0001193125-26-219426 | 10-Q | XBRL Viewer

Nature of Business	3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business	1. Nature of Business Description of Business CalciMedica, Inc. (“CalciMedica” or the “Company”) (f/k/a Graybug Vision, Inc.) was incorporated in the state of Delaware in February 2015, following the conversion of Graybug, LLC, which was organized in May 2011, and has its principal operations in La Jolla, California. The Company is a clinical-stage biopharmaceutical company focused on developing therapeutics that treat serious illnesses driven by inflammatory processes and direct cellular damage. The Company had a wholly owned subsidiary, CalciMedica Subsidiary, Inc., incorporated in Delaware in October 2006, which survived the Merger as more fully described below. The CalciMedica Subsidiary entity was dissolved and combined with the Company as of December 31, 2024. Reverse Merger Transaction On March 20, 2023, Graybug Vision, Inc. (“Graybug”) completed a reverse merger transaction in accordance with the terms and conditions of the Agreement and Plan of Merger and Reorganization, dated as of November 21, 2022, as amended on February 10, 2023 (the “Merger Agreement”), by and among Graybug, Camaro Merger Sub, Inc., a wholly owned subsidiary of Graybug (“Merger Sub”), and CalciMedica, Inc. (“Private CalciMedica”), pursuant to which Merger Sub merged with and into Private CalciMedica, with Private CalciMedica surviving as a wholly owned subsidiary of Graybug (the “Merger”). Additionally, on March 20, 2023, Graybug changed its name from “Graybug Vision, Inc.” to “CalciMedica, Inc.” and Private CalciMedica changed its name from “CalciMedica, Inc.” to “CalciMedica Subsidiary, Inc.” At the completion of the Merger, the prior Private CalciMedica equity holders and the prior Graybug equity holders owned 72% and 28%, respectively, of the combined company, in each case, on a fully diluted basis using the treasury stock method and excluding out-of-the-money options and warrants. The Merger was accounted for as a reverse recapitalization, with Private CalciMedica being treated as the acquirer for accounting purposes. Liquidity and Need for Additional Capital The Company has experienced net losses and negative cash flows from operating activities since its inception. The Company has an accumulated deficit of $184.4 million as of March 31, 2026 and net income of $5.0 million for the three months ended March 31, 2026. Substantially all of the Company’s operating losses resulted from expenses incurred in connection with its research and development programs and from general and administrative costs associated with its operations. The Company expects to incur significant expenses and increasing operating losses for the foreseeable future as the Company initiates and continues the preclinical and clinical development of its product candidates and adds personnel necessary to operate as a company with an advanced clinical pipeline of product candidates. The Company expects that its operating losses will fluctuate significantly from quarter-to-quarter and year-to-year due to timing of clinical development programs. From inception to March 31, 2026, the Company has completed financings from the sale of preferred and common stock for total net proceeds of $146.2 million and has issued convertible promissory notes and promissory notes for net proceeds of $18.3 million. In connection with the Merger, the Company received approximately $29.4 million of cash, cash equivalents and short-term investments. At March 31, 2026, the Company had cash and cash equivalents of approximately $8.2 million. The Company intends to seek additional funding through public and private financings, debt financings, collaboration agreements, strategic alliances and licensing agreements. Although the Company has been successful in raising capital in the past, there is no assurance of success in obtaining such additional financing on terms acceptable to us, if at all, and there is no assurance that the Company will be able to enter into collaborations or other arrangements. In addition, the terms of the Loan and Security Agreement and the Supplement to the Loan and Security Agreement (together, the “Loan Agreement”), dated as of February 28, 2025, by and among the Company, Avenue Venture Opportunities Fund II, L.P. (“Lender”) and Avenue Capital Management II, L.P., as administrative agent and collateral agent (the “Collateral Agent”), contain certain restrictions on incurring additional indebtedness. If the Company is unable to obtain funding when required or on acceptable terms, the Company may be required to scale back or discontinue the advancement of the product candidates, reduce headcount, file for bankruptcy, reorganize, merge with another entity or cease operations. Based on the Company’s current operating plans, management believes its cash and cash equivalents may not be sufficient to fund its operations for a period of one year following the issuance of these financial statements. As a result, there is substantial doubt about the Company’s ability to continue as a going concern. The unaudited condensed consolidated financial statements have been prepared on a basis which assumes we are a going concern and does not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result from any uncertainty related to our ability to continue as a going concern. If the Company becomes unable to continue as a going concern, it may have to liquidate its assets, and might realize significantly less than the values at which they are carried on its financial statements, and stockholders may lose all or part of their investment in the Company’s common stock.

Nature of Business

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

1. Nature of Business

Description of Business

CalciMedica, Inc. (“CalciMedica” or the “Company”) (f/k/a Graybug Vision, Inc.) was incorporated in the state of Delaware in February 2015, following the conversion of Graybug, LLC, which was organized in May 2011, and has its principal operations in La Jolla, California. The Company is a clinical-stage biopharmaceutical company focused on developing therapeutics that treat serious illnesses driven by inflammatory processes and direct cellular damage. The Company had a wholly owned subsidiary, CalciMedica Subsidiary, Inc., incorporated in Delaware in October 2006, which survived the Merger as more fully described below. The CalciMedica Subsidiary entity was dissolved and combined with the Company as of December 31, 2024.

Reverse Merger Transaction

On March 20, 2023, Graybug Vision, Inc. (“Graybug”) completed a reverse merger transaction in accordance with the terms and conditions of the Agreement and Plan of Merger and Reorganization, dated as of November 21, 2022, as amended on February 10, 2023 (the “Merger Agreement”), by and among Graybug, Camaro Merger Sub, Inc., a wholly owned subsidiary of Graybug (“Merger Sub”), and CalciMedica, Inc. (“Private CalciMedica”), pursuant to which Merger Sub merged with and into Private CalciMedica, with Private CalciMedica surviving as a wholly owned subsidiary of Graybug (the “Merger”). Additionally, on March 20, 2023, Graybug changed its name from “Graybug Vision, Inc.” to “CalciMedica, Inc.” and Private CalciMedica changed its name from “CalciMedica, Inc.” to “CalciMedica Subsidiary, Inc.” At the completion of the Merger, the prior Private CalciMedica equity holders and the prior Graybug equity holders owned 72% and 28%, respectively, of the combined company, in each case, on a fully diluted basis using the treasury stock method and excluding out-of-the-money options and warrants.

The Merger was accounted for as a reverse recapitalization, with Private CalciMedica being treated as the acquirer for accounting purposes.

Liquidity and Need for Additional Capital

The Company has experienced net losses and negative cash flows from operating activities since its inception. The Company has an accumulated deficit of $184.4 million as of March 31, 2026 and net income of $5.0 million for the three months ended March 31, 2026. Substantially all of the Company’s operating losses resulted from expenses incurred in connection with its research and development programs and from general and administrative costs associated with its operations.

The Company expects to incur significant expenses and increasing operating losses for the foreseeable future as the Company initiates and continues the preclinical and clinical development of its product candidates and adds personnel necessary to operate as a company with an advanced clinical pipeline of product candidates. The Company expects that its operating losses will fluctuate significantly from quarter-to-quarter and year-to-year due to timing of clinical development programs.

From inception to March 31, 2026, the Company has completed financings from the sale of preferred and common stock for total net proceeds of $146.2 million and has issued convertible promissory notes and promissory notes for net proceeds of $18.3 million. In connection with the Merger, the Company received approximately $29.4 million of cash, cash equivalents and short-term investments. At March 31, 2026, the Company had cash and cash equivalents of approximately $8.2 million.

The Company intends to seek additional funding through public and private financings, debt financings, collaboration agreements, strategic alliances and licensing agreements. Although the Company has been successful in raising capital in the past, there is no assurance of success in obtaining such additional financing on terms acceptable to us, if at all, and there is no assurance that the Company will be able to enter into collaborations or other arrangements. In addition, the terms of the Loan and Security Agreement and the Supplement to the Loan and Security Agreement (together, the “Loan Agreement”), dated as of February 28, 2025, by and among the Company, Avenue Venture Opportunities Fund II, L.P. (“Lender”) and Avenue Capital Management II, L.P., as administrative agent and collateral agent (the “Collateral Agent”), contain certain restrictions on incurring additional indebtedness. If the Company is unable to obtain funding when required or on acceptable terms, the Company may be required to scale back or discontinue the advancement of the product candidates, reduce headcount, file for bankruptcy, reorganize, merge with another entity or cease operations.

Based on the Company’s current operating plans, management believes its cash and cash equivalents may not be sufficient to fund its operations for a period of one year following the issuance of these financial statements. As a result, there is substantial doubt about the Company’s ability to continue as a going concern. The unaudited condensed consolidated financial statements have been prepared on a basis which assumes we are a going concern and does not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result from any uncertainty related to our ability to continue as a going concern.

If the Company becomes unable to continue as a going concern, it may have to liquidate its assets, and might realize significantly less than the values at which they are carried on its financial statements, and stockholders may lose all or part of their investment in the Company’s common stock.

Stock-based Compensation - Schedule of Assumptions Using Black- Scholes to Estimated Fair value of the Stock Option Grants (Details)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-based Payment Arrangement [Abstract]
Risk free interest rate	3.50%	3.16%
Expected volatility	102.00%	97.00%
Expected term (years)	5 years 10 months 13 days	6 years 3 days
Expected dividend yield	0.00%	0.00%

Fair Value Measurements - Reconciliation of Liabilities Measured at Fair Value Using Level 3 Inputs (Details) - Fair Value, Recurring - Level 3 - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Tranche B Warrants
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Issuance of Lender Warrants		$ 1,077
Change in Fair Value	$ (4,400)	(1,200)
Promissory Note
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning Balance	9,700	8,923
Change in Fair Value	(3,000)	(323)
Ending Balance	6,700	8,600
Warrant Liability
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning Balance	8,000	1,700
Change in Fair Value	(3,400)	(177)
Ending Balance	$ 200	$ 1,400

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Income Tax Disclosure [Abstract]
Provision or benefit for income taxes	$ 0	$ 0

- Definition

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

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+ Details

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Operating expenses:
Research and development	$ 3,485	$ 4,224
General and administrative	2,126	2,273
Total operating expenses	5,611	6,497
Loss from operations	(5,611)	(6,497)
Change in fair value of financial instruments	10,800	1,700
Interest expense	(319)	(447)
Interest income	106	202
Total other income	10,587	1,455
Net income (loss)	$ 4,976	$ (5,042)
Earnings per share - Basic	$ 0.31	$ (0.36)
Earnings per share - Diluted	$ 0.3	$ (0.36)
Shares used in computing earnings per share - Basic	15,822,163	14,121,569
Shares used in computing earnings per share - Diluted	16,328,947	14,121,569

Stock-based Compensation - Summary of Restricted Stock Units (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of restricted stock units, nonvested ending balance	27,500
Restricted Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of restricted stock units, nonvested beginning balance	30,000
Number of restricted stock units, vested	(2,500)
Number of restricted stock units, nonvested ending balance	27,500	30,000
Number of restricked stock units, expected to vest	27,500
Weighted average exercise price, nonvested beginning balance	$ 3.5
Weighted average exercise price, vested	$ 3.5
Weighted average remaining contractual term, nonvested	2 years 9 months	3 years 9 months
Weighted average remaining contractual term, expected to vest	2 years 9 months
Aggregate intrinsic value, nonvested		$ 198
Aggregate Intrinsic Value, expected to vest	$ 15
Weighted average exercise price, nonvested ending balance	$ 3.5	$ 3.5
Weighted average exercise price, Expected to vest	$ 3.5

Stock-based Compensation (Tables)

3 Months Ended

Mar. 31, 2026

Share-based Payment Arrangement [Abstract]

Summary of Stock Option Transations

The following table summarizes the stock option transactions for the 2023 Plan:



	Total Options				Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (years)			Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2025		4,853,408		$		3.87		8.10	$		15,936
Granted		—				—		—			—
Exercised		—				—		—			—
Forfeited/Cancelled		(11,761	)			1.74		—			—
Outstanding at March 31, 2026		4,841,647		$		3.87		7.87	$		—
Vested and exercisable at March 31, 2026		2,940,427		$		4.55		7.39	$		—

Schedule of Assumptions Using Black-Scholes to Estimate Fair Value of the Stock Option Grants

The following are the underlying assumptions in Black-Scholes to determine the fair value of the stock option grants for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
	2026	2025
Risk free interest rate	3.50%	3.16%
Expected volatility	102%	97%
Expected term (years)	5.87	6.01
Expected dividend yield	0%	0%

Summary of Restricted Stock Units (RSU) Activity

The following table summarizes RSU activity for the 2023 Plan:



	Number of RSUs				Weighted Average Grant Date Fair Value		Weighted Average Remaining Contractual Term (years)			Aggregate Intrinsic Value (in thousands)
Nonvested at December 31, 2025		30,000		$		3.50		3.75	$		198
Vested		(2,500	)			3.50		—			—
Nonvested at March 31, 2026		27,500		$		3.50		2.75	$
Expected to vest at March 31, 2026		27,500		$		3.50		2.75	$		15

Summary of Stock-Based Compensation Expense Recognized for Options and RSUs and Common Stock Warrants Granted

Stock-based compensation expense recognized for options, RSUs and Common Stock Warrants granted was as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Research and development	$	220	$	177
General and administrative		341		372
Total stock-based compensation expense	$	561	$	549

Schedule of Common Stock Reserved for Future Issuance

Common stock reserved for future issuance consists of the following at March 31, 2026:


	March 31,
	2026
Common stock warrants		3,687,278
Stock options issued and outstanding		4,841,647
RSUs outstanding		27,500
Shares available for issuance under the 2023 Plan		806,892
Shares available under the 2023 ESPP		411,738
Total		9,775,055

Commitments and Contingencies - Additional Information (Details)		3 Months Ended
	Apr. 11, 2025 USD ($)	Mar. 31, 2026 USD ($) ft² Contract	Mar. 31, 2025 USD ($)
Loss Contingencies [Line Items]
Rent expenses		$ 31,000	$ 30,000
Monthly rent amount		$ 4,375
Lease Amendment Date		2025-12
Rentable area \| ft²		691
Rent expense due		$ 13,300
Number of contract currently in effect \| Contract		3
Lease renewal term		12 months
Unpaid cancellation and other related costs		$ 0
Expected cash requirement for lease obligation		48,000
Investment in the company in connection with merger	$ 1,500,000
Auxora
Loss Contingencies [Line Items]
Contractual obligation of contract in effect		$ 400,000

Stock-based Compensation - Additional Information (Details) - USD ($)				3 Months Ended
	Jan. 01, 2026	Jan. 01, 2025	Jan. 01, 2024	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025	Apr. 23, 2025	Mar. 28, 2024	Mar. 20, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of options, forfeited				11,761
Common stock shares reserved for future issuance				9,775,055
Common stock, shares issued				15,746,416		15,437,410
Number of options, granted				0
Stock issued on exercise of stock options, Shares				0
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of restricted stock units, vested				2,500
Weighted average exercise price, vested				$ 3.5
Aggregate grant date fair value of RSUs vested				$ 12,250
2023 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of options, forfeited				0
Common stock shares reserved for future issuance				806,892			600,000	1,500,000	1,000,000
Percentage of aggregate number of shares of common stock outstanding on last day of preceding year added to plan				5.00%
Number of shares unavailable for grant (shares)				806,892
Increase in number of shares reserved for issuance	771,870	674,095	287,725
2023 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock shares reserved for future issuance				411,738
Common stock shares reserved for future issuance, initial				65,000
Weighted average fair value options, granted				$ 0	$ 2.36
Total fair value of shares vested				$ 600,000	$ 500,000
Common stock, shares issued				195,000
Percentage of aggregate number of shares of common stock outstanding on last day of preceding year added to plan				1.00%
Increase in number of shares reserved for issuance	154,374	134,819
Shares available for grant (shares)				411,738
Stock Issued				0
Total unrecognized stock-based compensation expenses related to outstanding unvested stock awards				$ 4,100,000
Total unrecognized stock-based compensation expenses related to outstanding unvested stock awards weighted-average term of recognition				2 years 1 month 6 days
Number of options, granted				0
Stock issued on exercise of stock options, Shares				0

Summary of Significant Accounting Policies - Additional Information (Details)	1 Months Ended	3 Months Ended
	May 31, 2024 shares	Mar. 31, 2026 USD ($) Segment	Mar. 31, 2025 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Lease term		12 months
Rent expenses		$ 31,000	$ 30,000
Right-of-use asset or lease liability		$ 0
Tax postion, minimum percentage of tax benefit		50.00%
Variable interest entity ownership percentage		5.00%
Number of business segments \| 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 makes decisions on resource allocation, assesses performance of the business, and monitors budget versus actual results using income from operations. Net loss is also a measure that is considered in monitoring budget versus actual results. The measure of segment assets is reported on the unaudited condensed consolidated balance sheets as total assets.
Company recorded expense		$ 0	$ 5,000
Chief Financial Officer
Summary Of Significant Accounting Policies [Line Items]
Warrants granted during the period \| shares	10,000

Income Taxes

3 Months Ended

Mar. 31, 2026

Income Tax Disclosure [Abstract]

Income Taxes

10. Income Taxes

The Company did not record a provision or benefit for income taxes during the three months ended March 31, 2026 and 2025 due to continuing losses. As of both March 31, 2026 and December 31, 2025, the Company continues to maintain a full valuation allowance against all of its deferred tax assets in light of its history of cumulative net losses.

- Definition

The entire disclosure for income tax.

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

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

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

+ Details

Employee Benefits - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Retirement Benefits [Abstract]
Employees Contributions	$ 0	$ 0

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

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

The following tables present information about the Company’s financial assets measured at fair value on a recurring basis and indicates the level of the fair value hierarchy utilized to determine such fair values (in thousands):


	March 31, 2026
	Level 1		Level 2		Level 3		Total
Current assets:
Cash equivalents:
Money market funds	$	8,142	$	—	$	—	$	8,142
Total cash equivalents		8,142		—		—		8,142
Total assets measured at fair value	$	8,142	$	—	$	—	$	8,142


	December 31, 2025
	Level 1		Level 2		Level 3		Total
Current assets:
Cash equivalents:
Money market funds	$	5,938	$	—	$	—	$	5,938
Commercial paper		—		3,582		—		3,582
U.S. Government sponsored entities - mortgage backed securities		—		1,996		—		1,996
Total cash equivalents		5,938		5,578		—		11,516
Short-term investments:
Commercial paper		—		496		—		496
U.S. Government sponsored entities - mortgage-backed securities		—		1,000		—		1,000
Total short-term investments		—		1,496		—		1,496
Total assets measured at fair value	$	5,938	$	7,074	$	—	$	13,012

The following table presents information about the Company’s financial liabilities measured at fair value on a recurring basis and indicates the level of the fair value hierarchy utilized to determine such fair values (in thousands).


	March 31, 2026
	Level 1		Level 2		Level 3		Total
Liabilities:
Promissory Note	$	—	$	—	$	6,700	$	6,700
Warrant Liability		—		—		200		200
Total liabilities measured at fair value	$	—	$	—	$	6,900	$	6,900


	December 31, 2025
	Level 1		Level 2		Level 3		Total
Liabilities:
Promissory Note	$	—	$	—	$	9,700	$	9,700
Warrant Liability		—		—		8,000		8,000
Total liabilities measured at fair value	$	—	$	—	$	17,700	$	17,700

Reconciliation of Liabilities Measured at Fair Value Using Level 3 Inputs

The following provides a reconciliation for all liabilities measured at fair value using Level 3 inputs for the three months ended March 31, 2026 and 2025 (in thousands):


Promissory Note liability
Balance at December 31, 2025	$	9,700
Change in Fair Value of Promissory Note		(3,000	)
Balance at March 31, 2026	$	6,700

Warrant liability
Balance at December 31, 2025	$	8,000
Change in Fair Value of Tranche B Warrants		(4,400	)
Change in Fair Value of Lender Warrants		(3,400	)
Balance at March 31, 2026	$	200

Promissory Note liability
Balance at December 31, 2024	$	8,923
Change in Fair Value of Promissory Note		(323	)
Balance at March 31, 2025	$	8,600

Warrant liability
Balance at December 31, 2024	$	1,700
Issuance of Lender Warrants		1,077
Change in Fair Value of Tranche B Warrants		(1,200	)
Change in Fair Value of Lender Warrants		(177	)
Balance at March 31, 2025	$	1,400

Summary of Company's Financial Assets Measured at Fair Value

The following table presents information as to cost, unrealized gains and losses and fair value determination of the Company’s financial assets measured at fair value on a recurring basis (in thousands):


	March 31, 2026
	Amortized Cost		Unrealized Gains		Unrealized Losses		Aggregate Fair Value
Current assets:
Cash equivalents:
Money market funds	$	8,142	$	—	$	—	$	8,142
Total cash equivalents		8,142		—		—		8,142
Total assets measured at fair value	$	8,142	$	—	$	—	$	8,142


	December 31, 2025
	Amortized Cost		Unrealized Gains		Unrealized Losses		Aggregate Fair Value
Current assets:
Cash equivalents:
Money market funds	$	5,938	$	—	$	—	$	5,938
Commercial paper		3,582		—		—		3,582
U.S. Government sponsored entities - mortgage-backed securities		1,996		—		—		1,996
Total cash equivalents		11,516		—		—		11,516
Short-term investments:
Commercial paper		496		—		—		496
U.S. Government sponsored entities - mortgage backed securities		1,000		—		—		1,000
Total short-term investments		1,496		—		—		1,496
Total assets measured at fair value	$	13,012	$	—	$	—	$	13,012

Common Stock and Stockholders' Equity (Deficit)

3 Months Ended

Mar. 31, 2026

Temporary Equity Disclosure [Abstract]

Common Stock and Stockholders' Equity (Deficit)

6. Common Stock and Stockholders' Equity (Deficit)

Authorized Shares

The Company's current Amended and Restated Certificate of Incorporation authorizes 500,000,000 shares of common stock, par value $0.0001 per share, and 10,000,000 shares of preferred stock, par value $0.0001 per share.

Private Placement of Common Stock

On January 19, 2024, the Company entered into a Securities Purchase Agreement (the “Purchase Agreement”) with certain accredited investors, in which the Company sold the following securities to the accredited investors in a private placement transaction (the “2024 Private Placement”): (i) an aggregate of 4,985,610 shares of common stock; (ii) to certain investors, in lieu of shares of common stock, pre-funded warrants (the “Pre-Funded Warrants”) to purchase an aggregate of 306,506 shares of common stock and exercisable at any time; (iii) Tranche A Common Warrants (the “Tranche A Common Warrants”) to purchase an aggregate of up to 2,646,058 shares of common stock (or Pre-Funded Warrants in lieu thereof and, in such case, shares of common stock issuable upon exercise of such Pre-Funded Warrants); and (iv) Tranche B Common Warrants (the “Tranche B Common Warrants” and together with the Tranche A Common Warrants, the “Common Warrants”) to purchase an aggregate of up to 2,646,058 shares of common stock (or Pre-Funded Warrants in lieu thereof and, in such case, shares of common stock issuable upon exercise of such Pre-Funded Warrants). At date of issuance, the fair value of the common stock was $8.5 million using the relative fair value method and is included in equity at March 31, 2026.

The Company issued placement agent warrants (“Placement Agent Warrants”) to purchase 67,908 shares of common stock at the initial closing of the 2024 Private Placement and 7,839 shares of common stock at the second closing of the 2024 Private Placement, at an exercise price of $0.0001 per share. Each Placement Agent Warrant was accompanied by one Tranche A Common Warrant to purchase one half of a share of common stock and one Tranche B Warrant to purchase one half of a share of common stock, for an aggregate of 75,746 Common Warrants.

The initial closing of the 2024 Private Placement occurred on January 23, 2024 and the second closing occurred on February 5, 2024. Gross proceeds from the transaction were $20.4 million with net proceeds of approximately $19.0 million after deducting $1.4 million in commissions and other transaction costs.

Underwritten Public Offering

On November 1, 2024, the Company closed an underwritten public offering of 2,720,000 shares of its common stock at a price to the public of $3.75 per share (the “2024 Follow-On”). The gross proceeds from the offering, before deducting underwriting discounts and commissions and offering expenses, were $10.2 million. In addition, the Company granted the underwriters a 30-day option to purchase up to an additional 408,000 shares of its common stock at the public offering price, less underwriting discounts and commissions, which option expired unexercised.

Shelf Registration Statement and At the Market Offering

In August 2023, the Company filed a shelf registration statement on Form S-3 (the “Shelf Registration Statement”). The Shelf Registration Statement permits the offering, issuance and sale of common stock, preferred stock, debt securities and warrants having an aggregate offering price of up to $100.0 million in one or more offerings and in any combination of the foregoing.

The Shelf Registration Statement contains two prospectuses, a base prospectus and an at-the-market offering prospectus, as supplemented on March 29, 2024 (as supplemented, the “Original Prospectus Supplement”), that covered the offering, issuance and sale of up to $17.3 million of common stock pursuant to an at-the-market offering agreement (“ATM Agreement”) with H.C Wainwright & Co., LLC (“Wainwright”), acting as sales agent (“ATM Facility”).

In connection with the 2024 Follow-on, on October 30, 2024, the Company suspended sales of common stock under the ATM Facility pursuant to the Original Prospectus Supplement, and until December 20, 2024, did not offer for sale any shares of common stock. The Company filed a prospectus supplement (the “2024 Prospectus Supplement”) to the Shelf Registration Statement with the Securities and Exchange Commission (“SEC”) on December 20, 2024 providing for the sale of shares of common stock under the ATM Facility having an aggregate gross sales price of up to $4.45 million.

The Company intends to use the net proceeds from the ATM Facility for general corporate purposes, which may include research and development expenses, clinical trial expenses, capital expenditures and working capital. The ATM Facility will terminate upon the earlier of (i) the sale of all of the shares of our common stock provided for in the at the market offering prospectus or (ii) termination of the ATM Agreement as permitted therein. The ATM Agreement may be terminated at any time by either party upon written notice. During the three months ended March 31, 2026, there were no sales of shares under the ATM Facility. As of March 31, 2026, the Company has sold 2,031,828 shares of common stock for net proceeds of approximately $5.8 million, after deducting $292,000 of commissions and settlement expenses paid under the ATM Facility.

The Company filed a prospectus supplement (the “2025 Prospectus Supplement”) to the Shelf Registration Statement with the SEC on November 6, 2025 providing for the sale of shares of common stock under the ATM Facility having an aggregate gross sales price of up to $9.7 million. As of March 31, 2026, approximately $6.3 million remained available under the ATM Facility for the offer and sale of shares of common stock pursuant to the 2025 Prospectus Supplement.

On March 3, 2026, the Company filed a shelf registration statement on Form S-3 (the “2026 Shelf Registration Statement”). The 2026 Shelf Registration Statement permits the offering, issuance and sale of common stock, preferred stock, debt securities and warrants having an aggregate offering price of up to $125.0 million in one or more offerings and in any combination of the foregoing.

Common Stock Warrants

In October 2022, Private CalciMedica granted warrants to certain officers and directors to purchase 496,970 shares of common stock. In conjunction with the Merger, the warrants converted to 14,313 warrants of the Company at an exercise price of $10.42. The warrants have a 10-year term and vest ratably over 12 and 48 months. At the date of issuance, the fair value of the warrants collectively was $125,000 and was determined utilizing Black-Scholes and will be recognized as general and administrative expense over the vesting periods. Assumptions used in the valuation were as follows: expected term of ten years, risk free rate of 4.10%, volatility of 82% and a dividend yield of zero. The warrants are classified as equity, and the Company expensed zero and $1,000 to general and administrative expense for the three months ended March 31, 2026 and 2025, respectively.

In connection with the 2024 Private Placement, the Company issued Tranche A Common Warrants, Tranche B Common Warrants and Pre-Funded Warrants. Tranche A Common Warrants were exercisable until July 29, 2024. The Tranche B Common Warrants were exercisable immediately upon issuance and will expire upon the earlier of (i) 5:00 p.m. (New York City time) on December 31, 2026 and (ii) 30 days following the Company's public disclosure of topline results from a Phase 2 clinical trial in patients with acute kidney injury. The purchase price per share and accompanying Common Warrants was $3.827 (or $4.3915 for directors, employees or consultants of the Company participating in the 2024 Private Placement) (or $3.8269 per Pre-Funded Warrant and accompanying Common Warrants, which represented the price of $3.827 per share and accompanying Common Warrants minus the $0.0001 per share exercise price of each such Pre-Funded Warrant).

The Tranche A Common Warrants had a strike price of $5.36 per share, were not deemed equity and were classified as a liability in the Company’s unaudited condensed consolidated balance sheets. At the date of issuance, the fair value of the Tranche A Common Warrants was $4.1 million utilizing Black-Scholes with the following assumptions: expected term of 0.94 years, risk-free interest rate of 4.9%, volatility of 100% and a dividend yield of zero. As of the balance sheet date of March 31, 2026, the value of the Tranche A Common Warrants was zero as the Tranche A Common Warrants expired on July 27, 2024.

The Tranche B Common Warrants have a strike price of $7.15 per share, are not deemed equity and are classified as a liability in the Company’s unaudited condensed consolidated balance sheets. At the date of issuance, the fair value of the Tranche B Common Warrants was $7.1 million utilizing Black-Scholes with the following assumptions: expected term of 1.69 years, risk-free interest rate of 4.5%, volatility of 100% and a dividend yield of zero. As of the balance sheet date of March 31, 2026, the value of the Tranche B Common Warrants was zero, with the change in fair value of $4.4 million and $1.2 million for the three months ended March 31, 2026 and 2025, respectively, recorded in the unaudited condensed consolidated statements of operations in other income.

The Pre-Funded Warrants have a strike price of $0.0001 per share, are deemed equity and included in the equity section of the Company’s unaudited condensed consolidated balance sheets. At date of issuance, the fair value of the Pre-Funded Warrants was $0.5 million using the relative fair value method and were exercised on January 28, 2026.

The Placement Agent Warrants have a strike price of $0.0001 per share, are deemed equity and included in the equity section of the Company’s unaudited condensed consolidated balance sheets. At date of issuance, the fair value of the Placement Agent Warrants was $0.1 million using the relative fair value method and is included in equity at March 31, 2026.

In May 2024, the Company granted a warrant to a consulting firm affiliated with its former interim chief financial officer to purchase 10,000 shares of common stock (“Common Stock Warrant”). At the date of issuance, the fair value of the warrant was $20,000 and was determined utilizing Black-Scholes and will be recognized as general and administrative expense over the vesting periods. Assumptions used in the valuation were as follows: expected term of twelve months, risk free rate of 4.42%, volatility of 89% and a dividend yield of zero. The warrant is classified as equity, and the Company expensed zero and $5,000 for the three months ended March 31, 2026 and 2025, respectively, to general and administrative expense in the unaudited condensed statements of operations.

In connection with the Loan, pursuant to the funding of Tranche 1 on the Closing Date, the Company issued to the Lender a warrant to purchase 641,163 shares of common stock of the Company (the “Warrant”) at an exercise price per share equal to $2.32 (the “Stock Purchase Price”) and are classified as a liability in the Company’s unaudited condensed consolidated balance sheets. At

the date of issuance, the fair value of the Warrant was $1.1 million and was determined utilizing Black-Scholes with the following assumptions: expected term of 5.0 years, risk-free interest rate of 3.9%, volatility of 110% and a dividend yield of zero. The Warrant is exercisable until February 28, 2030 (the “Expiration Date”) and upon a change of control, the Lender would be entitled to receive the shares of common stock underlying the Warrant without payment of the exercise price. As of the balance sheet date March 31, 2026, the value of the Warrant was $0.2 million, with a decrease in fair value of $3.4 million and $0.2 million for the three months ended March 31, 2026 and 2025, respectively, being recorded in the unaudited condensed consolidated statements of operations in other income.

Condensed Consolidated Statements of Stockholders' Equity (Deficit) (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Gain (Loss)
Beginning Balance at Dec. 31, 2024	$ 14,410	$ 4	$ 174,166	$ (159,764)	$ 4
Beginning Balance, Shares at Dec. 31, 2024		13,481,917
Stock-based compensation expense	549		549
Issuance of common shares from underwritten public offering (net of issuance costs)	8		8
Issuance of common stock from at-the-market offering (net of issuance costs)		490,073
Issuance of common stock from at-the-market offering (net of issuance costs)	968		968
Unrealized loss on investments	(5)				(5)
Net income (loss)	(5,042)			(5,042)
Ending Balance at Mar. 31, 2025	10,888	$ 4	175,691	(164,806)	$ (1)
Ending Balance, Shares at Mar. 31, 2025		13,971,990
Beginning Balance at Dec. 31, 2025	(6,641)	$ 4	182,681	(189,326)
Beginning Balance, Shares at Dec. 31, 2025		15,437,410
Stock-based compensation expense	561		561
Issuance of common stock from exercise warrants, Shares		306,506
Issuance of common stock from at-the-market offering (net of issuance costs)		$ 5,800
Vesting of restricted stock units, Shares		2,500
Net income (loss)	4,976			4,976
Ending Balance at Mar. 31, 2026	$ (1,104)	$ 4	$ 183,242	$ (184,350)
Ending Balance, Shares at Mar. 31, 2026		15,746,416

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Operating activities:
Net income (loss)	$ 4,976	$ (5,042)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Stock-based compensation expense	561	549
Depreciation	7	15
Change in the fair value of warrant liability	(7,800)	(1,377)
Change in the fair value of promissory note	(3,000)	(323)
Promissory note issuance costs	0	334
Accretion of discount on short-term investments	(4)	(106)
Changes in operating assets and liabilities:
Prepaid expenses, other current and non-current assets	122	403
Accounts payable	514	(87)
Accrued expenses and other liabilities	(232)	756
Net cash used in operating activities	(4,856)	(4,878)
Investing activities:
Purchase of investments	0	(6,634)
Maturity of investments	1,500	5,400
Purchases of property and equipment	0	(9)
Net cash provided by (used in) investing activities	1,500	(1,243)
Financing activities:
Proceeds from issuance of common stock, net of issuance costs	0	8
Proceeds from issuance of promissory note, net	0	9,766
Proceeds from issuance of common stock from ATM Facility, net of issuance costs	0	968
Net cash provided by financing activities	0	10,742
Net (decrease) increase in cash and cash equivalents	(3,356)	4,621
Cash and cash equivalents at beginning of period	11,520	7,935
Cash and cash equivalents at end of period	8,164	12,556
Supplemental cash flow information:
Cash paid for interest	319	0
Equipment purchases included in accounts payable	$ 0	$ 5

Net Loss Per Share - Schedule of Anti-dilutive Securities Excluded from Calculation of Diluted Net Earnings (Loss) Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total	7,973,894	6,497,085
Stock Options to Purchase Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total	4,362,363	2,845,554
Restricted Stock Units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total	0	40,000
Warrants to Purchase Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total	3,611,531	3,611,531

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Summary of Disaggregated Amounts of Operating Expenses

The following table presents information about reported segment loss and significant segment expenses for the three months ended March 31, 2026 and 2025 (in thousands):


	Three Months Ended March 31,
	2026			2025
Segment research and development (a) (b)	$	(3,261	)	$	(4,040	)
Segment general and administrative (a) (b)		(1,782	)		(1,893	)
Stock-based compensation (see Note 7)		(561	)		(549	)
Depreciation expense		(7	)		(15	)
Operating loss	$	(5,611	)	$	(6,497	)
Reconciliation of profit or loss
Adjustments and reconciling items		—			—
Consolidated operating loss	$	(5,611	)	$	(6,497	)

Stock-based compensation expense of $220,000 and $177,000 related to research and development and $341,000 and $372,000, related to general and administration have been excluded for the three months ended March 31, 2026 and 2025, respectively.

Depreciation expense of $4,000 and $7,000 related to research and development and $3,000 and $8,000, related general and administration have been excluded for the three months ended March 31, 2026 and 2025, respectively.

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Pay vs Performance Disclosure
Net Income (Loss)	$ 4,976	$ (5,042)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-10

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-21

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479857/480-10-S50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479887/480-10-S45-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3A
-Subparagraph (24)(d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480244/480-10-S99-3A

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 9
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-9

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
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+ Details

Net Income (Loss) Per Share - Schedule of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Numerator:
Net income (loss)	$ 4,976	$ (5,042)
Denominator
Weighted-average common shares outstanding, basic	15,746,416	13,511,349
Weighted-average common shares outstanding, diluted	15,746,416	13,511,349
Weighted-average pre-funded warrants outstanding, basic	0	306,506
Weighted-average pre-funded warrants outstanding, diluted	0	306,506
Weighted-average placement agent warrants outstanding, basic	75,747	75,745
Weighted-average placement agent warrants outstanding, diluted	75,747	75,745
Weighted-average lender warrants outstanding, basic	0	227,969
Weighted-average lender warrants outstanding, diluted	0	227,969
Weighted-average number of shares used to calculate basic net income (loss) per share	15,822,163	14,121,569
Weighted-average number of shares used to calculate diluted net income (loss) per share	15,822,163	14,121,569
Weighted-average number of shares used to calculate basic net income (loss) per share	15,822,163	14,121,569
Stock options	479,284	0
RSUs	27,500	0
Weighted-average number of shares used to calculate diluted net income (loss) per share	16,328,947	14,121,569
Net income (loss) per share
Net income (loss) per share - basic	$ 0.31	$ (0.36)
Net income (loss) per share
Net income (loss) per share - diluted	$ 0.3	$ (0.36)

Promissory Note (Tables)

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Schedule of Future Promissory Note Payments

As of March 31, 2026, future promissory note payments are as follows (in thousands):



2026	$	2,197
2027		5,780
2028		4,286
Future promissory note payments	$	12,263

Promissory Note - Schedule of Future Promissory Note Payments (Details) - Promissory note	Mar. 31, 2026 USD ($)
Debt Instrument [Line Items]
2026	$ 2,197
2027	5,780
2028	4,286
Future promissory note payments	$ 12,263

- Definition

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

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+ Details

Nature of Business - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Cash, cash equivalents and short-term investments	$ 8,200
Net Income (Loss)	4,976	$ (5,042)
Accumulated deficit	(184,350)		$ (189,326)
Consideration Transferred	29,400
Proceeds from issuance of notes	$ 0	$ 9,766
CalciMedica
Percentage of ownership of common stock	72.00%
Graybug
Percentage of ownership of common stock	28.00%
Convertible Debt [Member]
Proceeds from issuance of notes	$ 18,300
Preferred and Common stock [Member]
Total net proceeds	$ 146,200

Net Income (Loss) Per Share (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Net Income (Loss) Per Share

The following table sets forth the computation of basic and diluted net income (loss) per share (in thousands, except share and per share amounts):


	Three Months Ended March 31,
		2026			2025
Numerator:
Net income (loss)	$		4,976	$		(5,042	)
Denominator
Basic and diluted
Weighted-average common shares outstanding, basic and diluted			15,746,416			13,511,349
Weighted-average pre-funded warrants outstanding, basic and diluted			—			306,506
Weighted-average placement agent warrants outstanding, basic and diluted			75,747			75,745
Weighted-average lender warrants outstanding, basic and diluted			—			227,969
Weighted-average number of shares used to calculate basic and diluted net income (loss) per share			15,822,163			14,121,569
Diluted
Weighted-average number of shares used to calculate basic net income (loss) per share			15,822,163			14,121,569
Effect of potentially dilutive securities
Stock options			479,284			—
RSUs			27,500			—
Weighted-average number of shares used to calculate diluted net income (loss) per share			16,328,947			14,121,569

Net income (loss) per share
Basic		$	0.31		$	(0.36	)
Diluted		$	0.30		$	(0.36	)

Schedule of Anti-dilutive Securities Excluded from Calculation of Diluted Net Earnings (Loss) Per Share

The following outstanding potentially dilutive shares have been excluded from the calculation of diluted net earnings (loss) per share due to their anti-dilutive effect:


	As of March 31,
	2026		2025
Stock options to purchase common stock		4,362,363		2,845,554
RSUs		—		40,000
Warrants to purchase common stock		3,611,531		3,611,531
Total		7,973,894		6,497,085

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Accrued Expenses

3 Months Ended

Mar. 31, 2026

Accounts Payable and Accrued Liabilities, Current [Abstract]

Accrued Expenses

4. Accrued Expenses

Accrued expenses consisted of the following (in thousands):


	March 31, 2026		December 31, 2025
Accrued payroll and other employee benefits	$	275	$	33
Accrued professional fees		285		195
Accrued franchise tax		72		—
Accrued other		40		62
Total accrued expenses	$	672	$	290

Common Stock and Stockholders' Equity (Deficit) - Additional Information (Details) - USD ($)								1 Months Ended			3 Months Ended
	Mar. 31, 2026	Mar. 03, 2026	Nov. 06, 2025	Dec. 20, 2024	Nov. 01, 2024	Feb. 05, 2024	Jan. 19, 2024	May 31, 2024	Aug. 31, 2023	Oct. 31, 2022	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025	Feb. 28, 2025
Temporary Equity [Line Items]
Common stock, shares authorized	500,000,000										500,000,000		500,000,000
Preferred stock, shares authorized	10,000,000										10,000,000		10,000,000
Net proceeds												$ 968,000
Fair value of warrant liability											$ (7,800,000)	$ (1,377,000)
Common stock par value	$ 0.0001										$ 0.0001		$ 0.0001
Warrant liability fair value	$ 200,000										$ 200,000
Expected term (years)											5 years 10 months 13 days	6 years 3 days
Risk free interest rate											3.50%	3.16%
Expected volatility											102.00%	97.00%
Expected dividend yield											0.00%	0.00%
General and administrative											$ 2,126,000	$ 2,273,000
Preferred stock, par value	$ 0.0001										$ 0.0001		$ 0.0001
Conversion of stock description							Each Placement Agent Warrant was accompanied by one Tranche A Common Warrant to purchase one half of a share of common stock and one Tranche B Warrant to purchase one half of a share of common stock, for an aggregate of 75,746 Common Warrants.
Proceeds from issuance Initial public offering					$ 10,200,000
2024 Private Placement
Temporary Equity [Line Items]
Exercise price of warrants per share	$ 3.827						$ 0.0001				$ 3.827
Number of warrants converted to common stock						7,839	67,908
Gross proceeds from the private placement						$ 20,400,000
Net proceeds from issuance of private placement						19,000,000
Conversion of stock, shares converted							75,746
Sale of stock, shares							4,985,610
Commissions paid						$ 1,400,000
Public Offering
Temporary Equity [Line Items]
Shares issued, price per share					$ 3.75
Underwriters option period					30 days
Shelf Registration Statement
Temporary Equity [Line Items]
Issuance and sale of equity		$ 125,000,000							$ 100,000,000
ATM
Temporary Equity [Line Items]
Sale of stock, shares											0
Issuance and sale of equity											$ 17,300,000
Amended and Restated Certificate of Incorporation
Temporary Equity [Line Items]
Common stock, shares authorized	500,000,000										500,000,000
Preferred stock, shares authorized	10,000,000										10,000,000
Common stock par value	$ 0.0001										$ 0.0001
Preferred stock, par value	0.0001										$ 0.0001
Chief Financial Officer
Temporary Equity [Line Items]
Stock and warrants issued during period shares common stock and warrants								10,000
Warrant liability fair value								$ 20,000
Expected term (years)											12 months
Risk free interest rate											4.42%
Expected volatility											89.00%
Expected dividend yield											0.00%
General and administrative											$ 0	5,000
Officers and Directors
Temporary Equity [Line Items]
Stock and warrants issued during period shares common stock and warrants										496,970
Warrant liability fair value										$ 125,000
Expected term (years)										10 years
Risk free interest rate										4.10%
Expected volatility										82.00%
Expected dividend yield										0.00%
General and administrative											$ 0	$ 1,000
Warrant term										10 years
Directors, Employees or Consultants \| 2024 Private Placement
Temporary Equity [Line Items]
Exercise price of warrants per share	$ 4.3915										$ 4.3915
Maximum \| Officers and Directors
Temporary Equity [Line Items]
Vesting period										48 months
Minimum \| Officers and Directors
Temporary Equity [Line Items]
Vesting period										12 months
Common Stock
Temporary Equity [Line Items]
Stock issued	2,031,828											490,073
Net proceeds											$ 5,800,000
Fair value of common stock							$ 8,500,000
Common Stock \| Public Offering
Temporary Equity [Line Items]
Stock issued					2,720,000
Maximum number of additional shares issued					408,000
Common Stock \| ATM
Temporary Equity [Line Items]
Sale of stock, shares			9,700,000	4,450,000
Remaining amount of available for offer and sale											6.3
Commissions paid											$ 292,000
Common Warrants \| 2024 Private Placement
Temporary Equity [Line Items]
Exercise price of warrants per share	$ 3.827										$ 3.827
Pre Funded Warrants
Temporary Equity [Line Items]
Exercise price of warrants per share	$ 0.0001										$ 0.0001
Warrant liability fair value	$ 500,000										$ 500,000
Pre Funded Warrants \| 2024 Private Placement
Temporary Equity [Line Items]
Exercise price of warrants per share	$ 3.8269										$ 3.8269
Number of warrants converted to common stock							306,506
Decrease in warrant exercise price											0.0001
Placement Agent Warrants
Temporary Equity [Line Items]
Exercise price of warrants per share	$ 0.0001										$ 0.0001
Warrant liability fair value	$ 100,000										$ 100,000
Tranche A Common Warrants
Temporary Equity [Line Items]
Exercise price of warrants per share	$ 5.36										$ 5.36
Warrants expiration date	Jul. 27, 2024										Jul. 27, 2024
Warrant liability fair value	$ 4,100,000										$ 4,100,000
Expected term (years)											11 months 8 days
Risk free interest rate											4.90%
Expected volatility											100.00%
Expected dividend yield											0.00%
Fair value of warrants	$ 0										$ 0
Tranche A Common Warrants \| 2024 Private Placement
Temporary Equity [Line Items]
Number of warrants converted to common stock							2,646,058
Tranche B Common Warrants
Temporary Equity [Line Items]
Exercise price of warrants per share	$ 7.15										$ 7.15
Fair value of warrant liability											$ 4,400,000	$ 1,200,000
Warrant liability fair value	$ 7,100,000										$ 7,100,000
Expected term (years)											1 year 8 months 8 days
Risk free interest rate											4.50%
Expected volatility											100.00%
Expected dividend yield											0.00%
Fair value of warrants	0										$ 0
Tranche A and Tranche B Common Warrants
Temporary Equity [Line Items]
Sale of stock, shares							2,646,058
Tranche 1
Temporary Equity [Line Items]
Fair value of warrant liability											3,400,000	$ 200,000
Warrant liability fair value	$ 1,100,000										$ 1,100,000
Expected term (years)											5 years
Risk free interest rate											3.90%
Expected volatility											110.00%
Expected dividend yield											0.00%
Tranche 1 \| Warrants
Temporary Equity [Line Items]
Exercise price of warrants per share														$ 2.32
Number of warrants converted to common stock														641,163
Warrants expiration date														Feb. 28, 2030
Post Merger Transaction \| Officers and Directors
Temporary Equity [Line Items]
Exercise price of warrants per share										$ 10.42
Number of warrants converted to common stock										14,313

Promissory Note

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Promissory Note

5. Promissory Note

On February 28, 2025 (the “Closing Date”), the Company executed the Loan Agreement with the Lender and Collateral Agent, for growth capital loans in an aggregate principal amount of up to $32,500,000 (the “Loan”), with (i) $10,000,000 funded on the Closing Date (“Tranche 1”), (ii) up to $7,500,000 to be made available to the Company between September 1, 2025 and March 31, 2026, which was subject to, among other things, the Company’s achievement of certain milestones with respect to certain of its ongoing clinical trials (“Tranche 2”) and (iii) up to $15,000,000 to be made available to the Company between October 1, 2025 and March 31, 2026, which was subject to, among other things, (a) the Company’s achievement of additional milestones with respect to certain of its ongoing clinical trials and (b) the mutual written agreement of the Company and the Lender (upon its investment committee approval). At the closing date, up to $1,000,000 of the principal outstanding may be converted into shares of the Company’s unrestricted, freely tradable common stock at a price equal to 20% premium to the exercise price of the warrants (see note 6 for further description of the warrants) at the Lender’s option.

In connection with the pause in enrollment in the KOURAGE trial, Tranche 2 and Tranche 3 are no longer available to the Company. The Company will make interest only payments until the 18 month anniversary of the Closing Date. The Loan is evidenced by a promissory note and bears interest at an annual rate equal to the greater of (a) the sum of 5.00% plus the prime rate as reported in The Wall Street Journal and (b) 12.75%. The Loan is secured by a lien upon and security interest in all of the Company’s assets, including intellectual property, subject to agreed exceptions. The maturity date of the Loan is September 1, 2028 (the “Maturity Date”).

As of March 31, 2026, future promissory note payments are as follows (in thousands):



2026	$	2,197
2027		5,780
2028		4,286
Future promissory note payments	$	12,263

The Company determined the promissory note was eligible for the fair value election, and the Company elected to account for the promissory note at fair value. The Company allocated the gross proceeds on a relative fair value basis. The initial fair value of the promissory notes was $8.9 million. The valuation methodology was a scenario-based analysis utilizing a discounted cash

flow framework to value the “straight debt” portion of the promissory note and Black-Scholes to value the conversion feature associated with the promissory note. Major inputs/assumptions associated with the fair value of the promissory note include: a) Calibrated Discount Rate of 13.7%, b) Scenario Weighting for Repayment through Maturity of 80%, c) Scenario Weighting for Repayment through Milestone of 20%, d) Timing of Milestone of 12/31/25, and e) Volatility used in Black-Scholes to value conversion feature of 100%. The fair value of the Lender Warrants was estimated using Black-Scholes (see Note 6).

As of the balance sheet date of March 31, 2026, the value of the promissory note was $6.7 million, with a decrease in fair value of $3.0 million and $0.3 million for the three months ended March 31, 2026 and 2025, respectively, being recorded in the unaudited condensed consolidated statements of operations in other income/(expense).

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Paragraph 1C
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Fair Value Measurements

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements

3. Fair Value Measurements

The Company's assets and liabilities which are measured at fair value include short-term investments, the promissory note and warrants for common stock. All assets and liabilities recorded at fair value are revalued at each measurement period.

The Company elected the fair value option for the promissory note and estimated the fair value based on a discounted cash flow analysis, a form of the Income Approach. Several different settlement scenarios were considered, and probability weighted to arrive at the final valuation. Increases or decreases in the fair value of the promissory note can result from updates to assumptions such as the expected timing or probability of the different settlement scenarios, or changes in discount rates. Judgment is used in

determining these assumptions as of the initial valuation date and at each subsequent reporting period. Updates to assumptions could have a significant impact on our results of operations in any given period.

The Common Warrants (as defined in Note 6) were valued using Black-Scholes utilizing the following inputs; (i) a risk-free interest rate; (ii) volatility based on the expected term of the Common Warrant; (iii) and an exercise price and stock price on the date of the transaction. Several different scenarios were considered, and probability weighted to arrive at the final valuation. Increases or decreases in the fair value of the Common Warrants can result from updates to assumptions such as the expected timing or probability of the different settlement scenarios. Judgment is used in determining these assumptions as of the initial valuation date and at each subsequent reporting period. Updates to assumptions could have a significant impact on our results of operations in any given period.

The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The Company determines fair value based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following three levels:

•

Level 1: Observable inputs such as unadjusted quoted prices in active markets for identical assets or liabilities at the measurement date.

•

Level 2: Inputs (other than quoted prices included in Level 1) that are either directly or indirectly observable for the asset or liability. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active.

•

Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.


	March 31, 2026
	Level 1		Level 2		Level 3		Total
Current assets:
Cash equivalents:
Money market funds	$	8,142	$	—	$	—	$	8,142
Total cash equivalents		8,142		—		—		8,142
Total assets measured at fair value	$	8,142	$	—	$	—	$	8,142


	December 31, 2025
	Level 1		Level 2		Level 3		Total
Current assets:
Cash equivalents:
Money market funds	$	5,938	$	—	$	—	$	5,938
Commercial paper		—		3,582		—		3,582
U.S. Government sponsored entities - mortgage backed securities		—		1,996		—		1,996
Total cash equivalents		5,938		5,578		—		11,516
Short-term investments:
Commercial paper		—		496		—		496
U.S. Government sponsored entities - mortgage-backed securities		—		1,000		—		1,000
Total short-term investments		—		1,496		—		1,496
Total assets measured at fair value	$	5,938	$	7,074	$	—	$	13,012

Money market funds are highly liquid investments which are actively traded. The pricing information on the Company’s money market funds is based on quoted prices in active markets for identical securities. This approach results in the classification of these securities as Level 1 of the fair value hierarchy.

Commercial paper and U.S. Government sponsored entities - mortgage-backed are classified as Level 2 within the hierarchy and are carried at fair value with unrealized gains and losses included in other comprehensive loss as a component of stockholders’ equity until realized. The Company estimates the fair values of these securities by taking into consideration valuations obtained from third-party pricing sources.

During the three months ended March 31, 2026, there were no transfers between Level 1, Level 2 and Level 3.


	March 31, 2026
	Level 1		Level 2		Level 3		Total
Liabilities:
Promissory Note	$	—	$	—	$	6,700	$	6,700
Warrant Liability		—		—		200		200
Total liabilities measured at fair value	$	—	$	—	$	6,900	$	6,900


	December 31, 2025
	Level 1		Level 2		Level 3		Total
Liabilities:
Promissory Note	$	—	$	—	$	9,700	$	9,700
Warrant Liability		—		—		8,000		8,000
Total liabilities measured at fair value	$	—	$	—	$	17,700	$	17,700

The following provides a reconciliation for all liabilities measured at fair value using Level 3 inputs for the three months ended March 31, 2026 and 2025 (in thousands):


Promissory Note liability
Balance at December 31, 2025	$	9,700
Change in Fair Value of Promissory Note		(3,000	)
Balance at March 31, 2026	$	6,700

Warrant liability
Balance at December 31, 2025	$	8,000
Change in Fair Value of Tranche B Warrants		(4,400	)
Change in Fair Value of Lender Warrants		(3,400	)
Balance at March 31, 2026	$	200

Promissory Note liability
Balance at December 31, 2024	$	8,923
Change in Fair Value of Promissory Note		(323	)
Balance at March 31, 2025	$	8,600

Warrant liability
Balance at December 31, 2024	$	1,700
Issuance of Lender Warrants		1,077
Change in Fair Value of Tranche B Warrants		(1,200	)
Change in Fair Value of Lender Warrants		(177	)
Balance at March 31, 2025	$	1,400


	March 31, 2026
	Amortized Cost		Unrealized Gains		Unrealized Losses		Aggregate Fair Value
Current assets:
Cash equivalents:
Money market funds	$	8,142	$	—	$	—	$	8,142
Total cash equivalents		8,142		—		—		8,142
Total assets measured at fair value	$	8,142	$	—	$	—	$	8,142

As of March 31, 2026, the contractual maturities of all available-for-sale investments were less than 12 months. The Company periodically reviews the available-for-sale investments for other-than-temporary impairment loss. The Company had no short-term investments as of March 31, 2026.


	December 31, 2025
	Amortized Cost		Unrealized Gains		Unrealized Losses		Aggregate Fair Value
Current assets:
Cash equivalents:
Money market funds	$	5,938	$	—	$	—	$	5,938
Commercial paper		3,582		—		—		3,582
U.S. Government sponsored entities - mortgage-backed securities		1,996		—		—		1,996
Total cash equivalents		11,516		—		—		11,516
Short-term investments:
Commercial paper		496		—		—		496
U.S. Government sponsored entities - mortgage backed securities		1,000		—		—		1,000
Total short-term investments		1,496		—		—		1,496
Total assets measured at fair value	$	13,012	$	—	$	—	$	13,012

As of December 31, 2025, the contractual maturities of all available-for-sale investments were less than 12 months. The Company periodically reviews the available-for-sale for other-than-temporary impairment loss. The Company had short-term investments in unrealized gain positions as of December 31, 2025.

Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Basis of Presentation

The unaudited condensed consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative U.S. GAAP as found in the Accounting Standards Codification (“ASC”), and Accounting Standards Update (“ASU”), of the Financial Accounting Standards Board (“FASB”).

Use of Estimates

The preparation of the Company’s unaudited condensed consolidated financial statements requires management to make estimates and assumptions that impact the reported amounts of assets, liabilities and expenses and the disclosure of contingent assets and liabilities in the Company’s unaudited condensed consolidated financial statements and accompanying notes. The most significant estimates in the Company’s unaudited condensed consolidated financial statements relate to accruals for research and development expenses, valuation of promissory notes, valuation of warrants and valuation of equity awards. These estimates and assumptions are based on current facts, historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of expenses that are not readily apparent from other sources. Actual results may differ materially and adversely from these estimates. To the extent there are material differences between the estimates and actual results, the Company’s future results of operations will be affected.

Concentration of Credit Risk and other Risks and Uncertainties

Financial instruments, which potentially subject the Company to concentration of risk, consist principally of cash and cash equivalents. The Company’s cash is deposited with major federally insured U.S. financial institutions. The Company has no off-balance sheet concentrations of credit risk, such as foreign currency exchange contracts, option contracts or other hedging arrangements.

The Company is dependent on contract manufacturing organizations (“CMO”) to supply products for research and development of its product candidates, including preclinical and clinical studies, and for commercialization of its product candidates, if approved. The Company’s development programs could be adversely affected by any significant interruption in CMO operations or by a significant interruption in the supply of active pharmaceutical ingredients and other components.

Products developed by the Company require approval from the U.S. Food and Drug Administration (“FDA”) or other international regulatory agencies prior to commercial sales. There can be no assurance the Company’s product candidates will receive the necessary approvals. If the Company is denied approvals, approvals are delayed, or the Company is unable to maintain approvals received, such events could have a materially adverse impact on the Company.

Cash and Cash Equivalents

Cash and cash equivalents consist of readily available cash in checking accounts, money market funds, commercial paper and U.S. government sponsored entities, such as mortgage-backed securities. The Company considers all highly liquid investments with an original maturity of three months or less from the date of purchase to be cash equivalents.

Short-term Investments

The Company invests excess cash in commercial paper and U.S. government sponsored entities, such as mortgage-backed securities. These investments are included in short-term investments on the balance sheet, classified as available-for-sale and reported at fair value with unrealized gains and losses included in accumulated other comprehensive loss. Realized gains and losses on the sale of these securities are recognized in net gain (loss) in other income (expense) in the unaudited condensed consolidated statements of operations.

Segment Information

The Company manages its operations as a single segment for the purposes of assessing performance and making operating decisions. The financial information is regularly reviewed by the chief operating decision maker (“CODM”), in deciding how to allocate resources. The Company’s CODM is its chief executive officer. The Company’s singular focus is on developing highly selective calcium release-activated calcium channel inhibitors to improve outcomes for patients with serious disease driven by inflammatory and immunologic processes and direct cellular damage. No revenue has been generated since inception, and all tangible assets are held in the United States.

The Company operates as one operating segment focused on developing and commercializing innovative therapeutics primarily in the U.S. The accounting policies of the segment are the same as those described in the summary of significant accounting policies.

The determination of a single business segment is consistent with the consolidated financial information regularly reviewed by the chief executive officer, who is the Company's CODM, in assessing segment performance and deciding how to allocate resources on a consolidated basis.

The CODM makes decisions on resource allocation, assesses performance of the business, and monitors budget versus actual results using income from operations. Net loss is also a measure that is considered in monitoring budget versus actual results. The measure of segment assets is reported on the unaudited condensed consolidated balance sheets as total assets.

The following table presents information about reported segment loss and significant segment expenses for the three months ended March 31, 2026 and 2025 (in thousands):


	Three Months Ended March 31,
	2026			2025
Segment research and development (a) (b)	$	(3,261	)	$	(4,040	)
Segment general and administrative (a) (b)		(1,782	)		(1,893	)
Stock-based compensation (see Note 7)		(561	)		(549	)
Depreciation expense		(7	)		(15	)
Operating loss	$	(5,611	)	$	(6,497	)
Reconciliation of profit or loss
Adjustments and reconciling items		—			—
Consolidated operating loss	$	(5,611	)	$	(6,497	)

Fair Value Promissory Note

As permitted under ASC 825, Financial Instruments, the Company has elected the fair value option to account for its promissory note due to certain embedded features within the notes. The Company recognizes the promissory note at fair value with changes in fair value recognized in the unaudited condensed consolidated statements of operations located on the change in fair value of financial instruments line item. Changes in fair value as a result of the Company’s own credit risk is reflected in other income in the unaudited condensed consolidated statements of operations. As a result of applying the fair value option, direct costs and fees related to the promissory note were expensed as incurred and not deferred (see Note 3).

Leases

The Company leases office space with an original lease term of twelve months and does not have a right-of-use asset or lease liability recorded. The Company's policy is not to record leases with an original term of twelve months or less on the unaudited condensed consolidated balance sheets. The Company recognizes lease expense for this short-term lease on a straight-line basis over the term of the lease. The lease is accounted for under ASC 842, Leases, and has been classified as an operating lease. Rent expense recognized was $31,000 and $30,000 for the three months ended March 31, 2026 and 2025, respectively.

Research and Development Costs

Research and development costs consist primarily of salaries, payroll taxes, employee benefits and stock-based compensation for those individuals involved in ongoing research and development efforts, as well as fees paid to consultants, external research fees, license fees paid to third parties for use of their intellectual property, laboratory supplies and development of compound materials, associated overhead expenses and facilities and depreciation costs. Nonrefundable advance payments for goods and services that will be used in future research and development activities are expensed when the activity has been performed or when the goods have been received rather than when the payment is made. All research and development costs are expensed as incurred.

The Company estimates preclinical studies and clinical trial expenses based on the services performed pursuant to contracts with research institutions and clinical research organizations that conduct and manage preclinical studies and clinical trials on the Company’s behalf. In accruing service fees, the Company estimates the time period over which services will be performed and the level of effort to be expended in each period. These estimates are based on communications with the third-party service providers, and on information available at each balance sheet date. If the actual timing of the performance of services or the level of effort varies from the estimate, the Company will adjust the accrual accordingly. The estimates are trued up to reflect the best information available at the time of the financial statement issuance. Although the Company does not expect its estimates to be materially different from amounts actually incurred, the Company’s estimate of the status and timing of services performed relative to the actual status and timing of services performed may vary.

General and Administrative Costs

General and administrative expenses consist primarily of salaries and related benefits, including stock-based compensation, related to executive, finance, business development, legal, human resources and support functions, including professional fees for auditing, tax, consulting and patent-related services, rent, utilities and insurance.

Patent Costs

Costs related to filing and pursuing patent applications are expensed as incurred since recoverability of such expenditures is uncertain.

Offering Costs

The Company capitalizes costs that are directly associated with equity financings until such financings are consummated, at which time such costs are recorded against the gross proceeds of the offering in the Company’s unaudited condensed consolidated balance sheets. Should an in-process equity financing be abandoned, the offering costs will be expensed immediately as a charge to operating expenses in the statements of operations and comprehensive income (loss). During the period, the Company had no unpaid costs associated with its ATM Facility (as defined in Note 6).

Warrant Liability

As a result of the 2024 Private Placement (described in Note 6) and the Loan executed in 2025 (described in Note 5), certain warrants to purchase common stock were deemed freestanding warrants and are reflected in the Company’s unaudited condensed consolidated balance sheets as a liability as of and for the period ending March 31, 2026.

Stock-based Compensation

Stock-based compensation expense represents the cost of the grant date fair value of employee stock options, restricted stock units (“RSUs”) and Common Stock Warrants (as defined in Note 6) recognized over the requisite service period of the awards (usually the vesting period) on a straight-line basis. The Company estimates the fair value of stock option grants, RSUs and Common Stock Warrants using the Black-Scholes option pricing model (“Black-Scholes”). Forfeitures are recognized as a reduction of stock-based compensation expense as they occur. Equity-based compensation expense is classified in the statements of operations in the same manner in which the award recipients’ payroll costs are classified or in which the award recipients’ service payments are classified. The fair value of each stock option grant, RSU and Common Stock Warrant is estimated on the date of grant using Black Scholes. The following summarizes the inputs used:

Fair Value of Common Stock

The Company uses the closing stock price the day of the grant date for the fair value.

Risk-Free Interest Rate

The risk-free interest rate is based on the U.S. Treasury yield in effect at the time of grant for zero coupon U.S. Treasury notes with maturities similar to the expected term of the awards.

Expected Volatility

The Company uses an average volatility for comparable publicly-traded biopharmaceutical companies over a period equal to the expected term of the stock award grant as the Company does not yet have sufficient historical trading history for its own stock. The Company will continue to apply this method until a sufficient amount of historical information over a period equal to the expected term of the stock-based awards becomes available.

Expected Term

The Company used the simplified method to calculate the expected term for all grants during all periods, which is based on the midpoint between the vesting date and the end of the contractual term.

Expected Dividend Yield

The Company has never paid and has no present intention to pay cash dividends.

Income Taxes

The Company accounts for income taxes under 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 included in the financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date.

The Company recognizes net deferred tax assets to the extent that the Company believes these assets are more likely than not to be realized. In making such a determination, management considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. If management determines that the Company would be able to realize its deferred tax assets in the future in excess of their net recorded amount, management would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes.

The Company records uncertain tax positions on the basis of a two-step process whereby (1) management determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, management recognizes the largest amount of tax benefit that is more than 50% likely to be realized upon ultimate settlement with the related tax authority. The Company recognizes interest

and penalties related to unrecognized tax benefits within income tax expense. Any accrued interest and penalties are included within the related tax liability.

Comprehensive Income (Loss)

Comprehensive income (loss) is defined as a change in equity during a period from transactions and other events and circumstances from non-owner sources which are excluded from net income (loss). The Company’s only element of other comprehensive income (loss) is unrealized gains and losses on marketable securities and short-term investments.

Related Party Transactions

The Company’s board of directors reviews and approves transactions with directors, officers and holders of 5% or more of its voting securities and their affiliates, each a related party. The material facts as to the related party’s relationship or interest in the transaction are disclosed to its board of directors prior to their consideration of such transaction, and the transaction is not considered approved by its board of directors unless a majority of the directors who are not interested in the transaction approve the transaction.

In May 2024, the Company granted a warrant to purchase 10,000 shares of common stock to a consulting firm affiliated with the Company’s former interim chief financial officer. The warrant is classified as equity, and the Company recorded expense of zero and $5,000 for the three months ended March 31, 2026 and 2025, respectively, in general and administrative expense in the unaudited condensed consolidated statements of operations.

Net Income (Loss) Per Share

Basic net income (loss) per share is computed using the weighted average number of shares of common stock outstanding during the period, including the Pre-Funded Warrants which were exercised on January 28, 2026, and Placement Agent Warrants (as defined in Note 6). The Company calculates diluted net income (loss) per share using the more dilutive of the (i) treasury stock method, if-converted method, or contingently issuable share method, as applicable, or (ii) the two-class method. For warrants, the calculation of diluted net income (loss) per share requires that, to the extent the average fair value of the underlying shares for the reporting period exceeds the exercise price of the warrants and the presumed exercise of such securities are dilutive to net income (loss) per share for the period, adjustments to net income (loss) used in the calculation are required to remove the change in fair value of the warrants for the period.

As of March 31, 2026 stock options RSUs and warrants, other than the Placement Agent Warrants, that were in-the-money were included in the calculation of fully diluted shares. As of March 31, 2025, the Company’s outstanding stock options, RSUs and warrants, other than the Pre-Funded Warrants and Placement Agent Warrants, were excluded from the calculation of net income (loss) per share because the effect would be antidilutive.

Recently Issued Accounting Pronouncements

In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) which requires public entities to disclose in the notes to financial statements, of additional specified information about certain costs and expenses. For public business entities, the guidance is effective for annual periods beginning after December 15, 2026 and interim periods after December 15, 2027, with early adoption permitted. The Company is currently assessing the impact that this guidance will have on the consolidated financial statements.

In December 2025, the FASB issued ASU No. 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements ("ASU 2025-11"). ASU 2025-11 is intended to improve the navigability of guidance in ASC 270, Interim Reporting, and clarify when it applies. The amendments also provide additional guidance on what disclosures should be provided in interim reporting periods. ASU 2025-11 is effective for fiscal years beginning after December 15, 2027, including interim periods within those fiscal years, and permits prospective or full retrospective adoption. The Company is evaluating the impact of this guidance on its unaudited condensed consolidated financial statements and related disclosures.

In December 2025, the FASB issued ASU No. 2025-12, Codification Improvements ("ASU 2025-12"). ASU 2025-12 addresses suggestions received from stakeholders regarding the Accounting Standards Codification and makes other incremental improvements to U.S. GAAP. The update represents changes to the Codification that clarify, correct errors in or make other improvements to a variety of topics that are intended to make it easier to understand and apply. ASU 2025-12 is effective for fiscal years beginning after December 15, 2026 and interim periods within those fiscal years. Entities are required to apply the amendments to ASC 260 retrospectively. All other amendments may be applied prospectively or retrospectively. Early adoption is permitted. The Company is evaluating the impact of this guidance on its consolidated financial statements and related disclosures.

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred Stock, Shares Authorized	10,000,000	10,000,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Common stock par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	15,746,416	15,437,410
Common stock, shares outstanding	15,746,416	15,437,410

Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash equivalents	$ 8,142	$ 11,516
Short-term investments		1,496
Assets measured at fair value	8,142	13,012
Liabilities:
Total liabilities measured at fair value	6,900	17,700
Money Market Funds
Current assets:
Cash equivalents	8,142	5,938
Commercial Paper
Current assets:
Cash equivalents		3,582
Short-term investments		496
U.S. Government Sponsored Entities - Mortgagebacked Securities
Current assets:
Cash equivalents		1,996
Short-term investments		1,000
Promissory Note
Liabilities:
Total liabilities measured at fair value	6,700	9,700
Warrant Liability
Liabilities:
Total liabilities measured at fair value	200	8,000
Level 1
Current assets:
Cash equivalents	8,142	5,938
Assets measured at fair value	8,142	5,938
Level 1 \| Money Market Funds
Current assets:
Cash equivalents	8,142	5,938
Level 2
Current assets:
Cash equivalents		5,578
Short-term investments		1,496
Assets measured at fair value		7,074
Level 2 \| Commercial Paper
Current assets:
Cash equivalents		3,582
Short-term investments		496
Level 2 \| U.S. Government Sponsored Entities - Mortgagebacked Securities
Current assets:
Cash equivalents		1,996
Short-term investments		1,000
Level 3
Liabilities:
Total liabilities measured at fair value	6,900	17,700
Level 3 \| Promissory Note
Liabilities:
Total liabilities measured at fair value	6,700	9,700
Level 3 \| Warrant Liability
Liabilities:
Total liabilities measured at fair value	$ 200	$ 8,000

Employee Benefits

3 Months Ended

Mar. 31, 2026

Retirement Benefits [Abstract]

Employee Benefits

9. Employee Benefits

In January 2007, Private CalciMedica adopted a defined contribution 401(k) plan for substantially all employees. There were no contributions made by the Company to the 401(k) plan for the three months ended March 31, 2026 and 2025, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

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

Stock-based Compensation - Summary of Stock-Based Compensation Expense Recognized for Options and RSUs and Common Stock Warrants Granted (Details) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	$ 561,000	$ 549,000
Research and Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total	220,000	177,000
General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total	$ 341,000	$ 372,000

- Definition

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

+ References

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+ Details

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2026	May 07, 2026
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2026
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Trading Symbol	CALC
Entity Registrant Name	CalciMedica, Inc.
Entity Central Index Key	0001534133
Entity Current Reporting Status	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Shell Company	false
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		15,798,031
Entity File Number	001-39538
Entity Tax Identification Number	45-2120079
Entity Address, Address Line One	505 Coast Boulevard South
Entity Address, Address Line Two	Suite 307
Entity Address, City or Town	La Jolla
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92037
City Area Code	858
Local Phone Number	952-5500
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Security Exchange Name	NASDAQ
Entity Incorporation, State or Country Code	DE
Document Quarterly Report	true
Document Transition Report	false

Stock-based Compensation - Schedule of Common Stock Reserved for Future Issuance (Details) - shares	Mar. 31, 2026	Dec. 31, 2025	Apr. 23, 2025	Mar. 28, 2024	Mar. 20, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock warrants	3,687,278
Stock options issued and outstanding	4,841,647	4,853,408
RSUs outstanding	27,500
Common stock shares reserved for future issuance	9,775,055
2023 Equity Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock shares reserved for future issuance	806,892		600,000	1,500,000	1,000,000
2023 Employee Stock Purchase Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock shares reserved for future issuance	411,738

- Definition

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

+ References

+ Details

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 8,164	$ 11,520
Short-term investments	0	1,496
Prepaid clinical trial expenses	215	201
Other prepaid expenses and current assets	122	259
Assets held for sale	54	54
Total current assets	8,555	13,530
Property and equipment, net	43	50
Other assets	11	11
Total assets	8,609	13,591
Current liabilities
Accounts payable	1,675	1,161
Accrued clinical trial costs	466	1,081
Accrued expenses	672	290
Current portion, promissory note	2,500	1,250
Total current liabilities	5,313	3,782
Long-term liabilities
Promissory note	4,200	8,450
Warrant liability	200	8,000
Total liabilities	9,713	20,232
Commitments and contingencies (Note 8)
Stockholders' equity (deficit)
Preferred stock, $0.0001 par value; 10,000,000 shares authorized at March 31, 2026 and December 31, 2025, respectively; no shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively	0	0
Common stock, $0.0001 par value; 500,000,000 shares authorized at March 31, 2026 and December 31, 2025, respectively; 15,437,410 and 15,437,410, issued and outstanding at March 31, 2026 and December 31, 2025, respectively	4	4
Additional paid-in capital	183,242	182,681
Accumulated deficit	(184,350)	(189,326)
Total stockholders' deficit	(1,104)	(6,641)
Total liabilities and stockholders' deficit	$ 8,609	$ 13,591

Accrued Expenses (Tables)

3 Months Ended

Mar. 31, 2026

Accounts Payable and Accrued Liabilities, Current [Abstract]

Schedule of Accrued Expenses

Accrued expenses consisted of the following (in thousands):


	March 31, 2026		December 31, 2025
Accrued payroll and other employee benefits	$	275	$	33
Accrued professional fees		285		195
Accrued franchise tax		72		—
Accrued other		40		62
Total accrued expenses	$	672	$	290

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Income Statement [Abstract]
Net income (loss)	$ 4,976	$ (5,042)
Unrealized loss on available-for-sale securities, net of tax	0	(5)
Comprehensive income (loss)	$ 4,976	$ (5,047)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

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

+ 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 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Commitments and Contingencies

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

8. Commitments and Contingencies

From time to time, the Company may have certain contingent liabilities that arise in the ordinary course of its business activities. The Company accrues liabilities for such matters when future expenditures are probable and such expenditures can be reasonably estimated.

The Company has historically entered into contracts in the normal course of business with contract development and manufacturing organizations, for the manufacturing process development and the preclinical/clinical supply manufacturing, and our vendors for preclinical research studies and other services or products for operating purposes. These contracts generally provide for termination on notice of 60 to 90 days. As of March 31, 2026, there are three such contracts related to the CMO for the development of Auxora for $0.4 million of associated costs, still in effect for future services, and there were no unpaid cancellation or other related costs.

The Company is also, from time to time, a party or subject to various other legal proceedings and claims, either asserted or unasserted, which arise in the ordinary course of business. Some of these proceedings have involved, and may involve in the future, claims that are subject to substantial uncertainties and unascertainable damages.

Operating Lease Agreements

The Company has an operating lease for office space in La Jolla, California. In December 2025, the lease was amended and renewed for an additional month-to-month term through March 1, 2026, with an option that was extended for another 12 month term through February 28, 2027, and therefore qualifies for the short-term lease exception. The Company also relocated to smaller premises of approximately 691 square feet with a new monthly rent amount of $4,375. Monthly rent expense of approximately $13,300 was paid for each of the first two months of 2026. Over the next 11 months, we expect cash requirements for our lease obligation to be approximately $48,000.

Rent expense for the three months ended March 31, 2026 and 2025 was $31,000 and $30,000, respectively, which is included in operating expenses.

Legal Proceedings

On April 11, 2025 Henry McKinnell, a stockholder of the Company (“McKinnell”), filed a complaint (the “Complaint”) against the Company and two members of the Company’s Board of Directors regarding a $1.5 million investment in the Company in connection with the Company’s merger with Graybug. The Complaint was filed in the Superior Court of the State of California for the County of San Diego and alleges that the Company made false representations to McKinnell to induce his investment. McKinnell seeks return of his investment plus interest and attorneys fees. The Complaint asserts causes of action for fraud, violation of the California Corporations Code, conspiracy to commit fraud, breach of contract, and breach of the duty of good faith and fair dealing.

The Company cannot predict the outcome of any litigation. The Company intends to vigorously defend against the allegations made in the Complaint.

Promissory Note - Additional Information (Details)		3 Months Ended
Promissory Note - Additional Information (Details)	Feb. 28, 2025 USD ($)	Mar. 31, 2026 USD ($)	Mar. 31, 2025 USD ($)
Debt Instrument [Line Items]
Timing of milestone		Dec. 31, 2025
Debt instrument convertible BSOPM percentage		100.00%
Maturity date	Sep. 01, 2028
Fair Value Adjustment of Promissory Notes		$ (3,000,000)	$ (323,000)
Promissory note		$ 6,700,000
Calibrated Discount Rate
Debt Instrument [Line Items]
Debt Instrument, Measurement Input		0.137
Scenario Weighting for Repayment through Maturity
Debt Instrument [Line Items]
Debt Instrument, Measurement Input		0.80
Scenario Weighting for Repayment through Milestone
Debt Instrument [Line Items]
Debt Instrument, Measurement Input		0.20
Loan Agreement
Debt Instrument [Line Items]
Aggregate principal amount	$ 32,500,000
Debt Instrument, Interest Rate, Stated Percentage	12.75%
Loan Agreement \| Prime Rate
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	5.00%
Loan Agreement \| Lender And Collateral Agent
Debt Instrument [Line Items]
Convertible value of promissory note warrants into common stock	$ 1,000,000
Debt instrument, convertible, terms of conversion		At the closing date, up to $1,000,000 of the principal outstanding may be converted into shares of the Company’s unrestricted, freely tradable common stock at a price equal to 20% premium to the exercise price of the warrants (see note 6 for further description of the warrants) at the Lender’s option. In connection with the pause in enrollment in the KOURAGE trial, Tranche 2 and Tranche 3 are no longer available to the Company.
Promissory note
Debt Instrument [Line Items]
Inital fair value		$ 8,900,000
Fair Value Adjustment of Promissory Notes		$ 3,000,000	$ 300,000
Tranche 1 \| Loan Agreement
Debt Instrument [Line Items]
Aggregate principal amount	10,000,000
Tranche 2 \| Loan Agreement
Debt Instrument [Line Items]
Aggregate principal amount	$ 7,500,000
Repayment term	The Company will make interest only payments until the 18 month anniversary of the Closing Date.
Tranche 2 \| Loan Agreement \| Lender And Collateral Agent
Debt Instrument [Line Items]
Aggregate principal amount	$ 15,000,000

Fair Value Measurements - Summary of Company 's Financial Assets Measured at Fair Value (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total cash equivalents, Amortized Cost	$ 8,142	$ 11,516
Total cash equivalents, Aggregate Fair Value	8,142	11,516
Total short-term investments, Amortized Cost		1,496
Total short-term investments, Aggregate Fair Value		1,496
Total asset measured at fair value, Amortized Cost	8,142	13,012
Total asset measured at fair value, Aggregate Fair Value	8,142	13,012
Money Market Funds
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total cash equivalents, Amortized Cost	8,142	5,938
Total cash equivalents, Aggregate Fair Value	$ 8,142	5,938
Commercial Paper
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total cash equivalents, Amortized Cost		3,582
Total cash equivalents, Aggregate Fair Value		3,582
Total short-term investments, Amortized Cost		496
Total short-term investments, Aggregate Fair Value		496
U.S. Government Sponsored Entities - Mortgagebacked Securities
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total cash equivalents, Amortized Cost		1,996
Total cash equivalents, Aggregate Fair Value		1,996
Total short-term investments, Amortized Cost		1,000
Total short-term investments, Aggregate Fair Value		$ 1,000

Summary of Significant Accounting Policies - Summary of Disaggregated Amounts of Operating Expenses (Parenthetical) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Summary Of Significant Accounting Policies [Line Items]
Depreciation expense	$ 7,000	$ 15,000
Research and Development
Summary Of Significant Accounting Policies [Line Items]
Stock-based compensation	220,000	177,000
Depreciation expense	4,000	7,000
General and Administrative
Summary Of Significant Accounting Policies [Line Items]
Stock-based compensation	341,000	372,000
Depreciation expense	$ 3,000	$ 8,000

Stock-based Compensation

3 Months Ended

Mar. 31, 2026

Share-based Payment Arrangement [Abstract]

Stock-based Compensation

7. Stock-based Compensation

2023 Equity Incentive Plan

The Company adopted its 2023 Equity Incentive Plan (the “2023 Plan”), which became effective at the closing of the Merger and replaced the Company’s 2020 Equity Incentive Plan (“2020 Plan”) on the effective date of the Merger. As of the effective date of the Merger, there were 1,000,000 shares of the Company’s common stock available for grant under the 2023 Plan. In addition, the share reserve is subject to annual increases each January 1 for the first ten years following approval of the 2023 Plan of up to 5% of shares of the Company’s common stock outstanding (or a lesser number determined by the Company’s board of directors). Effective January 1, 2024, the shares reserved for issuance under the 2023 Plan was increased by 287,725 shares. Effective March 28, 2024, the Board approved an increase of 1,500,000 shares of the Company’s common stock reserved under the 2023 Plan, which was subsequently approved by the stockholders of the Company on August 27, 2024. Effective on January 1, 2025, the shares reserved for issuance under the 2023 Plan was increased by 674,095 shares. On April 23, 2025 the Board approved an increase of 600,000 shares of the Company’s common stock reserved for issuance under the 2023 Plan, which was subsequently approved by the stockholders of the Company on June 24, 2025. Effective on January 1, 2026, the shares reserved for issuance under the 2023 Plan was increased by 771,870 shares. As of March 31, 2026, no options have been returned to the 2023 Plan and 806,892 shares of the Company’s common stock were available for grant under the 2023 Plan.

2023 Employee Stock Purchase Plan

The Company adopted the 2023 Employee Stock Purchase Plan (the “2023 ESPP”) which became effective at the closing of the Merger. As of the effective time of the Merger, there were 65,000 shares of the Company’s common stock reserved for issuance under the 2023 ESPP. In addition, the share reserve is subject to annual increases each January 1 for the first ten years following approval of the 2023 ESPP of the lesser of (i) 1% of the total number of shares of the Company’s common stock outstanding on December 31 of the preceding calendar year, (ii) 195,000 shares of the Company’s common stock, or (iii) such lesser number of shares of the Company’s common stock as determined by the Company’s board of directors. An annual increase of 134,819 and 154,374 shares of the Company’s common stock was automatically added to the share reserve under the 2023 ESPP on January 1, 2025 and 2026, respectively. As of March 31, 2026, 411,738 shares of the Company’s common stock were available for grant under the 2023 ESPP.

As of March 31, 2026, no shares have been issued under the 2023 ESPP.

The following table summarizes the stock option transactions for the 2023 Plan:



	Total Options				Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (years)			Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2025		4,853,408		$		3.87		8.10	$		15,936
Granted		—				—		—			—
Exercised		—				—		—			—
Forfeited/Cancelled		(11,761	)			1.74		—			—
Outstanding at March 31, 2026		4,841,647		$		3.87		7.87	$		—
Vested and exercisable at March 31, 2026		2,940,427		$		4.55		7.39	$		—

There were no options exercised or granted during the three months ended March 31, 2026. The weighted-average fair value of options granted during the three months ended March 31, 2026 and 2025 was $0 and $2.36, respectively. The total fair value of shares vested was $0.6 million and $0.5 million for the three months ended March 31, 2026 and 2025, respectively.

As of March 31, 2026, stock-based compensation not yet recognized is $4.1 million, which the Company expects to recognize over an estimated weighted-average term of 2.1 years.

The following are the underlying assumptions in Black-Scholes to determine the fair value of the stock option grants for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
	2026	2025
Risk free interest rate	3.50%	3.16%
Expected volatility	102%	97%
Expected term (years)	5.87	6.01
Expected dividend yield	0%	0%

Restricted Stock Units (“RSUs”)

The fair value of RSUs is determined on the date of grant based on the market price of the Company’s common stock on that date. The aggregate grant date fair value of RSUs vested during the three months ended March 31, 2026 was $12,250.

The following table summarizes RSU activity for the 2023 Plan:



	Number of RSUs				Weighted Average Grant Date Fair Value		Weighted Average Remaining Contractual Term (years)			Aggregate Intrinsic Value (in thousands)
Nonvested at December 31, 2025		30,000		$		3.50		3.75	$		198
Vested		(2,500	)			3.50		—			—
Nonvested at March 31, 2026		27,500		$		3.50		2.75	$
Expected to vest at March 31, 2026		27,500		$		3.50		2.75	$		15

Stock-based Compensation Expense

Stock-based compensation expense recognized for options, RSUs and Common Stock Warrants granted was as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Research and development	$	220	$	177
General and administrative		341		372
Total stock-based compensation expense	$	561	$	549

Common Stock Reserved for Future Issuance

Common stock reserved for future issuance consists of the following at March 31, 2026:


	March 31,
	2026
Common stock warrants		3,687,278
Stock options issued and outstanding		4,841,647
RSUs outstanding		27,500
Shares available for issuance under the 2023 Plan		806,892
Shares available under the 2023 ESPP		411,738
Total		9,775,055

Summary of Significant Accounting Policies - Summary of Disaggregated Amounts of Operating Expenses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Summary Of Significant Accounting Policies [Line Items]
Segment research and development	$ (3,485)	$ (4,224)
Segment general and administrative	(2,126)	(2,273)
Consolidated operating loss	(5,611)	(6,497)
Operating Segments [Member]
Summary Of Significant Accounting Policies [Line Items]
Segment research and development	(3,261)	(4,040)
Segment general and administrative	(1,782)	(1,893)
Stock-based compensation	(561)	(549)
Depreciation expense	(7)	(15)
Adjustments and reconciling items	0	0
Consolidated operating loss	$ (5,611)	$ (6,497)

- Definition

The net result for the period of deducting operating expenses from operating revenues.

+ References

+ Details

Stock-based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Share-based Payment Arrangement [Abstract]
Number of options, outstanding	4,853,408
Number of options, granted	0
Number of options, exercised	0
Number of options, Forfeited/Cancelled	(11,761)
Number of options, outstanding	4,841,647	4,853,408
Number of options, vested and exercisable	2,940,427
Weighted average exercise price, outstanding	$ 3.87
Weighted average exercise price, granted	0
Weighted average exercise price, exercised	0
Weighted average exercise price, Forfeited/Cancelled	1.74
Weighted average exercise price, outstanding	3.87	$ 3.87
Weighted average exercise price, options vested and exercisable	$ 4.55
Weighted average remaining contractual term, outstanding	7 years 10 months 13 days	8 years 1 month 6 days
Weighted average remaining contractual term, granted	$ 0
Weighted average remaining contractual term, options vested and exercisable	7 years 4 months 20 days
Aggregate intrinsic value, outstanding	$ 0	$ 15,936
Aggregate intrinsic value, granted	$ 0

Accrued Expenses - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Accrued payroll and other employee benefits	$ 275	$ 33
Accrued professional fees	285	195
Accrued franchise tax	72	0
Accrued other	40	62
Total accrued expenses	$ 672	$ 290

Net Income (Loss) Per Share

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Net Income (Loss) Per Share

11. Net Income (Loss) Per Share

The following table sets forth the computation of basic and diluted net income (loss) per share (in thousands, except share and per share amounts):


	Three Months Ended March 31,
		2026			2025
Numerator:
Net income (loss)	$		4,976	$		(5,042	)
Denominator
Basic and diluted
Weighted-average common shares outstanding, basic and diluted			15,746,416			13,511,349
Weighted-average pre-funded warrants outstanding, basic and diluted			—			306,506
Weighted-average placement agent warrants outstanding, basic and diluted			75,747			75,745
Weighted-average lender warrants outstanding, basic and diluted			—			227,969
Weighted-average number of shares used to calculate basic and diluted net income (loss) per share			15,822,163			14,121,569
Diluted
Weighted-average number of shares used to calculate basic net income (loss) per share			15,822,163			14,121,569
Effect of potentially dilutive securities
Stock options			479,284			—
RSUs			27,500			—
Weighted-average number of shares used to calculate diluted net income (loss) per share			16,328,947			14,121,569

Net income (loss) per share
Basic		$	0.31		$	(0.36	)
Diluted		$	0.30		$	(0.36	)

The following outstanding potentially dilutive shares have been excluded from the calculation of diluted net earnings (loss) per share due to their anti-dilutive effect:


	As of March 31,
	2026		2025
Stock options to purchase common stock		4,362,363		2,845,554
RSUs		—		40,000
Warrants to purchase common stock		3,611,531		3,611,531
Total		7,973,894		6,497,085

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of Presentation

Use of Estimates

Concentration of Credit Risk and other Risks and Uncertainties

Cash and Cash Equivalents

Short-term Investments

Segment Information

The following table presents information about reported segment loss and significant segment expenses for the three months ended March 31, 2026 and 2025 (in thousands):


	Three Months Ended March 31,
	2026			2025
Segment research and development (a) (b)	$	(3,261	)	$	(4,040	)
Segment general and administrative (a) (b)		(1,782	)		(1,893	)
Stock-based compensation (see Note 7)		(561	)		(549	)
Depreciation expense		(7	)		(15	)
Operating loss	$	(5,611	)	$	(6,497	)
Reconciliation of profit or loss
Adjustments and reconciling items		—			—
Consolidated operating loss	$	(5,611	)	$	(6,497	)

Fair Value Promissory Note

Leases

Research and Development Costs

General and Administrative Costs

Patent Costs

Costs related to filing and pursuing patent applications are expensed as incurred since recoverability of such expenditures is uncertain.

Offering Costs

Warrant Liability

Stock-based Compensation

Fair Value of Common Stock

The Company uses the closing stock price the day of the grant date for the fair value.

Risk-Free Interest Rate

The risk-free interest rate is based on the U.S. Treasury yield in effect at the time of grant for zero coupon U.S. Treasury notes with maturities similar to the expected term of the awards.

Expected Volatility

Expected Term

The Company used the simplified method to calculate the expected term for all grants during all periods, which is based on the midpoint between the vesting date and the end of the contractual term.

Expected Dividend Yield

The Company has never paid and has no present intention to pay cash dividends.

Income Taxes

and penalties related to unrecognized tax benefits within income tax expense. Any accrued interest and penalties are included within the related tax liability.

Comprehensive Income (Loss)

Related Party Transactions

Net Income (Loss) Per Share

Recently Issued Accounting Pronouncements