0001193125-26-337933 | 10-Q | XBRL Viewer | Whitehawk Therapeutics INC

Calculation Assumptions

The calculation was based on the following assumptions:



	Three and Six Months Ended June 30, 2026		Three and Six Months Ended June 30, 2025
Strike price (per share)	$1.82 - $4.00		$1.69 - $2.11
Risk-free interest rate	3.77% - 3.80%		4.29% - 4.44%
Expected volatility	73.73% - 80.01%		55.26% - 88.23%
Expected term (in years)		0.5		0.5
Expected dividend yield		—		—

Operating Leases - Schedule of Rent Expense and Cash Paid for Leases (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Leases [Abstract]
Operating lease rent expense	$ 35	$ 34	$ 46	$ 108
Cash paid included in operating cash flows			$ 0	$ 99

Summary of Significant Accounting Policies - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 377	$ 377
Accumulated depreciation	(376)	(374)
Property and equipment, net	1	3
Computers and Software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	341	341
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 36	$ 36

Amount of accumulated depreciation, depletion, and amortization of property, plant, and equipment. Includes, but is not limited to, land and land improvement; building; machinery and equipment; furniture and fixture; and work of art, historical treasure, or similar asset classified as collection.

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.

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Amount, after accumulated depreciation, depletion, and amortization, of property, plant, and equipment. Includes, but is not limited to, land and land improvement; building; machinery and equipment; furniture and fixture; and work of art, historical treasure, or similar asset classified as collection.

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Short-Term Investments and Cash Equivalents - Narrative (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2026	Dec. 31, 2025
Debt Securities, Available-for-Sale [Line Items]
Realized losses recognized	$ 0	$ 0
Allowance for credit losses	$ 0	$ 0

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.

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Summary of Significant Accounting Policies - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Net (loss) income	$ (16,640)	$ (22,194)	$ (52,615)	$ 73,016	$ (38,834)	$ 20,401
Weighted-average shares for basic EPS (in shares)	82,886,196		69,083,127		76,099,275	54,443,309
Weighted-average shares for diluted EPS (in shares)	82,886,196		69,083,127		76,099,275	54,908,715
Net income (loss) per share:
Basic EPS (in dollars per share)	$ (0.2)		$ (0.76)		$ (0.51)	$ 0.37
Diluted EPS (in dollars per share)	$ (0.2)		$ (0.76)		$ (0.51)	$ 0.37
Employee Stock Option Member
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Effect of dilutive securities (in shares)	0		0		0	71,128
Effect of dilutive restricted stock units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Effect of dilutive securities (in shares)	0		0		0	394,278

Summary of Significant Accounting Policies - Schedule of Gross-to-Net Sales Adjustments (Details) - Product Sales Allowance - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of period				$ 1,411
Provision for current period sales	$ 0	$ 0	$ 0	2,085
Payments				(1,686)
Allowances transferred in sale of Aadi Subsidiary, Inc.				(1,810)
Balance at end of period		$ 0		$ 0

Fair Value Measurement

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurement

3. Fair Value Measurement


	Fair Value Measurements as of June 30, 2026
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds (1)	$	84,984	$	—	$	—	$	84,984
U.S. government treasury bills		46,111		—		—		46,111
Commercial paper				16,963				16,963
Corporate bonds		—		41,674		—		41,674
Total financial assets	$	131,095	$	58,637	$	—	$	189,732


	Fair Value Measurements as of December 31, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds (1)	$	37,318	$	—	$	—	$	37,318
U.S. government treasury bills		43,881		—		—		43,881
Commercial paper		—		16,262		—		16,262
Corporate bonds		—		47,986		—		47,986
Total financial assets	$	81,199	$	64,248	$	—	$	145,447

(1)

Included in cash and cash equivalents in the accompanying condensed consolidated balance sheets.

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.

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-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

Schedule of Segment Reporting Information, by Segment

Segment Information (Tables)

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Significant segment expenses which are regularly reported to the CODM for purposes of making decisions regarding the allocation of resources are included within the table below and are reconciled to net (loss) income (in thousands):


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Total Revenue	$	—		$	—		$	—		$	7,145
Less:
ADC assets - research and development expenses		9,101			43,454			21,138			43,454
ADC assets - contract manufacturing		3,792			5,402			8,980			8,877
FYARRO - research and development expenses		—			(47	)		7			5,266
FYARRO - commercial and marketing expenses		—			(14	)		—			280
Finance and accounting expenses (1)		1,697			2,033			3,775			5,249
Legal expenses		1,230			984			2,282			3,571
Other segment items (2)		820			803			2,652			(79,953	)
Net (loss) income	$	(16,640	)	$	(52,615	)	$	(38,834	)	$	20,401

(1)

Finance and accounting expenses primarily include shared-based compensation, insurance, salaries and wages, and other outside consulting services.

(2)

Other segment items primarily include other SGA departmental expenses, cost of sales, other income, and gain on sale of business.

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 32
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 26B
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Payables and Accruals [Abstract]
Accrued professional fees	$ 2,365	$ 968
Accrued salaries and payroll	860	602
Accrued restructuring charges	0	192
Accrued bonus	1,719	3,160
Accrued contract manufacturing	1,431	3,935
Accrued clinical	202	12
Accrued research and development	3,280	4,627
Accrued other	107	106
Total accrued liabilities	$ 9,964	$ 13,602

Share-Based Compensation - Narrative (Details) - USD ($)			1 Months Ended	3 Months Ended		6 Months Ended
	Jan. 01, 2025	Aug. 26, 2021	Feb. 28, 2017	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Jan. 01, 2026	Dec. 31, 2025	Feb. 28, 2025	Feb. 27, 2025	Sep. 27, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares outstanding (in shares)				11,125,676		11,125,676			8,120,654
Intrinsic value of options exercised				$ 48,700	$ 0	$ 48,700	$ 43,600
Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted average period expected to be recognized						1 year 21 days
Unrecognized compensation cost				$ 200,000		$ 200,000
Minimum \| Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period						1 year
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Term of options granted						10 years
Maximum \| Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period						4 years
Private Aadi Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock shares available for issuance (in shares)				0		0
Vesting period			4 years
Shares outstanding (in shares)				105,469		105,469
Private Aadi Plan \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Term of options granted			10 years
2011 Plan and 2017 Plan \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock options or similar awards granted, assumed through merger (in shares)						0
2021 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock shares available for issuance (in shares)	987,228	2,070,784		1,971,797		1,971,797		2,357,286	2,520,585	8,300,284	2,000,284
Percentage applied to the outstanding shares as annual increase in number of shares authorized for issuance	5.00%	4.00%
Shares outstanding (in shares)				10,672,169		10,672,169
Unrecognized compensation cost related to stock options				$ 12,900,000		$ 12,900,000
Weighted average period expected to be recognized						1 year 7 months 2 days
2021 Equity Incentive Plan \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock options or similar awards granted, assumed through merger (in shares)		764,154
2023 Inducement Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock shares available for issuance (in shares)				110,000		110,000			110,000			600,000
Shares outstanding (in shares)				490,000		490,000
Aerpio 2017 Stock Option and Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares outstanding (in shares)				15,036		15,036

Share-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Stock Option Activity

The following table summarizes the stock option activity during the six months ended June 30, 2026:


	Stock Option Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in Years)		Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2025		8,120,654		$	6.31		8.19	$	2,642
Granted		3,070,847			3.60
Exercised		(24,286	)		2.29
Cancelled/Forfeited		(41,539	)		9.76
Outstanding as of June 30, 2026		11,125,676		$	5.56		8.29	$	17,066
Options exercisable as of June 30, 2026		4,761,919		$	9.05		7.07	$	6,039
Vested and expected to vest as of June 30, 2026		11,125,676		$	5.56		8.29	$	17,066

Schedule of Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity

Activity with respect to the Company’s restricted stock units during the six months ended June 30, 2026 is as follows:


	Shares			Weighted Average Grant Date Fair Value
Nonvested shares at December 31, 2025		2,452,690		$	1.73
Granted		—			—
Vested/Issued		(2,282,458	)		1.70
Forfeited		(13,234	)		1.74
Nonvested shares at June 30, 2026		156,998		$	2.04

Schedule of Recognized Compensation Cost Related to Employee and Non-employee Stock-Based Compensation Activity

The Company recognized the following compensation cost related to employee and non-employee share-based compensation activity for the periods presented (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Selling, general and administrative	$	869	$	2,156	$	2,328	$	3,140
Research and development		651		931		1,385		1,627
Total	$	1,520	$	3,087	$	3,713	$	4,767

Schedule of Stock Options Valuation Assumptions

The calculation was based on the following assumptions:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Weighted average grant date fair value (per share)	$	2.60	$	1.74	$	2.59	$	1.85
Risk-free interest rate	4.06% - 4.25%		3.97% - 4.19%		3.72% - 4.25%		3.97% - 4.19%
Expected volatility	79.13% - 81.53%		84.03% - 84.81%		79.13% - 82.12%		84.03% - 89.48%
Expected term (in years)	5.50 - 6.08		5.49 - 6.08		5.50 - 6.08		5.49 - 6.08
Expected dividend yield		—		—		—		—

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2026

Accounting Policies [Abstract]

Schedule of Property and Equipment

Details of property and equipment are presented as follows (in thousands):


	June 30, 2026			December 31, 2025
Computers and Software	$	341		$	341
Furniture and fixtures		36			36
Total	$	377		$	377
Accumulated depreciation		(376	)		(374	)
Property and equipment, net	$	1		$	3

Schedule of Gross-to-Net Sales Adjustments

The following table sets forth the changes in the accrued revenue allowances (in thousands):



	Six Months Ended June 30, 2025
Balance at beginning of period	$	1,411
Provision for current period sales		2,085
Payments		(1,686	)
Allowances transferred in sale of Aadi Subsidiary, Inc.		(1,810	)
Balance at end of period	$	—

Schedule of Earnings Per Share, Basic and Diluted

The computations for basic and diluted EPS were as follows (in thousands, except shares and per share amounts):


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Net (loss) income for basic and diluted EPS	$	(16,640	)	$	(52,615	)	$	(38,834	)	$	20,401

Weighted-average shares for basic EPS		82,886,196			69,083,127			76,099,275			54,443,309
Effect of dilutive stock options		—			—			—			71,128
Effect of dilutive restricted stock units		—			—			—			394,278
Weighted-average shares for diluted EPS		82,886,196			69,083,127			76,099,275			54,908,715

Net income (loss) per share:
Basic EPS	$	(0.20	)	$	(0.76	)	$	(0.51	)	$	0.37
Diluted EPS	$	(0.20	)	$	(0.76	)	$	(0.51	)	$	0.37

Short-Term Investments and Cash Equivalents - Schedule of Short-Term Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	$ 189,795	$ 145,327
Unrealized Gains	8	120
Unrealized Losses	(71)	0
Fair Value	189,732	145,447
Money market funds
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	84,984	37,318
Unrealized Gains	0	0
Unrealized Losses	0	0
Fair Value	84,984	37,318
U.S. government treasury bills
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	46,143	43,857
Unrealized Gains	0	24
Unrealized Losses	(32)	0
Fair Value	46,111	43,881
Commercial paper
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	16,964	16,239
Unrealized Gains	5	23
Unrealized Losses	(6)	0
Fair Value	16,963	16,262
Corporate bonds
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	32,770	44,907
Unrealized Gains	3	66
Unrealized Losses	(28)
Fair Value	32,745	44,973
Corporate bonds Maturity with More than 1 Year less than 2 Years
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	8,934	3,006
Unrealized Gains	0	7
Unrealized Losses	(5)	0
Fair Value	$ 8,929	$ 3,013

Share-Based Compensation - Stock Options Valuation Assumptions (Detail) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted average grant date fair value (in dollars per share)	$ 2.60	$ 1.74	$ 2.59	$ 1.85
Risk-free interest rate, Minimum	4.06%	3.97%	3.72%	3.97%
Risk-free interest rate, Maximum	4.25%	4.19%	4.25%	4.19%
Expected volatility, Minimum	79.13%	84.03%	79.13%	84.03%
Expected volatility, Maximum	81.53%	84.81%	82.12%	89.48%
Expected dividend yield	0.00%	0.00%	0.00%	0.00%
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)	5 years 6 months	5 years 5 months 26 days	5 years 6 months	5 years 5 months 26 days
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)	6 years 29 days	6 years 29 days	6 years 29 days	6 years 29 days

Employee Stock Purchase Plan

6 Months Ended

Jun. 30, 2026

Employee Stock Purchase Plan

10. Employee Stock Purchase Plan

On August 17, 2021, a special meeting of the Company’s stockholders was held to approve the Reverse Merger and related matters, at which the Company's stockholders considered and approved the Company’s 2021 ESPP which permits participants to contribute up to 15% of their eligible compensation during defined rolling six-month offering periods to

purchase the Company's common stock. The purchase price of the shares will be 85% of the lower of the fair market value of the Company's common stock on the first day of trading of the offering period or on the applicable purchase date. Upon approval of the 2021 ESPP by the stockholders, Aerpio’s Amended and Restated 2017 Employee Stock Purchase Plan terminated. An aggregate of 519,563 shares of common stock was initially reserved for issuance under the 2021 ESPP. The number of shares of common stock available for issuance under the 2021 ESPP is automatically increased on the first day of each fiscal year beginning with the 2022 fiscal year in an amount equal to the least of:

•

310,617 shares of common stock;

•

one percent (1%) of the outstanding shares of all classes of common stock on the last day of the immediately preceding fiscal year; or

•

an amount to be determined by the board of directors or its designated committee no later than the last day of the immediately preceding fiscal year.

Under this mechanism, a total of 310,617 and 246,807 shares of common stock were added to the 2021 ESPP on January 1, 2026 and 2025, respectively. Shares of common stock issuable under the 2021 ESPP will be authorized, but unissued, or reacquired shares of common stock. If the Company’s capital structure changes because of a stock dividend, stock split or similar event, the number of shares that can be issued under the 2021 ESPP will be appropriately adjusted. The Company opened enrollment into the 2021 ESPP in May 2022.

The Company uses the Black-Scholes model to determine the estimated fair value for purchases under the 2021 ESPP. Black-Scholes models require the input of various assumptions, including the expected life, expected dividend yield, price volatility and risk-free interest rate of the underlying stock. The expected volatility used in calculating the estimated fair value for purchases under the 2021 ESPP is based on the historical volatility of the Company's common stock.

The calculation was based on the following assumptions:



	Three and Six Months Ended June 30, 2026		Three and Six Months Ended June 30, 2025
Strike price (per share)	$1.82 - $4.00		$1.69 - $2.11
Risk-free interest rate	3.77% - 3.80%		4.29% - 4.44%
Expected volatility	73.73% - 80.01%		55.26% - 88.23%
Expected term (in years)		0.5		0.5
Expected dividend yield		—		—

As of June 30, 2026, and December 31, 2025, 1,318,718 and 1,023,856 shares of common stock were available for issuance under the 2021 ESPP, respectively. The Company had an outstanding liability of $42.0 thousand and $24.0 thousand as of June 30, 2026, and December 31, 2025, respectively, which will be recognized over six months. For the six months ended June 30, 2026 and 2025, 15,755 and 16,337 shares were issued under the 2021 ESPP, respectively.

License Agreements - Narrative (Details)			3 Months Ended		6 Months Ended
License Agreements - Narrative (Details)	Dec. 20, 2024 USD ($)	Dec. 19, 2024 USD ($) d	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)
Capitalized Contract Cost [Line Items]
Royalties on net product sales			$ 0	$ 0	$ 0	$ 500,000
BMS License Agreement
Capitalized Contract Cost [Line Items]
Payments related to milestone			$ 0	$ 0	$ 0	$ 0
WuXi Biologics License Agreement
Capitalized Contract Cost [Line Items]
Non-refundable partial upfront payment	$ 6,000,000
Additional non-refundable upfront payment		$ 38,000,000
Number of days due with in effective date of license agreement \| d		120
Aggregate payment of achievement of certain development milestone		$ 265,000,000
Aggregate payment of achievement of certain commercial milestone		$ 540,000,000
License agreement term		10 years

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Loss Contingencies [Line Items]
Accrued clinical and contract manufacturing expense	$ 4.9	$ 8.6

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.

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Segment Information - Narrative (Details)	6 Months Ended
Segment Information - Narrative (Details)	Jun. 30, 2026 Segment
Segment Reporting [Abstract]
Number of operating segments	1
Number of reportable segments	1
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	srt:ChiefExecutiveOfficerMember
Segment Reporting, Expense Information Used by CODM, Description	The CODM assesses performance for the Company's single operating segment and decides how to allocate resources based on research and development expenses incurred and on net (loss) income as reported on the statement of operations and comprehensive (loss) income.

Employee Stock Purchase Plan - Calculation Assumptions (Details) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Risk-free interest rate, Minimum	4.06%	3.97%	3.72%	3.97%
Risk-free interest rate, Maximum	4.25%	4.19%	4.25%	4.19%
Expected volatility, Minimum	79.13%	84.03%	79.13%	84.03%
Expected volatility, Maximum	81.53%	84.81%	82.12%	89.48%
Expected dividend yield	0.00%	0.00%	0.00%	0.00%
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)	5 years 6 months	5 years 5 months 26 days	5 years 6 months	5 years 5 months 26 days
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)	6 years 29 days	6 years 29 days	6 years 29 days	6 years 29 days
Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Risk-free interest rate, Minimum	3.77%	4.29%	3.77%	4.29%
Risk-free interest rate, Maximum	3.80%	4.44%	3.80%	4.44%
Expected volatility, Minimum	73.73%	55.26%	73.73%	55.26%
Expected volatility, Maximum	80.01%	88.23%	80.01%	88.23%
Expected term (in years)	6 months	6 months	6 months	6 months
Expected dividend yield	0.00%	0.00%	0.00%	0.00%
Employee Stock Purchase Plan \| Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Strike price (per share)	$ 1.82	$ 1.69	$ 1.82	$ 1.69
Employee Stock Purchase Plan \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Strike price (per share)	$ 4	$ 2.11	$ 4	$ 2.11

Share-Based Compensation

6 Months Ended

Jun. 30, 2026

Commitments and Contingencies Disclosure [Abstract]

Share-Based Compensation

9. Share-Based Compensation

2014 Plan (as amended and restated in February 2017, the “Private Aadi Plan”)

In connection with the Reverse Merger, the Company assumed the Private Aadi Plan, which was amended and restated in February 2017, and the issued and outstanding stock options under the Private Aadi Plan (the Private Aadi common stock underlying the awards was adjusted for shares of the Company’s common stock pursuant to the Merger Agreement). The Private Aadi Plan allowed for the grant of incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock unit awards and other stock awards. In connection with the closing of the Reverse Merger and the adoption of the 2021 Plan (as defined below), no further awards will be issued under the Private Aadi Plan.

The options that are granted from the Private Aadi Plan are exercisable at various dates as determined upon grant and will expire no more than ten years from their date of grant. The Private Aadi Plan stock options generally vest over a four-year term.

2011 Plan and 2017 Plan

In connection with the closing of the Reverse Merger, the Company assumed the Aerpio 2011 Equity Incentive Plan (the “2011 Plan”) and the Aerpio 2017 Stock Option and Incentive Plan (the “2017 Plan,” and together with the 2011 Plan, the

“Prior Plans”). No new awards will be granted under the Prior Plans effective as of the closing of the Reverse Merger and the adoption of the 2021 Plan (as defined below).

2021 Plan

At the closing of the Reverse Merger, the Company adopted the Aadi Bioscience, Inc. 2021 Equity Incentive Plan, which is now named the Whitehawk Therapeutics, Inc. 2021 Equity Incentive Plan (the “2021 Plan”), which permits the award of stock options, stock appreciation rights, restricted stock, restricted stock units, performance units and performance grants to employees, members of the board of directors, and outside consultants.

Subject to the adjustment provisions contained in the 2021 Plan and the evergreen provision described below, a total of 2,070,784 shares of common stock were initially reserved for issuance pursuant to the 2021 Plan. In addition, the shares reserved for issuance under the 2021 Plan include any shares of common stock (i) subject to awards of stock options or other awards granted under the Prior Plans that expire or otherwise terminate without having been exercised in full and shares of common stock granted under the Prior Plans that are forfeited or repurchased by the Company, and (ii) any shares of common stock subject to stock options or similar awards granted under the Private Aadi Plan that were assumed in the Reverse Merger (provided that the maximum number of shares that may be added to the 2021 Plan pursuant to this provision is 764,154 shares).

From the adoption of the 2021 Plan until February 28, 2025, the number of shares available for issuance under the 2021 Plan included an annual increase, or the evergreen feature, on the first day of each of the Company’s fiscal years, beginning with the Company’s fiscal year 2022, equal to the least of:

•

2,070,784 shares of common stock;

•

a number of shares equal to 4% of the outstanding shares of common stock on the last day of the immediately preceding fiscal year; or

•

such number of shares as the board of directors or its designated committee may determine.

On February 28, 2025, the Company’s stockholders approved the amendment and restatement of the 2021 Plan to (i) increase the number of shares available for future grant under the 2021 Plan from 2,000,284 shares to 8,300,284 shares and (ii) modify the 2021 Plan’s default annual automatic share reserve increase occurring on January 1 of each year to be equal to the least of 8,300,284 shares, 5% of outstanding shares on the last day of the immediately preceding fiscal year, or such number of shares as the board of directors or its designated committee may determine. Upon stockholder approval, such amendment and restatement of the 2021 Plan became effective.

As a result of the evergreen increase, a total of 2,357,286 shares of common stock were added to the 2021 Plan on January 1, 2026 and 987,228 shares of common stock were added to the 2021 Plan on January 1, 2025.

Shares issuable under the 2021 Plan are authorized, but unissued, or reacquired shares of common stock. If an award expires or becomes unexercisable without having been exercised in full, is surrendered pursuant to an exchange program, or, with respect to restricted stock, restricted stock units, performance units or performance shares, is forfeited to or repurchased by the combined company due to failure to vest, the unpurchased shares (or for awards other than stock options or stock appreciation rights, the forfeited or repurchased shares) will become available for future grant or sale under the 2021 Plan (unless the 2021 Plan has terminated).

2023 Inducement Equity Incentive Plan

On September 27, 2023 the Company adopted the 2023 Inducement Equity Incentive Plan (the “Inducement Plan”), pursuant to which the Company may from time to time make equity grants to new employees as a material inducement to their employment. The Company reserved 600,000 shares of common stock for issuance under the Inducement Plan. The only

persons eligible to receive awards under the Inducement Plan are individuals who are new employees and satisfy the standards for inducement grants under applicable Nasdaq listing rules.

As of June 30, 2026, 105,469, 15,036, 10,672,169, and 490,000 shares were outstanding under the Private Aadi Plan, 2017 Plan, 2021 Plan, and 2023 Inducement Plan, respectively.

The following table summarizes the stock option activity during the six months ended June 30, 2026:


	Stock Option Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in Years)		Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2025		8,120,654		$	6.31		8.19	$	2,642
Granted		3,070,847			3.60
Exercised		(24,286	)		2.29
Cancelled/Forfeited		(41,539	)		9.76
Outstanding as of June 30, 2026		11,125,676		$	5.56		8.29	$	17,066
Options exercisable as of June 30, 2026		4,761,919		$	9.05		7.07	$	6,039
Vested and expected to vest as of June 30, 2026		11,125,676		$	5.56		8.29	$	17,066

As of June 30, 2026, there was $12.9 million of unrecognized compensation cost related to stock options, which is expected to be recognized over a weighted average period of 1.59 years.

The total intrinsic value of the options exercised during the three months ended June 30, 2026, and 2025, was $48.7 thousand and $0, respectively. The total intrinsic value of the options exercised during the six months ended June 30, 2026 and 2025 was $48.7 thousand and $43.6 thousand, respectively.

As of June 30, 2026, and December 31, 2025, 1,971,797 and 2,520,585 shares were reserved for future awards under the 2021 Plan, respectively. As of June 30, 2026 and December 31, 2025, 110,000 shares were reserved for future awards under the 2023 Inducement Plan.

Restricted Stock Units

Restricted stock consists of restricted stock unit awards ("RSUs") which have been granted to employees. The value of an RSU award is based on the Company’s stock price on the date of grant. Employee grants vest over one to four years. Forfeitures of RSUs are recognized as they occur. The shares underlying the RSU awards are not issued until the RSUs vest. Upon vesting, each RSU converts into one share of the Company’s common stock.

Activity with respect to the Company’s restricted stock units during the six months ended June 30, 2026 is as follows:


	Shares			Weighted Average Grant Date Fair Value
Nonvested shares at December 31, 2025		2,452,690		$	1.73
Granted		—			—
Vested/Issued		(2,282,458	)		1.70
Forfeited		(13,234	)		1.74
Nonvested shares at June 30, 2026		156,998		$	2.04

As of June 30, 2026, there was $0.2 million of unrecognized compensation cost related to restricted stock units, which is expected to be recognized over a weighted average period of 1.06 years.

Compensation Expense Summary

The Company recognized the following compensation cost related to employee and non-employee share-based compensation activity for the periods presented (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Selling, general and administrative	$	869	$	2,156	$	2,328	$	3,140
Research and development		651		931		1,385		1,627
Total	$	1,520	$	3,087	$	3,713	$	4,767

The Company uses the Black-Scholes option pricing model to determine the estimated fair value for share-based option awards. Option pricing and models require the input of various assumptions, including the option’s expected life, expected dividend yield, price volatility and risk-free interest rate of the underlying stock. Forfeitures are recognized and accounted for as they occur.

The calculation was based on the following assumptions:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Weighted average grant date fair value (per share)	$	2.60	$	1.74	$	2.59	$	1.85
Risk-free interest rate	4.06% - 4.25%		3.97% - 4.19%		3.72% - 4.25%		3.97% - 4.19%
Expected volatility	79.13% - 81.53%		84.03% - 84.81%		79.13% - 82.12%		84.03% - 89.48%
Expected term (in years)	5.50 - 6.08		5.49 - 6.08		5.50 - 6.08		5.49 - 6.08
Expected dividend yield		—		—		—		—

The Company determines the assumptions used in the option pricing model in the following manner:

Risk-Free Interest Rate – For the determination of the risk-free interest rates, the Company utilizes the U.S. Treasury yield curve for instruments in effect at the time of measurement with a term commensurate with the expected term assumption.

Expected Volatility – The Company based its estimate of expected volatility on a weighted average using the Company's limited historical stock price volatility data, supplemented with the estimated and expected volatilities of a guideline group of publicly traded companies. For these analyses, the Company selected companies with comparable characteristics including enterprise value, risk profiles, and with historical share price information sufficient to meet the expected life of the share-based awards. The Company computes the historical volatility data using the daily closing prices for the selected companies’ shares during the equivalent period of the calculated expected term of its share-based awards. The Company will continue to apply this process until a sufficient amount of historical information regarding the volatility of its own stock price becomes available.

Expected Dividend – The expected dividend yield is assumed to be zero because the Company has never paid dividends and does not have current plans to pay any dividends on its common stock.

Expected Term – The Company estimates the expected term of its stock options granted to employees and non-employee directors using the simplified method, whereby, the expected term equals the average of the vesting term and the original contractual term of the option. The Company utilizes this method since it does not have sufficient historical exercise data to provide a reasonable basis upon which to estimate the expected term.

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2026	Aug. 03, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2026
Document Transition Report	false
Entity File Number	001-38560
Entity Registrant Name	WHITEHAWK THERAPEUTICS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	61-1547850
Entity Address, Address Line One	2 Headquarters Plaza
Entity Address, Address Line Two	East Building, 11th Floor
Entity Address, City or Town	Morristown
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07960
City Area Code	551
Local Phone Number	321-2234
Title of 12(b) Security	Common stock, $0.0001 par value per share
Trading Symbol	WHWK
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		57,009,010
Entity Central Index Key	0001422142
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q2
Amendment Flag	false

Share-Based Compensation - Schedule of Recognized Compensation Cost Related to Employee and Non-employee Stock-Based Compensation Activity (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	$ 1,520	$ 3,087	$ 3,713	$ 4,767
Location, Statement of Income, Balance [Axis]: us-gaap:ResearchAndDevelopmentExpense
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	651	931	1,385	1,627
Location, Statement of Income, Balance [Axis]: us-gaap:SellingGeneralAndAdministrativeExpense
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	$ 869	$ 2,156	$ 2,328	$ 3,140

Commitments and Contingencies

6 Months Ended

Jun. 30, 2026

Commitments and Contingencies

12. Commitments and Contingencies

Litigation

From time to time, the Company could be subject to various legal proceedings and claims that arise in the ordinary course of its business activities. Regardless of the outcome, legal proceedings can have an adverse impact on the Company because of defense and settlement costs, diversion of management resources and other factors. The Company has no ongoing legal proceedings or claims where a liability has been recorded as of June 30, 2026 and December 31, 2025.

Purchase Commitments

The Company has ongoing contracts with vendors for clinical trials, research and development, and contract manufacturing. These contracts are generally cancellable, with notice, at the Company’s option. The Company recorded accrued expenses of $4.9 million and $8.6 million for expenditures incurred by clinical, research and development, and contract manufacturing vendors as of June 30, 2026, and December 31, 2025, respectively.

Employee Stock Purchase Plan - Narrative (Details) - Employee Stock Purchase Plan - USD ($)		6 Months Ended
	Aug. 17, 2021	Jun. 30, 2026	Jun. 30, 2025	Jan. 01, 2026	Dec. 31, 2025	Jan. 01, 2025
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Maximum employee contribution	15.00%
Offering period	6 months	6 months
Purchase price percent of shares	85.00%
Common stock shares available for issuance (in shares)	519,563
Maximum number of shares provided for issuance (in shares)	310,617			310,617		246,807
Percentage of annual increase in number of shares reserved for issuance	1.00%
Common stock available for issuance (in shares)		1,318,718			1,023,856
Employee stock purchase plan liability		$ 42,000			$ 24,000
Stock plan offering period		6 months
Issuance of shares under the employee stock purchase plan (in shares)		15,755	16,337

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2026

Accounting Policies [Abstract]

Basis of Presentation

December 31, 2025, which are included in the Company’s Annual Report on Form 10-K filed with the SEC on March 12, 2026.

Risks and Uncertainties

Comprehensive (Loss) Income

Use of Estimates

Restructuring Charges

Concentration of Credit Risk and Customer Concentration

Concentration of Credit Risk

Customer Concentration

The Company did not have accounts receivable as of June 30, 2026 and December 31, 2025.

Cash and Cash Equivalents

The Company considers all highly liquid marketable securities purchased with original maturities of three months or less at the time of purchase date to be cash equivalents.

Fair Value of Financial Instruments

Level 1: Observable inputs, such as quoted prices in active markets

Level 2: Inputs, other than the quoted prices in active markets that are observable either directly or indirectly

Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions which reflect those that a market participant would use

The carrying amounts of cash equivalents, accounts payable, and accrued liabilities are reasonable estimates of their fair value because of the short maturity of these items.

Short-Term Investments

Property and Equipment, Net

Details of property and equipment are presented as follows (in thousands):


	June 30, 2026			December 31, 2025
Computers and Software	$	341		$	341
Furniture and fixtures		36			36
Total	$	377		$	377
Accumulated depreciation		(376	)		(374	)
Property and equipment, net	$	1		$	3

Leases

Commitments and Contingencies

Revenue Recognition and Related Allowances

Product Net Sales

The following table sets forth the changes in the accrued revenue allowances (in thousands):



	Six Months Ended June 30, 2025
Balance at beginning of period	$	1,411
Provision for current period sales		2,085
Payments		(1,686	)
Allowances transferred in sale of Aadi Subsidiary, Inc.		(1,810	)
Balance at end of period	$	—

Cost of Goods Sold

Research and Development

In-Process Research and Development (IPR&D)

Warrants

Share-Based Compensation and Employee Stock Purchase Plan

Share-Based Compensation

Employee Stock Purchase Plan

Other Income (Expense)

billable services not part of the Company's ordinary activities provided by its employees to KAKEN under a Transition Services Agreement TSA.

Income Taxes

Net (Loss) Income per Share

The computations for basic and diluted EPS were as follows (in thousands, except shares and per share amounts):


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Net (loss) income for basic and diluted EPS	$	(16,640	)	$	(52,615	)	$	(38,834	)	$	20,401

Weighted-average shares for basic EPS		82,886,196			69,083,127			76,099,275			54,443,309
Effect of dilutive stock options		—			—			—			71,128
Effect of dilutive restricted stock units		—			—			—			394,278
Weighted-average shares for diluted EPS		82,886,196			69,083,127			76,099,275			54,908,715

Net income (loss) per share:
Basic EPS	$	(0.20	)	$	(0.76	)	$	(0.51	)	$	0.37
Diluted EPS	$	(0.20	)	$	(0.76	)	$	(0.51	)	$	0.37

Recent Accounting Pronouncements

Operating Leases - Narrative (Details)	1 Months Ended
Operating Leases - Narrative (Details)	Apr. 30, 2022	Aug. 31, 2021	Apr. 30, 2019
Los Angeles, California
Lessee Lease Description [Line Items]
Operating lease, agreement term			28 months
Operating lease, rent abatement period		9 months	4 months
Operating lease, lease amendment term		3 years
Operating lease, extend the term for an additional period		3 years 6 months
Morristown, New Jersey
Lessee Lease Description [Line Items]
Operating lease, agreement term	73 months
Operating lease, rent abatement period	3 months
Operating lease, rent escalation percentage	2.00%

Stockholders' Equity - Narrative (Detail)				1 Months Ended	6 Months Ended		52 Months Ended
Stockholders' Equity - Narrative (Detail)	May 13, 2026 USD ($) $ / shares shares	Mar. 04, 2025 USD ($) $ / shares shares	Sep. 26, 2022 USD ($) $ / shares shares	Mar. 31, 2022 USD ($)	Jun. 30, 2026 USD ($) Vote $ / shares shares	Jun. 30, 2025 USD ($)	Jun. 30, 2026 Vote $ / shares shares	Dec. 31, 2025 $ / shares shares
Class Of Stock [Line Items]
Preferred stock, shares authorized (in shares)					10,000,000		10,000,000	10,000,000
Preferred stock, par value (in dollars per share) \| $ / shares					$ 0.0001		$ 0.0001	$ 0.0001
Preferred stock, shares outstanding (in shares)					0		0	0
Common stock, shares authorized (in shares)					300,000,000		300,000,000	300,000,000
Common stock, par value (in dollars per share) \| $ / shares					$ 0.0001		$ 0.0001	$ 0.0001
Common stock, shares outstanding (in shares)					57,009,010		57,009,010	47,145,719
Deferred offering costs paid for financing \| $					$ 5,654,000	$ 5,625,000
Dividends common stock declared or paid \| $					$ 0
Common stock, votes per share \| Vote					1		1
Pre-Funded Warrant - September 2022
Class Of Stock [Line Items]
Warrants outstanding (in shares)					2,000,037		2,000,037
Pre-Funded Warrant - March 2025
Class Of Stock [Line Items]
Warrants outstanding (in shares)					16,866,574		16,866,574
Pre-Funded Warrant - May 2026
Class Of Stock [Line Items]
Warrants outstanding (in shares)					17,991,021		17,991,021
Private Placement Financing \| Pre-Funded Warrant
Class Of Stock [Line Items]
Warrant ownership increase or decrease limit					19.99%		19.99%
Warrant notice period					61 days
Sales Agreement
Class Of Stock [Line Items]
ATM offering price \| $				$ 75,000,000
ATM gross proceeds paid percentage					3.00%		3.00%
Issuance of common stock (in shares)							0
Purchase Agreement \| Private Placement Financing
Class Of Stock [Line Items]
Common stock, par value (in dollars per share) \| $ / shares	$ 0.0001
Issuance of common stock (in shares)	4,330,866		3,373,526
Sale of stock (in dollars per share) \| $ / shares	$ 3.92		$ 12.50
Deferred offering costs paid for financing \| $	$ 5,700,000		$ 300,000
Issuance of common stock to PIPE Investors \| $	$ 81,800,000		$ 72,200,000
Purchase Agreement \| Private Placement Financing \| Pre-Funded Warrant
Class Of Stock [Line Items]
Sale of stock (in dollars per share) \| $ / shares	$ 3.9199		$ 12.4999
Number of warrants issued to purchase common stock (in shares)	17,991,021		2,426,493
Warrants exercise price (in dollars per share) \| $ / shares	$ 0.0001		$ 0.0001		$ 0.0001		$ 0.0001
Purchase Agreement \| Private Placement Financing \| Pre-Funded Warrant - September 2022
Class Of Stock [Line Items]
Number of warrants issued to purchase common stock (in shares)					2,000,037		2,000,037
Purchase Agreement \| Private Placement Financing \| Pre-Funded Warrant - March 2025
Class Of Stock [Line Items]
Number of warrants issued to purchase common stock (in shares)					16,866,574		16,866,574
Purchase Agreement \| Private Placement Financing \| Pre-Funded Warrant - May 2026
Class Of Stock [Line Items]
Number of warrants issued to purchase common stock (in shares)					17,991,021		17,991,021
Subscription Agreement \| Private Placement Financing
Class Of Stock [Line Items]
Common stock, par value (in dollars per share) \| $ / shares		$ 0.0001
Issuance of common stock (in shares)		21,592,000
Sale of stock (in dollars per share) \| $ / shares		$ 2.40
Deferred offering costs paid for financing \| $		$ 5,600,000
Issuance of common stock to PIPE Investors \| $		$ 94,400,000
Subscription Agreement \| Private Placement Financing \| Minimum
Class Of Stock [Line Items]
Warrant ownership limit					4.99%		4.99%
Subscription Agreement \| Private Placement Financing \| Maximum
Class Of Stock [Line Items]
Warrant ownership limit					9.99%		9.99%
Subscription Agreement \| Private Placement Financing \| Pre-Funded Warrant
Class Of Stock [Line Items]
Sale of stock (in dollars per share) \| $ / shares		$ 2.3999
Number of warrants issued to purchase common stock (in shares)		20,076,500
Warrants exercise price (in dollars per share) \| $ / shares		$ 0.0001

Restructuring

6 Months Ended

Jun. 30, 2026

Restructuring and Related Activities [Abstract]

Restructuring

13. Restructuring

On August 21, 2024, the Company announced a restructuring plan to reduce the Company’s workforce by approximately 32% in response to the Company's announcement on August 20, 2024 that it planned to halt the registration-intended PRECISION1 trial of nab-sirolimus in patients with solid tumors harboring TSC1 or TSC2 inactivating alterations. The Company recorded a total restructuring charge of $2.6 million, which consisted of one-time termination benefits such as severance costs and related benefits. As of June 30, 2026, no one-time termination benefits remain payable. As of December 31, 2025, $0.2 million of one-time termination benefits remained payable and were recorded within the accrued liabilities and other liabilities line items on the Company's condensed consolidated balance sheet. The Company paid $0 and $0.2 million of the liability during the three and six months ended June 30, 2026, respectively. The Company paid $0.3 million and $0.7 million during the three and six months ended June 30, 2025, respectively. There were no restructuring charges for the three and six months ended June 30, 2026 and 2025. Restructuring payments commenced in September 2024 and were completed in March 2026.

Divestiture of FYARRO (Tables)

6 Months Ended

Jun. 30, 2026

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Net Assets Disposed

The $87.4 million gain represents the aggregate consideration of $102.4 million, less the assets and liabilities transferred, which are listed below (in thousands):


	March 25, 2025
Assets
Current assets:
Cash and cash equivalents	$	(1,000	)
Accounts receivable, net		(6,903	)
Inventory		(5,141	)
Prepaid expenses and other current assets		(866	)
Total current assets		(13,910	)
Property and equipment, net		(6,836	)
Operating lease right-of-use assets		(707	)
Other assets		(64	)
Total assets	$	(21,517	)
Current liabilities:
Accounts payable	$	(852	)
Accrued liabilities		(4,951	)
Operating lease liabilities, current portion		(201	)
Total current liabilities		(6,004	)
Operating lease liabilities, net of current portion		(536	)
Total liabilities		(6,540	)
Net assets disposed of	$	(14,977	)

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147483499/205-20-50-1

Accrued Liabilities

6 Months Ended

Jun. 30, 2026

Payables and Accruals [Abstract]

Accrued Liabilities

5. Accrued Liabilities

Details of accrued liabilities are presented as follows (in thousands):


	June 30, 2026		December 31, 2025
Accrued professional fees	$	2,365	$	968
Accrued salaries and payroll		860		602
Accrued restructuring charges		—		192
Accrued bonus		1,719		3,160
Accrued contract manufacturing		1,431		3,935
Accrued clinical		202		12
Accrued research and development		3,280		4,627
Accrued other		107		106
Total accrued liabilities	$	9,964	$	13,602

Income Taxes - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Tax Disclosure [Abstract]
Income tax expense	$ 0	$ 0	$ 0	$ 0

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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Restructuring - Narrative (Details) - USD ($)		3 Months Ended		6 Months Ended
Restructuring - Narrative (Details) - USD ($)	Aug. 21, 2024	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Restructuring Cost and Reserve [Line Items]
Restructuring charges		$ 0	$ 0	$ 0	$ 0
August 2024 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Reduction in workforce, percent	32.00%
Restructuring charges	$ 2,600,000
Restructuring reserve		0		0		$ 200,000
Payments for restructuring		$ 0	$ 300,000	$ 200,000	$ 700,000

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

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.

Divestiture of FYARRO - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended			6 Months Ended
	Mar. 25, 2025	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 19, 2024
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of business		$ 0		$ 0	$ 0	$ 87,443
Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations \| Aadi Subsidiary
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal group, including discontinued operation, ownership percentage in disposed business							100.00%
Proceeds from divestiture of businesses	$ 102,400		$ 102,400
Gain on sale of business			$ 87,400

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.

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Segment Reporting Information [Line Items]

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 85,234	$ 37,568
Short-term investments	104,748	108,129
Prepaid expenses and other current assets	2,432	3,316
Total current assets	192,414	149,013
Property and equipment, net	1	3
Other assets	1,579	1,814
Total assets	193,994	150,830
Current liabilities:
Accounts payable	1,105	917
Accrued liabilities	9,964	13,602
Total current liabilities	11,069	14,519
Total liabilities	11,069	14,519
Commitments and contingencies (Note 12)
Stockholders’ equity:
Preferred stock, $0.0001 par value, 10,000,000 shares authorized; no shares issued and outstanding as of June 30, 2026 and December 31, 2025	0	0
Common stock, $0.0001 par value; 300,000,000 shares authorized; 57,009,010 and 47,145,719 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively.	5	4
Additional paid-in capital	575,067	489,437
Accumulated other comprehensive (loss) income	(63)	120
Accumulated deficit	(392,084)	(353,250)
Total stockholders’ equity	182,925	136,311
Total liabilities and stockholders’ equity	$ 193,994	$ 150,830

Segment Information - Schedule of Segment Reporting Information, by Segment (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2026

Mar. 31, 2026

Jun. 30, 2025

Mar. 31, 2025

Jun. 30, 2026

Jun. 30, 2025

Total Revenue

$ 0

$ 7,145

Less:

Net (loss) income

(16,640)

$ (22,194)

(52,615)

$ 73,016

(38,834)

20,401

Reportable Segment

Segment Reporting Information [Line Items]

Total Revenue

7,145

Less:

Finance and accounting expenses

^[1]

1,697

2,033

3,775

5,249

Legal expenses

1,230

984

2,282

3,571

Other segment items

^[2]

820

803

2,652

(79,953)

Net (loss) income

(16,640)

(52,615)

(38,834)

20,401

Reportable Segment | ADC

Less:

Research and development expenses

9,101

43,454

21,138

43,454

Contract manufacturing expenses

3,792

5,402

8,980

8,877

Reportable Segment | FYARRO

Less:

Research and development expenses

(47)

5,266

Commercial and marketing expenses

$ (0)

$ (14)

$ 0

$ 280

[1]	Finance and accounting expenses primarily include shared-based compensation, insurance, salaries and wages, and other outside consulting services.
[2]	Other segment items primarily include other SGA departmental expenses, cost of sales, other income, and gain on sale of business.

Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Total revenue	$ 0	$ 0	$ 0	$ 7,145,000
Operating expenses
Selling, general and administrative	5,216,000	5,940,000	11,506,000	18,755,000
Research and development	12,893,000	48,809,000	30,125,000	57,597,000
Cost of goods sold	0	0	0	760,000
Total operating expenses	18,109,000	54,749,000	41,631,000	77,112,000
Loss from operations	(18,109,000)	(54,749,000)	(41,631,000)	(69,967,000)
Other income (expense)
Gain on sale of business	0	0	0	87,443,000
Foreign exchange loss	(6,000)	(3,000)	(6,000)	(3,000)
Other income	0	158,000	0	158,000
Interest income	1,475,000	1,979,000	2,803,000	2,770,000
Total other income (expense), net	1,469,000	2,134,000	2,797,000	90,368,000
Loss (income) before income tax expense	(16,640,000)	(52,615,000)	(38,834,000)	20,401,000
Income tax expense (benefit)	0	0	0	0
Net (loss) income	(16,640,000)	(52,615,000)	(38,834,000)	20,401,000
Other comprehensive (loss) income:
Unrealized (loss) gain on investments, net of tax	(48,000)	8,000	(183,000)	(7,000)
Comprehensive (loss) income	$ (16,688,000)	$ (52,607,000)	$ (39,017,000)	$ 20,394,000
Net (loss) income per share:
Basic (in dollars per share)	$ (0.2)	$ (0.76)	$ (0.51)	$ 0.37
Diluted (in dollars per share)	$ (0.2)	$ (0.76)	$ (0.51)	$ 0.37
Weighted average shares outstanding:
Basic (in shares)	82,886,196	69,083,127	76,099,275	54,443,309
Diluted (in shares)	82,886,196	69,083,127	76,099,275	54,908,715
Product sales, net
Total revenue	$ 0	$ 0	$ 0	$ 7,145,000

Stockholders' Equity

6 Months Ended

Jun. 30, 2026

Equity [Abstract]

Stockholders' Equity

8. Stockholders’ Equity

Preferred Stock

As of June 30, 2026 and December 31, 2025, under the Company’s certificate of incorporation, as amended and restated, the Company has 10,000,000 shares of preferred stock, par value $0.0001 per share, in authorized capital with no shares outstanding.

Common Stock and Pre-Funded Warrants

As of June 30, 2026 and December 31, 2025, the Company had 300,000,000 shares of authorized common stock, par value of $0.0001 per share, under the Company's certificate of incorporation, as amended and restated. As of June 30, 2026 and December 31, 2025, the shares of common stock outstanding were 57,009,010 and 47,145,719, respectively.

In March 2022, the Company entered into a Sales Agreement (the "Sales Agreement") with Cowen and Company LLC (“Cowen”), with respect to an “at the market offering” program pursuant to which the Company may offer and sell, from time to time at its sole discretion, shares of common stock having aggregate gross proceeds of up to $75.0 million through Cowen as its sales agent. The Company will pay Cowen 3.0% of the aggregate gross proceeds from each sale of shares of common stock under the Sales Agreement. As of June 30, 2026, no shares of common stock had been sold pursuant to the Sales Agreement.

On September 22, 2022, the Company entered into a securities purchase agreement (the “Purchase Agreement”) for a private investment in public equity financing (the “2022 PIPE Financing”) with certain investors (the “2022 PIPE Investors”) for the sale by the Company of (i) 3,373,526 shares of the Company’s common stock for a price of $12.50 per share and (ii) pre-funded warrants (the "2022 Pre-Funded Warrants") to purchase an aggregate of 2,426,493 shares of the Company's common stock at a purchase price of $12.4999 per 2022 Pre-Funded Warrant. The 2022 PIPE Financing closed on September 26, 2022. Aggregate net proceeds, after deducting certain expenses incurred of $0.3 million related to the issuance of the securities, were $72.2 million. As of June 30, 2026, 2,000,037 of the 2022 Pre-Funded Warrants were still outstanding.

On December 19, 2024, the Company entered into the Subscription Agreement for a private investment in public equity financing (the "2024 PIPE Financing") with certain investors (the "2024 PIPE Investors"), pursuant to which the Company agreed to sell to the 2024 PIPE Investors (i) 21,592,000 shares of the Company’s common stock, par value $0.0001 per share, at a purchase price of $2.40 per share, and (ii) pre-funded warrants to purchase an aggregate of 20,076,500 shares of the Company's common stock (the "2024 Pre-Funded Warrants"), at a purchase price of $2.3999 per 2024 Pre-Funded Warrant, for aggregate net proceeds of $94.4 million, after deducting certain expenses incurred of $5.6 million related to the issuance of shares. The 2024 PIPE Financing was conditioned upon the Company's shareholders approving the 2024 PIPE Financing and closed on March 4, 2025 after such approval was obtained. As of June 30, 2026, 16,866,574 of the 2024 Pre-Funded Warrants were outstanding.

On May 13, 2026, the Company entered into a securities purchase agreement for a private investment in public equity financing (the "2026 PIPE Financing") with certain investors (the "2026 PIPE Investors"), pursuant to which the Company agreed to sell to the 2026 PIPE Investors (i) 4,330,866 shares of the Company’s common stock, par value $0.0001 per share, at a purchase price of $3.92 per share, and (ii) pre-funded warrants to purchase an aggregate of 17,991,021 shares of the Company's common stock (the "2026 Pre-Funded Warrants" and together with the 2022 Pre-Funded Warrants and 2024 Pre-Funded Warrants, the "Pre-Funded Warrants"), at a purchase price of $3.9199 per 2026 Pre-Funded Warrant, for aggregate net proceeds of $81.8 million, after deducting certain expenses incurred of $5.7 million related to the issuance of shares. As of June 30, 2026, all 17,991,021 of the 2026 Pre-Funded Warrants were outstanding.

For each of the 2022 PIPE Financing, 2024 PIPE Financing and 2026 PIPE Financing, the Pre-Funded Warrants are exercisable at an exercise price of $0.0001 per share of the Company's common stock and will be exercisable until exercised in full. The holders of such Pre-Funded Warrants may not exercise a Pre-Funded Warrant if the holder, together with its affiliates, would beneficially own more than 4.99% or 9.99%, at the election of the holder, of the number of shares of the Company's common stock outstanding immediately after giving effect to such exercise. The holders of such Pre-Funded Warrants may increase or decrease such percentages not in excess of 19.99% by providing at least 61 days’ prior notice to the Company.

The Pre-Funded Warrants are indexed to the Company's common stock and meet the conditions for equity classification in accordance with ASC 815-40. As such, the Pre-Funded Warrants are classified as additional paid-in capital within the stockholders' equity on the Company's consolidated balance sheets.

Dividends

The holders of common stock are entitled to receive cash dividends, if and when declared by the board of directors of the Company (the “board of directors”). Since the Company’s inception, no cash dividends have been declared or paid to the holders of common stock.

Liquidation

In the event of any voluntary or involuntary liquidation, dissolution, or winding-up of the Company, the holders of common stock are entitled to share ratably in the Company’s assets.

Voting

The holders of common stock are entitled to one vote at all meetings of stockholders for each share of common stock held by such stockholders as of the record date.

The entire disclosure for equity.

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Operating Leases

6 Months Ended

Jun. 30, 2026

Leases [Abstract]

Operating Leases

6. Operating Leases

In April 2019, the Company entered into a twenty-eight month facility lease agreement for office space in Pacific Palisades, California (the “Pacific Palisades Lease”). The Pacific Palisades Lease commenced on May 1, 2019, included four months of rent abatement and a rent escalation clause and was set to expire on August 31, 2021. In August 2021, the Company exercised its option to extend the term of the Pacific Palisades Lease for an additional three-year period and entered into an amendment to the lease agreement (the “Pacific Palisades Lease Amendment”). Pursuant to the Pacific Palisades Lease Amendment, the Company and the landlord agreed to extend the term for an additional period of three (3) years and six (6) months, until February 28, 2025, with an option to renew for an additional three (3) years in accordance with the terms of the Pacific Palisades Lease. Included in the Pacific Palisades Lease Amendment were nine months of rent abatement and a rent escalation clause. The Pacific Palisades Lease expired on February 28, 2025.

In April 2022, the Company entered into a lease agreement for office space in Morristown, New Jersey (the “Morristown Lease”). The Morristown Lease has a term of seventy-three months, unless terminated sooner, and includes rent abatement for the first three months and the forty-seventh and forty-eighth calendar months after lease commencement. Included in the Morristown Lease are fixed rent escalations of approximately 2% on each anniversary year of the lease term. In connection with the FYARRO Divestiture, KAKEN assumed the Morristown Lease. The Company entered into a short-term sublease with KAKEN and is currently in the process of extending the sublease arrangement upon the sublandlord's and landlord's consent. The Company has elected the short-term lease exemption under ASC 842. As such, this lease is not recorded on the balance sheet. Lease payments made are recognized on a straight-line basis over the lease term in the income statement.

Rent expense for the three and six months ended June 30, 2026 and 2025 is presented on the following table (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Operating lease rent expense	$	35	$	34	$	46	$	108

Cash paid for leases and included in operating cash flows for the six months ended June 30, 2026 and 2025 is presented on the following table (in thousands):


	Six Months Ended June 30,
	2026		2025
Cash paid included in operating cash flows	$	—	$	99

Segment Information

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Segment Information

15. Segment Information

Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company has identified its Chief Executive Officer as the chief operating decision maker and the Company views its operations and manages its business in one operating segment, applying advanced technologies to established tumor biology that are intended to efficiently develop improved cancer treatments. The CODM assesses performance for the Company's single operating segment and decides how to allocate resources based on research and development expenses incurred and on net (loss) income as reported on the statement of operations and comprehensive (loss) income. The measure of segment assets is reported on the balance sheet as total assets. Further, segment depreciation expense and segment asset additions are consistent with amounts reported within the statement of cash flows given the Company's operations are aggregated within a single reportable segment. The Company's revenues relate to sales of FYARRO, which was divested as of March 25, 2025. Refer to Note 2 for further information. All the assets and operations of the Company’s sole operating and reportable segment are located in the United States.


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Total Revenue	$	—		$	—		$	—		$	7,145
Less:
ADC assets - research and development expenses		9,101			43,454			21,138			43,454
ADC assets - contract manufacturing		3,792			5,402			8,980			8,877
FYARRO - research and development expenses		—			(47	)		7			5,266
FYARRO - commercial and marketing expenses		—			(14	)		—			280
Finance and accounting expenses (1)		1,697			2,033			3,775			5,249
Legal expenses		1,230			984			2,282			3,571
Other segment items (2)		820			803			2,652			(79,953	)
Net (loss) income	$	(16,640	)	$	(52,615	)	$	(38,834	)	$	20,401

(1)

Finance and accounting expenses primarily include shared-based compensation, insurance, salaries and wages, and other outside consulting services.

(2)

Other segment items primarily include other SGA departmental expenses, cost of sales, other income, and gain on sale of business.

The entire disclosure for segment reporting.

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-URI https://asc.fasb.org/280/tableOfContent

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Fair Value Measurement - Schedule of Fair Value of Assets and Liabilities Measured on Recurring Basis (Details) - USD ($)
$ in Thousands

Jun. 30, 2026

Dec. 31, 2025

Fair Value, Measurements, Recurring

$ 189,732

$ 145,447

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

189,732

145,447

Money market funds

Money market funds | Fair Value, Measurements, Recurring

84,984

37,318

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

U.S. government treasury bills

^[1]

84,984

37,318

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

U.S. government treasury bills | Fair Value, Measurements, Recurring

46,111

43,881

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

46,111

43,881

Commercial paper

Commercial paper | Fair Value, Measurements, Recurring

16,963

16,262

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

16,963

16,262

Corporate bonds

Corporate bonds | Fair Value, Measurements, Recurring

32,745

44,973

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Level 1 | Fair Value, Measurements, Recurring

41,674

47,986

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Level 1 | Money market funds | Fair Value, Measurements, Recurring

131,095

81,199

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Level 1 | U.S. government treasury bills | Fair Value, Measurements, Recurring

^[1]

84,984

37,318

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Level 1 | Commercial paper | Fair Value, Measurements, Recurring

46,111

43,881

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Level 1 | Corporate bonds | Fair Value, Measurements, Recurring

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Level 2 | Fair Value, Measurements, Recurring

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Level 2 | Money market funds | Fair Value, Measurements, Recurring

58,637

64,248

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Level 2 | U.S. government treasury bills | Fair Value, Measurements, Recurring

^[1]

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Level 2 | Commercial paper | Fair Value, Measurements, Recurring

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Level 2 | Corporate bonds | Fair Value, Measurements, Recurring

16,963

16,262

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Level 3 | Fair Value, Measurements, Recurring

41,674

47,986

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Level 3 | Money market funds | Fair Value, Measurements, Recurring

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Level 3 | U.S. government treasury bills | Fair Value, Measurements, Recurring

^[1]

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Level 3 | Commercial paper | Fair Value, Measurements, Recurring

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Level 3 | Corporate bonds | Fair Value, Measurements, Recurring

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Investments, Debt and Equity Securities [Abstract]

$ 0

[1]	Included in cash and cash equivalents in the accompanying condensed consolidated balance sheets.

Summary of Significant Accounting Policies - Narrative (Details)		3 Months Ended		6 Months Ended		12 Months Ended
	Aug. 17, 2021	Jun. 30, 2026 USD ($) $ / shares shares	Jun. 30, 2025 USD ($) shares	Jun. 30, 2026 USD ($) Product $ / shares shares	Jun. 30, 2025 USD ($) shares	Dec. 31, 2025 USD ($)	May 13, 2026 $ / shares shares	Sep. 26, 2022 $ / shares shares
Summary Of Significant Accounting Policies [Line Items]
Number of clinical products in development \| Product				2
Number of preclinical products in development \| Product				1
Depreciation \| $		$ 1,000	$ 15,300	$ 2,000	$ 73,000
Loss contingency accrual \| $		0		0		$ 0
Research and development \| $		$ 12,893,000	$ 48,809,000	$ 30,125,000	$ 57,597,000
Employee Stock Option
Summary Of Significant Accounting Policies [Line Items]
Anti-dilutive securities excluded from computation of earnings per share (in shares) \| shares		0	0	0	3,828,884
Milestone Payment
Summary Of Significant Accounting Policies [Line Items]
Research and development \| $		$ 0	$ 40,400,000	$ 5,300,000	$ 40,400,000
Private Placement Financing \| Purchase Agreement \| Pre-Funded Warrant
Summary Of Significant Accounting Policies [Line Items]
Number of warrants issued to purchase common stock (in shares) \| shares							17,991,021	2,426,493
Warrants exercise price (in dollars per share) \| $ / shares		$ 0.0001		$ 0.0001			$ 0.0001	$ 0.0001
Private Placement Financing \| Purchase Agreement \| Pre-Funded Warrant - May 2026
Summary Of Significant Accounting Policies [Line Items]
Number of warrants issued to purchase common stock (in shares) \| shares		17,991,021		17,991,021
Private Placement Financing \| Purchase Agreement \| Pre-Funded Warrant - March 2025
Summary Of Significant Accounting Policies [Line Items]
Number of warrants issued to purchase common stock (in shares) \| shares		16,866,574		16,866,574
Private Placement Financing \| Purchase Agreement \| Pre-Funded Warrant - September 2022
Summary Of Significant Accounting Policies [Line Items]
Number of warrants issued to purchase common stock (in shares) \| shares		2,000,037		2,000,037
Employee Stock Purchase Plan
Summary Of Significant Accounting Policies [Line Items]
Offering period	6 months			6 months
Product Sales Allowance
Summary Of Significant Accounting Policies [Line Items]
Deduction from gross product sales for allowances \| $		$ 0	$ 0	$ 0	$ 2,085,000
Minimum
Summary Of Significant Accounting Policies [Line Items]
Property and equipment estimated useful lives		3 years		3 years
Maximum
Summary Of Significant Accounting Policies [Line Items]
Property and equipment estimated useful lives		5 years		5 years
Term of options granted				10 years
Customer One \| Revenue Benchmark \| Customer Concentration Risk
Summary Of Significant Accounting Policies [Line Items]
Concentration risk percentage					37.00%
Customer Two \| Revenue Benchmark \| Customer Concentration Risk
Summary Of Significant Accounting Policies [Line Items]
Concentration risk percentage					60.00%
Customer \| Revenue Benchmark \| Customer Concentration Risk
Summary Of Significant Accounting Policies [Line Items]
Concentration risk percentage		0.00%	0.00%	0.00%
Customer \| Accounts Receivable \| Customer Concentration Risk
Summary Of Significant Accounting Policies [Line Items]
Concentration risk percentage				0.00%		0.00%

Short-Term Investments and Cash Equivalents

6 Months Ended

Jun. 30, 2026

Short-Term Investments and Cash Equivalents

4. Short-Term Investments and Cash Equivalents

The following table summarizes the Company's short-term investments (in thousands):


		As of June 30, 2026
	Maturity (In Years)	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Money market funds		$	84,984	$	—	$	—		$	84,984
U.S. government treasury bills	Less than 1		46,143		—		(32	)		46,111
Commercial paper	Less than 1		16,964		5		(6	)		16,963
Corporate bonds	Less than 1		32,770		3		(28	)		32,745
Corporate bonds	More than 1 less than 2		8,934		—		(5	)		8,929
Total		$	189,795	$	8	$	(71	)	$	189,732


		As of December 31, 2025
	Maturity (In Years)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Money market funds		$	37,318	$	—	$	—	$	37,318
U.S. government treasury bills	Less than 1		43,857		24		—		43,881
Commercial paper	Less than 1		16,239		23		—		16,262
Corporate bonds	Less than 1		44,907		66				44,973
Corporate bonds	More than 1 less than 2		3,006		7		—		3,013
Total		$	145,327	$	120	$	—	$	145,447

As of June 30, 2026, the available-for-sale debt securities are of high credit quality, and there were no realized losses recognized as of June 30, 2026 and December 31, 2025. No allowance for credit losses was recognized as of June 30, 2026 or December 31, 2025.

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

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
us-gaap:NetIncomeLoss	$ (38,834,000)	$ 20,401,000
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Share-based compensation expense	3,713,000	4,767,000
Gain on sale of business	0	(87,443,000)
Discount amortization on short-term investments	(706,000)	21,000
Non-cash lease expense	0	74,000
Depreciation expense	2,000	73,000
Changes in operating assets and liabilities:
Accounts receivable	0	(1,000,000)
Inventory	0	170,000
Prepaid expenses and other current assets	2,225,000	906,000
Other non-current assets	325,000	(766,000)
Operating lease liabilities	0	(89,000)
Accounts payable and accrued liabilities	(3,462,000)	(1,733,000)
Other liabilities	0	(202,000)
Net cash used in operating activities	(36,737,000)	(64,821,000)
Cash flows from investing activities:
Proceeds from sale of business, net cash, cash equivalents, and restricted cash	0	101,356,000
Purchases of property and equipment	0	(552,000)
Purchase of short-term investments	(69,821,000)	(32,215,000)
Maturity of short-term investments	72,384,000	18,083,000
Net cash provided by investing activities	2,563,000	86,672,000
Cash flows from financing activities:
Proceeds from sale of common stock and prefunded warrants in PIPE financing	87,500,000	100,002,000
Proceeds from issuance of common stock under employee stock purchase plan	28,000	24,000
Issuance of common stock upon exercise of stock options	56,000	26,000
Payment of PIPE financing related transaction costs	(5,654,000)	(5,625,000)
Deferred offering costs paid for financing	(90,000)	(76,000)
Net cash provided by financing activities	81,840,000	94,351,000
Net increase in cash and cash equivalents	47,666,000	116,202,000
Cash, cash equivalents and restricted cash, beginning of period	37,568,000	28,734,000
Cash and cash equivalents, end of period	85,234,000	144,936,000
Supplemental disclosure of cash flow information:
Costs incurred in connection with Private Placement included in accounts payable	$ 12,000	$ 0

Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - $ / shares	Jun. 30, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	300,000,000	300,000,000
Common stock, shares issued (in shares)	57,009,010	47,145,719
Common stock, shares outstanding (in shares)	57,009,010	47,145,719

Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section S45
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws.

Number of shares issued for nonredeemable preferred shares and preferred shares redeemable solely at option of issuer. Includes, but is not limited to, preferred shares issued, repurchased, and held as treasury shares. Excludes preferred shares classified as debt.

Aggregate share number for all nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) held by stockholders. Does not include preferred shares that have been repurchased.

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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Schedule of Rent Expense and Cash Paid for Leases

Operating Leases (Tables)

6 Months Ended

Jun. 30, 2026

Leases [Abstract]

Rent expense for the three and six months ended June 30, 2026 and 2025 is presented on the following table (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Operating lease rent expense	$	35	$	34	$	46	$	108

Cash paid for leases and included in operating cash flows for the six months ended June 30, 2026 and 2025 is presented on the following table (in thousands):


	Six Months Ended June 30,
	2026		2025
Cash paid included in operating cash flows	$	—	$	99

Short-Term Investments and Cash Equivalents (Tables)

6 Months Ended

Jun. 30, 2026

Investments, Debt and Equity Securities [Abstract]

Schedule of Short-Term Investments

The following table summarizes the Company's short-term investments (in thousands):


		As of June 30, 2026
	Maturity (In Years)	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Money market funds		$	84,984	$	—	$	—		$	84,984
U.S. government treasury bills	Less than 1		46,143		—		(32	)		46,111
Commercial paper	Less than 1		16,964		5		(6	)		16,963
Corporate bonds	Less than 1		32,770		3		(28	)		32,745
Corporate bonds	More than 1 less than 2		8,934		—		(5	)		8,929
Total		$	189,795	$	8	$	(71	)	$	189,732


		As of December 31, 2025
	Maturity (In Years)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Money market funds		$	37,318	$	—	$	—	$	37,318
U.S. government treasury bills	Less than 1		43,857		24		—		43,881
Commercial paper	Less than 1		16,239		23		—		16,262
Corporate bonds	Less than 1		44,907		66				44,973
Corporate bonds	More than 1 less than 2		3,006		7		—		3,013
Total		$	145,327	$	120	$	—	$	145,447

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

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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Income Taxes

6 Months Ended

Jun. 30, 2026

Income Tax Disclosure [Abstract]

Income Taxes

11. Income Taxes

The Company recorded no income tax expense for the six months ended June 30, 2026 and 2025. The Company continues to maintain a full valuation allowance.

The entire disclosure for income tax.

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