0001193125-26-053334 | 10-K | XBRL Viewer

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Retirement Plan - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Defined Contribution Plan Disclosure [Line Items]
Defined contribution plan, employer matching contribution percentage of match	100.00%
Defined contribution plan, matching amount	$ 2.0	$ 1.5	$ 1.2
Maximum [Member]
Defined Contribution Plan Disclosure [Line Items]
Defined contribution plan, employer matching contribution percent	4.00%

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

Property and equipment, net consisted of the following (in thousands):


	December 31,
	2025			2024
Laboratory equipment	$	8,847		$	8,083
Computer equipment and software		887			819
Furniture and fixtures		1,176			1,176
Leasehold improvements		2,463			2,463
Construction-in-progress		763			41
Total property and equipment		14,136			12,582
Accumulated depreciation		(8,679	)		(6,115	)
Property and equipment, net	$	5,457		$	6,467

Cybersecurity Risk Management, Strategy and Governance	12 Months Ended
Cybersecurity Risk Management, Strategy and Governance	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	ITEM 1C. CYBERSECURITY Cyber Risk Management and Strategy We have developed and maintain processes designed to assess, identify, and manage cybersecurity risks from potential unauthorized occurrences on or through our information technology systems that may result in adverse effects on the confidentiality, integrity, and availability of these systems and the data residing therein. The scope of these processes includes risks that may be associated with both our internally managed IT systems and key business functions and sensitive data operated or managed by or maintained at third-party service providers. These processes are managed and monitored by a dedicated information technology team, which is led by our Vice President, IT, who reports to our Chief Technology Officer, and include mechanisms, controls, technologies, systems, and other processes designed to prevent or mitigate data loss, theft, misuse, or other security incidents or vulnerabilities affecting the data and maintain a stable information technology environment. We monitor our information technology environment for abnormal behavior, conduct penetration and vulnerability testing, data recovery testing, security audits, and ongoing risk assessments, including due diligence on our key technology vendors and other third-party service providers that have access to the personal information we collect, use, store, and transmit. We also conduct periodic employee trainings on cyber and information security, among other topics. We leverage standard industry tools from a software and hardware perspective and maintain a cybersecurity risk insurance policy. Our processes are designed to comply with the EU-U.S. DPF, the UK Extension to the EU-U.S. DPF, and the Swiss-U.S. DPF and have accordingly certified our adherence to the respective DPF principles to the U.S. Department of Commerce with regard to the processing of personal data received from the EU, UK and Switzerland respectively. This includes compliance with the information security requirements of the DPF that prescribe that organizations creating, maintaining, using or disseminating personal data must take reasonable and appropriate measures to protect it from loss, misuse and unauthorized access, disclosure, alteration and destruction, taking into due account the risks involved in the processing and the nature of the personal data. In addition, we consult with outside advisors and experts on a regular basis to assist with assessing, identifying, and managing cybersecurity risks, including to anticipate future threats and trends, and their impact on our risk environment. We have retained VeraSafe, LLC (“VeraSafe”) to help review and monitor our practices and processes related to personal data and compliance with applicable data protection laws. VeraSafe acts as our Data Protection Officer pursuant to the European Union and UK General Data Protection Regulation and has served in this capacity since May 2021. We consider cybersecurity, along with other significant risks that we face, within our overall enterprise risk management framework. Since the beginning of the last fiscal year, we have not identified risks from known cybersecurity threats, including as a result of any prior cybersecurity incidents, that have materially affected us, but we face certain ongoing cybersecurity risks threats that, if realized, are reasonably likely to materially affect us. Additional information on cybersecurity risks we face is discussed in Part I, Item 1A, “Risk Factors,” under the heading “Risks Related to Employee Matters and Managing Growth.” Governance Related to Cybersecurity Risks The Board of Directors, as a whole and at the committee level, has oversight for the most significant risks facing us and for our processes to identify, prioritize, assess, manage, and mitigate those risks. The Audit Committee, which is comprised solely of independent directors, has been designated by our Board to oversee cybersecurity risks. The Audit Committee receives periodic updates on cybersecurity and information technology matters and related risk exposures. The Board also receives updates from management and the Audit Committee on cybersecurity risks on at least an annual basis. Our Vice President, IT, who reports to the Chief Technology Officer, a member of the executive team, has over 20 years of experience managing information technology and cybersecurity matters. The Vice President, IT and the Chief Technology Officer, together with our senior leadership team, are responsible for assessing and managing cybersecurity risks and they work collaboratively across our company to implement policies and procedures designed to protect our information and systems from cybersecurity threats and to respond promptly to any material cybersecurity incidents in accordance with our incident response plans. A cross-functional team is responsible for responding to cybersecurity incidents.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We have developed and maintain processes designed to assess, identify, and manage cybersecurity risks from potential unauthorized occurrences on or through our information technology systems that may result in adverse effects on the confidentiality, integrity, and availability of these systems and the data residing therein.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Text Block]	We consider cybersecurity, along with other significant risks that we face, within our overall enterprise risk management framework. Since the beginning of the last fiscal year, we have not identified risks from known cybersecurity threats, including as a result of any prior cybersecurity incidents, that have materially affected us, but we face certain ongoing cybersecurity risks threats that, if realized, are reasonably likely to materially affect us.
Cybersecurity Risk Board of Directors Oversight [Text Block]	The Board of Directors, as a whole and at the committee level, has oversight for the most significant risks facing us and for our processes to identify, prioritize, assess, manage, and mitigate those risks. The Audit Committee, which is comprised solely of independent directors, has been designated by our Board to oversee cybersecurity risks. The Audit Committee receives periodic updates on cybersecurity and information technology matters and related risk exposures. The Board also receives updates from management and the Audit Committee on cybersecurity risks on at least an annual basis. Our Vice President, IT, who reports to the Chief Technology Officer, a member of the executive team, has over 20 years of experience managing information technology and cybersecurity matters. The Vice President, IT and the Chief Technology Officer, together with our senior leadership team, are responsible for assessing and managing cybersecurity risks and they work collaboratively across our company to implement policies and procedures designed to protect our information and systems from cybersecurity threats and to respond promptly to any material cybersecurity incidents in accordance with our incident response plans. A cross-functional team is responsible for responding to cybersecurity incidents.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Board of Directors, as a whole and at the committee level, has oversight for the most significant risks facing us and for our processes to identify, prioritize, assess, manage, and mitigate those risks. The Audit Committee, which is comprised solely of independent directors, has been designated by our Board to oversee cybersecurity risks.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Audit Committee receives periodic updates on cybersecurity and information technology matters and related risk exposures. The Board also receives updates from management and the Audit Committee on cybersecurity risks on at least an annual basis.
Cybersecurity Risk Role of Management [Text Block]	Our Vice President, IT, who reports to the Chief Technology Officer, a member of the executive team, has over 20 years of experience managing information technology and cybersecurity matters. The Vice President, IT and the Chief Technology Officer, together with our senior leadership team, are responsible for assessing and managing cybersecurity risks and they work collaboratively across our company to implement policies and procedures designed to protect our information and systems from cybersecurity threats and to respond promptly to any material cybersecurity incidents in accordance with our incident response plans. A cross-functional team is responsible for responding to cybersecurity incidents.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	The Vice President, IT and the Chief Technology Officer, together with our senior leadership team
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our Vice President, IT, who reports to the Chief Technology Officer, a member of the executive team, has over 20 years of experience managing information technology and cybersecurity matters.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The Vice President, IT and the Chief Technology Officer, together with our senior leadership team, are responsible for assessing and managing cybersecurity risks and they work collaboratively across our company to implement policies and procedures designed to protect our information and systems from cybersecurity threats and to respond promptly to any material cybersecurity incidents in accordance with our incident response plans. A cross-functional team is responsible for responding to cybersecurity incidents.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Debt - Additional Information (Detail)			12 Months Ended
Debt - Additional Information (Detail)	Nov. 18, 2025 USD ($) Days $ / shares shares	Jun. 11, 2025 USD ($)	Dec. 31, 2025 USD ($) $ / shares	Dec. 31, 2024 USD ($) $ / shares	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Estimated fair value of Notes			$ 270,300,000
common stock par value \| $ / shares			$ 0.001	$ 0.001
Loss on debt extinguishment			$ 7,181,000	$ 0	$ 0
Amortization of debt discount and issuance costs			601,000	0	$ 0
Credit Facility [Member]
Debt Instrument [Line Items]
Term loan facility, principal amount		$ 400,000,000
Interest expense			3,100,000	$ 0
Loss on debt extinguishment	$ 7,200,000
Payoff amount	54,800,000
Aggregte additinal payoff	50,000,000
Loan of premium	4,600,000
Accrued interest	200,000
Amortization of debt discount and issuance costs			600,000
Interest expense excluding amortization			$ 2,500,000
Credit Facility [Member] \| Debt Instrument Tranche One [Member]
Debt Instrument [Line Items]
Term loan facility amount available for use		50,000,000
Credit Facility [Member] \| Debt Instrument Tranche Two [Member]
Debt Instrument [Line Items]
Term loan facility amount available for use		25,000,000
Credit Facility [Member] \| Debt Instrument Tranche Three [Member]
Debt Instrument [Line Items]
Term loan facility amount available for use		75,000,000
Credit Facility [Member] \| Debt Instrument Tranche Four [Member]
Debt Instrument [Line Items]
Net product revenue amount to be achieved to avail tranche four debt amount		85,000,000
Term loan facility amount available for use		50,000,000
Credit Facility [Member] \| Debt Instrument Tranche Five [Member]
Debt Instrument [Line Items]
Term loan facility amount available for use		$ 200,000,000
Convertible Debt [Member] \| Convertible Senior Notes Due 2031
Debt Instrument [Line Items]
Effective interest rate			2.20%
Unamortized issuance costs			$ 7,100,000
Outstanding notes	$ 75,000,000
Initial conversion rate for convertible notes \| shares	22.2469
Initial conversion price \| $ / shares	$ 44.95
Debt instrument of maturity date start	May 15, 2026
Debt instrument of maturity date end	Nov. 15, 2031
Percentation of Interest rate during period	1.625%		1.625%
Debt instrument convertible threshold percentage of stock price trigger	130.00%
Debt instrument convertible threshold trading days \| Days	20
Debt instrument convertible threshold consecutive trading days \| Days	30
Number of business days \| Days	5
Number of consecutive trading days \| Days	10
Per principal amount of Convertible Notes	$ 1,000
Debt instrument convertible thres hold percentage of last reported sale price	98.00%
Term loan facility, principal amount	$ 230,000,000
Convertible notes purchased, due to exercise of underwriter option	$ 30,000,000

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2025	Feb. 13, 2026	Jun. 30, 2025
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2025
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Entity Registrant Name	COGENT BIOSCIENCES, INC.
Entity Central Index Key	0001622229
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		162,308,820
Entity Public Float			$ 772.9
Entity Shell Company	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity File Number	001-38443
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-5308248
Entity Address, Address Line One	275 Wyman Street
Entity Address, Address Line Two	3rd Floor
Entity Address, City or Town	Waltham
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02451
City Area Code	(617)
Local Phone Number	945-5576
Title of 12(b) Security	Common Stock, $0.001 Par Value
Trading Symbol	COGT
Security Exchange Name	NASDAQ
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	true
Document Financial Statement Restatement Recovery Analysis [Flag]	false
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Boston, Massachusetts
Auditor Firm ID	238
Documents Incorporated by Reference	The information required by Part III of this report, to the extent not set forth herein, is incorporated herein by reference from our definitive proxy statement relating to the 2026 Annual Meeting of Stockholders, which definitive proxy statement shall be filed with the Securities and Exchange Commission within 120 days after the end of the annual period to which this report relates.
Auditor Opinion [Text Block]	Opinions on the Financial Statements and Internal Control over Financial Reporting We have audited the accompanying consolidated balance sheets of Cogent Biosciences, Inc. and its subsidiaries (the “Company”) as of December 31, 2025 and 2024, and the related consolidated statements of operations and comprehensive loss, of stockholders’ equity and of cash flows for each of the three years in the period ended December 31, 2025, including the related notes (collectively referred to as the “consolidated financial statements”). We also have audited the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO.

Property and Equipment, Net - Schedule of Property and Equipment, Net (Detail) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 14,136	$ 12,582
Accumulated depreciation	(8,679)	(6,115)
Property and equipment, net	5,457	6,467
Laboratory Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	8,847	8,083
Computer Equipment and Software [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	887	819
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,176	1,176
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	2,463	2,463
Construction-in-Progress [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 763	$ 41

Commitments and Contingencies - Summary of Future Minimum Payments under Operating Lease (Detail) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
2026	$ 2,950
2027	3,148
2028	3,227
2029	3,307
2030	3,388
Thereafter	14,096
Total future minimum lease payments	30,116
Less: imputed interest	14,214
Operating lease liabilities	15,902
Operating lease liability	1,547	$ 1,565
Operating lease liability, net of current portion	14,355	$ 15,902
Total operating lease liability	$ 15,902

Segment Information - Additional Information (Detail)	12 Months Ended
Segment Information - Additional Information (Detail)	Dec. 31, 2025 Segment
Segment Reporting [Abstract]
Number of operating segment	1
Number Of Reportable Segments Not Disclosed [Flag]	true
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	srt:ChiefExecutiveOfficerMember
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description	The CODM manages and allocates resources to the operations of the Company on a total company basis and segment performance is evaluated based on consolidated net loss.

Marketable Securities and Fair Value of Financial Assets and Liabilities - Schedule of Financial Assets and Liabilities at Fair Value on Recurring Basis (Detail) - Recurring Basis [Member] - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Assets:
Total Assets	$ 801,855	$ 274,858
Level 1 [Member]
Assets:
Total Assets	213,102	85,946
Level 2 [Member]
Assets:
Total Assets	588,753	188,912
Money Market Funds [Member]
Assets:
Cash equivalents	213,102	85,946
Money Market Funds [Member] \| Level 1 [Member]
Assets:
Cash equivalents	213,102	85,946
U.S. Treasury Bills and Notes [Member]
Assets:
Marketable Securities	588,753	188,912
U.S. Treasury Bills and Notes [Member] \| Level 2 [Member]
Assets:
Marketable Securities	$ 588,753	$ 188,912

- Definition

Fair value portion of investment securities, including, but not limited to, marketable securities, derivative financial instruments, and investments accounted for under the equity method.

+ References + Details

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Principles of Consolidation

The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Mono, Inc. and Kiq Bio LLC. All intercompany accounts and transactions have been eliminated.

Use of Estimates

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions reflected in these consolidated financial statements include, but are not limited to, the accrual of research and development expenses and the valuation of stock-based awards. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates, as there are changes in circumstances, facts and experience. Actual results may differ from those estimates or assumptions.

Concentrations of Credit Risk and of Significant Suppliers

Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash, cash equivalents and marketable securities. Periodically, the Company maintains deposits in accredited financial institutions in excess of federally insured limits. The Company maintains most of its cash and cash equivalents at two accredited financial institutions. The Company has not experienced any losses on such accounts and does not believe that it is subject to unusual credit risk beyond the normal credit risk associated with commercial banking relationships. Such deposits have and will continue to exceed federally insured limits.

The Company is dependent on third-party vendors for its product candidates. In particular, the Company relies, and expects to continue to rely, on a small number of vendors to manufacture supplies and process its product candidates for its development programs. These programs could be adversely affected by a significant interruption in the manufacturing process.

Cash Equivalents

The Company considers all highly liquid investments with original maturities of generally three months or less at the date of purchase to be cash equivalents.

Marketable Securities

The Company’s marketable securities, consisting of debt securities, are classified as available-for-sale. Available-for-sale marketable debt securities are carried at fair value with the unrealized gains and losses included in other comprehensive income (loss) as a component of stockholders’ equity until realized. Any premium or discount arising at purchase is amortized and/or accreted to interest income and/or expense over the life of the instrument. Realized gains and losses are determined using the specific identification method and are included in other income (expense). The Company reviews its portfolio of available-for-sale debt securities, using both quantitative and qualitative factors, to determine if declines in fair value below cost have resulted from a credit-related loss or other factors. If the decline in fair value is due to credit-related factors, a loss is recognized in net income, and if the decline in fair value is not due to credit-related factors, the loss is recorded in other comprehensive income (loss).

Property and Equipment

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


		Estimated Useful Life
Laboratory equipment		5 years
Computer equipment and software		3 years
Furniture and fixtures		5 years
Leasehold improvements		Shorter of life of lease or 10 years

Costs for capital assets not yet placed into service are capitalized as construction-in-progress and depreciated in accordance with the above guidelines once placed into service. Upon retirement or sale, the cost of assets disposed of and the related accumulated depreciation and amortization are removed from the accounts and any resulting gain or loss is included in loss from operations. Expenditures for repairs and maintenance are charged to expense as incurred.

Impairment of Long-Lived Assets

Long-lived assets consist of property and equipment and operating lease right-of-use assets. Long-lived assets to be held and used are tested for recoverability whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. Factors that the Company considers in deciding when to perform an impairment review include significant underperformance of the business in relation to expectations, significant negative industry or economic trends and significant changes or planned changes in the use of the assets. If an impairment review is performed to evaluate a long-lived asset group for recoverability, the Company compares forecasts of undiscounted cash flows expected to result from the use and eventual disposition of the long-lived asset group to its carrying value. An impairment loss would be recognized in loss from operations when estimated undiscounted future cash flows expected to result from the use of an asset group are less than its carrying amount. The impairment loss would be based on the excess of the carrying value of the impaired asset group over its fair value.

Fair Value Measurements

Certain assets and liabilities are carried at fair value under GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable:

•

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

•

Level 2—Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data.

•

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

The Company’s cash equivalents and marketable securities are carried at fair value, determined according to the fair value hierarchy described above (see Note 3). The carrying values of the Company’s accounts payable and accrued expenses approximate their fair values due to the short-term nature of these liabilities.

Leases

The Company accounts for a contract as a lease when it has the right to control the asset for a period of time while obtaining substantially all of the assets’ economic benefits. The Company determines the initial classification and measurement of its operating right-of-use assets and operating lease liabilities at the lease commencement date, and thereafter if modified. The lease term includes any renewal options that the Company is reasonably assured to exercise. The Company’s policy is to not record leases with an original term of twelve months or less on its consolidated balance sheets. The Company’s only existing leases are for office and laboratory space.

The right-of-use asset represents the right to use the leased asset for the lease term. The lease liability represents the present value of the lease payments under the lease. The present value of lease payments is determined by using the interest rate implicit in the lease, if that rate is readily determinable; otherwise, the Company uses its estimated secured incremental borrowing rate for that lease term.

Lease payments included in the measurement of the lease liability consist of the following: the fixed noncancelable lease payments, payments for optional renewal periods where it is reasonably certain the renewal period will be exercised, and payments for early termination options unless it is reasonably certain the lease will not be terminated early.

Leases may contain rent escalation clauses and variable lease payments that require additional rental payments in later years of the term, including payments based on an index or inflation rate. Payments based on the change in an index or inflation rate, or payments based on a change in the Company’s portion of the operating expenses, including real estate taxes and insurance, are not included in the initial lease liability and are recorded as a period expense when incurred. The operating leases may include an option to renew the lease term for various renewal periods and/or to terminate the leases early. These options to exercise the renewal or early termination clauses in the Company’s operating leases were not reasonably certain of exercise as of the date of adoption and these have not been included in the determination of the initial lease liability or operating lease expense.

Rent expense for operating leases is recognized on a straight-line basis over the reasonably assured lease term based on the total lease payments and is included in operating expense in the consolidated statements of operations and comprehensive loss. For finance leases, any interest expense is recognized using the effective interest method and is included within interest expense. The Company has no financing leases.

Research and Development Costs

Research and development costs are expensed as incurred. Research and development expenses are comprised of costs incurred in performing research and development activities, including salaries, stock-based compensation and benefits, facilities costs and laboratory supplies, depreciation, manufacturing expenses and external costs of outside vendors engaged to conduct preclinical development activities and clinical trials as well as the cost of licensing technology.

The Company has entered into various research and development contracts with companies both inside and outside of the United States. These agreements are generally cancelable, and related payments are recorded as research and development expenses as incurred. The Company records accruals for estimated ongoing external research and development costs. When billing terms under these contracts do not coincide with the timing of when the work is performed, the Company is required to make estimates of outstanding liabilities to those third parties as of the end of the reporting period. When evaluating the adequacy of the accrued liabilities, the Company analyzes progress of the studies or trials, including the phase or completion of events, communication from the contract research organizations or other companies of any actual costs incurred during the period that have not yet been invoiced, invoices received and contracted costs. Significant judgments and estimates are made in determining the accrued balances at the end of any reporting period. Actual results could differ from the Company’s estimates.

Upfront payments and milestone payments made for the licensing of technology are expensed as research and development in the period in which they are incurred. Nonrefundable advance payments for goods or services to be received in the future for use in research and development activities are recorded as prepaid expenses. The prepaid amounts are expensed as the related goods are delivered or the services are performed.

Patent Costs

All patent-related costs incurred in connection with filing and prosecuting patent applications are expensed as incurred due to the uncertainty about the recovery of the expenditure. Amounts incurred are classified as general and administrative expenses.

Stock-Based Compensation

The Company measures stock options and other stock-based awards granted to employees, non-employees and directors based on their fair value on the date of the grant and recognizes compensation expense of those awards over the requisite service period, which is generally the vesting period of the respective award. The Company applies the straight-line method of expense recognition to all awards with only service-based vesting conditions and applies the graded-vesting method to all awards with performance-based vesting conditions or to awards with both service-based and performance-based vesting conditions.

The Company estimates the fair value of stock-based options granted to employees and non-employees using the Black-Scholes option-pricing model, which requires the input of highly subjective assumptions, including (a) the expected volatility of its stock, (b) the expected term of the award, (c) the risk-free interest rate, and (d) expected dividends. The Company based its estimate of expected volatility on a blended volatility of the volatility of the Company's stock price and the historical volatility of a group of companies in the pharmaceutical and biotechnology industries in a similar stage of development and that are publicly traded. The Company will continue to apply this process until a sufficient amount of historical information regarding the volatility of its own stock price becomes available. The Company estimates the expected life of employee stock options using the “simplified” method, whereby, the expected life equals the average of the vesting term and the original contractual term of the option. The risk-free interest rates for periods within the expected life of the option are based on the U.S. Treasury yield curve in effect during the period the options were granted. The expected dividend yield of zero is based on the fact that the Company has never paid cash dividends and does not expect to pay any cash dividends in the foreseeable future. The Company accounts for forfeitures as they occur.

The Company measures the fair value of stock-based awards with market-based vesting conditions on the date of grant using a Monte Carlo simulation model.

For performance-based stock awards, the Company begins to recognize expense when it determines that the achievement of such performance conditions is deemed probable. This determination requires significant judgment by management. At the date achievement becomes probable, the Company records a cumulative expense catch-up, with remaining expense amortized over the remaining service period. For awards with market conditions, the stock-based compensation expense will be recognized over the derived service period regardless of whether the award achieves the market condition and will only be adjusted to the extent the service condition is not met.

Comprehensive Loss

Comprehensive loss includes net loss as well as other changes in stockholders’ equity that result from transactions and economic events other than those with stockholders. For the years ended December 31, 2025, 2024 and 2023, the Company’s only element of other comprehensive loss was unrealized gains (losses) on marketable securities.

Income Taxes

The Company accounts for income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the consolidated financial statements or in the Company’s tax returns. Deferred tax assets and liabilities are determined on the basis of the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Changes in deferred tax assets and liabilities are recorded in the provision for income taxes. The Company assesses the likelihood that its deferred tax assets will be recovered from future taxable income and, to the extent it believes, based upon the weight of available evidence, that it is more likely than not that all or a portion of the deferred tax assets will not be realized, a valuation allowance is established through a charge to income tax expense. Potential for recovery of deferred tax assets is evaluated by estimating the future taxable profits expected and considering prudent and feasible tax planning strategies.

The Company accounts for uncertainty in income taxes recognized in the consolidated financial statements by applying a two-step process to determine the amount of tax benefit to be recognized. First, the tax position must be evaluated to determine the likelihood that it will be sustained upon external examination by the taxing authorities. If the tax position is deemed more-likely-than-not to be sustained, the tax position is then assessed to determine the amount of benefit to recognize in the consolidated financial statements. The amount of the benefit that may be recognized is the largest amount that has a greater than 50% likelihood of being realized upon ultimate settlement. The provision for income taxes includes the effects of any resulting tax reserves, or unrecognized tax benefits, that are considered appropriate as well as the related net interest and penalties.

Recently Adopted Accounting Pronouncements

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures related to income tax disclosure requirements. The pronouncement enhances the transparency and decision usefulness of income tax disclosures. The pronouncement is effective for annual periods beginning after December 15, 2024. The Company adopted ASU 2023-09 effective January 1, 2025, with no material impact on its consolidated financial statements.

Recently Issued Accounting Pronouncements

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. The new standard requires additional disclosure of the nature of expenses included in the income statement as well as disclosures about specific types of expenses included in the expense captions presented in the income statement. ASU 2024-03 is effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. The Company is currently evaluating the impact of the ASU on its consolidated financial statements.

Accrued Expenses and Other Current Liabilities

12 Months Ended

Dec. 31, 2025

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

5. Accrued Expenses and Other Current Liabilities

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


	December 31,
	2025		2024
Accrued employee compensation and benefits	$	15,740	$	12,259
Accrued external research and development expense		20,052		19,957
Accrued external manufacturing costs		3,805		6,548
Accrued professional and consulting services		6,560		2,995
Other		6,745		373
	$	52,902	$	42,132

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
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

Retirement Plan

12 Months Ended

Dec. 31, 2025

Retirement Benefits [Abstract]

Retirement Plan

12. Retirement Plan

The Company has a defined-contribution 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 pre-tax basis. The 401(k) Plan allows for discretionary matching contributions of 100% of the first 4% of elective contributions, which vest immediately. Contributions under the plan were approximately $2.0 million, $1.5 million and $1.2 million for the years ended December 31, 2025, 2024 and 2023, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

+ Details

Income Taxes - Schedule of Deferred Tax Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Deferred tax assets (liabilities):
Net operating loss carryforwards	$ 100,592	$ 64,299
Tax credits	70,591	48,961
Accrued expenses	3,636	2,901
Capitalized research and development expense	122,334	90,525
Operating lease right-of-use assets	(4,118)	(4,688)
Operating lease liabilities	4,678	5,271
Stock compensation	10,885	9,992
Other	2,432	1,291
Total deferred tax assets	311,030	218,552
Valuation allowance	(311,030)	(218,552)
Net deferred tax assets	$ 0	$ 0

Marketable Securities and Fair Value of Financial Assets and Liabilities - Summary of Marketable Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable Securities, Amortized Cost	$ 588,397	$ 188,465
Marketable Securities, Gross Unrealized Gains	363	451
Marketable Securities, Gross Unrealized Losses	(7)	(4)
Marketable Securities, Fair Value	588,753	188,912
U.S. Treasury Bills and Notes (Due within One Year) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable Securities, Amortized Cost	588,397	188,465
Marketable Securities, Gross Unrealized Gains	363	451
Marketable Securities, Gross Unrealized Losses	(7)	(4)
Marketable Securities, Fair Value	$ 588,753	$ 188,912

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479130/326-30-45-1

+ Details

Net Loss Per Share - Additional Information (Detail) - $ / shares	Dec. 31, 2025	Jun. 13, 2022
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Pre-funded warrants, exercise price	$ 0.01
Common Stock [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Pre-funded warrants, exercise price		$ 0.01

- Definition

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

+ References + Details

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Underwritten Public Offering [Member]	ATM [Member]	Preferred Stock [Member] Series A Non-Voting Convertible Preferred Stock [Member]	Preferred Stock [Member] Series B Non-Voting Convertible Preferred Stock [Member]	Common Stock [Member]	Common Stock [Member] Underwritten Public Offering [Member]	Common Stock [Member] ATM [Member]	Common Stock [Member] Series A Non-Voting Convertible Preferred Stock [Member]	Common Stock [Member] Series B Non-Voting Convertible Preferred Stock [Member]	Additional Paid-in Capital [Member]	Additional Paid-in Capital [Member] Underwritten Public Offering [Member]	Additional Paid-in Capital [Member] ATM [Member]	Additional Paid-in Capital [Member] Series A Non-Voting Convertible Preferred Stock [Member]	Additional Paid-in Capital [Member] Series B Non-Voting Convertible Preferred Stock [Member]	Accumulated Other Comprehensive (Income) Loss [Member]	Accumulated Deficit [Member]
Beginning Balances at Dec. 31, 2022	$ 255,735			$ 65,830		$ 70					$ 601,153					$ (104)	$ (411,214)
Beginning Balances, Shares at Dec. 31, 2022				81,050		69,893,434
Conversion of preferred stock into common stock				$ (5,795)					$ 2					$ 5,793
Conversion of preferred stock into common stock, Shares				(6,585)					1,646,250
Issuance of common stock from exercises	965										965
Issuance of common stock from exercises, Shares						123,687
Issuance of common stock under Employee Stock Purchase Plan	752										752
Issuance of common stock under Employee Stock Purchase Plan, Shares						85,878
Issuance of common stock, net of issuance costs		$ 161,789					$ 14					$ 161,775
Issuance of common stock, net of issuance costs, Shares							14,375,000
Unrealized gains (losses) on marketable securities	350															350
Stock-based compensation expense	30,621										30,621
Net loss	(192,410)																(192,410)
Ending Balances at Dec. 31, 2023	257,802			$ 60,035		$ 86					801,059					246	(603,624)
Ending Balances, Shares at Dec. 31, 2023				74,465		86,124,249
Issuance of Series B Preferred Stock and common stock, net of issuance costs of $11.7 million, in connection with the Private Placement	213,287				$ 87,311	$ 18					125,958
Issuance of Series B Preferred Stock and common stock, net of issuance costs of $11.7 million, in connection with the Private Placement, Shares					12,280	17,717,997
Exchange Of Common Stock For Series B Preferred Stock					$ 74,754	$ (8)					(74,746)
Exchange of common stock for Series B Preferred Stock, Shares					8,300	(8,300,000)
Conversion of preferred stock into common stock				$ (3,520)	$ (107,980)				$ 1	$ 13				3,519	$ 107,967
Conversion of preferred stock into common stock, Shares				(4,000)	(13,712)				1,000,000	13,712,000
Issuance of common stock from exercises	199										199
Issuance of common stock from exercises, Shares						30,590
Issuance of common stock under Employee Stock Purchase Plan	916										916
Issuance of common stock under Employee Stock Purchase Plan, Shares						176,893
Unrealized gains (losses) on marketable securities	201															201
Stock-based compensation expense	39,740										39,740
Net loss	(255,859)																(255,859)
Ending Balances at Dec. 31, 2024	256,286			$ 56,515	$ 54,085	$ 110					1,004,612					447	(859,483)
Ending Balances, Shares at Dec. 31, 2024				70,465	6,868	110,461,729
Conversion of preferred stock into common stock				$ (2,685)	$ (18,522)				$ 1	$ 2				$ 2,684	$ 18,520
Conversion of preferred stock into common stock, Shares				(3,051)	(2,352)				762,750	2,352,000
Restricted stock units vesting, Shares						2,794,000
Shares withheld related to net share settlement of equity awards	$ (48,896)										(48,896)
Shares withheld related to net share settlement of equity awards, Shares	(1,239,443)					(1,239,443)
Issuance of common stock from exercises	$ 11,546					$ 2					11,544
Issuance of common stock from exercises, Shares						1,327,446
Issuance of common stock under Employee Stock Purchase Plan	1,350					$ 1					1,349
Issuance of common stock under Employee Stock Purchase Plan, Shares						213,764
Issuance of common stock, net of issuance costs		$ 539,712	$ 159,323				$ 37	$ 8				$ 539,675	$ 159,315
Issuance of common stock, net of issuance costs, Shares							36,684,589	7,623,189
Unrealized gains (losses) on marketable securities	(92)															(92)
Stock-based compensation expense	46,079										46,079
Net loss	(328,937)																(328,937)
Ending Balances at Dec. 31, 2025	$ 636,371			$ 53,830	$ 35,563	$ 161					$ 1,734,882					$ 355	$ (1,188,420)
Ending Balances, Shares at Dec. 31, 2025				67,414	4,516	160,980,024

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Summary of Elements of Lease Expense Net of Sublease Income

The elements of the lease expense, net of sublease income, were as follows (in thousands):


	2025			2024			2023
Lease cost
Operating lease cost	$	3,295		$	3,295		$	3,796
Variable lease cost(1)		714			807			687
Sublease income		—			—			(950	)
Total lease cost	$	4,009		$	4,102		$	3,533

Other information
Cash paid for amounts included in the measurement of lease liabilities	$	2,841		$	3,663		$	3,537
Weighted average remaining lease term		9.17			9.84			10.58
Weighted average discount rate		8.26	%		8.00	%		8.00	%

(1) The variable lease costs for the years ended December 31, 2025, 2024 and 2023 include common area maintenance and other operating charges.

Summary of Future Minimum Payments under Operating Lease

Future minimum lease payments under the Company’s operating leases as of December 31, 2025 are as follows (in thousands):


Year Ending December 31,
2026		2,950
2027		3,148
2028		3,227
2029		3,307
2030		3,388
Thereafter		14,096
Total future minimum lease payments		30,116
Less: imputed interest		14,214
Total operating lease liability	$	15,902
Included in the consolidated balance sheet:
Current operating lease liability	$	1,547
Operating lease liability, net of current portion		14,355
Total operating lease liability	$	15,902

Marketable Securities and Fair Value of Financial Assets and Liabilities - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2025 USD ($) Security	Dec. 31, 2024 USD ($) Security	Dec. 31, 2023 USD ($)
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Number of held securities in an unrealized loss position \| Security	1	3
Unrealized loss possition less than 12 months	$ 40,000,000	$ 8,900,000
Unrealized loss position more than 12 months	0	0
Marketable debt securities, charges for credit-related impairments	0	0	$ 0
Fair value asset, transfers between Level 1, Level 2 and Level 3, amount	$ 0	$ 0	$ 0

Stock-Based Compensation - Schedule of Common Stock Option Activity (Detail) - 2018 Stock Option and Incentive Plan and Inducement Plan [Member] $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Options Outstanding, Beginning balance \| shares	21,497,158
Number of Options, Granted \| shares	7,538,879
Number of Options, Exercised \| shares	(1,327,446)
Number of Options, Forfeited \| shares	(349,024)
Number of Options Outstanding, Ending balance \| shares	27,359,567
Number of Options, Vested and expected to vest \| shares	27,358,567
Number of Options, Exercisable \| shares	16,783,067
Weighted Average Exercise Price, Outstanding, Beginning balance \| $ / shares	$ 8.83
Weighted Average Exercise Price, Granted \| $ / shares	12.67
Weighted Average Exercise Price, Exercised \| $ / shares	8.7
Weighted Average Exercise Price, Forfeited \| $ / shares	8.89
Weighted Average Exercise Price, Outstanding, Ending balance \| $ / shares	9.9
Weighted Average Exercise Price, Vested and expected to vest \| $ / shares	9.9
Weighted Average Exercise Price, Exercisable \| $ / shares	$ 9.13
Weighted Average Contractual Term, Outstanding, Ending balance	7 years 2 months 15 days
Weighted Average Contractual Term, Vested and expected to vest	7 years 2 months 15 days
Weighted Average Contractual Term, Exercisable	6 years 3 months
Aggregate Intrinsic Value, Outstanding \| $	$ 747,167
Aggregate Intrinsic Value, Vested and expected to vest \| $	747,167
Aggregate Intrinsic Value, Exercisable \| $	$ 469,808

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Private Placement [Member]
Offering/Issuance costs	$ 11.7	$ 11.7
IPO One Member
Offering/Issuance costs	35.3
IPO Two Member
Offering/Issuance costs	10.7
ATM [Member]
Offering/Issuance costs	$ 4.9

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Amount
U.S. federal statutory income tax rate	$ (69,077,000)
State and local income taxes, net of federal income tax effect	0
Research and development tax credits	(9,050,000)
Orphan Drug tax credits	(11,321,000)
Changes in the valuation allowance	88,129,000
Nontaxable or nondeductible items: Stock-based compensation	(20,089,000)
Nontaxable or nondeductible items: Non-deductible executive compensation	21,355,000
Nontaxable or nondeductible items: Other	53,000
Income tax expense (benefit)	$ 0
Percent
U.S. federal statutory income tax rate	(21.00%)	(21.00%)	(21.00%)
State and local income taxes, net of federal income tax effect	(0.00%)	(1.90%)	(4.80%)
Research and development tax credits	(2.80%)
Orphan Drug tax credits	3.40%
Federal and state tax credits		(7.90%)	(7.90%)
Rate change		4.40%	(2.30%)
Changes in the valuation allowance	(26.80%)	24.00%	35.10%
Nontaxable or nondeductible items: Stock-based compensation	6.10%	2.40%	1.80%
Nontaxable or nondeductible items: Non-deductible executive compensation	(6.50%)
Nontaxable or nondeductible items: Other	(0.00%)
Other adjustments/items			(0.90%)
Effective income tax rate	0.00%	0.00%	0.00%

Stock-Based Compensation

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

7. Stock-Based Compensation

2018 Stock Option and Incentive Plan

The Company’s 2018 Stock Option and Incentive Plan, (the “2018 Plan”), which became effective on March 27, 2018, provides for the grant of incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock units, restricted stock awards, unrestricted stock awards, cash-based awards and dividend equivalent rights. The number of shares initially reserved for issuance under the 2018 Plan was 700,180. Additionally, the shares of common stock that remained available for issuance under the previously outstanding 2015 Stock Incentive Plan (the “2015 Plan”) became available under the 2018 Plan. The number of shares reserved for the 2018 Plan automatically increases on each January 1 by 4% of the number of shares of the Company’s common stock outstanding on the immediately preceding December 31 or a lesser number of shares determined by the Company’s board of directors. At the Company’s 2021 annual stockholder meeting, the Company’s stockholders approved the amendment and restatement of the 2018 Plan to increase the number of shares of common stock issuable under the 2018 Plan by 6,000,000 shares. At the Company’s 2023 annual stockholder meeting, the Company’s stockholders approved the amendment and restatement of the 2018 Plan to increase the number of shares of common stock issuable under the 2018 Plan by an additional 6,000,000 shares.

The shares of common stock underlying any awards that are forfeited, canceled, held back upon exercise or settlement of an award to satisfy the exercise price or tax withholding, repurchased or are otherwise terminated by the Company under the 2018 Plan or the 2015 Plan will be added back to the shares of common stock available for issuance under the 2018 Plan.

As of December 31, 2025, 527,142 shares of common stock remain available for issuance under the 2018 Plan, excluding the 2025 Executive PSUs (as defined below) granted in October 2025 which were subject to forfeiture in the event sufficient shares were not added to the equity pool under the Company’s 2018 Plan on January 1, 2026 via the evergreen refresh provision. The number of authorized shares reserved for issuance under the 2018 Plan was increased by 6,439,201 shares effective as of January 1, 2026.

Inducement Plan

On October 22, 2020, the board of directors adopted the Cogent Biosciences, Inc. 2020 Inducement Plan (the “Inducement Plan”). The board of directors also adopted a form of non-qualified stock option agreement for use with the Inducement Plan. The number of shares initially reserved for issuance under the Inducement Plan was 3,750,000, subject to adjustment for stock dividends, stock splits, or other changes in Cogent’s common stock or capital structure. As of December 31, 2025, 1,353,095 shares of common stock remain available for issuance under the Inducement Plan.

In connection with the appointment of the Chief Commercial Officer on May 25, 2024, the Company granted additional “inducement” equity awards in accordance with Listing Rule 5635(c)(4) of the corporate governance rules of the Nasdaq Stock Market, separate from the awards available for grant under the Inducement Plan. The awards consist of (i) nonqualified options to purchase 525,000 shares of Cogent common stock with a 10-year term, an exercise price equal to the closing price of Cogent’s common stock on the first day of his employment, and a 4-year vesting schedule with 25% vesting on the 1-year anniversary of the grant date and the remainder vesting in equal monthly installments over the subsequent 36 months, and (ii) up to 214,000 performance-based restricted stock units (“PSUs”) with terms consistent with the PSUs granted in June 2023 and outlined below. In August 2024, the Company filed a registration statement on Form S-8 related to the up to 739,000 shares of its common stock reserved for issuance under these inducement awards to the Chief Commercial Officer.

2018 Employee Stock Purchase Plan

The Company’s 2018 Employee Stock Purchase Plan (the “ESPP”) became effective on March 28, 2018, at which time a total of 78,500 shares of common stock were reserved for issuance. In addition, the number of shares of common stock that may be issued under the ESPP automatically increases on each January 1 through January 1, 2027, by the least of (i) 125,000 shares of common stock, (ii) 1% of the number of shares of the Company’s common stock outstanding on the immediately preceding December 31 or (iii) such lesser number of shares as determined by the ESPP administrator. As of December 31, 2025, 302,733 shares remain available for issuance under the ESPP. In January 2026, 173,128 shares were issued to employees under the ESPP. The number of authorized shares reserved for issuance under the ESPP was increased by 125,000 shares effective as of January 1, 2026.

Performance-based restricted stock units

In February 2023, the board of directors approved grants to executives in aggregate of up to 2,500,000 PSUs (“2023 Executive PSUs”) under the 2018 Plan, which grants were subject to forfeiture in the event that the Company’s stockholders did not approve an increase to the number of shares reserved for issuance under the 2018 Plan (the “2023 Pool Increase”). On June 7, 2023, stockholders approved the 2023 Pool Increase and a grant date was established for accounting purposes for these PSUs in accordance with ASC 718 Compensation- Stock Compensation. An award holder can generally receive between 0% and 200% of the target award based on achievement of specified stock price hurdles and/or research and development milestones over a three-year performance period ending in February 2026. Any PSUs earned will vest, if at all, in a single tranche in February 2026 subject to a condition of continuing employment through the end of the performance period. The Company granted an additional 214,000 2023 Executive PSUs to the Chief Commercial Officer upon his start date with the same terms and conditions as the awards granted in 2023. The fair value of the market-based awards was estimated on the date of grant for accounting purposes using a Monte Carlo simulation model. The fair value of the performance-based awards was based on the closing share price of the Company’s common stock on the accounting grant date. On December 17, 2025, after achievement of 200% of the target awards, the Company's Board of Directors approved the acceleration of vesting on the 2023 Executive PSUs and the Company recognized the remaining expense of $1.1 million in the fourth quarter of 2025.

In October 2025, the Board of Directors approved grants to executives in aggregate of up to 3,650,000 PSUs (“2025 Executive PSUs”) under the 2018 Plan. An award holder can generally receive between 0% and 200% of the target award based on achievement of specified stock price hurdles or research and commercial milestones over a three-year performance period ending in December 2028. Any 2025 Executive PSUs earned will vest, if at all, in a single tranche in December 2028 subject to a condition of continuing employment through the end of the performance period. The fair value of the market-based awards was estimated on the date of grant for accounting purposes using a Monte Carlo simulation model. The fair value of the performance-based awards was based on the closing share price of the Company’s common stock on the accounting grant date. As of December 31, 2025, the maximum number awards were earned as a result of the achievement of the maximum stock price target.

During the year ended December 31, 2025, the Company granted 340,000 performance-based restricted stock units to certain non-executives (“Non-executive PSUs”) under the 2018 Plan. These awards are subject to the holders’ continuous service to the Company through each applicable vesting event. As of December 31, 2025, one of the performance milestones was determined to be probable of achievement.

Stock Options

The following table presents, on a weighted average basis, the assumptions used in the Black-Scholes option-pricing model to determine the fair value of stock options granted to employees and directors:


	Year Ended December 31,
	2025			2024			2023
Risk-free interest rate		4.3	%		4.1	%		3.9	%
Expected volatility		85.4	%		84.7	%		76.7	%
Expected dividend yield		—			—			—
Expected life (in years)		6.06			6.06			6.01

The following table summarizes activity under the 2018 Plan and the Inducement Plan, excluding performance-based and time-based restricted stock units:


	Number of Shares			Weighted Average Exercise Price		Weighted Average Contractual Term		Aggregate Intrinsic Value
						(in years)		(in thousands)
Outstanding as of December 31, 2024		21,497,158		$	8.83
Granted		7,538,879			12.67
Exercised		(1,327,446	)		8.70
Forfeited		(349,024	)		8.89
Outstanding as of December 31, 2025		27,359,567		$	9.90		7.21	$	747,167
Vested and expected to vest as of December 31, 2025		27,358,567		$	9.90		7.21	$	747,167
Options exercisable as of December 31, 2025		16,783,067		$	9.13		6.25	$	469,808

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 strike prices lower than the fair value of the Company’s common stock.

The aggregate intrinsic value of options exercised during the years ended December 31, 2025, 2024 and 2023 was $28.0 million, $0.1 million and $0.6 million, respectively. The weighted average grant-date fair value of awards granted during the years ended December 31, 2025, 2024 and 2023 was $9.52 per share, $4.40 per share and $9.12 per share, respectively.

Performance-based restricted stock units

The following table summarizes the activity of performance-based restricted stock units:


	Number of Shares			Weighted Average Grant Date Fair Value per Share
Unvested as of December 31, 2024		2,714,000		$	7.63
Granted		3,990,000			10.39
Vested		(2,714,000	)		7.63
Forfeited		—			—
Unvested as of December 31, 2025		3,990,000		$	10.39

The 2023 Executive PSUs that vested in the year ended December 31, 2025, were net-share settled and the Company withheld shares with value equivalent to the employees’ minimum statutory obligation for the applicable income and other employment taxes and remitted the cash to the appropriate taxing authorities. The total shares withheld were 1,239,443, based on the value of the awards on the issuance date as determined by the Company’s closing stock price. Total payments for the employees’ tax obligations to taxing authorities were $48.9 million in the year ended December 31, 2025, and are reflected as a financing activity within the accompanying Consolidated Statements of Cash Flows.

Time-based restricted stock units

During the year ended December 31, 2025, the Company granted time-based restricted stock units to employees with service-based vesting conditions. The time-based restricted stock units vest over the 2 year service period. The following table summarizes the activity of time-based restricted stock units:


	Number of Shares			Weighted Average Grant Date Fair Value per Share

Unvested as of December 31, 2024		80,000		$	4.54
Granted		539,000			39.45
Vested		(80,000	)		4.54
Forfeited		—			—
Unvested as of December 31, 2025		539,000		$	39.45

Employee Stock Purchase Plan

The Company estimates the fair value of shares to be issued under the 2018 Employee Stock Purchase Plan using the Black-Scholes option-pricing model on the date of grant, or first day of the offering period. The following table summarizes information pertaining to stock purchase rights granted under the employee stock purchase plan, during the years indicated:


	Year Ended December 31,
	2025			2024			2023
Risk-free interest rate		4.3	%		5.2	%		4.0	%
Expected volatility		68.2	%		112.1	%		75.7	%
Expected dividend yield		—			—			—
Expected life (in years)		0.50			0.50			0.50

Stock-Based Compensation

The following table summarizes stock-based compensation expense during the years ended December 31, 2025, 2024, 2023 (in thousands):


	Year Ended December 31,
	2025		2024		2023
Stock-based compensation expense by type of award:
Time-based stock options	$	30,847	$	30,222	$	26,012
Performance-based restricted stock units		14,087		8,665		4,196
Time-based restricted stock units		367		211		—
Employee stock purchase plan		778		642		413
Total	$	46,079	$	39,740	$	30,621

The Company recorded stock-based compensation expense in the following expense categories of its consolidated statements of operations and comprehensive loss (in thousands):


	Year Ended December 31,
	2025		2024		2023
Research and development expenses	$	23,081	$	18,965	$	14,595
General and administrative expenses		22,998		20,775		16,026
Total	$	46,079	$	39,740	$	30,621

As of December 31, 2025, total unrecognized compensation cost related to the unvested time-based stock options and time-based restricted stock units was $83.6 million and $21.1 million, respectively, which is expected to be recognized over a weighted average period of 2.62 years and 3.96 years, respectively.

As of December 31, 2025, total unrecognized compensation cost related to the unvested 2025 Executive PSUs was $35.8 million based on the maximum achievement of 200% of the target award, which is expected to be recognized ratably over a weighted average period of 3.0 years.

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating expenses:
Research and development	$ 269,780	$ 232,658	$ 173,755
General and administrative	63,583	43,281	34,375
Total operating expenses	333,363	275,939	208,130
Loss from operations	(333,363)	(275,939)	(208,130)
Other income:
Interest income	14,689	18,088	13,077
Interest expense	(3,062)
Loss on debt extinguishment	(7,181)	0	0
Change in fair value of CVR liability	0	0	1,700
Other income (expense), net	(20)	1,992	943
Total other income, net	4,426	20,080	15,720
Net loss	$ (328,937)	$ (255,859)	$ (192,410)
Net loss per share, basic	$ (2.16)	$ (1.94)	$ (1.94)
Net loss per share, diluted	$ (2.16)	$ (1.94)	$ (1.94)
Weighted average common stock outstanding, basic	128,899,408	103,856,611	79,657,942
Weighted average common stock outstanding, diluted	128,899,408	103,856,611	79,657,942
Comprehensive loss:
Net loss	$ (328,937)	$ (255,859)	$ (192,410)
Other comprehensive income (loss):
Net unrealized gains (losses) on marketable securities	(92)	201	350
Total other comprehensive income (loss)	(92)	201	350
Comprehensive loss	$ (329,029)	$ (255,658)	$ (192,060)
Series A Non-Voting Convertible Preferred Stock [Member]
Other income:
Net loss per share, basic	$ (538.96)	$ (484.85)	$ (486.23)
Net loss per share, diluted	$ (538.96)	$ (484.85)	$ (486.23)
Weighted average common stock outstanding, basic	67,600	73,350	77,085
Weighted average common stock outstanding, diluted	67,600	73,350	77,085
Series B Non Voting Convertible Preferred Stock Member
Other income:
Net loss per share, basic	$ (2,155.8)	$ (1,939.47)
Net loss per share, diluted	$ (2,155.8)	$ (1,939.47)
Weighted average common stock outstanding, basic	6,778	9,731
Weighted average common stock outstanding, diluted	6,778	9,731

Segment Information (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Segment Information

The following table is a summary of segment information for the years ended December 31, 2025, 2024, 2023 (in thousands):


	Year Ended December 31,
	2025			2024			2023
Operating Expenses
Late-stage development	$	120,059		$	120,862		$	85,484
Early-stage, preclinical and discovery programs		40,112			28,141			19,171
R&D personnel related		64,035			47,048			38,206
Research and development software, facilities and other strategic support		20,085			10,812			9,374
Other operational infrastructure and advisory support		40,429			26,886			23,010
Stock-based compensation expense		46,079			39,740			30,621
Depreciation expense		2,564			2,450			2,264
Interest income		(14,689	)		(18,088	)		(13,077	)
Interest expense		3,062			—			—
Loss on debt extinguishment		7,181			—			—
Change in fair value of CVR liability		—			—			(1,700	)
Other expense (income), net		20			(1,992	)		(943	)
Segment net loss and consolidated net loss	$	328,937		$	255,859		$	192,410

Marketable Securities and Fair Value of Financial Assets and Liabilities

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Marketable Securities and Fair Value of Financial Assets and Liabilities

3. Marketable Securities and Fair Value of Financial Assets and Liabilities

The following table summarizes the Company’s marketable securities (in thousands):


	December 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
U.S. Treasury bills and notes (due within one year)	$	588,397	$	363	$	(7	)	$	588,753
	$	588,397	$	363	$	(7	)	$	588,753


	December 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
U.S. Treasury bills and notes (due within one year)	$	188,465	$	451	$	(4	)	$	188,912
	$	188,465	$	451	$	(4	)	$	188,912

As of December 31, 2025, the Company held one security that was in an unrealized loss position. The aggregate fair value of securities held by the Company in an unrealized loss position for less than twelve months as of December 31, 2025 was $40.0 million and there were no securities held by the Company in an unrealized loss position for more than twelve months. As of December 31, 2024, the Company held three securities that were in an unrealized loss position. The aggregate fair value of securities held by the Company in an unrealized loss position for less than twelve months as of December 31, 2024 was $8.9 million and there were no securities held by the Company in an unrealized loss position for more than twelve months. The Company has the intent and ability to hold such securities until recovery. As a result, the Company did not record any charges for impairments for its marketable debt securities for the years ended December 31, 2025, 2024 or 2023.

The following tables present the Company’s fair value hierarchy for its financial assets and liabilities, which are measured at fair value on a recurring basis (in thousands):


	Fair Value Measurements at December 31, 2025 Using:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	213,102	$	—	$	—	$	213,102
Marketable securities:
U.S. Treasury bills and notes	$	—	$	588,753	$	—	$	588,753
Total Assets	$	213,102	$	588,753	$	—	$	801,855


	Fair Value Measurements at December 31, 2024 Using:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	85,946	$	—	$	—	$	85,946
Marketable securities:
U.S. Treasury bills and notes	$	—	$	188,912	$	—	$	188,912
Total Assets	$	85,946	$	188,912	$	—	$	274,858

Money market funds were valued using quoted prices in active markets, which represent a Level 1 measurement in the fair value hierarchy. U.S. Treasury bills and notes were valued by the Company using quoted prices in active markets for similar securities, which represent a Level 2 measurement within the fair value hierarchy.

During the years ended December 31, 2025, 2024, and 2023, there were no transfers between Level 1, Level 2 and Level 3.

Preferred Stock, Series A and Series B Non-Voting Convertible Preferred Stock and Common Stock

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Preferred Stock, Series A and Series B Non-Voting Convertible Preferred Stock and Common Stock

6. Preferred Stock, Series A and Series B Non-Voting Convertible Preferred Stock and Common Stock

The Company’s authorized capital stock consists of 300,000,000 shares of common stock, par value $0.001 per share, and 10,000,000 shares of preferred stock, par value $0.001 per share, 1,000,000 of which are designated as Series A Non-Voting Convertible Preferred Stock (“Series A Preferred Stock”), 20,580 of which are designated as Series B Non-Voting Convertible Preferred Stock (“Series B Preferred Stock”) and 8,979,420 of which shares of preferred stock are undesignated.

Series A Non-Voting Convertible Preferred Stock

On July 6, 2020, the Company filed a Certificate of Designation of Preferences, Rights and Limitations of the Series A Non-Voting Convertible Preferred Stock with the Secretary of State of the State of Delaware (the “Series A Certificate of Designation”) in connection with the Company’s acquisition of Kiq Bio LLC and concurrent private placement of Series A Preferred Stock. The Series A Certificate of Designation provides for the issuance of shares of Series A Preferred Stock, par value $0.001 per share.

Holders of Series A Preferred Stock are entitled to receive dividends on shares of Series A Preferred Stock equal, on an as-if-converted-to-common-stock basis, and in the same form as dividends actually paid on shares of the common stock. Except as otherwise required by law, the Series A Preferred Stock does not have voting rights. However, as long as any shares of Series A Preferred Stock are outstanding, the Company will not, without the affirmative vote of the holders of a majority of the then outstanding shares of the Series A Preferred Stock, (i) alter or change adversely the powers, preferences or rights given to the Series A Preferred Stock, (ii) alter or amend the Series A Certificate of Designation, (iii) amend its certificate of incorporation or other charter documents in any manner that adversely affects any rights of the holders of Series A Preferred Stock, (iv) increase the number of authorized shares of Series A Preferred Stock, (v) at any time while at least 40% of the originally issued Series A Preferred Stock remains issued and outstanding, consummate a Fundamental Transaction (as defined in the Series A Certificate of Designation) or (vi) enter into any agreement with respect to any of the foregoing. The Series A Preferred Stock does not have a preference upon any liquidation, dissolution or winding-up of the Company.

Each share of Series A Preferred Stock is convertible at any time at the option of the holder thereof, into 250 shares of common stock, subject to certain limitations, including that a holder of Series A Preferred Stock is prohibited from converting shares of Series A Preferred Stock into shares of common stock if, as a result of such conversion, such holder, together with its affiliates, would beneficially own more than a specified percentage (to be established by the holder between 4.9% and 19.9%) of the total number of shares of common stock issued and outstanding immediately after giving effect to such conversion.

Series B Non-Voting Convertible Preferred Stock

On February 13, 2024, the Company entered into a Securities Purchase Agreement for a private placement (the “Private Placement”) with certain institutional and accredited investors (each, a “Purchaser” and collectively, the “Purchasers”), pursuant to which the Purchasers purchased (i) an aggregate of 17,717,997 shares of the Company’s common stock at a price per share of $7.50, and (ii) 12,280 shares of the Company’s Series B Preferred Stock, at a price per share of $7,500.00. Net proceeds were approximately $213.3 million after deducting placement fees and offering costs. On February 14, 2024, the Company filed a Certificate of Designation of Preferences, Rights and Limitations of the Series B Non-Voting Convertible Preferred Stock with the Secretary of State of the State of Delaware (the “Series B Certificate of Designation”) in connection with the Private Placement. The Series B Certificate of Designation provided for the issuance of up to 12,280 shares of Series B Preferred Stock, par value $0.001 per share. Subsequently, on March 21, 2024, the Company entered into exchange agreements with certain of the Purchasers (the “Exchange Stockholders”), pursuant to which the Exchange Stockholders agreed to exchange an aggregate of 8,300,000 shares of the Company’s common stock, for an aggregate of 8,300 shares of the Company’s Series B Preferred Stock (the “Exchange”). On March 21, 2024, in connection with the Exchange, the Company filed a Certificate of Amendment to the Series B Certificate of Designation to increase the number of authorized shares of Series B Preferred Stock from 12,280 to 20,580.

Holders of shares of Series B Preferred Stock are entitled to receive dividends on shares of Series B Preferred Stock equal to, on an as-if-converted-to-common stock basis, and in the same form as dividends actually paid on shares of the common stock. Except as otherwise required by law, the Series B Preferred Stock does not have voting rights. However, as long as any shares of Series B Preferred Stock are outstanding, the Company will not, without the affirmative vote of each of the holders of the then outstanding shares of the Series B Preferred Stock, (i) alter or change adversely the powers, preferences or rights given to the Series B Preferred Stock, (ii) alter or amend the Series B Certificate of Designation, or (iii) amend its certificate of incorporation or other charter documents in any manner that adversely affects any rights of the holders of Series B Preferred Stock. The Series B Preferred Stock does not have a preference upon any liquidation, dissolution or winding-up of the Company.

On June 10, 2024, following approval by the stockholders of the Company of an increase in the number of authorized shares of common stock at the Company’s 2024 annual meeting of stockholders, each share of Series B Preferred Stock automatically converted into 1,000 shares of common stock, subject to certain limitations, including that a holder of Series B Preferred Stock was prohibited from converting shares of Series B Preferred Stock into shares of common stock if, as a result of such conversion, such holder, together with its affiliates, would have beneficially owned more than a specified percentage (established by the holder between 0% and 19.9%) of the total number of shares of common stock issued and outstanding immediately after giving effect to such conversion. Pursuant to the terms of the Series B Certificate of Designation, on June 10, 2024, 13,712 shares of Series B Preferred Stock automatically converted to 13,712,000 shares of common stock.

Cumulatively, through December 31, 2025, 95,911 shares of Series A Preferred Stock, or 58.7% of the previously issued Series A Preferred Stock, have been converted into 23,977,750 shares of common stock. The 67,414 shares of Series A Preferred Stock outstanding as of December 31, 2025 are convertible into 16,853,500 shares of common stock. Cumulatively, through December 31, 2025, 16,064 shares of the Series B Preferred Stock, or 78.1% of the previously issued Series B Preferred Stock, have been converted into 16,064,000 shares of common stock. The 4,516 shares of Series B Preferred Stock outstanding as of December 31, 2025 are convertible into 4,516,000 shares of common stock.

No other classes of preferred stock have been designated and no other preferred shares have been issued or are outstanding as of December 31, 2025.

Common Stock

Each share of common stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders. Common stockholders are not entitled to receive dividends, unless declared by the board of directors. In the event of the Company’s liquidation, dissolution or winding up, holders of the Company’s common stock will be entitled to share ratably in all assets remaining after payment of all debts and other liabilities and any liquidation preference of any outstanding preferred stock.

On May 6, 2022, the Company entered into a Sales Agreement (the “Sales Agreement”) with Guggenheim Securities, LLC (“Guggenheim Securities”), pursuant to which the Company may issue and sell, from time to time, shares of its common stock having an aggregate offering price of up to $75.0 million through Guggenheim Securities, as the sales agent, in an at the market offering (“ATM”) registered under a shelf registration statement on Form S-3. On November 7, 2025, the Company amended the Sales Agreement to increase the aggregate offering price to up to $300.0 million. As of December 31, 2025, 7,623,189 shares have been sold under the Sales Agreement for net proceeds of approximately $159.3 million.

The Company issued certain pre-funded warrants in 2022. Each pre-funded warrant entitles the holder to purchase shares of common stock at an exercise price of $0.01 per share and is exercisable at any time beginning on the date of issuance. These warrants were recorded as a component of stockholders’ equity within additional paid-in capital. Per the terms of the warrant agreement, a holder of the outstanding warrant is not entitled to exercise any portion of the pre-funded warrant if, upon giving effect to such exercise, would cause the aggregate number of shares of common stock beneficially owned by such holder (together with its affiliates and any other person whose beneficial ownership of common stock would be aggregated with the holder) to exceed 9.99% of the total number of then issued and outstanding shares of common stock, as such percentage ownership is determined in accordance with the terms of the pre-funded warrant and subject to such holder’s rights under the pre-funded warrant to increase or decrease such percentage to any other percentage not in excess of 19.99% upon at least 61 days’ prior notice from such holder. As of December 31, 2025, 2,424,242 pre-funded warrants have been exercised and 606,060 pre-funded warrants remain outstanding. In January 2026, the remaining 606,060 pre-funded warrants were exercised.

On July 10, 2025, the Company completed an underwritten public offering of 25,555,556 shares of the Company's common stock at a public offering price of $9.00 per share (including the exercise in full by the underwriters of their 30-day option to purchase up to 3,333,333 additional shares of common stock). The net proceeds from the offering were approximately $215.8 million, after deducting the underwriting discounts and commissions of $13.8 million and offering expenses of $0.4 million.

On November 11, 2025, the Company completed an underwritten public offering of 9,677,420 shares of the Company's common stock at a public offering price of $31.00 per share (including the exercise in full by the underwriters of their 30-day option to purchase up to 1,451,613 additional shares of common stock). The net proceeds from the offering were approximately $324.0 million, after deducting the underwriting discounts and commissions of $20.7 million and offering expenses of $0.3 million.

At the Company’s 2024 annual meeting of stockholders on June 5, 2024, the Company’s stockholders approved an amendment to the Company’s Third Amended and Restated Certificate of Incorporation (the “Certificate of Incorporation”) (the “Amendment”), to increase the number of authorized shares of common stock from 150,000,000 to 300,000,000 and the Company filed a Certificate of Amendment to the Certificate of Incorporation with the Secretary of State of the State of Delaware to effect the Amendment, which became effective immediately upon such filing. Pursuant to the terms of the Series B Certificate of Designation, on June 10, 2024, 13,712 shares of Series B Preferred Stock automatically converted to 13,712,000 shares of common stock, and 4,516 shares of Series B Preferred Stock remain outstanding as of December 31, 2025.

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of Fair Value Option Granted


	Year Ended December 31,
	2025			2024			2023
Risk-free interest rate		4.3	%		4.1	%		3.9	%
Expected volatility		85.4	%		84.7	%		76.7	%
Expected dividend yield		—			—			—
Expected life (in years)		6.06			6.06			6.01

Schedule of Common Stock Option Activity

The following table summarizes activity under the 2018 Plan and the Inducement Plan, excluding performance-based and time-based restricted stock units:


	Number of Shares			Weighted Average Exercise Price		Weighted Average Contractual Term		Aggregate Intrinsic Value
						(in years)		(in thousands)
Outstanding as of December 31, 2024		21,497,158		$	8.83
Granted		7,538,879			12.67
Exercised		(1,327,446	)		8.70
Forfeited		(349,024	)		8.89
Outstanding as of December 31, 2025		27,359,567		$	9.90		7.21	$	747,167
Vested and expected to vest as of December 31, 2025		27,358,567		$	9.90		7.21	$	747,167
Options exercisable as of December 31, 2025		16,783,067		$	9.13		6.25	$	469,808

Summary of Information Pertaining to Stock Purchase Rights Granted under Employee Stock Purchase Plan

The following table summarizes information pertaining to stock purchase rights granted under the employee stock purchase plan, during the years indicated:


	Year Ended December 31,
	2025			2024			2023
Risk-free interest rate		4.3	%		5.2	%		4.0	%
Expected volatility		68.2	%		112.1	%		75.7	%
Expected dividend yield		—			—			—
Expected life (in years)		0.50			0.50			0.50

Schedule of Stock-based Compensation Expense by Type of Award

The following table summarizes stock-based compensation expense during the years ended December 31, 2025, 2024, 2023 (in thousands):


	Year Ended December 31,
	2025		2024		2023
Stock-based compensation expense by type of award:
Time-based stock options	$	30,847	$	30,222	$	26,012
Performance-based restricted stock units		14,087		8,665		4,196
Time-based restricted stock units		367		211		—
Employee stock purchase plan		778		642		413
Total	$	46,079	$	39,740	$	30,621

Schedule of Stock Based Compensation Expense

The Company recorded stock-based compensation expense in the following expense categories of its consolidated statements of operations and comprehensive loss (in thousands):


	Year Ended December 31,
	2025		2024		2023
Research and development expenses	$	23,081	$	18,965	$	14,595
General and administrative expenses		22,998		20,775		16,026
Total	$	46,079	$	39,740	$	30,621

Performance-Based Restricted Stock Units [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of Activity

The following table summarizes the activity of performance-based restricted stock units:


	Number of Shares			Weighted Average Grant Date Fair Value per Share
Unvested as of December 31, 2024		2,714,000		$	7.63
Granted		3,990,000			10.39
Vested		(2,714,000	)		7.63
Forfeited		—			—
Unvested as of December 31, 2025		3,990,000		$	10.39

Time-based Restricted Stock Units [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of Activity

The following table summarizes the activity of time-based restricted stock units:


	Number of Shares			Weighted Average Grant Date Fair Value per Share

Unvested as of December 31, 2024		80,000		$	4.54
Granted		539,000			39.45
Vested		(80,000	)		4.54
Forfeited		—			—
Unvested as of December 31, 2025		539,000		$	39.45

- Definition

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

+ References

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

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

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

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

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

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

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

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

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

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

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

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

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (c)(1)(iii)
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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

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

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Principles of Consolidation

Use of Estimates

Concentrations of Credit Risk and of Significant Suppliers

Cash Equivalents

The Company considers all highly liquid investments with original maturities of generally three months or less at the date of purchase to be cash equivalents.

Marketable Securities

Property and Equipment


		Estimated Useful Life
Laboratory equipment		5 years
Computer equipment and software		3 years
Furniture and fixtures		5 years
Leasehold improvements		Shorter of life of lease or 10 years

Impairment of Long-Lived Assets

Fair Value Measurements

•

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

•

Leases

Research and Development Costs

Patent Costs

Stock-Based Compensation

The Company measures the fair value of stock-based awards with market-based vesting conditions on the date of grant using a Monte Carlo simulation model.

Comprehensive Loss

Income Taxes

Recently Adopted and Issued Accounting Pronouncements

Recently Adopted Accounting Pronouncements

Recently Issued Accounting Pronouncements

Stock-Based Compensation - Schedule of Stock Based Compensation Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 46,079	$ 39,740	$ 30,621
Research and Development Expenses [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	23,081	18,965	14,595
General and Administrative Expenses [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 22,998	$ 20,775	$ 16,026

Property Plant Equipment Net - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Property Plant And Equipments [Abstract]
Depreciation and amortization expense	$ 2.6	$ 2.5	$ 2.3

Summary of Significant Accounting Policies - Schedule of Estimated Useful Life (Detail)	Dec. 31, 2025
Property, Plant and Equipment [Line Items]
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration]	us-gaap:UsefulLifeTermOfLeaseMember
Laboratory Equipment [Member]
Property, Plant and Equipment [Line Items]
Estimated Useful Life	5 years
Computer Equipment and Software [Member]
Property, Plant and Equipment [Line Items]
Estimated Useful Life	3 years
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Estimated Useful Life	5 years
Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated Useful Life	10 years

Stock-Based Compensation - Schedule of Stock-based Compensation Expense by Type of Award (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-Based Payment Arrangement, Expense	$ 46,079	$ 39,740	$ 30,621
Employee Stock [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-Based Payment Arrangement, Expense	778	642	413
Time Based Stock Options [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-Based Payment Arrangement, Expense	30,847	30,222	26,012
Performance-Based Restricted Stock Units [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-Based Payment Arrangement, Expense	14,087	8,665	$ 4,196
Time-based Restricted Stock Units [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-Based Payment Arrangement, Expense	$ 367	$ 211

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Schedule of Estimated Useful Life


		Estimated Useful Life
Laboratory equipment		5 years
Computer equipment and software		3 years
Furniture and fixtures		5 years
Leasehold improvements		Shorter of life of lease or 10 years

Stock-Based Compensation - Schedule of Activity (Details)	12 Months Ended
	Dec. 31, 2025 $ / shares shares
Performance-Based Restricted Stock Units [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Shares, Unvested, Beginning balance \| shares	2,714,000
Number of Shares, Granted \| shares	3,990,000
Number of Shares, Vested \| shares	(2,714,000)
Number of Shares, Unvested, Ending balance \| shares	3,990,000
Weighted Average Grant Date Fair Value per Share, Beginning Balance \| $ / shares	$ 7.63
Weighted Average Grant Date Fair Value per Share, Granted \| $ / shares	10.39
Weighted Average Grant Date Fair Value per Share,Vested \| $ / shares	7.63
Weighted Average Grant Date Fair Value per Share, Ending Balance \| $ / shares	$ 10.39
Time-based Restricted Stock Units [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Shares, Unvested, Beginning balance \| shares	80,000
Number of Shares, Granted \| shares	539,000
Number of Shares, Vested \| shares	(80,000)
Number of Shares, Unvested, Ending balance \| shares	539,000
Weighted Average Grant Date Fair Value per Share, Beginning Balance \| $ / shares	$ 4.54
Weighted Average Grant Date Fair Value per Share, Granted \| $ / shares	39.45
Weighted Average Grant Date Fair Value per Share,Vested \| $ / shares	4.54
Weighted Average Grant Date Fair Value per Share, Ending Balance \| $ / shares	$ 39.45

- Definition

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

+ References

+ Details

Accrued Expenses and Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2025

Payables and Accruals [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

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


	December 31,
	2025		2024
Accrued employee compensation and benefits	$	15,740	$	12,259
Accrued external research and development expense		20,052		19,957
Accrued external manufacturing costs		3,805		6,548
Accrued professional and consulting services		6,560		2,995
Other		6,745		373
	$	52,902	$	42,132

Net Loss Per Share - Summary of Potential Dilutive Securities (Detail) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential dilutive securities excluded from computation of diluted net loss per common share	37,004,354	24,291,158	18,002,746
Stock Options to Purchase Common Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential dilutive securities excluded from computation of diluted net loss per common share	27,358,567	21,497,158	15,502,746
Shares Issuable Upon Conversion of Convertible Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential dilutive securities excluded from computation of diluted net loss per common share	5,116,787
Performance-based Restricted Stock Units Subject To Vesting [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential dilutive securities excluded from computation of diluted net loss per common share	3,990,000	2,714,000	2,500,000
Time-Based Restricted Stock Units Subject To Vesting [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential dilutive securities excluded from computation of diluted net loss per common share	539,000	80,000

Debt (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Outstanding Balance of Notes

The outstanding balance of the Notes as of December 31, 2025 consisted of the following (in thousands):


	December 31, 2025
Principal amount	$	230,000
Unamortized debt discount and issuance costs		(7,105	)
Convertible senior notes, net	$	222,895

Marketable Securities and Fair Value of Financial Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Summary of Marketable Securities

The following table summarizes the Company’s marketable securities (in thousands):


	December 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
U.S. Treasury bills and notes (due within one year)	$	588,397	$	363	$	(7	)	$	588,753
	$	588,397	$	363	$	(7	)	$	588,753


	December 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
U.S. Treasury bills and notes (due within one year)	$	188,465	$	451	$	(4	)	$	188,912
	$	188,465	$	451	$	(4	)	$	188,912

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

The following tables present the Company’s fair value hierarchy for its financial assets and liabilities, which are measured at fair value on a recurring basis (in thousands):


	Fair Value Measurements at December 31, 2025 Using:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	213,102	$	—	$	—	$	213,102
Marketable securities:
U.S. Treasury bills and notes	$	—	$	588,753	$	—	$	588,753
Total Assets	$	213,102	$	588,753	$	—	$	801,855


	Fair Value Measurements at December 31, 2024 Using:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	85,946	$	—	$	—	$	85,946
Marketable securities:
U.S. Treasury bills and notes	$	—	$	188,912	$	—	$	188,912
Total Assets	$	85,946	$	188,912	$	—	$	274,858

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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+ Details

Net Loss Per Share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Net Loss Per Share

11. Net Loss per Share

The Company computes net loss per share of common stock, Series A Preferred Stock and Series B Preferred Stock using the two-class method required for multiple classes of common stock and other participating securities. The two-class method is an earnings (loss) allocation method that requires income (loss) available to common stockholders be allocated to all such classes of common stock and other participating securities in accordance with the contractual terms of each class of stock. The Company has determined that the Series A Preferred Stock and Series B Preferred Stock represent other classes of common stock for purposes of calculating net loss per share.

Basic and diluted net loss per common share is computed by dividing the net loss by the weighted-average number of shares and pre-funded warrants outstanding during the period, without consideration of potential dilutive securities. The pre-funded warrants are included in the computation of basic net loss per common share as the exercise price is negligible and they are fully vested and exercisable. For periods in which the Company generated a net loss, the Company does not include potential shares of common stock in diluted net loss per share when the impact of these items is anti-dilutive. The Company has generated a net loss for all periods presented, therefore diluted net loss per share is the same as basic net loss per share since the inclusion of potential shares of common stock would be anti-dilutive.

In accordance with ASC Topic 260, Earnings Per Share, the outstanding pre-funded warrants are included in the computation of basic and diluted net loss per share because the exercise price is negligible ($0.01 per share) and they are fully vested and exercisable at any time after the original issuance date.

The following tables set forth the computation of basic and diluted net loss per share of Common Stock, Series A Preferred Stock, and Series B Preferred Stock (in thousands, except share and per share amounts):


	Year Ended December 31, 2025
	Series A Preferred Stock			Series B Preferred Stock			Common Stock
Numerator:
Allocated net loss	$	(36,434	)	$	(14,612	)	$	(277,890	)
Denominator:
Weighted average shares outstanding, basic and diluted		67,600			6,778			128,899,408
Net loss per share, basic and diluted	$	(538.96	)	$	(2,155.80	)	$	(2.16	)


	Year Ended December 31, 2024
	Series A Preferred Stock			Series B Preferred Stock			Common Stock
Numerator:
Allocated net loss	$	(35,564	)	$	(18,873	)	$	(201,422	)
Denominator:
Weighted average shares outstanding, basic and diluted		73,350			9,731			103,856,611
Net loss per share, basic and diluted	$	(484.85	)	$	(1,939.47	)	$	(1.94	)


	Year Ended December 31, 2023
	Series A Preferred Stock			Series B Preferred Stock		Common Stock
Numerator:
Allocated net loss	$	(37,481	)	$	—	$	(154,929	)
Denominator:
Weighted average shares outstanding, basic and diluted		77,085			—		79,657,942
Net loss per share, basic and diluted	$	(486.23	)	$	—	$	(1.94	)

The Company’s potential dilutive securities have been excluded from the computation of diluted net loss per share as the effect would be anti-dilutive and would result in a reduction to net loss per share. The Company excluded the following potential shares of common stock, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to common stockholders for the periods indicated above because including them would have had an anti-dilutive effect:


	December 31,
	2025		2024		2023
Stock options to purchase common stock		27,358,567		21,497,158		15,502,746
Shares issuable upon conversion of convertible notes		5,116,787		—		—
Performance-based restricted stock units subject to vesting		3,990,000		2,714,000		2,500,000
Time-based restricted stock units subject to vesting		539,000		80,000		—
		37,004,354		24,291,158		18,002,746

Segment Information

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment Information

13. Segment Information

The Company manages its operations as a single operating segment for the purposes of assessing performance and making operating decisions. The Company’s singular focus is the development and commercialization of precision therapies for genetically defined diseases. Cogent’s chief operating decision maker (“CODM”) is the Chief Executive Officer. The CODM manages and allocates resources to the operations of the Company on a total company basis and segment performance is evaluated based on consolidated net loss. The Company’s CEO uses consolidated financial information for purposes of evaluating performance, understanding future forecasted results and allocating resources. The measure of segment assets is reported on the balance sheet as total consolidated assets. All of the Company’s tangible assets are held in the United States.

The accounting policies for each operating segment are consistent with the Company’s policies for the consolidated financial statements.

The following table is a summary of segment information for the years ended December 31, 2025, 2024, 2023 (in thousands):


	Year Ended December 31,
	2025			2024			2023
Operating Expenses
Late-stage development	$	120,059		$	120,862		$	85,484
Early-stage, preclinical and discovery programs		40,112			28,141			19,171
R&D personnel related		64,035			47,048			38,206
Research and development software, facilities and other strategic support		20,085			10,812			9,374
Other operational infrastructure and advisory support		40,429			26,886			23,010
Stock-based compensation expense		46,079			39,740			30,621
Depreciation expense		2,564			2,450			2,264
Interest income		(14,689	)		(18,088	)		(13,077	)
Interest expense		3,062			—			—
Loss on debt extinguishment		7,181			—			—
Change in fair value of CVR liability		—			—			(1,700	)
Other expense (income), net		20			(1,992	)		(943	)
Segment net loss and consolidated net loss	$	328,937		$	255,859		$	192,410

- 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

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+ Details

Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2023
Underwritten Public Offering [Member]
Issuance cost	$ 35.3	$ 10.7
Private Placement [Member]
Issuance cost	11.7
ATM [Member]
Issuance cost	$ 4.9

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2025	Dec. 31, 2024
Preferred stock, par value	$ 0.001
Preferred stock, shares authorized	10,000,000
Preferred stock, shares issued	0
Preferred stock, shares outstanding	0
Common stock, Par value	$ 0.001	$ 0.001
Common stock, Shares authorized	300,000,000	300,000,000
Common stock, Shares issued	160,980,024	110,461,729
Common stock, Shares outstanding	160,980,024	110,461,729
Series A Convertible Preferred Stock [Member]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	67,414	70,465
Preferred stock, shares outstanding	67,414	70,465
Series B Convertible Preferred Stock [Member]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	20,580	20,580
Preferred stock, shares issued	4,516	6,868
Preferred stock, shares outstanding	4,516	6,868
Undesignated Preferred Stock [Member]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	8,979,420	8,979,420
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

8. Income Taxes

During the years ended December 31, 2025, 2024 and 2023, the Company recorded no current or deferred income tax benefits due to its full valuation allowance. The Company had no foreign operations.

As further described in Note 2, Summary of Significant Accounting Policies, we have elected to prospectively adopt the guidance in ASU 2023-09. The following table is a reconciliation of the U.S. federal statutory income tax rate to the Company’s effective income tax rate for the year ended December 31, 2025 in accordance with ASU 2023-09 (in thousands, except percent):


	Year Ended December 31, 2025
	Amount			Percent
U.S. federal statutory income tax rate	$	(69,077	)		21.0	%
State and local income taxes, net of federal income tax effect(1)		—			—
Tax credits:
Research and development tax credits		(9,050	)		2.8
Orphan Drug tax credits		(11,321	)		3.4
Changes in the valuation allowance		88,129			(26.8	)
Nontaxable or nondeductible items:
Stock-based compensation		(20,089	)		6.1
Non-deductible executive compensation		21,355			(6.5	)
Other		53			—
Effective income tax rate	$	—			0.0	%

(1) State tax in Massachusetts accounted for the majority (greater than 50%) of the tax effect in this category, offset with a valuation allowance.

The following table is a reconciliation of the U.S. federal statutory income tax rate to the Company’s effective income tax rate for the years ended December 31, 2024 and 2023, in accordance with the guidance prior to the adoption of ASU 2023-09:


	Year Ended December 31,
	2024			2023
Federal statutory income tax rate		(21.0	)%		(21.0	)%
State taxes, net of federal benefit		(1.9	)		(4.8	)
Federal and state tax credits		(7.9	)		(7.9	)
Rate change		4.4			(2.3	)
Nondeductible stock compensation		2.4			1.8
Other items		—			(0.9	)
Change in valuation allowance		24.0			35.1
Effective income tax rate		0.0	%		0.0	%

The Company’s net deferred tax assets as of December 31, 2025 and 2024 consisted of the following (in thousands):


	December 31,
	2025			2024
Deferred tax assets (liabilities):
Net operating loss carryforwards	$	100,592		$	64,299
Tax credits		70,591			48,961
Accrued expenses		3,636			2,901
Capitalized research and development expense		122,334			90,525
Operating lease right-of-use assets		(4,118	)		(4,688	)
Operating lease liabilities		4,678			5,271
Stock compensation		10,885			9,992
Other		2,432			1,291
Total deferred tax assets		311,030			218,552
Valuation allowance		(311,030	)		(218,552	)
Net deferred tax assets	$	—		$	—

As of December 31, 2025, the Company had U.S. federal and state net operating loss carryforwards of $428.3 million and $170.8 million, respectively, which may be available to offset future taxable income and begin to expire in 2035. Of the federal net operating loss carryforwards at December 31, 2025, $425.0 million is available to be carried forward indefinitely but can only offset 80% of taxable income per year. As of December 31, 2025, the Company had U.S. federal and state research and development tax credit carryforwards of $28.8 million and $6.0 million, respectively, which may be available to offset future income tax liabilities and begin to expire in 2040 and 2035, respectively. The Company also had federal orphan drug tax credits of $37.1 million which may be available to offset future income tax liabilities and begin to expire in 2041.

Utilization of the U.S. federal and state net operating loss carryforwards and tax credit carryforwards may be subject to a substantial annual limitation under Section 382 of the Internal Revenue Code of 1986, and corresponding provisions of state law, due to ownership changes that have occurred previously or that could occur in the future. These ownership changes may limit the amount of carryforwards that can be utilized annually to offset future taxable income. In general, an ownership change, as defined by Section 382, results from transactions increasing the ownership of certain stockholders or public groups in the stock of a corporation by more than 50% over a three-year period.

As a result of the shares issued in July 2020 related to the acquisition of Kiq and the sale of Series A convertible preferred stock, the Company experienced a change in ownership, as defined by Section 382. As a result of the ownership change, utilization of the federal and state net operating loss carryforwards and research and development tax credit carryforwards is subject to annual limitation under Section 382. Under Section 382, the annual limitation is determined by first multiplying the value of the Company’s stock at the time of the ownership change by the applicable long-term tax-exempt rate, and then could be subject to additional adjustments, as required. As of December 31, 2025, approximately $73.0 million and $1.5 million of federal and state net operating losses, respectively, were subject to the July 2020 limitation of $0.3 million per year. A second ownership change occurred in December 2020 as a result of the underwritten public offering of common stock which resulted in a limitation of tax attributes generated from July 2020 to December 2020. The December 2020 ownership change is not expected to have a material impact to the Company’s net operating loss carryforwards or research and development tax credit carryforwards as these net operating losses and tax credit carryforwards may be utilized, subject to annual limitation, assuming sufficient taxable income is generated before expiration. The Company has not performed a Section 382 analysis since December 2020. Subsequent ownership changes, as defined by Section 382, may potentially further limit the amount of net operating loss and tax credit carryforwards that could be utilized to offset future taxable income and tax.

The Company has not performed a research and development tax credit study. Any change to the Company’s credits as a result of a study would be offset by a change in the valuation allowance.

The Company has evaluated the positive and negative evidence bearing upon its ability to realize its net deferred tax assets. Management has considered the Company’s history of cumulative net losses incurred since inception and its lack of commercialization of any products or generation of any revenue from product sales since inception and has concluded that it is more likely than not that the Company will not realize the benefits of its net deferred tax assets. Accordingly, a full valuation allowance has been established against the deferred tax assets as of December 31, 2025, 2024, and 2023. Management reevaluates the positive and negative evidence at each reporting period.

The changes in the valuation allowance during the years ended December 31, 2025, 2024 and 2023 primarily related to net operating loss carryforwards, tax credits generated and capitalized research and development expenses. Changes were as follows (in thousands):


	Year Ended December 31,
	2025		2024		2023
Valuation allowance as of beginning of year	$	218,552	$	157,070	$	89,544
Decreases recorded to income tax provision		—		—		—
Increases recorded to income tax provision		92,478		61,482		67,526
Valuation allowance as of end of year	$	311,030	$	218,552	$	157,070

As of December 31, 2025, 2024, and 2023, the Company had not recorded any amounts for unrecognized tax benefits. The Company files tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Company is subject to examination by federal and state jurisdictions, where applicable. The statute of limitations for assessment by the Internal Revenue Service remains open for all years from 2022 to the present, with certain states open from 2021 to the present. The Company’s tax attributes related to years prior to 2022 can still be adjusted under audit.

For the period ended December 31, 2025, the Company had no provision for income taxes and made no income tax payments. The only tax payments during the period related to excise taxes.

- Definition

The entire disclosure for income tax.

+ References

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

Property and Equipment, Net

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

4. Property and Equipment, Net

Property and equipment, net consisted of the following (in thousands):


	December 31,
	2025			2024
Laboratory equipment	$	8,847		$	8,083
Computer equipment and software		887			819
Furniture and fixtures		1,176			1,176
Leasehold improvements		2,463			2,463
Construction-in-progress		763			41
Total property and equipment		14,136			12,582
Accumulated depreciation		(8,679	)		(6,115	)
Property and equipment, net	$	5,457		$	6,467

Depreciation and amortization expense was $2.6 million, $2.5 million and $2.3 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 312,012	$ 98,165
Short-term marketable securities	588,753	188,912
Prepaid expenses and other current assets	9,590	9,395
Total current assets	910,355	296,472
Operating lease, right-of-use assets	18,078	20,097
Property and equipment, net	5,457	6,467
Restricted cash	416	0
Other assets	3,301	4,862
Total assets	937,607	327,898
Current liabilities:
Accounts payable	9,504	12,013
Accrued expenses and other current liabilities	52,902	42,132
Operating lease liabilities	1,547	1,565
Total current liabilities	63,953	55,710
Convertible senior notes, net	222,895	0
Operating lease liabilities, net of current portion	14,355	15,902
Other liabilities	33	0
Total liabilities	301,236	71,612
Commitments and contingencies (Note 9)
Stockholders’ equity:
Preferred stock, value
Common stock, $0.001 par value; 300,000,000 shares authorized; 160,980,024 shares and 110,461,729 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively	161	110
Additional paid-in capital	1,734,882	1,004,612
Accumulated other comprehensive income	355	447
Accumulated deficit	(1,188,420)	(859,483)
Total stockholders’ equity	636,371	256,286
Total liabilities and stockholders’ equity	937,607	327,898
Series A Convertible Preferred Stock [Member]
Stockholders’ equity:
Preferred stock, value	53,830	56,515
Series B Convertible Preferred Stock [Member]
Stockholders’ equity:
Preferred stock, value	$ 35,563	$ 54,085

Stock-Based Compensation - Summary of Information Pertaining to Stock Purchase Rights Granted under Employee Stock Purchase Plan (Detail)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	4.30%	4.10%	3.90%
Expected volatility	85.40%	84.70%	76.70%
Expected dividend yield	0.00%
Expected life (in years)	6 years 21 days	6 years 21 days	6 years 3 days
2018 Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	4.30%	5.20%	4.00%
Expected volatility	68.20%	112.10%	75.70%
Expected life (in years)	6 months	6 months	6 months

- Definition

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

+ References

+ Details

Income Taxes - Changes in Valuation Allowance for Deferred Tax Assets (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Valuation allowance as of beginning of year	$ 218,552	$ 157,070	$ 89,544
Increases recorded to income tax provision	92,478	61,482	67,526
Valuation allowance as of end of year	$ 311,030	$ 218,552	$ 157,070

Stock-Based Compensation - Additional Information (Detail) $ / shares in Units, $ in Thousands						1 Months Ended			3 Months Ended	12 Months Ended
	Jan. 01, 2026 shares	Dec. 17, 2025	May 25, 2024 shares	Mar. 28, 2018 shares	Mar. 27, 2018 shares	Jan. 31, 2026 shares	Oct. 31, 2025 shares	Feb. 28, 2023 shares	Dec. 31, 2025 USD ($) Milestone shares	Dec. 31, 2025 USD ($) Milestone $ / shares shares	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares	Aug. 31, 2024 shares	Oct. 22, 2020 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock shares issued									160,980,024	160,980,024	110,461,729
Aggregate intrinsic value of options exercised \| $										$ 28,000	$ 100	$ 600
Weighted average grant date fair value \| $ / shares										$ 9.52	$ 4.40	$ 9.12
The total shares withheld upon vesting										1,239,443
Taxes paid related to net share settlement of equity awards \| $										$ 48,900
Stock-based compensation expense \| $										$ 46,079	$ 39,740	$ 30,621
Number of development performance milestones to be probable of achievement \| Milestone									1	1
Unvested PSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost \| $									$ 35,800	$ 35,800
Unrecognized compensation expenses, recognition period										3 years
Percentage of Share Based Compensation Nonvested Awards Stock Maximum Achievement										200.00%
Time Based Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense \| $										$ 30,847	30,222	$ 26,012
Unrecognized compensation cost \| $									83,600	$ 83,600
Unrecognized compensation expenses, recognition period										2 years 7 months 13 days
Time Based Restricted Stock Unit [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense \| $										$ 367	$ 211
Service period										2 years
Unrecognized compensation cost \| $									$ 21,100	$ 21,100
Unrecognized compensation expenses, recognition period										3 years 11 months 15 days
2018 Stock Option and Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of increases in authorized shares					700,180
Percentage applied to the outstanding shares as annual increase in the number of shares authorized for issuance					4.00%
Increased in authorized shares reserved for issuance	6,439,201				6,000,000					6,000,000
Shares available for issuance									527,142	527,142
Stock-based compensation expense \| $									$ 1,100
Percentage of vesting of award		200.00%
Expiration period							3 years	3 years
Number of shares additionally granted								214,000
2018 Stock Option and Incentive Plan [Member] \| Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of vesting of award							0.00%	0.00%
2018 Stock Option and Incentive Plan [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares grants							3,650,000	2,500,000
Percentage of vesting of award							200.00%	200.00%
2018 Stock Option and Incentive Plan [Member] \| Performance-based Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares grants										340,000
2018 Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for issuance									302,733	302,733
Shares reserved for future issuance				78,500
2018 Employee Stock Purchase Plan [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of increases in authorized shares				125,000
Percentage of shares of common stock available for issuance				1.00%
2018 Employee Stock Purchase Plan [Member] \| Subsequent Event [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Increased in authorized shares reserved for issuance						125,000
2018 Employee Stock Purchase Plan [Member] \| Subsequent Event [Member] \| Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock shares issued						173,128
2020 Inducement Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for issuance									1,353,095	1,353,095
Shares reserved for future issuance														3,750,000
2020 Inducement Plan [Member] \| Chief Commercial Officer [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for future issuance													739,000
2020 Inducement Plan [Member] \| Chief Commercial Officer [Member] \| Unvested PSUs [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares grants			214,000
2020 Inducement Plan [Member] \| Chief Commercial Officer [Member] \| Nonqualified Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options to purchase number of common shares			525,000
Vesting period			4 years
Vesting term										4-year vesting schedule with 25% vesting on the 1-year anniversary of the grant date and the remainder vesting in equal monthly installments over the subsequent 36 months
Expiration period			10 years
2020 Inducement Plan [Member] \| 1-year Anniversary of Grant Date [Member] \| Chief Commercial Officer [Member] \| Nonqualified Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of vesting of award			25.00%

Nature of the Business and Basis of Presentation

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Nature of the Business and Basis of Presentation

1. Nature of the Business and Basis of Presentation

Cogent Biosciences, Inc. (“Cogent” or the “Company”) is a clinical-stage biotechnology company focused on developing precision therapies for genetically defined diseases. Cogent’s approach is to design rational precision therapies that treat the underlying cause of disease and improve the lives of patients. Cogent’s most advanced program is bezuclastinib, also known as CGT9486, a highly selective tyrosine kinase inhibitor that is designed to potently inhibit the KIT D816V mutation as well as other mutations in KIT exon 17. In the vast majority of cases, KIT D816V is responsible for driving Systemic Mastocytosis (“SM”), a serious and rare disease caused by unchecked proliferation of mast cells. Exon 17 mutations are also found in patients with advanced gastrointestinal stromal tumors (“GIST”), a type of cancer with strong dependence on oncogenic KIT signaling. Bezuclastinib is a highly selective and potent KIT inhibitor with the potential to provide a new treatment option for these patient populations. The Company is developing bezuclastinib to treat patients living with Non-Advanced Systemic Mastocytosis (“NonAdvSM”), Advanced Systemic Mastocytosis (“AdvSM”) and GIST. The Company is building an internal commercial organization and expects to launch bezuclastinib commercially in the United State in the second half of 2026, pending regulatory approval. The Company also has an ongoing Phase 1 study of its novel internally developed FGFR2/3 inhibitor and has initiated a Phase 1 study of its CNS-penetrant, selective mutant ErbB2 inhibitor. In addition, the Cogent Research Team is developing a portfolio of novel targeted therapies to help patients fighting serious, genetically driven diseases targeting mutations in PI3Kα, KRAS and JAK2.

The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry, including, but not limited to, development by competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, compliance with government regulations and the ability to secure additional capital to fund operations. Product candidates currently under development 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-reporting capabilities. Even if the Company’s drug development efforts are successful, it is uncertain when, if ever, the Company will realize revenue from product sales.

The accompanying consolidated financial statements have been prepared on the basis of continuity of operations, realization of assets and the satisfaction of liabilities and commitments in the ordinary course of business. The Company has incurred recurring losses since inception, including a net loss of $328.9 million for the year ended December 31, 2025. As of December 31, 2025, the Company had an accumulated deficit of $1,188.4 million. The Company expects to continue to generate operating losses in the foreseeable future. As of the issuance date of the consolidated financial statements, the Company expects that its cash, cash equivalents and marketable securities will be sufficient to fund its operating expenses and capital expenditure requirements for at least the next 12 months from issuance of the consolidated financial statements.

The Company expects that it will continue to incur significant expenses in connection with its ongoing business activities. The Company will need to seek additional funding through equity offerings, debt financings, collaborations, licensing arrangements or other marketing and distribution arrangements, partnerships, joint ventures, combinations or divestitures of one or more of its assets or businesses. The Company may not be able to obtain financing on acceptable terms, or at all, and the Company may not be able to enter into collaborative arrangements or divest its assets. The terms of any financing may adversely affect the holdings or the rights of the Company’s stockholders. Arrangements with collaborators or others may require the Company to relinquish rights to certain of its technologies or product candidates. If the Company is unable to obtain funding, the Company could be forced to delay, reduce or eliminate its research and development programs or commercialization efforts, which could adversely affect its business prospects, or the Company may be unable to continue operations.

The Company’s consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”).

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (328,937)	$ (255,859)	$ (192,410)

- Definition

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

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-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 39: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 40: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section S99
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Reference 41: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 42: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1B
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-Publisher FASB
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Reference 43: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
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Reference 44: http://www.xbrl.org/2003/role/disclosureRef
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Reference 46: http://www.xbrl.org/2003/role/disclosureRef
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Reference 47: http://www.xbrl.org/2003/role/disclosureRef
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Reference 48: http://www.xbrl.org/2003/role/disclosureRef
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Reference 49: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Debt

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Debt

10. Debt

Convertible Senior Notes Due 2031

On November 18, 2025, the Company completed a public offering of $230.0 million aggregate principal amount of its 1.625% Convertible Senior Notes due 2031 (the “Notes”), including the exercise in full of the underwriters’ over-allotment option to purchase up to an additional $30.0 million aggregate principal amount of the Notes. The Notes were issued pursuant to, and are governed by, an indenture (the “Base Indenture”), dated as of November 18, 2025, between the Company and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”), as supplemented by a first supplemental indenture (the “Supplemental Indenture,” and the Base Indenture, as supplemented by the Supplemental Indenture, the “Indenture”), dated as of November 18, 2025, between the Company and the Trustee.

The Notes are general, unsecured, senior obligations of the Company. The Notes accrue interest payable semiannually in arrears on May 15 and November 15 of each year, beginning on May 15, 2026, at a rate equal to 1.625% per year. In addition, special interest will accrue on the Notes upon the occurrence of certain events relating to the Company’s failure to file certain reports with the U.S. Securities and Exchange Commission as provided in the Indenture and as described below. The Notes will mature on November 15, 2031 (the “Maturity Date”), unless earlier converted, redeemed or repurchased by the Company.

Noteholders may convert their Notes at their option only in the following circumstances: (i) during any calendar quarter (and only during such calendar quarter) commencing after the calendar quarter ending on March 31, 2026, if the last reported sale price per share of the Company’s common stock, exceeds 130% of the conversion price for each of at least 20 trading days, whether or not consecutive, during the 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter; (ii) during the five consecutive business days immediately after any 10 consecutive trading day period (such 10 consecutive trading day period, the “Measurement Period”) in which the trading price per $1,000 principal amount of Notes for each trading day of the Measurement Period was less than 98% of the product of the last reported sale price per share of the common stock on such trading day and the conversion rate on such trading day; (iii) upon the occurrence of certain corporate events or distributions on the common stock, as described in the Indenture; (iv) if the Company calls such Notes for redemption; and (v) at any time from, and including, August 15, 2031 until the close of business on the scheduled trading day immediately before the Maturity Date. The Company will settle conversions by paying or delivering, as applicable, cash, shares of common stock or a combination of cash and shares of common stock, at the Company’s election, based on the applicable conversion rate(s). The initial conversion rate is 22.2469 shares of Common Stock per $1,000 principal amount of Notes, which represents an initial conversion price of approximately $44.95 per share, and is subject to adjustment as described in the Indenture. If certain corporate events that constitute a “Make-Whole Fundamental Change” occur, then the Company will in certain circumstances increase the conversion rate for a specified period of time.

The Notes will be redeemable, in whole or in part (subject to certain limitations described below), at the Company’s option at any time, and from time to time, on a redemption date on or after November 20, 2029 and on or before the 26th scheduled trading day immediately before the Maturity Date, at a cash redemption price equal to the principal amount of the Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date, but only if the last reported sale price per share of the common stock exceeds 130% of the conversion price on (i) each of at least 20 trading days, whether or not consecutive, during the 30 consecutive trading days ending on, and including, the trading day immediately before the date the Company sends the related redemption notice; and (ii) the trading day immediately before the date the Company sends such notice. However, the Company may not redeem less than all of the outstanding Notes unless at least $75.0 million aggregate principal amount of Notes are outstanding and not called for redemption as of the time the Company sends the related redemption notice. In addition, calling any Note for redemption will constitute a “Make-Whole Fundamental Change” with respect to that Note, in which case the conversion rate applicable to the conversion of that Note will be increased in certain circumstances if it is converted after it is called for redemption.

As of December 31, 2025, the Notes are classified as a long-term liability on the consolidated balance sheets and presented net of unamortized issuance costs of $7.1 million. The issuance costs are amortized to interest expense over the contractual term of the Notes. As of December 31, 2025, the effective interest rate of the Notes is 2.2%.

The outstanding balance of the Notes as of December 31, 2025 consisted of the following (in thousands):


	December 31, 2025
Principal amount	$	230,000
Unamortized debt discount and issuance costs		(7,105	)
Convertible senior notes, net	$	222,895

As of December 31, 2025, the estimated fair value of the Notes was approximately $270.3 million. The fair value was determined based on the quoted price of the Notes in an inactive market on the last trading day of the reporting period and has been classified as Level 2 in the fair value hierarchy.

Credit Facility

On June 11, 2025 (the “Closing Date”), the Company entered into a loan and security agreement (the “Loan and Security Agreement”) as a borrower with its subsidiaries (each a “Guarantor,” collectively, the “Guarantors”), the lenders party thereto (the “Lenders”), and SLR Investment Corp., as the administrative agent and collateral agent for itself and the Lenders (“SLR”). The Loan and Security Agreement provides for a non-dilutive term loan facility (the “Credit Facility”) of up to an aggregate principal amount of $400.0 million, of which a first tranche of $50.0 million was fully funded on the Closing Date, with future tranches at the Company’s election subject to achievement of milestones consisting of (i) a second tranche of $25.0 million subject to the Company announcing positive data from its Phase 2 SUMMIT clinical trial, (ii) a third tranche of $75.0 million subject to the Company announcing positive data from its Phase 3 PEAK clinical trial, (iii) a fourth tranche of $50.0 million subject to the Company achieving at least $85.0 million in net product revenue on a trailing six month basis on or prior to June 30, 2027, and (iv) a fifth tranche of $200.0 million subject to mutual agreement of the Company and SLR.

On November 18, 2025, using proceeds received from the issuance of the Notes described above, the Company prepaid in full all of its amounts outstanding with respect to the Credit Facility and repaid in full all obligations due. The aggregate payoff amount was approximately $54.8 million, which includes $50.0 million of principal, additional loan consideration and premiums of $4.6 million, and accrued interest of $0.2 million through the repayment date. The loss on debt extinguishment was $7.2 million, and was included in the loss on debt extinguishment in the consolidated statements of operations and comprehensive loss for the year ended December 31, 2025.

Interest expense related to the Notes and Credit Facility for the year ended December 31, 2025 was $3.1 million. This consisted of amortization of debt discount and issuance costs of $0.6 million and the contractual coupon interest expense of $2.5 million. The Company did not recognize any interest expense during the year ended December 31, 2024.

- Definition

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

+ References

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

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

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

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

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

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

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Name Accounting Standards Codification
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-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

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

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

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

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

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Payables and Accruals [Abstract]
Accrued employee compensation and benefits	$ 15,740	$ 12,259
Accrued external research and development expense	20,052	19,957
Accrued external manufacturing costs	3,805	6,548
Accrued professional and consulting services	6,560	2,995
Other	6,745	373
Total	$ 52,902	$ 42,132

Stock-Based Compensation - Schedule of Fair Value Option Granted (Detail)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award, Stock Options/Shares Outstanding, Weighted-Average Exercise Price, and Additional Disclosures [Abstract]
Risk-free interest rate	4.30%	4.10%	3.90%
Expected volatility	85.40%	84.70%	76.70%
Expected dividend yield	0.00%
Expected life (in years)	6 years 21 days	6 years 21 days	6 years 3 days

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:
Net loss	$ (328,937)	$ (255,859)	$ (192,410)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense	2,564	2,450	2,270
Stock-based compensation expense	46,079	39,740	30,621
Amortization of right-of-use operating lease assets	2,019	1,901	1,318
Change in fair value of CVR liability	0	0	(1,700)
Net amortization (accretion) of premiums (discounts) on marketable securities	(1,962)	(7,619)	(5,173)
Loss on disposal of property and equipment	0	0	8
Amortization of debt discount and issuance costs	601	0	0
Loss on debt extinguishment	(7,181)	0	0
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(195)	(4,334)	(626)
Other assets	1,561	2	(119)
Accounts payable	(2,509)	1,358	4,813
Accrued expenses and other current liabilities	10,686	15,956	8,170
Operating lease liability	(1,565)	(1,386)	(796)
Other liabilities	33	0	0
Net cash used in operating activities	(264,444)	(207,791)	(153,624)
Cash flows from investing activities:
Purchases of property and equipment	(1,554)	(573)	(2,796)
Purchases of marketable securities	(687,171)	(255,603)	(348,803)
Maturities and sales of marketable securities	289,199	294,452	253,775
Net cash provided by (used in) investing activities	(399,526)	38,276	(97,824)
Cash flows from financing activities:
Proceeds from long-term debt	49,291	0	0
Repayment of long-term debt	(54,635)	0	0
Proceeds from convertible senior notes	223,100	0	0
Payment of debt issuance costs	(2,622)	0	0
Proceeds from issuance of common stock under ATM, net of issuance costs of $4.9 million	159,323	0	0
Proceeds from issuance of common stock and Series B non-voting convertible preferred stock in connection with the Private Placement, net of offering costs $11.7 million	0	213,336	0
Taxes paid related to net share settlement of equity awards	(48,896)	0	0
Proceeds from issuance of common stock upon stock option exercises	11,546	199	965
Proceeds from issuance of stock from employee stock purchase plan	1,350	916	752
Net cash provided by financing activities	878,233	214,451	163,536
Net increase (decrease) in cash, cash equivalents and restricted cash	214,263	44,936	(87,912)
Cash, cash equivalents and restricted cash at beginning of period	98,165	53,229	141,141
Cash, cash equivalents and restricted cash at end of period	312,428	98,165	53,229
Supplemental disclosure of cash flow information:
Cash paid for interest	2,015	0	0
Supplemental disclosure of noncash investing and financing information:
Debt discount included in accrued expenses and other liabilities	20	0	0
Offering costs included in accounts payable and accrued expenses	64	49	30
Property & equipment included in accounts payable and accrued expenses	0	0	43
IPO One Member
Cash flows from financing activities:
Proceeds from issuance of common stock in public offerings, net of offering costs	539,776	0	0
IPO Two [Member]
Cash flows from financing activities:
Proceeds from issuance of common stock in public offerings, net of offering costs	0	0	161,819
Series A Non-Voting Convertible Preferred Stock [Member]
Supplemental disclosure of noncash investing and financing information:
Conversion of Series Preferred Stock into common stock	2,685	3,520	5,795
Series B Non Voting Convertible Preferred Stock [Member]
Supplemental disclosure of noncash investing and financing information:
Conversion of Series Preferred Stock into common stock	$ 18,522	$ 107,980	$ 0

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation


	Year Ended December 31, 2025
	Amount			Percent
U.S. federal statutory income tax rate	$	(69,077	)		21.0	%
State and local income taxes, net of federal income tax effect(1)		—			—
Tax credits:
Research and development tax credits		(9,050	)		2.8
Orphan Drug tax credits		(11,321	)		3.4
Changes in the valuation allowance		88,129			(26.8	)
Nontaxable or nondeductible items:
Stock-based compensation		(20,089	)		6.1
Non-deductible executive compensation		21,355			(6.5	)
Other		53			—
Effective income tax rate	$	—			0.0	%

(1) State tax in Massachusetts accounted for the majority (greater than 50%) of the tax effect in this category, offset with a valuation allowance.


	Year Ended December 31,
	2024			2023
Federal statutory income tax rate		(21.0	)%		(21.0	)%
State taxes, net of federal benefit		(1.9	)		(4.8	)
Federal and state tax credits		(7.9	)		(7.9	)
Rate change		4.4			(2.3	)
Nondeductible stock compensation		2.4			1.8
Other items		—			(0.9	)
Change in valuation allowance		24.0			35.1
Effective income tax rate		0.0	%		0.0	%

Schedule of Deferred Tax Assets

The Company’s net deferred tax assets as of December 31, 2025 and 2024 consisted of the following (in thousands):


	December 31,
	2025			2024
Deferred tax assets (liabilities):
Net operating loss carryforwards	$	100,592		$	64,299
Tax credits		70,591			48,961
Accrued expenses		3,636			2,901
Capitalized research and development expense		122,334			90,525
Operating lease right-of-use assets		(4,118	)		(4,688	)
Operating lease liabilities		4,678			5,271
Stock compensation		10,885			9,992
Other		2,432			1,291
Total deferred tax assets		311,030			218,552
Valuation allowance		(311,030	)		(218,552	)
Net deferred tax assets	$	—		$	—

Changes in Valuation Allowance for Deferred Tax Assets


	Year Ended December 31,
	2025		2024		2023
Valuation allowance as of beginning of year	$	218,552	$	157,070	$	89,544
Decreases recorded to income tax provision		—		—		—
Increases recorded to income tax provision		92,478		61,482		67,526
Valuation allowance as of end of year	$	311,030	$	218,552	$	157,070

Debt - Schedule of Outstanding Balance of Notes (Detail) $ in Thousands	Dec. 31, 2025 USD ($)
Debt Instruments [Abstract]
Principal amount	$ 230,000
Unamortized debt discount and issuance costs	(7,105)
Convertible senior notes, net	$ 222,895

- Definition

Amount of unamortized debt discount (premium) and debt issuance costs.

+ References + Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Name Accounting Standards Codification
-Section S99
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Section S50
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+ Details

Commitments and Contingencies - Summary of Elements of Lease Expense Net of Sublease Income (Detail) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Lease cost

Operating lease cost

$ 3,295

$ 3,796

Variable lease cost (1)

^[1]

714

807

687

Sublease income

(950)

Total lease cost

4,009

4,102

3,533

Other information

Cash paid for amounts included in the measurement of lease liabilities

$ 2,841

$ 3,663

$ 3,537

Weighted average remaining lease term

9 years 2 months 1 day

9 years 10 months 2 days

10 years 6 months 29 days

Weighted average discount rate

8.26%

8.00%

[1]	The variable lease costs for the years ended December 31, 2025, 2024 and 2023 include common area maintenance and other operating charges.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

9. Commitments and Contingencies

Operating Leases

Corporate Headquarters - Waltham, MA

On March 19, 2022, the Company and Cimpress USA Incorporated (“Cimpress”) entered into a sublease agreement (the “Waltham Sublease”) pursuant to which the Company subleases approximately 17,749 square feet of office space in Waltham, Massachusetts, which serves as the Company’s corporate headquarters. The Waltham Sublease became effective on May 5, 2022.

The Waltham Sublease has a term of four years and four months, commencing June 1, 2022 and expiring September 30, 2026. The Company will pay Cimpress base rent at an initial rate of $42.50 per square foot per year. Rent is payable in equal monthly installments and subject to $1.00 per square foot annual increases over the term. Additionally, the Company is responsible for reimbursing Cimpress for the Company’s share of the building’s property taxes and operating expenses. In connection with the Waltham Sublease, the Company provided a cash security deposit to the landlord in an amount of $0.4 million which is recorded in Other Assets in the consolidated balance sheet as of December 31, 2025 and 2024.

The lease commencement date occurred in May 2022, following landlord consent, as the Company gained access to the space under the terms of the lease. The Company recorded a right-of-use asset and lease liability for this lease of $2.9 million at the lease commencement date.

Future Corporate Headquarters - Waltham, MA

On September 5, 2025, the Company and BP THIRD AVENUE LLC (“BP”) entered into a lease agreement (the “Waltham Lease”) pursuant to which the Company will lease approximately 31,518 square feet of office space in Waltham, Massachusetts, which will serve as its corporate headquarters and replace its existing headquarters in Waltham, Massachusetts.

The term of the Waltham Lease will commence when BP has substantially completed all construction and the office space is ready for occupancy, which is expected to be in May 2026 (the “Commencement Date”). The Waltham Lease will have a term of 7 years and 10 months from the Commencement Date, and the Company has an option to extend the term of the Waltham Lease for an additional five-year period. The Company's obligation to pay base rent begins 5 months after the Commencement Date at an initial rate of $32.00 per square foot. Rent will be payable in equal monthly installments and subject to annual increases of $1.00 per square foot over the term. Additionally, the Company is required to pay its share of operating expenses and property taxes as additional rent. In connection with the Waltham Lease, the Company deposited with BP a letter of credit in the amount of approximately $0.3 million as a security deposit which is recorded in Restricted Cash in the consolidated balance sheet as of December 31, 2025.

Research Facility - Boulder, CO

On July 6, 2021, the Company entered into a lease agreement (the “Original Lease”) pursuant to which the Company leases approximately 38,075 square feet (the “Initial Premises”) in Boulder, Colorado, which includes office and laboratory space. Subsequently, on March 29, 2022, the Company entered into the First Amendment to the lease agreement (the “First Amendment” and together with the Original Lease, (the “Boulder Lease”) pursuant to which the Company leases approximately 6,582 square feet of additional office space on the second floor (the “Expansion Premises”).

The Boulder Lease has an initial term of 12 years with the option to extend for three successive five-year terms. Boulder Lease payments began in June 2023 after an initial free rent period. Rent is payable in equal monthly installments and subject to annual increases over the term. Additionally, the Company is responsible for reimbursing the landlord for its share of the building’s property taxes and operating expenses. The Boulder Lease is an operating lease. In connection with the Boulder Lease, the Company provided a cash security deposit to the landlord in an amount of $0.7 million which is recorded in Other Assets in the consolidated balance sheet as of December 31, 2025 and 2024.

The Company recorded the initial right-of-use assets and lease liabilities for the lease of $22.3 million as of the lease commencement dates.

The elements of the lease expense, net of sublease income, were as follows (in thousands):


	2025			2024			2023
Lease cost
Operating lease cost	$	3,295		$	3,295		$	3,796
Variable lease cost(1)		714			807			687
Sublease income		—			—			(950	)
Total lease cost	$	4,009		$	4,102		$	3,533

Other information
Cash paid for amounts included in the measurement of lease liabilities	$	2,841		$	3,663		$	3,537
Weighted average remaining lease term		9.17			9.84			10.58
Weighted average discount rate		8.26	%		8.00	%		8.00	%

(1) The variable lease costs for the years ended December 31, 2025, 2024 and 2023 include common area maintenance and other operating charges.

Future minimum lease payments under the Company’s operating leases as of December 31, 2025 are as follows (in thousands):


Year Ending December 31,
2026		2,950
2027		3,148
2028		3,227
2029		3,307
2030		3,388
Thereafter		14,096
Total future minimum lease payments		30,116
Less: imputed interest		14,214
Total operating lease liability	$	15,902
Included in the consolidated balance sheet:
Current operating lease liability	$	1,547
Operating lease liability, net of current portion		14,355
Total operating lease liability	$	15,902

License Agreements

Plexxikon License Agreement

In July 2020, the Company obtained an exclusive, sublicensable, worldwide license (the “License Agreement”) to certain patents and other intellectual property rights to research, develop and commercialize bezuclastinib. Under the terms of the License Agreement, the Company is required to pay Plexxikon Inc., a member of the Daiichi Sankyo Group (“Plexxikon”), aggregate payments of up to $7.5 million upon the satisfaction of certain clinical milestones and up to $25.0 million upon the satisfaction of certain regulatory milestones. During the second quarter of 2022, as a result of the progression of the PEAK study, the first clinical milestone was achieved, resulting in payment of $2.5 million to Plexxikon in June 2022. In the fourth quarter of 2025, $5.0 million became payable upon the achievement of certain regulatory milestones and additional $15.0 million may become payable in the next twelve months as a result of the achievement of additional regulatory milestones.

The Company is also required to pay Plexxikon tiered royalties ranging from a low-single digit percentage to a high-single digit percentage on annual net sales of products. These royalty obligations last on a product-by-product basis and country-by-country basis until the latest of (i) the date on which there is no valid claim of a licensed Plexxikon patent covering a subject product in such country or (ii) the 10th anniversary of the date of the first commercial sale of the product in such country. In addition, if the Company sublicenses the rights under the License Agreement, the Company is required to pay a certain percentage of the sublicense revenue to Plexxikon ranging from mid-double digit percentages to mid-single digit percentages, depending on whether the sublicense is entered into prior to or after certain clinical trial events.

The License Agreement will expire on a country-by-country and licensed product-by-licensed product basis until the later of the last to expire of the patents covering such licensed products or services or the 10-year anniversary of the date of first commercial sale of the licensed product in such country. The Company may terminate the License Agreement within 30 days after written notice in the event of a material breach. The Company may also terminate the agreement upon written notice in the event of the Company’s bankruptcy, liquidation or insolvency. In addition, the Company has the right to terminate this agreement in its entirety at will upon 90 days’ advance written notice to Plexxikon.

Indemnification Agreements

In the ordinary course of business, the Company may provide indemnification of varying scope and terms to vendors, lessors, business partners and other parties with respect to certain matters including, but not limited to, losses arising out of breach of such agreements or from intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements with members of its board of directors and its executive officers that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is, in many cases, unlimited. To date, the Company has not incurred any material costs as a result of such indemnifications. The Company is not aware of any claims under indemnification arrangements that will have a material effect on its financial position, results of operations or cash flows, and it has not accrued any liabilities related to such obligations in its consolidated financial statements as of December 31, 2025 or 2024.

Legal Proceedings

The Company is not currently party to any material legal proceedings. At each reporting date, the Company evaluates whether or not a potential loss amount 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 as incurred the costs related to such legal proceedings.

Commitments and Contingencies - Additional Information (Detail) $ in Thousands					1 Months Ended	12 Months Ended
	Sep. 05, 2025 ft² $ / ft²	May 05, 2022 $ / ft²	Mar. 19, 2022 ft²	Jul. 06, 2021 ft²	Jul. 30, 2020 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Jun. 30, 2022 USD ($)	May 31, 2022 USD ($)	Mar. 29, 2022 ft²
Commitments And Contingencies Disclosure [Line Items]
Operating lease, initial right-of-use asset						$ 18,078	$ 20,097
Operating lease liabilities						15,902
Plexxikon License Agreement [Member]
Commitments And Contingencies Disclosure [Line Items]
Clinical milestone achieved, triggering payment								$ 2,500
Milestone payments payable upon achievement regulatory milestones						5,000
Milestone payments payable as a result of progression of on-going clinical studies						$ 15,000
License agreement expiration terms						The License Agreement will expire on a country-by-country and licensed product-by-licensed product basis until the later of the last to expire of the patents covering such licensed products or services or the 10-year anniversary of the date of first commercial sale of the licensed product in such country. The Company may terminate the License Agreement within 30 days after written notice in the event of a material breach. The Company may also terminate the agreement upon written notice in the event of the Company’s bankruptcy, liquidation or insolvency. In addition, the Company has the right to terminate this agreement in its entirety at will upon 90 days’ advance written notice to Plexxikon.
Waltham Sublease [Member]
Commitments And Contingencies Disclosure [Line Items]
Operating lease liabilities									$ 2,900
Security deposit amount						$ 400	400
Square feet of office space \| ft²			17,749
Sublease term of contract		4 years 4 months
Initial base rent per square foot per year \| $ / ft²		42.5
Sublease commencement date		Jun. 01, 2022
Rent annual increase per square foot \| $ / ft²		1
Sublease expiration date		Sep. 30, 2026
Waltham Lease [Member]
Commitments And Contingencies Disclosure [Line Items]
Security deposit amount						300
Square feet of office space \| ft²	31,518
Lease term of contract	7 years 10 months
Extended lease term of contract	5 years
Period by which base rent obligation paid after the commencement date	5 months
Initial base rent per square foot per year \| $ / ft²	32
Lease commencement date	May 01, 2026
Rent annual increase per square foot \| $ / ft²	1
Maximum [Member] \| Plexxikon License Agreement [Member]
Commitments And Contingencies Disclosure [Line Items]
Aggregate payments received upon satisfaction of clinical milestones					$ 7,500
Aggregate payments received					$ 25,000
Office and Laboratory Space [Member] \| The Boulder Lease [Member]
Commitments And Contingencies Disclosure [Line Items]
Lessee, operating lease, existence of option to extend				true
Operating Lease payments description				Boulder Lease payments began in June 2023 after an initial free rent period.
Operating lease, initial right-of-use asset							22,300
Operating lease liabilities						22,300
Area of lease agreement \| ft²				38,075
Lease description				The Boulder Lease has an initial term of 12 years with the option to extend for three successive five-year terms.
Lease, term of contract				12 years
Security deposit amount						$ 700	$ 700
Office and Laboratory Space [Member] \| First Amendment [Member] \| The Boulder Lease [Member]
Commitments And Contingencies Disclosure [Line Items]
Area of lease agreement \| ft²										6,582

Summary of Significant Accounting Policies - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2025
Significant Accounting Policies [Line Items]
Expected dividend yield	0.00%
ASU 2023-09 [Member]
Significant Accounting Policies [Line Items]
Change in accounting principle, accounting standards update, adopted [true false]	true
Change in accounting principle, accounting standards update, adoption date	Jan. 01, 2025
Change in accounting principle, accounting standards update, immaterial effect [true false]	true

- Definition

Indicates (true false) whether accounting standards update was adopted.

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+ Details

Net Loss Per Share - Schedule of Revised Computation of Basic and Diluted Net Loss Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Computation of Basic and Diluted Net Loss Per Share [Line items]
Net loss	$ (328,937)	$ (255,859)	$ (192,410)
Weighted average shares outstanding, basic	128,899,408	103,856,611	79,657,942
Weighted average shares outstanding, diluted	128,899,408	103,856,611	79,657,942
Net loss per share, basic	$ (2.16)	$ (1.94)	$ (1.94)
Net loss per share, diluted	$ (2.16)	$ (1.94)	$ (1.94)
Series A Preferred Stock [Member]
Computation of Basic and Diluted Net Loss Per Share [Line items]
Net loss	$ (36,434)	$ (35,564)	$ (37,481)
Weighted average shares outstanding, basic	67,600	73,350	77,085
Weighted average shares outstanding, diluted	67,600	73,350	77,085
Net loss per share, basic	$ (538.96)	$ (484.85)	$ (486.23)
Net loss per share, diluted	$ (538.96)	$ (484.85)	$ (486.23)
Series B Preferred Stock [Member]
Computation of Basic and Diluted Net Loss Per Share [Line items]
Net loss	$ (14,612)	$ (18,873)
Weighted average shares outstanding, basic	6,778	9,731
Weighted average shares outstanding, diluted	6,778	9,731
Net loss per share, basic	$ (2,155.8)	$ (1,939.47)
Net loss per share, diluted	$ (2,155.8)	$ (1,939.47)
Common Stock [Member]
Computation of Basic and Diluted Net Loss Per Share [Line items]
Net loss	$ (277,890)	$ (201,422)	$ (154,929)
Weighted average shares outstanding, basic	128,899,408	103,856,611	79,657,942
Weighted average shares outstanding, diluted	128,899,408	103,856,611	79,657,942
Net loss per share, basic	$ (2.16)	$ (1.94)	$ (1.94)
Net loss per share, diluted	$ (2.16)	$ (1.94)	$ (1.94)

- 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

Segment Information - Schedule of Segment Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Operating Expenses	$ (333,363)	$ (275,939)	$ (208,130)
Interest income	(14,689)	(18,088)	(13,077)
Interest expense	3,062
Loss on debt extinguishment	7,181	0	0
Change in fair value of CVR liability	0	0	(1,700)
Other expense (income), net	20	(1,992)	(943)
Segment net loss and consolidated net loss	328,937	255,859	192,410
Late-stage Development [Member]
Segment Reporting Information [Line Items]
Operating Expenses	120,059	120,862	85,484
Early-stage, Preclinical and Discovery Programs [Member]
Segment Reporting Information [Line Items]
Operating Expenses	40,112	28,141	19,171
R&D Personnel Related [Member]
Segment Reporting Information [Line Items]
Operating Expenses	64,035	47,048	38,206
Research and Development Software, Facilities and Other Strategic Support [Member]
Segment Reporting Information [Line Items]
Operating Expenses	20,085	10,812	9,374
Other Operational Infrastructure and Advisory Support [Member]
Segment Reporting Information [Line Items]
Operating Expenses	40,429	26,886	23,010
Stock-Based Compensation Expense [Member]
Segment Reporting Information [Line Items]
Operating Expenses	46,079	39,740	30,621
Depreciation Expense [Member]
Segment Reporting Information [Line Items]
Operating Expenses	$ 2,564	$ 2,450	$ 2,264

Nature of the Business and Basis of Presentation - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net loss	$ 328,937	$ 255,859	$ 192,410
Accumulated deficit	$ 1,188,420	$ 859,483

- Definition

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

+ References

+ Details

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Income Taxes - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Line Items]
Current income tax benefits	$ 0	$ 0	$ 0
Deferred income tax benefits	$ 0	0	0
Operating losses carried forward, expiration date	2035
Operating loss carryforwards, federal	$ 425,000,000
Percentage of net operating loss carry forward deductible from current year taxable income	80.00%
Federal orphan drug tax credits	$ 37,100,000
Federal orphan drug credit carry forwards expiration year	2041
Annual limitation amount per year under section 382	$ 300,000
Unrecognized tax benefits	0	$ 0	$ 0
Provision for income taxes	0
Income tax payments	0
U.S. federal [Member]
Income Tax Disclosure [Line Items]
Net operating losses carryforwards	428,300,000
Research and development tax credits carryforwards	$ 28,800,000
Tax credit carryforwards, expiration year	2040
Net operating losses subject to limitation under section 382	$ 73,000,000.0
State [Member]
Income Tax Disclosure [Line Items]
Net operating losses carryforwards	170,800,000
Research and development tax credits carryforwards	$ 6,000,000
Tax credit carryforwards, expiration year	2035
Net operating losses subject to limitation under section 382	$ 1,500,000

Net Loss Per Share (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of Revised Computation of Basic and Diluted Net Loss Per Share


	Year Ended December 31, 2025
	Series A Preferred Stock			Series B Preferred Stock			Common Stock
Numerator:
Allocated net loss	$	(36,434	)	$	(14,612	)	$	(277,890	)
Denominator:
Weighted average shares outstanding, basic and diluted		67,600			6,778			128,899,408
Net loss per share, basic and diluted	$	(538.96	)	$	(2,155.80	)	$	(2.16	)


	Year Ended December 31, 2024
	Series A Preferred Stock			Series B Preferred Stock			Common Stock
Numerator:
Allocated net loss	$	(35,564	)	$	(18,873	)	$	(201,422	)
Denominator:
Weighted average shares outstanding, basic and diluted		73,350			9,731			103,856,611
Net loss per share, basic and diluted	$	(484.85	)	$	(1,939.47	)	$	(1.94	)


	Year Ended December 31, 2023
	Series A Preferred Stock			Series B Preferred Stock		Common Stock
Numerator:
Allocated net loss	$	(37,481	)	$	—	$	(154,929	)
Denominator:
Weighted average shares outstanding, basic and diluted		77,085			—		79,657,942
Net loss per share, basic and diluted	$	(486.23	)	$	—	$	(1.94	)

Summary of Potential Dilutive Securities


	December 31,
	2025		2024		2023
Stock options to purchase common stock		27,358,567		21,497,158		15,502,746
Shares issuable upon conversion of convertible notes		5,116,787		—		—
Performance-based restricted stock units subject to vesting		3,990,000		2,714,000		2,500,000
Time-based restricted stock units subject to vesting		539,000		80,000		—
		37,004,354		24,291,158		18,002,746

Preferred Stock, Series A and Series B Non-Voting Convertible Preferred Stock and Common Stock - Additional Information (Detail) - USD ($)							12 Months Ended
	Nov. 11, 2025	Jul. 10, 2025	Jun. 10, 2024	Mar. 21, 2024	Feb. 14, 2024	Feb. 13, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Jan. 31, 2026	Nov. 07, 2025	Jun. 05, 2024	Mar. 31, 2024	Jun. 13, 2022	May 06, 2022
Class Of Stock [Line Items]
Common stock, Shares authorized							300,000,000	300,000,000				300,000,000	150,000,000
Common stock, Par value							$ 0.001	$ 0.001
Preferred stock, par value							$ 0.001
Preferred stock, shares authorized							10,000,000
Preferred stock, shares outstanding							0
Preferred stock, shares issued							0
Pre-funded warrants, purchase price per share							$ 0.01
Over-Allotment Option [Member]
Class Of Stock [Line Items]
Beneficial ownership limitation percentage for conversion of common stock issued and outstanding														9.99%
Stock offering price, per share	$ 31	$ 9
Shares of common stock issued and sold	9,677,420	25,555,556
Exercise of stock options additional shares of common stock	1,451,613	3,333,333
Proceeds from issuance of common stock to LPC	$ 324,000,000	$ 215,800,000
Underwriting discounts and commissions expenses	20,700,000	13,800,000
Offering expenses	$ 300,000	$ 400,000
Pre-funded warrants exercised							2,424,242
Pre-funded warrants remain outstanding							606,060
Underwriters exercise period option	30 days	30 days
Over-Allotment Option [Member] \| Subsequent Event [Member]
Class Of Stock [Line Items]
Pre-funded warrants remaining exercised										606,060
Purchase Agreement [Member]
Class Of Stock [Line Items]
Sale of securities, value						$ 213,300,000
Guggenheim Securities, LLC [Member]
Class Of Stock [Line Items]
Stock issued (in shares)							7,623,189
Proceeds from issuance of common stock to LPC							$ 159,300,000
Maximum [Member] \| Over-Allotment Option [Member]
Class Of Stock [Line Items]
Beneficial ownership limitation percentage for conversion of common stock issued and outstanding														19.99%
Maximum [Member] \| Guggenheim Securities, LLC [Member]
Class Of Stock [Line Items]
Stock offering cost											$ 300,000,000				$ 75,000,000
Common Stock [Member]
Class Of Stock [Line Items]
Exchange of common stock for Series B Preferred Stock, Shares								(8,300,000)
Common stock issued upon conversion of preferred stock							4,516,000
Common stock voting right							Each share of common stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders.
Exercise of stock options additional shares of common stock							1,327,446	30,590	123,687
Pre-funded warrants, purchase price per share														$ 0.01
Common Stock [Member] \| Purchase Agreement [Member]
Class Of Stock [Line Items]
Stock issued (in shares)						17,717,997
Stock offering price, per share						$ 7.5
Common Stock [Member] \| Exchange Agreements [Member]
Class Of Stock [Line Items]
Exchange of common stock for Series B Preferred Stock, Shares				8,300,000
Series A Preferred Stock [Member]
Class Of Stock [Line Items]
Percentage of preferred stock issued							58.70%
Cumulative amount of shares conversion							95,911
Preferred stock, shares outstanding							67,414
Series A Preferred Stock [Member] \| Common Stock [Member]
Class Of Stock [Line Items]
Conversion of preferred stock into common stock, Shares							23,977,750
Common stock issued upon conversion of preferred stock							16,853,500
Series A Non-Voting Convertible Preferred Stock [Member]
Class Of Stock [Line Items]
Preferred stock, par value							$ 0.001	$ 0.001
Preferred stock, shares authorized							1,000,000	1,000,000
Minimum percentage of originally issued shares remain issued and outstanding							40.00%
Convertible preferred stock, common stock issuable upon conversion							250
Preferred stock, shares outstanding							67,414	70,465
Preferred stock, shares issued							67,414	70,465
Series A Non-Voting Convertible Preferred Stock [Member] \| Minimum [Member]
Class Of Stock [Line Items]
Beneficial ownership limitation percentage for conversion of common stock issued and outstanding							4.90%
Series A Non-Voting Convertible Preferred Stock [Member] \| Maximum [Member]
Class Of Stock [Line Items]
Beneficial ownership limitation percentage for conversion of common stock issued and outstanding							19.90%
Series A Non-Voting Convertible Preferred Stock [Member] \| Common Stock [Member]
Class Of Stock [Line Items]
Conversion of preferred stock into common stock, Shares							762,750	1,000,000	1,646,250
Series B Preferred Stock [Member]
Class Of Stock [Line Items]
Percentage of preferred stock issued							78.10%
Cumulative amount of shares conversion							16,064
Preferred stock, shares outstanding			13,712				4,516
Series B Preferred Stock [Member] \| Common Stock [Member]
Class Of Stock [Line Items]
Number of shares convertible			13,712,000
Conversion of preferred stock into common stock, Shares			13,712,000				16,064,000
Series B Non Voting Convertible Preferred Stock [Member]
Class Of Stock [Line Items]
Preferred stock, par value							$ 0.001	$ 0.001
Preferred stock, shares authorized							20,580	20,580
Preferred stock, shares outstanding							4,516	6,868
Preferred stock, shares issued							4,516	6,868
Series B Non Voting Convertible Preferred Stock [Member] \| Purchase Agreement [Member]
Class Of Stock [Line Items]
Preferred stock, par value					$ 0.001
Stock issued (in shares)						12,280
Stock offering price, per share						$ 7,500
Maximum number of shares issuable under certificate of designation					12,280
Series B Non Voting Convertible Preferred Stock [Member] \| Exchange Agreements [Member]
Class Of Stock [Line Items]
Exchange of common stock for Series B Preferred Stock, Shares				8,300
Series B Non Voting Convertible Preferred Stock [Member] \| Minimum [Member]
Class Of Stock [Line Items]
Preferred stock, shares authorized				12,280
Converstion of shares percentage			0.00%
Series B Non Voting Convertible Preferred Stock [Member] \| Maximum [Member]
Class Of Stock [Line Items]
Preferred stock, shares authorized				20,580
Converstion of shares percentage			19.90%
Series B Non Voting Convertible Preferred Stock [Member] \| Common Stock [Member]
Class Of Stock [Line Items]
Number of shares convertible			1,000
Undesignated Preferred Stock [Member]
Class Of Stock [Line Items]
Preferred stock, par value							$ 0.001	$ 0.001
Preferred stock, shares authorized							8,979,420	8,979,420
Preferred stock, shares outstanding							0	0
Preferred stock, shares issued							0	0