0001193125-26-352128 | 10-Q | XBRL Viewer

Summary of Significant Accounting Policies - Schedule of Anti-dilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	4,155,809	1,507,369
Warrants
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	2,592,014	713,396
Common Stock Options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	1,563,795	793,973

Fair Value - Schedule of Fair Value Assets Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents and marketable securities	$ 16,900	$ 26,600
Fair Value Measurements, Recurring Basis
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	16,872	26,614
Cash equivalents and marketable securities	16,872	26,614
Top-up Shares	5,730
Total current liabilities	5,730
Fair Value Measurements, Recurring Basis \| Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	16,872	26,614
Cash equivalents and marketable securities	16,872	26,614
Top-up Shares	0
Total current liabilities	0
Fair Value Measurements, Recurring Basis \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Cash equivalents and marketable securities	0	0
Top-up Shares	0
Total current liabilities	0
Fair Value Measurements, Recurring Basis \| Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Cash equivalents and marketable securities	0	$ 0
Top-up Shares	5,730
Total current liabilities	$ 5,730

Commitments and Contingencies	6 Months Ended
Jun. 30, 2026
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	12. Commitments and Contingencies Einstein License Agreement In 2015, the Company entered into the Einstein License with Einstein for certain patent rights relating to the Company’s core technology platform for the engineering of biologics to control T cell activity, precision, immune-modulatory drug product candidates, and two supporting technologies that enable the discovery of costimulatory signaling molecules (ligands) and T cell targeting peptides. The Company entered into an amended and restated license agreement on July 31, 2017, as amended on October 2018, which modified certain obligations of the parties under the Einstein License. The Einstein License was further amended on January 13, 2024 and April 10, 2025. The Company pays $0.1 million in annual maintenance license fees to Einstein, which are amortized equally throughout the year. The Company incurred less than $0.1 million in annual maintenance fees for each of the three and six months ended June 30, 2026 and 2025. The Company’s remaining commitments with respect to the Einstein License are based on the attainment of future milestones. The aggregate amount of milestone payments made under the Einstein License may equal up to $1.85 million for each Einstein Licensed Product, and up to $1.85 million for each new indication of an Einstein Licensed Product. Additionally, the aggregate amount of one-time milestone payments based on cumulative sales of all Einstein Licensed Products may equal up to $5.75 million. The Company is also party to a service agreement with Einstein to support the Company’s ongoing research and development activities. Ascendant License Agreement The Company’s remaining commitments with respect to the Ascendant License Agreement are based on the attainment of future milestones. The aggregate amount of milestone payments made under the Ascendant License Agreement may equal up to $676.5 million in additional potential milestone payments, and tiered royalty payments (at percentages ranging from high single-digit to low double-digit) on future net sales of Licensed Products. In the event the Company grants a sublicense of its rights under the License Agreement within the first 18 months after the effective date of the License Agreement, certain sublicensing revenues received by the Company will be shared with Licensor at specified percentages between 20% and 40% for a period of up to 18 months after the effective date. In addition, in the event of a specified change of control transaction with respect to the Company within the first 18 months after the effective date of the License Agreement, certain milestone payments will accelerate, in an amount up to $215.0 million. See discussion of the Ascendant License Agreement in Note 8. Pursuant to the Purchase Agreement with Ascendant, the Company may be required to issue Top-Up Shares, or, if stockholder approval is required for the issuance of such shares, the Top-Up Pre-Funded Warrants, upon the achievement of specified clinical and financial milestones. The number of Top-Up Shares to be issued is variable and is designed to provide Ascendant with beneficial ownership of no less than 7.5% of the Company's outstanding common stock immediately following the achievement of the final milestone, subject to the terms and conditions of the agreement. Collaboration and Option Agreement with Ono See discussion of the Ono Collaboration and Option Agreement in Note 11. Collaboration and License Agreement with BI See discussion of the BI Collaboration and License Agreement in Note 11. Collaboration and License Agreement with IMSCP See discussion of the IMSCP Collaboration and License Agreement in Note 11. Contingencies The Company accrues contingent liabilities to the extent that the liability is probable and estimable. There are no accruals for contingent liabilities in the Company’s condensed consolidated financial statements. The Company may be subject to various legal proceedings from time to time as part of its business. As of June 30, 2026, the Company was not a party to any legal proceedings or threatened legal proceedings, the adverse outcome of which, individually or in the aggregate, would have a material adverse effect on its business, financial condition or results of operations.

Commitments and Contingencies

6 Months Ended

Jun. 30, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

12.

Commitments and Contingencies

Einstein License Agreement

In 2015, the Company entered into the Einstein License with Einstein for certain patent rights relating to the Company’s core technology platform for the engineering of biologics to control T cell activity, precision, immune-modulatory drug product candidates, and two supporting technologies that enable the discovery of costimulatory signaling molecules (ligands) and T cell targeting peptides. The Company entered into an amended and restated license agreement on July 31, 2017, as amended on October 2018, which modified certain obligations of the parties under the Einstein License. The Einstein License was further amended on January 13, 2024 and April 10, 2025.

The Company pays $0.1 million in annual maintenance license fees to Einstein, which are amortized equally throughout the year. The Company incurred less than $0.1 million in annual maintenance fees for each of the three and six months ended June 30, 2026 and 2025.

The Company’s remaining commitments with respect to the Einstein License are based on the attainment of future milestones. The aggregate amount of milestone payments made under the Einstein License may equal up to $1.85 million for each Einstein Licensed Product, and up to $1.85 million for each new indication of an Einstein Licensed Product. Additionally, the aggregate amount of one-time milestone payments based on cumulative sales of all Einstein Licensed Products may equal up to $5.75 million. The Company is also party to a service agreement with Einstein to support the Company’s ongoing research and development activities.

Ascendant License Agreement

The Company’s remaining commitments with respect to the Ascendant License Agreement are based on the attainment of future milestones. The aggregate amount of milestone payments made under the Ascendant License Agreement may equal up to $676.5 million in additional potential milestone payments, and tiered royalty payments (at percentages ranging from high single-digit to low double-digit) on future net sales of Licensed Products. In the event the Company grants a sublicense of its rights under the License Agreement within the first 18 months after the effective date of the License Agreement, certain sublicensing revenues received by the Company will be shared with Licensor at specified percentages between 20% and 40% for a period of up to 18 months after the effective date. In addition, in the event of a specified change of control transaction with respect to the Company within the first 18 months after the effective date of the License Agreement, certain milestone payments will accelerate, in an amount up to $215.0 million. See discussion of the Ascendant License Agreement in Note 8.

Pursuant to the Purchase Agreement with Ascendant, the Company may be required to issue Top-Up Shares, or, if stockholder approval is required for the issuance of such shares, the Top-Up Pre-Funded Warrants, upon the achievement of specified clinical and financial milestones. The number of Top-Up Shares to be issued is variable and is designed to provide Ascendant with beneficial ownership of no less than 7.5% of the Company's outstanding common stock immediately following the achievement of the final milestone, subject to the terms and conditions of the agreement.

Collaboration and Option Agreement with Ono

See discussion of the Ono Collaboration and Option Agreement in Note 11.

Collaboration and License Agreement with BI

See discussion of the BI Collaboration and License Agreement in Note 11.

Collaboration and License Agreement with IMSCP

See discussion of the IMSCP Collaboration and License Agreement in Note 11.

Contingencies

The Company accrues contingent liabilities to the extent that the liability is probable and estimable. There are no accruals for contingent liabilities in the Company’s condensed consolidated financial statements.

The Company may be subject to various legal proceedings from time to time as part of its business. As of June 30, 2026, the Company was not a party to any legal proceedings or threatened legal proceedings, the adverse outcome of which, individually or in the aggregate, would have a material adverse effect on its business, financial condition or results of operations.

Accrued Expenses

6 Months Ended

Jun. 30, 2026

Accrued Liabilities, Current [Abstract]

Accrued Expenses

Accrued expenses consist of the following:


	June 30,		December 31,
(In thousands)	2026		2025
Employee and board compensation	$	1,712	$	757
Payroll tax liability		12,155		26
Contract research services		177		286
Contract manufacturing services		186		290
Professional services		653		252
Total	$	14,883	$	1,611

Payroll tax liability as of June 30, 2026 was primarily related to restricted stock units granted to certain executives in the second quarter of 2026.

Stock-Based Compensation

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Stock-based compensation

Stock-Based Compensation

Stock Option Valuation

For stock options requiring an assessment of value during the six months ended June 30, 2026 and 2025, the fair value of each stock option award was estimated using the Black-Scholes option-pricing model utilizing the following assumptions:


		June 30, 2026
Risk-free interest rate		3.92 - 4.19%
Expected dividend yield		0%
Expected volatility		88.60% - 104.03%
Expected life		5.50 to 6.25 years

		June 30, 2025
Risk-free interest rate		4.05% - 4.46%
Expected dividend yield		0%
Expected volatility		86.46% - 88.15%
Expected life		5.50 to 6.25 years

A summary of stock option activity for the six months ended June 30, 2026 is as follows:


	Number of Shares*			Weighted Average Exercise Price*		Weighted Average Remaining Contractual Life (in Years)
Stock options outstanding at December 31, 2025		424,910		$	116.68		6.79
Granted		1,320,053			29.85		—
Exercised		(43,390	)		18.82		—
Forfeited		(113,684	)		28.66		—
Expired		(24,094	)		228.53		—
Stock options outstanding at June 30, 2026		1,563,795			50.78		9.07
Stock options exercisable at June 30, 2026		351,300		$	121.44		6.52

The aggregate intrinsic value of exercisable but unexercised in-the-money stock options at June 30, 2026 was $0.4 million, with a weighted average remaining contractual term of 6.52 years. The aggregate intrinsic value of options is calculated as the difference of the market close price of $31.56 on June 30, 2026 and the exercise price.

During the three and six months ended June 30, 2026, the Company recognized $3.9 million in stock-based compensation related to stock option activity. As of June 30, 2026, total unrecognized stock-based compensation expense was $28.6 million, which is expected to be recognized as an operating expense in the Company’s condensed consolidated statements of operations over the weighted average remaining period of 9.07 years.

During the three and six months ended June 30, 2026, the Company granted stock options to purchase 1.3 million shares of common stock with a weighted average grant date fair value of $29.96 per share and stock options to purchase 1.3 million shares of common stock with a weighted average grant date fair value of $29.85 per share, respectively.

During the three and six months ended June 30, 2025, the Company granted stock options to purchase 1.6 thousand shares of common stock with a weighted average grant date fair value of $18.60 per share and stock options to purchase 64.6 thousand shares of common stock with a weighted average grant date fair value of $29.70 per share, respectively.

Restricted Stock Units

On May 1, 2026, the Company granted 655,071 restricted stock units (“RSUs”) to certain executives with a grant date fair value of $30.42 per share. The RSUs vested immediately on grant date.

The following table summarizes the RSU activity under the 2026 Inducement Plan for the six months ended June 30, 2026:


Restricted Securities	Number of Shares			Weighted Average Grant Date Fair Value Per Share
Nonvested balance at December 31, 2025		—		$	—
Granted		655,071			30.42
Vested/Released		(655,071	)		30.42
Nonvested balance at June 30, 2026		—		$	—

The Company recognized $19.9 million in stock-based compensation during the three and six months ended June 30, 2026 related to RSU activity. As of June 30, 2026, there was no unrecognized stock-based compensation.

Stock-based Compensation

Stock-based compensation for the three and six months ended June 30, 2026 and 2025 was included in the Company’s condensed consolidated statements of operations as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2026		2025		2026		2025
General and administrative	$	20,336	$	580	$	20,355	$	1,275
Research and development		3,502		683		3,531		1,326
Total stock-based compensation	$	23,838	$	1,263	$	23,886	$	2,601

Stock-based compensation for the three and six months ended June 30, 2026 and 2025 by type was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2026		2025		2026		2025
Stock options	$	3,911	$	1,263	$	3,959	$	2,601
RSUs		19,927		—		19,927		—
Total stock-based compensation	$	23,838	$	1,263	$	23,886	$	2,601

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Pay vs Performance Disclosure
Net Income (Loss)	$ (153,067)	$ (8,482)	$ (158,245)	$ (20,739)

- Definition

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

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-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 42: 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)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

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
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 44: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
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-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
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Reference 46: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 47: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
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-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 48: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(4)
-Publisher FASB
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Reference 49: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

License Agreements (Additional Information) (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		6 Months Ended
	Apr. 30, 2026	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	May 04, 2026
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront payment	$ 15,000
Research and development		$ 49,007	$ 7,910	$ 55,904	$ 16,457
Milestone payment	676,500
Research and development expense other cost				35,100
Additional Milestone Payments	$ 5,000
Sublicensing revenues received percentage	20.00%
Class of Warrant or Right, Number of Securities Called by Warrants or Rights	551,724
Transfer Payments	$ 6,500
Pre-Funded Warrants
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Fair Value Of Financial Measurement		16,500		16,500
Exercise price of common stock warrants	$ 0.001
Top Up Shares [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Gain loss on fair value				2,100
Fair Value Of Financial Measurement		3,650		3,650
Contingency Accrual At Carrying Value		$ 5,700		$ 5,700
Minimum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone payment	$ 676,500
Percentage of Outstanding Capital Stock	7.50%			7.50%
Maximum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone payment	$ 40,000
Einstein License Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Nonrefundable milestone payments				$ 3,890
Issuance of common stock from public offerings, net of underwriter discounts, Shares				22,385
License Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone payment	215,000
Commercial milestone payments	460,000
Development and regulatory milestone payments	$ 205,000
License Agreement \| Minimum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Sublicensing revenues received percentage	20.00%
License Agreement \| Maximum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Sublicensing revenues received percentage	40.00%
Underwriting Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone payment						$ 15,000

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		6 Months Ended		12 Months Ended
	Apr. 30, 2026	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025	Jul. 09, 2026
Summary Of Significant Accounting Policies [Line Items]
Common stock, shares outstanding		5,229,392		5,229,392		3,220,707
Common stock, shares authorized		300,000,000		300,000,000		300,000,000
Common stock, par value		$ 0.001		$ 0.001		$ 0.001
Research and development		$ 49,007	$ 7,910	$ 55,904	$ 16,457
Common stock shares issued		5,229,392		5,229,392		3,220,707
Weighted average contractual life				15 years
Type of Cost, Good or Service [Extensible List]				us-gaap:LicenseMember
Pre Funded Warrants				3,742,562	796,827
Private Placement \| Subsequent Event
Summary Of Significant Accounting Policies [Line Items]
Proceeds from sale of common stock							$ 49,800
Common Stock \| Private Placement \| Subsequent Event
Summary Of Significant Accounting Policies [Line Items]
Offering price							$ 33.21
Common stock shares issued							1,418,071
May 2026 Warrants
Summary Of Significant Accounting Policies [Line Items]
Weighted average contractual life				4 years 10 months 6 days
Exercise price of common stock warrants		$ 11		$ 11
July 2026 Pre- Funded Warrants \| Subsequent Event
Summary Of Significant Accounting Policies [Line Items]
Offering price							$ 33.209
Common stock shares issued							87,500
Exercise price of common stock warrants							$ 0.001
Trademarks
Summary Of Significant Accounting Policies [Line Items]
Amortization of intangible assets		$ 3	6	$ 3	$ 6
In Process Research and Development
Summary Of Significant Accounting Policies [Line Items]
Research and development						$ 3,900
Certificate of Deposit
Summary Of Significant Accounting Policies [Line Items]
Restricted cash used to collateralize a credit card		200		200		$ 200
ATM Sales Agreement \| Trademarks
Summary Of Significant Accounting Policies [Line Items]
Amortization of intangible assets		3,000	6,000	3,000	6,000
Sales Agreement November 2019 \| Transaction Expense
Summary Of Significant Accounting Policies [Line Items]
Proceeds from sale of common stock		43,200	$ 800	$ 43,200	$ 800
Sale of common stock, number of shares			36,566	450,866	36,566
Securities Purchase Agreement
Summary Of Significant Accounting Policies [Line Items]
Offering expenses	$ 27,600
Exercise price of common stock warrants	$ 11
Securities Purchase Agreement \| 2026 Pre-Funded Warrants
Summary Of Significant Accounting Policies [Line Items]
Purchase of shares	2,727,272
Offering price	$ 11
Exercise price	$ 0.001
Securities Purchase Agreement \| May 2026 Warrants
Summary Of Significant Accounting Policies [Line Items]
Purchase of shares	1,363,636
Jefferies LLC [Member] \| Maximum
Summary Of Significant Accounting Policies [Line Items]
Proceeds from Issuance Initial Public Offering				$ 80,000
Jefferies LLC [Member] \| Transaction Expense
Summary Of Significant Accounting Policies [Line Items]
Proceeds from sale of common stock		80,000		$ 80,000
Jefferies LLC [Member] \| Sales Agreement November 2019 \| Transaction Expense
Summary Of Significant Accounting Policies [Line Items]
Shares of common stock				34,652
Proceeds from sale of common stock		$ 300		$ 300
Ascendant Health Sciences Ltd [Member]
Summary Of Significant Accounting Policies [Line Items]
Percenatage of equity issued and outstanding		7.50%		7.50%

Collaboration Revenue - Additional Information (Details) - USD ($) $ in Thousands			3 Months Ended				6 Months Ended		12 Months Ended
	Oct. 22, 2025	May 31, 2025	Jun. 30, 2026	Mar. 31, 2026	Dec. 31, 2025	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025	May 31, 2026	Apr. 30, 2026
Disaggregation Of Revenue [Line Items]
Upfront payment											$ 15,000
Accrued Liability			$ 200		$ 200		$ 200		$ 200
Milestone payment											676,500
Collaboration revenue			7,877			$ 2,954	13,563	$ 3,374
Short-term research and development contract liability			0		5,335		0		5,335
Prepaid expenses and other short-term assets			1,933		1,309		1,933		1,309
Accounts receivable			5,377		5,546		5,377		5,546
Maximum
Disaggregation Of Revenue [Line Items]
Milestone payment											40,000
Minimum
Disaggregation Of Revenue [Line Items]
Milestone payment											$ 676,500
Ono Collaboration and Option Agreement
Disaggregation Of Revenue [Line Items]
Collaboration revenue							400
BI Collaboration and License Agreement
Disaggregation Of Revenue [Line Items]
Up Front Non Refundable Payment			1,900				1,900
Upfront payment						10,100		10,100
Milestone payment										$ 7,500
Collaboration revenue			7,600			$ 2,900	13,300	$ 2,900
Short-term research and development contract liability					5,300				5,300
Success-based research, development and commercial milestone payments							345,000
Accounts receivable			100		500		100		500
BI Collaboration and License Agreement \| Einstein
Disaggregation Of Revenue [Line Items]
Amortization of intangible assets		$ 600
Cost of Product and Service Sold		$ 1,100					1,100
Prepaid expenses and other short-term assets					500				500
Einstein License And Service Agreement
Disaggregation Of Revenue [Line Items]
Payment for License Agreement				$ 1,000					1,500
ImmunoScape Collaboration and License Agreement
Disaggregation Of Revenue [Line Items]
Upfront payment			15,000				15,000
Fair value of equity interest			3,900				3,900
Collaboration revenue	$ 5,000		300		9,500		300
Option time based payment					10,000
Additional time based payment							5,000
Accounts receivable			$ 5,300		$ 5,000		$ 5,300		$ 5,000
ImmunoScape Collaboration and License Agreement \| ImmunoScape Pte Ltd
Disaggregation Of Revenue [Line Items]
Percenatage of equity issued and outstanding			40.00%				40.00%

Fair Value - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Fair Value Disclosures [Abstract]
Cash equivalents	$ 16.9		$ 16.9		$ 26.6
Fair value assets transfers between Level 1 and Level 2	$ 0.0	$ 0.0	$ 0.0	$ 0.0

Stock Based Compensation - Schedule of Estimated Fair Value of Each Stock Option Award (Details)	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Risk-free interest rate, minimum	3.92%	4.05%
Risk-free interest rate, maximum	4.19%	4.46%
Expected dividend yield	0.00%	0.00%
Expected volatility, minimum	88.60%	86.46%
Expected volatility, maximum	104.03%	88.15%
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected life	5 years 6 months	5 years 6 months
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected life	6 years 3 months	6 years 3 months

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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

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

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: 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 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Leases - Additional Information (Details)	3 Months Ended		6 Months Ended
Leases - Additional Information (Details)	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)	Jan. 10, 2026 USD ($)	Dec. 31, 2025 USD ($)	Mar. 28, 2022 ft²
Lessee Lease Description [Line Items]
Operating lease right-of-use asset	$ 2,959,000		$ 2,959,000			$ 4,074,000
Operating lease, liability	3,077,000		3,077,000
Rent expense	$ 500,000	$ 800,000	$ 900,000	$ 1,600,000
Operating lease, weighted average discount rate	9.75%		9.75%			9.77%
Operating lease liability, current portion	$ 1,628,000		$ 1,628,000			$ 1,911,000
Operating lease liability, net of current portion	1,449,000		1,449,000			2,286,000
Non-cash interest expense to the lease liability	100,000	$ 100,000	200,000	$ 200,000
40G Office and Additional Laboratory
Lessee Lease Description [Line Items]
Security deposit	500,000		500,000			$ 500,000
Additional Laboratory Lease Second Amendment
Lessee Lease Description [Line Items]
Percentage Increase in Lease Agreement Amount		4		4
License monthly rental partial credit		$ 44,169		$ 44,169
ASU 2016-02
Lessee Lease Description [Line Items]
Operating lease right-of-use asset	3,000,000		3,000,000
Operating lease, liability	3,100,000		3,100,000
Operating lease liability, current portion	1,600,000		1,600,000
Operating lease liability, net of current portion	$ 1,400,000		$ 1,400,000
Maximum \| Additional Laboratory Lease Second Amendment
Lessee Lease Description [Line Items]
Lessee operating lease monthly rental payments		235,884		$ 235,884
Extension of lease term				April 14, 2028
Minimum \| Additional Laboratory Lease Second Amendment
Lessee Lease Description [Line Items]
Lessee operating lease monthly rental payments		$ 147,546		$ 147,546
Extension of lease term				April 14, 2026
Boston, Massachusetts \| Operating Lease Agreement For Additional Laboratory Space
Lessee Lease Description [Line Items]
Security Deposit					$ 59,379
Recognized Gain					9,842
Operating lease liability, current portion					400,000
Boston, Massachusetts \| Additional Laboratory Lease Third Amendment
Lessee Lease Description [Line Items]
Operating lease right-of-use asset					$ 400,000
MASSACHUSETTS
Lessee Lease Description [Line Items]
Office space for lease \| ft²							13,000

Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Accrued Liabilities, Current [Abstract]
Employee and board compensation	$ 1,712	$ 757
Payroll tax liability	12,155	26
Contract research services	177	286
Contract manufacturing services	186	290
Professional services	653	252
Total	$ 14,883	$ 1,611

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

Subsequent Events

6 Months Ended

Jun. 30, 2026

Subsequent Events [Abstract]

Subsequent Events

14.

Subsequent Events

Private Placement

On July 9, 2026, the Company entered into a securities purchase agreement with the July 2026 Investors in a private placement to issue 1,418,071 shares of the Company’s common stock and to certain July 2026 Investors pre-funded warrants to purchase up to 87,500 shares of common stock. The Company received net proceeds of approximately $49.8 million from the July 2026 Private Placement after deducting legal fees. See Note 2 for further discussion. In connection with the July 2026 Private Placement, the Company entered into a registration rights agreement, dated July 9, 2026, with the July 2026 Investors, pursuant to which the Company agreed to file a registration statement with the Securities and Exchange Commission (the “SEC”) covering the resale of the Securities (the “Registrable Securities”) within 30 days following the closing of the July 2026 Private Placement, which registration statement was filed by the Company with the SEC on August 12, 2026. The Company has agreed to use reasonable best efforts to cause such registration statement to be declared effective as promptly as possible but no later than the earlier of (i) the 60th calendar day following the initial filing date of such registration statement if the SEC notifies the Company that it will review such registration statement and (ii) the fifth business day after the Company is notified by the SEC that such registration statement will not be reviewed or will not be subject to further review. The Company has also agreed to keep such registration statement continuously effective until the date the Registrable Securities covered by such registration statement have been sold or cease to be Registrable Securities. The Company has agreed to be responsible for all fees and expenses incurred in connection with the registration of the Registrable Securities. The Company has granted the Investors customary indemnification rights in connection with the registration statement. The Investors have also granted the Company customary indemnification rights in connection with the registration statement.

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit
Balance at Dec. 31, 2024	$ 17,499	$ 2	$ 359,361	$ (341,864)
Balance, Shares at Dec. 31, 2024		2,060,636
Issuance of common stock from ATM offering, net of sales agent commissions and fees, Shares		36,567
Issuance of common stock from ATM offering, net of sales agent commissions and fees, Amount	752		752
Issuance of common stock, warrants and pre-funded warrants, net of issuance costs, Share		451,026
Issuance of common stock, warrants and pre-funded warrants, net of issuance costs, Amount	18,046	$ 1	18,045
Stock-based compensation	2,601		2,601
Net Income (Loss)	(20,739)			(20,739)
Balance at Jun. 30, 2025	18,159	$ 3	380,759	(362,603)
Balance, Shares at Jun. 30, 2025		2,548,229
Balance at Mar. 31, 2025	6,580	$ 2	360,699	(354,121)
Balance, Shares at Mar. 31, 2025		2,060,636
Issuance of common stock from ATM offering, net of sales agent commissions and fees, Shares		36,567
Issuance of common stock from ATM offering, net of sales agent commissions and fees, Amount	752		752
Issuance of common stock, warrants and pre-funded warrants, net of issuance costs, Share		451,026
Issuance of common stock, warrants and pre-funded warrants, net of issuance costs, Amount	18,046	$ 1	18,045
Stock-based compensation	1,263		1,263
Net Income (Loss)	(8,482)			(8,482)
Balance at Jun. 30, 2025	18,159	$ 3	380,759	(362,603)
Balance, Shares at Jun. 30, 2025		2,548,229
Balance at Dec. 31, 2025	26,432	$ 3	394,895	(368,466)
Balance, Shares at Dec. 31, 2025		3,220,707
Issuance of common stock from ATM offering, net of sales agent commissions and fees, Shares		34,652
Issuance of common stock from ATM offering, net of sales agent commissions and fees, Amount	306		306
Issuance of common stock upon exercise of warrants and pre-funded warrants, net, Shares		1,275,572
Issuance of common stock upon exercise of warrants and pre-funded warrants, net, Amount	1,654	$ 1	1,653
Issuance of common stock upon vesting of restricted stock units, Shares		655,071
Issuance of common stock upon vesting of restricted stock units, Amount	$ 1	$ 1
Issuance of common stock upon exercise of stock options, Shares	43,390	43,390
Issuance of common stock upon exercise of stock options, Amount	$ 815		815
Issuance of warrants and pre-funded warrants	107,461		107,461
Stock-based compensation	23,886		23,886
Net Income (Loss)	(158,245)			(158,245)
Balance at Jun. 30, 2026	2,310	$ 5	529,016	(526,711)
Balance, Shares at Jun. 30, 2026		5,229,392
Balance at Mar. 31, 2026	21,608	$ 3	395,249	(373,644)
Balance, Shares at Mar. 31, 2026		3,255,359
Issuance of common stock upon exercise of warrants and pre-funded warrants, net, Shares		1,275,572
Issuance of common stock upon exercise of warrants and pre-funded warrants, net, Amount	1,654	$ 1	1,653
Issuance of common stock upon vesting of restricted stock units, Shares		655,071
Issuance of common stock upon vesting of restricted stock units, Amount	1	$ 1
Issuance of common stock upon exercise of stock options, Shares		43,390
Issuance of common stock upon exercise of stock options, Amount	815		815
Issuance of warrants and pre-funded warrants	107,461		107,461
Stock-based compensation	23,838		23,838
Net Income (Loss)	(153,067)			(153,067)
Balance at Jun. 30, 2026	$ 2,310	$ 5	$ 529,016	$ (526,711)
Balance, Shares at Jun. 30, 2026		5,229,392

Property and Equipment, Net - Summary of Property and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Property Plant And Equipment [Line Items]
Total property and equipment	$ 4,025	$ 3,904
Less: accumulated depreciation	(3,770)	(3,663)
Property and equipment, net	255	241
Laboratory Equipment
Property Plant And Equipment [Line Items]
Total property and equipment	3,511	3,511
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Total property and equipment	68	68
Computer and office equipment [Member]
Property Plant And Equipment [Line Items]
Total property and equipment	328	207
Leasehold Improvements
Property Plant And Equipment [Line Items]
Total property and equipment	$ 118	$ 118

Collaboration Revenue

6 Months Ended

Jun. 30, 2026

Revenue from Contract with Customer [Abstract]

Collaboration Revenue

11.

Collaboration Revenue

The Company recognizes collaboration revenue under certain of the Company’s license or collaboration agreements that are within the scope of ASC 606. The Company’s contracts with customers typically include promises related to licenses to intellectual property and research and development services. If the license to the Company’s intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, the Company recognizes revenue from non-refundable, up-front fees allocated to the license when the license is transferred to the licensee and the licensee is able to use and benefit from the license. For licenses that are bundled with other promises, the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and if, over time, the appropriate method of measuring progress for purposes of recognizing revenue from non-refundable, up-front fees. The Company’s contracts may include options to acquire additional goods and/or services.

The terms of the Company’s arrangements with customers typically include the payment of one or more of the following: (i) non-refundable, up-front payment, and pass through costs related to research activities, (ii) development, regulatory and commercial milestone payments, (iii) future options and (iv) royalties on net sales of licensed products. Accordingly, the transaction price is generally comprised of a fixed fee due at contract inception and variable consideration in the form of pass-through costs and milestone payments due upon the achievement of specified events and tiered royalties earned when customers recognize net sales of licensed products. The Company measures the transaction price based on the amount of consideration to which it expects to be entitled in exchange for transferring the promised goods and/or services to the customer. The Company utilizes the “expected value method” to estimate the amount of variable consideration, to predict the amount of consideration to which it will be entitled for its one open contract. Amounts of variable consideration are included in the transaction price to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. Milestone payments that are not within the control of the Company or the licensee, such as those dependent upon receipt of regulatory approval, are not considered to be probable of achievement until the triggering event occurs. At the end of each reporting period, the Company reevaluates the probability of achievement of each milestone and any related constraint, and, if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect revenue and net loss in the period of adjustment.

For arrangements that include sales-based royalties, including milestone payments based upon the achievement of a certain level of product sales, the Company recognizes revenue upon the later of: (i) when the related sales occur or (ii) when the performance obligation to which some or all of the payment has been allocated has been satisfied (or partially satisfied). To date, the Company has not recognized any development, regulatory or commercial milestones or royalty revenue resulting from any of its collaboration arrangements. Consideration that would be received for optional goods and/or services is excluded from the transaction price at contract inception.

The Company allocates the transaction price to each performance obligation identified in the contract on a relative standalone selling price basis, when applicable. However, certain components of variable consideration are allocated specifically to one or more particular performance obligations in a contract to the extent both of the following criteria are met: (i) the terms of the payment relate specifically to the efforts to satisfy the performance obligation or transfer the distinct good or service and (ii) allocating the variable amount of consideration entirely to the performance obligation or the distinct good or service is consistent with the allocation objective of the standard whereby the amount allocated depicts the amount of consideration to which the entity expects to be entitled in exchange for transferring the promised goods or services. The Company develops assumptions that require judgment to determine the standalone selling price for each performance obligation identified in each contract. The key assumptions utilized in determining the standalone selling price for each performance obligation may include forecasted revenues, development timelines, estimated research and development costs, discount rates, likelihood of exercise and probabilities of technical and regulatory success.

Revenue is recognized based on the amount of the transaction price that is allocated to each respective performance obligation when or as the performance obligation is satisfied by transferring a promised good and/or service to the customer. For performance obligations that are satisfied over time, the Company recognizes revenue by measuring the progress toward complete satisfaction of the performance obligation using a single method of measuring progress which depicts the performance in transferring control of the associated goods and/or services to the customer. The Company uses input methods to measure progress toward the complete satisfaction of performance obligations satisfied over time. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition. Any such adjustments are recorded on a cumulative catch-up basis, which would affect revenue and net loss in the period of adjustment. The Company measures progress toward satisfaction of the performance obligation over time as effort is expended.

Collaboration revenue for the three and six months ended June 30, 2026 and 2025 was as follows:


	Three months ended				Six months ended
	June 30,				June 30,
(In thousands)	2026		2025		2026		2025
Collaboration revenue	$	7,877	$	2,954	$	13,563	$	3,374

Revenue for the three and six months ended June 30, 2026 and June 30, 2025 was recognized over time.

Collaboration and Option Agreement with Ono

In February 2023, the Company entered into a strategic collaboration agreement (the "Ono Collaboration and Option Agreement") with Ono Pharmaceutical Co., Ltd. ("Ono") to further develop CUE-401. In March 2025, the Company and Ono agreed to terminate the Ono Collaboration and Option Agreement effective as of March 6, 2025. At such time, the Ono Collaboration and Option Agreement had no further force or effect with the exception of certain customary provisions which are intended to survive termination and expiration of the Ono Collaboration and Option Agreement. The Company retained all rights to CUE-401.

As of June 30, 2026, both Ono and the Company have satisfied all of their performance obligations and made all outstanding payments required under the agreement. For the three and six months ended June 30, 2026, the Company did not recognize any revenue related to the Ono Collaboration and Option Agreement. For each of the three and six months ended June 30, 2025, the Company recognized revenue of $0.4 million related to the Ono Collaboration and Option Agreement. The Company did not record short or long-term research and development liabilities on its condensed consolidated balance sheets dated June 30, 2026 and December 31, 2025, as the performance obligation has been met and completed.

BI Collaboration and License Agreement

On April 10, 2025, the Company entered into the BI Collaboration and License Agreement to research, develop and commercialize differentiated B cell depletion molecules, including CUE-501.

Under the terms of the BI Collaboration and License Agreement, the Company and BI will conduct collaborative research focused on CUE-501 during a four-year period or, if earlier, the completion of activities under the research plan (the “BI Research Term"). In addition to, or instead of, CUE-501, BI may elect, at its sole discretion, to include additional or alternative compounds targeted at B cell depletion. BI will have an exclusive, royalty-bearing, worldwide, sublicensable license, under the Company's applicable patents and know-how, to develop, manufacture and commercialize such compounds and their derivatives (the "BI Licensed Products") for all uses, and BI shall be responsible for all further research, preclinical and clinical development, manufacturing, regulatory approvals, and commercialization of BI Licensed Products at its expense. During the BI Research Term, the Company is prohibited from developing or commercializing any molecule for applications in B cell depletion.

Pursuant to the terms of the BI Collaboration and License Agreement, the Company received an upfront payment of $10.1 million in cash in the second quarter of 2025, which is net of $1.9 million of German withholding taxes that the Company expects to be refunded in the second half of 2026. The withholding has been recorded as a foreign withholding tax receivable at June 30, 2026 and December 31, 2025 on the Company's condensed consolidated balance sheets. The Company will also be eligible to receive up to an aggregate of approximately $345.0 million in success-based research, development and commercial milestone payments, beginning with two preclinical development milestones, as well as royalty payments on net sales. The royalty payments will be subject to reduction due to patent expiration, payments made under certain licenses for third-party intellectual property and generic competition. BI has agreed to reimburse the Company for agreed upon costs incurred in conducting research during the BI Research Term, including certain pass through costs from third party contractors and full-time employee salaries.

The BI Collaboration and License Agreement will continue, on a product-by-product and country-by-country basis, until the expiration of the applicable royalty term, unless earlier terminated. BI has the right to terminate the BI Collaboration and License Agreement for any reason after a specified notice period. Each party has the right to terminate the BI Collaboration and License Agreement on account of the other party’s bankruptcy or material, uncured breach. In connection with the Company's entry into the BI Collaboration and License Agreement, the Company entered into an amendment to the Company's Einstein License whereby Einstein consented to the Company's entry into the BI Collaboration and License Agreement and

granted the Company the right to sublicense to BI. In addition, the Company and Einstein agreed to amend specified upstream payment obligations that may be owed to Einstein by the Company, solely in connection with the sublicense to BI.

The Company determined that the research activities and the exclusive license granted under the BI Collaboration and License Agreement is considered as a single performance obligation, and therefore, the transaction price was allocated entirely to the single performance obligation. The Company recognizes revenue related to the single performance obligation over time as the underlying services are performed and/or external costs are incurred during the research term. The Company has constrained the variable consideration associated with the future research, development and commercial milestones and royalty payments and excluded them from the transaction price.

For the three and six months ended June 30, 2026, the Company recognized revenue of $7.6 million and $13.3 million related to the BI Collaboration and License Agreement, respectively. For the three and six months ended June 30, 2025, the Company recognized revenue of $2.9 million related to the BI Collaboration and License Agreement. The Company recorded accounts receivable of $0.1 million and $0.5 million on its condensed consolidated balance sheets as of June 30, 2026 and December 31, 2025, respectively. The Company did not record short or long-term research and development liabilities on its condensed consolidated balance sheets dated June 30, 2026, as the research term is substantially completed. The Company recorded short-term research and development liabilities of $5.3 million on its condensed consolidated balance sheets as of December 31, 2025.

On April 1, 2026, the Company received notice from BI that BI had approved selection of its first compound for lead optimization under the BI Collaboration and License Agreement. This preclinical milestone event triggered a $7.5 million payment to the Company, which was received in May 2026.

The Company considered the capitalization of contract costs under the guidance in ASC Topic 340-40, Other Assets and Deferred Costs: Contracts with Customers, as it relates to the BI Collaboration and License Agreement. The Company capitalized license expenses of approximately $1.1 million, paid to Einstein pursuant to the Einstein License which requires the Company to pay a percentage of sublicenses related to the Company’s patent rights for components of its core technology that is licensed from Einstein. As of December 31, 2025, $0.5 million was included in prepaid expenses and other short-term assets related to the BI Collaboration and License Agreement. This amount is comprised of approximately $1.1 million of capitalized license expenses related to the up-front payment received from BI in May 2025, net of accumulated amortization of approximately $0.6 million. As of June 30, 2026, the capitalized license expenses were fully amortized as the performance obligation had been met and was completed. The Company also accrued $0.2 million to be paid when the German withholding tax refund is received in other current payable on its condensed consolidated balance sheet as of June 30, 2026 and December 31, 2025.

ImmunoScape Collaboration and License Agreement

On November 6, 2025, IMSCP exercised its option to obtain licenses to research, develop and commercialize molecules from the Company's CUE-100 series, including CUE-101 and CUE-102, subject to certain exclusions, for all oncology indications pursuant to the IMSCP Collaboration and License Agreement, effective November 6, 2025, between the Company and IMSCP. The licenses provided pursuant to the IMSCP Collaboration and License Agreement include a co-exclusive development license for five years or, if longer, for so long as IMSCP has a specified number of CUE-100 series molecules under active development and, pursuant to which, the Company retains non-exclusive research rights to support its other programs. The Company also retained its rights to the CUE-100 series, including CUE-101 and CUE-102, for use in any manner other than as a component of a cell therapy product for 18 months past the effective date of the IMSCP Collaboration and License Agreement. The licenses include an exclusive commercial license to IMSCP for any CUE-100 series molecule that IMSCP advances to IND-enabling studies while the co-exclusive development license is in effect. The licensed series of molecules will be further developed and potentially commercialized by IMSCP. The Option was exercised pursuant to an Option Agreement between the Company and IMSCP, dated October 22, 2025. In connection with entry into the Option Agreement and IMSCP’s exercise of the Option, the Company received an aggregate of $9.5 million, net of withholding taxes, in the fourth quarter of 2025 and is entitled to receive an additional $5.0 million before the first anniversary of the effective date of the IMSCP Collaboration and License Agreement.

Pursuant to the IMSCP Collaboration and License Agreement, the Company (a) received equity of IMSCP equal to 40% of the issued and outstanding equity of IMSCP and is entitled to receive additional equity, in the form of warrants, upon certain dilution events in the future, (b) received time-based payments of $10.0 million in the fourth quarter of 2025, (c) is entitled to receive an additional time-based payment of $5.0 million before the first anniversary of the effective date of the IMSCP Collaboration and License Agreement, and (d) is entitled to receive high single-digit royalties on global net sales and low- to mid-double digit royalties from sublicensing royalties and income. The IMSCP Collaboration and License Agreement

includes customary termination provisions, including IMSCP’s ability to terminate the agreement in its entirety on 60 days’ advanced written notice to the Company.

The Company accounted for the Option Agreement and IMSCP Collaboration and License Agreement as a combined contract. The transaction price includes the upfront payments of $15.0 million and the $3.9 million fair value of equity interest in IMSCP received. The Company concluded there is one combined performance obligation for the licenses as the Company does not have material performance obligations beyond the issuance of the licenses. The Company recognized revenue for the licenses at a point in time when the licenses were granted and there was a right to payment, the exclusive rights were transferred, and significant risks and rewards of ownership of the rights to use the licensed IP were transferred. The sales-based royalties resulting from sales made under the IMSCP Collaboration and License Agreement will only be included in the transaction price upon occurrence of the underlying sales in the future.

For the three and six months ended June 30, 2026, the Company recognized revenue of $0.3 million related to the IMSCP Collaboration and License Agreement. The Company recorded accounts receivable from IMSCP of $5.3 million and $5.0 million on its condensed consolidated balance sheet as of June 30, 2026 and December 31, 2025, respectively.

The Einstein License requires the Company to pay a percentage of sublicenses related to the Company’s patent rights for components of its core technology that is licensed from Einstein. The Company incurred $1.5 million of license expense during the year ended December 31, 2025 upon entering the IMSCP Collaboration and License Agreement, of which $1.0 million was paid in the first quarter of 2026.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Stock-Based Compensation - Schedule of share-based payment arrangement (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation	$ 23,838	$ 1,263	$ 23,886	$ 2,601
RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation	19,927	0	19,927	0
Stock options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation	$ 3,911	$ 1,263	$ 3,959	$ 2,601

- 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

Fair Value (Tables)

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Schedule of Fair Value Assets Measured on Recurring Basis

The following table presents information about the Company’s assets that are measured at fair value on a recurring basis as of June 30, 2026 and December 31, 2025, and indicates the level of the fair value hierarchy utilized to determine such fair value:


	Fair Value Measurements as of June 30, 2026
	(in thousands)
	Level 1		Level 2		Level 3		Fair Value
Cash equivalents	$	16,872	$	—	$	—	$	16,872
Total current assets	$	16,872	$	—	$	—	$	16,872

Top-up Shares	$	—	$	—	$	5,730	$	5,730
Total current liabilities	$	—	$	—	$	5,730	$	5,730


	Fair Value Measurements as of December 31, 2025
	(in thousands)
	Level 1		Level 2		Level 3		Fair Value
Cash equivalents	$	26,614	$	—	$	—	$	26,614
Total	$	26,614	$	—	$	—	$	26,614

Schedule of materially different fair value measurements

Changes in these assumptions could result in materially different fair value measurements. Significant assumptions used in the model include the following:


		Top-up Shares
Stock price		$29.85 - $31.56
Equity Volatility		110%
Probability of milestone achievement		20%
Time to exercise (years)		0.2 to 0.3

Changes in these assumptions could result in materially different fair value measurements. Significant assumptions include the following:


		May 2026 Warrants
Risk-free interest rate		4.04% - 4.13%
Expected dividend yield		0%
Expected volatility		110.00%
Expected term (yrs)		4.9 to 5.0

Schedule of Change in Fair Value Measurements Assumptions

The following table shows the rollforward of the Top-up Share Obligation and liabilities associated with the Ascendant Pre-Funded Warrants, May 2026 Pre-Funded Warrants, and May 2026 Warrants:


(In thousands)	Ascendant Top-up Shares		Ascendant Pre-Funded Warrants			May 2026 Warrants and Pre-Funded Warrants			Total
Balance at January 1, 2026	$	—	$	—		$	—		$	—
Initial recognition of financial instrument		3,650		16,469			117,559			137,678
Changes in fair value recognized in earnings		2,080		(3,194	)		(23,373	)		(24,487	)
Reclassification to equity		—		(13,275	)		(94,186	)		(107,461	)
Balance at June 30, 2026	$	5,730	$	—		$	—		$	5,730

Warrants

6 Months Ended

Jun. 30, 2026

Warrants and Rights Note Disclosure [Abstract]

Warrants

10.

Warrants

Information with respect to the Company's outstanding warrants as of June 30, 2026 is as follows:


	Warrants Issued November 2022		Warrants Issued September 2024		Warrants Issued April 2025		Warrants Issued December 2025		Warrants Issued May 2026		Warrants Issued to Ascendant in 2026
Outstanding common stock warrants		306,280		197,190		202,640		543,172		1,342,732		—
Outstanding pre-funded warrants		—		315,706		337,552		721,532		1,816,048		551,724
Weighted average exercise price of common stock warrants	$	117.90	$	15.00	$	23.70	$	9.00	$	11.00	$	—
Weighted average exercise price of pre-funded warrants	$	—	$	0.030	$	0.030	$	0.030	$	0.001	$	0.001
Weighted average contract remaining life (in years)		1.38		3.25		3.80		4.47		4.85		9.85

In connection with the private placement securities purchase agreement and the Ascendant License Agreement entered into on April 30, 2026, the Company issued the May 2026 Pre-Funded Warrants, May 2026 Warrants, and Ascendant Pre-Funded Warrants, each of which was initially classified as a liability and measured at fair value, as share settlement was contingent upon the Issuance Stockholder Approval, which was outside the Company's control. The Company's stock price increased from $14.74 on the April 30, 2026 pricing date to $29.85 on the May 2026 Offering Closing Date, causing the aggregate fair value of the instruments to exceed the proceeds received and resulting in a loss upon issuance of $90.0 million, which included issuance costs of $2.5 million. The fair value of these instruments declined through June 1, 2026, when the Issuance Stockholder Approval was obtained and the instruments were reclassified to permanent equity, after which they are no longer subject to remeasurement. See Note 3 for the initial fair value and change in fair value of the May 2026 Pre-Funded Warrants, May 2026 Warrants, and Ascendant Pre-Funded Warrants.

The initial fair value of the Ascendant Pre-Funded Warrants, together with the initial fair value of the contingent obligation to issue the Top-Up Shares, was recognized as consideration for the acquired license and recorded within research and development license expense. The initial fair value of the May 2026 Pre-Funded Warrants and May 2026 Warrants in excess of the proceeds received under the May 2026 Offering, and all subsequent changes in the fair value of the liability-classified instruments through the date of the Issuance Stockholder Approval, were recognized within other income (expense). See Note 3 for the initial fair value and change in fair value of the May 2026 Pre-Funded Warrants, May 2026 Warrants, and Ascendant Pre-Funded Warrants.

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2026

Accounting Policies [Abstract]

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements as of June 30, 2026, and for the three and six months ended June 30, 2026 and 2025, have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”) and generally accepted accounting principles in the United States (“U.S. GAAP”) for financial information, which prescribes elimination of all significant intercompany accounts and transactions in the accounts of the Company and its wholly owned subsidiary, Cue Biopharma Securities Corp., which was incorporated in the Commonwealth of Massachusetts in December 2018. In the opinion of management, these financial statements reflect all adjustments which are necessary for a fair statement of the Company’s financial position and results of its operations, as of and for the periods presented. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from this report, as is permitted by such rules and regulations. Accordingly, these financial statements should be read in conjunction with the financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission on March 16, 2026.

Interim results for the three and six months ended June 30, 2026 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2026, or any future periods.

Reverse Stock Split

The Company held its 2026 annual meeting of stockholders on April 13, 2026, where the Company’s stockholders approved a reverse stock split at a ratio within a range of 1-for-30 and 1-for-50 and granted the Company’s board of directors (the "Board") the discretion to determine the timing and ratio of the split within such range. On April 13, 2026, the Board determined to effect the reverse stock split of the common stock at a 1-for-30 ratio (the "Reverse Split”) and approved the filing of a charter amendment to the Company's Certificate of Incorporation to effect the Reverse Split.

On April 22, 2026, the Company filed the charter amendment with the Delaware Secretary of State to effect the Reverse Split, effective at 5:00 P.M. Eastern Time on April 23, 2026 (the "Effective Time”). At the Effective Time, every 30 shares of issued and outstanding common stock automatically combined into one issued share of common stock, with no change in par value. No fractional shares were issued as a result of the Reverse Split. Stockholders of record who would otherwise hold fractional shares of the Company's common stock as a result of the Reverse Split were entitled to receive a cash payment (without interest and subject to applicable withholding taxes) in lieu of such fractional shares. The Reverse Split did not modify any voting rights or other terms of the common stock. The Company’s common stock began trading on a Reverse Split-adjusted basis on The Nasdaq Capital Market on April 24, 2026.

Unless otherwise indicated, all issued and outstanding share and per share amounts contained in the accompanying condensed consolidated financial statements have been adjusted to reflect the Reverse Split for all prior periods presented. Proportionate adjustments for the Reverse Split were made to the exercise prices and number of shares issuable under the Company’s equity incentive plans, and the number of shares underlying outstanding equity awards, as applicable. In connection with such proportionate adjustments, the number of shares of common stock issuable upon exercise of outstanding stock options and warrants was rounded down to the nearest whole share, and the exercise prices of outstanding stock options and warrants were rounded up to the nearest cent. Because the Reverse Split decreased the number of outstanding shares of the Company's common stock by a ratio of 1-for-30 but did not effect a decrease to the number of authorized shares of the Company's common stock, the Reverse Split resulted in a relative increase in the number of authorized and unissued shares of the Company's common stock.

Public Offerings

Public Offerings and Private Placements

In October 2021, the Company entered into an open market sale agreement (the “ATM Sales Agreement”) with Jefferies LLC ("Jefferies"), as agent, to sell shares of the Company’s common stock for aggregate gross proceeds of up to $80 million, from time to time, through an at-the-market equity offering program. The ATM Sales Agreement will terminate upon the earlier of (a) the sale of $80 million of shares of the Company’s common stock pursuant to the ATM Sales Agreement or (b) the termination of the ATM Sales Agreement by the Company or Jefferies.

During the three months ended June 30, 2026, there were no sales under the ATM Sales Agreement. During the six months ended June 30, 2026, the Company sold 34,652 shares of common stock under the ATM Sales Agreement for proceeds of $0.3 million, net of commissions paid, but excluding transaction expenses. During the three and six months ended June 30, 2025, the Company sold 36,566 shares of common stock under the ATM Sales Agreement for proceeds of $0.8 million, net of commissions paid, but excluding transaction expenses. As of June 30, 2026, the Company had sold an aggregate of 450,866 shares of common stock under the ATM Sales Agreement for proceeds of $43.2 million, net of commissions paid, but excluding transaction expenses, since its inception.

On April 30, 2026, the Company entered into a securities purchase agreement with accredited investors (the “May 2026 Investors”), pursuant to which the Company agreed to issue and sell to the May 2026 Investors in a private placement (the “May 2026 Offering”) prefunded warrants to purchase an aggregate of up to 2,727,272 shares of common stock (the “May 2026 Pre-Funded Warrants”) and accompanying warrants (the “May 2026 Common Warrants” and together with the May 2026 Pre-Funded Warrants, the “May 2026 Warrants”) to purchase an aggregate of up to 1,363,636 shares of common stock (or, in certain circumstances, May 2026 Pre-Funded Warrants to purchase common stock in lieu thereof) at a price of $11.00 per Pre-Funded Warrant and accompanying Warrant. The exercise price of the May 2026 Pre-Funded Warrants is $0.001 per share. The exercise price of the Warrants is $11.00 per share. The May 2026 Investors include the Company’s President and Chief Executive Officer, Dr. Shao-Lee Lin. The May 2026 Offering closed on May 4, 2026 (the “May 2026 Offering Closing Date”). The Company received aggregate net proceeds from the May 2026 Offering of $27.6 million, after deducting placement agent fees and offering costs. The May 2026 Pre-Funded Warrants are cashless exercisable at any time. The Warrants are exercisable at any time prior to five years after the May 2026 Offering Closing Date. At June 30, 2026, the weighted average exercise price of the May 2026 Warrants was $11.00 and the weighted average contractual life was 4.85 years.

On July 9, 2026, the Company entered into a securities purchase agreement with accredited investors (the “July 2026 Investors”), including Cormorant Asset Management and Columbia Threadneedle Investments, pursuant to which the Company, in a private placement, agreed to issue and sell to the July 2026 Investors an aggregate of (i) 1,418,071 shares of the Company’s common stock at a price per share of $33.21 and (ii) to certain July 2026 Investors, in lieu of shares of common stock, pre-funded warrants (the “July 2026 Pre-Funded Warrants”) to purchase up to 87,500 shares of common stock at a price per Pre-Funded Warrant of $33.209 (the "July 2026 Private Placement"). The Company received net proceeds of approximately $49.8 million from the July 2026

Private Placement after deducting legal fees. Each July 2026 Pre-Funded Warrant has an exercise price of $0.001 per share and is cashless exercisable. The July 2026 Private Placement closed on July 13, 2026.

All common stock warrants and pre-funded warrants that have been issued are freestanding financial instruments that are legally detachable and separately exercisable from the shares of common stock with which they were issued, are immediately exercisable, do not embody an obligation for the Company to repurchase its shares, and permit the holders to receive a fixed number of shares of common stock upon exercise. In addition, the 2024 Pre-Funded Warrants, April 2025 Pre-Funded Warrants, December 2025 Pre-Funded Warrants, May 2026 Pre-Funded Warrants, and July 2026 Pre-Funded Warrants do not provide any guarantee of value or return, and do not have an expiration date. As of June 30, 2026, the 2022 Common Stock Warrants, 2024 Warrants, April 2025 Warrants, December 2025 Warrants, and May 2026 Warrants met the permanent equity criteria classification, and have been classified as a component of permanent equity in the Company's condensed consolidated financial statements.

Consolidation

The accompanying condensed consolidated financial statements include the Company and its wholly owned subsidiary, Cue Biopharma Securities Corp. The Company has eliminated all intercompany transactions.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Significant estimates include estimates related to collaboration revenue, the accounting for potential liabilities and accrued expenses, the assumptions utilized in valuing stock-based compensation issued for services, the realization of deferred tax assets, and the useful life with respect to long-lived assets and intangibles. Actual results could differ from those estimates.

Cash Concentrations

The Company maintains its cash balances with financial institutions in federally insured accounts and may periodically have cash balances in excess of insurance limits. The Company maintains its accounts with financial institutions with a high credit rating. The Company has not experienced any losses to date from the Company's deposits with these financial institutions and believes that it is not exposed to any significant credit risk on cash.

Cash and Cash Equivalents

The Company considers all highly liquid investments with a maturity of three months or less at the date of purchase to be cash equivalents. The Company invests available cash in money market funds.

Restricted Cash

The Company had $0.2 million in restricted cash deposited with a separate commercial bank to collateralize Company credit cards as of June 30, 2026 and December 31, 2025.

Top-up Share obligations

Pursuant to the Securities Purchase Agreement with Ascendant (also referred to as the “Licensor”), the Company may be required to issue additional shares of common stock (the "Top-Up Shares"), or, if stockholder approval is required for the issuance of such shares, pre-funded warrants (the "Top-Up Pre-Funded Warrants"), upon the achievement of specified clinical and financial milestones. The number of Top-Up Shares to be issued is variable and is designed to provide Ascendant with beneficial ownership of no less than 7.5% of the Company's outstanding common stock immediately following the achievement of the final milestone, subject to the terms and conditions of the agreement. The foregoing obligation with Ascendant is referred to as the “Top-Up Obligation” in these unaudited condensed consolidated financial statements. For more information on the Top-Up Obligation, see Note 8.

The Company evaluated the Top-Up Shares and Top-Up Pre-Funded Warrants under ASC 815, Derivatives and Hedging, including the guidance in ASC 815-40, Contracts in Entity's Own Equity. Because the settlement amount is based on a variable number of shares necessary to achieve a specified ownership percentage, the settlement provisions do not meet the fixed-for-fixed criterion and, therefore, are not considered indexed to the Company's own stock. Accordingly, the contingent obligation does not qualify for equity classification and is accounted for as a liability.

The contingent liability is initially recognized at fair value on the transaction date and subsequently remeasured at fair value at each reporting date until the contingency is resolved or the instrument is otherwise extinguished. Changes in the fair value of the liability are recognized in the accompanying condensed consolidated statements of operations within other income (expense), net.

If the issuance of Top-Up Shares would require stockholder approval, the Company is obligated to issue Top-Up Pre-Funded Warrants in lieu of such shares. The Company concluded that this alternative settlement mechanism does not change the accounting conclusion, as the underlying settlement amount remains based on a variable number of shares and therefore continues to fail the indexation requirements of ASC 815-40. Accordingly, the contingent obligation, including any potential issuance of Top-Up Pre-Funded Warrants, continues to be accounted for as a liability until settlement.

Equity Method Accounting

The Company applies the equity method of accounting for investments when it has significant influence, but no controlling interest in the investee. Judgment regarding the level of influence over each equity method investment includes key factors such as ownership interest, representation on the board of directors, participation in joint steering committees and material intercompany transactions. Upon investment, the Company evaluates any basis difference between the carrying value and fair value of the Company's proportionate share of the investee's net assets. Basis differences relating to in-process research and development (IPR&D) are expensed when the investee is not considered a business as defined in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 805, Business Combinations, due to substantially all of the estimated fair value of the gross assets being concentrated in a group of similar IPR&D assets with no alternative future use. For the year ended December 31, 2025, the Company recognized $3.9 million in research and development expenses, for these basis adjustments related to IPR&D and reduced the equity method investment’s carrying value to zero, as the Company's proportionate share of the basis difference exceeded the carrying value. See Note 5 for further discussion.

Property and Equipment

Property and equipment is recorded at cost. Major improvements are capitalized, while maintenance and repairs are charged to expense as incurred. Gains and losses from dispositions of property and equipment are included in income and expense when realized. Amortization of leasehold improvements is provided using the straight-line method over the shorter of the lease term or the useful life of the underlying assets. Depreciation of property and equipment is provided using the straight-line method over the following estimated useful lives:


Laboratory equipment		5 years
Computer equipment		3 years
Furniture and fixtures		3-8 years

The Company recognizes depreciation and amortization expense in general and administrative expenses and in research and development expenses in the Company’s condensed consolidated statements of operations, depending on how each category of property and equipment is utilized in the Company’s business activities.

Trademark

Trademark consists of the Company’s right, title and interest to the CUE BIOLOGICS mark, and any derivative mark incorporating CUE, throughout the world, together with all associated goodwill and common law rights appurtenant thereto, including, but not limited to, any right, title and interest in any corporate name, company name, business, name, trade name, dba, domain name, or other source identifier incorporating CUE.

The Company has classified the trademark as a component of other long-term assets, having a useful life of 15 years. The Company evaluates the status of this intangible asset for amortization and impairment at each quarter end and year end reporting date. For each of the three and six months ended June 30, 2026 and 2025, the Company recorded approximately $3,000 and $6,000, respectively, in amortization expense on a straight-line basis.

Debt Issuance Costs

Debt issuance costs are deferred and presented as a reduction to long-term debt. Debt issuance costs are amortized using the effective interest rate method over the term of the loan. Amortization of deferred debt issuance costs are included in interest expense in the condensed consolidated statements of operations.

Revenue Recognition

The Company recognizes collaboration revenue under certain of the Company’s license and collaboration agreements that are within the scope of ASC, Topic 606, Revenue from Contracts with Customers (“ASC 606”). The Company’s contracts with customers typically include promises related to licenses to intellectual property and research and development services. If the license to the Company’s intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, the Company recognizes revenue from non-refundable, up-front fees allocated to the license when the license is transferred to the licensee and the licensee is able to use and benefit from the license. For licenses that are bundled with other promises, the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue from non-refundable, up-front fees. Accordingly, the transaction price is generally comprised of a fixed fee due at contract inception and variable consideration in the form of milestone payments due upon the achievement of specified events and tiered royalties earned when customers recognize net sales of licensed products. The Company measures the transaction price based on the amount of consideration to which it expects to be entitled in exchange for transferring the promised goods and/or services to the customer. The Company utilizes the “expected value method” to estimate the amount of variable consideration, to predict the amount of consideration to which it will be entitled for its one open contract. Amounts of variable consideration are included in the transaction price to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. At the inception of each arrangement that includes development and regulatory milestone payments, the Company evaluates whether the associated event is considered probable of achievement and estimates the amount to be included in the transaction price using the expected value method.

Research and Development Expenses

Research and development expenses consist primarily of compensation costs, fees paid to consultants, outside service providers and organizations (including research institutes at universities), facility costs, and development and clinical trial costs with respect to the Company’s drug product candidates.

Research and development expenses incurred under contracts are expensed ratably over the life of the underlying contracts, unless the achievement of milestones, the completion of contracted work, or other information indicates that a different pattern of performance is more appropriate. Other research and development expenses are charged to operations as incurred.

Nonrefundable advance payments are recognized as an expense as the related services are performed. The Company evaluates whether it expects the services to be rendered at each quarter end and year end reporting date. If the Company does not expect the services to be rendered, the advance payment is charged to expense. Nonrefundable advance payments for research and development services are included in prepaid and other current assets on the Company's condensed consolidated balance sheets. To the extent that a nonrefundable advance payment is for contracted services to be performed within 12 months from the reporting date, such advance is included in current assets; otherwise, such advance is included in non-current assets.

The Company evaluates the status of its research and development agreements and contracts, and the carrying amount of the related assets and liabilities, at each quarter end and year end reporting date, and adjusts the carrying amounts and their classification on the Company's condensed consolidated balance sheets as appropriate.

Patent Expenses

The Company is the exclusive licensee of, and has patent applications pending for, numerous domestic and foreign patents. Due to the significant uncertainty associated with the successful development of one or more commercially viable drug product candidates based on the Company’s research efforts and any related patent applications, all patent costs, including patent-related legal fees, filing fees and other costs are charged to general and administrative expense as incurred.

Licensing Fees and Costs

Licensing fees and costs consist primarily of costs relating to the acquisition of the Company’s license agreement with Ascendant and the Albert Einstein College of Medicine, including related royalties, maintenance fees, milestone payments and product development costs. Licensing fees and costs are charged to research and development expense as incurred.

Long-Lived Assets

The Company reviews long-lived assets, consisting of property and equipment, for impairment when events or changes in circumstances indicate the carrying value of these assets may exceed their current fair values. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized for the amount by which the carrying amount of the asset exceeds the fair value of the assets. Assets to be disposed of are separately presented in the Company's condensed consolidated balance sheets and reported at the lower of the carrying amount or fair value less costs to sell and are no longer depreciated. The Company has not historically recorded any impairment to its long-lived assets. In the future, if events or market conditions affect the estimated fair value to the extent that a long-lived asset is impaired, the Company will adjust the carrying value of these long-lived assets in the period in which the impairment occurs.

Leases

The Company accounts for leases under ASC Topic 842, Leases, which requires a lessee to record a right-of-use asset and a corresponding lease liability for most lease arrangements on the Company's condensed consolidated balance sheets. Under the standard, disclosure of key information about leasing arrangements to assist users of the financial statements with assessing the amount, timing and uncertainty of cash flows arising from leases are required.

Stock-Based Compensation

The Company periodically issues stock-based awards to officers, directors, employees, scientific and clinical advisory board members and consultants for services rendered. Such awards vest and expire according to terms established at the issuance date.

Stock-based compensation to officers, directors, employees, scientific and clinical advisory board members and consultants, including grants of employee stock options, is recognized in the financial statements based on their grant date fair values. Stock option grants, which are generally time-vested, are measured at the grant date fair value and charged to operations on a straight-line basis over the service period, which generally approximates the vesting term. The Company also grants performance-based awards periodically to officers of the Company. The Company recognizes compensation costs related to performance awards over the requisite service period if and when the Company concludes that it is probable that the performance condition will be achieved.

The fair value of stock options and restricted stock units is determined utilizing the Black-Scholes valuation model. This valuation model takes into account the exercise price of the award, as well as a variety of significant assumptions. The assumptions used to estimate the fair value of stock options include the expected term, the expected volatility of the Company's stock over the expected term, the risk-free interest rate over the expected term, and the Company's expected annual dividend yield. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant. The expected dividend yield is based on the current yield at the grant date; the Company has never declared or paid dividends and has no plans to do so for the foreseeable future. As permitted by Staff Accounting Bulletin No. 107, due to the Company’s limited trading history and option activity, management utilizes the simplified method to estimate the expected term of options at the date of grant. The exercise price is determined based on the fair value of the Company's common stock at the date of grant. The Company accounts for forfeitures as they occur.

The Company recognizes the fair value of stock-based compensation in general and administrative expenses and in research and development expenses in the Company’s condensed consolidated statements of operations, depending on the type of services provided by the recipient of the equity award.

Variable Interest Entities

The Company reviews each legal entity in which it has a financial interest to determine whether or not the entity is a variable interest entity (“VIE”). A VIE is an entity in which equity investors lack the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support. VIEs are consolidated by the primary beneficiary, which is the party (a) who has the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and (b) who has an obligation to absorb losses of the entity or a right to receive benefits from the entity that could potentially be significant to the entity. If the entity is a VIE, the Company assesses whether or not it is the primary beneficiary of that VIE based on a number of factors, including (i) which party has the power to direct the activities that most significantly affect the VIE’s economic performance, (ii) the parties’ contractual rights and responsibilities pursuant to any contractual agreements and (iii) which party has the obligation to absorb losses or the right to receive benefits from the VIE. If the Company determines that it is the primary beneficiary of a VIE, it consolidates the financial statements of the VIE into its consolidated financial statements at the time that determination is made.

Earnings (Loss) Per Share

The Company’s computation of earnings (loss) per share (“EPS”) for the respective periods includes basic and diluted EPS. Basic EPS is measured as the income (loss) attributable to common stockholders divided by the weighted average number of common

shares outstanding for the period. Diluted EPS is similar to basic EPS but presents the dilutive effect on a per share basis of potential common shares that would result from the exercise of outstanding stock options and warrants as if they had been exercised at the beginning of the periods presented, or issuance date, if later. Potential common shares that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS. Basic and diluted loss per common share is the same for all periods presented because all outstanding stock options and warrants are anti-dilutive.

The Company computes EPS in accordance with ASC Topic 260, Earnings Per Share ("ASC 260"). Per ASC 260-10-45-13, shares issuable for little to no consideration should be included in the number of outstanding shares used for basic EPS. The FASB proposed that warrants or options exercisable for little to no cost (sometimes referred to as “penny warrants”) be included in the denominator of basic EPS (and therefore diluted EPS) once there were no further vesting conditions or contingencies associated with them. The Company included 3,742,562 and 796,827 pre-funded warrants in the denominator of basic EPS at June 30, 2026 and June 30, 2025, respectively.

At June 30, 2026 and 2025, the Company excluded the securities summarized below, which entitled the holders thereof to acquire shares of common stock, from its calculation of EPS, as their effect would have been anti-dilutive.


	June 30,
	2026		2025
Common stock warrants		2,592,014		713,396
Common stock options		1,563,795		793,973
Total		4,155,809		1,507,369

Fair Value of Financial Instruments

The authoritative guidance with respect to fair value established a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three levels and requires that assets and liabilities carried at fair value be classified and disclosed in one of three categories, as presented below.

Level 1. Observable inputs such as quoted prices in active markets for an identical asset or liability that the Company has the ability to access as of the measurement date. Financial assets and liabilities utilizing Level 1 inputs include active exchange-traded securities and exchange-based derivatives.

Level 2. Inputs, other than quoted prices included within Level 1, which are directly observable for the asset or liability or indirectly observable through corroboration with observable market data. Financial assets and liabilities utilizing Level 2 inputs include fixed income securities, non-exchange-based derivatives, mutual funds, and fair-value hedges.

Level 3. Unobservable inputs in which there is little or no market data for the asset or liability which requires the reporting entity to develop its own assumptions. Financial assets and liabilities utilizing Level 3 inputs include infrequently traded non-exchange-based derivatives and commingled investment funds and are measured using present value pricing models.

The Company determines the level in the fair value hierarchy within which each fair value measurement falls in its entirety, based on the lowest level input that is significant to the fair value measurement in its entirety. In determining the appropriate levels, the Company performs an analysis of the assets and liabilities at each reporting period end.

The carrying value of financial instruments (consisting of cash, a certificate of deposit, debt, accounts payable, accrued compensation and accrued expenses) is considered to be representative of their respective fair values due to the short-term nature of those instruments.

Recent Accounting Pronouncements Adopted

ASU 2025-07 - Derivatives Scope Refinements

In September 2025, the FASB issued Accounting Standards Update (“ASU”) 2025-07, Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract. The guidance in ASU 2025-07 expands the scope of contracts that are excluded from derivative accounting and clarifies that an entity receiving share-based noncash consideration from a customer should apply the guidance on noncash consideration in ASC 606. The ASU will become effective in interim and annual periods for fiscal years beginning after December 15, 2026 and may be applied either on a prospective or modified retrospective basis. Early adoption is permitted for financial statements that have not yet been issued (or made available for issuance). Management determined to early adopt this ASU in the second quarter of 2026 on a prospective basis.

Recent Accounting Pronouncements Not Yet Adopted

ASU 2024-03 - Disaggregation of Income Statement Expense

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expense ("ASU 2024-03"). The guidance in ASU 2024-03 requires additional disclosures about specific types of expenses included in the expense captions presented on the face of income statements as well as disclosures about selling expenses. The standard applies prospectively with the option to apply the standard retrospectively and is effective for calendar year-end public business entities in the 2027 annual period and in 2028 for interim periods with early adoption permitted. The Company is currently evaluating the impact that the adoption of ASU 2024-03 may have on its condensed consolidated financial statements.

Management does not believe that any other recently issued, but not yet effective, authoritative guidance, if currently adopted, would have a material impact on the Company’s financial statement presentation or disclosures.

Organization and Basis of Presentation - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended
	Jul. 09, 2026	Jun. 30, 2026	Dec. 31, 2025
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Cash and Cash Equivalent		$ 17,392	$ 27,136
Subsequent Event
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Proceeds from issuance of private placement of pre-funded warrants and common stock warrants	$ 49,800
Collaboration and License Agreement With Ascendant Health Sciences Ltd [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Cash outflows related to upfront payment to Ascendant, and other one-time legal fees, consulting fees and employee related costs		$ 28,000

Stock Based Compensation - Schedule of Stock-Based Compensation Included in Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation	$ 23,838	$ 1,263	$ 23,886	$ 2,601
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation	20,336	580	20,355	1,275
Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation	$ 3,502	$ 683	$ 3,531	$ 1,326

Collaboration Revenue - Schedule of Collaboration revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue from Contract with Customer [Abstract]
Total Collaboration Revenue	$ 7,877	$ 2,954	$ 13,563	$ 3,374

Fair Value

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Fair Value

The Company accounts for its financial assets and liabilities using fair value measurements. The authoritative accounting guidance defines fair value, establishes a framework for measuring fair value under U.S. GAAP and enhances disclosures about fair value measurements. 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.


	Fair Value Measurements as of June 30, 2026
	(in thousands)
	Level 1		Level 2		Level 3		Fair Value
Cash equivalents	$	16,872	$	—	$	—	$	16,872
Total current assets	$	16,872	$	—	$	—	$	16,872

Top-up Shares	$	—	$	—	$	5,730	$	5,730
Total current liabilities	$	—	$	—	$	5,730	$	5,730


	Fair Value Measurements as of December 31, 2025
	(in thousands)
	Level 1		Level 2		Level 3		Fair Value
Cash equivalents	$	26,614	$	—	$	—	$	26,614
Total	$	26,614	$	—	$	—	$	26,614

As of June 30, 2026, the Company had $16.9 million in cash equivalents, and did not hold any marketable securities. The Company measures the cash equivalents that are invested in money market funds using Level 1 inputs for identical securities. As of December 31, 2025, the Company had $26.6 million in cash equivalents, and did not hold any marketable securities. For each of the three and six months ended June 30, 2026 and 2025, there were no transfers between Levels 1, 2 or 3.

The Top-Up Obligation with Ascendant is measured at fair value on a recurring basis and is classified as a Level 3 liability because the valuation incorporates significant unobservable inputs, including estimates regarding the probability and timing of achieving specified clinical and financial milestones and assumptions regarding the Company's future stock price. The initial fair value of the Top-Up Obligation was recognized as consideration for the acquired license and recorded within research and development license expense. The change in fair value of the Top-Up Obligation is recognized in other income (expense), net in the accompanying condensed consolidated statements of operations.

The Company estimates the fair value of the Top-Up Obligation using a Monte Carlo simulation model, which incorporates both observable market data and significant unobservable inputs. Changes in these assumptions could result in materially different fair value measurements. Significant assumptions used in the model include the following:


		Top-up Shares
Stock price		$29.85 - $31.56
Equity Volatility		110%
Probability of milestone achievement		20%
Time to exercise (years)		0.2 to 0.3

Nonrecurring Fair Value Measurements

In addition to assets and liabilities recorded at fair value on a recurring basis, the Company's assets and liabilities are also subject to nonrecurring fair value measurements. In connection with the private placement securities purchase agreement and the License Agreement with Ascendant Health (as described below) entered into on April 30, 2026, the Company issued the May 2026 Pre-Funded Warrants, May 2026 Common Stock Warrants, and Ascendant Pre-Funded Warrants (as described below), each of which was initially classified as a liability and measured at fair value, as share settlement was contingent upon stockholder approval in accordance with the listing standards of the Nasdaq Stock Market (the “Issuance Stockholder Approval”), which was outside the Company's control. On June 1, 2026, the Issuance Stockholder Approval was obtained and the instruments were reclassified to permanent equity, after which they are no longer subject to remeasurement.

The initial fair value of the May 2026 Pre-Funded Warrants and May 2026 Warrants, and all subsequent changes in the fair value of the liability-classified instruments through the date of the Issuance Stockholder Approval, were recognized within other income (expense), net in the accompanying condensed consolidated statements of operations. The initial fair value of the Ascendant Pre-Funded Warrants was recognized as consideration for the acquired license and recorded within research and development license expense. The change in fair value of the Ascendant Pre-Funded Warrants is recognized in other income (expense), net in the accompanying condensed consolidated statements of operations.

The Company estimated the fair value of the May 2026 Pre-Funded Warrants and Ascendant Pre-Funded Warrants using the Company's publicly-traded stock price at the valuation date, which is a Level 1 input. The Company estimated the fair value of the May 2026 Warrants using the Black-Scholes option pricing model, which incorporates both observable market data and significant unobservable inputs. Changes in these assumptions could result in materially different fair value measurements. Significant assumptions include the following:


		May 2026 Warrants
Risk-free interest rate		4.04% - 4.13%
Expected dividend yield		0%
Expected volatility		110.00%
Expected term (yrs)		4.9 to 5.0

The following table shows the rollforward of the Top-up Share Obligation and liabilities associated with the Ascendant Pre-Funded Warrants, May 2026 Pre-Funded Warrants, and May 2026 Warrants:


(In thousands)	Ascendant Top-up Shares		Ascendant Pre-Funded Warrants			May 2026 Warrants and Pre-Funded Warrants			Total
Balance at January 1, 2026	$	—	$	—		$	—		$	—
Initial recognition of financial instrument		3,650		16,469			117,559			137,678
Changes in fair value recognized in earnings		2,080		(3,194	)		(23,373	)		(24,487	)
Reclassification to equity		—		(13,275	)		(94,186	)		(107,461	)
Balance at June 30, 2026	$	5,730	$	—		$	—		$	5,730

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 6A
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 6A
-Subparagraph (e)
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (d)
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (h)
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: 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/1943274/2147478119/940-820-50-1

+ Details

Property and Equipment, Net (Tables)

6 Months Ended

Jun. 30, 2026

Property, Plant and Equipment [Abstract]

Summary of Property and Equipment

Property and equipment, net as of June 30, 2026 and December 31, 2025 consisted of the following:


	June 30, 2026			December 31, 2025
	(in thousands)
Laboratory equipment	$	3,511		$	3,511
Furniture and fixtures		68			68
Computer equipment		328			207
Leasehold improvements		118			118
Total property and equipment		4,025			3,904
Less: accumulated depreciation		(3,770	)		(3,663	)
Property and equipment, net	$	255		$	241

Summary of Depreciation Expense


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(in thousands)				(in thousands)
General and administrative	$	7	$	4	$	11	$	8
Research and development		26		93		96		186
Depreciation total	$	33	$	97	$	107	$	194

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2026

Accounting Policies [Abstract]

Summary of Estimated Useful Lives of Assets

Depreciation of property and equipment is provided using the straight-line method over the following estimated useful lives:


Laboratory equipment		5 years
Computer equipment		3 years
Furniture and fixtures		3-8 years

Schedule of Anti-dilutive Securities Excluded from Computation of Earnings Per Share


	June 30,
	2026		2025
Common stock warrants		2,592,014		713,396
Common stock options		1,563,795		793,973
Total		4,155,809		1,507,369

Fair Value - Schedule of materially different fair value measurements (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Fair Value, Option, Quantitative Disclosures [Line Items]
Risk-free interest rate, minimum	3.92%	4.05%
Risk-free interest rate, maximum	4.19%	4.46%
Expected dividend yield	0.00%	0.00%
Warrants
Fair Value, Option, Quantitative Disclosures [Line Items]
Risk-free interest rate, minimum	4.04%
Risk-free interest rate, maximum	4.13%
Expected dividend yield	0.00%
Expected volatility	110.00%
Maximum
Fair Value, Option, Quantitative Disclosures [Line Items]
Time to exercise (years)	6 years 3 months	6 years 3 months
Maximum \| Warrants
Fair Value, Option, Quantitative Disclosures [Line Items]
Time to exercise (years)	5 years
Minimum
Fair Value, Option, Quantitative Disclosures [Line Items]
Time to exercise (years)	5 years 6 months	5 years 6 months
Minimum \| Warrants
Fair Value, Option, Quantitative Disclosures [Line Items]
Time to exercise (years)	4 years 10 months 24 days
Monte Carlo Simulation Model [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Probability of milestone achievement	$ 20
Expected volatility	110.00%
Monte Carlo Simulation Model [Member] \| Maximum
Fair Value, Option, Quantitative Disclosures [Line Items]
Stock price	31.56
Time to exercise (years)	3 months 18 days
Monte Carlo Simulation Model [Member] \| Minimum
Fair Value, Option, Quantitative Disclosures [Line Items]
Stock price	29.85
Time to exercise (years)	2 months 12 days

Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Property Plant And Equipment [Line Items]
Depreciation expense	$ 33	$ 97	$ 107	$ 194
Trademarks
Property Plant And Equipment [Line Items]
Amortization of intangible assets	$ 3	$ 6	$ 3	$ 6

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Subparagraph (b)
-SubTopic 10
-Topic 230
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147476153/220-40-55-18

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-URI https://asc.fasb.org/1943274/2147476153/220-40-55-11

Reference 4: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147476153/220-40-55-24

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
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-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476148/220-40-50-12

Reference 6: http://www.xbrl.org/2003/role/exampleRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476148/220-40-50-6

+ Details

Property and Equipment, Net

6 Months Ended

Jun. 30, 2026

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

Property and equipment, net as of June 30, 2026 and December 31, 2025 consisted of the following:


	June 30, 2026			December 31, 2025
	(in thousands)
Laboratory equipment	$	3,511		$	3,511
Furniture and fixtures		68			68
Computer equipment		328			207
Leasehold improvements		118			118
Total property and equipment		4,025			3,904
Less: accumulated depreciation		(3,770	)		(3,663	)
Property and equipment, net	$	255		$	241

Depreciation expense for the three and six months ended June 30, 2026 and 2025 was included in the condensed consolidated statements of operations as follows, and excludes trademark amortization of $3,000 and $6,000 for the three and six months ended June 30, 2026 and 2025, respectively.


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(in thousands)				(in thousands)
General and administrative	$	7	$	4	$	11	$	8
Research and development		26		93		96		186
Depreciation total	$	33	$	97	$	107	$	194

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Estimated Fair Value of Each Stock Option Award


		June 30, 2026
Risk-free interest rate		3.92 - 4.19%
Expected dividend yield		0%
Expected volatility		88.60% - 104.03%
Expected life		5.50 to 6.25 years

		June 30, 2025
Risk-free interest rate		4.05% - 4.46%
Expected dividend yield		0%
Expected volatility		86.46% - 88.15%
Expected life		5.50 to 6.25 years

Summary of Stock Option Activity

A summary of stock option activity for the six months ended June 30, 2026 is as follows:


	Number of Shares*			Weighted Average Exercise Price*		Weighted Average Remaining Contractual Life (in Years)
Stock options outstanding at December 31, 2025		424,910		$	116.68		6.79
Granted		1,320,053			29.85		—
Exercised		(43,390	)		18.82		—
Forfeited		(113,684	)		28.66		—
Expired		(24,094	)		228.53		—
Stock options outstanding at June 30, 2026		1,563,795			50.78		9.07
Stock options exercisable at June 30, 2026		351,300		$	121.44		6.52

Summary of Restricted Stock Unit Activity

The following table summarizes the RSU activity under the 2026 Inducement Plan for the six months ended June 30, 2026:


Restricted Securities	Number of Shares			Weighted Average Grant Date Fair Value Per Share
Nonvested balance at December 31, 2025		—		$	—
Granted		655,071			30.42
Vested/Released		(655,071	)		30.42
Nonvested balance at June 30, 2026		—		$	—

Schedule of Stock-Based Compensation Included in Statement of Operations and Comprehensive Loss

Stock-based compensation for the three and six months ended June 30, 2026 and 2025 was included in the Company’s condensed consolidated statements of operations as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2026		2025		2026		2025
General and administrative	$	20,336	$	580	$	20,355	$	1,275
Research and development		3,502		683		3,531		1,326
Total stock-based compensation	$	23,838	$	1,263	$	23,886	$	2,601

Schedule of share-based payment arrangement.

Stock-based compensation for the three and six months ended June 30, 2026 and 2025 by type was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2026		2025		2026		2025
Stock options	$	3,911	$	1,263	$	3,959	$	2,601
RSUs		19,927		—		19,927		—
Total stock-based compensation	$	23,838	$	1,263	$	23,886	$	2,601

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
	Apr. 30, 2026	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Commitments And Contingencies [Line Items]
Milestone Payment	$ 676,500
Upfront payment	$ 15,000
Sublicensing revenues received percentage	20.00%
Purchase of common share	551,724
Research and development		$ 49,007	$ 7,910	$ 55,904	$ 16,457
Research and development expense other cost				$ 35,100
Minimum
Commitments And Contingencies [Line Items]
Percentage of Outstanding Capital Stock	7.50%			7.50%
Milestone Payment	$ 676,500
Maximum [Member]
Commitments And Contingencies [Line Items]
Milestone Payment	40,000
License Agreement [Member]
Commitments And Contingencies [Line Items]
Milestone Payment	$ 215,000
License Agreement [Member] \| Minimum
Commitments And Contingencies [Line Items]
Sublicensing revenues received percentage	20.00%
License Agreement [Member] \| Maximum [Member]
Commitments And Contingencies [Line Items]
Sublicensing revenues received percentage	40.00%
Albert Einstein College Of Medicine \| Einstein License And Service Agreement
Commitments And Contingencies [Line Items]
Milestone payments for each product, process or service				$ 1,850
Milestone payments for each new indication of licensed product				1,850
Aggregate amount of additional milestone payments				5,750
Einstein License
Commitments And Contingencies [Line Items]
Patent expenses		$ 100	$ 100	100	$ 100
Einstein License \| Albert Einstein College Of Medicine
Commitments And Contingencies [Line Items]
Patent expenses				$ 100

Leases (Tables)

6 Months Ended

Jun. 30, 2026

Leases [Abstract]

Schedule of Future Minimum Lease Payments for Operating Lease

Future minimum lease payments under these leases at June 30, 2026 are as follows:


	(in thousands)
2026 (remaining 6 months)	$	921
2027		1,894
2028		553
Total lease payments		3,368
Less: imputed interest		(291	)
Present value of lease payments	$	3,077

Schedule of Other Information of Operating Leases

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


	June 30, 2026			December 31, 2025
Weighted average remaining lease term (years)		1.79			2.12
Weighted average discount rate		9.75	%		9.77	%

Subsequent Events (Additional Information) (Details) - USD ($) $ in Millions	Jul. 09, 2026	Jun. 30, 2026	Dec. 31, 2025
Subsequent Event [Line Items]
Common stock, shares issued		5,229,392	3,220,707
Subsequent Event
Subsequent Event [Line Items]
Proceeds from issuance of private placement of pre-funded warrants and common stock warrants	$ 49.8
Subsequent Event \| July 2026 Pre- Funded Warrants
Subsequent Event [Line Items]
Common stock, shares issued	87,500
Subsequent Event \| Private Placement \| Common Stock
Subsequent Event [Line Items]
Common stock, shares issued	1,418,071

Summary of Significant Accounting Policies - Summary of Estimated Useful Lives of Assets (Details)	Jun. 30, 2026
Laboratory Equipment
Property Plant And Equipment [Line Items]
Estimated useful lives	5 years
Computer Equipment
Property Plant And Equipment [Line Items]
Estimated useful lives	3 years
Furniture and Fixtures \| Minimum
Property Plant And Equipment [Line Items]
Estimated useful lives	3 years
Furniture and Fixtures \| Maximum
Property Plant And Equipment [Line Items]
Estimated useful lives	8 years

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2026

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Presentation

Reverse Stock Split

Public Offerings and Private Placements

Consolidation

Use of Estimates

Cash Concentrations

Cash and Cash Equivalents

The Company considers all highly liquid investments with a maturity of three months or less at the date of purchase to be cash equivalents. The Company invests available cash in money market funds.

Restricted Cash

The Company had $0.2 million in restricted cash deposited with a separate commercial bank to collateralize Company credit cards as of June 30, 2026 and December 31, 2025.

Top-up Share obligations

Equity Method Accounting

Property and Equipment


Laboratory equipment		5 years
Computer equipment		3 years
Furniture and fixtures		3-8 years

Trademark

Debt Issuance Costs

Revenue Recognition

Research and Development Expenses

Patent Expenses

Licensing Fees and Costs

Long-Lived Assets

Leases

Stock-Based Compensation

Variable Interest Entities

Earnings (Loss) Per Share


	June 30,
	2026		2025
Common stock warrants		2,592,014		713,396
Common stock options		1,563,795		793,973
Total		4,155,809		1,507,369

Fair Value of Financial Instruments

Recent Accounting Pronouncements Adopted

ASU 2025-07 - Derivatives Scope Refinements

Recent Accounting Pronouncements Not Yet Adopted

ASU 2024-03 - Disaggregation of Income Statement Expense

Stock Based Compensation - Additional Information (Details) - USD ($)		3 Months Ended		6 Months Ended		12 Months Ended
	May 01, 2026	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation		$ 23,838,000	$ 1,263,000	$ 23,886,000	$ 2,601,000
Weighed Average Exercise Price, Exercisable		$ 121.44		$ 121.44
Stock based payment options outstanding weighted average remaining term				9 years 25 days		6 years 9 months 14 days
Number of shares, granted				1,320,053
RSU
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares, granted	655,071
Grant share value per share	$ 30.42
Unrecognized stock-based compensation		$ 19,900,000		$ 19,900,000
Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation		3,900		3,900
Stock-based compensation expense		28,600		$ 28,600
Weighted average remaining period				9 years 25 days
Intrinsic value of exercisable stock options		$ 400,000		$ 400,000
Intrinsic value of exercisable fair value per share		$ 6.52		$ 6.52
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Of Options Exercisable Intrinsic Fair Value Per Share		$ 6.52		6.52
Fair value of option				$ 31.56
Stock options granted purchase shares		1,300,000	1,600,000	1,300,000	64,600,000
weighted average grant date fair value		$ 29.96	$ 18.6	$ 29.85	$ 29.7

Stock Based Compensation - Summary of Stock Option Activity (Details) - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2026	Dec. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Net of Forfeitures [Abstract]
Number of Shares, Outstanding Beginning Balance	424,910
Number of Shares, Granted	1,320,053
Number of Shares, Exercised	(43,390)
Number of Shares, Forfeited	(113,684)
Number of Shares, Expired	(24,094)
Number of Shares, Outstanding Ending Balance	1,563,795	424,910
Number of Shares, Exercisable	351,300
Weighted Average Exercise Price, Outstanding Beginning Balance	$ 116.68
Weighted Average Exercise Price, Granted	29.85
Weighted Average Exercise Price, Exercised	18.82
Weighted Average Exercise Price, Forfeited	28.66
Weighted Average Exercise Price, Expired	228.53
Weighted Average Exercise Price, Outstanding Ending Balance	50.78	$ 116.68
Weighed Average Exercise Price, Exercisable	$ 121.44
Weighted Average Remaining Contractual Life (in Years)	9 years 25 days	6 years 9 months 14 days
Weighted Average Remaining Contractual Life (in Years), Exercisable	6 years 6 months 7 days

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 17,392	$ 27,136
Accounts receivable	5,377	5,546
Deposits, current portion	22	1,093
Prepaid expenses and other current assets	1,933	1,309
Foreign withholding tax receivable	1,899	1,899
Total current assets	26,623	36,983
Property and equipment, net	255	241
Operating lease right-of-use asset	2,959	4,074
Deposits	628	666
Restricted cash	154	154
Other long-term assets	88	94
Total assets	30,707	42,212
Current liabilities:
Accounts payable	3,747	3,948
Accrued expenses	14,883	1,611
Research and development contract liability, current portion	0	5,335
Operating lease liabilities, current	1,628	1,911
Other current payable	960	689
Total current liabilities	21,218	13,494
Operating lease liabilities, non-current	1,449	2,286
Top-up share obligations	5,730	0
Total liabilities	28,397	15,780
Commitments and contingencies (Note 12)
Stockholders' equity:
Preferred stock, $0.001 par value; 10,000,000 shares authorized and 0 shares issued and outstanding at June 30, 2026 and December 31, 2025	0	0
Common stock, $0.001 par value; 300,000,000 shares authorized; 5,229,392 and 3,220,707 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	5	3
Additional paid in capital	529,016	394,895
Accumulated deficit	(526,711)	(368,466)
Total stockholders' equity	2,310	26,432
Total liabilities and stockholders' equity	$ 30,707	$ 42,212

Equity Method Investment

6 Months Ended

Jun. 30, 2026

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investment

On November 6, 2025, ImmunoScape Pte. Ltd. (“IMSCP”) exercised its option (the “Option”) to obtain licenses to research, develop and commercialize molecules from the Company's CUE-100 series, including CUE-101 and CUE-102, subject to certain exclusions (the licensed series of molecules, the “Licensed Program”), for all oncology indications pursuant to a Collaboration and License Agreement, effective November 6, 2025, between the Company and IMSCP (the “IMSCP Collaboration and License Agreement”). Pursuant to the IMSCP Collaboration and License Agreement, the Company received equity of IMSCP equal to 40% of the issued and outstanding equity of IMSCP and is entitled to receive additional equity, in the form of warrants, upon certain dilution events in the future. As of the transaction date, the Company held 30% of IMSCP’s common shares and warrants to purchase 10% of IMSCP’s common shares at an exercise price of $0.01 per share. The warrants expire on November 5, 2035 or upon change in control of IMSCP.

As of the transaction date, the carrying value of the investment in IMSCP was $3.9 million, comprised of $2.9 million from common shares and $1.0 million from the warrants. The value of the warrants was included in the investment under equity method accounting as they are considered in-substance common stock. The contingent issuable warrants are accounted for as a derivative instrument and were prescribed no value at the inception of the IMSCP Collaboration and License Agreement and at December 31, 2025 as the probability of issuance was remote. There was no change in value from inception to June 30, 2026, and the inputs used to determine the fair value of the contingent issuable warrants are a Level 3 fair value measurement.

The Company has determined that its investment in IMSCP is an equity security, whereby such investment does not give the Company a controlling financial interest over the investee. Further, the Company assessed the accounting for its investment in IMSCP in accordance with ASC Topic 810-10, Consolidation—Overall. After determining that no scope exception applies under the guidance of ASC 810-10-15-12 and ASC 810-10-15-17, the Company concluded that it has a variable interest in IMSCP through its investment in IMSCP common stock. The Company concluded that IMSCP is a VIE in accordance with ASC 810-10-15-14(a) and is subject to potential consolidation under the VIE model. However, all activities that most significantly impact IMSCP and its subsidiary’s economic performance are directed by the IMSCP board and the board approves decisions by a simple majority. Based on the board composition, the Company determined that no one party has control over the IMSCP board and power is not shared because the activities that most significantly affect IMSCP and its subsidiary’s economic performance do not require the consent of all of the parties. Rather, all decisions are made by a simple majority vote of the IMSCP board. Therefore, while the Company has the ability to appoint one director of IMSCP, because that director represents a minority position of the IMSCP board, the Company cannot unilaterally direct any of the activities that most significantly impact IMSCP and its subsidiary’s economic performance. Accordingly, the Company does not hold a controlling financial interest in IMSCP. Because both criteria (a) and (b) above have to be met for the application of the guidance in ASC 810-10-25-38A and criteria (a) has not been met, the Company concluded that it should not consolidate IMSCP under the VIE model.

The Company accounts for its investment in IMSCP as an equity method investment as it does not control but has significant influence over operating and financing policies of IMSCP. The initial fair value of the investment in IMSCP was determined by using the option pricing model to allocate the estimated equity value to each respective equity class. The equity value was determined by using the net asset value approach for the net assets of IMSCP and the cost replacement approach for the intellectual property related to the CUE-100 series licensed to IMSCP. The major assumptions used in the option pricing model include volatility of 120.0%, risk free rate of 3.7%, dividend yield of 0.0% and time to liquidity event of 5.0 years. The inputs used to determine the fair value of the investment in IMSCP are a Level 3 fair value measurement.

At the transaction date, a basis difference was identified between the carrying value of the Company’s investment in IMSCP and the fair value of the Company’s proportionate share of IMSCP’s underlying net assets. The Company concluded that substantially all of the consideration transferred was attributable to in-process research and development activities. IMSCP was not deemed a business as defined in ASC 805 – Business Combinations, therefore the Company immediately expensed the basis difference attributable to the in-process research and development which has no alternative future use. The Company’s proportionate share of the basis difference exceeded its carrying value of the equity method investment in IMSCP and the equity investment balance was reduced to zero on the transaction date. Since the Company has no obligation to provide financing support to IMSCP, the Company is not required to record further losses exceeding the carrying value of the investment. For the year ended December 31, 2025, the Company recognized $3.9 million in research and development expenses related to the basis difference in the Company’s condensed consolidated statements of operations. The carrying value of the Company's investment in IMSCP was zero as of June 30, 2026.

Warrants - Additional Information (Details) - USD ($)	1 Months Ended		6 Months Ended
Warrants - Additional Information (Details) - USD ($)	May 31, 2026	Apr. 30, 2026	Jun. 30, 2026
Class Of Warrant Or Right [Line Items]
Debt issuance costs			$ 142,000
Pre-Funded Warrants
Class Of Warrant Or Right [Line Items]
Stock Price	$ 29.85	$ 14.74
Debt issuance costs			2,500,000
Proceeds from Issuance Initial Public Offering			$ 90,000,000

Leases

6 Months Ended

Jun. 30, 2026

Leases [Abstract]

Leases

13.

Leases

On March 28, 2022, the Company entered into a License Agreement (the “License”) with MIL 40G, LLC (the “Licensor”), pursuant to which the Company leases approximately 13,000 square feet of office, research and development and laboratory space located at 40 Guest Street, Boston, Massachusetts 02135 (the “Office and Laboratory Space”). On July 7, 2022, the Company entered into an operating lease for additional laboratory space (the “Additional Laboratory Space”) at 40 Guest Street for the period from December 1, 2022 through December 1, 2024 (the “40G Additional Laboratory Lease”).

The License and the 40G Additional Laboratory Lease have been modified at various times from inception through 2024.

On June 30, 2025, the Company entered into the Second Amendment to the License with the Licensor. Pursuant to the Second Amendment, effective June 30, 2025, the monthly rental rate for the Office and Laboratory Space decreased from $235,884 to $147,546, subject to a 4% increase on April 15, 2027, and the term of the License was extended from April 14, 2026 to April 14, 2028. In addition, the Licensor agreed to provide the Company a partial credit of $44,169 for rent the Company had paid at the new monthly rental rate for the month of June 2025.

On January 10, 2026, the Company entered into the Third Amendment to the License with the Licensor. Pursuant to the Third Amendment, effective January 10, 2026, the Company terminated the 40G Additional Laboratory Lease. As a result, the Company derecognized the corresponding right-of-use asset of $0.4 million and lease liability of $0.4 million, with the difference of $9,842 recognized as a gain in the condensed consolidated statement of operations. In addition, the Licensor agreed to provide the Company a partial credit of $59,379 for the security deposit the Company had paid, to be applied in four equal monthly installments. Under the Third Amendment, the Company will continue to have access to the shared laboratory spaces and will recognize the associated fees as incurred.

For each of the three months ended June 30, 2026 and 2025, the Company recorded $0.1 million in interest expense to the lease liability. For each of the three months ended June 30, 2026 and 2025, the Company recorded $0.2 million in interest expense to the lease liability.

At June 30, 2026, operating lease right-of-use assets totaled $3.0 million. Corresponding operating lease liabilities totaled $3.1 million, of which $1.6 million were recorded in current liabilities, and $1.4 million were recorded in long-term liabilities on the Company’s condensed consolidated balance sheets.

As of both June 30, 2026 and December 31, 2025, security deposits of $0.5 million related to the 40G Additional Laboratory Lease were included in deposits on the Company’s condensed consolidated balance sheets.

Future minimum lease payments under these leases at June 30, 2026 are as follows:


	(in thousands)
2026 (remaining 6 months)	$	921
2027		1,894
2028		553
Total lease payments		3,368
Less: imputed interest		(291	)
Present value of lease payments	$	3,077

Rent expense of $0.5 million and $0.9 million was included in the condensed consolidated statements of operations for the three and six months ended June 30, 2026, respectively. Rent expense of $0.8 million and $1.6 million was included in the condensed consolidated statements of operations for the three and six months ended June 30, 2025, respectively.

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


	June 30, 2026			December 31, 2025
Weighted average remaining lease term (years)		1.79			2.12
Weighted average discount rate		9.75	%		9.77	%

Property and Equipment, Net - Summary of Depriciation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Property Plant And Equipment [Line Items]
Depreciation total	$ 33	$ 97	$ 107	$ 194
General and Administrative
Property Plant And Equipment [Line Items]
Depreciation total	7	4	11	8
Research and Development
Property Plant And Equipment [Line Items]
Depreciation total	$ 26	$ 93	$ 96	$ 186

Equity Method Investment (Additional Information) (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		6 Months Ended		12 Months Ended
	Nov. 06, 2025	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Schedule of Equity Method Investments [Line Items]
Research and development		$ 49,007	$ 7,910	$ 55,904	$ 16,457
Collaboration and License Agreement with ImmunoScape Pte. Ltd [Member]
Schedule of Equity Method Investments [Line Items]
Received equity percentage	40.00%
Percent of ordinary shares	30.00%
Offering price of shares	$ 0.01
Carrying value of the investment	$ 3,900	$ 0		$ 0
Research and development						$ 3,900
Collaboration and License Agreement with ImmunoScape Pte. Ltd [Member] \| Level 3 \| Valuation Technique, Option Pricing Model [Member]
Schedule of Equity Method Investments [Line Items]
Long-Duration Contracts, Assumptions by Product and Guarantee, Volatility Rate		120.00%		120.00%
Risk-Free Rate		3.70%		3.70%
Dividend Yeild		0.00%		0.00%
Time to liquidity event		5 years		5 years
Collaboration and License Agreement with ImmunoScape Pte. Ltd [Member] \| Minimum
Schedule of Equity Method Investments [Line Items]
Percent of ordinary shares	10.00%
Collaboration and License Agreement with ImmunoScape Pte. Ltd [Member] \| Common Stock
Schedule of Equity Method Investments [Line Items]
Carrying value of the investment	$ 2,900
Collaboration and License Agreement with ImmunoScape Pte. Ltd [Member] \| Warrants
Schedule of Equity Method Investments [Line Items]
Carrying value of the investment	$ 1,000

Leases - Schedule of Other Information of Operating Leases (Details)	Jun. 30, 2026	Dec. 31, 2025
Lessee, Lease, Description [Line Items]
Weighted average remaining lease term (years)	1 year 9 months 14 days	2 years 1 month 13 days
Weighted average discount rate	9.75%	9.77%

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2026	Aug. 12, 2026
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2026
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q2
Trading Symbol	CUE
Entity Registrant Name	Cue Biopharma, Inc.
Entity Central Index Key	0001645460
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Interactive Data Current	Yes
Document Transition Report	false
Title of 12(b) Security	Common Stock, par value $0.001 per share
Security Exchange Name	NASDAQ
Entity Incorporation, State or Country Code	DE
Document Quarterly Report	true
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		7,264,414
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity File Number	001-38327
Entity Tax Identification Number	47-3324577
Entity Address, Address Line One	40 Guest Street
Entity Address, City or Town	Boston
Entity Address State or Province	MA
Entity Address, Postal Zip Code	02135
City Area Code	617
Local Phone Number	949-2680

License Agreement

6 Months Ended

Jun. 30, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

License Agreement

License Agreements

Ascendant Health Sciences Ltd. License Agreement

On April 30, 2026, the Company entered into a License Agreement (the “License Agreement”) with Ascendant. Pursuant to the License Agreement and subject to certain rights retained by the Licensor, the Licensor granted the Company: (1) the exclusive and sublicensable rights to develop, manufacture, commercialize and otherwise exploit the Licensor’s anti-IgE monoclonal antibody known as Ascendant-221, which was formerly known as UB-221 (together with certain related molecules, the “Licensed Molecules”) and products containing a Licensed Molecule (collectively, the “Licensed Products”) throughout the world (except the mainland of China, Hong Kong, Macau and Taiwan (together, the “Ascendant Territory”)) (such territory of the Company, the “Cue Territory”) for any and all uses; and (2) the non-exclusive and sublicensable rights to manufacture the Licensed Molecules and Licensed Products in the Ascendant Territory solely for the purposes of developing and commercializing the Licensed Molecules and Licensed Products in

the Cue Territory.

As consideration for the rights granted to the Company by the Licensor, the Company paid the Licensor $15.0 million as the upfront payment, and will pay up to an aggregate of $676.5 million in additional potential milestone payments, and tiered royalty payments (at percentages ranging from high single-digit to low double-digit) on future net sales of Licensed Products. The additional milestone payments include $5.0 million upon the completion of manufacturing technology transfer, $6.5 million upon the completion of data and know-how transfer, up to $205.0 million upon the achievement of specified development and regulatory milestone events, including upon receipt of threshold data from a specified Phase 2 clinical trial, and up to $460.0 million upon the achievement of specified commercial milestone events. In the event the Company grants a sublicense of its rights under the License Agreement within the first 18 months after the effective date of the License Agreement, certain sublicensing revenues received by the Company will be shared with Licensor at specified percentages between 20% and 40% for a period of up to 18 months after the effective date. In addition, in the event of a specified change of control transaction with respect to the Company within the first 18 months after the effective date of the License Agreement, certain milestone payments will accelerate, in an amount up to $215.0 million.

Under the License Agreement, royalty payments will be payable on a product-by-product and country-by-country basis outside of the Ascendant Territory during the period commencing on the first commercial sale and continuing until the later of: (a) the 10-year anniversary of the date of such first commercial sale; (b) the expiration of the relevant patent claims; and (c) the expiration of the relevant regulatory exclusivity. Subject to a certain floor, the Company’s royalty payments will be reduced by specified percentages for patent expiration, biosimilar entry, payments for third party intellectual property, compulsory sublicenses or drug pricing programs. The Company’s royalty payments are also subject to reduction in connection with royalty rates owed to an upstream academic licensor.

In connection with the execution of the License Agreement, on April 30, 2026, the Company and the Licensor also entered into a securities purchase agreement (the “Purchase Agreement”), pursuant to which the Company agreed to issue to the Licensor at an initial closing (the “Initial Closing”) pre-funded warrants (the “Initial Closing Pre-Funded Warrants” or the “Ascendant Pre-Funded Warrants”) to purchase up to 551,724 shares of common stock of the Company, as partial consideration for the license and rights granted under the License Agreement. The exercise price of the Initial Closing Pre-Funded Warrants is $0.001 per share. The Initial Closing occurred on May 4, 2026. Pursuant to the terms of the Purchase Agreement, and subject to and contingent upon the achievement of specified clinical and financial milestones (the “Top-Up Milestones”), the Company has agreed to issue to the Licensor at a second closing (the “Top-Up Closing”) the Top-Up Shares such that, when combined with the shares of common stock issuable upon exercise of the Initial Closing Pre-Funded Warrants (the "Initial Closing Pre-Funded Warrant Shares"), the Licensor will beneficially own a number of shares of common stock (directly or indirectly) equal to no less than 7.5% of the Outstanding Capital Stock (as defined in the Purchase Agreement) immediately following achievement of the final Top-Up Milestone; provided that the aggregate value of all such securities issued to the Licensor under the Purchase Agreement (determined by multiplying (x) the sum of the Top-Up Shares and the Licensor Warrant Shares (as defined below) by (y) the closing price of the common stock on the Nasdaq Stock Market on the date of achievement of the final Top-Up Milestone) will be no less than $15.0 million (the “Value Threshold”). If the dollar value of such securities exceeds the Value Threshold, the Purchase Agreement provides that the Licensor will be entitled to be issued all such securities at the Top-Up Closing with no cap on the aggregate dollar value of the issuable securities, except that the Company will not issue any Top-Up Shares to the Licensor to extent that such issuance would require approval of the Company’s stockholders in order to satisfy applicable listing rules of the Nasdaq Stock Market, including without limitation Nasdaq Listing Rule 5635, without first obtaining such stockholder approval (any such Top-Up Shares, the “Excess Shares”) and, in such event, the Company will instead issue to the Licensor pre-funded warrants to purchase the number of shares of common stock equal to the Excess Shares (the “Top-Up Pre-Funded Warrants”), which Top-Up Pre-Funded Warrants will only be exercisable following receipt of approval by the Company’s stockholders of the issuance of shares of common stock upon exercise of such Top-Up Pre-Funded Warrants (the “Top-Up Pre-Funded Warrant Shares”) in accordance with the applicable listing rules of the Nasdaq Stock Market, including Nasdaq Listing Rule 5635. “Licensor Warrant Shares” means the Initial Pre-Funded Warrant Shares and the shares of common stock issuable upon exercise of the Top-Up Pre-Funded Warrant Shares (as discussed above).

The Company accounted for the License Agreement and Purchase Agreement as a combined contract. The licenses and rights granted to the Company all pertain to in-process research and development ("IPR&D") assets as the underlying Licensed Products are still under development (in clinical trials). Since the acquired set does not meet the definition of a business, the purchase of the IPR&D assets was accounted for as an asset acquisition under ASC 805-50.

The initial cost of the IPR&D asset was equal to $35.1 million, which is comprised of the upfront cash payment of $15.0 million, the fair value of the Initial Closing Pre-Funded Warrants of $16.5 million, and the initial fair value of the contingently issuable Top-Up Shares of $3.65 million. As the IPR&D assets do not have alternative future uses, the initial cost of the IPR&D assets was expensed immediately.

As of June 30, 2026, the Company recognized a liability of $5.7 million related to the Top-Up Obligation, which is included in non-current liabilities in the accompanying condensed consolidated balance sheets. During the three and six months ended June 30, 2026, the Company recognized a $2.1 million loss from changes in the fair value of the Top-Up Obligation, which is included in other

income (expense), net in the accompanying condensed consolidated statements of operations. See discussion of Top-Up Shares in Note 3.

As the contingent consideration settled in cash are not accounted for as derivatives under ASU 2025-07, the contingent consideration will be recognized when probable and reasonably estimable. Contingent consideration related to (i) development milestones will be expensed as incurred under ASC 730, (ii) regulatory milestones will be capitalized as intangible asset(s) under ASC 350, and (iii) commercial milestones and royalties will be expensed as cost of goods sold as the underlying net sales of the Licensed Products occur.

Einstein License Agreement

On January 14, 2015, the Company entered into a license agreement, as amended and restated on July 31, 2017 and as further amended on October 30, 2018, January 13, 2024, and April 10, 2025 (the “Einstein License”), with Albert Einstein College of Medicine (“Einstein”) for certain patent rights relating to the Company’s core technology platform for the engineering of biologics to control T cell activity, precision, immune-modulatory drug product candidates, and two supporting technologies that enable the discovery of costimulatory signaling molecules (ligands) and T cell targeting peptides.

Pursuant to the April 2025 amendment, Einstein consented to the Company’s entry into the Collaboration and License Agreement (the “BI Collaboration and License Agreement”) with Boehringer Ingelheim International GmbH (“BI”) and granted the Company the right to sublicense to BI. In addition, Einstein and the Company agreed to amend specified upstream payment obligations that may be owed to Einstein by the Company, solely in connection with the sublicense to BI.

Under the Einstein License, the Company holds an exclusive worldwide license, with the right to sublicense, import, make, have made, use, provide, offer to sell, and sell all products, processes and services that use the patents covered by the Einstein License, including certain technology received from Einstein relating thereto (the “Einstein Licensed Products”). Under the Einstein License, the Company is required to:

•

Pay royalties and amounts based on a certain percentage of proceeds, as defined in the Einstein License, from sales of Einstein Licensed Products and sublicense agreements.

•

Pay escalating annual maintenance fees, which are nonrefundable, but are creditable against the amount due to Einstein for royalties.

•

Make significant payments based upon the achievement of certain milestones, as defined in the Einstein License. Payments made upon achievement of milestones are nonrefundable and are not creditable against any other payment due to Einstein. At June 30, 2026, the Company had made aggregate payments totaling $3.89 million since inception with respect to achievement of these milestones.

•

Incur minimum product development costs until the first commercial sale of the first Einstein Licensed Product.

The Einstein License requires the Company to pay a percentage of sublicenses related to the Company’s patent rights for components of its core technology that is licensed from Einstein.

The Einstein License expires upon the expiration of the Company’s last obligation to make royalty payments to Einstein which may be due with respect to certain Einstein Licensed Products, unless terminated earlier under the provisions thereof. The Einstein License includes certain termination provisions if the Company fails to meet its obligations thereunder. The Company was in compliance with its obligations under the Einstein License at June 30, 2026 and December 31, 2025.

Pursuant to the Einstein License, the Company issued to Einstein 22,385 shares of the Company’s common stock in connection with the consummation of the initial public offering of its common stock on December 27, 2017.

The Company accounts for license fees incurred in connection with the Einstein License in accordance with ASC Topic 730, Research and Development. Please refer to Note 11 Collaboration Revenue.

Stock-Based Compensation - Summary of Restricted Stock Unit Activity (Details)	6 Months Ended
	Jun. 30, 2026 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares, granted	1,320,053
Restricted stock units \| 2026 Inducement Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Shares, Beginning Balance	0
Number of shares, granted	655,071
Number of shares, Vested	655,071
Number of Shares, Ending Balance	0
Weighted Average Grant Date Fair Value Per Share, Beginning balance \| $ / shares	$ 0
Weighted Average Grant Date Fair Value Per Share, Granted \| $ / shares	30.42
Weighted Average Grant Date Fair Value Per Share, Vested \| $ / shares	30.42
Weighted Average Grant Date Fair Value Per Share, Ending Balance \| $ / shares	$ 0

- 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

Loan with First Citizens Bank (formerly with Silicon Valley Bank)

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

Loan with First Citizens Bank (formerly with Silicon Valley Bank)

6. Loan with First Citizens Bank (formerly with Silicon Valley Bank)

On February 15, 2022 (the “Closing Date”), the Company entered into a Loan and Security Agreement (the “Loan Agreement”) with Silicon Valley Bank, a division of First Citizens Bank & Trust Company, as lender (“SVB”). The Loan Agreement was amended

in April 2023 and October 2024. The Company drew $10,000,000 in term loans under the Loan Agreement (the "Term Loans") on the Closing Date. The Term Loans bore interest at a floating rate per annum equal to the greater of (A) the prime rate (as published in the money rates section of The Wall Street Journal) plus 2.25% and (B) 5.50%. The Term Loans were interest only from the Closing Date through June 30, 2023, after which the Company was required to pay 30 equal monthly installments of principal.

All outstanding principal and accrued and unpaid interest under the Term Loans and all other outstanding obligations with respect to the Term Loans were due and payable in full on December 1, 2025. Upon repayment in full of the Term Loans, the Company was required to pay a one-time final payment fee equal to 5.00% of the original principal amount of any funded Term Loans being repaid. This one-time final payment fee was recorded to interest expense using the effective interest method over the period of the Term Loans in the condensed consolidated statements of operations.

During the three and six months ended June 30, 2025, the Company recognized interest expense related to the Term Loans of $0.05 million and $0.1 million, respectively, and interest expense related to accretion of the final repayment of $33,000 and $65,000, respectively.

As of June 30, 2026, the Term Loans were fully paid off and there was no remaining balance related to the Term Loans.

Debt Issuance Costs

The Company incurred $142,000 in debt issuance costs related to the Loan Agreement at its onset. For the three and six months ended June 30, 2025, the Company recorded $9,000 and $18,000, respectively, in amortization of debt issuance costs to interest expense in the condensed consolidated statements of operations. The Company did not record any amortization of debt issuance costs for the three and six months ended June 30, 2026.

- 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
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+ Details

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Collaboration revenue	$ 7,877	$ 2,954	$ 13,563	$ 3,374
Operating expenses:
General and administrative	46,565	3,679	50,717	7,852
Research and development	49,007	7,910	55,904	16,457
Gain on lease termination	0	0	(10)	0
Total operating expenses	95,572	11,589	106,611	24,309
Loss from operations	(87,695)	(8,635)	(93,048)	(20,935)
Other income (expense):
Interest income	157	198	336	368
Interest expense	(5)	(45)	(9)	(172)
Loss on issuance of liability-classified warrants and related issuance costs	(90,011)	0	(90,011)	0
Changes in fair value of financial instruments	24,487	0	24,487	0
Total other income (expense), net	(65,372)	153	(65,197)	196
Net loss	$ (153,067)	$ (8,482)	$ (158,245)	$ (20,739)
Net loss per common share, basic	$ (24.14)	$ (2.67)	$ (28.39)	$ (7.33)
Net loss per common share, diluted	$ (24.14)	$ (2.67)	$ (28.39)	$ (7.33)
Weighted average common shares outstanding, basic	6,340,844	3,181,980	5,574,272	2,828,568
Weighted average common shares outstanding, diluted	6,340,844	3,181,980	5,574,272	2,828,568

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net Loss	$ (158,245,000)	$ (20,739,000)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation and amortization	602,000	200,000
Stock-based compensation	23,886,000	2,601,000
Decrease in the carrying amount of right-of-use-assets	735,000	1,478,000
Gain on lease termination	(10,000)	0
Issuance of Ascendant liability-classified pre-funded warrants and top-up share obligation	20,119,000	0
Loss on issuance of liability-classified warrants	87,559,000	0
Changes in fair value of financial instruments	(24,487,000)	0
Amortization of debt issuance costs	0	18,000
Accretion of final payment on term loans	0	65,000
Changes in operating assets and liabilities:
Accounts receivable	169,000	413,000
Prepaid expenses and other current assets	(1,113,000)	(1,545,000)
Deposits	1,109,000	458,000
Foreign withholding tax receivable	0	(1,899,000)
Other payable	271,000	189,000
Accounts payable	(201,000)	804,000
Accrued expenses	15,724,000	(1,390,000)
Research and development contract liability	(5,335,000)	9,494,000
Operating lease liability	(729,000)	(1,550,000)
Other assets	0	(184,000)
Net cash used in operating activities	(39,946,000)	(11,587,000)
Cash flows from investing activities
Purchases of property and equipment	(121,000)	(177,000)
Net cash used in investing activities	(121,000)	(177,000)
Cash flows from financing activities
Proceeds from ATM offering, net of sales agent commissions and fees	306,000	752,000
Proceeds from issuance of warrants and pre-funded warrants, net of transaction costs	27,548,000	18,046,000
Repayment of term loans	0	(2,000,000)
Proceeds from exercise of stock options	815,000	0
Proceeds from exercise of warrants and pre-funded warrants, net	1,654,000	0
Net cash provided by financing activities	30,323,000	16,798,000
Net (decrease) increase in cash, cash equivalents, and restricted cash	(9,744,000)	5,034,000
Cash, cash equivalents, and restricted cash at beginning of period	27,290,000	22,611,000
Cash, cash equivalents, and restricted cash at end of period	17,546,000	27,645,000
Supplemental disclosures of non-cash investing and financing activities:
Cash paid for interest	0	157,000
Reclassification of May 2026 warrants and pre-funded warrants to equity	(94,186,000)	0
Reclassification of Ascendant pre-funded warrants to equity	(13,275,000)	0
Lease liabilities arising from obtaining right-of-use assets	$ 0	$ 2,226,000

Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - $ / shares	Jun. 30, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	5,229,392	3,220,707
Common stock, shares outstanding	5,229,392	3,220,707

Warrants (Table)

6 Months Ended

Jun. 30, 2026

Warrants and Rights Note Disclosure [Abstract]

Schedule of Number of Warrants Outstanding

Information with respect to the Company's outstanding warrants as of June 30, 2026 is as follows:


	Warrants Issued November 2022		Warrants Issued September 2024		Warrants Issued April 2025		Warrants Issued December 2025		Warrants Issued May 2026		Warrants Issued to Ascendant in 2026
Outstanding common stock warrants		306,280		197,190		202,640		543,172		1,342,732		—
Outstanding pre-funded warrants		—		315,706		337,552		721,532		1,816,048		551,724
Weighted average exercise price of common stock warrants	$	117.90	$	15.00	$	23.70	$	9.00	$	11.00	$	—
Weighted average exercise price of pre-funded warrants	$	—	$	0.030	$	0.030	$	0.030	$	0.001	$	0.001
Weighted average contract remaining life (in years)		1.38		3.25		3.80		4.47		4.85		9.85

Loan with First Citizens Bank (formerly with Silicon Valley Bank) - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Feb. 15, 2022
Line of Credit Facility [Line Items]
Interest expense		$ 50,000.00		$ 100,000
Interest expense related to accretion		33,000		65,000
Debt issuance costs	$ 142,000		$ 142,000
Amortization of debt issuance costs	$ 0	$ 9,000	$ 0	$ 18,000
Term Loan Agreement
Line of Credit Facility [Line Items]
Instrument Interest rate			5.00%
Silicon Valley Bank \| Term Loan Agreement
Line of Credit Facility [Line Items]
Short-term debt, net					$ 10,000,000
Closing Date	Jun. 30, 2023		Jun. 30, 2023
Silicon Valley Bank \| Term Loan Agreement \| Maximum
Line of Credit Facility [Line Items]
Variable interest rate (percentage)			5.50%
Silicon Valley Bank \| Term Loan Agreement \| Minimum
Line of Credit Facility [Line Items]
Variable interest rate (percentage)			2.25%
Silicon Valley Bank \| Tranche A loan
Line of Credit Facility [Line Items]
Monthly installments			30 months

Accrued Expenses (Tables)

6 Months Ended

Jun. 30, 2026

Accrued Liabilities, Current [Abstract]

Summary of Accrued Expenses

Accrued expenses consist of the following:


	June 30,		December 31,
(In thousands)	2026		2025
Employee and board compensation	$	1,712	$	757
Payroll tax liability		12,155		26
Contract research services		177		286
Contract manufacturing services		186		290
Professional services		653		252
Total	$	14,883	$	1,611

Payroll tax liability as of June 30, 2026 was primarily related to restricted stock units granted to certain executives in the second quarter of 2026.

Fair Value - Schedule of Change in Fair Value Measurements Assumptions (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2026 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at January 1, 2026	$ 0
Initial recognition of financial instrument	137,678
Changes in fair value recognized in earnings	(24,487)
Reclassification to equity	(107,461)
Balance at June 30, 2026	5,730
Top Up Shares [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at January 1, 2026	0
Initial recognition of financial instrument	3,650
Changes in fair value recognized in earnings	2,080
Reclassification to equity
Balance at June 30, 2026	5,730
Ascendant Pre-Funded Warrants [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at January 1, 2026	0
Initial recognition of financial instrument	16,469
Changes in fair value recognized in earnings	(3,194)
Reclassification to equity	(13,275)
Balance at June 30, 2026	0
Warrants & Pre-Funded Warrants [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at January 1, 2026	0
Initial recognition of financial instrument	117,559
Changes in fair value recognized in earnings	(23,373)
Reclassification to equity	(94,186)
Balance at June 30, 2026	$ 0

Leases - Schedule of Future Minimum Lease Payments on Operating Leases (Details) $ in Thousands	Jun. 30, 2026 USD ($)
Leases [Abstract]
2026 (remaining 6 months)	$ 921
2027	1,894
2028	553
Total lease payments	3,368
Less: imputed interest	(291)
Present value of lease payments	$ 3,077

Collaboration Revenue (Tables)

6 Months Ended

Jun. 30, 2026

Revenue from Contract with Customer [Abstract]

Schedule of Collaboration revenue

Collaboration revenue for the three and six months ended June 30, 2026 and 2025 was as follows:


	Three months ended				Six months ended
	June 30,				June 30,
(In thousands)	2026		2025		2026		2025
Collaboration revenue	$	7,877	$	2,954	$	13,563	$	3,374

Revenue for the three and six months ended June 30, 2026 and June 30, 2025 was recognized over time.

Organization and Basis of Presentation

6 Months Ended

Jun. 30, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Basis of Presentation

Cue Biopharma, Inc. (the "Company") is a clinical-stage biopharmaceutical company focused on advancing a portfolio of potentially transformative therapies aimed at enabling functional cures across immunological disorders. Its lead asset, CUE-221, is a novel anti-IgE antibody with a dual-mechanism of action currently in Phase 2 development for allergic diseases. In addition, the Company developed the Immuno-STAT® platform designed to engineer therapies that selectively target disease-specific T cells in vivo without broad immune modulation. The Company's lead autoimmune candidate, CUE-401, is advancing towards Phase 1 development and was designed to regulate inflammation and drive Treg-mediated tolerance.

The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities and commitments in the normal course of business. The Company is in the clinical development and preclinical research and development stages and has incurred recurring losses and negative cash flows from operations since inception. During the three months ended June 30, 2026, the Company had one-time cash outflows related to the license agreement with Ascendant Health Sciences Ltd., a Cayman Limited Company (“Ascendant”) totaling approximately $28 million, which consisted primarily of an upfront payment to Ascendant, and other one-time legal fees, consulting fees and employee related costs. As of June 30, 2026, the Company had cash and cash equivalents of $17.4 million. In July 2026, the Company received approximately $49.8 million in net proceeds from a private placement of common stock and pre-funded warrants to purchase shares of its common stock. For further information regarding this transaction, please refer to Note 14, Subsequent Events. The Company believes that its cash and cash equivalents on hand as of June 30, 2026, along with the net proceeds from the private placement in July 2026 will be sufficient to meet its projected operating needs at least through the next twelve months from the issuance date of these condensed consolidated financial statements included in this Quarterly Report. The Company has based its estimate as to how long it expects it will be able to fund its operating needs on assumptions that may prove to be wrong and the Company could use its available capital resources sooner than it currently expects.

The future viability of the Company is dependent on its ability to raise additional capital to finance its operations and fund research and development costs in order to seek approval for commercialization of its drug product candidates.

The Company continues to explore raising additional capital through a combination of equity offerings, collaborations, and other strategic alliances, and, depending on the availability and level of additional financings, potential cash expenditure reduction, but there is no guarantee that the Company will be successful in these mitigation efforts. The Company’s failure to access additional capital as and when needed would have a negative impact on its financial condition and its ability to pursue its business strategies as this capital is necessary for the Company to perform the research and development activities required to develop and commercialize the Company’s drug product candidates in order to generate future revenue streams.

Warrants - Schedule of Number of Warrants Outstanding (Details)	Jun. 30, 2026 $ / shares shares
Warrants Issued November 2022
Class of Warrant or Right [Line Items]
Outstanding common stock warrants at June 30, 2026 \| shares	306,280
Outstanding pre-funded warrants at June 30, 2026 \| shares	0
Weighted average exercise price of common stock warrants at June 30, 2026 \| $ / shares	$ 117.9
Weighted average exercise price of pre-funded warrants at June 30, 2026 \| $ / shares	$ 0
Weighted average contract remaining life (in years) at June 30, 2026	1 year 4 months 17 days
Warrants Issued September 2024
Class of Warrant or Right [Line Items]
Outstanding common stock warrants at June 30, 2026 \| shares	197,190
Outstanding pre-funded warrants at June 30, 2026 \| shares	315,706
Weighted average exercise price of common stock warrants at June 30, 2026 \| $ / shares	$ 15
Weighted average exercise price of pre-funded warrants at June 30, 2026 \| $ / shares	$ 0.03
Weighted average contract remaining life (in years) at June 30, 2026	3 years 3 months
Warrants Issued April 2025
Class of Warrant or Right [Line Items]
Outstanding common stock warrants at June 30, 2026 \| shares	202,640
Outstanding pre-funded warrants at June 30, 2026 \| shares	337,552
Weighted average exercise price of common stock warrants at June 30, 2026 \| $ / shares	$ 23.7
Weighted average exercise price of pre-funded warrants at June 30, 2026 \| $ / shares	$ 0.03
Weighted average contract remaining life (in years) at June 30, 2026	3 years 9 months 18 days
Warrants Issued December 2025
Class of Warrant or Right [Line Items]
Outstanding common stock warrants at June 30, 2026 \| shares	543,172
Outstanding pre-funded warrants at June 30, 2026 \| shares	721,532
Weighted average exercise price of common stock warrants at June 30, 2026 \| $ / shares	$ 9
Weighted average exercise price of pre-funded warrants at June 30, 2026 \| $ / shares	$ 0.03
Weighted average contract remaining life (in years) at June 30, 2026	4 years 5 months 19 days
Warrants Issued May 2026
Class of Warrant or Right [Line Items]
Outstanding common stock warrants at June 30, 2026 \| shares	1,342,732
Outstanding pre-funded warrants at June 30, 2026 \| shares	1,816,048
Weighted average exercise price of common stock warrants at June 30, 2026 \| $ / shares	$ 11
Weighted average exercise price of pre-funded warrants at June 30, 2026 \| $ / shares	$ 0.001
Weighted average contract remaining life (in years) at June 30, 2026	4 years 10 months 6 days
Warrants Issued to Ascendant in 2026
Class of Warrant or Right [Line Items]
Outstanding common stock warrants at June 30, 2026 \| shares	0
Outstanding pre-funded warrants at June 30, 2026 \| shares	551,724
Weighted average exercise price of common stock warrants at June 30, 2026 \| $ / shares	$ 0
Weighted average exercise price of pre-funded warrants at June 30, 2026 \| $ / shares	$ 0.001
Weighted average contract remaining life (in years) at June 30, 2026	9 years 10 months 6 days