0001193125-26-346779 | 10-Q | XBRL Viewer

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Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities:
Net loss	$ (99,490)	$ (103,512)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	1,079	1,077
Accretion of discount on available-for-sale securities	(891)	(3,106)
Stock-based compensation	8,969	9,283
Reduction in the carrying amount of right-of-use assets	852	731
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	332	841
Other non-current assets	275	(2,032)
Accounts payable	787	1,091
Accrued and other current liabilities	(5,166)	8,843
Operating lease liabilities	(1,550)	(1,342)
Net cash used in operating activities	(94,803)	(88,126)
Investing activities:
Purchases of property and equipment	(137)	(89)
Purchases of available-for-sale securities	(15,842)	(120,509)
Proceeds from maturities of available-for-sale securities	83,000	291,300
Net cash provided by investing activities	67,021	170,702
Financing activities:
Proceeds from the exercise of common stock options	793	62
Proceeds from Employee Stock Purchase Plan purchases	487	182
Proceeds from the issuance of common stock	65,766	0
Payment of financing costs	(2,046)	(32)
Net cash provided by financing activities	65,000	212
Increase in cash, cash equivalents and restricted cash	37,218	82,788
Effect of exchange rate changes on cash, cash equivalents and restricted cash	1	2
Cash, cash equivalents and restricted cash
Beginning of period	163,083	50,530
End of period	200,302	133,320
Supplemental disclosure of cash flow information:
Cash paid for amounts included in the measurement of lease liability	2,606	2,518
Non-cash investing and financing activities:
Deferred offering costs included in accounts payable and accrued liabilities	18	0
Deferred offering costs included in other non-current assets	0	81
Deemed dividend on modification of common stock warrants	$ 0	$ 1,857

Balance Sheet Components - Summary of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Property Plant And Equipment [Line Items]
Total property and equipment, gross	$ 20,099	$ 19,962
Less: accumulated depreciation	(10,424)	(9,345)
Total property and equipment, net	9,675	10,617
Leasehold Improvements [Member]
Property Plant And Equipment [Line Items]
Total property and equipment, gross	17,255	17,262
Laboratory Equipment [Member]
Property Plant And Equipment [Line Items]
Total property and equipment, gross	1,923	1,878
Furniture and Fixtures [Member]
Property Plant And Equipment [Line Items]
Total property and equipment, gross	820	730
Computer Equipment and Software [Member]
Property Plant And Equipment [Line Items]
Total property and equipment, gross	$ 101	$ 92

- Definition

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

+ References + Details

- Definition

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

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- Definition

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

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Organization - Additional Information (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Accounting Policies [Abstract]
Accumulated deficit	$ 1,016,879	$ 917,389
Cash and cash equivalents and short-term investments	$ 209,200

- Definition

Amount of accumulated undistributed earnings (deficit).

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+ Details

Stockholders' Equity

6 Months Ended

Jun. 30, 2026

Stockholders' Equity Note [Abstract]

Stockholders' Equity

6. Stockholders’ Equity

2025 Financing

In November 2025, the Company raised net proceeds of approximately $80.5 million after deducting underwriting discounts and offering expenses through the sale of 29,423,075 shares of the Company’s common stock at a price of $2.60 per share and pre-funded warrants to purchase an aggregate of 3,750,000 shares of common stock at a price of $2.599 per share, which equals the per share offering price for the shares of common stock less the $0.001 exercise price for each pre-funded warrant. The pre-funded warrants are immediately exercisable, subject to certain beneficial ownership limitations. The warrants meet the criteria for equity classification and were therefore recorded at fair value as of the grant date as a component of stockholders’ equity within additional paid-in capital.

2024 Financing

In June 2024, the Company raised net proceeds of approximately $116.8 million after deducting underwriting discounts and offering expenses through the sale of 13,001,120 shares of the Company’s common stock, par value $0.001 per share, at a price of $6.25 per share, and pre-funded warrants to purchase an aggregate of 7,000,000 shares of common stock at a price of $6.249 per share, which equals the per share offering price for the shares of common stock less the $0.001 exercise price for each pre-funded warrant. The pre-funded warrants are immediately exercisable, subject to certain beneficial ownership limitations. The warrants meet the criteria for equity classification and were therefore recorded at fair value as of the grant date as a component of stockholders’ equity within additional paid-in capital.

2023 Financing

In December 2023, the Company raised net proceeds of approximately $117.0 million after deducting underwriting discounts and offering expenses through the sale of 25,035,000 shares of the Company’s common stock, par value $0.001 per share at a price of $2.880 per share and pre-funded warrants to purchase an aggregate of 18,379,861 shares of common stock at a price of $2.879 per share, which equals the per share offering price for the shares of common stock less the $0.001 exercise price for each pre-funded warrant. The warrants meet the criteria for equity classification and were therefore recorded at fair value as of the grant date as a component of stockholders’ equity within additional paid-in capital.

2022 Financing

In July 2022, the Company raised net proceeds of approximately $122.5 million after deducting fees and expenses through the sale of an aggregate of 9,013,834 shares of common stock, pre-funded warrants to purchase up to 24,696,206 shares of its common stock and accompanying common warrants to purchase up to 8,427,508 shares of its common stock. The offering price per share and accompanying common warrant was $3.87125 per share and the offering price per pre-funded warrant and accompanying common warrant was $3.87025 per share, which equals the per share offering price for the shares of common stock less the $0.001 exercise price

for each such pre-funded warrant. The pre-funded warrants remain exercisable until exercised in full. The common warrants had an exercise price of $5.806875 per share and, except as described in the next paragraph, expired on June 30, 2025. Both the pre-funded and common warrants were immediately exercisable, subject to beneficial ownership limitations. The warrants meet the criteria for equity classification and were therefore recorded at fair value as of the grant date as a component of stockholders’ equity within additional paid-in capital.

In June 2025, the Company and holders of common warrants exercisable for 6,877,622 shares of the Company’s common stock entered into amendments extending the expiration date of such common warrants to June 30, 2026 and eliminating a cashless exercise feature. The modification resulted in a $1.9 million deemed dividend for the year ended December 31, 2025, recorded to additional paid-in capital with no impact on total stockholders’ equity. The remaining common warrants to purchase 1,226,993 shares of the Company's common stock not subject to these amendments expired unexercised on June 30, 2025. No deemed dividend was recognized during the three and six months ended June 30, 2026. On June 30, 2026, the amended common warrants to purchase 6,877,622 shares of the Company’s common stock expired unexercised.

Pre-Funded and Common Warrants

The following summarizes warrant activity during the six months ended June 30, 2026 and 2025:


	Number of Common Warrants			Number of Pre-funded Warrants			Weighted-Average Exercise Price
Balances as of December 31, 2025		6,877,622			42,293,577
Issued		—			—		$	—
Exercised	—				(12,527,778	)	$	0.001
Expired		(6,877,622	)		—		$	5.807
Balances as of June 30, 2026		—			29,765,799


	Number of Common Warrants		Number of Pre-funded Warrants		Weighted-Average Exercise Price
Balances as of December 31, 2024		8,104,615		38,543,577
Issued		—		—	$	—
Exercised		—		—	$	—
Balances as of June 30, 2025		8,104,615		38,543,577

During the six months ended June 30, 2026, the Company issued an aggregate of 12,525,379 shares of common stock upon the cashless exercise of pre-funded warrants to purchase 12,527,778 shares of common stock. Subsequent to June 30, 2026 and through the date of issuance of these financial statements, the Company issued an aggregate of 14,897,630 shares of common stock upon the cashless exercise of pre-funded warrants to purchase 14,900,000 shares of common stock.

At the Market (ATM) Program

In March 2026, the Company entered into a sales agreement with TD Securities (USA) LLC, or TD Cowen, as sales agent, pursuant to which the Company may offer and sell, from time to time through TD Cowen, at its option, shares of its common stock having an aggregate offering price of up to $150.0 million, or the 2026 ATM program. The Company agreed to pay TD Cowen a commission of up to 3.0% of the aggregate gross proceeds for the common stock sold through the 2026 ATM program. During the six months ended June 30, 2026, the Company sold 5,734,361 shares of common stock under the 2026 ATM program for net proceeds of approximately $31.0 million, after deducting commissions paid to TD Cowen and other offering costs. As of June 30, 2026, approximately $117.8 million remained available under the 2026 ATM program.

In March 2024, the Company entered into a sales agreement with TD Cowen, as sales agent, pursuant to which the Company was permitted to offer and sell shares of its common stock having an aggregate maximum offering price of up to $100.0 million, or 2024 ATM program. During the six months ended June 30, 2026, the Company sold 6,049,762 shares of its common stock under the 2024 ATM program for net proceeds of approximately $32.7 million, after deducting commissions paid to TD Cowen and other offering costs. No sales were made under the 2024 ATM program during the six months ended June 30, 2025. In May 2026, the Company

terminated the 2024 ATM program. Approximately $33.3 million remained available under the 2024 ATM program at the time of termination; however, no further shares of common stock may be sold under the 2024 ATM program.

Common Stock

The Company reserved the following shares of common stock for issuance as follows:


	June 30, 2026		December 31, 2025
Stock options issued and outstanding		23,190,315		18,645,325
Stock options reserved for 2020 Incentive Award Plan		1,478,515		1,184,877
Unvested restricted stock units outstanding		2,388,473		1,252,847
Common stock reserved for 2024 ATM program		—		14,509,176
Common stock reserved for 2026 ATM program		24,265,639		—
Common stock reserved for Employee Stock Purchase Plan		4,104,593		2,800,550
Common stock reserved for 2022 Employment Inducement Award Plan		2,843,740		3,585,793
Common stock reserved for pre-funded warrants		29,765,799		42,293,577
Common stock reserved for common warrants		—		6,877,622
Total common stock reserved		88,037,074		91,149,767

- Definition

The entire disclosure for equity.

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-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(31))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-5

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

+ Details

Balance Sheet Components

6 Months Ended

Jun. 30, 2026

Disclosure Of Balance Sheet Components [Abstract]

Balance Sheet Components

4. Balance Sheet Components

Cash, Cash Equivalents and Restricted Cash

The Company considers all highly liquid instruments with an original maturity of three months or less at time of purchase to be cash equivalents. Cash equivalents, which include amounts invested in money market funds and government bonds, are stated at fair value.

Restricted cash as of June 30, 2026 relates to the letters of credit established for the Company’s office leases.

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the unaudited condensed consolidated balance sheets that sum to the total of the same amounts shown in the unaudited condensed consolidated statements of cash flows (in thousands):


	June 30, 2026		December 31, 2025
Cash	$	13,492	$	2,013
Cash equivalents		185,778		160,038
Cash and cash equivalents		199,270		162,051
Restricted cash		1,032		1,032
Cash, cash equivalents and restricted cash	$	200,302	$	163,083

Property and Equipment, Net

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


	June 30, 2026			December 31, 2025
Leasehold improvements	$	17,255		$	17,262
Laboratory equipment		1,923			1,878
Furniture and fixtures		820			730
Computer equipment and software		101			92
Total property and equipment, gross		20,099			19,962
Less: accumulated depreciation		(10,424	)		(9,345	)
Total property and equipment, net	$	9,675		$	10,617

Accrued and Other Current Liabilities

Accrued and other current liabilities consisted of the following (in thousands):


	June 30, 2026		December 31, 2025
Accrued research and development expenses	$	14,943	$	16,285
Accrued compensation		3,725		7,517
Accrued professional services		764		480
Other accrued and current liabilities		193		509
Total accrued and other current liabilities	$	19,625	$	24,791

Equity Incentive Plans - Summary of Fair Value of Each Stock Option Issued Estimated on the Date of Grant Using the Black-Scholes Option Pricing Model (Details)	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 volatility, Minimum	90.60%	93.70%	90.60%	92.30%
Expected volatility, Maximum	91.90%	93.80%	92.30%	93.80%
Risk-free interest rate, Minimum	4.21%	4.03%	3.72%	4.03%
Risk-free interest rate, Maximum	4.33%	4.15%	4.33%	4.49%
Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)	5 years 6 months	5 years 6 months	5 years 6 months	5 years 6 months
Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)	6 years 29 days	6 years 29 days	6 years 29 days	6 years 29 days

- 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 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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

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

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 50
-Paragraph 2
-Subparagraph (l)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 50
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Subparagraph (c)(1)(iv)
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 718
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 50
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Net Loss Per Share (Tables)

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Summary of Outstanding Potentially Dilutive Shares Excluded From Calculation of Diluted Net Loss Per Share

The following outstanding potentially dilutive shares have been excluded from the calculation of diluted net loss per share due to their anti-dilutive effect:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Stock options to purchase common stock		23,190,315		20,020,180		23,190,315		20,020,180
Shares subject to Employee Stock Purchase Plan		13,721		58,184		13,721		58,184
Unvested restricted stock units		2,388,473		1,452,999		2,388,473		1,452,999
Common warrants		—		8,104,615		—		8,104,615
Total		25,592,509		29,635,978		25,592,509		29,635,978

Commitments and Contingencies - Additional Information (Details)	6 Months Ended
	Jun. 30, 2026 USD ($) Claim	Jun. 30, 2025 USD ($)	Dec. 31, 2025 USD ($)
Gain Contingencies [Line Items]
Operating lease right-of-use asset	$ 14,333,000		$ 15,185,000
Lease liabilities	$ 24,651,000
Weighted average incremental borrowing rate	8.40%
Operating lease costs	$ 1,900,000	$ 1,900,000
Variable lease payments	1,100,000	$ 1,400,000
Loss contingency accrual	$ 0
Indemnification Agreement [Member]
Gain Contingencies [Line Items]
Loss contingency pending claims \| Claim	0
Brisbane, California [Member]
Gain Contingencies [Line Items]
Operating lease, term of contract	10 years
Operating lease, expiration month and year	2031-10
Operating lease, renewal term	10 years
Operating lease right-of-use asset	$ 14,300,000
Lease liabilities	$ 24,700,000
Weighted average remaining lease term	5 years 3 months 18 days

Balance Sheet Components (Tables)

6 Months Ended

Jun. 30, 2026

Disclosure Of Balance Sheet Components [Abstract]

Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash


	June 30, 2026		December 31, 2025
Cash	$	13,492	$	2,013
Cash equivalents		185,778		160,038
Cash and cash equivalents		199,270		162,051
Restricted cash		1,032		1,032
Cash, cash equivalents and restricted cash	$	200,302	$	163,083

Summary of Property and Equipment, Net

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


	June 30, 2026			December 31, 2025
Leasehold improvements	$	17,255		$	17,262
Laboratory equipment		1,923			1,878
Furniture and fixtures		820			730
Computer equipment and software		101			92
Total property and equipment, gross		20,099			19,962
Less: accumulated depreciation		(10,424	)		(9,345	)
Total property and equipment, net	$	9,675		$	10,617

Summary of Accrued and Other Current Liabilities

Accrued and other current liabilities consisted of the following (in thousands):


	June 30, 2026		December 31, 2025
Accrued research and development expenses	$	14,943	$	16,285
Accrued compensation		3,725		7,517
Accrued professional services		764		480
Other accrued and current liabilities		193		509
Total accrued and other current liabilities	$	19,625	$	24,791

Organization

6 Months Ended

Jun. 30, 2026

Accounting Policies [Abstract]

Organization

1. Organization

Annexon, Inc., or the Company, is a biopharmaceutical company advancing the next generation platform of targeted immunotherapies aimed at complement-mediated neuroinflammatory diseases that collectively impact nearly 10 million people worldwide. The Company is located in Brisbane, California and was incorporated in Delaware in March 2011.

The Company’s wholly-owned subsidiary, Annexon Biosciences Australia Pty Ltd, or the Subsidiary, is a proprietary limited company incorporated in 2016 and domiciled in Australia.

Liquidity

Since inception, the Company has been involved primarily in performing research and development activities, conducting clinical trials, hiring personnel, and raising capital to support and expand these activities. The Company has experienced losses and negative cash flows from operations since its inception and, as of June 30, 2026, had an accumulated deficit of approximately $1.0 billion and cash and cash equivalents and short-term investments of $209.2 million.

The Company has historically funded its operations through the issuance of shares of its common stock and warrants. Based on projected activities, management projects that existing cash and cash equivalents and short-term investments will enable the Company to fund its operating expenses and capital expenditure requirements for at least twelve months from the date of issuance of these financial statements. The Company’s future viability beyond that point is dependent on its ability to achieve development and regulatory milestones and obtain additional funding. Management expects to continue to incur losses and negative cash flows from operations for at least the next several years. There are uncertainties associated with the Company’s ability to (1) obtain additional equity or debt financing on terms that are favorable to the Company, (2) enter into collaborative agreements with strategic partners, and (3) succeed in its future operations. If the Company is not able to obtain the required funding for its operations or is not able to obtain funding on terms that are favorable to the Company, it could be forced to delay, reduce or eliminate its research and development programs and its business could be materially harmed.

Condensed Consolidated Statements of Operations - 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	$ 46,590	$ 44,160	$ 82,376	$ 92,339
General and administrative	10,637	7,566	20,904	16,792
Total operating expenses	57,227	51,726	103,280	109,131
Loss from operations	(57,227)	(51,726)	(103,280)	(109,131)
Interest and other income, net	1,879	2,570	3,790	5,619
Net loss	(55,348)	(49,156)	(99,490)	(103,512)
Deemed dividend on modification of common stock warrants	0	(1,857)	0	(1,857)
Net loss attributable to common stockholders	$ (55,348)	$ (51,013)	$ (99,490)	$ (105,369)
Net loss per share, basic	$ (0.28)	$ (0.34)	$ (0.5)	$ (0.71)
Net loss per share, diluted	$ (0.28)	$ (0.34)	$ (0.5)	$ (0.71)
Weighted-average shares used in computing net loss per share, basic	201,003,269	148,320,803	197,620,477	148,215,392
Weighted-average shares used in computing net loss per share, diluted	201,003,269	148,320,803	197,620,477	148,215,392

Fair Value Measurements - Additional Information (Details)	6 Months Ended
	Jun. 30, 2026 USD ($)
Fair Value Disclosures [Abstract]
Investment maturity period	2 years
Investment expected maturity period	12 months
Credit losses	$ 0
Allowance for doubtful accounts	0
Unrealized loss position for more than 12 months	$ 0

Balance Sheet Components - Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Continuing Operation [Abstract]
Cash	$ 13,492	$ 2,013
Cash equivalents	185,778	160,038
Cash and cash equivalents	199,270	162,051
Restricted cash	1,032	1,032
Cash, cash equivalents and restricted cash	$ 200,302	$ 163,083

- Definition

Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Excludes cash and cash equivalents within disposal group and discontinued operation.

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-4

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482913/230-10-50-8

Reference 4: 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 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S50
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+ Details

- Definition

Amount of cash restricted as to withdrawal or usage. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits.

+ References + Details

Net Loss Per Share - Additional Information (Details)	Jun. 30, 2026 shares
Maximum [Member] \| Common Stock [Member]
Class of Warrant or Right [Line Items]
Warrants exercised	29,765,799

Equity Incentive Plans - Summary of RSU Activity under Equity Incentive Plan (Details)	6 Months Ended
	Jun. 30, 2026 $ / shares shares
Share-Based Payment Arrangement [Abstract]
Number of Shares, Unvested as of December 31, 2025 \| shares	1,252,847
Number of Shares, Granted \| shares	1,855,563
Number of Shares, Vested \| shares	(501,341)
Number of Shares, Cancelled \| shares	(218,596)
Number of Shares, Unvested as of June 30, 2026 \| shares	2,388,473
Weighted-Average Grant Date Fair Value Per Share, Granted Unvested as of December 31, 2025 \| $ / shares	$ 3.31
Weighted-Average Grant Date Fair Value Per Share, Granted \| $ / shares	5.38
Weighted-Average Grant Date Fair Value Per Share, Vested \| $ / shares	3.69
Weighted-Average Grant Date Fair Value Per Share, Cancelled \| $ / shares	4.53
Weighted-Average Grant Date Fair Value Per Share, Granted Unvested as of June 30, 2026 \| $ / shares	$ 4.73

Commitments and Contingencies - Future Minimum Lease Payments and Related Lease Liabilities (Details) $ in Thousands	Jun. 30, 2026 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2026 (remaining six months)	$ 2,636
2027	5,425
2028	5,615
2029	5,812
2030 and thereafter	11,173
Total undiscounted lease payments	30,661
Less: Imputed interest	(6,010)
Total lease liabilities	$ 24,651

Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Schedule of Operations for Reportable Segment

The following table presents the operations for the reportable segment for the three and six months ended June 30, 2026 and 2025 (in thousands):


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Research and development - external expenses(1)	$	34,847		$	31,278		$	58,668		$	65,776
Research and development - personnel		6,952			8,376			14,362			17,422
General and administrative - personnel		2,686			2,153			5,603			4,493
Other general and administrative expenses(2)		7,389			5,174			14,599			11,080
Depreciation expense		540			540			1,079			1,077
Stock-based compensation		4,813			4,205			8,969			9,283
Total operating expense		57,227			51,726			103,280			109,131
Loss from operations		(57,227	)		(51,726	)		(103,280	)		(109,131	)
Interest and other income, net		1,879			2,570			3,790			5,619
Consolidated segment net loss	$	(55,348	)	$	(49,156	)	$	(99,490	)	$	(103,512	)

__________________

(1) Research and development - external expenses include program expenses, other non-program specific expenses and other research expenses.

(2) Other general and administrative expenses include consulting and professional services fees for business development, legal, accounting, tax, and facilities costs.

- 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
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-Paragraph 31
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

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 10: http://www.xbrl.org/2009/role/commonPracticeRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

+ Details

Subsequent Events - Additional Information (Details) - Subsequent Event [Member] - 2026 Loan and Security Agreement [Member] $ in Millions	Jul. 30, 2026 USD ($)
Subsequent Event [Line Items]
Aggregate borrowing amount	$ 200.0
Debt instrument, maturity date	Jul. 01, 2031
Debt instrument maturity extension date	Jun. 01, 2032
Floating interest rate	4.60%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	CME Term SOFR [Member]
Effective percentage	7.60%
Loan Facility Initial Tranche [Member]
Subsequent Event [Line Items]
Aggregate borrowing amount	$ 50.0
Loan Facility Additional Tranches [Member]
Subsequent Event [Line Items]
Aggregate borrowing amount	100.0
Loan Facility Fifth Tranche [Member]
Subsequent Event [Line Items]
Aggregate borrowing amount	$ 50.0
Minimum [Member]
Subsequent Event [Line Items]
Percentage of repayment of loan facility	2.50%
Maximum [Member]
Subsequent Event [Line Items]
Percentage of repayment of loan facility	6.75%

Fair Value Measurements - Summary of Financial Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized Cost	$ 195,751	$ 236,277
Gross Unrealized Holding Gains		55
Aggregate Fair Value	195,751	236,332
Cash and Cash Equivalents [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized Cost	185,778	160,025
Gross Unrealized Holding Gains		13
Aggregate Fair Value	185,778	160,038
Level 1 [Member] \| Cash and Cash Equivalents [Member] \| Money Market Funds [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized Cost	175,800	116,181
Aggregate Fair Value	175,800	116,181
Level 2 [Member] \| Cash and Cash Equivalents [Member] \| Government Bonds [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized Cost	9,978	43,844
Gross Unrealized Holding Gains		13
Aggregate Fair Value	9,978	43,857
Level 2 [Member] \| Short-Term Investments [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized Cost	9,973	76,252
Gross Unrealized Holding Gains		42
Aggregate Fair Value	9,973	76,294
Level 2 [Member] \| Short-Term Investments [Member] \| Government Bonds [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized Cost	9,973	76,252
Gross Unrealized Holding Gains		42
Aggregate Fair Value	$ 9,973	$ 76,294

Equity Incentive Plans (Tables)

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Summary of Stock Option Activity

The following table presents stock option activity under the Plans for the period:


	Number of Shares			Weighted- Average Exercise Price Per Share		Weighted- Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Balances as of December 31, 2025		18,645,325		$	6.69		7.53	$	17,234
Stock options granted		5,537,313		$	5.14
Stock options exercised		(240,970	)	$	3.29
Stock options forfeited		(751,353	)	$	5.11
Balances as of June 30, 2026		23,190,315		$	6.40		7.57	$	26,703
Vested and Exercisable as of June 30, 2026		12,147,453		$	8.23		6.29	$	11,266

Summary of RSU Activity under Equity Incentive Plan

A summary of RSU activity under the Company’s equity incentive plan and related information is as follows:


	Number of Shares			Weighted-Average Grant Date Fair Value Per Share
Unvested as of December 31, 2025		1,252,847		$	3.31
Granted		1,855,563			5.38
Vested		(501,341	)		3.69
Cancelled		(218,596	)		4.53
Unvested as of June 30, 2026		2,388,473		$	4.73

Summary of Stock-Based Compensation Expense

The total stock-based compensation expense recognized was as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Research and development	$	2,663	$	2,688	$	5,031	$	5,517
General and administrative		2,150		1,517		3,938		3,766
Total stock-based compensation expense	$	4,813	$	4,205	$	8,969	$	9,283

Summary of Fair Value of Each Stock Option Issued Estimated on the Date of Grant Using the Black-Scholes Option Pricing Model

The fair value of each stock option issued was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions:


	Three Months Ended June 30,			Six Months Ended June 30,
	2026		2025	2026		2025
Expected term (in years)	5.50 - 6.08		5.50 - 6.08	5.50 - 6.08		5.50 - 6.08
Expected volatility	90.60% - 91.90%		93.70% - 93.80%	90.60% - 92.30%		92.30% - 93.80%
Risk-free interest rate	4.21% - 4.33%		4.03% - 4.15%	3.72% - 4.33%		4.03% - 4.49%
Dividend yield		—	—		—	—

Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2026

Commitments and Contingencies Disclosure [Abstract]

Future Minimum Lease Payments and Related Lease Liabilities

Future minimum lease payments and related lease liabilities as of June 30, 2026, were as follows:


	(in thousands)
2026 (remaining six months)	$	2,636
2027		5,425
2028		5,615
2029		5,812
2030 and thereafter		11,173
Total undiscounted lease payments		30,661
Less: Imputed interest		(6,010	)
Total lease liabilities	$	24,651

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
Rule 10b51 Arr Amended Flag	false
Non Rule 10b51 Arr Amended Flag	false

Segment Reporting - Additional Information (Details)	6 Months Ended
Segment Reporting - Additional Information (Details)	Jun. 30, 2026 Segment
Segment Reporting [Abstract]
Number of reportable segment	1
Segment Reporting, Expense Information Used by CODM, Description	The segment is managed on a consolidated basis and the chief operating decision maker, or CODM, uses total operating expenses and consolidated net loss to assess performance, forecast future financial results and allocate resources. In assessing the Company's financial performance and making strategic decisions, the CODM regularly reviews operating expenses by function. This includes a review of budget versus actual expenses and direct program spend, which includes clinical costs, consultant fees, manufacturing expenses, and other direct external costs.

Balance Sheet Components - Summary of Accrued and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Accrued Liabilities, Current [Abstract]
Accrued research and development expenses	$ 14,943	$ 16,285
Accrued compensation	3,725	7,517
Accrued professional services	764	480
Other accrued and current liabilities	193	509
Total accrued and other current liabilities	$ 19,625	$ 24,791

Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2026

Stockholders' Equity Note [Abstract]

Summary of Warrants Activity

The following summarizes warrant activity during the six months ended June 30, 2026 and 2025:


	Number of Common Warrants			Number of Pre-funded Warrants			Weighted-Average Exercise Price
Balances as of December 31, 2025		6,877,622			42,293,577
Issued		—			—		$	—
Exercised	—				(12,527,778	)	$	0.001
Expired		(6,877,622	)		—		$	5.807
Balances as of June 30, 2026		—			29,765,799


	Number of Common Warrants		Number of Pre-funded Warrants		Weighted-Average Exercise Price
Balances as of December 31, 2024		8,104,615		38,543,577
Issued		—		—	$	—
Exercised		—		—	$	—
Balances as of June 30, 2025		8,104,615		38,543,577

Schedule of Common Stock Reserved for Future Issuance

The Company reserved the following shares of common stock for issuance as follows:


	June 30, 2026		December 31, 2025
Stock options issued and outstanding		23,190,315		18,645,325
Stock options reserved for 2020 Incentive Award Plan		1,478,515		1,184,877
Unvested restricted stock units outstanding		2,388,473		1,252,847
Common stock reserved for 2024 ATM program		—		14,509,176
Common stock reserved for 2026 ATM program		24,265,639		—
Common stock reserved for Employee Stock Purchase Plan		4,104,593		2,800,550
Common stock reserved for 2022 Employment Inducement Award Plan		2,843,740		3,585,793
Common stock reserved for pre-funded warrants		29,765,799		42,293,577
Common stock reserved for common warrants		—		6,877,622
Total common stock reserved		88,037,074		91,149,767

Basis of Presentation and Significant Accounting Policies

6 Months Ended

Jun. 30, 2026

Accounting Policies [Abstract]

Basis of Presentation and Significant Accounting Policies

2. Basis of Presentation and Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States, or GAAP, and applicable rules and regulations of the Securities and Exchange Commission, or SEC, regarding interim financial reporting.

The condensed consolidated balance sheet as of June 30, 2026, the condensed consolidated statements of operations, comprehensive loss, and stockholders’ equity for the three and six months ended June 30, 2026 and 2025 and the condensed consolidated statements of cash flows for the six months ended June 30, 2026 and 2025 are unaudited. These unaudited condensed consolidated financial statements have been prepared on the same basis as the annual audited consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s consolidated financial position, results of operations and cash flows for the interim period presented. The financial data and other financial information contained in these notes to the condensed consolidated financial statements related to the three month periods are also unaudited. The 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 year ending December 31, 2026 or for any other future annual or interim period. The condensed consolidated balance sheet as of December 31, 2025 included herein was derived from the audited consolidated financial statements as of that date. These unaudited condensed consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on March 30, 2026.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America, or GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported expenses during the reporting period. Management evaluates its estimates, including but not limited to the fair value of investments, incremental borrowing rate for operating lease right-of-use assets and liabilities, valuation of deferred tax assets and uncertain tax positions (including valuation

allowance), clinical trial accruals and stock-based compensation. The Company evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors and adjusts those estimates and assumptions when facts and circumstances dictate. Actual results could differ from those estimates.

Principles of Consolidation

The condensed consolidated financial statements include the operations of Annexon, Inc. and its wholly-owned subsidiary and include the results of operations and cash flows of these entities. All intercompany balances and transactions have been eliminated in consolidation.

Summary of Significant Accounting Policies

Reference is made to Note 2, Summary of Significant Accounting Policies, in the Company’s 2025 Form 10-K filed on March 30, 2026 for a detailed description of significant accounting policies. There have been no significant changes to the Company’s accounting policies as disclosed in its 2025 Form 10-K.

Recently Issued Accounting Pronouncements

In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures: Disaggregation of Income Statement Expenses, which requires public entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. This guidance is effective for annual reporting periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial statements.

In September 2025, the FASB issued ASU 2025-06, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which is intended to simplify the capitalization guidance for internal-use software by removing references to project stages and clarifying when capitalization of eligible costs is required. ASU 2025-06 is effective for annual periods beginning after December 15, 2027, and interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial statements.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270) Narrow-Scope Improvements. The ASU clarifies and reorganizes interim reporting guidance, including disclosure requirements related to events occurring since the end of the most recent annual reporting period, and improves the presentation and usability of interim financial statement disclosures. The ASU is effective for interim reporting periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial statements.

Basis of Presentation and Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2026
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States, or GAAP, and applicable rules and regulations of the Securities and Exchange Commission, or SEC, regarding interim financial reporting. The condensed consolidated balance sheet as of June 30, 2026, the condensed consolidated statements of operations, comprehensive loss, and stockholders’ equity for the three and six months ended June 30, 2026 and 2025 and the condensed consolidated statements of cash flows for the six months ended June 30, 2026 and 2025 are unaudited. These unaudited condensed consolidated financial statements have been prepared on the same basis as the annual audited consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s consolidated financial position, results of operations and cash flows for the interim period presented. The financial data and other financial information contained in these notes to the condensed consolidated financial statements related to the three month periods are also unaudited. The 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 year ending December 31, 2026 or for any other future annual or interim period. The condensed consolidated balance sheet as of December 31, 2025 included herein was derived from the audited consolidated financial statements as of that date. These unaudited condensed consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on March 30, 2026.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America, or GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported expenses during the reporting period. Management evaluates its estimates, including but not limited to the fair value of investments, incremental borrowing rate for operating lease right-of-use assets and liabilities, valuation of deferred tax assets and uncertain tax positions (including valuation allowance), clinical trial accruals and stock-based compensation. The Company evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors and adjusts those estimates and assumptions when facts and circumstances dictate. Actual results could differ from those estimates.
Principles of Consolidation	Principles of Consolidation The condensed consolidated financial statements include the operations of Annexon, Inc. and its wholly-owned subsidiary and include the results of operations and cash flows of these entities. All intercompany balances and transactions have been eliminated in consolidation.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures: Disaggregation of Income Statement Expenses, which requires public entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. This guidance is effective for annual reporting periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial statements. In September 2025, the FASB issued ASU 2025-06, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which is intended to simplify the capitalization guidance for internal-use software by removing references to project stages and clarifying when capitalization of eligible costs is required. ASU 2025-06 is effective for annual periods beginning after December 15, 2027, and interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial statements. In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270) Narrow-Scope Improvements. The ASU clarifies and reorganizes interim reporting guidance, including disclosure requirements related to events occurring since the end of the most recent annual reporting period, and improves the presentation and usability of interim financial statement disclosures. The ASU is effective for interim reporting periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial statements.

- 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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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
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-Section 50
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+ Details

Segment Reporting

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Segment Reporting

9. Segment Reporting

The Company has one reportable segment, which is related to the research and development of its product candidates focused on complement-mediated diseases of the body, brain and eye for which there is significant unmet medical need. The accounting policies of the one reportable segment are the same as those described in the summary of significant accounting policies. See Note 2—Basis of Presentation and Significant Accounting Policies.

The segment is managed on a consolidated basis and the chief operating decision maker, or CODM, uses total operating expenses and consolidated net loss to assess performance, forecast future financial results and allocate resources. In assessing the Company's financial performance and making strategic decisions, the CODM regularly reviews operating expenses by function. This includes a review of budget versus actual expenses and direct program spend, which includes clinical costs, consultant fees, manufacturing expenses, and other direct external costs.

The following table presents the operations for the reportable segment for the three and six months ended June 30, 2026 and 2025 (in thousands):


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Research and development - external expenses(1)	$	34,847		$	31,278		$	58,668		$	65,776
Research and development - personnel		6,952			8,376			14,362			17,422
General and administrative - personnel		2,686			2,153			5,603			4,493
Other general and administrative expenses(2)		7,389			5,174			14,599			11,080
Depreciation expense		540			540			1,079			1,077
Stock-based compensation		4,813			4,205			8,969			9,283
Total operating expense		57,227			51,726			103,280			109,131
Loss from operations		(57,227	)		(51,726	)		(103,280	)		(109,131	)
Interest and other income, net		1,879			2,570			3,790			5,619
Consolidated segment net loss	$	(55,348	)	$	(49,156	)	$	(99,490	)	$	(103,512	)

__________________

(1) Research and development - external expenses include program expenses, other non-program specific expenses and other research expenses.

(2) Other general and administrative expenses include consulting and professional services fees for business development, legal, accounting, tax, and facilities costs.

- Definition

The entire disclosure for segment reporting.

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+ Details

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Statement of Comprehensive Income [Abstract]
Net loss	$ (55,348)	$ (49,156)	$ (99,490)	$ (103,512)
Other comprehensive income (loss):
Foreign currency translation adjustment		2	1	2
Unrealized loss on available-for-sale securities	(1)	(4)	(54)	(105)
Comprehensive loss	$ (55,349)	$ (49,158)	$ (99,543)	$ (103,615)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

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

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-Subparagraph (SX 210.6-07(9))
-Publisher FASB
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-Paragraph 3
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-Publisher FASB
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-Section S99
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+ Details

Subsequent Events

6 Months Ended

Jun. 30, 2026

Subsequent Events [Abstract]

Subsequent Events

10. Subsequent Events

Loan and Security Agreement

On July 30, 2026, or the Effective Date, the Company entered into a Loan and Security Agreement, or the 2026 LSA, with Oxford Finance LLC, as collateral agent, and certain lenders from time to time party thereto. The 2026 LSA provides for term loans in an aggregate principal amount of up to $200.0 million, or the Loan Facility. The Loan Facility matures on July 1, 2031, which maturity date may be extended to June 1, 2032 upon the achievement of specified milestones. The Loan Facility includes an initial tranche of $50.0 million, which was funded on the Effective Date, and additional tranches totaling $100.0 million that may become available upon the achievement of specified milestones and satisfaction of certain conditions, with a fifth tranche of $50.0 million that may be made available subject to Oxford Finance’s discretion. The term loans bear interest at a floating per annum rate equal to the greater of (i) the 1-Month CME Term SOFR plus 4.6% and (ii) 7.6%. Upon repayment of the Loan Facility, the Company is required to pay an amount equal to between 2.50% and 6.75%, depending on when the Loan Facility is repaid and subject to the occurrence of certain events, of the aggregate principal amount of loans advanced under the Loan Facility.

Equity Incentive Plans

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Equity Incentive Plans

7. Equity Incentive Plans

In July 2020, the Company’s board of directors and stockholders adopted and approved the 2020 Incentive Award Plan, or the 2020 Plan, and the Employee Stock Purchase Plan, or the ESPP, which became effective in connection with the Company’s initial public offering, or the IPO.

The Company may not grant any additional awards under the 2011 Equity Incentive Plan, or the 2011 Plan. The 2011 Plan will continue to govern outstanding equity awards granted thereunder.

2020 Incentive Award Plan

The number of shares of common stock reserved for issuance under the 2020 Plan automatically increases on the first day of January, in an amount equal to 4% of the total number of shares of the Company’s capital stock outstanding on the last day of the preceding year, or a lesser number of shares determined by the Company’s board of directors.

Awards granted under the 2020 Plan expire no later than ten years from the date of grant. For Incentive Stock Options, or ISOs, and Nonstatutory Stock Options, or NSOs, the option price shall not be less than 100% of the estimated fair value on the date of grant. Options granted typically vest over a four-year period but may be granted with different vesting terms. As of June 30, 2026, there were 1,478,515 shares available for issuance under the 2020 Plan.

2022 Employment Inducement Award Plan

In July 2022, the Company’s board of directors adopted the Annexon, Inc. 2022 Employment Inducement Award Plan, as amended, or the Inducement Plan, and together with the 2011 Plan and the 2020 Plan, the Plans. The Inducement Plan was adopted by the Company’s board of directors without stockholder approval pursuant to Nasdaq Marketplace Rule 5635(c)(4), or Rule 5635(c)(4). In accordance with Rule 5635(c)(4), awards made under the Inducement Plan may only be granted to newly hired employees as an inducement material to the employees entering into employment with the Company. Awards granted under the Inducement Plan expire no later than ten years from the date of grant. An aggregate of 7,850,000 shares of common stock were reserved for issuance under the Inducement Plan. As of June 30, 2026, there were 2,843,740 shares available for issuance under the Inducement Plan.

Stock Options

The following table presents stock option activity under the Plans for the period:


	Number of Shares			Weighted- Average Exercise Price Per Share		Weighted- Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Balances as of December 31, 2025		18,645,325		$	6.69		7.53	$	17,234
Stock options granted		5,537,313		$	5.14
Stock options exercised		(240,970	)	$	3.29
Stock options forfeited		(751,353	)	$	5.11
Balances as of June 30, 2026		23,190,315		$	6.40		7.57	$	26,703
Vested and Exercisable as of June 30, 2026		12,147,453		$	8.23		6.29	$	11,266

The total intrinsic value of options exercised was $0.5 million and $0.1 million for the six months ended June 30, 2026, and 2025, respectively. The intrinsic value is the difference between the fair value of the Company’s common stock at the time of exercise and the exercise price of the stock option.

The weighted-average grant date fair value of options granted to employees during the six months ended June 30, 2026 and 2025 was $3.95 and $1.97 per share, respectively.

As of June 30, 2026, the total unrecognized stock-based compensation cost related to outstanding unvested stock options was $36.9 million, which the Company expects to recognize over an estimated weighted-average period of 2.9 years.

Restricted Stock Units

RSUs are share awards that entitle the holder to receive freely tradeable shares of the Company’s common stock upon vesting. The RSUs cannot be transferred and the awards are subject to forfeiture if the holder’s employment terminates prior to the release of the vesting restrictions. The RSUs generally vest over a three-year period in equal amounts on an annual basis, provided the employee remains continuously employed with the Company. The fair value of the RSUs is equal to the closing price of the Company’s common stock on the grant date.

A summary of RSU activity under the Company’s equity incentive plan and related information is as follows:


	Number of Shares			Weighted-Average Grant Date Fair Value Per Share
Unvested as of December 31, 2025		1,252,847		$	3.31
Granted		1,855,563			5.38
Vested		(501,341	)		3.69
Cancelled		(218,596	)		4.53
Unvested as of June 30, 2026		2,388,473		$	4.73

As of June 30, 2026, unrecognized stock-based compensation expense related to outstanding unvested RSUs was $9.7 million, which is expected to be recognized over a weighted-average period of 2.4 years.

Employee Stock Purchase Plan

The ESPP enables eligible employees to purchase shares of the Company’s common stock at the end of each offering period at a price equal to 85% of the fair market value of the shares on the first business day or the last business day of the offering period, whichever is lower. Eligible employees generally include all employees. Share purchases are funded through payroll deductions of at least 1%, and up to 15% of an employee’s eligible compensation for each payroll period. The number of shares reserved for issuance under the ESPP increase automatically on the first day of each fiscal year, by a number equal to, 1% of the shares of common stock outstanding on the last day of the immediately preceding fiscal year, or such number of shares determined by the Company’s board of directors. As of June

30, 2026, 4,104,593 shares were available for future purchase. The ESPP generally provides for six-month consecutive offering periods beginning on May 16 and November 16 of each year. The ESPP is a compensatory plan as defined by the authoritative guidance for stock compensation. As such, stock-based compensation expense has been recorded for the three and six months ended June 30, 2026.

The stock-based compensation expense related to the ESPP were not material for each of the six months ended June 30, 2026 and 2025.

Stock-Based Compensation Expense

The total stock-based compensation expense recognized was as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Research and development	$	2,663	$	2,688	$	5,031	$	5,517
General and administrative		2,150		1,517		3,938		3,766
Total stock-based compensation expense	$	4,813	$	4,205	$	8,969	$	9,283

To determine the value of stock option awards for stock-based compensation purposes, the Company uses the Black-Scholes option pricing model and the assumptions discussed below. Each of these inputs is subjective and generally requires significant judgment.

Fair Value of Common Stock—The fair value of each share of underlying common stock is based on the closing price of the Company’s common stock as reported on the date of grant on the Nasdaq Global Select Market.

Expected Term—The expected term represents the period that the stock-based awards are expected to be outstanding and is determined using the simplified method. The Company continues using the simplified method as it does not have sufficient historical exercise data to provide a reasonable basis upon which to estimate expected term due to the limited period of time its equity shares have been publicly traded.

Expected Volatility—Beginning in 2026, the expected volatility assumption is estimated based solely on the historical volatility of the Company’s share trading price for its common stock and is no longer derived from a weighted average that includes comparable publicly traded life sciences companies. Prior to 2026, the expected volatility was estimated based on a weighted volatility using both the Company’s trading history for its common stock and the average volatility for comparable publicly traded life sciences companies over a period equal to the expected term of the stock option grants. The comparable companies were chosen based on similar size, stage in life cycle, or area of specialty.

Risk-Free Interest Rate—The risk-free interest rate is based on the U.S. Treasury zero coupon issues in effect at the time of grant for periods corresponding with the expected term of the option.

Dividend Yield—The Company has never paid dividends on its common stock and has no plans to pay dividends on its common stock. Therefore, the Company used an expected dividend yield of zero.

The fair value of each stock option issued was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions:


	Three Months Ended June 30,			Six Months Ended June 30,
	2026		2025	2026		2025
Expected term (in years)	5.50 - 6.08		5.50 - 6.08	5.50 - 6.08		5.50 - 6.08
Expected volatility	90.60% - 91.90%		93.70% - 93.80%	90.60% - 92.30%		92.30% - 93.80%
Risk-free interest rate	4.21% - 4.33%		4.03% - 4.15%	3.72% - 4.33%		4.03% - 4.49%
Dividend yield		—	—		—	—

Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended				3 Months Ended			6 Months Ended		12 Months Ended
	Aug. 12, 2026	Nov. 30, 2025	Jun. 30, 2024	Dec. 31, 2023	Jul. 31, 2022	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025	May 31, 2026	Mar. 31, 2024
Class Of Stock [Line Items]
Deemed dividend on modification of common stock warrants						$ 0		$ 1,857	$ 0	$ 1,857	$ 1,900
Net proceeds from private placement					$ 122,500
Common stock						$ 175			175		$ 149
Net proceeds from sale of common stock									$ 65,766	$ 0
Common Stock [Member]
Class Of Stock [Line Items]
Sale of shares						5,734,361	6,049,762
Common stock shares issued for exercise of warrants									12,525,379
Common Stock [Member] \| Subsequent Event [Member]
Class Of Stock [Line Items]
Common stock shares issued for exercise of warrants	14,897,630
Pre-funded Warrants [Member]
Class Of Stock [Line Items]
Purchase of shares		3,750,000	7,000,000	18,379,861		12,527,778			12,527,778
Offering price per share		$ 2.599	$ 6.249	$ 2.879	$ 3.87025
Pre-funded Warrants [Member] \| Maximum [Member]
Class Of Stock [Line Items]
Purchase of shares					24,696,206
Purchase price per share		$ 0.001	$ 0.001	$ 0.001	$ 0.001
Pre-funded Warrants [Member] \| Subsequent Event [Member]
Class Of Stock [Line Items]
Purchase of shares	14,900,000
Warrants or Common Warrants [Member]
Class Of Stock [Line Items]
Purchase of shares								6,877,622		6,877,622
Offering price per share					3.87125
Purchase price per share					$ 5.806875
Warrant expiration date					Jun. 30, 2025
Remaining class of warrants or rights unexercised expired warrants									6,877,622	1,226,993
Warrants or Common Warrants [Member] \| Maximum [Member]
Class Of Stock [Line Items]
Purchase of shares					8,427,508
Private Placement [Member]
Class Of Stock [Line Items]
Sale of shares					9,013,834
Underwriting agreement [Member]
Class Of Stock [Line Items]
Sale of shares		29,423,075	13,001,120	25,035,000
Common stock, par value per share			$ 0.001	$ 0.001
Shares issued price per share		$ 2.6	$ 6.25	$ 2.88
Net proceeds from sale of common stock		$ 80,500	$ 116,800	$ 117,000
Sales Agreement With T D Cowen [Member] \| 2024 ATM Program [Member]
Class Of Stock [Line Items]
Common stock													$ 100,000
Common stock, shares issued						6,049,762		0	6,049,762	0
Net proceeds from sale of common stock									$ 32,700
Remains available for offer and sales of shares of common stock												$ 33,300
Sales Agreement With T D Cowen [Member] \| 2026 At the Market (ATM) Program [Member]
Class Of Stock [Line Items]
Common stock							$ 150,000
Percentage of gross proceeds of common stock to be paid							3.00%
Common stock, shares issued						5,734,361			5,734,361
Net proceeds from sale of common stock									$ 31,000
Remains available for offer and sales of shares of common stock						$ 117,800			$ 117,800

Segment Reporting - Schedule of Operations for Reportable 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
Segment Reporting [Line Items]
Research and development	$ 46,590		$ 44,160		$ 82,376	$ 92,339
General and administrative	10,637		7,566		20,904	16,792
Other general and administrative expenses	7,389		5,174		14,599	11,080
Depreciation expense	540		540		1,079	1,077
Stock-based compensation	4,813		4,205		8,969	9,283
Total operating expenses	57,227		51,726		103,280	109,131
Loss from operations	(57,227)		(51,726)		(103,280)	(109,131)
Interest and other income, net	1,879		2,570		3,790	5,619
Net loss	(55,348)	$ (44,142)	(49,156)	$ (54,356)	(99,490)	(103,512)
External Expenses [Member]
Segment Reporting [Line Items]
Research and development	34,847		31,278		58,668	65,776
Personnel Expenses [Member]
Segment Reporting [Line Items]
Research and development	6,952		8,376		14,362	17,422
General and administrative	$ 2,686		$ 2,153		$ 5,603	$ 4,493

Equity Incentive Plans - Summary 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
Share-Based Payment Arrangement [Abstract]
Number of shares, Beginning balance \| shares	18,645,325
Number of shares, Stock options granted \| shares	5,537,313
Number of shares, Stock options exercised \| shares	(240,970)
Number of shares, Stock options forfeited \| shares	(751,353)
Number of shares, Ending balance \| shares	23,190,315	18,645,325
Number of shares, Vested and Exercisable \| shares	12,147,453
Weighted- average exercise price per share, Beginning balance \| $ / shares	$ 6.69
Weighted- average exercise price per share, Stock options granted \| $ / shares	5.14
Weighted- average exercise price per share, Stock options exercised \| $ / shares	3.29
Weighted- average exercise price per share, Stock options forfeited \| $ / shares	5.11
Weighted- average exercise price per share, Ending balance \| $ / shares	6.4	$ 6.69
Weighted- average exercise price per share, Exercisable \| $ / shares	$ 8.23
Weighted- average remaining contractual term	7 years 6 months 25 days	7 years 6 months 10 days
Weighted- average remaining contractual term, Exercisable	6 years 3 months 14 days
Aggregate intrinsic value \| $	$ 26,703	$ 17,234
Aggregate intrinsic value, Exercisable \| $	$ 11,266

Net Loss Per Share

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Net Loss Per Share

8. Net Loss Per Share

The Company calculates basic net loss per share by dividing net loss by the weighted-average number of shares of common stock outstanding, excluding restricted common stock. The weighted-average number of shares of common stock used in the basic and diluted net loss per share calculation include pre-funded warrants to purchase up to 29,765,799 shares of common stock, as the pre-funded warrants are exercisable at any time for nominal cash consideration. The Company has generated a net loss in all periods presented, so the basic and diluted net loss per share are the same, as the inclusion of the potentially dilutive securities would be anti-dilutive.

The following outstanding potentially dilutive shares have been excluded from the calculation of diluted net loss per share due to their anti-dilutive effect:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Stock options to purchase common stock		23,190,315		20,020,180		23,190,315		20,020,180
Shares subject to Employee Stock Purchase Plan		13,721		58,184		13,721		58,184
Unvested restricted stock units		2,388,473		1,452,999		2,388,473		1,452,999
Common warrants		—		8,104,615		—		8,104,615
Total		25,592,509		29,635,978		25,592,509		29,635,978

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2026	Aug. 10, 2026
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Amendment Flag	false
Document Period End Date	Jun. 30, 2026
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q2
Trading Symbol	ANNX
Entity Registrant Name	ANNEXON, INC.
Entity Central Index Key	0001528115
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Title of 12(b) Security	Common Stock, par value $0.001 per share
Security Exchange Name	NASDAQ
Entity File Number	001-39402
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	27-5414423
Entity Address, Address Line One	1400 Sierra Point Parkway
Entity Address, Address Line Two	Bldg C
Entity Address, Address Line Three	Suite 200
Entity Address, City or Town	Brisbane
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94005
City Area Code	650
Local Phone Number	822-5500
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		189,579,134
Prefunded Warrant [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		14,865,799

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Summary of Financial Assets Measured at Fair Value on a Recurring Basis

The following tables summarize the fair value of the Company’s financial assets measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands):


		June 30, 2026
	Valuation Hierarchy	Amortized Cost Basis		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses		Aggregate Fair Value
Assets:
Cash equivalents:
Money market funds	Level 1	$	175,800	$	—	$	—	$	175,800
Government bonds	Level 2		9,978		—		—		9,978
Total cash equivalents			185,778		—		—		185,778
Short-term investments:
Government bonds	Level 2		9,973		—		—		9,973
Total short-term investments			9,973		—		—		9,973
		$	195,751	$	—	$	—	$	195,751


		December 31, 2025
	Valuation Hierarchy	Amortized Cost Basis		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses		Aggregate Fair Value
Assets:
Cash equivalents:
Money market funds	Level 1	$	116,181	$	—	$	—	$	116,181
Government bonds	Level 2		43,844		13		—		43,857
Total cash equivalents			160,025		13		—		160,038
Short-term investments:
Government bonds	Level 2		76,252		42		—		76,294
Total short-term investments			76,252		42		—		76,294
		$	236,277	$	55	$	—	$	236,332

Equity Incentive Plans - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025	Jul. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of number of shares of capital stock outstanding on last day of preceding year			4.00%
Stock option grants description			Awards granted under the 2020 Plan expire no later than ten years from the date of grant. For Incentive Stock Options, or ISOs, and Nonstatutory Stock Options, or NSOs, the option price shall not be less than 100% of the estimated fair value on the date of grant. Options granted typically vest over a four-year period but may be granted with different vesting terms.
Option expiry period			10 years
Vesting Period			4 years
Options available for future grant	1,478,515		1,478,515
Intrinsic value of options exercised			$ 500	$ 100
Weighted- average exercise price per share, Stock options granted			$ 5.14
Unrecognized stock-based compensation cost expected period for recognition			2 years 10 months 24 days
Common stock for future issuance	88,037,074		88,037,074		91,149,767
Total stock-based compensation expense	$ 4,813	$ 4,205	$ 8,969	$ 9,283
Employees [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted- average exercise price per share, Stock options granted			$ 3.95	$ 1.97
2022 Employment Inducement Award Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options available for future grant	2,843,740		2,843,740			7,850,000
Incentive Stock Options, or ISOs, and Nonstatutory Stock Options, or NSOs [Member] \| Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Purchase of Common stock at end of each offering period at price equal to percentage of fair market value of shares			100.00%
Employee Stock Option Member
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized stock-based compensation cost	$ 36,900		$ 36,900
Restricted Stock Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized stock-based compensation cost	$ 9,700		$ 9,700
Unrecognized stock-based compensation cost expected period for recognition			2 years 4 months 24 days
Employee Stock Purchase Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Purchase of Common stock at end of each offering period at price equal to percentage of fair market value of shares			85.00%
Share purchases funded through payroll deductions minimum percentage of employee's eligible compensation	1.00%		1.00%
Share purchases funded through payroll deductions maximum percentage of employee's eligible compensation	15.00%		15.00%
Common stock for future issuance	4,104,593		4,104,593		2,800,550
Percentage of shares of common stock outstanding on last day of immediately preceding fiscal year			1.00%
Total stock-based compensation expense			$ 0	$ 0

Net Loss Per Share - Summary of Outstanding Potentially Dilutive Shares Excluded From Calculation of Diluted Net Loss Per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from the computation of diluted net loss per share	25,592,509	29,635,978	25,592,509	29,635,978
Shares Subject to Employee Stock Purchase Plan [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from the computation of diluted net loss per share	13,721	58,184	13,721	58,184
Stock Options to Purchase Common Stock [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from the computation of diluted net loss per share	23,190,315	20,020,180	23,190,315	20,020,180
Unvested Restricted Stock Units [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from the computation of diluted net loss per share	2,388,473	1,452,999	2,388,473	1,452,999
Common Warrants [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from the computation of diluted net loss per share	0	8,104,615	0	8,104,615

Stockholders' Equity - Schedule of Common Stock Reserved for Future Issuance (Details) - shares	Jun. 30, 2026	Dec. 31, 2025
Class Of Stock [Line Items]
Common stock reserved	23,190,315	18,645,325
Common stock reserved	1,478,515
Common stock reserved	88,037,074	91,149,767
Employee Stock Option Member
Class Of Stock [Line Items]
Common stock reserved	23,190,315	18,645,325
Stock Options Reserved for 2020 Incentive Award Plan [Member]
Class Of Stock [Line Items]
Common stock reserved	1,478,515	1,184,877
Unvested Restricted Stock Units Outstanding [Member]
Class Of Stock [Line Items]
Common stock reserved	2,388,473	1,252,847
Common Stock Reserved for Employee Stock Purchase Plan [Member]
Class Of Stock [Line Items]
Common stock reserved	4,104,593	2,800,550
2022 Employment Inducement Award Plan [Member]
Class Of Stock [Line Items]
Common stock reserved	2,843,740	3,585,793
Pre-Funded Warrants [Member]
Class Of Stock [Line Items]
Common stock reserved	29,765,799	42,293,577
Common Warrants [Member]
Class Of Stock [Line Items]
Common stock reserved	0	6,877,622
2024 ATM Program [Member]
Class Of Stock [Line Items]
Common stock reserved		14,509,176
2026 ATM Program [Member]
Class Of Stock [Line Items]
Common stock reserved	24,265,639

Stockholders' Equity - Summary of Warrants Activity (Details) - $ / shares	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Number of Common Warrants [Member]
Class of Warrant or Right [Line Items]
Beginning Balance	6,877,622	8,104,615
Issued	0	0
Exercised	0	0
Expired	(6,877,622)
Ending Balance	0	8,104,615
Number of Pre-funded Warrants [Member]
Class of Warrant or Right [Line Items]
Beginning Balance	42,293,577	38,543,577
Issued	0	0
Exercised	(12,527,778)	0
Expired	0
Ending Balance	29,765,799	38,543,577
Common Warrant and Pre-funded Warrants [Member]
Class of Warrant or Right [Line Items]
Weighted-Average Exercise Price, Issued	$ 0	$ 0
Weighted-Average Exercise Price, Exercised	0.001	$ 0
Weighted-Average Exercise Price, Expired	$ 5.807

Fair Value Measurements

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements

3. Fair Value Measurements

The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The Company determines fair value based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels:

•

Level 1 Inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date.

•

Level 2 Inputs: Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability.

•

Level 3 Inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at measurement date.

On a recurring basis, the Company measures certain financial assets and liabilities at fair value. The following tables summarize the fair value of the Company’s financial assets measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands):


		June 30, 2026
	Valuation Hierarchy	Amortized Cost Basis		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses		Aggregate Fair Value
Assets:
Cash equivalents:
Money market funds	Level 1	$	175,800	$	—	$	—	$	175,800
Government bonds	Level 2		9,978		—		—		9,978
Total cash equivalents			185,778		—		—		185,778
Short-term investments:
Government bonds	Level 2		9,973		—		—		9,973
Total short-term investments			9,973		—		—		9,973
		$	195,751	$	—	$	—	$	195,751


		December 31, 2025
	Valuation Hierarchy	Amortized Cost Basis		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses		Aggregate Fair Value
Assets:
Cash equivalents:
Money market funds	Level 1	$	116,181	$	—	$	—	$	116,181
Government bonds	Level 2		43,844		13		—		43,857
Total cash equivalents			160,025		13		—		160,038
Short-term investments:
Government bonds	Level 2		76,252		42		—		76,294
Total short-term investments			76,252		42		—		76,294
		$	236,277	$	55	$	—	$	236,332

All of the investments held as of June 30, 2026, had original maturities of less than two years. As of June 30, 2026, all of the investments are scheduled to mature within 12 months. During the three and six months ended June 30, 2026, the Company did not recognize any credit losses. The Company determined that the decline in fair value of debt securities was not due to credit-related factors, and no allowance for expected credit losses was recorded as of June 30, 2026. There were nominal unrealized losses as of June 30, 2026, and no investments have been in the loss position for more than 12 months. However, the Company is planning to hold these securities until maturity and expects to recover the amortized cost basis.

For the three and six months ended June 30, 2026 and 2025, the Company recognized no material realized gains or losses on financial instruments.

- Definition

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

+ References

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

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

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

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

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

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

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

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

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

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

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

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

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

+ Details

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 199,270	$ 162,051
Short-term investments	9,973	76,294
Prepaid expenses and other current assets	3,514	3,846
Total current assets	212,757	242,191
Restricted cash	1,032	1,032
Property and equipment, net	9,675	10,617
Operating lease right-of-use assets	14,333	15,185
Other non-current assets	8,271	8,546
Total assets	246,068	277,571
Current liabilities:
Accounts payable	15,731	14,931
Accrued and other current liabilities	19,625	24,791
Operating lease liabilities, current	3,126	2,908
Total current liabilities	38,482	42,630
Operating lease liabilities, non-current	21,525	23,293
Total liabilities	60,007	65,923
Commitments and contingencies (Note 5)
Stockholders’ equity:
Common stock	175	149
Additional paid-in capital	1,202,847	1,128,917
Accumulated other comprehensive (loss) income	(82)	(29)
Accumulated deficit	(1,016,879)	(917,389)
Total stockholders’ equity	186,061	211,648
Total liabilities and stockholders’ equity	$ 246,068	$ 277,571

Commitments and Contingencies

6 Months Ended

Jun. 30, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

5. Commitments and Contingencies

Leases

The Company leases its offices and laboratory in Brisbane, California, under a ten-year noncancelable lease agreement that ends in October 2031 with a ten-year renewable option.

As of June 30, 2026, the operating lease right-of-use assets were $14.3 million and lease liabilities were $24.7 million on the unaudited condensed consolidated balance sheet. The weighted-average remaining lease term is 5.3 years.

The weighted-average incremental borrowing rate used to measure the operating lease liability is 8.4%.

Operating lease costs were $1.9 million for each of the six months ended June 30, 2026 and 2025. Variable lease payments were $1.1 million and $1.4 million for the six months ended June 30, 2026 and 2025, respectively.

Future minimum lease payments and related lease liabilities as of June 30, 2026, were as follows:


	(in thousands)
2026 (remaining six months)	$	2,636
2027		5,425
2028		5,615
2029		5,812
2030 and thereafter		11,173
Total undiscounted lease payments		30,661
Less: Imputed interest		(6,010	)
Total lease liabilities	$	24,651

Guarantees and Indemnifications

In the normal course of business, the Company enters into agreements that contain a variety of representations and provide for general indemnification. The Company’s exposure under these agreements is unknown because it involves claims that may be made against the Company in the future. To date, the Company has not paid any claims or been required to defend any action related to its indemnification obligations. As of June 30, 2026, the Company did not have any material indemnification claims that were probable or reasonably possible and consequently has not recorded related liabilities.

Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2026	Mar. 31, 2026
Stock issuance costs	$ 1,150	$ 909

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Accumulated Deficit [Member]
Beginning Balance, Values at Dec. 31, 2024	$ 293,105	$ 109	$ 1,003,685	$ 10	$ (710,699)
Beginning Balance, Shares at Dec. 31, 2024		109,381,556
Exercise of stock options	62		62
Exercise of stock options, Shares		43,113
Restricted stock vested in the period		289,735
Stock-based compensation	5,078		5,078
Other comprehensive loss	(101)			(101)
Net loss	(54,356)				(54,356)
Ending Balance, Values at Mar. 31, 2025	243,788	$ 109	1,008,825	(91)	(765,055)
Ending Balance, Shares at Mar. 31, 2025		109,714,404
Beginning Balance, Values at Dec. 31, 2024	293,105	$ 109	1,003,685	10	(710,699)
Beginning Balance, Shares at Dec. 31, 2024		109,381,556
Net loss	(103,512)
Ending Balance, Values at Jun. 30, 2025	199,017	$ 110	1,013,211	(93)	(814,211)
Ending Balance, Shares at Jun. 30, 2025		109,832,147
Beginning Balance, Values at Mar. 31, 2025	243,788	$ 109	1,008,825	(91)	(765,055)
Beginning Balance, Shares at Mar. 31, 2025		109,714,404
Issuance of common stock per Employee Stock Purchase Plan purchase, Value	182	$ 1	181
Issuance of common stock per Employee Stock Purchase Plan purchase, Shares		117,743
Stock-based compensation	4,205		4,205
Other comprehensive loss	(2)			(2)
Net loss	(49,156)				(49,156)
Ending Balance, Values at Jun. 30, 2025	199,017	$ 110	1,013,211	(93)	(814,211)
Ending Balance, Shares at Jun. 30, 2025		109,832,147
Beginning Balance, Values at Dec. 31, 2025	211,648	$ 149	1,128,917	(29)	(917,389)
Beginning Balance, Shares at Dec. 31, 2025		149,362,800
Exercise of stock options	229		229
Exercise of stock options, Shares		61,306
Restricted stock vested in the period		501,341
Issuance of common stock, net of issuance costs, Value	32,694	$ 6	32,688
Issuance of common stock, net of issuance costs, Shares		6,049,762
Exercise of pre-funded warrants, Value		$ 7	(7)
Exercise of pre-funded warrants, Shares		6,526,508
Stock-based compensation	4,156		4,156
Other comprehensive loss	(52)			(52)
Net loss	(44,142)				(44,142)
Ending Balance, Values at Mar. 31, 2026	204,533	$ 162	1,165,983	(81)	(961,531)
Ending Balance, Shares at Mar. 31, 2026		162,501,717
Beginning Balance, Values at Dec. 31, 2025	$ 211,648	$ 149	1,128,917	(29)	(917,389)
Beginning Balance, Shares at Dec. 31, 2025		149,362,800
Exercise of stock options, Shares	240,970
Net loss	$ (99,490)
Ending Balance, Values at Jun. 30, 2026	186,061	$ 175	1,202,847	(82)	(1,016,879)
Ending Balance, Shares at Jun. 30, 2026		174,604,198
Beginning Balance, Values at Mar. 31, 2026	204,533	$ 162	1,165,983	(81)	(961,531)
Beginning Balance, Shares at Mar. 31, 2026		162,501,717
Exercise of stock options	564	$ 1	563
Exercise of stock options, Shares		179,664
Issuance of common stock, net of issuance costs, Value	31,013	$ 6	31,007
Issuance of common stock, net of issuance costs, Shares		5,734,361
Exercise of pre-funded warrants, Value		$ 6	(6)
Exercise of pre-funded warrants, Shares		5,998,871
Issuance of common stock per Employee Stock Purchase Plan purchase, Value	487		487
Issuance of common stock per Employee Stock Purchase Plan purchase, Shares		189,585
Stock-based compensation	4,813		4,813
Other comprehensive loss	(1)			(1)
Net loss	(55,348)				(55,348)
Ending Balance, Values at Jun. 30, 2026	$ 186,061	$ 175	$ 1,202,847	$ (82)	$ (1,016,879)
Ending Balance, Shares at Jun. 30, 2026		174,604,198

Equity Incentive Plans - Summary of Stock-Based Compensation Expense (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]
Total stock-based compensation expense	$ 4,813	$ 4,205	$ 8,969	$ 9,283
Location, Statement of Income, Balance [Axis]: us-gaap:GeneralAndAdministrativeExpense
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	2,150	1,517	3,938	3,766
Location, Statement of Income, Balance [Axis]: us-gaap:ResearchAndDevelopmentExpense
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	$ 2,663	$ 2,688	$ 5,031	$ 5,517

- 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