0001746473-26-000090 | 10-Q | XBRL Viewer

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Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2026
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited interim condensed financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and follow the requirements of the Securities and Exchange Commission (“SEC”), for interim financial reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP have been condensed or omitted, and accordingly the unaudited interim condensed financial statements do not include all of the information and notes required by U.S. GAAP for complete financial statements. These unaudited interim condensed financial statements have been prepared on the same basis as our annual financial statements and, in the opinion of management, reflect all adjustments (consisting only of normal recurring adjustments) that are necessary for a fair presentation of the Company's financial information. The results of operations for the three months ended March 31, 2026 are not necessarily indicative of the results to be expected for the year ending December 31, 2026 or for any other interim period or for any other future year. The financial information included herein should be read in conjunction with the audited financial statements and related notes in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on March 11, 2026 (the “2025 10-K”). Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and expenses as well as the disclosure of contingent assets and liabilities as of and during the reporting period. The Company bases its estimates and assumptions on historical experience when available and on various factors that it believes to be reasonable under the circumstances. Significant estimates and assumptions reflected in these financial statements include, but are not limited to, stock-based compensation expense, operating lease right-of-use (“ROU”) assets and liabilities, accruals and prepayments for research and development costs, income taxes and uncertain tax positions. The Company assesses estimates on an ongoing basis, however, actual results could materially differ from those estimates. Significant Accounting Policies There have been no significant changes to the accounting policies during the three months ended March 31, 2026, as compared to the significant accounting policies described in Note 2 of the "Notes to the Financial Statements" in the Company's audited financial statements included in its 2025 10-K. Accounting Pronouncements Not Yet Adopted In November 2024, the FASB issued ASU 2024-03 “Disaggregation of Income Statement Expenses,” which aims to improve the disclosures about a public business entity’s expenses and address requests from investors for more detailed information about the types of expenses in commonly presented expense captions. The guidance is effective for the Company's annual periods beginning in 2027 and interim periods beginning in the first quarter of fiscal year 2028.

Organization and Description of Business	3 Months Ended
Organization and Description of Business	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	Organization and Description of Business Pliant Therapeutics, Inc. (the “Company” or “Pliant” or “we” or “our” or “us”) is a clinical-stage biopharmaceutical company focused on discovering and developing integrin-based therapeutics. The Company is located in South San Francisco, California, and was incorporated in the state of Delaware in June 2015. Bexotegrast in Idiopathic Pulmonary Fibrosis (IPF) In March 2025, we announced that we were discontinuing the BEACON-IPF Phase 2b trial following a prespecified data review and recommendation by the trial’s independent Data Safety Monitoring Board (“DSMB”), as well as a secondary review and recommendation by an outside expert panel, due to an imbalance in safety events between the treatment and placebo groups. In June 2025, we announced that we were discontinuing the development of bexotegrast in IPF as the results of BEACON-IPF demonstrated an unfavorable risk-benefit profile.

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 interim condensed financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and follow the requirements of the Securities and Exchange Commission (“SEC”), for interim financial reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP have been condensed or omitted, and accordingly the unaudited interim condensed financial statements do not include all of the information and notes required by U.S. GAAP for complete financial statements. These unaudited interim condensed financial statements have been prepared on the same basis as our annual financial statements and, in the opinion of management, reflect all adjustments (consisting only of normal recurring adjustments) that are necessary for a fair presentation of the Company's financial information. The results of operations for the three months ended March 31, 2026 are not necessarily indicative of the results to be expected for the year ending December 31, 2026 or for any other interim period or for any other future year. The financial information included herein should be read in conjunction with the audited financial statements and related notes in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on March 11, 2026 (the “2025 10-K”).
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and expenses as well as the disclosure of contingent assets and liabilities as of and during the reporting period. The Company bases its estimates and assumptions on historical experience when available and on various factors that it believes to be reasonable under the circumstances. Significant estimates and assumptions reflected in these financial statements include, but are not limited to, stock-based compensation expense, operating lease right-of-use (“ROU”) assets and liabilities, accruals and prepayments for research and development costs, income taxes and uncertain tax positions. The Company assesses estimates on an ongoing basis, however, actual results could materially differ from those estimates.
Accounting Pronouncements Not Yet Adopted	Accounting Pronouncements Not Yet Adopted In November 2024, the FASB issued ASU 2024-03 “Disaggregation of Income Statement Expenses,” which aims to improve the disclosures about a public business entity’s expenses and address requests from investors for more detailed information about the types of expenses in commonly presented expense captions. The guidance is effective for the Company's annual periods beginning in 2027 and interim periods beginning in the first quarter of fiscal year 2028.

- 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

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Purchase Commitments The Company has contractual arrangements with research and development organizations and suppliers; however, these contracts are generally cancellable on 30 days’ notice and the obligations under these contracts are largely based on services performed.

Financial Instruments - Narrative (Details) - USD ($)	Mar. 31, 2026	Dec. 31, 2025
Fair Value, Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities measured at fair value	$ 0	$ 0
Fair Value Measurements, Non-recurring Basis
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets measured at fair value	0	0
Liabilities measured at fair value	0	0
Fair Value, Inputs, Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets measured at fair value	0	0
Liabilities measured at fair value	$ 0	$ 0

- Definition

Fair value of financial obligations, including, but not limited to, debt instruments, derivative liabilities, federal funds purchased and sold under agreements to repurchase, securities loaned or sold under agreements to repurchase, financial instruments sold not yet purchased, guarantees, line of credit, loans and notes payable, servicing liability, and trading liabilities.

+ References + Details

Stockholder Rights Agreement (Details)	Mar. 11, 2026	Mar. 12, 2025 right $ / shares shares	Mar. 31, 2026 $ / shares	Dec. 31, 2025 $ / shares
Class of Warrant or Right [Line Items]
Preferred stock, par value (USD per share)			$ 0.0001	$ 0.0001
Rights Agreement
Class of Warrant or Right [Line Items]
Number of rights declared \| right		1
Number of shares per right entitled to purchase (in shares) \| shares		0.001
Warrant, exercisable after beneficial ownership threshold announcement, number of days		10 days
Warrant, Acquiring Person's beneficial ownership threshold, passive investor		20.00%
Warrant, Acquiring Person's beneficial ownership threshold, non-passive investor		10.00%
Expiration period from date of grant	1 year
Rights Agreement \| Series A Junior Participating Preferred Purchase Rights
Class of Warrant or Right [Line Items]
Preferred stock, par value (USD per share)		$ 0.0001
Exercise price (USD per share)		$ 12.64

Condensed Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Operating expenses:
Research and development	$ (13,584)	$ (43,436)
General and administrative	(8,188)	(15,499)
Total operating expenses	(21,772)	(58,935)
Loss from operations	(21,772)	(58,935)
Interest and other income (expense), net	1,732	3,568
Interest expense	0	(799)
Net loss	$ (20,040)	$ (56,166)
Net loss per share - basic (USD per share)	$ (0.32)	$ (0.92)
Net loss per share - diluted (USD per share)	$ (0.32)	$ (0.92)
Shares used in computing net loss per share - basic (in shares)	61,803,467	61,222,676
Shares used in computing net loss per share - diluted (in shares)	61,803,467	61,222,676
Comprehensive loss:
Net loss	$ (20,040)	$ (56,166)
Net unrealized (loss) on short-term investments	(326)	(162)
Total other comprehensive (loss)	(326)	(162)
Comprehensive loss	$ (20,366)	$ (56,328)

Net Loss Per Share Attributable to Common Stockholders

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Net Loss Per Share Attributable to Common Stockholders

The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented, because including them would have been antidilutive:


	Three Months Ended March 31,
	2026	2025
Options to purchase common stock	11,368,230	10,028,579
Restricted stock units	557,456	1,347,160
Total	11,925,686	11,375,739

Leases - Schedule of Weighted-average Remaining Lease Terms and Discount Rates (Details)	Mar. 31, 2026	Mar. 31, 2025
Leases [Abstract]
Weighted-average remaining lease term (in years)	5 years	6 years
Weighted-average discount rate	9.30%	9.30%

Property and Equipment, net

3 Months Ended

Mar. 31, 2026

Property, Plant and Equipment [Abstract]

Property and Equipment, net

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


	As of March 31, 2026		As of December 31, 2025
Laboratory equipment	$	7,857	$	8,563
Leasehold improvements	2,156		2,156
Furniture and fixtures	1,832		1,832
Computer equipment and software	1,105		1,105
Construction-in-progress	153		153
Total property and equipment, gross	13,103		13,809
Less: Accumulated depreciation	(10,439)		(10,869)
Total property and equipment, net	$	2,664	$	2,940

Depreciation expense was $0.3 million and $0.4 million for the three months ended March 31, 2026 and 2025, respectively.

In the fourth quarter of 2025, the Company committed to a plan to sell certain laboratory equipment that was no longer required following the restructuring of operations initiated May 1, 2025. Management determined that the assets met the criteria for classification as held for sale in accordance with ASC 360, "Property, Plant and Equipment."

The Company intended to divest these assets as part of their strategic realignment of resources, focusing on the development of PLN-101095 and the drug discovery platform. The assets were measured at the lower of their carrying value or fair value less cost to sell, and reclassified to "Property and equipment held for sale" within current assets on the Balance Sheets as of December 31, 2025. Depreciation ceased to be recognized on the assets after the date of its held-for-sale classification.

Laboratory equipment held for sale: (in thousands):


	As of March 31, 2026	As of December 31, 2025
Laboratory equipment held for sale	906	1,040
Total property and equipment held for sale	906	1,040

Commitments and Contingencies (Details)	3 Months Ended
Commitments and Contingencies (Details)	Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]
Contractual arrangements cancellation period	30 days

Common Stock - Schedule of Shares Reserved for Future Issuance (Details) - shares	Mar. 31, 2026	Dec. 31, 2025
Class of Stock [Line Items]
Total shares reserved for future issuance (in shares)	21,870,806	19,263,616
Shares of common stock available for future grants under the 2020 Stock Option and Incentive Plan
Class of Stock [Line Items]
Total shares reserved for future issuance (in shares)	6,893,636	7,832,167
Shares of common stock available for future issuance under the 2020 Employee Stock Purchase Plan
Class of Stock [Line Items]
Total shares reserved for future issuance (in shares)	1,626,484	1,692,136
Shares of common stock available for future grants under the 2022 Inducement Plan
Class of Stock [Line Items]
Total shares reserved for future issuance (in shares)	1,425,000	1,425,000
Outstanding stock option awards
Class of Stock [Line Items]
Total shares reserved for future issuance (in shares)	11,368,230	7,456,066
Vesting of RSUs
Class of Stock [Line Items]
Total shares reserved for future issuance (in shares)	557,456	858,247

- Definition

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

+ References

+ Details

Accrued Liabilities (Tables)

3 Months Ended

Mar. 31, 2026

Accrued Liabilities and Other Liabilities [Abstract]

Schedule of Accrued Liabilities

Accrued liabilities consisted of the following (in thousands):


	As of March 31, 2026		As of December 31, 2025
Accrued compensation and benefits	$	2,291	$	8,298
Other accrued liabilities	1,851		1,336
Total accrued liabilities	$	4,143	$	9,634

Net Loss Per Share Attributable to Common Stockholders (Details) - shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	11,925,686	11,375,739
Options to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	11,368,230	10,028,579
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	557,456	1,347,160

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

Net Loss Per Share Attributable to Common Stockholders (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of Potentially Dilutive Securities Excluded from Computation of Diluted Net Loss Per Share


	Three Months Ended March 31,
	2026	2025
Options to purchase common stock	11,368,230	10,028,579
Restricted stock units	557,456	1,347,160
Total	11,925,686	11,375,739

Accrued Liabilities - Narrative (Details) $ in Millions	Dec. 31, 2025 USD ($)
Employee Severance
Other Significant Noncash Transactions [Line Items]
Restructuring reserve	$ 2.5

Property and Equipment, net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 13,103	$ 13,809
Less: Accumulated depreciation	(10,439)	(10,869)
Total property and equipment, net	2,664	2,940
Laboratory equipment
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	7,857	8,563
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	2,156	2,156
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	1,832	1,832
Computer equipment and software
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	1,105	1,105
Construction-in-progress
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 153	$ 153

Equity Incentive Plans and Stock-Based Compensation - Incentive Stock Options and Nonqualified Stock Options - Narrative (Details) - 2015 and 2020 Equity Incentive Plans and 2020 Inducement Plan - Incentive Stock Options and Nonqualified Stock Options $ in Millions	3 Months Ended
	Mar. 31, 2026 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years
Expiration period from date of grant	10 years
Unrecognized compensation cost	$ 20.0
Unrecognized compensation expense, weighted average period	3 years 3 months 10 days

- Definition

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

+ References

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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Leases - Schedule of Operating Lease Liability (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]
2026 (remainder of the year)	$ 3,084
2027	5,897
2028	7,467
2029 and thereafter	20,821
Total undiscounted lease payments	37,269
Less: Present value discount	(8,485)
Total discounted lease payments	28,784
Total current operating lease liabilities	1,713	$ 1,447
Total non-current operating lease liabilities	$ 27,071	$ 27,658

Equity Incentive Plans and Stock-Based Compensation - Schedule of Option Activity Under the 2015 Plan and 2020 Plan (Details) - Incentive Stock Options and Nonqualified Stock Options - 2015 Equity and 2020 Incentive Plan - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Number of Options
Outstanding, beginning balance (in shares)	7,456,066
Granted (in shares)	4,642,500
Exercised (in shares)	0
Forfeited (in shares)	(730,336)
Outstanding, ending balance (in shares)	11,368,230	7,456,066
Number of options, exercisable (in shares)	5,178,672
Number of options, vested and expected to vest (in shares)	11,368,230
Weighted- Average Exercise Price per Share
Outstanding, beginning balance (USD per share)	$ 15.28
Granted (USD per share)	1.30
Exercised (USD per share)	0
Forfeited (USD per share)	15.85
Outstanding, ending balance (USD per share)	9.53	$ 15.28
Weighted- average exercise price per share, exercisable (USD per share)	15.17
Weighted- average exercise price per share, vested and expected to vest (USD per share)	$ 9.53
Weighted- Average Remaining Contractual Term (in Years)
Weighted- average remaining contractual term (in years), outstanding	7 years 6 months 3 days	5 years 7 months 6 days
Weighted- average remaining contractual term (in years), exercisable	5 years 6 months 18 days
Weighted- average remaining contractual term (in years), vested and expected to vest	7 years 6 months 3 days
Aggregate intrinsic value, outstanding balance	$ 0	$ 0
Aggregate intrinsic value, exercisable	0
Aggregate intrinsic value, vested and expected to vest	$ 0

Property and Equipment, net - Schedule of Assets Held for Sale (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Property, Plant and Equipment [Line Items]
Total property and equipment held for sale	$ 906	$ 1,040
Laboratory equipment
Property, Plant and Equipment [Line Items]
Total property and equipment held for sale	$ 906	$ 1,040

Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Schedule of Cash and Cash Equivalents, Money Market Funds and Short-term Investments by Significant Investment Category

The following tables show the Company’s short-term investments and cash equivalents by significant investment category as of March 31, 2026 and December 31, 2025 (in thousands):


		As of March 31, 2026								As of December 31, 2025
		Adjusted Cost		Unrealized Gains		Unrealized Losses		Market Value		Adjusted Cost		Unrealized Gains		Unrealized Losses		Market Value
Money Market Funds	Level 1	$	13,747	$	—	$	—	$	13,747	$	24,811	$	—	$	—	$	24,811
U.S. Treasury securities	Level 2	19,109		—		(65)		19,044		8,064		2		(1)		8,065
U.S. Government agency securities	Level 2	3,010		—		(5)		3,005		1,001		—		—		1,001
Corporate debt securities	Level 2	126,925		—		(272)		126,653		139,941		26		(42)		139,925
Total financial assets		$	162,791	$	—	$	(342)	$	162,449	$	173,817	$	28	$	(43)	$	173,802


	As of March 31, 2026								As of December 31, 2025
	Adjusted Cost		Unrealized Gains		Unrealized Losses		Market Value		Adjusted Cost		Unrealized Gains		Unrealized Losses		Market Value
Classified as:
Cash equivalents	$	13,747	$	—	$	—	$	13,747	$	28,303	$	—	$	—	$	28,303
Short-term investments	149,044		—		(342)		148,702		145,514		28		(43)		145,499
Total	$	162,791	$	—	$	(342)	$	162,449	$	173,817	$	28	$	(43)	$	173,802

Prepaid Expenses and Other Current Assets (Tables)

3 Months Ended

Mar. 31, 2026

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

Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following (in thousands):


	As of March 31, 2026		As of December 31, 2025
Prepaid licenses	$	648	$	763
Interest receivable	914		823
Prepaid research and development	873		2,114
Prepaid insurance	440		672
Other	257		92
Total prepaid expenses and other current assets	$	3,132	$	4,464

Segments (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of Segment Reporting Expenses

The table below shows a reconciliation of the Company’s net loss, including the significant expense categories regularly provided to and reviewed by the CODM reflecting the changes made by the company's re-priortized pipeline, as computed under U.S. GAAP, to the Company’s total net loss in the statements of operations (in thousands).


	Three Months Ended March 31,
	2026		2025
Operating expenses:
Program expense including clinical trial and third party contracting costs	$	5,585	$	1,436
Bexotegrast - clinical trial and third party contracting costs	(777)		21,589
Employee-related expenses - research and development (excluding stock-based compensation)	3,537		10,486
General and administrative costs (excluding stock-based compensation)	5,661		10,289
Other segment items	7,766		15,135
Segment loss	21,772		58,935
Reconciliation of segment loss
Interest and other (income) expense, net	(1,732)		(3,568)
Interest expense	—		799
Net loss	$	20,040	$	56,166

Financial Instruments - Schedule of Cash and Cash Equivalents, Money Market Funds and Short-term Investments by Significant Investment Category (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Debt Securities, Available-for-sale [Line Items]
Adjusted Cost	$ 162,791	$ 173,817
Unrealized Gains	0	28
Unrealized Losses	(342)	(43)
Market Value	162,449	173,802
Short-term investments
Debt Securities, Available-for-sale [Line Items]
Adjusted Cost	149,044	145,514
Unrealized Gains	0	28
Unrealized Losses	(342)	(43)
Market Value	148,702	145,499
Cash Equivalents
Debt Securities, Available-for-sale [Line Items]
Adjusted Cost	13,747	28,303
Unrealized Gains	0	0
Unrealized Losses	0	0
Market Value	13,747	28,303
Level 1 \| Money Market Funds
Debt Securities, Available-for-sale [Line Items]
Adjusted Cost	13,747	24,811
Unrealized Gains	0	0
Unrealized Losses	0	0
Market Value	13,747	24,811
Level 2 \| U.S. Treasury securities
Debt Securities, Available-for-sale [Line Items]
Adjusted Cost	19,109	8,064
Unrealized Gains	0	2
Unrealized Losses	(65)	(1)
Market Value	19,044	8,065
Level 2 \| U.S. Government agency securities
Debt Securities, Available-for-sale [Line Items]
Adjusted Cost	3,010	1,001
Unrealized Gains	0	0
Unrealized Losses	(5)	0
Market Value	3,005	1,001
Level 2 \| Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Adjusted Cost	126,925	139,941
Unrealized Gains	0	26
Unrealized Losses	(272)	(42)
Market Value	$ 126,653	$ 139,925

Condensed Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 22,190	$ 45,445
Short-term investments	148,702	145,499
Prepaid expenses and other current assets (Note 5)	3,132	4,464
Property and equipment held for sale (Note 4)	906	1,040
Total current assets	174,930	196,448
Property and equipment, net (Note 4)	2,664	2,940
Operating lease right-of-use assets (Note 15)	23,131	23,966
Restricted cash	1,482	1,482
Other non-current assets	389	392
Total assets	202,596	225,228
Current liabilities
Accounts payable	362	480
Accrued research and development	4,141	4,804
Accrued liabilities (Note 6)	4,143	9,634
Operating lease liabilities, current (Note 15)	1,713	1,447
Total current liabilities	10,359	16,365
Operating lease liabilities, non-current (Note 15)	27,071	27,658
Long-term debt (Note 7)	0	0
Total liabilities	37,430	44,023
Commitments and Contingencies (Note 14)
Stockholders’ equity
Preferred stock, $0.0001 par value per share; 10,000,000 shares authorized at March 31, 2026 and December 31, 2025, 300,000 shares designated as Series A Junior Participating Preferred Stock at March 31, 2026 and December 31, 2025; and none issued or outstanding at March 31, 2026 and December 31, 2025 (Note 8 and 10)	0	0
Common stock, $0.0001 par value per share; 300,000,000 shares authorized at March 31, 2026 and December 31, 2025; and 61,914,569 and 61,449,290 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively; (Note 9)	6	6
Additional paid-in capital	1,044,937	1,040,610
Accumulated deficit	(879,436)	(859,396)
Accumulated other comprehensive loss	(341)	(15)
Total stockholders’ equity	165,166	181,205
Total liabilities and stockholders’ equity	$ 202,596	$ 225,228

Common Stock - Narrative (Details)	3 Months Ended
Common Stock - Narrative (Details)	Mar. 31, 2026 vote $ / shares shares	Dec. 31, 2025 $ / shares shares
Equity [Abstract]
Common stock, shares authorized (in shares) \| shares	300,000,000	300,000,000
Common stock, par value (USD per share)	$ 0.0001	$ 0.0001
Common stock, voting rights, number of votes per share \| vote	1
Dividends declared (USD per share)	$ 0
Dividends paid (USD per share)	$ 0

Equity Incentive Plans and Stock-Based Compensation - Schedule of Black-Scholes Option Pricing Model to Estimate Stock-based Compensation Expense for Stock Option Awards (Details) - Incentive Stock Options and Nonqualified Stock Options - 2015 and 2020 Equity Incentive Plans and 2020 Inducement Plan - $ / shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	87.39%
Expected volatility, minimum		86.82%
Expected volatility, maximum		86.99%
Risk-free interest rate	3.91%
Risk-free interest rate, minimum		4.11%
Risk-free interest rate, maximum		4.45%
Expected dividend	0.00%	0.00%
Expected term (in years)	5 years 11 months 26 days
Underlying common stock fair value	$ 1.30
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)		5 years 11 months 26 days
Underlying common stock fair value		$ 1.54
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)		6 years 29 days
Underlying common stock fair value		$ 12.63

Preferred Stock (Details)	Mar. 31, 2026 class shares	Dec. 31, 2025 shares
Temporary Equity Disclosure [Abstract]
Number of classes of stock authorized \| class	2
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares outstanding (in shares)	0	0

Equity Incentive Plans and Stock-Based Compensation - Equity Incentive Plan - Narrative (Details)	3 Months Ended
	Mar. 31, 2026
2020 Stock Options and Incentive Plan and 2022 Inducement Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price as a percentage of estimated grant date fair value of shares	10.00%
Expiration period from date of grant	5 years
Maximum \| 2020 Stock Options and Incentive Plan and 2022 Inducement Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period in which options may be granted	10 years
Exercise price as a percentage of estimated grant date fair value of shares	110.00%
Maximum \| Shares of common stock available for future grants under the 2020 Stock Option and Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of outstanding shares, shares added per year to plan	5.00%

- Definition

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

+ References

+ Details

Condensed Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
Preferred stock, par value (USD 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 (USD per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	300,000,000	300,000,000
Common stock, shares issued (in shares)	61,914,569	61,449,290
Common stock, shares outstanding (in shares)	61,914,569	61,449,290
Series A Junior Participating Preferred Purchase Rights
Preferred stock, shares authorized (in shares)	300,000	300,000

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2026	May 08, 2026
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	001-39303
Entity Registrant Name	PLIANT THERAPEUTICS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-4272481
Entity Address, Address Line One	331 Oyster Point Blvd.
Entity Address, City or Town	South San Francisco,
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94080
City Area Code	650
Local Phone Number	481-6770
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		61,920,249
Amendment Flag	false
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001746473
Current Fiscal Year End Date	--12-31
Common Stock, par value $0.0001 per share
Document Information [Line Items]
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	PLRX
Security Exchange Name	NASDAQ
Series A Junior Participating Preferred Purchase Rights
Document Information [Line Items]
Title of 12(b) Security	Series A Junior Participating Preferred Purchase Rights
No Trading Symbol Flag	true
Security Exchange Name	NASDAQ

Leases - Schedule of Operating and Variable Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Leases [Abstract]
Operating lease costs	$ 1,506	$ 1,506
Other variable costs	500	430
Total expense	$ 2,006	$ 1,936

Condensed Statements of Stockholders’ Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Gain/(Loss)	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2024		60,860,838
Beginning balance at Dec. 31, 2024	$ 304,081	$ 6	$ 1,013,806	$ 321	$ (710,052)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under benefit plans (in shares)		525,345
Issuance of common stock under benefit plans	498		498
Stock-based compensation	8,913		8,913
Net unrealized loss on short-term investments	(162)			(162)
Net loss	(56,166)				(56,166)
Ending balance (in shares) at Mar. 31, 2025		61,386,183
Ending balance at Mar. 31, 2025	$ 257,164	$ 6	1,023,217	159	(766,218)
Beginning balance (in shares) at Dec. 31, 2025	61,449,290	61,449,290
Beginning balance at Dec. 31, 2025	$ 181,205	$ 6	1,040,610	(15)	(859,396)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under benefit plans (in shares)		465,279
Issuance of common stock under benefit plans	74		74
Stock-based compensation	4,254		4,254
Net unrealized loss on short-term investments	(326)			(326)
Net loss	$ (20,040)				(20,040)
Ending balance (in shares) at Mar. 31, 2026	61,914,569	61,914,569
Ending balance at Mar. 31, 2026	$ 165,166	$ 6	$ 1,044,937	$ (341)	$ (879,436)

- Definition

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

+ References

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- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

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+ Details

Leases - Narrative (Details) $ in Thousands		3 Months Ended
Leases - Narrative (Details) $ in Thousands	Sep. 28, 2023 USD ($) ft²	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Mar. 31, 2026 USD ($)	Mar. 12, 2025 shares
Lessee, Lease, Description [Line Items]
Future lease payments				$ 37,269
Rights Agreement
Lessee, Lease, Description [Line Items]
Number of shares per right entitled to purchase (in shares) \| shares					0.001
California
Lessee, Lease, Description [Line Items]
Leased premises under non cancelable operating lease \| ft²	100,904
Lease term		7 years
Lease term extension period	8 years
Future lease payments	$ 37,300
Lease liability		$ 6,100	$ 23,700
California \| Landlord \| Letter of Credit \| Pliant Therapeutics
Lessee, Lease, Description [Line Items]
Line of credit				$ 1,400

Segments - Schedule of Segment Reporting Expenses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Operating expenses:
Segment loss	$ 21,772	$ 58,935
Reconciliation of segment loss
Interest and other (income) expense, net	(1,732)	(3,568)
Interest expense	0	799
Net loss	20,040	56,166
Reportable Segment
Operating expenses:
Program expense including clinical trial and third party contracting costs	5,585	1,436
Bexotegrast - clinical trial and third party contracting costs	(777)	21,589
Employee-related expenses - research and development (excluding stock-based compensation)	3,537	10,486
General and administrative costs (excluding stock-based compensation)	5,661	10,289
Other segment items	7,766	15,135
Segment loss	21,772	58,935
Reconciliation of segment loss
Interest and other (income) expense, net	(1,732)	(3,568)
Interest expense	0	799
Net loss	$ 20,040	$ 56,166

Defined Contribution Plan	3 Months Ended
Defined Contribution Plan	Mar. 31, 2026
Retirement Benefits [Abstract]
Defined Contribution Plan	Defined Contribution Plan The Company sponsors a defined contribution plan under Section 401(k) of the Internal Revenue Code covering substantially all full-time U.S. employees. Employee contributions are voluntary and are determined on an individual basis subject to the maximum allowable under federal tax regulations. The Company made contributions to the plan of and $0.4 million and $0.7 million for the three months ended March 31, 2026 and 2025, respectively.

Accrued Liabilities

3 Months Ended

Mar. 31, 2026

Accrued Liabilities and Other Liabilities [Abstract]

Accrued Liabilities

Accrued liabilities consisted of the following (in thousands):


	As of March 31, 2026		As of December 31, 2025
Accrued compensation and benefits	$	2,291	$	8,298
Other accrued liabilities	1,851		1,336
Total accrued liabilities	$	4,143	$	9,634

Accrued compensation and benefits consist primarily of accrued bonuses and accrued vacation. As of December 31, 2025, the amount also included accrued severance costs of $2.5 million.

Property and Equipment, net (Tables)

3 Months Ended

Mar. 31, 2026

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

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


	As of March 31, 2026		As of December 31, 2025
Laboratory equipment	$	7,857	$	8,563
Leasehold improvements	2,156		2,156
Furniture and fixtures	1,832		1,832
Computer equipment and software	1,105		1,105
Construction-in-progress	153		153
Total property and equipment, gross	13,103		13,809
Less: Accumulated depreciation	(10,439)		(10,869)
Total property and equipment, net	$	2,664	$	2,940

Schedule of Laboratory Equipment Assets Held for Sale

Laboratory equipment held for sale: (in thousands):


	As of March 31, 2026	As of December 31, 2025
Laboratory equipment held for sale	906	1,040
Total property and equipment held for sale	906	1,040

Stockholder Rights Agreement

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Stockholder Rights Agreement

Preferred Stock

Under the Company’s Amended and Restated Certificate of Incorporation, the Company is authorized to issue two classes of shares: preferred stock and common stock. The preferred stock may be issued in series, and the Company’s board of directors is authorized to determine the rights, preferences, and terms of each series. These rights, preferences and terms could include dividend rights, conversion rights, voting rights, terms of redemptions, liquidation preferences and sinking fund terms. As of March 31, 2026 and December 31, 2025, the Company was authorized to issue 10,000,000 shares of preferred stock and there was no outstanding preferred stock as of March 31, 2026 and December 31, 2025.

Common Stock

As of March 31, 2026 and December 31, 2025, the Company was authorized to issue 300,000,000 shares of common stock at a par value of $0.0001 per share. The Common Stock has the following rights and privileges:

Voting

The holders of shares of common stock are entitled to one vote for each share of common stock held at any meeting of stockholders and at the time of any written action in lieu of a meeting.

Dividends

The holders of shares of common stock are entitled to receive dividends, when declared by the Company’s board of directors. Cash dividends may not be declared or paid to holders of shares of common stock until all unpaid dividends on preferred stock have been paid in accordance with their terms. No dividends have been declared or paid by the Company since its inception. The terms of the Amended Loan Agreement restrict our ability to declare and pay dividends.

Liquidation

Subject to the preferential rights of holders of preferred stock then outstanding, the holders of shares of common stock are entitled to share ratably in the Company’s remaining assets available for distribution to its stockholders in the event of any voluntary or involuntary liquidation, dissolution or winding up of the Company.

Shares reserved for future issuance


	As of March 31, 2026	As of December 31, 2025
Outstanding stock option awards	11,368,230	7,456,066
Vesting of RSUs	557,456	858,247
Shares of common stock available for future grants under the 2020 Stock Option and Incentive Plan	6,893,636	7,832,167
Shares of common stock available for future issuance under the 2020 Employee Stock Purchase Plan	1,626,484	1,692,136
Shares of common stock available for future grants under the 2022 Inducement Plan	1,425,000	1,425,000
Total shares reserved for future issuance	21,870,806	19,263,616

Stockholder Rights Agreement

On March 12, 2025, the Company's board of directors adopted the Rights Plan and declared a dividend of one right (each, a “Right”) for each outstanding share of our common stock to stockholders of record at the close of business on March 25, 2025. Each Right entitles its holder, subject to the terms of the Rights Plan, to purchase from the Company one one-thousandth of a share of Series A Junior Participating Preferred Stock, par value $0.0001 per share, of the Company at an exercise price of $12.64 per Right, subject to adjustment. The description and terms of the Rights are set forth in the Rights Plan, dated as of March 12, 2025, by and between the Company and Computershare Trust Company, N.A., a federally chartered trust company, as rights agent. Subject to certain exceptions, Rights become exercisable and trade separately from our common stock only upon the earlier of (i) the close of business on the tenth business day following the public announcement of an Acquiring Person (as defined in the Rights Plan) beneficially owning 20%, when referring to a passive investor, and 10%, when referring to a person that is not a passive investor, or more of our common stock, and (ii) the close of business on the tenth business day after the commencement of a tender offer or exchange offer that, if consummated, would result in a person or group becoming an Acquiring Person. On March 3, 2026, the Company entered into an Amendment to the Stockholder Rights Agreement to extend the expiration time of the Rights for one year from March 11, 2026 to March 11, 2027, unless the Rights are earlier redeemed, exchanged, or terminated in accordance with the terms and conditions of the Rights Agreement.

The Rights Plan is intended to reduce the likelihood that any entity, person or group is able to gain control of the Company through open market accumulation without paying all stockholders an appropriate control premium or providing the board of directors sufficient opportunity to make informed judgments and take actions that are in the best interests of the Company and all stockholders. The Rights Plan is not intended to interfere with any merger or other business combination approved by the board of directors.

- Definition

The entire disclosure for equity.

+ References

+ Details

Long-term Debt (Details) - Loan Agreement - Term Loan Facility - USD ($)	1 Months Ended		3 Months Ended
	Oct. 31, 2025	Mar. 31, 2024	Mar. 31, 2026	Mar. 31, 2025
Debt Instrument [Line Items]
Term loan facility		$ 150,000,000.0
Line of credit facility, current borrowing capacity		30,000,000.0
Line of credit		$ 10,000,000.0
Repayments of debt	$ 32,400,000
Interest expense, debt			$ 0	$ 800,000

- 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

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

Equity Incentive Plans and Stock-Based Compensation - 2020 Employee Stock Purchase Plan - Schedule of Black-Scholes Option Pricing Model to Estimate Stock-based Compensation Expense for 2020 Employee Stock Purchase Plan (Details) - 2020 Employee Stock Purchase Plan	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	62.35%	209.54%
Risk-free interest rate	3.68%	4.31%
Expected dividend	0.00%	0.00%
Expected term (in years)	6 months	6 months

- Definition

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

+ References

+ Details

Equity Incentive Plans and Stock-Based Compensation - 2020 Employee Stock Purchase Plan - Narrative (Details) - USD ($)	1 Months Ended	3 Months Ended
	Jun. 30, 2020	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shares reserved for future issuance (in shares)		21,870,806		19,263,616
Total stock-based compensation expense		$ 4,254,000	$ 8,912,000
2020 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock shares outstanding percentage	1.00%
Total shares reserved for future issuance (in shares)	700,000	1,626,484
Percentage of payroll deductions	15.00%
Employee stock purchase plan offering period	6 months
Common stock fair market value percentage	85.00%
Total stock-based compensation expense		$ 29,800	$ 19,300
Number of common stock issued (in shares)		65,652	149,987

- Definition

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

+ References

+ Details

Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Accrued Liabilities and Other Liabilities [Abstract]
Accrued compensation and benefits	$ 2,291	$ 8,298
Other accrued liabilities	1,851	1,336
Total accrued liabilities	$ 4,143	$ 9,634

Common Stock (Tables)

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Schedule of Shares Reserved for Future Issuance

Shares reserved for future issuance


	As of March 31, 2026	As of December 31, 2025
Outstanding stock option awards	11,368,230	7,456,066
Vesting of RSUs	557,456	858,247
Shares of common stock available for future grants under the 2020 Stock Option and Incentive Plan	6,893,636	7,832,167
Shares of common stock available for future issuance under the 2020 Employee Stock Purchase Plan	1,626,484	1,692,136
Shares of common stock available for future grants under the 2022 Inducement Plan	1,425,000	1,425,000
Total shares reserved for future issuance	21,870,806	19,263,616

Income Taxes (Details) - USD ($)	3 Months Ended
Income Taxes (Details) - USD ($)	Mar. 31, 2026	Mar. 31, 2025
Income Tax Disclosure [Abstract]
Income tax provision	$ 0	$ 0
Valuation allowance as a percentage on total deferred tax assets	100.00%
Effective tax rate	0.00%

- Definition

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

+ References

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+ Details

Restructuring of Operations	3 Months Ended
Restructuring of Operations	Mar. 31, 2026
Restructuring and Related Activities [Abstract]
Restructuring of Operations	Restructuring of Operations On May 1, 2025, we announced a reduction in workforce that impacted approximately 45% of our then-current employees. The restructuring plan was completed in the third quarter of 2025 and amounted to $3.8 million. In December 2025, we initiated an additional restructuring plan totaling $2.5 million. The restructuring plan was completed on December 15, 2025 and the entire cost, consisting of severance and a benefits continuation payment was accrued within Accrued Compensation and Benefits as of December 31, 2025 and settled in cash during the three months ended March 31, 2026.

Preferred Stock

3 Months Ended

Mar. 31, 2026

Temporary Equity Disclosure [Abstract]

Preferred Stock

Common Stock

Voting

The holders of shares of common stock are entitled to one vote for each share of common stock held at any meeting of stockholders and at the time of any written action in lieu of a meeting.

Dividends

Liquidation

Shares reserved for future issuance


	As of March 31, 2026	As of December 31, 2025
Outstanding stock option awards	11,368,230	7,456,066
Vesting of RSUs	557,456	858,247
Shares of common stock available for future grants under the 2020 Stock Option and Incentive Plan	6,893,636	7,832,167
Shares of common stock available for future issuance under the 2020 Employee Stock Purchase Plan	1,626,484	1,692,136
Shares of common stock available for future grants under the 2022 Inducement Plan	1,425,000	1,425,000
Total shares reserved for future issuance	21,870,806	19,263,616

Stockholder Rights Agreement

- Definition

The entire disclosure for equity.

+ References

+ Details

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2026
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For the three months ended March 31, 2026 and 2025, the Company did not record an income tax provision. The Company will continue to maintain a 100% valuation allowance on total deferred tax assets. The Company believes it is more likely than not that the related deferred tax asset will not be realized. As a result, the Company’s effective tax rate will remain at 0% because there are no estimated or discrete items that would impact the tax provision. The One Big Beautiful Bill Act (“OBBBA”), enacted on July 4, 2025, introduced Internal Revenue Code (“IRC”) Section 174A, which permits the full expensing of domestic research and experimental (“R&E”) expenditures incurred in taxable years beginning after December 31, 2024. For domestic R&E expenditures incurred prior to January 1, 2025, the Company has elected to continue amortizing the remaining balances over their existing five-year periods as permitted by Rev. Proc. 2025-28. For the three months ended March 31, 2026, the full expensing of current domestic R&E costs resulted in an increase in net operating loss carryforwards. However, because the Company maintains a full valuation allowance against its deferred tax assets, these changes had no impact on the effective tax rate.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

Subsequent Events (Details) - 2015 and 2020 Equity Incentive Plans and 2020 Inducement Plan - Subsequent Event	Apr. 15, 2026 $ / shares
Subsequent Event [Line Items]
Exercised (USD per share)	$ 1.33
Executive Officer
Subsequent Event [Line Items]
Vesting period	18 months
Employee
Subsequent Event [Line Items]
Vesting period	12 months

Prepaid Expenses and Other Current Assets

3 Months Ended

Mar. 31, 2026

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

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following (in thousands):


	As of March 31, 2026		As of December 31, 2025
Prepaid licenses	$	648	$	763
Interest receivable	914		823
Prepaid research and development	873		2,114
Prepaid insurance	440		672
Other	257		92
Total prepaid expenses and other current assets	$	3,132	$	4,464

Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid licenses	$ 648	$ 763
Interest receivable	914	823
Prepaid research and development	873	2,114
Prepaid insurance	440	672
Other	257	92
Total prepaid expenses and other current assets	$ 3,132	$ 4,464

Leases

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

Leases

On September 28, 2023, the Company entered into a lease agreement with HCP BTC, LLC, a Delaware limited liability company (“the Landlord”) for premises consisting of approximately 100,904 square feet of office and laboratory space located at Oyster Point Blvd, South San Francisco, California (the “Oyster Point Lease”), which is being used as a single unified Company headquarters. The lease term of approximately seven years started in the second quarter of 2024 when the Landlord substantially completed tenant improvements and may be extended for a period of eight years at the then prevailing market rates for a comparable property. Future lease payments are approximately $37.3 million which represent the non-cancellable periods of the lease. We excluded extension options that are not reasonably certain to be exercised from our lease terms. Our lease payments consist primarily of fixed rental payments for the right to use the underlying leased assets over the lease term. Our lease agreement provides us the right to sublet the premises, subject to approval by the Landlord. Additionally, the Company provided a letter of credit to the Landlord in the amount of $1.4 million in connection with the Oyster Point Lease, which is classified as restricted cash as of March 31, 2026.

Though the Oyster Point Lease is accounted for as a single contract, the office space was occupied in March 2024 while the laboratory space was occupied in June 2024. Accordingly, the Company measured and allocated consideration to each lease component. Upon commencement of each lease component the Company recognized an aggregate right-of-use asset ("ROU") and lease liability of $23.7 million and $6.1 million during the quarters ended March 31, 2024 and June 30, 2024, respectively.

The undiscounted future non-cancellable lease payments of the Company's operating lease liability as of March 31, 2026 were as follows (in thousands):


	Operating Lease
2026 (remainder of the year)	3,084
2027	5,897
2028	7,467
2029 and thereafter	20,821
Total undiscounted lease payments	$	37,269
Less: Present value discount	(8,485)
Total discounted lease payments	$	28,784
Total current operating lease liabilities	$	1,713
Total non-current operating lease liabilities	$	27,071
Total lease liability	$	28,784

The weighted-average remaining lease terms and discount rates related to the Company's operating leases were as follows:


	Three Months Ended March 31,
	2026	2025
Weighted-average remaining lease term (in years)	5.0	6.0
Weighted-average discount rate	9.3%	9.3%

Variable lease costs comprise primarily of the Company's proportionate share of operating expenses, property taxes, and insurance. Short-term lease expense and variable lease payments recorded in operating expenses were immaterial for the three months ended March 31, 2026 and 2025. Lease expenses for each of the three months ended March 31, 2026 and 2025 are as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Operating lease costs	$	1,506	$	1,506
Other variable costs	500		430
Total expense	$	2,006	$	1,936

Equity Incentive Plans and Stock-Based Compensation - Schedule of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 4,254	$ 8,912
Research and development expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	1,727	3,702
General and administrative expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	2,527	5,210
Stock options and ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	3,128	5,961
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 1,126	$ 2,951

- Definition

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

+ References

+ Details

Condensed Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
Condensed Statements of Cash Flows - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities
Net loss	$ (20,040)	$ (56,166)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense	264	448
Stock-based compensation expense	4,254	8,913
Gain on sale of property plant and equipment	(94)	0
Non-cash operating lease expense	835	813
Net amortization (accretion) on short-term investments	417	1,362
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	1,724	995
Other non-current assets	323	8
Accounts payable	(118)	(338)
Accrued liabilities	(6,474)	(4,808)
Operating lease liabilities	(320)	(91)
Net cash used in operating activities	(19,229)	(48,864)
Cash flows from investing activities
Purchase of short-term investments	(64,900)	(14,149)
Maturity of short-term investments	60,698	83,525
Purchase of property and equipment	0	(262)
Proceeds from sale of property, plant and equipment	102	0
Net cash (used in) provided by investing activities	(4,100)	69,114
Cash flows from financing activities
Proceeds from issuances of common stock under benefit plans	74	498
Net cash provided by financing activities	74	498
Net (decrease) increase in cash and cash equivalents	(23,255)	20,748
Cash and cash equivalents and restricted cash at beginning of period	46,927	72,670
Cash, cash equivalents and restricted cash at end of period	23,672	93,418
Supplemental disclosures of cash flow information:
Cash paid for interest	0	723
Reconciliation of cash, cash equivalents, and restricted cash reported in the balance sheets
Cash and cash equivalents	22,190	91,936
Restricted cash	1,482	1,482
Total cash, cash equivalents, and restricted cash	23,672	93,418
Supplemental disclosures of noncash investing and financing activities:
Purchase of property and equipment in accounts payable and accrued liabilities	$ 0	$ 132

Equity Incentive Plans and Stock-Based Compensation - Schedule of Restricted Stock Activity (Details) - Restricted Stock Units	3 Months Ended
	Mar. 31, 2026 $ / shares shares
Restricted Stock Units
Outstanding and unvested, beginning balance (in shares) \| shares	858,247
Granted (in shares) \| shares	107,751
Released (in shares) \| shares	(399,627)
Forfeited (in shares) \| shares	(8,915)
Outstanding and unvested, ending balance (in shares) \| shares	557,456
Weighted Average Grant Date Fair Value
Unvested and outstanding, beginning balance (USD per share) \| $ / shares	$ 16.04
Granted (USD per share) \| $ / shares	1.30
Released (USD per share) \| $ / shares	20.20
Forfeited (USD per share) \| $ / shares	7.96
Unvested and outstanding, ending balance (USD per share) \| $ / shares	$ 10.33

Equity Incentive Plans and Stock-Based Compensation

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Equity Incentive Plans and Stock-Based Compensation

In 2015, the Company's board of directors adopted the 2015 Equity Incentive Plan, as amended in 2018, 2019 and 2020 (the “2015 Plan”), which provided for the grant of incentive stock options, nonqualified stock options or other awards including stock appreciation rights and restricted stock awards to the Company’s employees, officers, directors, advisors, and consultants. In May 2020, the board of directors adopted the 2020 Stock Option and Incentive Plan (the “2020 Plan”) and suspended the 2015 Plan. Awards outstanding under either the 2015 Plan or 2020 Plan that are cancelled, expire or otherwise terminated subsequent to May 2020 will become available for issuance as common stock under the 2020 Plan. Additionally, the 2020 Plan is subject to automatic increases on January 1 of each year beginning January 1, 2021. The number of shares added each January 1 will be equal to the lesser of: (i) 5% of the outstanding shares on the immediately preceding December 31 or (ii) such amount as determined by the compensation committee of the board of directors.

The 2020 Plan provides for the grant of incentive stock options, nonqualified stock options or other awards including stock appreciation rights, restricted stock awards and restricted stock units to the Company’s employees, officers, directors, advisors and consultants.

In 2022, the board of directors adopted the 2022 Inducement Plan (the “2022 Plan”), under which the Company may grant nonqualified stock options or other awards including stock appreciation rights and restricted stock awards.

Options under the 2020 Plan and Inducement Plan may be granted for periods of up to 10 years and at prices no less than the market price of the Company’s common stock on the date of grant, provided, however, that the exercise price of an incentive stock option granted to a 10% shareholder shall not be less than 110% of the fair value of the shares on the date of grant and the option is not exercisable after the expiration of five years from the date of grant.

Incentive Stock Options and Nonqualified Stock Options

Stock options issued under either the 2015 Plan, the 2020 Plan or the Inducement Plan generally vest over four years and expire ten years from the date of grant. Certain options provide for accelerated vesting if there is a change in control, as defined in the respective plans.

The Company used Black-Scholes option pricing model to estimate stock-based compensation expense for stock option awards with the following assumptions:


	Three Months Ended March 31,
	2026	2025
Expected volatility	87.39%	86.82% - 86.99%
Risk-free interest rate	3.91%	4.11% - 4.45%
Expected dividend	—	—
Expected term (in years)	5.99	5.99 - 6.08
Underlying common stock fair value	$1.30	$1.54 - $12.63

A summary of option activity under the 2015 Plan, 2020 Plan and 2022 Plan is as follows:


	Number of Options	Weighted- Average Exercise Price per Share		Weighted- Average Remaining Contractual Term (in Years)	Aggregate Intrinsic Value
Outstanding as of December 31, 2025	7,456,066	$	15.28	5.60	$	—
Granted	4,642,500	$	1.30
Exercised	—	$	—
Forfeited	(730,336)	$	15.85
Outstanding as of March 31, 2026	11,368,230	$	9.53	7.51	$	—
Exercisable as of March 31, 2026	5,178,672	$	15.17	5.55	$	—
Vested and expected to vest as of March 31, 2026	11,368,230	$	9.53	7.51	$	—

As of March 31, 2026, there were $20.0 million of unrecognized compensation costs that are expected to be recognized over the weighted-average period of 3.28 years related to stock options. Aggregate intrinsic value represents the difference between the fair value of the underlying common stock and the exercise price as of March 31, 2026.

Restricted Stock Units

The service-based condition for restricted stock units (“RSUs”) is generally satisfied over three years.


	Restricted Stock Units	Weighted Average Grant Date Fair Value
Unvested and outstanding as of December 31, 2025	858,247	$	16.04
Granted	107,751	$	1.30
Released	(399,627)	$	20.20
Forfeited	(8,915)	$	7.96
Unvested and outstanding as of March 31, 2026	557,456	$	10.33

As of March 31, 2026, the Company had $4.7 million of unrecognized stock-based compensation expense related to outstanding RSUs expected to be recognized over a weighted-average period of 1.96 years.

2020 Employee Stock Purchase Plan

In June 2020, the Company adopted the Company's 2020 Employee Stock Purchase Plan (the “2020 ESPP”). The 2020 ESPP provides that the number of shares reserved and available for issuance will automatically increase on January 1 of each calendar year, beginning January 1, 2021, by the least of (1) 1.0% of the total number of shares of common stock outstanding on December 31 of the preceding calendar year, (2) 700,000 shares or (3) such lesser amount as determined by the administrator of the 2020 ESPP, which is the compensation committee of the board of directors of the Company.

Under the 2020 ESPP, eligible employees may purchase shares of our common stock through payroll deductions that cannot exceed 15% of each employee’s salary. The 2020 ESPP provides for a six-month offering period. At the end of the purchase period, eligible employees are permitted to purchase shares of common stock at the lower of 85% of the fair market value at the beginning of the offering period or 85% of the fair market value at the end of the purchase period, subject to tax limitations on the total value of the purchase. The 2020 ESPP is considered a compensatory plan, and the Company recorded $29.8 thousand and $19.3 thousand in stock-based compensation expense for the three months ended March 31, 2026 and 2025, respectively. During the three months ended March 31, 2026 and 2025, 65,652 and 149,987 shares of common stock were issued, respectively, under the 2020 ESPP with 1,626,484 shares remaining available for issuance as of March 31, 2026. The Company used Black-Scholes option pricing model to estimate stock-based compensation expense for the 2020 ESPP with the following assumptions:


	Three Months Ended March 31,
	2026	2025
Expected volatility	62.35%	209.54%
Risk-free interest rate	3.68%	4.31%
Expected dividend	—	—
Expected term (in years)	0.50	0.50

Stock-Based Compensation Expense

The following table presents the components and classification of stock-based compensation expense for the Company’s stock-based awards for the three months ended March 31, 2026 and 2025 (in thousands):


	Three Months Ended March 31,
	2026		2025
Stock options and ESPP	$	3,128	$	5,961
Restricted stock units	1,126		2,951
Total stock-based compensation expense	$	4,254	$	8,912
Research and development expenses	$	1,727	$	3,702
General and administrative expenses	$	2,527	$	5,210

Financial Instruments

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Financial Instruments

The Company’s short-term investments consist of U.S. Treasury securities, U.S. Government agency securities and highly rated, investment-grade corporate debt securities with original maturities beyond three months at the date of purchase. The Company has classified and accounted for its short-term investments as available-for-sale securities as the Company may sell these securities at any time for reasons including, but not limited to, managing liquidity, credit risk, duration and asset

allocation and such investments represent cash available for current operations. As a result, short-term investments may include securities with maturities beyond twelve months that are classified within current assets in the condensed balance sheets. The Company’s short-term investments classified as available-for-sale are carried at fair market value with unrealized gains or losses recognized in the statements of operations and comprehensive loss.

The Company’s cash equivalent Money Market Funds are classified as Level 1 in the fair value hierarchy because they are valued using quoted active market prices. The fair value of the Company’s U.S. Treasury securities, U.S. Government agency securities and corporate debt securities are classified as Level 2 because they are valued using observable inputs to quoted market prices other than Level 1 prices, benchmark yields, reported trades, broker/dealer quotes or alternative pricing sources with reasonable levels of price transparency and include U.S. Government agency securities, U.S. Treasury securities and corporate debt securities.

There were no assets or liabilities recorded at fair value to the condensed balance sheets using Level 3 inputs as of March 31, 2026 and as of December 31, 2025.

The following tables show the Company’s short-term investments and cash equivalents by significant investment category as of March 31, 2026 and December 31, 2025 (in thousands):


		As of March 31, 2026								As of December 31, 2025
		Adjusted Cost		Unrealized Gains		Unrealized Losses		Market Value		Adjusted Cost		Unrealized Gains		Unrealized Losses		Market Value
Money Market Funds	Level 1	$	13,747	$	—	$	—	$	13,747	$	24,811	$	—	$	—	$	24,811
U.S. Treasury securities	Level 2	19,109		—		(65)		19,044		8,064		2		(1)		8,065
U.S. Government agency securities	Level 2	3,010		—		(5)		3,005		1,001		—		—		1,001
Corporate debt securities	Level 2	126,925		—		(272)		126,653		139,941		26		(42)		139,925
Total financial assets		$	162,791	$	—	$	(342)	$	162,449	$	173,817	$	28	$	(43)	$	173,802


	As of March 31, 2026								As of December 31, 2025
	Adjusted Cost		Unrealized Gains		Unrealized Losses		Market Value		Adjusted Cost		Unrealized Gains		Unrealized Losses		Market Value
Classified as:
Cash equivalents	$	13,747	$	—	$	—	$	13,747	$	28,303	$	—	$	—	$	28,303
Short-term investments	149,044		—		(342)		148,702		145,514		28		(43)		145,499
Total	$	162,791	$	—	$	(342)	$	162,449	$	173,817	$	28	$	(43)	$	173,802

There were no liabilities measured at fair value on a recurring basis as of March 31, 2026 and December 31, 2025. The Company evaluates transfers between levels at the end of each reporting period and there have been no transfers between fair value measurement levels during the three months ended March 31, 2026. In addition, there were no assets or liabilities measured at fair value on a non-recurring basis as of March 31, 2026 and December 31, 2025.

The Company records interest income, accretion income and amortization expense on short-term investments to interest and other income (expense), net in its condensed statement of operations and comprehensive loss.

Long-term Debt	3 Months Ended
Long-term Debt	Mar. 31, 2026
Debt Disclosure [Abstract]
Long-term Debt	Long-term Debt In March 2024 we entered into an Amended and Restated Loan and Security Agreement (the “Amended Loan Agreement”) with Oxford Finance LLC (“Oxford”) to borrow a series of term loans up to an aggregate principal amount of $150.0 million. Pursuant to the Amended Loan Agreement, we drew an initial term loan of $30.0 million, inclusive of $10.0 million in principal amount previously outstanding under the initial Oxford Loan Agreement executed in May 2022. In October 2025, we made a full voluntary prepayment of $32.4 million to extinguish outstanding term loans. Upon prepayment, the term loans, related security interests, and all other obligations, covenants, debts and liabilities under the Amended Loan Agreement were satisfied and discharged in full. There was no debt outstanding nor interest expense incurred during the three months ended March 31, 2026. Interest expense for the three months ended March 31, 2025 was $0.8 million.

- Definition

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

+ References

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

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

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

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

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

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

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

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

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

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

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

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

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

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-Paragraph 1B
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

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

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
-Paragraph 1I
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Segments - Narrative (Details)	3 Months Ended
Segments - Narrative (Details)	Mar. 31, 2026 segment
Segment Reporting [Abstract]
Number of reportable segments	1
Number of operating segments	1

Property and Equipment, net - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 264	$ 448

Common Stock

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Common Stock

Preferred Stock

Common Stock

Voting

The holders of shares of common stock are entitled to one vote for each share of common stock held at any meeting of stockholders and at the time of any written action in lieu of a meeting.

Dividends

Liquidation

Shares reserved for future issuance


	As of March 31, 2026	As of December 31, 2025
Outstanding stock option awards	11,368,230	7,456,066
Vesting of RSUs	557,456	858,247
Shares of common stock available for future grants under the 2020 Stock Option and Incentive Plan	6,893,636	7,832,167
Shares of common stock available for future issuance under the 2020 Employee Stock Purchase Plan	1,626,484	1,692,136
Shares of common stock available for future grants under the 2022 Inducement Plan	1,425,000	1,425,000
Total shares reserved for future issuance	21,870,806	19,263,616

Stockholder Rights Agreement

- Definition

The entire disclosure for equity.

+ References

+ Details

Restructuring of Operations (Details) - USD ($) $ in Millions	1 Months Ended	5 Months Ended
	Dec. 31, 2025	Sep. 30, 2025
Restructuring Cost and Reserve [Line Items]
Reduction in workforce, percent		45.00%
Restructuring charges		$ 3.8
Payments for restructuring	$ 2.5

- Definition

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.

+ 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 + Details

Leases (Tables)

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

Schedule of Operating Lease Liability

The undiscounted future non-cancellable lease payments of the Company's operating lease liability as of March 31, 2026 were as follows (in thousands):


	Operating Lease
2026 (remainder of the year)	3,084
2027	5,897
2028	7,467
2029 and thereafter	20,821
Total undiscounted lease payments	$	37,269
Less: Present value discount	(8,485)
Total discounted lease payments	$	28,784
Total current operating lease liabilities	$	1,713
Total non-current operating lease liabilities	$	27,071
Total lease liability	$	28,784

Schedule of Weighted-average Remaining Lease Terms and Discount Rates

The weighted-average remaining lease terms and discount rates related to the Company's operating leases were as follows:


	Three Months Ended March 31,
	2026	2025
Weighted-average remaining lease term (in years)	5.0	6.0
Weighted-average discount rate	9.3%	9.3%

Schedule of Operating and Variable Lease Cost

Lease expenses for each of the three months ended March 31, 2026 and 2025 are as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Operating lease costs	$	1,506	$	1,506
Other variable costs	500		430
Total expense	$	2,006	$	1,936

Segments

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Segments

The Company operates and manages its business as one reportable and operating segment, which is the business of developing and commercializing novel therapies for patients. The Company’s chief executive officer, who is the chief operating decision maker (“CODM”), reviews financial information on an aggregate basis for allocating and evaluating financial performance. The Company defines its segments based on the way in which internally reported financial information is regularly reviewed by the CODM to analyze financial performance, make decisions, and allocate resources. The CODM assesses performance for the segment and decides how to allocate resources based on net loss which is also reported on the Statement of Operations and Comprehensive Loss as consolidated net loss.

All long-lived assets are maintained in the United States of America.

Our CODM is regularly provided with more detailed expense information than what is included in our Statement of Operations and Comprehensive Loss. Following our decision to discontinue development of bexotegrast, we re-prioritized development of programs formerly included in "other segment items" below. Beginning in the first quarter of 2026, significant segment expense includes the re-priortized pipeline within "Program expense - clinical trial and third party contracting costs". Prior period amounts have been reclassified to conform to current year presentation.


	Three Months Ended March 31,
	2026		2025
Operating expenses:
Program expense including clinical trial and third party contracting costs	$	5,585	$	1,436
Bexotegrast - clinical trial and third party contracting costs	(777)		21,589
Employee-related expenses - research and development (excluding stock-based compensation)	3,537		10,486
General and administrative costs (excluding stock-based compensation)	5,661		10,289
Other segment items	7,766		15,135
Segment loss	21,772		58,935
Reconciliation of segment loss
Interest and other (income) expense, net	(1,732)		(3,568)
Interest expense	—		799
Net loss	$	20,040	$	56,166

Other segment items include total stock-based compensation and research and development costs not directly associated with active, prioritized pipeline programs and other non-program costs (excluding employee-related expenses).

- 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

Equity Incentive Plans and Stock-Based Compensation - Restricted Stock Units - Narrative (Details) - Restricted Stock Units $ in Millions	3 Months Ended
	Mar. 31, 2026 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 4.7
Unrecognized compensation expense, weighted average period	1 year 11 months 15 days
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years

- Definition

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

+ References

+ Details

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2026
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On April 15, 2026, upon the recommendation of its Compensation Committee, the Board approved an option repricing (the “Repricing”), effective as of April 17, 2026 (the “Effective Date”). The Repricing was undertaken in accordance with, and as permitted by, the Company’s 2015 Plan, 2020 Plan, and 2022 Plan. Pursuant to the Repricing, effective as of the Effective Date, all outstanding options granted on or before March 1, 2025 pursuant to the 2015 Plan, the 2020 Plan, or the 2022 Plan that are held by employees as of the Effective Date, including the Company’s executive officers were repriced to $1.33 per share, the closing price per share of the Company’s common stock on the Effective Date. In order to exercise the repriced options at the $1.33 per share exercise price, employees are required to remain in service with the Company through the Retention Period, which begins on the Effective Date and ends on the earliest of the following: (i) either the 18-month anniversary following the Effective Date if the employee is a member of the Company’s executive leadership team, or the 12-month anniversary following the Effective Date for all other employees; (ii) the consummation of a Corporate Transaction (as defined by the 2015 Plan); (iii) the consummation of a Sale Event (as defined by the 2020 Plan and 2022 Plan); and (iv) the employee’s (a) termination by the Company without cause (as defined in the Eligible Participant’s applicable severance plan) or due to a reduction in force, (b) death or termination due to disability, or (c) if the employee is a Vice President or above, resignation from service for good reason (as defined in the Eligible Participant’s applicable severance plan). The repriced options will be subject to the original exercise price that was in effect immediately prior to the Effective Date if the employee (i) is terminated by the Company for cause (as defined in the Eligible Participant’s applicable severance plan); (ii) resigns from the Company prior to the end of the applicable Retention Period, except for good reason (as defined in the Eligible Participant’s applicable severance plan) if the employee is a Vice President or above; or (iii) elects to exercise the repriced options prior to the end of the applicable Retention Period.

Defined Contribution Plan (Details) - USD ($) $ in Millions	3 Months Ended
Defined Contribution Plan (Details) - USD ($) $ in Millions	Mar. 31, 2026	Mar. 31, 2025
Retirement Benefits [Abstract]
Payment made under defined contribution plan	$ 0.4	$ 0.7

Equity Incentive Plans and Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Black-Scholes Option Pricing Model to Estimate Stock-based Compensation Expense for Stock Option Awards

The Company used Black-Scholes option pricing model to estimate stock-based compensation expense for stock option awards with the following assumptions:


	Three Months Ended March 31,
	2026	2025
Expected volatility	87.39%	86.82% - 86.99%
Risk-free interest rate	3.91%	4.11% - 4.45%
Expected dividend	—	—
Expected term (in years)	5.99	5.99 - 6.08
Underlying common stock fair value	$1.30	$1.54 - $12.63

Schedule of Option Activity Under the 2015 Plan and 2020 Plan

A summary of option activity under the 2015 Plan, 2020 Plan and 2022 Plan is as follows:


	Number of Options	Weighted- Average Exercise Price per Share		Weighted- Average Remaining Contractual Term (in Years)	Aggregate Intrinsic Value
Outstanding as of December 31, 2025	7,456,066	$	15.28	5.60	$	—
Granted	4,642,500	$	1.30
Exercised	—	$	—
Forfeited	(730,336)	$	15.85
Outstanding as of March 31, 2026	11,368,230	$	9.53	7.51	$	—
Exercisable as of March 31, 2026	5,178,672	$	15.17	5.55	$	—
Vested and expected to vest as of March 31, 2026	11,368,230	$	9.53	7.51	$	—

Schedule of Restricted Stock Activity

The service-based condition for restricted stock units (“RSUs”) is generally satisfied over three years.


	Restricted Stock Units	Weighted Average Grant Date Fair Value
Unvested and outstanding as of December 31, 2025	858,247	$	16.04
Granted	107,751	$	1.30
Released	(399,627)	$	20.20
Forfeited	(8,915)	$	7.96
Unvested and outstanding as of March 31, 2026	557,456	$	10.33

Schedule of Black-Scholes Option Pricing Model to Estimate Stock-based Compensation Expense for 2020 Employee Stock Purchase Plan

The Company used Black-Scholes option pricing model to estimate stock-based compensation expense for the 2020 ESPP with the following assumptions:


	Three Months Ended March 31,
	2026	2025
Expected volatility	62.35%	209.54%
Risk-free interest rate	3.68%	4.31%
Expected dividend	—	—
Expected term (in years)	0.50	0.50

Schedule of Classification of Stock-based Compensation Expense


	Three Months Ended March 31,
	2026		2025
Stock options and ESPP	$	3,128	$	5,961
Restricted stock units	1,126		2,951
Total stock-based compensation expense	$	4,254	$	8,912
Research and development expenses	$	1,727	$	3,702
General and administrative expenses	$	2,527	$	5,210