0001193125-26-126278 | 10-K | XBRL Viewer

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Prepaid Expenses, Other Current Assets, Accrued Expenses, and Other Current Liabilities - Summary of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Prepaid Expenses, Other Current Assets, Accrued Expenses, and Other Current Liabilities [Abstract]
Prepaid clinical expenses	$ 609	$ 925
Other current assets	853	1,020
Prepaid expenses and other current assets	$ 1,462	$ 1,945

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
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 10b5-1 Arrangement Modified	false
Non-Rule 10b5-1 Arrangement Modified	false

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Pay vs Performance Disclosure
Net Income (Loss)	$ (25,967)	$ (24,130)

- Definition

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

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+ Details

401(K) Savings Plan - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Defined Contribution Plan Disclosure [Line Items]
Maximum employee deferral rate	6.00%
Matching contributions made by employer	$ 0.2	$ 0.2
Maximum
Defined Contribution Plan Disclosure [Line Items]
Employer matching contribution, qualified deferral percentage	50.00%

- Definition

Amount of contribution received by defined benefit plan from employer which increases plan assets.

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+ Details

Segment Information - Summary of Significant Asset Categories (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Assets [Abstract]
Cash and cash equivalents	$ 21,619	$ 8,714

Prepaid Expenses, Other Current Assets, Accrued Expenses, and Other Current Liabilities - Summary of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Prepaid Expenses, Other Current Assets, Accrued Expenses, and Other Current Liabilities [Abstract]
Accrued clinical, research and development costs	$ 1,154	$ 1,461
Accrued compensation and benefits	2,421	1,856
Accrued professional service costs	480	517
Other accruals	252	363
Accrued expenses and other current liabilities	$ 4,307	$ 4,197

Fair Value Measurements

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 3. Fair Value Measurements

The Company’s estimates of fair value for financial assets and financial liabilities are based on the framework established in the fair value accounting guidance. The framework is based on the inputs used in valuation, gives the highest priority to quoted prices in active markets and requires that observable inputs be used in the valuations when available. The disclosure of fair value estimates in the fair value accounting guidance hierarchy is based on whether the significant inputs into the valuation are observable. In determining the level of the hierarchy in which the estimate is disclosed, the highest priority is given to unadjusted quoted prices in active markets and the lowest priority to unobservable inputs that reflect the Company’s significant market assumptions. The level in the fair value hierarchy within which the fair value measurement is reported is based on the lowest level input that is significant to the measurement in its entirety. The three levels of the hierarchy are as follows:

Level 1— Quoted prices in active markets for identical assets and liabilities;

Level 2— Inputs other than quoted prices in active markets, that are either directly or indirectly observable; and,

Level 3— Unobservable inputs that are supported by little or no market activity, and that are significant to the fair value of the assets or liabilities.

As of December 31, 2025 and 2024, we had $20.5 million and $7.5 million in money market funds, respectively, which are classified as Level 1 investments. The carrying amounts of our money market funds approximate their fair value. As of December 31, 2025 and 2024, we did not have any Level 2 or Level 3 assets or liabilities.

- 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.

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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

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-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

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

+ Details

Subsequent Events

12 Months Ended

Dec. 31, 2025

Subsequent Events [Abstract]

Subsequent Events

Note 14. Subsequent Events

On January 8, 2026, we entered into the Second SEPA with Yorkville. Pursuant to the Second SEPA, the Company has the right, but not the obligation, to issue and sell to Yorkville from time to time up to $60.0 million of the Company’s common stock during the 36 months following the execution of the Second SEPA, subject to market conditions, restrictions, and satisfaction of the conditions in the Second SEPA. As consideration for Yorkville’s irrevocable commitment to purchase the shares of common stock up to the Second Commitment Amount, the Company paid a structuring fee in the amount of $25,000 to Yorkville, and the Company has agreed to pay a commitment fee to Yorkville in an amount equal to 2.00% of the Second Commitment Amount in five equal installments. We accounted for the structuring and the commitment fee as deferred issuance cost. We filed Form S-1 for 7.1 million shares under the Second SEPA on January 28, 2026.

We sold 0.09 million shares under the First SEPA at an average price of $6.56 per share and raised $0.6 million in net proceeds, and sold 0.1 million shares under the Second SEPA at an average price of $5.85 per share and raised $0.6 million net proceeds. The down-round feature was triggered and further lowered the exercise price of the June 2025 warrants to $11.70, which represents the floor price of the June 2025 warrants.

Prepaid Expenses, Other Current Assets, Accrued Expenses, and Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2025

Prepaid Expenses, Other Current Assets, Accrued Expenses, and Other Current Liabilities [Abstract]

Summary of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following as of December 31, 2025 and December 31, 2024.


	December 31,
(in thousands)	2025		2024
Prepaid clinical expenses	$	609	$	925
Other current assets		853		1,020
	$	1,462	$	1,945

Summary of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following as of December 31, 2025 and December 31, 2024.


	December 31,
(in thousands)	2025		2024
Accrued clinical, research and development costs	$	1,154	$	1,461
Accrued compensation and benefits		2,421		1,856
Accrued professional service costs		480		517
Other accruals		252		363
	$	4,307	$	4,197

Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 0.2	$ 0.4

Segment Information (Tables)

12 Months Ended

Dec. 31, 2025

Summary of Significant Expense Categories

The table below summarizes the significant expense categories regularly reviewed by the CODM for the years ended December 31, 2025, and 2024.


	For the Year Ended December 31,
	2025			2024
Operating expenses
Research and development	$	(14,540	)	$	(14,378	)
General and administrative		(11,772	)		(10,224	)
Other segment items (a)		345			472
Net loss (b)	$	(25,967	)	$	(24,130	)

(a) Other segment items included in segment loss includes interest income, interest expense, rental income and FOREX gain/loss.

(b) The Company is a single operating segment and therefore the measure of segment net loss is the same as consolidated net loss and does not require reconciliation.

Summary of Significant Asset Categories

The table below summarizes the significant asset categories regularly reviewed by the CODM for the years ended December 31, 2025, and 2024.


	December 31,
	2025		2024
Assets
Cash and cash equivalents	$	21,619	$	8,714

Cash and Cash Equivalents - Additional Information (Details)	12 Months Ended
	Dec. 31, 2025
Restricted Cash And Cash Equivalents Items [Line Items]
Cash equivalents, maturity period	90 days

Nature of Business and Significant Accounting Policies - Schedule of Estimated Useful Lives of Property and Equipment (Details)	Dec. 31, 2025
Furniture and Equipment \| Minimum
Property Plant And Equipment [Line Items]
Estimated useful lives	7 years
Furniture and Equipment \| Maximum
Property Plant And Equipment [Line Items]
Estimated useful lives	10 years
Software and Hardware
Property Plant And Equipment [Line Items]
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration]	us-gaap:UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember
Software and Hardware \| Minimum
Property Plant And Equipment [Line Items]
Estimated useful lives	3 years
Software and Hardware \| Maximum
Property Plant And Equipment [Line Items]
Estimated useful lives	5 years
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration]	us-gaap:UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember

Nature of Business and Significant Accounting Policies - Additional Information (Details) $ / shares in Units, shares in Thousands, $ in Thousands			12 Months Ended
	Jan. 08, 2026 USD ($) shares	Jan. 01, 2026 USD ($) $ / shares shares	Dec. 31, 2025 USD ($) Platform	Dec. 31, 2024 USD ($)	Jan. 28, 2026 $ / shares
Nature Of Business [Line Items]
Number of technology platforms \| Platform			2
Net loss			$ (25,967)	$ (24,130)
Accumulated deficit			(275,115)	(247,577)
Net cash used in operating activities			$ (25,592)	$ (23,785)
Cash equivalents, maturity period			90 days
Employee Stock Option [Member]
Nature Of Business [Line Items]
Expected dividend yield			0.00%
Alligator Bioscience [Member]
Nature Of Business [Line Items]
ResearchAndDevelopmentExpenseSharedCostIncurredUnderCollaborationAgreement			50.00%
Standby Equity Purchase Agreement
Nature Of Business [Line Items]
Proceeds from Issuance Initial Public Offering			$ 38,500
Maximum
Nature Of Business [Line Items]
Cash equivalents, maturity period			90 days
Nasdaq Capital Market
Nature Of Business [Line Items]
Net loss			$ (26,000)
Accumulated deficit			(275,100)
Net cash used in operating activities			$ 25,600
Subsequent Event \| First Standby Equity Purchase Agreement
Nature Of Business [Line Items]
Number of shares sold \| shares	90	90
Net proceeds	$ 600	$ 600
Average price \| $ / shares		$ 6.56			$ 6.56
Subsequent Event \| Second Standby Equity Purchase Agreement
Nature Of Business [Line Items]
Number of shares sold \| shares	100	100
Net proceeds	$ 600	$ 600
Average price \| $ / shares		$ 5.85			$ 5.85

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Net Loss per Share (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Computation of Basic and Diluted Net Loss per Share

The following table presents the computation of basic and diluted net loss per share (in thousands, except share and per share amounts):


	For the Year Ended December 31,
	2025			2024
Net loss	$	(25,967	)	$	(24,130	)
Dividend attributable to down round feature of warrants		(1,571	)		—
Net loss attributable to common stockholders	$	(27,538	)	$	(24,130	)

Basic and diluted net loss per share	$	(87.27	)	$	(31,460.23	)

Shares used in calculation:		315,535			767

Summary of Potentially Dilutive Shares Excluded from Calculation of Net Loss Per Share

The following table represents all potentially dilutive shares:


	As of December 31,
	2025		2024
Common warrants		676,968		4,642
Unvested RSUs		6,542		—

Cash and Cash Equivalents - Schedule of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Cash and Cash Equivalents [Abstract]
Cash	$ 1,123	$ 1,181
Cash equivalents	20,496	7,533
Total cash and cash equivalents	$ 21,619	$ 8,714

- 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.

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+ Details

Leases and Contingencies - Summary of Future Minimum Lease Payments (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Leases [Abstract]
2026	$ 1,376
2027	1,376
2028	1,376
2029 and beyond	1,835
Total Future minimum lease payments	5,963
Less: imputed interest	(1,334)
Total	$ 4,629

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Summary of Property and Equipment

Property and equipment consist of the following:


	December 31,
(in thousands)	2025			2024
Leasehold improvements	$	2,228		$	2,228
Furniture and equipment		12,218			12,260
Property and equipment, gross		14,446			14,488
Less: Accumulated depreciation		(14,143	)		(13,945	)
Total property and equipment, net	$	303		$	543

Equity - Summary of Restricted Stock Activity (Details) - Unvested RSUs	12 Months Ended
	Dec. 31, 2025 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Units, Outstanding \| shares	1
Number of Units, Granted \| shares	6,541
Number of Units, Vested \| shares	0
Number of Units, Forfeited \| shares	0
Number of Units, Outstanding and expected to vest \| shares	6,542
Weighted Average Fair Value per Unit, Outstanding Beginning Balance \| $ / shares	$ 0
Weighted Average Fair Value per Unit, Granted \| $ / shares	39.06
Weighted Average Fair Value per Unit, Vested \| $ / shares	0
Weighted Average Fair Value per Unit, Forfeited \| $ / shares	0
Weighted Average Fair Value per Unit, Outstanding and expected to vest \| $ / shares	$ 40.24

Income Taxes - Schedule of Tax Effects of Temporary Differences Give Rise to Significant Portions of Deferred Tax Assets and Deferred Tax Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Federal losses carryforward	$ 43,659	$ 36,523
Capitalized research expenditures	4,976	7,025
Intangible assets	67	109
Stock-based compensation	12	839
State losses carryforward	3,740	3,758
Other deferred tax assets	486	304
Other tax credits	797
Lease liabilities	972	1,133
Fixed Assets	397	411
Deferred tax assets, gross	55,106	50,102
Valuation allowance	(54,306)	(49,180)
Deferred tax assets, net of valuation	800	922
ROU assets	(800)	(922)
Deferred tax liability	$ (800)	$ (922)

Segment Information

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment Information

Note 13. Segment Information

Operating segments are identified as components of an entity about which separate discrete financial information is available for evaluation by the chief operating decision maker (CODM), or decision-making group, in making decisions on how to allocate resources and assess performance. The Company's CODM, the Chief Executive Officer, views the Company's operations as one operating segment, which is discovery and development of novel oncology therapeutics. The discovery and development of novel oncology therapeutics segment develops novel immunotherapy candidates for the treatment of different forms of cancer. Our clinical and preclinical candidates were developed using two versatile and enabling platform technologies, ADAPTIR and ADAPTIR-FLEX. The Company does not have revenue in the current comparative period, incurs expenses primarily in North America and manages the business activities on a consolidated basis.

The accounting policies of the novel oncology therapeutics segment are the same as those described in the summary of significant accounting policies.

The CODM assesses performance for the novel oncology therapeutics segment and decides how to allocate resources based on net loss that also is reported on the income statement as consolidated net loss. The measure of segment assets is reported on the balance sheet as cash and cash equivalents.

The Company has not generated any product revenue in the current period and expects to continue to incur significant expenses and operating losses for the foreseeable future as we advance our product candidates through all stages of development and clinical trials.

As such, the CODM uses cash forecast models in deciding how to invest into the novel oncology therapeutics segment. Such cash forecast models are reviewed to assess the entity-wide operating results and performance. Net loss is used to monitor budget versus actual results. Monitoring budgeted versus actual results, net cash used in operating activities for the period and cash on hand are used in assessing performance of the segment.

The table below summarizes the significant expense categories regularly reviewed by the CODM for the years ended December 31, 2025, and 2024.


	For the Year Ended December 31,
	2025			2024
Operating expenses
Research and development	$	(14,540	)	$	(14,378	)
General and administrative		(11,772	)		(10,224	)
Other segment items (a)		345			472
Net loss (b)	$	(25,967	)	$	(24,130	)

(a) Other segment items included in segment loss includes interest income, interest expense, rental income and FOREX gain/loss.

(b) The Company is a single operating segment and therefore the measure of segment net loss is the same as consolidated net loss and does not require reconciliation.

For the year ended December 31, 2025, and 2024, the net cash used in operating activities was $25.6 million and $23.8 million, respectively. The table below summarizes the significant asset categories regularly reviewed by the CODM for the years ended December 31, 2025, and 2024.


	December 31,
	2025		2024
Assets
Cash and cash equivalents	$	21,619	$	8,714

- Definition

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

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+ Details

Fair Value Measurements - Additional Information (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Money market funds	$ 20,500,000	$ 7,500,000
Level Two
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value assets	0	0
Fair value liabilities	0	0
Level Three
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value assets	0	0
Fair value liabilities	$ 0	$ 0

Income Taxes - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Jun. 30, 2025
Income Taxes [Line Items]
Income tax expense (benefit)	$ 0	$ 0
Increase in valuation allowance	5,100,000
Net operating loss carryforwards	205,900,000
Uncertain income tax positions	0
Cash income taxes paid	0	0
Federal
Income Taxes [Line Items]
Net operating loss carryforwards	207,900,000	173,900,000
Amount of operating loss due to expire	2,000,000
State
Income Taxes [Line Items]
Net operating loss carryforwards	70,800,000	70,800,000
Tax credit carryforwards	$ 800,000	$ 0
Federal and State
Income Taxes [Line Items]
Tax credit carryforwards			$ 800,000
Earliest Tax Year \| Federal
Income Taxes [Line Items]
Operating losses, begin to expiration year	2037
Tax credits, begin to expiration year	2037

Net Loss per Share - Computation of Basic and Diluted Net Loss per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Earnings Per Share [Abstract]
Net loss	$ (25,967)	$ (24,130)
Dividend attributable to down round feature of warrants	1,571
Net loss attributable to common stockholders	$ (27,538)	$ (24,130)
Basic and diluted net loss per share
Basic net loss per share	$ (87.27)	$ (31,460.23)
Diluted net loss per share	$ (87.27)	$ (31,460.23)
Shares used in calculation:
Basic shares used in calculation	315,535	767
Diluted shares used in calculation	315,535	767

Leases and Contingencies

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Leases and Contingencies

Note 6. Leases and Contingencies

Office Space Lease – Operating

We have an operating lease related to our office and laboratory space in Seattle, Washington. This lease was amended in March 2019 to extend the term through April 2030 and provide two options to extend the lease term, each by five years, as well as a one-time option to terminate the lease in April 2023, with nine months’ notice. We had previously determined at lease inception and as of the May 26, 2022, amendment date that we should not include any periods after the termination option when evaluating this amendment as we were not reasonably certain to not exercise the option, therefore we recorded our liability through April 30, 2023.

As of December 31, 2025, we are not reasonably certain to exercise the two options to extend the lease term. Therefore, pursuant to our May 26, 2022 amendment, we recorded our lease liability through April 30, 2030.

For the years ended December 31, 2025 and 2024, we recorded $0.9 million for both years related to variable expenses due to true ups of operating costs or real estate taxes.

Equipment Leases - Operating and Financing

As of December 31, 2025, we did not have any operating or financing leases for equipment. We recorded $1.2 million in operating lease cost for the years ended December 31, 2025 and 2024.

Components of lease expense:

Right-of-use assets acquired under operating leases:


	As of December 31,		As of December 31,
(in thousands)	2025		2024
Seattle office lease, including amendment	$	3,810	$	4,389
Total operating leases	$	3,810	$	4,389

Lease payments:


	For the Year Ended December 31,
(in thousands)	2025		2024
For operating leases	$	1,376	$	1,376

Future minimum payments as of December 31, 2025 are as follows:


(in thousands)
2026	$	1,376
2027		1,376
2028		1,376
2029 and beyond		1,835
Total Future minimum lease payments		5,963
Less: imputed interest		(1,334	)
Total	$	4,629

As of December 31, 2025, the long-term and current portion of the lease liabilities were $3.8 million and $0.9 million, respectively. As of December 31, 2024, the long-term and current portion of the lease liabilities were $4.6 million and $0.8 million, respectively.

As of December 31, 2025, the weighted-average remaining lease term and weighted discount rate for operating leases was 4.3 years and 12.03%, respectively. As of December 31, 2024, the weighted-average remaining lease term and weighted discount rate for operating leases was 5.3 years and 12.03%, respectively.

Leases and Contingencies - Additional Information (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Mar. 31, 2019 RenewalOption	Dec. 31, 2025 USD ($) Equipment	Dec. 31, 2024 USD ($)
Lessee Lease Description [Line Items]
Operating lease number of piece for lab equipment \| Equipment		0
Operating lease right-of-use asset		$ 3,810	$ 4,389
Operating lease liability		$ 4,629
Financing lease number of equipment \| Equipment		0
Long term portion of operating lease liabilities		$ 3,763	$ 4,629
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]		Long term portion of operating lease liabilities	Long term portion of operating lease liabilities
Current portion of operating lease liabilities		$ 866	$ 768
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]		Current portion of operating lease liabilities	Current portion of operating lease liabilities
Weighted average remaining lease term for operating leases		4 years 3 months 18 days	5 years 3 months 18 days
Weighted discount rate for operating leases		12.03%	12.03%
Operating Lease, Cost		$ 1,200	$ 1,200
Office Space Lease
Lessee Lease Description [Line Items]
Initial operating lease term date	2030-04
Operating lease renewal option description	the term through April 2030 and provide two options to extend the lease term, each by five years, as well as a one-time option to terminate the lease in April 2023
Operating lease renewal option term	5 years
Number of operating lease renewal option \| RenewalOption	2
Operating lease option to extend	true
Variable expenses		$ 900	$ 900

Equity - Summary of Stock-based Compensation Expense Includes Amortization of Stock Options and Restricted Stock Units Granted (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 96	$ 1,069
Research and Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	23	302
General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 73	$ 767

- Definition

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

+ References

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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Equity - 2025 Common Warrants - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands									3 Months Ended	12 Months Ended
	Jan. 01, 2026	Sep. 16, 2025	Jun. 20, 2025	Apr. 22, 2025	Apr. 04, 2025	Dec. 12, 2024	Jul. 01, 2024	Apr. 15, 2024	Dec. 31, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 17, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Costs from issuance of common stock										$ 37,940	$ 10,036
Common stock price per share			$ 58.5					$ 17,982
Warrants outstanding									676,968	676,968	4,648
Warrant modification - incremental value											$ 472
Common warrants exercised										22,223
Increase in net loss attributable to common equity due to deemed dividend										$ 1,571
Warrants
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of common stock to be issued up conversion of warrants			684,722					510
Warrants expiration date								Apr. 30, 2029
Warrants exercise price, per share			$ 58.5					$ 17,982
Gross proceeds											11,500
Total issuance costs											1,900
Warrant modification - incremental value											$ 500
2025 Common Warrants
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants exercise price, per share		$ 25.1										$ 19.01
Deemed dividend		$ 1,500
Increase in net loss attributable to common equity due to deemed dividend										$ 1,600
Public Offering
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Costs from issuance of common stock								$ 4,600
Issuance of common stock shares								255
At-The-Market Offering
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Costs from issuance of common stock			$ 8,000
Issuance of common stock shares			136,944
At-The-Market Offering \| Warrants
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants expiration date			Jul. 31, 2030
Warrants outstanding									662,508	662,508
Gross proceeds			$ 8,000
Total issuance costs			$ 700
Common warrants exercised									22,223
At-The-Market Offering \| Warrants \| Subsequent Event
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants exercise price, per share	$ 11.7
Additional amount to be received upon exercise of warrants	$ 12,000
Registered Direct Offering
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Issuance of common stock shares					4,901		400
Warrants exercise price, per share					$ 428.4		$ 6,861.6
Warrant modification - incremental value					$ 600		$ 400
Registered Direct Offering \| Warrants
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock price per share					$ 428.4		$ 6,861.6
Number of common stock to be issued up conversion of warrants					9,803		801
Warrants expiration date					May 31, 2030		Aug. 31, 2029
Warrants exercise price, per share									$ 3,096	$ 3,096
Warrants outstanding									23	23
Gross proceeds					$ 2,100
Total issuance costs					$ 200
Registered Direct Offering \| Existing Warrants
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Issuance of common stock shares						4,575
Warrants exercise price, per share						$ 3,430.8
Registered Direct Offering \| 2025 Common Warrants \| Warrants
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants outstanding									9,812	9,812
April 4, 2025 Registered Direct Offering
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Issuance of common stock shares				6,455
Common stock price per share				$ 310.32
Gross proceeds				$ 2,000
Total issuance costs				$ 200

Equity - Assumptions used in Estimating the Incremental Fair Value of the Exchanged Common Warrants under Black-scholes Valuation Model (Details)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected dividend yield	0.00%	0.00%
Expected volatility	121.45%	113.70%
Risk-free interest rate	3.97%	4.98%
Expected average life	5 years	5 years

- Definition

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

+ References

+ Details

Equity - 2023 Common Warrants - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2025	Jun. 20, 2025	Apr. 04, 2025	Dec. 31, 2024	Jul. 01, 2024	Apr. 15, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Outstanding warrants issued	676,968			4,648
Warrants
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants exercise price, per share		$ 58.5				$ 17,982
2023 Common Warrants
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Additional amount to be received upon exercise of warrants	$ 0.6
August 2023 Warrant \| Warrants
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants exercise price, per share	$ 363,369.3
Outstanding warrants issued	1
November 2023 Warrants \| Warrants
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants exercise price, per share	$ 136,555.2
Outstanding warrants issued	2
Registered Direct Offering
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants exercise price, per share			$ 428.4		$ 6,861.6
Registered Direct Offering \| Warrants
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants exercise price, per share	$ 3,096
Outstanding warrants issued	23

- 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

Property and Equipment, Net

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

Note 5. Property and equipment, net

Property and equipment consist of the following:


	December 31,
(in thousands)	2025			2024
Leasehold improvements	$	2,228		$	2,228
Furniture and equipment		12,218			12,260
Property and equipment, gross		14,446			14,488
Less: Accumulated depreciation		(14,143	)		(13,945	)
Total property and equipment, net	$	303		$	543

Depreciation expense for the years ended December 31, 2025 and 2024 was $0.2 million and $0.4 million, respectively.

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2025	Mar. 26, 2026	Jun. 30, 2025
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2025
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Trading Symbol	APVO
Entity Registrant Name	APTEVO THERAPEUTICS INC.
Entity Central Index Key	0001671584
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Common Stock, Shares Outstanding		1,181,725
Entity Public Float			$ 9.8
Title of 12(b) Security	Common Stock, $0.001 par value per share
Security Exchange Name	NASDAQ
Entity File Number	001-37746
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-1567056
Entity Address, Address Line One	2401 4th Avenue
Entity Address, Address Line Two	Suite 1050
Entity Address, City or Town	Seattle
Entity Address, State or Province	WA
Entity Address, Postal Zip Code	98121
City Area Code	206
Local Phone Number	838-0500
Document Annual Report	true
Document Transition Report	false
Auditor Name	Baker Tilly US, LLP
Auditor Firm ID	23
Auditor Location	Seattle, WA
Auditor Opinion	Opinion on the Financial Statements We have audited the accompanying consolidated balance sheets of Aptevo Therapeutics Inc. (the “Company”) as of December 31, 2025 and 2024, the related consolidated statements of operations, cash flows, and changes in stockholders’ equity for the years then ended, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Company as of December 31, 2025 and 2024, and the consolidated results of its operations and its cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States of America.

Reverse Stock Split - Additional Information (Details)							12 Months Ended
Reverse Stock Split - Additional Information (Details)	Dec. 29, 2025	Dec. 17, 2025	May 23, 2025	May 21, 2025	Dec. 03, 2024	Mar. 05, 2024	Dec. 31, 2025
Reverse Stock Split [Abstract]
Reverse stock split	0.06	0.06	0.05	0.05	0.03	0.02
Reverse Stock Split, outstanding common stock							On May 23 and December 29, 2025, the Company filed a Certificate of Amendment of Amended and Restated Certificate of Incorporation with the Secretary of State of the State of Delaware to effect a 1-for-20 and 1-for-18, respectively, reverse stock split of the Company's outstanding common stock (together, the "Reverse Stock Splits").

Reverse Stock Split

12 Months Ended

Dec. 31, 2025

Reverse Stock Split [Abstract]

Reverse Stock Split

Note 8. Reverse Stock Split

On May 14 and July 24, 2025, we held Special Meetings of the Stockholders (together, the "Special Meetings") at which our stockholders approved a series of alternate amendments to the Amended and Restated Certificate of Incorporation to effect, at the option of our Board of Directors (the Board), a reverse split of Aptevo's common stock, respectively, with the effectiveness of one of such amendments and the abandonment of the other amendments, or the abandonment of all amendments, to be determined by the Board in its sole discretion following the Special Meetings.

The specific 1-for-20 and 1-for-18 reverse split ratios were approved by the Board on May 21 and December 17, 2025, respectively. On May 23 and December 29, 2025, the Company filed a Certificate of Amendment of Amended and Restated Certificate of Incorporation with the Secretary of State of the State of Delaware to effect a 1-for-20 and 1-for-18, respectively, reverse stock split of the Company's outstanding common stock (together, the "Reverse Stock Splits"). The Reverse Stock Splits became effective on May 23 and December 29, 2025, respectively, at 5:01 p.m. Eastern Time, and our common stock began trading on the Nasdaq Capital Market, on a split-adjusted basis, at market open on May 27 and December 30, 2025, respectively.

In the year ended December 31, 2024, the Company effected two reverse stock splits on March 5 and December 3, 2024 at the ratios of 1-for-44 and 1-for-37, respectively.

No fractional shares were issued as a result of the Reverse Stock Splits. Stockholders of record who would otherwise be entitled to receive a fractional share received a cash payment in lieu thereof.

We have adjusted all common stock and stock equivalent figures retroactively in this Form 10-K for all periods presented to reflect the Reverse Stock Splits.

Net Loss per Share - Summary of Potentially Dilutive Shares Excluded from Calculation of Net Loss Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Common Warrants
Schedule Of Earnings Per Share Basic And Diluted [Line Items]
Anti-dilutive shares excluded from calculation of diluted net loss per share	676,968	4,642
Unvested RSUs
Schedule Of Earnings Per Share Basic And Diluted [Line Items]
Anti-dilutive shares excluded from calculation of diluted net loss per share	6,542	0

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

Note 12. Income Taxes

We did not have an income tax benefit or income tax expense from continuing operations in the years ended December 31, 2025 and 2024.

The components of loss before income taxes were as follows (in thousands):


	Year ended December 31,
(in thousands)	2025			2024
US	$	(25,967	)	$	(24,130	)
International		—			—
Loss from continuing operations before benefit from income taxes	$	(25,967	)	$	(24,130	)

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below:


	For the Year Ended December 31,
(in thousands)	2025			2024
Federal losses carryforward	$	43,659		$	36,523
Capitalized research expenditures		4,976			7,025
Intangible assets		67			109
Stock-based compensation		12			839
State losses carryforward		3,740			3,758
Other deferred tax assets		486			304
Other tax credits		797			—
Lease liabilities		972			1,133
Fixed Assets		397			411
Deferred tax assets, gross		55,106			50,102
Valuation allowance		(54,306	)		(49,180	)
Deferred tax assets, net of valuation		800			922
ROU assets		(800	)		(922	)
Deferred tax liability		(800	)		(922	)
Net deferred tax assets	$	—		$	—

The Company evaluated the positive and negative evidence bearing upon the realizability of its deferred tax assets. Based on the Company’s history of operating losses, including a three-year cumulative loss position as of December 31, 2025, the Company has concluded that it is more likely than not that the benefit of its deferred tax assets will not be realized. Accordingly, the Company provided a full valuation allowance for its net deferred tax assets as of December 31, 2025 and 2024. The valuation allowance increased by $5.1 million during the year ended December 31, 2025. The increase in the valuation allowance during the year ended December 31, 2025 was due primarily to an increase in deferred tax assets resulting from operating losses and tax credits generated in the current year. This is partially offset by a decrease in unamortized Section 174 capitalization from prior years without additional capitalization in the current year as the Company elects to fully expense current year R&D expenditures under Section 174A.

As of December 31, 2025 and 2024, we have recorded gross federal net operating losses (NOL) carryforwards of approximately $207.9 million and $173.9 million, respectively, gross state NOL carryforwards of approximately

$70.8 million and $70.8 million, respectively, and tax credit carryforwards of $0.8 million and $0 million, respectively. Approximately $2.0 million of federal losses and credits would begin to expire in 2037, while $205.9 million of federal losses may be carried forward indefinitely. The state net operating losses will begin to expire in varying periods.

The Company is in the process of completing an IRC Section 382/383 study through December 31, 2025 on its federal and state tax attributes. Based on the study, potential historical ownership changes have been identified, including a potential ownership change in June 2025. As a result of the potential June 2025 ownership change, there may be an additional permanent limitation on our ability to use approximately $0.8 million tax credits solely due to the IRC 382/383 limitations, assuming sufficient future taxable income. We may experience ownership changes in the future as a result of subsequent shifts in our stock ownership, some of which may be outside of our control. If an ownership change occurs in the future, our ability to use our net operating loss carryforwards and credits could be further limited.

The Company files income tax returns in the U.S. and several state jurisdictions and are open to review by taxing authorities for the 2020 tax filings and thereafter.

We are subject to the accounting guidance for uncertain income tax positions. We believe that our income tax positions and deductions will be sustained on audit and do not anticipate any adjustments that will result in a material adverse effect on our financial condition, results of operations, or cash flow. Our policy for recording interest and penalties associated with audits and uncertain tax positions is to record such items as a component of income tax expense, and amounts recognized to date are insignificant. No uncertain income tax positions are recorded, and we do not expect our uncertain tax position to change during the next twelve months.

We adopted ASU 2023-09 on a prospective basis beginning with the year ended December 31, 2025. The following table presents required disclosure pursuant to ASU 2023-09 and reconciles the U.S. federal statutory tax amount and rate to our actual effective amount and rate for the year ended December 31, 2025:


	December 31, 2025
(in thousands)	Amount			Percentage
Federal tax at statutory rates	$	(5,453	)		21.0	%
State and local income taxes, net of federal income tax effect		—			0.0	%
Foreign tax effects		—			0.0	%
Effect of changes in tax lax laws or rates enacted in the current period		—			0.0	%
Effects of cross-border tax laws		—			0.0	%
Tax credits
Orphan Drug tax credits		(1,248	)		4.8	%
Changes in valuation allowances		5,126			-19.7	%
Nontaxable or nondeductible items
Share-based compensation		848			-3.3	%
Other		75			-0.3	%
Other adjustments		652			-2.5	%
Changes in unrecognized tax benefits		—			0.0	%
Total income tax benefit	$	—			0.0	%

The following table presents the required disclosures prior to our adoption of ASU 2023-09 and reconciles the U.S. federal statutory income tax rate to the effective income tax rate for the year ended December 31, 2024:


	Year Ended December 31,
	2024
Federal tax at statutory rates		21.0	%
State taxes, net of federal benefit		-0.1	%
Change in valuation allowance		16.8	%
Tax credits		3.0	%
Permanent differences		-0.1	%
Stock based compensation		-0.8	%
Change in tax attributes		-40.0	%
Other		0.2	%
Total income tax benefit		0.0	%

The amount of cash income taxes paid by the Company during the years ended December 31, 2025 and December 31, 2024 was $0.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

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

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Property and Equipment, Net - Summary of Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 14,446	$ 14,488
Less: Accumulated depreciation	(14,143)	(13,945)
Total property and equipment, net	303	543
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property and equipment, gross	2,228	2,228
Furniture and Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 12,218	$ 12,260

Leases and Contingencies - Summary of Right of Use Assets Acquired Under Operating Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Lessee Lease Description [Line Items]
Operating lease right-of-use asset	$ 3,810	$ 4,389
For operating leases	1,376	1,376
Seattle Office Lease, Including Amendment
Lessee Lease Description [Line Items]
Operating lease right-of-use asset	$ 3,810	$ 4,389

Net Income (Loss) per Share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Net Loss per Share

Note 9. Net Loss per Share

Basic net loss per share is calculated by dividing the net loss by the weighted-average number of common shares outstanding for the period. The weighted-average number of common shares outstanding includes the shares held in abeyance resulting from the exercise of warrants because there is no consideration required for delivery of shares. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of common share equivalents outstanding for the period using the as-if converted method. For the purpose of this calculation, warrants, stock options and RSUs are only included in the calculation of diluted net loss per share when their effect is dilutive.

We utilize the control number concept in the computation of diluted earnings per share to determine whether potential common stock instruments are dilutive. The control number used is loss from continuing operations or income from discontinued operations. The control number concept requires that the same number of potentially dilutive securities applied in computing diluted earnings per share from continuing operations be applied to all other categories of income or loss, regardless of their anti-dilutive effect on such categories.

Common stock equivalents include warrants, stock options and unvested RSUs.

The following table presents the computation of basic and diluted net loss per share (in thousands, except share and per share amounts):


	For the Year Ended December 31,
	2025			2024
Net loss	$	(25,967	)	$	(24,130	)
Dividend attributable to down round feature of warrants		(1,571	)		—
Net loss attributable to common stockholders	$	(27,538	)	$	(24,130	)

Basic and diluted net loss per share	$	(87.27	)	$	(31,460.23	)

Shares used in calculation:		315,535			767

The following table represents all potentially dilutive shares:


	As of December 31,
	2025		2024
Common warrants		676,968		4,642
Unvested RSUs		6,542		—

We use the treasury stock method when determining dilutive shares. For the year ended December 31, 2025 and 2024, the Company was in a net loss position, therefore the share number used to calculate diluted earnings per share is the same as the basic earnings per share.

Leases and Contingencies (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Summary of Right of Use Assets Acquired Under Operating Leases

Right-of-use assets acquired under operating leases:


	As of December 31,		As of December 31,
(in thousands)	2025		2024
Seattle office lease, including amendment	$	3,810	$	4,389
Total operating leases	$	3,810	$	4,389

Lease payments:


	For the Year Ended December 31,
(in thousands)	2025		2024
For operating leases	$	1,376	$	1,376

Summary of Future Minimum Lease Payments

Future minimum payments as of December 31, 2025 are as follows:


(in thousands)
2026	$	1,376
2027		1,376
2028		1,376
2029 and beyond		1,835
Total Future minimum lease payments		5,963
Less: imputed interest		(1,334	)
Total	$	4,629

Nature of Business and Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Nature of Business and Significant Accounting Policies

Note 1. Nature of Business and Significant Accounting Policies

Organization and Liquidity

Aptevo Therapeutics Inc. (Aptevo, we, us, or the Company) is a clinical-stage, research and development biotechnology company focused on developing novel immunotherapy candidates for the treatment of different forms of cancer. We have developed two versatile and enabling platform technologies for rational design of precision immune modulatory drugs and have two clinical candidates and six preclinical candidates currently in development. Clinical candidate mipletamig is a CD123xCD3 T cell engager that is currently being evaluated in the RAINIER study, a Phase 1b/2 program evaluating mipletamig in combination with standard of care venetoclax + azacitidine for the treatment of frontline acute myelogenous leukemia (AML) patients who are unfit for intensive chemotherapy. The ongoing Phase 1b trial was initiated in August 2024. Clinical candidate ALG.APV-527 targets 4-1BB (co-stimulatory receptor) and 5T4 (tumor antigen). The compound is designed to reactivate antigen-primed T cells to specifically kill tumor cells and was most recently evaluated in a Phase 1 clinical trial for the treatment of multiple solid tumor types likely to express 5T4.

We are currently trading on the Nasdaq Capital Market under the symbol “APVO.”

The accompanying consolidated financial statements have been prepared on a basis that assumes we will continue as a going concern and which contemplates the realization of assets, and satisfaction of liabilities, and commitments in the normal course of business. For the year ended December 31, 2025, we had net loss of $26.0 million. We had an accumulated deficit of $275.1 million as of December 31, 2025. For the year ended December 31, 2025, net cash used in our operating activities was $25.6 million. We have suffered recurring losses from operations and negative cash flows from operating activities. When considered in aggregate, these factors raise substantial doubt about our ability to continue as a going concern for the one-year period from the date of issuance of these financial statements. For the year ended December 31, 2025, we received $38.5 million in proceeds through various equity offerings. In addition, during the subsequent events period, we sold 0.09 million shares under the First SEPA at an average price of $6.56 per share and raised $0.6 million in net proceeds. We sold 0.1 million shares under the Second SEPA at an average price of $5.85 per share and raised $0.6 million net proceeds. We will need to raise additional funds to support our operating and capital needs in addition to our existing cash resources, cash to be generated from future milestones related to IXINITY sales and regulatory approvals achieved by Medexus Pharmaceuticals (Medexus), sale of common stock under the First SEPA and the Second SEPA, and exercise of warrants. We may choose to raise additional funds to support our operating and capital needs in the future.

We continue to face significant challenges and uncertainties and, as a result, our available capital resources may be consumed more rapidly than currently expected due to: (a) changes we may make to the business that affect ongoing operating expenses; (b) changes we may make in our business strategy; (c) changes we may make in our research and development spending plans; (d) whether and to what extent potential milestones are received from Medexus with respect to IXINITY; (e) macroeconomic conditions such as rising inflation, potential trade war, and other costs as well as political events such as a U.S. federal government shutdown, evolving healthcare policies, and military actions; and (f) other items affecting our forecasted level of expenditures and use of cash resources. We may attempt to obtain other public or private financing, collaborative or licensing arrangements with strategic partners, or through credit lines or other debt financing sources to increase the funds available to fund operations. However, we may not be able to secure such funding in a timely manner or on favorable terms, if at all. Furthermore, if we issue equity or debt securities to raise additional funds, our existing stockholders may experience dilution, and the new equity or debt securities may have rights, preferences, and privileges senior to those of our existing stockholders. If we raise additional funds through collaboration, licensing, or other similar arrangements, it may be necessary to relinquish valuable rights to our potential products or proprietary technologies, or grant licenses on terms that are not favorable to us. Without additional funds, we may be forced to delay, scale back, or eliminate some of our research and development activities or other operations and potentially delay product development in an effort to provide sufficient funds to continue our operations. If any of these events occur, our ability to achieve our development goals may be adversely affected. Given the continuing global economic and geopolitical climate, including stock market volatility and potential trade war, we may experience delays or difficulties in the financing environment and raising capital due to economic uncertainty.

Basis of Presentation

The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP). These consolidated financial statements include all adjustments, which include normal recurring adjustments, necessary for the fair presentation of the Company’s financial position.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates and changes in these estimates are recorded when known.

The consolidated financial statements include the accounts of the Company and our wholly owned subsidiary, Aptevo Research and Development LLC. All intercompany balances and transactions have been eliminated.

Reclassification

Certain amounts in the accompanying consolidated financial statements were reclassified to conform to the current period presentation. There has been no impact on previously reported net loss or stockholders' equity from such reclassification.

Significant Accounting Policies

Use of Estimates

The preparation of financial statements in conformity with GAAP requires estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and related disclosures of contingent liabilities in the consolidated financial statements and accompanying notes. Estimates are used for, but not limited to, clinical accruals, useful lives of equipment, commitments and contingencies, stock-based compensation, fair value used for common warrant valuation and incremental borrowing rate (IBR) used for our lease. Given the global economic and geopolitical climate, these estimates are becoming more challenging, and actual results could differ materially from those estimates.

Cash Equivalents

Cash equivalents are highly liquid investments with a maturity of 90 days or less at the date of purchase and include time deposits and investments in money market funds with commercial banks and financial institutions.

Prepaid Expenses and Other Current Assets

We record prepaid expenses and other current assets made in advance for goods or services to be received in the future. Our prepaid expenses primarily relate to prepaid clinical deposits and other corporate deposits. Such amounts are expensed over the period in which the related goods or services are received. Management applies judgment in determining the appropriate period over which prepaid expenses are expensed, based on the expected pattern of benefit.

Concentrations of Credit Risk

Financial instruments that potentially subject Aptevo to concentrations of credit risk consist primarily of cash and cash equivalents. Aptevo places its cash and cash equivalents with high quality financial institutions and may maintain cash balances in excess of insured limits. Management believes that the financial risks associated with its cash and cash equivalents are minimal.

Property and Equipment

Property and equipment are stated at cost. Depreciation is computed using the straight-line method over the following estimated useful lives:


Furniture and equipment	7-10 years
Software and hardware	3-5 years or product life
Leasehold improvements	Lesser of the asset life or the remaining lease term

Upon retirement or sale, the cost of assets disposed of and the related accumulated depreciation are removed from the accounts and any resulting gain or loss is credited or charged to operations. Repairs and maintenance costs are expensed as incurred.

Leases

We determine if an arrangement is a lease at inception date. Leases are to be classified as finance or operating leases at the lease commencement date, which affects the classification of expense recognition in the consolidated statement of operations. Right-of-use assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments, as agreed to in the lease. Operating lease liabilities and the corresponding right-of-use assets are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. An operating right-of-use asset is measured as the amount of the initial measurement of the lease liability, adjusted for prepaid or accrued lease payments, the remaining balance of any lease incentive received, unamortized initial direct costs, and any impairment of the right-of-use asset. The initial measurement of the lease liabilities and right-to-use assets of finance leases is the same as for operating leases. We include options to extend the lease and certain termination options in our lease liability and right-of-use asset when it is reasonably certain that we will exercise those options.

As our existing leases do not contain an implicit interest rate, we estimate our IBR based on information available at commencement date in determining the present value of future payments. Due to the significant judgment involved and the complex analysis needed to determine this discount rate, we engaged a third-party valuation specialist to advise us in our determination of our IBR for the initial adoption of the standard and subsequent amendment of our office lease.

Lease expense for operating leases is recognized on a straight-line basis over the lease term as part of our selling, general and administrative expenses and our research and development expenses on our consolidated statements of operations. Lease expense for financing leases consists of amortization of the right-of-use asset and interest on the lease liability as part of our research and development expenses on our consolidated statements of operations.

Accrued Expenses and Other Current Liabilities

We record clinical accruals for estimated costs of research, preclinical studies, and preclinical trials, which are a significant component of our research and development expenses. Management uses judgment and estimates when determining these costs. Completed patient visits and other invoiceable costs are accrued monthly after review and validation by the appropriate internal teams. The process involves reviewing respective agreements, documentation provided by the CRO, data provided by the clinical sites, along with the timing of the clinical activities, and payment history from prior periods. Depending on the time of payments and the status of documentation, our clinical accruals may vary from one period to the next.

Fair Value of Financial Instruments

We measure and record cash equivalents at fair value in the accompanying financial statements. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability, an exit price, in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs.

The carrying amounts of our short-term financial instruments, which include cash and cash equivalents and accounts payable, approximate their fair value due to their short maturities.

Research and Development Expenses

Research and development expenses are expensed as incurred. Research and development costs primarily consist of internal labor costs, fees paid to outside service providers, 50% shared costs incurred under the Collaboration Agreement with Alligator Bioscience, and the costs of materials used in clinical trials and research and development. Other research and development expenses include facility, maintenance, and related support expenses.

A substantial portion of Aptevo’s preclinical studies and all of its clinical studies have been performed by third-party CROs. The Company reviews the activities performed by the CROs each period. For preclinical studies, the significant factors used in estimating accruals include the percentage of work completed to date and contract milestones achieved. For clinical study expenses, the significant factors used in estimating accruals include the number

of patients enrolled and services provided but not yet invoiced. The Company’s estimates are highly dependent upon the timeliness and accuracy of the data provided by its CROs clinical sites regarding the status of each program and total program spending and adjustments are made when deemed necessary.

Collaborative Agreements

We analyze our collaboration arrangements to assess whether they are within the scope of ASC Topic 808, Collaborative Arrangements (ASC 808), to determine whether such arrangements involve joint operating activities performed by parties that are both active participants in the activities and exposed to significant risks and rewards that are dependent on the commercial success of such activities. To the extent the arrangement is within the scope of ASC 808, we assess whether aspects of the arrangement between us and our collaboration partner are within the scope of other accounting literature, including ASC Topic 606, Revenue from Contracts with Customers (ASC 606). If it is concluded that some or all aspects of the arrangement represent a transaction with a customer, we will account for those aspects of the arrangement within the scope of ASC 606.

ASC 808 provides guidance for the presentation and disclosure of transactions in collaborative arrangements, but it does not provide recognition or measurement guidance. Therefore, if we conclude a counterparty to a transaction is not a customer or otherwise not within the scope of ASC 606, we consider the guidance in other accounting literature as applicable or by analogy to account for such transaction. The classification of transactions under our arrangements is determined based on the nature and contractual terms of the arrangement along with the nature of the operations of the participants.

General and Administrative Expenses

General and administrative expenses consist primarily of personnel-related costs and professional fees in support of our executive, business development, finance, accounting, investor relations, information technology, legal and human resource functions. Other costs include facility costs not otherwise included in research and development expense.

Stock-Based Compensation

We measure and recognize compensation expense for restricted stock units (RSUs), and stock options granted to our employees and directors based on the fair value of the awards as of the date of grant. The fair value of stock options is estimated at the date of grant using the Black-Scholes option pricing model that requires management to apply judgment and make estimates, including:

•

the expected term of the stock option award;

•

the expected volatility of our underlying common stock, which we estimate based on the historical volatility of the historical and implied future volatility of our common stock;

•

the risk-free interest rate, which we based on the yield curve of U.S. Treasury securities with periods commensurate with the expected term of the options being valued;

•

the expected dividend yield, which we estimate to be zero based on the fact that we have never paid cash dividends and have no present intention to pay cash dividends; and

•

the fair value of our common stock on the date of grant.

Stock-based compensation expense for RSUs is recognized on a straight-line basis over the vesting period of the respective award. Stock-based compensation expense for our stock options, both converted and Aptevo granted, is recognized on a straight-line basis over the vesting period of the respective award.

We routinely evaluate the appropriateness of the forfeiture rate based on actual forfeiture experience, analysis of employee turnover, and expectations of future option exercise behavior.

Income Taxes

Income taxes are accounted for using the liability method. Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases and net operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the year in which those temporary differences are expected to be recovered or settled.

Aptevo’s ability to realize deferred tax assets depends upon future taxable income, as well as the limitations discussed below. For financial reporting purposes, a deferred tax asset must be reduced by a valuation allowance if it is more likely than not that some portion or all of the deferred tax assets will not be realized prior to expiration. Aptevo considers historical and future taxable income, future reversals of existing taxable temporary differences, taxable income in prior carryback years, and ongoing tax planning strategies in assessing the need for valuation allowances. In general, if Aptevo determines that it is more likely than not to realize more than the recorded amounts of net deferred tax assets in the future, Aptevo will reverse all or a portion of the valuation allowance established against its deferred tax assets, resulting in a decrease to the provision for income taxes in the period in which the determination is made. Likewise, if Aptevo determines that it is not more likely than not to realize all or part of the net deferred tax asset in the future, Aptevo will establish a valuation allowance against deferred tax assets, with an offsetting increase to the provision for income taxes, in the period in which the determination is made.

Because tax laws are complex and subject to different interpretations, significant judgment is required. As a result, Aptevo makes certain estimates and assumptions, in (1) calculating Aptevo’s income tax expense, deferred tax assets and deferred tax liabilities, (2) determining any valuation allowance recorded against deferred tax assets and (3) evaluating the amount of unrecognized tax benefits, as well as the interest and penalties related to such uncertain tax positions. Aptevo’s estimates and assumptions may differ significantly from tax benefits ultimately realized.

Segment Reporting

Recently Adopted Accounting Pronouncements

In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-09, Income Taxes (Topic 740): Improvement to Income Tax Disclosures. The purpose of ASU 2023-09 is to enhance disclosures around income taxes, including a tabular rate reconciliation and separate disclosures for any reconciling items within certain categories that fall under a specified quantitative threshold. This ASU is effective and has been adopted for our fiscal year ended December 31, 2025.

Accounting Pronouncements Pending Adoption

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (DISE). The purpose of ASU 2024-03 is to enhance expense disclosures by requiring additional disaggregated information about specified categories of expenses included in certain expense captions presented on the face of the income statement. This ASU is effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027. The amendments may be applied either prospectively to financial statements issued for reporting periods after the effective date of this ASU or retrospectively to all prior periods presented in the financial statements. The Company is currently assessing the impact this ASU will have on its financial statements.

Income Taxes - Schedule of Loss from Continuing Operations Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Income Tax Disclosure [Abstract]
US	$ (25,967)	$ (24,130)
International	0	0
Loss from continuing operations before benefit from income taxes	$ (25,967)	$ (24,130)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

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+ Details

Equity - 2024 Common Warrants - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands					12 Months Ended
	Apr. 04, 2025	Dec. 12, 2024	Jul. 01, 2024	Apr. 15, 2024	Dec. 31, 2025	Dec. 31, 2024	Jun. 20, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants outstanding					676,968	4,648
Warrant modification - incremental value						$ 472
Costs from issuance of common stock					$ 37,940	10,036
Common stock price per share				$ 17,982			$ 58.5
Warrant Inducement Agreement
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Gross proceeds from warrant exercises		$ 6,200
Total issuance costs		$ 600
Warrants
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants exercise price, per share				$ 17,982			$ 58.5
Total issuance costs						1,900
Warrant modification - incremental value						$ 500
Number of common stock to be issued up conversion of warrants				510			684,722
Warrants expiration date				Apr. 30, 2029
Existing Warrants \| Warrant Inducement Agreement
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of warrants issued		4,575
Existing Warrants \| December 2024 Warrant Inducement
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants outstanding		2,287
Warrants exercise price, per share		$ 2,700
December 2024 Warrants \| Warrant Inducement Agreement
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants outstanding					4,578
Warrants exercise price, per share		$ 3,430.8			$ 428.4
Warrants expiration date		Dec. 31, 2029
Fair value of existing common warrants immediately before		$ 3,500
Fair value of existing common warrants immediately after		3,600
Fair value of newly issued warrants		$ 7,300
Public Offering
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Costs from issuance of common stock				$ 4,600
Issuance costs				$ 600
Costs from issuance of common stock (in shares)				255
Registered Direct Offering
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants exercise price, per share	$ 428.4		$ 6,861.6
Non-cash warrant modification costs			$ 400
Warrant modification - incremental value	$ 600		400
Placement agent and legal fees			$ 400
Costs from issuance of common stock (in shares)	4,901		400
Registered Direct Offering \| Warrants
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants outstanding					23
Warrants exercise price, per share					$ 3,096
Gross proceeds from warrant exercises			$ 2,700
Total issuance costs	$ 200
Issuance costs			$ 800
Number of common stock to be issued up conversion of warrants	9,803		801
Common stock price per share	$ 428.4		$ 6,861.6
Warrants expiration date	May 31, 2030		Aug. 31, 2029
Registered Direct Offering \| Exercise Price of 17,982.00
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants outstanding					11
Warrants exercise price, per share					$ 17,982
Registered Direct Offering \| Exercise Price of 3,096.00
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants exercise price, per share					$ 3,096
Number of common stock to be issued up conversion of warrants					33
Registered Direct Offering \| Existing Warrants
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants exercise price, per share		$ 3,430.8
Costs from issuance of common stock (in shares)		4,575

Income Taxes - Schedule of Reconciliation of Federal Statutory Income Tax Rate to Effective Income Tax from Continuing Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Federal tax at statutory rates	$ (5,453)
State and local income taxes, net of federal income tax effect	0
Foreign tax effects	0
Effect of changes in tax lax laws or rates enacted in the current period	0
Effects of cross-border tax laws	0
Tax credits
Orphan Drug tax credits	(1,248)
Changes in valuation allowances	5,126
Nontaxable or nondeductible items
Share-based compensation	848
Other	75
Other adjustments	652
Changes in unrecognized tax benefits	0
Total income tax benefit	$ 0
Federal tax at statutory rates	21.00%	21.00%
State and local income taxes, net of federal income tax effect	0.00%	(0.10%)
Foreign tax effects	0.00%
Effect of changes in tax lax laws or rates enacted in the current period/Change in tax attributes	0.00%	(40.00%)
Effects of cross-border tax laws	0.00%
Tax credits/Orphan Drug tax credits	4.80%	3.00%
Change in valuation allowances	(19.70%)	16.80%
Nontaxable or nondeductible items
Share-based compensation	(3.30%)
Other	(0.30%)
Permanent differences		(0.10%)
Stock-based compensation		(0.80%)
Other adjustments	(2.50%)	0.20%
Changes in unrecognized tax benefits	0.00%
Total income tax benefit	0.00%	0.00%

Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Nov. 08, 2020	Dec. 31, 2025	Dec. 31, 2024	Jun. 20, 2025	Apr. 15, 2024
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issuance of common stock, net		$ 38,497	$ 9,564
Costs from issuance of common stock		$ 37,940	$ 10,036
Common stock price per share				$ 58.5	$ 17,982
Preferred stock, par value		$ 0.001	$ 0.001
Broadridge Corporate Issuer Solutions
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Preferred share purchase right	1
Broadridge Corporate Issuer Solutions \| Series A Junior Participating Preferred Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Preferred stock, par value	$ 0.001
Share portion entitled to purchase by rights	When exercisable, each Right initially would represent the right to purchase from the Company one one-thousandth of a share of a newly-designated series of preferred stock
Percentage of beneficial ownership	10.00%
Warrants
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Warrants exercise price, per share				$ 58.5	$ 17,982
Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issuance of common stock, net		$ 30	$ 22
Costs from issuance of common stock		$ 39,400
Issuance of common stock shares		993,818	1,731

Equity - Additional Information (Details1)								12 Months Ended
Equity - Additional Information (Details1)	Dec. 29, 2025	Dec. 17, 2025	May 23, 2025	May 21, 2025	Dec. 03, 2024	Mar. 05, 2024	Jun. 01, 2018	Dec. 31, 2025 USD ($) shares	Dec. 31, 2024 USD ($) shares	Jul. 24, 2025 shares	Jun. 07, 2024 shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Reverse stock split	0.06	0.06	0.05	0.05	0.03	0.02
Total fair value of stock option vested \| $									$ 1,000,000
Unvested RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation expense \| $								$ 200,000	$ 200,000
Options expected to vest, weighted average period								7 months 6 days	1 year 2 months 12 days
Stock Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation expense \| $								$ 0
Number of shares issued under share-based payment arrangement								0
Number of shares outstanding under share-based payment arrangement								0
2018 Stock Incentive Plan \| Unvested RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock authorized for issuance under Stock Plan										13,888	12
Number of shares available for grant								7,353	7
Stock plan termination period							10 years
2018 Stock Incentive Plan \| Unvested RSUs \| Non-employee Directors
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock plan vesting period							1 year
2018 Stock Incentive Plan \| Unvested RSUs \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock plan vesting period							1 year
2018 Stock Incentive Plan \| Unvested RSUs \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock plan vesting period							3 years

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 21,619	$ 8,714
Prepaid expenses and other current assets	1,462	1,945
Total current assets	23,081	10,659
Property and equipment, net	303	543
Operating lease right-of-use asset	3,810	4,389
Total assets	27,194	15,591
Current liabilities:
Accounts payable	877	1,242
Accrued expenses and other current liabilities	4,307	4,197
Operating lease liability, current portion	866	768
Total current liabilities	6,050	6,207
Operating lease liability, net of current portion	3,763	4,629
Total liabilities	9,813	10,836
Stockholders' equity:
Preferred stock: $0.001 par value; 15,000,000 shares authorized, zero shares issued or outstanding
Common stock: $0.001 par value; 500,000,000 shares authorized; 997,830 and 4,051 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively	114	84
Additional paid-in capital	292,382	252,248
Accumulated deficit	(275,115)	(247,577)
Total stockholders' equity	17,381	4,755
Total liabilities and stockholders' equity	$ 27,194	$ 15,591

Equity - Summary of Fair Value of Common Warrants Prior to and Immediately After Exercise Price Adjustment, were Estimated Using Black-Scholes Option-Pricing Model Assumptions (Details)	Dec. 17, 2025 yr	Sep. 16, 2025 yr
Expected Dividend Yield \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	25.1	58.5
Expected Dividend Yield \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	19.01	25.1
Expected Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	180.05	122.4
Risk-free Interest Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	3.51	3.62
Expected Average Life of Warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	4.58	4.83

Segment Information - Summary of Significant Expense Categories (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Operating Expenses [Abstract]
Research and development	$ (14,540)	$ (14,378)
General and administrative	(11,772)	(10,224)
Other segment items	345	472
Net loss	$ (25,967)	$ (24,130)

- Definition

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

+ References

+ Details

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Operating expenses:
Research and development	$ (14,540)	$ (14,378)
General and administrative	(11,772)	(10,224)
Loss from operations	(26,312)	(24,602)
Other income:
Other income, net	345	472
Net loss	(25,967)	(24,130)
Dividend attributable to down round feature of warrants	(1,571)
Net loss attributable to common stockholders	$ (27,538)	$ (24,130)
Basic and diluted net loss per share:
Basic net loss per share	$ (87.27)	$ (31,460.23)
Diluted net loss per share	$ (87.27)	$ (31,460.23)
Shares used in calculation:
Basic shares used in calculation	315,535	767
Diluted shares used in calculation	315,535	767

Cash and Cash Equivalents

12 Months Ended

Dec. 31, 2025

Cash and Cash Equivalents [Abstract]

Cash and Cash Equivalents

Note 4. Cash and Cash Equivalents

The Company’s cash equivalents are highly liquid investments with a maturity of 90 days or less at the date of purchase and investments in money market funds.

The following table shows our cash and cash equivalents as of December 31, 2025 and 2024:


	December 31,		December 31,
(in thousands)	2025		2024
Cash	$	1,123	$	1,181
Cash equivalents		20,496		7,533
Total cash and cash equivalents	$	21,619	$	8,714

Collaboration Agreements

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Collaboration Agreements

Note 2. Collaboration Agreements

Alligator Bioscience AB

On July 20, 2017, our wholly owned subsidiary Aptevo Research and Development LLC (Aptevo R&D), entered into a collaboration and option agreement (the Collaboration Agreement) with Alligator Bioscience AB (Alligator), pursuant to which Aptevo and Alligator have been collaboratively developing ALG.APV-527.

We assessed the arrangement in accordance with ASC 606 – Revenue Recognition (ASC 606) and concluded that the contract counterparty, Alligator, is not a customer. As such the arrangement is not in the scope of ASC 606 and is instead treated as a collaborative agreement under ASC 808 – Collaborative Arrangements (ASC 808). Both Aptevo and Alligator are active participants in the development of ALG.APV-527 and are exposed to significant risks and rewards under the Collaboration Agreement. Amounts owed to us for Alligator's share of development costs incurred by the Company are recorded as a reduction of research and development expense under ASC 730 – Research and Development in the period the costs are incurred. For the years ended December 31, 2025 and 2024, we recorded approximately $0.3 million and $2.2 million, which represent our 50% cost share, in our research and development expense related to the Collaboration Agreement, respectively.

401(K) Savings Plan

12 Months Ended

Dec. 31, 2025

Retirement Benefits [Abstract]

401(K) Savings Plan

Note 11. 401(k) Savings Plan

Aptevo has established a defined contribution savings plan under Section 401(k) of the Internal Revenue Code, as amended. The 401(k) Plan covers all employees. Under the 401(k) Plan, employees may make elective salary deferrals. Aptevo currently provides for matching of qualified deferrals up to 50% of 401(k) employee deferral contributions, based on a maximum employee deferral rate of 6% of compensation. During the years ended December 31, 2025 and 2024, Aptevo’s related share of matching contributions was approximately $0.2 million.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

Equity - At The Market Offering Agreement - Additional Information (Details) - At The Market Offering - USD ($)	Jun. 20, 2025	Apr. 28, 2025	Dec. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock offering aggregate price	$ 8,000,000	$ 50,000,000
Percentage of gross sales price shares sold		3.00%
Remaining availability			$ 0

- 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

Collaboration Agreements - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Research and development expense	$ 0.3	$ 2.2
Percentage of cost related to research and development	50.00%	50.00%

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Loss from Continuing Operations Before Income Taxes

The components of loss before income taxes were as follows (in thousands):


	Year ended December 31,
(in thousands)	2025			2024
US	$	(25,967	)	$	(24,130	)
International		—			—
Loss from continuing operations before benefit from income taxes	$	(25,967	)	$	(24,130	)

Schedule of Tax Effects of Temporary Differences Give Rise to Significant Portions of Deferred Tax Assets and Deferred Tax Liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below:


	For the Year Ended December 31,
(in thousands)	2025			2024
Federal losses carryforward	$	43,659		$	36,523
Capitalized research expenditures		4,976			7,025
Intangible assets		67			109
Stock-based compensation		12			839
State losses carryforward		3,740			3,758
Other deferred tax assets		486			304
Other tax credits		797			—
Lease liabilities		972			1,133
Fixed Assets		397			411
Deferred tax assets, gross		55,106			50,102
Valuation allowance		(54,306	)		(49,180	)
Deferred tax assets, net of valuation		800			922
ROU assets		(800	)		(922	)
Deferred tax liability		(800	)		(922	)
Net deferred tax assets	$	—		$	—

Schedule of Reconciliation of Federal Statutory Income Tax Rate to Effective Income Tax from Continuing Operations

The following table presents required disclosure pursuant to ASU 2023-09 and reconciles the U.S. federal statutory tax amount and rate to our actual effective amount and rate for the year ended December 31, 2025:


	December 31, 2025
(in thousands)	Amount			Percentage
Federal tax at statutory rates	$	(5,453	)		21.0	%
State and local income taxes, net of federal income tax effect		—			0.0	%
Foreign tax effects		—			0.0	%
Effect of changes in tax lax laws or rates enacted in the current period		—			0.0	%
Effects of cross-border tax laws		—			0.0	%
Tax credits
Orphan Drug tax credits		(1,248	)		4.8	%
Changes in valuation allowances		5,126			-19.7	%
Nontaxable or nondeductible items
Share-based compensation		848			-3.3	%
Other		75			-0.3	%
Other adjustments		652			-2.5	%
Changes in unrecognized tax benefits		—			0.0	%
Total income tax benefit	$	—			0.0	%


	Year Ended December 31,
	2024
Federal tax at statutory rates		21.0	%
State taxes, net of federal benefit		-0.1	%
Change in valuation allowance		16.8	%
Tax credits		3.0	%
Permanent differences		-0.1	%
Stock based compensation		-0.8	%
Change in tax attributes		-40.0	%
Other		0.2	%
Total income tax benefit		0.0	%

Equity - Standby Equity Purchase Agreement - Additional Information (Details) - USD ($)	Feb. 18, 2026	Jan. 08, 2026	Jul. 24, 2025	Jun. 16, 2025	Dec. 31, 2025	Dec. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock value					$ 114,000	$ 84,000
First Standby Equity Purchase Agreement
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock value				$ 25,000,000
Structuring fee				$ 25,000
Percentage of commitment fee				2.00%
Remaining availability under SEPA					$ 8,700,000
Percentage of outstanding shares approved for potential issuance			19.99%
Second Standby Equity Purchase Agreement \| Subsequent Event
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock value		$ 60,000,000
Structuring fee		$ 25,000
Percentage of commitment fee		2.00%
Beneficial ownership exceeding percentage of outstanding common stock		9.99%
Percentage of outstanding shares approved for potential issuance	19.99%

Cybersecurity Risk Management, Strategy and Governance	12 Months Ended
Cybersecurity Risk Management, Strategy and Governance	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Item 1C. Cybersecurity The Company’s Board of Directors (the Board) is responsible for overseeing the Company’s risk management program and cybersecurity is a critical element of this program. Management is responsible for the day-to-day administration of the Company’s risk management program and its cybersecurity policies, processes, and practices. The Company’s cybersecurity policies, standards, processes, and practices are based on recognized frameworks established by the National Institute of Standards and Technology (NIST) and are included in the Company’s overall risk management system and processes. In general, the Company seeks to address material cybersecurity threats through a company-wide approach that addresses the confidentiality, integrity, and availability of the Company’s information systems or the information that the Company collects and stores, by assessing, identifying and managing cybersecurity issues as they occur. Cybersecurity Risk Management and Strategy The Company’s cybersecurity risk management strategy focuses on several areas: • Identification and Reporting: The Company has information security and risk management policies and procedures designed to properly identify, classify and escalate certain cybersecurity incidents to provide management visibility and obtain direction from management as to the public disclosure and reporting of incidents in a timely manner. • Technical Safeguards: The Company implements technical safeguards that are designed to protect the Company’s information systems from cybersecurity threats, including firewalls, intrusion prevention and detection systems, anti-malware functionality, and access controls, which are evaluated and improved through vulnerability assessments and cybersecurity threat intelligence, as well as outside audits and certifications. Additionally, the Company leverages an industry standard Endpoint Detection and Response (EDR) tool to manage and monitor endpoint security for laptops and servers including scanning and monitoring of vulnerabilities. Further, the Company has mandated multi-factor authentication for all employees in addition to periodic security and phishing training and awareness. In 2023, the Company engaged an independent assessor to assess the maturity of its cybersecurity program against the NIST Cybersecurity Framework (NIST CSF). The results of the NIST CSF maturity assessment laid the roadmap for the cyber initiatives conducted in 2023 and future. Further, a third-party conducted an external and internal penetration test, performed a dark web scan for any Aptevo private and confidential data and assessed Aptevo's cloud security configuration posture. All critical and high-risk findings from that assessment were addressed in 2023. • Incident Response and Recovery Planning: The Company has established and maintains security incident response and disaster recovery plans designed to address the Company’s response to a cybersecurity incident. • Third-Party Risk Management: The Company leverages third-party vendors to house critical clinical trial data. These vendors are required to be GxP compliant which entails strong cybersecurity controls that are validated by a third-party auditor. Furthermore, the Company has begun performing security risk assessments prior to on-boarding new significant vendors. • Education and Awareness: The Company provides regular, mandatory training for all levels of employees regarding cybersecurity threats as a means to equip the Company’s employees with effective tools to address cybersecurity threats, and to communicate the Company’s evolving information security policies, standards, processes, and practices. Governance The Board has designated the Audit Committee as the governing committee for the oversight of the Company’s material IT cybersecurity risks. The Audit Committee reviews cybersecurity risks through quarterly updates, and the committee monitors the status of ongoing projects to strengthen existing information security controls and practices and mitigate the potential risk of cybersecurity incidents. Quarterly, the Company's Chief Financial Officer (CFO), with support from IT consulting services, presents on material cybersecurity risks and their accompanying mitigation and remediation strategies to the Audit Committee. The IT consultant and CFO are key management roles responsible for assessing and managing material risks from cybersecurity threats. The IT consultant reports to the CFO and is responsible for implementing and maintaining the enterprise cybersecurity organization. The IT consultant has over 20 years of experience in Information Security and Cybersecurity for public and private institutions in the pharmaceutical, insurance, manufacturing, healthcare, and non-profit industries. The CFO also brings over 20 years of experience with a focus on small to mid-size public companies in the life science and technology fields. The IT consultant, in coordination with senior management including the CFO, works collaboratively across the Company to implement a program designed to protect the Company’s information systems from cybersecurity threats and to promptly respond to any material cybersecurity incidents in accordance with the Company’s incident response and recovery plans. The IT consultant and senior management are informed about and monitor the prevention, detection, mitigation and remediation of cybersecurity threats and incidents in real time, and report such threats and incidents to the Audit Committee when appropriate. Material Effects of Cybersecurity Incidents Risks from cybersecurity threats, including as a result of any previous cybersecurity incidents, have not materially affected and are not reasonably likely to materially affect the Company, including its business strategy, results of operations, or financial condition.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	The Board has designated the Audit Committee as the governing committee for the oversight of the Company’s material IT cybersecurity risks. The Audit Committee reviews cybersecurity risks through quarterly updates, and the committee monitors the status of ongoing projects to strengthen existing information security controls and practices and mitigate the potential risk of cybersecurity incidents. Quarterly, the Company's Chief Financial Officer (CFO), with support from IT consulting services, presents on material cybersecurity risks and their accompanying mitigation and remediation strategies to the Audit Committee. The IT consultant and CFO are key management roles responsible for assessing and managing material risks from cybersecurity threats. The IT consultant reports to the CFO and is responsible for implementing and maintaining the enterprise cybersecurity organization. The IT consultant has over 20 years of experience in Information Security and Cybersecurity for public and private institutions in the pharmaceutical, insurance, manufacturing, healthcare, and non-profit industries. The CFO also brings over 20 years of experience with a focus on small to mid-size public companies in the life science and technology fields. The IT consultant, in coordination with senior management including the CFO, works collaboratively across the Company to implement a program designed to protect the Company’s information systems from cybersecurity threats and to promptly respond to any material cybersecurity incidents in accordance with the Company’s incident response and recovery plans. The IT consultant and senior management are informed about and monitor the prevention, detection, mitigation and remediation of cybersecurity threats and incidents in real time, and report such threats and incidents to the Audit Committee when appropriate.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Board has designated the Audit Committee as the governing committee for the oversight of the Company’s material IT cybersecurity risks. The Audit Committee reviews cybersecurity risks through quarterly updates, and the committee monitors the status of ongoing projects to strengthen existing information security controls and practices and mitigate the potential risk of cybersecurity incidents.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Quarterly, the Company's Chief Financial Officer (CFO), with support from IT consulting services, presents on material cybersecurity risks and their accompanying mitigation and remediation strategies to the Audit Committee.
Cybersecurity Risk Role of Management [Text Block]	The IT consultant and CFO are key management roles responsible for assessing and managing material risks from cybersecurity threats. The IT consultant reports to the CFO and is responsible for implementing and maintaining the enterprise cybersecurity organization. The IT consultant has over 20 years of experience in Information Security and Cybersecurity for public and private institutions in the pharmaceutical, insurance, manufacturing, healthcare, and non-profit industries. The CFO also brings over 20 years of experience with a focus on small to mid-size public companies in the life science and technology fields. The IT consultant, in coordination with senior management including the CFO, works collaboratively across the Company to implement a program designed to protect the Company’s information systems from cybersecurity threats and to promptly respond to any material cybersecurity incidents in accordance with the Company’s incident response and recovery plans. The IT consultant and senior management are informed about and monitor the prevention, detection, mitigation and remediation of cybersecurity threats and incidents in real time, and report such threats and incidents to the Audit Committee when appropriate.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	The IT consultant reports to the CFO and is responsible for implementing and maintaining the enterprise cybersecurity organization.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	The IT consultant has over 20 years of experience in Information Security and Cybersecurity for public and private institutions in the pharmaceutical, insurance, manufacturing, healthcare, and non-profit industries. The CFO also brings over 20 years of experience with a focus on small to mid-size public companies in the life science and technology fields.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The IT consultant, in coordination with senior management including the CFO, works collaboratively across the Company to implement a program designed to protect the Company’s information systems from cybersecurity threats and to promptly respond to any material cybersecurity incidents in accordance with the Company’s incident response and recovery plans. The IT consultant and senior management are informed about and monitor the prevention, detection, mitigation and remediation of cybersecurity threats and incidents in real time, and report such threats and incidents to the Audit Committee when appropriate.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)
Gross proceeds	$ 37,940
Common Stock
Gross proceeds	39,400
Issuance costs	$ 900

CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit
Balance at Dec. 31, 2023	$ 12,221	$ 61	$ 235,607	$ (223,447)
Balance (in shares) at Dec. 31, 2023		33
Common stock issued upon vesting of restricted stock units and exercised stock options	(1)		(1)
Payment in lieu of fractional shares	(3)		(3)
Issuance of common stock net of issuance cost	9,564	$ 22	9,542
Issuance of common stock net of issuance cost (in shares)		1,731
Warrant inducement, net of issuance cost	5,563	$ 1	5,562
Warrant modification - incremental fair value (in shares)		2,287
Warrant modification - incremental fair value	472		472
Stock-based compensation	1,069		1,069
Net loss	(24,130)			(24,130)
Balance at Dec. 31, 2024	4,755	$ 84	252,248	(247,577)
Balance (in shares) at Dec. 31, 2024		4,051
Payment in lieu of fractional shares (in shares)		(39)
Issuance of common stock net of issuance cost	38,497	$ 30	38,467
Issuance of common stock net of issuance cost (in shares)		993,818
Stock-based compensation	96		96
Dividend attributable to down round feature of warrants			1,571	(1,571)
Net loss	(25,967)			(25,967)
Balance at Dec. 31, 2025	$ 17,381	$ 114	$ 292,382	$ (275,115)
Balance (in shares) at Dec. 31, 2025		997,830

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	15,000,000	15,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	997,830	4,051
Common stock, shares outstanding	997,830	4,051

Cash and Cash Equivalents (Tables)

12 Months Ended

Dec. 31, 2025

Cash and Cash Equivalents [Abstract]

Schedule of Cash and Cash Equivalents

The following table shows our cash and cash equivalents as of December 31, 2025 and 2024:


	December 31,		December 31,
(in thousands)	2025		2024
Cash	$	1,123	$	1,181
Cash equivalents		20,496		7,533
Total cash and cash equivalents	$	21,619	$	8,714

Nature of Business and Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Basis of Presentation

Reclassification

Use of Estimates

Cash Equivalents

Prepaid Expenses and Other Current Assets

Concentrations of Credit Risk

Property and Equipment

Property and equipment are stated at cost. Depreciation is computed using the straight-line method over the following estimated useful lives:


Furniture and equipment	7-10 years
Software and hardware	3-5 years or product life
Leasehold improvements	Lesser of the asset life or the remaining lease term

Leases

Accrued Expenses and Other Current Liabilities

Fair Value of Financial Instruments

The carrying amounts of our short-term financial instruments, which include cash and cash equivalents and accounts payable, approximate their fair value due to their short maturities.

Research and Development expense

Research and Development Expenses

Collaborative Agreements

General and Administrative Expenses

Stock-Based Compensation

•

the expected term of the stock option award;

•

the expected volatility of our underlying common stock, which we estimate based on the historical volatility of the historical and implied future volatility of our common stock;

•

the risk-free interest rate, which we based on the yield curve of U.S. Treasury securities with periods commensurate with the expected term of the options being valued;

•

the expected dividend yield, which we estimate to be zero based on the fact that we have never paid cash dividends and have no present intention to pay cash dividends; and

•

the fair value of our common stock on the date of grant.

We routinely evaluate the appropriateness of the forfeiture rate based on actual forfeiture experience, analysis of employee turnover, and expectations of future option exercise behavior.

Income Taxes

Segment Reporting

Recently Adopted Accounting Pronouncements

Accounting Pronouncements Pending Adoption

Recently Adopted Accounting Pronouncements

Accounting Pronouncements Pending Adoption

Prepaid Expenses, Other Current Assets, Accrued Expenses, and Other Current Liabilities

12 Months Ended

Dec. 31, 2025

Prepaid Expenses, Other Current Assets, Accrued Expenses, and Other Current Liabilities [Abstract]

Prepaid Expenses, Other Current Assets, Accrued Expenses, and Other Current Liabilities

Note 7. Prepaid Expenses, Other Current Assets, Accrued Expenses, and Other Current Liabilities

Prepaid expenses and other current assets consisted of the following as of December 31, 2025 and December 31, 2024.


	December 31,
(in thousands)	2025		2024
Prepaid clinical expenses	$	609	$	925
Other current assets		853		1,020
	$	1,462	$	1,945

Accrued expenses and other current liabilities consisted of the following as of December 31, 2025 and December 31, 2024.


	December 31,
(in thousands)	2025		2024
Accrued clinical, research and development costs	$	1,154	$	1,461
Accrued compensation and benefits		2,421		1,856
Accrued professional service costs		480		517
Other accruals		252		363
	$	4,307	$	4,197

Nature of Business and Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Schedule of Estimated Useful Lives of Property and Equipment

Depreciation is computed using the straight-line method over the following estimated useful lives:


Furniture and equipment	7-10 years
Software and hardware	3-5 years or product life
Leasehold improvements	Lesser of the asset life or the remaining lease term

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Operating Activities
Net loss	$ (25,967)	$ (24,130)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	96	1,069
Non-cash lease expense	1,089	1,100
Depreciation and amortization	240	352
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	483	217
Accounts payable, accrued compensation, accrued expenses and other current liabilities, and short-term operating lease	(157)	(1,017)
Operating lease liability	(1,376)	(1,376)
Net cash used in operating activities	(25,592)	(23,785)
Investing Activities
Net cash from investing activities	0	0
Financing Activities
Value of equity awards withheld for tax liability	0	(1)
Proceeds from exercise of common warrants, net of issuance costs	557	5,563
Proceeds from issuance of common stock, pre-funded warrants exercise, and common warrants exercise, net of issuance costs	37,940	10,036
Payments in lieu of fractional shares		(3)
Net cash provided by financing activities	38,497	15,595
Increase (decrease) in cash and cash equivalents	12,905	(8,190)
Cash and cash equivalents at beginning of period	8,714	16,904
Cash and cash equivalents at end of period	21,619	8,714
Supplemental Cash Flow Information
Warrant modification - incremental value	586	472
Dividend attributable to down round feature of warrants	$ 1,571
Fair value of December 2024 inducement transaction common warrants		$ 7,331

Equity (Tables)

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Summary of Common Warrant Activity

The following is a summary of common warrant activity for the year ended December 31, 2025:


	Number of Shares			Weighted-Average Exercise Price		Weighted- Average Remaining Term
Outstanding at December 31, 2024		4,648		$	501.81		3.91
Issued		694,543			24.79		4.50
Exercised		(22,223	)		25.10		4.50
Expired		—			—		—
Outstanding at December 31, 2025		676,968		$	29.20		4.49
Exercisable at December 31, 2025		676,968		$	29.20		4.49

Assumptions used in Valuing the Stock Options Granted under Black-Scholes Valuation Model

valuation assumptions for warrants issued were estimated on the measurement date using the Black-Scholes option-pricing model with the following weighted-average assumptions:


	For the Year Ended December 31,
	2025	2024
Expected dividend yield	0.00%	0.00%
Expected volatility	121.45%	113.70%
Risk-free interest rate	3.97%	4.98%
Expected average life	5 years	5 years

Summary of Fair Value of Common Warrants Prior to and Immediately After Exercise Price Adjustment, were Estimated Using Black-Scholes Option-Pricing Model Assumptions

The fair value of the common warrants prior to and immediately after the exercise price adjustment, were estimated using the Black-Scholes option-pricing model with the following assumptions:


	September 16, 2025	December 17, 2025
Exercise price	$58.50-$25.10	$25.10 - $19.01
Expected volatility	122.40%	180.05%
Risk-free interest rate	3.62%	3.51%
Expected average life	4.83	4.58

Summary of Stock-based Compensation Expense Includes Amortization of Stock Options and Restricted Stock Units Granted

Stock-based compensation expense includes amortization of stock options and RSUs granted to employees and non-employees and has been reported in our consolidated statements of operations as follows:


	For the Year Ended December 31,
(in thousands)	2025		2024
Research and development	$	23	$	302
General and administrative		73		767
Total stock-based compensation expense	$	96	$	1,069

Summary of RSU Activity

The following is a summary of restricted stock activity for the year ended December 31, 2025:


	Number of Units		Weighted Average Fair Value per Unit
Balance at December 31, 2024		1	$	—
Granted		6,541		39.06
Vested		—		—
Forfeited		—		—
Outstanding and expected to vest at December 31, 2025		6,542	$	40.24

Subsequent Events - Additional Information (Details) - USD ($)	Jan. 08, 2026	Jan. 01, 2026	Jun. 16, 2025	Jan. 28, 2026	Dec. 31, 2025	Jun. 20, 2025	Dec. 31, 2024	Apr. 15, 2024
Subsequent Event [Line Items]
Common stock value					$ 114,000		$ 84,000
Warrants
Subsequent Event [Line Items]
Warrants exercise price, per share						$ 58.5		$ 17,982
First Standby Equity Purchase Agreement
Subsequent Event [Line Items]
Common stock value			$ 25,000,000
Structuring fee			$ 25,000
Percentage of commitment fee			2.00%
Subsequent Event \| First Standby Equity Purchase Agreement
Subsequent Event [Line Items]
Number of shares sold	90,000.00	90,000.00
Average price		$ 6.56		$ 6.56
Net proceeds	$ 600,000	$ 600,000
Subsequent Event \| Second Standby Equity Purchase Agreement
Subsequent Event [Line Items]
Common stock value	60,000,000
Structuring fee	$ 25,000
Percentage of commitment fee	2.00%
Number of shares sold	100,000	100,000
Average price		$ 5.85		$ 5.85
Net proceeds	$ 600,000	$ 600,000
Shares issued				7,100,000
Subsequent Event \| Standby Equity Purchase Agreement \| Warrants
Subsequent Event [Line Items]
Warrants exercise price, per share	$ 11.7

Equity - Summary of Common Warrant Activity (Details)	12 Months Ended
Equity - Summary of Common Warrant Activity (Details)	Dec. 31, 2025 $ / shares shares	Dec. 31, 2024 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Outstanding, Beginning Balance \| shares	4,648
Number of Shares, Issued \| shares	694,543
Number of Shares, Exercised \| shares	(22,223)
Number of Shares, Outstanding, Ending Balance \| shares	676,968	4,648
Number of Shares, Exercisable \| shares	676,968
Weighted-Average Exercise Price, Outstanding, Beginning Balance \| $ / shares	$ 501.81
Weighted-Average Exercise Price, Issued \| $ / shares	24.79
Weighted-Average Exercise Price, Exercised \| $ / shares	25.1
Weighted-Average Exercise Price, Outstanding, Ending Balance \| $ / shares	29.2	$ 501.81
Weighted-Average Exercise Price, Exercisable \| $ / shares	$ 29.2
Weighted-Average Remaining Term, Outstanding	4 years 5 months 26 days	3 years 10 months 28 days
Weighted-Average Remaining Term, Issued	4 years 6 months
Weighted-Average Remaining Term, Exercised	4 years 6 months
Weighted-Average Remaining Term, Exercisable	4 years 5 months 26 days

Segment Information - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) Segment	Dec. 31, 2024 USD ($)
Segment Reporting Information [Line Items]
Number of operating segments \| Segment	1
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	srt:ChiefExecutiveOfficerMember
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description	The CODM assesses performance for the novel oncology therapeutics segment and decides how to allocate resources based on net loss that also is reported on the income statement as consolidated net loss. The measure of segment assets is reported on the balance sheet as cash and cash equivalents.The Company has not generated any product revenue in the current period and expects to continue to incur significant expenses and operating losses for the foreseeable future as we advance our product candidates through all stages of development and clinical trials. As such, the CODM uses cash forecast models in deciding how to invest into the novel oncology therapeutics segment. Such cash forecast models are reviewed to assess the entity-wide operating results and performance. Net loss is used to monitor budget versus actual results. Monitoring budgeted versus actual results, net cash used in operating activities for the period and cash on hand are used in assessing performance of the segment.
Net cash used in operating activities \| $	$ 25,592	$ 23,785

Equity

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Equity

Note 10. Equity

2023 Equity Offerings and Common Warrants

As of December 31, 2025, there were 1 outstanding warrant issued in August 2023 with an exercise price $363,369.30 and an aggregate of 2 outstanding warrants issued in November 2023 with an exercise price of $136,555.20 per share (collectively, the “2023 Warrants”). If such warrants are exercised, we will receive up to an additional $0.6 million in gross proceeds.

2024 Equity Offerings and Common Warrants

On April 15, 2024, we completed a public offering of common stock and warrants, in which we received gross proceeds of $4.6 million, less total issuance costs of $0.6 million, which included 255 shares of common stock (or pre-funded warrants in lieu thereof, all of which have been exercised as of December 31, 2025) and accompanying common warrants to purchase up to 510 shares of common stock at an exercise price of $17,982.00 per share for a combined offering price of $17,982.00 per share and accompanying common warrants. The common warrants were exercisable immediately following the date of issuance and will expire in April 2029. As of December 31, 2025, we have 23 common warrants outstanding with an amended exercise price of $3,096.00 per share and 11 common warrants outstanding with an amended exercise price of $17,982.00 per share that were issued in connection with the April 2024 public offering (the April 2024 Warrants). The common warrants were exercisable immediately following the date of issuance and will expire in April 2029.

On July 1, 2024, we completed a registered direct offering (the July 2024 Registered Direct Offering) in which we issued 400 shares of common stock (or pre-funded warrants in lieu thereof, all of which have been exercised as of December 31, 2025) and accompanying common warrants to purchase up to 801 shares of common stock at an exercise price of $6,861.60 per share for a combined offering price of $6,861.60 per share and accompanying common warrants. The common warrants became exercisable immediately following the date of stockholder approval on August 6, 2024, and will expire in August 2029. We received approximately $2.7 million in gross proceeds less total issuance costs of $0.8 million. Issuance costs include placement agent fees and legal fees of $0.4 million and non-cash warrant modification costs of $0.4 million. The Company recognized the $0.4 million modification date incremental value of the modified warrants as compared to the original warrants as a non-cash issuance cost of the July 2024 Registered Direct Offering. As of December 31, 2025, we have 33 common warrants outstanding at an amended exercise price of $3,096.00 per share that were issued in connection with the July 2024 Registered Direct Offering (the July 2024 Warrants).

On December 12, 2024, we entered into a warrant inducement agreement (the December 2024 Inducement Agreement) with certain holders of our 2023 Warrants, April 2024 Warrants, July 2024 Warrants and warrants issued on September 18, 2024 (together, the "Existing Warrants") to exercise for cash 2,287 Existing Warrants at a reduced exercise price of $2,700.00 per share (such transaction, the “December 2024 Warrant Inducement”). Additionally, pursuant to the December 2024 Inducement Agreement, we issued 4,575 common warrants (the December 2024 Warrants, and, together with the remaining April 2024 Warrants and July 2024 Warrants, the 2024 Warrants) with an exercise price of $3,430.80 per share which are exercisable immediately following the date of issuance and will expire in December 2029. We received $6.2 million in gross proceeds from the exercise of these warrants less total issuance costs of $0.6 million, which includes placement agent fees and legal fees. The common warrants issued in connection with the December 2024 Warrant Inducement were equity classified as they are indexed to the Company's stock and do not contain any exercise contingency. The fair value of Existing Warrants immediately before and after the December 2024 Warrant Inducement were $3.5 million and $3.6 million, respectively. The fair value of the December 2024 Warrants was $7.3 million. Given the common warrants were equity classified, the modified fair value of Existing Warrants and the December 2024 Warrants to purchase common stock has been accounted for in additional paid-in capital as an equity cost because the modification was done in order to raise equity by inducing the exercise of warrants. As of December 31, 2025, there were 4,578 December 2024 Warrants outstanding with an amended exercise price of $428.40 per share.

2025 Equity Offerings and Common Warrants

On April 4, 2025, we completed a registered direct offering and a concurrent private placement (the April 4, 2025 Offering), in which we issued 4,901 shares of common stock and accompanying common warrants to purchase up to an aggregate of 9,803 shares of common stock at an exercise price of $428.40 per share for a combined offering price of $428.40 per share and accompanying common warrants. The common warrants became immediately exercisable following the date of stockholder approval on May 14, 2025 and will expire in May 2030. We received $2.1 million in gross proceeds less total issuance costs of $0.2 million. In connection with the April 4, 2025 Offering, we also agreed to amend certain existing warrants that were previously issued on December 12, 2024 to purchase up to 4,575 shares of common stock and had an exercise price of $3,430.80 per share, and reduced the exercise price of these warrants to $428.40 per share. The Company recognized the $0.6 million modification date incremental value of the modified warrants as compared to the original warrants as a non-cash issuance cost of the April 4, 2025 Offering. Given the common warrants were equity classified, the modified fair value of existing common warrants to purchase common stock has been accounted for in additional paid-in capital as an equity cost because the modification was done in order to raise equity in conjunction with the April 4, 2025 Offering. As of December 31, 2025, we have 9,812 common warrants outstanding in connection with the April 4, 2025 Offering.

On April 22, 2025, we completed a registered direct offering (the April 22, 2025 Offering and together with the April 4, 2025 Offering, the April 2025 Offerings), in which we issued 6,455 shares of common stock at a purchase price of $310.32 per share. We received $2.0 million in gross proceeds less total issuance costs of $0.2 million. We did not issue any common warrants in connection with the April 22, 2025 Offering.

On June 20, 2025, we completed an offering priced at-the-market (the June 2025 Offering) with certain institutional investors, in which we received gross proceeds $8.0 million, which included 136,944 shares of common stock (or pre-funded warrants in lieu thereof, all of which have been exercised as of June 30, 2025) and accompanying common warrants to purchase up to 684,722 shares of common stock at an exercise price of $58.50 per share for a combined purchase price of $58.50 per share and accompanying common warrants. The common warrants became immediately exercisable following the date of stockholder approval on July 24, 2025 and will expire in July 2030. We received $8.0 million in gross proceeds less total issuance costs of $0.7 million. During the fourth quarter of 2025, 22,223 shares common warrants were exercised. As of December 31, 2025, we have 662,508 common warrants outstanding in connection with the June 2025 Offering.

The exercise price of the June 2025 warrants was reset to $11.70 per share during the subsequent events period as a result of issuing shares of common stock pursuant to our First SEPA. The exercise price of $11.70 represents the floor price of these warrants. If the warrants issued in connection with the 2025 offerings are exercised at their current exercise price, we will receive up to an additional $12.0 million in proceeds.

The following is a summary of common warrant activity for the year ended December 31, 2025:


	Number of Shares			Weighted-Average Exercise Price		Weighted- Average Remaining Term
Outstanding at December 31, 2024		4,648		$	501.81		3.91
Issued		694,543			24.79		4.50
Exercised		(22,223	)		25.10		4.50
Expired		—			—		—
Outstanding at December 31, 2025		676,968		$	29.20		4.49
Exercisable at December 31, 2025		676,968		$	29.20		4.49

The warrants are classified as an equity instrument because they are both indexed to the Company's own stock and classified in stockholders' equity, are recorded at fair value on the date of issuance and have no exercise contingency. For the years ended December 31, 2025, and 2024, the valuation assumptions for warrants issued were estimated on the measurement date using the Black-Scholes option-pricing model with the following weighted-average assumptions:


	For the Year Ended December 31,
	2025	2024
Expected dividend yield	0.00%	0.00%
Expected volatility	121.45%	113.70%
Risk-free interest rate	3.97%	4.98%
Expected average life	5 years	5 years

Additionally, the common warrants issued in our June 2025 Offering include a down-round feature. On September 16, 2025, in connection with the sales of common warrants and common stock, the exercise price of the common warrants issued in connection with the June 2025 Offering was lowered to $25.10 per share. Upon the trigger of the down round provision of these common warrants, on September 16, 2025, the Company recorded a deemed dividend of $1.5 million which represents the fair value transferred to the warrant holders from the down round feature being triggered. On December 17, 2025, the down-round feature was triggered again, the common warrants issued in connection with the June 2025 Offering was lowered to $19.01 per share. The Company calculated the difference between the common warrants' fair value on September 16, 2025 and December 17, 2025, the dates the down round feature were triggered, using the current exercise prices and the newly established prices after the trigger events occurred. The deemed dividend increased net loss attributable to common equity by $1.6 million in the condensed consolidated statement of operations for the year ended December 31, 2025. The fair value of the common warrants prior to and immediately after the exercise price adjustment, were estimated using the Black-Scholes option-pricing model with the following assumptions:


	September 16, 2025	December 17, 2025
Exercise price	$58.50-$25.10	$25.10 - $19.01
Expected volatility	122.40%	180.05%
Risk-free interest rate	3.62%	3.51%
Expected average life	4.83	4.58

Standby Equity Purchase Agreement

June 2025 SEPA

On June 16, 2025, we entered into a Standby Equity Purchase Agreement with Yorkville. Pursuant to the First SEPA, the Company has the right, but not the obligation, to issue and sell to Yorkville from time to time up to $25.0 million of the Company’s common stock during the 36 months following the execution of the First SEPA, subject to market conditions, restrictions, and satisfaction of the conditions in the First SEPA. As consideration for Yorkville’s irrevocable commitment to purchase the shares of common stock up to the First Commitment Amount, the Company paid a structuring fee in the amount of $25,000 to Yorkville, and the Company has agreed to pay a commitment fee to Yorkville in an amount equal to 2.00% of the First Commitment Amount in five equal installments. We accounted for the structuring and the commitment fee as deferred issuance cost. As of December 31, 2025, the remaining availability under the First SEPA is $8.7 million. On July 24, 2025, we received shareholder approval for the potential issuance of 19.99% or more of the aggregate number of shares of outstanding common stock pursuant to our First SEPA.

January 2026 SEPA

On January 8, 2026, we entered into the Second SEPA, the Company has the right, but not the obligation, to issue and sell to Yorkville from time to time up to $60.0 million of our common stock during the 36 months following the execution of the Second SEPA, subject to the restrictions and satisfaction of the conditions in the Second SEPA. The Company paid a structuring fee in the amount of $25,000 to Yorkville, and the Company has agreed to pay a commitment fee to Yorkville in an amount equal to 2.00% of the Second Commitment Amount in five equal installments. Pursuant to the Second SEPA, we will not sell shares of our common stock to Yorkville that would result in the beneficial ownership of Yorkville and its affiliates (on an aggregated basis) exceeding 9.99% of our then

outstanding common stock. On February 18, 2026, we received shareholder approval for the potential issuance of 19.99% or more of the aggregate number of shares of outstanding common stock pursuant to our Second SEPA.

At The Market Offering Agreement

On April 28, 2025, we entered into an At The Market Offering Agreement with Roth for an aggregate offering price of $50.0 million, pursuant to which we may offer and sell shares of our common stock from time to time through Roth. The compensation to Roth for the shares sold pursuant to the ATM Agreement will be an amount equal to 3.0% of the gross sales price of the shares sold under the ATM Agreement. The sale of such shares of common stock by Roth will be effected under the Company’s existing shelf Registration Statement on Form S-3, which was declared effective on February 26, 2025 (the Registration Statement). On June 20, 2025, we filed the latest amendment to the prospectus supplement to our Registration Statement on Form S-3 filed on February 14, 2025 pursuant to General Instruction I.B.6 of Form S-3 (General Instruction I.B.6), which updates the amount of shares that we are eligible to sell under the ATM Agreement to an aggregate of $8.0 million. There is currently no remaining availability under the ATM Agreement due to limitations of General Instruction I.B.6.

Rights Plan

On November 8, 2020, our Board of Directors (the Board) approved and adopted a Rights Agreement (the Rights Agreement), dated as of November 8, 2020, by and between the Company and Broadridge Corporate Issuer Solutions, Inc., as rights agent, pursuant to which the Board declared a dividend of one preferred share purchase right (each, a "Right") for each outstanding share of the Company’s common stock held by stockholders as of the close of business on November 23, 2020. One Right also will be issued together with each Common Share issued by the Company after November 23, 2020, but before the Distribution Date (as defined below) (or the earlier redemption or expiration of the Rights) and, in certain circumstances, after the Distribution Date. When exercisable, each Right initially would represent the right to purchase from the Company one one-thousandth of a share of a newly-designated series of preferred stock, Series A Junior Participating Preferred Stock, par value $0.001 per share, of the Company. Subject to various exceptions, the Rights become exercisable in the event any person (excluding certain exempted or grandfathered persons) becomes the beneficial owner of ten percent (10%) or more of the Company’s common stock without the approval of the Board. On October 30, 2025, we entered into Amendment No. 5 to the Rights Agreement and extended the expiration of such agreement to October 29, 2026. We have evaluated the rights agreement and determined that it does not represent a derivative or a liability.

2018 Stock Incentive Plan

On June 7, 2024, at the 2024 annual meeting of the stockholders, our stockholders approved the Second Amended and Restated 2018 SIP (the Second Amended 2018 SIP) to increase the number of shares authorized for issuance under the Second Amended 2018 SIP by 12 shares of common stock (adjusted for 1-for-37 reverse stock split effective December 3, 2024, 1-for-20 reverse stock split effective May 23, 2025, and 1-for-18 reverse stock split effective December 29, 2025). As of December 31, 2024, there were 7 shares available to be granted under the Second Amended 2018 SIP.

On July 24, 2025, at the 2025 annual meeting of the stockholders, our stockholders approved the Third Amended and Restated 2018 SIP (the Third Amended 2018 SIP) to increase the number of shares authorized for issuance under the Amended 2018 SIP by 13,888 shares of common stock (adjusted for 1-for-18 reverse stock split effective as of December 29, 2025). As of December 31, 2025, there are 7,353 shares available to be granted under the Third Amended 2018 SIP.

Stock options and RSUs under the Third Amended and Restated 2018 SIP generally vest pro rata over a one-year or three-year period. Stock options terminate ten years from the grant date, though the specific terms of each grant are determined individually. The Company’s executive officers, members of our board of directors, and certain other employees and consultants may be awarded options and/or RSUs with different vesting criteria, and awards granted to non-employee directors will vest over a one-year period. Option exercise and RSU grant prices for new awards granted by the Company equal the closing price of the Company’s common stock on the Nasdaq Capital Market on the date of grant.

Stock-Based Compensation Expense

Stock-based compensation expense includes amortization of stock options and RSUs granted to employees and non-employees and has been reported in our consolidated statements of operations as follows:


	For the Year Ended December 31,
(in thousands)	2025		2024
Research and development	$	23	$	302
General and administrative		73		767
Total stock-based compensation expense	$	96	$	1,069

The Company accounts for stock-based compensation by measuring the cost of employee services received in exchange for all equity awards granted based on the fair value of the award as of the grant date. The Company recognizes the compensation expense over the vesting period. All assumptions used to calculate the grant date fair value of non-employee equity awards are generally consistent with the assumptions used for equity awards granted to employees. In the event the Company terminates any of its consulting agreements, the unvested equity underlying the agreements would also be forfeited.

Stock Options

As of December 31, 2025, we had $0 unrecognized compensation expense. The Company did not issue options and had no outstanding options during the year ended December 31, 2025. The total fair value of stock options vested for the year ended December 31, 2024 was $1.0 million.

Restricted Stock Units

The following is a summary of restricted stock activity for the year ended December 31, 2025:


	Number of Units		Weighted Average Fair Value per Unit
Balance at December 31, 2024		1	$	—
Granted		6,541		39.06
Vested		—		—
Forfeited		—		—
Outstanding and expected to vest at December 31, 2025		6,542	$	40.24

As of December 31, 2025, we had $0.2 million of unrecognized stock-based compensation expense related to RSUs expected to vest over a weighted-average period of 0.6 years. As of December 31, 2024, we had $0.2 million of unrecognized stock-based compensation expense related to RSUs expected to vest over a weighted-average period of 1.2 years.

The fair value of each RSU has been determined to be the closing trading price of the Company’s common stock on the date of grant as quoted on the Nasdaq Capital Market.

Equity - Summary of Restricted Stock Activity (Details) - Unvested RSUs	12 Months Ended
	Dec. 31, 2025 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Units, Outstanding \| shares	1
Number of Units, Granted \| shares	6,541
Number of Units, Vested \| shares	0
Number of Units, Forfeited \| shares	0
Number of Units, Outstanding and expected to vest \| shares	6,542
Weighted Average Fair Value per Unit, Outstanding Beginning Balance \| $ / shares	$ 0
Weighted Average Fair Value per Unit, Granted \| $ / shares	39.06
Weighted Average Fair Value per Unit, Vested \| $ / shares	0
Weighted Average Fair Value per Unit, Forfeited \| $ / shares	0
Weighted Average Fair Value per Unit, Outstanding and expected to vest \| $ / shares	$ 40.24