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ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - Summary of Accrued Expenses And Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Payables and Accruals [Abstract]
Employee compensation costs	$ 3,756	$ 6,074
Professional costs	3,597	2,370
Research and development costs	1,308	2,021
Severance	344	475
Accrued expenses and other current liabilities	179	86
Total accrued expenses and other current liabilities	$ 9,184	$ 11,026

DESCRIPTION OF BUSINESS, ORGANIZATION AND LIQUIDITY	6 Months Ended
Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF BUSINESS, ORGANIZATION AND LIQUIDITY	1. DESCRIPTION OF BUSINESS, ORGANIZATION AND LIQUIDITY Business—Apnimed, Inc., together with its former subsidiary CirqO2, LLC (the “Company” or “Apnimed”), is based in Cambridge, Massachusetts. Apnimed is a late stage clinical pharmaceutical company dedicated to the discovery, development and commercialization of novel oral therapies that address the neurobiology of sleep-related breathing diseases. The Company's lead product candidate, AD109 ("Oxnimbi"), is an investigational, fixed-dose oral combination of a novel anti-muscarinic and selective norepinephrine reuptake inhibitor for the treatment of obstructive sleep apnea (“OSA”). Reverse stock split—On July 24, 2026, the Company effected a 1-for-1.349 reverse stock split of its issued and outstanding Class A common stock, which also resulted in a proportional adjustment to the conversion ratio for its Class B common stock, Class C common stock and each series of its convertible preferred stock, and to the exercise prices of outstanding stock options and Warrants (as defined in Note 16). Accordingly, all shares of Class A common stock, stock options, Convertible Notes and Warrants, the as-converted preferred stock, Class B common stock and Class C common stock, and per share information presented in the accompanying financial statements and notes thereto have been retroactively adjusted, where applicable, to reflect the reverse stock split. The per share par value and authorized number of shares of the Company’s common stock and preferred stock were not adjusted as a result of the split. Initial public offering—In August 2026, the Company completed its initial public offering ("IPO"), in which the Company sold an aggregate 13,800,000 shares of its common stock, including 1,800,000 shares issued pursuant to the full exercise of the underwriters' overallotment option, at a public offering price of $16.00 per share, resulting in aggregate net proceeds of approximately $200.4 million, after deducting underwriter discounts, commission and other estimated offering expenses. Immediately prior to the closing of the IPO, the Company's outstanding convertible preferred stock, Class B common stock, Class C common stock, and convertible notes automatically converted into 25,975,771 shares of Class A common stock. Following the closing of the IPO, all shares of Class A common stock were reclassified and renamed into shares of common stock. No shares of convertible preferred stock, Class B common stock, Class C common stock or convertible notes were outstanding after the closing of the IPO. In connection with the closing of the IPO, the Company's certificate of incorporation was amended and restated to authorize 500,000,000 shares of common stock, par value $0.00001 per share and 10,000,000 shares of preferred stock, par value $0.00001 per share. Liquidity—Since inception, the Company has devoted substantially all of its efforts to business planning, research and development, recruiting management and technical staff, and raising capital and has financed operations primarily through private equity and debt financings and the Right of First Negotiation Agreement (the “ROFN Agreement”, see Note 8) entered into with Shionogi & Co., Ltd. (“Shionogi”) during the year ended December 31, 2023. Apnimed is subject to risks and uncertainties common to early-stage companies in the pharmaceutical industry, including, but not limited to, development by competitors of new therapies, dependence on key personnel, protection of proprietary technology, compliance with government regulations and ability to secure additional capital to fund operations. Oxnimbi may, and other product candidates will, require significant additional research and development efforts, prior to, and potentially after regulatory approval. There are also significant efforts associated with preparing for and commercializing any approved product. These efforts require significant amounts of additional capital, adequate personnel and infrastructure and extensive compliance-reporting capabilities. Even if the Company believes its research and development efforts are successful and that it is prepared to commercialize a product candidate, it is uncertain when, if ever, the Company will obtain necessary regulatory approvals and realize significant revenue from product sales. The Company has evaluated whether there are certain conditions and events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern within the twelve months after the date that these consolidated financial statements are issued. The Company believes that its existing cash and cash equivalents of $172.8 million as of June 30, 2026, together with the additional proceeds received from the IPO, will be sufficient to allow the Company to fund operations at least twelve months from the date that the financial statements are issued.

DESCRIPTION OF BUSINESS, ORGANIZATION AND LIQUIDITY

6 Months Ended

Jun. 30, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

DESCRIPTION OF BUSINESS, ORGANIZATION AND LIQUIDITY

Business—Apnimed, Inc., together with its former subsidiary CirqO2, LLC (the “Company” or “Apnimed”), is based in Cambridge, Massachusetts. Apnimed is a late stage clinical pharmaceutical company dedicated to the discovery, development and commercialization of novel oral therapies that address the neurobiology of sleep-related breathing diseases. The Company's lead product candidate, AD109 ("Oxnimbi"), is an investigational, fixed-dose oral combination of a novel anti-muscarinic and selective norepinephrine reuptake inhibitor for the treatment of obstructive sleep apnea (“OSA”).

Reverse stock split—On July 24, 2026, the Company effected a 1-for-1.349 reverse stock split of its issued and outstanding Class A common stock, which also resulted in a proportional adjustment to the conversion ratio for its Class B common stock, Class C common stock and each series of its convertible preferred stock, and to the exercise prices of outstanding stock options and Warrants (as defined in Note 16). Accordingly, all shares of Class A common stock, stock options, Convertible Notes and Warrants, the as-converted preferred stock, Class B common stock and Class C common stock, and per share information presented in the accompanying financial statements and notes thereto have been retroactively adjusted, where applicable, to reflect the reverse stock split. The per share par value and authorized number of shares of the Company’s common stock and preferred stock were not adjusted as a result of the split.

Initial public offering—In August 2026, the Company completed its initial public offering ("IPO"), in which the Company sold an aggregate 13,800,000 shares of its common stock, including 1,800,000 shares issued pursuant to the full exercise of the underwriters' overallotment option, at a public offering price of $16.00 per share, resulting in aggregate net proceeds of approximately $200.4 million, after deducting underwriter discounts, commission and other estimated offering expenses.

Immediately prior to the closing of the IPO, the Company's outstanding convertible preferred stock, Class B common stock, Class C common stock, and convertible notes automatically converted into 25,975,771 shares of Class A common stock. Following the closing of the IPO, all shares of Class A common stock were reclassified and renamed into shares of common stock. No shares of convertible preferred stock, Class B common stock, Class C common stock or convertible notes were outstanding after the closing of the IPO. In connection with the closing of the IPO, the Company's certificate of incorporation was amended and restated to authorize 500,000,000 shares of common stock, par value $0.00001 per share and 10,000,000 shares of preferred stock, par value $0.00001 per share.

Liquidity—Since inception, the Company has devoted substantially all of its efforts to business planning, research and development, recruiting management and technical staff, and raising capital and has financed operations primarily through private equity and debt financings and the Right of First Negotiation Agreement (the “ROFN Agreement”, see Note 8) entered into with Shionogi & Co., Ltd. (“Shionogi”) during the year ended December 31, 2023.

Apnimed is subject to risks and uncertainties common to early-stage companies in the pharmaceutical industry, including, but not limited to, development by competitors of new therapies, dependence on key personnel, protection of proprietary technology, compliance with government regulations and ability to secure additional capital to fund operations. Oxnimbi may, and other product candidates will, require significant additional research and development efforts, prior to, and potentially after regulatory approval. There are also significant efforts associated with preparing for and commercializing any approved product. These efforts require significant amounts of additional capital, adequate personnel and infrastructure and extensive compliance-reporting capabilities. Even if the Company believes its research and development efforts are successful and that it is prepared to commercialize a product candidate, it is uncertain when, if ever, the Company will obtain necessary regulatory approvals and realize significant revenue from product sales.

The Company has evaluated whether there are certain conditions and events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern within the twelve months after the date that these consolidated financial statements are issued. The Company believes that its existing cash and cash equivalents of $172.8 million as of June 30, 2026, together with the additional proceeds received from the IPO, will be sufficient to allow the Company to fund operations at least twelve months from the date that the financial statements are issued.

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

SEGMENT DATA (Additional Information) (Details)	6 Months Ended
SEGMENT DATA (Additional Information) (Details)	Jun. 30, 2026 Segment
Segment Reporting [Abstract]
Number of Operating Segments	1
Number of Reportable Segments	1

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Additional Information) (Details) $ in Millions	6 Months Ended
	Jun. 30, 2026 USD ($)
Payables and Accruals [Abstract]
Severance expense	$ 0.3

OPERATING LEASE

6 Months Ended

Jun. 30, 2026

Leases [Abstract]

OPERATING LEASE

Operating LEase

As of June 30, 2026 and December 31, 2025, the Company was a party to a property lease in Cambridge, Massachusetts. The Company entered into the lease with a related party for office space in June 2023. The term of the lease is 60 months from the commencement date of January 26, 2024, when the new office space was available for use by the Company. The lease expires in January 2029. The lessor is considered a related party as the entity is an affiliate of a stockholder in the Company.

The lease agreement obligates the Company to pay Cambridge city taxes, insurance and certain maintenance costs (hereinafter referred to as non-lease components).

The following table presents the classification of the right-of-use assets and operating lease liabilities (in thousands):


	June 30, 2026		December 31, 2025
Assets
Operating lease right-of-use assets	$	714	$	835

Liabilities
Operating lease liabilities, current	$	265	$	250
Operating lease liabilities, non-current		485		623
Total lease liabilities	$	750	$	873

Rent expense and cash paid for leases included in operating cash flows for both the six months ended June 30, 2026 and 2025 was $0.2 million.

The following represents a summary of the Company’s future minimum lease payments under non-cancelable lease agreements, presented in accordance with ASC 842, as of June 30, 2026.


2026 (remaining six months)	$	155
2027		319
2028		328
2029		27
Total future minimum lease payments	$	829
Less: amount representing interest		(79	)
Present value of operating lease liabilities	$	750
Less: Operating lease liabilities, current		(265	)
Operating lease liabilities, non-current	$	485
Remaining lease term (in years)		2.6
Incremental borrowing rate		8.13	%

SUBSEQUENT EVENTS

6 Months Ended

Jun. 30, 2026

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

17.

SUBSEQUENT EVENTS

The Company has evaluated subsequent events through September 8, 2026, which is the date of the unaudited condensed consolidated financial statements were available to be issued.

Initial Public Offering

On August 3, 2026, the Company completed its IPO in which the Company sold an aggregate of 13,800,000 shares of its common stock at a public offering price of $16.00 per share, which included 1,800,000 shares of its common stock sold to the underwriters pursuant to the full exercise of their option to purchase additional shares, resulting in aggregate net proceeds of approximately $200.4 million after deducting underwriter discounts and commissions. Immediately prior to the closing of the IPO:

•

all of the Company's outstanding convertible preferred stock automatically converted into 21,143,116 shares of common stock.

•

all of the Company's outstanding shares of Class B common stock automatically converted into 2,040,097 shares of common stock.

•

all of the Company's outstanding Class C common stock automatically converted into 145,720 shares of common stock.

•

all of the Company's outstanding Class A common stock was reclassified and renamed into shares of common stock.

•

all of the Company's outstanding Convertible Notes automatically converted into 2,646,838 shares of common stock.

In connection with the closing of the IPO, the Company's certificate of incorporation was amended and restated to authorize 500,000,000 shares of common stock, par value $0.00001 per share and 10,000,000 shares of preferred stock, par value $0.00001 per share.

Reverse Stock Split

The Board approved a 1-for-1.349 reverse stock split of its issued and outstanding Class A common stock, which also resulted in a proportional adjustment to the conversion ratio for its Class B common stock, Class C common stock and each series of its convertible preferred stock, and to the exercise prices of outstanding stock options, which became effective on July 24, 2026. Accordingly, all shares of Class A common stock, stock options, Convertible Notes and Warrants, the as-converted preferred stock, Class B common stock and Class C common stock, and per share information presented in these financial statements and notes hereto have been retroactively adjusted, where applicable, to reflect the reverse stock split. The per share par value and authorized number of shares of the Company’s common stock and preferred stock were not adjusted as a result of the split.

2026 Stock Option and Incentive Plan

The 2026 Stock Option and Incentive Plan (the "2026 Plan") became effective upon the effectiveness of the IPO discussed above. Upon the effectiveness of the 2026 Plan, the Company ceased granting awards under our 2017 Plan. The 2026 Plan authorizes the award of both equity-based and cash-based incentive awards, including (i) options (both incentive stock options and nonqualified stock options), (ii) SARs, (iii) RSAs, (iv) RSUs and (v) cash or other stock-based awards. Incentive stock options may be granted only to employees. All other types of awards may be issued to employees, directors, consultants and other service providers. There are 5,811,181 shares of common stock reserved for issuance under the 2026 Plan.

Employee Stock Purchase Plan ("ESPP")

The Company adopted the ESPP upon the effectiveness of the IPO discussed above. Under the ESPP, employees have an opportunity to purchase shares of the Company's common stock at a discounted purchase price. The ESPP is intended to qualify as an "employee stock purchase plan" meeting the requirements of Section 423 of the Internal Revenue Code of 1986. Subject to adjustment as provided in the ESPP, a total of 558,767 shares of common stock will be authorized and reserved for issuance under the ESPP.

2026 Inducement Plan

On August 21, 2026, the Company's board of directors, upon approval and recommendation of the Compensation Committee of the board of directors, adopted the 2026 Inducement Plan (the "Inducement Plan") and reserved 2,500,000 shares of the Company's common stock to be used exclusively for grants of awards to individuals not previously employed by the Company, as a material inducement to such individuals’ entry into employment with the Company within the meaning of Nasdaq Listing Rule 5635(c)(4). Under the Inducement Plan, the Company may grant these eligible recipients nonqualified stock options, stock appreciation rights, restricted stock, restricted stock units, and other equity-based awards. In accordance with Nasdaq Listing Rule 5635(c)(4), the Company did not seek approval of the Inducement Plan by its stockholders.

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)

6 Months Ended

Jun. 30, 2026

Payables and Accruals [Abstract]

Summary of Accrued Expenses and Other Current Liabilities

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


	June 30, 2026		December 31, 2025
Employee compensation costs	$	3,756	$	6,074
Professional costs		3,597		2,370
Research and development costs		1,308		2,021
Severance		344		475
Other		179		86
Total accrued expenses and other current liabilities	$	9,184	$	11,026

FAIR VALUE MEASUREMENT (Additional Information) (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended		12 Months Ended
	Apr. 02, 2026	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025	Apr. 06, 2026	Mar. 23, 2026	Sep. 30, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Convertible notes principal amount									$ 35,000
Unrealized gains loss				$ 0		$ 0
Convertible Notes estimated fair value		$ 39,300		39,300					$ 35,000
Change in fair value of revenue interest liability		(460)	$ 0	(460)	$ 0
Changes in Fair Value, Option, Credit Risk		0		$ 0
Estimated volatility rate				65.00%
Change in fair value of convertible notes		796	0	$ (1,315)	0
Revenue Interest, estimated fair value		40,267		40,267		0
Revenue interest liability		10,037		10,037		0
Contingent asset		9,893		9,893		$ 0	$ 9,800	$ 50,000
Revenue Interest [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Change in fair value of revenue interest liability		500		500
Estimated fair values		10,000		10,000
Revenue interest liability	$ 9,600
Tranche A Term Loan [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Change in Fair Value of Long-Term Debt		(1,659)	$ 0	(1,659)	$ 0
Tranche A Term Loan [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Change in Fair Value of Long-Term Debt		1,700		1,700
Estimated fair values		40,300		40,300
Revenue Interest, estimated fair value	38,600
Credit Agreement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Convertible notes principal amount	150,000
Proceeds from issuance of debt				49,000
Credit Agreement [Member] \| Tranche A Term Loan [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Convertible notes principal amount	50,000
Revenue Interest, estimated fair value	38,600	40,300		$ 40,300
Credit Agreement [Member] \| Tranche A [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Change in Fair Value of Long-Term Debt		$ 1,700
Credit Agreement [Member] \| Tranche A Term Loan [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Term Loan discount related to lenders advance	$ 1,000
Credit Agreement [Member] \| Common Class A [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Issued warrants to purchase an aggregate	100,163	100,163		100,163
Credit Agreement [Member] \| Common Class A [Member] \| Tranche A Term Loan [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Issued warrants to purchase an aggregate		100,163		100,163
Warrant [Member] \| Credit Agreement [Member] \| Tranche A Term Loan [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Proceeds from issuance of debt	$ 49,000
Line of Credit [Member] \| Credit Agreement [Member] \| Tranche A Term Loan [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Convertible notes principal amount	$ 50,000
Maximum [Member] \| Convertible Notes [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unobservable assumptions estimated discount rate		44.20%		44.20%

SEGMENT DATA (Tables)

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Schedule of Segment Information

The following table sets forth the details within the Company’s segment, including significant expenses, certain other segment expenses, and a reconciliation to net income (loss) (in thousands):


	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2026			2025			2026			2025
Revenue - related party	$	12,080		$	17,110		$	96,894		$	20,241
Research and development expenses
Oxnimbi		2,785			10,401			5,520			25,486
Connected wearables		223			216			564			590
Medical affairs		2,447			864			2,785			3,048
Other projects		8			86			22			807
Employee related expenses		4,045			4,052			8,371			8,821
General and administrative expenses
General and administrative		7,049			3,978			11,688			8,240
Commercial marketing		4,826			859			6,114			1,588
Stock-based compensation		1,191			866			2,120			1,668
Cost of services - related party		1,210			1,724			3,370			3,041
Interest income		970			309			1,188			740
Gain on sale of equity method investment		85,380			—			85,380			—
Gain on reversal of deposit liability		57,120			—			57,120			—
Change in fair value of long-term debt		(1,659	)		—			(1,659	)		—
Change in fair value of revenue interest liability		(460	)		—			(460	)		—
Change in fair value of convertible notes		(796	)		—			1,315			—
Other income (expense)		(2,738	)		—			(2,738	)		—
Loss from discontinued operations		(178	)		(63,847	)		(2,832	)		(65,812	)
Net income (loss)	$	125,935		$	(69,474	)	$	193,654		$	(98,120	)

- Definition

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

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+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Securities Excluded from Computation of Diluted Weighted Average Shares Outstanding (Details) - shares	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	6,118,784	25,776,523
Redeemable convertible preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	0	19,224,665
Employee Stock Option Member
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	6,118,784	6,551,858

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Property, Plant, and Equipment [Line Items]
Total property and equipment gross	$ 117	$ 117
Accumulated depreciation	(64)	(51)
Property, Plant, and Equipment, after Accumulated Depreciation, Depletion, and Amortization, Total	53	66
Computers and software
Property, Plant, and Equipment [Line Items]
Total property and equipment gross	23	23
Leasehold improvements
Property, Plant, and Equipment [Line Items]
Total property and equipment gross	$ 94	$ 94

- Definition

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

+ References + Details

- Definition

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

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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478964/842-20-50-7A

+ Details

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 944
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+ Details

DESCRIPTION OF BUSINESS, ORGANIZATION AND LIQUIDITY (Additional Information) (Details) - USD ($) $ / shares in Units, $ in Thousands			6 Months Ended
	Aug. 03, 2026	Jul. 24, 2026	Jun. 30, 2026	May 28, 2026	Dec. 31, 2025
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Common stock at a public offering			4,801,823		4,781,256
Common Stock, Shares Authorized			51,712,954		45,627,228
Common Stock, Par Value Per Share			$ 0.00001		$ 0.00001
Preferred stock, shares authorized			29,557,303	29,557,303
Cash and cash equivalents			$ 172,804		$ 41,890
Class A common stock
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Common stock at a public offering			1,853,155		1,832,588
Common Stock, Shares Authorized			48,567,709		42,481,983
Class A common stock \| Minimum [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Proceeds from Issuance Initial Public Offering			$ 75,000
Class B common stock
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Common stock at a public offering			2,752,091		2,752,091
Common Stock, Shares Authorized			2,948,668		2,948,668
Class C common stock
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Common stock at a public offering			196,577		196,577
Common Stock, Shares Authorized			196,577		196,577
Initial Public Offering (IPO) [Member] \| Subsequent Event
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Common stock at a public offering	13,800,000
Public offering price	$ 16
Common Stock, Shares Authorized	500,000,000
Common Stock, Par Value Per Share	$ 0.00001
Preferred stock, shares authorized	10,000,000
Preferred stock, par value per share	$ 0.00001
Proceeds from Issuance Initial Public Offering	$ 200,400
Initial Public Offering (IPO) [Member] \| Class A common stock \| Subsequent Event
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Conversion of convertible securities	25,975,771
Reverse Stock Split \| Subsequent Event
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Reverse Stock Split		1.349
Reverse Stock Split \| Maximum [Member] \| Subsequent Event
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Reverse Stock Split	1.349
Underwriters Overallotment Option [Member] \| Subsequent Event
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Common stock at a public offering	1,800,000

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

6 Months Ended

Jun. 30, 2026

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The Company’s significant accounting policies are disclosed in Note 2, “Summary of Significant Accounting Policies,” in the audited consolidated financial statements for the years ended December 31, 2025 and 2024 and notes thereto, included in the Company’s final prospectus for its IPO filed with the SEC pursuant to Rule 424(b)(4) under the Securities Act of 1933, as amended

(the “Securities Act”) on July 31, 2026 (the “IPO Prospectus”). Since the date of those financial statements, there have been no changes to the Company’s significant accounting policies.

Basis of Presentation—The condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

Unaudited interim financial information—The accompanying condensed consolidated balance sheet as of June 30, 2026, and the condensed consolidated statements of operations, condensed consolidated statements of convertible preferred stock and stockholders' deficit, and condensed consolidated statements of cash flows for the three and six months ended June 30, 2026 and 2025 are unaudited. The condensed consolidated interim financial statements have been prepared in accordance with U.S. GAAP for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission ("SEC"). Accordingly, they do not include all information and disclosures required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments, which include only normal recurring adjustments necessary for the fair statement of the Company's condensed consolidated financial statements as of June 30, 2026, have been included. The results for the three and six months ended June 30, 2026 are not necessarily indicative of results to be expected for the year ending December 31, 2026, or for any other subsequent period.

Principles of Consolidation—These unaudited condensed consolidated financial statements include the accounts of CirqO2, LLC. All intercompany amounts have been eliminated in consolidation, and CirqO2 LLC was dissolved in June 2026.

Use of Estimates—The preparation of unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Management considers many factors in developing the estimates including business trends, historical experience and various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources and adjusts those estimates and assumptions when facts and circumstances dictate.

Cash Equivalents—The Company considers all highly liquid investments, other than securities issued by the U.S. government, with original maturities of three months or less at the date of purchase to be cash equivalents.

The Company’s cash equivalents, which are funds held in money market accounts, are measured at fair value on a recurring basis. The carrying amount of cash equivalents was $36.5 million and $37.5 million as of June 30, 2026 and December 31, 2025, respectively.

Concentration of Credit Risk—Financial instruments that potentially subject the Company to significant concentration of credit risk consist primarily of cash and cash equivalents. The Company may maintain deposits in financial institutions in excess of government insured limits. The Company believes that it is not exposed to significant credit risk as its deposits are held at financial institutions that management believes to be of high credit quality and the Company has not experienced any losses on these deposits. The Company regularly invests excess cash with major financial institutions in money market funds and U.S. government securities, all of which can be readily purchased and sold using established markets. As of June 30, 2026 and December 31, 2025, the Company’s cash and cash equivalents were held with two financial institutions. The Company believes that the market risk arising from its holdings of these financial instruments is mitigated, as many of these securities are either government backed or have a high credit rating.

The Company monitors economic conditions to identify facts or circumstances that may indicate that any of its accounts receivable are at risk of collection. As of June 30, 2026 and December 31, 2025, all of the Company’s accounts receivable were related to Shionogi-Apnimed Sleep Science, LLC ("SASS"), as discussed in Note 4.

Fair Value of Financial Instruments—Fair value is defined as the price the Company would receive to sell an investment in a timely transaction or pay to transfer a liability in a timely transaction with an independent buyer in the principal market, or in the absence of a principal market, the most advantageous market for the investment or liability. A framework is used for measuring fair value utilizing a three-tier hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3).

The three levels of the fair value hierarchy are as follows:

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

Level 2—Quoted prices in markets that are not considered to be active or financial instrument valuations for which all significant inputs are observable, either directly or indirectly; and

Level 3—Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.

Financial instruments are categorized in their entirety based on the lowest level of input that is significant to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement requires judgment and considers factors specific to the investment. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3.

The Company monitors the availability of inputs that are significant to the measurement of fair value to assess the appropriate categorization of financial instruments within the fair value hierarchy. Changes in economic conditions or model-based valuation techniques may require the transfer of financial instruments from one fair value level to another. In such instances, the Company’s policy is to recognize significant transfers between levels at the end of the reporting period. The significance of transfers between levels is evaluated based upon the nature of the financial instrument and size of the transfer relative to total net assets available for benefits.

Deferred Transaction Costs—The Company capitalizes certain legal, professional accounting and other third-party fees that are directly associated with in-process debt and equity financings as deferred transaction costs until such financings are consummated. After consummation of a debt financing, these costs are presented as a direct deduction from the carrying amount of the related debt liability in the unaudited condensed consolidated balance sheet and are amortized into interest expense over the contractual term of the underlying debt using the effective interest method. After consummation of an equity financing, these costs are recorded to additional paid-in capital as a reduction of the proceeds from the transaction. Should the in-process equity financing be abandoned, the deferred transaction costs would be expensed immediately.

The Company recorded $4.8 million and $0.3 million of deferred transaction costs related to the IPO as of June 30, 2026 and December 31, 2025, respectively. The June 30, 2026 balance is presented separately as deferred transaction costs within current assets in the condensed consolidated balance sheets, while the December 31, 2025 balance was included within prepaid expenses and other current assets in the Company's audited consolidated balance sheet.

Property and Equipment, Net—Property and equipment, consisting of computers and software, furniture and fixtures, office equipment, and leasehold improvements are stated at cost, less accumulated depreciation. Property and equipment is depreciated using the straight-line method over the estimated useful lives of the assets, generally three to five years. Such costs are periodically reviewed for recoverability when impairment indicators are present.

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


	June 30,			December 31,
	2026			2025
Computers and software	$	23		$	23
Leasehold improvements		94			94
Total		117			117
Accumulated depreciation		(64	)		(51	)
Property and equipment, net	$	53		$	66

Equity Method Investment—The Company utilizes the equity method of accounting to account for an investment in an entity that it does not control, but in which it has the ability to exercise significant influence over operating and financial policies. On assessing whether the Company exercises significant influence, the Company considers the nature and magnitude of the investment, the voting and protective rights the Company holds, any participation in the governance of the other entity and other relevant factors.

Under the equity method of accounting, the Company’s investments are initially recorded at fair value on the unaudited condensed consolidated balance sheet. Upon initial investment, the Company evaluates whether there are basis differences between the carrying value and fair value of the Company’s proportionate share of the investee’s underlying assets. To the extent there are basis differences identified, the Company typically amortizes basis differences identified for identifiable assets on a straight-line basis over the underlying assets' estimated useful lives when calculating the attributable earnings or losses, excluding the basis differences attributable to in-process research and development that has no alternative future use. The Company subsequently records in the unaudited condensed consolidated statements of operations its share of income or loss of the other entity within other income and expense, which results in an increase or decrease to the carrying value of the investment. If the share of losses exceeds the carrying value of the Company’s investment, the Company will suspend recognizing additional losses and will continue to do so unless it commits to providing additional funding; however, if there are intra-entity profits, this could cause the investment balance to go negative.

The Company evaluates its equity method investments for impairment whenever events or changes in circumstance indicate that a decline in value has occurred that is other than temporary. Evidence considered in this evaluation includes, but would not necessarily be limited to, the financial condition and near-term prospects of the investee, recent operating trends and forecasted performance of the investee, and the Company’s strategic plans for holding the investment in relation to the period of time expected for an anticipated

recovery of its carrying value. If a decline in the value of an equity method investment is determined to be other than temporary, a loss is recorded in earnings in the current period, and the investment is written down to fair value.

At June 30, 2026 and December 31, 2025, the Company accounted for its investment in SASS under the equity method of accounting, and no impairment charges were recognized during the six months ended June 30, 2026 and 2025. Refer to Notes 4 and 15 for further discussion.

Fair Value Option—The Company accounted for certain freestanding instruments identified in the Credit Agreement that were debt host financial instruments under the fair value election of Accounting Standards Codification ("ASC") 825, Financial Instruments. See Note 16, Credit Agreement, for more information. These instruments were recorded at their estimated fair values on the issuance date and will be remeasured to their estimated fair value at each subsequent reporting period date. The Tranche A Term Loan and Tranche B Term Loan (as defined in Note 16) includes embedded features that are not separately accounted for as a result of the Company's fair value option election.

Changes in the estimated fair value are recorded in other expense, net, on the condensed consolidated statement of operations, except changes in estimated fair value caused by changes in the instrument-specific credit risk which are recorded in other comprehensive (loss) income. As a result of electing the fair value option, related direct costs and fees are expensed as incurred.

Common Stock Warrants—The Company determines the accounting classification of warrants it issues, as either liability or equity classified, by first assessing whether the warrants meet liability classification in accordance with ASC 480-10, Accounting for Certain Financial Instruments with Characteristics of both Liabilities and Equity (“ASC 480-10”), then in accordance with ASC 815-40, Accounting for Derivative Financial Instruments Indexed to, and Potentially Settled in, a Company’s Own Stock (“ASC 815-40”). Under ASC 480-10, warrants are considered liability classified if the shares underlying the warrants are mandatorily redeemable, obligate the Company to settle the warrants or the underlying shares by paying cash or other assets, or must or may require settlement by issuing a variable number of shares.

If warrants do not meet liability classification under ASC 480-10, the Company assesses the requirements under ASC 815-40, which states that contracts that require or may require the issuer to settle the contract for cash are liabilities recorded at fair value, irrespective of the likelihood of the transaction occurring that triggers the net cash settlement feature. If the warrants do not require liability classification under ASC 815-40, and in order to conclude equity classification, the Company also assesses whether the warrants are indexed to its common stock and whether the warrants are classified as equity under ASC 815-40 or other applicable U.S. GAAP. After all relevant assessments, the Company concludes whether the warrants are classified as liability or equity. Liability classified warrants require fair value accounting at issuance and subsequent to initial issuance, with all changes in fair value after the issuance date recorded in the condensed consolidated statements of operations. Equity classified warrants only require fair value accounting at issuance with no changes recognized subsequent to the issuance date.

Revenue Recognition—The Company accounts for revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”).

From time to time, the Company enters into license and research and development agreements that are within the scope of ASC 606, under which the Company licenses, may license, or grants an option to license rights to certain of the Company’s product candidates or performs research and development services (see Note 4). The terms of these agreements typically include payment of one or more of the following: non-refundable, up-front fees; developmental, clinical, regulatory, and commercial sales milestone payments; royalties on net sales of licensed products and research and development funding payments.

In accordance with ASC 606, the Company recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the Company expects to receive in exchange for those goods or services.

To determine the appropriate amount of revenue to be recognized, for agreements within the scope of ASC 606, the Company performs the following five steps: (i) identification of the contract with the customer; (ii) identification of the performance obligations in the contract; (iii) determination of the transaction price; (iv) allocation of the transaction price to the separate performance obligations in the contract; and (v) recognize revenue associated with performance obligations as they are satisfied. The Company only applies the five-step model to contracts when it is probable that the Company will collect consideration it is entitled to in exchange for the goods or services it transfers to the customer.

The promised goods or services in the Company’s agreements typically consist of a license, or option to license, rights to the Company’s intellectual property or research and development services. Performance obligations are promises in a contract to transfer a distinct good or service to the customer and are considered distinct when (i) the customer can benefit from the good or service on its own or together with other readily available resources and (ii) the promised good or service is separately identifiable from other promises in the contract. In assessing whether promised goods or services are distinct, the Company considers factors such as the stage of development of the underlying intellectual property, the capabilities of the customer to develop the intellectual property on its own or whether the required expertise is readily available, and whether the goods or services are integral or dependent on other goods or services in the contract.

The Company estimates the transaction price based on the amount expected to be received for transferring the promised goods or services in the contract. The consideration may include fixed consideration or variable consideration. At the inception of each agreement that includes variable consideration, the Company evaluates the amount of potential payment and the likelihood that the payments will be received. The Company utilizes either the most likely amount method or expected value method to estimate the amount expected to be received based on which method best predicts the amount expected to be received. The amount of variable consideration that is included in the transaction price may be constrained and is included in the transaction price only to the extent that it is probable that a significant reversal in the amount of the cumulative revenue recognized will not occur in a future period.

The Company’s contracts often include development and regulatory milestone payments that are assessed under the most likely amount method and constrained if it is probable that a significant revenue reversal would occur. Milestone payments that are not within the Company’s control or the licensee’s control, such as regulatory approvals, are not considered probable of being achieved until those approvals are received. At the end of each reporting period, the Company re-evaluates the probability of achievement of such development and clinical milestones and any related constraint, and if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect collaboration and other research and development revenue in the period of adjustment.

For agreements that include sales-based royalties, including milestone payments based on the level of sales, and the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). To date, the Company has not recognized any royalty revenue resulting from any of the Company’s collaboration or strategic alliance agreements.

The Company allocates the transaction price based on the estimated standalone selling price. The Company must develop assumptions that require judgment to determine the stand-alone selling price for each performance obligation identified in the contract. The Company utilizes key assumptions to determine the stand-alone selling price, which may include other comparable transactions, pricing considered in negotiating the transaction, and the estimated costs. Variable consideration is allocated specifically to one or more performance obligations in a contract when the terms of the variable consideration relate to the satisfaction of the performance obligation and the resulting amounts allocated are consistent with the amounts the Company would expect to receive for the satisfaction of each performance obligation.

Changes in scope of the promised goods or services, or changes in consideration which the Company expects to receive related to existing contracts are recorded as contract modifications. Contract modifications are recorded as a separate contract if the scope of the contract increases because of the addition of promised goods or services that are distinct, and the price of the contract increases by an amount of consideration that reflects the Company's standalone selling price of the additional promised goods or services. Contract modifications which result in remaining goods or services distinct from those already provided are treated as a termination of the existing contract and a creation of a new contract whereby the remaining transaction price from the existing contract is allocated to the remaining goods and services. Contract modifications which result in goods or services which are not distinct from those already provided are treated as an update to the transaction price and measure of progress for the single performance obligation as a cumulative catch-up to revenue.

The consideration allocated to each performance obligation is recognized as revenue when control is transferred for the related goods or services. For performance obligations which consist of licenses and other promises, the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition.

The Company receives payments from its customers based on billing schedules established in each contract. Up-front payments and fees are recorded as deferred revenue upon receipt or when due until the Company performs its obligations under these arrangements. Deferred revenue that is anticipated to be recognized within the next 12 months is recorded as the current portion of deferred revenue and the remaining portion is included in long-term liabilities as deferred revenue on the unaudited condensed consolidated balance sheets. Amounts are recorded as accounts receivable when the Company’s right to consideration is unconditional.

Income Taxes—Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. A valuation allowance is established if it is more likely than not that all or a portion of the deferred tax assets will not be realized.

The Company has evaluated significant tax positions against the criteria established by professional standards and concluded there are no such tax positions requiring accounting recognition in the unaudited condensed consolidated financial statements. The Company further maintains a full valuation allowance against all deferred tax assets. If the Company were to incur interest and

penalties on uncertain tax positions, it would classify them as income tax expense. The tax returns are subject to examination by taxing authorities generally for three years from the filing date.

For the six months ended June 30, 2026, the Company recognized net income of $193.7 million compared to net loss of $98.1 million for the six months ended June 30, 2025. The primary reconciling item between the federal statutory rate of 21.0% for the six months ended June 30, 2026, and the Company's overall effective tax rate of 0.0% was the effect of deferred revenue and the valuation allowance recorded against its net deferred tax assets.

Discontinued Operations and Held for Sale—The Company classified long-lived assets, components or other disposal groups as held for sale in accordance with ASC 360, Property, Plant, and Equipment. A component is classified as held for sale when management having the authority to approve the action commits to a plan to sell the component, the component is available in its present condition, and the sale is probable to occur during the next 12 months at a price that is reasonable in relation to its current fair value. Assets or disposal groups classified as held for sale are reported at the lower of their carrying amount or estimated fair value less costs to sell. When the carrying amount of the disposal group exceeds its estimated fair value less costs to sell, a loss is recognized and updated each reporting period.

The results of operations of a component classified as held for sale are reported as discontinued operations in accordance with ASC 205-20, Presentation of Financial Statements - Discontinued Operations, if the disposal represents a strategic shift that will have a major effect on the Company's operations and financial results. When a component is identified for discontinued operations reporting: (i) results for prior periods are retrospectively reclassified to discontinued operations; (ii) results of operations are reported in a single line, net of tax, in the unaudited condensed consolidated statements of operations; and (iii) assets and liabilities are reported as held for sale in the unaudited condensed consolidated balance sheets in the period in which the business is classified as held for sale.

Net Income (Loss) per Share—Basic net income (loss) per share is calculated by dividing the net income (loss) attributable to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted net income (loss) per share is computed by dividing the net income (loss) attributable to common stockholders by the weighted average number of common shares and common share equivalents outstanding for the period. Common stock equivalents are only included when their effect is dilutive.

Basic and diluted income (loss) per share are presented separately from income (loss) from continuing operations and discontinued operations, when applicable, in accordance with ASC 260, Earnings per share. The calculation of income (loss) per share attributable to discontinued operations reflects the income or loss from discontinued operations, net of applicable taxes, attributable to common stockholders for the applicable reporting period.

During the six months ended June 30, 2026 and 2025, the Company used the two-class method to compute net loss per share relating to the Company’s multiple classes of common stock. The two-class method requires losses for the period to be allocated between classes of common stock based upon their respective rights to participate in undistributed losses of the Company.

Under the two-class method, basic loss per common share is computed by dividing the net loss attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period. The components of basic and diluted net loss per share by class of common stock as of are as follows:


	Weighted average number of shares				Earnings per share from continuing operations				Earnings per share from discontinued operations
For the six months ended June 30, 2026	Basic		Diluted		Basic		Diluted		Basic			Diluted
Class A common stock		1,846,804		29,224,773	$	40.97	$	6.07	$	(0.59	)	$	(0.09	)
Class B common stock		2,752,091		2,752,091	$	40.97	$	6.07	$	(0.59	)	$	(0.09	)
Class C common stock		196,577		196,577	$	40.97	$	6.07	$	(0.59	)	$	(0.09	)
		4,795,472		32,173,441	$	40.97	$	6.07	$	(0.59	)	$	(0.09	)


			Loss per share
For the six months ended June 30, 2025	Weighted average number of shares		From continuing operations			From discontinued operations
Class A common stock		1,802,679	$	(6.80	)	$	(13.85	)
Class B common stock		2,752,091	$	(6.80	)	$	(13.85	)
Class C common stock		196,577	$	(6.80	)	$	(13.85	)
		4,751,347

Diluted weighted average shares outstanding are calculated using the treasury stock method for stock options and other potentially dilutive securities, and the if-converted method for convertible instruments such as convertible notes and redeemable convertible preferred stock. The following table presents the calculation of diluted weighted average common shares outstanding:


	Three months ended June 30, 2026		Six months ended June 30, 2026
(in thousands, except share and per share information)
Numerator:
Net income, basic	$	125,935	$	193,654
Less: change in fair value of convertible notes		796		(1,315	)
Net income, diluted	$	126,731	$	192,339
Denominator:
Weighted average common shares outstanding, basic		4,797,152		4,795,472
Redeemable convertible preferred stock		21,143,116		21,143,116
Options to purchase common stock		3,365,195		3,235,803
Convertible notes		2,950,516		2,950,516
Warrants		97,069		48,534
Weighted average common shares outstanding, diluted		32,353,048		32,173,441

The Company’s potentially dilutive securities, which include certain outstanding stock options and preferred stock, have been excluded from the computation of diluted net income (loss) per share when they are anti-dilutive. The following table sets forth the outstanding potentially dilutive securities which have been excluded from the computation of diluted weighted average shares outstanding:


	June 30, 2026		June 30, 2025
Redeemable convertible preferred stock		—		19,224,665
Options to purchase common stock		6,118,784		6,551,858
		6,118,784		25,776,523

Recently Issued Accounting Pronouncements Not Yet Adopted—In December 2025, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements ("ASU 2025‑11"). The amendments clarify the scope of interim reporting guidance in U.S. GAAP, consolidate interim disclosure requirements from other codification topics, and introduce a disclosure principle requiring entities to describe events occurring after the end of the most recent annual period that have a material effect on the entity. The ASU is effective for annual periods beginning after December 15, 2027 and for interim periods within fiscal years beginning after December 15, 2028. Early adoption is permitted. The Company is currently evaluating the effect of this update; however, because the amendments primarily clarify existing interim reporting requirements and do not significantly expand disclosure obligations, the Company does not expect the ASU to have a material impact on its condensed consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40) - Disaggregation of Income Statement Expenses ("ASU 2024-03"). The ASU requires, among other items, additional disaggregated disclosures in the notes to financial statements for certain categories of expenses that are included on the unaudited condensed consolidated statements of operations. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted, and may be applied either prospectively or retrospectively. The Company is currently evaluating the effect of adopting the ASU on its disclosures.

In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative, to incorporate several SEC disclosure requirements into a variety of topics in the FASB codification. These amendments align the requirements in the ASC with the removal of certain disclosure requirements set out in Regulation S-X and Regulation S-K, announced by the SEC. The effective date for each amended topic in the ASC is either the date on which the SEC’s removal of the related disclosure requirement from Regulation S-X or Regulation S-K becomes effective, or on June 30, 2027, if the SEC has not removed the requirements by that date. Early adoption is prohibited. The Company does not expect that the application of this standard will have a material impact on its condensed consolidated financial statements or disclosures.

CONVERTIBLE PREFERRED STOCK (Tables)

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

Schedule of Net Proceeds and Liquidation Preference of Preferred Stock

The Company has issued and outstanding convertible Series A Preferred Stock, Series A-2 Preferred Stock, Series B Preferred Stock, Series C-1 Preferred Stock, Series C-2 Preferred Stock, Series C-3 Preferred Stock, Series D Preferred Stock and Series D-1 Preferred Stock (together, the “Preferred Stock” and each series of the Preferred Stock, a “Series”). A summary of each Series is presented below (gross proceeds, net proceeds, and liquidation preference presented in thousands) as of June 30, 2026.


Series	Date	Issued and Outstanding		Price		Gross Proceeds		Net Proceeds		Liquidation Preference		Shares Authorized
Series A Preferred Stock	June 2018		942,685	$	4.7736	$	4,500	$	4,177	$	5,268		942,685
Series A Preferred Stock—conversion of outstanding note	June 2018		160,797		—		—		—		—		160,797
Series A Preferred Stock	July 2018		942,685	$	4.7736		4,500		4,177		4,500		942,685
Series A Preferred Stock	January 2019		2,094,855	$	4.7736		10,000		9,991		10,000		2,094,855
Series A Preferred Stock	August 2019		1,256,913	$	4.7736		6,000		5,030		6,000		1,256,913
Series A-2 Preferred Stock	March 2020		2,349,108	$	6.3854		15,000		14,903		15,000		2,349,108
Series B Preferred Stock	March 2021		2,818,964	$	8.8685		25,000		24,862		25,000		2,818,964
Series C-1 Preferred Stock	April 2022		4,222,581	$	8.8808		37,500		37,104		37,500		4,222,581
Series C-2 Preferred Stock	October 2022		2,252,042	$	11.1010		25,000		24,957		25,000		2,252,042
Series C-3 Preferred Stock	December 2022		7,184,033	$	11.1010		79,750		79,689		79,750		7,184,033
Series D Preferred Stock	April 2025		1,709,453	$	9.6522		16,500		16,257		16,500		1,709,453
Series D-1 Preferred Stock	March 2026		2,587,991	$	9.6600		25,000		24,792		25,000		3,623,187
			28,522,107			$	248,750	$	245,939	$	249,518		29,557,303

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Additional Information) (Details) - USD ($)	3 Months Ended				6 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Cash equivalent	$ 36,500,000				$ 36,500,000		$ 37,500,000
Deferred transaction costs	4,779,000				4,779,000		0
Equity method of impairment charges					0	$ 0
us-gaap:NetIncomeLoss	125,935,000	$ 67,719,000	$ (69,474,000)	$ (28,646,000)	$ 193,654,000	$ (98,120,000)
Federal statutory income tax rate					21.00%
Effective tax rate deferred tax assets valuation allowance					0.00%
IPO [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Deferred transaction costs	$ 4,800,000				$ 4,800,000		$ 300,000

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

EQUITY-METHOD INVESTMENT - Schedule of Equity Method Investments (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended				6 Months Ended		12 Months Ended
	Apr. 06, 2026	Apr. 30, 2025	Jun. 30, 2026	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Schedule of Equity Method Investments [Line Items]
Beginning Balance								$ 34,796	$ 34,796
Total									62,200
loss on equity method investments	$ (24,100)		$ (200)			$ (63,800)	$ (2,800)	$ (65,800)
Desitin APA [Member]
Schedule of Equity Method Investments [Line Items]
Contribution Received		$ 25,000							25,000
Atomoxetine Licensed IP [Member]
Schedule of Equity Method Investments [Line Items]
Contribution Received									37,200
Ending Balance		$ 37,200
SASS [Member]
Schedule of Equity Method Investments [Line Items]
Beginning Balance	24,239		24,239	$ 24,061	$ 26,893		26,893
loss on equity method investments									(70,103)
Ending Balance	24,061				24,239				26,893
SASS [Member] \| IPR&D write-off [Member]
Schedule of Equity Method Investments [Line Items]
loss on equity method investments									62,200
SASS [Member] \| Share of Other Net Loss [Member]
Schedule of Equity Method Investments [Line Items]
loss on equity method investments	$ (178)				$ (2,654)				$ (7,903)
MIPA [Member]
Schedule of Equity Method Investments [Line Items]
MPA				(24,061)
Ending Balance			$ 0	$ 0			$ 0

EQUITY-METHOD INVESTMENT (Tables)

6 Months Ended

Jun. 30, 2026

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Equity Method Investments

The roll-forward of 2025 and 2026 activity is as follows:


Beginning Balance January 1, 2025	$	34,796
Additions:
Contribution of Desitin IP		25,000
Contribution of Atomoxetine Licensed IP		37,200
Total		62,200
SASS Net loss allocation
IPR&D write-off		(62,200	)
Share of other net loss		(7,903	)
Total		(70,103	)
Ending Balance December 31, 2025		26,893
SASS Net loss allocation		(2,654	)
Ending Balance March 31, 2026	$	24,239
SASS Net loss allocation		(178	)
Ending Balance April 6, 2026	$	24,061
MIPA		(24,061	)
Ending Balance June 30, 2026	$	-

STOCK-BASED COMPENSATION - Summary Of Compensation Cost Related to Employee and Non-Employee Stock-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total			$ 2,120	$ 1,668
Research and development	$ 9,900	$ 15,969	18,004	39,425
General and administrative	$ 12,674	$ 5,353	19,180	10,823
Location, Statement of Income, Balance [Axis]: us-gaap:GeneralAndAdministrativeExpense
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total			1,378	995
Location, Statement of Income, Balance [Axis]: us-gaap:ResearchAndDevelopmentExpense
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total			$ 742	$ 673

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Credit Agreement (Additional Information) (Details) - USD ($)			3 Months Ended		6 Months Ended
	May 15, 2026	Apr. 02, 2026	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025	Sep. 30, 2025
Line of Credit Facility [Line Items]
Debt instrument, face amount								$ 35,000,000
Revenue interest liability			$ 10,037,000		$ 10,037,000		$ 0
Revenue Interest, estimated fair value			40,267,000		40,267,000		$ 0
Debt issuance costs			2,900,000		$ 2,900,000
Credit Agreement [Member]
Line of Credit Facility [Line Items]
Debt instrument, face amount		$ 150,000,000
Interest Rate		5.75%
Interest rate increase		0.75%
Percentage of accrued interest paid in kind		100.00%
Annual net revenues	$ 200,000,000
Line of credit facility description					All prepayments (other than prepayments upon a change of control as such term is defined in the Credit Agreement) are subject to a prepayment premium equal to a make-whole amount (reflective of all interest that would have accrued on such prepaid amount from April 2, 2026 to April 2, 2028) plus 5.0% if made on or prior to April 2, 2028, 4.00% if made after April 2, 2028 and on or prior to April 2, 2029, 2.50% if made after April 2, 2029 and on or prior to April 30, 2029, and 0.00% thereafter. Mandatory prepayments are required from net cash proceeds from dispositions, involuntary dispositions, extraordinary receipts and debt issuances. In addition, upon any prepayment or repayment (other than in connection with a change of control), the Company is required to pay a final payment premium equal to 4.0% of the portion of the applicable Term Loan amount being repaid.
Total proceeds					$ 49,000,000
Cash deposit as collateral			$ 20,000,000		$ 20,000,000
Credit Agreement [Member] \| Class A common stock
Line of Credit Facility [Line Items]
Issued warrants to purchase an aggregate		100,163	100,163		100,163
Tranche A [Member] \| Credit Agreement [Member]
Line of Credit Facility [Line Items]
Change in fair value of Tranche A Term Loan			$ 1,700,000
Tranche A [Member] \| Credit Agreement [Member] \| Class A common stock
Line of Credit Facility [Line Items]
Warrants value					$ 0.8
Revenue Interest [Member] \| Credit Agreement [Member]
Line of Credit Facility [Line Items]
Revenue interest liability		$ 9,600,000	10,000,000		10,000,000
Debt instrument term	10 years
Change in fair value of Tranche A Term Loan					500,000
Revenue Interest [Member] \| Credit Agreement [Member] \| Maximum [Member]
Line of Credit Facility [Line Items]
Annual net revenues	$ 500,000,000
Revenue Interest [Member] \| Credit Agreement [Member] \| Minimum [Member]
Line of Credit Facility [Line Items]
Annual net revenues	$ 200,000,000
Tranche A Term Loan [Member]
Line of Credit Facility [Line Items]
Change in fair value of Tranche A Term Loan			(1,659,000)	$ 0	(1,659,000)	$ 0
Tranche A Term Loan [Member] \| Credit Agreement [Member]
Line of Credit Facility [Line Items]
Debt instrument, face amount		50,000,000
Revenue Interest, estimated fair value		38,600,000	$ 40,300,000		$ 40,300,000
Tranche A Term Loan [Member] \| Credit Agreement [Member] \| Class A common stock
Line of Credit Facility [Line Items]
Issued warrants to purchase an aggregate			100,163		100,163
Tranche B Term Loan \| Credit Agreement [Member]
Line of Credit Facility [Line Items]
Debt instrument, face amount		50,000,000
Tranche C Term Loan \| Credit Agreement [Member]
Line of Credit Facility [Line Items]
Debt instrument, face amount		50,000,000
Tranche C Term Loan \| BWH License [Member]
Line of Credit Facility [Line Items]
Milestone event, net sales		175,000,000
Line of Credit [Member] \| Tranche A Term Loan [Member] \| Credit Agreement [Member]
Line of Credit Facility [Line Items]
Debt instrument, face amount		$ 50,000,000

CREDIT AGREEMENT

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

CREDIT AGREEMENT

16.

Credit AgreEment

On April 2, 2026, the Company entered into a term loan facility (the "Credit Agreement") with HCRx Investments HoldCo, L.P., HCR Stafford Fund II, L.P. and HCR Potomac Fund II, L.P (collectively, the "Lenders") and HCR OSA SPV, LLC, as administrative agent and collateral agent (the "Agent"). The Credit Agreement provides for up to $150.0 million of term loans (the Term Loans), available to us in multiple tranches. On April 2, 2026, the Lenders advanced $50.0 million of term loans (the "Tranche A Term Loan") to the Company. The maturity date of the Tranche A Term Loan is April 1, 2031. Additionally, the Company will be entitled to receive an advance of $50.0 million (the "Tranche B Term Loan") upon receipt of regulatory authorization from the FDA for Oxnimbi with a labeled indication for the treatment of OSA in any adult population (the "Tranche B Milestone Event") and an additional advance of $50.0 million (the "Tranche C Term Loan") if, on or prior to June 30, 2028, the trailing twelve-month net sales of the products covered by the BWH License equals or exceeds $175.0 million (the "Tranche C Milestone Event"), both upon agreement between the Company and the Lenders.

Outstanding Term Loans accrue interest at an annual rate equal to Three-Month Term SOFR (as defined in the Credit Agreement) plus 5.75%, subject to potential reductions of up to one percent upon completion of certain events specified in the Credit Agreement (the "Credit Agreement Interest Rate"). Until April 2, 2027, the Company may elect, subject to certain conditions specified in the Credit Agreement, to pay 100% of accrued interest in-kind by capitalizing such interest into principal subject to an interest rate increase of 0.75%. In addition to interest on the outstanding Term Loans, the Company agreed to pay a revenue interest (the "Revenue Interest") on each quarterly payment date, beginning May 15, 2026, calculated as a percentage of the Company's net revenues equal to a low single digit percentage on the portion of annual net revenues up to $200.0 million and an amount below one percent on the portion of annual net revenues between $200.0 million and $500.0 million, in each case until the earlier of the ten-year anniversary of the first commercial sale of Oxnimbi or earlier extinguishment pursuant to the terms of the Credit Agreement. The Company assessed the accounting for the Revenue Interest and identified it as a sale of future revenue in the form of a debt instrument to be accounted for as debt under ASC 470.

The Company can voluntarily prepay the Term Loans from time to time, in whole and in part, and is required to prepay the Term Loans upon receipt of proceeds from certain asset sales, extraordinary receipts and debt incurrences, subject, in each case, to certain exceptions set forth in the Credit Agreement. All prepayments (other than prepayments upon a change of control as such term is defined in the Credit Agreement) are subject to a prepayment premium equal to a make-whole amount (reflective of all interest that would have accrued on such prepaid amount from April 2, 2026 to April 2, 2028) plus 5.0% if made on or prior to April 2, 2028, 4.00% if made after April 2, 2028 and on or prior to April 2, 2029, 2.50% if made after April 2, 2029 and on or prior to April 30, 2029, and 0.00% thereafter. Mandatory prepayments are required from net cash proceeds from dispositions, involuntary dispositions, extraordinary receipts and debt issuances. In addition, upon any prepayment or repayment (other than in connection with a change of control), the Company is required to pay a final payment premium equal to 4.0% of the portion of the applicable Term Loan amount being repaid.

The Credit Agreement contains various affirmative and negative covenants, which are subject to customary exceptions, that limit the Company's ability to engage in specified types of transactions without the prior written consent of the Lenders. In addition, the Company is required to deposit into controlled accounts all cash or other payments received with respect to any and all of its

accounts receivable or any other contract or right and interest and, at all times, to maintain a minimum aggregate balance of $20.0 million in cash in one or more such controlled accounts. These accounts are required to be maintained as cash collateral accounts securing the Company's obligations under the Credit Agreement.

In connection with the Credit Agreement, the Company issued warrants to purchase an aggregate of 100,163 shares of the Company’s Class A common stock to the Lenders (the “Warrants”). The Warrants may be exercised at any time after the date of issuance through either a nominal cash payment or a cashless exercise, at the holder’s election, until April 2, 2036. Additionally, pursuant to the Credit Agreement, the Company is obligated to issue Warrants to Lenders as a condition to the Lenders’ obligation to advance the Tranche B Term Loan and the Tranche C Term Loan to the Company. The Warrants were determined to be freestanding financial instruments and meet the criteria for permanent equity classification. As of June 30, 2026, 100,163 shares of the Warrants were outstanding and a total value of $0.8 million was recorded within additional paid in capital net of issuance costs.

The Company evaluated the accounting for the Credit Agreement and identified multiple freestanding financial instruments. The total proceeds received of $49.0 million were allocated utilizing the with or without method at issuance date. For those freestanding financial instruments that the Company elected to account for the instruments at fair value where changes in fair value are measured through the unaudited condensed consolidated statements of operations until settlement. The initial fair values of the Tranche A Term Loan and Revenue Interest were $38.6 million and $9.6 million, respectively, with the residual allocated to the Warrants. The Company recorded a loss on the change in fair value of Tranche A Term Loan and Revenue Interest of $1.7 million and $0.5 million, respectively, in other expense during the three and six months ended June 30, 2026 The Company recorded the Tranche A Term Loan and Revenue Interest at their estimated fair value of $40.3 million and $10.0 million, respectively, as long-term liabilities on its unaudited condensed consolidated balance sheet as of June 30, 2026. The Company incurred issuance costs of $2.9 million, majority of which were expensed as incurred.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 210
-Name Accounting Standards Codification
-Section S45
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+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Diluted Weighted Average Shares Outstanding (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Numerator:
Net income, basic	$ 125,935		$ 193,654
Less: change in fair value of convertible notes	796	$ 0	(1,315)	$ 0
Net income, diluted	$ 126,731		$ 192,339
Denominator:
Weighted average number of shares, basic	4,797,152	4,754,020	4,795,472	4,751,347
Redeemable convertible preferred stock	21,143,116		21,143,116
Options to purchase common stock	3,365,195		3,235,803
Convertible notes	2,950,516		2,950,516
Warrants	97,069		48,534
Weighted average number of shares, diluted	32,353,048	4,754,020	32,173,441	4,751,347

SEGMENT DATA - Schedule of Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025
Segment Reporting [Line Items]
Revenue - related party	$ 12,080		$ 17,110		$ 96,894	$ 20,241
General and administrative expenses
General and administrative	12,674		5,353		19,180	10,823
Cost of services - related party	1,210		1,724		3,370	3,041
Gain on reversal of deposit liability	57,120		0		57,120	0
Change in fair value of revenue interest liability	460		0		460	0
Change in fair value of convertible notes	796		0		(1,315)	0
Gain on sale of equity method investment	(85,380)		0		(85,380)	0
Other income (expense)	(2,738)		0		(2,738)	0
Loss from discontinued operations	(178)		(63,847)		(2,832)	(65,812)
us-gaap:NetIncomeLoss	125,935	$ 67,719	(69,474)	$ (28,646)	193,654	(98,120)
Tranche A Term Loan [Member]
General and administrative expenses
Change in fair value long-term debt	1,659		0		1,659	0
Operating Segments [Member]
Segment Reporting [Line Items]
Revenue - related party	12,080		17,110		96,894	20,241
Research and development expenses
Oxnimbi	2,785		10,401		5,520	25,486
Connected wearables	223		216		564	590
Medical affairs	2,447		864		2,785	3,048
Other projects	8		86		22	807
General and administrative expenses
General and administrative	7,049		3,978		11,688	8,240
Commercial marketing	4,826		859		6,114	1,588
Stock-based compensation	1,191		866		2,120	1,668
Cost of services - related party	1,210		1,724		3,370	3,041
Interest income	(970)		(309)		(1,188)	(740)
Gain on reversal of deposit liability	57,120		0		57,120	0
Change in fair value of revenue interest liability	460		0		460	0
Change in fair value of convertible notes	796		0		(1,315)	0
Gain on sale of equity method investment	(85,380)		0		(85,380)	0
Other income (expense)	(2,738)		0		(2,738)	0
Loss from discontinued operations	(178)		(63,847)		(2,832)	(65,812)
us-gaap:NetIncomeLoss	125,935		(69,474)		193,654	(98,120)
Operating Segments [Member] \| Tranche A Term Loan [Member]
General and administrative expenses
Change in fair value long-term debt	1,659		0		1,659	0
Reportable Segment, Aggregation before Other Operating Segment [Member] \| Operating Segments [Member]
Research and development expenses
Employee related expenses	$ 4,045		$ 4,052		$ 8,371	$ 8,821

DEPOSIT LIABILITY (Additional Information) (Details) - USD ($) $ in Thousands		1 Months Ended	6 Months Ended
	Nov. 01, 2023	Dec. 31, 2023	Jun. 30, 2026	Jun. 30, 2025	Apr. 30, 2026	Dec. 31, 2025	Dec. 31, 2024
Deposit Liability [Line Items]
Deposit Liability					$ 57,100
Initial deposit liability			$ 0			$ 57,120
Proceeds from sale of equity method investment			100,000	$ 0
ROFN Agreement [Member]
Deposit Liability [Line Items]
Consideration	$ 75,000	$ 75,000
Fair value method		$ 64,400
Joint Ownership Agreement [Member]
Deposit Liability [Line Items]
Initial deposit liability							$ 14,700
Proceeds from sale of equity method investment			$ 55,000
Shionogi [Member]
Deposit Liability [Line Items]
Additional deposit liability						$ 7,500

CONVERTIBLE NOTES

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

CONVERTIBLE NOTES

In September 2025, the Company issued Convertible Notes to various investors in the principal amount of $35.0 million. The Convertible Notes bore an interest rate at 8% per annum through March 31, 2026. The Convertible Notes were not converted prior to March 31, 2026 and bear an interest rate of 15% per annum from March 31, 2026 until such Convertible Notes are repaid or converted. The Convertible Notes are subject to automatic conversion into shares of preferred stock issued in connection with a preferred stock financing of greater than $150.0 million (a "Qualified Financing"). Additionally, upon election of the holders of the Convertible Notes representing a majority of the loan amount outstanding (the “Requisite Noteholders”), the Convertible Notes are subject to conversion in connection with a financing transaction that is not a Qualified Financing. The conversion price is subject to a 10% discount to the price per share paid by investors purchasing shares with cash. If the Convertible Notes have not been converted or repaid in full prior to the maturity date in September 2027, the Convertible Notes are subject to voluntary conversion into shares of our Series C-3 Preferred Stock, at the election of the Requisite Noteholders, at a price per share equal to approximately $14.98.

In March 2026, the Company amended the Convertible Notes to include a mandatory conversion feature upon the consummation of an IPO. Immediately prior to an IPO, in lieu of repayment of the outstanding balance, the entire amount outstanding shall automatically convert at a conversion price equal to a 10% discount to the price per share at which the shares of common stock are to be sold to the public. The holders of the Convertible Notes may elect to receive all or a portion of the shares issuable to such holder in the form of a pre-funded warrant to purchase shares of the Company's common stock, solely so that the holder will beneficially own less than 20% of the Company’s outstanding common stock immediately following the consummation of the IPO.

In August 2026, the Company completed an IPO resulting in the conversion of all outstanding Convertible Notes, including accrued interest, into common stock as described in Note 17.

The Company elected to account for the Convertible Notes at fair value where changes in fair value are measured through the unaudited condensed consolidated statements of operations until settlement. The Company recorded a loss on the change in fair value of $0.8 million in other income during the three months ended June 30, 2026, and a gain on the change in fair value of $1.3 million for the six months ended June 30, 2026. The Company recorded the Convertible Notes at their estimated fair value of $39.3 million as a long-term liability on its unaudited condensed consolidated balance sheet as of June 30, 2026.

FAIR VALUE MEASUREMENT - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Fair Value, Recurring [Member] - Level 3 - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2026	Dec. 31, 2025
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Begining Balance	$ 40,646	$ 0
Issuance of convertible notes	57,962	35,000
Changes in fair value	920	5,646
Ending Balance	99,528	40,646
Long Term Debt [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance, Liabilities	0	0
Issuance of convertible notes, Liabilities	38,608	0
Changes in fair value, Liabilities	1,659	0
Ending balance, Liabilities	40,267	0
Revenue Interest [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance, Liabilities	0	0
Issuance of convertible notes, Liabilities	9,577	0
Changes in fair value, Liabilities	460	0
Ending balance, Liabilities	10,037	0
Convertible Notes [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance, Liabilities	40,646	0
Issuance of convertible notes, Liabilities	0	35,000
Changes in fair value, Liabilities	(1,315)	5,646
Ending balance, Liabilities	39,331	40,646
Contingent Asset [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance, Assets	0	0
Issuance of contingent asset, long-term debt, and revenue interest, Contingent asset	9,777
Issuance of convertible notes, Assets		0
Changes in fair value, Assets	116	0
Ending balance, Assets	$ 9,893	$ 0

COMMON STOCK - Schedule of reserved shares of common stock for potential conversion (Details)	Jun. 30, 2026 shares
Class of Stock [Line Items]
Common Stock, Capital Shares Reserved for Future Issuance	33,405,051
Redeemable convertible preferred stock
Class of Stock [Line Items]
Common Stock, Capital Shares Reserved for Future Issuance	21,143,116
Options to purchase common stock
Class of Stock [Line Items]
Common Stock, Capital Shares Reserved for Future Issuance	9,211,256
Convertible Notes
Class of Stock [Line Items]
Common Stock, Capital Shares Reserved for Future Issuance	2,950,516
Warrants
Class of Stock [Line Items]
Common Stock, Capital Shares Reserved for Future Issuance	100,163

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Operating LEASE - Schedule of future minimum lease payments under non-cancelable lease agreements (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Leases [Abstract]
2026 (remaining six months)	$ 155
2027	319
2028	328
2029	27
Total future minimum lease payments	829
Less: amount representing interest	(79)
Present value of operating lease liabilities	750	$ 873
Less: Operating lease liabilities, current	(265)	(250)
Operating lease liabilities, non-current	$ 485	$ 623
Remaining lease term (in years)	2 years 7 months 6 days
Incremental borrowing rate	8.13%

COMMON STOCK (Additional Information) (Details) - USD ($) $ / shares in Units, $ in Thousands		6 Months Ended
	Nov. 01, 2023	Jun. 30, 2026	Mar. 28, 2026	Mar. 11, 2026	Dec. 31, 2025	Apr. 23, 2025	Oct. 31, 2023
Class of Stock [Line Items]
Common Stock, Par Value Per Share		$ 0.00001			$ 0.00001
Conversion of shares description		(b) the date and time, or the occurrence of an event, specified by a vote or written consent of at least 50% of the holders of shares of Class B Common Stock and Class C Common Stock (voting together, and on an as-converted basis).
Common Stock, Shares, Issued		4,801,823			4,781,256
Common Stock, Shares Authorized		51,712,954			45,627,228
Common Stock [Member]
Class of Stock [Line Items]
Common Stock, Par Value Per Share							$ 0.00001
Shionogi [Member] \| Common Stock [Member]
Class of Stock [Line Items]
Proceeds from issuance of Common Stock	$ 10,600
Two Thousand Twenty Five Amendment [Member]
Class of Stock [Line Items]
Common Stock, Shares Authorized						45,627,228
Two Thousand Twenty Six Amendment [Member]
Class of Stock [Line Items]
Common Stock, Shares Authorized			51,712,954	49,250,415
Class A common stock
Class of Stock [Line Items]
Common Stock, Shares, Issued		1,853,155			1,832,588
Common Stock, Shares Authorized		48,567,709			42,481,983
Sale of Stock, Price Per Share		$ 19.77
Class A common stock \| Minimum [Member]
Class of Stock [Line Items]
Proceeds from Issuance Initial Public Offering		$ 75,000
Class A common stock \| Two Thousand Twenty Five Amendment [Member]
Class of Stock [Line Items]
Common Stock, Shares Authorized						42,481,983
Class A common stock \| Two Thousand Twenty Six Amendment [Member]
Class of Stock [Line Items]
Common Stock, Shares Authorized			48,567,709	46,105,170
Class B common stock
Class of Stock [Line Items]
Common Stock, Shares, Issued		2,752,091			2,752,091
Common Stock, Shares Authorized		2,948,668			2,948,668
Class B common stock \| Shionogi [Member]
Class of Stock [Line Items]
Sale of Stock, Number of Shares Issued in Transaction	2,752,091
Proceeds from gross received	$ 9,900
Class B common stock \| Two Thousand Twenty Five Amendment [Member]
Class of Stock [Line Items]
Common Stock, Shares Authorized						2,948,668
Class B common stock \| Two Thousand Twenty Six Amendment [Member]
Class of Stock [Line Items]
Common Stock, Shares Authorized			2,948,668	2,948,668
Class C common stock
Class of Stock [Line Items]
Common Stock, Shares, Issued		196,577			196,577
Common Stock, Shares Authorized		196,577			196,577
Class C common stock \| Shionogi [Member]
Class of Stock [Line Items]
Sale of Stock, Number of Shares Issued in Transaction	196,577
Proceeds from gross received	$ 700
Class C common stock \| Two Thousand Twenty Five Amendment [Member]
Class of Stock [Line Items]
Common Stock, Shares Authorized						196,577
Class C common stock \| Two Thousand Twenty Six Amendment [Member]
Class of Stock [Line Items]
Common Stock, Shares Authorized			196,577	196,577
Common Class B and Class C [Member] \| Shionogi [Member]
Class of Stock [Line Items]
Stock issuance costs	$ 27

Operating LEASE (Additional Information) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Leases [Abstract]
Rent expense and cash paid for leases	$ 0.2	$ 0.2
Lease Term	60 months

DEPOSIT LIABILITY

6 Months Ended

Jun. 30, 2026

Statistical Disclosure for Banks [Abstract]

DEPOSIT LIABILITY

On November 1, 2023, the Company entered into the ROFN Agreement and a Common Stock Purchase Agreement with Shionogi, receiving total combined consideration of $75.0 million from Shionogi. Pursuant to the ROFN Agreement, the Company granted Shionogi a right of first negotiation with respect to up to three product candidates (each, a "ROFN Program") as well as a right to receive notice of unsolicited offers for such sleep and breathing disease programs during the Initial Term of SASS (see Note 4). In evaluating the nature of the ROFN Agreement under ASC 606, the Company concluded the ROFN Agreement did not represent a contract with a customer as the Company was not legally or contractually obligated to transfer any goods or services at the time the ROFN Agreement was signed. Therefore, the consideration received was recognized as a deposit liability. The deposit liability represents the Company’s obligation to transfer either goods or services in the future if and when agreements are executed. The deposit liability is expected to be recognized as revenue in future periods only if an ASC 606 contract is entered into as a result of negotiations under the ROFN Agreement. If the Company does not enter a revenue generating arrangement during the Initial Term for all ROFN Programs, any remaining deposit liability will be recorded as income in the statement of operations.

The total combined transaction price was $75.0 million. Using the relative fair value method, the Company allocated $64.4 million to the ROFN Agreement representing the nonrefundable negotiation rights received, the full amount of which was recorded as a deposit liability at December 31, 2023, with the remainder allocated to common stock. Refer to Note 12 for details of common stock issued.

In July 2024, Shionogi exercised its right to negotiate with respect to the Optioned Selective NRI/CAI IP under the ROFN Agreement. Negotiations ensued and in April 2025, the Company and Shionogi entered into the Joint Ownership Agreement and the Contribution Agreement (see Note 4). The Company accounted for contribution of the Joint Ownership IP to SASS under ASC 606. In accordance with ASC 606, the Company reclassified $14.7 million of the initial deposit liability recorded as of December 31, 2024 to deferred revenue using the relative fair value method relating to the Atomoxetine Licensed IP which was contributed to SASS pursuant to the Contribution Agreement. To determine the relative fair value, the Company utilized a cost incurred methodology. Pursuant to the Joint Ownership Agreement, Shionogi was granted the Shionogi Option. Of the $55.0 million received from Shionogi in connection with the Joint Ownership Agreement, the Company allocated $7.5 million to the Shionogi Option under the relative fair value method, as an additional deposit liability within the consolidated balance sheet as of December 31, 2025. See Note 4 for discussion of the accounting for the remaining amount received from Shionogi in connection with the Joint Ownership Agreement.

In April 2026, the Company terminated the ROFN Agreement. The termination of the ROFN Agreement was made without entering into a customer contract in accordance with ASC 606. As no revenue generating arrangement was made related to the remaining rights under the ROFN Agreement prior to its termination, and the Company does not have any future negotiation obligation, the deposit liability of $57.1 million was derecognized and recorded as a gain on reversal of deposit liability.

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2026	Sep. 04, 2026
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2026
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	000-43422
Entity Registrant Name	Apnimed, Inc.
Entity Central Index Key	0001745648
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-1910611
Entity Address, Address Line One	39 John F. Kennedy Street
Entity Address, Address Line Two	4th Floor
Entity Address, City or Town	Cambridge
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02138
City Area Code	617
Local Phone Number	500-8880
Title of 12(b) Security	Common Stock, par value $0.00001 per share
Trading Symbol	APMD
Security Exchange Name	NASDAQ
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		41,630,779

COMMITMENTS AND CONTINGENCIES (Additional Information) (Details) - USD ($) $ in Millions		6 Months Ended
	Jun. 19, 2018	Jun. 30, 2026
Loss Contingencies [Line Items]
Milestone and Royalty Payments	$ 8.6
Desitin Upfront amount		$ 50.0
Maximum [Member]
Loss Contingencies [Line Items]
Royalty Payments on Change of Control		0.5
Minimum [Member]
Loss Contingencies [Line Items]
Royalty Payments on Change of Control		0.3
Desitin APA [Member]
Loss Contingencies [Line Items]
Desitin Upfront amount		50.0
Milestone Payments		$ 85.0

- 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

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-4

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482645/405-30-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 5.W.Q2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479583/944-40-S99-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 720
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483359/720-20-50-1

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 460
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 27
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482395/460-10-55-27

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-9

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-4

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 460
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482425/460-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-1

+ Details

CONVERTIBLE PREFERRED STOCK

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

CONVERTIBLE PREFERRED STOCK

11.

CONVERTIBLE PREFERRED STOCK


Series	Date	Issued and Outstanding		Price		Gross Proceeds		Net Proceeds		Liquidation Preference		Shares Authorized
Series A Preferred Stock	June 2018		942,685	$	4.7736	$	4,500	$	4,177	$	5,268		942,685
Series A Preferred Stock—conversion of outstanding note	June 2018		160,797		—		—		—		—		160,797
Series A Preferred Stock	July 2018		942,685	$	4.7736		4,500		4,177		4,500		942,685
Series A Preferred Stock	January 2019		2,094,855	$	4.7736		10,000		9,991		10,000		2,094,855
Series A Preferred Stock	August 2019		1,256,913	$	4.7736		6,000		5,030		6,000		1,256,913
Series A-2 Preferred Stock	March 2020		2,349,108	$	6.3854		15,000		14,903		15,000		2,349,108
Series B Preferred Stock	March 2021		2,818,964	$	8.8685		25,000		24,862		25,000		2,818,964
Series C-1 Preferred Stock	April 2022		4,222,581	$	8.8808		37,500		37,104		37,500		4,222,581
Series C-2 Preferred Stock	October 2022		2,252,042	$	11.1010		25,000		24,957		25,000		2,252,042
Series C-3 Preferred Stock	December 2022		7,184,033	$	11.1010		79,750		79,689		79,750		7,184,033
Series D Preferred Stock	April 2025		1,709,453	$	9.6522		16,500		16,257		16,500		1,709,453
Series D-1 Preferred Stock	March 2026		2,587,991	$	9.6600		25,000		24,792		25,000		3,623,187
			28,522,107			$	248,750	$	245,939	$	249,518		29,557,303

Significant provisions of the convertible Preferred Stock are as follows:

Rights, Preferences, Privileges and Restrictions—The shares of the Preferred Stock have the following rights, preferences, privileges and restrictions:

Dividends—The holders of Preferred Stock are entitled to receive non-cumulative and non-accruing dividends on an equal priority, in an amount at least equal to 8% of each Series’ original issue price. Dividends are payable only when, as, and if declared by the Board of Directors of the Company. There have been no dividends declared or paid.

Voting Rights—Each holder of outstanding shares of Preferred Stock shall be entitled to the number of votes equal to the number of whole shares of Class A Common Stock into which the shares of Preferred Stock are convertible. Except as provided by law or by the provisions of the Company’s Eighth Amended and Restated Certificate of Incorporation (“Certificate of Incorporation”), holders of the Preferred Stock shall vote together with the holders of Class A Common Stock as a single class, and on an as converted basis.

The holders of record of the shares of Series A Preferred Stock, Series A-2 Preferred Stock and Series B Preferred Stock, exclusively and as a separate class, shall be entitled to elect one director of the Company. The holders of record of the shares of Series C-1 Preferred Stock, Series C-2 Preferred Stock and Series C-3 Preferred Stock, exclusively and as a separate class, shall be entitled to elect two directors of the Company. Holders of record of the shares of Class A Common Stock, exclusively and as a separate class, shall be entitled to elect two directors of the Company. Holders of record of the shares of Class A Common Stock and of any other class or series of voting stock (including the Preferred Stock), exclusively and voting together as a single class, and on an as-converted basis, shall be entitled to elect three directors of the Company (for a total of eight directors on the Board).

Conversion—Each share of Preferred Stock shall be convertible, at the option of the holder thereof, at any time and from time to time, and without the payment of additional consideration by the holder thereof, into such number of fully paid and non-assessable shares of Class A Common Stock as is determined by dividing each Series’ original issue price by each Series’ conversion price in effect at the time of conversion. The original issue price and the conversion price of the Series A Preferred Stock, Series A-2 Preferred Stock, Series B Preferred Stock, Series C-1 Preferred Stock, Series C-2 Preferred Stock, Series C-3 Preferred Stock, Series D Preferred Stock and Series D-1 Preferred Stock are $4.7736, $6.3854, $8.8685, $8.8808, $11.1010, $11.1010, $9.6522 and $9.6600, respectively. Such conversion prices, and the rate at which shares of Preferred Stock may be converted into shares of Class A Common Stock, shall be subject to adjustments, for occurrences such as stock splits and combinations, certain dividends and distributions and mergers or reorganizations.

All outstanding shares of Preferred Stock shall automatically be converted into shares of Class A Common Stock, at the then effective conversion rate, upon the earlier of: (a) the closing of the sale of shares of Class A Common Stock to the public at a price of at least $19.77 per share (subject to appropriate adjustment in the event of any stock dividend, stock split, combination or other similar

recapitalization with respect to the Class A Common Stock), in a firm-commitment underwritten public offering, resulting in at least $75.0 million of proceeds, or (b) the date and time, or the occurrence of an event, specified by a vote or written consent of at least 60% of the holders of shares of Preferred Stock.

Liquidation—In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Company, (i) the holders of shares of Series A Preferred Stock, Series A-2 Preferred Stock, Series B Preferred Stock, Series C-1 Preferred Stock, Series C-2 Preferred Stock, Series C-3 Preferred Stock shall be entitled to be paid out before any payment shall be made to the holders of common stock, an amount per share equal to one-times (1x) the applicable original issue price, plus any dividends declared but unpaid thereon and (ii) the holders of shares of Series D Preferred Stock and Series D-1 Preferred Stock shall be entitled to be paid out before any payment shall be made to the holders of common stock, an amount per share equal to the greater of (a) one times (1x) the Series D Preferred Stock or the Series D-1 Preferred Stock original issue price, as applicable, plus any dividends declared but unpaid thereon, or (b) such amount, if any, per share as would have been payable had all such shares of Series D Preferred Stock or Series D-1 Preferred Stock, as applicable, been converted into Class A Common Stock. After the payment in full of all amounts required to be paid to the holders of shares of Preferred Stock, the remaining assets of the Company available for distribution to its stockholders shall be distributed among the holders of shares of common stock and Preferred Stock.

In the event of (a) a merger or consolidation in which the Company is a constituent party or (b) the sale, lease, or transfer (or similar disposition) of all or substantially all of the Company’s assets, a “Deemed Liquidation Event” shall be considered to have occurred. In the event of a Deemed Liquidation Event, if the Company does not effect a dissolution of the Company under Delaware law within sixty days after such Deemed Liquidation Event, then (i) the Company shall notify each holder of Preferred Stock advising such holders of their right to require the redemption of their shares of Preferred Stock, and (ii) the Company shall use the net consideration received by the Company for such Deemed Liquidation Event to redeem each outstanding share held by each holder of Preferred Stock that elects to redeem its shares of Preferred Stock at a price per share equal to the maximum amount per share of Preferred Stock, as applicable, payable under the same procedure as described in the paragraph above.

Redemption Rights—Holders of Preferred Stock are not entitled to any redemption rights other than those rights reserved in connection with a Deemed Liquidation Event.

On May 28, 2026, the Company filed a Certificate of Amendment to its 2026 Amendment (as defined in Note 12) to increase the total number of authorized shares of Preferred Stock to 29,557,303 shares.

Immediately prior to the Company's IPO in August 2026, all outstanding shares of Preferred Stock automatically converted into shares of Class A Common Stock on a 1-to-1.349 basis. Following the closing of the IPO, all shares of Class A Common Stock were reclassified and renamed into shares of common stock of the Company (see Note 17).

CONVERTIBLE NOTES (Additional Information) (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended			6 Months Ended
	Sep. 30, 2025	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Short-Term Debt [Line Items]
Conversion price, percentage	10.00%
Qualified financing	$ 150,000
Change in fair value of convertible notes		$ (796)		$ 0	$ 1,315	$ 0
Convertible notes		39,331			39,331		$ 40,646
Initial Public Offering (IPO) [Member]
Short-Term Debt [Line Items]
Conversion price, percentage			10.00%
Convertible Notes Payable [Member]
Short-Term Debt [Line Items]
Convertible Notes Payable Principal Amount	$ 35,000
Interest Rate	8.00%		15.00%
Conversion price	$ 14.98
Change in fair value of convertible notes		$ 800			$ 1,300
Convertible Notes Payable [Member] \| Initial Public Offering (IPO) [Member]
Short-Term Debt [Line Items]
Common stock ownership percentage			20.00%

DISCONTINUED OPERATIONS

6 Months Ended

Jun. 30, 2026

Discontinued Operations and Disposal Groups [Abstract]

DISCONTINUED OPERATIONS

15.

DISCONTINUED OPERATIONS

On March 23, 2026, the Company entered into a definitive agreement, and in April 2026, the Company completed the disposition of its 50% interest in SASS to Shionogi pursuant to the MIPA, as discussed in Note 4. The Company has historically accounted for its interest in SASS under the equity method of accounting as discussed in Note 4.

The SASS divestiture represents a strategic monetization of the Company's interest in SASS as it focuses on the advancement and planned commercialization of Oxnimbi. The Company determined that the divestiture represents a strategic shift that has had, or will have, a major effect on the Company's operations and financial results. Accordingly, the results of SASS have been classified as discontinued operations in accordance with ASC 205-20, Discontinued Operations.

As of March 31, 2026, the Company concluded that its investment in SASS met the criteria for classification as held for sale. As a result, the Company recast $26.9 million related to its equity method investment as assets held for sale in its consolidated balance sheet as of December 31, 2025.

The Company recorded loss on its equity method investments of $0.2 million and $2.8 million within loss from discontinued operations for the three and six months ended June 30, 2026, respectively. In addition, the Company recast $63.8 million and $65.8 million related to its loss on equity method investments to loss from discontinued operations in its unaudited condensed consolidated statement of operations for the three and six months ended June 30, 2025, respectively.

Following the divestiture, the Company expects to have continuing involvement with SASS through the MSA (Note 10), as amended to date, under which the Company continues to perform research and development services under the single, combined performance obligation. The Company expects these services to be substantially complete within one year from the completed disposition. The performance of these services does not allow the Company to regain significant influence or control of SASS and the Company does not have the power to solely direct the activities of SASS that most significantly impact SASS's economic performance, as the Company will no longer have any ownership or representation on SASS's board of managers.

Refer to Note 4 for additional information regarding the completion of disposition of SASS.

FAIR VALUE MEASUREMENT - Schedule of Recurring Fair Value of The Company's Financial Assets (Details) - Fair Value, Recurring [Member] - USD ($)
$ in Thousands

Jun. 30, 2026

Dec. 31, 2025

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Assets

$ 46,369

$ 37,492

Liabilities

89,635

40,646

Long Term Debt [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Liabilities

40,267

Revenue Interest [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Liabilities

10,037

Convertible Notes [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Liabilities

39,331

40,646

Money Market Funds [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Assets

^[1]

36,476

37,492

Contingent Asset [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Assets

9,893

Level 1

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Assets

36,476

37,492

Liabilities

Level 1 | Long Term Debt [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Liabilities

Level 1 | Revenue Interest [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Liabilities

Level 1 | Convertible Notes [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Liabilities

Level 1 | Money Market Funds [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Assets

^[1]

36,476

37,492

Level 1 | Contingent Asset [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Assets

Level 2

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Assets

Liabilities

Level 2 | Long Term Debt [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Liabilities

Level 2 | Revenue Interest [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Liabilities

Level 2 | Convertible Notes [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Liabilities

Level 2 | Money Market Funds [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Assets

^[1]

Level 2 | Contingent Asset [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Assets

Level 3

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Assets

9,893

Liabilities

89,635

40,646

Level 3 | Long Term Debt [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Liabilities

40,267

Level 3 | Revenue Interest [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Liabilities

10,037

Level 3 | Convertible Notes [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Liabilities

39,331

40,646

Level 3 | Money Market Funds [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Assets

^[1]

$ 0

Level 3 | Contingent Asset [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Assets

$ 9,893

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

EQUITY-METHOD INVESTMENT (Additional Information) (Details) - USD ($) $ in Thousands					1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Apr. 06, 2026	Apr. 06, 2026	Jan. 01, 2025	Jun. 19, 2018	Apr. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025	Apr. 30, 2026	Mar. 23, 2026	Dec. 31, 2024	Oct. 31, 2023
Schedule of Equity Method Investments [Line Items]
Proceeds from sale of equity method investment								$ 100,000	$ 0
Change in fair value of contingent asset						$ 100		116	0
Milestone and Royalty Payments				$ 8,600
Deffered Revnue						19,500		19,500		$ 113,100
Proceeds from Sale of Equity Method Investments								100,000	0
Deferred revenue						0		0		15,244
Gain on sale of equity method investment						85,380	$ 0	85,380	0
Deposit Liability											$ 57,100
Income (Loss) from Equity Method Investments		$ 24,100				200	$ 63,800	2,800	$ 65,800
CONTINGENT ASSET	$ 9,800	9,800				9,893		9,893		0		$ 50,000
Joint Ownership IP [Member]
Schedule of Equity Method Investments [Line Items]
Increase to the Equity Method Investment					$ 62,200
Shionogi MSA [Member]
Schedule of Equity Method Investments [Line Items]
CONTINGENT ASSET						9,900		9,900
Desitin APA [Member]
Schedule of Equity Method Investments [Line Items]
Upfront Cash Consideration					50,000
Payment for Acquisition					25,000					25,000
Increase to the Equity Method Investment						25,000		25,000
Carrying Value Equity Method Investment						$ 62,200		62,200
Desitin APA [Member] \| Joint Ownership IP [Member]
Schedule of Equity Method Investments [Line Items]
Payment for Acquisition					25,000
Joint Ownership Agreement [Member]
Schedule of Equity Method Investments [Line Items]
Proceeds from sale of equity method investment								55,000
Proceeds from Sale of Equity Method Investments								$ 55,000
Joint Ownership Agreement [Member] \| Joint Ownership IP [Member]
Schedule of Equity Method Investments [Line Items]
Deferred revenue					22,500
Atomoxetine Licensed IP [Member]
Schedule of Equity Method Investments [Line Items]
Payment for Acquisition										37,200
Deferred revenue					22,500
Deposit Liability													$ 14,700
Atomoxetine Licensed IP [Member] \| Joint Ownership IP [Member]
Schedule of Equity Method Investments [Line Items]
Payment for Acquisition					37,200
Deposit liability					$ 14,700
Equity Ownership [Member] \| Joint Ownership IP [Member]
Schedule of Equity Method Investments [Line Items]
Ownership Percentage						50.00%		50.00%
Equity Ownership [Member] \| Atomoxetine Licensed IP [Member]
Schedule of Equity Method Investments [Line Items]
Ownership Percentage					50.00%	50.00%		50.00%
SASS [Member]
Schedule of Equity Method Investments [Line Items]
Proceeds from sale of equity method investment	100,000
Milestone Payment Received in Future Related to Disposition	50,000
Extendible Terms								The initial term of SASS was five years (“Initial Term”), extendable for additional periods with the agreement
Fair Value of Equity														$ 75,000
Additional Milestone Payment Received In Future Related To Disposition						$ 50,000		$ 50,000
Deffered Revnue														$ 75,000
Proceeds from Sale of Equity Method Investments	100,000
Income (Loss) from Equity Method Investments										70,103
Net of Direct Transaction Costs	$ 300	$ 300
CONTINGENT ASSET						$ 9,800		$ 9,800
SASS [Member] \| Shionogi MSA [Member]
Schedule of Equity Method Investments [Line Items]
Proceeds from sale of equity method investment			$ 75,000
Proceeds from Sale of Equity Method Investments			$ 75,000
SASS [Member] \| Equity Ownership [Member]
Schedule of Equity Method Investments [Line Items]
Ownership Percentage						50.00%		50.00%
SASS [Member] \| Equity Ownership [Member] \| MSA [Member]
Schedule of Equity Method Investments [Line Items]
Ownership Percentage			50.00%
Shionogi [Member]
Schedule of Equity Method Investments [Line Items]
Milestone and Royalty Payments										$ 0
Payment for Acquisition					$ 30,000
Deposit liability					7,500
Deferred revenue					22,500
Shionogi [Member] \| Joint Ownership IP [Member]
Schedule of Equity Method Investments [Line Items]
Payment for Acquisition								$ 55,000
Shionogi [Member] \| Joint Ownership Agreement [Member]
Schedule of Equity Method Investments [Line Items]
Proceeds from sale of equity method investment					55,000
Proceeds from Sale of Equity Method Investments					55,000
Shionogi [Member] \| Equity Ownership [Member]
Schedule of Equity Method Investments [Line Items]
Ownership Percentage						50.00%		50.00%
Shionogi [Member] \| Equity Ownership [Member] \| Shionogi MSA [Member]
Schedule of Equity Method Investments [Line Items]
Ownership Percentage			50.00%
Licensed Sulthiame IP [Member] \| Desitin APA [Member]
Schedule of Equity Method Investments [Line Items]
Upfront Cash Consideration					$ 50,000

COMMON STOCK

6 Months Ended

Jun. 30, 2026

Equity [Abstract]

COMMON STOCK

12.

COMMON STOCK

On October 31, 2023, the Company filed the Sixth Amended and Restated Certificate of Incorporation of the Company (the “Amended and Restated Certificate of Incorporation”), which authorized three separate classes of Common Stock, each with a par value of $0.00001 per share (collectively the “Common Stock”). Pursuant to the Amended and Restated Certificate of Incorporation, each previous outstanding share of common stock was converted into and became one share of Class A Common Stock. In addition, the Amended and Restated Certificate of Incorporation authorized Class B Common Stock and Class C Common Stock.

As referenced in Note 8, on November 1, 2023, the Company entered into a Common Stock Purchase Agreement with Shionogi for the sale of 2,752,091 and 196,577 shares of Class B Common Stock and Class C Common Stock, respectively, resulting in gross proceeds received of $9.9 million and $0.7 million, respectively, all of which remain issued and outstanding as of June 30, 2026. Aggregate net proceeds allocated to all classes of Common Stock issued, after deducting certain expenses incurred of $27 thousand related to the issuance of the shares, were $10.6 million.

On April 23, 2025, the Company filed the Seventh Amended and Restated Certificate of Incorporation of the Company (the “2025 Amendment”), which increased the total authorized number of shares of Class A Common Stock. Pursuant to the 2025 Amendment, the total number of shares of all classes of Common Stock increased to 45,627,228, consisting of 42,481,983 shares of Class A Common Stock, 2,948,668 shares of Class B Common Stock, and 196,577 shares of Class C Common Stock.

On March 11, 2026, the Company filed the Eighth Amended and Restated Certificate of Incorporation of the Company (the “2026 Amendment”), which increased the total authorized number of shares of Class A Common Stock. Pursuant to the 2026 Amendment, the total number of shares of all classes of Common Stock increased to 49,250,415, consisting of 46,105,170 shares of Class A Common Stock, 2,948,668 shares of Class B Common Stock, and 196,577 shares of Class C Common Stock.

On May 28, 2026, the Company filed a Certificate of Amendment to its 2026 Amendment to increase the number of authorized shares of Class A Common Stock. Following the amendment, the total authorized number of shares of all classes of Common Stock

increased to 51,712,954 shares, consisting of 48,567,709 shares of Class A Common Stock, 2,948,668 shares of Class B Common Stock, and 196,577 shares of Class C Common Stock.

As of June 30, 2026 and December 31, 2025, the Company had 51,712,954 and 45,627,228 shares of authorized Common Stock, respectively. The breakdown by class as of June 30, 2026 and December 31, 2025, is presented below.


June 30, 2026	Authorized		Issued and Outstanding
Class A common stock		48,567,709		1,853,155
Class B common stock		2,948,668		2,752,091
Class C common stock		196,577		196,577
		51,712,954		4,801,823


December 31, 2025	Authorized		Issued and Outstanding
Class A common stock		42,481,983		1,832,588
Class B common stock		2,948,668		2,752,091
Class C common stock		196,577		196,577
		45,627,228		4,781,256

Rights, Preferences, Privileges and Restrictions—the shares of the Common Stock have the following rights, preferences, privileges and restrictions:

Voting Rights—Each holder of outstanding shares of Class A Common Stock shall be entitled to one vote for each share of Class A Common Stock held at all meetings of stockholders (and written actions in lieu of meetings). Each holder of outstanding shares of Class B Common Stock shall be entitled to the number of votes equal to the number of whole shares of Class A Common Stock into which the shares of Class B Common Stock are convertible. Except as provided by law or by the provisions of the Amended and Restated Certificate of Incorporation, holders of Class B Common Stock shall vote together with the holders of Class A Common Stock as a single class and on an as-converted basis. Each holder of outstanding shares of Class C Common Stock shall not be entitled to vote except as required by applicable law.

Conversion—Each share of Class B Common Stock and Class C Common Stock shall be convertible, at the option of the holder thereof, at any time and from time to time, and without the payment of additional consideration by the holder thereof, into such number of fully paid and non-assessable shares of Class A Common Stock as is determined by dividing the Class B Common Stock or Class C Common Stock original issue price, as applicable, by the Class B Common Stock or Class C Common Stock conversion price in effect at the time of the conversion, as applicable. Such conversion prices, and the rate at which shares of Class B Common Stock and Class C Common Stock may be converted into shares of Class A Common Stock, shall be subject to adjustments, for occurrences such as stock splits and combinations, certain dividends, and distributions, and mergers or reorganizations.

All outstanding shares of Class B Common Stock and Class C Common Stock shall automatically be converted into shares of Class A Common Stock at the then effective conversion rate, upon the earlier of: (a) the closing of the sale of shares of Class A Common Stock to the public at a price of at least $19.77 per share (subject to appropriate adjustment in the event of any stock dividend, stock split, combination or other similar recapitalization with respect to the Class A Common Stock), in a firm-commitment underwritten public offering, resulting in at least $75 million of proceeds, or (b) the date and time, or the occurrence of an event, specified by a vote or written consent of at least 50% of the holders of shares of Class B Common Stock and Class C Common Stock (voting together, and on an as-converted basis).

In addition, each share of Class C Common Stock shall automatically convert into one share of Class B Common Stock upon any transfer or sale of such share of Class C Common Stock by Shionogi or any affiliate thereof to a third party not affiliated with Shionogi.

Immediately prior to the Company's IPO in August 2026, all outstanding shares of Class B Common Stock and Class C Common Stock automatically converted into shares of Class A Common Stock. Following the closing of the IPO, all shares of Class A Common Stock were reclassified and renamed into shares of common stock of the Company (see Note 17).

As of June 30, 2026, the Company has reserved the following shares of common stock for potential conversion of outstanding Preferred Stock, the exercise of stock options, and the conversion of Convertible Notes and Warrants:


	June 30, 2026
Redeemable convertible preferred stock		21,143,116
Options to purchase common stock		9,211,256
Convertible Notes		2,950,516
Warrants		100,163
		33,405,051

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

OPERATING LEASE (Tables)

6 Months Ended

Jun. 30, 2026

Leases [Abstract]

Schedule of Right-of-Use Assets and Operating Lease Liabilities

The following table presents the classification of the right-of-use assets and operating lease liabilities (in thousands):


	June 30, 2026		December 31, 2025
Assets
Operating lease right-of-use assets	$	714	$	835

Liabilities
Operating lease liabilities, current	$	265	$	250
Operating lease liabilities, non-current		485		623
Total lease liabilities	$	750	$	873

Schedule of Maturities of Lease Liabilities

The following represents a summary of the Company’s future minimum lease payments under non-cancelable lease agreements, presented in accordance with ASC 842, as of June 30, 2026.


2026 (remaining six months)	$	155
2027		319
2028		328
2029		27
Total future minimum lease payments	$	829
Less: amount representing interest		(79	)
Present value of operating lease liabilities	$	750
Less: Operating lease liabilities, current		(265	)
Operating lease liabilities, non-current	$	485
Remaining lease term (in years)		2.6
Incremental borrowing rate		8.13	%

EQUITY-METHOD INVESTMENT

6 Months Ended

Jun. 30, 2026

Equity Method Investments and Joint Ventures [Abstract]

EQUITY-METHOD INVESTMENT

On October 31, 2023 (the “Closing Date”), the Company and Shionogi created a joint venture, SASS, for the purpose of conducting research and development activities to treat, prevent, and mitigate OSA and other sleep breathing diseases. In April 2026, the Company completed the disposition of the Company's interest in SASS (the "SASS Disposition") to Shionogi pursuant to a Membership Interest and Asset Purchase Agreement (the “MIPA”), as described more fully below in this Note 4.

In the formation of the joint venture, the Company contributed an exclusive license to SASS for intellectual property and know-how related to certain of the Company’s sleep and breathing disease programs, and executed a Master Services Agreement (as amended on January 1, 2025, the “MSA”). Under the MSA, SASS contracted with the Company for various services including research and development services. In exchange for the contributed intellectual property, the Company received 50% ownership in SASS. Shionogi contributed $75.0 million in cash and an exclusive license for certain intellectual property related to certain of its sleep programs, and executed a Master Services Agreement with SASS (the "Shionogi MSA"). In exchange, Shionogi received 50% ownership in SASS.

The initial term of SASS was five years (“Initial Term”), extendable for additional periods with the agreement of both the Company and Shionogi or in order to continue commercialization or monetization activities commenced prior to expiration of the term of the joint venture. The Company and Shionogi were each entitled to designate three individuals to the SASS board of managers. Membership interests generally could not be transferred prior to the expiration of the Initial Term, subject to limited exceptions.

The Company had significant influence over, but did not control, SASS through its noncontrolling representation on SASS’s board of managers and the Company’s equity interest in SASS. The Company was not the primary beneficiary as it did not have the power to solely direct the activities of SASS that most significantly impacted SASS’s economic performance. Accordingly, the Company did not consolidate the financial statements of SASS and accounts for its investment using the equity method of accounting.

The Company recorded its equity method investment in SASS at fair value as of the Closing Date. The initial fair value of the Company’s investment was $75.0 million, which represents the fair value of the equity received. The Company recorded the initial investment of $75.0 million on its consolidated balance sheet and recognized deferred revenue (refer to Note 10).

In April 2025, the Company entered into an asset purchase and license agreement (the "Desitin APA") with Desitin Arzneimittel GmbH ("Desitin") and Cereus Pharma AB ("Cereus"), pursuant to which Apnimed (i) purchased certain patents and know-how related to sulthiame (the "Purchased Sulthiame IP") and (ii) obtained a perpetual, irrevocable, exclusive and fully paid-up license to know-how controlled by Desitin concerning the manufacturing of products using sulthiame in the field of diagnosis, prevention, treatment, mitigation or control of sleep apnea and all other sleep diseases, disorders and conditions in humans including obesity hypoventilation syndrome (the "Licensed Sulthiame IP") in exchange for an upfront cash consideration of $50.0 million, (collectively the "Desitin IP"). In addition to the upfront $50.0 million, upon achievement of certain development and regulatory milestones, the Company was previously required to pay the Milestone Payments (as defined below in Note 7) and the Company was also previously required to make the Earnout Payments (as defined below in Note 7) under certain circumstances. However, in connection with the SASS Disposition, the Desitin APA was novated to Shionogi such that the Company was released as a party to the Desitin APA with respect to obligations accruing on or after the closing of the SASS Disposition, with Shionogi agreeing to be solely liable for such obligations other than confidentiality obligations and certain other limitations on activities.

In July 2024, Shionogi exercised its right of first negotiation with respect to certain intellectual property covered under the ROFN Agreement (Note 8), referred to herein as "Optioned Selective NRI/CAI IP". Negotiations ensued pursuant to the exercise of such right of first negotiation with respect to the Optioned Selective NRI/CAI IP and in April 2025, the Company and Shionogi entered into a joint ownership agreement (the "Joint Ownership Agreement") and a SASS CAI and Selective NRI/CAI Contribution Agreement with SASS (the "Contribution Agreement").

Pursuant to the Joint Ownership Agreement in April 2025, Apnimed granted to Shionogi (i) a 50% joint ownership interest in the Purchased Sulthiame IP, (ii) a co-exclusive license under the Licensed Sulthiame IP and (iii) a co-exclusive license under certain intellectual property in respect of the compound atomoxetine (“Atomoxetine Licensed IP”, and together with the intellectual property described in subsections (i) and (ii), the “Joint Ownership IP”). In addition to rights in the Joint Ownership IP, Shionogi was granted an exclusive right, exercisable at any time during the term of the Contribution Agreement to negotiate for additional rights over the Joint Ownership IP controlled by SASS to develop, manufacture or commercialize a product in Japan, South Korea, and Taiwan and the People’s Republic of China (the “Shionogi Option”). Shionogi paid Apnimed $55.0 million upon execution of the Joint Ownership Agreement.

Pursuant to the Contribution Agreement, the Company and Shionogi contributed the Joint Ownership IP to SASS and which also resulted in the Milestone Payments and Earnout Payments due pursuant to the Desitin APA being assigned to SASS as discussed further in Note 7.

The accounting for the Desitin APA, the ROFN Agreement exercise, the Joint Ownership Agreement and the Contribution Agreement, collectively is as follows:

•

Upon executing the Joint Ownership Agreement in April 2025, the Company received $55.0 million from Shionogi. The Company allocated $25.0 million to the Desitin IP and allocated the remaining $30.0 million between the Shionogi Option and the fair value of Shionogi's 50% share of the Atomoxetine Licensed IP, representing $7.5 million and $22.5 million, respectively. The Shionogi Option was recorded as a deposit liability (see Note 8) and the fair value of the Atomoxetine Licensed IP was recorded as deferred revenue (see Note 10).

•

The Desitin IP was not within the scope of ASC 730, Research and Development (“ASC 730”) as it was purchased with the intent to be immediately contributed to SASS. As Shionogi purchased 50% of the rights over the Desitin IP, the Company’s contribution of the Desitin IP to SASS resulted in an increase to the equity method investment in SASS of $25.0 million.

•

Upon the execution of the Contribution Agreement, the Company and Shionogi each contributed such party's share of the Joint Ownership IP into SASS. The Company accounted for the contribution of its share of the Joint Ownership IP to SASS under ASC 606 as described within Note 10. In accordance with ASC 606, the Company reclassified $14.7 million of the initial deposit liability recorded as of December 31, 2024, to deferred revenue using the relative fair value method relating to the Atomoxetine Licensed IP as described in Note 10.

•

The Joint Ownership IP contributed to SASS resulted in an increase to the equity method investment of $62.2 million, of which $25.0 million was allocated to the Desitin IP and $37.2 million was allocated to the Atomoxetine Licensed IP. Of the amounts allocated to the Atomoxetine Licensed IP, $14.7 million was reclassified from the initial deposit liability and $22.5 million from the cash received upon execution of the Joint Ownership Agreement.

•

SASS accounted for the contribution of the Desitin IP and the Atomoxetine Licensed IP under ASC 730, recording expense equal to the fair value of the contributions as the contributions represented in-process research and development ("IPR&D") with no alternative future use. The Company recorded its 50% share of the losses from the IPR&D as a reduction of its carrying value of the equity method investment in SASS of $62.2 million.

The roll-forward of 2025 and 2026 activity is as follows:


Beginning Balance January 1, 2025	$	34,796
Additions:
Contribution of Desitin IP		25,000
Contribution of Atomoxetine Licensed IP		37,200
Total		62,200
SASS Net loss allocation
IPR&D write-off		(62,200	)
Share of other net loss		(7,903	)
Total		(70,103	)
Ending Balance December 31, 2025		26,893
SASS Net loss allocation		(2,654	)
Ending Balance March 31, 2026	$	24,239
SASS Net loss allocation		(178	)
Ending Balance April 6, 2026	$	24,061
MIPA		(24,061	)
Ending Balance June 30, 2026	$	-

On March 23, 2026, the Company entered into a definitive agreement, and in April 2026, the Company completed the SASS Disposition pursuant to the MIPA. The Company had recorded its equity method investment in SASS as assets held for sale within its consolidated balance sheets as of December 31, 2025 and March 31, 2026, as discussed in Note 15. As consideration under the MIPA, the Company received a $100 million upfront cash payment and will be eligible to receive (a) a $50 million cash payment upon the earlier achievement of (i) the first subject being enrolled into the second clinical trial of a sulthiame product sponsored by Shionogi, SASS or either of their licensees, sublicensees, or affiliates (each an Earnout Party and collectively, the Earnout Parties) and (ii) U.S. Food and Drug Administration (“FDA”) acceptance of a New Drug Application for a sulthiame product submitted by an Earnout Party and (b) tiered earnout payments equal to mid to low single digit percentage of net sales of certain products arising from SASS intellectual property.

The Company accounted for the disposition of its 50% equity ownership in SASS in accordance with ASC 860, Transfers and Servicing of Financial Assets, as the Company relinquished all ownership interests and effective control over SASS upon closing, and the consideration received does not convey continuing involvement beyond customary contingent payments. Accordingly, the Company accounted for the transaction as a sale, derecognized its equity method investment, and recognized a gain in earnings based on the difference between the consideration received, which includes the contingent milestone-based payment and the sale-based royalties, and the carrying value of the investment at the time of transfer. Prior to the disposition, the Company had accounted for its investment under the equity method. The Company measured the fair value of the additional $50.0 million milestone payment that the Company is eligible to receive, subject to the earlier achievement of a specified clinical development milestone or a specified regulatory milestone at $9.8 million based on a probability-weighted discounted cash flow model as of the date the transaction closed.

The fair value of the sale-based royalty payments was determined to be de minimis as of the closing date and as of June 30, 2026. For subsequent measurement, the Company elected the fair value option under ASC 825-10 to remeasure the contingent milestone payment and the sale-based royalty payments at fair value each reporting period, with changes in fair value recognized in earnings as they arise. The Company remeasured the milestone payment and sales-based royalty payments to their estimated fair value of $9.9 million and $0, respectively, included in contingent assets within the unaudited condensed consolidated balance sheet as of June 30, 2026. The resulting change in fair value of $0.1 million was recorded as other income in the unaudited condensed statement of operations for the three and six months ended June 30, 2026. The corresponding gain on sale of equity method investment of $85.4 million for the three months ended June 30, 2026 reflects the difference between (i) the $100.0 million upfront cash consideration received and the estimated fair value of $9.8 million attributable to the contingent asset associated with the one-time milestone payment and (ii) the investment's carrying value of $24.1 million at April 6, 2026, the date of disposition, net of direct transaction costs incurred of $0.3 million.

In connection with the SASS Disposition, (i) Shionogi, SASS and the Company released Shionogi and SASS, in each case, from all claims with respect to periods prior to the MIPA, subject to certain exceptions, (ii) the Company was removed as a party to the SASS amended and restated limited liability company agreement for all purposes other than in relation to indemnification obligations to directors and officers and certain tax matters and (iii) the ROFN Agreement was terminated other than confidentiality obligations.

DISCONTINUED OPERATIONS (Additional Information) (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
	Apr. 06, 2026	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Disposal Group, Including Discontinued Operations [Line Items]
Recast equity method investment						$ 26.9
loss on equity method investments	$ (24.1)	$ (0.2)	$ (63.8)	$ (2.8)	$ (65.8)

- Definition

Amount of income (loss) for proportionate share of equity method investee's income (loss).

+ References + Details

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 13: http://www.xbrl.org/2003/role/exampleRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Operating LEASE - Schedule of right-of-use assets and operating lease liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets [Abstract]
Operating lease right-of-use assets	$ 714	$ 835
Liabilities
Operating lease liability	265	250
Operating lease liability, net of current	485	623
Present value of operating lease liabilities	$ 750	$ 873

SUBSEQUENT EVENTS (Additional Information) (Details) - USD ($) $ / shares in Units, $ in Millions			6 Months Ended
	Aug. 03, 2026	Jul. 24, 2026	Jun. 30, 2026	Aug. 21, 2026	May 28, 2026	Dec. 31, 2025	Oct. 31, 2023
Subsequent Event [Line Items]
Common stock at a public offering			4,801,823			4,781,256
Common Stock, Shares, Outstanding			4,801,823			4,781,256
Common Stock, Par Value Per Share			$ 0.00001			$ 0.00001
Common Stock, Shares Authorized			51,712,954			45,627,228
Preferred stock, shares authorized			29,557,303		29,557,303
Common stock reserved for issuance			33,405,051
Class A common stock
Subsequent Event [Line Items]
Common stock at a public offering			1,853,155			1,832,588
Common Stock, Shares, Outstanding			1,853,155			1,832,588
Common Stock, Shares Authorized			48,567,709			42,481,983
Class B common stock
Subsequent Event [Line Items]
Common stock at a public offering			2,752,091			2,752,091
Common Stock, Shares, Outstanding			2,752,091			2,752,091
Common Stock, Shares Authorized			2,948,668			2,948,668
Class C common stock
Subsequent Event [Line Items]
Common stock at a public offering			196,577			196,577
Common Stock, Shares, Outstanding			196,577			196,577
Common Stock, Shares Authorized			196,577			196,577
Common Stock [Member]
Subsequent Event [Line Items]
Common Stock, Par Value Per Share							$ 0.00001
Minimum [Member] \| Class A common stock
Subsequent Event [Line Items]
Proceeds from Issuance Initial Public Offering			$ 75.0
Subsequent Event \| Initial Public Offering (IPO) [Member]
Subsequent Event [Line Items]
Public offering price	$ 16
Common stock at a public offering	13,800,000
Common stock, shares sold, shares issued to underwriters	1,800,000
Proceeds from Issuance Initial Public Offering	$ 200.4
Convertible preferred stock	21,143,116
Common Stock, Par Value Per Share	$ 0.00001
Common Stock, Shares Authorized	500,000,000
Preferred stock, par value per share	$ 0.00001
Preferred stock, shares authorized	10,000,000
Subsequent Event \| Initial Public Offering (IPO) [Member] \| Convertible Notes [Member]
Subsequent Event [Line Items]
Convertible debt instrument shares	2,646,838
Subsequent Event \| Initial Public Offering (IPO) [Member] \| Class B common stock
Subsequent Event [Line Items]
Common Stock, Shares, Outstanding	2,040,097
Subsequent Event \| Initial Public Offering (IPO) [Member] \| Class C common stock
Subsequent Event [Line Items]
Common Stock, Shares, Outstanding	145,720
Subsequent Event \| Reverse Stock Split
Subsequent Event [Line Items]
Reverse Stock Split		1.349
Subsequent Event \| Reverse Stock Split \| Maximum [Member]
Subsequent Event [Line Items]
Reverse Stock Split	1.349
Subsequent Event \| 2026 Stock Option and Incentive Plan
Subsequent Event [Line Items]
Common stock reserved for issuance	5,811,181
Subsequent Event \| Employee Stock Purchase Plan
Subsequent Event [Line Items]
Common stock reserved for issuance	558,767
Subsequent Event \| 2026 Inducement Plan
Subsequent Event [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized				2,500,000

REVENUE - RELATED PARTY (Additional Information) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025	Apr. 30, 2026	Dec. 31, 2025	Apr. 30, 2025	Dec. 31, 2024	Oct. 31, 2023
Related Party Transaction [Line Items]
Transaction Price	$ 171,600				$ 171,600			$ 171,500
Deffered Revnue	19,500				19,500			113,100
Deposit Liability, Current							$ 57,100
Initial deposit liability	0				0			57,120
Deferred revenue	0				0			15,244
Equity Method Investment										$ 34,796
net loss	125,935	$ 67,719	$ (69,474)	$ (28,646)	193,654	$ (98,120)
Revenue - related party	12,080		17,110		96,894	20,241
us-gaap:NetIncomeLoss	125,935	$ 67,719	$ (69,474)	$ (28,646)	193,654	(98,120)
Recognized revenue					93,500	$ 17,200
Deferred Revenue, Total	19,500				19,500			$ 113,100
Joint Ownership Agreement And Contribution Agreement [Member]
Related Party Transaction [Line Items]
Initial deposit liability										14,700
Atomoxetine Licensed IP [Member]
Related Party Transaction [Line Items]
Transaction Price									$ 74,400
Deposit Liability, Current										$ 14,700
Initial deposit liability									14,700
Deferred revenue									22,500
Equity Method Investment									$ 37,200
SASS [Member]
Related Party Transaction [Line Items]
Transaction Price	75,000				75,000
Equity Securities, FV-NI											$ 75,000
Deffered Revnue	75,000				75,000
Deferred Revenue, Total	$ 75,000				75,000
Change in Accounting Method Accounted for as Change in Estimate [Member]
Related Party Transaction [Line Items]
net loss					81,300
Revenue - related party					81,300
us-gaap:NetIncomeLoss					$ 81,300
Basic net income (loss) per share					$ 16.94
Diluted net income (loss) per share					$ 2.53

CONVERTIBLE PREFERRED STOCK (Additional Information) (Details) - USD ($) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2026	May 28, 2026
Debt Instrument [Line Items]
Conversion of shares description	(b) the date and time, or the occurrence of an event, specified by a vote or written consent of at least 50% of the holders of shares of Class B Common Stock and Class C Common Stock (voting together, and on an as-converted basis).
Preferred stock, shares authorized	29,557,303	29,557,303
Minimum [Member]
Debt Instrument [Line Items]
Interest Rate	8.00%
Series A Preferred Stock
Debt Instrument [Line Items]
Original issue price and the conversion price	$ 4.7736
Conversion of shares description	the date and time, or the occurrence of an event, specified by a vote or written consent of at least 60% of the holders of shares of Preferred Stock.
Series A-2 Preferred Stock
Debt Instrument [Line Items]
Original issue price and the conversion price	$ 6.3854
Series B Preferred Stock
Debt Instrument [Line Items]
Original issue price and the conversion price	8.8685
Series C-1 Preferred Stock
Debt Instrument [Line Items]
Original issue price and the conversion price	8.8808
Series C-2 Preferred Stock
Debt Instrument [Line Items]
Original issue price and the conversion price	11.101
Series C-3 Preferred Stock
Debt Instrument [Line Items]
Original issue price and the conversion price	11.101
Series D Preferred Stock
Debt Instrument [Line Items]
Original issue price and the conversion price	9.6522
Series D-1 Preferred Stock
Debt Instrument [Line Items]
Original issue price and the conversion price	9.66
Class A common stock
Debt Instrument [Line Items]
Sale of Stock, Price Per Share	$ 19.77
Equity stock split	Immediately prior to the Company's IPO in August 2026, all outstanding shares of Preferred Stock automatically converted into shares of Class A Common Stock on a 1-to-1.349 basis.
Equity stock split conversion ratio	1.349
Class A common stock \| Minimum [Member]
Debt Instrument [Line Items]
Proceeds from Issuance Initial Public Offering	$ 75.0
Class A common stock \| Minimum [Member] \| IPO [Member]
Debt Instrument [Line Items]
Sale of Stock, Price Per Share	$ 19.77

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
CURRENT ASSETS:
Cash and cash equivalents	$ 172,804	$ 41,890
Prepaid research and development	1,407	1,541
Accounts receivable	690	959
Deferred transaction costs	4,779	0
Prepaid assets, other current assets and other assets	5,092	665
Total current assets	184,772	45,055
PROPERTY AND EQUIPMENT, NET	53	66
ASSETS HELD FOR SALE	0	26,893
CONTINGENT ASSET	9,893	0
OPERATING LEASE RIGHT-OF-USE ASSET	714	835
OTHER ASSETS	24	24
TOTAL ASSETS	195,456	72,873
CURRENT LIABILITIES:
Accounts payable	6,598	1,788
Accrued expenses and other current liabilities	9,184	11,026
Operating lease liability	265	250
Short-term deferred revenue	19,531	97,812
Total current liabilities	35,578	110,876
LONG TERM LIABILITIES:
Operating lease liability, net of current	485	623
Convertible notes	39,331	40,646
Debt	40,267	0
Revenue Interest Liability	10,037	0
Deposit liability	0	57,120
Deferred revenue	0	15,244
TOTAL LIABILITIES	125,698	224,509
COMMITMENTS AND CONTINGENCIES (NOTE 7)
STOCKHOLDERS' DEFICIT:
Common stock, $0.00001 par value, 51,712,954 (48,567,709 Class A, 2,948,668 Class B, and 196,577 Class C) shares authorized as of June 30, 2026 and 45,627,228 (42,481,983 Class A, 2,948,668 Class B, and 196,577 Class C) shares authorized as of December 31, 2025; 4,801,823 (1,853,155 Class A, 2,752,091 Class B, and 196,577 Class C) shares issued and outstanding as of June 30, 2026 and 5,420,855 (2,472,187 Class A, 2,752,091 Class B, and 196,577 Class C) shares issued and outstanding as of December 31, 2025.	1	1
Additional paid-in capital	27,508	24,560
Accumulated deficit	(203,690)	(397,344)
Total stockholders' deficit	(176,181)	(372,783)
TOTAL LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' DEFICIT	195,456	72,873
Convertible Preferred Stock [Member]
LONG TERM LIABILITIES:
Convertible Preferred Stock, $0.00001 par value, 29,557,303 and 25,934,116 shares authorized as of June 30, 2026 and December 31, 2025, respectively; 28,522,107 shares issued and outstanding as of June 30, 2026 and December 31, 2025. Liquidation preference of $249,518 and $224,518 as of June 30, 2026 and December 31, 2025, respectively.	$ 245,939	$ 221,147

COMMON STOCK - Schedule of Stock by Class (Details) - shares	Jun. 30, 2026	Dec. 31, 2025
Class of Stock [Line Items]
Common Stock, Shares Authorized	51,712,954	45,627,228
Common Stock, Shares, Issued	4,801,823	4,781,256
Common Stock, Shares, Outstanding	4,801,823	4,781,256
Class A common stock
Class of Stock [Line Items]
Common Stock, Shares Authorized	48,567,709	42,481,983
Common Stock, Shares, Issued	1,853,155	1,832,588
Common Stock, Shares, Outstanding	1,853,155	1,832,588
Class B common stock
Class of Stock [Line Items]
Common Stock, Shares Authorized	2,948,668	2,948,668
Common Stock, Shares, Issued	2,752,091	2,752,091
Common Stock, Shares, Outstanding	2,752,091	2,752,091
Class C common stock
Class of Stock [Line Items]
Common Stock, Shares Authorized	196,577	196,577
Common Stock, Shares, Issued	196,577	196,577
Common Stock, Shares, Outstanding	196,577	196,577

- 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

- Definition

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

+ References

+ Details

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue - related party	$ 12,080	$ 17,110	$ 96,894	$ 20,241
OPERATING EXPENSES:
Research and development	9,900	15,969	18,004	39,425
General and administrative	12,674	5,353	19,180	10,823
Cost of services - related party	1,210	1,724	3,370	3,041
Total operating expenses	23,784	23,046	40,554	53,289
INCOME (LOSS) FROM OPERATIONS	(11,704)	(5,936)	56,340	(33,048)
OTHER INCOME (EXPENSES):
Interest income	970	309	1,188	740
Gain on sale of equity method investment	85,380	0	85,380	0
Gain on reversal of deposit liability	57,120	0	57,120	0
Change in fair value of revenue interest liability	(460)	0	(460)	0
Change in fair value of convertible notes	(796)	0	1,315	0
Other income (expense)	(2,738)	0	(2,738)	0
Total other income	137,817	309	140,146	740
NET INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	126,113	(5,627)	196,486	(32,308)
Income tax expense	0	0	0	0
NET INCOME (LOSS) FROM CONTINUING OPERATIONS	126,113	(5,627)	196,486	(32,308)
Loss from discontinued operations	(178)	(63,847)	(2,832)	(65,812)
NET INCOME (LOSS)	$ 125,935	$ (69,474)	$ 193,654	$ (98,120)
Net income (loss) per share of Class A, Class B and Class C - Basic:
Continuing operations			$ 40.97
Net income (loss) per share of Class A, Class B and Class C - Diluted:
Continuing operations			$ 6.07
Weighted average number of shares, basic	4,797,152	4,754,020	4,795,472	4,751,347
Weighted average number of shares, diluted	32,353,048	4,754,020	32,173,441	4,751,347
Tranche A Term Loan [Member]
OTHER INCOME (EXPENSES):
Change in fair value of Tranche A Term Loan	$ (1,659)	$ 0	$ (1,659)	$ 0
Common Class A [Member]
Net income (loss) per share of Class A, Class B and Class C - Basic:
Continuing operations	$ 26.29	$ (1.18)	$ 40.97	$ (6.8)
Discontinued operations	(0.04)	(13.43)	(0.59)	(13.85)
Basic net income (loss) per share	26.25	(14.61)	40.38	(20.65)
Net income (loss) per share of Class A, Class B and Class C - Diluted:
Continuing operations	3.92	(1.18)	6.07	(6.8)
Discontinued operations	(0.01)	(13.43)	(0.09)	(13.85)
Diluted net income (loss) per share	$ 3.91	$ (14.61)	$ 5.98	$ (20.65)
Weighted average number of shares, basic			1,846,804	1,802,679
Weighted average number of shares, diluted			29,224,773	1,802,679

COMMITMENTS AND CONTINGENCIES

6 Months Ended

Jun. 30, 2026

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

BWH License Agreement—The Company signed an Exclusive Patent License Agreement with the Brigham and Woman’s Hospital, Inc. (“BWH”), now a subsidiary of Mass General Brigham, Inc., on June 19, 2018 (as amended and restated on December 29, 2020 and further amended on July 27, 2023, the “BWH License”). Under the BWH License, the Company is required to make milestone payments up to $8.6 million upon achievement of certain development, regulatory and commercial milestones across three different products including Oxnimbi. Subject to an annual minimum royalty amount that is creditable against royalties earned in the same calendar year for which the minimum royalty is paid, the Company agreed to pay BWH royalties equal to a low single digit percentage of net sales of the products covered by the BWH License and a tiered low double-digit percentage of revenue that the Company receives from sublicensing. If the Company undergoes a change of control, the Company will be required to pay BWH at least $0.3 million and as much as $0.5 million, depending on the patents and patent applications that remain licensed to the Company on the effective date of the change of control.

No fees associated with the agreement with BWH were paid during the six months ended June 30, 2026 and 2025.

Desitin APA— In April 2025, the Company entered into the Desitin APA with Desitin and Cereus, pursuant to which it purchased the Purchased Sulthiame IP and obtained a perpetual, irrevocable exclusive, and fully paid-up license to the Licensed Sulthiame IP. As consideration under the Desitin APA, the Company paid Desitin an upfront amount of $50.0 million. In addition to the upfront $50.0 million, upon achievement of certain development and regulatory milestones, the Company was previously required to pay Desitin up to $85.0 million in the aggregate (the "Milestone Payments"). The Company was also previously required to make certain earnout payments to Desitin based on set percentages of net sales if approved product is achieved. The earnout payments to Desitin, included (i) a sub-teen double-digit percentage of net sales of a product if its only active pharmaceutical ingredient is sulthiame and is covered by a purchased patent (a "Patented Product"), (ii) a high single-digit percentage of net sales of a product containing as its active ingredients both sulthiame and one or more other active ingredients and is covered by a purchased patent (a “Combination Product”) and (iii) a mid-single digit percentage of net sales of a Combination Product indicated for the prevention, treatment or control of obesity hypoventilation syndrome, each subject to reduction in the event of lack of patent protection or generic competition (the “Product Earnout Payments”). During the five-year period following the first commercial launch of any Patented Product or Combination Product (such period, the “Restricted Period”), the Company and its affiliates and licensees were not permitted to market or sell any competing product in countries in which the Company or its affiliates or licensees have effected a commercial launch of such Patented Product or Combination Product. However, the Company and its affiliates, licensees and sublicensees were permitted to market, commercially distribute and sell a competing product in each such country that the selling party determines to be a superior product for commercialization in such country subject to paying Desitin a mid-single digit percentage of net sales of such Competing Product generated during the remainder of the Restricted Period (together with the Product Earnout Payments, the “Earnout Payment”). As discussed in Note 4, the Earnout Payments and the Milestone Payments were assigned to SASS.

Legal Proceedings—The Company is not currently a party to any material legal proceedings that are currently pending or threatened and the Company was not subject to any material legal proceedings during the six months ended June 30, 2026 and 2025. However, from time to time, the Company may become involved in legal proceedings arising in the ordinary course of business. At each reporting date, the Company evaluates whether a potential loss amount or a potential range of loss is probable and reasonably estimable under the provisions of the authoritative guidance that addresses accounting for contingencies. The Company expenses the costs related to its legal proceedings as incurred.

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

6 Months Ended

Jun. 30, 2026

Accrued Liabilities and Other Liabilities [Abstract]

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

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


	June 30, 2026		December 31, 2025
Employee compensation costs	$	3,756	$	6,074
Professional costs		3,597		2,370
Research and development costs		1,308		2,021
Severance		344		475
Other		179		86
Total accrued expenses and other current liabilities	$	9,184	$	11,026

In March 2026 and October 2025, the Company executed separate reduction-in-force plans (“RIFs”) whereby certain positions were terminated. The one-time termination benefits under the RIFs were recorded in accordance with ASC 420, Exit and Disposal Obligations, resulting in severance expense of $0.3 million recorded in research and development expense in the unaudited condensed consolidated statement of operations and comprehensive loss for the six months ended June 30, 2026.

SEGMENT DATA

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

SEGMENT DATA

14.

SEGMENT DATA

The Company defines its segments on the basis of the way in which internally reported financial information is regularly reviewed by the chief operating decision maker ("CODM"), to analyze financial performance, make decisions, and allocate resources. The Company’s CODM is its Chief Executive Officer. The Company manages its operations as a single operating and reportable segment dedicated to the discovery, development and commercialization of novel oral therapies that address the neurobiology of sleep-related breathing diseases. The CODM uses net loss to monitor budget versus actual results and to analyze cash flows in assessing performance of the segment and allocating resources. All business activities are managed on a consolidated basis. As discussed further in Note 10, all revenue - related party recognized during the period has been generated from the SASS joint venture with Shionogi, which includes a combined performance obligation including the exclusive license under the Company's license agreement with SASS, which the Company entered in November 2023, and services to be performed under the MSA in accordance with SASS's research and development plan. The internal reporting of significant segment expenses is based on functional classification. The measure of the operating segment assets is reported on the consolidated balance sheet as total assets. All tangible assets and operations of the Company's sole operating segment are located in the United States.

The following table sets forth the details within the Company’s segment, including significant expenses, certain other segment expenses, and a reconciliation to net income (loss) (in thousands):


	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2026			2025			2026			2025
Revenue - related party	$	12,080		$	17,110		$	96,894		$	20,241
Research and development expenses
Oxnimbi		2,785			10,401			5,520			25,486
Connected wearables		223			216			564			590
Medical affairs		2,447			864			2,785			3,048
Other projects		8			86			22			807
Employee related expenses		4,045			4,052			8,371			8,821
General and administrative expenses
General and administrative		7,049			3,978			11,688			8,240
Commercial marketing		4,826			859			6,114			1,588
Stock-based compensation		1,191			866			2,120			1,668
Cost of services - related party		1,210			1,724			3,370			3,041
Interest income		970			309			1,188			740
Gain on sale of equity method investment		85,380			—			85,380			—
Gain on reversal of deposit liability		57,120			—			57,120			—
Change in fair value of long-term debt		(1,659	)		—			(1,659	)		—
Change in fair value of revenue interest liability		(460	)		—			(460	)		—
Change in fair value of convertible notes		(796	)		—			1,315			—
Other income (expense)		(2,738	)		—			(2,738	)		—
Loss from discontinued operations		(178	)		(63,847	)		(2,832	)		(65,812	)
Net income (loss)	$	125,935		$	(69,474	)	$	193,654		$	(98,120	)

Other projects consist of research and development costs related to certain earlier stage sleep and breathing disease programs. General and administrative expenses include items related to personnel, including bonus and benefit related expenses, legal services, rent and utilities, general consulting services and other office-related expenses.

- Definition

The entire disclosure for segment reporting.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

STOCK-BASED COMPENSATION - Summary Of Stock Option Activity (Details) - Stock Option $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2026 USD ($) $ / shares shares	Dec. 31, 2025 USD ($) $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Shares Outstanding, Beginning Balance \| shares	6,820,263
Granted \| shares	2,714,139
Exercised \| shares	(20,567)
Expired \| shares	(278,856)
Forfeited \| shares	(23,723)
Number of Shares Outstanding, Ending Balance \| shares	9,211,256	6,820,263
Options Exercisable \| shares	5,124,825
Vested and Expected to Vest \| shares	9,211,256
Weighted Average Exercise Price, Beginning Balance \| $ / shares	$ 3.85
Weighted-Average Exercise Price, Granted \| $ / shares	8.15
Weighted Average Exercise Price, Exercised \| $ / shares	2.96
Weighted Average Exercise Price, Expired \| $ / shares	3.55
Weighted Average Exercise Price, Forfeited \| $ / shares	8.85
Weighted Average Exercise Price, Ending Balance \| $ / shares	5.1	$ 3.85
Weighted Average Exercise Price, Exercisable Ending Balance \| $ / shares	2.87
Weighted Average Exercise Price, Vested and Expected to Vest \| $ / shares	$ 5.1
Weighted-Average Remaining Contractual Term in years	6 years 10 months 2 days	6 years 1 month 20 days
Weighted Average Contractual Term, Options Exercisable	4 years 11 months 4 days
Weighted Average Contractual Term, Vested and Expected to Vest	6 years 10 months 2 days
Aggregate Intrinsic Value, Outstanding \| $	$ 63,652
Aggregate Intrinsic Value, Exercised \| $	182
Aggregate Intrinsic Value, Outstanding \| $	28,147	$ 63,652
Aggregate Intrinsic Value, Exercisable \| $	27,096
Aggregate Intrinsic Value, Vested and Expected to Vest \| $	$ 28,147

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Basic and Diluted Net Loss Per Share by Class of Common Stock (Details) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Earning Per Share Basic and Diluted [Line Items]
Weighted average number of shares, basic	4,797,152	4,754,020	4,795,472	4,751,347
Weighted average number of shares, diluted	32,353,048	4,754,020	32,173,441	4,751,347
Earnings per share from continuing operations, basic			$ 40.97
Earnings per share from continuing operations, diluted			6.07
Earnings per share from discontinued operations, basic			(0.59)
Earnings per share from discontinued operations, diluted			$ (0.09)
Class A common stock
Earning Per Share Basic and Diluted [Line Items]
Weighted average number of shares, basic			1,846,804	1,802,679
Weighted average number of shares, diluted			29,224,773	1,802,679
Earnings per share from continuing operations, basic	$ 26.29	$ (1.18)	$ 40.97	$ (6.8)
Earnings per share from continuing operations, diluted	$ 3.92	$ (1.18)	6.07	(6.8)
Earnings per share from discontinued operations, basic			(0.59)	(13.85)
Earnings per share from discontinued operations, diluted			$ (0.09)	$ (13.85)
Class B common stock
Earning Per Share Basic and Diluted [Line Items]
Weighted average number of shares, basic			2,752,091	2,752,091
Weighted average number of shares, diluted			2,752,091	2,752,091
Earnings per share from continuing operations, basic			$ 40.97	$ (6.8)
Earnings per share from continuing operations, diluted			6.07	(6.8)
Earnings per share from discontinued operations, basic			(0.59)	(13.85)
Earnings per share from discontinued operations, diluted			$ (0.09)	$ (13.85)
Class C common stock
Earning Per Share Basic and Diluted [Line Items]
Weighted average number of shares, basic			196,577	196,577
Weighted average number of shares, diluted			196,577	196,577
Earnings per share from continuing operations, basic			$ 40.97	$ (6.8)
Earnings per share from continuing operations, diluted			6.07	(6.8)
Earnings per share from discontinued operations, basic			(0.59)	(13.85)
Earnings per share from discontinued operations, diluted			$ (0.09)	$ (13.85)

STOCK-BASED COMPENSATION (Tables)

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option

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


						Weighted-
				Weighted-		Average		Aggregate
	Options and			Average		Contractual		Intrinsic
	Awards			Exercise		Term		Value
	Outstanding			Price		(In years)		(In thousands)
Outstanding at January 1, 2026		6,820,263		$	3.85		6.14	$	63,652
Granted		2,714,139			8.15
Exercised		(20,567	)		2.96				182
Expired		(278,856	)		3.55
Forfeited		(23,723	)		8.85
Outstanding at June 30, 2026		9,211,256		$	5.10		6.84	$	28,147
Options exercisable at June 30, 2026		5,124,825		$	2.87		4.93	$	27,096
Vested and expected to vest at June 30, 2026		9,211,256		$	5.10		6.84	$	28,147

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

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


	Six Months Ended June 30,
	2026		2025
Research and development	$	742	$	673
General and administrative		1,378		995
Total	$	2,120	$	1,668

STOCK-BASED COMPENSATION (Additional Information) (Details) - USD ($) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2026	Jul. 31, 2017
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized stock-based compensation expense	$ 21.5
Weighted average period recognized	2 years 3 months 3 days
2017 Stock Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted-Average Grant Date Fair Value	$ 5.64
2017 Stock Incentive Plan \| Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized		600,000
2017 Stock Incentive Plan \| Common Class A [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
No of Share Issuance of share awards	0
Options granted Duration	48 months
2017 Stock Incentive Plan \| Common Class A [Member] \| Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
No of Share Issuance of share awards	12,774,442

FAIR VALUE MEASUREMENT

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENT

The following table sets forth the recurring fair value of the Company’s financial assets, allocated into the Level 1, Level 2 and Level 3 hierarchy that were measured at fair value on a recurring basis (in thousands):


	Fair Value Measurements as of June 30, 2026
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds (1)	$	36,476	$	—	$	—	$	36,476
Contingent asset		—		—		9,893		9,893
Total financial assets	$	36,476	$	—	$	9,893	$	46,369
Liabilities:
Long-term debt	$	—	$	—	$	40,267	$	40,267
Revenue interest liability		—		—		10,037		10,037
Convertible notes		—		—		39,331		39,331
Total financial liabilities	$	—	$	—	$	89,635	$	89,635


	Fair Value Measurements as of December 31, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds (1)	$	37,492	$	—	$	—	$	37,492
Total financial assets	$	37,492	$	—	$	—	$	37,492
Liabilities:
Convertible notes	$	—	$	—	$	40,646	$	40,646
Total financial liabilities	$	—	$	—	$	40,646	$	40,646

(1)

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

There were no net unrealized gains or losses on investments as of June 30, 2026 or December 31, 2025. The carrying value of accounts receivable, accounts payable and accrued expenses and other current liabilities approximate their fair values due to the short-term nature of these assets and liabilities.

In September 2025, the Company issued convertible notes (the "Convertible Notes") with a principal amount of $35.0 million (see Note 9). The Company concluded that the Convertible Notes and its related features are within the scope of ASC 825, as a combined financial instrument, and elected the fair value option, where changes in fair value of the Convertible Notes are measured through the consolidated statement of operations until settlement. The Convertible Notes were recorded at their estimated fair value of $35.0 million in the unaudited condensed consolidated balance sheet at inception. The Convertible Notes liability represents a Level 3 measurement within the fair value hierarchy as it has been valued using certain unobservable inputs. These inputs include the underlying fair value of the equity instrument into which the Convertible Notes are convertible. The fair value of the Convertible Notes is based on significant inputs not observable in the market, namely potential financing scenarios, the likelihood of such scenarios, the expected time for each scenario to occur, and the required market rates of return utilized in modeling these scenarios.

The Convertible Notes were recorded at their estimated fair value of $39.3 million within the unaudited condensed consolidated balance sheet as of June 30, 2026. During the three and six months ended June 30, 2026, the Company recorded a loss of $0.8 million and a gain of $1.3 million, respectively, related to the change in estimated fair value of the Convertible Notes. There was no change in fair value attributable to the instrument-specific credit risk.

The Convertible Notes were measured using a probability weighted scenario model. The possible outcomes were identified and a scenario for each outcome was modeled and probability weighted for the likelihood of each respective conversion feature identified in Note 9. The valuation model as of June 30, 2026 includes unobservable assumptions including an estimated discount rate of 44.2%, and estimated volatility of 65.0%.

On April 2, 2026, the Company entered into the Credit Agreement whereby the Lenders advanced $50.0 million related to the Tranche A Term Loan to the Company, net of a $1.0 million discount. In connection with the Credit Agreement, the Company issued warrants to purchase an aggregate of 100,163 shares of the Company’s Class A common stock and is also obligated to remit to the Lenders certain revenue interest payments on net sales of Oxnimbi (the "Revenue Interest"). See Note 16 for defined terms and additional information. The total proceeds received of $49.0 million were allocated between the warrants issued, the Tranche A Term Loan and the Revenue Interest based on the fair value at issuance date. The Tranche A Term Loan, recorded as long-term debt on the unaudited condensed consolidated balance sheet, and Revenue Interest were recorded at their estimated fair values of $38.6 million and $9.6 million, respectively, in the unaudited condensed consolidated balance sheet at April 2, 2026, the issuance date. The fair values were determined using a Monte Carlo simulation model incorporating Level 3 unobservable inputs, including the probability of FDA approval of Oxnimbi, estimated future net revenues, and various settlement scenarios, the likelihood of such scenarios, the

expected time for each scenario to occur, and the required market rates of return utilized in modeling these scenarios. Significant increases or (decreases) in these inputs would generally result in higher (lower) fair value measurement. These inputs are not evaluated in isolation, as changes in one unobservable input may be accompanied by directionally similar or opposite changes in another.

The Tranche A Term Loan and Revenue Interest were recorded at their estimated fair value of $40.3 million and $10.0 million, respectively, within the unaudited condensed consolidated balance sheet as of June 30, 2026. The Company recorded a loss of $1.7 million and $0.5 million related to the change in estimated fair value of the Tranche A Term Loan and the Revenue Interest, respectively, during the three and six months ended June 30, 2026. There was no change in fair value attributable to the instrument-specific credit risk for the three and six months ended June 30, 2026.

On March 23, 2026, the Company entered into a definitive agreement, and in April 2026, the Company completed the SASS Disposition pursuant to the MIPA, as discussed further in Note 4. Upon completion of the SASS Disposition, the Company initially recognized and measured the fair value of the contingent asset representing the potential receipt of an additional $50.0 million milestone payment that the Company is eligible to receive, subject to the earlier achievement of a specified clinical development milestone or a specified based on probability-weighted discounted cash flow model incorporating Level 3 unobservable inputs, including estimated probability and timing of achieving the milestone and discounted present value at a rate reflecting both the time value of money and the counterparty's credit risk. A significant increase (decrease) in the estimated probability of achieving the Milestone would result in a significantly higher (lower) fair value measurement, as fair value scales approximately linearly with the assumed probability of success. A significant increase (decrease) in the estimated time to payment, the risk-free rate, or the counterparty credit spread would result in a lower (higher) fair value measurement, as each lengthens (shortens) the effective discounting period or increases (decreases) the discount rate applied. Because the probability of achievement is derived from industry-wide historical clinical development success rates rather than an asset-specific estimate, actual outcomes for this particular Milestone could differ materially from the probability applied.

The following tables present additional information about level 3 contingent asset, long-term debt, Revenue Interest, and Convertible Notes measured at fair value on a recurring basis (in thousands):


	Fair Value Measurements - Level 3
	Assets		Liabilities
	Contingent asset		Long-term debt		Revenue interest		Convertible notes			Total
Balance as of January 1, 2026	$	—	$	—	$	—	$	40,646		$	40,646
Issuance of contingent asset, long-term debt, and revenue interest		9,777		38,608		9,577		—			57,962
Changes in fair value		116		1,659		460		(1,315	)		920
Balance as of June 30, 2026	$	9,893	$	40,267	$	10,037	$	39,331		$	99,528


	Fair Value Measurements - Level 3
	Assets		Liabilities
	Contingent asset		Long-term debt		Revenue interest		Convertible notes		Total
Balance as of January 1, 2025	$	—	$	—	$	—	$	—	$	—
Issuance of convertible notes		—		—		—		35,000		35,000
Changes in fair value		—		—		—		5,646		5,646
Balance as of December 31, 2025	$	—	$	—	$	—	$	40,646	$	40,646

- Definition

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

+ References

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

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

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

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

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

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

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

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

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

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

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

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

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

+ Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2026	Jun. 30, 2025
OPERATING ACTIVITIES:
us-gaap:NetIncomeLoss	$ 125,935	$ 193,654	$ (98,120)
Loss from discontinued operations	178	2,832	65,812
Stock-based compensation		2,120	1,668
Non-cash lease expense		121	112
Depreciation		13	13
Change in fair value of convertible notes	796	(1,315)	0
Change in fair value of revenue interest liability	460	460	0
Change in fair value of contingent asset	(100)	(116)	0
Debt issuance costs expensed upon issuance of long-term debt recorded using the fair value option		2,845	0
Gain on sale of equity method investment	(85,380)	(85,380)	0
Adjustments to reconcile net loss to net cash used in operating activities:
Prepaid research and development		134	1,332
Accounts receivable		269	160
Prepaid assets, other current assets and other assets		(4,427)	(35)
Accounts payable		2,715	2,279
Accrued expenses and other current liabilities		(2,741)	(6,735)
Deferred revenue		(93,525)	(4,964)
Deposit liability		(57,120)	(7,235)
Operating lease liability		(123)	(109)
Net cash used in operating activities		(37,925)	(45,822)
INVESTING ACTIVITIES:
Transfer fees related to sale of equity method investment		(336)	0
Proceeds from sale of equity method investment		100,000	0
Net cash provided by investing activities		99,664	0
FINANCING ACTIVITIES:
Proceeds from issuance of convertible preferred stock		25,000	16,500
Issuance costs of convertible preferred stock		(208)	(243)
Payment of initial public offering costs		(1,785)	0
Proceeds from issuance of long-term debt and revenue interest liability		48,185	0
Issuance costs of long-term debt and revenue interest liability		(2,845)	0
Proceeds from Issuance of Warrants	767	815	0
Issuance costs of warrants	(48)	(48)	0
Proceeds from exercise of stock options		61	36
Net cash provided by financing activities		69,175	16,293
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		130,914	(29,529)
CASH AND CASH EQUIVALENTS Beginning of period		41,890	68,350
CASH AND CASH EQUIVALENTS End of period	172,804	172,804	38,821
SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES:
Equity method investment obtained in exchange for revenue arrangement (see Note 4)		0	62,236
Deferred transaction costs included in accounts payable and accrued expenses and other current liabilities		2,994	0
Tranche A Term Loan [Member]
OPERATING ACTIVITIES:
Change in fair value long-term debt	$ 1,659	$ 1,659	$ 0

STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' DEFICIT (unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Statement of Stockholders' Equity [Abstract]
Issuance cost of convertible preferred stock				$ 1,785	$ 0
Issuance costs of convertible preferred stock		$ 208	$ 243	(208)	(243)
Issuance Costs of Warrants	$ 48			$ 48	$ 0

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Preferred stock, shares authorized	29,557,303
Preferred stock, shares issued	28,522,107	28,522,107
Preferred stock, shares outstanding	28,522,107	28,522,107
Preferred stock liquidation, Preference value	$ 249,518
Common Stock, Par Value Per Share	$ 0.00001	$ 0.00001
Common Stock, Shares Authorized	51,712,954	45,627,228
Common Stock, Shares, Issued	4,801,823	4,781,256
Common Stock, Shares, Outstanding	4,801,823	4,781,256
Common Class A [Member]
Common Stock, Shares Authorized	48,567,709	42,481,983
Common Stock, Shares, Issued	1,853,155	1,832,588
Common Stock, Shares, Outstanding	1,853,155	1,832,588
Common Class B [Member]
Common Stock, Shares Authorized	2,948,668	2,948,668
Common Stock, Shares, Issued	2,752,091	2,752,091
Common Stock, Shares, Outstanding	2,752,091	2,752,091
Common Class C [Member]
Common Stock, Shares Authorized	196,577	196,577
Common Stock, Shares, Issued	196,577	196,577
Common Stock, Shares, Outstanding	196,577	196,577
Convertible Preferred Stock [Member]
Convertible Preferred Stock	$ 0.00001	$ 0.00001
Preferred stock, shares authorized	29,557,303	25,934,116
Preferred stock liquidation, Preference value	$ 249,518	$ 224,518

FAIR VALUE MEASUREMENT (Tables)

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Schedule of Recurring Fair Value of The Company's Financial Assets


	Fair Value Measurements as of June 30, 2026
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds (1)	$	36,476	$	—	$	—	$	36,476
Contingent asset		—		—		9,893		9,893
Total financial assets	$	36,476	$	—	$	9,893	$	46,369
Liabilities:
Long-term debt	$	—	$	—	$	40,267	$	40,267
Revenue interest liability		—		—		10,037		10,037
Convertible notes		—		—		39,331		39,331
Total financial liabilities	$	—	$	—	$	89,635	$	89,635


	Fair Value Measurements as of December 31, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds (1)	$	37,492	$	—	$	—	$	37,492
Total financial assets	$	37,492	$	—	$	—	$	37,492
Liabilities:
Convertible notes	$	—	$	—	$	40,646	$	40,646
Total financial liabilities	$	—	$	—	$	40,646	$	40,646

(1)

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

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following tables present additional information about level 3 contingent asset, long-term debt, Revenue Interest, and Convertible Notes measured at fair value on a recurring basis (in thousands):


	Fair Value Measurements - Level 3
	Assets		Liabilities
	Contingent asset		Long-term debt		Revenue interest		Convertible notes			Total
Balance as of January 1, 2026	$	—	$	—	$	—	$	40,646		$	40,646
Issuance of contingent asset, long-term debt, and revenue interest		9,777		38,608		9,577		—			57,962
Changes in fair value		116		1,659		460		(1,315	)		920
Balance as of June 30, 2026	$	9,893	$	40,267	$	10,037	$	39,331		$	99,528


	Fair Value Measurements - Level 3
	Assets		Liabilities
	Contingent asset		Long-term debt		Revenue interest		Convertible notes		Total
Balance as of January 1, 2025	$	—	$	—	$	—	$	—	$	—
Issuance of convertible notes		—		—		—		35,000		35,000
Changes in fair value		—		—		—		5,646		5,646
Balance as of December 31, 2025	$	—	$	—	$	—	$	40,646	$	40,646

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

6 Months Ended

Jun. 30, 2026

Accounting Policies [Abstract]

Basis of Presentation

Unaudited interim financial information

Principles of Consolidation

Use of Estimates

Cash Equivalents

Concentration of Credit Risk

Fair Value of Financial Instruments

The three levels of the fair value hierarchy are as follows:

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

Level 2—Quoted prices in markets that are not considered to be active or financial instrument valuations for which all significant inputs are observable, either directly or indirectly; and

Level 3—Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.

Deferred Transaction Costs

Property and Equipment, Net

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


	June 30,			December 31,
	2026			2025
Computers and software	$	23		$	23
Leasehold improvements		94			94
Total		117			117
Accumulated depreciation		(64	)		(51	)
Property and equipment, net	$	53		$	66

Equity Method Investment

Fair Value Option

Common Stock Warrants

Revenue Recognition

Revenue Recognition—The Company accounts for revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”).

Income Taxes

penalties on uncertain tax positions, it would classify them as income tax expense. The tax returns are subject to examination by taxing authorities generally for three years from the filing date.

Discontinued Operations and Held for Sale

Net Income (Loss) per Share


	Weighted average number of shares				Earnings per share from continuing operations				Earnings per share from discontinued operations
For the six months ended June 30, 2026	Basic		Diluted		Basic		Diluted		Basic			Diluted
Class A common stock		1,846,804		29,224,773	$	40.97	$	6.07	$	(0.59	)	$	(0.09	)
Class B common stock		2,752,091		2,752,091	$	40.97	$	6.07	$	(0.59	)	$	(0.09	)
Class C common stock		196,577		196,577	$	40.97	$	6.07	$	(0.59	)	$	(0.09	)
		4,795,472		32,173,441	$	40.97	$	6.07	$	(0.59	)	$	(0.09	)


			Loss per share
For the six months ended June 30, 2025	Weighted average number of shares		From continuing operations			From discontinued operations
Class A common stock		1,802,679	$	(6.80	)	$	(13.85	)
Class B common stock		2,752,091	$	(6.80	)	$	(13.85	)
Class C common stock		196,577	$	(6.80	)	$	(13.85	)
		4,751,347


	Three months ended June 30, 2026		Six months ended June 30, 2026
(in thousands, except share and per share information)
Numerator:
Net income, basic	$	125,935	$	193,654
Less: change in fair value of convertible notes		796		(1,315	)
Net income, diluted	$	126,731	$	192,339
Denominator:
Weighted average common shares outstanding, basic		4,797,152		4,795,472
Redeemable convertible preferred stock		21,143,116		21,143,116
Options to purchase common stock		3,365,195		3,235,803
Convertible notes		2,950,516		2,950,516
Warrants		97,069		48,534
Weighted average common shares outstanding, diluted		32,353,048		32,173,441


	June 30, 2026		June 30, 2025
Redeemable convertible preferred stock		—		19,224,665
Options to purchase common stock		6,118,784		6,551,858
		6,118,784		25,776,523

Recently Issued Accounting Pronouncements Not Yet Adopted

REVENUE - RELATED PARTY

6 Months Ended

Jun. 30, 2026

REVENUE - RELATED PARTY

10.

REVENUE - RELATED PARTY

As discussed in Note 4, upon formation of the joint venture, the Company entered into multiple agreements with SASS. Based on the nature of these agreements, the Company concluded that SASS represented a customer and analyzed the agreements between Apnimed and SASS in accordance with ASC 606. The Company entered into a limited liability agreement with SASS upon formation of the joint venture, granted SASS an exclusive license for intellectual property and know-how related to certain of the Company’s sleep breathing disorder programs, excluding any rights to the Company’s Oxnimbi and AD504 programs, and executed an MSA with SASS. The Company has combined these contracts for the purpose of identifying the underlying obligations as they were negotiated together with a single commercial objective, the purpose of conducting research and development activities to treat, prevent and mitigate OSA and other sleep breathing disorders, the amount of consideration to be paid in one contract depends on the performance of the other contract, the license and option for future services promised in the contracts are a single performance obligation.

The Company evaluated the promised goods and services under the agreements and determined that the agreements included one performance obligation: a combined performance obligation including the exclusive license, know-how and services to be performed under the MSA in accordance with SASS’s research and development plan. These services will be contracted under statements of work between Apnimed and SASS. The Company concluded the promised goods and services represent one combined performance obligation given the highly specialized, proprietary approach and technology, as well as a scientific team with an extensive clinical background in sleep medicine that Apnimed is providing to SASS. The research and development services provided to SASS by Apnimed, under the MSA and Shionogi, under the Shionogi MSA with SASS, on the licenses and IP contributed to SASS are interrelated and interdependent as all are related to the main purpose of SASS which is research and development activities to treat, prevent, and mitigate OSA and other sleep breathing disorders. As such, the promised goods and services are not considered to be distinct within the context of the contract.

The transaction price was determined to be $75.0 million at the time of execution, which represents the fair value of the Company’s equity interest in SASS as of the closing date of the transaction, and as noted above in Note 4, the Company recorded the initial investment of $75.0 million on its consolidated balance sheet and also recorded $75.0 million as deferred revenue. The Company allocated the full transaction price to the combined performance obligation. The Company will recognize the $75.0 million as the Company fulfills its performance obligation to SASS using an input method based on expected costs incurred to provide the MSA services in accordance with SASS’s research and development plan, which in management’s judgment is the best measure of progress towards satisfying the performance obligation as this method provides the most faithful depiction of the entity’s performance in transferring control of the goods and services promised to SASS. The Company expects to fulfill its performance obligation to SASS over five years, the term of the joint venture. The Company will re-evaluate the measure of progress in each reporting period or as new statements of work (“SOWs”) are executed and, if necessary, adjust the measure of progress and related revenue recognition.

As discussed in Note 4, in April 2025, upon the execution of the Joint Ownership Agreement and the Contribution Agreement, the Company reclassified $14.7 million of the initial deposit liability recorded as of December 31, 2024 to deferred revenue using the relative fair value method relating to the Atomoxetine Licensed IP. The rights granted to SASS under the Contribution Agreement were recorded in accordance with ASC 606 and concluded to be modifications of the original SASS revenue arrangement, rather than a separate contract as the goods and services are not distinct from those identified in the original contract, resulting in an increased transaction price of $74.4 million, which is comprised of the value from the deposit liability allocated to the Atomoxetine Licensed IP of $14.7 million, the $22.5 million received from Shionogi allocated to the Atomoxetine Licensed IP, and the value of the Desitin IP recorded as an increase in equity method investment of $37.2 million as discussed in Note 4.

During the six months ended June 30, 2026, the Company revised its estimate of the total expected costs to be incurred to provide the MSA services primarily due to the MIPA discussed in Note 4. As a result of the change in estimate, the measure of progress toward completion of the one performance obligation was adjusted in accordance with ASC 606 under the cumulative catch-up method. The change in accounting estimate resulted in an increase in revenue of $81.3 million, an increase in net income of $81.3 million, an increase in basic net income per share of $16.94 and an increase in diluted income per share of $2.53, in each case for the six months ended June 30, 2026.

The transaction price was $171.6 million and $171.5 million as of June 30, 2026 and December 31, 2025, respectively.

During the six months ended June 30, 2026, the Company recognized revenue of $96.9 million, of which $93.5 million was included in deferred revenue as of the beginning of 2026. During the six months ended June 30, 2025, the Company recognized revenue of $20.2 million, of which $17.2 million was included in deferred revenue as of the beginning of 2025.

Deferred revenue was $19.5 million and $113.1 million as of June 30, 2026 and December 31, 2025, respectively.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

6 Months Ended

Jun. 30, 2026

Accounting Policies [Abstract]

Schedule of Property and Equipment

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


	June 30,			December 31,
	2026			2025
Computers and software	$	23		$	23
Leasehold improvements		94			94
Total		117			117
Accumulated depreciation		(64	)		(51	)
Property and equipment, net	$	53		$	66

Schedule of Basic and Diluted Net Loss Per Share by Class of Common Stock

The components of basic and diluted net loss per share by class of common stock as of are as follows:


	Weighted average number of shares				Earnings per share from continuing operations				Earnings per share from discontinued operations
For the six months ended June 30, 2026	Basic		Diluted		Basic		Diluted		Basic			Diluted
Class A common stock		1,846,804		29,224,773	$	40.97	$	6.07	$	(0.59	)	$	(0.09	)
Class B common stock		2,752,091		2,752,091	$	40.97	$	6.07	$	(0.59	)	$	(0.09	)
Class C common stock		196,577		196,577	$	40.97	$	6.07	$	(0.59	)	$	(0.09	)
		4,795,472		32,173,441	$	40.97	$	6.07	$	(0.59	)	$	(0.09	)


			Loss per share
For the six months ended June 30, 2025	Weighted average number of shares		From continuing operations			From discontinued operations
Class A common stock		1,802,679	$	(6.80	)	$	(13.85	)
Class B common stock		2,752,091	$	(6.80	)	$	(13.85	)
Class C common stock		196,577	$	(6.80	)	$	(13.85	)
		4,751,347

Schedule of Diluted Weighted Average Shares Outstanding

The following table presents the calculation of diluted weighted average common shares outstanding:


	Three months ended June 30, 2026		Six months ended June 30, 2026
(in thousands, except share and per share information)
Numerator:
Net income, basic	$	125,935	$	193,654
Less: change in fair value of convertible notes		796		(1,315	)
Net income, diluted	$	126,731	$	192,339
Denominator:
Weighted average common shares outstanding, basic		4,797,152		4,795,472
Redeemable convertible preferred stock		21,143,116		21,143,116
Options to purchase common stock		3,365,195		3,235,803
Convertible notes		2,950,516		2,950,516
Warrants		97,069		48,534
Weighted average common shares outstanding, diluted		32,353,048		32,173,441

Schedule of Securities Excluded from Computation of Diluted Weighted Average Shares Outstanding

The following table sets forth the outstanding potentially dilutive securities which have been excluded from the computation of diluted weighted average shares outstanding:


	June 30, 2026		June 30, 2025
Redeemable convertible preferred stock		—		19,224,665
Options to purchase common stock		6,118,784		6,551,858
		6,118,784		25,776,523

STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' DEFICIT (unaudited) - USD ($) $ in Thousands	Total	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]
Beginning Balance, (Shares) at Dec. 31, 2024		24,224,663	4,748,644
Beginning Balance at Dec. 31, 2024	$ (248,615)	$ 204,890	$ 1	$ 20,537	$ (269,153)
Stock based compensation	802			802
us-gaap:NetIncomeLoss	(28,646)				(28,646)
Ending Balance, (Shares) at Mar. 31, 2025		24,224,663	4,748,644
Ending Balance at Mar. 31, 2025	(276,459)	$ 204,890	$ 1	21,339	(297,799)
Beginning Balance, (Shares) at Dec. 31, 2024		24,224,663	4,748,644
Beginning Balance at Dec. 31, 2024	(248,615)	$ 204,890	$ 1	20,537	(269,153)
Stock-based compensation	1,668
Proceeds from issuance of convertible preferred stock	16,500
Issuance warrants, net of issuance costs	0
us-gaap:NetIncomeLoss	(98,120)
Ending Balance, (Shares) at Jun. 30, 2025		25,934,116	4,758,835
Ending Balance at Jun. 30, 2025	(345,031)	$ 221,147	$ 1	22,241	(367,273)
Beginning Balance, (Shares) at Mar. 31, 2025		24,224,663	4,748,644
Beginning Balance at Mar. 31, 2025	(276,459)	$ 204,890	$ 1	21,339	(297,799)
Stock based compensation	866			866
Issuance of preferred stock, Share		1,709,453
Proceeds from issuance of convertible preferred stock		$ 16,257
Exercise of stock options, (Share)			10,191
Exercise of stock options	36			36
us-gaap:NetIncomeLoss	(69,474)				(69,474)
Ending Balance, (Shares) at Jun. 30, 2025		25,934,116	4,758,835
Ending Balance at Jun. 30, 2025	(345,031)	$ 221,147	$ 1	22,241	(367,273)
Beginning Balance, (Shares) at Dec. 31, 2025		25,934,116	4,781,256
Beginning Balance at Dec. 31, 2025	(372,783)	$ 221,147	$ 1	24,560	(397,344)
Stock based compensation	929			929
Issuance of preferred stock, Share		2,587,991
Proceeds from issuance of convertible preferred stock		$ 24,792
Exercise of stock options, (Share)			14,824
Exercise of stock options	16			16
us-gaap:NetIncomeLoss	67,719				67,719
Ending Balance, (Shares) at Mar. 31, 2026		28,522,107	4,796,080
Ending Balance at Mar. 31, 2026	(304,119)	$ 245,939	$ 1	25,505	(329,625)
Beginning Balance, (Shares) at Dec. 31, 2025		25,934,116	4,781,256
Beginning Balance at Dec. 31, 2025	(372,783)	$ 221,147	$ 1	24,560	(397,344)
Stock-based compensation	2,120
Proceeds from issuance of convertible preferred stock	25,000
Issuance warrants, net of issuance costs	815
us-gaap:NetIncomeLoss	193,654
Ending Balance, (Shares) at Jun. 30, 2026		28,522,107	4,801,823
Ending Balance at Jun. 30, 2026	(176,181)	$ 245,939	$ 1	27,508	(203,690)
Beginning Balance, (Shares) at Mar. 31, 2026		28,522,107	4,796,080
Beginning Balance at Mar. 31, 2026	(304,119)	$ 245,939	$ 1	25,505	(329,625)
Stock based compensation	1,191			1,191
Exercise of stock options, (Share)			5,743
Exercise of stock options	45			45
Issuance warrants, net of issuance costs	767			767
us-gaap:NetIncomeLoss	125,935				125,935
Ending Balance, (Shares) at Jun. 30, 2026		28,522,107	4,801,823
Ending Balance at Jun. 30, 2026	$ (176,181)	$ 245,939	$ 1	$ 27,508	$ (203,690)

COMMON STOCK (Tables)

6 Months Ended

Jun. 30, 2026

Equity [Abstract]

Schedule of Stock by Class

The breakdown by class as of June 30, 2026 and December 31, 2025, is presented below.


June 30, 2026	Authorized		Issued and Outstanding
Class A common stock		48,567,709		1,853,155
Class B common stock		2,948,668		2,752,091
Class C common stock		196,577		196,577
		51,712,954		4,801,823


December 31, 2025	Authorized		Issued and Outstanding
Class A common stock		42,481,983		1,832,588
Class B common stock		2,948,668		2,752,091
Class C common stock		196,577		196,577
		45,627,228		4,781,256

Schedule of reserved shares of common stock for potential conversion of outstanding Preferred Stock and the exercise of stock options


	June 30, 2026
Redeemable convertible preferred stock		21,143,116
Options to purchase common stock		9,211,256
Convertible Notes		2,950,516
Warrants		100,163
		33,405,051

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

+ References

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

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

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

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-11

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-5

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-3

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-2

Reference 9: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-10

Reference 10: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-8

Reference 11: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

Reference 12: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-6

Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-5

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 15: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
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Reference 16: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-11

+ Details

CONVERTIBLE PREFERRED STOCK - Summary of net proceeds and liquidation preference (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2026	May 28, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
Preferred stock Issued	28,522,107		28,522,107
Gross Proceeds	$ 248,750
Preferred Stock Net Proceeds	245,939
Preferred stock liquidation, Preference value	$ 249,518
Preferred stock, shares outstanding	28,522,107		28,522,107
Preferred stock, shares authorized	29,557,303	29,557,303
Series A Preferred Stock \| June 2018
Debt Instrument [Line Items]
Preferred stock Issued	942,685
Preferred Stock Price	$ 4.7736
Gross Proceeds	$ 4,500
Preferred Stock Net Proceeds	4,177
Preferred stock liquidation, Preference value	$ 5,268
Preferred stock, shares outstanding	942,685
Preferred stock, shares authorized	942,685
Series A Preferred Stock \| July 2018
Debt Instrument [Line Items]
Preferred stock Issued	942,685
Preferred Stock Price	$ 4.7736
Gross Proceeds	$ 4,500
Preferred Stock Net Proceeds	4,177
Preferred stock liquidation, Preference value	$ 4,500
Preferred stock, shares outstanding	942,685
Preferred stock, shares authorized	942,685
Series A Preferred Stock \| January 2019
Debt Instrument [Line Items]
Preferred stock Issued	2,094,855
Preferred Stock Price	$ 4.7736
Gross Proceeds	$ 10,000
Preferred Stock Net Proceeds	9,991
Preferred stock liquidation, Preference value	$ 10,000
Preferred stock, shares outstanding	2,094,855
Preferred stock, shares authorized	2,094,855
Series A Preferred Stock \| August 2019
Debt Instrument [Line Items]
Preferred stock Issued	1,256,913
Preferred Stock Price	$ 4.7736
Gross Proceeds	$ 6,000
Preferred Stock Net Proceeds	5,030
Preferred stock liquidation, Preference value	$ 6,000
Preferred stock, shares outstanding	1,256,913
Preferred stock, shares authorized	1,256,913
Series A Preferred Stock-conversion of outstanding note \| June 2018
Debt Instrument [Line Items]
Preferred stock Issued	160,797
Preferred Stock Price	$ 0
Gross Proceeds	$ 0
Preferred Stock Net Proceeds	0
Preferred stock liquidation, Preference value	$ 0
Preferred stock, shares outstanding	160,797
Preferred stock, shares authorized	160,797
Series A-2 Preferred Stock \| March 2020
Debt Instrument [Line Items]
Preferred stock Issued	2,349,108
Preferred Stock Price	$ 6.3854
Gross Proceeds	$ 15,000
Preferred Stock Net Proceeds	14,903
Preferred stock liquidation, Preference value	$ 15,000
Preferred stock, shares outstanding	2,349,108
Preferred stock, shares authorized	2,349,108
Series B Preferred Stock \| March 2021
Debt Instrument [Line Items]
Preferred stock Issued	2,818,964
Preferred Stock Price	$ 8.8685
Gross Proceeds	$ 25,000
Preferred Stock Net Proceeds	24,862
Preferred stock liquidation, Preference value	$ 25,000
Preferred stock, shares outstanding	2,818,964
Preferred stock, shares authorized	2,818,964
Series C-1 Preferred Stock \| April 2022
Debt Instrument [Line Items]
Preferred stock Issued	4,222,581
Preferred Stock Price	$ 8.8808
Gross Proceeds	$ 37,500
Preferred Stock Net Proceeds	37,104
Preferred stock liquidation, Preference value	$ 37,500
Preferred stock, shares outstanding	4,222,581
Preferred stock, shares authorized	4,222,581
Series C-2 Preferred Stock \| October 2022
Debt Instrument [Line Items]
Preferred stock Issued	2,252,042
Preferred Stock Price	$ 11.101
Gross Proceeds	$ 25,000
Preferred Stock Net Proceeds	24,957
Preferred stock liquidation, Preference value	$ 25,000
Preferred stock, shares outstanding	2,252,042
Preferred stock, shares authorized	2,252,042
Series C-3 Preferred Stock \| December 2022
Debt Instrument [Line Items]
Preferred stock Issued	7,184,033
Preferred Stock Price	$ 11.101
Gross Proceeds	$ 79,750
Preferred Stock Net Proceeds	79,689
Preferred stock liquidation, Preference value	$ 79,750
Preferred stock, shares outstanding	7,184,033
Preferred stock, shares authorized	7,184,033
Series D Preferred Stock \| April 2025
Debt Instrument [Line Items]
Preferred stock Issued	1,709,453
Preferred Stock Price	$ 9.6522
Gross Proceeds	$ 16,500
Preferred Stock Net Proceeds	16,257
Preferred stock liquidation, Preference value	$ 16,500
Preferred stock, shares outstanding	1,709,453
Preferred stock, shares authorized	1,709,453
Series D-1 Preferred Stock \| March 2026
Debt Instrument [Line Items]
Preferred stock Issued	2,587,991
Preferred Stock Price	$ 9.66
Gross Proceeds	$ 25,000
Preferred Stock Net Proceeds	24,792
Preferred stock liquidation, Preference value	$ 25,000
Preferred stock, shares outstanding	2,587,991
Preferred stock, shares authorized	3,623,187

STOCK-BASED COMPENSATION

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Stock Based Compensation

13.

STOCK-BASED COMPENSATION

In July 2017, the Board of Directors adopted the 2017 Stock Incentive Plan (“2017 Plan”), which provides for the issuance of incentive awards and restricted share awards to employees, officers, directors, advisors, and outside consultants for the purchase of up to 600,000 shares of common stock. The 2017 Plan was further amended in March 2020, May 2021, April 2022, October 2022, December 2022, December 2023, March 2024, June 2024, September 2024, December 2024, March 2025, June 2025, September 2025, November 2025, June 2026 to increase the availability for the issuance of awards up to 12,774,442 shares of Class A common stock.

The options granted generally vest over 48 months. Certain stock options and restricted stock awards provide for accelerated vesting on a change in control, as defined in the respective agreement. As of June 30, 2026, no shares were available for issuance under the 2017 Plan.

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


						Weighted-
				Weighted-		Average		Aggregate
	Options and			Average		Contractual		Intrinsic
	Awards			Exercise		Term		Value
	Outstanding			Price		(In years)		(In thousands)
Outstanding at January 1, 2026		6,820,263		$	3.85		6.14	$	63,652
Granted		2,714,139			8.15
Exercised		(20,567	)		2.96				182
Expired		(278,856	)		3.55
Forfeited		(23,723	)		8.85
Outstanding at June 30, 2026		9,211,256		$	5.10		6.84	$	28,147
Options exercisable at June 30, 2026		5,124,825		$	2.87		4.93	$	27,096
Vested and expected to vest at June 30, 2026		9,211,256		$	5.10		6.84	$	28,147

The weighted-average grant date fair value of the options granted during the six months ended June 30, 2026 was $5.64. The Company utilizes estimates and assumptions in determining the fair value of common stock, including equity-based awards. The Company utilized various valuation methodologies in accordance with the framework of the American Institute of Certified Public Accountants Technical Practice Aid, Valuation of Privately Held Company Equity Securities Issued as Compensation, to estimate the fair value of common shares. Each valuation methodology includes estimates and assumptions that require the Company’s judgment. These estimates and assumptions include a number of objective and subjective factors, including external market conditions, the prices at which the Company sold convertible preferred shares, the superior rights and preferences of the convertible preferred shares senior to common shares at the time, and a probability analysis of various liquidity events, such as a public offering or sale of the Company, under differing scenarios. Changes to the key assumptions used in the valuations could result in different fair values of common shares at each valuation date.

Unrecognized stock-based compensation expense related to unvested stock options was approximately $21.5 million as of June 30, 2026, to be recognized over a weighted average period of 2.26 years.

Stock-Based Compensation Expense—The Company recognized the following compensation cost related to employee and non-employee stock-based compensation activity for the periods presented below (in thousands):


	Six Months Ended June 30,
	2026		2025
Research and development	$	742	$	673
General and administrative		1,378		995
Total	$	2,120	$	1,668