 2025 and 2024, respectively, because they had an anti-dilutive impact due to the net loss incurred for the periods. Additionally, the as-converted preferred shares have been excluded from diluted earnings per share as the effect would not be dilutive.


	As of December 31,
	2025		2024
Options to purchase common stock		8,535,772		6,436,387
Unvested restricted common stock		800,518		699,003
Unvested performance-based restricted common stock		200,000		—
Total excluded shares		9,536,290		7,135,390