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Commitment and Contingencies - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Loss on impairment of long-lived assets		$ 1,883	$ 1,600
Remaining liability paid of Stipulation of Dismissal with prejudice to the former CMO	$ 400

Leases - Schedule of Components of Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Lease Cost:
Operating lease cost	$ 5,132	$ 6,410
Variable lease cost	2,527	2,514
Total lease cost	$ 7,659	$ 8,924

Property and Equipment and Related Impairment

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Property and Equipment and Related Impairment

6. Property and Equipment and Related Impairment

Property and equipment consist of the following (in thousands):


	December 31,
	2025			2024
Property and equipment:
Laboratory equipment	$	3,927		$	3,927
Computer software and equipment		159			159
Office furniture and fixtures		961			961
Leasehold improvements		553			486
Total	$	5,600		$	5,533
Accumulated depreciation		(4,549	)		(4,129	)
Property and equipment, net	$	1,051		$	1,404

Accumulated depreciation includes $1.9 million related to loss on impairment in 2024 of property and equipment described below at December 31, 2025 and 2024. In addition, the Company recognized approximately $0.5 million of depreciation expense for each of the years ended December 31, 2025 and 2024.

During the second quarter of 2024 and as a result of the Company’s Phase 3 ENLIGHTEN 1 trial failing to meet its primary endpoint, the Company performed a recoverability test for its property and equipment. The Company concluded that the undiscounted cash flows associated with its property and equipment was less than the carrying value of the property and equipment. The Company compared the fair value of the property and equipment to the carrying value and recorded an impairment charge in the amount of $1.9 million which is included as an impairment of property and equipment in the consolidated statements of operations and comprehensive loss for the year ended December 31, 2024. The Company determined fair market value of the equipment based on a third-party appraisal of the equipment through use of publicly available used equipment quotes. The equipment was valued as of May 15, 2024. The Company reassessed the need for any further impairment as of December 31, 2025, and determined no additional impairment indicators existed.

Collaboration Agreement - Revenue Recognized Related to Each of the Performance Obligations and the Remaining Deferred Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Deferred revenue at beginning	$ 12,260	$ 13,794
Revenue recognized	(398)	(1,534)
Deferred revenue at ending	11,862	12,260
Combined Performance Obligation
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Deferred revenue at beginning	11,748	11,748
Deferred revenue at ending		11,748
Development Activities Performance Obligation
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Deferred revenue at beginning	512	2,046
Revenue recognized	(398)	(1,534)
Deferred revenue at ending	$ 114	$ 512

Leases

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Leases

15. Leases

Watertown Lease

In August 2007, the Company entered into an operating lease, as amended, for office and laboratory space in Watertown, Massachusetts. The lease includes certain rent escalations. In July 2023, the Company amended the lease to extend the expiration of the lease term from April 2024 to April 2027. Under the terms of the amended lease, the Company no longer has the right to terminate the lease after January 1, 2024.

The Company maintains a letter of credit of approximately $0.3 million securing its obligations under the operating lease which is secured by approximately $0.3 million, which are included as restricted cash in the consolidated balance sheets. Rent expense is recognized on a straight-line basis over the terms of occupancy.

Waltham Lease

The Company has two leases for two separate spaces in the same building at 880 Winter Street in Waltham, Massachusetts. The Company refers to the first lease as the “Waltham Lease” and the second lease arrangement as the “Waltham Sublease” as the Company, as a tenant, is subleasing space from under an existing lease arrangement whereby the

lessee to the headlease has agreed to sublease the space to the Company under a sublease agreement.

In May 2022, the Company executed the Waltham Lease. The leased premises comprises approximately 29,000 square feet of office and lab space, and the lease initially provides for base rent of $2.2 million per year, which will increase 3% per year over the noncancellable term ending on June 30, 2033. The Company has the option to extend the lease for one additional five-year term and is responsible for its share of real estate taxes, maintenance, and other operating expenses applicable to the leased premises. The Company did not include the option to extend the lease for the additional five-year term in its measurement of the right-of-use asset and lease liability.

In connection with the lease, a security deposit was delivered to the landlord in the form of an irrevocable standby letter of credit collateralized by $1.1 million of deposits with the financial institution which is recorded as restricted cash.

Waltham Sublease

In December 2023, the Company executed the Waltham Sublease. The subleased premises comprise approximately 24,000 square feet, and the sublease provides for base rent of $1.8 million per year, which will increase 3% per year over the noncancellable term ending on November 30, 2032. The Company is also responsible for its share of real estate taxes, maintenance, and other operating expenses applicable to the subleased premises.

Upon sublease commencement on January 3, 2024, the Company recorded the sublease as a component of its operating lease right-of-use asset and operating lease liabilities. In connection with the sublease, a security deposit was delivered to the sublandlord in the form of an irrevocable standby letter of credit collateralized by $0.6 million of deposits with the financial institution which is recorded as restricted cash.

The components of lease cost recorded in the Company’s consolidated financial statements were as follows (in thousands):


	Year Ended December 31,
	2025		2024
Lease Cost:
Operating lease cost	$	5,132	$	6,410
Variable lease cost		2,527		2,514
Total lease cost	$	7,659	$	8,924

Variable lease payments include the Company’s allocated share of costs incurred and expenditures made by the landlord in the operation and management of the building.

The weighted-average remaining lease term and discount rate related to the Company’s operating leases were as follows:


	December 31,
	2025			2024
Weighted-average remaining lease term (in years)		6.7			7.4
Weighted-average discount rate		6.1	%		6.2	%

Maturity of the Company’s operating lease liabilities in accordance with ASC 842 as of December 31, 2025 were as follows (in thousands):


Year ending December 31,
2026	$	6,494
2027		5,131
2028		4,507
2029		4,642
Thereafter		16,010
Total maturities		36,784
Less: Imputed interest		(6,525	)
Present value of operating lease liability		30,259
Less: Current portion of operating lease liability		(4,818	)
Total operating lease liability, net of current portion	$	25,441

Total rent expense under the Company's leases amounted to $5.1 million and $6.4 million for the years ended December 31, 2025 and 2024, respectively. In 2024, the Company evaluated the above leases for impairment indicators and determined that the right-of-use assets were impaired. Additional details are included within Note 7 above.

Stock-Based Compensation Expense (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-Based Compensation Expense

Stock-based compensation expense included in the Company’s consolidated statements of operations and comprehensive loss was as follows (in thousands):


	Year Ended December 31,
	2025		2024
Research and development	$	1,006	$	1,360
General and administrative		1,329		5,356
Total	$	2,335	$	6,716

Summary of Restricted Stock Unit Activity, Including 2024 PSUs

A summary of the restricted stock unit activity, including 2024 PSUs, under the Plans for the year ended December 31, 2025 was as follows:


	Shares			Weighted- Average Grant Date Fair Value
Restricted stock units outstanding as of December 31, 2024		42,865		$	132.09
Granted		62,020		$	9.86
Vested		(41,250	)	$	57.75
Forfeited		(11,821	)	$	210.07
Restricted stock units outstanding as of December 31, 2025		51,814		$	27.18

Schedule of Unrecognized Stock-Based Compensation

The following table summarizes the Company’s unrecognized stock-based compensation as of December 31, 2025:


	Unrecognized Expense (in thousands)		Period of Recognition (years)
Restricted stock units	$	816		1.3
Stock options		1,751		1.7
Total	$	2,567

Schedule of Fair Value of Stock Option Estimated on Date of Grant Using Black-Scholes Option-Pricing Model or Monte Carlo Simulation in Case of Options Granted to Certain Executive Officers

The fair value of each stock option granted to employees, directors and non-employees in 2024 was estimated on the date of grant using the Black-Scholes option-pricing model, with the following weighted-average assumptions:


	Year Ended December 31,
	2024
Risk-free interest rate		4.2	%
Expected dividend yield		—	%
Expected term (in years)		6.0
Expected volatility		80.5	%

Summary of Stock Option Activity, Including Incentive Options, Under Plans

A summary of the stock option activity, including incentive options, under the Plans for the year ended December 31, 2025 was as follows:


	Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2024		126,255		$	283.02		7.5	$	—
Granted		—			—
Exercised		—			—
Cancelled		(57,716	)		375.52
Outstanding at December 31, 2025		68,539		$	205.12		5.6	$	—
Exercisable at December 31, 2025		52,210		$	210.62		5.1	$	—
Vested and expected to vest at December 31, 2025		68,539		$	205.12		5.6	$	—

Stock-Based Compensation Expense - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 2,335	$ 6,716
Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	1,006	1,360
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 1,329	$ 5,356

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Basis of Presentation

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative United States generally accepted accounting principles as found in the Accounting Standard Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”).

Principles of Consolidation

The consolidated financial statements include the accounts of Lyra Therapeutics, Inc. and its wholly owned subsidiary Lyra Therapeutics Security Corporation. All intercompany transactions and balances have been eliminated.

The accompanying consolidated financial statements reflect the application of certain significant accounting policies as described in this note and elsewhere in the accompanying consolidated financial statements and notes.

Use of Estimates

The preparation of the Company’s consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, expenses and related disclosure of contingent assets and liabilities at the date of the consolidated financial statements and reported amounts of expenses during the reporting period. On an ongoing basis, the Company’s management evaluates its estimates, which include but are not limited to management’s judgments of revenue recognition, operating lease right-of-use assets, operating lease liabilities, accrued expenses, valuation of share-based awards and realization of its deferred tax assets. Due to the uncertainty inherent in such estimates, actual results may differ from these estimates.

Comprehensive Loss

Comprehensive loss includes net loss as well as other changes in stockholders’ equity that result from transactions and economic events other than those with stockholders. There was no other comprehensive loss in the year ended December 31, 2025. For the year ended December 31, 2024, other comprehensive loss consisted of unrealized losses, net of taxes, from its short-term investments.

Cash and Cash Equivalents

The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents include cash held in banks, amounts held in money market funds, and highly liquid debt securities. Cash equivalents are stated at cost, which approximates market value.

Restricted Cash

The Company had restricted cash of approximately $2.0 million as of December 31, 2025 and 2024. These balances were held as restricted at the Company’s financial institution to secure the Company’s letters of credit for its facility leases.

The Company’s statements of cash flows include restricted cash with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on such statements. A reconciliation of the cash, cash equivalents, and restricted cash reported within the consolidated balance sheets that sum to the total of the same amounts shown in the consolidated statements of cash flows is as follows (in thousands):


	Year Ended December 31,
	2025		2024
Cash and cash equivalents	$	15,893	$	40,577
Restricted cash		1,993		1,993
Total	$	17,886	$	42,570

Short-term Investments

Investments in marketable securities are classified as available-for-sale. Available-for-sale securities are measured and reported at fair value using quoted prices in active markets for similar securities. Unrealized gains and losses, net of taxes on available-for-sale securities are reported as a separate component of stockholders’ equity. Premiums or discounts from par value are amortized to investment income over the life of the underlying investment. All of the Company’s available-for-sale securities are available to the Company for use in current operations. As a result, the Company classified all of these securities as current assets even though the stated maturity of some individual securities may be one year or more beyond the balance sheet date. The Company did not have short-term investments at December 31, 2025 or 2024.

The cost of securities sold is determined on a specific identification basis, and realized gains and losses are included in other income (expense) within the consolidated statements of operations and comprehensive loss. The Company reviews investments whenever the fair value of an investment is less than the amortized cost and evidence indicates that an investment’s carrying amount is not recoverable within a reasonable period of time. In connection therewith, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors, considering the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions

specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security is compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded on the consolidated balance sheets, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that is not related to credit is recognized in other comprehensive loss as a separate component of stockholders' equity. Changes in the allowance for credit losses are recorded as a provision for (or reversal of) credit loss expense in general and administrative expenses within the consolidated statements of operations and comprehensive loss. Losses are charged against the allowance when the Company believes the uncollectability of an available-for-sale security is confirmed or when either of the criteria regarding intent or requirement to sell is met.

Concentrations Of Credit Risk And Off Balance Sheet Risk

Concentrations of Credit Risk and Off-Balance Sheet Risk

Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents and short-term investments. The Company maintains all its cash and cash equivalents, and short-term investments at two accredited financial institutions, in amounts that exceed federally insured limits.

The Company has no significant off-balance sheet risk such as foreign exchange contracts, option contracts, or other foreign exchange hedging arrangements.

Significant Suppliers

The Company is dependent on third-party manufacturers to supply products for research and development activities in its programs. In particular, the Company relies and expects to continue to rely on a small number of manufacturers to supply it with its requirements for the drug product and associated applicator related to these programs. These programs could be adversely affected by a significant interruption in the supply of the materials required to manufacture the drug product and associated applicator.

Fair Value of Financial Instruments

Fair value is defined as the price that would be received upon sale of an asset or paid to transfer a liability between market participants at a measurement date. ASC Topic 820, Fair Value Measurements (“ASC 820”), establishes a three-level valuation hierarchy for instruments measured at fair value that prioritizes the inputs used to measure fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the inputs that market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances. The fair value hierarchy applies only to the valuation inputs used in determining the reported or disclosed fair value of the financial instruments and is not a measure of the investment credit quality. The three levels of the fair value hierarchy established by ASC 820 in order of priority are as follows:

Level 1 -Quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.

Level 2 -Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable, such as quoted market prices, interest rates and yield curves.

Level 3 -Unobservable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques.

To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.

An entity may elect to measure many financial instruments and certain other items at fair value at specified election dates. Subsequent unrealized gains and losses on items for which the fair value option has been elected will be reported in net loss. The Company did not elect to measure any financial instruments or other items at fair value.

Property and Equipment

Property and equipment are stated at cost, less accumulated depreciation. Depreciation expense is recognized using the straight-line method over the estimated useful life of each asset as follows:


Property and Equipment		Estimated Useful Life
Laboratory equipment		5 years
Computer software and equipment		3 years
Office furniture and fixtures		7 years
Leasehold improvements		Shorter of useful life or remaining term of related lease

Upon retirement or sale, the cost of the assets disposed of and the related accumulated depreciation are eliminated from the consolidated balance sheets and related gains or losses are reflected in the consolidated statements of operations and comprehensive loss. Repairs and maintenance that do not improve or extend the lives of the respective assets are expensed as incurred, while costs of major additions and betterments are capitalized.

Impairment of Long-Lived Assets

Long-lived assets consist of property and equipment and right-of-use assets. The Company continually evaluates long-lived assets for potential impairment when events or changes in circumstances indicate the carrying value of the assets may not be recoverable. Recoverability is measured by comparing the book values of the assets to the expected future net undiscounted cash flows that the assets are expected to generate. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the book values of the assets exceed their fair value. The Company recognized no loss on impairment and $1.9 million related to loss on impairment of property and equipment for the periods ended December 31, 2025 and 2024, respectively, both related to specific facts and circumstances in the respective periods.

The Company also assesses its right-of-use assets for impairment based on triggering events, and recognized no impairment of right-of-use assets as of December 31, 2025 and $22.8 million of impairment of right-of-use assets as of December 31, 2024. As previously disclosed, management’s intent and ability to enter into early termination of their lease arrangements would more likely than not result in a material impairment of right-of-use assets.

Leases

Under ASC 842, Leases, the Company determines if an arrangement is or contains a lease at inception. For leases with a term of 12 months or less, the Company does not recognize a right-of-use asset or lease liability. The Company’s operating leases are recognized on its consolidated balance sheets as other noncurrent assets, other current liabilities and other noncurrent liabilities. The Company does not have any finance leases.

Right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. As the Company’s leases typically do not provide an implicit rate, the Company uses an estimate of its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. Operating lease right-of-use assets also include the effect of any lease payments made prior to commencement and excludes lease incentives. The lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense is recognized on a straight-line basis over the lease term.

The Company separates lease and non-lease components when determining which lease payments to include in the calculation of its lease assets and liabilities. Variable lease payments are expensed as incurred. If a lease includes an option to extend or terminate the lease, the Company reflects the option in the lease term if it is reasonably certain it will exercise the option.

Accrued Research and Development Expenses

As part of the process of preparing the Company's consolidated financial statements, the Company is required to estimate its accrued research and development expenses. This process involves reviewing purchase orders and open contracts, communicating with the Company's personnel to identify services that have been performed on its behalf, and estimating the level of service performed and the associated cost incurred for the services when the Company has not yet been invoiced or otherwise notified of the actual cost. The Company's service providers generally invoice the Company monthly in arrears for services performed, on a pre-determined schedule, or when contractual milestones are met; however, some require advance payments. The Company makes estimates of its accrued expenses as of each balance sheet date in its consolidated financial statements based on facts and circumstances known to the Company at that time. The Company confirms the accuracy of its estimates with the service providers and make adjustments if necessary. The significant estimates in the Company's accrued research and development expenses include the following costs incurred for services in connection with research and development activities for which the Company has not yet been invoiced:

•

vendors in connection with preclinical development activities;

•

vendors in connection with the testing of preclinical and clinical trial materials;

•

CROs in connection with preclinical and clinical studies; and

•

investigative sites in connection with clinical trials.

The Company contracts with CROs to conduct clinical and other research and development services on its behalf. The Company bases its expenses related to CROs on its estimates of the services received and efforts expended pursuant to quotes and contracts with them. The financial terms of these agreements are subject to negotiation, vary from contract to contract, and may result in uneven payment flows. There may be instances in which payments made to the Company's CROs will exceed the level of services provided and result in a prepayment of the research and development expense. In accruing service fees, the Company estimates the time period over which services will be performed and the level of effort to be expended in each period. If the actual timing of the performance of services or the level of effort varies from the Company's estimate, the Company adjusts the accrual or amount of prepaid expense accordingly. Non-refundable advance payments for goods and services that will be used in future research and development activities are expensed when the activity has been performed or when the goods have been received rather than when the payment is made.

Although the Company does not expect its estimates to be materially different from amounts actually incurred, our understanding of the status and timing of services performed relative to the actual status and timing of services performed may vary and may result in reporting amounts that are too high or too low in any particular period. To date, there have not been any material adjustments to our prior estimates of accrued research and development expenses.

Revenue Recognition

Under ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”), an entity recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration that the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of ASC 606, the entity performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price, including variable consideration, if any; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that the entity will collect the consideration to which it is entitled in exchange for the goods or services it transfers to the customer.

Once a contract is determined to be within the scope of ASC 606, the Company assesses the goods or services promised within each contract and determines those that are performance obligations. Arrangements that include rights to additional goods or services that are exercisable at a customer’s discretion are generally considered options. The Company assesses if these options provide a material right to the customer and if so, they are considered performance obligations. The identification of material rights requires judgments related to the determination of the value of the underlying good or service relative to the option exercise price. The exercise of a material right is accounted for as a contract modification for accounting purposes.

The Company assesses whether each promised good or service is distinct for the purpose of identifying the performance obligations in the contract. This assessment involves subjective determinations and requires management to make judgments about the individual promised goods or services and whether such are separable from the other aspects of the contractual relationship. Promised goods and services are considered distinct provided that: (i) the customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer (that is, the good or service is capable of being distinct) and (ii) the entity’s promise to transfer the good or service to the customer is separately identifiable from other promises in the contract (that is, the promise to transfer the good or service is distinct within the context of the contract). In assessing whether a promised good or service is distinct, the Company considers factors such as the research, manufacturing and commercialization capabilities of the collaboration partner and the availability of the associated expertise in the general marketplace. The Company also considers the intended benefit of the contract in assessing whether a promised good or service is separately identifiable from other promises in the contract. If a promised good or service is not distinct, an entity is required to combine that good or service with other promised goods or services until it identifies a bundle of goods or services that is distinct.

The transaction price is then determined and allocated to the identified performance obligations in proportion to their standalone selling prices (“SSP”) on a relative SSP basis. SSP is determined at contract inception and is not updated to reflect changes between contract inception and when the performance obligations are satisfied. Determining the SSP for performance obligations requires significant judgment. In developing the SSP for a performance obligation, the Company considers applicable market conditions and relevant entity-specific factors, including factors that were contemplated in negotiating the agreement with the customer and estimated costs. The Company validates the SSP for performance obligations by evaluating whether changes in the key assumptions used to determine the SSP will have a significant effect on the allocation of arrangement consideration between multiple performance obligations.

If the consideration promised in a contract includes a variable amount, the Company estimates the amount of consideration to which it will be entitled in exchange for transferring the promised goods or services to a customer. The Company determines the amount of variable consideration by using the expected value method or the most likely amount method. The Company includes the unconstrained amount of estimated variable consideration in the transaction price. The amount included in the transaction price is constrained to the amount for which it is probable that a significant reversal of cumulative revenue recognized will not occur. At the end of each subsequent reporting period, the Company re-evaluates the estimated variable consideration included in the transaction price and any related constraint, and if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis in the period of adjustment.

If an arrangement includes development and regulatory milestone payments, the Company evaluates whether the milestones are considered probable of being reached and estimates the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the Company’s control or the licensee’s control, such as regulatory approvals, are generally not considered probable of being achieved until those approvals are received.

For arrangements with licenses of intellectual property that include sales-based royalties, including milestone payments based on the level of sales, and the license is deemed to be the predominant item to which the royalties relate, the Company recognizes royalty revenue and sales-based milestones at the later of (i) when the related sales occur, or (ii) when the performance obligation to which the royalty has been allocated has been satisfied.

In determining the transaction price, the Company adjusts consideration for the effects of the time value of money if the timing of payments provides the Company with a significant benefit of financing. The Company does not assess whether a contract has a significant financing component if the expectation at contract inception is such that the period between payment by the licensees and the transfer of the promised goods or services to the licensees will be one year or less. The Company assessed its revenue generating arrangement in order to determine whether a significant financing component exists and concluded that a significant financing component does not exist.

The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) each performance obligation is satisfied, either at a point in time or over time, and if over time recognition is based on the use of an output or input method.

The Company has not recognized any product revenue to date since its product candidates are in development.

On May 31, 2021, and amended on September 26, 2022, the Company entered into a License and Collaboration Agreement, or, the LianBio License Agreement, with LianBio Inflammatory Limited, or LianBio, to develop and commercialize LYR-210 in Greater China (mainland China, Hong Kong, Taiwan, and Macau), South Korea, Singapore and Thailand. See Note 13 for further discussion of the arrangement.

Research and Development Costs

Research and development costs are expensed as incurred. Research and development expenses include salaries and benefits, materials and supplies, preclinical and clinical trial expenses, manufacturing expenses, stock-based compensation expense, depreciation of equipment, contract services, potential impairment charges related to research and development assets, and other outside expenses. Costs of certain development activities, such as clinical trials, are recognized based on an evaluation of the progress to completion of specific tasks. Payments for these activities are based on the terms of the individual arrangements, which may differ from the pattern of costs incurred, and are reflected in the consolidated financial statements as prepaid or accrued research and development costs. Nonrefundable advance payments for goods or services to be received in the future for use in research and development activities are deferred and capitalized. The capitalized amounts are expensed as the related goods are delivered or the services are performed.

The Company has entered into various research and development contracts with companies both inside and outside of the United States. These agreements are generally cancelable, and related payments are recorded as research and development expenses as incurred. The Company records accruals for estimated ongoing research costs. When evaluating the adequacy of the accrued liabilities, the Company analyzes progress of the studies or trials, including the phase or completion of events, invoices received and contracted costs. Significant judgments and estimates are made in determining the accrued balances at the end of any reporting period. Actual results could differ from the Company’s estimates. The Company’s historical accrual estimates have not been materially different from the actual costs.

Patent Costs

The Company expenses patent application and related legal costs as incurred and classifies such costs as general and administrative expenses in the accompanying consolidated statements of operations and comprehensive loss.

Accounting for Stock-Based Compensation

The Company accounts for its stock-based compensation in accordance with ASC Topic 718, Compensation—Stock Compensation (“ASC 718”). ASC 718 requires all stock-based payments to employees, non-employees and directors to be recognized as expense in the consolidated statements of operations and comprehensive loss based on their grant date fair values. The Company estimates the fair value of options granted using the Black-Scholes option pricing model for stock option grants to both employees and non-employees.

The Black-Scholes option-pricing model uses the following inputs: the fair value of the Company’s common stock, the expected volatility of the Company’s common stock, the expected term of the Company’s stock options, the risk-free interest rate for a period that approximates the expected term of the Company’s stock options, and the Company’s expected dividend yield. Prior to our IPO in 2020, the Company has historically been a private company and lacks company-specific historical and implied volatility data. Therefore, the Company has based its computation of expected volatility on the historical volatility of a representative group of public companies with similar characteristics to it, including stage of product development, life science industry focus, length of trading history, and similar vesting provisions. The historical volatility data is calculated based on a period of time commensurate with the expected term assumption. The Company will continue to apply this process until a sufficient amount of historical information regarding the volatility of its own stock price becomes available or until circumstances change, such that the identified entities are no longer representative companies. In the latter case, more suitable, similar entities whose share prices are publicly available would be utilized in the calculation.

The Company uses the simplified method as prescribed by the SEC Staff Accounting Bulletin No. 107, Share-Based Payment, to calculate the expected term for options granted to employees as it does not have sufficient historical exercise data to provide a reasonable basis upon which to estimate the expected term. The expected term is applied to the stock option grant group as a whole, as the Company does not expect substantially different exercise or post-vesting termination behavior among its employee population. For options granted to non-employees, the Company utilizes the contractual term of the share-based payment as the basis for the expected term assumption. The risk-free interest rate is based on a treasury instrument whose term is consistent with the expected term of the stock options. The expected dividend yield is

assumed to be zero as the Company has never paid cash dividends and has no current plans to pay any cash dividends on its common stock. The Company’s policy is to recognize forfeitures as they occur.

The Company expenses the fair value of its stock-based compensation awards to employees, non-employees and directors on a straight-line basis over the requisite service period, which is generally the vesting period. The Company records the expense for stock-based compensation awards subject to performance-based milestone vesting when management determines that achievement of the milestone is probable. Management evaluates when the achievement of a performance-based milestone is probable based on the expected satisfaction of the performance conditions as of the reporting date.

Income Taxes

The Company accounts for income taxes using the liability method in accordance with ASC Topic 740, Income Taxes (“ASC 740”). The difference between the financial statement and tax basis of the assets and liabilities is determined annually. Deferred income tax assets and liabilities are computed using the tax laws and rates that are expected to apply for periods in which such differences reverse. Valuation allowances are established, if necessary, to reduce the deferred tax asset to the amount that will more likely than not be realized.

The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs.

Net Loss per Share

The Company has reported losses since inception and has computed basic net loss per share by dividing its net loss by the weighted-average number of common shares and equivalents outstanding for the period, without consideration for potentially dilutive securities. The Company has computed diluted net loss per common share after giving consideration to all potentially dilutive common shares, including options to purchase common stock, warrants to purchase common stock, outstanding during the period determined using the treasury-stock and if-converted methods, except where the effect of including such securities would be antidilutive. Because the Company has reported net losses since inception, these potential common shares have been anti-dilutive, basic, and diluted loss per share have been the same.

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


	Year Ended December 31,
	2025			2024
Numerator:
Net loss	$	(28,919	)	$	(93,435	)
Net loss attributable to common stockholders	$	(28,919	)	$	(93,435	)
Denominator:
Weighted-average common shares—basic and diluted		1,553,473			1,302,277
Net loss per share attributable to common stockholders—basic and diluted	$	(18.62	)	$	(71.75	)

The following table sets forth the potentially dilutive securities that have been excluded from the calculation of diluted net loss per share because to include them would be anti-dilutive:


	Year Ended December 31,
	2025		2024
Stock options		68,539		126,291
Restricted stock units		51,814		42,876
Stock warrants		1,018,871		172,126
Total		1,139,224		341,293

Recently Issued Accounting Pronouncements

From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies and adopted by the Company as of the specified date. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on the Company’s consolidated financial position, results of operations or cash flows.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which is intended to provide enhancements to annual income tax disclosures. In particular, the standard will require more detailed information in the income tax rate reconciliation, as well as the disclosure of income taxes paid disaggregated by jurisdiction, among other enhancements. The standard is effective for years beginning after December 15, 2024 and early adoption is permitted. The Company adopted ASU 2023-09 on January 1, 2025, including retrospective reclassification of previous year amounts for its annual reporting, and the adoption did not have a material effect on the Company’s consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement–Reporting Comprehensive Income–Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires disaggregated disclosure of income statement expenses. ASU 2024-03 does not change the expense captions an entity presents on the face of the income statement; rather, it requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. This ASU should be applied prospectively with the option to apply the standard retrospectively. In January 2025, the FASB issued ASU 2025-01: Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures - Clarifying the Effective Date, which clarifies the effective date of ASU 2024-03. ASU 2024-03 is effective for public business entities for annual periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of these standards on our disclosure of income statement expenses.

In December 2025, the FASB issued ASU 2025–11, Interim Reporting (Topic 270: Narrow – Scope Improvements. ASU 2025-11 clarifies the applicability of interim reporting guidance and reorganizes and clarifies interim disclosure requirements under ASC topic 270, including the addition of a disclosure principal requiring disclosure of material events occurring since the most recent annual reporting period. ASU 2025-11 is effective for interim reporting periods within annual periods beginning after December 15 2027, with early adoption permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statements.

In December 2025, the FASB issued ASU 2025-12, Classification Improvements. ASU 2025–12 makes targeted amendments to various topics within the Accounting Standards Codification intended to clarify existing guidance and correct minor inconsistencies. ASU 2025–12 is effective for interim and annual reporting periods beginning after December 15, 2026, with early adoption permitted. Certain amendments require retrospective application. The Company is currently evaluating the impact of this standard on its consolidated financial statements.

Organization, Restructuring, Going Concern and Basis of Presentation

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization, Restructuring, Going Concern and Basis of Presentation

1. Organization, Restructuring, Going Concern and Basis of Presentation

Lyra Therapeutics, Inc. (the “Company”) has historically been a clinical-stage biotechnology company focused on the development and commercialization of therapies for the localized treatment of patients with chronic rhinosinusitis, or CRS. The Company’s proprietary technology is designed to consistently deliver medicines directly to the affected tissue for sustained periods with a single administration. The Company was incorporated as a Delaware corporation on November 21, 2005 and is located in Watertown, Massachusetts. On July 16, 2018, the Company formerly changed its name from 480 Biomedical, Inc. to Lyra Therapeutics, Inc.

In January 2026, the Company announced the suspension of further development of LYR-210 for the treatment of CRS. The Company also announced a workforce reduction impacting 25 employees and other cost-saving actions to preserve capital. The Company's Chief Executive Officer, President and Chair of the Board, and Chief Financial Officer and Treasurer, are each being retained as consultants to support the Company’s pursuit of strategic alternatives. The Company continues to evaluate potential strategic options to maximize shareholder value. There can be no assurance that the evaluation of strategic options will result in any transaction, or that any transaction, if pursued, will be completed on attractive terms, if at all. The Company has not set a timetable for the completion of this strategic review.

On January 12, 2026, the Company announced that it was ceasing operations and beginning preparations for a wind-down of the Company while continuing to evaluate strategic alternatives. Subsequent to year-end, the Company also undertook additional actions to reduce its operating footprint and preserve liquidity, including efforts to negotiate the termination, buy-out, surrender or other resolution of certain lease obligations. These developments did not result in recognized adjustments to the Company's December 31, 2025 financial statements, but they represent material known events and uncertainties that are reasonably likely to affect its future liquidity, cash requirements and results of operations, including through potential future impairment charges and cash settlement obligations.

On March 17, 2026 Nasdaq delisted the Company from The Nasdaq Capital Market. This occurred after the Company ceased its appeal efforts with respect to Nasdaq’s delisting determination, which culminated in a letter from the Nasdaq Hearings Advisor at The Nasdaq Stock Market LLC on March 13, 2026 confirming that the Company had withdrawn its appeal. Trading in the Company's common stock was suspended at the open of trading on March 17, 2026. In connection with the suspension of trading, Nasdaq has indicated that it will file a Form 25 Notification of Delisting with the U.S. Securities and Exchange Commission after all internal procedural periods have run.

The Company is subject to risks common to companies in the therapeutics and pharmaceutical industry, including but not limited to, risks of failure of preclinical studies and clinical trials, the need to obtain marketing approval for any drug product candidate that it may identify and develop, the need to successfully commercialize and gain market acceptance of its product candidates, dependence on key personnel, protection of proprietary technology, compliance with government regulations, development by competitors of technological innovations, reliance on third party manufacturers, ability to transition from pilot-scale manufacturing to large-scale production of products and the need to obtain adequate additional financing to fund the development of its product candidates.

Restructuring

On May 16, 2024, the Company reported that topline results from the Company’s Phase 3 ENLIGHTEN 1 trial evaluating LYR-210 in CRS. ENLIGHTEN 1 did not meet its primary endpoint of demonstrating statistically significant improvement compared to sham control in 3CS at 24 weeks.

In connection with the ENLIGHTEN 1 trial failing to meet its primary endpoint, on May 16, 2024, the Board of Directors of the Company (the “Board of Directors”) approved a reduction in the Company’s workforce impacting 87 employees, which occurred during May and June 2024. In connection with the reduction in force, the Company stopped commercialization efforts for LYR-210, as well as development efforts for LYR-220 in an effort to reduce operating expenses. The Company also paused manufacturing of its product candidates. Furthermore, the Company is currently seeking to negotiate an early termination of all three of its leased properties, and in January 2026 reduced its workforce as disclosed above.

The Company recorded a restructuring charge in the amount of $10.9 million in 2024 as well as an additional

$1.5 million recorded for the year ended December 31, 2025, primarily related to severance and retention costs as further discussed in Note 5. The Company had recorded an impairment charge in 2024 for the write-down of property and equipment of $1.9 million and for right-of-use assets in the amount of $22.8 million as further discussed in Notes 6 and 7.

Going Concern

Although at December 31, 2025, the Company had approximately $15.9 million of cash and cash equivalents, the Company has incurred recurring net operating losses every year since inception and has an accumulated deficit of approximately $433.7 million at December 31, 2025. The Company expects to continue to generate operating losses for the foreseeable future. These conditions raise substantial doubt about the Company’s ability to continue as a going concern for one year from the date these consolidated financial statements are issued.

From inception through December 31, 2025, the Company has raised an aggregate of $429.8 million to fund its operations, primarily from the issuance of equity securities including $5.0 million of gross proceeds (and $4.3 million of net proceeds, after cash and accrued issuance costs) from the Company’s June 2025 Financing (as defined in Note 10, “Preferred and Common Stock”), and to a lesser extent, government contracts and a license agreement.

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) assuming the Company will continue as a going concern and contemplates the realization of assets and satisfaction of liabilities in the normal course of business.

The Company remains focused on preserving its cash. Furthermore, the Company is seeking to negotiate an early termination of its three leases with its landlords. The Company may not be able to obtain an early termination of those leases with its landlords on favorable terms or at all.

If the Company decides to pursue any form of growth strategy in the future, it will need additional financing to support its continuing operations. Until the Company can generate significant revenue from product sales, if ever, it plans to finance its operations through a combination of equity or debt financings, collaboration agreements, strategic alliances and licensing arrangements. The Company may be unable to raise additional funds or enter into such other agreements when needed on favorable terms or at all. The inability to obtain funding as and when needed would have a negative impact on the Company’s financial condition and ability to pursue its business strategies. If the Company is unable to obtain funding when needed, the Company could be forced to delay, reduce or eliminate some or all of its research and development programs, product portfolio expansion or commercialization efforts, which could adversely affect its business prospects, or the Company may be unable to continue operations. The Company will need to generate significant revenue to achieve profitability, and it may never do so.

Opportunities for strategic alternatives may involve or may be pursued through legal proceedings including bankruptcy or liquidation and dissolution proceedings, and such proceedings may also be necessary or appropriate in the absence of any superior strategic alternatives.

Delisted from The Nasdaq Capital Market

On March 17, 2026 Nasdaq delisted us from The Nasdaq Capital Market. This occurred after we ceased our appeal efforts with respect to Nasdaq’s delisting determination, which culminated in a letter from the Nasdaq Hearings Advisor at The Nasdaq Stock Market LLC on March 13, 2026 confirming that we had withdrawn our appeal. Trading in our common stock was suspended at the open of trading on March 17, 2026. In connection with the suspension of trading, Nasdaq has indicated that it will file a Form 25 Notification of Delisting with the U.S. Securities and Exchange Commission after all internal procedural periods have run.

On February 2, 2026, the Company received a letter (the “Staff Determination Letter”) from the Listing Qualifications Department of Nasdaq notifying the Company that Nasdaq has determined to delist the Company's common stock from The Nasdaq Stock Market. In the Staff Determination Letter, Nasdaq stated that, pursuant to Listing Rule 5101, it believes the Company is a “public shell” and that the continued listing of its securities is no longer warranted. Nasdaq cited the Company's January 12, 2026 Form 8-K disclosure, in which the Company announced that its Board of Directors had approved a plan to suspend development of LYR-210, the Company’s lead product candidate, and a reduction in force that resulted in the termination of employment of nearly all of the Company’s employees including the conversion of both the Chief Executive Officer and Chief Financial Officer from employees to consultants. Based on these factors, in Nasdaq’s view

the Company no longer has an operating business and may be subject to market abuses or other conduct detrimental to the interests of the investing public.

On July 19, 2024, the Company received notice from Nasdaq that it was not in compliance with the $1.00 minimum bid price requirement for continued inclusion on Nasdaq as set forth in Nasdaq Listing Rule 5450(a)(1) (the “Minimum Bid Price Requirement”). In accordance with Nasdaq listing rules, the Company was afforded 180 calendar days to regain compliance with the Bid Price Requirement, and was subsequently granted an additional 180-day compliance period through July 14, 2025 to regain compliance.

In an effort to regain compliance with the Minimum Bid Price Requirement, on March 13, 2025, the Board of Directors approved a discretionary reverse stock split of the Company’s common stock in the range of 1-for-10 shares and 1-for-50 shares, subject to stockholder approval at the Company’s annual meeting of stockholders held on May 14, 2025 (the “Annual Meeting”). At the Annual Meeting, the stockholders approved the Reverse Stock Split. Following the Annual Meeting, the Board fixed the Ratio for the Reverse Stock Split at 1-for-50 shares. On May 27, 2025, the Company filed a Certificate of Amendment to its Restated Certificate of Incorporation, as amended with the Secretary of State of the State of Delaware to effect a 1-for-50 reverse stock split of the Company’s common stock, effective May 27, 2025 at 5:00 p.m., Eastern Time (the “Reverse Stock Split”).

As a result of the Reverse Stock Split, every 50 shares of the Company’s issued and outstanding common stock was automatically exchanged for one issued and outstanding share of common stock, without any change in the par value per share. No fractional shares were issued as a result of the Reverse Stock Split. Instead, any fractional shares of common stock that would have otherwise resulted from the Reverse Stock Split were rounded down to the nearest whole share and repurchased by the Company, which resulted in a reduction of 48 shares of common stock issued for the round down of fractional shares. The Certificate of Amendment did not amend the number of authorized shares of common stock, which remained unchanged at 200,000,000 shares. The common stock began trading on a post-split basis on Nasdaq as of the open of trading on May 28, 2025.

Proportionate adjustments were made to the exercise price and number of shares issuable upon the exercise of options outstanding, and the number of shares subject to restricted stock units under the Company’s equity incentive plans, under the Company’s equity incentive plans.

All references to common stock, equity-based common stock awards and all share and per share data contained in this Annual Report on Form 10-K have been adjusted to reflect the Reverse Stock Split.

From the May 28, 2025 date that the common stock began trading on a post-split basis on Nasdaq, the Company maintained a minimum bid price of $1.00 per common share in excess of 10 consecutive business days as required under the Bid Price Requirement, and, on June 13, 2025, Nasdaq notified the Company that it had regained compliance with the Bid Price Requirement.

Basis of Presentation

Impairment of Right of Use Assets - Additional Information (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Jun. 30, 2024 USD ($)	Dec. 31, 2025 Lease	Dec. 31, 2024 USD ($)
Asset Impairment Charge [Line Item]
Number of leased properties marketed for sublease arrangements \| Lease		3
Impairment of ROU asset			$ 22,836
Impairment Of Right Of Use Asset
Asset Impairment Charge [Line Item]
Impairment of ROU asset	$ 22,800

Income Taxes (Schedule of Effective Income Tax Rate Reconciliation) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Income tax computed at federal statutory tax rate, percentage	21.00%	21.00%
Tax credits, percentage:
Research credits, percentage	0.00%	2.80%
Nontaxable nondeductible items, percentage:
Stock compensation, percentage	(9.40%)	(0.20%)
162 (m) compensation limit, percentage	8.10%	(1.00%)
Other, percentage	(0.20%)	(0.10%)
Domestic state and local taxes, net of federal effect, percentage	0.00%	(1.10%)
Other adjustments, percentage	0.00%	(0.90%)
Changes in valuation allowances, percentage	(19.50%)	(20.50%)
Total, percentage	0.00%	0.00%
Income tax computed at federal statutory tax rate	$ (6,070)	$ (19,614)
Tax credits:
Research credits	0	(2,647)
Nontaxable nondeductible items:
Stock compensation	2,722	202
162 (m) compensation limit	(2,349)	946
Other	69	72
Other adjustments	0	862
Changes in valuation allowances	5,631	19,171
Domestic state and local taxes, net of federal effect	8	1,047
Total	$ 11	$ 39

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	b) During the fiscal quarter ended December 31, 2025, none of our directors or "officers" (as defined in Rule 16a-1(f) under the Exchange Act) informed us of the adoption, modification or termination of a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as those terms are defined in Regulation S-K, Item 408.
Directors or Officers [Member]
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
Rule 10b5-1Arrangement Modified	false
Non Rule 10b5-1Arrangement Modified	false

Leases - Summary of Weighted-Average Remaining Lease Term and Discount Rate Related to Operating Leases (Details)	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
Weighted-average remaining lease term (in years)	6 years 8 months 12 days	7 years 4 months 24 days
Weighted-average discount rate	6.10%	6.20%

Consolidated Statements of Stockholders' Equity (Parenthetical) (audited) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024 USD ($)
Reverse stock split, ratio	0.02
ATM
Issuance cost		$ 150

Organization, Restructuring, Going Concern and Basis of Presentation - Additional Information (Details)		1 Months Ended	2 Months Ended	12 Months Ended
	May 16, 2024 Employee	Jan. 31, 2026 Employee	Jun. 30, 2024 Employee	Dec. 31, 2025 USD ($) Lease shares	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Organization And Basis Of Presentation [Line Items]
Entity incorporation, date of incorporation				Nov. 21, 2005
Number of leased properties marketed for sublease arrangements \| Lease				3
Restructuring charge				$ 1,469,000	$ 10,896,000
Impairment charge for write-down of property and equipment				0	1,900,000
Impairment of right-of-use assets					22,836,000
Fund raised for operations				429,800,000
Proceeds from issuance of equity gross				5,000,000
Proceeds from issuance of equity net				4,300,000
Stockholders' equity				(10,717,000)	11,594,000	$ 89,420,000
Accumulated deficit				(433,709,000)	(404,790,000)
Cash and cash equivalents				15,893,000	40,577,000
Short-term investments				$ 0	0
Stock exchange stock trading description				From the May 28, 2025 date that the common stock began trading on a post-split basis on Nasdaq, the Company maintained a minimum bid price of $1.00 per common share in excess of 10 consecutive business days as required under the Bid Price Requirement, and, on June 13, 2025, Nasdaq notified the Company that it had regained compliance with the Bid Price Requirement.
Employee Severance
Organization And Basis Of Presentation [Line Items]
Number of employees reduced \| Employee	87		87
Common Stock
Organization And Basis Of Presentation [Line Items]
Stockholders' equity				$ 2,000	$ 1,000	$ 1,000
Reverse stock split				As a result of the Reverse Stock Split, every 50 shares of the Company’s issued and outstanding common stock was automatically exchanged for one issued and outstanding share of common stock, without any change in the par value per share.
Reduction of common stock fractional share \| shares				48
Authorized number of shares remained unchanged \| shares				200,000,000
Subsequent Events \| Employee Severance
Organization And Basis Of Presentation [Line Items]
Number of employees reduced \| Employee		25

Accrued Expenses and Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2025

Payables and Accruals [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following (in thousands):


	December 31,
	2025		2024
Payroll and employee related expenses	$	257	$	529
Third-party research and development expenses		—		1,582
Other		518		475
Total accrued expenses and other current liabilities	$	775	$	2,586

Stock-Based Compensation Expense - Schedule of Unrecognized Stock-Based Compensation (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized expense	$ 2,567
Restricted Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized expense	$ 816
Period of recognition (years)	1 year 3 months 18 days
Stock Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized expense	$ 1,751
Period of recognition (years)	1 year 8 months 12 days

- 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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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (c)(1)(iii)
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 2
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stock-Based Compensation Expense - Summary of Stock Option Activity, Including Incentive Options, Under Plans (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Shares, Outstanding December 31, 2024	126,255
Shares, Granted	0
Shares, Exercised	0
Shares, Cancelled	(57,716)
Shares, Outstanding at December 31, 2025	68,539	126,255
Shares, Exercisable at December 31, 2025	52,210
Shares, Vested and expected to vest at December 31, 2025	68,539
Weighted Average Exercise Price, Outstanding December 31, 2023	$ 283.02
Weighted Average Exercise Price, Granted	0
Weighted Average Exercise Price, Exercised	0
Weighted Average Exercise Price, Cancelled	375.52
Weighted Average Exercise Price, Outstanding December 31, 2024	205.12	$ 283.02
Weighted Average Exercise Price, Exercisable at December 31, 2024	210.62
Weighted Average Exercise Price, Vested and expected to vest at December 31, 2024	$ 205.12
Outstanding, Weighted Average Remaining Contractual Life (in years)	5 years 7 months 6 days	7 years 6 months
Exercisable, Weighted Average Remaining Contractual Life (in years)	5 years 1 month 6 days
Vested and expected to vest, Weighted Average Remaining Contractual Life (in years)	5 years 7 months 6 days
Aggregate Intrinsic Value, Outstanding		$ 0

Short-term Investments - Additional Information (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Debt Securities, Available-for-Sale [Abstract]
Short-term investments	$ 0	$ 0
Net accumulated unrealized gains	0	0
Net accumulated unrealized losses	$ 0	$ 0

Common Stock Warrants - Summary of Warrants Outstanding and Exercisable (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Common Warrants
Class of Warrant or Right [Line Items]
Number of Warrants Outstanding, Beginning Balance	172,127	200,612
Number of Warrants Exercised		(28,485)
Number of Warrants Issued	846,744
Expiration Date, Warrants issued	Jun. 26, 2027
Number of Warrants Outstanding, Ending Balance	1,018,871	172,127
Weighted Average Exercise Price of Warrants Outstanding, Beginning Balance	$ 133.65	$ 133.65
Weighted Average Exercise Price of Warrants Exercised		133.65
Weighted Average Exercise Price of Warrants Issued	11.56
Weighted Average Exercise Price of Warrants Outstanding, Ending Balance	$ 32.186	$ 133.65
Weighted Average Remaining Contractual Term of Warrants Issued	2 years
Weighted Average Remaining Contractual Term of Warrants Outstanding	1 year 8 months 23 days	3 years 11 months 1 day	4 years 10 months 24 days
Aggregate intrinsic Value of Warrants Outstanding, Beginning Balance		$ 25,700
Aggregate intrinsic Value of Warrants Exercised		4,297
Aggregate intrinsic Value of Warrants Outstanding, Ending Balance		$ 25,700
Expiration Date		Nov. 30, 2028	Nov. 30, 2028
Pre-Funded Warrants
Class of Warrant or Right [Line Items]
Number of Warrants Outstanding, Beginning Balance		115,127
Number of Warrants Exercised	(150,360)	(115,127)
Number of Warrants Issued	150,360
Expiration Date, Warrants issued	Jun. 26, 2027
Weighted Average Exercise Price of Warrants Outstanding, Beginning Balance		$ 0.05
Weighted Average Exercise Price of Warrants Exercised	$ 0.001	$ 0.05
Weighted Average Exercise Price of Warrants Issued	$ 0.001
Weighted Average Remaining Contractual Term of Warrants Issued	2 years
Weighted Average Remaining Contractual Term of Warrants Outstanding			3 years 11 months 1 day
Aggregate intrinsic Value of Warrants Outstanding, Beginning Balance		$ 30,200
Aggregate intrinsic Value of Warrants Exercised	$ 245,943	$ 9,715
Minimum \| Common Warrants
Class of Warrant or Right [Line Items]
Expiration Date	Nov. 30, 2028
Minimum \| Pre-Funded Warrants
Class of Warrant or Right [Line Items]
Expiration Date			Apr. 30, 2027
Maximum \| Common Warrants
Class of Warrant or Right [Line Items]
Expiration Date	Jun. 26, 2027
Maximum \| Pre-Funded Warrants
Class of Warrant or Right [Line Items]
Expiration Date			May 31, 2028

Restructuring and Other Related Charges - Summary of Restructuring Liability Activities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Restructuring Cost and Reserve [Line Items]
Accruals	$ 1,469
Cash Payments	(2,550)
Restructuring reserve, ending balance	3,266
Severance Costs
Restructuring Cost and Reserve [Line Items]
Accruals	1,189
Cash Payments	(683)
Restructuring reserve, ending balance	3,266
Retention Costs
Restructuring Cost and Reserve [Line Items]
Accruals	280
Cash Payments	(1,858)
Other Costs
Restructuring Cost and Reserve [Line Items]
Accruals	0
Cash Payments	(9)
Restructuring reserve, ending balance	0
2024 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring reserve, beginning balance	4,347
Accruals		$ 10,896
Cash Payments		(6,549)
Restructuring reserve, ending balance		4,347
2024 Restructuring Plan \| Severance Costs
Restructuring Cost and Reserve [Line Items]
Restructuring reserve, beginning balance	2,760
Accruals		6,713
Cash Payments		(3,953)
Restructuring reserve, ending balance		2,760
2024 Restructuring Plan \| Retention Costs
Restructuring Cost and Reserve [Line Items]
Restructuring reserve, beginning balance	1,578
Accruals		3,174
Cash Payments		(1,596)
Restructuring reserve, ending balance	0	1,578
2024 Restructuring Plan \| Other Costs
Restructuring Cost and Reserve [Line Items]
Restructuring reserve, beginning balance	$ 9
Accruals		1,009
Cash Payments		(1,000)
Restructuring reserve, ending balance		$ 9

- 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

Collaboration Agreement (Tables)

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Summary of Change in the Transaction Price


	As of December 31, 2025
	Pre-Milestone		Milestone		Post-Milestone
Combined Performance Obligation	$	8,373	$	3,489	$	11,862
Development Activities Performance Obligation		3,627		1,511		5,138
Total	$	12,000	$	5,000	$	17,000

Schedule of Revenue Recognized Related to Each of the Performance Obligations and the Remaining Deferred Revenue

The following table reflects the revenue recognized related to each of the performance obligations and the remaining deferred revenue (in thousands):


	As of December 31, 2025
	Combined Performance Obligation		Development Activities Performance Obligation			Total
Deferred revenue at December 31, 2023	$	11,748	$	2,046		$	13,794
Revenue recognized		—		(1,534	)		(1,534	)
Deferred revenue at December 31, 2024		11,748		512			12,260
Revenue recognized		—		(398	)		(398	)
Deferred revenue at December 31, 2025	$	11,748	$	114		$	11,862

Development and regulatory milestone fees, which are a type of variable consideration, are recognized as revenue to the extent that it is probable that a significant reversal will not occur. Note that the allocated deferred revenue associated with the clinical supply agreement has been recorded as long term deferred revenue given the potential uncertainty of delivery within the next twelve months. As of December 31, 2025, the parties still have not completed their negotiations of the clinical supply agreement. At this point, it is uncertain whether such an agreement will be completed. In view of the uncertainty around the completion of the clinical supply agreement, the Company may decide to recognize such payments as revenue on an accelerated schedule.

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of income tax expense computed at the statutory federal income tax rate to income taxes reflected in the consolidated financial statements is as follows (amounts in thousands):


	Year Ended December 31,
	2025						2024
	Amount			Rate			Amount			Rate
Income tax computed at federal statutory tax rate	$	(6,070	)		21.0	%	$	(19,614	)		21.0	%
Tax credits:
Research credits		—			—	%		(2,647	)		2.8	%
Nontaxable nondeductible items:
Stock compensation		2,722			(9.4	)%		202			(0.2	)%
162 (m) compensation limit		(2,349	)		8.1	%		946			(1.0	)%
Other		69			(0.2	)%		72			(0.1	)%
Other adjustments		—			—	%		862			(0.9	)%
Changes in valuation allowances		5,631			(19.5	)%		19,171			(20.5	)%
Domestic state and local taxes, net of federal effect		8			—	%		1,047			(1.1	)%
Total	$	11			—	%	$	39			—	%

Schedule of Deferred Tax Assets and Liabilities

Net deferred tax assets as of December 31, 2025 and 2024 consist of the following (in thousands):


	December 31,
	2025			2024
Deferred tax assets:
Net operating loss carryforwards	$	73,309		$	41,333
Research and development credits		7,975			7,975
Stock-based compensation		1,122			1,062
Operating lease liabilities		7,989			9,184
Capitalized research & experimental expenditures		825			24,975
Deferred revenue		3,132			3,234
Other		467			785
Total gross deferred tax assets		94,819			88,548
Less: valuation allowance		(91,767	)		(84,810	)
Total deferred tax assets		3,052			3,738
Deferred tax liabilities:
Operating lease right-of-use assets		(3,052	)		(3,738	)
Total deferred tax liabilities		(3,052	)		(3,738	)
Net deferred taxes	$	—		$	—

Document And Entity Information - USD ($)	12 Months Ended
Document And Entity Information - USD ($)	Dec. 31, 2025	Mar. 27, 2026	Jun. 30, 2025
Document Document And Entity Information [Abstract]
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2025
Document Fiscal Year Focus	2025
Entity File Number	001-39273
Entity Registrant Name	Lyra Therapeutics, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	84-1700838
Entity Address, Address Line One	480 Arsenal Way
Entity Address, City or Town	Watertown
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02472
City Area Code	617
Local Phone Number	420-8858
Title of 12(b) Security	Common Stock, $0.001 par value per share
Trading Symbol	LYRA
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 11,123,580
Entity Common Stock, Shares Outstanding		1,774,882
Documents Incorporated by Reference	None.
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Entity Central Index Key	0001327273
Document Fiscal Period Focus	FY
Auditor Name	BDO USA, P.C.
Auditor Location	Boston, Massachusetts
Auditor Firm ID	243
Auditor Opinion [Text Block]	Opinion on the Consolidated Financial Statements We have audited the accompanying consolidated balance sheets of Lyra Therapeutics, Inc. (the “Company”) as of December 31, 2025 and 2024, the related consolidated statements of operations and comprehensive loss, stockholders’ equity, and cash flows for each of the years then ended, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the years then ended, in conformity with accounting principles generally accepted in the United States of America.

Consolidated Statements of Stockholders' Equity (audited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income, Net of Tax	Accumulated Deficit
Balance at Dec. 31, 2023	$ 89,420	$ 1	$ 400,741	$ 33	$ (311,355)
Balance, Shares at Dec. 31, 2023		1,144,291
Exercise of common stock options	3		3
Exercise of common stock options, Shares		21
Issuance of common stock and pre-funded warrants, net of issuance costs	10		10
Issuance of common stock and pre-funded warrants, net of issuance costs, Shares		114,927
Issuance of common stock upon RSU vesting, shares		1,731
Shares issued under ATM, net of issuance costs	4,850		4,850
Shares issued under ATM, net of issuance costs, Shares		20,833
Issuance of common stock under ESPP		20
Issuance of common stock upon exercise of common stock warrants	3,808		3,808
Issuance of common stock upon exercise of common stock warrants, Shares		28,485
Unrealized loss on available-for-sale securities	(33)			$ (33)
Stock-based compensation	6,971		6,971
Net loss	(93,435)				(93,435)
Balance at Dec. 31, 2024	$ 11,594	$ 1	416,383		(404,790)
Balance, Shares at Dec. 31, 2024		1,310,308
Decrease in common stock for rounding down of fractional shares to reflect the 1-for -50 reverse stock split		(48)
Exercise of common stock options, Shares	0
Issuance of common stock and pre-funded warrants, net of issuance costs	$ 4,273	$ 1	4,272
Issuance of common stock and pre-funded warrants, net of issuance costs, Shares		273,012
Issuance of common stock upon exercise of pre-funded warrants, Shares		150,360
Issuance of common stock upon RSU vesting, shares		41,250
Stock-based compensation	2,335		2,335
Net loss	(28,919)				(28,919)
Balance at Dec. 31, 2025	$ (10,717)	$ 2	$ 422,990		$ (433,709)
Balance, Shares at Dec. 31, 2025		1,774,882

Impairment of Right of Use Assets (Tables)

12 Months Ended

Dec. 31, 2025

Asset Impairment Charges [Abstract]

Schedule of Fair Value Analysis of Right of Use Assets Using Discounted Cash Flow Methodology

Management conducted a fair value analysis of the Company's right-of-use assets using a discounted cash flow methodology as of May 15, 2024, which included the following range of assumptions:


Discount rate	9.5-10.5%
Term (years)	2.96-9.13
Expected sublease rent increases		3.0	%

Cybersecurity Risk Management, Strategy and Governance	12 Months Ended
Cybersecurity Risk Management, Strategy and Governance	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Cybersecurity Risk Management and Strategy We have developed and implemented a cybersecurity risk management program intended to protect the confidentiality, integrity, and availability of our critical systems and information. We design and assess our program based on the core principles of the National Institute of Standards and Technology Cybersecurity Framework, or NIST CSF. This does not imply that we meet any particular technical standards, specifications, or requirements, only that we use the NIST CSF as a guide to help us identify, assess, and manage cybersecurity risks relevant to our business. Our cybersecurity risk management program is integrated into our overall enterprise risk management program, and shares common methodologies, reporting channels and governance processes that apply across the enterprise risk management program to other legal, compliance, strategic, operational, and financial risk areas. Our cybersecurity risk management program includes: • risk assessments designed to help identify material cybersecurity risks to our critical systems, information, products, services, and our broader enterprise IT environment; • a lead IT person principally responsible for managing (1) our cybersecurity risk assessment processes, (2) our security controls, and (3) our response to cybersecurity incidents; • the use of external service providers, where appropriate, to assess, test or otherwise assist with aspects of our security controls; • cybersecurity awareness training of our employees, incident response personnel, and senior management; • a cybersecurity incident response plan that includes procedures for responding to cybersecurity incidents; and • a third-party risk management process for service providers, suppliers, and vendors. We have not identified risks from known cybersecurity threats, including as a result of any prior cybersecurity incidents, that have materially affected us, including our operations, business strategy, results of operations, or financial condition. We face risks from cybersecurity threats that, if realized, are reasonably likely to materially affect us, including our operations, business strategy, results of operations, or financial condition. See “Risk Factors – Our business, financial condition, and results of operations may suffer in the event of information technology system failures, cyberattacks, data security incidents, or deficiencies in our cybersecurity.” Cybersecurity Governance Our Board considers cybersecurity risk as part of its risk oversight function and has delegated to the Audit Committee (the “Committee”) oversight of cybersecurity risks, including oversight of management’s implementation of our cybersecurity risk management program. The Committee receives periodic reports from management on our cybersecurity risks. In addition, management updates the Committee, as necessary, regarding significant cybersecurity incidents. The Committee reports to the full Board regarding its activities, including those related to cybersecurity. The full Board also periodically receives briefings from management on our cyber risk management program. Our management team, including the Chief Financial Officer, is responsible for assessing and managing our material risks from cybersecurity threats. The CFO has primary responsibility for our overall cybersecurity risk management program and supervises both our internal information technology personnel and our retained external cybersecurity consultants. Our management team’s cybersecurity experience is limited. Our management team stays informed about and monitors efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, which may include: briefings from internal security personnel; threat intelligence and other information obtained from governmental, public or private sources, including external consultants engaged by us; and alerts and reports produced by security tools deployed in our IT environment.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Our cybersecurity risk management program is integrated into our overall enterprise risk management program, and shares common methodologies, reporting channels and governance processes that apply across the enterprise risk management program to other legal, compliance, strategic, operational, and financial risk areas.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Cybersecurity Governance Our Board considers cybersecurity risk as part of its risk oversight function and has delegated to the Audit Committee (the “Committee”) oversight of cybersecurity risks, including oversight of management’s implementation of our cybersecurity risk management program. The Committee receives periodic reports from management on our cybersecurity risks. In addition, management updates the Committee, as necessary, regarding significant cybersecurity incidents. The Committee reports to the full Board regarding its activities, including those related to cybersecurity. The full Board also periodically receives briefings from management on our cyber risk management program. Our management team, including the Chief Financial Officer, is responsible for assessing and managing our material risks from cybersecurity threats. The CFO has primary responsibility for our overall cybersecurity risk management program and supervises both our internal information technology personnel and our retained external cybersecurity consultants. Our management team’s cybersecurity experience is limited. Our management team stays informed about and monitors efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, which may include: briefings from internal security personnel; threat intelligence and other information obtained from governmental, public or private sources, including external consultants engaged by us; and alerts and reports produced by security tools deployed in our IT environment.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Board considers cybersecurity risk as part of its risk oversight function and has delegated to the Audit Committee (the “Committee”) oversight of cybersecurity risks, including oversight of management’s implementation of our cybersecurity risk management program. The Committee receives periodic reports from management on our cybersecurity risks. In addition, management updates the Committee, as necessary, regarding significant cybersecurity incidents.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Committee reports to the full Board regarding its activities, including those related to cybersecurity. The full Board also periodically receives briefings from management on our cyber risk management program.
Cybersecurity Risk Role of Management [Text Block]	Our management team, including the Chief Financial Officer, is responsible for assessing and managing our material risks from cybersecurity threats. The CFO has primary responsibility for our overall cybersecurity risk management program and supervises both our internal information technology personnel and our retained external cybersecurity consultants. Our management team’s cybersecurity experience is limited. Our management team stays informed about and monitors efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, which may include: briefings from internal security personnel; threat intelligence and other information obtained from governmental, public or private sources, including external consultants engaged by us; and alerts and reports produced by security tools deployed in our IT environment.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	The CFO has primary responsibility for our overall cybersecurity risk management program and supervises both our internal information technology personnel and our retained external cybersecurity consultants. Our management team’s cybersecurity experience is limited.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our management team’s cybersecurity experience is limited.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our management team stays informed about and monitors efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, which may include: briefings from internal security personnel; threat intelligence and other information obtained from governmental, public or private sources, including external consultants engaged by us; and alerts and reports produced by security tools deployed in our IT environment.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Fair Value Measurements - Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	$ 0	$ 0
Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	15,087,000	30,209,000
Short-term investments	0	0
Fair Value, Recurring [Member] \| Money Market Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	15,087,000	23,214,000
Fair Value, Recurring [Member] \| US Treasury Bills
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments		6,995,000
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	15,087,000	23,214,000
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member] \| Money Market Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 15,087,000	23,214,000
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents		6,995,000
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member] \| US Treasury Bills
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments		$ 6,995,000

Collaboration Agreement

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Collaboration Agreement

13. Collaboration Agreement

Under the LianBio License Agreement, in order to evaluate the transaction price for purposes of ASC 606, the Company determined that the upfront payment of $12.0 million and the reimbursable cost of the clinical supply of LYR-210 constitute the entirety of the consideration to be included in the transaction price as of the outset of the arrangement, which was allocated to the two performance obligations as follows: $8.4 million to the Combined Performance Obligation and $3.6 million to the Development Activities Performance Obligation. In February 2022, the Company received $5.0 million upon achievement of the first of the development milestones related to dosing its first patient and the transaction price was adjusted by $5.0 million which was allocated to the two performance obligations as follows: $3.5 million to the Combined Performance Obligation and $1.5 million to the Development Activities Performance Obligation. The remaining potential milestone payments that the Company is eligible to receive were excluded from the transaction price as of December 31, 2025, as all milestone amounts were fully constrained based on the probability of achievement.

The Company and LianBio amended the LianBio License Agreement on September 26, 2022, to allow, among other things, LianBio to conduct its own Phase 3 clinical trial and adjust certain future milestones. The amendment also required both parties to negotiate a clinical supply agreement prior to December 31, 2022. There was a side letter executed on December 27, 2022 which extended the negotiations of a clinical supply agreement until March 31, 2023. The parties are not actively engaged in negotiations of the clinical supply agreement. At this point, it is uncertain whether such an agreement will ever be completed.

The amendment did not result in any change in the Company’s determination of its performance obligations under the arrangement and all future milestones remain constrained from the transaction price. The Company has determined that the contract modification did not have a material impact on the allocation of the transaction price to the two performance obligations.

LianBio announced that in October 2023 its board of directors commenced a comprehensive strategic review of its business. The LianBio Board ultimately concluded that selling off assets and winding down operations was the best way to realize maximum shareholder value. LianBio reported that a substantial portion of the wind down activities, including fulfillment of transition service obligations under its existing agreements and gradual cessation of currently active clinical trials, were to be completed by the end of 2024. LianBio stated it will maintain a core group of employees necessary to implement an orderly wind down and support its efforts to maximize the value of its remaining business and assets including the collaboration with the Company. Due to these developments, the future of the Company’s collaboration with LianBio is uncertain as LianBio continues its wind down, while seeking a third party to acquire LianBio’s rights under the LianBio License Agreement. In November 2024, the Company entered into a novation agreement which substituted LianBio Cayman for LianBio HK.

The Company will recognize the revenue associated with the Combined Performance Obligation as the clinical supply of LYR-210 is delivered. The Company recognizes revenue associated with the Development Activities Performance Obligation as the development activities are performed using an input method, according to the costs incurred as to the development activities related to the global Phase 3 clinical trial and the costs expected to be incurred in the future to satisfy the performance obligation. The transfer of control occurs over this time period and, in management’s judgment, is the best

measure of progress towards satisfying the performance obligation. The amounts received that have not yet been recognized as revenue are deferred as a contract liability on the Company’s consolidated balance sheets and will be recognized as the clinical supply of LYR-210 is delivered and over the remaining time it takes to conduct the global Phase 3 clinical trial, respectively.

There were no changes in the transaction price from December 31, 2024 to December 31, 2025. The following table reflects the transaction price (in thousands):


	As of December 31, 2025
	Pre-Milestone		Milestone		Post-Milestone
Combined Performance Obligation	$	8,373	$	3,489	$	11,862
Development Activities Performance Obligation		3,627		1,511		5,138
Total	$	12,000	$	5,000	$	17,000

The following table reflects the revenue recognized related to each of the performance obligations and the remaining deferred revenue (in thousands):


	As of December 31, 2025
	Combined Performance Obligation		Development Activities Performance Obligation			Total
Deferred revenue at December 31, 2023	$	11,748	$	2,046		$	13,794
Revenue recognized		—		(1,534	)		(1,534	)
Deferred revenue at December 31, 2024		11,748		512			12,260
Revenue recognized		—		(398	)		(398	)
Deferred revenue at December 31, 2025	$	11,748	$	114		$	11,862

There were no milestones achieved during the years ended December 31, 2025 or 2024.

The Company recognizes royalty revenue and sales-based milestones at the later of (i) when the related sales occur, or (ii) when the performance obligation to which the royalty has been allocated has been satisfied. No royalty revenue has been earned as of December 31, 2025.

During 2025, entities affiliated with Perceptive Advisors, LLC are shareholders of both the Company and LianBio. Additionally, two of the Company’s former directors are Managing Directors at Perceptive Advisors, LLC and one of these former directors is also the Executive Chairman of LianBio’s board of directors.

Impairment of Right of Use Assets - Schedule of Fair Value Analysis of Right of Use Assets Using Discounted Cash Flow Methodology (Details) - Discounted Cash Flow Technique	12 Months Ended
	Dec. 31, 2025
Asset Impairment Charge [Line Item]
Expected Sublease Rent Increases	3.00%
Maximum
Asset Impairment Charge [Line Item]
Discount Rate	10.50%
Term (years)	9 years 1 month 17 days
Minimum
Asset Impairment Charge [Line Item]
Discount Rate	9.50%
Term (years)	2 years 11 months 15 days

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Summary of Reconciliation of Cash, Cash Equivalents and Restricted Cash Reported within Balance Sheet

A reconciliation of the cash, cash equivalents, and restricted cash reported within the consolidated balance sheets that sum to the total of the same amounts shown in the consolidated statements of cash flows is as follows (in thousands):


	Year Ended December 31,
	2025		2024
Cash and cash equivalents	$	15,893	$	40,577
Restricted cash		1,993		1,993
Total	$	17,886	$	42,570

Property Plant And Equipment

Depreciation expense is recognized using the straight-line method over the estimated useful life of each asset as follows:


Property and Equipment		Estimated Useful Life
Laboratory equipment		5 years
Computer software and equipment		3 years
Office furniture and fixtures		7 years
Leasehold improvements		Shorter of useful life or remaining term of related lease

Property and equipment consist of the following (in thousands):


	December 31,
	2025			2024
Property and equipment:
Laboratory equipment	$	3,927		$	3,927
Computer software and equipment		159			159
Office furniture and fixtures		961			961
Leasehold improvements		553			486
Total	$	5,600		$	5,533
Accumulated depreciation		(4,549	)		(4,129	)
Property and equipment, net	$	1,051		$	1,404

Summary of Basic and Diluted Net Loss per Share Attributable to Common Stockholders

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


	Year Ended December 31,
	2025			2024
Numerator:
Net loss	$	(28,919	)	$	(93,435	)
Net loss attributable to common stockholders	$	(28,919	)	$	(93,435	)
Denominator:
Weighted-average common shares—basic and diluted		1,553,473			1,302,277
Net loss per share attributable to common stockholders—basic and diluted	$	(18.62	)	$	(71.75	)

Summary of Potentially Dilutive Securities Excluded from Calculation of Diluted Net Loss per Share

The following table sets forth the potentially dilutive securities that have been excluded from the calculation of diluted net loss per share because to include them would be anti-dilutive:


	Year Ended December 31,
	2025		2024
Stock options		68,539		126,291
Restricted stock units		51,814		42,876
Stock warrants		1,018,871		172,126
Total		1,139,224		341,293

Fair Value Measurements - Additional Information (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	$ 0	$ 0
Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	$ 0	$ 0

Short-term Investments

12 Months Ended

Dec. 31, 2025

Short-Term Investments [Abstract]

Short-term Investments

4. Short-term Investments

The Company had no short-term investments and no net accumulated unrealized gains or losses at December 31, 2025 or 2024.

The Company reviews investments whenever the fair value of an investment is less than the amortized cost and evidence indicates that an investment’s carrying amount is not recoverable within a reasonable period of time. In connection therewith, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors, considering the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security is compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded on the consolidated balance sheets, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that is not related to credit is recognized in other comprehensive loss as a separate component of stockholders' equity. Changes in the allowance for credit losses are recorded as a provision for (or reversal of) credit loss expense in general and administrative expenses within the consolidated statements of operations and comprehensive loss. Losses are charged against the allowance when the Company believes the uncollectability of an available-for-sale security is confirmed or when either of the criteria regarding intent or requirement to sell is met. The unrealized losses at December 31, 2024 were attributable to changes in interest rates.

Leases - Additional Information (Details) $ in Thousands		1 Months Ended		12 Months Ended
Leases - Additional Information (Details) $ in Thousands	Jul. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) ft²	May 31, 2022 USD ($) ft²	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)
Lessee Lease Description [Line Items]
Initial base rent				$ 5,100	$ 6,400
Operating lease right-of-use assets				16,792	19,924
Restricted cash				1,993	1,993
Lessee, Operating Lease, Option to Extend			one additional five-year term
Operating lease cost				$ 5,132	$ 6,410
Watertown Lease
Lessee Lease Description [Line Items]
Extended lease term	2027-04
Lessee, Operating Lease, Existence of Option to Extend [true false]				true
Office and Laboratory \| Waltham Lease
Lessee Lease Description [Line Items]
Initial base rent			$ 2,200
Percentage of annual rent increment			3.00%
Area of property \| ft²		24,000
Office and Laboratory \| Waltham Sublease
Lessee Lease Description [Line Items]
Initial base rent		$ 1,800
Percentage of annual rent increment		3.00%
Area of property \| ft²			29,000
Certificate of Deposits \| Watertown Lease
Lessee Lease Description [Line Items]
Restricted cash	$ 300
Letter of Credit \| Watertown Lease
Lessee Lease Description [Line Items]
Secured debt obligations	$ 300
Letter of Credit \| Waltham Lease
Lessee Lease Description [Line Items]
Restricted cash				$ 1,100
Letter of Credit \| Waltham Sublease
Lessee Lease Description [Line Items]
Restricted cash		$ 600

Impairment of Right of Use Assets

12 Months Ended

Dec. 31, 2025

Asset Impairment Charges [Abstract]

Impairment of Right of Use Assets

7. Impairment of Right-of-Use Assets

In connection with the Company’s Phase 3 ENLIGHTEN 1 trial failing to meet its primary endpoint, in May 2024, the Company engaged a commercial real estate broker to market the Company’s three leased properties for sublease arrangements. Based upon these impairment indicators, the Company performed a recoverability test over its right-of-use assets in 2024 and concluded that the right-of-use assets were impaired. As a result, the Company recorded an impairment charge in the amount of $22.8 million during the second quarter of 2024, which is included as an impairment of right-of-use asset in the consolidated statements of operations and comprehensive loss for the year ended December 31, 2024. The Company reassessed the need for any further impairment as of December 31, 2025, and determined no additional impairment indicators existed. As of December 31, 2025, the Company has not sublet any of its leased properties.

Management conducted a fair value analysis of the Company's right-of-use assets using a discounted cash flow methodology as of May 15, 2024, which included the following range of assumptions:


Discount rate	9.5-10.5%
Term (years)	2.96-9.13
Expected sublease rent increases		3.0	%

Retirement Plan

12 Months Ended

Dec. 31, 2025

Retirement Benefits [Abstract]

Retirement Plan

16. Retirement Plan

The Company has a defined-contribution plan under Section 401(k) of the Internal Revenue Code (“401(k) Plan”). The 401(k) Plan covers all employees who meet defined minimum age and service requirements and allows participants to defer a portion of their annual compensation on a pre-tax basis. As currently established, the Company is not required to make any contributions to the 401(k) Plan. For the year ended December 31, 2025, the Company did not make a discretionary match to the 401(k) Plan. For the year ended December 31, 2024, the Company made a discretionary match that matches 50%, up to 6% employee contribution, and therefore a maximum of 3% of employees’ salary. Matching contributions are fully vested at the time of contribution. The Company matched $0.2 million of employee 401(k) contributions for the year ended December 31, 2024, which is included in the consolidated statements of operations and comprehensive loss.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Principles of Consolidation

Use of Estimates

Comprehensive Loss

Cash and Cash Equivalents

Restricted Cash


	Year Ended December 31,
	2025		2024
Cash and cash equivalents	$	15,893	$	40,577
Restricted cash		1,993		1,993
Total	$	17,886	$	42,570

Short-term Investments

Concentrations of Credit Risk and Off-Balance Sheet Risk

The Company has no significant off-balance sheet risk such as foreign exchange contracts, option contracts, or other foreign exchange hedging arrangements.

Significant Suppliers

Fair Value of Financial Instruments

Level 1 -Quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.

Level 2 -Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable, such as quoted market prices, interest rates and yield curves.

Property and Equipment

Property and equipment are stated at cost, less accumulated depreciation. Depreciation expense is recognized using the straight-line method over the estimated useful life of each asset as follows:


Property and Equipment		Estimated Useful Life
Laboratory equipment		5 years
Computer software and equipment		3 years
Office furniture and fixtures		7 years
Leasehold improvements		Shorter of useful life or remaining term of related lease

Impairment of Long-Lived Assets

Leases

Accrued Research and Development Expenses

•

vendors in connection with preclinical development activities;

•

vendors in connection with the testing of preclinical and clinical trial materials;

•

CROs in connection with preclinical and clinical studies; and

•

investigative sites in connection with clinical trials.

Revenue Recognition

The Company has not recognized any product revenue to date since its product candidates are in development.

Research and Development Costs

Patent Costs

Accounting for Stock-Based Compensation

Income Taxes

Net Loss per Share

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


	Year Ended December 31,
	2025			2024
Numerator:
Net loss	$	(28,919	)	$	(93,435	)
Net loss attributable to common stockholders	$	(28,919	)	$	(93,435	)
Denominator:
Weighted-average common shares—basic and diluted		1,553,473			1,302,277
Net loss per share attributable to common stockholders—basic and diluted	$	(18.62	)	$	(71.75	)

The following table sets forth the potentially dilutive securities that have been excluded from the calculation of diluted net loss per share because to include them would be anti-dilutive:


	Year Ended December 31,
	2025		2024
Stock options		68,539		126,291
Restricted stock units		51,814		42,876
Stock warrants		1,018,871		172,126
Total		1,139,224		341,293

Recently Issued Accounting Pronouncements

Summary of Significant Accounting Policies - Summary of Basic and Diluted Net Loss per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Numerator:
Net loss	$ (28,919)	$ (93,435)
Net loss attributable to common stockholders	$ (28,919)	$ (93,435)
Denominator:
Weighted-average common shares outstanding-basic	1,553,473	1,302,277
Weighted-average common shares outstanding-diluted	1,553,473	1,302,277
Net loss per share attributable to common stockholders-basic	$ (18.62)	$ (71.75)
Net loss per share attributable to common stockholders-diluted	$ (18.62)	$ (71.75)

- Definition

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

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+ Details

- Definition

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

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+ Details

- Definition

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

+ References

+ Details

Preferred and Common Stock - Additional Information (Details)										6 Months Ended	12 Months Ended		21 Months Ended
	Oct. 08, 2025 $ / shares shares	Jun. 26, 2025 USD ($) $ / shares shares	Mar. 22, 2024 USD ($)	Feb. 12, 2024 USD ($) $ / shares shares	Nov. 15, 2023 USD ($) $ / shares shares	Oct. 02, 2023 USD ($) $ / shares shares	Sep. 01, 2023 USD ($)	May 25, 2023 USD ($) $ / shares shares	Apr. 13, 2022 USD ($) $ / shares shares	Jun. 30, 2025 $ / shares shares	Dec. 31, 2025 USD ($) Vote $ / shares shares	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2023 $ / shares	May 05, 2020 $ / shares shares
Class Of Stock [Line Items]
Common stock shares authorized \| shares											200,000,000	200,000,000	200,000,000
Common stock par value \| $ / shares											$ 0.001	$ 0.001	$ 0.001
Preferred Stock, Shares Authorized \| shares											10,000,000	10,000,000	10,000,000		10,000,000
Preferred stock, par value \| $ / shares											$ 0.001	$ 0.001	$ 0.001		$ 0.001
Common stock, voting rights											The holders of common stock are entitled to one vote for each share held.
Number of common stock voting rights \| Vote											1
Common stock shares issued \| shares											1,774,882	1,310,308	1,774,882
Issuance of stock, value												$ 4,850,000
Preferred stock shares issued \| shares											0	0	0
Preferred stock shares outstanding \| shares											0	0	0
Shelf Registration Statement on Form S-3
Class Of Stock [Line Items]
Stock Debt Securities Warrants And Units Issuance Costs													$ 1,400,000
Stock, debt securities, warrants and units sold \| shares											414,196		414,196
Proceeds from issuance of Stock, debt securities, warrants and units													$ 26,700,000
Amended controlled offering sales agreement
Class Of Stock [Line Items]
Proceeds from issuance of Stock, debt securities, warrant and unit											$ 23,900,000		23,900,000
Issuance of stock, debt securities, warrants and units, net of issuance cost											900,000		$ 900,000
Private Placement
Class Of Stock [Line Items]
Shares issued and sold, public offering price \| $ / shares									$ 211
Aggregate gross proceeds from issuance of warrants								$ 12,000,000
Gross proceeds from private placement									$ 100,500,000
Net proceeds from private placement									96,300,000
Estimated offering costs									$ 4,200,000
Purchase Agreement
Class Of Stock [Line Items]
Common stock par value \| $ / shares		$ 0.001
Issuance of common stock \| shares		273,012
Purchase Agreement \| Private Placement
Class Of Stock [Line Items]
Warrants to purchase common shares \| shares								176,529
Aggregate gross proceeds from issuance of warrants								$ 44,000,000
Warrants exercise price, per share \| $ / shares								$ 133.5
Net proceeds from issuance of preferred stock allocated to warrants								$ 46,500,000
Net proceeds from private placement								50,000,000
Purchase Agreement \| June 2025 Financing
Class Of Stock [Line Items]
Aggregate gross proceeds from issuance of warrants		$ 2,100,000
Gross proceeds from private placement		5,000,000
Net proceeds from issuance of preferred stock allocated to warrants, net of issuance costs		4,300,000
Sales Agreement
Class Of Stock [Line Items]
Net proceeds				$ 4,800,000	$ 8,200,000	$ 10,900,000
Cantor Fitzgerald & Co.
Class Of Stock [Line Items]
Percentage of aggregate commission							3.00%
Pre Funded Warrants
Class Of Stock [Line Items]
Aggregate gross proceeds from issuance of warrants								$ 4,200,000			$ 19,700,000
Warrants exercise price, per share \| $ / shares								$ 0.001						$ 0.05
Number of warrants exercised \| shares											99,991
Pre-funded warrants exercised \| shares											99,991
Pre Funded Warrants \| Private Placement
Class Of Stock [Line Items]
Issuance of common stock \| shares									100,000
Warrants exercise price, per share \| $ / shares									$ 0.001
Gross proceeds for warrant exercises									$ 21,100,000
Pre Funded Warrants \| June 2025 Financing
Class Of Stock [Line Items]
Aggregate gross proceeds from issuance of warrants		$ 800,000
Warrants exercise price, per share \| $ / shares		$ 0.001
Pre Funded Warrants \| Purchase Agreement
Class Of Stock [Line Items]
Shares issued \| shares		1
Exercise price of underlying shares. \| $ / shares		$ 0.001
Warrants exercise price, per share \| $ / shares	$ 0.001	$ 11.81								$ 0.001
Number of warrants exercised \| shares	123,360									27,000
Pre-funded warrants exercised \| shares	123,360									27,000
Pre Funded Warrants \| Purchase Agreement \| Private Placement
Class Of Stock [Line Items]
Warrants to purchase common shares \| shares								48,164			48,164		48,164
Aggregate gross proceeds from issuance of warrants								$ 6,000,000
Warrants exercise price, per share \| $ / shares								$ 0.001
Maximum \| Purchase Agreement \| Private Placement
Class Of Stock [Line Items]
Warrants to purchase common shares \| shares		846,744
Maximum \| Pre Funded Warrants \| Purchase Agreement
Class Of Stock [Line Items]
Warrants to purchase common shares \| shares		150,360
Common Stock
Class Of Stock [Line Items]
Reverse stock split of issued and outstanding common stock											As a result of the Reverse Stock Split, every 50 shares of the Company’s issued and outstanding common stock was automatically exchanged for one issued and outstanding share of common stock, without any change in the par value per share.
Net proceeds								$ 30,500,000
Issuance of common stock \| shares				20,833	60,000	60,351						20,833
Common Stock \| Private Placement
Class Of Stock [Line Items]
Issuance of common stock \| shares									376,303
Gross proceeds from issuance of common stock									$ 79,400,000
Common Stock \| June 2025 Financing
Class Of Stock [Line Items]
Net proceeds		$ 1,400,000
Common Stock \| Purchase Agreement
Class Of Stock [Line Items]
Shares issued \| shares		2
Common Stock \| Purchase Agreement \| Private Placement
Class Of Stock [Line Items]
Issuance of common stock \| shares								353,059
Common Stock \| Sales Agreement
Class Of Stock [Line Items]
Shares issued and sold, public offering price \| $ / shares				$ 240	$ 144	$ 185.5
Common Stock \| Cantor Fitzgerald & Co. \| Amended controlled offering sales agreement
Class Of Stock [Line Items]
Amount available for future sale											$ 50,200,000		$ 50,200,000
Common Stock \| Maximum \| Cantor Fitzgerald & Co. \| Controlled Equity Offering Sales Agreement
Class Of Stock [Line Items]
Proceeds to be occured from future issuance of common stock							$ 50,000,000
Gross proceeds under agreement							$ 50,000,000
Common Stock \| Maximum \| Cantor Fitzgerald & Co. \| Amended controlled offering sales agreement
Class Of Stock [Line Items]
Proceeds to be occured from future issuance of common stock			$ 75,000,000
Gross proceeds under agreement			$ 75,000,000
Purchase Warrants \| Purchase Agreement
Class Of Stock [Line Items]
Exercise price of underlying shares. \| $ / shares		$ 11.56
Warrants exercise price, per share \| $ / shares		$ 11.809
Purchase Warrants \| Purchase Agreement \| Private Placement
Class Of Stock [Line Items]
Warrants to purchase common shares \| shares								24,081			200,612		200,612
Warrants exercise price, per share \| $ / shares								$ 133.65			$ 133.65		$ 133.65
Number of warrants exercised \| shares											28,485
Class of warrant or right, expiration description											Each Purchase Warrant became exercisable on November 30, 2023, and expire on November 30, 2028.
Pre-funded warrants exercised \| shares											28,485

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 15,893	$ 40,577
Prepaid expenses and other current assets	379	2,448
Total current assets	16,272	43,025
Property and equipment, net	1,051	1,404
Operating lease right-of-use assets	16,792	19,924
Restricted cash	1,993	1,993
Total assets	36,108	66,346
Current liabilities:
Accounts payable	663	1,179
Restructuring liability	3,266	4,347
Accrued expenses and other current liabilities	775	2,586
Operating lease liabilities	4,818	4,121
Deferred revenue		398
Total current liabilities	9,522	12,631
Operating lease liabilities, net of current portion	25,441	30,259
Deferred revenue, net of current portion	11,862	11,862
Total liabilities	46,825	54,752
Commitments and contingencies (Note 17)
Stockholders' (deficit) equity:
Preferred stock, $0.001 par value; 10,000,000 shares authorized at December 31, 2025 and 2024; no shares issued and outstanding at December 31, 2025 and 2024
Common stock, $0.001 par value; 200,000,000 shares authorized at December 31, 2025 and 2024; 1,774,882 and 1,310,308 shares issued and outstanding as of December 31, 2025 and 2024, respectively	2	1
Additional paid-in capital	422,990	416,383
Accumulated deficit	(433,709)	(404,790)
Total stockholders' (deficit) equity	(10,717)	11,594
Total liabilities and stockholders' (deficit) equity	$ 36,108	$ 66,346

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Summary of Revenue Significant Expenses and Net Loss for Segment

The following table presents revenue, significant expenses and net loss for the Company's segment (in thousands):


	Year Ended December 31,
	2025			2024
Collaboration revenue	$	398		$	1,534

Operating expenses:
Clinical related costs		2,920			15,156
Employee related costs		10,557			22,828
Product development and manufacturing costs		818			3,304
Facilities, support costs and depreciation		10,718			13,579
Professional, consulting and public company costs		4,938			7,400
Impairment of property and equipment		—			1,883
Impairment of right-of-use assets		—			22,836
Restructuring and other related charges		1,469			10,896
Total operating expenses		31,420			97,882
Loss from operations		(31,022	)		(96,348	)
Other income:
Interest income		1,133			2,952
Other income		981			—
Total other income		2,114			2,952
Loss before income tax expense		(28,908	)		(93,396	)
Income tax expense		(11	)		(39	)
Net loss	$	(28,919	)	$	(93,435	)

Restructuring and Other Related Charges (Additional Information) (Details) $ in Millions		2 Months Ended	12 Months Ended
	May 16, 2024 Employee	Jun. 30, 2024 Employee	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring and other related charges			$ 1.5	$ 10.9
Severance costs			1.2	6.7
Retention costs			$ 0.3	3.2
Other costs				$ 1.0
Employee Severance
Restructuring Cost and Reserve [Line Items]
Number of employees reduced \| Employee	87	87

- 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

Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Payables and Accruals [Abstract]
Payroll and employee related expenses	$ 257	$ 529
Third-party research and development expenses	0	1,582
Other	518	475
Total accrued expenses and other current liabilities	$ 775	$ 2,586

Property and Equipment and Related Impairment (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Property Plant And Equipment

Depreciation expense is recognized using the straight-line method over the estimated useful life of each asset as follows:


Property and Equipment		Estimated Useful Life
Laboratory equipment		5 years
Computer software and equipment		3 years
Office furniture and fixtures		7 years
Leasehold improvements		Shorter of useful life or remaining term of related lease

Property and equipment consist of the following (in thousands):


	December 31,
	2025			2024
Property and equipment:
Laboratory equipment	$	3,927		$	3,927
Computer software and equipment		159			159
Office furniture and fixtures		961			961
Leasehold improvements		553			486
Total	$	5,600		$	5,533
Accumulated depreciation		(4,549	)		(4,129	)
Property and equipment, net	$	1,051		$	1,404

Common Stock Warrants

12 Months Ended

Dec. 31, 2025

Warrants and Rights Note Disclosure [Abstract]

Common Stock Warrants

11. Common Stock Warrants

The following table represents a summary of the warrants outstanding and exercisable as of December 31, 2025, all of which are equity-classified:


	Number of Common Warrants			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)		Aggregate intrinsic Value		Expiration Date	Number of Pre-funded Warrants			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)		Aggregate intrinsic Value		Expiration Date
Outstanding at December 31, 2023		200,612		$	133.650		4.90	$	25,700	November 30, 2028		115,127		$	0.050		3.92	$	30,200	April 2027 - May 2028
Exercised		(28,485	)	$	133.650		—	$	4,297			(115,127	)	$	0.050		—	$	9,715		—
Outstanding at December 31, 2024		172,127		$	133.650		3.92	$	25,700	November 30, 2028		-		$	—		—	$	—		—
Prefunded warrants issued		—		$	—		—	$	—			150,360		$	0.001		2.00	$	—	June 26, 2027
Exercised		—		$	—		—	$	—			(150,360	)	$	0.001		—	$	245,943		—
Common warrants issued		846,744		$	11.560		2.00	$	—	June 26, 2027		—		$	—		—	$	—		—
Outstanding at December 31, 2025		1,018,871		$	32.186		1.73	$	—	November 30, 2028 and June 26, 2027		—		$	—		—	$	—		—

Income Taxes - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating Loss Carryforwards [Line Items]
Net operating losses	$ (28,919,000)	$ (93,435,000)
Deferred tax assets, valuation allowance income tax expense (benefit)	11,000	39,000
Significant change in unrecognized tax benefits is reasonably possible, amount of unrecorded benefit	0
Valuation allowance	91,767,000	84,810,000
Increase in valuation allowance	7,000,000	(24,800,000)
Valuation Allowance of Deferred Tax Assets [Member]
Operating Loss Carryforwards [Line Items]
Deferred tax assets, valuation allowance income tax expense (benefit)	0	0
U.S. federal jurisdiction
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 23,800,000
Operating loss carryforwards limitations on use	offset future income tax liabilities and expire at various dates through 2037
Deferred Tax Assets, Tax Credit Carryforwards, Research	$ 6,400,000	6,400,000
U.S. federal jurisdiction \| Minimum
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	287,900,000
State jurisdiction
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 186,600,000
Operating loss carryforwards limitations on use	offset future income tax liabilities and expire at various dates through 2045
Deferred Tax Assets, Tax Credit Carryforwards, Research	$ 2,000,000	$ 2,000,000
State jurisdiction \| IRC 382
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards				$ 125,400,000
Deferred Tax Assets, Tax Credit Carryforwards, Research				$ 2,800,000
Massachusetts \| IRC 382
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards			$ 125,800,000

Preferred and Common Stock - Schedule of Assumptions Used in Black Scholes Model (Details) - $ / shares			12 Months Ended
	Jun. 26, 2025	May 25, 2023	Dec. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Exercise price		$ 133.5
Fair value of common stock		$ 128.5
Volatility		81.93%	80.50%
Expected term		5 years 6 months	6 years
Risk-free interest rate		3.74%	4.20%
Purchase Warrants
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Exercise price	$ 11.56
Fair value of common stock	$ 13.38
Volatility	80.00%
Expected term	2 years
Risk-free interest rate	3.73%

- 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

Restructuring and Other Related Charges (Tables)

12 Months Ended

Dec. 31, 2025

Restructuring and Related Activities [Abstract]

Summary of Restructuring Liability Activities

Restructuring liability activities during the years ended December 31, 2025 consist of the following (in thousands):


	Severance Costs			Retention Costs			Other Costs			Total Restructuring
Balance at December 31, 2023	$	—		$	—		$	—		$	—
Accruals		6,713			3,174			1,009			10,896
Cash payments		(3,953	)		(1,596	)		(1,000	)		(6,549	)
Balance at December 31, 2024		2,760			1,578			9			4,347
Accruals		1,189			280			—			1,469
Cash payments		(683	)		(1,858	)		(9	)		(2,550	)
Balance at December 31, 2025	$	3,266		$	—		$	—		$	3,266

Preferred and Common Stock - Schedule of Common Stock Reserved for Future Issuances (Details)	Dec. 31, 2025 shares
Class Of Stock [Line Items]
Shares of common stock reserved for future issuances	1,250,149
Option to Exercise Stock Warrants
Class Of Stock [Line Items]
Shares of common stock reserved for future issuances	1,018,871
Stock Options and Restricted Stock Units
Class Of Stock [Line Items]
Shares of common stock reserved for future issuances	211,548
Employee stock purchase plan
Class Of Stock [Line Items]
Shares of common stock reserved for future issuances	19,730

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-Paragraph 13
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 6: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483014/272-10-45-3

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482987/272-10-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (e)
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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+ Details

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

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

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


			Fair Value Measurements at Reporting Date Using
	December 31,		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	2025
Assets:
Cash equivalents
Money market funds	$	15,087	$	15,087	$	—	$	—
Total cash equivalents	$	15,087	$	15,087	$	—	$	—


			Fair Value Measurements at Reporting Date Using
	December 31,		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	2024
Assets:
Cash equivalents
Money market funds	$	23,214	$	23,214	$	—	$	—
U.S. treasury bills		6,995		—		6,995		—
Total cash equivalents	$	30,209	$	23,214	$	6,995	$	—

Segment Reporting - Additional Information (Details)	12 Months Ended
Segment Reporting - Additional Information (Details)	Dec. 31, 2025 Segment
Segment Reporting [Abstract]
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	Chief Executive Officer [Member]
Number of operating segment	1
Segment Reporting, Expense Information Used by CODM, Description	The Company’s CODM evaluates and allocates resources within the segment based on the Company’s net loss.

Stock-Based Compensation Expense - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands								1 Months Ended			12 Months Ended
	Jan. 01, 2025	Jan. 01, 2024	May 25, 2023	Jan. 01, 2023	Sep. 03, 2022	Jun. 30, 2022	Jun. 01, 2022	Mar. 31, 2024	Oct. 31, 2023	Apr. 30, 2020	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 09, 2022	Feb. 28, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares granted											0
Stock options exercised											0
Shares of common stock reserved for future issuances											1,250,149
Stock-based compensation expense											$ 2,335	$ 6,716
Options to purchase											0
Weighted-average fair value of options granted to employees, directors and non-employees												$ 140.00
Aggregate intrinsic value of stock options exercised												$ 100
Restricted stock units outstanding shares, Granted											62,020
Exercise price per share, granted											$ 0
Risk-free interest rate			3.74%									4.20%
Volatility			81.93%									80.50%
Expected term			5 years 6 months									6 years
Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock options exercised												21
Issuance of common stock under ESPP												20
2024 Performance Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Risk-free interest rate								4.26%
Volatility								76.82%
Expected dividend yield								0.00%
Expected term								6 years
2024 PSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period								3 years 9 months 18 days
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period											4 years
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock option expiration period											10 years
2020 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares of common stock reserved for future issuances										3,000
Maximum number of common shares issued										176,000
Percentage of common shares increase automatically in each year										4.00%
Increase in Shares available for grant	52,412	45,772		25,462
Number of shares available for future issuance											54,294
2020 Plan \| Chief Executive Officer \| 2024 Performance Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares granted								11,000
Options to purchase								11,000
Exercise price per share, granted								$ 303.5
2020 Plan \| Executive Chair \| 2024 PSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units outstanding shares, Granted								385,000
Inducement Award Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares of common stock reserved for future issuances									55,260					48,260	55,260
Increase in Shares available for grant					36,260	34,060	29,460		350,000
Number of shares available for future issuance											36,901
Inducement Award Plan \| Executives
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares granted											0		630,000
Options to purchase											0		630,000
2020 ESPP
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares of common stock reserved for future issuances										42,000
Maximum number of common shares issued										19,750
Annual increase in number of shares available for issuance as percentage of outstanding shares common stock on final day of immediately preceding fiscal year										0.50%
Shares available for issuance											19,730
Issuance of common stock under ESPP											20
Market-Based Condition Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares granted											32,960
Stock-based compensation expense											$ 100	$ 1,000
Options to purchase											32,960

Summary of Significant Accounting Policies - Summary of Potentially Dilutive Securities Excluded from Calculation of Diluted Net Loss per Share (Details) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from calculation of diluted net loss per share	1,139,224	341,293
Employee Stock Option
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from calculation of diluted net loss per share	68,539	126,291
Restricted Stock Units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from calculation of diluted net loss per share	51,814	42,876
Stock warrants
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from calculation of diluted net loss per share	1,018,871	172,126

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Components of Lease Cost


	Year Ended December 31,
	2025		2024
Lease Cost:
Operating lease cost	$	5,132	$	6,410
Variable lease cost		2,527		2,514
Total lease cost	$	7,659	$	8,924

Summary of Weighted-Average Remaining Lease Term and Discount Rate Related to Operating Leases

The weighted-average remaining lease term and discount rate related to the Company’s operating leases were as follows:


	December 31,
	2025			2024
Weighted-average remaining lease term (in years)		6.7			7.4
Weighted-average discount rate		6.1	%		6.2	%

Summary of Maturity of Operating Lease Liabilities

Maturity of the Company’s operating lease liabilities in accordance with ASC 842 as of December 31, 2025 were as follows (in thousands):


Year ending December 31,
2026	$	6,494
2027		5,131
2028		4,507
2029		4,642
Thereafter		16,010
Total maturities		36,784
Less: Imputed interest		(6,525	)
Present value of operating lease liability		30,259
Less: Current portion of operating lease liability		(4,818	)
Total operating lease liability, net of current portion	$	25,441

Stock-Based Compensation Expense

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation Expense

12. Stock-Based Compensation Expense

The Company currently grants equity-based awards under its 2020 Incentive Award Plan (“2020 Plan”) and its 2022 Employment Inducement Award Plan (“Inducement Award Plan”). The Company previously granted equity-based awards under its 2005 Equity Incentive Plan (“2005 Plan”) and 2016 Equity Incentive Plan (“2016 Plan” and together with the 2020 Plan, the Inducement Award Plan and the 2005 Plan, the “Plans”). The Company also maintains the 2020 Employee Stock Purchase Plan (the “ESPP”).

The 2020 Plan provides for grant of incentive stock options and nonqualified stock options, stock appreciation rights, restricted stock, dividend equivalents, restricted stock units, performance awards and other share and cash-based awards to employees and consultants and members of the Board of Directors of the Company and its subsidiary.

The initial number of shares of the Company’s common stock that may be issued under the 2020 Plan is 42,000 shares plus the number of shares of the Company’s common stock underlying outstanding awards under the 2005 Plan and 2016 Plan as of the effective date of the 2020 Plan that expire, lapse or are terminated, exchanged for cash, surrendered, repurchased, canceled or forfeited following the effective date of the 2020 Plan. The number of shares available under the 2020 Plan will automatically increase on January 1st of each year from 2021 to 2030 by the lesser of (i) 4% of the number of shares of common stock outstanding on the final day of the immediately preceding calendar year and (ii) a smaller number of shares determined by the Company’s Board of Directors. However, no more than 176,000 shares may be issued under the 2020 Plan pursuant to the exercise of incentive stock options. On January 1, 2023, the shares available for grant under the 2020 Plan was automatically increased by 25,462. On January 1, 2024, the shares available for grant under the 2020 Plan was automatically increased by 45,772. As of December 31, 2025, the Company had 54,294 shares available for issuance under the 2020 Plan. On January 1, 2025, the shares available for grant under the 2020 Plan was automatically increased by 52,412.

In February 2022, the Company’s Board of Directors adopted the Inducement Award Plan (and together with the 2020 Plan, 2016 Plan and 2005 Plan, the “Plans”), which was adopted by the Board of Directors without stockholder approval pursuant to Rule 5635(c)(4) of the Nasdaq Stock Market LLC listing rules (“Rule 5635(c)(4)”), and currently allows for the granting of up to 55,260 shares of the Company's common stock. The Inducement Award Plan provides for the grant of non-qualified stock options, stock appreciation rights, performance units, restricted stock awards, restricted stock units and stock grants. In accordance with Rule 5635(c)(4), awards made under the Inducement Award Plan may only be made to a newly hired employee who has not previously been a member of the Board, or any employee who is being rehired following

a bona fide period of non-employment by the Company or a subsidiary, as a material inducement to the employee’s entering into employment with the Company or its subsidiary. In June 2022, the Inducement Award Plan was amended to increase the shares authorized for issuance thereunder to 29,460 shares and amended again in the same month to increase the shares authorized for issuance to 34,060. In September 2022, the Inducement Award Plan was amended to increase the shares authorized for issuance to 36,260 shares. On December 9, 2022, the Inducement Award Plan was amended and restated to increase the shares authorized for issuance to 48,260 shares. The amended and restated Inducement Award Plan was amended in October 2023 to add another 350,000 shares to the shares authorized for issuance, for a current overall limit of 55,260 shares. During the year-ended December 31, 2024, the Company did not grant options to purchase shares of common stock to executives under the amended and restated Inducement Award Plan, and during the year-ended December 31, 2023 the Company granted options to purchase 630,000 shares under this plan. There were 36,901 shares remaining available for issuance under the Inducement Award Plan as of December 31, 2025.

All stock option grants are nonqualified stock options except for option grants to employees granted, under the 2020 Plan, 2016 Plan or 2005 Plan intended to qualify as incentive stock options under the Internal Revenue Code of 1986, as amended. Stock options may not be granted under the 2020 Plan at less than the fair market value of the Company’s common stock on the date of grant. Vesting periods of awards are determined by the Board of Directors or its compensation committee. Vesting periods of awards granted to date range from vesting upon grant to vesting over a four-year period. Vesting conditions are generally based on continued service. Additionally, the Company has granted certain awards which vest upon the achievement of certain financing and revenue milestones. Stock options granted under the Plans expire no more than 10 years from the date of grant.

Stock-based compensation expense included in the Company’s consolidated statements of operations and comprehensive loss was as follows (in thousands):


	Year Ended December 31,
	2025		2024
Research and development	$	1,006	$	1,360
General and administrative		1,329		5,356
Total	$	2,335	$	6,716

The Company has granted options to purchase 32,960 shares of common stock that vest as to one-third of options, in each case, upon the achievement of three distinct market capitalization targets during the five-year performance period following the date of grant, provided that no more than one-third of the option may vest prior to the first anniversary of the date of grant, no more than two-thirds of the option may vest prior to the second anniversary of the date of grant and the option may not become fully vested prior to the third anniversary of the date of grant, subject to continued service on each applicable vesting date and certain exceptions in the context of a change in control transaction. The Company has accounted for these awards as market-based condition awards and therefore, stock-based compensation recorded during the year ended December 31, 2025 and 2024 was $0.1 million and $1.0 million, respectively.

In March 2024, the Company granted options to purchase 11,000 shares of common stock at an exercise price of $303.50 per share to its Chief Executive Officer (“2024 Performance Options”) and granted 385,000 RSUs to its Executive Chair (“2024 PSUs”), each with performance-based vesting conditions under the 2020 Plan. Vesting of the 2024 Performance Options and the 2024 PSUs are based on the achievement of various clinical and regulatory milestones during the specified periods.

For the 2024 PSUs, the Company measured stock compensation expense based on the fair value of the award on the grant date and then once the Company determines the performance criteria is probable of achievement, recognizes such amount over the vesting term of the award, which is approximately 3.8 years. The Company determined the fair value of the 2024 Performance Option using the Black-Scholes option-pricing model and using the following inputs: risk-free interest rate of 4.26%, volatility of 76.82%, expected dividend yield 0%, and expected term of 6.0 years.

A summary of the restricted stock unit activity, including 2024 PSUs, under the Plans for the year ended December 31, 2025 was as follows:


	Shares			Weighted- Average Grant Date Fair Value
Restricted stock units outstanding as of December 31, 2024		42,865		$	132.09
Granted		62,020		$	9.86
Vested		(41,250	)	$	57.75
Forfeited		(11,821	)	$	210.07
Restricted stock units outstanding as of December 31, 2025		51,814		$	27.18

The following table summarizes the Company’s unrecognized stock-based compensation as of December 31, 2025:


	Unrecognized Expense (in thousands)		Period of Recognition (years)
Restricted stock units	$	816		1.3
Stock options		1,751		1.7
Total	$	2,567

No stock options were granted in 2025. The fair value of each stock option granted to employees, directors and non-employees in 2024 was estimated on the date of grant using the Black-Scholes option-pricing model, with the following weighted-average assumptions:


	Year Ended December 31,
	2024
Risk-free interest rate		4.2	%
Expected dividend yield		—	%
Expected term (in years)		6.0
Expected volatility		80.5	%

A summary of the stock option activity, including incentive options, under the Plans for the year ended December 31, 2025 was as follows:


	Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2024		126,255		$	283.02		7.5	$	—
Granted		—			—
Exercised		—			—
Cancelled		(57,716	)		375.52
Outstanding at December 31, 2025		68,539		$	205.12		5.6	$	—
Exercisable at December 31, 2025		52,210		$	210.62		5.1	$	—
Vested and expected to vest at December 31, 2025		68,539		$	205.12		5.6	$	—

No options were granted in 2025. The weighted-average fair value of options granted to employees, directors and non-employees during the year ended December 31, 2024 was $140.00.

The aggregate intrinsic value of stock options is calculated as the difference between the exercise price of the stock options and the fair value of the Company’s common stock for those stock options that had exercise prices lower than the fair value of the Company’s common stock. No options were exercised in 2025. The aggregate intrinsic value of stock options exercised during the year ended December 31, 2024 was approximately $0.1 million.

2020 Employee Stock Purchase Plan

In April 2020, the Company’s Board of Directors adopted the Company’s 2020 Employee Stock Purchase Plan (“2020 ESPP”). The 2020 ESPP is structured as a qualified employee stock purchase plan under Section 423 of the Internal Revenue Code of 1986, as amended, and is not subject to the provisions of the Employee Retirement Income Security Act of 1974. The Company initially reserved 3,000 shares of common stock for issuance under the 2020 ESPP. In addition, the number of shares available for issuance under the 2020 ESPP will be annually increased on January 1st of each year from 2021 to 2030 by the lesser of (i) 0.5% of the number of shares of common stock outstanding on the final day of the immediately preceding calendar year and (ii) such smaller number of shares as is determined by the Company’s Board of Directors, provided that no more than 19,750 shares of common stock may be issued under the 2020 ESPP.

As of December 31, 2025, the Company issued 20 shares under the 2020 ESPP. In June 2024, the Company indefinitely suspended the offering of its 2020 ESPP. As of December 31, 2025, there are a total of 19,730 shares available for issuance under the 2020 ESPP.

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Income Statement [Abstract]
Collaboration revenue	$ 398	$ 1,534
Operating expenses:
Research and development	18,411	43,766
General and administrative	11,540	18,501
Impairment of property and equipment		1,883
Impairment of right-of-use assets		22,836
Restructuring and other related charges	1,469	10,896
Total operating expenses	31,420	97,882
Loss from operations	(31,022)	(96,348)
Other income:
Interest income	1,133	2,952
Other Income	981
Total other income	2,114	2,952
Loss before income tax expense	(28,908)	(93,396)
Income tax expense	(11)	(39)
Net loss	(28,919)	(93,435)
Other comprehensive loss:
Unrealized holding income (loss) on short-term investments, net of tax		(33)
Comprehensive loss	$ (28,919)	$ (93,468)
Net loss per share attributable to common stockholders- basic	$ (18.62)	$ (71.75)
Net loss per share attributable to common stockholders-diluted	$ (18.62)	$ (71.75)
Weighted-average common shares outstanding-basic	1,553,473	1,302,277
Weighted-average common shares outstanding-diluted	1,553,473	1,302,277

Stock-Based Compensation Expense - Summary of Restricted Stock Unit Activity, Including 2024 PSUs (Details)	12 Months Ended
	Dec. 31, 2025 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Restricted stock units outstanding, Beginning Balance \| shares	42,865
Restricted stock units outstanding shares, Granted \| shares	62,020
Restricted stock units outstanding shares, Vested \| shares	(41,250)
Restricted stock units outstanding shares, Forfeited \| shares	(11,821)
Restricted stock units outstanding, Ending Balance \| shares	51,814
Weighted Average Grant Date Fair Value, Beginning Balance \| $ / shares	$ 132.09
Weighted Average Grant Date Fair Value, Granted \| $ / shares	9.86
Weighted Average Grant Date Fair Value, Vested \| $ / shares	57.75
Weighted Average Grant Date Fair Value, Forfeited \| $ / shares	210.07
Weighted Average Grant Date Fair Value, Ending Balance \| $ / shares	$ 27.18

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Pay vs Performance Disclosure
Net Income (Loss)	$ (28,919)	$ (93,435)

- Definition

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

+ References

+ Details

Income Taxes (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Net operating loss carryforwards	$ 73,309	$ 41,333
Research and development credits	7,975	7,975
Stock-based compensation	1,122	1,062
Operating lease liabilities	7,989	9,184
Capitalized research & experimental expenditures	825	24,975
Deferred revenue	3,132	3,234
Other	467	785
Total gross deferred tax assets	94,819	88,548
Less: valuation allowance	(91,767)	(84,810)
Total deferred tax assets	3,052	3,738
Operating lease right-of-use assets	(3,052)	(3,738)
Total deferred tax liabilities	$ (3,052)	$ (3,738)

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Accounting Policies [Line Items]
Restricted cash	$ 1,993,000	$ 1,993,000
Loss on impairment of property and equipment	0	1,900,000
Operating lease right-of-use assets	16,792,000	19,924,000
Impairment of the right-of-use assets	0	22,800,000
Lease liabilities	4,818,000	$ 4,121,000
ASC 842
Accounting Policies [Line Items]
Operating lease right-of-use assets	$ 0
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Operating lease right-of-use assets
Lease liabilities	$ 0
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Lease liabilities
Finance lease liability	$ 0
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Liabilities

Summary of Significant Accounting Policies - Property and Equipment (Details)	Dec. 31, 2025
Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	5 years
Computer software and equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	3 years
Office furniture and fixtures
Property Plant And Equipment [Line Items]
Property and equipment, gross	7 years
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration]	us-gaap:UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember

Leases - Summary of Maturity of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
2026	$ 6,494
2027	5,131
2028	4,507
2029	4,642
Thereafter	16,010
Total maturities	36,784
Less: Imputed interest	(6,525)
Present value of operating lease liability	30,259
Less: Current portion of operating lease liability	(4,818)	$ (4,121)
Operating lease liabilities, net of current portion	$ 25,441	$ 30,259

Property and Equipment and Related Impairment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Property Plant And Equipment [Line Items]
Total	$ 5,600	$ 5,533
Accumulated depreciation	(4,549)	(4,129)
Property and equipment, net	1,051	1,404
Equipment
Property Plant And Equipment [Line Items]
Total	3,927	3,927
Computer Software and Equipment
Property Plant And Equipment [Line Items]
Total	159	159
Office Furniture and Fixtures
Property Plant And Equipment [Line Items]
Total	961	961
Leasehold Improvements
Property Plant And Equipment [Line Items]
Total	$ 553	$ 486

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:
Net loss	$ (28,919)	$ (93,435)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	2,335	6,716
Depreciation expense	459	471
Impairment of property and equipment		1,883	$ 1,600
Write-off of deferred financing costs		140
Impairment of right-of-use assets		22,836
Gain on sale of property and equipment	(8)
Net amortization of discount on short-term investments		(2,276)
Changes in operating assets and liabilities
Prepaid expenses and other current assets	2,069	(380)
Operating lease right-of-use assets	3,132	1,353
Other assets		1,111
Accounts payable	(516)	(1,887)
Accrued expenses and other current liabilities	(1,811)	(5,975)
Restructuring liability	(1,081)	4,347
Operating lease liabilities	(4,121)	(3,381)
Deferred revenue	(398)	(1,534)
Net cash used in operating activities	(28,859)	(70,011)
Cash flows from investing activities:
Purchases of property and equipment	(116)	(2,338)
Proceeds from the sale of property and equipment	18
Purchases of short-term investments		(47,949)
Maturity of short-term investments		130,592
Net cash (used in) provided by investing activities	(98)	80,305
Cash flows from financing activities:
Proceeds from sale of common stock, warrants and pre-funded warrants	4,999	8,818
Payment of deferred offering costs	(726)	(290)
Proceeds from exercise of stock options		3
Net cash provided by financing activities	4,273	8,531
Net (decrease) increase in cash, cash equivalents and restricted cash	(24,684)	18,825
Cash, cash equivalents and restricted cash, beginning of period	42,570	23,745
Cash, cash equivalents and restricted cash, end of period	$ 17,886	42,570	$ 23,745
Supplemental disclosure of non-cash financing and investing activities:
Right of Use Asset in Exchange for Lease Liability		$ 13,667

Stock-Based Compensation Expense - Schedule of Fair Value of Stock Option Estimated on Date of Grant Using Black-Scholes Option-Pricing Model or Monte Carlo Simulation in Case of Options Granted to Certain Executive Officers (Details)		12 Months Ended
	May 25, 2023	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Risk-free interest rate	3.74%	4.20%
Expected term (in years)	5 years 6 months	6 years
Expected volatility	81.93%	80.50%

Common Stock Warrants (Tables)

12 Months Ended

Dec. 31, 2025

Warrants and Rights Note Disclosure [Abstract]

Summary of Warrants Outstanding and Exercisable and Warrant Activity

The following table represents a summary of the warrants outstanding and exercisable as of December 31, 2025, all of which are equity-classified:


	Number of Common Warrants			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)		Aggregate intrinsic Value		Expiration Date	Number of Pre-funded Warrants			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)		Aggregate intrinsic Value		Expiration Date
Outstanding at December 31, 2023		200,612		$	133.650		4.90	$	25,700	November 30, 2028		115,127		$	0.050		3.92	$	30,200	April 2027 - May 2028
Exercised		(28,485	)	$	133.650		—	$	4,297			(115,127	)	$	0.050		—	$	9,715		—
Outstanding at December 31, 2024		172,127		$	133.650		3.92	$	25,700	November 30, 2028		-		$	—		—	$	—		—
Prefunded warrants issued		—		$	—		—	$	—			150,360		$	0.001		2.00	$	—	June 26, 2027
Exercised		—		$	—		—	$	—			(150,360	)	$	0.001		—	$	245,943		—
Common warrants issued		846,744		$	11.560		2.00	$	—	June 26, 2027		—		$	—		—	$	—		—
Outstanding at December 31, 2025		1,018,871		$	32.186		1.73	$	—	November 30, 2028 and June 26, 2027		—		$	—		—	$	—		—

Segment Reporting

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment Reporting

9. Segment Reporting

Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision-maker (“CODM”) in deciding how to allocate resources and assess performance. The Company and the Company’s CODM, its chief executive officer, regularly review the Company’s operations and manage its business as a single operating segment, which is the business of developing targeted medicines to address ear, nose, and throat, or ENT, diseases. Segment revenues represent collaboration revenue from the Company’s consolidated statements of operations and is received from a single customer.

Significant segment expenses consist primarily of employee-related costs, clinical, facility and professional and consulting costs in connection with preclinical and clinical development activities. Segment expenses also include impairment charges, when and as applicable.

The Company’s CODM evaluates and allocates resources within the segment based on the Company’s net loss. As the Company is a clinical-stage biotechnology company, the evaluation includes review of the actual and budget costs related to employee-related costs, clinical trials, facility, professional and consulting costs in connection with preclinical and clinical development activities, and the conduct of these pre-clinical and clinical trials and responses from government agencies in determining the probability of success of product candidates. Total segment assets are reported in the Company’s consolidated balance sheets as total assets.

The following table presents revenue, significant expenses and net loss for the Company's segment (in thousands):


	Year Ended December 31,
	2025			2024
Collaboration revenue	$	398		$	1,534

Operating expenses:
Clinical related costs		2,920			15,156
Employee related costs		10,557			22,828
Product development and manufacturing costs		818			3,304
Facilities, support costs and depreciation		10,718			13,579
Professional, consulting and public company costs		4,938			7,400
Impairment of property and equipment		—			1,883
Impairment of right-of-use assets		—			22,836
Restructuring and other related charges		1,469			10,896
Total operating expenses		31,420			97,882
Loss from operations		(31,022	)		(96,348	)
Other income:
Interest income		1,133			2,952
Other income		981			—
Total other income		2,114			2,952
Loss before income tax expense		(28,908	)		(93,396	)
Income tax expense		(11	)		(39	)
Net loss	$	(28,919	)	$	(93,435	)

- Definition

Disclosure of accounting policy for segment reporting.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 41
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-29

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 29
-Subparagraph (c)
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-29

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
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-Subparagraph (b)
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
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-Section 55
-Paragraph 47
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Paragraph 29
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
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-Paragraph 54
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-36

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (b)
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
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-Paragraph 29
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-29

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
-Paragraph 29
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-29

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 29
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-29

+ Details

Collaboration Agreement - Additional Information (Details) - USD ($)	1 Months Ended	12 Months Ended
	Feb. 28, 2022	Dec. 31, 2025	Dec. 31, 2024
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration revenue		$ 398,000	$ 1,534,000
Combined performance obligation		8,400,000
Development activities performance obligation		$ 3,600,000
Revenue description		Under the LianBio License Agreement, in order to evaluate the transaction price for purposes of ASC 606, the Company determined that the upfront payment of $12.0 million and the reimbursable cost of the clinical supply of LYR-210 constitute the entirety of the consideration to be included in the transaction price as of the outset of the arrangement, which was allocated to the two performance obligations as follows: $8.4 million to the Combined Performance Obligation and $3.6 million to the Development Activities Performance Obligation. In February 2022, the Company received $5.0 million upon achievement of the first of the development milestones related to dosing its first patient and the transaction price was adjusted by $5.0 million which was allocated to the two performance obligations as follows: $3.5 million to the Combined Performance Obligation and $1.5 million to the Development Activities Performance Obligation. The remaining potential milestone payments that the Company is eligible to receive were excluded from the transaction price as of December 31, 2025, as all milestone amounts were fully constrained based on the probability of achievement.
Clinical Supply Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront payment recognition in future periods to settlement of obligation		$ 12,000,000
Milestone Achievements
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration revenue	$ 5,000,000	0	$ 0
Upfront payment recognition in future periods to settlement of obligation	5,000,000	5,000,000
Combined performance obligation	$ 3,500,000	3,489,000
Development activities performance obligation		1,511,000
Pre-Milestone
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront payment recognition in future periods to settlement of obligation		12,000,000
Combined performance obligation		8,373,000
Development activities performance obligation		3,627,000
Post-Milestone
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront payment recognition in future periods to settlement of obligation		17,000,000
Combined performance obligation		11,862,000
Development activities performance obligation		$ 5,138,000

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

14. Income Taxes

The Company records a provision or benefit for income taxes on pre-tax income or loss based on its estimated effective tax rate for the year. During the years ended December 31, 2025 and 2024, the Company recorded net operating losses of approximately $28.9 million and $93.4 million, respectively, and, since it maintains a full valuation allowance on its deferred tax assets, the Company did not record an income tax benefit for the years ended December 31, 2025 and 2024.

A reconciliation of income tax expense computed at the statutory federal income tax rate to income taxes reflected in the consolidated financial statements is as follows (amounts in thousands):


	Year Ended December 31,
	2025						2024
	Amount			Rate			Amount			Rate
Income tax computed at federal statutory tax rate	$	(6,070	)		21.0	%	$	(19,614	)		21.0	%
Tax credits:
Research credits		—			—	%		(2,647	)		2.8	%
Nontaxable nondeductible items:
Stock compensation		2,722			(9.4	)%		202			(0.2	)%
162 (m) compensation limit		(2,349	)		8.1	%		946			(1.0	)%
Other		69			(0.2	)%		72			(0.1	)%
Other adjustments		—			—	%		862			(0.9	)%
Changes in valuation allowances		5,631			(19.5	)%		19,171			(20.5	)%
Domestic state and local taxes, net of federal effect		8			—	%		1,047			(1.1	)%
Total	$	11			—	%	$	39			—	%

Net deferred tax assets as of December 31, 2025 and 2024 consist of the following (in thousands):


	December 31,
	2025			2024
Deferred tax assets:
Net operating loss carryforwards	$	73,309		$	41,333
Research and development credits		7,975			7,975
Stock-based compensation		1,122			1,062
Operating lease liabilities		7,989			9,184
Capitalized research & experimental expenditures		825			24,975
Deferred revenue		3,132			3,234
Other		467			785
Total gross deferred tax assets		94,819			88,548
Less: valuation allowance		(91,767	)		(84,810	)
Total deferred tax assets		3,052			3,738
Deferred tax liabilities:
Operating lease right-of-use assets		(3,052	)		(3,738	)
Total deferred tax liabilities		(3,052	)		(3,738	)
Net deferred taxes	$	—		$	—

As of December 31, 2025, the Company had U.S. federal net operating loss carryforwards of approximately $23.8 million which may be able to offset future income tax liabilities and expire at various dates through 2037 and approximately $287.9 million of federal net operating loss carryforwards that may be carried forward indefinitely. As a result of the IRC 382 study performed in 2022 the Company wrote off $125.4 million of state net operating losses and $2.8 million of state research and development credits. The Company updated their IRC 382 study in 2023 given the changes to the Massachusetts apportionment to single sales resulting in a reduced amount of $125.8 million. As of December 31, 2025, the Company had state net operating loss carryforwards of approximately $186.6 million which may be available to offset future income tax liabilities and expire at various dates through 2045.

As of December 31, 2025 and 2024, the Company had federal research and development tax credit carryforwards of approximately $6.4 million in each year, available to reduce future tax liabilities which expire at various dates through 2045. As of December 31, 2025 and 2024, the Company had state research and development tax credit carryforwards of approximately $2.0 million and $2.0 million, respectively, available to reduce future tax liabilities which expire at various dates through 2040. The Company has generated research credits but has not conducted a study to document the qualified activity. This study may result in an adjustment to the Company’s research and development credit carryforwards; however, until a study is completed and any adjustment is known, no amounts are being presented as an uncertain tax position. A full valuation allowance has been provided against the Company’s research and development credits and, if an adjustment is

required, this adjustment would be offset by an adjustment to the deferred tax asset established for the research and development credit carryforwards and the valuation allowance.

Under the provisions of the IRC, the net operating loss and tax credit carryforwards are subject to review and possible adjustment by the Internal Revenue Service and state tax authorities. Net operating loss and tax credit carryforwards may become subject to an annual limitation in the event of certain cumulative changes in the ownership interest of significant shareholders over a three-year period in excess of 50%, as defined under Sections 382 and 383 of the Internal Revenue Code, respectively, as well as similar state provisions. The Company had performed an IRC 382 study during 2022 which resulted in identifying three separate ownership changes that occurred on March 31, 2006, January 17, 2020, and April 13, 2022. The Company performed an update assessment to our IRC 382 analysis in conjunction with the December 31, 2023 annual audit noting no additional ownership change. For these reasons, in the event the Company experiences a change of control, it may not be able to utilize a material portion of the NOLs or research and development credit carryforwards even if the Company attains profitability.

ASC 740 requires a valuation allowance to reduce the deferred tax assets reported if, based on the weight of the evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. After consideration of all the evidence, both positive and negative, the Company has recorded a valuation allowance against its deferred tax assets at December 31, 2025 and 2024 because the Company’s management has determined that it is more likely than not that the Company will not recognize the benefits of its federal and state deferred tax assets primarily due to its history of cumulative net losses incurred since inception and its lack of commercialization of any products or generation of any revenue from product sales since inception and, as a result, a valuation allowance of approximately $91.8 million and $84.8 million, respectively, has been established at December 31, 2025 and 2024. Management reevaluates the positive and negative evidence at each reporting period. The valuation allowance increased by approximately $7.0 million during the year ended December 31, 2025 due primarily to the generation of net operating losses compared to the increase by approximately $24.8 million during the year ended December 31, 2024 due primarily to an increase in capitalized research and experimental expenditures and an increase in operating lease liabilities.

The Company has recorded adjustments to deferred tax assets for unrecognized tax benefits as of December 31, 2025 and 2024. The Company’s policy is to record interest and penalties related to uncertain tax positions as part of its income tax provision. As of December 31, 2025 and 2024, the Company had not accrued interest or penalties related to uncertain tax positions and no such amounts have been recognized in the Company’s consolidated statements of operations and comprehensive loss. In many cases, the Company’s uncertain tax positions are related to years that remain subject to examination by relevant tax authorities. The statute of limitations for federal and state tax authorities is closed for years prior to December 31, 2022. However, since the Company is in a loss carryforward position, the Company is generally subject to examination by the U.S. federal, state and local income tax authorities for all tax years in which a loss carryforward is available.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

Preferred and Common Stock

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Preferred and Common Stock

10. Preferred and Common Stock

The Company has 10,000,000 shares of undesignated preferred stock, par value $0.001 per share. There were no shares issued or outstanding as of December 31, 2025 and 2024.

The holders of common stock are entitled to one vote for each share held. Common stockholders are not entitled to receive dividends, unless declared by the Board of Directors.

The Company had an effective shelf registration statement on Form S-3 (No. 333-278163) filed with the SEC on March 22, 2024 (“Form S-3”), which offering has been terminated and the unused registered shares thereunder removed pursuant to a post-effective amendment filed by the Company on March 25, 2026. As of December 31, 2025, the Company had sold 414,196 shares which generated proceeds of $26.7 million net of issuance costs of $1.4 million.

June 2025 Financing

On June 26, 2025, the Company entered into a securities purchase agreement (the “2025 Purchase Agreement”) with certain accredited and institutional investors (“June 2025 Financing”). The 2025 Purchase Agreement provided for the sale and issuance by the Company of an aggregate of: (i) 273,012 shares (the “Shares”) of the Company’s common stock, $0.001 par value, (ii) pre-funded warrants (the “2025 Pre-Funded Warrants”) to purchase up to 150,360 shares of common stock, and (iii) private placement warrants (the “2025 Purchase Warrants”) to purchase up to 846,744 shares of common stock. The Shares, the 2025 Pre-Funded Warrants and 2025 Purchase Warrants were sold on a combined basis for consideration equating to $11.81 for one Share and a 2025 Purchase Warrant to purchase two underlying shares of common stock (or in lieu thereof, $11.809 for a 2025 Pre-Funded Warrant to purchase one underlying share of common stock and a 2025 Purchase Warrant to purchase two underlying shares of common stock). The exercise price of the 2025 Pre-Funded Warrants is $0.001 per underlying share. The exercise price of the 2025 Purchase Warrants is $11.56 per underlying share.

The Shares and the 2025 Pre-Funded Warrants were offered pursuant to an effective shelf registration statement and the 2025 Purchase Warrants were sold in a concurrent private placement. The 2025 Pre-Funded Warrants are immediately exercisable and may be exercised at any time until the Pre-Funded Warrants are exercised in full, subject to the Beneficial Ownership Limitation. The 2025 Purchase Warrants are immediately exercisable and will expire on the 24-month anniversary of the date that the SEC declares the registration statement covering the resale of the shares of common stock

issuable upon exercise of the 2025 Purchase Warrants effective.

The Company received an aggregate of $5.0 million in gross proceeds, or $4.3 million after deducting issuance costs. The Company has allocated the net proceeds among the common stock, the 2025 Purchase Warrants and the 2025 Pre-Funded Warrants using the relative fair value method for each of the above transactions. The Company has allocated $1.4 million to the shares of common stock, $0.8 million to the 2025 Pre-Funded Warrants and $2.1 million to the 2025 Purchase Warrants.

The Company has determined the fair value of the common shares based upon the Company’s common stock price on the date of the transaction applied to the number of shares of common stock issued. The fair value of the 2025 Pre-Funded Warrants was determined based on the Company’s common stock price on the date of the transaction, less the $0.001 per share exercise price of the warrants, applied to the number of 2025 Pre-Funded Warrants. The fair value of the 2025 Purchase Warrants was determined using the Black-Scholes model applied to the number of 2025 Purchase Warrants. The assumptions used in the Black-Scholes model were as follows:


Exercise price	$	11.56
Fair value of common stock	$	13.38
Volatility		80.00	%
Expected term	2.0 years
Risk-free interest rate		3.73	%

The Company’s outstanding warrants are freestanding instruments and are classified within stockholders’ equity since the warrants are indexed to the Company’s common stock and meet the equity classification criteria.

A total of 27,000 of the 2025 Pre-Funded Warrants were exercised as of June 30, 2025, at a purchase price of $0.001 per share, and the remaining 123,360 2025 Pre-Funded Warrants were exercised as of October 8, 2025, at a purchase price of $0.001 per share.

September 2023 Financing

On September 1, 2023, the Company entered into a Controlled Equity Offering Sales Agreement (the "Sales Agreement") with Cantor Fitzgerald & Co. ("Cantor") pursuant to which the Company may offer and sell, from time to time through Cantor, shares of the Company's common stock for aggregate gross proceeds of up to $50.0 million. The offering and sale of up to $50.0 million of the common shares has been registered under the Securities Act of 1933, as amended (the "Securities Act"), pursuant to the Company's Registration Statement on Form S-3 (File No. 333-256020) (the "Registration Statement"), which was originally filed with the Securities and Exchange Commission ("SEC") on May 11, 2021, and declared effective by the SEC on May 20, 2021, the base prospectus contained within the Registration Statement, and a prospectus supplement relating to the shares that was filed with the SEC on September 1, 2023 (the "Prospectus Supplement").

Pursuant to the Sales Agreement, Cantor may sell the shares in sales deemed to be "at the market offerings" as defined in Rule 415(a)(4) promulgated under the Securities Act. The Company has no obligation to sell any of the shares under the Sales Agreement and may at any time suspend or terminate the offering of the shares pursuant to the Sales Agreement upon notice to Cantor and subject to other conditions. Cantor will act as sales agent and will use commercially reasonable efforts to sell on the Company's behalf all of the shares requested to be sold by the Company, on mutually agreed terms between Cantor and the Company.

The Sales Agreement contains customary representations, warranties and agreements by the Company, and indemnification obligations of the Company and Cantor and other obligations of the parties. Under the terms of the Sales Agreement, the Company has agreed to pay Cantor a commission equal to 3.0% of the aggregate gross proceeds from any shares sold through it pursuant to the Sales Agreement. In addition, the Company has agreed to reimburse certain expenses incurred by Cantor in connection with the Sales Agreement.

On October 2, 2023, the Company sold an aggregate of 60,351 shares of common stock under the Sales Agreement, at a weighted average price of $185.50 per share, which generated net proceeds of $10.9 million. On November

15, 2023, the Company sold an aggregate of 60,000 shares of common stock under the Sales Agreement, at a weighted average price of $144.00 per share, which generated net proceeds of $8.2 million. On February 12, 2024, the Company sold an aggregate of 20,833 shares of common stock under the Sales Agreement, at a weighted average price of $240.00 per share, which generated net proceeds of $4.8 million.

On March 22, 2024, the Company amended and restated the Controlled Equity Offering Sales Agreement (the “Amended Sales Agreement”) with Cantor pursuant to which the Company may offer and sell, from time to time through Cantor, shares of the Company's common stock for aggregate gross proceeds of up to $75.0 million. The offering and sale of up to $75.0 million of the common shares has been registered under the Securities Act, pursuant to the Company's Registration Statement on Form S-3 (File No. 333-278163) (the "2024 Registration Statement"), which was originally filed with the SEC on March 22, 2024, the base prospectus contained within the 2024 Registration Statement, and a prospectus supplement relating to the shares that was filed with the SEC on March 22, 2024. As of December 31, 2025, the Company has recorded $23.9 million in proceeds, net of issuance costs of $0.9 million, under the Amended Sales Agreement, with $50.2 million still available for future sale under the Amended Sales Agreement.

May 2023 Financing

On May 25, 2023, the Company entered into a securities purchase agreement (the “2023 Purchase Agreement”), with the purchasers, pursuant to which the Company agreed to sell securities to the Investors in a private placement (the “Private Placement”). The 2023 Purchase Agreement provided for the sale and issuance by the Company of 353,059 shares of the Company’s common stock and accompanying warrants to purchase up to 176,529 shares of the Company’s common stock (the “2023 Purchase Warrants”), with an exercise price of $133.50 per share, for aggregate gross proceeds of $44.0 million. Each Purchase Warrant became exercisable on November 30, 2023, and expire on November 30, 2028. Additionally, the Company issued pre-funded warrants to purchase 48,164 shares of the Company’s common stock (“2023 Pre-Funded Warrants”), with an exercise price of $0.001 per share, and accompanying the 2023 Purchase Warrants to purchase up to 24,081 shares of the Company’s common stock, with an exercise price of $133.65 per share, for aggregate gross proceeds of $6.0 million. In total 200,612 of the 2023 Purchase Warrants were issued and 48,164 of the 2023 Pre-Funded Warrants were issued.

The closing of the Private Placement occurred on May 31, 2023. The Company filed a shelf registration statement on Form S-3 with the SEC on June 28, 2023, and it was declared effective on July 7, 2023.

The Company received an aggregate of $50.0 million in gross proceeds, or $46.5 million after deducting issuance costs. The Company has allocated the net proceeds among the common stock, the 2023 Purchase Warrants and the 2023 Pre-Funded Warrants using the relative fair value method for each of the above transactions. The Company has allocated $30.5 million to the shares of common stock, $4.2 million to the 2023 Pre-Funded Warrants and $12 million to the 2023 Purchase Warrants.

The Company has determined the fair value of the common shares based upon the Company’s common stock price on the date of the transaction applied to the number of shares of common stock issued. The fair value of the 2023 Pre-Funded Warrants was determined based on the Company’s common stock price on the date of the transaction, less the $0.001 per share exercise price of the warrants, applied to the number of 2023 Pre-Funded Warrants. The fair value of the 2023 Purchase Warrants was determined using the Black-Scholes model applied to the number of 2023 Purchase Warrants. The assumptions used in the Black-Scholes model were as follows:


Exercise price	$	133.50
Fair value of common stock	$	128.50
Volatility		81.93	%
Expected term	5.5 years
Risk-free interest rate		3.74	%

A total of 28,485 of the 2023 Purchase Warrants were exercised as of December 31, 2025, at a purchase price of $133.65 per share.

April 2022 Financing

On April 13, 2022, the Company entered into a securities purchase agreement (the “2022 Purchase Agreement”) pursuant to which the Company announced the closing of its private placement of common stock (or, in lieu thereof, 2022 Pre-Funded Warrants to purchase common stock), resulting in gross proceeds of approximately $100.5 million (“April 2022 Financing”). The Company received approximately $96.3 million in net proceeds after deducting estimated offering costs of $4.2 million. Pursuant to the 2022 Purchase Agreement, (i) certain investors purchased an aggregate of 376,303 shares of common stock at $211.00 per share for gross proceeds to the Company of $79.4 million and (ii) certain investors purchased 2022 Pre-Funded Warrants to purchase an aggregate of 100,000 shares of common stock, with the exercise price of $0.001 per share for gross proceeds of $21.1 million to the Company. The warrants are exercisable on or after April 13, 2022 and expire on April 12, 2027.

The 2022 Pre-Funded Warrants were classified as a component of permanent stockholders’ equity within additional paid-in capital and were recorded at the issuance date using a relative fair value allocation method. The 2022 Pre-Funded Warrants are equity classified because they are freestanding financial instruments that are legally detachable and separately exercisable from the equity instruments, are immediately exercisable, do not embody an obligation for the Company to repurchase its shares, permit the holders to receive a fixed number of shares of common stock upon exercise, are indexed to the Company’s common stock and meet the equity classification criteria. In addition, such 2022 Pre-Funded Warrants do not provide any guarantee of value or return. The Company valued the 2022 Pre-Funded Warrants at issuance, concluding that their sales price approximated their fair value, and allocated net proceeds from the sale proportionately to the common stock and 2022 Pre-Funded Warrants, of which $19.7 million was allocated to the 2022 Pre-Funded Warrants and recorded as a component of additional paid-in capital. There were 99,991 of the 2022 Pre-Funded Warrants issued in the April 2022 Financing exercised as of December 31, 2025.

The Company has reserved for future issuances the following shares of common stock as of December 31, 2025:


	As of December 31, 2025
Option to exercise stock warrants		1,018,871
Stock options and restricted stock units		211,548
Employee stock purchase plan		19,730
Total		1,250,149

- Definition

The entire disclosure for equity.

+ References

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+ Details

Segment Reporting - Summary of Revenue Significant Expenses and Net Loss for Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Collaboration revenue	$ 398	$ 1,534
Research and development costs	18,411	43,766
Impairment of property and equipment		1,883	$ 1,600
Impairment of right-of-use assets		22,836
Restructuring and other related charges	1,469	10,896
Total operating expenses	31,420	97,882
Loss from operations	(31,022)	(96,348)
Interest income	1,133	2,952
Other income	981
Total other income	2,114	2,952
Loss before income tax expense	(28,908)	(93,396)
Income tax expense	(11)	(39)
Net loss	(28,919)	(93,435)
Clinical Related Costs
Segment Reporting Information [Line Items]
Research and development costs	2,920	15,156
Employee Related Costs
Segment Reporting Information [Line Items]
Research development general and administrative costs	10,557	22,828
Product Development and Manufacturing Costs
Segment Reporting Information [Line Items]
Research and development costs	818	3,304
Facilities, Support Costs and Depreciation
Segment Reporting Information [Line Items]
Research development general and administrative costs	10,718	13,579
Professional, Consulting and Public Company Costs
Segment Reporting Information [Line Items]
Research development general and administrative costs	$ 4,938	$ 7,400

Restructuring and Other Related Charges

12 Months Ended

Dec. 31, 2025

Restructuring and Related Activities [Abstract]

Restructuring and Other Related Charges

5. Restructuring and Other Related Charges

In connection with the ENLIGHTEN 1 trial failing to meet its primary endpoint, on May 16, 2024, the Board of Directors approved a reduction in the Company’s workforce, impacting 87 employees, which occurred during May and June 2024. The Company incurred costs related to employee termination benefits and other costs associated with the restructuring mainly during the second quarter of 2024, with the remainder of the costs to be incurred through 2025. These amounts are recorded as restructuring and other related charges within our consolidated statements of operations and comprehensive loss as they are incurred. For the year ended December 31, 2025, restructuring and other related charges were $1.5 million, which consisted of $1.2 million of severance costs and $0.3 million of retention costs. For the year ended December 31, 2024, restructuring and other related charges were $10.9 million, which consisted of $6.7 million of severance costs, $3.2 million of retention costs, and $1.0 million of other costs.

Restructuring liability activities during the years ended December 31, 2025 consist of the following (in thousands):


	Severance Costs			Retention Costs			Other Costs			Total Restructuring
Balance at December 31, 2023	$	—		$	—		$	—		$	—
Accruals		6,713			3,174			1,009			10,896
Cash payments		(3,953	)		(1,596	)		(1,000	)		(6,549	)
Balance at December 31, 2024		2,760			1,578			9			4,347
Accruals		1,189			280			—			1,469
Cash payments		(683	)		(1,858	)		(9	)		(2,550	)
Balance at December 31, 2025	$	3,266		$	—		$	—		$	3,266

Fair Value Measurements

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

3. Fair Value Measurements


			Fair Value Measurements at Reporting Date Using
	December 31,		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	2025
Assets:
Cash equivalents
Money market funds	$	15,087	$	15,087	$	—	$	—
Total cash equivalents	$	15,087	$	15,087	$	—	$	—


			Fair Value Measurements at Reporting Date Using
	December 31,		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	2024
Assets:
Cash equivalents
Money market funds	$	23,214	$	23,214	$	—	$	—
U.S. treasury bills		6,995		—		6,995		—
Total cash equivalents	$	30,209	$	23,214	$	6,995	$	—

As of December 31, 2025, the Company’s cash equivalents were invested in money market funds, which were valued based on Level 1 inputs. The Company had no short-term investments at December 31, 2025.

As of December 31, 2024, the Company’s cash equivalents were invested in money market funds and U.S. treasury bills with maturity dates of less than 90 days, which were valued based on Level 2 inputs. The Company had no short-term investments at December 31, 2024.

The carrying values of the Company’s accounts payable and accrued expenses approximate their fair values due to the short-term nature of these liabilities.

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

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

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

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

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

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

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

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

+ Details

Preferred and Common Stock (Tables)

12 Months Ended

Dec. 31, 2025

Subsidiary or Equity Method Investee [Line Items]

Schedule of Common Stock Reserved for Future Issuances

The Company has reserved for future issuances the following shares of common stock as of December 31, 2025:


	As of December 31, 2025
Option to exercise stock warrants		1,018,871
Stock options and restricted stock units		211,548
Employee stock purchase plan		19,730
Total		1,250,149

June 2025 Financing

Subsidiary or Equity Method Investee [Line Items]

Schedule of Assumptions Used in Black Scholes Model

The assumptions used in the Black-Scholes model were as follows:


Exercise price	$	11.56
Fair value of common stock	$	13.38
Volatility		80.00	%
Expected term	2.0 years
Risk-free interest rate		3.73	%

May 2023 Financing

Subsidiary or Equity Method Investee [Line Items]

Schedule of Assumptions Used in Black Scholes Model

The assumptions used in the Black-Scholes model were as follows:


Exercise price	$	133.50
Fair value of common stock	$	128.50
Volatility		81.93	%
Expected term	5.5 years
Risk-free interest rate		3.74	%

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Common stock par value	$ 0.001	$ 0.001
Common stock shares authorized	200,000,000	200,000,000
Common stock shares issued	1,774,882	1,310,308
Common stock shares outstanding	1,774,882	1,310,308
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock shares outstanding	0	0
Preferred stock shares issued	0	0

Commitment and Contingencies

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitment and Contingencies

17. Commitment and Contingencies

On May 10, 2023, the Company filed a complaint in the Superior Court of the State of Delaware against a former CMO alleging breach of contract. The Company alleged in its complaint that the former CMO breached the Master Clinical Supply Agreement (“MCSA”). The Company’s complaint sought monetary damages and the return of equipment and materials that the Company owned. On July 20, 2023, the same former CMO filed an answer and amended counterclaims to the Company’s May 10, 2023 complaint (the “Litigation”). Due to the legal proceeding and termination of agreement with this manufacturer, the Company recognized $1.6 million loss on impairment of long-lived assets during the year-ended December 31, 2023.

On November 2, 2023, the Company entered into a settlement and release agreement, related to the Litigation, pursuant to which each of the Company and the former CMO provided broad mutual releases of all claims relating to or arising out of the MCSA, including without limitation, all claims brought in the Litigation or that could have been brought in the Litigation. The Company and the former CMO jointly filed a Stipulation of Dismissal with prejudice relating to the Litigation. In the fourth quarter of 2024, the Company paid the remaining liability of $0.4 million of the Stipulation of Dismissal with prejudice to the former CMO.

Retirement Plan - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Retirement Benefits [Abstract]
Company match percentage		3.00%
Match cost	$ 0.0	$ 0.2
Maximum contribution employee percentage		6.00%

Property and Equipment and Related Impairment - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Accumulated depreciation related to loss on impairment of property and equipment	$ 1,900	$ 1,900
Depreciation expense	$ 459	471
Impairment of property and equipment		$ 1,883	$ 1,600

Summary of Significant Accounting Policies - Summary of Reconciliation of Cash, Cash Equivalents and Restricted Cash Reported within Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Continuing Operation [Abstract]
Cash and cash equivalents	$ 15,893	$ 40,577
Restricted cash	1,993	1,993
Total	$ 17,886	$ 42,570

Accrued Expenses and Other Current Liabilities

12 Months Ended

Dec. 31, 2025

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

8. Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following (in thousands):


	December 31,
	2025		2024
Payroll and employee related expenses	$	257	$	529
Third-party research and development expenses		—		1,582
Other		518		475
Total accrued expenses and other current liabilities	$	775	$	2,586

Collaboration Agreement - Summary of Change in the Transaction Price (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Feb. 28, 2022
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Combined performance obligation	$ 8,400
Development Activities Performance Obligation	3,600
Pre-Milestone
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Combined performance obligation	8,373
Development Activities Performance Obligation	3,627
Total	12,000
Milestone
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Combined performance obligation	3,489	$ 3,500
Development Activities Performance Obligation	1,511
Total	5,000	$ 5,000
Post-Milestone
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Combined performance obligation	11,862
Development Activities Performance Obligation	5,138
Total	$ 17,000