0001991792-26-000012 | 10-Q | XBRL Viewer

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Common Stock - Schedule of Common Stock Reserved for Issuance Upon Conversion (Details)	Sep. 30, 2026 shares
Class of Stock [Line Items]
Total (in shares)	15,244,627
Stock options and awards outstanding
Class of Stock [Line Items]
Total (in shares)	7,336,869
Reserved for future stock award issuances
Class of Stock [Line Items]
Total (in shares)	6,441,218
Reserved for future ESPP issuances
Class of Stock [Line Items]
Total (in shares)	1,466,540

- 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

Fair Value Measurements

9 Months Ended

Sep. 30, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements

The following tables present the financial instruments carried at fair value on a recurring basis as of September 30, 2026 and December 31, 2025, respectively, in accordance with the ASC 820, Fair Value Measurement (ASC 820) hierarchy (in thousands):


	Fair Value Measurements at September 30, 2026
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	21,837	$	—	$	—	$	21,837
Marketable securities	$	—	$	956,211	$	—	$	956,211


	Fair Value Measurements at December 31, 2025
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	16,639	$	10,056	$	—	$	26,695
Marketable securities	$	—	$	709,665	$	—	$	709,665

The Company’s cash equivalents represent deposits in a short-term U.S. Treasury money market fund quoted in an active market, which were classified as a Level 1 fair value measurement, and fixed income securities (U.S. treasury bills) with original maturities of 90 days or less. Marketable securities consist primarily of fixed income securities (U.S. treasury bills and notes) and corporate bonds with original maturities greater than 90 days. All fixed income securities and corporate bonds were classified as a Level 2 fair value measurement.

There were no transfers between Level 1 and Level 2 of the fair value hierarchy during the three and nine months ended September 30, 2026 and the year ended December 31, 2025.

- Definition

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

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+ Details

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2026
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies The Company’s significant accounting policies are disclosed in the audited financial statements in its 2025 Annual Report. Recently Issued Accounting Standards Accounting standards not listed below were assessed and determined not to be applicable or are expected to have minimal impact on the Company’s unaudited condensed consolidated financial statements. In November 2024, the FASB issued ASU No. 2024-03, Comprehensive Income - Expense Disaggregation Disclosures, which will improve the disclosures about a public business entity's expenses and address requests from investors for more detailed information about the types of expenses in commonly presented expense captions such as cost of sales, selling, general and administrative, and research and development. The amendments are effective for fiscal years beginning after December 15, 2026. Early adoption is permitted for annual financial statements that have not yet been issued or made available. The amendments should be applied on either (1) prospectively to financial statements issued for reporting periods after the effective date or (2) retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating the provisions of the amendments and the effect on its future consolidated financial statements. In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which clarifies and modernizes the accounting for costs related to internal-use software. The amendments remove all references to project stages and clarify the threshold entities apply to begin capitalizing costs. The amendments are effective for fiscal years beginning after December 15, 2027 and interim reporting periods within those annual reporting periods, with early adoption permitted. The Company is currently evaluating the provisions of the amendments and the effect on its future consolidated financial statements. In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow Scope Improvements, which clarifies required interim disclosures under Topic 270 by providing a comprehensive list of required interim disclosures, and clarifies the applicability of Topic 270. This update is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within annual reporting periods beginning after December 15, 2028, with early adoption permitted. ASU 2025-11 may be adopted on a prospective or retrospective basis. The Company is currently evaluating the impact of this guidance on its future consolidated financial statements.

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025	Dec. 31, 2025	Jan. 24, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock, shares outstanding (in shares)	7,135,032		7,135,032		7,958,219
Aggregate intrinsic value, exercised			$ 100,900	$ 10,700
Weighted average grant-date fair value of the options granted (in usd per share)			$ 43.31	$ 14.49
Aggregate grant-date fair value of options vested			$ 29,600	$ 19,800
Stock-based compensation expense, less than	$ 8,456	$ 7,331	29,264	19,489
Stock Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense, less than	7,700	6,700	27,800	17,500
Gross unrecognized stock-based compensation expense	79,500		$ 79,500
Unrecognized stock-based compensation expense expected to be recognized over weighted-average period (in years)			2 years 9 months 18 days
Performance-Based Restricted Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense, less than	600	$ 100	$ 600	$ 100
Unrecognized stock-based compensation expense expected to be recognized over weighted-average period (in years)			1 year 1 month 6 days
Gross unrecognized stock-based compensation expense	$ 9,700		$ 9,700
2015 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock, shares outstanding (in shares)	178,534		178,534
2022 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock, shares outstanding (in shares)	2,439,699		2,439,699
2024 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock, shares outstanding (in shares)	4,718,636		4,718,636
Common stock available for future issuance (in shares)	6,441,218		6,441,218			8,246,565

License and Collaboration Agreements	9 Months Ended
License and Collaboration Agreements	Sep. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
License and Collaboration Agreements	License and Collaboration Agreements Lepu Biotech Co., Ltd. In March 2019, the Company entered into a development and license agreement with Lepu Biotech Co., Ltd. (Lepu) for cretostimogene (the Lepu License Agreement). Under the terms of the Lepu License Agreement, the Company granted to Lepu an exclusive license to develop, manufacture and commercialize cretostimogene and/or n-Dodecyl-beta-Maltoside (DDM) to treat and/or prevent cancer in mainland China, including Hong Kong and Macau (the Lepu Territory). The Company is obligated to use commercially reasonable efforts to supply Lepu with its requirements of cretostimogene and DDM for its development activities at Lepu’s cost and to periodically provide Lepu with manufacturing documentation and, at Lepu’s cost, reasonably requested assistance related to the manufacture of clinical and, if applicable, commercial supplies of cretostimogene and DDM. The Company determined that control of the license was transferred to Lepu in March 2019 upon execution of the contract. Lepu paid to the Company a one-time upfront payment of $4.5 million and is obligated to make regulatory milestone payments of up to $2.5 million and commercial milestone payments of up to $57.5 million. The Company is entitled to receive a high single-digit royalty on net sales of cretostimogene and/or DDM sold in the Lepu Territory, subject to a specified reduction. Lepu’s royalty obligations will expire upon termination of the Lepu License Agreement. The Company assessed the Lepu License Agreement in accordance with ASC 606, Revenue Recognition (ASC 606) and determined that the performance obligation is comprised solely of the license grant to Lepu. The Company determined the transaction price was $4.5 million and recorded the entire amount upon transfer of control of the functional intellectual property license rights in 2019. The Company evaluated the provision of manufacturing activities related to clinical and commercial supply of the licensed products and concluded that the manufacturing activities were not performance obligations as the terms do not provide a material right to Lepu. Future milestone payments are fully constrained as the risk of significant revenue reversal will only be resolved depending on future regulatory approval and sales level outcomes. The Company will re-evaluate the likelihood of achieving future milestones at the end of each reporting period. The sales-based royalty fee is considered variable consideration and will be recognized as revenue as such sales occur. The sales-based royalty fee qualifies for the royalty constraint exception and does not require an estimate of the future transaction price. The Company recognized no license and collaboration revenue during the three and nine months ended September 30, 2026 and 2025. Kissei Pharmaceutical Co., Ltd. In March 2020, and amended as of September 2022, the Company entered into a license and collaboration agreement with Kissei Pharmaceutical Co., Ltd. (Kissei) (the Kissei License Agreement). Under the terms of the Kissei License Agreement, the Company granted to Kissei an exclusive license to certain intellectual property rights in Bangladesh, Bhutan, Brunei, Cambodia, India, Indonesia, Japan, South Korea, Laos, Malaysia, Myanmar, Nepal, Pakistan, Palau, Philippines, Singapore, Sri Lanka, Taiwan, Thailand and Vietnam (the Kissei Territory), for Kissei to develop and commercialize, but not manufacture, cretostimogene in combination with DDM (the Licensed Product) for all uses in oncology indications for which marketing approval is being sought. Under the Kissei License Agreement, the Company and Kissei agree to use commercially reasonable efforts to collaborate on clinical development activities in the Kissei Territory and each party is responsible for conducting the applicable activities pursuant to an agreed development plan. Kissei is responsible for the costs of developing the Licensed Product in the Kissei Territory, and the Company is responsible for the costs of developing the Licensed Product outside the Kissei Territory (Global Development), provided that Kissei is responsible for a low-double digit percentage and the Company is responsible for a high-double digit percentage of the cost of development activities that cannot be attributed solely to the Kissei Territory or outside the Kissei Territory. The Company is obligated to supply and Kissei will exclusively purchase its clinical and commercial requirements of Licensed Product from the Company. Kissei is responsible for commercializing the Licensed Product in the Kissei Territory and is obligated to use commercially reasonable efforts to seek regulatory approval for and commercialize at least one Licensed Product in a specified indication. Until a certain period of time has passed after the first regulatory approval of the Licensed Product, the Company is prohibited from commercializing certain competing products worldwide and Kissei is prohibited from researching, developing or commercializing certain competing products worldwide. Under the terms of the Kissei License Agreement, the Company received a $10.0 million one-time upfront payment and, in connection with entry into this agreement, Kissei purchased $30.0 million worth of Series D redeemable convertible preferred stock as part of the Company’s Series D financing. Kissei is obligated to make development and regulatory milestone payments to the Company of up to $33.0 million and commercial milestone payments of up to $67.0 million. The Company has agreed to pay Kissei a royalty on net sales of Licensed Product outside the Kissei Territory and outside the Lepu Territory (as described above), including on any U.S. sales, in a low-single digit percentage, subject to certain capped reductions. The Company is entitled to receive a royalty on net sales of Licensed Product in the Kissei Territory in the mid-twenties percentage, subject to certain capped reductions. Also, Kissei has the right to offset the royalty payments due to the Company with respect to the cost for the supply of Licensed Product sold by the Company to Kissei, and to indefinitely carryforward credits for any excess supply amounts paid over royalty amounts owed in a given quarter. The Company is entitled to receive a specified minimum percentage of royalties on net sales of a given Licensed Product in a given country and a given quarter, unless, if for such Licensed Product in such country and such quarter, Kissei has taken the maximum allowable reductions and the ratio of the cost for the supply of Licensed Product to the sales price for Licensed Product exceeds a low-double digit percentage threshold, then the Company shall receive no royalties on the net sales of such Licensed Product in such country and such quarter. Kissei’s and the Company’s royalty obligations will expire on a Licensed Product-by-Licensed Product and country-by-country basis on the later of twelve years from the date of first commercial sale of such Licensed Product in such country or when there is no longer a valid patent claim covering such Licensed Product in such country. The Kissei License Agreement will expire on a Licensed Product-by-Licensed Product and country-by-country basis when there is no remaining royalty or milestone payment obligation due to a party with respect to such Licensed Product in such country. Following expiration of the Kissei License Agreement in its entirety, the licenses the Company granted to Kissei will become non-exclusive, fully-paid royalty-free and irrevocable and Kissei will have the right to negotiate directly with the Company's product suppliers for the direct supply of Licensed Product to Kissei. The Kissei License Agreement may be terminated either by Kissei or by the Company in the event of an uncured material breach by the other party or in the event the other party becomes subject to specified bankruptcy, insolvency or similar circumstances. In addition, the Company has the right to terminate the Kissei License Agreement in the event that Kissei commences a legal action challenging the validity, enforceability or scope of any licensed patents under the Kissei License Agreement. Kissei may terminate the Kissei License Agreement at will upon specified written notice. Additionally, Kissei may terminate the Kissei License Agreement for the Company's willful and malicious misconduct that results in substantial and irreparable harm to the commercial value of the Licensed Products in the Kissei Territory and upon any such termination, the licenses the Company granted to Kissei will become royalty-free and fully paid-up and Kissei will have the right to negotiate directly with the Company's contract manufacturing organizations for the supply of Licensed Product. Upon termination of the Kissei License Agreement for any other reason all rights and licenses granted to Kissei to develop and commercialize the product under the Kissei License Agreement will terminate, subject to certain rights to sell existing inventory of Licensed Products by Kissei and its sublicensees. Upon termination of the Kissei License Agreement for Kissei’s breach, any sublicenses granted by Kissei may, upon the Company’s discretion, continue. The Company evaluated the Kissei License Agreement to determine whether it is a collaborative arrangement in the scope of ASC 808, Collaborative Arrangements (ASC 808). The Company concluded the Kissei License Agreement is a collaborative agreement under ASC 808, as the Kissei License Agreement involves a joint operating activity, each party is an active participant in the activities related to the Kissei License Agreement, and both parties are exposed to significant risks and rewards dependent upon the commercial success of the activities related to the Kissei License Agreement. The Company determined the Kissei License Agreement contained two material components: (i) an exclusive license granted to Kissei to certain intellectual property rights in the Kissei Territory, for Kissei to develop and commercialize, but not manufacture, the Licensed Product for all uses in oncology; and (ii) the parties’ participation in the Global Development of the Licensed Product. The Company used the criteria specified in ASC 606 to determine which of the components of the Kissei License Agreement are performance obligations with a customer and concluded Kissei is the Company’s customer for the license and related activities in the Kissei Territory under ASC 606. The Global Development activities under the agreement do not present a transaction with a customer and the payments received by the Company for Global Development activities, including manufacturing, will be accounted for as a reduction of related expenses. The Company evaluated the Kissei Territory specific license and related activities under ASC 606, as these transactions are considered transactions with a customer, and identified two material promises at the outset of the Kissei License Agreement, which consists of the following: (1) the exclusive license and (2) the manufacturing activities related to development and commercial supply of the Licensed Product in the Kissei Territory. The Company further evaluated the material promise associated with manufacturing activities related to development and commercial supply of the Licensed Products in the Kissei Territory. Given Kissei is not obligated to purchase any minimum amount or quantities of the development and commercial supply from the Company, the Company concluded, for the purpose of ASC 606, the provision of manufacturing activities related to development and commercial supply of the Licensed Product in the Kissei Territory was an option but not a performance obligation of the Company at the inception of the Kissei License Agreement and will be accounted for if and when exercised. The Company also concluded there is no separate material right in connection with the development and commercial supply of the licensed product, as the expected pricing was not issued at a significant and incremental discount. Therefore, the manufacturing activities were excluded as a performance obligation at the outset of the arrangement. The Company evaluated the license under ASC 606 and concluded the license is a functional intellectual property license. The Company determined Kissei benefited from the license at the time of grant and, therefore, the related performance obligation was satisfied at a point in time. Additionally, the Company is entitled to development and regulatory milestones as well as sales milestones and royalties from Kissei upon future sales of the Licensed Product in the Kissei Territory. Future milestone payments are fully contingent as the risk of significant reversal will only be resolved depending on future development milestones, regulatory approval and sales level outcomes. The Company re-evaluates the likelihood of achieving future milestones at the end of each reporting period. The royalties are considered variable consideration and will be recognized as revenue as such sales occur. The sales-based royalties qualify for the royalty constrain exception and do not require an estimate of the future transaction price. The Company recognized zero and less than $0.1 million in license and collaboration revenue for the three and nine months ended September 30, 2026, respectively, and $0.2 million for each of the three and nine months ended September 30, 2025.

Property and Equipment, Net (Tables)

9 Months Ended

Sep. 30, 2026

Property, Plant, and Equipment [Abstract]

Schedule of Components of Property and Equipment, Net

The components of property and equipment, net as of September 30, 2026 and December 31, 2025 were as follows (in thousands):


	September 30, 2026		December 31, 2025
Leasehold improvements	$	11,484	$	10,499
Manufacturing and lab equipment	6,365		5,982
Machinery and equipment	846		589
Construction in progress	196		—
Total property and equipment, cost	18,891		17,070
Less: Accumulated depreciation	(3,958)		(1,474)
Property and equipment, net	$	14,933	$	15,596

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

The following table summarizes stock option activity for the nine months ended September 30, 2026 (in thousands, except share and per share amounts):


	Number of Outstanding Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
				(Years)
Balance at December 31, 2025	7,958,219	$	16.59	7.96	$	198,545
Granted	1,272,168	$	67.09
Exercised	(1,626,665)	$	8.84
Forfeited/Expired	(468,690)	$	35.96
Balance at September 30, 2026	7,135,032	$	26.09	7.59	$	319,905
Vested and expected to vest at September 30, 2026	7,135,032	$	26.09	7.59	$	319,905
Exercisable at September 30, 2026	3,544,186	$	17.63	6.89	$	188,772

Schedule of Assumptions Used in Determining Fair Value of Option Awards

The following table provides the assumptions used in determining the fair value of option awards for the three and nine months ended September 30, 2026 and 2025:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2026	2025	2026	2025
Expected volatility	63.03% - 66.68%	76.35% - 77.58%	63.03% - 69.97%	73.39% - 77.58%
Risk-free interest rate	4.33% - 4.87%	3.7% - 4.16%	3.725% - 4.87%	3.7% - 4.5%
Expected dividend yield	0%	0%	0%	0%
Expected term (in years)	6.1	6.1	5.25 - 6.1	5.25 - 6.1

Schedule of Performance-Based Restricted Stock Units

The following table summarizes the Company's PSU activity for nine months ended September 30, 2026:


	Number of Shares	Weighted Average Grant Date Fair Value

Nonvested at December 31, 2025	166,342	$	39.40
Granted	57,267	$	71.81
Vested	(14,214)	$	43.25
Forfeited	(7,558)	$	43.25
Nonvested at September 30, 2026	201,837	$	48.18
Expected to vest at September 30, 2026	201,837	$	48.18

Schedule of Stock-Based Compensation Expense Related to Stock Awards

Stock-based compensation expense related to stock awards and the 2024 Employee Stock Purchase Plan (see Note 12) recorded in the accompanying statements of operations for the three and nine months ended September 30, 2026 and 2025 was as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Research and development	$	3,305	$	2,455	$	8,958	$	6,410
General and administrative	5,151		4,876		20,306		13,079
Total stock-based compensation expense	$	8,456	$	7,331	$	29,264	$	19,489

License and Collaboration Agreements (Details) - USD ($)	1 Months Ended		3 Months Ended		9 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025	Dec. 31, 2019
License and Collaboration Agreements [Line Items]
License and collaboration revenue			$ 1,604,000	$ 1,666,000	$ 3,844,000	$ 1,718,000
Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
License and Collaboration Agreements [Line Items]
License and collaboration revenue	$ 10,000,000.0		0	200,000	100,000	200,000
Proceeds from issuance of stock	30,000,000.0
Development and regulatory milestone payments	33,000,000.0
Commercial milestone payments	$ 67,000,000.0
Lepu Biotech Co., Ltd. \| License
License and Collaboration Agreements [Line Items]
Upfront payment		$ 4,500,000
Regulatory milestone payments		2,500,000
Commercial milestone payments		$ 57,500,000
License and collaboration revenue			$ 0	$ 0	$ 0	$ 0	$ 4,500,000

Fair Value Measurements - Additional Information (Details) - USD ($)	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2026	Sep. 30, 2026	Dec. 31, 2025
Fair Value Disclosures [Abstract]
Transfers between Level 1 and Level 2 of fair value hierarchy	$ 0	$ 0	$ 0

Commitments and Contingencies - Additional Information (Details)	Jul. 29, 2025 USD ($)	Sep. 30, 2026 lease	Dec. 31, 2025 lease
Loss Contingencies [Line Items]
Number of operating leases		3
Number of finance leases		0	0
Royalty net sales (in percent)	5.00%
Damages awarded \| $	$ 0
Office Space
Loss Contingencies [Line Items]
Number of operating leases		2
Lease term (in years)			8 years

- 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

Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Property, Plant, and Equipment [Abstract]
Depreciation expense	$ 0.9	$ 0.1	$ 2.5	$ 0.1

Property and Equipment, Net - Schedule of Components of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Property, Plant, and Equipment [Line Items]
Total property and equipment, cost	$ 18,891	$ 17,070
Less: Accumulated depreciation	(3,958)	(1,474)
Property and equipment, net	14,933	15,596
Leasehold improvements
Property, Plant, and Equipment [Line Items]
Total property and equipment, cost	11,484	10,499
Manufacturing and lab equipment
Property, Plant, and Equipment [Line Items]
Total property and equipment, cost	6,365	5,982
Machinery and equipment
Property, Plant, and Equipment [Line Items]
Total property and equipment, cost	846	589
Construction in progress
Property, Plant, and Equipment [Line Items]
Total property and equipment, cost	$ 196	$ 0

- Definition

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

+ References + Details

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Property and Equipment, Net

9 Months Ended

Sep. 30, 2026

Property, Plant, and Equipment [Abstract]

Property and Equipment, Net

The components of property and equipment, net as of September 30, 2026 and December 31, 2025 were as follows (in thousands):


	September 30, 2026		December 31, 2025
Leasehold improvements	$	11,484	$	10,499
Manufacturing and lab equipment	6,365		5,982
Machinery and equipment	846		589
Construction in progress	196		—
Total property and equipment, cost	18,891		17,070
Less: Accumulated depreciation	(3,958)		(1,474)
Property and equipment, net	$	14,933	$	15,596

Depreciation expense for the three months ended September 30, 2026 and 2025 was $0.9 million and less than $0.1 million, respectively, and was $2.5 million and $0.1 million for the nine months ended September 30, 2026 and 2025, respectively.

- Definition

The entire disclosure for property, plant, and equipment. Includes, but is not limited to, land and land improvement; building; machinery and equipment; furniture and fixture; and work of art, historical treasure, or similar asset classified as collection.

+ References

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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477798/958-360-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-SubTopic 360
-Topic 958
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477798/958-360-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-SubTopic 360
-Topic 958
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477798/958-360-50-7

+ Details

Acquisition of Biovire (Tables)

9 Months Ended

Sep. 30, 2026

Business Combination [Abstract]

Schedule of Purchase Price Allocation

The purchase price allocation is set forth in the table below and represents the Company’s fair value estimates related to the acquisition as of July 20, 2025.


	Estimated fair value
Identifiable assets acquired
Cash	$	4,033
Current assets	2,565
Operating lease right-of-use assets	3,413
Property and equipment, net	16,610
Intangible assets	600
Total identifiable assets acquired	27,221
Liabilities assumed
Current liabilities	2,410
Operating lease liabilities, non-current portion	2,800
Long-term debt	3,000
Deferred tax liability	307
Other long-term liabilities	2,157
Total liabilities assumed	10,674
Net identifiable assets acquired	16,547
Goodwill	10,297
Total fair value of consideration paid	$	26,844

Commitments and Contingencies - Schedule of Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Commitments and Contingencies Disclosure [Abstract]
Operating lease cost	$ 679	$ 377	$ 1,426	$ 384
Total lease cost	679	377	1,426	384
Operating lease right-of-use asset obtained in exchange for new operating lease liabilities	1,188	0	3,483	859
Cash paid for amounts included in the measurement of lease liabilities, included in operating cash flows	$ 272	$ 222	$ 926	$ 383
Weighted-average remaining lease term (years)	5 years 14 days	4 years 2 months 19 days	5 years 14 days	4 years 2 months 19 days
Weighted-average discount rate	6.79%	6.87%	6.79%	6.87%

Common Stock - Additional Information (Details) - shares	Sep. 30, 2026	Dec. 31, 2025
Equity [Abstract]
Common stock, shares authorized (in shares)	700,000,000	700,000,000
Common stock, shares issued (in shares)	89,300,590	80,689,128
Common Stock, shares outstanding (in shares)	89,300,590	80,689,128

- Definition

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

+ References

+ Details

Common Stock (Tables)

9 Months Ended

Sep. 30, 2026

Equity [Abstract]

Schedule of Common Stock Reserved for Issuance Upon Conversion

As of September 30, 2026, the Company reserved the following shares of common stock for issuance:


			September 30, 2026
Stock options and awards outstanding			7,336,869
Reserved for future stock award issuances			6,441,218
Reserved for future ESPP issuances			1,466,540
Total			15,244,627

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2026

Fair Value Disclosures [Abstract]

Schedule of Financial Instruments Carried at Fair Value on Recurring Basis


	Fair Value Measurements at September 30, 2026
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	21,837	$	—	$	—	$	21,837
Marketable securities	$	—	$	956,211	$	—	$	956,211


	Fair Value Measurements at December 31, 2025
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	16,639	$	10,056	$	—	$	26,695
Marketable securities	$	—	$	709,665	$	—	$	709,665

Accrued Expenses and Other Current Liabilities - Schedule of Components of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Accounts Payable and Accrued Liabilities, Current [Abstract]
External research and development expenses	$ 24,023	$ 13,936
Personnel-related expenses	7,257	8,216
Professional fees	2,661	967
Deferred revenue	29	286
Other	1,563	802
Total accrued expenses and other current liabilities	$ 35,533	$ 24,207

Stock-Based Compensation - Schedule of Assumptions Used in Determining Fair Value of Option Awards (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected volatility, Minimum	63.03%	76.35%	63.03%	73.39%
Expected volatility, Maximum	66.68%	77.58%	69.97%	77.58%
Risk-free interest rate, Minimum	4.33%	3.70%	3.725%	3.70%
Risk-free interest rate, Maximum	4.87%	4.16%	4.87%	4.50%
Expected dividend yield	0.00%	0.00%	0.00%	0.00%
Expected term (in years)	6 years 1 month 6 days	6 years 1 month 6 days
Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)			6 years 1 month 6 days	6 years 1 month 6 days
Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)			5 years 3 months	5 years 3 months

- Definition

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

+ References

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

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

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 50
-Paragraph 2
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

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

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Subparagraph (a)(3)
-Publisher FASB
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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

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

+ Details

Stock-Based Compensation

9 Months Ended

Sep. 30, 2026

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

In 2015, the Company established the 2015 Plan, under which the Company may grant options and restricted stock to its employees and certain non-employees. As of September 30, 2026, there were 178,534 shares of common stock subject to outstanding awards under the 2015 Plan. In 2022, the Company established the 2022 Plan, under which the Company may grant options, restricted stock units, restricted stock, stock appreciation rights, dividend equivalents and other stock and cash-based awards to its employees and certain non-employees. As of September 30, 2026, there were 2,439,699 shares of common stock subject to outstanding awards under the 2022 Plan.

On January 11, 2024, the Company’s board of directors and stockholders approved the 2024 Equity Incentive Plan (the 2024 Plan), which became effective on January 24, 2024. The 2024 Plan replaced the 2022 Plan, as the Company’s board of directors has determined to not make additional grants under the 2022 Plan following its initial public offering. However, the 2015 and 2022 Plans will continue to govern outstanding equity awards granted under the 2015 and 2022 Plans. The 2024 Plan allows the Company to make equity-based and cash-based incentive awards to its officers, employees, directors and consultants. The number of shares initially available for issuance under awards granted pursuant to the 2024 Plan is (1) 8,246,565 shares, plus (2) any shares subject to outstanding awards under the 2015 and 2022 Plans as of the effective date of the 2024 Plan that become available for issuance under the 2024 Plan thereafter in accordance with its terms. As of September 30, 2026, there were 4,718,636 shares of common stock subject to outstanding awards and 6,441,218 shares of common stock remaining and available for issuance under the 2024 Plan.

The Company may grant options to purchase authorized but unissued shares of the Company’s common stock. Options granted under the 2015 Plan, 2022 Plan and 2024 Plan include incentive stock options that can be granted only to the Company’s employees and non-statutory stock options that can be granted to the Company’s employees, consultants, advisors and directors.

The exercise prices, vesting and other restrictions of the awards granted under the 2015 Plan, 2022 Plan and 2024 Plan are determined by the Board, except that no stock option may be issued with an exercise price less than the fair market value of the common stock at the date of the grant or have a term in excess of ten years. Options granted under the 2015 Plan, 2022 Plan and 2024 Plan are exercisable in whole or in part at any time subsequent to vesting.

Stock Options

The following table summarizes stock option activity for the nine months ended September 30, 2026 (in thousands, except share and per share amounts):


	Number of Outstanding Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
				(Years)
Balance at December 31, 2025	7,958,219	$	16.59	7.96	$	198,545
Granted	1,272,168	$	67.09
Exercised	(1,626,665)	$	8.84
Forfeited/Expired	(468,690)	$	35.96
Balance at September 30, 2026	7,135,032	$	26.09	7.59	$	319,905
Vested and expected to vest at September 30, 2026	7,135,032	$	26.09	7.59	$	319,905
Exercisable at September 30, 2026	3,544,186	$	17.63	6.89	$	188,772

The aggregate intrinsic value is calculated as the difference between the exercise price of the stock options and the fair value of the Company's common stock. The aggregate intrinsic value of options exercised during the nine months ended September 30, 2026 and 2025 was $100.9 million and $10.7 million, respectively.

The weighted-average grant-date fair value of the options granted was $43.31 and $14.49 per share for the nine months ended September 30, 2026 and 2025, respectively. The aggregate grant-date fair value of options vested during the nine months ended September 30, 2026 and 2025 was $29.6 million and $19.8 million, respectively.

The following table provides the assumptions used in determining the fair value of option awards for the three and nine months ended September 30, 2026 and 2025:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2026	2025	2026	2025
Expected volatility	63.03% - 66.68%	76.35% - 77.58%	63.03% - 69.97%	73.39% - 77.58%
Risk-free interest rate	4.33% - 4.87%	3.7% - 4.16%	3.725% - 4.87%	3.7% - 4.5%
Expected dividend yield	0%	0%	0%	0%
Expected term (in years)	6.1	6.1	5.25 - 6.1	5.25 - 6.1

The Company recorded stock-based compensation expense related to stock options of $7.7 million and $6.7 million for the three months ended September 30, 2026 and 2025, respectively, and $27.8 million and $17.5 million for the nine months ended September 30, 2026 and 2025, respectively. As of September 30, 2026, the Company had an aggregate $79.5 million of gross unrecognized stock-based compensation expense related to unvested options to be recognized over a weighted average period of 2.8 years.

Performance-Based Restricted Stock Units

A Performance Stock Unit (PSU) represents one equivalent share of the Company's common stock to be issued after achievement of the performance metrics specified in the grant. The following table summarizes the Company's PSU activity for nine months ended September 30, 2026:


	Number of Shares	Weighted Average Grant Date Fair Value

Nonvested at December 31, 2025	166,342	$	39.40
Granted	57,267	$	71.81
Vested	(14,214)	$	43.25
Forfeited	(7,558)	$	43.25
Nonvested at September 30, 2026	201,837	$	48.18
Expected to vest at September 30, 2026	201,837	$	48.18

The Company estimates the fair value of a PSU based upon the expected achievement of the performance metrics specified in the grant and the closing market price of the Company's common stock on the date of grant.

Stock-based compensation expense associated with these PSUs is recognized if achievement of the underlying performance condition is considered probable of achievement based on the Company’s best estimates. The Company recorded stock-based compensation expense related to PSUs of $0.6 million during the three and nine months ended September 30, 2026 and less than $0.1 million during the three and nine months ended September 30, 2025. As of September 30, 2026, the Company had an aggregate $9.7 million of gross unrecognized stock-based compensation expense related to unvested PSUs to be recognized over a weighted average period of 1.1 years, including the expense attributable to PSUs for which achievement is not considered probable and no current expense is being recognized.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Research and development	$	3,305	$	2,455	$	8,958	$	6,410
General and administrative	5,151		4,876		20,306		13,079
Total stock-based compensation expense	$	8,456	$	7,331	$	29,264	$	19,489

The Company has not recognized and does not expect to recognize in the near future, any tax benefit related to employee stock-based compensation expense as a result of the full valuation allowance related to its net deferred tax assets.

Employee Stock Purchase Plan

On January 11, 2024, the Company’s board of directors and stockholders approved the 2024 Employee Stock Purchase Plan (the ESPP), which became effective on January 24, 2024. The number of shares initially available for issuance pursuant to the ESPP is 812,242 shares. The ESPP provides for the sale of the Company's common stock to eligible employees at 85% of the fair market value of the Company's common stock at the commencement date of each offering period or the relevant date of purchase, whichever is lower. Payroll deductions are limited to 15% of the employee’s eligible compensation, subject to IRS limits. In addition, employees may not buy more than 100,000 shares during any purchase period or offering period. There were 54,054 and 69,393 shares purchased under the ESPP during the nine months ended September 30, 2026 and 2025, respectively, and 14,994 and 37,374 shares purchased under the ESPP during the three months ended September 30, 2026 and 2025, respectively. As of September 30, 2026, there were approximately 1.5 million shares available for issuance under the ESPP.

The Company recorded stock-based compensation expense under the ESPP of approximately $0.1 million and $0.6 million for the three months ended September 30, 2026 and 2025, respectively, and $0.8 million and $2.0 million for the nine months ended September 30, 2026 and 2025, respectively. As of September 30, 2026, the Company had $0.9 million of gross unrecognized stock-based compensation expense under the ESPP to be recognized over a weighted average period of 1.3 years.

Segment Disclosures - Additional Information (Details)	9 Months Ended
Segment Disclosures - Additional Information (Details)	Sep. 30, 2026 Segment
Segment Reporting [Abstract]
Number of operating segments	1
Number of reportable segments	1

Debt (Details) - Biovire $ in Millions	Jul. 20, 2025 USD ($)
Debt Instrument [Line Items]
Original principal amount	$ 3.0
Minimum
Debt Instrument [Line Items]
SOFR rate	2.60%
Maximum
Debt Instrument [Line Items]
SOFR rate	25.00%

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.9-06)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
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+ Details

Acquisition of Biovire - Schedule of Purchase Price Allocation (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025	Jul. 20, 2025
Liabilities assumed
Deferred tax liability	$ 307	$ 307
Goodwill	$ 10,297	$ 10,297
Biovire
Identifiable assets acquired
Cash			$ 4,033
Current assets			2,565
Operating lease right-of-use assets			3,413
Property and equipment, net			16,610
Intangible assets			600
Total identifiable assets acquired			27,221
Liabilities assumed
Current liabilities			2,410
Operating lease liabilities, non-current portion			2,800
Long-term debt			3,000
Deferred tax liability			307
Other long-term liabilities			2,157
Total liabilities assumed			10,674
Net identifiable assets acquired			16,547
Goodwill			10,297
Total fair value of consideration paid			$ 26,844

Stock-Based Compensation - Schedule of Stock-based Compensation Expense Related to Stock Awards (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 8,456	$ 7,331	$ 29,264	$ 19,489
Location, Statement of Income, Balance [Axis]: us-gaap:GeneralAndAdministrativeExpense
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	5,151	4,876	20,306	13,079
Location, Statement of Income, Balance [Axis]: us-gaap:ResearchAndDevelopmentExpense
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 3,305	$ 2,455	$ 8,958	$ 6,410

Common Stock

9 Months Ended

Sep. 30, 2026

Equity [Abstract]

Common Stock

The Company is authorized to issue up to 700,000,000 shares of common stock at September 30, 2026 and December 31, 2025, of which 89,300,590 and 80,689,128 shares were issued and outstanding at September 30, 2026 and December 31, 2025, respectively.

Voting, dividend and liquidation rights of the holders of the common stock are subject to and qualified by the rights, powers and preferences of the holders of the preferred stock, of which there are none as of September 30, 2026 and December 31, 2025.

Dividends

The holders of common stock shall be entitled to receive dividends out of funds legally available therefore at such times and in such amounts as the board of directors may determine in its sole discretion.

Liquidation Rights

Upon any voluntary or involuntary liquidation, dissolution or winding-up of the Company or deemed liquidation event of the Company, all of the remaining assets of the Company available for distribution to the stockholders shall be distributed among the holders of the common stock, pro rata based on the number of shares held by each such holder.

Reserved Shares

As of September 30, 2026, the Company reserved the following shares of common stock for issuance:


			September 30, 2026
Stock options and awards outstanding			7,336,869
Reserved for future stock award issuances			6,441,218
Reserved for future ESPP issuances			1,466,540
Total			15,244,627

- Definition

The entire disclosure for equity.

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+ Details

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2026	Nov. 04, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2026
Document Transition Report	false
Entity File Number	001-41925
Entity Registrant Name	CG Oncology, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	37-1611499
Entity Address, Address Line One	3000 Pegasus Park Drive
Entity Address, Address Line Two	Suite 1640
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75247
City Area Code	949
Local Phone Number	409-3700
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	CGON
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		89,318,916
Entity Central Index Key	0001991792
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q3
Amendment Flag	false

Stock-Based Compensation - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2026	Dec. 31, 2025
Number of Outstanding Options
Outstanding at beginning of period (in shares)	7,958,219
Granted (in shares)	1,272,168
Exercised (in shares)	(1,626,665)
Forfeited/Expired (in shares)	(468,690)
Outstanding at end of period (in shares)	7,135,032	7,958,219
Weighted Average Exercise Price
Outstanding at beginning of period (in usd per share)	$ 16.59
Granted (in usd per share)	67.09
Exercised (in usd per share)	8.84
Forfeited/Expired (in usd per share)	35.96
Outstanding at end of period (in usd per share)	$ 26.09	$ 16.59
Stock Options Additional Disclosures
Weighted average remaining contractual term (in years)	7 years 7 months 2 days	7 years 11 months 15 days
Aggregate intrinsic value	$ 319,905	$ 198,545
Vested and expected to vest (in shares)	7,135,032
Vested and expected to vest (in USD per shares)	$ 26.09
Vested and expected to vest (in years)	7 years 7 months 2 days
Vested and expected to vest	$ 319,905
Exercisable, Number of options (in shares)	3,544,186
Exercisable, Weighted average exercise price per share (in usd per share)	$ 17.63
Exercisable, Weighted average remaining contractual term (in years)	6 years 10 months 20 days
Exercisable, Aggregate intrinsic value	$ 188,772

Debt	9 Months Ended
Debt	Sep. 30, 2026
Debt Disclosure [Abstract]
Debt	Debt In connection with the Conversion Event, the Company assumed an unsecured promissory note held by Biovire (the Biovire Note) with an outstanding principal balance of $3.0 million. The Company determined that the carrying amount of the Biovire Note represented its fair value. The Biovire Note is due and payable on February 28, 2028 (Maturity Date) and accrues interest at the lesser of (i) the daily term SOFR rate plus 2.60% and (ii) 25.0%, or the highest rate permitted by applicable law, and is payable monthly. The Company has the ability to repay the Biovire Note in full prior to the Maturity Date without penalty.

- Definition

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

+ References

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

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

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

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

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

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(a)(4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(a)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(a)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

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

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-9

Reference 13: 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 14: 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 15: 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 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 22: 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 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 24: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 26: 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 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Stock-Based Compensation - Schedule of Performance-Based Restricted Stock Units (Details) - Performance-Based Restricted Stock Units	9 Months Ended
	Sep. 30, 2026 $ / shares shares
Number of Shares
Beginning Balance of the period (in shares) \| shares	166,342
Granted (in shares) \| shares	57,267
Vested (in shares) \| shares	(14,214)
Forfeited (in shares) \| shares	(7,558)
Ending Balance of the period (in shares) \| shares	201,837
Weighted Average Grant Date Fair Value
Beginning Balance for the period (in usd per share) \| $ / shares	$ 39.40
Granted (in usd per share) \| $ / shares	71.81
Vested (in usd per share) \| $ / shares	43.25
Forfeited (in usd per share) \| $ / shares	43.25
Ending Balance for the period (in usd per share) \| $ / shares	$ 48.18
Expected to vest (in shares) \| shares	201,837
Expected to vest (in usd per share) \| $ / shares	$ 48.18

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2026
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements as of September 30, 2026 and for the three and nine months ended September 30, 2026 and 2025 have been prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP) for interim financial information and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (SEC). Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. Because all of the disclosures required by U.S. GAAP for complete financial statements are not included herein, these unaudited condensed consolidated financial statements and the notes accompanying them should be read in conjunction with the Company’s audited financial statements for the year ended December 31, 2025 included in the Company's Annual Report on Form 10-K for the year ended December 31, 2025 (2025 Annual Report), filed with the SEC on February 27, 2026. In the opinion of management, the unaudited condensed consolidated financial statements reflect all adjustments, which include only normal and recurring adjustments, considered necessary for a fair statement of the interim periods. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenue and expenses during the reporting period.
Recently Issued Accounting Standards	Recently Issued Accounting Standards Accounting standards not listed below were assessed and determined not to be applicable or are expected to have minimal impact on the Company’s unaudited condensed consolidated financial statements. In November 2024, the FASB issued ASU No. 2024-03, Comprehensive Income - Expense Disaggregation Disclosures, which will improve the disclosures about a public business entity's expenses and address requests from investors for more detailed information about the types of expenses in commonly presented expense captions such as cost of sales, selling, general and administrative, and research and development. The amendments are effective for fiscal years beginning after December 15, 2026. Early adoption is permitted for annual financial statements that have not yet been issued or made available. The amendments should be applied on either (1) prospectively to financial statements issued for reporting periods after the effective date or (2) retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating the provisions of the amendments and the effect on its future consolidated financial statements. In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which clarifies and modernizes the accounting for costs related to internal-use software. The amendments remove all references to project stages and clarify the threshold entities apply to begin capitalizing costs. The amendments are effective for fiscal years beginning after December 15, 2027 and interim reporting periods within those annual reporting periods, with early adoption permitted. The Company is currently evaluating the provisions of the amendments and the effect on its future consolidated financial statements. In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow Scope Improvements, which clarifies required interim disclosures under Topic 270 by providing a comprehensive list of required interim disclosures, and clarifies the applicability of Topic 270. This update is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within annual reporting periods beginning after December 15, 2028, with early adoption permitted. ASU 2025-11 may be adopted on a prospective or retrospective basis. The Company is currently evaluating the impact of this guidance on its future consolidated financial statements.

Commitments and Contingencies - Schedule of Maturities of Lease Liabilities (Details) $ in Thousands	Sep. 30, 2026 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2026	$ 470
2027	1,420
2028	1,494
2029	1,429
2030	1,472
Thereafter	1,091
Total lease payment	7,376
Less: amount representing imputed interest	(1,139)
Total future minimum lease obligations	$ 6,237

Segment Disclosures - Schedule of Selected Financial Information (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2026	Jun. 30, 2026	Mar. 31, 2026	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2026	Sep. 30, 2025
Segment Reporting [Line Items]
Total revenues	$ 1,604			$ 1,666			$ 3,844	$ 1,718
Less:
Cost of sales	2,669			1,577			9,556	1,577
Research and development
Total research and development	39,221			27,884			137,608	86,683
General and administrative	22,963			23,334			72,719	55,532
Total costs and operating expenses	64,853			52,795			219,883	143,792
Loss from operations	(63,249)			(51,129)			(216,039)	(142,074)
Other income, net	6,358			7,321			19,890	22,388
Net loss	(56,891)	$ (79,056)	$ (60,202)	(43,808)	$ (41,426)	$ (34,452)	(196,149)	(119,686)
Commercial and development revenue
Segment Reporting [Line Items]
Total revenues	1,604			1,508			3,820	1,508
License and collaboration revenue
Segment Reporting [Line Items]
Total revenues	0			158			24	210
Reportable Segment
Segment Reporting [Line Items]
Total revenues	1,604			1,666			3,844	1,718
Less:
Cost of sales	2,669			1,577			9,556	1,577
Research and development
Clinical and manufacturing	31,940			23,381			122,012	72,818
Other research and development	7,281			4,503			15,596	13,865
Total research and development	39,221			27,884			137,608	86,683
General and administrative	22,963			23,334			72,719	55,532
Total costs and operating expenses	64,853			52,795			219,883	143,792
Loss from operations	(63,249)			(51,129)			(216,039)	(142,074)
Other income, net	6,358			7,321			19,890	22,388
Net loss	(56,891)			(43,808)			(196,149)	(119,686)
Reportable Segment \| Commercial and development revenue
Segment Reporting [Line Items]
Total revenues	1,604			1,508			3,820	1,508
Reportable Segment \| License and collaboration revenue
Segment Reporting [Line Items]
Total revenues	$ 0			$ 158			$ 24	$ 210

Net Loss Per Share Attributable to Common Stockholders

9 Months Ended

Sep. 30, 2026

Earnings Per Share [Abstract]

Net Loss Per Share Attributable to Common Stockholders

Basic and diluted net loss per share was calculated as follows (in thousands, except share and per share amounts):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Numerator:
Net loss and comprehensive loss	$	(56,891)	$	(43,808)	$	(196,149)	$	(119,686)
Denominator:
Weighted-average common stock outstanding, basic and diluted	88,871,135		76,729,726		87,212,504		76,383,376
Net loss per share attributable to common stockholders, basic and diluted	$	(0.64)	$	(0.57)	$	(2.25)	$	(1.57)

The Company’s potentially dilutive securities, which include stock options and awards, have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share.

The Company excluded the following from the computation of diluted net loss per share attributable to common stockholders at September 30, 2026 and 2025 because including them would have had an anti-dilutive effect:


	September 30,
	2026	2025
Stock options outstanding	7,135,032	7,934,457
Total	7,135,032	7,934,457

Net Loss Per Share Attributable to Common Stockholders (Tables)

9 Months Ended

Sep. 30, 2026

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Net Loss Per Share

Basic and diluted net loss per share was calculated as follows (in thousands, except share and per share amounts):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Numerator:
Net loss and comprehensive loss	$	(56,891)	$	(43,808)	$	(196,149)	$	(119,686)
Denominator:
Weighted-average common stock outstanding, basic and diluted	88,871,135		76,729,726		87,212,504		76,383,376
Net loss per share attributable to common stockholders, basic and diluted	$	(0.64)	$	(0.57)	$	(2.25)	$	(1.57)

Schedule of Antidilutive Securities


	September 30,
	2026	2025
Stock options outstanding	7,135,032	7,934,457
Total	7,135,032	7,934,457

Accrued Expenses and Other Current Liabilities

9 Months Ended

Sep. 30, 2026

Accounts Payable and Accrued Liabilities, Current [Abstract]

Accrued Expenses and Other Current Liabilities

The components of accrued expenses and other current liabilities as of September 30, 2026 and December 31, 2025 were as follows (in thousands):


	September 30, 2026		December 31, 2025
External research and development expenses	$	24,023	$	13,936
Personnel-related expenses	7,257		8,216
Professional fees	2,661		967
Deferred revenue	29		286
Other	1,563		802
Total accrued expenses and other current liabilities	$	35,533	$	24,207

Employee Stock Purchase Plan (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Jan. 24, 2024	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares issued under ESPP (in shares)		15,244,627		15,244,627
Total stock-based compensation expense		$ 8,456	$ 7,331	$ 29,264	$ 19,489
ESPP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares issued under ESPP (in shares)	812,242	1,500,000		1,500,000
Percentage of sale of common stock at fair value	85.00%
Percentage of earnings applied to purchase of stock under ESPP	15.00%
Maximum number of shares per employee (in shares)	100,000
ESPP shares purchased during period (in shares)		14,994	37,374	54,054	69,393
Total stock-based compensation expense		$ 100	$ 600	$ 800	$ 2,000
Gross unrecognized stock-based compensation cost		$ 900		$ 900
Unrecognized stock-based compensation expense expected to be recognized over weighted-average period (in years)				1 year 3 months 18 days

Net Loss Per Share Attributable to Common Stockholders - Schedule of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2026	Jun. 30, 2026	Mar. 31, 2026	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2026	Sep. 30, 2025
Earnings Per Share [Abstract]
Net loss and comprehensive loss	$ (56,891)	$ (79,056)	$ (60,202)	$ (43,808)	$ (41,426)	$ (34,452)	$ (196,149)	$ (119,686)
Net loss and comprehensive loss	$ (56,891)			$ (43,808)			$ (196,149)	$ (119,686)
Weighted-average common stock outstanding, basic (in shares)	88,871,135			76,729,726			87,212,504	76,383,376
Weighted-average common stock outstanding, diluted (in shares)	88,871,135			76,729,726			87,212,504	76,383,376
Net loss per share attributable to common stockholders, basic (in usd per share)	$ (0.64)			$ (0.57)			$ (2.25)	$ (1.57)
Net loss per share attributable to common stockholders, diluted (in usd per share)	$ (0.64)			$ (0.57)			$ (2.25)	$ (1.57)

- 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

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482705/350-40-65-4

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
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+ Details

Net Loss Per Share Attributable to Common Stockholders - Schedule of Antidilutive Securities (Details) - shares	9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)	7,135,032	7,934,457
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)	7,135,032	7,934,457

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 28,247	$ 32,490
Marketable securities	956,211	709,665
Inventory	1,165	1,565
Accounts receivable, net	666	688
Prepaid expenses and other current assets	21,441	15,067
Total current assets	1,007,730	759,475
Property and equipment, net	14,933	15,596
Operating lease right-of-use assets	6,261	3,971
Intangible assets, net	530	575
Goodwill	10,297	10,297
Other assets	6,919	1,678
Total assets	1,046,670	791,592
Current liabilities:
Accounts payable	9,772	5,714
Operating lease liabilities, current portion	1,128	915
Accrued expenses and other current liabilities	35,533	24,207
Total current liabilities	46,433	30,836
Long-term debt	3,000	3,000
Operating lease liabilities, net of current portion	5,109	3,106
Deferred tax liability	307	307
Other liabilities	855	1,741
Total liabilities	55,704	38,990
Commitments and contingencies (Note 7)
Stockholders’ equity:
Common stock, $0.0001 par value per share; 700,000,000 and 700,000,000 shares authorized as of September 30, 2026 and December 31, 2025, respectively; 89,300,590 and 80,689,128 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively	9	8
Additional paid-in capital	1,566,082	1,131,570
Accumulated deficit	(575,125)	(378,976)
Total stockholders' equity	990,966	752,602
Total liabilities and stockholders' equity	$ 1,046,670	$ 791,592

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Revenues
Total revenues	$ 1,604	$ 1,666	$ 3,844	$ 1,718
Operating costs and expenses
Cost of sales	2,669	1,577	9,556	1,577
Research and development	39,221	27,884	137,608	86,683
General and administrative	22,963	23,334	72,719	55,532
Total operating costs and expenses	64,853	52,795	219,883	143,792
Loss from operations	(63,249)	(51,129)	(216,039)	(142,074)
Other income (expense), net
Interest income, net	6,423	7,421	20,040	22,487
Other (expense) income, net	(65)	(100)	(150)	(99)
Total other income, net	6,358	7,321	19,890	22,388
Net loss and comprehensive loss	(56,891)	(43,808)	(196,149)	(119,686)
Net loss and comprehensive loss	$ (56,891)	$ (43,808)	$ (196,149)	$ (119,686)
Net loss per share, basic (in usd per share)	$ (0.64)	$ (0.57)	$ (2.25)	$ (1.57)
Net loss per share, diluted (in usd per share)	$ (0.64)	$ (0.57)	$ (2.25)	$ (1.57)
Weighted average shares of common stock outstanding, basic (in shares)	88,871,135	76,729,726	87,212,504	76,383,376
Weighted average shares of common stock outstanding, diluted (in shares)	88,871,135	76,729,726	87,212,504	76,383,376
Commercial and development revenue
Revenues
Total revenues	$ 1,604	$ 1,508	$ 3,820	$ 1,508
License and collaboration revenue
Revenues
Total revenues	$ 0	$ 158	$ 24	$ 210

Segment Disclosures

9 Months Ended

Sep. 30, 2026

Segment Reporting [Abstract]

Segment Disclosures

The Company operates as a single operating segment. The Company's chief operating decision maker (CODM) is its chief executive officer, who reviews financial information presented on a consolidated basis. The CODM uses consolidated net loss to assess financial performance and allocate resources. The CODM does not review assets in evaluating the results of the single segment and therefore, such information is not presented.

The following table presents selected financial information with respect to the Company's single operating segment for the three and nine months ended September 30, 2026 and 2025:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Revenues
Commercial and development revenue	$	1,604	$	1,508	$	3,820	$	1,508
License and collaboration revenue	—		158		24		210
Total revenues	1,604		1,666		3,844		1,718
Less:
Cost of sales	2,669		1,577		9,556		1,577
Research and development
Clinical and manufacturing	31,940		23,381		122,012		72,818
Other research and development(1)	7,281		4,503		15,596		13,865
Total research and development	39,221		27,884		137,608		86,683
General and administrative	22,963		23,334		72,719		55,532
Total costs and operating expenses	64,853		52,795		219,883		143,792
Loss from operations	(63,249)		(51,129)		(216,039)		(142,074)
Other income, net	6,358		7,321		19,890		22,388
Net loss	$	(56,891)	$	(43,808)	$	(196,149)	$	(119,686)

(1)Other research and development consists of indirect costs incurred for the benefit of the research and development efforts, including certain personnel, supply chain, quality assurance, and regulatory affairs.

- Definition

The entire disclosure for segment reporting.

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+ Details

Commitments and Contingencies

9 Months Ended

Sep. 30, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Operating Leases

The Company has entered into non-cancellable operating leases with remaining lease terms expiring between 2028 and 2034. Of the Company's three operating leases as of September 30, 2026, two are leases in which the Company is the lessee for office space. The remaining operating lease was acquired in connection with the Conversion Event and includes office, manufacturing, and warehouse space. In the fourth quarter of 2025, the Company entered into an additional non-cancelable operating lease for office space with a term of approximately eight years, which commenced in the third quarter of 2026. The Company had no finance leases as of September 30, 2026 and December 31, 2025.

The components of lease expense for the periods ended September 30, 2026 and 2025 were as follows (in thousands):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2026			2025			2026			2025
Lease cost
Operating lease cost	$	679		$	377		$	1,426		$	384
Total lease cost	$	679		$	377		$	1,426		$	384
Other information
Operating lease right-of-use asset obtained in exchange for new operating lease liabilities	$	1,188		$	—		$	3,483		$	859
Cash paid for amounts included in the measurement of lease liabilities, included in operating cash flows	$	272		$	222		$	926		$	383
Weighted-average remaining lease term (years)	5.04			4.22			5.04			4.22
Weighted-average discount rate	6.79		%	6.87		%	6.79		%	6.87		%

Maturities of lease liabilities as of September 30, 2026 were as follows (in thousands):


2026	470
2027	1,420
2028	1,494
2029	1,429
2030	1,472
Thereafter	1,091
Total lease payment	7,376
Less: amount representing imputed interest	(1,139)
Total future minimum lease obligations	$	6,237

Legal Proceedings

A liability for loss contingencies arising from claims, assessments, litigation, fines, penalties, and other sources is recorded in the unaudited condensed consolidated financial statements if it is determined that it is probable that a loss has been incurred, and that the amount (or range) of the loss can be reasonably estimated.

On March 4, 2024, a complaint was filed against the Company in the Superior Court of the State of Delaware by ANI Pharmaceuticals, Inc. seeking a declaratory judgment that a provision in an assignment and technology transfer agreement between the Company and ANI, dated November 15, 2010 (the ANI Agreement), obligates the Company to pay ANI a royalty on certain “net sales” of cretostimogene, and (ii) compensatory damages alleging the Company was unjustly enriched by obtaining the benefit of certain non-patent assets under the ANI Agreement without paying adequate consideration to ANI. On July 16, 2025, the Superior Court granted the Company’s motion for summary judgment with respect to ANI’s request for a declaratory judgment to receive royalty payments from the potential sale of cretostimogene but denied the Company’s motion for summary judgment with respect to ANI’s unjust enrichment claim. On July 29, 2025, a jury entered a verdict in favor of the Company, unanimously rejecting all of ANI's claims for unjust enrichment damages. As a result, and subject to the outcome of any appeals brought by ANI, the Company will not owe ANI a future royalty of 5% on commercial sales of cretostimogene, no damages have been awarded to ANI, and there are no further payments due to ANI under the ANI Agreement. On April 10, 2026, the Superior Court heard oral arguments from ANI and the Company on pending post-trial motions submitted by the Company and ANI, which included (i) ANI’s Motion for Judgment as a Matter of Law; (ii) ANI’s Motion to Unseal Trial Exhibits; and (iii) the Company’s Motion for Costs. On July 16, 2026, the Superior Court issued an order denying ANI's motions for a new trial and judgment as a matter of law. On August 17, 2026, ANI filed a notice of appeal with the Delaware Supreme Court appealing (1) the Superior Court's granting of the Company's motion for summary judgment with respect to ANI’s request for a declaratory judgment to receive royalty payments from the potential sale of cretostimogene, (2) the special verdict dated July 29, 2025, and (3) the memorandum opinion and order dated July 16, 2026 denying ANI's motion for a new trial and for judgment as a matter of law. The Company will vigorously defend the appeals brought by ANI.

Indemnification

In the ordinary course of business, the Company may provide indemnification of varying scope and terms to vendors, lessors, business partners, and other parties with respect to certain matters including, but not limited to, losses arising out of breach of such agreements or from intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements with officers and members of its board of directors that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers. As of September 30, 2026, the Company had not experienced any losses related to these indemnification obligations, and no claims with respect thereto were outstanding.

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

Goodwill - Additional Information (Details) - USD ($)	3 Months Ended	9 Months Ended
Goodwill - Additional Information (Details) - USD ($)	Sep. 30, 2026	Sep. 30, 2026	Dec. 31, 2025
Intangible Asset, Goodwill and Other [Abstract]
Goodwill	$ 10,297,000	$ 10,297,000	$ 10,297,000
Goodwill impairment	$ 0	$ 0

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

+ Details

- Definition

Amount of impairment loss from asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References + Details

Fair Value Measurements - Schedule of Financial Instruments Carried at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	$ 21,837	$ 26,695
Marketable securities	956,211	709,665
Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	21,837	16,639
Marketable securities	0	0
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	0	10,056
Marketable securities	956,211	709,665
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	0	0
Marketable securities	$ 0	$ 0

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in net income (trading).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 320
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477268/942-320-50-2

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

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

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

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Paragraph 2
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/exampleRef
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Reference 10: http://www.xbrl.org/2003/role/exampleRef
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Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
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Reference 23: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Goodwill	9 Months Ended
Goodwill	Sep. 30, 2026
Intangible Asset, Goodwill and Other [Abstract]
Goodwill	Goodwill Goodwill In connection with the Conversion Event in July 2025, the Company recognized goodwill of $10.3 million. See Note 15 for additional information on this transaction. The Company annually assesses goodwill for impairment in the fourth quarter of each calendar year and at an interim date if indicators of impairment exist. During the three and nine months ended September 30, 2026, no goodwill impairment was recognized.

- Definition

The entire disclosure for goodwill.

+ References + Details

Description of Business and Basis of Presentation	9 Months Ended
Description of Business and Basis of Presentation	Sep. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business and Basis of Presentation	Description of Business and Basis of Presentation Description of Business CG Oncology, Inc. (the Company) is a late-stage clinical biopharmaceutical company focused on developing and commercializing its product candidate, cretostimogene grenadenorepvec, for patients with bladder cancer. The Company is at a clinical stage and does not project to generate significant revenues if and until the U.S. Food and Drug Administration (FDA) approves its product candidate, cretostimogene, and the Company is able to commercialize this product candidate. In February 2025, SafeGuard Healthcare, LLC (SafeGuard), a wholly owned subsidiary of the Company, purchased a $26.8 million convertible note (Note), including accrued interest, from SP Healthcare SPV I, LLC (the SPV). The SPV used the proceeds from the Note to invest and acquire substantially all of the assets of Biovire, Inc. (Biovire), a contract manufacturing organization that produces cretostimogene for the Company. In July 2025, SafeGuard converted the Note (the Conversion Event) and obtained control of both the SPV and Biovire. Refer to Note 15 for additional details on the Conversion Event. Basis of Presentation The accompanying unaudited condensed consolidated financial statements as of September 30, 2026 and for the three and nine months ended September 30, 2026 and 2025 have been prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP) for interim financial information and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (SEC). Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. Because all of the disclosures required by U.S. GAAP for complete financial statements are not included herein, these unaudited condensed consolidated financial statements and the notes accompanying them should be read in conjunction with the Company’s audited financial statements for the year ended December 31, 2025 included in the Company's Annual Report on Form 10-K for the year ended December 31, 2025 (2025 Annual Report), filed with the SEC on February 27, 2026. In the opinion of management, the unaudited condensed consolidated financial statements reflect all adjustments, which include only normal and recurring adjustments, considered necessary for a fair statement of the interim periods. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenue and expenses during the reporting period. Liquidity and Management’s Plans As of September 30, 2026, the Company had approximately $984.5 million of cash, cash equivalents and marketable securities and working capital of approximately $961.3 million. The Company has a relatively limited operating history, and the revenue and income potential of the Company’s business and market are unproven. The Company has experienced net losses and negative cash flows from operations since its inception and, as of September 30, 2026, the Company had an accumulated deficit of $575.1 million. During the three and nine months ended September 30, 2026, the Company incurred a net loss of $56.9 million and $196.1 million, respectively, and had negative cash flows from operations of $151.1 million during the nine months ended September 30, 2026. The Company will continue to incur significant costs and expenses related to its ongoing operations until it successfully develops, obtains regulatory approval, and gains market acceptance of a product candidate and achieves a level of revenues adequate to support the Company’s operations.

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025
Operating Activities
Net loss	$ (196,149)	$ (119,686)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	2,846	596
Stock-based compensation expense	29,264	19,489
Unrealized losses (gains) on short-term investments	9,949	(1,965)
Non-cash interest expense (income)	139	(844)
Non-cash lease expense	101	21
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(6,374)	(90)
Accounts receivable, net	22	(19)
Inventory	400	(380)
Other assets	(5,668)	(20)
Accounts payable	4,058	1,835
Accrued expenses and other current liabilities	11,326	4,924
Other liabilities	(978)	9
Net cash used in operating activities	(151,064)	(96,130)
Investing Activities
Proceeds from sales and maturities of investments	649,450	621,899
Purchases of investments	(905,945)	(770,122)
Acquisition, net of cash acquired	0	(21,967)
Purchases of property and equipment	(1,887)	(127)
Net cash used in investing activities	(258,382)	(170,317)
Financing Activities
Proceeds from follow-on public offerings, net of issuance costs	391,550	49,001
Proceeds from exercise of common stock options	14,036	5,800
Withholding taxes paid on net exercise of stock options	(197)	0
Stock issuance costs	(186)	(277)
Net cash provided by financing activities	405,203	54,524
Net decrease in cash and cash equivalents	(4,243)	(211,923)
Cash and cash equivalents at beginning of period	32,490	257,068
Cash and cash equivalents at end of period	28,247	45,145
Supplemental Disclosure of Cash Flow Information
Cash paid for interest	142	0
Cash paid for taxes	14	16
Non-cash Investing and Financing Activities:
Operating lease right-of-use asset obtained in exchange for lease liabilities	$ 3,483	$ 859

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Common stock, par value (in usd per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	700,000,000	700,000,000
Common stock, shares issued (in shares)	89,300,590	80,689,128
Common Stock, shares outstanding (in shares)	89,300,590	80,689,128

- Definition

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

+ References

+ Details

Segment Disclosures (Tables)

9 Months Ended

Sep. 30, 2026

Segment Reporting [Abstract]

Schedule of Selected Financial Information

The following table presents selected financial information with respect to the Company's single operating segment for the three and nine months ended September 30, 2026 and 2025:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Revenues
Commercial and development revenue	$	1,604	$	1,508	$	3,820	$	1,508
License and collaboration revenue	—		158		24		210
Total revenues	1,604		1,666		3,844		1,718
Less:
Cost of sales	2,669		1,577		9,556		1,577
Research and development
Clinical and manufacturing	31,940		23,381		122,012		72,818
Other research and development(1)	7,281		4,503		15,596		13,865
Total research and development	39,221		27,884		137,608		86,683
General and administrative	22,963		23,334		72,719		55,532
Total costs and operating expenses	64,853		52,795		219,883		143,792
Loss from operations	(63,249)		(51,129)		(216,039)		(142,074)
Other income, net	6,358		7,321		19,890		22,388
Net loss	$	(56,891)	$	(43,808)	$	(196,149)	$	(119,686)

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

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

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

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

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26A

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Section 50
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

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

+ Details

Accrued Expenses and Other Current Liabilities (Tables)

9 Months Ended

Sep. 30, 2026

Accounts Payable and Accrued Liabilities, Current [Abstract]

Schedule of Accrued Expenses

The components of accrued expenses and other current liabilities as of September 30, 2026 and December 31, 2025 were as follows (in thousands):


	September 30, 2026		December 31, 2025
External research and development expenses	$	24,023	$	13,936
Personnel-related expenses	7,257		8,216
Professional fees	2,661		967
Deferred revenue	29		286
Other	1,563		802
Total accrued expenses and other current liabilities	$	35,533	$	24,207

Schedule of Other Current Liabilities

The components of accrued expenses and other current liabilities as of September 30, 2026 and December 31, 2025 were as follows (in thousands):


	September 30, 2026		December 31, 2025
External research and development expenses	$	24,023	$	13,936
Personnel-related expenses	7,257		8,216
Professional fees	2,661		967
Deferred revenue	29		286
Other	1,563		802
Total accrued expenses and other current liabilities	$	35,533	$	24,207

Employee Stock Purchase Plan

9 Months Ended

Sep. 30, 2026

Share-Based Payment Arrangement [Abstract]

Employee Stock Purchase Plan

Stock-Based Compensation

Stock Options

The following table summarizes stock option activity for the nine months ended September 30, 2026 (in thousands, except share and per share amounts):


	Number of Outstanding Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
				(Years)
Balance at December 31, 2025	7,958,219	$	16.59	7.96	$	198,545
Granted	1,272,168	$	67.09
Exercised	(1,626,665)	$	8.84
Forfeited/Expired	(468,690)	$	35.96
Balance at September 30, 2026	7,135,032	$	26.09	7.59	$	319,905
Vested and expected to vest at September 30, 2026	7,135,032	$	26.09	7.59	$	319,905
Exercisable at September 30, 2026	3,544,186	$	17.63	6.89	$	188,772

The following table provides the assumptions used in determining the fair value of option awards for the three and nine months ended September 30, 2026 and 2025:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2026	2025	2026	2025
Expected volatility	63.03% - 66.68%	76.35% - 77.58%	63.03% - 69.97%	73.39% - 77.58%
Risk-free interest rate	4.33% - 4.87%	3.7% - 4.16%	3.725% - 4.87%	3.7% - 4.5%
Expected dividend yield	0%	0%	0%	0%
Expected term (in years)	6.1	6.1	5.25 - 6.1	5.25 - 6.1

Performance-Based Restricted Stock Units


	Number of Shares	Weighted Average Grant Date Fair Value

Nonvested at December 31, 2025	166,342	$	39.40
Granted	57,267	$	71.81
Vested	(14,214)	$	43.25
Forfeited	(7,558)	$	43.25
Nonvested at September 30, 2026	201,837	$	48.18
Expected to vest at September 30, 2026	201,837	$	48.18


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Research and development	$	3,305	$	2,455	$	8,958	$	6,410
General and administrative	5,151		4,876		20,306		13,079
Total stock-based compensation expense	$	8,456	$	7,331	$	29,264	$	19,489

Employee Stock Purchase Plan

Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2026

Commitments and Contingencies Disclosure [Abstract]

Schedule of Components of Lease Expense

The components of lease expense for the periods ended September 30, 2026 and 2025 were as follows (in thousands):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2026			2025			2026			2025
Lease cost
Operating lease cost	$	679		$	377		$	1,426		$	384
Total lease cost	$	679		$	377		$	1,426		$	384
Other information
Operating lease right-of-use asset obtained in exchange for new operating lease liabilities	$	1,188		$	—		$	3,483		$	859
Cash paid for amounts included in the measurement of lease liabilities, included in operating cash flows	$	272		$	222		$	926		$	383
Weighted-average remaining lease term (years)	5.04			4.22			5.04			4.22
Weighted-average discount rate	6.79		%	6.87		%	6.79		%	6.87		%

Schedule of Maturities of Lease Liabilities

Maturities of lease liabilities as of September 30, 2026 were as follows (in thousands):


2026	470
2027	1,420
2028	1,494
2029	1,429
2030	1,472
Thereafter	1,091
Total lease payment	7,376
Less: amount representing imputed interest	(1,139)
Total future minimum lease obligations	$	6,237

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Public Offering	Common Stock	Common Stock Public Offering	Additional Paid-in Capital	Additional Paid-in Capital Public Offering	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2024			76,154,783
Beginning balance at Dec. 31, 2024	$ 733,377		$ 8		$ 951,350		$ (217,981)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)			66,506
Issuance of common stock	682				682
Stock-based compensation expense	5,151				5,151
Net loss	(34,452)						(34,452)
Ending balance, (in shares) at Mar. 31, 2025			76,221,289
Ending balance at Mar. 31, 2025	704,758		$ 8		957,183		(252,433)
Beginning balance (in shares) at Dec. 31, 2024			76,154,783
Beginning balance at Dec. 31, 2024	733,377		$ 8		951,350		(217,981)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(119,686)
Ending balance, (in shares) at Sep. 30, 2025			78,277,452
Ending balance at Sep. 30, 2025	687,643		$ 8		1,025,302		(337,667)
Beginning balance (in shares) at Mar. 31, 2025			76,221,289
Beginning balance at Mar. 31, 2025	704,758		$ 8		957,183		(252,433)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)			10,570
Issuance of common stock	19				19
Stock-based compensation expense	7,007				7,007
Net loss	(41,426)						(41,426)
Ending balance, (in shares) at Jun. 30, 2025			76,231,859
Ending balance at Jun. 30, 2025	670,358		$ 8		964,209		(293,859)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)			530,442	1,515,151
Issuance of common stock	5,099	$ 48,663		$ 0	5,099	$ 48,663
Stock-based compensation expense	7,331				7,331
Net loss	(43,808)						(43,808)
Ending balance, (in shares) at Sep. 30, 2025			78,277,452
Ending balance at Sep. 30, 2025	$ 687,643		$ 8		1,025,302		(337,667)
Beginning balance (in shares) at Dec. 31, 2025	80,689,128		80,689,128
Beginning balance at Dec. 31, 2025	$ 752,602		$ 8		1,131,570		(378,976)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)			377,226	6,941,407
Issuance of common stock	1,495	$ 391,410		$ 1	1,495	$ 391,409
Stock-based compensation expense	6,474				6,474
Net loss	(60,202)						(60,202)
Ending balance, (in shares) at Mar. 31, 2026			88,007,761
Ending balance at Mar. 31, 2026	$ 1,091,779		$ 9		1,530,948		(439,178)
Beginning balance (in shares) at Dec. 31, 2025	80,689,128		80,689,128
Beginning balance at Dec. 31, 2025	$ 752,602		$ 8		1,131,570		(378,976)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	$ (196,149)
Ending balance, (in shares) at Sep. 30, 2026	89,300,590		89,300,590
Ending balance at Sep. 30, 2026	$ 990,966		$ 9		1,566,082		(575,125)
Beginning balance (in shares) at Mar. 31, 2026			88,007,761
Beginning balance at Mar. 31, 2026	1,091,779		$ 9		1,530,948		(439,178)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)			298,629
Issuance of common stock	2,061				2,061
Stock-based compensation expense	14,334				14,334
Net loss	(79,056)						(79,056)
Ending balance, (in shares) at Jun. 30, 2026			88,306,390
Ending balance at Jun. 30, 2026	1,029,118		$ 9		1,547,343		(518,234)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)			994,200
Issuance of common stock	10,283				10,283
Stock-based compensation expense	8,456				8,456
Net loss	$ (56,891)						(56,891)
Ending balance, (in shares) at Sep. 30, 2026	89,300,590		89,300,590
Ending balance at Sep. 30, 2026	$ 990,966		$ 9		$ 1,566,082		$ (575,125)

- Definition

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

+ References

+ Details

- Definition

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

+ References

+ Details

- Definition

Number of new stock issued during the period.

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Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.

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+ Details

Description of Business and Basis of Presentation (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2026	Jun. 30, 2026	Mar. 31, 2026	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2026	Sep. 30, 2025	Dec. 31, 2025	Feb. 28, 2025
Description of Business and Basis of Presentation [Line Items]
Cash, cash equivalents and marketable securities	$ 984,500						$ 984,500
Working capital	961,300						961,300
Accumulated deficit	575,125						575,125		$ 378,976
Net loss	$ 56,891	$ 79,056	$ 60,202	$ 43,808	$ 41,426	$ 34,452	196,149	$ 119,686
Cash flows from operations							$ (151,064)	$ (96,130)
Convertible Debt \| SafeGuard Healthcare, LLC
Description of Business and Basis of Presentation [Line Items]
Principal amount of convertible note including accrued interest										$ 26,800

- Definition

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

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- Definition

Amount of accumulated undistributed earnings (deficit).

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+ Details

Acquisition of Biovire - Additional Information (Details) $ in Thousands	Jul. 20, 2025 USD ($)
SPV
Business Combination [Line Items]
Percentage of business acquired	100.00%
Biovire
Business Combination [Line Items]
Percentage of business acquired	99.96%
Property and equipment, fair value	$ 16,610
Property and equipment, weighted average period (in years)	5 years 6 months
Biovire \| Trade Names and Trademarks
Business Combination [Line Items]
Intangible assets, acquired	$ 300
Identifiable intangible assets, amortization period (in years)	10 years
Biovire \| Customer Relationships
Business Combination [Line Items]
Intangible assets, acquired	$ 300
Identifiable intangible assets, amortization period (in years)	10 years

Acquisition of Biovire

9 Months Ended

Sep. 30, 2026

Business Combination [Abstract]

Acquisition of Biovire

On July 20, 2025, the Company obtained control of the SPV through the Conversion Event, resulting in SafeGuard owning 100% of the membership interest of the SPV. As a result of the Conversion Event, the Company also indirectly obtained control of Biovire as the SPV owns 99.96% of the capital stock of Biovire. As a result of this change in control, purchase accounting was applied by the Company and the operations of Biovire are consolidated as of the effective date of the conversion. See footnote 1 for more information on the Note.

Biovire is a contract manufacturer specializing in the fill and finish of novel drugs and medical devices for pharmaceutical and biotech companies. Prior to becoming a majority-owned subsidiary, Biovire was a vendor to the Company and continues to provide clinical supply of cretostimogene used in the Company’s clinical trials. The acquisition provides the Company the ability to supply its requirements of cretostimogene during the remainder of its clinical trials.

Consideration was determined to be the fair value of the note receivable that was exchanged for the majority of shares of the SPV and Biovire. The acquisition was accounted for as a business combination using the acquisition method of accounting, under which the acquired assets, including intangible assets, and assumed liabilities were recognized at their estimated fair values as of July 20, 2025, with the excess of the fair value of consideration transferred over the fair value of the net assets acquired recognized as goodwill. The Company's unaudited condensed consolidated financial statements include the operating results of the SPV and Biovire from the date of acquisition through September 30, 2026.

The purchase price allocation is set forth in the table below and represents the Company’s fair value estimates related to the acquisition as of July 20, 2025.


	Estimated fair value
Identifiable assets acquired
Cash	$	4,033
Current assets	2,565
Operating lease right-of-use assets	3,413
Property and equipment, net	16,610
Intangible assets	600
Total identifiable assets acquired	27,221
Liabilities assumed
Current liabilities	2,410
Operating lease liabilities, non-current portion	2,800
Long-term debt	3,000
Deferred tax liability	307
Other long-term liabilities	2,157
Total liabilities assumed	10,674
Net identifiable assets acquired	16,547
Goodwill	10,297
Total fair value of consideration paid	$	26,844

The purchase price was allocated to the tangible assets and identifiable intangible assets acquired and liabilities assumed based on their acquisition date estimated fair values. The carrying amount of accounts receivable and inventory acquired represented their fair value. Property and equipment were assigned a fair value of $16.6 million and will be amortized over a weighted average of 5.5 years. The identifiable intangible assets consist of trade names and trademarks and customer relationships which were each assigned fair values of approximately $0.3 million and will be amortized on a straight-line basis over their estimated useful lives of 10 years. The acquired property and equipment and intangible assets were valued utilizing either the relief from royalty method or the multi-period excess earnings method as deemed most applicable. These approaches require judgment, including those related to projected net cash flows, revenue growth rates, and the weighted average cost of capital used to discount the cash flows.

Goodwill represents the excess of the purchase price over the identifiable tangible and intangible assets acquired in addition to liabilities assumed arising from the business combination. The Company believes the goodwill related to the acquisition was attributable to the expected synergies, value of the assembled workforce, and the collective experience of the management team with regards to its operations, customers, and industry.

- Definition

The entire disclosure for business combination.

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