0001193125-26-225352 | 10-Q | XBRL Viewer

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Net Loss per Share - Additional Information (Details) - $ / shares	1 Months Ended	3 Months Ended
	Apr. 30, 2025	Mar. 31, 2026	Apr. 21, 2025
Earnings Per Share [Line Items]
Aggregate number of common stock shares issued and sold		255,000
Warrants exercise price			$ 1.60
Restricted Stock Units [Member]
Earnings Per Share [Line Items]
Restricted stock units vested but unsettled		228,000
Pre-Funded Warrants [Member]
Earnings Per Share [Line Items]
Aggregate number of common stock shares issued and sold	2,251,695
Warrants exercise price	$ 0.001		$ 0.001

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

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Pay vs Performance Disclosure
Net Income (Loss)	$ (5,838)	$ (5,501)

- Definition

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

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+ Details

Net Loss per Share - Summary of Potential Common Shares Excluded from Calculation of Diluted Net Loss per Share (Detail) - shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential common shares excluded from calculation of diluted net loss per share	21,997,836	22,666,024
Employee Stock Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential common shares excluded from calculation of diluted net loss per share	3,143,997	3,080,582
Warrants To Issue Shares Of Common Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential common shares excluded from calculation of diluted net loss per share	6,621,839	7,353,442
Series X Preferred Stock Issued And Outstanding, As Converted [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential common shares excluded from calculation of diluted net loss per share	12,232,000	12,232,000

Goodwill and Indefinite-Lived Intangible Assets	3 Months Ended
Goodwill and Indefinite-Lived Intangible Assets	Mar. 31, 2026
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Indefinite-Lived Intangible Assets	. Goodwill and Indefinite-Lived Intangible Assets Indefinite-lived intangible assets and goodwill are tested for impairment at least annually. The assessment of recoverability and impairment was performed at the individual indefinite-lived intangible asset level. The Company did not incur impairment loss on indefinite-lived intangible assets or goodwill during the three months ended March 31, 2026. The Company incurred impairment loss on indefinite-lived intangible assets of $28,700 for the year ended December 31, 2025 in connection with funding constraints that are causing the delay in further clinical development of LTI-01 and other preclinical programs until additional funds are raised. In the fourth quarter of 2025, the Company decided to pause development activities related to LTI-01 for an indefinite period and focus on the development of LTI-03. The timing and likelihood of resuming development of LTI-01 are uncertain and contingent on the Company's ability to obtain additional financing and the future success of LTI-03. Therefore, the Company wrote off the total carrying value of the LTI-01 asset and other preclinical programs as of December 31, 2025.

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2026
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, or U.S. GAAP. Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification, or ASC, and as amended by ASUs of the Financial Accounting Standards Board, or FASB. Unaudited Interim Financial Information The accompanying unaudited condensed consolidated financial statements as of March 31, 2026 and for the three months ended March 31, 2026 and 2025 have been prepared by the Company pursuant to the rules and regulations of the United States Securities and Exchange Commission, or the SEC, for interim financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. However, the Company believes that the disclosures are adequate to make the information presented not misleading. These financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto included in the Company’s Annual Report for the year ended December 31, 2025 that was filed with the SEC on March 26, 2026 (the “Annual Report”). The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the Company’s financial position as of March 31, 2026, the results of its operations for the three months ended March 31, 2026 and 2025 and its cash flows for the three months ended March 31, 2026 and 2025. The financial data and other information disclosed in these notes related to the three months ended March 31, 2026 and 2025 are unaudited. The results for the three months ended March 31, 2026 are not necessarily indicative of results to be expected for the year ending December 31, 2026, any other interim periods, or any future year or period. The accompanying balance sheet as of December 31, 2025 has been derived from the Company’s audited consolidated financial statements for the year ended December 31, 2025 included in the Company’s Annual Report. The Company’s significant accounting policies are described in Note 2 to the consolidated financial statements included in the Annual Report.
Principles of Consolidation	Principles of Consolidation The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, Lung Therapeutics, LLC, Lung Therapeutics Australia Pty Ltd, and Lung Therapeutics Limited. Lung Therapeutics Limited is currently inactive. All intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Significant estimates and assumptions reflected in these consolidated financial statements include, but are not limited to, the accrual for research and development expenses, the prepaid research and development expenses, valuation of intangibles and goodwill, the valuation of warrants, and the value of stock-based compensation. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results could differ from those estimates.
Foreign Currency Transactions	Foreign Currency Transactions The functional currency for the Company’s wholly owned foreign subsidiary, Lung Therapeutics Australia Pty Ltd., is the United States dollar. All foreign currency transaction gains and losses are recognized in the consolidated statements of operations and comprehensive loss.
Notes Payable	Notes Payable The Company accounts for notes payable in accordance with applicable guidance under ASC 470, Debt. Notes payable are initially recorded at their principal amount, net of any unamortized discounts, premiums, and issuance costs. Discounts to the notes, including those arising from warrants, beneficial conversion features, or original issue discounts, are recorded as a direct reduction of the carrying amount of the related debt and are amortized to interest expense over the term of the notes using the effective interest method. Interest expense recognized by the Company includes stated interest, amortization of debt discounts or premiums, and amortization of deferred financing costs. Such amounts are recognized over the contractual term of the related notes so as to produce a constant effective interest rate. Notes payable are classified as current or noncurrent based on their contractual maturity dates as of the balance sheet date. The Company evaluates the terms of its notes payable to determine whether any embedded features require separate accounting, including whether such features should be bifurcated and accounted for as derivatives in accordance with ASC 815, Derivatives and Hedging.
Accounting Pronouncements Not Yet Adopted	Accounting Pronouncements Not Yet Adopted In December 2025, the FASB issued ASU 2025-12, Codification Improvements. The amendments include technical corrections, clarifications, and minor improvements to various Topics within the FASB ASC. The ASU is effective for annual reporting periods beginning after December 15, 2026, and interim periods within those annual reporting periods, with early adoption permitted. Adoption of this guidance is not expected to have a material impact on the Company’s condensed consolidated financial statements. In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements. The amendments clarify the application of interim reporting guidance, including when Topic 270 applies, and improve the consistency and usefulness of interim disclosures. The amendments are effective for interim reporting periods within annual reporting periods beginning after December 15, 2027, for public business entities and for interim reporting periods within annual reporting periods beginning after December 15, 2028, for entities other than public business entities. Early adoption is permitted for all entities. The Company is currently assessing the effect of this ASU on its condensed consolidated financial statements and related disclosures. In January 2025, the FASB issued ASU 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date, to clarify the effective date of ASU 2024-03, Income Statement—Reporting Comprehensive Income: Disaggregation of Income Statement Expenses. FASB clarified that all public business entities should initially adopt the disclosure requirements in the ASU 2024-03 in the first annual reporting period beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. The Company is currently assessing the effect of this ASU on its condensed consolidated financial statements and related disclosures. In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income (Topic 220): Disaggregation of Income Statement Expenses, to enhance the transparency and decision usefulness of financial information presented in the income statement by requiring disaggregated information about certain income statement expense line items. The amendments apply to all public business entities. This ASU is effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. The Company is currently assessing the effect of this ASU on its condensed consolidated financial statements and related disclosures.

- Definition

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

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+ Details

Stock-Based Awards (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Summary of Stock Option Activity

The following table summarizes the Company’s stock option activity since January 1, 2026:


	Number of Shares		Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Term		Aggregate Intrinsic Value
Outstanding at January 1, 2026		3,143,997	$	5.21		6.1	$	158
Exercised		—		—		—		—
Forfeited/Canceled		—		—		—		—
Expired		—		—		—		—
Outstanding at March 31, 2026		3,143,997	$	5.21		5.9	$	319

Options exercisable at March 31, 2026		2,471,114	$	5.93		5.2	$	292
Options vested and expected to vest at March 31, 2026		3,124,534	$	5.22		5.9	$	318
Options exercisable at December 31, 2025		2,418,033	$	6.00		5.4	$	138
Options vested and expected to vest at December 31, 2025		3,120,459	$	5.23		6.1	$	157

Summary of Stock Based Compensation Expense


	Three Months Ended March 31,
	2026		2025
Research and development expenses	$	32	$	64
General and administrative expenses		124		200
Total stock-based compensation expense	$	156	$	264

Stock-Based Awards - Additional Information (Detail) $ in Thousands		1 Months Ended	3 Months Ended
	Oct. 31, 2023 shares	Aug. 31, 2025 shares	Mar. 31, 2026 USD ($) Plan shares	Mar. 31, 2025 USD ($) shares	Dec. 31, 2025 shares	Feb. 28, 2024 shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Aggregate intrinsic value of stock options exercised \| $				$ 18
Number of awards granted			0	0
Aggregate fair value of stock options vested \| $			$ 131	$ 46
Aggregate unrecognized stock-based compensation expense \| $			$ 1,319	$ 2,130
Unrecognized stock-based compensation expense, weighted average period expects for recognition			2 years 6 months 29 days	3 years 1 month 24 days
Number of stock options exercised			0
Number of equity compensation plans \| Plan			5
Number of shares, issued upon exercise of outstanding options			3,143,997		3,143,997
Restricted Stock Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock reserved for future issuance			228,000
Number of units granted			0
Number of units vested		1,000,000
Vested, not issued			228,000
2021 Stock Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock option granted vesting period			4 years
Number of shares, available for grant			3,840,254
Number of shares remained available for grant			2,106,194
Stock reserved for future issuance			2,106,194
Number of shares, issued upon exercise of outstanding options			1,520,179
Increase in common stock			3,840,254			3,000,000
2021 Stock Incentive Plan [Member] \| Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock option granted vesting period			4 years
Stock option expiration period			10 years
2017 Stock Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock reserved for future issuance			625,000
Number of shares, issued upon exercise of outstanding options			98,528
Number of shares remained available for future issuance			0
2006 Stock Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Contractual repurchase right, shares			314,006
Number of shares, issued upon exercise of outstanding options			0
Number of shares remained available for future issuance			0
2016 Stock Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares, issued upon exercise of outstanding options			8,404
Number of shares remained available for future issuance			0
2013 Stock Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of awards granted	0
2013 Stock Incentive Plan [Member] \| Lung Acquisition [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock option granted vesting period			4 years
2013 Stock Incentive Plan [Member] \| Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares, available for grant			1,516,886
Contractual terms of stock option awards			10 years
2013 Stock Incentive Plan [Member] \| Employee Stock Option \| Lung Acquisition [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Contractual terms of stock option awards			10 years
2013 Stock Incentive Plan [Member] \| Maximum [Member] \| Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Contractual terms of stock option awards			10 years
2013 Stock Incentive Plan [Member] \| Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of fair market value of common stock			100.00%

Fair Value of Financial Assets - Additional Information (Detail) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Fair Value Disclosures [Abstract]
Fair Value, assets transfers into (out of) Level 3	$ 0	$ 0

Notes Payable - Additional Information (Detail) - USD ($) $ in Thousands	2 Months Ended	3 Months Ended
	Feb. 28, 2026	Mar. 31, 2026	Mar. 31, 2025
Short-Term Debt [Line Items]
Net proceeds from notes payable		$ 4,300	$ 0
Amortization of debt discount recognized as interest expense		$ 623	$ 0
Unsecured Promissory Notes [Member]
Short-Term Debt [Line Items]
Aggregate principal amount	$ 5,375
Net proceeds from notes payable	$ 4,300
Percent of original issue debt discount	20.00%
Short-term debt terms		The Notes do not bear stated interest and mature on the earlier of (i) the closing of a qualifying financing transaction resulting in gross proceeds to the Company of at least $10,000 or (ii) June 30, 2026. The Notes are unsecured obligations of the Company.
Minimum gross proceeds from qualifying financing transaction for debt closing	$ 10,000
Debt instrument, maturity date	Jun. 30, 2026
Amortization of debt discount recognized as interest expense		$ 623
Unamortized portion of debt discount		$ 4,923

Goodwill and Indefinite-Lived Intangible Assets - Additional Information (Detail) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Indefinite-Lived Intangible Assets [Line Items]
Impairment of goodwill	$ 0
Impairment of indefinite-lived intangible assets	$ 0	$ 28,700,000

- Definition

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

+ References + Details

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
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-Paragraph 38
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Prepaid Expenses and Other Current Assets - Schedule of Prepaid and Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid research and development	$ 90	$ 230
Other current assets	918	881
Total prepaid expenses and other current assets	$ 1,008	$ 1,111

Nature of the Business

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Nature of the Business

1. Nature of the Business

Rein Therapeutics, Inc. (“Company”) is a Delaware corporation formed in August 2001 under the name Renegade Therapeutics, Inc. In February 2007, the Company changed its name to Aileron Therapeutics, Inc. and in January 2025 changed its name to Rein Therapeutics, Inc. The Company is a clinical stage biopharmaceutical company focused on developing novel therapies for the treatment of fibrosis indications with no approved or limited effective treatments. The Company currently has one product candidate in clinical development, LTI-03.

The Company is a clinical-stage biotechnology company subject to significant risks and uncertainties, including the need for substantial additional financing, reliance on third parties, clinical trial risks, dependence on key personnel, protection of proprietary technology, and compliance with regulatory requirements. Its lead product candidate, LTI-03, is being developed for the treatment of idiopathic pulmonary fibrosis (IPF) and has completed Phase 1a and Phase 1b clinical trials; the Company is currently conducting the Phase 2 RENEW trial, a multi-center, randomized, double-blind, placebo-controlled study expected to enroll approximately 120 patients across multiple global sites, with interim topline data anticipated in the fourth quarter of 2026. The Company initiated patient screening in May 2025, received regulatory clearances in Europe and the United Kingdom, and dosed its first patient in March 2026. The Company’s second product candidate, LTI-01, previously in development for loculated pleural effusion, has been paused indefinitely as the Company prioritizes resources toward LTI-03, and the timing of any potential resumption remains uncertain and dependent on additional financing and the success of LTI-03.

Liquidity and Going Concern

In accordance with Accounting Standards Update, or ASU, No. 2014-15, Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern (Subtopic 205-40), the Company has evaluated whether conditions and events, in the aggregate, raise substantial doubt about its ability to continue as a going concern within one year after the date these condensed consolidated financial statements are issued. This evaluation initially excludes the potential mitigating effects of management’s plans that have not been fully implemented as of the issuance date. If substantial doubt is identified, management then assesses whether its plans alleviate such doubt. Management’s plans are considered only if it is probable that (i) they will be effectively implemented within one year after the issuance date and (ii) they will mitigate the conditions or events giving rise to the substantial doubt. Generally, for plans to be considered probable of implementation, they must be approved prior to the issuance of the financial statements.

The Company’s unaudited condensed consolidated financial statements have been prepared assuming that the Company will continue to operate as a going concern, which contemplates the continuity of operations, realization of assets and the satisfaction of liabilities in the ordinary course of business.

In May 2024, the Company completed an underwritten follow-on public offering, or the Offering, pursuant to which the Company issued and sold 4,273,505 shares of the Company’s common stock, par value $0.001 per share, or the Offering Shares, and accompanying warrants, or the Offering Warrants, to purchase 4,273,505 shares of common stock, or the Offering Warrant Shares. The Offering Warrants to purchase 884,798 shares of common stock were exercised in April 2025 as part of April 2025 Transactions (as defined below). As of March 31, 2026, Offering Warrants to purchase 3,388,707 shares of common stock remained outstanding.

In April 2025, the Company entered into privately negotiated letter agreements with certain holders of the PIPE Warrants, as described in Note 3, and certain holders of the Offering Warrants, who agreed to exercise for cash the PIPE Warrants and the Offering Warrants, or the Warrant Exercises as further discussed in Note 10. The total gross proceeds for the Warrant Exercises were $1,679. Also in April 2025, the Company entered into privately negotiated letter agreements with additional holders of the PIPE Warrants who, in exchange for pre-funded warrants, or the Exchange Pre-Funded Warrants, surrendered PIPE Warrants to the Company for cancellation and made an aggregate cash payment into which the Exchange Pre-Funded Warrants are exercisable, or the Warrant Exchanges as further discussed in Note 10. The total gross proceeds for the Warrant Exchanges were $3,101. In addition, an entity affiliated with Bios Partners, or the Bios Purchaser, purchased additional pre-funded warrants in a private placement, or the Placement Pre-Funded Warrants, pursuant to a subscription agreement underlying the Placement Pre-Funded Warrants, or the Private Placement. Total gross proceeds for the Private Placement were $500. The Warrant Exercises, Warrant Exchanges and Private Placement are collectively referred to as the April 2025 Transactions. The total net proceeds from the April 2025 Transactions was $5,082.

On May 15, 2025, the Company entered into an “at the market offering” agreement, or the Wainwright Sales Agreement, with H.C. Wainwright & Co., LLC, or H.C. Wainwright, as agent and/or principal, pursuant to which the Company could offer and sell shares of its common stock having an aggregate offering price of up to $13,702 from time to time through or to H.C. Wainwright by any method permitted that is deemed to be an “at the market offering” as defined in Rule 415(a)(4) promulgated under the Securities Act of 1933, as amended. As of March 31, 2026, the Company had issued and sold 1,296,777 shares of common stock pursuant to the Wainwright Sales Agreement for total net proceeds of $1,844, after deducting transaction fees of $67 paid by the Company. In July

2025, in connection with the Yorkville Transactions, the Company reduced the aggregate offering price of the shares of common stock that could be offered and sold under the Wainwright Sales Agreement to $8,067.

Prior to entering into the Wainwright Sales Agreement, in May 2025, the Company terminated the equity distribution agreement, dated July 26, 2024, or the Equity Distribution Agreement, with Citizens JMP Securities, LLC, or Citizens JMP, as agent and/or principal, under which the Company could offer and sell up to $50,000 of shares of its common stock from time to time through or to Citizens JMP by any method that was deemed an “at the market” offering as defined in Rule 415(a)(4) under the Securities Act of 1933, as amended. In January 2025, the Company issued and sold 317,772 shares of common stock pursuant to the Equity Distribution Agreement for total net proceeds of $712, after deducting transaction fees of $22 paid by the Company. The Company did not issue or sell any other shares of common stock pursuant to the Equity Distribution Agreement during the quarter ended March 31, 2026. The Company did not sell any shares of common stock pursuant to the Equity Distribution Agreement during the year ended December 31, 2025.

In July 2025, the Company entered into a Pre-Paid Advance Agreement, or the PPA, and a Standby Equity Purchase Agreement, or the SEPA, with YA II PN, Ltd., a Cayman Islands exempt limited partnership, or Yorkville. The PPA and the SEPA are collectively referred to as the Yorkville Transactions. In accordance with the terms of the PPA, the Company may request pre-paid advances of up to $6,000 from Yorkville (each, a “Pre-Paid Advance”) over a 12-month period, subject to certain limitations and conditions set forth in the PPA. Each Pre-Paid Advance will be purchased by Yorkville at 95% of the face amount of the Pre-Paid Advance. At any time there is an outstanding balance under any Pre-Paid Advances, Yorkville may provide written notice requiring the Company to issue and sell shares of its common stock to Yorkville, which shall be offset against and reduce the amounts outstanding under the Pre‑Paid Advances. An initial Pre-Paid Advance of $1,000 was purchased on July 29, 2025 by Yorkville, or the First Advance, for net proceeds of $950. On September 8, 2025, Yorkville purchased a second Pre-Paid Advance, or the Second Advance, of $1,000, for which the Company received net proceeds of $950. On October 23, 2025, Yorkville purchased a third Pre-Paid Advance, or the Third Advance, of $1,000, for which the Company received net proceeds of $950. As of March 31, 2026, Yorkville has converted the entire initial Pre‑Paid Advance, in the aggregate amount of $1,007 of principal and accrued interest, into 953,765 shares of the Company’s common stock, at a weighted average price per share of approximately $1.056, converted the Second Advance, in the aggregate amount of $1,004 of principal and accrued interest, into 927,107 shares of the Company’s common stock, at a weighted average price per share of approximately $1.082, and converted the Third Advance, in the aggregate amount of $1,001 of principal and accrued interest, into 846,290 shares of the Company’s common stock, at a weighted average price per share of approximately $1.183. Separately, under the SEPA, the Company may sell up to $15,000 of its common stock to Yorkville over a 36-month term. The Company has the sole discretion to initiate such sales, subject to volume and pricing limitations. In connection with entry into the SEPA, the Company paid Yorkville a $300 commitment fee through the issuance of 213,099 shares of common stock and paid $25 in structuring and legal fees. As of the date of this report, the Company has not elected to sell any shares of common stock to Yorkville under the SEPA. In December 2025, the Company elected to terminate the PPA and SEPA.

In January 2026 and February 2026, the Company entered into securities purchase agreements with certain institutional investors pursuant to which the Company issued unsecured promissory notes (the “Notes”). The Notes had an aggregate principal amount of approximately $5,375 and were issued for aggregate net proceeds of $4,300, reflecting an original issue discount of approximately 20%.

In May 2026, the Company completed an underwritten public offering of 57,500,000 shares of its common stock at a public offering price of $1.00 per share, or the May 2026 Offering. Aggregate gross proceeds from the May 2026 Offering were $57,500, and net proceeds to the Company were approximately $53,106 after deducting underwriting discounts, commissions, and offering expenses of approximately $4,394.

Management believes that, based on the Company’s current operating plan, the Company’s cash and cash equivalents of $4,445 as of March 31, 2026, together with the net proceeds received by the Company in the May 2026 Offering, will be sufficient to enable the Company to fund its planned operating expense and capital expenditure requirements into the first quarter of 2028. The Company believes that the funds are sufficient to enable the Company to complete the Phase 2 RENEW clinical trial of LTI-03. The Company’s estimate as to how long it expects its existing cash and cash equivalents to be able to continue to fund its operations is based on assumptions that may prove to be wrong, and the Company could use its available capital resources sooner than it currently expects.

Since its inception, the Company has not generated any revenue from product sales and has never generated an operating profit. The Company has incurred significant losses on an aggregate basis. The Company’s net losses were $5,838 and $5,501 for the three months ended March 31, 2026 and 2025, respectively. As of March 31, 2026, the Company had an accumulated deficit of $407,109. These losses have resulted primarily from costs incurred in connection with research and development activities, licensing and patent investment and general and administrative costs associated with the Company’s operations. The Company expects to continue to incur operating losses for the foreseeable future. The Company expects to finance its operations primarily through utilization of its current financial resources and through the sale of additional equity or debt financings, collaborations, licensing arrangements or other sources.

The Company could use its available capital resources sooner than it currently expects. The Company’s future viability is dependent on its ability to raise additional capital, enter into a financing, consummate a successful acquisition, merger, business combination, or a sale of assets or other transaction. If the Company becomes unable to continue as a going concern, it may have to

liquidate its assets and the values it receives for its assets in liquidation or dissolution could be significantly lower than the values reflected in its consolidated financial statements.

Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of Segment Loss, Including Significant Segment Expenses

The table below is a summary of the segment loss, including significant segment expenses:


	Three Months Ended March 31,
	2026			2025
Revenues	$	—		$	—
Research and development expenses:
LTI-01 program-related expenses:
CMC activities		67			537
Clinical operation activities		—			65
Total LTI-01 program-related expenses		67			602
LTI-03 program-related expenses:
Preclinical study costs		—			556
CMC activities		520			560
Clinical operation activities		1,961			673
Total LTI-03 program-related expenses		2,481			1,789
Other program-related expenses		—			8
Employee related expenses		500			622
Professional fees for services		—			17
Facilities and other expenses		25			16
Total research and development expenses		3,073			3,054
General and administrative expenses:
Employee related expenses		859			947
Professional fees for services		790			1,138
Facilities and other expenses		508			470
Total general and administrative expenses		2,157			2,555
Other (expense) income, net		(608	)		108
Segment and consolidated net loss	$	(5,838	)	$	(5,501	)

Preferred Stock - Additional Information (Detail) - $ / shares			3 Months Ended	12 Months Ended
	May 08, 2024	Mar. 05, 2024	Mar. 31, 2026	Dec. 31, 2025
Common Stock [Member]
Class of Stock [Line Items]
Preferred Stock is automatically convertible into common stock	421,000	11,957,000
Preferred Stock is convertible into common stock			12,232,000	12,232,000
Series X Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, shares authorized			5,000,000
Preferred stock, par value			$ 0.001
Preferred stock, shares issued			24,610	24,610
Preferred stock, shares outstanding			12,232	12,232
Conversion of stock shares converted	421	11,957
Conversion of stock shares issued			12,232	12,232
Preferred Stock is convertible into common stock			1,000
Preferred stock, dividends declared			$ 0
Preferred stock, convertible, shares issuable beneficial ownership as a percentage			19.99%

Net Loss per Share - Basic and Diluted Net Loss per Share Attributable to Common Stockholders (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Numerator:
Net loss	$ (5,838)	$ (5,501)
Denominator:
Weighted average common shares outstanding - basic	30,354,647	21,915,891
Weighted average common shares outstanding - diluted	30,354,647	21,915,891
Net loss per share attributable to common stockholders - basic	$ (0.19)	$ (0.25)
Net loss per share attributable to common stockholders - diluted	$ (0.19)	$ (0.25)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
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+ Details

- Definition

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

+ References

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+ Details

- Definition

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

+ References

+ Details

Accrued Expenses and Other Current Liabilities (Tables)

3 Months Ended

Mar. 31, 2026

Payables and Accruals [Abstract]

Summary of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:


	March 31, 2026		December 31, 2025
External research and development services	$	762	$	765
Payroll and payroll-related costs		1,146		940
Professional fees		367		401
Other		176		98
Total accrued expenses and other current liabilities	$	2,451	$	2,204

Subsequent Event

3 Months Ended

Mar. 31, 2026

Subsequent Events [Abstract]

Subsequent Event

15. Subsequent Event

On May 4, 2026, the Company completed an underwritten public offering of 50,000,000 shares of its common stock at a public offering price of $1.00 per share. In connection with the offering, the Company granted the underwriters a 45-day option to purchase up

to an additional 7,500,000 shares of its common stock at the public offering price, less underwriting discounts and commissions, which was fully exercised on May 5, 2026. The Company refers to these transactions collectively as the May 2026 Offering. Aggregate gross proceeds from the May 2026 Offering were $57,500, and net proceeds to the Company were approximately $53,106 after deducting underwriting discounts, commissions, and offering expenses of approximately $4,394.

Following the closing of the offering, the Company had 85,539,032 shares of common stock outstanding.

The Company issued to the underwriters warrants to purchase 1,725,000 of the Company’s shares of common stock in connection with the May 2026 Offering. The warrants are exercisable at $1.50 per share for a five year period ending April 30, 2031 in compliance with FINRA Rule 5110(g)(8)(A). The warrants have been deemed compensation by FINRA and are therefore subject to a 180-day lock-up pursuant to FINRA Rule 5110(e).

The Company intends to use the net proceeds from the May 2026 Offering for working capital and general corporate purposes. In connection with the May 2026 offering, the Company repaid unsecured promissory notes with an aggregate original principal amount of $5,375 that were issued in January 2026 and February 2026.

Pursuant to the underwriting agreement, the Company is subject to a lock-up period of up to 120 days following the closing of the May 2026 Offering, during which it has agreed, subject to certain exceptions, not to sell, transfer, or dispose of, directly or indirectly, any shares of its capital stock or securities convertible into or exercisable or exchangeable for such shares.

On April 30, 2026, the Company entered into a letter agreement with Bios Partners, L.P., on behalf of certain Bios entities holding securities of the Company, pursuant to which the Bios entities agreed to defer the conversion of 12,232 shares of Series X Preferred Stock of the Company held by the Bios entities, and waive the Company’s obligation in the Company’s Certificate of Designation of Series X Preferred Stock to reserve the shares of common stock (“Underlying Shares”) issuable upon exercise of Series X Preferred Stock shares until such time as the Company has amended its Restated Certificate of Incorporation to increase its authorized common stock. In addition, the Bios entities have agreed, subject to certain exceptions, not to sell, transfer or dispose of, directly or indirectly, any Series X Preferred Stock shares or Underlying Shares for a period ending April 30, 2029. In consideration of the agreements and waivers of the Bios entities, the Company issued to the Bios entities at the closing of the May 2026 Offering warrants to purchase 3,000,000 shares of the Company’s common stock at an exercise price of $1.00 per share. The warrants issued to the Bios entities are on substantially the same terms as the underwriter’s warrants, except for the exercise price.

On May 8, 2026, the Company granted Brian Windsor, Ph.D., the Company’s President and Chief Executive Officer, an option to purchase 150,000 shares of the Company’s common stock with an exercise price of $1.17 per share. In addition, the Company granted options to purchase an aggregate of 252,000 shares of the Company’s common stock to members of the Company’s management team, excluding the Chief Executive Officer. The options have a ten-year contractual term and vest as to 25% of the underlying shares one year from the grant date, with the remaining shares vesting in equal monthly installments through May 8, 2031. The management team options have an exercise price equal to the closing price of the Company’s common stock on May 7, 2026.

The Company evaluated subsequent events through the date of filing of this Quarterly Report on Form 10-Q and determined that no other events have occurred that would require adjustment to or disclosure in the unaudited condensed financial statements.

Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Payables and Accruals [Abstract]
External research and development services	$ 762	$ 765
Payroll and payroll-related costs	1,146	940
Professional fees	367	401
Other	176	98
Total accrued expenses and other current liabilities	$ 2,451	$ 2,204

Segment Reporting - Schedule of Segment Loss, Including Significant Segment Expenses (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting Information [Line Items]
Revenue	$ 0	$ 0
Research and development expenses	3,073	3,054
General and administrative expenses	2,157	2,555
Other (expense) income, net	(608)	108
Net loss	(5,838)	(5,501)
Employee Related Expenses [Member]
Segment Reporting Information [Line Items]
Research and development expenses	500	622
General and administrative expenses	859	947
Professional Fees for Services [Member]
Segment Reporting Information [Line Items]
Research and development expenses	0	17
General and administrative expenses	790	1,138
Facilities and Other Expenses [Member]
Segment Reporting Information [Line Items]
Research and development expenses	25	16
General and administrative expenses	508	470
LTI-01 Program-Related Expenses [Member]
Segment Reporting Information [Line Items]
Research and development expenses	67	602
LTI-01 Program-Related Expenses [Member] \| CMC Activities [Member]
Segment Reporting Information [Line Items]
Research and development expenses	67	537
LTI-01 Program-Related Expenses [Member] \| Clinical Operation Activities [Member]
Segment Reporting Information [Line Items]
Research and development expenses	0	65
LTI-03 Program-Related Expenses [Member]
Segment Reporting Information [Line Items]
Research and development expenses	2,481	1,789
LTI-03 Program-Related Expenses [Member] \| Preclinical Study Costs [Member]
Segment Reporting Information [Line Items]
Research and development expenses	0	556
LTI-03 Program-Related Expenses [Member] \| CMC Activities [Member]
Segment Reporting Information [Line Items]
Research and development expenses	520	560
LTI-03 Program-Related Expenses [Member] \| Clinical Operation Activities [Member]
Segment Reporting Information [Line Items]
Research and development expenses	1,961	673
Other Program-Related Expenses [Member]
Segment Reporting Information [Line Items]
Research and development expenses	$ 0	$ 8

Notes Payable

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Notes Payable

8. Notes Payable

In January 2026 and February 2026, the Company entered into securities purchase agreements with certain institutional investors pursuant to which the Company issued the Notes. The Notes had an aggregate principal amount of approximately $5,375 and were issued for aggregate net proceeds of $4,300, reflecting an original issue discount of approximately 20%. The Notes do not bear stated interest and mature on the earlier of (i) the closing of a qualifying financing transaction resulting in gross proceeds to the Company of at least $10,000 or (ii) June 30, 2026. The Notes are unsecured obligations of the Company.

The Company evaluated the Notes under the guidance in ASC 480 and concluded that the Notes should be classified as liabilities, as they represent unconditional obligations to deliver cash and do not meet the criteria for equity classification. The original issue discount was recorded as a debt discount and is being amortized to interest expense over the term of the Notes using the effective interest method. For the three months ended March 31, 2026, the Company recognized approximately $623 of amortization of the debt discount as interest expense. As of March 31, 2026, the carrying value of $4,923 of the Notes reflected the unamortized portion of the debt discount.

In May 2026, upon the closing of the Company’s underwritten public offering as further discussed in Note 15, the Notes matured and the Company repaid in full all outstanding amounts under the Notes.

Stock-Based Awards - Summary of Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]
Number of Shares, Beginning balance	3,143,997
Number of Shares, Granted	0	0
Number of Shares, Exercised	0
Number of Shares, Ending balance	3,143,997		3,143,997
Number of Shares, Options exercisable	2,471,114		2,418,033
Number of Shares, Options vested and expected to vest	3,124,534		3,120,459
Weighted Average Exercise Price, Beginning balance	$ 5.21
Weighted Average Exercise Price, Ending balance	5.21		$ 5.21
Weighted Average Exercise Price, Options exercisable	5.93		6
Weighted Average Exercise Price, Options vested and expected to vest	$ 5.22		$ 5.23
Weighted Average Remaining Contractual Term, Outstanding	5 years 10 months 24 days		6 years 1 month 6 days
Weighted Average Remaining Contractual Term, Options exercisable	5 years 2 months 12 days		5 years 4 months 24 days
Weighted Average Remaining Contractual Term, Options vested and expected to vest	5 years 10 months 24 days		6 years 1 month 6 days
Aggregate Intrinsic Value, Beginning balance	$ 158
Aggregate Intrinsic Value, Exercised		$ 18
Aggregate Intrinsic Value, Ending balance	319		$ 158
Aggregate Intrinsic Value, Options exercisable	292		138
Aggregate Intrinsic Value, Options vested and expected to vest	$ 318		$ 157

Accrued Expenses and Other Current Liabilities

3 Months Ended

Mar. 31, 2026

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

. Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:


	March 31, 2026		December 31, 2025
External research and development services	$	762	$	765
Payroll and payroll-related costs		1,146		940
Professional fees		367		401
Other		176		98
Total accrued expenses and other current liabilities	$	2,451	$	2,204

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2026	May 13, 2026
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2026
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Trading Symbol	RNTX
Entity Registrant Name	Rein Therapeutics, Inc.
Entity Central Index Key	0001420565
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		85,539,032
Entity File Number	001-38130
Entity Tax Identification Number	13-4196017
Entity Address, Address Line One	12407 N. Mopac Expy.
Entity Address, Address Line Two	Suite 250
Entity Address, Address Line Three	#390
Entity Address, City or Town	Austin
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	78758
City Area Code	737
Local Phone Number	802-1989
Entity Shell Company	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Document Quarterly Report	true
Document Transition Report	false
Entity Incorporation, State or Country Code	DE
Title of 12(b) Security	Common Stock, $0.001 par value per share
Security Exchange Name	NASDAQ

Commitments and Contingencies - Additional Information (Detail) - USD ($)	1 Months Ended	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2025	Apr. 21, 2025	Feb. 28, 2010
Other Commitments [Line Items]
Warrant per share							$ 1.60
Harvard and Dana-Farber Agreement [Member] \| Therapeutic Product [Member]
Other Commitments [Line Items]
Aggregate milestones payments								$ 7,700,000
Harvard and Dana-Farber Agreement [Member] \| Diagnostic Product [Member]
Other Commitments [Line Items]
Aggregate milestones payments								$ 700,000
Harvard and Dana-Farber Agreement [Member] \| License [Member]
Other Commitments [Line Items]
Annual license maintenance fees				$ 35,000
Harvard and Dana-Farber Agreement [Member] \| License and Maintenance [Member]
Other Commitments [Line Items]
Annual license maintenance fees		$ 9,000	$ 9,000		$ 110,000
MUSC Agreement [Member] \| License [Member]
Other Commitments [Line Items]
Annual license maintenance fees		$ 0	$ 0
Vivarta Therapeutics LLC [Member]
Other Commitments [Line Items]
License fee on agreement effective date	$ 10,000,000
License fee on receipt of positive freedom to operate analysis from legal counsel	$ 40,000,000
Vivarta Therapeutics LLC [Member] \| Common Stock [Member]
Other Commitments [Line Items]
Issuance of common stock warrant	75,000
Warrant per share	$ 0.12
Project Addendum [Member]
Other Commitments [Line Items]
Contract obligation, prepaid amount						$ 19,800,000

Common Stock

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Common Stock

10. Common Stock

As of March 31, 2026 and December 31, 2025, the Company was authorized to issue 100,000,000 shares of common stock, par value $0.001 per share.

As of March 31, 2026 and December 31, 2025, the Company had 28,039,032 and 27,550,222 shares of common stock issued and outstanding, respectively.

Each share of common stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders. Common stockholders are entitled to receive dividends, as may be declared by the Company’s Board, if any. As of March 31, 2026 and December 31, 2025, no dividends had been declared.

In the event of liquidation or dissolution, the holders of the common stock are entitled to receive proportionately all assets available for distribution to stockholders after the payment of all debts and other liabilities and subject to the prior rights of any outstanding preferred stock.

Issuance of Common Stock and Warrants

Wainwright Sales Agreement

On May 15, 2025, the Company entered into the Wainwright Sales Agreement with H.C. Wainwright, as agent and/or principal, pursuant to which the Company could offer and sell shares of its common stock having an aggregate offering price of up to $13,702 from time to time through or to H.C. Wainwright by any method permitted that is deemed to be an “at the market offering” as defined in Rule 415(a)(4) promulgated under the Securities Act of 1933, as amended. As of March 31, 2026, the Company had issued and sold 1,296,777 shares of common stock pursuant to the Wainwright Sales Agreement for total net proceeds of $1,844, after deducting transaction fees of $67 paid by the Company. In July 2025, in connection with the Yorkville Transactions, the Company reduced the aggregate offering price of the shares of common stock that could be offered and sold under the Wainwright Sales Agreement to $8,067.

Warrant Exercises and Exchanges

On April 21, 2025, the Company entered into privately negotiated letter agreements with certain holders of its outstanding warrants issued on November 2, 2023, or the PIPE Warrants, and May 1, 2024, or the Offering Warrants. Pursuant to these agreements, certain holders agreed to exercise the PIPE Warrants for an aggregate of 159,500 shares of the Company’s common stock and the Offering Warrants for an aggregate of 884,798 shares of common stock, at a reduced exercise price of $1.60 per share. The original exercise prices were $4.89 per share for the PIPE Warrants and $4.68 per share for the Offering Warrants. The exercise of the PIPE Warrants was completed on April 24, 2025, and the exercise of the Offering Warrants was completed in May 2025 (collectively, the “Warrant Exercises”). The Company received total net proceeds of $1,595 from the Warrant Exercises.

Separately, in April 2025, the Company entered into agreements with additional holders of the PIPE Warrants who agreed to surrender warrants representing an aggregate of 1,939,000 shares of common stock for cancellation. In exchange, these holders received pre-funded warrants (the “Exchange Pre-Funded Warrants”) exercisable for the same number of shares at an exercise price of $0.001 per share and paid $1.599 per share in cash by April 24, 2025 (the “Warrant Exchanges”). The Company received total net proceeds of $2,984 from the Warrant Exchanges.

As part of the Warrant Exchanges, entities affiliated with Bios Equity Partners, LP (“Bios Partners”) surrendered PIPE Warrants representing an aggregate of 1,300,500 shares and provided the associated cash consideration of $2,079 for the issuance of Exchange Pre-Funded Warrants.

In addition, on April 21, 2025, an entity affiliated with Bios Partners agreed to purchase additional pre-funded warrants to acquire 312,695 shares of the Company’s common stock in a private placement at a price of $1.599 per share, resulting in total net proceeds of $481 (the “Bios Pre-Funded Warrants”). The Exchange Pre-Funded Warrants and the Bios Pre-Funded Warrants are collectively referred to as the “Pre-Funded Warrants.”

The Company assessed the Pre-Funded Warrants for appropriate classification under U.S. GAAP and determined that they are freestanding instruments that do not meet the definition of a liability pursuant to ASC 480 and do not meet the definition of a derivative pursuant to ASC 815, Derivatives and Hedging. The Pre-Funded Warrants are indexed to the Company’s common stock and meet all other conditions for equity classification under ASC 480 and ASC 815. Accordingly, the Pre-Funded Warrants are classified as equity and accounted for as a component of additional paid-in capital at the time of issuance. The Pre-Funded Warrants were initially recognized at their fair value, calculated as the fair value of the underlying common stock less the exercise price of $0.001 per share. The fair value of the common stock was determined based on the quoted market price of the Company’s common stock as of the issuance date. The Pre-Funded Warrants will not be remeasured subsequent to initial recognition.

The repricing of the PIPE Warrants and the Offering Warrants and issuance of the Exchange Pre-Funded Warrants is considered a modification under the guidance of ASU 2021-04. The modification is consistent with the “Equity Issuance” classification under that guidance as the reason for the modification was to induce the holder to cash exercise their warrants, resulting in the imminent exercise of the PIPE Warrants and the Offering Warrants, which raised equity capital and generated net proceeds for the Company of approximately $4,601. The total fair value of the consideration of the modification includes the incremental fair value of the PIPE Warrants and the Offering Warrants (determined by comparing the fair values immediately prior to and immediately after the modification) and the initial fair value of the PIPE Warrants and the Offering Warrants. The fair values of the PIPE Warrants and the Offering Warrants were calculated using the Black-Scholes model. The Company determined that the total fair value of the consideration related to the modification of PIPE Warrants and the Offering Warrants, including the initial fair value of the Exchange Pre-Funded

Warrants was $4,757. The net effect of the modification in the amount of $490, as well as the value of the replaced PIPE warrants of $1,385 and the fair value of the Exchange Pre-Funded Warrants of $5,652 were recorded in additional paid-in capital, as both the original warrants (the PIPE Warrants and the Offering Warrants) and the replacement instruments (the Exchange Pre-Funded Warrants) are equity-classified.

The Offering Warrants

In May 2024, the Company completed the Offering pursuant to which the Company issued and sold 4,273,505 shares of the Company’s common stock and accompanying Offering Warrants to purchase 4,273,505 shares of common stock. Net proceeds from the Offering were approximately $17,675, after deducting underwriting discounts and commissions and offering expenses, and excluding any proceeds that may be received from exercise of the Offering Warrants. The Offering closed on May 3, 2024.

The Company had assessed the Offering Warrants for appropriate equity or liability classification and determined the Offering Warrants are freestanding instruments that do not meet the definition of a liability pursuant to ASC 480 and do not meet the definition of a derivative pursuant to ASC 815. The Offering Warrants are indexed to the Company’s common stock and meet all other conditions for equity classification under ASC 480 and ASC 815. Accordingly, the Offering Warrants are classified as equity and accounted for as a component of additional paid-in capital at the time of issuance. The Offering Warrants were initially recognized at their relative fair value in the amount of $8.0 million at the time of issuance determined using Black-Scholes option-pricing model and will not be remeasured.

The Offering Warrants to purchase 884,798 shares of common stock were exercised in April 2025 as part of April 2025 Transactions. As of March 31, 2026 and December 31, 2025, Offering Warrants to purchase 3,388,707 shares of common stock remained outstanding.

Prepaid Purchase Agreement

On July 29, 2025, the Company entered into a PPA with Yorkville, pursuant to which the Company may request pre-paid advances of up to $6,000 from Yorkville over a 12-month period, subject to certain limitations and conditions set forth in the PPA. Each Pre-Paid Advance is subject to the consent of Yorkville. Interest shall accrue on the outstanding balance of any Pre-Paid Advance at an annual rate of 8%, subject to an increase to 18% upon events of default described in the PPA. All Pre-Paid Advances are due and payable on the 12-month anniversary of their issuance. At any time that there is an outstanding balance under any Pre-Paid Advances, Yorkville may provide written notice, or Purchase Notice, requiring the Company to issue and sell shares of its common stock to Yorkville, which shall be offset against and reduce the amounts outstanding under the Pre-Paid Advance. The initial advance under the PPA of $1,000 was purchased on July 29, 2025, with net proceeds of $950 after a 5% original issue discount, or OID. On September 8, 2025, the Company entered into a second PPA with Yorkville for an additional $1,000 advance, with net proceeds of $950 after the 5% OID. On October 23, 2025, the Company entered into a third PPA with Yorkville for an additional $1,000 advance, with net proceeds of $950 after the 5% OID.

The Company elected the fair value option under ASC 825, Financial Instruments, or ASC 825, to measure the PPAs at fair value, with changes in fair value recognized in earnings. The initial fair value was determined to be equal to the net proceeds received ($950 per PPA), as this amount represented the cash consideration exchanged, consistent with ASC 825. OID costs of $100 related to the first and second PPA were expensed as incurred in the third quarter of 2025, as required under the fair value option. Additionally, the Company incurred legal costs of $118 which were expensed in the consolidated statements of operations and other comprehensive loss.

Under the terms of the PPAs, the Company issued shares of common stock to Yorkville in satisfaction of the advances. The number of shares issued was determined based on the applicable purchase price per share equal to the lower of (a) 115% of the daily volume weighted average price, or the VWAP, of the Company’s common stock on the last full trading day immediately prior to the date of such Pre‑Paid Advance and (b) 95% of the lowest daily VWAP of the Company’s common stock during the seven consecutive trading days immediately preceding the date on which Yorkville provides the Purchase Notice to the Company, but in no event less than the floor price set forth in the PPA. The carrying value of the PPA and accrued interest were reduced by the issuance of the shares.

Under the terms of the PPAs, through September 24, 2025, the Company issued an aggregate of 1,880,872 shares of common stock to Yorkville (953,765 shares under the first PPA through September 9, 2025, and 927,107 shares under the second PPA), based on the principal of $2,000 from the PPA and $11 of interest expense. The shares were recorded at par value of $0.001 per share with the remainder credited to additional paid-in capital, or APIC.

On October 23, 2025, Yorkville purchased a third PPA of $1,000, for which the Company received net proceeds of $950. The third PPA was converted to 846,290 shares of the Company’s common stock in October 2025, with no remaining outstanding balance. The shares were recorded at par value of $0.001 per share with the remainder credited to APIC.

The initial, the second and the third PPAs were fully settled in 2025, with no remaining outstanding balance. Accordingly, the fair value of the liabilities at March 31, 2026, was $0, and no adjustment for changes in fair value was required.

On December 11, 2025, the Company terminated the PPA.

As of March 31, 2026, there were:

•

12,469,000 shares of common stock reserved for issuance upon conversion of the Series X Preferred Stock;

•

3,143,997 shares of common stock issuable upon the exercise of options under existing equity incentive plans;

•

228,000 shares of common stock issuable for vested but unsettled restricted stock units (Note 10);

•

2,106,194 and 7,500 shares of common stock reserved for issuance under the 2021 Plan (Note 10) and 2017 ESPP (Note 10), respectively, as well as any automatic increases in the number of shares of the common stock reserved under these plans; and

•

6,621,839 shares of common stock reserved for issuance upon exercise of outstanding warrants. The warrants consist of (i) warrants to purchase 726,437 shares of the Company’s common stock, with an exercise price of $5.66, which expire on May 20, 2029, which were assumed in connection with the Lung Acquisition, (ii) warrants to purchase 255,000 shares of the Company’s common stock, with an exercise price of $4.89 per share, which were issued and sold in the PIPE Financing as described above and expire on May 2, 2027, (iii) warrants to purchase 3,388,707 shares of the Company’s common stock, with an exercise price of $4.68 per share, which were issued and sold in the Offering as described above and expire on May 3, 2027, (iv) the Exchange Pre-Funded Warrants to purchase 1,939,000 shares of the Company's common stock, with an exercise price of $0.001 per share, which were issued and sold in the Warrant Exchanges as described above can be exercised at any time after their original issuance until such Exchange Pre-Funded Warrants are exercised in full, and (v) the Bios Pre-Funded Warrants to purchase 312,695 shares of the Company's common stock, with an exercise price of $0.001 per share, which were issued and sold in April 2025 as described above and can be exercised at any time after their original issuance until such Bios Pre-Funded Warrants are exercised in full.

Accordingly, as of March 31, 2026, out of the 100,000,000 shares of common stock presently authorized, 52,615,562 shares are issued and outstanding or reserved for issuance and 47,384,438 shares of common stock remain available for future issuance.

- Definition

The entire disclosure for equity.

+ References

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

Subsequent Event - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands					1 Months Ended		3 Months Ended		12 Months Ended
	May 08, 2026	May 04, 2026	Apr. 30, 2026	May 01, 2024	May 31, 2026	Apr. 30, 2025	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025	Feb. 28, 2026	Jan. 31, 2026	Apr. 21, 2025	Dec. 31, 2024
Subsequent Event [Line Items]
Warrants exercise price												$ 1.60
Number of stock sold							255,000
Net proceeds from offering							$ 354	$ 737
Common stock, shares outstanding							28,039,032		27,550,222
Number of awards granted							0	0
Series X Preferred Stock [Member]
Subsequent Event [Line Items]
Warrants exercise price							$ 4.89
Conversion of stock shares issued							12,232		12,232
Common Stock [Member]
Subsequent Event [Line Items]
Common stock, shares outstanding							28,039,032	22,005,317	27,550,222				21,666,012
Securities Purchase Agreement [Member] \| Unsecured Promissory Notes [Member]
Subsequent Event [Line Items]
Original principal amount										$ 5,375	$ 5,375
Underwriting Agreement [Member]
Subsequent Event [Line Items]
Warrants exercise price							$ 4.68
Number of stock sold							3,388,707
Underwriting Agreement [Member] \| Common Stock [Member]
Subsequent Event [Line Items]
Number of stock sold				4,273,505
Underwriting Agreement [Member] \| Common Stock [Member] \| Offering Warrant Shares [Member]
Subsequent Event [Line Items]
Warrants to purchase shares of common stock				4,273,505		884,798	3,388,707		3,388,707
Subsequent Event [Member]
Subsequent Event [Line Items]
Common stock, shares outstanding		85,539,032
Subsequent Event [Member] \| Underwritten Public Offering [Member]
Subsequent Event [Line Items]
Warrant exercisable date		Apr. 30, 2031
Warrants exercise price		$ 1.5
Net proceeds from offering		$ 53,106			$ 53,106
Gross proceeds from offering		$ 57,500			57,500
Shares issued, price per share		$ 1
Underwriting discounts, commissions, and offering expenses		$ 4,394			$ 4,394
Subsequent Event [Member] \| Option Given to Underwriter to Purchase Additional Shares
Subsequent Event [Line Items]
Number of stock sold		7,500,000
Subsequent Event [Member] \| Common Stock [Member]
Subsequent Event [Line Items]
Number of awards granted	150,000
Exercise price	$ 1.17
Additional options grants in period	252,000
Contractual terms of stock option awards	10 years
Vesting percentage	25.00%
Subsequent Event [Member] \| Common Stock [Member] \| Underwritten Public Offering [Member]
Subsequent Event [Line Items]
Number of stock sold		50,000,000			57,500,000
Shares issued, price per share		$ 1
Warrants to purchase common stock		1,725,000
Subsequent Event [Member] \| Letter agreement with Bios Partners, L.P. [Member]
Subsequent Event [Line Items]
Warrants to purchase shares of common stock		3,000,000
Warrants exercise price		$ 1
Subsequent Event [Member] \| Letter agreement with Bios Partners, L.P. [Member] \| Series X Preferred Stock [Member]
Subsequent Event [Line Items]
Conversion of stock shares issued			12,232

Segment Reporting

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Segment Reporting

14. Segment Reporting

The Company has one reportable segment which focuses on developing novel therapies for the treatment of orphan pulmonary and fibrosis indications with no approved or limited effective treatments. The Company’s CODM, the CEO, manages the Company’s operations on a consolidated basis as one operating segment for the purposes of evaluating financial performance and allocating resources.

The Company has not generated any revenue yet. The CODM assesses the financial performance of the segment and decides how to allocate resources based on net loss on a consolidated basis. The measure of segment assets is reported on the consolidated balance sheets as total consolidated assets.

The CODM uses net loss predominantly in the annual operating budget and in the strategic planning and forecasting process. Such loss measure is used to monitor budget versus actual results on an ongoing basis by the CODM and determine how resources are allocated to the various activities of the Company. The CODM also uses net loss to evaluate the Company’s performance and assist in determination of management’s incentive compensation.

All of the Company’s tangible assets are held in the United States. The Company views its operations and manages its business in one operating segment operating exclusively in the United States.

The table below is a summary of the segment loss, including significant segment expenses:


	Three Months Ended March 31,
	2026			2025
Revenues	$	—		$	—
Research and development expenses:
LTI-01 program-related expenses:
CMC activities		67			537
Clinical operation activities		—			65
Total LTI-01 program-related expenses		67			602
LTI-03 program-related expenses:
Preclinical study costs		—			556
CMC activities		520			560
Clinical operation activities		1,961			673
Total LTI-03 program-related expenses		2,481			1,789
Other program-related expenses		—			8
Employee related expenses		500			622
Professional fees for services		—			17
Facilities and other expenses		25			16
Total research and development expenses		3,073			3,054
General and administrative expenses:
Employee related expenses		859			947
Professional fees for services		790			1,138
Facilities and other expenses		508			470
Total general and administrative expenses		2,157			2,555
Other (expense) income, net		(608	)		108
Segment and consolidated net loss	$	(5,838	)	$	(5,501	)

- Definition

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

+ References

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+ Details

Common Stock - Additional Information (Detail) $ / shares in Units, $ in Thousands							1 Months Ended			3 Months Ended			12 Months Ended
	Oct. 23, 2025 USD ($) $ / shares shares	Sep. 24, 2025 USD ($) shares	Sep. 08, 2025 USD ($) shares	Jul. 29, 2025 USD ($) Days	Apr. 21, 2025 USD ($) $ / shares shares	May 01, 2024 $ / shares shares	Jul. 31, 2025 USD ($)	Apr. 30, 2025 USD ($) $ / shares shares	May 31, 2024 USD ($) shares	Mar. 31, 2026 USD ($) $ / shares shares	Sep. 30, 2025 USD ($)	Mar. 31, 2025 USD ($) shares	Dec. 31, 2025 USD ($) $ / shares shares	Sep. 09, 2025 shares	May 15, 2025 USD ($)	Dec. 31, 2024 shares
Class of Stock [Line Items]
Common stock, shares authorized \| shares										100,000,000			100,000,000
Common stock, par value \| $ / shares										$ 0.001			$ 0.001
Net proceeds from offering										$ 354		$ 737
Warrants exercise price \| $ / shares					$ 1.60
Common stock, shares issued \| shares										28,039,032			27,550,222
Common stock, shares outstanding \| shares										28,039,032			27,550,222
Common stock voting rights										Each share of common stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders.
Shares issued, outstanding and reserved for issuance \| shares										52,615,562
Common stock, dividends declared \| $ / shares										$ 0			$ 0
Aggregate offering price										$ 114			$ 113
Aggregate number of common stock shares issued and sold \| shares										255,000
Restricted Stock Units [Member]
Class of Stock [Line Items]
Common stock reserved for issuance \| shares										228,000
2023 Warrants [Member]
Class of Stock [Line Items]
Warrants exercise price \| $ / shares					$ 4.89
Warrants to purchase shares of common stock \| shares					159,500			1,300,500
Cash consideration								$ 2,079
2024 Warrants [Member]
Class of Stock [Line Items]
Warrants exercise price \| $ / shares					$ 4.68
Warrants to purchase shares of common stock \| shares					884,798
Issuance of warrants										$ 8,000
Exchange Pre-Funded Warrants [Member]
Class of Stock [Line Items]
Offering price \| $ / shares								$ 1.599
Warrants exercise price \| $ / shares								$ 0.001		$ 0.001
Aggregate number of common stock shares issued and sold \| shares										1,939,000
Warrants to purchase shares of common stock \| shares								1,939,000
Net proceeds from warrant exchanges								$ 2,984
Initial fair value of warrants issued					$ 4,757
Net effect modification of warrants issued					490
Fair value of warrants issued					$ 5,652
Bios Pre-Funded Warrants [Member]
Class of Stock [Line Items]
Warrants exercise price \| $ / shares					$ 1.599					$ 0.001
Aggregate number of common stock shares issued and sold \| shares										312,695
Warrants to purchase shares of common stock \| shares					312,695
Net proceeds from warrant exercises					$ 481
Pre-Funded Warrants [Member]
Class of Stock [Line Items]
Warrants exercise price \| $ / shares					$ 0.001			$ 0.001
Aggregate number of common stock shares issued and sold \| shares								2,251,695
PIPE Warrants and Offering Warrants [Member]
Class of Stock [Line Items]
Net proceeds from warrant exercises					$ 4,601
PIPE Warrants [Member]
Class of Stock [Line Items]
Fair value of warrants replaced					1,385
Series X Preferred Stock [Member]
Class of Stock [Line Items]
Warrants exercise price \| $ / shares										$ 4.89
Common stock reserved for issuance \| shares										12,469,000
Warrants and rights outstanding, maturity date										May 02, 2027
Common Stock [Member]
Class of Stock [Line Items]
Common stock, shares outstanding \| shares										28,039,032		22,005,317	27,550,222			21,666,012
Stock remained available for future issuance \| shares										47,384,438
Common Stock [Member] \| YA II PN Ltd [Member]
Class of Stock [Line Items]
Common stock, shares issued \| shares		1,880,872
Warrant Exercises [Member]
Class of Stock [Line Items]
Common stock reserved for issuance \| shares										6,621,839
Net proceeds from warrant exercises					$ 1,595
2017 Employee Stock Purchase Plan [Member]
Class of Stock [Line Items]
Common stock reserved for issuance \| shares										7,500
2021 Stock Incentive Plan [Member]
Class of Stock [Line Items]
Common stock reserved for issuance \| shares										2,106,194
Stock remained available for future issuance \| shares										3,840,254
Existing Equity Incentive Plans [Member]
Class of Stock [Line Items]
Common stock reserved for issuance \| shares										3,143,997
Lung Acquisition [Member]
Class of Stock [Line Items]
Warrants exercise price \| $ / shares										$ 5.66
Aggregate number of common stock shares issued and sold \| shares										726,437
Warrants and rights outstanding, maturity date										May 20, 2029
Underwriting Agreement [Member]
Class of Stock [Line Items]
Common stock, par value \| $ / shares						$ 0.001
Warrants exercise price \| $ / shares										$ 4.68
Aggregate number of common stock shares issued and sold \| shares										3,388,707
Warrants and rights outstanding, maturity date										May 03, 2027
Underwriting Agreement [Member] \| 2024 Warrants [Member]
Class of Stock [Line Items]
Net proceeds from offering									$ 17,675
Underwriting Agreement [Member] \| Common Stock [Member]
Class of Stock [Line Items]
Aggregate number of common stock shares issued and sold \| shares						4,273,505
Underwriting Agreement [Member] \| Common Stock [Member] \| Offering Warrant Shares [Member]
Class of Stock [Line Items]
Warrants to purchase shares of common stock \| shares						4,273,505		884,798		3,388,707			3,388,707
Underwriting Agreement [Member] \| Common Stock [Member] \| 2024 Warrants [Member]
Class of Stock [Line Items]
Aggregate number of common stock shares issued and sold \| shares									4,273,505
Warrants to purchase shares of common stock \| shares									4,273,505
Wainwright Sales Agreement [Member]
Class of Stock [Line Items]
Transaction fee										$ 67
Reduced aggregate offering price							$ 8,067
Wainwright Sales Agreement [Member] \| Common Stock [Member]
Class of Stock [Line Items]
Aggregate offering price							$ 8,067
Wainwright Sales Agreement [Member] \| At The Market Offering [Member]
Class of Stock [Line Items]
Net proceeds from offering										$ 1,844
Wainwright Sales Agreement [Member] \| At The Market Offering [Member] \| Common Stock [Member]
Class of Stock [Line Items]
Aggregate number of common stock shares issued and sold \| shares										1,296,777
Wainwright Sales Agreement [Member] \| H.C. Wainwright [Member] \| At The Market Offering [Member]
Class of Stock [Line Items]
Net proceeds from offering										$ 1,844
Transaction fee										$ 67
Wainwright Sales Agreement [Member] \| H.C. Wainwright [Member] \| At The Market Offering [Member] \| Common Stock [Member]
Class of Stock [Line Items]
Aggregate number of common stock shares issued and sold \| shares										1,296,777
Wainwright Sales Agreement [Member] \| H.C. Wainwright [Member] \| At The Market Offering [Member] \| Common Stock [Member] \| Maximum [Member]
Class of Stock [Line Items]
Aggregate offering price															$ 13,702
Pre-Paid Advance Agreement [Member] \| YA II PN Ltd [Member]
Class of Stock [Line Items]
Common stock, par value \| $ / shares	$ 0.001									$ 0.001
Common stock, shares issued \| shares	846,290
Pre-paid advances term				12 months
Pre-paid advance annual rate				8.00%
Default interest rate percentage				18.00%
Initial pre-paid advance	$ 1,000			$ 1,000
Net proceeds received from pre-paid advance	950		$ 950	$ 950
Original issue discount				5.00%
Legal costs											$ 118
Interest expense		$ 11
Principal received from pre-paid advances		$ 2,000
Pre-Paid Advance Agreement [Member] \| YA II PN Ltd [Member] \| Scenario One [Member]
Class of Stock [Line Items]
Equity issuance price as percentage of volume weighted average price				115.00%
Pre-Paid Advance Agreement [Member] \| YA II PN Ltd [Member] \| Scenario Two [Member]
Class of Stock [Line Items]
Equity issuance price as percentage of volume weighted average price				95.00%
Consecutive trading days \| Days				7
Pre-Paid Advance Agreement [Member] \| Maximum [Member] \| YA II PN Ltd [Member]
Class of Stock [Line Items]
Maximum amount available for pre-paid advances				$ 6,000
Pre-Paid Advance Agreement [Member] \| Common Stock [Member] \| YA II PN Ltd [Member]
Class of Stock [Line Items]
Common stock, shares issued \| shares														953,765
Maximum amount available for pre-paid advances				$ 6,000
Second Pre-Paid Advance Agreement [Member] \| YA II PN Ltd [Member]
Class of Stock [Line Items]
Initial pre-paid advance			1,000
Net proceeds received from pre-paid advance			$ 950
Original issue discount			5.00%
Second Pre-Paid Advance Agreement [Member] \| Common Stock [Member] \| YA II PN Ltd [Member]
Class of Stock [Line Items]
Common stock, shares issued \| shares			927,107
Third Pre-Paid Advance Agreement [Member] \| YA II PN Ltd [Member]
Class of Stock [Line Items]
Initial pre-paid advance	1,000
Net proceeds received from pre-paid advance	$ 950
Original issue discount	5.00%
First and Second Pre-Paid Advance Agreement [Member] \| YA II PN Ltd [Member]
Class of Stock [Line Items]
OID costs											$ 100
Initial Pre-Paid Advance Agreement, Second Pre-Paid Advance Agreement and Third Pre-Paid Advance Agreement [Member]
Class of Stock [Line Items]
Remaining outstanding balance													$ 0
Fair value of the liabilities													$ 0
Adjustment changes in fair value										$ 0

Stock-Based Awards - Summary of Stock Based Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 156	$ 264
Research and Development [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	32	64
General and Administrative [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 124	$ 200

- Definition

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

+ References

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+ Details

Stock-Based Awards

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Stock-Based Awards

11. Stock-Based Awards

As of March 31, 2026, the Company had five equity compensation plans, each of which was approved by its stockholders: 2006 Equity Incentive Plan, as amended, or the 2006 Plan, 2016 Stock Incentive Plan, or the 2016 Plan, 2017 Stock Incentive Plan, or the 2017 Plan, 2021 Stock Incentive Plan, or the 2021 Plan, and 2017 Employee Stock Purchase Plan, or the 2017 ESPP. The Company also assumed Lung’s 2013 Long-Term Incentive Plan, or the 2013 Plan, as a result of the Lung Acquisition.

As of March 31, 2026, the Company had no shares issuable upon exercise of outstanding options under the 2006 Plan; 8,404 shares to be issued upon exercise of outstanding options under the 2016 Plan, 98,528 shares to be issued upon exercise of outstanding options under the 2017 Plan and 1,520,179 shares to be issued upon exercise of outstanding options under the 2021 Plan. No shares remained available for future awards under the 2006 Plan, the 2016 Plan, and the 2017 Plan as of March 31, 2026. Shares that are expired, terminated, surrendered or canceled without having been fully exercised under the 2017 Plan will be available for future awards under the 2021 Plan. In addition, shares of common stock that are tendered to the Company by a participant to exercise an award are added to the number of shares of common stock available for the grant of awards under the 2021 Plan.

Under the 2021 Plan, shares that are expired, terminated, surrendered or canceled without having been fully exercised will be available for future awards. In addition, shares of common stock that are tendered to the Company by a participant to exercise an award are added to the number of shares of common stock available for the grant of awards.

The exercise price for stock options granted may not be less than the fair market value of the common stock as of the date of grant.

2021 Stock Incentive Plan

The Company’s 2021 Plan was approved by the Company’s stockholders on June 15, 2021 and became effective on June 16, 2021. At the 2023 Annual Meeting, the stockholders of the Company approved an amendment, or the Plan Amendment, to the 2021 Plan to increase the number of shares of common stock issuable under the 2021 Plan by 3,000,000 shares to 3,840,254. Other than increasing the number of shares issuable under the 2021 Plan, the Plan Amendment does not make any changes to the 2021 Plan.

Under the 2021 Plan, the Company may grant incentive stock options, nonstatutory stock options, stock appreciation rights, restricted stock awards, awards of restricted stock units and other stock-based awards. The Company’s employees, officers, directors, consultants and advisors are eligible to receive awards under the 2021 Plan; however, incentive stock options may only be granted to employees. The 2021 Plan is administered by the Board or, at the discretion of the Board, by a committee of the Board. The number of shares of common stock covered by options and the date those options become exercisable, type of options to be granted, exercise prices, vesting and other restrictions are determined at the discretion of the Board, or its committee if so delegated.

Stock options granted under the 2021 Plan with service-based vesting conditions generally vest over four years and may not have a duration in excess of ten years, although options have been granted with vesting terms of less than four years.

The total number of shares of common stock that may be issued under the 2021 Plan was 3,840,254 as of March 31, 2026, of which 2,106,194 shares remained available for grant. The Company initially reserved 625,000 shares of common stock, plus the number of shares of common stock subject to outstanding awards under the 2017 Plan, the 2016 Plan and the 2006 Plan that expire, terminate or are otherwise surrendered, canceled, forfeited or repurchased by the Company at their original issuance price pursuant to a contractual repurchase right up to 314,006 shares. As of March 31, 2026, the Company had 1,520,179 shares to be issued upon exercise of outstanding options under the 2021 Plan.

2013 Stock Incentive Plan

The Company assumed the 2013 Plan as a result of the Lung Acquisition. In October 2013, Lung’s Board of Directors, or the Lung Board, approved the 2013 Plan to provide long-term incentives for its employees, non-employee directors and certain consultants. As of March 31, 2026, 1,516,886 shares were reserved to be issued upon exercise of options outstanding under the 2013 Plan. These options were assumed by the Company in connection with the Lung Acquisition.

Before the Lung Acquisition, the 2013 Plan was administered by the Lung Board or, at the discretion of the Lung Board, by a committee of the Lung Board. The exercise prices, vesting and other restrictions were determined at the discretion of the Lung Board, or its committee if so delegated, except that the exercise price per share of stock options may not be less than 100% of the fair market value of the share of common stock on the date of grant and the term of stock option may not be greater than ten years. The contractual term for stock option awards is ten years. The vesting periods for equity awards were determined by the Lung Board, but generally were four years. The contractual term for stock option awards is ten years. Following the closing of the Lung Acquisition on October 31, 2023, no further awards can be granted under the 2013 Plan.

Stock Option Valuation

There were no stock awards granted in the three months ended March 31, 2026 and 2025.

Stock Options

The following table summarizes the Company’s stock option activity since January 1, 2026:


	Number of Shares		Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Term		Aggregate Intrinsic Value
Outstanding at January 1, 2026		3,143,997	$	5.21		6.1	$	158
Exercised		—		—		—		—
Forfeited/Canceled		—		—		—		—
Expired		—		—		—		—
Outstanding at March 31, 2026		3,143,997	$	5.21		5.9	$	319

Options exercisable at March 31, 2026		2,471,114	$	5.93		5.2	$	292
Options vested and expected to vest at March 31, 2026		3,124,534	$	5.22		5.9	$	318
Options exercisable at December 31, 2025		2,418,033	$	6.00		5.4	$	138
Options vested and expected to vest at December 31, 2025		3,120,459	$	5.23		6.1	$	157

The aggregate fair value of stock options that vested during the three months ended March 31, 2026 and 2025, was $131 and $46, respectively.

The aggregate intrinsic value of stock options is calculated as the difference between the exercise price of the stock options and the fair value of the Company’s common stock for those stock options that had exercise prices lower than the fair value of the Company’s common stock. There were no stock options exercised during the three months ended March 31, 2026. The aggregate intrinsic value of stock options exercised during the three months ended March 31, 2025 was $18.

Restricted Stock Units

The Company has granted restricted stock units with service-based vesting conditions. Unvested shares of restricted common stock may not be sold or transferred by the holder.

There were no restricted stock units granted in the three months ended March 31, 2026. In August 2025, the Company granted 1,000,000 restricted stock units that were immediately vested. As of March 31, 2026, there were 228,000 vested restricted stock units that were not issued.

Stock-Based Compensation

The Company recorded stock-based compensation expense related to stock options in the following expense categories of its statements of operations and comprehensive loss:


	Three Months Ended March 31,
	2026		2025
Research and development expenses	$	32	$	64
General and administrative expenses		124		200
Total stock-based compensation expense	$	156	$	264

As of March 31, 2026, the Company had an aggregate of $1,319 of unrecognized stock-based compensation expense, which it expects to recognize over a weighted average period of 2.58 years. As of March 31, 2025, the Company had an aggregate of $2,130 of unrecognized stock-based compensation expense, which it expects to recognize over a weighted average period of 3.15 years.

Net Loss per Share (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Basic and Diluted Net Loss per Share Attributable to Common Stockholders

Basic and diluted net loss per share attributable to common stockholders was calculated as follows:


	Three Months Ended March 31,
	2026			2025
Numerator:
Net loss	$	(5,838	)	$	(5,501	)
Denominator:
Weighted average common shares outstanding—basic and diluted		30,354,647			21,915,891
Net loss per share attributable to common stockholders—basic and diluted	$	(0.19	)	$	(0.25	)

Summary of Potential Common Shares Excluded from Calculation of Diluted Net Loss per Share


	Three Months Ended March 31,
	2026		2025
Options to purchase common stock		3,143,997		3,080,582
Warrants to issue shares of common stock		6,621,839		7,353,442
Series X Preferred Stock issued and outstanding, as converted		12,232,000		12,232,000
Total		21,997,836		22,666,024

Fair Value of Financial Assets

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Fair Value of Financial Assets

. Fair Value of Financial Assets

The following tables present information about the Company’s assets that are measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values:


	March 31, 2026
	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	4,418	$	—	$	—	$	4,418
	$	4,418	$	—	$	—	$	4,418


	December 31, 2025
	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	3,130	$	—	$	—	$	3,130
Treasury bills		4		—		—		4
	$	3,134	$	—	$	—	$	3,134

During the three months ended March 31, 2026 and the year ended December 31, 2025, there were no transfers between levels.

- Definition

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

+ References

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

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

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

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

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

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

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

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

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

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

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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

+ Details

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 4,445	$ 3,215
Prepaid expenses and other current assets	1,008	1,111
Total current assets	5,453	4,326
Goodwill	6,330	6,330
Intangible assets	13,500	13,500
Other non-current assets	1,005	2
Total assets	26,288	24,158
Current liabilities:
Accounts payable	6,263	3,976
Accrued expenses and other current liabilities	2,451	2,204
Notes payable, net	4,923	0
Total current liabilities	13,637	6,180
Deferred tax liability	1,060	1,060
Total liabilities	14,697	7,240
Commitments and contingencies (Note 13)
Convertible preferred stock, $0.001 par value, 5,000,000 shares authorized at March 31, 2026 and at December 31, 2025; 24,610 shares issued and 12,232 shares outstanding at March 31, 2026 and at December 31, 2025	45,005	45,005
Stockholders’ equity:
Common stock, $0.001 par value; 100,000,000 shares authorized at March 31, 2026 and at December 31, 2025; 28,039,032 shares and 27,550,222 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively	114	113
Additional paid-in capital	373,643	373,133
Accumulated other comprehensive loss	(62)	(62)
Accumulated deficit	(407,109)	(401,271)
Total liabilities, convertible preferred stock and stockholders' equity	$ 26,288	$ 24,158

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Income Statement [Abstract]
Revenue	$ 0	$ 0
Operating expenses:
Research and development	3,073	3,054
General and administrative	2,157	2,555
Total operating expenses	5,230	5,609
Loss from operations	(5,230)	(5,609)
Other (expense) income, net	(608)	108
Net loss	$ (5,838)	$ (5,501)
Net loss per share - basic	$ (0.19)	$ (0.25)
Net loss per share - diluted	$ (0.19)	$ (0.25)
Weighted average common shares outstanding - basic	30,354,647	21,915,891
Weighted average common shares outstanding - diluted	30,354,647	21,915,891
Comprehensive loss:
Net loss	$ (5,838)	$ (5,501)
Other comprehensive loss:
Unrealized loss on investments, net of tax of $0	0	(45)
Foreign currency translation adjustments	0	31
Total other comprehensive loss	0	(14)
Total comprehensive loss	$ (5,838)	$ (5,515)

Other Assets

3 Months Ended

Mar. 31, 2026

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Other Assets

. Other Assets

Other assets consisted of the following:


	March 31, 2026		December 31, 2025
Non-current prepaid research and development	$	1,005	$	—
Other assets		—		2
Total other non-current assets	$	1,005	$	2

Prepaid Expenses and Other Current Assets

3 Months Ended

Mar. 31, 2026

Prepaid Expense and Other Assets, Current [Abstract]

Prepaid Expenses and Other Current Assets

4. Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following:


	March 31, 2026		December 31, 2025
Prepaid research and development	$	90	$	230
Other current assets		918		881
Total prepaid expenses and other current assets	$	1,008	$	1,111

Commitments and Contingencies

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

13. Commitments and Contingencies

Legal Proceedings

The Company may from time to time be party to litigation arising in the ordinary course of business. As of March 31, 2026, the Company was not party to any legal proceedings and no material legal proceedings are currently pending or, to the best of the Company’s knowledge, threatened.

Intellectual Property Licenses

Harvard and Dana-Farber Agreement

In August 2006, the Company entered into an exclusive license agreement with President and Fellows of Harvard College, or Harvard, and Dana-Farber Cancer Institute, or DFCI. The agreement granted the Company an exclusive worldwide license, with the right to sublicense, under specified patents and patent applications to develop, obtain regulatory approval for and commercialize specified product candidates based on cell-permeating peptides. Under the agreement, the Company is obligated to use commercially

reasonable efforts to develop and commercialize one or more licensed products and to achieve specified milestone events by specified dates. In connection with entering into the agreement, the Company paid an upfront license fee and issued to Harvard and DFCI shares of its common stock.

In February 2010, the agreement was amended and restated, or the Harvard/DFCI agreement, under which additional patent rights were added to the scope of the license agreement and the annual license maintenance fees were increased. Under the Harvard/DFCI agreement, the Company is obligated to make aggregate milestones payments of up to $7,700 per licensed therapeutic product upon the Company’s achievement of specified clinical, regulatory and sales milestones with respect to such product and up to $700 per licensed diagnostic product upon the Company’s achievement of specified regulatory and sales milestones with respect to such product. In addition, the Company is obligated to pay royalties of low single-digit percentages on annual net sales of licensed products sold by the Company, its affiliates or its sublicensees. The royalties are payable on a product-by-product and country-by-country basis and may be reduced in specified circumstances. In addition, the agreement obligates the Company to pay a percentage, up to the mid-twenties, of fees received by the Company in connection with its sublicense of the licensed products. In accordance with the terms of the agreement, the Company’s sublicense payment obligations may be subject to specified reductions.

The Harvard/DFCI agreement requires the Company to pay annual license maintenance fees of $110 each year, which was reduced to $35 starting in 2023. Any payments made in connection with the annual license maintenance fees will be credited against any royalties due.

As of March 31, 2026, the Company had not developed a commercial product using the licensed technologies and no royalties under the agreement had been paid or were due.

Under the Harvard/DFCI agreement, the Company is responsible for all patent expenses related to the prosecution and maintenance of the licensed patents and applications in-licensed under the agreement as well as cost reimbursement of amounts incurred for all documented patent-related expenses. The agreement will expire on a product-by-product and country-by-country basis upon the last to expire of any valid patent claim pertaining to licensed products covered under the agreement. The Company incurred $9 license maintenance fees in the three months ended March 31, 2026 and 2025, respectively.

Agreement with the University of Texas Health Science Center at Tyler

In June 2013, the Company entered into a patent and technology license agreement with UT System, on behalf of UTHSCT. The patent and technology license agreement with UT System, or the UTHSCT Agreement, provides the Company access to patents and technology related to the development of LTI-01 and LTI-03. As part of the UTHSCT Agreement, the Company has (i) a royalty-bearing, exclusive license under the patent rights to manufacture, distribute, and sell certain intellectual property; (ii) a non-exclusive license under the technology rights to manufacture, distribute and sell the licensed product; and (iii) a sublicensing right that allows the Company to grant sublicenses to affiliates and third parties to use the licensed product in the field of use and approved territories outlined in the UTHSCT Agreement. In December 2013, the UTHSCT Agreement was amended and restated to include certain patents in all fields worldwide. In May 2017, the UTHSCT Agreement was amended and restated to modify the specific milestone criteria.

In consideration of the UTHSCT Agreement, the Company agreed to pay past and ongoing patent expenses, and the Company owes UTHSCT sublicensing fees, assignment fees, and single digit royalties on worldwide net product sales, with fixed minimum royalty payments that started in 2015.

Pursuant to the UTHSCT Agreement, the Company is required to use diligent efforts to commercialize the licensed technology as soon as commercially practicable, including maintaining active research and development, regulatory, marketing and sales program, all as commercially reasonable.

The Company may terminate the UTHSCT Agreement for convenience with 90 days’ notice. UTHSCT may also terminate the UTHSCT Agreement, but only if the Company breaches the terms of the agreement. The Company did not incur any expense under the UTHSCT Agreement in the three months ended March 31, 2026 and 2025.

Agreement with the University of Texas at Austin

In May 2015, the Company entered into a patent license agreement with UT Austin on behalf of UT System. This license agreement with UT Austin, or the UT Austin 6607 Agreement, relates to the patent rights to polypeptide therapeutics and uses thereof. Pursuant to the UT Austin 6607 Agreement the Company has (i) a royalty-bearing, exclusive license under the patent rights to manufacture, distribute, and sell the licensed product; and (ii) a sublicensing right that allows the Company to grant sublicenses to affiliates and third parties to use the licensed product in the field of use and approved territories outlined in the agreement. The UT Austin 6607 Agreement was amended and restated in January 2017, November 2018, and June 2019. The amendments related to extension of milestone payment dates and specific terminology around the milestone achievement criteria.

In consideration of the UT Austin 6607 Agreement, the Company agreed to pay past and ongoing patent expenses, milestone fees upon certain development and regulatory milestone events, annual license fees, tiered sublicense fees, assignment fees, low single digit royalties on net sales and a Food and Drug Administration, or FDA, Priority Review Voucher fee if the Company sells or transfers this voucher.

Pursuant to the UT Austin 6607 Agreement, the Company is required to use diligent efforts to commercialize the licensed products, including maintaining active research and development, regulatory, marketing and sales program. Moreover, the Company is required to meet certain development and regulatory milestones by specific dates.

The Company may terminate the UT Austin 6607 Agreement for convenience with 90 days’ notice. UT Austin may also terminate the UT Austin 6607 Agreement, but only if the Company breaches the terms of the agreement. The Company did not incur any expense under the UT Austin 6607 Agreement in the three months ended March 31, 2026 and 2025.

Agreement with Medical University of South Carolina

In March 2016, the Company entered into a license agreement with Medical University of South Carolina Foundation for Research Development, or MUSC. Pursuant to this license agreement with MUSC, or the MUSC Agreement, the Company has patent rights related to protecting against lung fibrosis by up regulating Cav1. The MUSC Agreement granted (i) a royalty-bearing, exclusive license under the patent rights to make, use and sell the license product; and (ii) a sublicensing right that allows the Company to grant sublicenses to affiliates and third parties to use the licensed product in the field of use and approved territories outlined in the agreement. In September 2018, the agreement was amended and restated to include definitions of related methods, related products and related rights.

In consideration of the MUSC Agreement, the Company agreed to pay a non-refundable license fee, patent expenses, milestone fees upon certain development, regulatory and commercial milestone events, sublicense fees, assignment fees and low single digit royalties on net sales, with a fixed minimum royalty payment starting in 2019 and a transaction fee upon the Company’s liquidation.

Pursuant to the MUSC Agreement, the Company is required to use diligent efforts to develop, manufacture and sell the licensed products.

The Company may terminate the MUSC Agreement for convenience by providing a written notice to MUSC effective 90 days following the receipt of notice, and either party may terminate the agreement for a breach of contract. The Company did not incur any license fees under the MUSC Agreement in the three months ended March 31, 2026 and 2025.

Agreement with Vivarta Therapeutics LLC

In March 2018, the Company entered into a license agreement with Vivarta Therapeutics, LLC, or Vivarta. This license agreement with Vivarta, or the Vivarta Agreement, relates to intellectual property relating to epithelial sodium channel inhibitors and methods to treat pulmonary disease. Pursuant to the Vivarta Agreement the Company has (i) a royalty-bearing, exclusive license under the intellectual property rights to make, use and sell the licensed product, and (ii) a sublicensing right that allows the Company to grant sublicenses to affiliates and third parties to use the licensed product in the field of use and approved territories outlined in the agreement.

In consideration for the Vivarta Agreement, the Company agreed to grant Vivarta a warrant to purchase an aggregate of 75,000 shares of common stock of Lung for $0.12 per share, to pay a license fee of $10,000 upon the Vivarta Agreement effective date and $40,000 within 30 days of the receipt of a positive freedom to operate analysis from legal counsel. The Company also agreed to pay patent expenses, milestone fees upon certain development and regulatory milestone events, sublicense fees, assignment fees and low single digit royalties on net sales.

Pursuant to the Vivarta Agreement, the Company is required to use diligent efforts to develop, manufacture and sell the licensed products.

The Company may terminate the Vivarta Agreement for convenience by providing a written notice to Vivarta effective 90 days following the receipt of notice, and either party may terminate the agreement for a breach of contract. The Company did not incur any expenses under the Vivarta Agreement in the three months ended March 31, 2026 and 2025.

Letter Agreement with Rients

In August 2025, the Company entered into a letter agreement with Rients for Rients to evaluate the legacy ALRN-6924 compound, or the Compound Asset. During the term of the letter agreement, Rients shall pay the Company for all fees and expenses incurred by the Company to maintain the Compound Asset.

Project Addendum

In December 2025, the Company entered into a project addendum with a third party Contract Research Organization, or CRO, for the purposes of setting forth the responsibilities and obligations of the parties in regards to conducting a certain clinical research program entitled “A Phase 2, Randomized, Double-Blind, Placebo-Controlled Study of the Safety, Tolerability and Efficacy of Caveolin-1-Scaffolding-Protein-Derived Peptide in Patients with IPF” under the Company’s Protocol LTI-03-2001. Pursuant to the project addendum, the Company have contracted to receive up to $19.8 million of master services as the Company may request from time to time at its discretion.

Indemnification Agreements

In the ordinary course of business, the Company may provide indemnification of varying scope and terms to vendors, lessors, business partners and other parties with respect to certain matters including, but not limited to, losses arising out of breach of such agreements or from intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements with members of its board of directors and officers that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is, in many cases, unlimited. As of the date of this report, the Company has not incurred any material costs or claims as a result of such indemnifications.

Other Assets - Schedule of Other Assets (Detail) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Non-current prepaid research and development	$ 1,005	$ 0
Other assets	0	2
Total other non-current assets	$ 1,005	$ 2

Fair Value of Financial Assets - Summary of Assets Measured at Fair Value on Recurring Basis (Detail) - Recurring [Member] - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total Fair Value of Financial Instruments	$ 4,418	$ 3,134
Level 1 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total Fair Value of Financial Instruments	4,418	3,134
Treasury Bills [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash equivalents		4
Treasury Bills [Member] \| Level 1 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash equivalents		4
Money Market Funds [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash equivalents	4,418	3,130
Money Market Funds [Member] \| Level 1 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash equivalents	$ 4,418	$ 3,130

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, or U.S. GAAP. Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification, or ASC, and as amended by ASUs of the Financial Accounting Standards Board, or FASB.

Principles of Consolidation

The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, Lung Therapeutics, LLC, Lung Therapeutics Australia Pty Ltd, and Lung Therapeutics Limited. Lung Therapeutics Limited is currently inactive. All intercompany balances and transactions have been eliminated in consolidation.

Use of Estimates

The preparation of unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Significant estimates and assumptions reflected in these consolidated financial statements include, but are not limited to, the accrual for research and development expenses, the prepaid research and development expenses, valuation of intangibles and goodwill, the valuation of warrants, and the value of stock-based compensation. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results could differ from those estimates.

Foreign Currency Transactions

The functional currency for the Company’s wholly owned foreign subsidiary, Lung Therapeutics Australia Pty Ltd., is the United States dollar. All foreign currency transaction gains and losses are recognized in the consolidated statements of operations and comprehensive loss.

Unaudited Interim Financial Information

The accompanying unaudited condensed consolidated financial statements as of March 31, 2026 and for the three months ended March 31, 2026 and 2025 have been prepared by the Company pursuant to the rules and regulations of the United States Securities and Exchange Commission, or the SEC, for interim financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. However, the Company believes that the disclosures are adequate to make the information presented not misleading. These financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto included in the Company’s Annual Report for the year ended December 31, 2025 that was filed with the SEC on March 26, 2026 (the “Annual Report”).

The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the Company’s financial position as of March 31, 2026, the results of its operations for the three months ended March 31, 2026 and 2025 and its cash flows for the three months ended March 31, 2026 and 2025. The financial data and other information disclosed in these notes related to the three months ended March 31, 2026 and 2025 are unaudited. The results for the three months ended March 31, 2026 are not necessarily indicative of results to be expected for the year ending December 31, 2026, any other interim periods, or any future year or period. The accompanying balance sheet as of December 31, 2025 has been derived from the Company’s audited consolidated financial statements for the year ended December 31, 2025 included in the Company’s Annual Report.

The Company’s significant accounting policies are described in Note 2 to the consolidated financial statements included in the Annual Report.

Notes Payable

The Company accounts for notes payable in accordance with applicable guidance under ASC 470, Debt. Notes payable are initially recorded at their principal amount, net of any unamortized discounts, premiums, and issuance costs. Discounts to the notes, including those arising from warrants, beneficial conversion features, or original issue discounts, are recorded as a direct reduction of the carrying amount of the related debt and are amortized to interest expense over the term of the notes using the effective interest method.

Interest expense recognized by the Company includes stated interest, amortization of debt discounts or premiums, and amortization of deferred financing costs. Such amounts are recognized over the contractual term of the related notes so as to produce a constant

effective interest rate.

Notes payable are classified as current or noncurrent based on their contractual maturity dates as of the balance sheet date. The Company evaluates the terms of its notes payable to determine whether any embedded features require separate accounting, including whether such features should be bifurcated and accounted for as derivatives in accordance with ASC 815, Derivatives and Hedging.

Accounting Pronouncements Not Yet Adopted

In December 2025, the FASB issued ASU 2025-12, Codification Improvements. The amendments include technical corrections, clarifications, and minor improvements to various Topics within the FASB ASC. The ASU is effective for annual reporting periods beginning after December 15, 2026, and interim periods within those annual reporting periods, with early adoption permitted. Adoption of this guidance is not expected to have a material impact on the Company’s condensed consolidated financial statements.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements. The amendments clarify the application of interim reporting guidance, including when Topic 270 applies, and improve the consistency and usefulness of interim disclosures. The amendments are effective for interim reporting periods within annual reporting periods beginning after December 15, 2027, for public business entities and for interim reporting periods within annual reporting periods beginning after December 15, 2028, for entities other than public business entities. Early adoption is permitted for all entities. The Company is currently assessing the effect of this ASU on its condensed consolidated financial statements and related disclosures.

In January 2025, the FASB issued ASU 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date, to clarify the effective date of ASU 2024-03, Income Statement—Reporting Comprehensive Income: Disaggregation of Income Statement Expenses. FASB clarified that all public business entities should initially adopt the disclosure requirements in the ASU 2024-03 in the first annual reporting period beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. The Company is currently assessing the effect of this ASU on its condensed consolidated financial statements and related disclosures.

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income (Topic 220): Disaggregation of Income Statement Expenses, to enhance the transparency and decision usefulness of financial information presented in the income statement by requiring disaggregated information about certain income statement expense line items. The amendments apply to all public business entities. This ASU is effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. The Company is currently assessing the effect of this ASU on its condensed consolidated financial statements and related disclosures.

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities:
Net loss	$ (5,838)	$ (5,501)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	156	264
Net amortization of discount on notes payable	623	0
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	103	(125)
Other assets	(1,003)	(764)
Accounts payable	2,288	238
Accrued expenses and other current liabilities	247	(10)
Other long-term liabilities	0	(277)
Net cash used in operating activities	(3,424)	(6,175)
Cash flows from financing activities:
Proceeds from issuance of common stock, net of offering costs	354	737
Proceeds from issuance of common stock in connection with stock option exercises	0	1
Notes payable, net	4,300	0
Net cash provided by financing activities	4,654	738
Net increase (decrease) in cash and cash equivalents	1,230	(5,437)
Cash and cash equivalents at beginning of period	3,215	12,865
Cash and cash equivalents at end of period	$ 4,445	$ 7,428

Condensed Consolidated Statement of Changes in Convertible Preferred Stock and Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Series X Non-Voting Convertible Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Loss [Member]	Accumulated Deficit [Member]
Beginning balance, shares at Dec. 31, 2024			21,666,012
Beginning balance at Dec. 31, 2024	$ 54,392		$ 108	$ 360,697	$ (18)	$ (351,400)
Beginning balance, shares at Dec. 31, 2024		12,232
Beginning balance at Dec. 31, 2024		$ 45,005
Issuance of common stock	738			738
Issuance of common stock, shares			317,772
Stock-based compensation expense	264			264
Exercise of stock options, shares			21,533
Unrealized loss on short-term investments	(45)				(45)
Foreign currency translation adjustments	31				31
Net loss	(5,501)					(5,501)
Ending balance at Mar. 31, 2025	$ 49,879		$ 108	361,699	(32)	(356,901)
Ending balance, shares at Mar. 31, 2025			22,005,317
Ending balance at Mar. 31, 2025		$ 45,005
Ending balance, shares at Mar. 31, 2025		12,232
Beginning balance, shares at Dec. 31, 2025	27,550,222		27,550,222
Beginning balance at Dec. 31, 2025	$ 16,918		$ 113	373,133	(62)	(401,271)
Beginning balance, shares at Dec. 31, 2025		12,232
Beginning balance at Dec. 31, 2025		$ 45,005
Issuance of common stock	355		$ 1	354
Issuance of common stock, shares			488,810
Stock-based compensation expense	$ 156			156
Exercise of stock options, shares	0
Unrealized loss on short-term investments	$ 0
Net loss	(5,838)					(5,838)
Ending balance at Mar. 31, 2026	$ 11,591		$ 114	$ 373,643	$ (62)	$ (407,109)
Ending balance, shares at Mar. 31, 2026	28,039,032		28,039,032
Ending balance at Mar. 31, 2026		$ 45,005
Ending balance, shares at Mar. 31, 2026		12,232

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Convertible preferred stock, par value	$ 0.001	$ 0.001
Convertible preferred stock, shares authorized	5,000,000	5,000,000
Convertible preferred stock, shares issued	24,610	24,610
Convertible preferred stock, shares outstanding	12,232	12,232
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	28,039,032	27,550,222
Common stock, shares outstanding	28,039,032	27,550,222

Other Assets (Tables)

3 Months Ended

Mar. 31, 2026

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Other Assets

Other assets consisted of the following:


	March 31, 2026		December 31, 2025
Non-current prepaid research and development	$	1,005	$	—
Other assets		—		2
Total other non-current assets	$	1,005	$	2

Fair Value of Financial Assets (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Summary of Assets Measured at Fair Value on Recurring Basis


	March 31, 2026
	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	4,418	$	—	$	—	$	4,418
	$	4,418	$	—	$	—	$	4,418


	December 31, 2025
	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	3,130	$	—	$	—	$	3,130
Treasury bills		4		—		—		4
	$	3,134	$	—	$	—	$	3,134

Preferred Stock

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Preferred Stock

. Preferred Stock

The Company is authorized to issue 5,000,000 shares of preferred stock, par value $0.001 per share. As of March 31, 2026 and December 31, 2025, the Company had issued 24,610 shares of Series X Preferred Stock, of which 12,232 shares of Series X Preferred Stock remained outstanding

At the 2023 annual meeting of stockholders, or the 2023Annual Meeting, the Company’s stockholders approved the issuance, in accordance with Nasdaq Listing Rule 5635(a), of shares of common stock, upon conversion of the Company’s outstanding Series X Preferred Stock. On March 5, 2024, based upon then existing beneficial ownership limitations, 11,957 shares of Series X Preferred Stock were automatically converted into 11,957,000 shares of common stock. On May 8, 2024, the Bios Entities (as defined below) provided notice to the Company and converted 421 shares of Series X Preferred Stock held by them into 421,000 shares of common stock. As of March 31, 2026 and December 31, 2025, 12,232 shares of Series X Preferred Stock (which are convertible into 12,232,000

shares of common stock) remained convertible at the option of the holder thereof, subject to certain beneficial ownership limitations (as described below).

The Company evaluated the Series X Preferred Stock for liability classification in accordance with the provisions of ASC 480, Distinguishing Liabilities from Equity, or ASC 480, and determined that equity treatment was appropriate because the Series X Preferred Stock did not meet the definition of the liability instruments. Specifically, the Series X Preferred Stock is not mandatorily redeemable and does not embody an obligation to buy back the shares outside of the Company’s control in a manner that could require the transfer of assets. The Company determined that the Series X Preferred Stock would be recorded as temporary equity, based on the guidance of ASC 480, given that it is contingently redeemable.

Each share of Series X Preferred Stock is convertible into 1,000 shares of Common Stock. The preferences, rights, and limitations initially applicable to the Series X Preferred Stock are set forth in the Certificate of Designation of Series X Non-Voting Convertible Preferred Stock, or the Certificate of Designation.

The Series X Preferred Stock has the following characteristics:

Voting

Except as otherwise required by law, the Series X Preferred Stock does not have voting rights. However, as long as any shares of Series X Preferred Stock are outstanding, the Company will not, without the affirmative vote of the holders of a majority of the then outstanding shares of the Series X Preferred Stock, (i) alter or change adversely the powers, preferences or rights given to the Series X Preferred Stock or alter or amend the Certificate of Designation, amend or repeal any provision of, or add any provision to, the Certificate of Incorporation or by-laws of the Company, or file any articles of amendment, certificate of designations, preferences, limitations and relative rights of any series of preferred stock, if such action would adversely alter or change the preferences, rights, privileges or powers of, or restrictions provided for the benefit of the Series X Preferred Stock, (ii) issue further shares of Series X Preferred Stock or increase or decrease (other than by conversion) the number of authorized shares of Series X Preferred Stock, or (iii) enter into any agreement with respect to any of the foregoing.

Dividends

Holders of Series X Preferred Stock are entitled to receive dividends on shares of Series X Preferred Stock equal, on an as-if-converted-to-common-stock basis, and in the same form as dividends actually paid on shares of the common stock. Such dividends are not cumulative. Since the Company’s inception, no dividends have been declared or paid.

Liquidation, dissolution or winding up

The Series X Preferred Stock does not have a preference upon any liquidation, dissolution or winding-up of the Company.

Upon liquidation, dissolution or winding up of the Company, the Series X preferred stockholders shall be entitled to receive an equivalent amount of distributions as would be paid on the common stock underlying the Series X Preferred Stock, determined on an as-converted basis, pari passu with any distributions to the common stock shareholders.

Conversion

The Series X Preferred Stock is convertible into common stock at a rate of 1,000 shares of common stock for every one share of Series X Preferred Stock that is converted. The Series X Preferred Stock is subject to certain beneficial ownership limitations, including that a holder of Series X Preferred Stock is prohibited from converting shares of Series X Preferred Stock into shares of common stock if, as a result of such conversion, such holder (together with its affiliates and any other persons acting as a group together with the holder or any of its affiliates) would beneficially own more than a specified percentage (to be initially set at 19.99% and thereafter adjusted by the holder to a number not to exceed 19.99%) of the total number of shares of common stock issued and outstanding immediately after giving effect to such conversion.

Redemption

Shares of the Series X Preferred Stock are not redeemable at the election of the holder.

Maturity

The Series X Preferred Stock shall be perpetual unless converted.

Prepaid Expenses and Other Current Assets (Tables)

3 Months Ended

Mar. 31, 2026

Prepaid Expense and Other Assets, Current [Abstract]

Schedule of Prepaid and Other Current Assets

Prepaid expenses and other current assets consisted of the following:


	March 31, 2026		December 31, 2025
Prepaid research and development	$	90	$	230
Other current assets		918		881
Total prepaid expenses and other current assets	$	1,008	$	1,111

Condensed Consolidated Statements of Operations and Comprehensive Loss (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Income Statement [Abstract]
Unrealized gain on investments, tax	$ 0	$ 0

Nature of the Business - Additional Information (Detail) $ / shares in Units, $ in Thousands						1 Months Ended			2 Months Ended	3 Months Ended		12 Months Ended
	May 04, 2026 USD ($) $ / shares shares	Oct. 23, 2025 USD ($) $ / shares shares	Sep. 08, 2025 USD ($)	Jul. 29, 2025 USD ($) shares	May 01, 2024 $ / shares shares	May 31, 2026 USD ($) shares	Apr. 30, 2025 USD ($) shares	Jan. 31, 2025 USD ($) shares	Feb. 28, 2026 USD ($)	Mar. 31, 2026 USD ($) Patients $ / shares shares	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($) $ / shares shares	Jan. 31, 2026 USD ($)	Sep. 24, 2025 shares	Sep. 09, 2025 shares	Jul. 31, 2025 USD ($)	May 15, 2025 USD ($)	Dec. 31, 2024 USD ($)	Jul. 26, 2024 shares
Class of Stock [Line Items]
Net proceeds from offering										$ 354	$ 737
Common stock, shares issued \| shares										28,039,032		27,550,222
Aggregate offering price										$ 114		$ 113
Cash and cash equivalents										$ 4,445	7,428	$ 3,215						$ 12,865
Number of stock sold \| shares										255,000
Common stock, par value \| $ / shares										$ 0.001		$ 0.001
Net loss										$ (5,838)	$ (5,501)
Accumulated deficit										$ (407,109)		$ (401,271)
Number of patients \| Patients										120
Private Placement [Member]
Class of Stock [Line Items]
Gross proceeds from offering							$ 500
Underwritten Public Offering [Member] \| Subsequent Event [Member]
Class of Stock [Line Items]
Net proceeds from offering	$ 53,106					$ 53,106
Gross proceeds from offering	57,500					57,500
Underwriting discounts, commissions, and offering expenses	$ 4,394					$ 4,394
Shares issued, price per share \| $ / shares	$ 1
Underwriting Agreement [Member]
Class of Stock [Line Items]
Number of stock sold \| shares										3,388,707
Common stock, par value \| $ / shares					$ 0.001
April 2025 Transactions [Member]
Class of Stock [Line Items]
Net proceeds from offering							5,082
Pre-Paid Advance Agreement [Member] \| YA II PN Ltd [Member]
Class of Stock [Line Items]
Common stock, shares issued \| shares		846,290
Pre-paid advances term				12 months
Pre-paid advances purchase price percentage				95.00%
Initial pre-paid advance		$ 1,000		$ 1,000
Second pre-paid advance			$ 1,000
Third pre-paid advance		1,000
Net proceeds received from pre-paid advance		$ 950	$ 950	950
Common stock, par value \| $ / shares		$ 0.001								$ 0.001
Pre-Paid Advance Agreement [Member] \| YA II PN Ltd [Member] \| Maximum [Member]
Class of Stock [Line Items]
Maximum amount available for pre-paid advances				$ 6,000
Standby Equity Purchase Agreement [Member] \| YA II PN Ltd [Member]
Class of Stock [Line Items]
Common stock, shares issued \| shares				213,099
Commitment fee under SEPA				$ 300
Structuring and Legal Fees				25
Standby Equity Purchase Agreement [Member] \| YA II PN Ltd [Member] \| Maximum [Member]
Class of Stock [Line Items]
Net proceeds from offering				15,000
Equity Distribution Agreement [Member] \| At The Market Offering [Member]
Class of Stock [Line Items]
Net proceeds from offering								$ 712
Transaction fee								$ 22
Wainwright Sales Agreement [Member]
Class of Stock [Line Items]
Transaction fee										$ 67
Wainwright Sales Agreement [Member] \| At The Market Offering [Member]
Class of Stock [Line Items]
Net proceeds from offering										1,844
Wainwright Sales Agreement [Member] \| H.C. Wainwright [Member] \| At The Market Offering [Member]
Class of Stock [Line Items]
Net proceeds from offering										1,844
Transaction fee										$ 67
Initial Pre Paid Advance [Member]
Class of Stock [Line Items]
Common stock, shares issued \| shares										953,765
Initial pre paid advance aggregate amount										$ 1,007
Initial pre paid advance average price per share \| $ / shares										$ 1.056
Second Pre Paid Advance [Member]
Class of Stock [Line Items]
Common stock, shares issued \| shares										927,107
Second pre paid advance aggregate amount										$ 1,004
Second pre paid advance average price per share \| $ / shares										$ 1.082
Third Pre Paid Advance [Member]
Class of Stock [Line Items]
Common stock, shares issued \| shares										846,290
Third pre paid advance aggregate amount										$ 1,001
Third pre paid advance average price per share \| $ / shares										$ 1.183
Lung Acquisition [Member]
Class of Stock [Line Items]
Number of stock sold \| shares										726,437
PIPE Warrants [Member]
Class of Stock [Line Items]
Gross proceeds from offering							3,101
PIPE Warrants and Offering Warrants [Member]
Class of Stock [Line Items]
Gross proceeds from offering							$ 1,679
Unsecured Promissory Notes [Member] \| Securities Purchase Agreement [Member]
Class of Stock [Line Items]
Original principal amount									$ 5,375				$ 5,375
Debt instrument purchase price									$ 4,300
Original issue discount percent									20.00%
Offering Shares [Member] \| Underwritten Public Offering [Member] \| Subsequent Event [Member]
Class of Stock [Line Items]
Number of stock sold \| shares	50,000,000					57,500,000
Shares issued, price per share \| $ / shares	$ 1
Offering Shares [Member] \| YA II PN Ltd [Member]
Class of Stock [Line Items]
Common stock, shares issued \| shares														1,880,872
Offering Shares [Member] \| Underwriting Agreement [Member]
Class of Stock [Line Items]
Number of stock sold \| shares					4,273,505
Offering Shares [Member] \| Pre-Paid Advance Agreement [Member] \| YA II PN Ltd [Member]
Class of Stock [Line Items]
Common stock, shares issued \| shares															953,765
Maximum amount available for pre-paid advances				$ 6,000
Offering Shares [Member] \| Equity Distribution Agreement [Member] \| At The Market Offering [Member]
Class of Stock [Line Items]
Number of stock sold \| shares								317,772
Offering Shares [Member] \| Equity Distribution Agreement [Member] \| Citizens JMP Securities [Member]
Class of Stock [Line Items]
Common stock, shares issued \| shares																			50,000
Number of stock sold \| shares										0		0
Offering Shares [Member] \| Wainwright Sales Agreement [Member]
Class of Stock [Line Items]
Aggregate offering price																$ 8,067
Offering Shares [Member] \| Wainwright Sales Agreement [Member] \| At The Market Offering [Member]
Class of Stock [Line Items]
Number of stock sold \| shares										1,296,777
Offering Shares [Member] \| Wainwright Sales Agreement [Member] \| H.C. Wainwright [Member] \| At The Market Offering [Member]
Class of Stock [Line Items]
Number of stock sold \| shares										1,296,777
Offering Shares [Member] \| Wainwright Sales Agreement [Member] \| H.C. Wainwright [Member] \| At The Market Offering [Member] \| Maximum [Member]
Class of Stock [Line Items]
Aggregate offering price																	$ 13,702
Offering Shares [Member] \| Offering Warrant Shares [Member] \| Underwriting Agreement [Member]
Class of Stock [Line Items]
Warrants to purchase shares of common stock \| shares					4,273,505		884,798			3,388,707		3,388,707
Warrants to purchase shares of common stock exercised \| shares					884,798
Warrants to purchase shares of common stock remained outstanding \| shares										3,388,707

Net Loss per Share

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Net Loss per Share

12. Net Loss per Share

Basic and diluted net loss per share attributable to common stockholders was calculated as follows:


	Three Months Ended March 31,
	2026			2025
Numerator:
Net loss	$	(5,838	)	$	(5,501	)
Denominator:
Weighted average common shares outstanding—basic and diluted		30,354,647			21,915,891
Net loss per share attributable to common stockholders—basic and diluted	$	(0.19	)	$	(0.25	)

As part of the April 2025 Transactions, the Pre-Funded Warrants to purchase an aggregate of 2,251,695 shares of common stock at an exercise price of $0.001 per share are included within the denominator for basic net loss per share purposes and considered outstanding as of the date of issuance.

The 228,000 restricted stock units vested but not issued as of March 31, 2026, are included in earnings per share calculation as all conditions for issuance have been satisfied making the underlying shares contingently issuable and economically equivalent to outstanding shares.

The Company’s potential dilutive securities, which include stock options as of March 31, 2026 and 2025, have been excluded from the computation of diluted net loss per share attributable to common stockholders whenever the effect of including them would be to reduce the net loss per share. In periods where there is a net loss, the weighted average number of shares of common stock outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same. The following potential shares of common stock, presented based on amounts outstanding at each period end, were excluded from the calculation of diluted net loss per share attributable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect:


	Three Months Ended March 31,
	2026		2025
Options to purchase common stock		3,143,997		3,080,582
Warrants to issue shares of common stock		6,621,839		7,353,442
Series X Preferred Stock issued and outstanding, as converted		12,232,000		12,232,000
Total		21,997,836		22,666,024