0001104659-26-091975 | 10-Q | XBRL Viewer | Corvus Pharmaceuticals INC

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Stock-Based Compensation - Expense Allocation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Stock-based compensation
Stock-based compensation expense	$ 2,609	$ 1,256	$ 5,259	$ 2,507
Location, Statement of Income, Balance [Axis]: us-gaap:GeneralAndAdministrativeExpense
Stock-based compensation
Stock-based compensation expense	1,514	715	3,087	1,438
Location, Statement of Income, Balance [Axis]: us-gaap:ResearchAndDevelopmentExpense
Stock-based compensation
Stock-based compensation expense	$ 1,095	$ 541	$ 2,172	$ 1,069

License and Collaboration Agreements (Details) - USD ($)		1 Months Ended		3 Months Ended		6 Months Ended		12 Months Ended
	Nov. 05, 2015	Apr. 30, 2017	Feb. 28, 2017	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2015
License and Collaboration Agreements
R&D expense				$ 15,964,000	$ 7,873,000	$ 27,139,000	$ 15,326,000
Licensing Agreement \| Scripps Research Institute
License and Collaboration Agreements
R&D expense								$ 10,000
Annual licensing fee						25,000
Milestone payments						$ 0
Early termination notice period						90 days
Licensing Agreement \| Vernalis (R&D) Limited
License and Collaboration Agreements
R&D expense	$ 1,000,000
Milestone payments			$ 3,000,000			$ 0	0
Early termination notice period						90 days
Licensing Agreement \| Monash University
License and Collaboration Agreements
R&D expense		$ 275,000
Annual licensing fee		$ 25,000
Milestone payments						$ 0	$ 0
Early termination notice period						30 days
Licensing Agreement \| Aggregate potential milestone payments \| Scripps Research Institute
License and Collaboration Agreements
Milestone payments						$ 2,500,000
Licensing Agreement \| Aggregate potential milestone payments \| Vernalis (R&D) Limited
License and Collaboration Agreements
Milestone payments						220,000,000
Licensing Agreement \| Aggregate potential milestone payments \| Monash University
License and Collaboration Agreements
Milestone payments						$ 45,100,000

Balance Sheet Components (Tables)

6 Months Ended

Jun. 30, 2026

Balance Sheet Components

Schedule of balance sheet components


		June 30,			December 31,
		2026			2025
Prepaid and Other Current Assets
Interest receivable		$	1,843		$	337
Prepaid research and development manufacturing expenses			2,919			599
Prepaid insurance			394			138
Other			575			353
		$	5,731		$	1,427
Property and Equipment
Laboratory equipment		$	2,996		$	2,646
Computer equipment and purchased software			212			190
Leasehold improvements			33			33
Construction in progress			300			—
			3,541			2,869
Less: accumulated depreciation and amortization			(2,711)			(2,649)
		$	830		$	220
Accrued and Other Liabilities
Accrued clinical trial expense		$	3,652		$	3,566
Accrued manufacturing expense			3,032			1,812
Personnel related			1,932			641
Accrued legal and accounting			256			229
Other			299			238
		$	9,171		$	6,486

Equity Method Investment

6 Months Ended

Jun. 30, 2026

Equity Method Investment

Equity Method Investment

6. Equity Method Investment

Angel Pharmaceuticals Co. Ltd. (“Angel Pharmaceuticals”) is a corporate venture in the People’s Republic of China designed to develop, manufacture, and commercialize soquelitinib, ciforadenant and mupadolimab compounds for distribution within the countries of China, Taiwan, Macao, and Hong Kong based on intellectual property licenses contributed to Angel Pharmaceuticals by the Company.

In June 2026, Angel Pharmaceuticals completed an equity financing, raising approximately $13.4 million, including a $5.0 million investment by the Company. Following the financing, the Company's ownership interest in Angel Pharmaceuticals was approximately 49%, excluding 6% of Angel Pharmaceuticals' equity reserved for issuance under the Angel Pharmaceuticals Employee Stock Ownership Plan (“ESOP”). In connection with the financing, the Company concluded that Angel Pharmaceuticals continues to be a variable interest entity and that the Company is not the primary beneficiary. Accordingly, the Company continues to account for its investment in Angel Pharmaceuticals under the equity method of accounting.

As of June 30, 2026 and December 31, 2025, the Company’s ownership interest in Angel Pharmaceuticals was approximately 48.6% and 49.7%, respectively, excluding 6.4% and 7.0%, respectively, of Angel Pharmaceuticals’ equity reserved for issuance under the Angel Pharmaceuticals ESOP. The Company recognized its share of loss in Angel Pharmaceuticals for the total amount of $0.7 million and $1.3 million as loss from equity method investment in the condensed consolidated statement of operations for the three and six months ended June 30, 2026, respectively.

Summary Financial Information

Summary financial information for Angel Pharmaceuticals is as follows:


			As of		As of
Balance Sheet Data		June 30, 2026		December 31, 2025

		(in thousands)
Current assets		$	23,175	$	11,033
Non-current assets			695		904
Current liabilities			875		1,049
Non-current liabilities			59		229
Stockholders' equity			22,936		10,659


		Three Months Ended				Six Months Ended
		June 30,				June 30,
Statement of Operations Data		2026		2025		2026		2025

		(in thousands)
Revenue		$	—	$	—	$	—	$	—
Gross profit			—		—		—		—
Net loss			(832)		(503)		(1,599)		(1,189)
Share of loss from investments accounted for using the equity method			(709)		(389)		(1,308)		(928)

Fair Value Measurements - Recurring (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets
Marketable securities	$ 196,323	$ 52,174
Fair Value, Recurring
Assets
Cash equivalents	18,226	4,163
Marketable securities	196,323	52,174
Total Assets	214,549	56,337
Fair Value, Recurring \| Level 1 Inputs
Assets
Cash equivalents	18,226	4,163
Total Assets	18,226	4,163
Fair Value, Recurring \| Level 2 Inputs
Assets
Marketable securities	196,323	52,174
Total Assets	$ 196,323	$ 52,174

Common Stock

6 Months Ended

Jun. 30, 2026

Common Stock

Common Stock

10. Common Stock

As of June 30, 2026, the amended and restated certificate of incorporation authorizes the Company to issue 290 million shares of common stock and 10 million shares of preferred stock.

Each share of common stock is entitled to one vote. Common stockholders are entitled to dividends if and when declared by the board of directors. As of June 30, 2026, no dividends on common stock had been declared.

On August 6, 2024, the Company entered into an Open Market Sale Agreement^SM (the “2024 Sales Agreement”) with Jefferies LLC (“Jefferies”) to sell shares of the Company’s common stock, from time-to-time, with aggregate gross sales proceeds of up to $100.0 million, through an at-the-market equity offering program under which Jefferies will act as its sales agent. The issuance and sale of shares of common stock by the Company pursuant to the 2024 Sales Agreement are deemed an “at-the-market” offering under the Securities Act of 1933, as amended. Jefferies is entitled to compensation for its services up to 3.0% of the gross proceeds of any shares of common stock sold through Jefferies under the 2024 Sales Agreement.

On January 20, 2026, in connection with the January 2026 financing, as further described in Note 1, the Company suspended the offering of any shares of its common stock under the 2024 Sales Agreement and, on March 13, 2026, the Company entered into an Amended and Restated Open Market Sale Agreement^SM, dated March 13, 2026 (the “Amended Sales Agreement”), with Jefferies, which amends and restates the 2024 Sales Agreement to increase the maximum aggregate offering price of shares of the Company’s common stock from $100.0 million to $200.0 million.

During the six months ended June 30, 2026, the Company did not sell any shares of common stock under its at-the-market offering program. As of June 30, 2026, $200.0 million remained available for sale under the Amended Sales Agreement.

The Company has reserved shares of common stock for issuance as follows:


		June 30,		December 31,
		2026		2025
Pre-funded warrants		8,275,913		8,275,913
Shares available for future option grants		6,431,034		3,007,335
Outstanding options		13,253,806		14,028,177
Shares reserved for employee stock purchase plan		400,000		400,000
Total		28,360,753		25,711,425

Stock Option Plans - Stock Option Activity (Details) - shares	1 Months Ended
	Mar. 31, 2016	Feb. 28, 2014
2014 Plan
Stock Option Plans
Vesting period		4 years
Maximum exercise term		10 years
Exercise price of common stock grants, percentage of stock fair value		100.00%
Shares available for future option grants	0
2016 Plan
Stock Option Plans
Vesting period	4 years
Maximum exercise term	10 years
Exercise price of common stock grants, percentage of stock fair value	100.00%
2016 Plan \| Maximum
Stock Option Plans
Forfeited or unexercised shares under expired stock plan subject to re-issuance under current stock plan	1,136,229

- 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

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock Follow-on Public Offering	Common Stock	Additional Paid-In Capital Follow-on Public Offering	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit	Follow-on Public Offering	Total
Balance at Dec. 31, 2024		$ 7		$ 430,859	$ (1,288)	$ (397,010)		$ 32,568
Balance (in shares) at Dec. 31, 2024		67,899,779
Common stock issued upon exercise of stock options				279				279
Common stock issued upon exercise of stock options (in shares)		269,682
Stock-based compensation expense				1,251				1,251
Unrealized loss on marketable securities					(23)			(23)
Foreign currency translation adjustment					57			57
Net income (loss)						15,193		15,193
Balance at Mar. 31, 2025		$ 7		432,389	(1,254)	(381,817)		49,325
Balance (in shares) at Mar. 31, 2025		68,169,461
Balance at Dec. 31, 2024		$ 7		430,859	(1,288)	(397,010)		32,568
Balance (in shares) at Dec. 31, 2024		67,899,779
Foreign currency translation adjustment								182
Net income (loss)								7,195
Balance at Jun. 30, 2025		$ 7		471,184	(1,148)	(389,815)		80,228
Balance (in shares) at Jun. 30, 2025		74,514,039
Balance at Mar. 31, 2025		$ 7		432,389	(1,254)	(381,817)		49,325
Balance (in shares) at Mar. 31, 2025		68,169,461
Issuance of common stock upon exercise of common stock warrants				23,053				23,053
Issuance of common stock upon exercise of common stock warrants (in shares)		6,330,578
Issuance of pre-funded warrants upon exercise of common stock warrants				14,461				14,461
Common stock issued upon exercise of stock options				25				25
Common stock issued upon exercise of stock options (in shares)		14,000
Stock-based compensation expense				1,256				1,256
Unrealized loss on marketable securities					(19)			(19)
Foreign currency translation adjustment					125			125
Net income (loss)						(7,998)		(7,998)
Balance at Jun. 30, 2025		$ 7		471,184	(1,148)	(389,815)		80,228
Balance (in shares) at Jun. 30, 2025		74,514,039
Balance at Dec. 31, 2025		$ 7		474,387	(896)	(412,293)		$ 61,205
Balance (in shares) at Dec. 31, 2025		74,696,629						74,696,629
Common stock issued upon exercise of stock options				1,339				$ 1,339
Common stock issued upon exercise of stock options (in shares)		308,017
Common stock issued	$ 1		$ 189,406				$ 189,407
Common stock issued (in shares)	9,085,778
Stock-based compensation expense				2,650				2,650
Unrealized loss on marketable securities					(334)			(334)
Foreign currency translation adjustment					104			104
Net income (loss)						(13,692)		(13,692)
Balance at Mar. 31, 2026		$ 8		667,782	(1,126)	(425,985)		240,679
Balance (in shares) at Mar. 31, 2026		84,090,424
Balance at Dec. 31, 2025		$ 7		474,387	(896)	(412,293)		$ 61,205
Balance (in shares) at Dec. 31, 2025		74,696,629						74,696,629
Foreign currency translation adjustment								$ 424
Net income (loss)								(31,651)
Balance at Jun. 30, 2026		$ 8		670,557	(1,293)	(443,944)		$ 225,328
Balance (in shares) at Jun. 30, 2026		84,120,944						84,120,944
Balance at Mar. 31, 2026		$ 8		667,782	(1,126)	(425,985)		$ 240,679
Balance (in shares) at Mar. 31, 2026		84,090,424
Common stock issued upon exercise of stock options				166				166
Common stock issued upon exercise of stock options (in shares)		30,520
Stock-based compensation expense				2,609				2,609
Unrealized loss on marketable securities					(487)			(487)
Foreign currency translation adjustment					320			320
Net income (loss)						(17,959)		(17,959)
Balance at Jun. 30, 2026		$ 8		$ 670,557	$ (1,293)	$ (443,944)		$ 225,328
Balance (in shares) at Jun. 30, 2026		84,120,944						84,120,944

License and Collaboration Agreements

6 Months Ended

Jun. 30, 2026

License and Collaboration Agreements

License and Collaboration Agreements

7. License and Collaboration Agreements

Scripps Licensing Agreement

In December 2014, the Company entered into a license agreement with The Scripps Research Institute (“Scripps”), pursuant to which it was granted a non-exclusive, world-wide license for all fields of use under Scripps’ rights in certain know-how and technology related to a mouse hybridoma clone expressing an anti-human CD73 antibody, and to progeny, mutants or unmodified derivatives of such hybridoma and any antibodies expressed by such hybridoma, from which we developed CPI-006. Scripps also granted the Company the right to grant sublicenses in conjunction with other proprietary rights the Company holds, or to others collaborating with or performing services for the Company. Under this license agreement, Scripps has agreed not to grant any additional commercial licenses with respect to such materials, other than march-in rights granted to the U.S. government.

Upon execution of the agreement, the Company made a one time cash payment to Scripps of $10,000 in 2015 and is also obligated to pay a minimum annual fee to Scripps of $25,000. The one time cash payment was recorded as research and development expense as technological feasibility of the asset had not been established and there was no alternative future use. A minimum annual fee payment is due on each anniversary of the effective date of the agreement for the term of the agreement. The Company is also required to make performance based cash payments upon successful completion of clinical and sales milestones. The aggregate potential milestone payments are $2.5 million as of June 30, 2026. The Company is also required to pay royalties on net sales of licensed products (including CPI-006) sold by it, its affiliates and its sublicensees at a rate in the low single digits. In addition, should the Company sublicense the rights licensed under the agreement, it has agreed to pay a percentage of sublicense revenue received at specified rates that start at double digit percentages and decrease to single digit percentages based on the elapsed time from the effective date of the agreement and the time of entry into such sublicense. To date, no milestone payments have been made.

The Company’s license agreement with Scripps will terminate upon expiration of its obligation to pay royalties to Scripps under the license agreement. The Company’s license agreement with Scripps is terminable by the consent of the parties, at will by the Company upon providing 90 days written notice to Scripps, or by Scripps for certain material breaches, or if the Company undergoes a bankruptcy event. In addition, Scripps may terminate the license on a product by product basis, or the entire agreement, if the Company fails to meet specified diligence obligations related to the development and commercialization of licensed products. Scripps may also terminate the agreement after the third anniversary of the effective date of the agreement if it reasonably believes, based on reports the Company provides to Scripps, that the Company has not used commercially reasonable efforts as required under the agreement, subject to a specified notice and cure period.

Vernalis Licensing Agreement

In February 2015, the Company entered into a license agreement with Vernalis (R&D) Limited (“Vernalis”), which was subsequently amended as of November 5, 2015, and, pursuant to which the Company was granted an exclusive, worldwide license under certain patent rights and know-how, including a limited right to grant sublicenses, for all fields of use to develop, manufacture and commercialize products containing certain adenosine receptor antagonists, including ciforadenant. Pursuant to this agreement, the Company made a one-time cash payment to Vernalis in the amount of $1.0 million, which was recorded as research and development expense as technological feasibility of the asset had not been established and there was no alternative future use. The Company is also required to make cash

milestone payments to Vernalis upon the successful completion of clinical and regulatory milestones for licensed products depending on the indications for which such licensed products are developed and upon achievement of certain sales milestones. In February 2017, the Company made a milestone payment of $3.0 million to Vernalis following the expansion of a cohort of patients with renal cell cancer treated with single agent ciforadenant in the Company’s Phase 1/1b clinical trial. During the six months ended June 30, 2026 and 2025, no clinical or regulatory milestones were completed or paid to Vernalis, and the aggregate potential milestone payments were approximately $220 million for all indications as of June 30, 2026. The Company has also agreed to pay Vernalis tiered incremental royalties based on the annual net sales of licensed products containing ciforadenant on a product by product and country by country basis, subject to certain offsets and reductions. The tiered royalty rates for products containing ciforadenant range from the mid single digits up to the low double digits on a country by country net sales basis. The royalties on other licensed products that do not include ciforadenant also increase with the amount of net sales on a product-by-product and country by country basis and range from the low single digits up to the mid single digits on a country by country net sales basis. The Company is also obligated to pay to Vernalis certain sales milestones as indicated above when worldwide net sales reach specified levels over an agreed upon time period.

The agreement will expire on a product-by-product and country-by-country basis upon the expiration of the Company’s payment obligations to Vernalis in respect of a particular product and country. Both parties have the right to terminate the agreement for an uncured material breach by the other party. The Company may also terminate the agreement at its convenience by providing 90 days written notice, provided that the Company has not received notice of its own default under the agreement at the time the Company exercises such termination right. Vernalis may also terminate the agreement if the Company challenges a licensed patent or undergoes a bankruptcy event.

Monash License Agreement

In April 2017, the Company entered into a license agreement with Monash University (“Monash”), pursuant to which the Company was granted an exclusive, sublicensable worldwide license under certain know-how, patent rights and other intellectual property rights controlled by Monash to research, develop, and commercialize certain antibodies directed to CXCR2 for the treatment of human diseases.

Upon execution of the agreement, the Company made a one time cash payment to Monash of $275,000 and reimbursed Monash for certain patent prosecution costs incurred prior to execution of the agreement. The Company recorded these payments as research and development expenses for the year ended December 31, 2017. The Company is also obligated to pay an annual license maintenance fee to Monash of $25,000 until a certain development milestone is met with respect to the licensed product, after which no further maintenance fee will be due. The Company is also required to make development and sales milestone payments to Monash with respect to the licensed products. During the six months ended June 30, 2026 and 2025, no development or sales milestones were completed or paid to Monash, and the aggregate potential milestones were $45.1 million as of June 30, 2026. The Company is also required to pay to Monash tiered royalties on net sales of licensed products sold by it, its affiliates and its sublicensees at a rate ranging in the low single digits. In addition, should the Company sublicense its rights under the agreement, the Company has agreed to pay a percentage of sublicense revenue received at specified rates that are currently at low double digit percentages and decrease to single digit percentages based on the achievement of development milestones.

The term of the Company’s agreement with Monash continues until the expiration of its obligation to pay royalties to Monash thereunder. The license agreement is terminable at will by the Company upon providing 30 days written notice to Monash, or by either party for material breaches by the other party. In addition, Monash may terminate the entire agreement or convert the license to a non-exclusive license if the Company has materially breached its obligation to use commercially reasonable efforts to develop and commercialize a licensed product, subject to a specified notice and cure mechanism.

Income Taxes

6 Months Ended

Jun. 30, 2026

Income Taxes

Income Taxes

13. Income Taxes

During the six months ended June 30, 2026 and 2025, the Company recorded no income tax benefits for the net operating losses (NOLs) incurred due to the uncertainty of realizing a benefit from those items. The Company continues to maintain a full valuation allowance against its net deferred tax assets.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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+ Details

Related Party Transactions (Tables)

6 Months Ended

Jun. 30, 2026

Related Party Transactions

Schedule of common stock sold to related parties

As part of the registered direct offering, the following number of shares of common stock, pre-funded warrants and common warrants were sold to related parties:


		Number of			Number of			Number of			Aggregate
			Shares of		Pre-Funded			Common			Purchase
		Common Stock			Warrants			Warrants			Price
OrbiMed Advisors LLC (1)			—			1,444,085			1,397,684		$	2,499,856
Puissance Capital Management (2)			866,451			—			838,610			1,500,000
Richard A. Miller, M.D. (3)			577,634			—			559,073			1,000,000
William B. Jones, Ph.D. (4)			20,001			—			19,357			34,624

(1)

Peter Thompson, M.D., a member of the Company’s Board of Directors since November 2014, is a Private Equity Partner at OrbiMed Advisors, LLC.

(2)

Ted Wang, Ph.D., a Co-Founder, General Manager and Director of Angel Pharmaceuticals, of which the Company holds a 49% ownership interest, is the founder of Puissance Capital Management.

(3)

Richard A. Miller, M.D. is the Company’s President, Chief Executive Officer and Chairman of the Board of Directors.

(4)

William B. Jones, Ph.D. is the Company’s Senior Vice President, Pharmaceutical Development.

During the three months ended June 30, 2025, all of the common warrants sold to related parties as part of the Company’s May 2024 registered direct offering were exercised. The details of these exercises are as follows:


					Number of
		Number of			Common Shares				Aggregate
		Common Warrants			Issued Upon			Proceeds Received
		Exercised			Exercise			Upon Exercise
OrbiMed Advisors LLC (1)			1,397,684			221,352		$	—
Puissance Capital Management			838,610			838,610			2,935,135
Richard A. Miller, M.D.			559,073			559,073			1,956,756
William B. Jones, Ph.D.			19,357			19,357			67,750

(1)

OrbiMed Advisors LLC paid the exercise price of $3.50 per common stock warrant on a cashless basis, resulting in the Company withholding 1,176,332 of the warrant shares to pay the exercise price and issuing to OrbiMed Advisors LLC the remaining 221,352 shares. This transaction is considered a non-cash financing activity.

Fair Value Measurements - Current Operations and The Remaining Maturity (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current operations and the remaining maturity
Amortized Cost	$ 197,081	$ 52,111
Less than 1 Year	106,081
1-2 years	91,000
U.S. Treasury securities
Current operations and the remaining maturity
Amortized Cost	170,821	38,622
Less than 1 Year	98,927
1-2 years	71,894
U.S. Government agency securities
Current operations and the remaining maturity
Amortized Cost	26,260	$ 13,489
Less than 1 Year	7,154
1-2 years	$ 19,106

- 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

Segments

6 Months Ended

Jun. 30, 2026

Segments

Segments

4. Segments

The Company views its operations and manages its business in one operating segment, that of the development and commercialization of drugs and antibodies that target critical elements of the immune system. The Company’s Chief Operating Decision Maker (“CODM”) is made up of the Chief Executive Officer and Chief Financial Officer. The CODM assesses performance for the segment and decides how to allocate resources based on consolidated net loss that is reported on the consolidated statement of operations and comprehensive loss. The measure of segment assets is reported on the balance sheet as total consolidated assets. Managing and allocating resources on a consolidated basis enables the CODM to assess the overall level of resources available and how to best deploy these resources across functions and programs that are in line with the Company’s long-term company-wide strategic goals.

The following table presents reportable segment net loss, including significant expense categories, attributable to the Company’s reportable segment for the three and six months ended June 30, 2026 and 2025 (in thousands):


		Three Months Ended					Six Months Ended
		June 30,					June 30,
		2026			2025		2026			2025
Compensation and benefits, excluding stock-based compensation		$	3,147		$	2,144	$	6,174		$	4,383
Stock-based compensation			2,609			1,256		5,259			2,507
Drug manufacturing			2,441			1,850		2,872			3,680
Clinical trials			5,410			2,135		10,453			4,062
Outside general and administrative			906			848		2,150			1,794
Facilities and insurance			630			504		1,188			1,284
Other segment items (1)			4,154			1,523		6,078			2,472
Total segment expense			19,297			10,260		34,174			20,182
Non-operating income, net			(1,338)			(2,262)		(2,523)			(27,377)
Net loss		$	17,959		$	7,998	$	31,651		$	(7,195)

(1)	Includes consulting, non-clinical research and laboratory supplies.

- Definition

The entire disclosure for segment reporting.

+ References

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+ Details

Segments (Tables)

6 Months Ended

Jun. 30, 2026

Segments

Schedule of segment net loss (income) by significant expense category


		Three Months Ended					Six Months Ended
		June 30,					June 30,
		2026			2025		2026			2025
Compensation and benefits, excluding stock-based compensation		$	3,147		$	2,144	$	6,174		$	4,383
Stock-based compensation			2,609			1,256		5,259			2,507
Drug manufacturing			2,441			1,850		2,872			3,680
Clinical trials			5,410			2,135		10,453			4,062
Outside general and administrative			906			848		2,150			1,794
Facilities and insurance			630			504		1,188			1,284
Other segment items (1)			4,154			1,523		6,078			2,472
Total segment expense			19,297			10,260		34,174			20,182
Non-operating income, net			(1,338)			(2,262)		(2,523)			(27,377)
Net loss		$	17,959		$	7,998	$	31,651		$	(7,195)

(1)	Includes consulting, non-clinical research and laboratory supplies.

- Definition

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

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+ Details

Segments (Details) $ in Thousands	3 Months Ended				6 Months Ended
Segments (Details) $ in Thousands	Jun. 30, 2026 USD ($)	Mar. 31, 2026 USD ($)	Jun. 30, 2025 USD ($)	Mar. 31, 2025 USD ($)	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)
Segments
Number of operating segments					1
Number of reportable segments					1
Stock-based compensation					$ 5,259	$ 2,507
Total segment expense	$ 19,297		$ 10,260		34,174	20,182
Net loss	17,959	$ 13,692	7,998	$ (15,193)	31,651	(7,195)
Single Reportable Segment
Segments
Compensation and benefits, excluding stock-based compensation	3,147		2,144		6,174	4,383
Stock-based compensation	2,609		1,256		5,259	2,507
Drug manufacturing	2,441		1,850		2,872	3,680
Clinical trial	5,410		2,135		10,453	4,062
Outside general and administrative	906		848		2,150	1,794
Facilities and insurance	630		504		1,188	1,284
Other segment items	4,154		1,523		6,078	2,472
Total segment expense	19,297		10,260		34,174	20,182
Non-operating income, net	(1,338)		(2,262)		(2,523)	(27,377)
Net loss	$ 17,959		$ 7,998		$ 31,651	$ (7,195)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net (loss) income	$ (31,651)	$ 7,195
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Depreciation and amortization	63	51
Accretion related to marketable securities	168	(625)
Stock-based compensation	5,259	2,507
Change in fair value of warrant liability		(27,141)
Loss from equity method investment	1,308	928
Changes in operating assets and liabilities:
Prepaid and other current assets	(4,304)	1,081
Operating lease right-of-use asset	180	165
Other assets	(858)	6
Accounts payable	1,556	555
Accrued and other liabilities	2,685	1,288
Operating lease liability	(209)	(39)
Net cash used in operating activities	(25,772)	(14,040)
Cash flows from investing activities
Purchases of marketable securities	(209,477)	(47,183)
Maturities of marketable securities	64,339	31,274
Purchases of property and equipment	(673)	(149)
Investment in Angel Pharmaceuticals	(5,000)
Net cash used in investing activities	(150,811)	(16,058)
Cash flows from financing activities
Proceeds from issuance of common stock in connection with follow-on public offering, net	189,407
Proceeds from the exercise of common stock warrants (includes $4,960 in aggregate gross proceeds from related parties)		35,745
Proceeds from exercise of common stock options	1,505	304
Net cash provided by financing activities	190,912	36,049
Net increase in cash and cash equivalents	14,329	5,951
Cash and cash equivalents at beginning of the period	4,576	8,740
Cash and cash equivalents at end of the period	18,905	14,691
Supplemental disclosures of cash flow information
Purchases of property and equipment incurred but not paid	188
Related party
Changes in operating assets and liabilities:
Accounts receivable	$ 31	(11)
Cash flows from financing activities
Proceeds from the exercise of common stock warrants (includes $4,960 in aggregate gross proceeds from related parties)		$ 4,960

Facility Lease

6 Months Ended

Jun. 30, 2026

Facility Lease

Facility Lease

14. Facility Lease

On October 22, 2024, the Company entered into an operating sub-sublease agreement, pursuant to which the Company sub-leased approximately 20,916 square feet of office and lab space. The sub-sublease has a term of three years commencing on February 21, 2025 with an option to extend at fair market value for an additional 27 months. The Company records rent expense on a straight-line basis over the effective term of the lease, including any free rent periods and incentives. As the interest rate implicit in lease arrangements is typically not readily available, in calculating the present value of the lease payments, the Company has utilized its incremental borrowing rate, which is determined based on the prevailing market rates for collateralized debt with maturity dates commensurate with the term of its lease.

The Company’s obligation for the payment of base rent for the premises began on the commencement date and is initially $33,833 per month, up to monthly base rent of $47,200 during the third year of the sub-sublease. In addition

to base rent, the Company is obligated to pay its proportionate share of taxes, insurance and operating expenses. In November 2024, the Company paid the sublandlord $231,235 in prepaid rent, which was applied to the monthly base rent and the Company’s proportionate share of additional expenses for the first three months of the term of the sub-sublease.

Although the non-cancellable lease term commenced on February 21, 2025, for purposes of determining the right-of-use asset balance, in accordance with ASC Topic 842, the Company used November 25, 2024 as the commencement date, the date on which the sublandlord granted the Company access to the premises. The sub-sublease is a net lease, as the non-lease components (i.e., common area maintenance) are paid separately from rent based on actual costs incurred. Therefore, the non-lease components were not included in the right-of-use asset and liability and are reflected as an expense in the period incurred.

As of June 30, 2026 and December 31, 2025, the right-of-use asset under the operating lease was approximately $0.7 million and $0.8 million, respectively. The elements of lease expense under the operating lease for the three and six months ended June 30, 2026 and 2025 were as follows (in thousands):


				Three Months Ended						Six Months Ended
		Statements of operations and		June 30,						June 30,
		comprehensive loss location		2026			2025			2026			2025
Costs of operating lease
Operating lease costs		Research and development, General and administrative		$	114		$	114		$	227		$	227
Costs of non-lease components (previously common area maintenance)		Research and development, General and administrative			71			52			132			74
Total operating lease cost				$	185		$	166		$	359		$	301
Other Information
Operating cash flows used for operating lease				$	199		$	104		$	387		$	104
Remaining lease term					1.6 years			2.6 years			1.6 years			2.6 years
Discount rate					11.7%			11.7%			11.7%			11.7%

As of June 30, 2026, minimum rental commitments under this lease were as follows (in thousands):


Year Ended December 31 (in thousands)
2026*		$	230
2027			566
Total lease payments			796
Less: imputed interest			(68)
Total		$	728

* Remainder of the year

As of December 31, 2025, minimum rental commitments under this lease were as follows (in thousands):


Year Ended December 31 (in thousands)
2026		$	486
2027			566
Total lease payments			1,052
Less: imputed interest			(115)
Total		$	937

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2026
Summary of Significant Accounting Policies
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Company’s functional and reporting currency is the U.S. dollar, except for its investment in its equity method investee which is the Chinese renminbi (RMB). The accompanying condensed consolidated financial statements have been prepared on a going-concern basis, which contemplates the realization of assets and discharge of liabilities in the normal course of business.
Unaudited Interim Financial Information	Unaudited Interim Financial Information The accompanying interim condensed consolidated financial statements and related disclosures are unaudited, have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for fair statement of the condensed consolidated financial statements presented. The condensed consolidated balance sheet as of December 31, 2025 was derived from audited financial statements, but does not include all disclosures required by GAAP. The condensed consolidated results of operations for the three and six months ended June 30, 2026 are not necessarily indicative of the results to be expected for the full year or for any other future year or interim period. The accompanying condensed consolidated financial statements should be read in conjunction with the audited financial statements and the related notes for the year ended December 31, 2025 included in the Company’s Annual Report on Form 10-K filed with the SEC on March 12, 2026.
Use of Estimates	Use of Estimates The preparation of the Company’s condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ from such estimates.
Investments in Equity Securities	Investments in Equity Securities The Company uses the equity method of accounting for its equity investment if the investment provides the ability to exercise significant influence, but not control, over operating and financial policies of the investee. The Company’s proportionate share of the net income (loss) resulting from the equity method investment is reported under the line item captioned “income (loss) from equity method investment” in the condensed consolidated statements of operations and comprehensive loss and the carrying value of the equity method investments is reported under the line captioned “Investment in Angel Pharmaceuticals” in the condensed consolidated balance sheets. The Company’s equity method investments are reported at cost and adjusted each period for the Company’s share of the investee’s income or loss and the foreign currency translation adjustment as applicable. For equity method investees with a functional currency different than the Company’s reporting currency, the Company follows the guidance under Accounting Standards Codification (“ASC”) 830-10-15-5, pursuant to which, the foreign currency financial statements of a foreign investee accounted for by the equity method should be translated to the reporting entity’s reporting currency. The Company evaluates equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amount of the investment might not be recoverable. Factors considered by the Company when reviewing an equity method investment for impairment include the length of time (duration) and the extent (severity) to which the fair value of the equity method investment has been less than cost, the investee’s financial condition and near-term prospects and the intent and ability to hold the investment for a period of time sufficient to allow for anticipated recovery. An impairment that is other-than-temporary is recognized in the period identified. See Note 6, “Equity Method Investment,” for further information.
Concentrations of Credit Risk and Other Risks and Uncertainties	Concentrations of Credit Risk and Other Risks and Uncertainties Substantially all of the Company’s cash and cash equivalents are deposited in accounts with two financial institutions that management believes are of high credit quality. Such deposits may, at times, exceed federally insured limits. The Company maintains its cash with an accredited financial institution and accordingly, such funds are subject to minimal credit risk. The Company’s marketable securities consist of investments in U.S. Treasury securities and U.S. government agency securities, which can be subject to certain credit risks. However, the Company mitigates the risks by investing in high-grade instruments, limiting its exposure to any one issuer, and monitoring the ongoing creditworthiness of the financial institutions and issuers. The Company has not experienced any losses on its deposits of cash, cash equivalents or marketable securities. The Company is subject to a number of risks similar to other early stage biopharmaceutical companies, including, but not limited to, the need to obtain adequate additional funding, possible failure of preclinical testing or clinical trials, its reliance on third parties to conduct its clinical trials, the need to obtain marketing approval for its product candidates, competitors developing new technological innovations, the need to successfully commercialize and gain market acceptance of the Company’s product candidates, its right to develop and commercialize its product candidates pursuant to the terms and conditions of the licenses granted to the Company, and protection of proprietary technology. If the Company does not successfully commercialize or partner any of its product candidates, it will be unable to generate product revenue or achieve profitability.
Significant Accounting Policies	Significant Accounting Policies There have been no material changes to the Company’s significant accounting policies during the six months ended June 30, 2026 from those discussed in the Company’s Annual Report on Form 10-K filed with the SEC on March 12, 2026.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In October 2023, the Financial Accounting Standards Board (the “FASB”) issued ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative, which modifies the disclosure or presentation requirements related to variety of FASB Accounting Standard Codification topics. The effective date for each amendment will be the date on which the SEC’s removal of that related disclosure from Regulation S-X or Regulation S-K is effective. If by June 30, 2027, the SEC has not removed the applicable requirement from Regulation S-X or Regulation S-K, the pending content of the associated amendment will be removed from the Codification and will not become effective for any entities. The Company is currently evaluating the effect of adopting this ASU. In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expense. This update requires entities to disaggregate operating expenses into specific categories, such as salaries and wages, depreciation, and amortization, to provide enhanced transparency into the nature and function of expenses. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, with early adoption permitted. ASU 2024-03 may be applied retrospectively or prospectively. The Company is currently evaluating the impact of ASU 2024-03 on its financial statement presentation and disclosures.

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

+ References

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

Stock Option Plans - Stock Options Activity (Details) - Employee Stock Option Member - 2016 Plan	6 Months Ended
	Jun. 30, 2026 $ / shares shares
Stock Option Plans
Shares Available for Grant, Opening Balance	3,007,335
Shares Available for Grant, Additional Shares Authorized	2,987,865
Shares Available for Grant, Increase from Options Forfeited	676,334
Shares Available for Grant, Ending Balance	6,431,034
Outstanding Options, Opening Balance	14,028,177
Outstanding Options, Granted	240,500
Outstanding Options, Exercised	(338,537)
Outstanding Options, Forfeited	(676,334)
Outstanding Options, Ending Balance	13,253,806
Outstanding Options, Weighted Average Exercise Price, Opening Balance \| $ / shares	$ 5.2
Outstanding Options, Weighted Average Exercise Price, Granted \| $ / shares	12.73
Outstanding Options, Weighted Average Exercise Price, Exercised \| $ / shares	4.44
Outstanding Options, Weighted Average Exercise Price, Forfeited \| $ / shares	14.01
Outstanding Options, Weighted Average Exercise Price, Ending Balance \| $ / shares	$ 4.9

Stock Option Plans

6 Months Ended

Jun. 30, 2026

Stock Option Plans

Stock Option Plans

11. Stock Option Plans

In February 2014, the Company adopted the 2014 Equity Incentive Plan (the “2014 Plan”), which was subsequently amended in November 2014, July 2015 and September 2015, under which it granted incentive stock options (“ISOs”) or non-qualified stock options (“NSOs”). Terms of stock agreements, including vesting requirements, are determined by the board of directors or a committee authorized by the board of directors, subject to the provisions of the 2014 Plan. In general, awards granted by the Company vest over four years and have a maximum exercise term of 10 years. The 2014 Plan provides that grants must be at an exercise price of 100% of fair market value of the Company’s common stock as determined by the board of directors on the date of the grant.

In connection with the consummation of the IPO in March 2016, the 2016 Equity Incentive Award Plan (the “2016 Plan”) became effective. Under the 2016 Plan, ISOs, NSOs, stock purchase rights and other stock-based awards

may be granted. Terms of stock agreements, including vesting requirements, are determined by the board of directors or a committee authorized by the board of directors, subject to the provisions of the 2016 Plan. In general, awards granted by the Company vest over four years and have a maximum exercise term of 10 years. The 2016 Plan provides that grants must be at an exercise price of 100% of fair market value of the Company’s common stock as determined by the board of directors on the date of the grant. In conjunction with adopting the 2016 Plan, the 2014 Plan was terminated and no further awards will be granted under the 2014 Plan. Options outstanding under the 2014 Plan as of the effective date of the 2016 Plan that are forfeited or lapse unexercised may be re-issued under the 2016 Plan, up to a maximum of 1,136,229 shares.

Activity under the Company’s stock option plans is set forth below:


				Options Outstanding
						Weighted ‑
		Shares				Average
		Available		Number of		Exercise
		for Grant		Options		Price
Balance at December 31, 2025		3,007,335		14,028,177		$	5.20
Additional shares authorized		2,987,865		—			—
Options granted		(240,500)		240,500			12.73
Options exercised		—		(338,537)			4.44
Options forfeited		676,334		(676,334)			14.01
Balance at June 30, 2026		6,431,034		13,253,806		$	4.90

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 18,905	$ 4,576
Marketable securities	196,323	52,174
Accounts receivable	$ 6	$ 37
Accounts Receivable, after Allowance for Credit Loss, Current, Related Party [Extensible Enumeration]	Related Party [Member]	Related Party [Member]
Prepaid and other current assets	$ 5,731	$ 1,427
Total current assets	220,965	58,214
Property and equipment, net	830	220
Operating lease right-of-use asset	659	839
Investment in Angel Pharmaceuticals	15,107	10,991
Other assets	1,713	855
Total assets	239,274	71,119
Current liabilities:
Accounts payable	4,047	2,491
Operating lease liability	454	403
Accrued and other liabilities	9,171	6,486
Total current liabilities	13,672	9,380
Operating lease liability	274	534
Total liabilities	13,946	9,914
Commitments and contingencies (Note 15)
Stockholders' equity:
Preferred stock: $0.0001 par value; 10,000,000 shares authorized at June 30, 2026 and December 31, 2025; 0 shares issued and outstanding at each of June 30, 2026 and December 31, 2025
Common stock: $0.0001 par value; 290,000,000 shares authorized at June 30, 2026 and December 31, 2025; 84,120,944 and 74,696,629 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	8	7
Additional paid-in capital	670,557	474,387
Accumulated other comprehensive loss	(1,293)	(896)
Accumulated deficit	(443,944)	(412,293)
Total stockholders' equity	225,328	61,205
Total liabilities and stockholders' equity	$ 239,274	$ 71,119

Facility Lease - Lessee Information (Details)	Feb. 21, 2025	Oct. 22, 2024 USD ($) ft²	Jun. 30, 2026 USD ($)	Dec. 31, 2025 USD ($)	Nov. 30, 2024 USD ($)
Lease
Operating lease right-of-use asset			$ 659,000	$ 839,000
Office and lab space lease
Lease
Area of leased facility \| ft²		20,916
Lease term		3 years
Option to Extend		true
Lease extension period		27 months
Sublease initial base monthly rent expense		$ 33,833
Prepaid Rent					$ 231,235
Option to terminate	false
Operating lease right-of-use asset			$ 700,000	$ 800,000
Office and lab space lease \| Third year of sublease \| Maximum
Lease
Sublease initial base monthly rent expense		$ 47,200

Summary of Significant Accounting Policies (Details)	6 Months Ended
Summary of Significant Accounting Policies (Details)	Jun. 30, 2026 Institution
Summary of Significant Accounting Policies
Concentration Risk, Credit Risk, Uninsured Deposits	Substantially all of the Company’s cash and cash equivalents are deposited in accounts with two financial institutions that management believes are of high credit quality. Such deposits may, at times, exceed federally insured limits. The Company maintains its cash with an accredited financial institution and accordingly, such funds are subject to minimal credit risk. The Company’s marketable securities consist of investments in U.S. Treasury securities and U.S. government agency securities, which can be subject to certain credit risks. However, the Company mitigates the risks by investing in high-grade instruments, limiting its exposure to any one issuer, and monitoring the ongoing creditworthiness of the financial institutions and issuers. The Company has not experienced any losses on its deposits of cash, cash equivalents or marketable securities.
Number of financial institutions in which cash and cash equivalents are deposited	2

Commitments and Contingencies

6 Months Ended

Jun. 30, 2026

Commitments and Contingencies.

Commitments and Contingencies

15. Commitments and Contingencies

Pursuant to the Company’s license agreements with each of Vernalis, Scripps and Monash, it has obligations to make future milestone and royalty payments to the respective parties. However, because these amounts are contingent, they have not been included on the Company’s balance sheet. For further discussion of the Vernalis, Scripps and Monash licensing agreements, see Note 7, “License and Collaboration Agreements.”

Indemnifications

In the ordinary course of business, the Company enters into agreements that may include indemnification provisions. Pursuant to such agreements, the Company may indemnify, hold harmless and defend an indemnified party for losses suffered or incurred by the indemnified party. Some of the provisions will limit losses to those arising from third-party actions. In some cases, the indemnification will continue after the termination of the agreement. The maximum potential amount of future payments the Company could be required to make under these provisions is not determinable. The Company has never incurred material costs to defend lawsuits or settle claims related to these indemnification provisions. The Company has also entered into indemnification agreements with its directors and officers that may require the Company to indemnify its directors and officers against liabilities that may arise by reason of their status or service as directors or officers to the fullest extent permitted by Delaware law. There have been no claims to date and the Company has a directors and officers insurance policy that may enable it to recover a portion of any amounts paid for future claims.

Legal Proceedings

The Company is not a party to any material legal proceedings.

Common Stock (Tables)

6 Months Ended

Jun. 30, 2026

Common Stock

Schedule of common stock shares reserved for future issuance

The Company has reserved shares of common stock for issuance as follows:


		June 30,		December 31,
		2026		2025
Pre-funded warrants		8,275,913		8,275,913
Shares available for future option grants		6,431,034		3,007,335
Outstanding options		13,253,806		14,028,177
Shares reserved for employee stock purchase plan		400,000		400,000
Total		28,360,753		25,711,425

Common Stock - Stock Issuance Agreement (Details) - USD ($)				6 Months Ended
	Mar. 13, 2026	Jan. 20, 2026	Aug. 06, 2024	Jun. 30, 2026	Dec. 31, 2025
Common Stock
Common stock, shares authorized				290,000,000	290,000,000
Preferred stock, shares authorized				10,000,000	10,000,000
Voting rights of common stock				Each share of common stock is entitled to one vote.
Dividends on common stock				$ 0
Proceeds from issuance of common stock				$ 189,407,000
2024 Sales Agreement \| Maximum \| Scenario plan
Common Stock
Proceeds from issuance of common stock	$ 200,000,000	$ 100,000,000
2024 Sales Agreement \| Jefferies LLC
Common Stock
Common shares issued in transaction				0
2024 Sales Agreement \| Jefferies LLC \| Maximum
Common Stock
Sales agent fee percentage			3.00%
2024 Sales Agreement \| Jefferies LLC \| Maximum \| Scenario plan
Common Stock
Proceeds from issuance of common stock			$ 100,000,000	$ 200,000,000

Fair Value Measurements

6 Months Ended

Jun. 30, 2026

Fair Value Measurements.

Fair Value Measurements

5. Fair Value Measurements

Financial assets and liabilities are measured and recorded at fair value. The Company is required to disclose information on all assets and liabilities reported at fair value that enables an assessment of the inputs used in determining the reported fair values. The fair value hierarchy prioritizes valuation inputs based on the observable nature of those inputs. The fair value hierarchy applies only to the valuation inputs used in determining the reported fair value of the investments and is not a measure of the investment credit quality. The hierarchy defines three levels of valuation inputs:

●

Level 1—Quoted prices in active markets for identical assets or liabilities

●

Level 2—Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly

●

Level 3—Unobservable inputs that reflect the Company’s own assumptions about the assumptions market participants would use in pricing the asset or liability

There have been no transfers of assets and liabilities between levels of hierarchy.

The Company’s Level 2 investments are valued using third-party pricing sources. The pricing services utilize industry standard valuation models, including both income and market-based approaches, for which all significant inputs are observable, either directly or indirectly, to estimate fair value. These inputs include reported trades of and broker/dealer quotes on the same or similar investments, issuer credit spreads, benchmark investments, prepayment/default projections based on historical data and other observable inputs.

The following tables present information as of June 30, 2026 and December 31, 2025 about the Company’s assets that are measured at fair value on a recurring basis and indicate the level of the fair value hierarchy the Company utilized to determine such fair values (in thousands):


		June 30, 2026
		Fair Value Measured Using									Total
		(Level 1)			(Level 2)			(Level 3)			Balance
Assets
Cash equivalents		$	18,226		$	—		$	—		$	18,226
Marketable securities			—			196,323			—			196,323
		$	18,226		$	196,323		$	—		$	214,549


		December 31, 2025
		Fair Value Measured Using									Total
		(Level 1)			(Level 2)			(Level 3)			Balance
Assets
Cash equivalents		$	4,163		$	—		$	—		$	4,163
Marketable securities			—			52,174			—			52,174
		$	4,163		$	52,174		$	—		$	56,337

As of June 30, 2026 and December 31, 2025, the fair value of available for sale marketable securities by type of security were as follows (in thousands):


		June 30, 2026
					Gross			Gross
		Amortized			Unrealized			Unrealized			Fair
		Cost			Gains			Losses			Value
U.S. Treasury securities		$	170,821		$	2		$	(589)		$	170,234
U.S. Government agency securities			26,260			—			(171)			26,089
		$	197,081		$	2		$	(760)		$	196,323


		December 31, 2025
					Gross			Gross
		Amortized			Unrealized			Unrealized			Fair
		Cost			Gains			Losses			Value
U.S. Treasury securities		$	38,622		$	53		$	—		$	38,675
U.S. Government agency securities			13,489			10			—			13,499
		$	52,111		$	63		$	—		$	52,174

As of June 30, 2026, all of the Company’s marketable securities are considered available for current operations and the remaining maturity by type of security is as follows (in thousands):


	Maturities by Period at Amortized Cost
			Less than
	Total		1 Year		1-2 years
U.S. Treasury securities	$	170,821	$	98,927	$	71,894
U.S. Government agency securities		26,260		7,154		19,106
	$	197,081	$	106,081	$	91,000

- 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

Common Stock - Common Shares Reserved for Issuance (Details) - shares	Jun. 30, 2026	Dec. 31, 2025
Common Stock
Common stock reserved for future issuance	28,360,753	25,711,425
Pre-funded warrants
Common Stock
Common stock reserved for future issuance	8,275,913	8,275,913
Shares available for future option grants
Common Stock
Common stock reserved for future issuance	6,431,034	3,007,335
Outstanding options
Common Stock
Common stock reserved for future issuance	13,253,806	14,028,177
Shares reserved for employee stock purchase plan
Common Stock
Common stock reserved for future issuance	400,000	400,000

- Definition

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

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-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

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-Topic 946
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-Name Accounting Standards Codification
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-Paragraph 3
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

+ Details

Stock-Based Compensation

6 Months Ended

Jun. 30, 2026

Stock-Based Compensation

Stock-Based Compensation

12. Stock-Based Compensation

The Company’s results of operations include expenses relating to employee and non-employee stock-based awards as follows (in thousands):


		Three Months Ended						Six Months Ended
		June 30,						June 30,
		2026			2025			2026			2025
Research and development		$	1,095		$	541		$	2,172		$	1,069
General and administrative			1,514			715			3,087			1,438
Total		$	2,609		$	1,256		$	5,259		$	2,507

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2026

Stock-Based Compensation

Schedule of expenses relating to employee and non-employee stock-based awards

The Company’s results of operations include expenses relating to employee and non-employee stock-based awards as follows (in thousands):


		Three Months Ended						Six Months Ended
		June 30,						June 30,
		2026			2025			2026			2025
Research and development		$	1,095		$	541		$	2,172		$	1,069
General and administrative			1,514			715			3,087			1,438
Total		$	2,609		$	1,256		$	5,259		$	2,507

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2026

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of Presentation

The accompanying condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Company’s functional and reporting currency is the U.S. dollar, except for its investment in its equity method investee which is the Chinese renminbi (RMB). The accompanying condensed consolidated financial statements have been prepared on a going-concern basis, which contemplates the realization of assets and discharge of liabilities in the normal course of business.

Unaudited Interim Financial Information

The accompanying interim condensed consolidated financial statements and related disclosures are unaudited, have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for fair statement of the condensed consolidated financial statements presented.

The condensed consolidated balance sheet as of December 31, 2025 was derived from audited financial statements, but does not include all disclosures required by GAAP. The condensed consolidated results of operations for the three and six months ended June 30, 2026 are not necessarily indicative of the results to be expected for the full year or for any other future year or interim period. The accompanying condensed consolidated financial statements should be read in conjunction with the audited financial statements and the related notes for the year ended December 31, 2025 included in the Company’s Annual Report on Form 10-K filed with the SEC on March 12, 2026.

Use of Estimates

The preparation of the Company’s condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ from such estimates.

Investments in Equity Securities

The Company uses the equity method of accounting for its equity investment if the investment provides the ability to exercise significant influence, but not control, over operating and financial policies of the investee.

The Company’s proportionate share of the net income (loss) resulting from the equity method investment is reported under the line item captioned “income (loss) from equity method investment” in the condensed consolidated statements of operations and comprehensive loss and the carrying value of the equity method investments is reported under the line captioned “Investment in Angel Pharmaceuticals” in the condensed consolidated balance sheets. The Company’s equity method investments are reported at cost and adjusted each period for the Company’s share of the investee’s income or loss and the foreign currency translation adjustment as applicable.

For equity method investees with a functional currency different than the Company’s reporting currency, the Company follows the guidance under Accounting Standards Codification (“ASC”) 830-10-15-5, pursuant to which, the foreign currency financial statements of a foreign investee accounted for by the equity method should be translated to the reporting entity’s reporting currency.

The Company evaluates equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amount of the investment might not be recoverable. Factors considered by the Company when reviewing an equity method investment for impairment include the length of time (duration) and the extent (severity) to which the fair value of the equity method investment has been less than cost, the investee’s financial condition and near-term prospects and the intent and ability to hold the investment for a period of time sufficient to allow for anticipated recovery. An impairment that is other-than-temporary is recognized in the period identified.

See Note 6, “Equity Method Investment,” for further information.

Concentrations of Credit Risk and Other Risks and Uncertainties

Substantially all of the Company’s cash and cash equivalents are deposited in accounts with two financial institutions that management believes are of high credit quality. Such deposits may, at times, exceed federally insured limits. The Company maintains its cash with an accredited financial institution and accordingly, such funds are subject to minimal credit risk. The Company’s marketable securities consist of investments in U.S. Treasury securities and U.S. government agency securities, which can be subject to certain credit risks. However, the Company mitigates the risks by investing in high-grade instruments, limiting its exposure to any one issuer, and monitoring the ongoing creditworthiness of the financial institutions and issuers. The Company has not experienced any losses on its deposits of cash, cash equivalents or marketable securities.

The Company is subject to a number of risks similar to other early stage biopharmaceutical companies, including, but not limited to, the need to obtain adequate additional funding, possible failure of preclinical testing or clinical trials, its reliance on third parties to conduct its clinical trials, the need to obtain marketing approval for its product candidates, competitors developing new technological innovations, the need to successfully commercialize and gain market acceptance of the Company’s product candidates, its right to develop and commercialize its product candidates pursuant to the terms and conditions of the licenses granted to the Company, and protection of proprietary technology. If the Company does not successfully commercialize or partner any of its product candidates, it will be unable to generate product revenue or achieve profitability.

Significant Accounting Policies

There have been no material changes to the Company’s significant accounting policies during the six months ended June 30, 2026 from those discussed in the Company’s Annual Report on Form 10-K filed with the SEC on March 12, 2026.

Recent Accounting Pronouncements

In October 2023, the Financial Accounting Standards Board (the “FASB”) issued ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative, which modifies the disclosure or presentation requirements related to variety of FASB Accounting Standard Codification topics. The effective date for each amendment will be the date on which the SEC’s removal of that related disclosure from Regulation S-X or Regulation S-K is effective. If by June 30, 2027, the SEC has not removed the applicable requirement from Regulation S-X or Regulation S-K, the pending content of the associated amendment will be removed from the Codification and will not become effective for any entities. The Company is currently evaluating the effect of adopting this ASU.

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expense. This update requires entities to disaggregate operating expenses into specific categories, such as salaries and wages, depreciation, and amortization, to provide enhanced transparency into the nature and function of expenses. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, with early adoption permitted. ASU 2024-03 may be applied retrospectively or prospectively. The Company is currently evaluating the impact of ASU 2024-03 on its financial statement presentation and disclosures.

Warrants - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended	6 Months Ended
	Jun. 30, 2025	May 06, 2024	Jun. 30, 2025	Jun. 30, 2025	Jun. 30, 2026	May 31, 2025
Warrants
Proceeds from the exercise of common stock warrants				$ 35,745
Common warrants
Warrants
Change in fair value of warrant liability			$ 2,000	27,100
Registered Direct Offering
Warrants
Common shares issued in transaction		13,512,699
Registered Direct Offering \| Common Stock and Common Warrants
Warrants
Common shares issued in transaction		13,512,699
Combined offering price per share		$ 1.7312
Registered Direct Offering \| Common stock warrants
Warrants
Warrants issued to purchase common shares		13,078,509
Registered Direct Offering \| Common warrants
Warrants
Warrants issued to purchase common shares		4,010,927
Exercise price of warrants		$ 3.5
Exercise price of pre-funded warrants		3.4999
Proceeds from the exercise of common stock warrants	$ 54,300			$ 54,300
Registered Direct Offering \| Pre-funded and Common Warrants
Warrants
Combined offering price per share		$ 1.7311
Registered Direct Offering \| Pre-funded warrants
Warrants
Warrants issued to purchase common shares		4,144,085				4,131,828
Exercise price of warrants		$ 0.0001
Adjustments to Additional Paid in Capital, Warrant Issued		$ 5,000
Number of warrants exercised					0
Warrants outstanding					8,275,913

Balance Sheet Components - Prepaids and Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Balance Sheet Components
Interest receivable	$ 1,843	$ 337
Prepaid research and development manufacturing expenses	2,919	599
Prepaid insurance	394	138
Other	575	353
Prepaid and other current assets	$ 5,731	$ 1,427

Facility Lease (Tables)

6 Months Ended

Jun. 30, 2026

Facility Lease

Schedule of components of lease expense

The elements of lease expense under the operating lease for the three and six months ended June 30, 2026 and 2025 were as follows (in thousands):


				Three Months Ended						Six Months Ended
		Statements of operations and		June 30,						June 30,
		comprehensive loss location		2026			2025			2026			2025
Costs of operating lease
Operating lease costs		Research and development, General and administrative		$	114		$	114		$	227		$	227
Costs of non-lease components (previously common area maintenance)		Research and development, General and administrative			71			52			132			74
Total operating lease cost				$	185		$	166		$	359		$	301
Other Information
Operating cash flows used for operating lease				$	199		$	104		$	387		$	104
Remaining lease term					1.6 years			2.6 years			1.6 years			2.6 years
Discount rate					11.7%			11.7%			11.7%			11.7%

Schedule of Minimum rental commitments

As of June 30, 2026, minimum rental commitments under this lease were as follows (in thousands):


Year Ended December 31 (in thousands)
2026*		$	230
2027			566
Total lease payments			796
Less: imputed interest			(68)
Total		$	728

* Remainder of the year

As of December 31, 2025, minimum rental commitments under this lease were as follows (in thousands):


Year Ended December 31 (in thousands)
2026		$	486
2027			566
Total lease payments			1,052
Less: imputed interest			(115)
Total		$	937

Related Party Transactions - Registered Direct Offering (Details) - USD ($)				3 Months Ended		6 Months Ended
	Jan. 23, 2026	Jun. 30, 2025	May 06, 2024	Mar. 31, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025	May 31, 2025
Related Party Transaction [Line Items]
Proceeds from issuance of common stock						$ 189,407,000
Proceeds from the exercise of common stock warrants							$ 35,745,000
Angel Pharmaceuticals, Ltd
Related Party Transaction [Line Items]
Corvus Pharmaceuticals equity ownership in subsidiary	49.00%		49.00%			48.60%		49.70%
Common Stock
Related Party Transaction [Line Items]
Number of Common Shares Issued Upon Exercise					6,330,578
Follow-on Public Offering
Related Party Transaction [Line Items]
Proceeds from issuance of common stock	$ 189,400,000
Common shares issued in transaction	9,085,778
Follow-on Public Offering \| Common Stock
Related Party Transaction [Line Items]
Common shares issued in transaction				9,085,778
Registered Direct Offering
Related Party Transaction [Line Items]
Proceeds from issuance of common stock			$ 30,600,000
Common shares issued in transaction			13,512,699
Registered Direct Offering \| Common Stock and Common Warrants
Related Party Transaction [Line Items]
Common shares issued in transaction			13,512,699
Combined offering price per share and warrants			$ 1.7312
Registered Direct Offering \| Common stock warrants
Related Party Transaction [Line Items]
Warrants issued to purchase common shares			13,078,509
Registered Direct Offering \| Pre-funded and Common Warrants
Related Party Transaction [Line Items]
Combined offering price per share			$ 1.7311
Registered Direct Offering \| Pre-funded warrants
Related Party Transaction [Line Items]
Warrants issued to purchase common shares			4,144,085						4,131,828
Exercise price of warrants			$ 0.0001
Registered Direct Offering \| Common warrants
Related Party Transaction [Line Items]
Warrants issued to purchase common shares			4,010,927
Exercise price of warrants			$ 3.5
Exercise price of pre-funded warrants			$ 3.4999
Proceeds from the exercise of common stock warrants		$ 54,300,000					54,300,000
Related party
Related Party Transaction [Line Items]
Proceeds from the exercise of common stock warrants							$ 4,960,000
Related party \| OrbiMed Advisors, LLC \| Common warrants
Related Party Transaction [Line Items]
Number of Common Warrants Exercised					1,397,684
Number of Common Shares Issued Upon Exercise					221,352	221,352
Exercise price of warrants (cashless basis)						$ 3.5
Warrant shares exercised and withheld to pay exercise price						1,176,332
Related party \| OrbiMed Advisors, LLC \| Registered Direct Offering
Related Party Transaction [Line Items]
Aggregate Purchase Price			$ 2,499,856
Related party \| OrbiMed Advisors, LLC \| Registered Direct Offering \| Pre-funded warrants
Related Party Transaction [Line Items]
Number of Warrants			1,444,085
Related party \| OrbiMed Advisors, LLC \| Registered Direct Offering \| Common warrants
Related Party Transaction [Line Items]
Number of Warrants			1,397,684
Related party \| Puissance Capital Management \| Common warrants
Related Party Transaction [Line Items]
Number of Common Warrants Exercised					838,610
Number of Common Shares Issued Upon Exercise					838,610
Proceeds from the exercise of common stock warrants					$ 2,935,135
Related party \| Puissance Capital Management \| Follow-on Public Offering
Related Party Transaction [Line Items]
Common shares issued in transaction	30,000
Related party \| Puissance Capital Management \| Registered Direct Offering
Related Party Transaction [Line Items]
Common shares issued in transaction			866,451
Aggregate Purchase Price			$ 1,500,000
Related party \| Puissance Capital Management \| Registered Direct Offering \| Common warrants
Related Party Transaction [Line Items]
Number of Warrants			838,610
Related party \| Richard A. Miller \| Common warrants
Related Party Transaction [Line Items]
Number of Common Warrants Exercised					559,073
Number of Common Shares Issued Upon Exercise					559,073
Proceeds from the exercise of common stock warrants					$ 1,956,756
Related party \| Richard A. Miller \| Registered Direct Offering
Related Party Transaction [Line Items]
Common shares issued in transaction			577,634
Aggregate Purchase Price			$ 1,000,000
Related party \| Richard A. Miller \| Registered Direct Offering \| Common warrants
Related Party Transaction [Line Items]
Number of Warrants			559,073
Related party \| William B. Jones \| Common warrants
Related Party Transaction [Line Items]
Number of Common Warrants Exercised					19,357
Number of Common Shares Issued Upon Exercise					19,357
Proceeds from the exercise of common stock warrants					$ 67,750
Related party \| William B. Jones \| Registered Direct Offering
Related Party Transaction [Line Items]
Common shares issued in transaction			20,001
Aggregate Purchase Price			$ 34,624
Related party \| William B. Jones \| Registered Direct Offering \| Common warrants
Related Party Transaction [Line Items]
Number of Warrants			19,357

Equity Method Investment (Tables)

6 Months Ended

Jun. 30, 2026

Equity Method Investment

Schedule of financial information of Angel Pharmaceuticals Co.

Summary financial information for Angel Pharmaceuticals is as follows:


			As of		As of
Balance Sheet Data		June 30, 2026		December 31, 2025

		(in thousands)
Current assets		$	23,175	$	11,033
Non-current assets			695		904
Current liabilities			875		1,049
Non-current liabilities			59		229
Stockholders' equity			22,936		10,659


		Three Months Ended				Six Months Ended
		June 30,				June 30,
Statement of Operations Data		2026		2025		2026		2025

		(in thousands)
Revenue		$	—	$	—	$	—	$	—
Gross profit			—		—		—		—
Net loss			(832)		(503)		(1,599)		(1,189)
Share of loss from investments accounted for using the equity method			(709)		(389)		(1,308)		(928)

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2026	Dec. 31, 2025
CONDENSED CONSOLIDATED BALANCE SHEETS
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	290,000,000	290,000,000
Common stock, shares issued	84,120,944	74,696,629
Common stock, shares outstanding	84,120,944	74,696,629

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 4: 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 5: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 210
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(20))
-Publisher FASB
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-Name Accounting Standards Codification
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-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-2

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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(7))
-Publisher FASB
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+ Details

- Definition

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

+ References + Details

- Definition

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

+ References + Details

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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+ Details

Net Loss per Share

6 Months Ended

Jun. 30, 2026

Net Loss per Share

Net Loss per Share

3. Net Loss per Share

The following table shows the calculation of net (loss) income per share (in thousands, except share and per share data):


		Three Months Ended						Six Months Ended
		June 30,						June 30,
		2026			2025			2026			2025
Numerator:
Net (loss) income attributable to common stockholders, basic		$	(17,959)		$	(7,998)		$	(31,651)		$	7,195
Gain from change in fair value of warrant liability			—			—			—			(27,141)
Net loss - basic and diluted		$	(17,959)		$	(7,998)		$	(31,651)		$	(19,946)
Denominator:
Weighted average common shares and pre-funded warrants outstanding used to compute basic and diluted net (loss) income per share			92,368,013			77,774,344			91,188,921			74,966,022
Weighted average shares issuable upon the exercise of common warrants			—			—			—			1,555,686
Weighted average common shares and prefunded warrants outstanding used to compute diluted net loss per share			92,368,013			77,774,344			91,188,921			76,521,708

Net (loss) income per share, basic		$	(0.19)		$	(0.10)		$	(0.35)		$	0.10
Net loss per share, diluted		$	(0.19)		$	(0.10)		$	(0.35)		$	(0.26)

Weighted average common shares outstanding used in the calculation of basic and diluted net loss per share for the three and six months ended June 30, 2026 and 2025 includes 8,275,913 shares of common stock issuable upon conversion of pre-funded warrants. Refer to Note 9, “Warrants” for further details.

Shares issuable upon exercise of common warrants used in the calculation of diluted net loss per share for the six months ended June 30, 2025 were calculated using the treasury stock method.

The amounts in the table below were excluded from the calculation of diluted net loss per share, due to their anti-dilutive effect:


		Three Months Ended				Six Months Ended
		June 30,				June 30,
		2026		2025		2026		2025
Outstanding options		13,253,806		11,651,683		13,253,806		11,651,683

Fair Value Measurements - Available For Sale (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Fair value of available for sale marketable securities
Amortized Cost	$ 197,081	$ 52,111
Gross Unrealized Gains	2	63
Gross Unrealized Losses	(760)
Fair Value	196,323	52,174
U.S. Treasury securities
Fair value of available for sale marketable securities
Amortized Cost	170,821	38,622
Gross Unrealized Gains	2	53
Gross Unrealized Losses	(589)
Fair Value	170,234	38,675
U.S. Government agency securities
Fair value of available for sale marketable securities
Amortized Cost	26,260	13,489
Gross Unrealized Gains		10
Gross Unrealized Losses	(171)
Fair Value	$ 26,089	$ 13,499

Stock Option Plans (Tables)

6 Months Ended

Jun. 30, 2026

Stock Option Plans

Schedule of stock option activity

Activity under the Company’s stock option plans is set forth below:


				Options Outstanding
						Weighted ‑
		Shares				Average
		Available		Number of		Exercise
		for Grant		Options		Price
Balance at December 31, 2025		3,007,335		14,028,177		$	5.20
Additional shares authorized		2,987,865		—			—
Options granted		(240,500)		240,500			12.73
Options exercised		—		(338,537)			4.44
Options forfeited		676,334		(676,334)			14.01
Balance at June 30, 2026		6,431,034		13,253,806		$	4.90

Balance Sheet Components - Property and Equipment (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Property and Equipment
Property and equipment, gross	$ 3,541,000		$ 3,541,000		$ 2,869,000
Less: accumulated depreciation and amortization	(2,711,000)		(2,711,000)		(2,649,000)
Property and equipment, net	830,000		830,000		220,000
Depreciation expense	34,000	$ 29,000	63,000	$ 51,000
Laboratory equipment
Property and Equipment
Property and equipment, gross	2,996,000		2,996,000		2,646,000
Computer equipment and purchased software
Property and Equipment
Property and equipment, gross	212,000		212,000		190,000
Leasehold improvements
Property and Equipment
Property and equipment, gross	33,000		33,000		$ 33,000
Construction in progress
Property and Equipment
Property and equipment, gross	$ 300,000		$ 300,000

- 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.

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 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
Non-Rule 10b5-1 Arrangement Modified	false
Rule 10b5-1 Arrangement Modified	false

Related Party Transactions - Additional Information (Details) - USD ($)		3 Months Ended		6 Months Ended
	Jan. 23, 2026	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025	May 06, 2024
Related Party Transaction [Line Items]
Research and development		$ 15,964,000	$ 7,873,000	$ 27,139,000	$ 15,326,000
Related party \| Support clinical trials \| ICON plc
Related Party Transaction [Line Items]
Research and development		$ 118,000	$ 137,000
Angel Pharmaceuticals, Ltd
Related Party Transaction [Line Items]
Equity ownership interest	49.00%	48.60%		48.60%		49.70%	49.00%
Follow-on Public Offering
Related Party Transaction [Line Items]
Common shares issued in transaction	9,085,778
Share price of stock issued	$ 22.15
Follow-on Public Offering \| Related party \| Puissance Capital Management
Related Party Transaction [Line Items]
Common shares issued in transaction	30,000
Share price of stock issued	$ 22.15

Net Loss per Share (Tables)

6 Months Ended

Jun. 30, 2026

Net Loss per Share

Schedule of net (loss) income per share, basic and diluted

The following table shows the calculation of net (loss) income per share (in thousands, except share and per share data):


		Three Months Ended						Six Months Ended
		June 30,						June 30,
		2026			2025			2026			2025
Numerator:
Net (loss) income attributable to common stockholders, basic		$	(17,959)		$	(7,998)		$	(31,651)		$	7,195
Gain from change in fair value of warrant liability			—			—			—			(27,141)
Net loss - basic and diluted		$	(17,959)		$	(7,998)		$	(31,651)		$	(19,946)
Denominator:
Weighted average common shares and pre-funded warrants outstanding used to compute basic and diluted net (loss) income per share			92,368,013			77,774,344			91,188,921			74,966,022
Weighted average shares issuable upon the exercise of common warrants			—			—			—			1,555,686
Weighted average common shares and prefunded warrants outstanding used to compute diluted net loss per share			92,368,013			77,774,344			91,188,921			76,521,708

Net (loss) income per share, basic		$	(0.19)		$	(0.10)		$	(0.35)		$	0.10
Net loss per share, diluted		$	(0.19)		$	(0.10)		$	(0.35)		$	(0.26)

Schedule of antidilutive securities excluded from calculation of diluted net loss per share

The amounts in the table below were excluded from the calculation of diluted net loss per share, due to their anti-dilutive effect:


		Three Months Ended				Six Months Ended
		June 30,				June 30,
		2026		2025		2026		2025
Outstanding options		13,253,806		11,651,683		13,253,806		11,651,683

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) $ in Thousands	6 Months Ended
	Jun. 30, 2025 USD ($)
Proceeds from the exercise of common stock warrants	$ 35,745
Related party
Proceeds from the exercise of common stock warrants	$ 4,960

Income Taxes - Components of Earning Before Income Taxes and Income Taxes Benefits (Details) - USD ($)	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Income Taxes
Income tax benefits	$ 0	$ 0

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Equity Method Investment - Summary of Balance Sheet Information (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Mar. 31, 2026	Dec. 31, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024
Equity Method Investment
Current assets	$ 220,965		$ 58,214
Current liabilities	13,672		9,380
Stockholders' equity	225,328	$ 240,679	61,205	$ 80,228	$ 49,325	$ 32,568
Angel Pharmaceuticals, Ltd
Equity Method Investment
Current assets	23,175		11,033
Non-current assets	695		904
Current liabilities	875		1,049
Non-current liabilities	59		229
Stockholders' equity	$ 22,936		$ 10,659

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+ Details

- Definition

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

+ References

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

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

+ Details

Equity Method Investment - Investment in Angel Pharmaceuticals (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Jan. 23, 2026	Dec. 31, 2025	May 06, 2024
Equity Method Investment
Payment made for equity method investment				$ 5,000
Loss from equity method investment		$ 709	$ 389	$ 1,308	$ 928
Angel Pharmaceuticals, Ltd
Equity Method Investment
Equity reserved under employee stock ownership plan	6.40%	6.40%		6.40%			7.00%
Angel Pharmaceuticals, Ltd \| Equity financing
Equity Method Investment
Aggregate Purchase Price	$ 13,400
Angel Pharmaceuticals, Ltd
Equity Method Investment
Payment made for equity method investment	$ 5,000
Equity ownership interest	48.60%	48.60%		48.60%		49.00%	49.70%	49.00%
Loss from equity method investment		$ 700		$ 1,300

- Definition

Amount of income (loss) for proportionate share of equity method investee's income (loss).

+ 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

+ Details

Related Party Transactions

6 Months Ended

Jun. 30, 2026

Related Party Transactions

Related Party Transactions

16. Related Party Transactions

As part of the January 2026 follow-on public offering, 30,000 shares of common stock, at the public offering price of $22.15 per share, were sold to Puissance Capital Management, a related party. Ted Wang, Ph.D., a Co-Founder, General Manager and Director of Angel Pharmaceuticals, of which the Company holds a 49% ownership interest, is the founder of Puissance Capital Management.

On May 6, 2024, the Company closed a registered direct offering which resulted in gross proceeds of approximately $30.6 million. The financing consisted of the sale of 13,512,699 shares of common stock and accompanying common stock warrants to purchase 13,078,509 shares of common stock (or pre-funded warrants in lieu thereof) at a combined offering price of $1.7312 per share, and the sale of pre-funded warrants to purchase 4,144,085 shares of common stock and accompanying common warrants to purchase 4,010,927 shares of common stock (or pre-funded warrants in lieu thereof) at a combined offering price of $1.7311 per share. The common warrants had an exercise price of $3.50 per share of common stock (or $3.4999 per pre-funded warrant in lieu thereof), are exercisable at any time after the date of issuance, subject to certain ownership limitations, and expired on June 30, 2025. The pre-funded warrants have an exercise price of $0.0001 and are exercisable anytime after the date of the issuance, subject to certain ownership limitations.

As part of the registered direct offering, the following number of shares of common stock, pre-funded warrants and common warrants were sold to related parties:


		Number of			Number of			Number of			Aggregate
			Shares of		Pre-Funded			Common			Purchase
		Common Stock			Warrants			Warrants			Price
OrbiMed Advisors LLC (1)			—			1,444,085			1,397,684		$	2,499,856
Puissance Capital Management (2)			866,451			—			838,610			1,500,000
Richard A. Miller, M.D. (3)			577,634			—			559,073			1,000,000
William B. Jones, Ph.D. (4)			20,001			—			19,357			34,624

(1)

Peter Thompson, M.D., a member of the Company’s Board of Directors since November 2014, is a Private Equity Partner at OrbiMed Advisors, LLC.

(2)

Ted Wang, Ph.D., a Co-Founder, General Manager and Director of Angel Pharmaceuticals, of which the Company holds a 49% ownership interest, is the founder of Puissance Capital Management.

(3)

Richard A. Miller, M.D. is the Company’s President, Chief Executive Officer and Chairman of the Board of Directors.

(4)

William B. Jones, Ph.D. is the Company’s Senior Vice President, Pharmaceutical Development.


					Number of
		Number of			Common Shares				Aggregate
		Common Warrants			Issued Upon			Proceeds Received
		Exercised			Exercise			Upon Exercise
OrbiMed Advisors LLC (1)			1,397,684			221,352		$	—
Puissance Capital Management			838,610			838,610			2,935,135
Richard A. Miller, M.D.			559,073			559,073			1,956,756
William B. Jones, Ph.D.			19,357			19,357			67,750

(1)

In July 2021, Linda S. Grais, M.D., J.D., a member of the Company’s Board of Directors, was appointed as a non-executive member of the Board of Directors of ICON plc (“ICON”), effective upon completion of ICON’s acquisition of PRA Health Sciences, Inc. ICON is a clinical research organization and provides services to support the Company’s clinical trials. During the three months ended June 30, 2026 and 2025, the Company recorded approximately $118,000 and $137,000, respectively, in clinical trial expenses under its agreements with ICON.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2026

Fair Value Measurements.

Schedule of fair value of assets measured at fair value on a recurring basis, by level of fair value hierarchy


		June 30, 2026
		Fair Value Measured Using									Total
		(Level 1)			(Level 2)			(Level 3)			Balance
Assets
Cash equivalents		$	18,226		$	—		$	—		$	18,226
Marketable securities			—			196,323			—			196,323
		$	18,226		$	196,323		$	—		$	214,549


		December 31, 2025
		Fair Value Measured Using									Total
		(Level 1)			(Level 2)			(Level 3)			Balance
Assets
Cash equivalents		$	4,163		$	—		$	—		$	4,163
Marketable securities			—			52,174			—			52,174
		$	4,163		$	52,174		$	—		$	56,337

Schedule of fair value of available for sale marketable securities

As of June 30, 2026 and December 31, 2025, the fair value of available for sale marketable securities by type of security were as follows (in thousands):


		June 30, 2026
					Gross			Gross
		Amortized			Unrealized			Unrealized			Fair
		Cost			Gains			Losses			Value
U.S. Treasury securities		$	170,821		$	2		$	(589)		$	170,234
U.S. Government agency securities			26,260			—			(171)			26,089
		$	197,081		$	2		$	(760)		$	196,323


		December 31, 2025
					Gross			Gross
		Amortized			Unrealized			Unrealized			Fair
		Cost			Gains			Losses			Value
U.S. Treasury securities		$	38,622		$	53		$	—		$	38,675
U.S. Government agency securities			13,489			10			—			13,499
		$	52,111		$	63		$	—		$	52,174

Schedule of remaining maturity by type of security

As of June 30, 2026, all of the Company’s marketable securities are considered available for current operations and the remaining maturity by type of security is as follows (in thousands):


	Maturities by Period at Amortized Cost
			Less than
	Total		1 Year		1-2 years
U.S. Treasury securities	$	170,821	$	98,927	$	71,894
U.S. Government agency securities		26,260		7,154		19,106
	$	197,081	$	106,081	$	91,000

Facility Lease - Minimum Rental Commitments San Francisco Lease (Details) - Office and lab space lease - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Minimum Rental Commitments
2026	$ 230	$ 486
2027	566	566
Total lease payments	796	1,052
Less: imputed interest	(68)	(115)
Total	$ 728	$ 937

Balance Sheet Components - Accruals and Other Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Balance Sheet Components
Accrued clinical trial expense	$ 3,652	$ 3,566
Accrued manufacturing expense	3,032	1,812
Personnel related	1,932	641
Accrued legal and accounting	256	229
Other	299	238
Accrued and other liabilities	$ 9,171	$ 6,486

Facility Lease - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Costs of operating lease
Total operating lease cost	$ 185	$ 166	$ 359	$ 301
Other Information
Operating cash flows used for operating lease	$ 199	$ 104	$ 387	$ 104
Remaining lease term	1 year 7 months 6 days	2 years 7 months 6 days	1 year 7 months 6 days	2 years 7 months 6 days
Discount rate	11.70%	11.70%	11.70%	11.70%
Location, Statement of Income, Balance [Axis]: us-gaap:ResearchAndDevelopmentExpense \| Office and lab space lease
Costs of operating lease
Operating lease costs	$ 114	$ 114	$ 227	$ 227
Costs of non-lease components (previously common area maintenance)	$ 71	$ 52	$ 132	$ 74

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2026	Aug. 06, 2026
Document And Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2026
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity Registrant Name	Corvus Pharmaceuticals, Inc.
Entity Incorporation, State or Country Code	DE
Securities Act File Number	001-37719
Entity Tax Identification Number	46-4670809
Entity Address, Address Line One	901 Gateway Boulevard, Third Floor
Entity Address, City or Town	South San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94080
City Area Code	650
Local Phone Number	900-4520
Title of 12(b) Security	Common Stock, Par Value $0.0001 per share
Trading Symbol	CRVS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		84,120,944
Entity Central Index Key	0001626971
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Operating expenses:
Research and development	$ 15,964	$ 7,873	$ 27,139	$ 15,326
General and administrative	3,333	2,387	7,035	4,856
Total operating expenses	19,297	10,260	34,174	20,182
Loss from operations	(19,297)	(10,260)	(34,174)	(20,182)
Interest income and other expense, net	2,047	639	3,831	1,164
Change in fair value of warrant liability		2,012		27,141
Income (loss) before equity method investment	(17,250)	(7,609)	(30,343)	8,123
Loss from equity method investment	(709)	(389)	(1,308)	(928)
Net (loss) income	$ (17,959)	$ (7,998)	$ (31,651)	$ 7,195
Net (loss) income per share, basic	$ (0.19)	$ (0.1)	$ (0.35)	$ 0.1
Net loss per share, diluted	$ (0.19)	$ (0.1)	$ (0.35)	$ (0.26)
Shares used to compute net (loss) income per share, basic	92,368,013	77,774,344	91,188,921	74,966,022
Shares used to compute net loss per share, diluted	92,368,013	77,774,344	91,188,921	76,521,708
Other comprehensive (loss) income:
Unrealized loss on marketable securities	$ (487)	$ (19)	$ (821)	$ (42)
Cumulative foreign currency translation adjustment	320	125	424	182
Comprehensive (loss) income	$ (18,126)	$ (7,892)	$ (32,048)	$ 7,335

Balance Sheet Components

6 Months Ended

Jun. 30, 2026

Balance Sheet Components

Balance Sheet Components

8. Balance Sheet Components (in thousands)


		June 30,			December 31,
		2026			2025
Prepaid and Other Current Assets
Interest receivable		$	1,843		$	337
Prepaid research and development manufacturing expenses			2,919			599
Prepaid insurance			394			138
Other			575			353
		$	5,731		$	1,427
Property and Equipment
Laboratory equipment		$	2,996		$	2,646
Computer equipment and purchased software			212			190
Leasehold improvements			33			33
Construction in progress			300			—
			3,541			2,869
Less: accumulated depreciation and amortization			(2,711)			(2,649)
		$	830		$	220
Accrued and Other Liabilities
Accrued clinical trial expense		$	3,652		$	3,566
Accrued manufacturing expense			3,032			1,812
Personnel related			1,932			641
Accrued legal and accounting			256			229
Other			299			238
		$	9,171		$	6,486

During the three months ended June 30, 2026 and 2025, the Company recorded approximately $34,000 and $29,000 in depreciation expense, respectively, and during the six months ended June 30, 2026 and 2025, the Company recorded approximately $63,000 and $51,000 in depreciation expense, respectively.

Net Loss per Share - Anti-Dilutive Securities (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Excluded from the calculation of diluted net loss per share, due to anti-dilutive effect
Common shares issuable upon conversion of pre-funded warrants (included in calculation of basic and diluted EPS)	8,275,913	8,275,913	8,275,913	8,275,913
Employee Stock Option Member
Excluded from the calculation of diluted net loss per share, due to anti-dilutive effect
Total shares of common stock equivalents	13,253,806	11,651,683	13,253,806	11,651,683

Warrants

6 Months Ended

Jun. 30, 2026

Warrants

Warrants

9. Warrants

On May 6, 2024, the company completed a registered direct offering in which the Company sold an aggregate of 13,512,699 shares of common stock and common warrants to purchase up to 13,078,509 shares of common stock (or pre-funded warrants in lieu thereof) at a combined offering price of $1.7312 per share and common warrant, and pre-funded warrants to purchase up to 4,144,085 shares of common stock and common warrants to purchase up to 4,010,927 shares of common stock (or pre-funded warrants in lieu thereof), at a combined offering price of $1.7311 per share underlying each pre-funded warrant and common warrant, which equals the offering price per share and common warrant less the $0.0001 exercise price per share of the pre-funded warrants.

The pre-funded warrants have an exercise price per share of common stock equal to $0.0001 per share. The exercise price and the number of shares of common stock issuable upon exercise of the pre-funded warrants are subject to appropriate adjustments in the event of certain stock dividends and distributions, stock splits, stock combinations, reclassifications or similar events affecting the common stock. The pre-funded warrants are exercisable at any time after the date of issuance. In accordance with accounting guidance discussed in Note 2, the Company recorded $5.0 million to additional paid-in capital upon issuance of the pre-funded warrants on May 6, 2024. In May 2025, an additional 4,131,828 pre-funded warrants were issued in connection with the exercise of common warrants. As of June 30, 2026, none of the pre-funded warrants have been exercised and 8,275,913 pre-funded warrants remain outstanding.

The common warrants had an exercise price per share of common stock equal to $3.50 per share (or $3.4999 per pre-funded warrant). The exercise price and the number of shares of common stock (or pre-funded warrants in lieu thereof) issuable upon exercise of the common warrants were subject to appropriate adjustments in the event of certain stock dividends and distributions, stock splits, stock combinations, reclassifications or similar events affecting the

common stock. The common warrants were exercisable at any time after the date of issuance and had an expiration date of June 30, 2025. In accordance with accounting guidance discussed in Note 2, “Summary of Significant Accounting Policies,” the Company recorded a decrease in fair value of warrant liability of $2.0 million and $27.1 million to other income in its condensed consolidated statement of operations and comprehensive loss for the three and six months ended June 30, 2025. As of June 30, 2025, the expiration date of the common warrants, all of the common warrants had been exercised, resulting in proceeds of $54.3 million.

Organization

6 Months Ended

Jun. 30, 2026

Organization

Organization

1. Organization

Corvus Pharmaceuticals, Inc. (“Corvus” or the “Company”) was incorporated in Delaware on January 27, 2014 and commenced operations in November 2014. Corvus is a clinical-stage biopharmaceutical company. The Company’s operations are located in South San Francisco, California.

Presentation

The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Corvus Biopharmaceuticals, Ltd. and Corvus Hong Kong Limited. All intercompany accounts and transactions have been eliminated from the condensed consolidated financial statements.

Registered Direct Offering

On May 6, 2024, the Company completed a registered direct offering which resulted in gross proceeds of approximately $30.6 million. The financing consisted of the sale of 13,512,699 shares of common stock and accompanying common stock warrants to purchase 13,078,509 shares of common stock (or pre-funded warrants in lieu thereof) at a combined offering price of $1.7312 per share, and the sale of pre-funded warrants to purchase 4,144,085 shares of common stock and accompanying common warrants to purchase 4,010,927 shares of common stock (or pre-funded warrants in lieu thereof) at a combined offering price of $1.7311 per share. The common warrants had an exercise price of $3.50 per share of common stock (or $3.4999 per pre-funded warrant in lieu thereof), were exercisable at any time after the date of issuance, subject to certain ownership limitations, and expired on June 30, 2025. The pre-funded warrants have an exercise price of $0.0001 and are exercisable any time after the date of the issuance, subject to certain ownership limitations. As of June 30, 2025, the expiration date of the common warrants, all of the common warrants had been exercised, resulting in proceeds of $54.3 million.

Follow-on Public Offering

On January 23, 2026, the Company completed a follow-on public offering in which the Company sold 9,085,778 shares of common stock at a price of $22.15 per share, which included 1,185,101 shares issued pursuant to the underwriters’ exercise of their option to purchase additional shares of common stock. The aggregate net proceeds received by the Company from the offering were approximately $189.4 million, net of underwriting discounts, commissions and offering expenses.

Liquidity

The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry, including, but not limited to, development by competitors of new technological innovations, protection of proprietary technology, dependence on key personnel, contract manufacturer and contract research organizations, compliance with government regulations and the need to obtain additional financing to fund operations. Since commencing operations in 2014, the majority of the Company’s efforts have been focused on the research and development of soquelitinib, ciforadenant and mupadolimab. The Company believes that it will continue to expend substantial resources for the foreseeable future as it continues clinical development of, seek regulatory approval for and, if approved, prepare for the commercialization of soquelitinib, as well as product candidates under the Company’s other development programs. These expenditures will include costs associated with research and development, conducting preclinical studies and clinical trials, obtaining regulatory approvals, manufacturing and supply, sales and marketing and general operations. In addition, other unanticipated costs may arise. Because the outcome of any clinical trial and/or regulatory approval process is highly uncertain, the Company may not be able to accurately estimate the actual amounts necessary to successfully complete the development, regulatory approval process and commercialization of soquelitinib, or any other product candidates.

The Company has incurred significant losses and negative cash flows from operations in all periods since inception and had an accumulated deficit of $443.9 million as of June 30, 2026. To date, none of the Company’s product candidates have been approved for sale and therefore the Company has not generated any revenue from sales of commercial products. Management expects operating losses to continue for the foreseeable future. The Company has funded its operations to date primarily through the sale of redeemable convertible preferred stock, common stock, pre-funded warrants and common stock warrants. As of June 30, 2026, the Company had cash, cash equivalents and marketable securities of $215.2 million. Management believes that the Company’s current cash, cash equivalents and short-term marketable securities will be sufficient to fund its planned operations for at least the next 12 months from the date of the issuance of these condensed consolidated financial statements. To fund all of the Company's ongoing and planned development programs through commercialization, the Company will need to raise additional capital in the future. The Company intends to raise additional capital through private and public equity offerings, debt financings and license and development agreements. However, there can be no assurance that the Company will be successful in acquiring additional funding at levels sufficient to fund its operations or on terms acceptable to the Company or at all. If the Company is unsuccessful in its efforts to raise additional capital or if sufficient funds on acceptable terms are not available when needed, the Company could be required to significantly reduce operating expenses and delay, reduce the scope of or eliminate one or more of its development programs, out-license intellectual property rights to its product candidates, sell unsecured assets, or a combination of the above, any of which may have a material adverse effect on the Company’s business, results of operations, financial condition and/or its ability to fund its obligations on a timely basis or at all. Failure to manage discretionary spending or raise additional capital, as needed, may adversely impact the Company’s ability to achieve its intended business objectives.

Equity Method Investment - Summary of Income Statement Information (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025
Equity Method Investment
Net income (loss)	$ (17,959)	$ (13,692)	$ (7,998)	$ 15,193	$ (31,651)	$ 7,195
Share of loss from investments accounted for using the equity method	(709)		(389)		(1,308)	(928)
Angel Pharmaceuticals, Ltd
Equity Method Investment
Net income (loss)	$ (832)		$ (503)		$ (1,599)	$ (1,189)

- Definition

Amount of income (loss) for proportionate share of equity method investee's income (loss).

+ References + Details

- Definition

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

+ References

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+ Details

- Definition

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

+ References

+ Details

Organization (Details) - USD ($) $ / shares in Units, $ in Thousands				3 Months Ended	6 Months Ended
	Jan. 23, 2026	Jun. 30, 2025	May 06, 2024	Mar. 31, 2026	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025	May 31, 2025
Public Offerings
Proceeds from the exercise of common stock warrants						$ 35,745
Accumulated deficit					$ 443,944		$ 412,293
Cash, cash equivalents and marketable securities					215,200
Proceeds from issuance of common stock					$ 189,407
Registered Direct Offering
Public Offerings
Common shares issued in transaction			13,512,699
Proceeds from issuance of common stock			$ 30,600
Registered Direct Offering \| Common stock warrants
Public Offerings
Warrants issued to purchase common shares			13,078,509
Registered Direct Offering \| Common Stock and Common Warrants
Public Offerings
Common shares issued in transaction			13,512,699
Combined offering price per share			$ 1.7312
Registered Direct Offering \| Common warrants
Public Offerings
Warrants issued to purchase common shares			4,010,927
Exercise price of warrants			$ 3.5
Exercise price of pre-funded warrants			$ 3.4999
Proceeds from the exercise of common stock warrants		$ 54,300				$ 54,300
Registered Direct Offering \| Pre-funded warrants
Public Offerings
Warrants issued to purchase common shares			4,144,085					4,131,828
Exercise price of warrants			$ 0.0001
Registered Direct Offering \| Pre-funded and Common Warrants
Public Offerings
Combined offering price per share			$ 1.7311
Follow-on Public Offering
Public Offerings
Common shares issued in transaction	9,085,778
Proceeds from issuance of common stock	$ 189,400
Share price of stock issued	$ 22.15
Gross proceeds from sale of stock				$ 189,407
Over-Allotment Option
Public Offerings
Common shares issued in transaction	1,185,101

Net Loss per Share - Calculation of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Numerator:
Net (loss) income attributable to common stockholders, basic	$ (17,959)	$ (7,998)	$ (31,651)	$ 7,195
Gain from change in fair value of warrant liability				(27,141)
Net (loss) income attributable to common stockholders, diluted	$ (17,959)	$ (7,998)	$ (31,651)	$ (19,946)
Denominator:
Weighted average common shares and pre-funded warrants outstanding used to compute basic net (loss) income per share	92,368,013	77,774,344	91,188,921	74,966,022
Weighted average shares issuable upon the exercise of the common warrants				1,555,686
Weighted average common shares and pre-funded warrants outstanding used to compute diluted net (loss) income per share	92,368,013	77,774,344	91,188,921	76,521,708
Net (loss) income per share, basic	$ (0.19)	$ (0.1)	$ (0.35)	$ 0.1
Net loss per share, diluted	$ (0.19)	$ (0.1)	$ (0.35)	$ (0.26)