0001193125-26-274290 | 10-Q | XBRL Viewer

[1]	Research and development expenses associated with preclinical and clinical studies includes research software, professional services and laboratory operations supporting the Company’s research and development programs.
[2]	Facilities and related expenses includes rent, common area maintenance costs, repairs and maintenance, utilities and real estate taxes.
[3]	General and corporate expenses include general and administrative costs associated with professional and consulting fees and other overhead costs.
[4]	For the three months ended March 31, 2026 and 2025, other segment items consist of interest income, stock-based compensation expense, depreciation and amortization expense, change in fair value of contingent consideration expense, income tax (benefit) provision and other (income) expense, net. Interest income consists of interest income earned on cash equivalents and marketable securities. Interest expense consists of interest expense on finance leases. Other (income) expense, net primarily consists of realized and unrealized gains and losses on marketable securities.

- Definition

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

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+ Details

Fair Value Measurements - Additional Information (Details) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended
	May 31, 2022 USD ($) shares	Mar. 31, 2026 USD ($) Trials shares	Dec. 31, 2025 USD ($) shares	Jun. 30, 2022 USD ($)	Mar. 31, 2022 $ / shares shares
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Changes in valuation techniques		$ 0
Number of clinical trials \| Trials		100,000
Series A-2 Convertible Preferred Stock \| LSA Warrant Liability
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants to purchase shares \| shares					64,992
Warrant exercise price \| $ / shares					$ 6.15
Shares outstanding \| shares		16,248	16,248
IFM
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total purchase consideration	$ 3,100
Cash consideration	900
Contingent consideration, description		contingent consideration in cash of up to $30.0 million, payable once for each of the NLR family pyrin domain containing 1 (“NLRP1”) and melanoma differentiation-associated protein 5 (“MDA5”) programs upon the first achievement of certain development, commercial, regulatory and sales milestones related to each such program.
Contingent consideration in cash, maximum amount	30,000
Estimated fair value of the contingent consideration	$ 1,100	$ 1,300	$ 1,400
Deferred payment				$ 900
IFM \| Nonvoting Common Stock [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Consideration transferred, equity interest, share issued, number of shares \| shares	81,240
Consideration transferred, equity interest, share issued, value	$ 200
Rahko
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration in cash, maximum amount		30,000
Minimum consideration		$ 1,500,000
Voting interests acquired		50.00%
Estimated fair value of the contingent consideration		$ 4,900	$ 4,700

Description of Business and Liquidity	3 Months Ended
Description of Business and Liquidity	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business and Liquidity	1. Description of Business and Liquidity Business Odyssey Therapeutics, Inc. (the “Company”) is a clinical-stage biopharmaceutical company seeking to transform the standard of care for patients suffering from autoimmune and inflammatory diseases. To accomplish this, the Company is developing medicines that are designed to precisely target disease pathology with an initial emphasis on the innate immune system. The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry, including, but not limited to, completion of preclinical studies and clinical trials, obtaining regulatory approval for product candidates, development by competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, compliance with government regulations and ability to secure additional capital to fund operations. Product candidates currently under development by the Company will require significant additional research and development efforts, including extensive preclinical and clinical testing and regulatory approval prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel and infrastructure and extensive compliance and reporting capabilities. Even if product development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales. Reverse Stock Split On May 1, 2026, the Company effected a 1-for-9.7170 reverse stock split of its issued and outstanding shares of voting common stock, which also resulted in a proportional adjustment to the conversion ratio for its non-voting common stock, to the existing conversion ratios of each series of its convertible preferred stock, and to the exercise prices and number of outstanding common stock warrants and stock options. Accordingly, all shares of voting common stock, stock options and common stock warrants, the as-converted preferred stock, and per share information presented in the accompanying condensed consolidated financial statements and notes thereto have been retroactively adjusted, where applicable, to reflect the reverse stock split. The per share par value and authorized number of shares of the Company’s common stock were not adjusted as a result of the split. Initial Public Offering In May 2026, the Company completed its initial public offering (“IPO”), in which the Company sold 15,500,000 shares of its common stock at a public offering price of $18.00 per share resulting in aggregate net proceeds of approximately $255.4 million, after deducting underwriter discounts and commissions and other estimated offering expenses. Additionally, the Company sold 1,388,889 shares of its common stock in a concurrent private placement at a per share price equal to the public offering price paid in the IPO, resulting in additional net proceeds of approximately $23.3 million after deducting placement agent fees. In June 2026, the Company also sold an additional 600,000 shares of its common stock to the underwriters at a public offering price of $18.00 per share under the option granted to the underwriters, resulting in aggregate net proceeds of approximately $10.0 million, after deducting underwriter discounts and commissions. Immediately prior to the closing of the IPO, the Company’s outstanding convertible preferred stock automatically converted into 24,596,000 shares of common stock, the Company’s outstanding convertible preferred stock warrants converted into 1,742 warrants to purchase common stock, and the Company’s outstanding common stock warrants were automatically exercised on a net exercise basis into 3,287,352 shares of common stock. Further, the Company’s outstanding non-voting common stock was automatically converted into an aggregate of 8,359 shares of its common stock immediately upon the closing of the IPO. Following the closing of the IPO, no shares of convertible preferred stock were outstanding. In connection with the closing of the IPO, the Company’s certificate of incorporation was amended and restated to authorize 500,000,000 shares of common stock, par value $0.0001 per share and 50,000,000 shares of undesignated preferred stock, par value $0.0001 per share. Liquidity and Going Concern The accompanying condensed consolidated financial statements are prepared in accordance with generally accepted accounting principles applicable to a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the ordinary course of business. Since its inception, the Company has devoted substantially all of its resources to business planning, research and development activities, recruiting management and technical staff, raising capital, producing materials for preclinical studies and clinical trials, developing and establishing the Company’s intellectual property portfolio, entering into collaboration agreements, acquiring companies or assets to further the Company’s development programs and building infrastructure to support such activities. The Company has financed its operations primarily through the sale of shares of convertible preferred stock, the proceeds from research collaborations and license agreements, and through the sale of its common stock in its IPO and concurrent private placement completed in May 2026. Upon closing of the IPO and concurrent private placement, and receipt of the associated cash proceeds, the Company believes the conditions that raised substantial doubt have been resolved. The Company believes that its existing cash, cash equivalents and marketable securities of $175.7 million as of March 31, 2026, together with the additional net proceeds of $288.7 million received from the IPO, concurrent private placement and the underwriters' exercise of the option to purchase additional shares of common stock, will be sufficient to allow the Company to fund operations at least twelve months from the date that the condensed consolidated financial statements are issued.

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

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended		3 Months Ended
	Dec. 31, 2025	Sep. 30, 2025	Mar. 31, 2026	Mar. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock option award vesting period			4 years
Percentage of share-based award vesting			25.00%
Share-based payment award, options, exercises in period	166,550		159,842
Share-based payment award, options, granted in period			162,162	0
Weighted average grant date fair value of stock options granted			$ 4.06
Intrinsic value of stock options exercised			$ 0.2	$ 0.1
Aggregate fair value of restricted stock awards vested			$ 0.1	$ 0.7
2021 Equity Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Increase in number of shares available for issuance of awards		6,333,919
Number of shares available for grant (in shares)			819,332

Net Loss Per Share - Schedule of Computation of Basic and Diluted Net Loss per Share Attributable to Common Stockholders (Parenthetical) (Details)	Mar. 31, 2026 shares
Series D Preferred Stock
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Common stock underlying common warrants issued	4,056,164

Fair Value Measurements - Schedule of Probability of Completing an IPO (Details) - IPO - Rate

Mar. 31, 2026

Dec. 31, 2025

Risk Free Rate Applied to Equity Value

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair value measurement input

^[1]

Risk Free Rate Applied to Equity Value | May 31, 2026

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair value measurement input

4.4

Risk Free Rate Applied to Equity Value | December 30, 2026

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair value measurement input

4.4

Risk Free Rate Applied to Equity Value | February 28, 2027

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair value measurement input

4.4

Risk Free Rate Applied to Equity Value | April 30, 2027

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair value measurement input

4.4

Monte-Carlo simulation

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair value measurement input

^[1]

^[2]

Monte-Carlo simulation | May 31, 2026

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair value measurement input

Monte-Carlo simulation | December 30, 2026

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair value measurement input

Monte-Carlo simulation | February 28, 2027

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair value measurement input

Monte-Carlo simulation | April 30, 2027

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair value measurement input

Monte-Carlo simulation | Discount Rate | Minimum | May 31, 2026

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair value measurement input

15.7

15.3

Monte-Carlo simulation | Discount Rate | Minimum | December 30, 2026

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair value measurement input

15.7

15.3

Monte-Carlo simulation | Discount Rate | Minimum | February 28, 2027

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair value measurement input

15.7

15.3

Monte-Carlo simulation | Discount Rate | Minimum | April 30, 2027

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair value measurement input

15.7

15.3

Monte-Carlo simulation | Discount Rate | Maximum | May 31, 2026

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair value measurement input

17.1

16.1

Monte-Carlo simulation | Discount Rate | Maximum | December 30, 2026

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair value measurement input

17.1

Monte-Carlo simulation | Discount Rate | Maximum | February 28, 2027

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair value measurement input

17.1

Monte-Carlo simulation | Discount Rate | Maximum | April 30, 2027

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair value measurement input

17.1

Monte-Carlo simulation | Risk Free Rate Applied to Equity Value

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair value measurement input

^[2]

4.3

Monte-Carlo simulation | Risk Free Rate Applied to Equity Value | May 31, 2026

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair value measurement input

4.2

Monte-Carlo simulation | Risk Free Rate Applied to Equity Value | December 30, 2026

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair value measurement input

4.2

Monte-Carlo simulation | Risk Free Rate Applied to Equity Value | February 28, 2027

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair value measurement input

4.3

Monte-Carlo simulation | Risk Free Rate Applied to Equity Value | April 30, 2027

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair value measurement input

4.3

Monte-Carlo simulation | Equity Volatility | May 31, 2026

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair value measurement input

97.8

96.2

Monte-Carlo simulation | Equity Volatility | December 30, 2026

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair value measurement input

97.2

96.4

Monte-Carlo simulation | Equity Volatility | February 28, 2027

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair value measurement input

96.6

96.5

Monte-Carlo simulation | Equity Volatility | April 30, 2027

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair value measurement input

96.5

[1]	Reflects the probability weighted expected term of 1.58 years for the remaining scenarios between August 2027 and December 2027 with each scenario weighted 14.2% overall for an aggregate probability weight of 42.6%.
[2]	Reflects the probability weighted expected term of 1.83 years for the remaining scenarios between August 2027 and December 2027 with each scenario weighted 14.2% overall for an aggregate probability weight of 42.6%.

Cash, Cash Equivalents, Restricted Cash, and Marketable Securities

3 Months Ended

Mar. 31, 2026

Cash and Cash Equivalents [Abstract]

Cash, Cash Equivalents, Restricted Cash, and Marketable Securities

The following tables summarize the Company’s marketable securities held as of March 31, 2026 and December 31, 2025.


	March 31, 2026
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Marketable securities
U.S. Treasury bills and U.S. Treasury notes		140,116		—		(86	)		140,030
	$	140,116	$	—	$	(86	)	$	140,030


	December 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Marketable securities
U.S. Treasury bills and U.S. Treasury notes		174,776		93		—		174,869
	$	174,776	$	93	$	—	$	174,869

The Company determined that there was no material credit risk associated with the above investments as of March 31, 2026 and December 31, 2025. The Company has the intent and ability to hold such securities until recovery. As a result, the Company did not record any charges for credit-related impairments for its marketable securities during the three months ended March 31, 2026 and 2025. No available-for-sale debt securities held as of March 31, 2026 had remaining maturities greater than 12 months.

Segment Information

3 Months Ended

Mar. 31, 2026

Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]

Segment Information

17.

Segment Information

The Company operates and manages its business as one reportable segment and one operating segment, which is focused on the standard of care for patients suffering from autoimmune and inflammatory diseases. The chief operating decision maker (“CODM”) manages the Company’s operations on a consolidated basis, assesses performance for the operating segment and decides how to allocate resources based on consolidated net loss, which is reported on the condensed consolidated statements of operations and comprehensive loss.

The CODM uses consolidated net loss to evaluate the Company’s spend and monitor budget versus actual results. The monitoring of budgeted versus actual results is used in assessing the performance of the operating segment and in establishing resource allocation across the organization.

Factors used in determining the reportable segment include the nature of the Company’s operating activities, the organizational and reporting structure and the type of information reviewed by the CODM to allocate resources and evaluate financial performance. The accounting policies of the segment are the same as those described in Note 2 of the notes to the condensed consolidated financial statements.

The measure of segment assets is reported on the condensed consolidated balance sheets as total assets. The following table presents certain financial data for the Company’s reportable segment:


	Three Months Ended March 31,
	2026		2025
Collaboration revenue	$	—	$	1,918

Research and development expenses associated with preclinical and clinical studies (1)	$	19,607	$	17,035
Facilities and related expenses, excluding depreciation and amortization (2)		2,622		8,880
General and corporate expenses (3)		2,735		2,725
Personnel-related expenses, excluding stock-based compensation		10,949		13,807
Other segment items (4)		2,349		(2,094	)
Segment net loss	$	38,262	$	38,435

(1) Research and development expenses associated with preclinical and clinical studies includes research software, professional services and laboratory operations supporting the Company’s research and development programs.

(2) Facilities and related expenses includes rent, common area maintenance costs, repairs and maintenance, utilities and real estate taxes.

(3) General and corporate expenses include general and administrative costs associated with professional and consulting fees and other overhead costs.

(4) For the three months ended March 31, 2026 and 2025, other segment items consist of interest income, stock-based compensation expense, depreciation and amortization expense, change in fair value of contingent consideration expense, income tax (benefit) provision and other (income) expense, net. Interest income consists of interest income earned on cash equivalents and marketable securities. Interest expense consists of interest expense on finance leases. Other (income) expense, net primarily consists of realized and unrealized gains and losses on marketable securities.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Schedule of Financial Assets and Liabilities Carried at Fair Value

The following table sets forth by level, within the fair value hierarchy, the financial assets and liabilities carried at fair value on a recurring basis:


	March 31, 2026
	Total		Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Financial Assets:
Cash equivalents:
Money market funds	$	28,428	$	28,428	$	—	$	—
Marketable securities:
U.S. Treasury bills and U.S. Treasury notes		140,030		—		140,030		—
Total financial assets	$	168,458	$	28,428	$	140,030	$	—
Financial Liabilities:
Contingent consideration	$	6,241	$	—	$	—	$	6,241
Warrant liability		1		—		—		1
	$	6,242	$	—	$	—	$	6,242


	December 31, 2025
	Total		Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Financial Assets:
Cash equivalents:
Money market funds	$	30,032	$	30,032	$	—	$	—
Marketable securities:
U.S. Treasury bills and U.S. Treasury notes		174,869		—		174,869		—
Total financial assets	$	204,901	$	30,032	$	174,869	$	—
Financial Liabilities:
Contingent consideration	$	6,132	$	—	$	—	$	6,132
Warrant liability		1		—		—		1
	$	6,133	$	—	$	—	$	6,133

Schedule of Significant Inputs for Valuation Techniques to Estimate Fair Value

The following table sets forth the significant inputs to the discounted cash flow technique used to value contingent consideration for IFM as of March 31, 2026 and December 31, 2025:


Significant Unobservable Inputs	March 31, 2026			December 31, 2025
Discount rate		16.4	%		15.6	%
Projected milestone timing	2.50 to 11.51 Years			2.25 to 11.75 Years
Probability of milestone achievement - NLRP1 program	5.0% - 35.0%			5.0% - 35.0%
Probability of milestone achievement - MDA5 program	5.0% - 35.0%			5.0% - 35.0%

The following table sets forth the probability of completing an IPO (measured as a standalone metric separate from the other necessary triggers for the contingent consideration related to the Rahko acquisition), which was a significant input to the Monte-Carlo simulation used to value such contingent consideration:


As of March 31, 2026
Expected IPO Date	Probability of IPO Event	Discount Rates	Risk Free Rate Applied to Equity Value	Equity Volatility
May 31, 2026	15%	15.7% - 17.1%	4.4%	97.8%
December 30, 2026	14%	15.7% - 17.1%	4.4%	97.2%
February 28, 2027	14%	15.7% - 17.1%	4.4%	96.6%
April 30, 2027	14%	15.7% - 17.1%	4.4%	96.0%
*	43%	Varies	4%	Varies

*Reflects the probability weighted expected term of 1.58 years for the remaining scenarios between August 2027 and December 2027 with each scenario weighted 14.2% overall for an aggregate probability weight of 42.6%.


As of December 31, 2025
Expected IPO Date	Probability of IPO Event	Discount Rates	Risk Free Rate Applied to Equity Value	Equity Volatility
May 31, 2026	15%	15.3% - 16.1%	4.2%	96.2%
December 30, 2026	14%	15.3% - 16.0%	4.2%	96.4%
February 28, 2027	14%	15.3% - 16.0%	4.3%	96.5%
April 30, 2027	14%	15.3% - 16.0%	4.3%	96.5%
*	43%	Varies	4.3%	Varies

*Reflects the probability weighted expected term of 1.83 years for the remaining scenarios between August 2027 and December 2027 with each scenario weighted 14.2% overall for an aggregate probability weight of 42.6%.

The estimated fair value of the LSA Warrant liability was determined using an option pricing model with the following assumptions:


Significant Unobservable Inputs	March 31, 2026			December 31, 2025
Expected term until a liquidity event (in years)		2			2
Volatility		80	%		80	%
Risk-free interest rate		3.8	%		3.5	%
Annual dividend rate		0	%		0	%

Schedule of Roll-forward of the Aggregate Fair Values of the Company`s Liabilities

The following table presents a roll-forward of the aggregate fair values of the Company’s liabilities for which fair value is determined by Level 3 inputs:


	Warrant Liability		Contingent Consideration
Balance as of January 1, 2026	$	1	$	6,132
Change in fair value		-		109
Balance as of March 31, 2026	$	1	$	6,241


	Warrant Liability		Contingent Consideration
Balance as of January 1, 2025	$	45	$	10,179
Change in fair value		-		(5,648	)
Balance as of March 31, 2025	$	45	$	4,531

Collaboration and License Agreements - Summary of Changes in Deferred Revenue (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2025 USD ($)
Revenue Recognition and Deferred Revenue [Abstract]
Beginning balance	$ 2,877
Additions	0
Deductions	(1,918)
Ending balance	$ 959

Convertible Preferred Stock (Tables)

3 Months Ended

Mar. 31, 2026

Temporary Equity Disclosure [Abstract]

Schedule of Convertible Preferred Stock

The convertible preferred stock consisted of the following:


March 31, 2026
	Preferred Shares Authorized		Preferred Shares Issued and Outstanding		Carrying Value		Liquidation Preference		Common Stock Issuable Upon Conversion
Series A convertible preferred stock		28,357,989		28,357,989	$	124,198	$	48,441		2,918,391
Series A-1 convertible preferred stock		7,575,753		7,575,753		44,342		17,470		804,894
Series A-2 convertible preferred stock		7,815,303		7,799,055		47,963		18,885		836,196
Series B convertible preferred stock		26,601,360		26,601,360		167,765		66,100		2,865,384
Series C convertible preferred stock		23,442,000		23,442,000		116,578		46,114		2,412,468
Series C-1 convertible preferred stock		1,459,598		1,459,598		6,681		2,951		150,211
Series D convertible preferred stock		142,016,823		141,950,377		196,031		213,631		14,608,456
		237,268,826		237,186,132		703,558		413,592		24,596,000


December 31, 2025
	Preferred Shares Authorized		Preferred Shares Issued and Outstanding		Carrying Value		Liquidation Preference		Common Stock Issuable Upon Conversion
Series A convertible preferred stock		28,357,989		28,357,989	$	124,198	$	48,441		2,918,391
Series A-1 convertible preferred stock		7,575,753		7,575,753		44,342		17,470		804,894
Series A-2 convertible preferred stock		7,815,303		7,799,055		47,963		18,885		836,196
Series B convertible preferred stock		26,601,360		26,601,360		167,765		66,100		2,865,384
Series C convertible preferred stock		23,442,000		23,442,000		116,578		46,114		2,412,468
Series C-1 convertible preferred stock		1,459,598		1,459,598		6,681		2,951		150,211
Series D convertible preferred stock		142,016,823		141,950,377		196,031		213,631		14,608,456
		237,268,826		237,186,132		703,558		413,592		24,596,000

- Definition

Tabular disclosure of temporary equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer.

+ References + Details

Goodwill and Intangible Asset - Summary of Goodwill and Effect of Foreign Currency Translation (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill balance as of January 1, 2026	$ 14,327
Effect of foreign currency translation	(255)
Goodwill balance as of March 31, 2026	$ 14,072

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
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Reference 6: http://www.xbrl.org/2003/role/exampleRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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-Paragraph 100
-Subparagraph (d)
-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/exampleRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(15))
-Publisher FASB
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
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Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Paragraph 1
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Paragraph 1
-Subparagraph (SX 210.9-03(10)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 805
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-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-4

+ Details

Net Loss Per Share (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

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

The following table sets forth the computation of the Company’s basic and diluted net loss per share attributable to common stockholders for the periods presented:


	Three Months Ended March 31,
	2026			2025
Numerator:
Net loss	$	(38,262	)	$	(38,435	)
Net loss attributable to common stockholders	$	(38,262	)	$	(38,435	)
Denominator:
Weighted-average number of common shares used in computing net loss, basic and diluted per share—basic and diluted (1)		5,655,716			976,146
Net loss per share attributable to common stockholders—basic and diluted	$	(6.77	)	$	(39.37	)

(1) The weighted-average number of common shares used in computing net loss basic and diluted per share for the three months ended March 31, 2026 includes 4,056,164 shares of common stock underlying Common Warrants issued as part of the Series D preferred stock financing during 2025.

Schedule of Outstanding Potentially Dilutive Securities Excluded from the Calculation of Diluted Net Loss per Share Attributable to Common Stockholders

The following outstanding potentially dilutive securities have been excluded from the calculation of diluted net loss per share attributable to common stockholders, as their effect is antidilutive:


	Three Months Ended March 31,
	2026		2025
Stock options to purchase common stock		4,605,675		2,291,377
Unvested restricted stock awards		153,311		7,989
Series A convertible preferred stock (as converted to common stock)		2,918,391		3,091,478
Series A-1 convertible preferred stock (as converted to common stock)		804,894		804,893
Series A-2 convertible preferred stock (as converted to common stock)		836,196		836,190
Series B convertible preferred stock (as converted to common stock)		2,865,384		2,865,387
Series C convertible preferred stock (as converted to common stock)		2,412,468		2,412,468
Series C-1 convertible preferred stock (as converted to common stock)		150,211		150,211
Series D convertible preferred stock (as converted to common stock)		14,608,456		—
Series A-2 warrants (as converted to common stock)		1,742		1,742
Total		29,356,728		12,461,735

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Company's Stock Option Activity

The following table summarizes the Company’s stock option activity for the three months ended March 31, 2026:


	Stock Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value
Outstanding as of January 1, 2026		4,631,713		$	4.94		8.64		4,610
Granted		162,162			5.15
Forfeited		(23,858	)		4.12
Expired		(4,500	)		8.19
Exercised		(159,842	)		4.08
Outstanding as of March 31, 2026		4,605,675		$	4.98		8.46	$	4,410
Exercisable as of March 31, 2026		1,723,691		$	6.28		7.19	$	1,642

Summary of Assumptions used in Estimating Fair Value of Stock Options

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


	March 31,
	2026
Fair value of common stock	$	5.15
Expected term (in years)		5.80
Risk-free interest rate		3.95	%
Expected volatility		98.26	%
Dividend yield		0	%

Summary of Restricted Stock Award Activity

The summary of restricted stock award activity for the three months ended March 31, 2026, is as follows:


	Number of Shares			Weighted Average Grant Date Fair Value
Unvested as of January 1, 2026		166,550		$	3.18
Vested		(13,239	)		3.16
Unvested as of March 31, 2026		153,311		$	3.18

Schedule of Unrecognized Stock-Based Compensation Expense

The following table summarizes unrecognized stock-based compensation expense as of March 31, 2026 by type of awards, and the weighted-average period over which that expense is expected to be recognized. The total unrecognized stock-based compensation expense will be adjusted for actual forfeitures as they occur.


	Unrecognized Expense		Weighted Average Recognition Period (in years)
Stock options	$	23,036		2.94
Restricted stock awards	$	352		2.95

Schedule of Stock-Based Compensation Expense

The following table summarizes stock-based compensation expense included in operating expenses for the periods presented:


	Three Months Ended March 31,
	2026		2025
Research and development	$	586	$	943
General and administrative		2,001		2,046
Total	$	2,587	$	2,989

Basis of Presentation and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2026
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	2. Basis of Presentation and Summary of Significant Accounting Policies The significant accounting policies are disclosed in Note 2 to the audited financial statements for the year ended December 31, 2025, included in the Company’s final prospectus filed pursuant to Rule 424(b)(4) under the Securities Act of 1933, as amended (the “Securities Act”), with the Securities and Exchange Commission on May 8, 2026 (the “IPO Prospectus”). Basis of Presentation and Consolidation The accompanying unaudited condensed consolidated financial statements as of March 31, 2026 and for the three months ended March 31, 2026 and 2025 have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and pursuant to Article 10 of Regulation S-X of the Securities Exchange Act of 1934, as amended. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. These unaudited condensed consolidated financial statements include only normal and recurring adjustments that the Company believes are necessary to fairly state the Company’s financial position and the results of its operations and cash flows. The results for the three months ended March 31, 2026 are not necessarily indicative of the results expected for the full fiscal year or any subsequent interim period. The condensed consolidated balance sheet at December 31, 2025 has been derived from the audited financial statements at that date but does not include all disclosures required by U.S. GAAP for complete financial statements. Because all of the disclosures required by U.S. GAAP for complete financial statements are not included herein, these unaudited condensed consolidated financial statements and the notes accompanying them should be read in conjunction with the Company’s audited financial statements for the year ended December 31, 2025 included in the IPO Prospectus. Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”), and Accounting Standards Updates (“ASU”), of the Financial Accounting Standards Board (“FASB”). These condensed consolidated financial statements include the accounts of Odyssey Therapeutics, Inc. and its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. Recently Issued Accounting Standards Updates Not Yet Adopted From time to time, new accounting pronouncements are issued by the FASB, or other standard-setting bodies that are adopted by the Company as of the specified effective date. The Company qualifies as an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012 and has elected not to “opt out” of the extended transition related to complying with new or revised accounting standards, which means that when a standard is issued or revised and it has different application dates for public and non-public companies, the Company can adopt the new or revised standard at the time non-public companies adopt the new or revised standard and can do so until such time that the Company either (i) irrevocably elects to “opt out” of such extended transition period or (ii) no longer qualifies as an emerging growth company. The Company may choose to early adopt any new or revised accounting standards whenever such early adoption is permitted for non-public companies. 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 its financial position or results of operations upon adoption. 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, or ASU 2024-03, which is intended to provide more detailed information about specified categories of expenses (purchases of inventory, employee compensation, depreciation, and amortization) included in certain expense captions presented on the statement of operations. The guidance in ASU 2024-03 is effective for fiscal years beginning after December 15, 2026. Early adoption is permitted. The amendments may be applied either (1) prospectively to financial statements issued for periods after the effective date of ASU 2024-03 or (2) retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the impact that the adoption of ASU 2024-03 may have on its consolidated financial statements and disclosures for fiscal years beginning after December 15, 2026.

Property and Equipment, Net (Tables)

3 Months Ended

Mar. 31, 2026

Property, Plant and Equipment [Abstract]

Schedule of property and equipment and related accumulated depreciation

Property and equipment and related accumulated depreciation consist of the following:


	March 31, 2026			December 31, 2025
Laboratory equipment	$	18,677		$	18,651
Furniture, fixtures and equipment		686			686
Computer hardware and software		1,055			1,029
Finance lease		735			502
Leasehold improvements		510			501
		21,663			21,369
Less: accumulated depreciation		(15,107	)		(14,160	)
Total	$	6,556		$	7,209

Goodwill and Intangible Asset - Schedule of Intangible Assets, Current and Future Amortization and Effect of Foreign Currency Translation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible asset balance as of January 1, 2026	$ 1,749
Effect of foreign currency translation	(31)
Intangible asset balance as of March 31, 2026	1,718
Accumulated amortization	(1,558)
Intangible asset, net	160	$ 262
Future amortization:
2026	160
Total future amortization	$ 160	$ 262

Fair Value Measurements - Schedule of Significant Inputs to the Discounted Cash Flow Technique Used to Value Contingent Consideration for IFM (Details) - Discounted Cash Flow - IFM - Rate	Mar. 31, 2026	Dec. 31, 2025
Discount Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Significant Unobservable Inputs	16.4	15.6
Probability of milestone achievement \| Maximum \| MDA5
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Significant Unobservable Inputs	35	35
Probability of milestone achievement \| Maximum \| NLRP1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Significant Unobservable Inputs	35	35
Probability of milestone achievement \| Minimum \| MDA5
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Significant Unobservable Inputs	5	5
Probability of milestone achievement \| Minimum \| NLRP1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Significant Unobservable Inputs	5	5
Projected milestone timing \| Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Projected milestone timing	11 years 6 months 3 days	11 years 9 months
Projected milestone timing \| Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Projected milestone timing	2 years 6 months	2 years 3 months

Collaboration and License Agreements (Tables)

3 Months Ended

Mar. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Summary of Changes in Deferred Revenue

The following table summarizes the changes in deferred revenue for the three months ended March 31, 2025.


	Three Months Ended
	March 31, 2025
Beginning balance as of January 1, 2025	$	2,877
Additions		—
Deductions		(1,918	)
Ending balance as of March 31, 2025	$	959

Summary of Changes in Accounts Receivable

The following table summarizes the change in accounts receivable for the three months ended March 31, 2025.


	Three Months Ended
	March 31, 2025
Beginning balance as of January 1, 2025	$	443
Additions		—
Deductions		(443	)
Ending balance as of March 31, 2025	$	—

Warrants - Additional Information (Details) - $ / shares	1 Months Ended	3 Months Ended
	Dec. 31, 2025	Mar. 31, 2026	Jun. 30, 2025	Apr. 30, 2023
Class of Warrant or Right [Line Items]
Common warrants outstanding	166,550	159,842
Series D Convertible Preferred Stock
Class of Warrant or Right [Line Items]
Warrants to purchase shares			4,056,164
Warrant exercise price			$ 0.1
LSA Warrant
Class of Warrant or Right [Line Items]
Shares vested and exercisable		16,248
Shares forfeited				48,744
LSA Warrant \| Series A-2 Convertible Preferred Stock
Class of Warrant or Right [Line Items]
Shares outstanding		16,248
LSA Warrant \| IPO
Class of Warrant or Right [Line Items]
Convertible warrants to purchase common stock		1,742
Common Warrants
Class of Warrant or Right [Line Items]
Shares outstanding		3,305,739
Common warrants exercised		2,051
Issuance of common stock warrants		2,051
Common warrants remain issued		3,305,739
Common Warrants \| IPO
Class of Warrant or Right [Line Items]
Common warrants outstanding		3,287,352

Stock-Based Compensation - Summary of Restricted Stock Award Activity (Details)	3 Months Ended
	Mar. 31, 2026 $ / shares shares
Share-Based Payment Arrangement [Abstract]
Number of Shares Unvested, Beginning Balance \| shares	166,550
Number of Shares, Vested \| shares	(13,239)
Number of Shares Unvested, Ending Balance \| shares	153,311
Weighted Average Grant Date Fair Value, Beginning Balance \| $ / shares	$ 3.18
Weighted Average Grant Date Fair Value, Vested \| $ / shares	3.16
Weighted Average Grant Date Fair Value, Ending Balance \| $ / shares	$ 3.18

Net Loss Per Share

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Net Loss Per Share

16.

Net Loss Per Share

The following table sets forth the computation of the Company’s basic and diluted net loss per share attributable to common stockholders for the periods presented:


	Three Months Ended March 31,
	2026			2025
Numerator:
Net loss	$	(38,262	)	$	(38,435	)
Net loss attributable to common stockholders	$	(38,262	)	$	(38,435	)
Denominator:
Weighted-average number of common shares used in computing net loss, basic and diluted per share—basic and diluted (1)		5,655,716			976,146
Net loss per share attributable to common stockholders—basic and diluted	$	(6.77	)	$	(39.37	)

The following outstanding potentially dilutive securities have been excluded from the calculation of diluted net loss per share attributable to common stockholders, as their effect is antidilutive:


	Three Months Ended March 31,
	2026		2025
Stock options to purchase common stock		4,605,675		2,291,377
Unvested restricted stock awards		153,311		7,989
Series A convertible preferred stock (as converted to common stock)		2,918,391		3,091,478
Series A-1 convertible preferred stock (as converted to common stock)		804,894		804,893
Series A-2 convertible preferred stock (as converted to common stock)		836,196		836,190
Series B convertible preferred stock (as converted to common stock)		2,865,384		2,865,387
Series C convertible preferred stock (as converted to common stock)		2,412,468		2,412,468
Series C-1 convertible preferred stock (as converted to common stock)		150,211		150,211
Series D convertible preferred stock (as converted to common stock)		14,608,456		—
Series A-2 warrants (as converted to common stock)		1,742		1,742
Total		29,356,728		12,461,735

Description of Business and Liquidity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended		3 Months Ended
	May 01, 2026	Jun. 30, 2026	May 31, 2026	Mar. 31, 2026	Dec. 31, 2025	Jun. 30, 2025	Mar. 31, 2025
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Reverse stock split	1-for-9.7170
Common stock issued				2,634,650	2,472,757
Common stock per share				$ 0.0001	$ 0.0001
Conversion of preferred stock				24,596,000	24,596,000
Convertible preferred stock outstanding				237,186,132	237,186,132
Common stock authorized				365,081,240	365,081,240
Cash, cash equivalents and marketable securities				$ 35,719	$ 41,687		$ 54,911
Warrant
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Warrants converted into common stock					1,730,548	2,325,616
IPO
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Cash, cash equivalents and marketable securities				175,700
IPO \| Subsequent Event
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Common stock issued			15,500,000
Common stock per share			$ 0.0001
Share price			$ 18
Proceeds from issuance of common stock			$ 255,400
Convertible preferred stock outstanding			0
Common stock authorized			500,000,000
Undesignated preferred stock			50,000,000
Preferred stock per share			$ 0.0001
IPO \| Subsequent Event \| Common Stock
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Conversion of preferred stock			24,596,000
Warrants converted into common stock			3,287,352
Conversion of non - voting shares			8,359
IPO \| Subsequent Event \| Warrant
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Conversion of preferred stock			1,742
Private Placement \| Subsequent Event
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Common stock issued			1,388,889
Proceeds from issuance of common stock			$ 23,300
Over-Allotment Option \| Scenario Forecast
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Common stock issued		600,000
Share price		$ 18
Proceeds from issuance of common stock		$ 10,000
IPO and Private Placement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Proceeds from issuance of common stock				$ 288,700

Stock-Based Compensation - Schedule of Company's Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended		12 Months Ended
	Dec. 31, 2025	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]
Stock Options Outstanding, Beginning balance		4,631,713
Stock Options, Granted		162,162	0
Stock Options, Forfeited		(23,858)
Stock Options, Expired		(4,500)
Stock Options, Exercised	(166,550)	(159,842)
Stock Options Outstanding, Ending balance	4,631,713	4,605,675		4,631,713
Stock Options, Exercisable at the end of period		1,723,691
Weighted Average Exercise Price, Beginning balance		$ 4.94
Weighted Average Exercise Price, Granted		5.15
Weighted Average Exercise Price, Forfeited		4.12
Weighted Average Exercise Price, Expired		8.19
Weighted Average Exercise Price, Exercised		4.08
Weighted Average Exercise Price, Ending balance	$ 4.94	4.98		$ 4.94
Weighted Average Exercise Price, Options exercisable as of end of period		$ 6.28
Weighted-Average Remaining Contractual Term in years		8 years 5 months 15 days		8 years 7 months 20 days
Weighted Average Remaining Contractual Term, Options exercisable		7 years 2 months 8 days
Aggregate Intrinsic Value, Beginning balance		$ 4,610
Aggregate Intrinsic Value, Ending balance	$ 4,610	4,410		$ 4,610
Aggregate Intrinsic Value, Exercisable		$ 1,642

Fair Value Measurements - Schedule of Estimated Fair Value of the LSA Warrant Liability (Details) - LSA Warrant Liability - Rate	Mar. 31, 2026	Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Expected term until a liquidity event (in years)	2 years	2 years
Volatility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants and Rights Outstanding, Measurement Input	80	80
Risk-free interest rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants and Rights Outstanding, Measurement Input	3.8	3.5
Annual dividend rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants and Rights Outstanding, Measurement Input	0	0

Leases

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

Leases

In September 2021, the Company entered into an eight-year lease agreement for 45,632 square feet of space for its corporate headquarters located in Boston, Massachusetts. The Company is also party to several operating leases for office and laboratory space in San Diego, California, Ann Arbor, Michigan, New York, New York, and Frankfurt, Germany, as well as leases for certain laboratory equipment.

During the first quarter of 2025, the Company recorded an impairment loss of $5.4 million pertaining to the right-of-use (“ROU”) asset for the San Diego lease as a result of the Company’s decision to permanently cease use of the leased space. The impairment loss was measured as the excess of the carrying amount over the impaired asset group’s estimated fair value, which was determined using a discounted cash flow model. The impairment is included as a component of research and development expenses in the condensed consolidated statements of operations and comprehensive loss.

In June 2025, the Company entered into a lease extension agreement for its Ann Arbor laboratory space for an additional one-year term. The Company accounted for the lease extension as a modification of the existing lease and remeasured the ROU asset and lease liability by calculating the present value of lease payments, discounted at 10.1%, the Company’s incremental borrowing rate in June 2025, over the new lease term. The modification resulted in an increase in the ROU asset and lease liability of $0.3 million at the time of the modification.

During the third quarter of 2025, the Company entered into a sublease for its New York office space. The sublease commenced on October 15, 2025 and expires on February 28, 2029. For the three months ended March 31, 2026, the Company recognized $0.1 million of sublease income, which was recorded as a reduction of lease cost in the condensed consolidated statements of operations and comprehensive loss.

The components of lease costs are recorded within the condensed consolidated statements of operations and comprehensive loss as follows:


	Three Months Ended March 31,
	2026			2025
Operating lease costs	$	1,513		$	1,789
Variable lease costs		767			732
Sublease income		(82	)		—
Total lease costs, net	$	2,198		$	2,521

For the three months ended March 31, 2026 and 2025, the Company recognized interest expense related to finance leases of $10 thousand and $2 thousand, respectively, which is included within interest expense in the condensed consolidated statements of operations and comprehensive loss. Supplemental cash flow information related to the Company’s leases for three months ended March 31, 2026 and 2025 are as follows:


	Three Months Ended March 31,
Supplemental cash flow information	2026		2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	1,881	$	1,732
Operating cash flows for finance leases	$	10	$	2
Financing cash outflows for finance leases	$	24	$	35
Right-of-use assets obtained in exchange for new finance lease liabilities	$	278	$	—

Collaboration and License Agreements - Summary of Changes in Accounts Receivable (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2025 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Beginning balance	$ 443
Additions	0
Deductions	(443)
Ending balance	$ 0

Common Stock - Additional Information (Details) - shares	3 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Class of Stock [Line Items]
Common stock, voting rights	Holders of voting common stock are entitled to one vote per share on all matters on which stockholders have the right to vote, including director elections.
Common stock issued	2,634,650	2,472,757
Common stock outstanding	2,481,339	2,306,207
Common stock vested	153,311	166,550
Voting Common Stock
Class of Stock [Line Items]
Common stock issued	2,400,099
Common stock outstanding	2,400,099
Non Voting Common Stock
Class of Stock [Line Items]
Common stock issued	81,240
Common stock outstanding	81,240
Non Voting Common Stock \| IPO
Class of Stock [Line Items]
Conversion of stock	8,359

- Definition

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

+ References

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

Property and Equipment, Net - (Additional Information) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Property, Plant and Equipment [Abstract]
Total depreciation expense	$ 1,000	$ 1,200
Gains and losses on disposal	$ 33	$ (495)

Leases - Schedule of Components of Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Leases [Abstract]
Operating lease costs	$ 1,513	$ 1,789
Variable lease costs	767	732
Sublease income	(82)	0
Total lease costs, net	$ 2,198	$ 2,521

Cash, Cash Equivalents, Restricted Cash, and Marketable Securities - Schedule of Marketable Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Restricted Cash and Cash Equivalent Item [Line Items]
Marketable securities, Amortized Cost	$ 140,116	$ 174,776
Marketable securities, Gross Unrealized Gains	0	93
Marketable securities, Gross Unrealized Losses	(86)	0
Marketable securities, Fair Value	140,030	174,869
U.S. Treasury Bills and U.S. Treasury Notes
Restricted Cash and Cash Equivalent Item [Line Items]
Marketable securities, Amortized Cost	140,116	174,776
Marketable securities, Gross Unrealized Gains	0	93
Marketable securities, Gross Unrealized Losses	(86)	0
Marketable securities, Fair Value	$ 140,030	$ 174,869

- Definition

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

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

Accrued Expenses and Other Current Liabilities

3 Months Ended

Mar. 31, 2026

Accrued Liabilities and Other Liabilities [Abstract]

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following:


	March 31, 2026		December 31, 2025
Employee compensation, benefits, and recruiting	$	2,353	$	6,703
External research and supplies		3,049		3,076
Deferred offering costs		1,447		64
Professional fees		1,370		3,175
Other		399		374
Total	$	8,618	$	13,392

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2026	Jun. 12, 2026
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2026
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Trading Symbol	ODTX
Entity Registrant Name	Odyssey Therapeutics, Inc.
Entity Central Index Key	0001882782
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Common Stock, Shares Outstanding		48,031,320
Entity Shell Company	false
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Security Exchange Name	NASDAQ
Entity File Number	001-43270
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	86-3384382
Entity Address, Address Line One	51 Sleeper Street
Entity Address, Address Line Two	Suite 800
Entity Address, City or Town	Boston
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02210
City Area Code	617
Local Phone Number	865-9628
Document Quarterly Report	true
Document Transition Report	false

Fair Value Measurements - Schedule of Probability of Completing an IPO (Parenthetical) (Details	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Probability weighted expected term	1 year 6 months 29 days	1 year 9 months 29 days
Scenario weighted percentage	14.20%	14.20%
Aggregate probability weight	42.60%	42.60%

Convertible Preferred Stock

3 Months Ended

Mar. 31, 2026

Temporary Equity Disclosure [Abstract]

Convertible Preferred Stock

11.

Convertible Preferred Stock

In 2021, the Company issued Series A, Series A-1 and Series A-2 convertible preferred stock in exchange for cash and the conversion of certain promissory notes. In March 2022, the Company issued an additional 1,624,803 shares of Series A-2 convertible preferred stock at a purchase price of $6.15 per share for an aggregate purchase price of $10 million.

In May 2022, the Company issued and sold 14,469,169 shares of Series B convertible preferred stock at a purchase price of $6.32 per share for an aggregate purchase price of $91.4 million. In September 2022, the Company issued an additional 12,132,191 shares of Series B convertible preferred stock to the same investors at $6.32 per share for an aggregate purchase price of $76.7 million.

In October 2023, the Company entered into a Series C Preferred Stock Purchase Agreement pursuant to which the Company issued and sold 19,426,000 shares of Series C convertible preferred stock, at a purchase price of $5.00 per share for an aggregate purchase price of $97.1 million. Between January 2024 and August 2024, the Company issued an additional aggregate amount of 4,016,000 shares of Series C convertible preferred stock to new investors, each at a purchase price of $5.00 per share for an aggregate purchase price of $20.1 million.

In November 2024, the Company entered into a Series C-1 Preferred Stock Purchase Agreement pursuant to which the Company issued and sold 1,459,598 shares of Series C-1 convertible preferred stock, at a purchase price of $5.14 per share for an aggregate purchase price of $7.5 million. The price paid per share for the Series C-1 convertible preferred stock was at premium compared to the fair value of the Series C-1 convertible preferred stock upon issuance, resulting in the Company recording the Series C-1 convertible preferred stock at its fair value of $6.7 million and a $0.8 million contribution within additional paid-in capital.

Each issuance of the Series C and Series C-1 convertible preferred stock resulted in an adjustment of the conversion price of the Series A-1, Series A-2, and Series B convertible preferred stock, due to the down round protection feature included in the Company’s certificate of incorporation with respect to each such series. The Company accounted for the down round adjustment as a deemed dividend which was calculated as the difference between (i) the fair value of the convertible preferred stock without the conversion price adjustment and (ii) the fair value of the convertible preferred stock with the conversion price adjustment, both as determined immediately after the down round feature was triggered.

In June 2025, the Company entered into a Series D Preferred Stock Purchase Agreement pursuant to which the Company issued and sold 75,327,534 shares of Series D convertible preferred stock at a purchase price of $1.50 per share, along with 2,325,616 warrants to purchase shares of its common stock, for an aggregate purchase price of $113.4 million. Between June 2025 and December 2025, the Company issued an additional aggregate amount of 66,622,843 shares of Series D convertible preferred stock, along with warrants to purchase 1,730,548 shares of its common stock, at a purchase price of $1.50 per share, for an aggregate purchase price of $100.3 million. The common stock warrants issued under the Series D Preferred Stock Purchase Agreement were determined to be equity classified, and the proceeds, net of issuance costs were allocated between the Series D convertible preferred stock and common stock warrants on a relative fair value basis, resulting in $196.0 million allocated to the Series D convertible preferred stock and $16.4 million allocated to the common stock warrants, which was recorded within additional paid in capital.

In connection with the Series D convertible preferred stock financing, the Company’s certificate of incorporation was amended and restated, which resulted in amendments to the terms of the Company’s existing convertible preferred stock, including: (i) a reduction in the liquidation prices applicable to all outstanding series of the Company’s existing convertible preferred stock; (ii) the addition of a special mandatory conversion feature that results in the conversion of a holder’s shares of convertible preferred stock into common stock at a 10-to-1 ratio upon failure to participate in the Series D convertible preferred stock financing; and (iii) a reduction in the mandatory conversion threshold such that convertible preferred stock will automatically convert into the Company’s common stock upon an initial public offering resulting in at least $100.0 million of proceeds. The amendments resulted in a reduction of the existing preferred stock fair value. The Company did not account for the amendments to the existing preferred stock as an extinguishment, and as such there was no impact to the amount of net income available to common shareholders for the purpose of calculating earnings per share. As a result of the special mandatory conversion feature, 1,681,885 shares of Series A convertible preferred stock were converted into 17,308 shares of common stock due to an investor not participating in the Series D convertible preferred stock financing, and were accounted for as a conversion of the convertible preferred stock.

The convertible preferred stock consisted of the following:


March 31, 2026
	Preferred Shares Authorized		Preferred Shares Issued and Outstanding		Carrying Value		Liquidation Preference		Common Stock Issuable Upon Conversion
Series A convertible preferred stock		28,357,989		28,357,989	$	124,198	$	48,441		2,918,391
Series A-1 convertible preferred stock		7,575,753		7,575,753		44,342		17,470		804,894
Series A-2 convertible preferred stock		7,815,303		7,799,055		47,963		18,885		836,196
Series B convertible preferred stock		26,601,360		26,601,360		167,765		66,100		2,865,384
Series C convertible preferred stock		23,442,000		23,442,000		116,578		46,114		2,412,468
Series C-1 convertible preferred stock		1,459,598		1,459,598		6,681		2,951		150,211
Series D convertible preferred stock		142,016,823		141,950,377		196,031		213,631		14,608,456
		237,268,826		237,186,132		703,558		413,592		24,596,000


December 31, 2025
	Preferred Shares Authorized		Preferred Shares Issued and Outstanding		Carrying Value		Liquidation Preference		Common Stock Issuable Upon Conversion
Series A convertible preferred stock		28,357,989		28,357,989	$	124,198	$	48,441		2,918,391
Series A-1 convertible preferred stock		7,575,753		7,575,753		44,342		17,470		804,894
Series A-2 convertible preferred stock		7,815,303		7,799,055		47,963		18,885		836,196
Series B convertible preferred stock		26,601,360		26,601,360		167,765		66,100		2,865,384
Series C convertible preferred stock		23,442,000		23,442,000		116,578		46,114		2,412,468
Series C-1 convertible preferred stock		1,459,598		1,459,598		6,681		2,951		150,211
Series D convertible preferred stock		142,016,823		141,950,377		196,031		213,631		14,608,456
		237,268,826		237,186,132		703,558		413,592		24,596,000

As of March 31, 2026, the holders of the Series A convertible preferred stock, Series A-1 convertible preferred stock, Series A-2 convertible preferred stock, Series B convertible preferred stock, Series C convertible preferred stock, Series C-1 convertible preferred stock and Series D convertible preferred stock have the following rights and preferences:

Voting rights – Holders of the Series A convertible preferred stock, Series A-1 convertible preferred stock, Series A-2 convertible preferred stock, Series B convertible preferred stock, Series C convertible preferred stock, Series C-1 convertible preferred stock and Series D convertible preferred stock are entitled to the number of votes equal to the number of shares of common stock into which such shares of convertible preferred stock held by such holder could be converted as of the relevant record date at all meetings of stockholders. The holders of convertible preferred stock generally vote together as a single class with holders of common stock except that, the holders of Series A convertible preferred stock, Series A-1 convertible preferred stock, Series A-2 convertible preferred stock voting together as a single class on an as converted basis are entitled to elect two directors, and the holders of Series D convertible preferred stock voting together as a single class on an as converted basis are entitled to elect one director. The remaining members of the Company’s Board of Directors are elected by the holders of convertible preferred stock and common stock, voting together as a single class on an as-converted basis.

Dividends – Holders of outstanding shares of Series A convertible preferred stock, Series A-1 convertible preferred stock, Series A-2 convertible preferred stock, Series B convertible preferred stock, Series C convertible preferred stock, Series C-1 convertible preferred stock and Series D convertible preferred stock are entitled to participate in any dividends payable to common stockholders on an as converted basis and have priority over the payment of dividends to holders of common stock. The holders are not contractually required to participate in losses of the Company.

In the case of a dividend on common stock or any class of stock that is convertible into common stock, the dividend per share of convertible preferred stock would equal the product of (A) the dividend payable on each share of such class or series as if all shares of such class or series had been converted into common stock and (B) the number of shares of common stock issuable upon conversion of such share of convertible preferred stock. In the case of a dividend on any class or series that is not convertible into common stock, the dividend per share of convertible preferred stock would be determined by (A) dividing the amount of dividend payable on each share of such class or series of capital stock by the original issue price of such class or series and (B) multiplying such fraction by the original issue price of the applicable class of convertible preferred stock.

Liquidation Amount – The Series D convertible preferred stock ranks, with respect to rights in the event of voluntary or involuntary liquidation, winding up, dissolution, and deemed liquidation events, senior and in priority of payment to (i) the Series A convertible preferred stock, Series A-1 convertible preferred stock, Series A-2 convertible preferred stock, Series B convertible preferred stock, Series C convertible preferred stock and Series C-1 convertible preferred stock and (ii) the common stock. After payment in full of the amounts owed to holders of Series D convertible preferred stock, the Series C convertible preferred stock and Series C-1 convertible preferred stock rank, with respect to rights in the event of voluntary or involuntary liquidation, winding up, dissolution, and deemed liquidation events, senior and in priority of payment to (i) the Series B convertible preferred stock, (ii) the Series A convertible preferred stock, Series A-1 convertible preferred stock, Series A-2 convertible preferred stock and (iii) the common stock. The Series C convertible preferred stock and Series C-1 convertible preferred stock rank on parity with each other. After payment in full of the amounts owed to holders of the Series C convertible preferred stock and Series C-1 convertible preferred stock, the Series B convertible preferred stock, with respect to distribution rights and rights on liquidation, winding-up and dissolution, rank senior and in priority of payment to (i) the Series A convertible preferred stock, Series A-1 convertible preferred stock, Series A-2 convertible preferred stock and (ii) the common stock. After payment in full of the amounts owed to holders of the Series B convertible preferred stock, Series C convertible preferred stock and Series C-1 convertible preferred stock, the Series A convertible preferred stock, Series A-1 convertible preferred stock, Series A-2 convertible preferred stock, with respect to distribution rights and rights on liquidation, winding-up and dissolution, rank (i) senior and in priority of payment to the common stock and (ii) on parity with each other. After the payment of the full liquidation preference of the convertible preferred stock, the remaining assets of the Company legally available for distribution, if any, will be distributed ratably to the holders of common stock.

In the event of any voluntary or involuntary liquidation, dissolution or winding up of the corporation, or upon the occurrence of a deemed liquidation event, the holders of shares of (i) the Series D convertible preferred stock are entitled to payments in an amount equal the greater of (a) $1.50497 per share, plus dividends declared but unpaid and (b) the amount payable with respect to such share as if it was converted to common stock immediately prior to settlement, (ii) the Series C and Series C-1 convertible preferred stock are entitled to payments in an amount equal the greater of (a) $1.96714 per share and $2.02159 per share, respectively, plus dividends declared but unpaid and (b) the amount payable with respect to such share as if it was converted to common stock immediately prior to settlement, (iii) the Series B convertible preferred stock are entitled to payments in an amount equal the greater of (a) $2.48483 per share, plus dividends declared but unpaid and (b) the amount payable with respect to such share as if it was converted to common stock immediately prior to settlement, and (iv) the Series A, Series A-1 and Series A-2 convertible preferred stock are entitled to payments in an amount equal to the greater of (a) $1.70821 per share, $2.30608 per share and $2.42139 per share, respectively, plus dividends declared but unpaid and (b) the amount payable with respect to such share as if it was converted to common stock immediately prior to settlement.

Conversion Option – Each share of the convertible preferred stock is convertible into shares of the Company’s common stock on a one-to-one basis, subject to appropriate adjustment in the event of any stock dividend, stock split or similar recapitalization, at the option of the stockholder and subject to adjustments in accordance with anti-dilution provisions and down round features. In addition, such shares will be converted automatically into shares of the Company’s common stock at then applicable conversion ratio upon the earlier of (i) a firm-commitment underwritten public offering pursuant to an effective registration statement under the Securities Act, on the New York Stock Exchange or Nasdaq Stock Market resulting in at least $100.0 million of gross proceeds, net of underwriting discounts and commissions, (ii) the completion by the Company of a business combination, merger, consolidation or share exchange with a special purpose acquisition company (“SPAC”) or its subsidiary in which the common stock of the surviving or parent entity is listed on New York

Stock Exchange or Nasdaq Stock Market as of the consummation of such transaction, after taking into account any redemptions from the SPAC’s trust account, the surviving entity or parent entity receives at least $100.0 million of gross proceeds, net of the underwriting discount and commissions, from the sale of its equity securities, or (iii) the occurrence of an event specified by vote or written consent of the majority of the holders of the then outstanding shares of a specific class of convertible preferred stock, only with respect to that class of convertible preferred stock. All outstanding convertible preferred stock was converted into common stock immediately prior to the closing of the Company’s IPO.

Fair Value Measurements - Schedule of Roll-forward of the Aggregate Fair Values of the Company`s Liabilities (Details) - Level 3 - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Contingent Consideration
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 6,132	$ 10,179
Change in fair value	109	(5,648)
Ending balance	6,241	4,531
Warrant Liability
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	1	45
Change in fair value	0	0
Ending balance	$ 1	$ 45

401 (k) Savings Plan	3 Months Ended
401 (k) Savings Plan	Mar. 31, 2026
Retirement Benefits [Abstract]
401(k) Savings Plan	15. 401(k) Savings Plan The Company has a defined-contribution savings plan under Section 401(k) of the Internal Revenue Code (the “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 pretax basis. As currently established, the Company is not required to make and has not made any contributions to the 401(k) Plan.

Collaboration and License Agreements - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2024	Dec. 31, 2025	Mar. 29, 2024	Dec. 31, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue recognized	$ 0	$ 1,918
Deferred revenue	0	959	$ 2,877	$ 0
Accounts receivable	$ 0	0	443	$ 0
First Performance Obligation [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue recognized		1,000
Second Performance Obligation [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue recognized		500
Pfizer, Inc. \| Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Material transfer and evaluation agreement initial period	2 years 6 months
Pfizer, Inc. \| Collaborative Arrangement, Transaction with Party to Collaborative Arrangement \| Transferred over Time [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Deferred Revenue, Revenue Recognized	$ 0	400
Contract with Customer, Liability, Current						$ 1,000
Contract with Customer Transaction Price			$ 1,900
Janssen Pharmaceutica NV
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue recognized		$ 1,500
Janssen Pharmaceutica NV \| Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Additional milestone payments receivable	$ 839,000
Janssen Pharmaceutica NV \| Collaborative Arrangement, Transaction with Party to Collaborative Arrangement \| Up-front Payment
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Contract with Customer, Liability, Current					$ 6,500

Fair Value Measurements - Schedule of Financial Assets and Liabilities Carried at Fair Value (Details) - Recurring Basis - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	$ 168,458	$ 204,901
Contingent consideration	6,241	6,132
Warrant liability	1	1
Total financial liabilities	6,242	6,133
Money Market Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	28,428	30,032
U.S. Treasury Bills and U.S. Treasury Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	140,030	174,869
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	28,428	30,032
Contingent consideration	0	0
Warrant liability	0	0
Total financial liabilities	0	0
Level 1 \| Money Market Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	28,428	30,032
Level 1 \| U.S. Treasury Bills and U.S. Treasury Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	140,030	174,869
Contingent consideration	0	0
Warrant liability	0	0
Total financial liabilities	0	0
Level 2 \| Money Market Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Level 2 \| U.S. Treasury Bills and U.S. Treasury Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	140,030	174,869
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	0	0
Contingent consideration	6,241	6,132
Warrant liability	1	1
Total financial liabilities	6,242	6,133
Level 3 \| Money Market Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Level 3 \| U.S. Treasury Bills and U.S. Treasury Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	$ 0	$ 0

Warrants

3 Months Ended

Mar. 31, 2026

Warrants and Rights Note Disclosure [Abstract]

Warrants

12.

Warrants

In connection with entering into a loan and security agreement (“LSA”), the Company issued the LSA Warrant. At the LSA Warrant issuance date, the right of the holder to purchase 16,248 shares immediately vested and was exercisable. The right to purchase the remaining 48,744 shares was forfeited upon termination of the LSA by the Company in April 2023. As of March 31, 2026, the right to purchase the 16,248 shares of Series A-2 convertible preferred stock was outstanding. The LSA Warrant requires liability classification, as the Series A-2 convertible preferred stock underlying the LSA Warrant is redeemable outside of the control of the Company. The Company initially recorded the LSA Warrant at fair value and records changes in fair value at each reporting period (See Note 5). The LSA Warrant converted into 1,742 warrants to purchase common stock immediately prior to the closing of the IPO.

In connection with entering into the Series D Preferred Stock Purchase Agreement in 2025, the Company issued an aggregate amount of warrants to purchase 4,056,164 shares of the Company’s common stock, each with an exercise price of $0.10 per share (the “Common Warrants”). The Common Warrants may be exercised at any time by the holder and have a seven-year contractual term from their respective dates of issuance. Upon an initial public offering or deemed liquidation event (each, a “Corporate Transaction”), the outstanding Common Warrants are subject to automatic net exercise and will become shares of the Company’s common stock, effective immediately prior to the consummation of the Corporate Transaction. The Company determined that the Common Warrants are equity-classified, and recorded the amounts allocated to the Common Warrants within additional paid‑in capital on the condensed consolidated balance sheets (See Note 11).

During the three months ended March 31, 2026, 2,051 Common Warrants were exercised, resulting in the issuance of 2,051 shares of common stock and aggregate proceeds of a de minimis amount. As of March 31, 2026, 3,305,739 Common Warrants remain issued and outstanding. The Company’s outstanding Common Warrants were automatically exercised on a net exercise basis into 3,287,352 shares of common stock immediately prior to the closing of the IPO.

Cash, Cash Equivalents, Restricted Cash, and Marketable Securities (Tables)

3 Months Ended

Mar. 31, 2026

Cash and Cash Equivalents [Abstract]

Schedule of Marketable Securities

The following tables summarize the Company’s marketable securities held as of March 31, 2026 and December 31, 2025.


	March 31, 2026
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Marketable securities
U.S. Treasury bills and U.S. Treasury notes		140,116		—		(86	)		140,030
	$	140,116	$	—	$	(86	)	$	140,030


	December 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Marketable securities
U.S. Treasury bills and U.S. Treasury notes		174,776		93		—		174,869
	$	174,776	$	93	$	—	$	174,869

Collaboration and License Agreements

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Collaboration and License Agreements

Pfizer MTA

In December 2022, the Company entered into a material transfer and evaluation agreement (the “Pfizer MTA”) with Pfizer, Inc. (“Pfizer”) in which the Company granted to Pfizer a nonexclusive license to access the Company’s intellectual property. Under the Pfizer MTA, the Company and Pfizer will jointly conduct research to identify novel hits using the Company’s natural product platform to initiate a preclinical drug discovery program against an oncogenic transcription factor.

The Company determined that the Pfizer MTA represents a contract with a customer and consists of one combined performance obligation for the nonexclusive license and the promise to provide research and development services (“R&D services”) to Pfizer, as the license and promise are not capable of being distinct in the context of the contract. The Pfizer MTA was for an initial period of two and one-half years or upon completion of the research if completed or terminated earlier. In addition, the Pfizer MTA contains two options that require the Company to provide further R&D services to Pfizer (the “First Pfizer Option” and “Second Pfizer Option”, collectively the “Pfizer Options”). The Company evaluated the options to continue the R&D services and concluded that these options did not represent material rights, as they were deemed to be for additional R&D services that are at their standalone selling price.

In 2023, Pfizer paid the Company a nonrefundable upfront payment of $1.0 million in exchange for the nonexclusive license as well as R&D services performed by the Company over the initial period and the First Pfizer Option was exercised. In December 2024, the Second Pfizer Option was exercised. The total transaction price under the Pfizer MTA was determined to be $1.9 million after the exercises of the options. Revenue from the Pfizer MTA was recognized over the estimated performance of the R&D services using the time-elapsed input method. The Company recognized $0.4 million of revenue associated with the Pfizer MTA during the three months ended March 31, 2025, which is included in collaboration revenue on the condensed consolidated statements of operations and comprehensive loss. The Company fulfilled all of its obligations under the Pfizer MTA during the year ended December 31, 2025, and as such no revenue has been recorded during the three months ended March 31, 2026.

Strategic Collaboration, Option, and License Agreement

On March 29, 2024, the Company entered into a strategic collaboration, option and license agreement (the “J&J Agreement”) with Janssen Pharmaceutica NV, a Johnson & Johnson company (“J&J”) to jointly discover and optimize small-molecule medicines against select therapeutic targets using the Company’s artificial intelligence and machine learning capability.

Each party granted to the other party a non-exclusive, royalty-free, worldwide license (the “Research License”) to certain intellectual property in connection with the other party’s research activities under the J&J Agreement (the “Initial R&D Services”). The Company also granted J&J an option to obtain an exclusive commercial license with respect to each program within a specified time period. On a program-by-program basis, if J&J elects to exercise such option or if J&J initiates certain research activities for a program (without exercising such option), the Company would be entitled to a payment in the mid-single digit millions of dollars. J&J may elect up to four replacement targets prior to the earlier of the end of the research term or exercise of the option to obtain a commercial license.

J&J paid the Company a nonrefundable upfront payment of $6.5 million in connection with the entry into the J&J Agreement and the Company is also eligible to receive reimbursement for additional R&D services conducted incremental to the initial R&D services. The Company will be eligible to receive, subject to the achievement of certain research, development, commercialization approval and sales milestones and the option exercise described below, additional milestone payments in an aggregate amount of approximately $839.0 million from J&J. The Company will also be eligible to receive low to mid-single digit percentage in tiered royalties based on the aggregate net sales of certain products that arise from the J&J Agreement, if approved (subject to certain deductions). The applicable royalties will be payable to the Company in a given country commencing on the date of first commercial sale of a royalty product in such country and ending upon the latest of (i) the date of expiration of the last-to-expire valid claim included in certain intellectual property, (ii) a designated period of time following the first commercial sale in such country and (iii) the date of expiration of all regulatory exclusivity for the applicable product in such country.

The Company determined that the J&J Agreement represents a contract with a customer and consisted of two distinct and single performance obligations: (i) the grant of the research licenses, the transfer of the research materials, project governance through the JRC and the promise to provide certain research services which were combined as a single performance obligation (the “First Performance Obligation”) and (ii) the grant of the research licenses, the transfer of research materials, project governance through the JRC and the promise to provide certain other research services which are combined as a single performance obligation (the “Second Performance Obligation”).

Revenue from the J&J Agreement was recognized over the estimated performance of the initial research and development services using the cost incurred input method, which the Company believes best depicts the transfer of control to J&J. The Company recognized $1.5 million of revenue associated with the J&J Agreement during the three months ended March 31, 2025, of which $1.0 million is related to the First Performance Obligation and $0.5 million is related to the Second Performance Obligation, and is recorded as collaboration revenue on the condensed consolidated statements of operations and comprehensive loss. The Company fulfilled all of its obligations under the J&J Agreement during the year ended December 31, 2025, and as such no revenue has been recorded during the three months ended March 31, 2026.

To date there have been no development, commercial, and sales-based milestone payments or royalties based on sales achieved under the J&J Agreement.

Deferred Revenue and Accounts Receivable

Deferred revenue associated with collaboration and license agreements is recorded within accrued expenses and other current liabilities on the condensed consolidated balance sheets (see Note 8). The following table summarizes the changes in deferred revenue for the three months ended March 31, 2025. There was no deferred revenue recorded as of December 31, 2025 and March 31, 2026:


	Three Months Ended
	March 31, 2025
Beginning balance as of January 1, 2025	$	2,877
Additions		—
Deductions		(1,918	)
Ending balance as of March 31, 2025	$	959

The following table summarizes the change in accounts receivable for the three months ended March 31, 2025. There was no accounts receivable recorded as of December 31, 2025 and March 31, 2026:


	Three Months Ended
	March 31, 2025
Beginning balance as of January 1, 2025	$	443
Additions		—
Deductions		(443	)
Ending balance as of March 31, 2025	$	—

Stock-Based Compensation - Summary of Assumptions used in Estimating Fair Value of Stock Options (Details)	3 Months Ended
	Mar. 31, 2026 $ / shares
Share-Based Payment Arrangement [Abstract]
Fair value of common stock	$ 5.15
Expected term (in years)	5 years 9 months 18 days
Risk-free interest rate	3.95%
Expected volatility	98.26%
Dividend yield	0.00%

Cash, Cash Equivalents, Restricted Cash, and Marketable Securities - Additional Information (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Cash and Cash Equivalents [Abstract]
Available-for-sale debt securities non-current	$ 0

Stock-Based Compensation - Schedule of Unrecognized Stock-Based Compensation Expense (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)
Stock Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized Expense	$ 23,036
Weighted Average Recognition Period	2 years 11 months 8 days
Restricted Stock Awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized Expense	$ 352
Weighted Average Recognition Period	2 years 11 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
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
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+ Details

Property and Equipment, Net - Schedule of Property and Equipment and Related Accumulated Depreciation (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 21,663	$ 21,369
Less: accumulated depreciation	(15,107)	(14,160)
Property, Plant and Equipment, Net, Total	6,556	7,209
Laboratory equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	18,677	18,651
Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	686	686
Computer hardware and software
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	1,055	1,029
Finance lease
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	735	502
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 510	$ 501

Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Accrued Liabilities and Other Liabilities [Abstract]
Employee compensation, benefits, and recruiting	$ 2,353	$ 6,703
External research and supplies	3,049	3,076
Deferred offering costs	1,447	64
Professional fees	1,370	3,175
Other	399	374
Accrued Liabilities, Current, Total	$ 8,618	$ 13,392

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 35,719	$ 41,687
Short-term marketable securities	140,030	139,671
Prepaid expenses and other current assets	9,352	9,298
Total current assets	185,101	190,656
Property and equipment, net	6,556	7,209
Right-of-use assets	17,920	18,804
Goodwill	14,072	14,327
Intangible asset	160	262
Long-term marketable securities	0	35,198
Other non-current assets	5,261	3,332
Total assets	229,070	269,788
Current liabilities:
Accounts payable	8,219	7,872
Accrued expenses and other current liabilities	8,618	13,392
Lease liabilities, current	5,374	5,211
Total current liabilities	22,211	26,475
Contingent consideration and warrant liability	6,242	6,133
Lease liabilities, non-current	20,753	21,900
Total liabilities	49,206	54,508
Commitments and contingencies (see Note 14)
Convertible preferred stock	703,558	703,558
Stockholders deficit:
Common stock, $0.0001 par value: 365,081,240 shares authorized as of March 31, 2026 and December 31, 2025; 2,634,650 shares and 2,472,757 shares issued as of March 31, 2026 and December 31, 2025, respectively; 2,481,339 shares and 2,306,207 shares outstanding as of March 31, 2026 and December 31, 2025, respectively	0	0
Additional paid-in capital	82,854	79,616
Accumulated deficit	(606,401)	(568,139)
Accumulated other comprehensive income (loss)	(147)	245
Total stockholders deficit	(523,694)	(488,278)
Total liabilities, convertible preferred stock, and stockholders deficit	229,070	269,788
Series A convertible preferred stock
Current liabilities:
Convertible preferred stock	216,503	216,503
Series B convertible preferred stock
Current liabilities:
Convertible preferred stock	167,765	167,765
Series C convertible preferred stock
Current liabilities:
Convertible preferred stock	123,259	123,259
Series D convertible preferred stock
Current liabilities:
Convertible preferred stock	$ 196,031	$ 196,031

Leases - Schedule of Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Leases [Abstract]
Operating cash flows for operating leases	$ 1,881	$ 1,732
Operating cash flows for finance leases	10	2
Financing cash outflows for finance leases	24	35
Right-of-use assets obtained in exchange for new finance lease liabilities	$ 278	$ 0

Net Loss Per Share - Schedule of Computation of Basic and Diluted Net Loss per Share Attributable to Common Stockholders (Details) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Numerator:

Net Income (Loss)

$ (38,262)

$ (38,435)

Net loss attributable to common stockholders

$ (38,262)

$ (38,435)

Denominator:

Weighted-average number of common shares used in computing net loss, basic

^[1]

5,655,716

976,146

Weighted-average number of common shares used in computing net loss, diluted

^[1]

5,655,716

976,146

Net loss per share attributable to common stockholders, basic

$ (6.77)

$ (39.37)

Net loss per share attributable to common stockholders, diluted

$ (6.77)

$ (39.37)

[1]	The weighted-average number of common shares used in computing net loss basic and diluted per share for the three months ended March 31, 2026 includes 4,056,164 shares of common stock underlying Common Warrants issued as part of the Series D preferred stock financing during 2025.

- 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

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

+ References

+ Details

- Definition

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

+ References

+ Details

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Income Statement [Abstract]

Collaboration revenue

$ 0

$ 1,918

Operating expenses:

Research and development

32,321

38,774

General and administrative

7,350

7,952

Change in fair value of contingent consideration

109

(5,648)

Total operating expenses

39,780

41,078

Operating loss

(39,780)

(39,160)

Other income (expense), net:

Interest income

1,708

1,156

Interest expense

(10)

(2)

Other expense, net

(117)

(289)

Total other income, net

1,581

865

Loss before income taxes

(38,199)

(38,295)

Income tax provision

140

Net loss

(38,262)

(38,435)

Other comprehensive (loss) income:

Foreign currency translation adjustment

(306)

575

Unrealized loss on marketable securities, net of tax

(86)

(10)

Total other comprehensive (loss) income

(392)

565

Comprehensive loss

(38,654)

(37,870)

Net loss attributable to common stockholders (see Note 16)

$ (38,262)

$ (38,435)

Net loss per share attributable to common stockholders, basic

$ (6.77)

$ (39.37)

Net loss per share attributable to common stockholders, diluted

$ (6.77)

$ (39.37)

Weighted-average common stock outstanding, basic

^[1]

5,655,716

976,146

Weighted-average common stock outstanding, diluted

^[1]

5,655,716

976,146

[1]	The weighted-average number of common shares used in computing net loss basic and diluted per share for the three months ended March 31, 2026 includes 4,056,164 shares of common stock underlying Common Warrants issued as part of the Series D preferred stock financing during 2025.

Property and Equipment, Net

3 Months Ended

Mar. 31, 2026

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

Property and equipment and related accumulated depreciation consist of the following:


	March 31, 2026			December 31, 2025
Laboratory equipment	$	18,677		$	18,651
Furniture, fixtures and equipment		686			686
Computer hardware and software		1,055			1,029
Finance lease		735			502
Leasehold improvements		510			501
		21,663			21,369
Less: accumulated depreciation		(15,107	)		(14,160	)
Total	$	6,556		$	7,209

Total depreciation expense for the three months ended March 31, 2026 and 2025, was $1.0 million and $1.2 million, respectively. For the three months ended March 31, 2026 and 2025, the Company recognized gains on disposal of $33 thousand and losses on disposal of $0.5 million, respectively, within research and development expenses on the condensed consolidated statements of operations and comprehensive loss.

Subsequent Events - (Additional Information) (Details) - $ / shares	1 Months Ended	3 Months Ended
	May 31, 2026	Mar. 31, 2026	Mar. 31, 2025
Subsequent Event [Line Items]
Stock Options, Granted		162,162	0
Subsequent Event [Member]
Subsequent Event [Line Items]
Incentive plan description	In May 2026, the Company’s Board of Directors adopted the 2026 Long-Term Incentive Plan
Subsequent Event [Member] \| ESPP [Member]
Subsequent Event [Line Items]
Company's common stock for future issuance	516,400
Subsequent Event [Member] \| 2026 Long-Term Incentive Plan [Member]
Subsequent Event [Line Items]
Company's common stock for future issuance	6,232,376
Subsequent Event [Member] \| 2026 Long-Term Incentive Plan [Member] \| IPO [Member]
Subsequent Event [Line Items]
Stock Options, Granted	3,433,534
Excercise price per share	$ 18

Fair Value Measurements

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements

The following table sets forth by level, within the fair value hierarchy, the financial assets and liabilities carried at fair value on a recurring basis:


	March 31, 2026
	Total		Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Financial Assets:
Cash equivalents:
Money market funds	$	28,428	$	28,428	$	—	$	—
Marketable securities:
U.S. Treasury bills and U.S. Treasury notes		140,030		—		140,030		—
Total financial assets	$	168,458	$	28,428	$	140,030	$	—
Financial Liabilities:
Contingent consideration	$	6,241	$	—	$	—	$	6,241
Warrant liability		1		—		—		1
	$	6,242	$	—	$	—	$	6,242


	December 31, 2025
	Total		Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Financial Assets:
Cash equivalents:
Money market funds	$	30,032	$	30,032	$	—	$	—
Marketable securities:
U.S. Treasury bills and U.S. Treasury notes		174,869		—		174,869		—
Total financial assets	$	204,901	$	30,032	$	174,869	$	—
Financial Liabilities:
Contingent consideration	$	6,132	$	—	$	—	$	6,132
Warrant liability		1		—		—		1
	$	6,133	$	—	$	—	$	6,133

There were no changes in valuation techniques or transfers between Levels 1, 2 or 3 for the periods presented.

Marketable securities classified as Level 2 within the valuation hierarchy generally consist of U.S. Treasury bills and U.S. Treasury notes. The Company estimates the fair values of marketable securities by taking into consideration valuations obtained from third-party pricing sources.

The carrying values of accounts payable and accrued expenses and other current liabilities approximates their fair values due to the short-term nature of these instruments.

Valuation of Contingent Consideration

The contingent consideration in the below tables relates to the estimated fair value of future payments that may be made by the Company to the members of IFM Discovery, LLC (“IFM”) and Rahko as described below. The fair value of the contingent consideration was determined based on significant inputs not observable in the market, which represent Level 3 measurements.

IFM

In May 2022, the Company acquired all of the membership interests in IFM. The total purchase consideration was $3.1 million, which consisted of the following: (i) 81,240 shares of non-voting common stock at closing with the estimated fair value of $0.2 million, (ii) cash consideration of $0.9 million at closing, (iii) a deferred payment of $0.9 million, which was paid in June 2022 and (iv) contingent consideration in cash of up to $30.0 million, payable once for each of the NLR family pyrin domain containing 1 (“NLRP1”) and melanoma differentiation-associated protein 5 (“MDA5”) programs upon the first achievement of certain development, commercial, regulatory and sales milestones related to each such program. The estimated fair value of the contingent consideration was determined to be $1.1 million on the acquisition date. The contingent consideration is remeasured at each balance sheet date.

The fair value of the contingent consideration related to development, commercial, regulatory and sales milestones was based on the discounted cash flow valuation technique. The technique considered the following assumptions: (i) the probability and timing of achieving the specified milestones as of the valuation date and (ii) the market-based discount rates, with the most significant assumptions being the timing of the projected milestones and the probability of the milestones being achieved. The fair value of the contingent consideration could change in future periods depending on the prospects for the Company’s MDA5 and NLRP1 drug discovery programs acquired as part of the IFM transaction achieving development, commercial, regulatory and sales milestones. The estimated fair value of the contingent consideration as of March 31, 2026 and December 31, 2025, related to the IFM acquisition, was $1.3 million and $1.4 million, respectively.

The following table sets forth the significant inputs to the discounted cash flow technique used to value contingent consideration for IFM as of March 31, 2026 and December 31, 2025:


Significant Unobservable Inputs	March 31, 2026			December 31, 2025
Discount rate		16.4	%		15.6	%
Projected milestone timing	2.50 to 11.51 Years			2.25 to 11.75 Years
Probability of milestone achievement - NLRP1 program	5.0% - 35.0%			5.0% - 35.0%
Probability of milestone achievement - MDA5 program	5.0% - 35.0%			5.0% - 35.0%

Significant increases or decreases in these inputs could result in a significantly lower or higher fair value measurement of the contingent consideration liability.

Rahko

The Rahko acquisition included additional consideration payable of up to $30.0 million to the previous shareholders of Rahko upon the achievement of certain qualifying events, including (a) following the Company’s completion of an initial public offering (“IPO”) or public listing of the Company’s shares on certain designated exchanges, upon the first occurrence of the total market capitalization of the Company being equal to or in excess of $1.5 billion, or (b) an exit event such as (i) a transaction or transactions by which more than 50% of the combined voting power of then outstanding voting securities of the Company are acquired, (ii) consolidation or merger of the Company into another entity, or (iii) sale or disposition of substantially all of the assets of the Company, in each case for which the potential proceeds are equal to or in excess of $1.5 billion. The fair value of the contingent consideration was determined based on a Monte-Carlo simulation model that utilizes a geometric Brownian motion to estimate the equity value of the Company at expected qualifying event dates. The Company applied risk-free rate, volatility and discount rate assumptions to simulate the expected equity value of the Company as of the expected qualifying event dates. The risk-free rate was based upon the interest rates corresponding to the time period for U.S. Treasury notes published by the U.S. Federal Reserve. The volatility was estimated based on equity volatility indications from the guideline public companies and the capital structure of the Company.

The contingent consideration as of the date when the Company has met the certain market capitalization threshold following a certain qualifying event was discounted to the measurement date using a discount rate that is based on all-in market yields for publicly traded debt securities of comparable credit quality to the contingent consideration payments. The discounted amount of contingent consideration and the equity values are subject to the Monte-Carlo simulations for 100,000 trials to derive the fair value of the contingent consideration. The estimated contingent consideration liability as of March 31, 2026 and December 31, 2025, related to the Rahko acquisition was $4.9 million and $4.7 million, respectively.


As of March 31, 2026
Expected IPO Date	Probability of IPO Event	Discount Rates	Risk Free Rate Applied to Equity Value	Equity Volatility
May 31, 2026	15%	15.7% - 17.1%	4.4%	97.8%
December 30, 2026	14%	15.7% - 17.1%	4.4%	97.2%
February 28, 2027	14%	15.7% - 17.1%	4.4%	96.6%
April 30, 2027	14%	15.7% - 17.1%	4.4%	96.0%
*	43%	Varies	4%	Varies


As of December 31, 2025
Expected IPO Date	Probability of IPO Event	Discount Rates	Risk Free Rate Applied to Equity Value	Equity Volatility
May 31, 2026	15%	15.3% - 16.1%	4.2%	96.2%
December 30, 2026	14%	15.3% - 16.0%	4.2%	96.4%
February 28, 2027	14%	15.3% - 16.0%	4.3%	96.5%
April 30, 2027	14%	15.3% - 16.0%	4.3%	96.5%
*	43%	Varies	4.3%	Varies

*Reflects the probability weighted expected term of 1.83 years for the remaining scenarios between August 2027 and December 2027 with each scenario weighted 14.2% overall for an aggregate probability weight of 42.6%.

Significant increases or decreases in these inputs could result in a significantly lower or higher fair value measurement of the contingent consideration liability.

Valuation of LSA Warrant Liability

In March 2022, the Company issued a warrant to purchase up to 64,992 shares of Series A-2 convertible preferred stock (the “LSA Warrant”) with an exercise price of $6.15 (see Note 12). As of March 31, 2026 and December 31, 2025, the LSA Warrant to purchase 16,248 shares of Series A-2 convertible preferred stock was issued and outstanding.

The estimated fair value of the LSA Warrant liability was determined using an option pricing model with the following assumptions:


Significant Unobservable Inputs	March 31, 2026			December 31, 2025
Expected term until a liquidity event (in years)		2			2
Volatility		80	%		80	%
Risk-free interest rate		3.8	%		3.5	%
Annual dividend rate		0	%		0	%

The following table presents a roll-forward of the aggregate fair values of the Company’s liabilities for which fair value is determined by Level 3 inputs:


	Warrant Liability		Contingent Consideration
Balance as of January 1, 2026	$	1	$	6,132
Change in fair value		-		109
Balance as of March 31, 2026	$	1	$	6,241


	Warrant Liability		Contingent Consideration
Balance as of January 1, 2025	$	45	$	10,179
Change in fair value		-		(5,648	)
Balance as of March 31, 2025	$	45	$	4,531

- 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
-SubTopic 10
-Name Accounting Standards Codification
-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
-SubTopic 10
-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
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-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
-SubTopic 10
-Name Accounting Standards Codification
-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
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-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

Commitments and Contingencies

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

14.

Commitments and Contingencies

Contingent Consideration

In connection with the IFM acquisition, the Company is required to make future payments to the shareholders of IFM based on the occurrence of certain development, commercial, regulatory and sales milestones (see Note 5).

In connection with the Rahko acquisition, the Company has a contingent payment obligation to the shareholders of Rahko upon the occurrence of certain qualifying events. No qualifying event has occurred as of March 31, 2026 (see Note 5).

Legal Proceedings

The Company is not currently a party to any material legal proceedings. At each reporting date, the Company evaluates whether a potential loss or a potential range of loss is probable and reasonably estimable under the provisions of the authoritative guidance that addresses accounting for contingencies. The Company expenses the costs related to its legal proceedings as incurred.

Convertible Preferred Stock - Schedule of Convertible Preferred Stock (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Sep. 30, 2022	Mar. 31, 2022
Temporary Equity [Line Items]
Preferred Shares Authorized	237,268,826	237,268,826
Preferred Shares Issued	237,186,132	237,186,132
Preferred Shares Outstanding	237,186,132	237,186,132
Carrying Value	$ 703,558	$ 703,558
Liquidation Preference	$ 413,592	$ 413,592
Common Stock Issuable Upon Conversion	24,596,000	24,596,000
Series A Convertible Preferred Stock
Temporary Equity [Line Items]
Preferred Shares Authorized	28,357,989	28,357,989
Preferred Shares Issued	28,357,989	28,357,989
Preferred Shares Outstanding	28,357,989	28,357,989
Carrying Value	$ 124,198	$ 124,198
Liquidation Preference	$ 48,441	$ 48,441
Common Stock Issuable Upon Conversion	2,918,391	2,918,391
Series A-1 Convertible Preferred Stock
Temporary Equity [Line Items]
Preferred Shares Authorized	7,575,753	7,575,753
Preferred Shares Issued	7,575,753	7,575,753
Preferred Shares Outstanding	7,575,753	7,575,753
Carrying Value	$ 44,342	$ 44,342
Liquidation Preference	$ 17,470	$ 17,470
Common Stock Issuable Upon Conversion	804,894	804,894
Series A-2 Convertible Preferred Stock
Temporary Equity [Line Items]
Preferred Shares Authorized	7,815,303	7,815,303
Preferred Shares Issued	7,799,055	7,799,055		1,624,803
Preferred Shares Outstanding	7,799,055	7,799,055
Carrying Value	$ 47,963	$ 47,963
Liquidation Preference	$ 18,885	$ 18,885
Common Stock Issuable Upon Conversion	836,196	836,196
Series B Convertible Preferred Stock
Temporary Equity [Line Items]
Preferred Shares Authorized	26,601,360	26,601,360
Preferred Shares Issued	26,601,360	26,601,360	12,132,191
Preferred Shares Outstanding	26,601,360	26,601,360
Carrying Value	$ 167,765	$ 167,765
Liquidation Preference	$ 66,100	$ 66,100
Common Stock Issuable Upon Conversion	2,865,384	2,865,384
Series C Convertible Preferred Stock
Temporary Equity [Line Items]
Preferred Shares Authorized	23,442,000	23,442,000
Preferred Shares Issued	23,442,000	23,442,000
Preferred Shares Outstanding	23,442,000	23,442,000
Carrying Value	$ 116,578	$ 116,578
Liquidation Preference	$ 46,114	$ 46,114
Common Stock Issuable Upon Conversion	2,412,468	2,412,468
Series C-1 Convertible Preferred Stock
Temporary Equity [Line Items]
Preferred Shares Authorized	1,459,598	1,459,598
Preferred Shares Issued	1,459,598	1,459,598
Preferred Shares Outstanding	1,459,598	1,459,598
Carrying Value	$ 6,681	$ 6,681
Liquidation Preference	$ 2,951	$ 2,951
Common Stock Issuable Upon Conversion	150,211	150,211
Series D Convertible Preferred Stock
Temporary Equity [Line Items]
Preferred Shares Authorized	142,016,823	142,016,823
Preferred Shares Issued	141,950,377	141,950,377
Preferred Shares Outstanding	141,950,377	141,950,377
Carrying Value	$ 196,031	$ 196,031
Liquidation Preference	$ 213,631	$ 213,631
Common Stock Issuable Upon Conversion	14,608,456	14,608,456

Segment Information (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]

Schedule of Segment Information about Segments Net Loss

The measure of segment assets is reported on the condensed consolidated balance sheets as total assets. The following table presents certain financial data for the Company’s reportable segment:


	Three Months Ended March 31,
	2026		2025
Collaboration revenue	$	—	$	1,918

Research and development expenses associated with preclinical and clinical studies (1)	$	19,607	$	17,035
Facilities and related expenses, excluding depreciation and amortization (2)		2,622		8,880
General and corporate expenses (3)		2,735		2,725
Personnel-related expenses, excluding stock-based compensation		10,949		13,807
Other segment items (4)		2,349		(2,094	)
Segment net loss	$	38,262	$	38,435

(2) Facilities and related expenses includes rent, common area maintenance costs, repairs and maintenance, utilities and real estate taxes.

(3) General and corporate expenses include general and administrative costs associated with professional and consulting fees and other overhead costs.

Leases (Tables)

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

Schedule of Components of Lease Costs

The components of lease costs are recorded within the condensed consolidated statements of operations and comprehensive loss as follows:


	Three Months Ended March 31,
	2026			2025
Operating lease costs	$	1,513		$	1,789
Variable lease costs		767			732
Sublease income		(82	)		—
Total lease costs, net	$	2,198		$	2,521

Schedule of Supplemental Cash Flow Information Related to Leases

Supplemental cash flow information related to the Company’s leases for three months ended March 31, 2026 and 2025 are as follows:


	Three Months Ended March 31,
Supplemental cash flow information	2026		2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	1,881	$	1,732
Operating cash flows for finance leases	$	10	$	2
Financing cash outflows for finance leases	$	24	$	35
Right-of-use assets obtained in exchange for new finance lease liabilities	$	278	$	—

Convertible Preferred Stock - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended						3 Months Ended	7 Months Ended	8 Months Ended
	Jun. 30, 2025	Nov. 30, 2024	Oct. 31, 2023	Sep. 30, 2022	May 31, 2022	Mar. 31, 2022	Mar. 31, 2026	Dec. 31, 2025	Aug. 31, 2024
Temporary Equity [Line Items]
Additional preferred stock issued							237,186,132	237,186,132
Aggregate purchase price							$ 100.0
Common Stock Warrants
Temporary Equity [Line Items]
Proceeds from issuance of equity								$ 16.4
Common Stock
Temporary Equity [Line Items]
Preferred stock converted to common stock in shares							17,308
Warrant
Temporary Equity [Line Items]
Warrants to purchase shares	2,325,616							1,730,548
Series A Convertible Preferred Stock
Temporary Equity [Line Items]
Additional preferred stock issued							28,357,989	28,357,989
Preferred stock converted to common stock in shares							1,681,885
Preferred stock liquidating preference							$ 1.70821
Series A-1 Convertible Preferred Stock
Temporary Equity [Line Items]
Additional preferred stock issued							7,575,753	7,575,753
Preferred stock liquidating preference							$ 2.30608
Series A-2 Convertible Preferred Stock
Temporary Equity [Line Items]
Additional preferred stock issued						1,624,803	7,799,055	7,799,055
Share Price						$ 6.15
Aggregate purchase price						$ 10.0
Preferred stock liquidating preference							$ 2.42139
Series B Convertible Preferred Stock
Temporary Equity [Line Items]
Additional preferred stock issued				12,132,191			26,601,360	26,601,360
Share Price				$ 6.32	$ 6.32
Aggregate purchase price				$ 76.7	$ 91.4
Preferred stock liquidating preference							$ 2.48483
Issued and sale of convertible preferred stock					14,469,169
Series C Convertible Preferred Stock
Temporary Equity [Line Items]
Additional preferred stock issued							23,442,000	23,442,000
Share Price			$ 5						$ 5
Aggregate purchase price			$ 97.1						$ 20.1
Preferred stock liquidating preference							$ 1.96714
Issued and sale of convertible preferred stock			19,426,000						4,016,000
Series C-1 Convertible Preferred Stock
Temporary Equity [Line Items]
Additional preferred stock issued							1,459,598	1,459,598
Share Price		$ 5.14
Aggregate purchase price		$ 7.5
Preferred stock liquidating preference							$ 2.02159
Fair value of preferred stock		6.7
Contribution to additional paid-in-capital		$ 0.8
Issued and sale of convertible preferred stock		1,459,598
Series D Convertible Preferred Stock
Temporary Equity [Line Items]
Additional preferred stock issued							141,950,377	141,950,377
Share Price	$ 1.5							$ 1.5
Warrants to purchase shares	4,056,164
Aggregate purchase price	$ 113.4
Proceeds from issuance of equity								$ 196.0
Amount of preferred stock convertible to common stock							$ 100.0
Preferred stock liquidating preference							$ 1.50497
Issued and sale of convertible preferred stock	75,327,534
Series D Convertible Preferred Stock \| Warrant
Temporary Equity [Line Items]
Aggregate purchase price								$ 100.3
Issued and sale of convertible preferred stock								66,622,843

Goodwill and Intangible Asset

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Asset

The Company’s goodwill and intangible asset relate to the purchase of Rahko Limited (“Rahko”) in 2021, which was accounted for as a business combination.

Goodwill

Goodwill and the effect of foreign currency translation is as follows:


	Three Months Ended March 31, 2026
Goodwill balance as of January 1, 2026	$	14,327
Effect of foreign currency translation		(255	)
Goodwill balance as of March 31, 2026	$	14,072

Intangible Asset

The Company’s intangible asset is comprised solely of developed technology and is being amortized using the straight-line method which reflects the pattern in which the economic benefits of the asset are consumed, over its estimated useful life of five years.

The following tables present the intangible asset, current and future amortization, and the effect of foreign currency translation:


	Three Months Ended March 31, 2026
Intangible asset balance as of January 1, 2026	$	1,749
Effect of foreign currency translation		(31	)
Intangible asset balance as of March 31, 2026		1,718
Accumulated amortization		(1,558	)
Intangible asset, net	$	160

Future amortization:
2026		160
Total future amortization	$	160

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Pay vs Performance Disclosure
Net Income (Loss)	$ (38,262)	$ (38,435)

- Definition

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

+ References

+ Details

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities:
Net loss	$ (38,262)	$ (38,435)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	1,171	1,299
Loss (gain) from disposal of property and equipment	(33)	495
Right-of-use asset impairment expense	0	5,440
Accretion of discount on marketable securities	(296)	(501)
Stock-based compensation expense	2,587	2,989
Non-cash rent expense	879	1,024
Change in fair value of contingent consideration and warrant liability	109	(5,648)
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	3	618
Other non-current assets	(1,686)	(2,008)
Accounts payable	484	713
Lease liabilities	(1,225)	(1,065)
Accrued expenses and other current liabilities	(4,766)	(3,542)
Net cash used in operating activities	(41,035)	(38,621)
Cash flows from investing activities:
Maturities of marketable securities	34,950	35,000
Purchases of property and equipment	(148)	(927)
Proceeds from sale of property and equipment	0	54
Net cash provided by investing activities	34,802	34,127
Cash flows from financing activities:
Proceeds from Stock Options Exercised	651	235
Payment of deferred offering costs	(143)	0
Principal payments on finance leases	(24)	(35)
Net cash provided by financing activities	484	200
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	24	69
Decrease in cash, cash equivalents and restricted cash	(5,725)	(4,225)
Cash, cash equivalents and restricted cash, beginning of period	44,897	62,346
Cash, cash equivalents and restricted cash, end of period	39,172	58,121
Cash and cash equivalents, end of period	35,719	54,911
Restricted cash, included in other non-current assets, end of period	3,453	3,210
Total cash, cash equivalents and restricted cash, end of period	39,172	58,121
Supplemental cash flow information:
Cash paid for income taxes	30	40
Cash paid for interest	10	2
Supplemental disclosure of non-cash financing and investing activities:
Deferred offering costs included in accounts payable and accrued expenses and other current liabilities	1,603	5,677
Purchases of property and equipment included in accounts payable	0	0
Right-of-use assets obtained in exchange for new finance lease liabilities	278	0
Remeasurement of right-of-use assets and lease liabilities	0	0
Unrealized loss on marketable securities	$ 180	$ 43

Segment Information - Additional Information (Details)	3 Months Ended
Segment Information - Additional Information (Details)	Mar. 31, 2026 Segment
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]
Number of reportable segment	1
Number of operating segment	1
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description	The chief operating decision maker (“CODM”) manages the Company’s operations on a consolidated basis, assesses performance for the operating segment and decides how to allocate resources based on consolidated net loss, which is reported on the condensed consolidated statements of operations and comprehensive loss.

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Common stock par value	$ 0.0001	$ 0.0001
Common stock authorized	365,081,240	365,081,240
Common stock issued	2,634,650	2,472,757
Common stock outstanding	2,481,339	2,306,207
Series A convertible preferred stock
Preferred stock par value	$ 0.0001	$ 0.0001
Preferred shares authorized	43,749,045	43,749,045
Preferred shares issued	43,732,797	43,732,797
Preferred shares outstanding	43,732,797	43,732,797
Liquidation preference	$ 84,796	$ 84,796
Series B convertible preferred stock
Preferred stock par value	$ 0.0001	$ 0.0001
Preferred shares authorized	26,601,360	26,601,360
Preferred shares issued	26,601,360	26,601,360
Preferred shares outstanding	26,601,360	26,601,360
Liquidation preference	$ 66,100	$ 66,100
Series C convertible preferred stock
Preferred stock par value	$ 0.0001	$ 0.0001
Preferred shares authorized	24,901,598	24,901,598
Preferred shares issued	24,901,598	24,901,598
Preferred shares outstanding	24,901,598	24,901,598
Liquidation preference	$ 49,065	$ 49,065
Series D convertible preferred stock
Preferred stock par value	$ 0.0001	$ 0.0001
Preferred shares authorized	142,016,823	142,016,823
Preferred shares issued	141,950,377	141,950,377
Preferred shares outstanding	141,950,377	141,950,377
Liquidation preference	$ 213,631	$ 213,631

Goodwill and Intangible Asset (Tables)

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Goodwill and Effect of Foreign Currency Translation

Goodwill and the effect of foreign currency translation is as follows:


	Three Months Ended March 31, 2026
Goodwill balance as of January 1, 2026	$	14,327
Effect of foreign currency translation		(255	)
Goodwill balance as of March 31, 2026	$	14,072

Schedule of Intangible Assets, Current and Future Amortization and Effect of Foreign Currency Translation

The following tables present the intangible asset, current and future amortization, and the effect of foreign currency translation:


	Three Months Ended March 31, 2026
Intangible asset balance as of January 1, 2026	$	1,749
Effect of foreign currency translation		(31	)
Intangible asset balance as of March 31, 2026		1,718
Accumulated amortization		(1,558	)
Intangible asset, net	$	160

Future amortization:
2026		160
Total future amortization	$	160

Subsequent Events

3 Months Ended

Mar. 31, 2026

Subsequent Events [Abstract]

Subsequent Events

18.

Subsequent Events

The Company has evaluated subsequent events through June 17, 2026, the date these unaudited condensed consolidated financial statements were available to be issued. Based on this review, the Company identified the following subsequent events requiring disclosure, in addition to its IPO and concurrent private placement as described in Note 1:

In May 2026, the Company’s Board of Directors adopted the 2026 Long-Term Incentive Plan (the “2026 Plan”) and the 2026 Employee Stock Purchase Plan (the “ESPP”), which both became effective in connection with the IPO. The 2026 Plan provides for the grant of incentive stock options, nonstatutory stock options, stock appreciation rights, restricted stock, restricted stock units, unrestricted stock, performance-based awards and other stock-based awards or cash incentives to employees, directors and consultants. A total of 6,232,376 shares of the Company’s common stock have been reserved for future issuance under the 2026 Plan, in addition to any automatic increases in the number of shares of common stock reserved for future issuance under the 2026 Plan and any shares underlying outstanding stock awards granted under the 2021 Plan that expire or are repurchased, forfeited, cancelled or withheld. The ESPP reserved a total of 516,400 shares for future issuance of common stock pursuant to purchase rights granted to employees, in addition to any automatic increases in the number of shares of common stock reserved for future issuance under the ESPP.

Upon the IPO, the Company granted 3,433,534 stock options to purchase shares of the Company’s common stock under the 2026 Plan to certain employees and directors, with an exercise price equal to the IPO price of $18.00 per share.

Common Stock

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Common Stock

10.

Common Stock

The Company has two classes of common stock that are authorized and outstanding: voting and non-voting. Holders of voting common stock are entitled to one vote per share on all matters on which stockholders have the right to vote, including director elections. Holders of non-voting common stock are not entitled to vote, except as may be required under Delaware law. All other rights and privileges of voting common stock and non-voting common stock are the same. Holders of common stock are entitled to dividends when and if declared by the Company’s Board of Directors, subject to the participation and priority rights of the Company’s outstanding convertible preferred stock. As of March 31, 2026, there were 2,400,099 shares of voting common stock and 81,240 shares of non-voting common stock issued and outstanding. In addition, the Company issued 153,311 issued shares of common stock that were subject to vesting as of March 31, 2026 (see Note 13).

The Company’s outstanding non-voting common stock automatically converted into an aggregate of 8,359 shares of its common stock immediately upon the closing of the IPO.

- Definition

The entire disclosure for equity.

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+ Details

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2026
Accounting Policies [Abstract]
Business	Business Odyssey Therapeutics, Inc. (the “Company”) is a clinical-stage biopharmaceutical company seeking to transform the standard of care for patients suffering from autoimmune and inflammatory diseases. To accomplish this, the Company is developing medicines that are designed to precisely target disease pathology with an initial emphasis on the innate immune system. The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry, including, but not limited to, completion of preclinical studies and clinical trials, obtaining regulatory approval for product candidates, development by competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, compliance with government regulations and ability to secure additional capital to fund operations. Product candidates currently under development by the Company will require significant additional research and development efforts, including extensive preclinical and clinical testing and regulatory approval prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel and infrastructure and extensive compliance and reporting capabilities. Even if product development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales.
Reverse Stock Split	Reverse Stock Split On May 1, 2026, the Company effected a 1-for-9.7170 reverse stock split of its issued and outstanding shares of voting common stock, which also resulted in a proportional adjustment to the conversion ratio for its non-voting common stock, to the existing conversion ratios of each series of its convertible preferred stock, and to the exercise prices and number of outstanding common stock warrants and stock options. Accordingly, all shares of voting common stock, stock options and common stock warrants, the as-converted preferred stock, and per share information presented in the accompanying condensed consolidated financial statements and notes thereto have been retroactively adjusted, where applicable, to reflect the reverse stock split. The per share par value and authorized number of shares of the Company’s common stock were not adjusted as a result of the split.
Initial Public Offering	Initial Public Offering In May 2026, the Company completed its initial public offering (“IPO”), in which the Company sold 15,500,000 shares of its common stock at a public offering price of $18.00 per share resulting in aggregate net proceeds of approximately $255.4 million, after deducting underwriter discounts and commissions and other estimated offering expenses. Additionally, the Company sold 1,388,889 shares of its common stock in a concurrent private placement at a per share price equal to the public offering price paid in the IPO, resulting in additional net proceeds of approximately $23.3 million after deducting placement agent fees. In June 2026, the Company also sold an additional 600,000 shares of its common stock to the underwriters at a public offering price of $18.00 per share under the option granted to the underwriters, resulting in aggregate net proceeds of approximately $10.0 million, after deducting underwriter discounts and commissions. Immediately prior to the closing of the IPO, the Company’s outstanding convertible preferred stock automatically converted into 24,596,000 shares of common stock, the Company’s outstanding convertible preferred stock warrants converted into 1,742 warrants to purchase common stock, and the Company’s outstanding common stock warrants were automatically exercised on a net exercise basis into 3,287,352 shares of common stock. Further, the Company’s outstanding non-voting common stock was automatically converted into an aggregate of 8,359 shares of its common stock immediately upon the closing of the IPO. Following the closing of the IPO, no shares of convertible preferred stock were outstanding. In connection with the closing of the IPO, the Company’s certificate of incorporation was amended and restated to authorize 500,000,000 shares of common stock, par value $0.0001 per share and 50,000,000 shares of undesignated preferred stock, par value $0.0001 per share.
Liquidity and Going Concern	Liquidity and Going Concern The accompanying condensed consolidated financial statements are prepared in accordance with generally accepted accounting principles applicable to a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the ordinary course of business. Since its inception, the Company has devoted substantially all of its resources to business planning, research and development activities, recruiting management and technical staff, raising capital, producing materials for preclinical studies and clinical trials, developing and establishing the Company’s intellectual property portfolio, entering into collaboration agreements, acquiring companies or assets to further the Company’s development programs and building infrastructure to support such activities. The Company has financed its operations primarily through the sale of shares of convertible preferred stock, the proceeds from research collaborations and license agreements, and through the sale of its common stock in its IPO and concurrent private placement completed in May 2026. Upon closing of the IPO and concurrent private placement, and receipt of the associated cash proceeds, the Company believes the conditions that raised substantial doubt have been resolved. The Company believes that its existing cash, cash equivalents and marketable securities of $175.7 million as of March 31, 2026, together with the additional net proceeds of $288.7 million received from the IPO, concurrent private placement and the underwriters' exercise of the option to purchase additional shares of common stock, will be sufficient to allow the Company to fund operations at least twelve months from the date that the condensed consolidated financial statements are issued.
Basis of Presentation and Consolidation	Basis of Presentation and Consolidation The accompanying unaudited condensed consolidated financial statements as of March 31, 2026 and for the three months ended March 31, 2026 and 2025 have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and pursuant to Article 10 of Regulation S-X of the Securities Exchange Act of 1934, as amended. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. These unaudited condensed consolidated financial statements include only normal and recurring adjustments that the Company believes are necessary to fairly state the Company’s financial position and the results of its operations and cash flows. The results for the three months ended March 31, 2026 are not necessarily indicative of the results expected for the full fiscal year or any subsequent interim period. The condensed consolidated balance sheet at December 31, 2025 has been derived from the audited financial statements at that date but does not include all disclosures required by U.S. GAAP for complete financial statements. Because all of the disclosures required by U.S. GAAP for complete financial statements are not included herein, these unaudited condensed consolidated financial statements and the notes accompanying them should be read in conjunction with the Company’s audited financial statements for the year ended December 31, 2025 included in the IPO Prospectus. Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”), and Accounting Standards Updates (“ASU”), of the Financial Accounting Standards Board (“FASB”). These condensed consolidated financial statements include the accounts of Odyssey Therapeutics, Inc. and its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.
Recently Issued Accounting Standards Updates Not Yet Adopted	Recently Issued Accounting Standards Updates Not Yet Adopted From time to time, new accounting pronouncements are issued by the FASB, or other standard-setting bodies that are adopted by the Company as of the specified effective date. The Company qualifies as an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012 and has elected not to “opt out” of the extended transition related to complying with new or revised accounting standards, which means that when a standard is issued or revised and it has different application dates for public and non-public companies, the Company can adopt the new or revised standard at the time non-public companies adopt the new or revised standard and can do so until such time that the Company either (i) irrevocably elects to “opt out” of such extended transition period or (ii) no longer qualifies as an emerging growth company. The Company may choose to early adopt any new or revised accounting standards whenever such early adoption is permitted for non-public companies. 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 its financial position or results of operations upon adoption. 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, or ASU 2024-03, which is intended to provide more detailed information about specified categories of expenses (purchases of inventory, employee compensation, depreciation, and amortization) included in certain expense captions presented on the statement of operations. The guidance in ASU 2024-03 is effective for fiscal years beginning after December 15, 2026. Early adoption is permitted. The amendments may be applied either (1) prospectively to financial statements issued for periods after the effective date of ASU 2024-03 or (2) retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the impact that the adoption of ASU 2024-03 may have on its consolidated financial statements and disclosures for fiscal years beginning after December 15, 2026.

- Definition

Disclosure of accounting policy for business combination.

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+ Details

Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders' Deficit (Unaudited) - USD ($) $ in Thousands	Total	Series A Convertible Preferred Stock	Series B Convertible Preferred Stock	Series C Convertible Preferred Stock	Series D Convertible Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)
Temporary equity beginning balance, shares at Dec. 31, 2024		45,414,682	26,601,360	24,901,598
Temporary equity beginning balance at Dec. 31, 2024		$ 223,869	$ 167,765	$ 123,259
Beginning balance, shares at Dec. 31, 2024						959,115
Beginning balance at Dec. 31, 2024	$ (382,527)						$ 38,306	$ (419,492)	$ (1,341)
Share-based payment award, options, exercises in period						8,985
Exercises of common stock options	235						235
Vesting of restricted common stock, shares						23,967
Stock-based compensation expense	2,989						2,989
Other comprehensive income, net	565								565
Net Income (Loss)	(38,435)							(38,435)
Temporary equity ending balance, shares at Mar. 31, 2025		45,414,682	26,601,360	24,901,598
Temporary equity ending balance at Mar. 31, 2025		$ 223,869	$ 167,765	$ 123,259
Ending balance, shares at Mar. 31, 2025						992,067
Ending balance at Mar. 31, 2025	(417,173)						41,530	(457,927)	(776)
Temporary equity beginning balance, shares at Dec. 31, 2025		43,732,797	26,601,360	24,901,598	141,950,377
Temporary equity beginning balance at Dec. 31, 2025		$ 216,503	$ 167,765	$ 123,259	$ 196,031
Beginning balance, shares at Dec. 31, 2025						2,306,207
Beginning balance at Dec. 31, 2025	$ (488,278)						79,616	(568,139)	245
Share-based payment award, options, exercises in period	159,842					159,842
Exercises of common stock options	$ 651						651
Vesting of restricted common stock, shares						13,239
Stock-based compensation expense	2,587						2,587
Exercise of common stock warrants, shares						2,051
Other comprehensive income, net	(392)								(392)
Net Income (Loss)	(38,262)							(38,262)
Temporary equity ending balance, shares at Mar. 31, 2026		43,732,797	26,601,360	24,901,598	141,950,377
Temporary equity ending balance at Mar. 31, 2026		$ 216,503	$ 167,765	$ 123,259	$ 196,031
Ending balance, shares at Mar. 31, 2026						2,481,339
Ending balance at Mar. 31, 2026	$ (523,694)						$ 82,854	$ (606,401)	$ (147)

Accrued Expenses and Other Current Liabilities (Tables)

3 Months Ended

Mar. 31, 2026

Accrued Liabilities and Other Liabilities [Abstract]

Schedule of accrued expenses and other current liabilities

Accrued expenses and other current liabilities consist of the following:


	March 31, 2026		December 31, 2025
Employee compensation, benefits, and recruiting	$	2,353	$	6,703
External research and supplies		3,049		3,076
Deferred offering costs		1,447		64
Professional fees		1,370		3,175
Other		399		374
Total	$	8,618	$	13,392

Net Loss Per Share - Schedule of Outstanding Potentially Dilutive Securities Excluded from the Calculation of Diluted Net Loss per Share Attributable to Common Stockholders (Details) - shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	29,356,728	12,461,735
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	4,605,675	2,291,377
Unvested Restricted Stock Awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	153,311	7,989
Series A Convertible Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	2,918,391	3,091,478
Series A-1 Convertible Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	804,894	804,893
Series A-2 Convertible Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	836,196	836,190
Series B Convertible Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	2,865,384	2,865,387
Series C Convertible Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	2,412,468	2,412,468
Series C-1 Convertible Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	150,211	150,211
Series D Convertible Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	14,608,456	0
Series A-2 Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	1,742	1,742

Leases - Additional Information (Details) $ in Thousands	3 Months Ended
Leases - Additional Information (Details) $ in Thousands	Mar. 31, 2026 USD ($)	Sep. 30, 2025	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)	Jun. 30, 2025 USD ($)	Sep. 30, 2021 ft²
Leases [Abstract]
Lease term						8 years
Lease space \| ft²						45,632
Impairment loss			$ 5,400
Lease extension					1 year
Lease payments discount rate					10.10%
ROU asset	$ 17,920			$ 18,804	$ 300
Lease liability					$ 300
Sublease commencement date		Oct. 15, 2025
Sublease expiration date		Feb. 28, 2029
Sublease income	82		0
Interest expense related to finance leases	$ 10		$ 2

Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 2,587	$ 2,989
Research and Development
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	586	943
General and Administrative
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 2,001	$ 2,046

Stock-Based Compensation

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

13.

Stock-Based Compensation

Stock Options

In August 2021, the Company’s Board of Directors adopted the 2021 Equity Incentive Plan (the “2021 Plan”) which provides for the granting of stock appreciation rights, incentive stock options, restricted stock awards, other stock-based awards to eligible employees, officers, directors, consultants, and advisors. The stock options issued under the 2021 Plan expire not more than ten years from the grant date. The 2021 Plan was subsequently amended on various dates through September 2025 to increase the number of shares available for the issuance of awards to a total of 6,333,919. As of March 31, 2026, there were 819,332 shares of voting common stock available for future grant under the 2021 Plan.

The stock options generally vest over four years, with 25% of the award vesting at a one-year cliff with the remaining portion vesting in equal installments over the remaining period. The stock options granted contain service‑based vesting conditions and certain stock options granted contain performance‑based vesting conditions. The service‑based component requires continued service with the Company over the requisite service period, while the performance‑based condition is tied to the achievement of a research and development milestone.

The following table summarizes the Company’s stock option activity for the three months ended March 31, 2026:


	Stock Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value
Outstanding as of January 1, 2026		4,631,713		$	4.94		8.64		4,610
Granted		162,162			5.15
Forfeited		(23,858	)		4.12
Expired		(4,500	)		8.19
Exercised		(159,842	)		4.08
Outstanding as of March 31, 2026		4,605,675		$	4.98		8.46	$	4,410
Exercisable as of March 31, 2026		1,723,691		$	6.28		7.19	$	1,642

In December 2025, 166,550 stock options to purchase shares of the Company’s common stock were early exercised pursuant to approval by the Company’s Board of Directors. The unvested common stock purchased pursuant to the early exercise of stock options are not deemed, for accounting purposes, to be outstanding until those shares vest according to their respective terms.


	March 31,
	2026
Fair value of common stock	$	5.15
Expected term (in years)		5.80
Risk-free interest rate		3.95	%
Expected volatility		98.26	%
Dividend yield		0	%

There were no stock options granted during the three months ended March 31, 2025. The weighted average grant-date fair value of stock options granted during the three months ended March 31, 2026 was $4.06 per option. 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. The aggregate intrinsic value of stock options exercised was $0.2 million and $0.1 million in the three months ended March 31, 2026 and 2025, respectively.

Restricted Stock

The summary of restricted stock award activity for the three months ended March 31, 2026, is as follows:


	Number of Shares			Weighted Average Grant Date Fair Value
Unvested as of January 1, 2026		166,550		$	3.18
Vested		(13,239	)		3.16
Unvested as of March 31, 2026		153,311		$	3.18

The aggregate fair value of restricted stock awards vested during the three months ended March 31, 2026 and 2025, was $0.1 million and $0.7 million, respectively. The Company recorded stock compensation expense of a de minimis amount related to the restricted stock awards during each of the three months ended March 31, 2026 and 2025.


	Unrecognized Expense		Weighted Average Recognition Period (in years)
Stock options	$	23,036		2.94
Restricted stock awards	$	352		2.95

The following table summarizes stock-based compensation expense included in operating expenses for the periods presented:


	Three Months Ended March 31,
	2026		2025
Research and development	$	586	$	943
General and administrative		2,001		2,046
Total	$	2,587	$	2,989

*Reflects the probability weighted expected term of 1.83 years for the remaining scenarios between August 2027 and December 2027 with each scenario weighted 14.2% overall for an aggregate probability weight of 42.6%.

Basis of Presentation and Consolidation

Recently Issued Accounting Standards Updates Not Yet Adopted

Valuation of Contingent Consideration

*Reflects the probability weighted expected term of 1.83 years for the remaining scenarios between August 2027 and December 2027 with each scenario weighted 14.2% overall for an aggregate probability weight of 42.6%.

Significant increases or decreases in these inputs could result in a significantly lower or higher fair value measurement of the contingent consideration liability.

Valuation of LSA Warrant Liability

Legal Proceedings

The Company’s goodwill and intangible asset relate to the purchase of Rahko Limited (“Rahko”) in 2021, which was accounted for as a business combination.

Goodwill

Intangible Asset

Basis of Presentation and Consolidation

Recently Issued Accounting Standards Updates Not Yet Adopted

Stock Options

Restricted Stock