0001628280-26-051054 | 10-Q | XBRL Viewer | Contineum Therapeutics INC

Cash Equivalents and Marketable Securities

6 Months Ended

Jun. 30, 2026

Cash Equivalents and Marketable Securities

The following table summarizes the amortized cost and fair value of the Company’s cash equivalents and marketable securities by major investment category (in thousands):


		June 30, 2026
				Unrealized
	Maturity in Years	Amortized Cost		Gains		Losses		Fair Value
Cash equivalents	Less than 1	$	12,564	$	—	$	(1)	$	12,563
U.S. Government agency securities	3 years or less	46,789		9		(175)		46,623
Certificate of deposit	Less than 1	983		—		—		983
Corporate debt securities	3 years or less	127,521		3		(398)		127,126
Commercial paper	Less than 1	36,931		—		(12)		36,919
Yankee debt	Less than 1	3,607		—		(4)		3,603
Asset-backed securities	2 years or less	6,581		6		(1)		6,586
Total		$	234,976	$	18	$	(591)	$	234,403


		December 31, 2025
				Unrealized
	Maturity in Years	Amortized Cost		Gains		Losses		Fair Value
U.S. Government agency securities	2 years or less	$	41,238	$	136	$	(1)	$	41,373
Certificate of deposit	Less than 1	3,009		4		—		3,013
Corporate debt securities	2 years or less	81,614		84		—		81,698
Commercial paper	Less than 1	48,448		7		(2)		48,453
Yankee debt	Less than 1	4,463		2		—		4,465
Asset-backed securities	3 years or less	8,261		30		—		8,291
Total		$	187,033	$	263	$	(3)	$	187,293

The Company regularly reviews the securities in an unrealized loss position and evaluates the current expected credit loss by considering factors such as historical experience, market data, issuer-specific factors, current and expected future economic conditions. The Company has no requirement or intention to sell these securities before maturity or recovery of their amortized cost basis. As of June 30, 2026 and December 31, 2025, the Company did not record an allowance for credit loss related to its investment portfolio. As of June 30, 2026, 135 out of 202 of the Company’s cash equivalents and available-for-sale debt securities were in an aggregate gross unrealized loss position. The unrealized losses were broadly distributed across the portfolio and not concentrated in any one security. As of December 31, 2025, 7 out of 225 of the Company’s available-for-sale debt securities were in an aggregate gross unrealized loss position. As of June 30, 2026 and December 31, 2025, all of the Company’s available-for-sale debt securities in an unrealized loss position for which an allowance for credit losses has not been recorded had been in a continuous unrealized loss position for less than 12 months. Based on the Company’s review of these investments as of June 30, 2026, the Company believes none of the unrealized loss positions were not other-than-temporary in nature.

The following tables summarize the Company’s cash equivalents and available-for-sale debt securities in an unrealized loss position for which an allowance for credit losses has not been recorded, aggregated by major security type (in thousands):


	June 30, 2026
	Fair Value		Unrealized Losses
Cash equivalents	$	8,840	$	(1)
U.S. Government agency securities	29,258		(175)
Corporate debt securities	114,383		(398)
Commercial paper	36,919		(12)
Yankee debt	3,603		(4)
Asset-backed securities	3,350		(1)
Total	$	196,353	$	(591)


	December 31, 2025
	Fair Value		Unrealized Losses
U.S. Government agency securities	$	1,771	$	(1)
Commercial paper	25,104		(2)
Total	$	26,875	$	(3)

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2026
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies During the six months ended June 30, 2026, there were no significant changes to the Company's significant accounting policies as described in the Company's Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on March 5, 2026. Basis of Presentation The Company has prepared the accompanying condensed financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and the requirements of the SEC for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP can be condensed or omitted. The financial statements are presented in U.S. dollars. Any reference in these notes to applicable guidance is meant to refer to U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) promulgated by the Financial Accounting Standards Board (“FASB”). Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the Company’s financial statements and accompanying notes. Accounting estimates and management judgments reflected in the financial statements include: the accrual of research and development expenses; the incremental borrowing rate used to recognize the right-of-use assets and lease liabilities; the fair value of common stock; and stock-based compensation. Although these estimates are based on the Company’s knowledge of current events and actions it may undertake in the future, actual results may materially differ from these estimates and assumptions. Recently Issued Accounting Pronouncements Not Yet Adopted In November 2024, the FASB issued ASU No. 2024-03, Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”). This standard requires a public entity to disaggregate certain income statement expenses. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of this guidance on its financial statements. In December 2025, the FASB issued ASU No. 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements (“ASU 2025-11”). This standard clarifies the applicability of interim reporting guidance under U.S. GAAP, provides a comprehensive list of interim disclosure requirements within Topic 270, and introduces a disclosure principle requiring entities to provide information about events and changes occurring after the end of the most recent annual reporting period that have a material impact on the entity. The ASU does not change the fundamental nature of interim reporting or expand or reduce existing interim disclosure requirements. ASU 2025-11 is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027 for public business entities, with early adoption permitted. The Company is currently evaluating the impact of this guidance on its interim financial reporting and related disclosures. In December 2025, the FASB issued ASU No. 2025-12, Codification Improvements (“ASU 2025-12”). This standard addresses suggestions received from stakeholders regarding the ASC and makes other incremental improvements to U.S. GAAP. The update represents changes to the Codification that clarify, correct errors in or make other improvements to a variety of topics that are intended to make it easier to understand and apply. ASU 2025-12 is effective for annual reporting periods beginning after December 15, 2026, and interim periods within those annual periods, with early adoption permitted. Entities are required to apply the amendments to ASC 260 retrospectively. All other amendments may be applied prospectively or retrospectively. Early adoption is permitted. The Company is currently evaluating the impact of this guidance on its financial statements and related disclosures.

Commitments and Contingencies

6 Months Ended

Jun. 30, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Operating Lease

In October 2023, the Company executed a noncancelable operating lease for new premises to be used for office, research and development and laboratory purposes (“General Atomics Court Lease”). The General Atomics Court Lease has a five-year term with an option to extend for another three-year period subject to certain conditions, which the Company is not reasonably certain to exercise and therefore was not considered in determining the right-of-use (“ROU”) assets and lease liabilities balance.

In August 2025, the Company signed an amendment to the General Atomics Court Lease for additional space (“General Atomics Court Lease Expansion”). The General Atomics Court Lease Expansion commenced for accounting purposes in October 2025. The General Atomics Court Lease Expansion expires in December 2027 with an option to extend through October 2029, which the Company is not reasonably certain to exercise and therefore was not considered in determining the ROU assets and lease liabilities balance. Upon commencement of the General Atomics Court Lease Expansion, the Company recorded an additional ROU asset and lease liability of approximately $1.4 million.

In November 2025, the Company leased certain equipment used in connection with its on-going Phase 2 clinical trial of PIPE-791 for the treatment of IPF. The leases are accounted for as operating leases and have lease terms expiring in 2028. The Company recorded an ROU asset and lease liability of approximately $1.9 million.

Below is a summary of the Company’s operating lease right-of-use assets and lease liabilities as of June 30, 2026 and December 31, 2025 (in thousands, except for years and %):


	June 30, 2026			December 31, 2025
Operating lease right-of-use assets	$	6,494		$	7,639

Operating lease liability obligations, current	$	2,393		$	2,341
Operating lease liability obligations, less current portion	4,181			5,909
Total lease liability obligations	$	6,574		$	8,250

Weighted-average remaining lease term	3.0			3.4
Weighted-average discount rate	8.9		%	8.9		%

During the three months ended June 30, 2026 and 2025, the Company recognized $0.7 million and $0.4 million, respectively, in operating lease expenses, which are included in operating expenses in the Company’s statements of operations and comprehensive loss. During the six months ended June 30, 2026 and 2025, the Company recognized $1.2 million and $0.8 million, respectively, in operating lease expenses, which are included in operating expenses in the Company’s statements of operations and comprehensive loss.

Supplemental cash flow information related to operating leases are as follows (in thousands):


	Six Months Ended June 30,
	2026		2025
Cash paid for amounts included in the measurement of lease liabilities	$	1,866	$	756

Future minimum lease payments for the Company’s operating lease liabilities as of June 30, 2026 were as follows (in thousands):


2026	$	1,239
2027	2,636
2028	2,000
2029	1,556
Total minimum lease payments	7,431
Less: Amount representing interest	857
Total lease liability obligations	6,574
Less: Current portion of operating lease liabilities	2,393
Operating lease liabilities, net of current portion	$	4,181

Litigation

From time to time, the Company may become involved in various legal proceedings and claims that arise in the ordinary course of the Company’s business activities. As of June 30, 2026, the Company was not a party to any material legal proceedings.

Other Commitments

The Company has various manufacturing, clinical, research and other contracts with vendors in the conduct of the normal course of its business. Such contracts are generally terminable with advanced written notice and payment for any products or services received by the Company through the effective time of termination and any non-cancelable and non-refundable obligations incurred by the vendor at the effective time of the termination. In the case of terminating a clinical trial agreement at a particular site, the Company would also be obligated to provide continued support for appropriate medical procedures at that site until completion or termination.

Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Segment Reporting

The following table provides the operating financial results of the Company’s single reportable segment (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Significant segment expenses
Research and development
PIPE-791	$	7,127	$	6,178	$	13,178	$	11,732
PIPE-307	(259)		2,160		(8)		4,775
CTX-343	341		1,059		614		2,437
Discovery programs	1,317		1,328		2,743		2,710
Unallocated internal costs(1)	4,176		3,338		7,822		6,121
General and administrative	4,726		3,839		9,983		8,237
Total operating expenses	17,428		17,902		34,332		36,012
Loss from operations	(17,428)		(17,902)		(34,332)		(36,012)
Interest income	2,342		2,029		4,847		4,279
Other segment items(2)	(68)		(167)		(125)		(297)
Net loss	$	(15,154)	$	(16,040)	$	(29,610)	$	(32,030)

______________________

(1)Unallocated internal research and development costs include employee-related expenses that cannot be directly attributable to a specific research project, stock-based compensation for employees engaged in research and development functions, facilities, depreciation and other related expenses.

(2)Other segment items include other expense, net which primarily consists of non-operating items.

- Definition

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

+ References

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
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-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
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
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-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
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-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26A

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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-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

+ Details

Fair Value Measurements - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash equivalents	$ 12,563	$ 75,051
Debt securities, fair value		187,293
Total financial assets	234,403	262,344
Short-Term Investments
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash equivalents	12,200
Other Cash Equivalents
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash equivalents	400
U.S. Government agency securities
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt securities, fair value	46,623	41,373
Certificates of deposits
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt securities, fair value	983	3,013
Corporate debt securities
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt securities, fair value	127,126	81,698
Commercial paper
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt securities, fair value	36,919	48,453
Yankee debt
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt securities, fair value	3,603	4,465
Asset-backed securities
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt securities, fair value	6,586	8,291
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash equivalents	12,563	75,051
Total financial assets	59,186	116,424
Quoted Prices in Active Markets for Identical Assets (Level 1) \| U.S. Government agency securities
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt securities, fair value	46,623	41,373
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Certificates of deposits
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt securities, fair value	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Corporate debt securities
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt securities, fair value	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Commercial paper
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt securities, fair value	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Yankee debt
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt securities, fair value	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Asset-backed securities
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt securities, fair value	0	0
Significant Other Observable Inputs (Level 2)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash equivalents	0	0
Total financial assets	175,217	145,920
Significant Other Observable Inputs (Level 2) \| U.S. Government agency securities
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt securities, fair value	0	0
Significant Other Observable Inputs (Level 2) \| Certificates of deposits
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt securities, fair value	983	3,013
Significant Other Observable Inputs (Level 2) \| Corporate debt securities
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt securities, fair value	127,126	81,698
Significant Other Observable Inputs (Level 2) \| Commercial paper
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt securities, fair value	36,919	48,453
Significant Other Observable Inputs (Level 2) \| Yankee debt
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt securities, fair value	3,603	4,465
Significant Other Observable Inputs (Level 2) \| Asset-backed securities
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt securities, fair value	6,586	8,291
Significant Unobservable Inputs (Level 3)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash equivalents	0	0
Total financial assets	0	0
Significant Unobservable Inputs (Level 3) \| U.S. Government agency securities
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt securities, fair value	0	0
Significant Unobservable Inputs (Level 3) \| Certificates of deposits
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt securities, fair value	0	0
Significant Unobservable Inputs (Level 3) \| Corporate debt securities
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt securities, fair value	0	0
Significant Unobservable Inputs (Level 3) \| Commercial paper
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt securities, fair value	0	0
Significant Unobservable Inputs (Level 3) \| Yankee debt
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt securities, fair value	0	0
Significant Unobservable Inputs (Level 3) \| Asset-backed securities
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt securities, fair value	$ 0	$ 0

Net Loss Per Share (Details) - shares	6 Months Ended
Net Loss Per Share (Details) - shares	Jun. 30, 2026	Jun. 30, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive securities (in shares)	7,672,677	5,596,376
Common stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive securities (in shares)	7,656,913	5,580,612
Common stock warrant
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive securities (in shares)	15,764	15,764

Stockholders’ Equity - Schedule of Common Stock Reserved for Future Issuance (Details) - shares	Jun. 30, 2026	Jan. 31, 2026	Dec. 31, 2025
Class of Stock [Line Items]
Total common stock reserved for future issuance (in shares)	15,445,175		13,791,291
Convertible Class B common stock
Class of Stock [Line Items]
Total common stock reserved for future issuance (in shares)	4,662,500		6,083,338
Common stock warrant
Class of Stock [Line Items]
Total common stock reserved for future issuance (in shares)	15,764		15,764
Shares available for issuance under the 2024 Equity Incentive Plan
Class of Stock [Line Items]
Total common stock reserved for future issuance (in shares)	2,042,449		1,707,563
Common stock reserved under the 2024 Employee Stock Purchase Plan
Class of Stock [Line Items]
Total common stock reserved for future issuance (in shares)	595,549		436,306
Shares available for issuance under the 2026 Inducement Plan
Class of Stock [Line Items]
Total common stock reserved for future issuance (in shares)	472,000	750,000	0
Common stock options
Class of Stock [Line Items]
Total common stock reserved for future issuance (in shares)	7,656,913		5,548,320

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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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/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025	Nov. 30, 2025	Oct. 31, 2025	Oct. 31, 2023
Loss Contingencies [Line Items]
Operating lease right-of-use assets	$ 6,494		$ 6,494		$ 7,639
Operating lease, liability	6,574		6,574		$ 8,250
Operating lease expenses	$ 700	$ 400	$ 1,200	$ 800
General Atomics Court Lease
Loss Contingencies [Line Items]
Lessee, operating lease, term of contract (in years)								5 years
Renewal term (in years)								3 years
Operating lease right-of-use assets						$ 1,900	$ 1,400
Operating lease, liability						$ 1,900	$ 1,400

- 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

Stockholders’ Equity - Schedule of Fair Value of Stock Options was Estimated using Weighted-average Assumptions (Details) - Common stock options	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]
Expected term (in years)	5 years 10 months 2 days	5 years 8 months 8 days	6 years	5 years 11 months 15 days
Expected volatility	97.00%	95.00%	110.00%	94.00%
Risk free interest rate	4.15%	3.91%	3.93%	4.26%
Dividend yield	0.00%	0.00%	0.00%	0.00%

- 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.

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+ Details

Stockholders’ Equity - Schedule of Stock Option Activity (Details) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2026 USD ($) $ / shares shares	Dec. 31, 2025 USD ($) $ / shares shares
Options Outstanding
Beginning balance (in shares) \| shares	5,548,320
Options granted (in shares) \| shares	2,357,857
Options exercised (in shares) \| shares	(172,527)
Options cancelled and forfeited (in shares) \| shares	(76,737)
Options expired (in shares) \| shares	0
Ending balance (in shares) \| shares	7,656,913	5,548,320
Options vested and expected to vest (in shares) \| shares	7,656,913
Options exercisable (in shares) \| shares	3,841,761
Weighted- Average Exercise Price
Beginning balance (in dollars per share) \| $ / shares	$ 9.46
Options granted (in dollars per share) \| $ / shares	14.15
Options exercised (in dollars per share) \| $ / shares	3.90
Options cancelled and forfeited (in dollars per share) \| $ / shares	12.47
Options expired (in dollars per share) \| $ / shares	0
Ending balance (in dollars per share) \| $ / shares	10.99	$ 9.46
Options vested and expected to vest (in dollars per share) \| $ / shares	10.99
Options exercisable (in dollars per share) \| $ / shares	$ 8.93
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Disclosures [Abstract]
Outstanding Weighted-Average Remaining Contractual Term	7 years 6 months 14 days	7 years 3 months 10 days
Outstanding Aggregate Intrinsic Value \| $	$ 41,694	$ 18,235
Options vested and expected to vest Weighted-Average Remaining Contractual Term	7 years 6 months 14 days
Options vested and expected to vest Aggregate Intrinsic Value \| $	$ 41,694
Options exercisable Weighted-Average Remaining Contractual Term	6 years 2 months 12 days
Options exercisable Aggregate Intrinsic Value \| $	$ 28,845

Fair Value Measurements

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements

The accounting guidance defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the accounting guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:

Level 1—Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.

Level 2—Quoted prices for similar assets and liabilities in active markets, quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability.

Level 3—Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e. supported by little or no market activity).

Assets and liabilities measured at fair value on a recurring basis are as follows (in thousands):


			Fair Value Measurements Using
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
June 30, 2026:
Assets:
Cash equivalents (1)	$	12,563	$	12,563	$	—	$	—
U.S. Government agency securities	46,623		46,623		—		—
Certificates of deposits	983		—		983		—
Corporate debt securities	127,126		—		127,126		—
Commercial paper	36,919		—		36,919		—
Yankee debt	3,603		—		3,603		—
Asset-backed securities	6,586		—		6,586		—
Total financial assets	$	234,403	$	59,186	$	175,217	$	—

December 31, 2025:
Assets:
Cash equivalents	$	75,051	$	75,051	$	—	$	—
U.S. Government agency securities	41,373		41,373		—		—
Certificates of deposits	3,013		—		3,013		—
Corporate debt securities	81,698		—		81,698		—
Commercial paper	48,453		—		48,453		—
Yankee debt	4,465		—		4,465		—
Asset-backed securities	8,291		—		8,291		—
Total financial assets	$	262,344	$	116,424	$	145,920	$	—

(1) Cash equivalents includes $12.2 million in short-term investments and $0.4 million in other cash equivalents.

The carrying amounts of the Company’s financial instruments, including cash, cash equivalents, prepaid and other current assets, accounts payable, and accrued liabilities, approximate fair value due to their short maturities. Included in cash and cash equivalents at June 30, 2026 and December 31, 2025 are money market funds with a carrying value and fair value of $3.3 million and $6.5 million, respectively, based upon a Level 1 fair value assessment.

- Definition

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

+ References

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

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

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

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

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Accrued Liabilities [Abstract]
Accrued compensation expenses	$ 2,413	$ 4,796
Accrued research and development expenses	939	1,195
Accrued professional and consulting expenses	98	342
Other accrued expenses	178	54
Total accrued expenses	$ 3,628	$ 6,387

Commitments and Contingencies - Schedule of Operating Lease Right-of-use Assets And Lease Liabilities and Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Operating lease right-of-use assets	$ 6,494		$ 7,639
Current portion of operating lease liabilities	2,393		2,341
Operating lease liabilities, net of current portion	4,181		5,909
Total lease liability obligations	$ 6,574		$ 8,250
Weighted-average remaining lease term	3 years		3 years 4 months 24 days
Weighted-average discount rate	8.90%		8.90%
Cash paid for amounts included in the measurement of lease liabilities	$ 1,866	$ 756

Cash Equivalents and Marketable Securities - Schedule of Cash Equivalents and Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Debt Securities, Available-for-Sale [Line Items]
Fair Value	$ 8,840
Unrealized Losses	(1)
Fair Value		$ 26,875
Unrealized Losses		(3)
Fair Value	196,353
Unrealized Losses	(591)
U.S. Government agency securities
Debt Securities, Available-for-Sale [Line Items]
Fair Value	29,258	1,771
Unrealized Losses	(175)	(1)
Corporate debt securities
Debt Securities, Available-for-Sale [Line Items]
Fair Value	114,383
Unrealized Losses	(398)
Commercial paper
Debt Securities, Available-for-Sale [Line Items]
Fair Value	36,919	25,104
Unrealized Losses	(12)	$ (2)
Yankee debt
Debt Securities, Available-for-Sale [Line Items]
Fair Value	3,603
Unrealized Losses	(4)
Asset-backed securities
Debt Securities, Available-for-Sale [Line Items]
Fair Value	3,350
Unrealized Losses	$ (1)

Net Loss Per Share (Tables)

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following potentially dilutive securities have been excluded from the diluted per share calculation for the periods presented as they would be anti-dilutive:


	June 30, 2026	June 30, 2025
Common stock options	7,656,913	5,580,612
Common stock warrant	15,764	15,764
Total potentially dilutive securities	7,672,677	5,596,376

License Agreement (Details) - J&J License Agreement $ in Millions	1 Months Ended
	Feb. 28, 2023 USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront payment received	$ 50.0
Non-refundable, non-creditable milestone payments	$ 1,000.0

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

Segment Reporting - Narrative (Details)	6 Months Ended
Segment Reporting - Narrative (Details)	Jun. 30, 2026 segment
Segment Reporting [Abstract]
Number of reportable segments	1

Segment Reporting

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Segment Reporting

The Company operates in one reportable segment, pioneering differentiated small molecule therapies inflammatory and fibrotic diseases with significant unmet need.

The Company’s chief operating decision maker (“CODM”) is its President and Chief Executive Officer, Carmine Stengone. The CODM makes decisions on resource allocation, assesses performance of the business, and monitors budget versus actual results of the Company as a whole using operating expenses, as reported on the Company’s statements of operations and comprehensive loss. Net loss is also a measure that is considered in monitoring budget versus actual results.

The CODM does not review assets in evaluating the results of the Company, and therefore, such information is not presented.

Significant segment expenses within net loss include research and development related to PIPE-791, PIPE-307, CTX-343, discovery programs and unallocated internal costs, general and administrative and interest income.

The following table provides the operating financial results of the Company’s single reportable segment (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Significant segment expenses
Research and development
PIPE-791	$	7,127	$	6,178	$	13,178	$	11,732
PIPE-307	(259)		2,160		(8)		4,775
CTX-343	341		1,059		614		2,437
Discovery programs	1,317		1,328		2,743		2,710
Unallocated internal costs(1)	4,176		3,338		7,822		6,121
General and administrative	4,726		3,839		9,983		8,237
Total operating expenses	17,428		17,902		34,332		36,012
Loss from operations	(17,428)		(17,902)		(34,332)		(36,012)
Interest income	2,342		2,029		4,847		4,279
Other segment items(2)	(68)		(167)		(125)		(297)
Net loss	$	(15,154)	$	(16,040)	$	(29,610)	$	(32,030)

______________________

(2)Other segment items include other expense, net which primarily consists of non-operating items.

- Definition

The entire disclosure for segment reporting.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 40
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2026	Jul. 24, 2026
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2026
Document Transition Report	false
Entity File Number	001-42001
Entity Registrant Name	Contineum Therapeutics, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	27-1467257
Entity Address, Address Line One	3565 General Atomics Court, Suite 200
Entity Address, City or Town	San Diego
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92121
City Area Code	858
Local Phone Number	333-5280
Title of 12(b) Security	Class A Common Stock, $0.001 par value per share
Trading Symbol	CTNM
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	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Central Index Key	0001855175
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q2
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Class A
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		32,958,632
Class B
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		4,662,500

Cash Equivalents and Marketable Securities (Tables)

6 Months Ended

Jun. 30, 2026

Marketable Securities [Abstract]

Schedule of Amortized Cost and Fair Value of the Company’s Cash Equivalents and Marketable Securities by Major Investment Category

The following table summarizes the amortized cost and fair value of the Company’s cash equivalents and marketable securities by major investment category (in thousands):


		June 30, 2026
				Unrealized
	Maturity in Years	Amortized Cost		Gains		Losses		Fair Value
Cash equivalents	Less than 1	$	12,564	$	—	$	(1)	$	12,563
U.S. Government agency securities	3 years or less	46,789		9		(175)		46,623
Certificate of deposit	Less than 1	983		—		—		983
Corporate debt securities	3 years or less	127,521		3		(398)		127,126
Commercial paper	Less than 1	36,931		—		(12)		36,919
Yankee debt	Less than 1	3,607		—		(4)		3,603
Asset-backed securities	2 years or less	6,581		6		(1)		6,586
Total		$	234,976	$	18	$	(591)	$	234,403


		December 31, 2025
				Unrealized
	Maturity in Years	Amortized Cost		Gains		Losses		Fair Value
U.S. Government agency securities	2 years or less	$	41,238	$	136	$	(1)	$	41,373
Certificate of deposit	Less than 1	3,009		4		—		3,013
Corporate debt securities	2 years or less	81,614		84		—		81,698
Commercial paper	Less than 1	48,448		7		(2)		48,453
Yankee debt	Less than 1	4,463		2		—		4,465
Asset-backed securities	3 years or less	8,261		30		—		8,291
Total		$	187,033	$	263	$	(3)	$	187,293

Schedule of Cash Equivalents And Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value


	June 30, 2026
	Fair Value		Unrealized Losses
Cash equivalents	$	8,840	$	(1)
U.S. Government agency securities	29,258		(175)
Corporate debt securities	114,383		(398)
Commercial paper	36,919		(12)
Yankee debt	3,603		(4)
Asset-backed securities	3,350		(1)
Total	$	196,353	$	(591)


	December 31, 2025
	Fair Value		Unrealized Losses
U.S. Government agency securities	$	1,771	$	(1)
Commercial paper	25,104		(2)
Total	$	26,875	$	(3)

Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2026

Commitments and Contingencies Disclosure [Abstract]

Schedule of Lease, Cost

Below is a summary of the Company’s operating lease right-of-use assets and lease liabilities as of June 30, 2026 and December 31, 2025 (in thousands, except for years and %):


	June 30, 2026			December 31, 2025
Operating lease right-of-use assets	$	6,494		$	7,639

Operating lease liability obligations, current	$	2,393		$	2,341
Operating lease liability obligations, less current portion	4,181			5,909
Total lease liability obligations	$	6,574		$	8,250

Weighted-average remaining lease term	3.0			3.4
Weighted-average discount rate	8.9		%	8.9		%

Supplemental cash flow information related to operating leases are as follows (in thousands):


	Six Months Ended June 30,
	2026		2025
Cash paid for amounts included in the measurement of lease liabilities	$	1,866	$	756

Schedule of Lessee, Operating Lease, Liability, Future Minimum Lease Payments

Future minimum lease payments for the Company’s operating lease liabilities as of June 30, 2026 were as follows (in thousands):


2026	$	1,239
2027	2,636
2028	2,000
2029	1,556
Total minimum lease payments	7,431
Less: Amount representing interest	857
Total lease liability obligations	6,574
Less: Current portion of operating lease liabilities	2,393
Operating lease liabilities, net of current portion	$	4,181

Commitments and Contingencies - Schedule of Lessee, Operating Lease, Liability, Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Lessee, Lease, Description [Line Items]
Total lease liability obligations	$ 6,574	$ 8,250
Less: Current portion of operating lease liabilities	2,393	2,341
Operating lease liabilities, net of current portion	4,181	$ 5,909
New Lease Agreement
Lessee, Lease, Description [Line Items]
2026	1,239
2027	2,636
2028	2,000
2029	1,556
Total minimum lease payments	7,431
Less: Amount representing interest	857
Total lease liability obligations	6,574
Less: Current portion of operating lease liabilities	2,393
Operating lease liabilities, net of current portion	$ 4,181

Segment Reporting - 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
Significant segment expenses
Research and development	$ 12,702		$ 14,063		$ 24,349	$ 27,775
General and administrative	4,726		3,839		9,983	8,237
Total operating expenses	17,428		17,902		34,332	36,012
Loss from operations	(17,428)		(17,902)		(34,332)	(36,012)
Interest income	2,342		2,029		4,847	4,279
Net loss	(15,154)	$ (14,456)	(16,040)	$ (15,990)	(29,610)	(32,030)
Reportable Segment
Significant segment expenses
General and administrative	4,726		3,839		9,983	8,237
Total operating expenses	17,428		17,902		34,332	36,012
Loss from operations	(17,428)		(17,902)		(34,332)	(36,012)
Interest income	2,342		2,029		4,847	4,279
Other segment items	(68)		(167)		(125)	(297)
Net loss	(15,154)		(16,040)		(29,610)	(32,030)
Discovery programs \| Reportable Segment
Significant segment expenses
Research and development	1,317		1,328		2,743	2,710
Unallocated internal costs \| Reportable Segment
Significant segment expenses
Research and development	4,176		3,338		7,822	6,121
PIPE-791 \| Reportable Segment
Significant segment expenses
Research and development	7,127		6,178		13,178	11,732
PIPE-307 \| Reportable Segment
Significant segment expenses
Research and development	(259)		2,160		(8)	4,775
CTX-343 \| Reportable Segment
Significant segment expenses
Research and development	$ 341		$ 1,059		$ 614	$ 2,437

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

Assets and liabilities measured at fair value on a recurring basis are as follows (in thousands):


			Fair Value Measurements Using
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
June 30, 2026:
Assets:
Cash equivalents (1)	$	12,563	$	12,563	$	—	$	—
U.S. Government agency securities	46,623		46,623		—		—
Certificates of deposits	983		—		983		—
Corporate debt securities	127,126		—		127,126		—
Commercial paper	36,919		—		36,919		—
Yankee debt	3,603		—		3,603		—
Asset-backed securities	6,586		—		6,586		—
Total financial assets	$	234,403	$	59,186	$	175,217	$	—

December 31, 2025:
Assets:
Cash equivalents	$	75,051	$	75,051	$	—	$	—
U.S. Government agency securities	41,373		41,373		—		—
Certificates of deposits	3,013		—		3,013		—
Corporate debt securities	81,698		—		81,698		—
Commercial paper	48,453		—		48,453		—
Yankee debt	4,465		—		4,465		—
Asset-backed securities	8,291		—		8,291		—
Total financial assets	$	262,344	$	116,424	$	145,920	$	—

(1) Cash equivalents includes $12.2 million in short-term investments and $0.4 million in other cash equivalents.

Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash and cash equivalents	$ 14,711	$ 75,603
Money Market Funds
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash and cash equivalents	$ 3,300	$ 6,500

Stockholders’ Equity

6 Months Ended

Jun. 30, 2026

Equity [Abstract]

Stockholders’ Equity

Common Stock

The Company has two classes of common stock: Class A common stock and Class B common stock. Class A common stock has one vote per share and Class B common stock has no votes per share.

The following table summarizes the changes in Class A common stock and Class B common stock for the six months ended June 30, 2026 (in shares):


	Common Stock
	Class A	Class B
Balance at December 31, 2025	31,236,787	6,083,338
Exercise of stock options	66,252	—
Conversion of Class B common stock into Class A common stock	1,420,838	(1,420,838)
Balance at March 31, 2026	32,723,877	4,662,500
Exercise of stock options	106,275	—
Shares purchased through employee stock purchase plan	120,757	—
Balance at June 30, 2026	32,950,909	4,662,500

The following table summarizes the changes in Class A common stock and Class B common stock for the six months ended June 30, 2025 (in shares):


	Common Stock
	Class A	Class B
Balance at December 31, 2024	19,125,377	6,729,172
Exercise of stock options	17,000	—
Balance at March 31, 2025	19,142,377	6,729,172
Shares purchased through employee stock purchase plan	48,346	—
Balance at June 30, 2025	19,190,723	6,729,172

Class A common stock reserved for future issuance consisted of the following:


	June 30, 2026	December 31, 2025
Common stock options granted and outstanding	7,656,913	5,548,320
Shares available for issuance under the 2024 Equity Incentive Plan	2,042,449	1,707,563
Common stock warrant	15,764	15,764
Common stock reserved under the 2024 Employee Stock Purchase Plan	595,549	436,306
Shares available for issuance under the 2026 Inducement Plan	472,000	—
Convertible Class B common stock	4,662,500	6,083,338
Total common stock reserved for future issuance	15,445,175	13,791,291

There are no shares of Class B common stock reserved for future issuance as of June 30, 2026 and December 31, 2025.

Follow-On Public Offering

In December 2025, the Company completed a follow-on public offering in which 8,097,570 shares of its Class A common stock were sold at a public offering price of $12.25 per share resulting in aggregate net proceeds of $93.0 million

Sales Agreement

In May 2025, the Company entered into the ATM Sales Agreement relating to the offer and sale of up to $75.0 million in shares of its Class A common stock in the ATM Program. In March 2026, the Company entered into the ATM Amendment with Leerink Partners to increase the aggregate offering price of the shares of its Class A common stock that the Company may sell pursuant to the ATM Sales Agreement. In connection with the ATM Amendment, the Company filed the ATM Prospectus Supplement for the offer and sale of up to $100.0 million in shares of its Class A common stock under the Amended ATM Sales Agreement, exclusive of amounts previously sold under the ATM Sales Agreement. The Company did not sell any shares of its Class A common stock under the Amended ATM Sales Agreement during the three and six months ended June 30, 2026.

Equity Incentive Plans

As of June 30, 2026, there were 2,042,449 shares of the Company’s Class A common stock available for issuance under the 2024 Equity Incentive Plan (the “2024 Plan”).

In January 2026, the Company’s board of directors adopted and approved the 2026 Employment Inducement Equity Incentive Plan (the “2026 Inducement Plan”). The terms of the 2026 Inducement Plan are substantially similar to the terms of the Company’s 2024 Equity Incentive Plan with the exception that incentive stock options may not be issued under the Inducement Plan and awards under the Inducement Plan may only be issued to eligible recipients under the applicable Nasdaq rules. The 2026 Inducement Plan was adopted by the board of directors without stockholder approval pursuant to Rule 5635(c)(4) of the Nasdaq Listing Rules. Under the 2026 Inducement Plan, the Company may grant non-qualified stock options, restricted stock, restricted stock units, stock appreciation rights, and other stock or cash-based awards to an employee in connection with his or her commencement of employment with the Company. The number of shares initially reserved for issuance under the 2026 Inducement Plan was 750,000. Options granted were pursuant to Nasdaq Listing Rule 5635(c)(4) and are subject to service-based vesting conditions. As of June 30, 2026, there were 472,000 shares of the Company’s Class A common stock available for issuance under the 2026 Inducement Plan.

Stock Options

Stock option activity is as follows:


	Options Outstanding	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term	Aggregate Intrinsic Value (in thousands)
Balance at December 31, 2025	5,548,320	$	9.46	7.28	$	18,235
Options granted	2,357,857	14.15		—	—
Options exercised	(172,527)	3.90		—	—
Options cancelled and forfeited	(76,737)	12.47		—	—
Options expired	—	—		—	—
Balance at June 30, 2026	7,656,913	$	10.99	7.54	$	41,694
Options vested and expected to vest as of June 30, 2026	7,656,913	$	10.99	7.54	$	41,694
Options exercisable as of June 30, 2026	3,841,761	$	8.93	6.20	$	28,845

The aggregate intrinsic value of options exercised during the six months ended June 30, 2026 and 2025 was $1.8 million and $0.2 million, respectively, determined as of the date of exercise.

The Company estimated the fair value of stock options using the Black-Scholes valuation model. The Company accounts for any forfeitures of options when they occur. Previously recognized compensation expense for an award is reversed in the period that the award is forfeited. The fair value of stock options expected to vest was estimated using the following weighted-average assumptions:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Assumptions:
Expected term (in years)	5.84		5.69		6.00		5.96
Expected volatility	97	%	95	%	110	%	94	%
Risk free interest rate	4.15	%	3.91	%	3.93	%	4.26	%
Dividend yield	—		—		—		—

The weighted-average grant-date fair value per share of stock options granted and expected to vest as of their grant date during the three months ended June 30, 2026 and 2025 was $10.64 and $3.33 per share, respectively. The weighted-average grant-date fair value per share of stock options granted and expected to vest as of their grant date during the six months ended June 30, 2026 and 2025 was $11.90 and $6.37 per share, respectively.

Stock-based compensation

Stock-based compensation has been reported in the condensed statements of operations and comprehensive loss as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Research and development	$	1,806	$	1,094	$	3,512	$	2,177
General and administrative	2,034		1,324		4,151		2,810
Total	$	3,840	$	2,418	$	7,663	$	4,987

As of June 30, 2026, there was approximately $40.1 million of total unrecognized stock-based compensation related to stock-based compensation arrangements, which is expected to be recognized over a weighted-average period of approximately 2.7 years.

Employee Stock Purchase Plan

As of June 30, 2026, there were 595,549 shares of the Company’s Class A common stock reserved and available for issuance under the 2024 Employee Stock Purchase Plan (“2024 ESPP”). During the six months ended June 30, 2026, there were 120,757 shares purchased under the 2024 ESPP and the recorded expense was $0.4 million. During the six months ended June 30, 2025, there were 48,346 shares purchased under the 2024 ESPP and the recorded expense was $0.1 million.

CONDENSED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 14,711	$ 75,603
Marketable securities	221,840	187,293
Prepaid expenses and other current assets	6,029	5,021
Total current assets	242,580	267,917
Property and equipment, net	929	830
Other long-term assets	364	256
Operating lease right-of-use assets	6,494	7,639
Total assets	250,367	276,642
Current liabilities:
Accounts payable	505	1,016
Accrued expenses	3,628	6,387
Current portion of operating lease liabilities	2,393	2,341
Total current liabilities	6,526	9,744
Operating lease liabilities, net of current portion	4,181	5,909
Total liabilities	10,707	15,653
Commitments and contingencies (Note 8)
Stockholders' equity:
Preferred stock, $0.001 par value; authorized shares—10,000,000 at June 30, 2026 and December 31, 2025; no shares issued or outstanding at June 30, 2026 and December 31, 2025.	0	0
Additional paid-in-capital	447,185	438,072
Accumulated deficit	(206,990)	(177,380)
Accumulated other comprehensive income (loss)	(573)	260
Total stockholders' equity	239,660	260,989
Total liabilities and stockholders' equity	250,367	276,642
Class A
Stockholders' equity:
Common stock	33	31
Class B
Stockholders' equity:
Common stock	$ 5	$ 6

CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

Operating expenses:

Research and development

$ 12,702

$ 14,063

$ 24,349

$ 27,775

General and administrative

4,726

3,839

9,983

8,237

Total operating expenses

17,428

17,902

34,332

36,012

Loss from operations

(17,428)

(17,902)

(34,332)

(36,012)

Other income (expense):

Interest income

2,342

2,029

4,847

4,279

Other expense, net

(68)

(167)

(125)

(297)

Total other income, net

2,274

1,862

4,722

3,982

Net loss

(15,154)

(16,040)

(29,610)

(32,030)

Other comprehensive income (loss):

Unrealized gain (loss) on marketable securities

(320)

(23)

(833)

Comprehensive loss

$ (15,474)

$ (16,063)

$ (30,443)

$ (31,954)

Net loss per share, basic (in dollars per share)

^[1]

$ (0.40)

$ (0.62)

$ (0.79)

$ (1.24)

Net loss per share, diluted (in dollars per share)

^[1]

$ (0.40)

$ (0.62)

$ (0.79)

$ (1.24)

Weighted-average shares of common stock outstanding, basic (in shares)

37,467,840

25,895,996

37,403,789

25,882,540

Weighted-average shares of common stock outstanding, diluted (in shares)

37,467,840

25,895,996

37,403,789

25,882,540

[1]	Basic and diluted per share amounts are the same for Class A and Class B shares.

Net Loss Per Share

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Net Loss Per Share

For the three and six months ended June 30, 2026 and 2025, net loss is attributable equally to each share of Class A common stock and Class B common stock and is determined based on the weighted-average number of the respective class of common stock outstanding. Weighted-average common shares include shares of the Company’s Class A common stock and Class B common stock. The basic and diluted net loss per share amounts are the same for Class A common stock and Class B common stock.

The Company’s potentially dilutive securities, which include common stock options and a common stock warrant have been excluded from the computation of diluted net loss per share for the three and six months ended June 30, 2026 and 2025, as the effect would reduce the net loss per share. Therefore, the weighted-average number of shares of common stock outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same.

The following potentially dilutive securities have been excluded from the diluted per share calculation for the periods presented as they would be anti-dilutive:


	June 30, 2026	June 30, 2025
Common stock options	7,656,913	5,580,612
Common stock warrant	15,764	15,764
Total potentially dilutive securities	7,672,677	5,596,376

License Agreement	6 Months Ended
License Agreement	Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
License Agreement	License Agreement In February 2023, the Company entered into the J&J License Agreement, pursuant to which the Company granted J&J an exclusive, worldwide license to develop, manufacture and commercialize PIPE-307 in all indications. The J&J License Agreement allowed the Company to elect, at its sole discretion and cost, to conduct a Phase 2 trial of PIPE-307 for patients with multiple sclerosis which the Company completed during the year ended December 31, 2025. With the completion of this trial, J&J may, at its sole discretion, further develop PIPE-307 for patients with multiple sclerosis. Additionally, upon J&J deciding to conduct a first Phase 3 clinical trial for a product using PIPE-307, the J&J License Agreement allows the Company the option to co-fund a portion of all Phase 3 and subsequent development costs for PIPE-307, with such costs capped annually. If the Company opts to fund such development costs, then the royalties the Company is eligible to receive will increase. Pursuant to the terms of the J&J License Agreement, the Company received an upfront, non-refundable and non-creditable payment of $50.0 million upon transferring the license and know-how, existing inventory and manufacturing technology. The Company is also eligible to receive approximately $1.0 billion in non-refundable, non-creditable milestone payments. Additionally, the Company is eligible to receive tiered royalties in the low-double digit to high-teen percent range on net sales of products containing PIPE-307. In August 2023, the Company elected to conduct a Phase 2 trial using PIPE-307 for patients with multiple sclerosis, which was considered a contract modification under the accounting guidance that added promised goods or services that are distinct at a price that is below the standalone selling price. As of June 30, 2026, the Company had completed the Phase 2 trial, and subsequently there were no remaining unsatisfied performance obligations from the J&J License Agreement. All variable consideration remained fully constrained as of June 30, 2026. There was no revenue recognized for the three and six months ended June 30, 2026 and 2025. The Company does not have any products approved for sale and have not yet generated any revenue from product sales.

Stockholders’ Equity (Tables)

6 Months Ended

Jun. 30, 2026

Equity [Abstract]

Schedule of Common Stock Outstanding Roll Forward

The following table summarizes the changes in Class A common stock and Class B common stock for the six months ended June 30, 2026 (in shares):


	Common Stock
	Class A	Class B
Balance at December 31, 2025	31,236,787	6,083,338
Exercise of stock options	66,252	—
Conversion of Class B common stock into Class A common stock	1,420,838	(1,420,838)
Balance at March 31, 2026	32,723,877	4,662,500
Exercise of stock options	106,275	—
Shares purchased through employee stock purchase plan	120,757	—
Balance at June 30, 2026	32,950,909	4,662,500

The following table summarizes the changes in Class A common stock and Class B common stock for the six months ended June 30, 2025 (in shares):


	Common Stock
	Class A	Class B
Balance at December 31, 2024	19,125,377	6,729,172
Exercise of stock options	17,000	—
Balance at March 31, 2025	19,142,377	6,729,172
Shares purchased through employee stock purchase plan	48,346	—
Balance at June 30, 2025	19,190,723	6,729,172

Schedule of Common Stock Reserved for Future Issuance

Class A common stock reserved for future issuance consisted of the following:


	June 30, 2026	December 31, 2025
Common stock options granted and outstanding	7,656,913	5,548,320
Shares available for issuance under the 2024 Equity Incentive Plan	2,042,449	1,707,563
Common stock warrant	15,764	15,764
Common stock reserved under the 2024 Employee Stock Purchase Plan	595,549	436,306
Shares available for issuance under the 2026 Inducement Plan	472,000	—
Convertible Class B common stock	4,662,500	6,083,338
Total common stock reserved for future issuance	15,445,175	13,791,291

Schedule of Stock Option Activity

Stock option activity is as follows:


	Options Outstanding	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term	Aggregate Intrinsic Value (in thousands)
Balance at December 31, 2025	5,548,320	$	9.46	7.28	$	18,235
Options granted	2,357,857	14.15		—	—
Options exercised	(172,527)	3.90		—	—
Options cancelled and forfeited	(76,737)	12.47		—	—
Options expired	—	—		—	—
Balance at June 30, 2026	7,656,913	$	10.99	7.54	$	41,694
Options vested and expected to vest as of June 30, 2026	7,656,913	$	10.99	7.54	$	41,694
Options exercisable as of June 30, 2026	3,841,761	$	8.93	6.20	$	28,845

Schedule of Fair Value of Stock Options was Estimated using Weighted-average Assumptions

The fair value of stock options expected to vest was estimated using the following weighted-average assumptions:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Assumptions:
Expected term (in years)	5.84		5.69		6.00		5.96
Expected volatility	97	%	95	%	110	%	94	%
Risk free interest rate	4.15	%	3.91	%	3.93	%	4.26	%
Dividend yield	—		—		—		—

Schedule of Share-Based Payment Arrangement, Expensed and Capitalized, Amount

Stock-based compensation has been reported in the condensed statements of operations and comprehensive loss as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Research and development	$	1,806	$	1,094	$	3,512	$	2,177
General and administrative	2,034		1,324		4,151		2,810
Total	$	3,840	$	2,418	$	7,663	$	4,987

Stockholders’ Equity - Schedule of Share-Based Payment Arrangement, Expensed and Capitalized, Amount (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based payment arrangement, expense	$ 3,840	$ 2,418	$ 7,663	$ 4,987
Location, Statement of Income, Balance [Axis]: us-gaap:GeneralAndAdministrativeExpense
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based payment arrangement, expense	2,034	1,324	4,151	2,810
Location, Statement of Income, Balance [Axis]: us-gaap:ResearchAndDevelopmentExpense
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based payment arrangement, expense	$ 1,806	$ 1,094	$ 3,512	$ 2,177

- 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

Stockholders’ Equity - Schedule of Common Stock Outstanding Roll Forward (Details) - shares	3 Months Ended				6 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)					172,527
Class A
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	32,723,877	31,236,787	19,142,377	19,125,377	31,236,787	19,125,377
Exercise of stock options (in shares)		66,252		17,000	106,275
Conversion of Class B common stock into Class A common stock (in shares)		1,420,838
Shares purchased through employee stock purchase plan (in shares)			48,346		120,757
Ending balance (in shares)	32,950,909	32,723,877	19,190,723	19,142,377	32,950,909	19,190,723
Class B
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	4,662,500	6,083,338	6,729,172	6,729,172	6,083,338	6,729,172
Exercise of stock options (in shares)		0		0	0
Conversion of Class B common stock into Class A common stock (in shares)		(1,420,838)
Shares purchased through employee stock purchase plan (in shares)			0		0
Ending balance (in shares)	4,662,500	4,662,500	6,729,172	6,729,172	4,662,500	6,729,172

- Definition

Number of shares issued during the period as a result of the conversion of convertible securities.

+ References

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

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480070/505-10-S50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-3

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1E
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

+ Details

- Definition

Number of share options (or share units) exercised during the current period.

+ References

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

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Accrued Expenses

6 Months Ended

Jun. 30, 2026

Accrued Liabilities [Abstract]

Accrued Expenses

Accrued expenses consisted of the following (in thousands):


	June 30, 2026		December 31, 2025
Accrued compensation expenses	$	2,413	$	4,796
Accrued research and development expenses	939		1,195
Accrued professional and consulting expenses	98		342
Other accrued expenses	178		54
Total accrued expenses	$	3,628	$	6,387

Organization and Basis of Presentation	6 Months Ended
Organization and Basis of Presentation	Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	Organization and Basis of Presentation Organization and Nature of Operations Contineum Therapeutics, Inc. (the “Company”), is a clinical-stage biopharmaceutical company pioneering differentiated small molecule therapies for inflammatory and fibrotic diseases with significant unmet need. The Company was incorporated in the state of Delaware in 2009, and in November 2023 changed its name from Pipeline Therapeutics, Inc. to Contineum Therapeutics, Inc. Liquidity and Capital Resources Since its inception, the Company has devoted substantially all its resources to research and development activities, business planning, establishing and maintaining its intellectual property portfolio, hiring personnel, raising capital to support and expand such activities and providing general and administrative support for these operations. The Company incurred a net loss of $15.2 million and $29.6 million for the three and six months ended June 30, 2026, respectively. The Company had an accumulated deficit of $207.0 million as of June 30, 2026. From its inception through June 30, 2026, the Company has financed its operations primarily from the sale of equity securities and convertible equity securities, and a global license and development agreement (the “J&J License Agreement”) the Company entered in February 2023 with Janssen Pharmaceutica NV, a Johnson & Johnson company. In May 2025, the Company entered into a Sales Agreement with Leerink Partners LLC (the “ATM Sales Agreement”) relating to the offer and sale of up to $75.0 million in shares of its Class A common stock, par value $0.001 per share (“Class A common stock”) in an “at-the-market” offering program (the “ATM Program”). In March 2026, the Company entered into Amendment No. 1 to the ATM Sales Agreement (the “ATM Amendment”) with Leerink Partners to increase the aggregate offering price of the shares of its Class A common stock that the Company may sell pursuant to the ATM Sales Agreement, as amended (the “Amended ATM Sales Agreement”). In connection with the ATM Amendment, the Company filed a prospectus supplement (the “ATM Prospectus Supplement”) for the offer and sale of up to $100.0 million in shares of its Class A common stock under the Amended ATM Sales Agreement, exclusive of amounts previously sold under the ATM Sales Agreement. The Company did not sell any shares of its Class A common stock under the Amended ATM Sales Agreement during the three and six months ended June 30, 2026. In December 2025, the Company completed a follow-on public offering in which 8,097,570 shares of its Class A common stock were sold at a public offering price of $12.25 per share resulting in aggregate net proceeds of $93.0 million. As of June 30, 2026, the Company had cash, cash equivalents and marketable securities of $236.6 million. Management believes the Company's existing cash, cash equivalents and marketable securities will be sufficient to support its operations for at least 12 months from the issuance date of these unaudited condensed financial statements. As the Company continues to pursue its business plan, it expects to finance its operations through both public and private sales of equity, debt financings or other commercial arrangements, which could include income from collaborations, strategic partnerships or marketing, distribution, licensing or other strategic arrangements with third parties. However, there can be no assurance that any additional financing or strategic transactions will be available to the Company on acceptable terms, if at all. If events or circumstances occur such that the Company does not obtain additional funding, it may need to delay, reduce or eliminate its product development or future commercialization efforts, which could have a material adverse effect on the Company’s business, results of operations, financial condition and cash flows. Further, if the Company raises funds through licensing or other similar arrangements with third parties, it may be required to relinquish valuable rights to its technology, future revenue streams, research programs or drug candidates or may be required to grant licenses on terms that may not be favorable to it and/or may reduce the value of its common stock. Unaudited Interim Condensed Financial Statements The condensed balance sheet as of June 30, 2026, condensed statements of operations and comprehensive loss and condensed statements of stockholders’ equity for the three and six months ended June 30, 2026 and 2025, and condensed statements of cash flows for the six months ended June 30, 2026 and 2025, and related notes to condensed financial statements are unaudited. These unaudited interim condensed financial statements have been prepared on the same basis as the Company’s annual financial statements and, in the opinion of management, reflect all adjustments (consisting only of normal recurring adjustments) that are necessary for the fair statement of the Company’s financial position, results of operations and cash flows for the periods presented. The condensed results of operations for the three and six months ended June 30, 2026 are not necessarily indicative of the results to be expected for the full year or for any other future annual or interim period. The condensed balance sheet as of December 31, 2025 included herein was derived from the audited financial statements as of that date. These interim unaudited condensed financial statements should be read in conjunction with the Company’s audited financial statements for the year ended December 31, 2025 included in the Company’s Annual Report on Form 10-K, filed with the Securities and Exchange Commission (“SEC”) on March 5, 2026.

CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities
Net loss	$ (29,610)	$ (32,030)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation and amortization	217	157
Noncash operating lease expense	1,145	460
Stock-based compensation	7,663	4,987
Accretion of premiums/discounts on marketable securities, net	(1,246)	(692)
Loss on disposal of property and equipment	2	67
Gain on marketable securities	0	(6)
Changes in operating assets and liabilities
Prepaid expenses and other current assets	(1,005)	273
Other long-term assets	0	(6)
Accounts payable	(500)	190
Accrued expenses	(2,757)	(2,964)
Operating lease liabilities	(1,676)	(509)
Net cash used in operating activities	(27,767)	(30,073)
Investing activities
Purchase of property and equipment	(318)	(91)
Purchases of marketable securities	(142,902)	(59,128)
Sales and maturities of marketable securities	108,766	88,018
Net cash provided by (used in) investing activities	(34,454)	28,799
Financing activities
Payments of deferred offering costs	(122)	(176)
Proceeds from exercise of stock options	671	24
Proceeds from employee stock purchase plan	780	267
Net cash provided by financing activities	1,329	115
Net decrease in cash and cash equivalents	(60,892)	(1,159)
Cash and cash equivalents at beginning of period	75,603	21,943
Cash and cash equivalents at end of period	$ 14,711	$ 20,784

CONDENSED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2026	Dec. 31, 2025
Statement [Line Items]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
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
Class A
Statement [Line Items]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares, issued (in shares)	32,950,909	31,236,787
Common stock, shares, outstanding (in shares)	32,950,909	31,236,787
Class B
Statement [Line Items]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	20,000,000	20,000,000
Common stock, shares, issued (in shares)	4,662,500	6,083,338
Common stock, shares, outstanding (in shares)	4,662,500	6,083,338

Cash Equivalents and Marketable Securities - Narrative (Details) - security	Jun. 30, 2026	Dec. 31, 2025
Marketable Securities [Abstract]
Debt securities, available-for-sale, unrealized loss position, number of positions	135	7
Debt securities, available-for-sale, number of positions	202	225

Organization and Basis of Presentation (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended			3 Months Ended				6 Months Ended
	Mar. 31, 2026	Dec. 31, 2025	May 31, 2025	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025
Class of Stock [Line Items]
Net loss				$ 15,154	$ 14,456	$ 16,040	$ 15,990	$ 29,610	$ 32,030
Accumulated deficit		$ 177,380		206,990				206,990
Cash, cash equivalents and marketable securities				$ 236,600				$ 236,600
Class A
Class of Stock [Line Items]
Common stock, par value (in dollars per share)		$ 0.001		$ 0.001				$ 0.001
At The Market Offering \| Class A
Class of Stock [Line Items]
Sale of stock shares authorized to issuance amount	$ 100,000		$ 75,000
Common stock, par value (in dollars per share)			$ 0.001
Follow-on Offering \| Class A
Class of Stock [Line Items]
Sale of stock, number of shares issued (in shares)		8,097,570
Consideration received on transaction		$ 93,000
Sale of stock, price per share (in dollars per share)		$ 12.25

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2026
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The Company has prepared the accompanying condensed financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and the requirements of the SEC for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP can be condensed or omitted. The financial statements are presented in U.S. dollars. Any reference in these notes to applicable guidance is meant to refer to U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) promulgated by the Financial Accounting Standards Board (“FASB”).
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 amounts reported in the Company’s financial statements and accompanying notes. Accounting estimates and management judgments reflected in the financial statements include: the accrual of research and development expenses; the incremental borrowing rate used to recognize the right-of-use assets and lease liabilities; the fair value of common stock; and stock-based compensation. Although these estimates are based on the Company’s knowledge of current events and actions it may undertake in the future, actual results may materially differ from these estimates and assumptions.
Recently Issued Accounting Pronouncements Not Yet Adopted	Recently Issued Accounting Pronouncements Not Yet Adopted In November 2024, the FASB issued ASU No. 2024-03, Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”). This standard requires a public entity to disaggregate certain income statement expenses. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of this guidance on its financial statements. In December 2025, the FASB issued ASU No. 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements (“ASU 2025-11”). This standard clarifies the applicability of interim reporting guidance under U.S. GAAP, provides a comprehensive list of interim disclosure requirements within Topic 270, and introduces a disclosure principle requiring entities to provide information about events and changes occurring after the end of the most recent annual reporting period that have a material impact on the entity. The ASU does not change the fundamental nature of interim reporting or expand or reduce existing interim disclosure requirements. ASU 2025-11 is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027 for public business entities, with early adoption permitted. The Company is currently evaluating the impact of this guidance on its interim financial reporting and related disclosures. In December 2025, the FASB issued ASU No. 2025-12, Codification Improvements (“ASU 2025-12”). This standard addresses suggestions received from stakeholders regarding the ASC and makes other incremental improvements to U.S. GAAP. The update represents changes to the Codification that clarify, correct errors in or make other improvements to a variety of topics that are intended to make it easier to understand and apply. ASU 2025-12 is effective for annual reporting periods beginning after December 15, 2026, and interim periods within those annual periods, with early adoption permitted. Entities are required to apply the amendments to ASC 260 retrospectively. All other amendments may be applied prospectively or retrospectively. Early adoption is permitted. The Company is currently evaluating the impact of this guidance on its financial statements and related disclosures.
Fair Value Measurements	Fair Value Measurements The accounting guidance defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the accounting guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1—Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2—Quoted prices for similar assets and liabilities in active markets, quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability. Level 3—Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e. supported by little or no market activity).

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478671/942-235-S50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Publisher FASB
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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 9: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-SubTopic 10
-Topic 275
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-1

+ Details

Cash Equivalents and Marketable Securities - Schedule of Amortized Cost and Fair Value of the Company’s Cash Equivalents and Marketable Securities by Major Investment Category (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Debt Securities, Available-for-Sale [Line Items]
Cash equivalents	$ 12,563	$ 75,051
Amortized Cost		187,033
Unrealized Gains		263
Unrealized Losses		(3)
Fair Value		187,293
Amortized Cost	234,976
Gains	18
Losses	(591)
Fair Value	234,403
Cash Equivalents
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	12,564
Unrealized Gain	0
Unrealized Losses	(1)
Cash equivalents	$ 12,563
Maximum
Debt Securities, Available-for-Sale [Line Items]
Maturity in Years	1 year
U.S. Government agency securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	$ 46,789	41,238
Unrealized Gains	9	136
Unrealized Losses	(175)	(1)
Fair Value	$ 46,623	$ 41,373
U.S. Government agency securities \| Maximum
Debt Securities, Available-for-Sale [Line Items]
Maturity in Years	3 years	2 years
Certificates of deposits
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	$ 983	$ 3,009
Unrealized Gains	0	4
Unrealized Losses	0	0
Fair Value	$ 983	$ 3,013
Certificates of deposits \| Maximum
Debt Securities, Available-for-Sale [Line Items]
Maturity in Years	1 year	1 year
Corporate debt securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	$ 127,521	$ 81,614
Unrealized Gains	3	84
Unrealized Losses	(398)	0
Fair Value	$ 127,126	$ 81,698
Corporate debt securities \| Maximum
Debt Securities, Available-for-Sale [Line Items]
Maturity in Years	3 years	2 years
Commercial paper
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	$ 36,931	$ 48,448
Unrealized Gains	0	7
Unrealized Losses	(12)	(2)
Fair Value	$ 36,919	$ 48,453
Commercial paper \| Maximum
Debt Securities, Available-for-Sale [Line Items]
Maturity in Years	1 year	1 year
Yankee debt
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	$ 3,607	$ 4,463
Unrealized Gains	0	2
Unrealized Losses	(4)	0
Fair Value	$ 3,603	$ 4,465
Yankee debt \| Maximum
Debt Securities, Available-for-Sale [Line Items]
Maturity in Years	1 year	1 year
Asset-backed securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	$ 6,581	$ 8,261
Unrealized Gains	6	30
Unrealized Losses	(1)	0
Fair Value	$ 6,586	$ 8,291
Asset-backed securities \| Maximum
Debt Securities, Available-for-Sale [Line Items]
Maturity in Years	2 years	3 years

CONDENSED STATEMENTS OF STOCKHOLDERS’ EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Class A and Class B Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2024		25,854,549
Beginning balance at Dec. 31, 2024	$ 198,066	$ 26	$ 315,371	$ 71	$ (117,402)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)		17,000
Exercise of stock options	24		24
Stock-based compensation	2,569		2,569
Net loss	(15,990)				(15,990)
Unrealized (loss) gain on marketable securities	99			99
Ending balance (in shares) at Mar. 31, 2025		25,871,549
Ending balance at Mar. 31, 2025	184,768	$ 26	317,964	170	(133,392)
Beginning balance (in shares) at Dec. 31, 2024		25,854,549
Beginning balance at Dec. 31, 2024	198,066	$ 26	315,371	71	(117,402)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(32,030)
Unrealized (loss) gain on marketable securities	76
Ending balance (in shares) at Jun. 30, 2025		25,919,895
Ending balance at Jun. 30, 2025	171,390	$ 26	320,649	147	(149,432)
Beginning balance (in shares) at Mar. 31, 2025		25,871,549
Beginning balance at Mar. 31, 2025	184,768	$ 26	317,964	170	(133,392)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares purchased through employee stock purchase plan (in shares)		48,346
Shares purchased through employee stock purchase plan	267		267
Stock-based compensation	2,418		2,418
Net loss	(16,040)				(16,040)
Unrealized (loss) gain on marketable securities	(23)			(23)
Ending balance (in shares) at Jun. 30, 2025		25,919,895
Ending balance at Jun. 30, 2025	171,390	$ 26	320,649	147	(149,432)
Beginning balance (in shares) at Dec. 31, 2025		37,320,125
Beginning balance at Dec. 31, 2025	260,989	$ 37	438,072	260	(177,380)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)		66,252
Exercise of stock options	198		198
Stock-based compensation	3,823		3,823
Net loss	(14,456)				(14,456)
Unrealized (loss) gain on marketable securities	(513)			(513)
Ending balance (in shares) at Mar. 31, 2026		37,386,377
Ending balance at Mar. 31, 2026	250,041	$ 37	442,093	(253)	(191,836)
Beginning balance (in shares) at Dec. 31, 2025		37,320,125
Beginning balance at Dec. 31, 2025	$ 260,989	$ 37	438,072	260	(177,380)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)	172,527
Net loss	$ (29,610)
Unrealized (loss) gain on marketable securities	(833)
Ending balance (in shares) at Jun. 30, 2026		37,613,409
Ending balance at Jun. 30, 2026	239,660	$ 38	447,185	(573)	(206,990)
Beginning balance (in shares) at Mar. 31, 2026		37,386,377
Beginning balance at Mar. 31, 2026	250,041	$ 37	442,093	(253)	(191,836)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)		106,275
Exercise of stock options	473		473
Shares purchased through employee stock purchase plan (in shares)		120,757
Shares purchased through employee stock purchase plan	780	$ 1	779
Stock-based compensation	3,840		3,840
Net loss	(15,154)				(15,154)
Unrealized (loss) gain on marketable securities	(320)			(320)
Ending balance (in shares) at Jun. 30, 2026		37,613,409
Ending balance at Jun. 30, 2026	$ 239,660	$ 38	$ 447,185	$ (573)	$ (206,990)

Stockholders’ Equity - Narrative (Details) $ / shares in Units, $ in Thousands	1 Months Ended			3 Months Ended		6 Months Ended
	Mar. 31, 2026 USD ($)	Dec. 31, 2025 USD ($) $ / shares shares	May 31, 2025 USD ($)	Jun. 30, 2026 USD ($) vote $ / shares shares	Jun. 30, 2025 USD ($) $ / shares shares	Jun. 30, 2026 USD ($) vote $ / shares shares	Jun. 30, 2025 USD ($) $ / shares shares	Jan. 31, 2026 shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)		13,791,291		15,445,175		15,445,175
Aggregate intrinsic value of options exercised \| $						$ 1,800	$ 200
Weighted-average grant-date fair value (in dollars per share) \| $ / shares				$ 10.64	$ 3.33	$ 11.90	$ 6.37
Total unrecognized stock-based compensation \| $				$ 40,100		$ 40,100
Weighted-average period (in years)						2 years 8 months 12 days
Share-based payment arrangement, expense \| $				$ 3,840	$ 2,418	$ 7,663	$ 4,987
Common stock reserved under the 2024 Employee Stock Purchase Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)				595,549		595,549
Employee Stock Ownership Plan (ESOP), Shares Contributed to ESOP (in shares)						120,757	48,346
Share-based payment arrangement, expense \| $						$ 400	$ 100
Shares available for issuance under the 2024 Equity Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)		1,707,563		2,042,449		2,042,449
Shares available for issuance under the 2026 Inducement Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)		0		472,000		472,000		750,000
Class A
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock, number of votes \| vote				1		1
Employee Stock Ownership Plan (ESOP), Shares Contributed to ESOP (in shares)					48,346	120,757
Class A \| Follow-on Offering
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Sale of stock, number of shares issued (in shares)		8,097,570
Sale of stock, price per share (in dollars per share) \| $ / shares		$ 12.25
Consideration received on transaction \| $		$ 93,000
Class A \| At The Market Offering
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Sale of stock shares authorized to issuance amount \| $	$ 100,000		$ 75,000
Class B
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock, number of votes \| vote				0		0
Common stock reserved for future issuance (in shares)		0		0		0
Employee Stock Ownership Plan (ESOP), Shares Contributed to ESOP (in shares)					0	0

Accrued Expenses (Tables)

6 Months Ended

Jun. 30, 2026

Accrued Liabilities [Abstract]

Schedule of Accrued Expenses

Accrued expenses consisted of the following (in thousands):


	June 30, 2026		December 31, 2025
Accrued compensation expenses	$	2,413	$	4,796
Accrued research and development expenses	939		1,195
Accrued professional and consulting expenses	98		342
Other accrued expenses	178		54
Total accrued expenses	$	3,628	$	6,387