0001193125-25-280166 | 10-Q | XBRL Viewer

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Stockholders' Equity - Stock-based Compensation Expenses (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expenses	$ 1,243	$ 822	$ 3,835	$ 2,671
General and Administrative Expense [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expenses	705	526	2,175	1,596
Research and Development Expense [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expenses	$ 538	$ 296	$ 1,660	$ 1,075

- Definition

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

+ References

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+ Details

Income Taxes	9 Months Ended
Sep. 30, 2025
Income Tax Disclosure [Abstract]
Income Taxes	8. Income Taxes As of September 30, 2025 and December 31, 2024, the Company maintained a full valuation allowance on deferred tax assets. The income tax benefit recorded during the three and nine months ended September 30, 2025 and 2024 was for the Company’s estimates for its state research and development tax credits in each given year. In July, 2025, the “One Big Beautiful Bill Act” (the “Act”) was enacted into law. The Act includes changes to U.S. tax law that will be applicable to the Company beginning in fiscal year 2026. These changes include, among others, modifications to capitalization of research and development expenses. We are currently in the process of evaluating the impact of the Act on our Condensed Consolidated Financial Statements.

Income Taxes

9 Months Ended

Sep. 30, 2025

Income Tax Disclosure [Abstract]

Income Taxes

As of September 30, 2025 and December 31, 2024, the Company maintained a full valuation allowance on deferred tax assets. The income tax benefit recorded during the three and nine months ended September 30, 2025 and 2024 was for the Company’s estimates for its state research and development tax credits in each given year.

In July, 2025, the “One Big Beautiful Bill Act” (the “Act”) was enacted into law. The Act includes changes to U.S. tax law that will be applicable to the Company beginning in fiscal year 2026. These changes include, among others, modifications to capitalization of research and development expenses. We are currently in the process of evaluating the impact of the Act on our Condensed Consolidated Financial Statements.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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+ Details

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 56,869	$ 34,097
Marketable securities	138,058	73,525
Prepaid expenses	1,375	939
Other current assets	1,997	867
Total current assets	198,299	109,428
Operating lease right-of-use assets	741	915
Property, equipment and leasehold improvements, net	213	157
Other non-current assets	103	243
Finance lease right-of-use assets	0	157
Total assets	199,356	110,900
Current liabilities:
Accounts payable	2,709	3,414
Accrued expenses	6,036	6,810
Operating lease liabilities	296	254
Finance lease liabilities	0	31
Total current liabilities	9,041	10,509
Operating lease liabilities	527	747
Total liabilities	9,568	11,256
Commitments and contingencies (Note 12)
Stockholders’ equity:
Preferred stock: $0.001 par value; 5,000,000 shares authorized at September 30, 2025 and December 31, 2024: no shares issued or outstanding at september 30, 2025 and December 31, 2024.
Common stock: $0.001 par value: 200,000,00 shares authorized at September 30, 2025 and December 31, 2024; and 128,215,113 and 93,602,631 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively.	128	94
Additional paid-in capital	511,118	386,534
Accumulated other comprehensive income	30	61
Accumulated deficit	(321,488)	(287,045)
Total stockholders’ equity	189,788	99,644
Total liabilities and stockholders’ equity	$ 199,356	$ 110,900

Segments - Schedule of Reportable Segment Loss (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2025

Sep. 30, 2024

Sep. 30, 2025

Sep. 30, 2024

Segment Reporting Information [Line Items]

Chronic cough in IPF clinical trial expense

$ 822

$ 4,592

$ 6,743

$ 11,116

Refractory chronic cough clinical trial expense

119

2,035

1,371

4,642

Clinical trial material

4,304

713

5,622

3,875

Other clinical trials and studies

^[1]

780

908

1,344

2,245

Other clinical development expenses

^[2]

1,549

1,217

4,827

2,969

Employee compensation (excluding stock compensation expense)

3,041

2,284

8,816

6,716

Stock-based compensation expense

1,243

822

3,835

2,671

Other segment items

^[3]

2,045

1,497

6,518

5,021

Interest income, net

(2,101)

(826)

(4,633)

(2,759)

Net loss

$ 11,802

$ 13,242

$ 34,443

$ 36,496

[1]	Includes expense related to the Company’s drug-drug interaction study, human abuse potential study, Phase 2 CANAL trial of Haduvio for the treatment of chronic cough in patients with IPF, and Phase 2b/3 PRISM trial of Haduvio for the treatment of prurigo nodularis.
[2]	Includes expense related to general research and development activities, regulatory, medical affairs, and quality assurance.
[3]	Includes general administrative expense, interest expense, net, other (expense) income, net and income tax benefit.

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2025	Dec. 31, 2024
Statement Of Financial Position [Abstract]
Preferred Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Preferred Stock, Shares Authorized	5,000,000	5,000,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Common Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Common Stock, Shares Authorized	200,000,000	200,000,000
Common Stock, Shares, Issued	128,215,113	93,602,631
Common Stock, Shares, Outstanding	128,215,113	93,602,631

Segments (Tables)

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Schedule of Reportable Segment Loss

The following table presents reportable segment loss, including significant expense categories, attributable to the Company’s reportable segment for the periods presented:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Chronic cough in IPF clinical trial expense	$	822		$	4,592		$	6,743		$	11,116
Refractory chronic cough clinical trial expense		119			2,035			1,371			4,642
Clinical trial material		4,304			713			5,622			3,875
Other clinical trials and studies 1		780			908			1,344			2,245
Other clinical development expenses 2		1,549			1,217			4,827			2,969
Employee compensation (excluding stock compensation expense)		3,041			2,284			8,816			6,716
Stock-based compensation expense		1,243			822			3,835			2,671
Other segment items 3		2,045			1,497			6,518			5,021
Interest income, net		(2,101	)		(826	)		(4,633	)		(2,759	)
Net loss	$	11,802		$	13,242		$	34,443		$	36,496

(1) Includes expense related to the Company’s drug-drug interaction study, human abuse potential study, Phase 2 CANAL trial of Haduvio for the treatment of chronic cough in patients with IPF, and Phase 2b/3 PRISM trial of Haduvio for the treatment of prurigo nodularis.

(2) Includes expense related to general research and development activities, regulatory, medical affairs, and quality assurance.

(3) Includes general administrative expense, interest expense, net, other (expense) income, net and income tax benefit.

Leases - Schedule of Information Related to Lease Expenses (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Leases [Abstract]
Operating lease expense	$ 86	$ 85	$ 257	$ 256
Finance lease expense	0	12	12	36
Total lease expense	$ 86	$ 97	$ 269	$ 292

Stockholders' Equity - Warrant Activity Including Activity Related To Pre-funded Warrants (Detail)	9 Months Ended
	Sep. 30, 2025 $ / shares shares
Pre-funded Warrants [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Outstanding, Beginning	23,211,642
Exercised	(5,962,694)
Outstanding, Ending	17,248,948
Common Stock Warrant [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Outstanding, Beginning	9,703,704
Exercised	(7,851,852)
Outstanding, Ending	1,851,852
Warrant [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Outstanding, Beginning	32,915,346
Exercised	(13,814,546)
Outstanding, Ending	19,100,800
Weighted Average Exercise Price
Outstanding, Beginning \| $ / shares	$ 0.40
Exercised \| $ / shares	1.37
Outstanding, Ending \| $ / shares	$ 0.13

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2025
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited interim Condensed Consolidated Financial Statements for the three and nine months ended September 30, 2025 and 2024 included herein have been prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”) for interim financial information and the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim information. Certain information and footnote disclosures typically prepared in accordance with GAAP have been condensed or omitted pursuant to SEC rules and regulations. The accompanying unaudited Condensed Consolidated Financial Statements and notes should be read in conjunction with the audited Consolidated Financial Statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. The accompanying Condensed Consolidated Financial Statements include the accounts of Trevi Therapeutics, Inc. and its wholly-owned subsidiary Trevi Therapeutics Limited. Intercompany balances and transactions have been eliminated. All amounts presented are in thousands of dollars, except share and per share amounts, unless noted otherwise. The Company has evaluated events occurring subsequent to September 30, 2025 for potential recognition or disclosure in the Condensed Consolidated Financial Statements and concluded there were no subsequent events that required recognition or disclosure. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of the expenses during the reporting periods. Significant estimates and assumptions reflected in these Condensed Consolidated Financial Statements include but are not limited to the recognition of research and development (“R&D”) expenses, the valuation of stock-based awards and the valuation allowance for deferred tax assets. In addition, management’s assessment of the Company’s ability to continue as a going concern involves the estimation of the amount and timing of future cash inflows and outflows. Changes in estimates are recorded in the period in which they become known. Actual results could differ from those estimates. Unaudited Interim Financial Information The accompanying interim Condensed Consolidated Balance Sheet as of September 30, 2025 and the Condensed Consolidated Statements of Comprehensive Loss, the Condensed Consolidated Statements of Stockholders’ Equity and the Condensed Consolidated Statements of Cash Flows for the three and nine months ended September 30, 2025 and 2024 are unaudited. The unaudited interim Condensed Consolidated Financial Statements have been prepared on the same basis as the audited annual Consolidated Financial Statements and, in the Company’s opinion, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statements of its financial position as of September 30, 2025 and the results of its operations and its cash flows for the three and nine months ended September 30, 2025 and 2024. The results for the three and nine months ended September 30, 2025 and 2024 are not necessarily indicative of results to be expected for the year ending December 31, 2025 or any other interim period or any future year or period. Concentrations of Credit Risk and Off-Balance Sheet Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents and marketable securities. Periodically, the Company may maintain deposits in financial institutions in excess of government insured limits. Management believes that the Company is not exposed to significant credit risk as the Company’s 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’s marketable securities potentially subject the Company to concentrations of credit risk. The Company's cash management and investment policy limits investment instruments to investment-grade securities with the objective to preserve capital and to maintain liquidity until the funds can be used in business operations. The Company has no off-balance sheet risk, such as foreign exchange contracts, option contracts, or other foreign-hedging arrangements. Cash Equivalents The Company classifies short-term, highly liquid investments with an original term of three months or less at the date of purchase as cash equivalents. Marketable Securities The Company generally invests its excess cash in money market funds and investment grade short- to intermediate-term fixed income securities. Such investments are included in cash and cash equivalents or marketable securities on the Condensed Consolidated Balance Sheets. Marketable securities with an original maturity date greater than 90 days at each balance sheet date are classified as short-term. Marketable securities are classified as current assets as these investments are intended to be available to the Company for use in funding current operations. All of the Company’s marketable securities are considered available-for-sale and are reported at fair value. For securities with unrealized gains and losses, when the Company expects to receive cash flows sufficient to recover the amortized cost basis of a security, such gains and losses are included in accumulated other comprehensive income (loss) as a component of stockholders’ equity. Credit losses are identified when the Company does not expect to receive cash flows sufficient to recover the amortized cost basis of a security. In the event of a credit loss, only the amount associated with the credit loss is recognized in interest income, net on the Condensed Consolidated Statements of Comprehensive Loss. The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity, which is included in interest income, net on the Condensed Consolidated Statements of Comprehensive Loss. Realized gains and losses, if any, on marketable securities are included in interest income, net on the Condensed Consolidated Statements of Comprehensive Loss. The cost of securities sold is determined using specific identification. The Company evaluates whether declines in the fair values of its marketable securities below their amortized cost are credit losses on a quarterly basis. This evaluation consists of several qualitative and quantitative factors such as the extent to which the fair value is less than the amortized cost basis and the issuer’s financial condition. Additionally, declines in value are evaluated in order to assess whether the decline is other than temporary. In order to perform this evaluation, the Company assesses whether it has plans to sell the marketable security or whether it is more likely than not that it will be required to sell any marketable securities before recovery of its amortized cost basis. Factors considered include quoted market prices, recent financial results and operating trends, implied values from any recent transactions or offers of investee securities, credit quality of debt instrument issuers, other publicly available information that may affect the value of the marketable security, duration and severity of the decline in value, and the Company’s strategy and intentions for holding the marketable security. Fair Value Measurements The Company’s financial instruments have consisted of cash and cash equivalents, available-for-sale marketable securities, other current assets, accounts payable, accrued expenses, and warrants to acquire the Company’s common stock. Fair value estimates of these instruments are made at a specific point in time, based on relevant market information. The carrying amounts of cash and cash equivalents, other current assets, accounts payable and accrued expenses are generally considered to be representative of their respective fair values because of the short-term nature of those instruments. Available-for-sale marketable securities are reported at their fair values, based upon pricing of securities with the same or similar investment characteristics as provided by third-party pricing services, as described below. The warrants to acquire the Company’s common stock are not required to be accounted for at fair value. Current accounting guidance defines fair value, establishes a framework for measuring fair value in accordance with Accounting Standards Codification (“ASC”) 820, Fair Value Measurements and Disclosures, and requires certain disclosures about fair value measurements. The valuation techniques included in the guidance are based on observable and unobservable inputs. Observable inputs reflect readily obtainable data from independent sources, while unobservable inputs reflect market assumptions and are classified into the following fair value hierarchy: Level 1—Observable inputs—quoted prices in active markets for identical assets and liabilities. Level 2—Observable inputs other than the quoted prices in active markets for identical assets and liabilities—such as quoted prices for similar instruments, quoted prices for identical or similar instruments in inactive markets, or other inputs that are observable or can be corroborated by observable market data. Level 3—Unobservable inputs—includes amounts derived from valuation models where one or more significant inputs are unobservable and require the company to develop relevant assumptions. Valuation Techniques - Level 2 Inputs The Company estimates the fair values of its financial instruments categorized as level 2 in the fair value hierarchy, including U.S. treasury securities, U.S. government agency obligations, corporate bonds, commercial paper, asset-backed securities and municipal bonds, by taking into consideration valuations obtained from third-party pricing services. The pricing services use industry standard valuation models, including both income- and market-based approaches, for which all significant inputs are observable, either directly or indirectly, to estimate fair value. These inputs include reported trades of and broker/dealer quotes on the same or similar securities, benchmark yields, issuer credit spreads, benchmark securities, and other observable inputs. The Company obtains a single price for each financial instrument and does not adjust the prices obtained from the pricing service. Property, Equipment and Leasehold Improvements Property, equipment and leasehold improvements (consisting of furniture, computer and office equipment and leasehold improvements) are stated at cost, net of accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the respective assets (three years for computer equipment, five years for furniture and office equipment, and the shorter of the term of the lease or useful life for leasehold improvements). Impairment of Long-Lived Assets The Company continually evaluates whether events or circumstances have occurred that indicate that the estimated remaining useful life of its long-lived assets may warrant revision or that the carrying value of these assets may be impaired. The Company has not recognized any significant impairment charges from inception through September 30, 2025. Foreign Currency Transactions The Company, at times, contracts with vendors and consultants outside of the U.S., resulting in liabilities denominated in foreign currency. The transactions are recorded in U.S. dollars on the transaction dates and any currency fluctuation through the payment date is recorded as currency gains or losses in other income, net in the Condensed Consolidated Statements of Comprehensive Loss. Deferred Offering Costs The Company capitalizes certain legal, professional, accounting and other third-party fees that are directly associated with in-process equity financings as deferred offering costs until such financings are consummated. After consummation of an equity financing, these costs are recorded in stockholders’ equity as a reduction of additional paid-in capital generated as a result of the financings. Should an in-process equity financing no longer be considered probable of being consummated, the deferred offering costs are expensed immediately as a charge to general and administrative expenses. The deferred offering costs are included in Other current assets and Other non-current assets on the Condensed Consolidated Balance Sheets. Research and Development (“R&D”) Expenses All of the Company’s R&D expenses consist of expenses incurred in connection with the development of Haduvio. These expenses include certain payroll and personnel expenses, including stock-based compensation, consulting costs, contract manufacturing costs and fees paid to contract research organizations (“CROs”) to conduct certain R&D activities on the Company’s behalf. The Company expenses both internal and external R&D expenses as they are incurred. The Company has entered into agreements with CROs, contract manufacturing organizations (“CMOs”) and other companies that provide services in connection with the Company’s R&D activities. The value of goods and services received from CROs and CMOs in the reporting period are estimated based on the level of services performed, progress of the studies, including the phase or completion of events, timing of payments made and contracted costs. The estimated costs of R&D provided, but not yet invoiced, are included in accrued expenses on the Condensed Consolidated Balance Sheets. If the actual timing of the performance of services or the level of effort varies from the original estimates, the Company will adjust the accrual accordingly. Payments made to CROs, CMOs and other companies under these arrangements in advance of the performance of the related services are recorded as prepaid expenses or as other current assets on the Condensed Consolidated Balance Sheets, as applicable, and are recognized as expenses as the goods are delivered or the related services are performed. Patent Costs All patent-related costs in connection with filing and prosecuting patent applications are expensed to general and administrative expense as incurred, as recoverability of such expenditures is uncertain. Warrants The Company determines the accounting classification of warrants that are issued, as either liability or equity, by first assessing whether the warrants meet liability classification in accordance with ASC 480, Distinguishing Liabilities from Equity (“ASC 480”), and then in accordance with ASC 815, Derivatives and Hedging (“ASC 815”), depending on the specific terms of the warrant. Under ASC 480, warrants are considered liability classified if the warrants are mandatorily redeemable, obligate the issuer to settle the warrants or the underlying shares by paying cash or other assets, or must or may require settlement by issuing variable number of shares. If the warrants do not meet liability classification under ASC 480, the Company assesses the requirements under ASC 815, 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, in order to conclude equity classification, the Company assesses whether the warrants are indexed to its common stock and whether the warrants are classified as equity under ASC 815 or other applicable GAAP. After all relevant assessments are made, the Company concludes whether the warrants are classified as liability or equity. Liability classified warrants are required to be accounted for at fair value both on the date of issuance and on subsequent accounting period ending dates, with all changes in fair value after the issuance date recorded in the statements of comprehensive loss as a gain or loss. For equity classified warrants, no changes in fair value are recognized after the issuance date. Stock-Based Compensation The Company accounts for stock-based compensation arrangements with employees and non-employees for consultancy services in accordance with ASC 718, Stock Compensation (“ASC 718”). ASC 718 requires the recognition of compensation expense, using a fair-value based method, for costs related to all stock-based awards including stock options. The Company’s determination of the fair value of stock-based awards on the date of grant utilizes the Black-Scholes valuation model for stock options with time-based and performance-based vesting and is impacted by the price of its common stock as well as changes in assumptions regarding a number of subjective variables. These variables include the expected term that stock options will remain outstanding, expected common stock price volatility over the term of the stock options, risk-free interest rates and expected dividends. Changes in the variables can materially affect the fair value and ultimately how much stock-based compensation expense is recognized. These inputs are subjective and generally require analysis and judgment to develop. Expected Term—The expected term assumption represents the weighted average period that the stock-based awards are expected to be outstanding. The Company has elected to use the “simplified method” for estimating the expected term of its stock options, whereby the expected term equals the arithmetic average of the vesting term and the original contractual term of the stock option. Expected Volatility—For all stock options granted to date, the volatility data was estimated based on a study of publicly traded industry peer companies. For purposes of identifying these peer companies, the Company considered the industry, stage of development, size and financial leverage of potential comparable companies. Expected Dividend—The Black-Scholes valuation model calls for a single expected dividend yield as an input. The Company currently has no history or expectation of paying cash dividends on its common stock. Risk-Free Interest Rate—The risk-free interest rate is based on the yield available on U.S. Treasury zero-coupon issues similar in duration to the expected term of the stock-based award. The fair value is recognized over the period during which an optionee is required to provide services in exchange for the stock option, known as the requisite service period (usually the vesting period) on a straight-line basis. For performance-based vesting, the fair value is recognized when it is probable the performance conditions will be achieved. The Company reassesses the probability of achieving the performance conditions at each reporting date. Forfeitures are accounted for as they occur. Income Taxes The Company accounts for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are determined based on differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. Deferred income tax assets are reduced, as necessary, by a valuation allowance when management determines it is more likely than not that some or all of the tax benefits will not be realized. The Company applies the provisions of ASC 740, Income Taxes, (“ASC 740”), which prescribes a comprehensive model for how a company should recognize, measure, present and disclose in its financial statements uncertain tax positions that the company has taken or expects to take on a tax return. These Condensed Consolidated Financial Statements reflect expected future tax consequences of such positions presuming the taxing authorities possess full knowledge of the position and all relevant facts. There are no material uncertainties regarding the tax positions that the Company has taken through September 30, 2025 and December 31, 2024. The Company does not have any interest or penalties accrued related to tax positions as it does not have any unrecognized tax benefits. Leases Under ASC 842, Leases, the Company determines if an arrangement is a lease at its inception. Leases are classified as either operating or finance, based on the Company’s evaluation of certain criteria. If a lease has a term greater than one year, the lease is recognized in the balance sheet as a right-of-use asset and a lease liability at lease commencement. The Company elected the short-term lease practical expedient, therefore, if a lease has a term less than one year, the Company will not recognize the lease on its balance sheet. The right-of-use asset represents the Company’s right-of-use to an underlying asset for the term of the lease and the lease liability represents the Company’s obligation to make lease payments arising from the lease. If the Company’s leases do not provide an implicit rate within the lease, the Company uses its incremental borrowing rate, based on information available at the commencement date of the lease to determine the present value of the lease payments. Operating lease right-of-use assets and operating lease liabilities are determined and recognized on the commencement date of the lease based on the present value of lease payments over the term of the lease. For operating leases, rent expense is recognized on a straight-line basis over the term of the lease, and right-of-use assets are subsequently re-measured to reflect the effect of uneven lease payments. For finance leases, right-of-use assets are amortized on a straight-line basis over the shorter of the lease term or the useful life of the underlying asset. Expenses for finance leases include the amortization of right-of-use assets, which is recorded as depreciation and amortization expense, and interest expense, which reflects interest accrued on the lease liability. Basic and Diluted Net Loss per Common Share Basic and diluted net loss per common share outstanding is determined by dividing net loss by the weighted average common shares outstanding during the period. Basic shares outstanding includes the weighted average effect of the Company’s outstanding pre-funded warrants, the exercise of which requires little or no consideration for the delivery of shares of common stock. For all periods presented, shares issuable upon exercise of stock options and warrants to purchase shares of common stock (other than pre-funded warrants) have been excluded from the calculation because their effects would be anti-dilutive. Therefore, the weighted average common shares used to calculate both basic and diluted net loss per share are the same for each of the periods presented. Segments The Company has one reportable segment which is also the Company’s only operating segment. Management uses one measurement of profitability and does not segregate its business for internal reporting. Comprehensive Loss Comprehensive loss represents the net change in stockholders’ equity during a period from sources other than transactions with stockholders. As reflected in the accompanying Condensed Consolidated Statements of Comprehensive Loss, our comprehensive loss is comprised of net losses and unrealized gains and losses on marketable securities. Recently Adopted Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires quarterly disclosure of segment expenses if they are (i) significant to the segment, (ii) regularly provided to the chief operating decision maker (“CODM”) and (iii) included in each reported measure of a segment’s profit or loss. In addition, this ASU requires an annual disclosure of the CODM’s title and a description of how the CODM uses the segment’s profit/loss measure to assess segment performance and to allocate resources. The Company adopted this accounting standard for the fiscal year beginning on January 1, 2024 and it has resulted in incremental disclosures within the footnotes to the Company’s Consolidated Financial Statements. Recently Issued Accounting Pronouncements In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses, which requires disaggregation and disclosure of specified information about certain costs and expenses in the notes to the financial statements. The standard is effective for fiscal years beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2024-03. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which requires entities to disclose disaggregated information about their effective tax rate reconciliation as well as expanded information on income taxes paid by jurisdiction. We expect to adopt ASU 2023-09 prospectively. As the standard impacts disclosures only, we do not expect the adoption to have a material impact on our consolidated financial statements.

Fair Value Measurements - Schedule of Financial Assets and Financial Liabilities Measured at Fair Value on Recurring Basis (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Financial assets:
Total assets	$ 193,855	$ 106,609
Corporate Bonds [Member]
Financial assets:
Marketable securities	32,629	18,941
U.S. Treasury Securities [Member]
Financial assets:
Marketable securities	42,176	22,851
U.S. Government Agency Securities [Member]
Financial assets:
Marketable securities	7,542	11,423
Commercial Paper [Member]
Financial assets:
Cash equivalents		4,479
Marketable securities	43,591	13,000
Asset Backed Securities [Member]
Financial assets:
Marketable securities	12,120	7,310
Level 1 [Member]
Financial assets:
Total assets	55,797	28,605
Level 2 [Member]
Financial assets:
Total assets	138,058	78,004
Level 2 [Member] \| Corporate Bonds [Member]
Financial assets:
Marketable securities	32,629	18,941
Level 2 [Member] \| U.S. Treasury Securities [Member]
Financial assets:
Marketable securities	42,176	22,851
Level 2 [Member] \| U.S. Government Agency Securities [Member]
Financial assets:
Marketable securities	7,542	11,423
Level 2 [Member] \| Commercial Paper [Member]
Financial assets:
Cash equivalents		4,479
Marketable securities	43,591	13,000
Level 2 [Member] \| Asset Backed Securities [Member]
Financial assets:
Marketable securities	12,120	7,310
Money Market Funds [Member]
Financial assets:
Cash equivalents	55,797	28,605
Money Market Funds [Member] \| Level 1 [Member]
Financial assets:
Cash equivalents	$ 55,797	$ 28,605

Collaborative and Licensing Agreements

9 Months Ended

Sep. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Collaborative and Licensing Agreements

11.

Collaborative and Licensing Agreements

The Company enters into collaborative and licensing agreements with pharmaceutical companies to in-license, develop, manufacture and/or market products that fit within its business strategy.

Endo, Inc.

In May 2011, the Company entered into an agreement with Penwest Pharmaceuticals Co., which subsequently merged into its parent, Endo, Inc., formerly known as Endo Pharmaceuticals Inc. and which has since been acquired by Mallinckrodt plc (“Endo”), for an exclusive worldwide sublicensable license under certain patent rights and know-how controlled by Endo to develop and commercialize products incorporating nalbuphine hydrochloride in any formulation, including an extended-release formulation such as Haduvio, in all fields and for any use.

Under the license agreement, the Company paid Endo a non-creditable, non-refundable upfront license fee. The Company may also become obligated to make milestone payments to Endo of $0.3 million, which would become due upon the successful completion of the first Phase 3 clinical trial of a licensed product candidate, and $0.8 million, which would become due upon the marketing approval of a licensed product in the U.S., and to pay royalties based on net sales of the licensed products by the Company, its affiliates and sublicensees. In addition, the Company is obligated to pay Endo a low-to-mid double-digit percentage of certain income it receives from sublicensees, based on the date of the definitive agreement under which the sublicense was granted.

The Company’s royalty obligation with respect to each licensed product in each country commences upon the first commercial sale of the product in that country and extends until the later of the expiration, unenforceability or invalidation of the last valid claim of any licensed patent or application covering the licensed product in the country or the expiration of 10 years after the first commercial sale of the licensed product in the country, which period is referred to as the royalty term. Upon the expiration of the royalty term for a product in a country, the Company is thereafter obligated to pay a low single-digit know-how and trademark royalty.

Under the agreement, the Company has granted Endo a non-exclusive, royalty-free (except for pass-through payments to third parties), sublicensable license under its relevant patent rights to use any improvement the Company makes to Endo’s controlled release technology for any product other than the products under which it is licensed by Endo.

Both the Company and Endo have the right to terminate the agreement if the other party materially breaches the agreement and fails to cure the breach within specified cure periods. Endo also has the right to terminate in the event the Company undergoes specified bankruptcy, insolvency or liquidation events. The Company has the right to terminate the agreement at its convenience at any time on 180 days’ notice to Endo. Additionally, if the Company or any of the Company’s sublicensees challenge the validity or enforceability of any licensed patent rights covering a licensed product and that challenge is not terminated within a specified period, the agreement will immediately terminate and all licenses granted under the agreement shall be revoked.

Upon termination of the agreement, the Company must transfer to Endo all regulatory filings and approvals relating to the development, manufacture or commercialization of the licensed products and all trademarks, other than the Company’s corporate trademarks, then being used in connection with the licensed products. If the agreement is terminated under certain specified circumstances, the Company will be deemed to have granted Endo a perpetual, royalty-free (except for pass-through payments to third parties), worldwide, exclusive, sublicensable license under any improvements the Company made to the licensed know-how and any related patent rights the Company has to manufacture and commercialize the licensed products.

Net Loss per Share

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Net Loss per Share

The following table summarizes the computation of basic and diluted net loss per share attributable to common stockholders of the Company:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Net loss	$	(11,802	)	$	(13,242	)	$	(34,443	)	$	(36,496	)
Weighted average common shares used in net loss per share attributable to common stockholders, basic and diluted		145,104,986			101,282,228			131,122,754			100,616,111
Basic and diluted net loss per common share outstanding	$	(0.08	)	$	(0.13	)	$	(0.26	)	$	(0.36	)

Basic shares outstanding includes the weighted average effect of the Company’s pre-funded warrants from the date of issuance, the exercise of which requires little or no consideration for the delivery of shares of common stock. As of September 30, 2025 and December 31, 2024, the Company had pre-funded warrants to purchase 17,248,948 and 23,211,642 shares of common stock, respectively, which were issued in the April 2022 Private Placement and the September 2022 Offering, which warrants are included in the weighted average common shares used in calculating the net loss per share attributable to common stockholders, basic and diluted, for each of the three and nine months ended September 30, 2025 and 2024.

The Company’s potential dilutive securities, which include stock options and warrants that are not pre-funded, have been excluded from the computation of diluted net loss per share attributable to common stockholders whenever the effect of including them would be to reduce the net loss per share. In periods where there is a net loss, the weighted average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same. The following potential common shares, presented based on shares outstanding as of September 30, 2025 and 2024, respectively, were excluded from the calculation of diluted net loss per share attributable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect:


	Shares as of September 30,
	2025		2024
Stock Options		9,444,413		7,940,468
Warrants		1,851,852		9,703,704
Total potential common shares		11,296,265		17,644,172

Segments - Additional Information (Details)	9 Months Ended
Segments - Additional Information (Details)	Sep. 30, 2025 Segment
Segment Reporting [Abstract]
Number of operating segment	1
Number of reporting segment	1
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	srt:ChiefExecutiveOfficerMember, srt:PresidentMember
Segment Reporting, Expense Information Used by CODM, Description	The CODM assesses performance for the segment and decides how to allocate resources based on consolidated net loss that is also reported on the Company’s consolidated statements of comprehensive loss.
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description	The CODM uses consolidated net loss to evaluate the Company’s spend and monitor budget versus actual results. The monitoring of budgeted versus actual results is used in assessing performance of the segment and in establishing resource allocation across the organization.

Leases - Schedule of Information Related to the Lease Terms and Discount Rates of Leases (Detail)	Sep. 30, 2025	Dec. 31, 2024
Weighted average remaining lease term:
Operating leases	2 years 6 months	3 years 3 months 18 days
Finance leases		3 months 18 days
Weighted average discount rate:
Operating leases	10.91%	11.00%
Finance leases	0.00%	4.37%

Stockholders' Equity (Stock-Based Awards) - Additional Information (Detail) - shares	1 Months Ended	9 Months Ended	12 Months Ended
	Apr. 30, 2019	Sep. 30, 2025	Dec. 31, 2024	Apr. 30, 2025
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock, capital shares reserved for future issuance		29,661,288	41,891,573
Share based compensation options to purchase no of common stock		9,444,413	7,844,254
Share based compensation options grants in the period		2,997,550
2019 Stock Incentive Plan as Amended [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based compensation, award description		the total number of shares of common stock that may be issued under both the 2019 Plan and the 2012 Plan was 16,291,355 as of September 30, 2025, of which 6,846,942 shares remained available for grant under the 2019 Plan.
Number of shares available for grant		6,846,942
Share based compensation grant period		10 years
Share based compensation vesting description		Options granted under the 2019 Plan and the 2012 Plan have a maximum term of ten years. Options granted to employees, officers and non-employees generally vest over four years based on varying vesting schedules that primarily include: 25% vesting on the first anniversary date of grant and the balance ratably over the next 36 months or vesting in equal monthly or quarterly installments over four years.
Share based compensation options to purchase no of common stock		9,165,995	7,555,310
Share based compensation options grants in the period		9,165,995	7,555,310
2019 Stock Incentive Plan as Amended [Member] \| Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total number of common shares authorized under the plan				6,000,000
2019 Stock Incentive Plan as Amended [Member] \| Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total number of common shares authorized under the plan				16,490,422
2019 Stock Incentive Plan as Amended [Member] \| Employees, Officers and Non-employee Consultants [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based compensation vesting period		4 years
2019 Stock Incentive Plan as Amended [Member] \| Employees, Officers and Non-employee Consultants [Member] \| Vesting First Anniversary Date of Grant [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based compensation vesting Percentage		25.00%
2019 Stock Incentive Plan as Amended [Member] \| Director [Member] \| Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based compensation vesting period		1 year
2019 Stock Incentive Plan as Amended [Member] \| Director [Member] \| Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based compensation vesting period		2 years
2019 Plan and 2012 Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total number of common shares authorized under the plan		16,291,355
2012 Stock Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based compensation grant period		10 years
Share based compensation vesting description		Options granted under the 2019 Plan and the 2012 Plan have a maximum term of ten years. Options granted to employees, officers and non-employees generally vest over four years based on varying vesting schedules that primarily include: 25% vesting on the first anniversary date of grant and the balance ratably over the next 36 months or vesting in equal monthly or quarterly installments over four years.
Share based compensation options to purchase no of common stock		278,418	288,944
Share based compensation options grants in the period		278,418	288,944
2012 Stock Incentive Plan [Member] \| Other Equity-Based Award [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based compensation options grants in the period		0
2012 Stock Incentive Plan [Member] \| Employees, Officers and Non-employee Consultants [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based compensation vesting period		4 years
2012 Stock Incentive Plan [Member] \| Employees, Officers and Non-employee Consultants [Member] \| Vesting First Anniversary Date of Grant [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based compensation vesting Percentage		25.00%
2012 Stock Incentive Plan [Member] \| Director [Member] \| Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based compensation vesting period		1 year
2012 Stock Incentive Plan [Member] \| Director [Member] \| Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based compensation vesting period		2 years
2019 Employee Stock Purchase Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based compensation, award description		The total number of shares of common stock that may be issued under the 2019 ESPP was 1,116,075 as of September 30, 2025, all of which remain available for issuance. The number of shares of the Company’s common stock that have been approved to be issued under the 2019 ESPP is equal to the sum of i) 155,106 shares plus ii) an annual increase to be added on the first day of each fiscal year, beginning with the fiscal year ending December 31, 2020 and continuing for each fiscal year until and including, the fiscal year ending December 31, 2029, equal to the least of (a) 526,315 shares of common stock, (b) 1% of the number of outstanding shares of the Company’s common stock on such date and (c) an amount determined by the Company’s board of directors.
Total number of common shares authorized under the plan		1,116,075
Common stock, capital shares reserved for future issuance	155,106
2019 Employee Stock Purchase Plan [Member] \| Common Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Increase in additional number of shares to be issued	526,315
Percentage of number of common stock, shares outstanding	1.00%

Leases - Future Minimum Lease Payments (Detail) $ in Thousands	Sep. 30, 2025 USD ($)
Operating Leases
2025	$ 91
2026	371
2027	380
2028	95
Total minimum lease payments	937
Less: Amount of lease payments representing interest	(114)
Present value of future minimum lease payments	$ 823

Marketable Securities - Summary Of Contractual Maturities Of Available-for-sale Marketable Securities (Detail) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Investments Debt And Equity Securities [Abstract]
Amortized cost, less than one year	$ 112,909	$ 55,323
Amortized cost, one year through two years	25,119	18,141
Amortized Cost	138,028	73,464
Fair value, less than one year	112,944	55,386
Fair Value, one year through two years	25,114	18,139
Fair Value	$ 138,058	$ 73,525

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
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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 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/exampleRef
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Reference 10: http://www.xbrl.org/2003/role/exampleRef
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Reference 11: http://www.xbrl.org/2003/role/exampleRef
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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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Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
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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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+ Details

Collaborative and Licensing Agreements - Additional Information (Detail) - Endo, Inc [Member] $ in Millions	9 Months Ended
	Sep. 30, 2025 USD ($)
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Royalty terms	first commercial sale of the product in that country and extends until the later of the expiration, unenforceability or invalidation of the last valid claim of any licensed patent or application covering the licensed product in the country or the expiration of 10 years after the first commercial sale of the licensed product in the country, which period is referred to as the royalty term. Upon the expiration of the royalty term for a product in a country
Completion Of Stage One [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Milestone payments to be paid	$ 0.3
Completion Of Stage Two [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Milestone payments to be paid	$ 0.8

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Operating activities:
Net loss	$ (34,443)	$ (36,496)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	3,835	2,671
Operating lease right-of-use assets	330	262
Depreciation and amortization	113	109
Accretion of available-for-sale marketable securities, net	(1,076)	(1,070)
Changes in operating assets and liabilities:
Accounts payable	(721)	(194)
Accrued expenses and other liabilities	(860)	3,276
Prepaid expenses and other current assets	(1,636)	2,736
Net cash used in operating activities	(34,458)	(28,706)
Investing activities:
Proceeds from maturities of available-for-sale marketable securities	52,779	55,643
Purchases of property, equipment and leasehold improvements	(12)	(28)
Purchases of available-for-sale marketable securities	(116,266)	(53,271)
Net cash (used in) provided by investing activities	(63,499)	2,344
Financing activities:
Proceeds from offering of common stock, net of commissions	108,154	0
Proceeds from exercises of warrants	10,757	0
Proceeds from exercises of stock options	1,854	381
Proceeds from disgorgement of beneficial owner's short-swing profits	725	0
Proceeds from Employee Stock Purchase Plan	59	34
Proceeds from at-the-market sales agreement, net of commissions and allocated fees	0	9,697
Payments of offering costs	(809)	0
Payments of finance lease	(11)	(95)
Net cash provided by financing activities	120,729	10,017
Net increase (decrease) in cash and cash equivalents	22,772	(16,345)
Cash and cash equivalents at beginning of period	34,097	32,397
Cash and cash equivalents at end of period	$ 56,869	$ 16,052

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accounting Policies - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2025 USD ($) Segment
Summary Of Significant Accounting Policies [Line Items]
Dividends, common stock, cash \| $	$ 0
Number of reporting segment	1
Number of operating segment	1
ASU 2023-07 [Member]
Summary Of Significant Accounting Policies [Line Items]
Change in accounting principle, accounting standards update, adopted	true
Change in accounting principle, accounting standards update, adoption date	Jan. 01, 2024
Computer Equipment [Member]
Summary Of Significant Accounting Policies [Line Items]
Property, Equipment and leasehold improvements, useful life	3 years
Furniture and Office Equipment [Member]
Summary Of Significant Accounting Policies [Line Items]
Property, Equipment and leasehold improvements, useful life	5 years

Leases - Additional Information (Detail) $ in Thousands			3 Months Ended
Leases - Additional Information (Detail) $ in Thousands	Nov. 21, 2022 USD ($) ft²	Dec. 05, 2017 USD ($) ft²	Mar. 31, 2023 USD ($)	Sep. 30, 2025 ft²	Dec. 31, 2022
Leases [Line Items]
First year of payments square feet of occupied space				10,500
Second year of payments square feet of occupied space				11,500
Remaining lease payments square feet of occupied space				12,500
Building [Member]
Leases [Line Items]
Leased spaced area	12,500	5,600
Lease expiration date	Feb. 28, 2028	Feb. 28, 2023
Operating lease term	60 months	60 months
Term of required monthly payments	2028-02
Building [Member] \| Minimum [Member]
Leases [Line Items]
Operating lease rent expense \| $	$ 23	$ 10
Building [Member] \| Maximum [Member]
Leases [Line Items]
Operating lease rent expense \| $	$ 32	$ 12
Furniture [Member]
Leases [Line Items]
Finance lease term					24 months
Finance lease rent expense \| $			$ 11

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2025
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited interim Condensed Consolidated Financial Statements for the three and nine months ended September 30, 2025 and 2024 included herein have been prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”) for interim financial information and the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim information. Certain information and footnote disclosures typically prepared in accordance with GAAP have been condensed or omitted pursuant to SEC rules and regulations. The accompanying unaudited Condensed Consolidated Financial Statements and notes should be read in conjunction with the audited Consolidated Financial Statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. The accompanying Condensed Consolidated Financial Statements include the accounts of Trevi Therapeutics, Inc. and its wholly-owned subsidiary Trevi Therapeutics Limited. Intercompany balances and transactions have been eliminated. All amounts presented are in thousands of dollars, except share and per share amounts, unless noted otherwise. The Company has evaluated events occurring subsequent to September 30, 2025 for potential recognition or disclosure in the Condensed Consolidated Financial Statements and concluded there were no subsequent events that required recognition or disclosure.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of the expenses during the reporting periods. Significant estimates and assumptions reflected in these Condensed Consolidated Financial Statements include but are not limited to the recognition of research and development (“R&D”) expenses, the valuation of stock-based awards and the valuation allowance for deferred tax assets. In addition, management’s assessment of the Company’s ability to continue as a going concern involves the estimation of the amount and timing of future cash inflows and outflows. Changes in estimates are recorded in the period in which they become known. Actual results could differ from those estimates.
Unaudited Interim Financial Information	Unaudited Interim Financial Information The accompanying interim Condensed Consolidated Balance Sheet as of September 30, 2025 and the Condensed Consolidated Statements of Comprehensive Loss, the Condensed Consolidated Statements of Stockholders’ Equity and the Condensed Consolidated Statements of Cash Flows for the three and nine months ended September 30, 2025 and 2024 are unaudited. The unaudited interim Condensed Consolidated Financial Statements have been prepared on the same basis as the audited annual Consolidated Financial Statements and, in the Company’s opinion, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statements of its financial position as of September 30, 2025 and the results of its operations and its cash flows for the three and nine months ended September 30, 2025 and 2024. The results for the three and nine months ended September 30, 2025 and 2024 are not necessarily indicative of results to be expected for the year ending December 31, 2025 or any other interim period or any future year or period.
Concentrations of Credit Risk and Off-Balance Sheet Risk	Concentrations of Credit Risk and Off-Balance Sheet Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents and marketable securities. Periodically, the Company may maintain deposits in financial institutions in excess of government insured limits. Management believes that the Company is not exposed to significant credit risk as the Company’s 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’s marketable securities potentially subject the Company to concentrations of credit risk. The Company's cash management and investment policy limits investment instruments to investment-grade securities with the objective to preserve capital and to maintain liquidity until the funds can be used in business operations. The Company has no off-balance sheet risk, such as foreign exchange contracts, option contracts, or other foreign-hedging arrangements.
Cash Equivalents	Cash Equivalents The Company classifies short-term, highly liquid investments with an original term of three months or less at the date of purchase as cash equivalents.
Marketable Securities	Marketable Securities The Company generally invests its excess cash in money market funds and investment grade short- to intermediate-term fixed income securities. Such investments are included in cash and cash equivalents or marketable securities on the Condensed Consolidated Balance Sheets. Marketable securities with an original maturity date greater than 90 days at each balance sheet date are classified as short-term. Marketable securities are classified as current assets as these investments are intended to be available to the Company for use in funding current operations. All of the Company’s marketable securities are considered available-for-sale and are reported at fair value. For securities with unrealized gains and losses, when the Company expects to receive cash flows sufficient to recover the amortized cost basis of a security, such gains and losses are included in accumulated other comprehensive income (loss) as a component of stockholders’ equity. Credit losses are identified when the Company does not expect to receive cash flows sufficient to recover the amortized cost basis of a security. In the event of a credit loss, only the amount associated with the credit loss is recognized in interest income, net on the Condensed Consolidated Statements of Comprehensive Loss. The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity, which is included in interest income, net on the Condensed Consolidated Statements of Comprehensive Loss. Realized gains and losses, if any, on marketable securities are included in interest income, net on the Condensed Consolidated Statements of Comprehensive Loss. The cost of securities sold is determined using specific identification. The Company evaluates whether declines in the fair values of its marketable securities below their amortized cost are credit losses on a quarterly basis. This evaluation consists of several qualitative and quantitative factors such as the extent to which the fair value is less than the amortized cost basis and the issuer’s financial condition. Additionally, declines in value are evaluated in order to assess whether the decline is other than temporary. In order to perform this evaluation, the Company assesses whether it has plans to sell the marketable security or whether it is more likely than not that it will be required to sell any marketable securities before recovery of its amortized cost basis. Factors considered include quoted market prices, recent financial results and operating trends, implied values from any recent transactions or offers of investee securities, credit quality of debt instrument issuers, other publicly available information that may affect the value of the marketable security, duration and severity of the decline in value, and the Company’s strategy and intentions for holding the marketable security.
Fair Value Measurements	Fair Value Measurements The Company’s financial instruments have consisted of cash and cash equivalents, available-for-sale marketable securities, other current assets, accounts payable, accrued expenses, and warrants to acquire the Company’s common stock. Fair value estimates of these instruments are made at a specific point in time, based on relevant market information. The carrying amounts of cash and cash equivalents, other current assets, accounts payable and accrued expenses are generally considered to be representative of their respective fair values because of the short-term nature of those instruments. Available-for-sale marketable securities are reported at their fair values, based upon pricing of securities with the same or similar investment characteristics as provided by third-party pricing services, as described below. The warrants to acquire the Company’s common stock are not required to be accounted for at fair value. Current accounting guidance defines fair value, establishes a framework for measuring fair value in accordance with Accounting Standards Codification (“ASC”) 820, Fair Value Measurements and Disclosures, and requires certain disclosures about fair value measurements. The valuation techniques included in the guidance are based on observable and unobservable inputs. Observable inputs reflect readily obtainable data from independent sources, while unobservable inputs reflect market assumptions and are classified into the following fair value hierarchy: Level 1—Observable inputs—quoted prices in active markets for identical assets and liabilities. Level 2—Observable inputs other than the quoted prices in active markets for identical assets and liabilities—such as quoted prices for similar instruments, quoted prices for identical or similar instruments in inactive markets, or other inputs that are observable or can be corroborated by observable market data. Level 3—Unobservable inputs—includes amounts derived from valuation models where one or more significant inputs are unobservable and require the company to develop relevant assumptions. Valuation Techniques - Level 2 Inputs The Company estimates the fair values of its financial instruments categorized as level 2 in the fair value hierarchy, including U.S. treasury securities, U.S. government agency obligations, corporate bonds, commercial paper, asset-backed securities and municipal bonds, by taking into consideration valuations obtained from third-party pricing services. The pricing services use industry standard valuation models, including both income- and market-based approaches, for which all significant inputs are observable, either directly or indirectly, to estimate fair value. These inputs include reported trades of and broker/dealer quotes on the same or similar securities, benchmark yields, issuer credit spreads, benchmark securities, and other observable inputs. The Company obtains a single price for each financial instrument and does not adjust the prices obtained from the pricing service.
Property, Equipment and Leasehold Improvements	Property, Equipment and Leasehold Improvements Property, equipment and leasehold improvements (consisting of furniture, computer and office equipment and leasehold improvements) are stated at cost, net of accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the respective assets (three years for computer equipment, five years for furniture and office equipment, and the shorter of the term of the lease or useful life for leasehold improvements).
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets The Company continually evaluates whether events or circumstances have occurred that indicate that the estimated remaining useful life of its long-lived assets may warrant revision or that the carrying value of these assets may be impaired. The Company has not recognized any significant impairment charges from inception through September 30, 2025.
Foreign Currency Transactions	Foreign Currency Transactions The Company, at times, contracts with vendors and consultants outside of the U.S., resulting in liabilities denominated in foreign currency. The transactions are recorded in U.S. dollars on the transaction dates and any currency fluctuation through the payment date is recorded as currency gains or losses in other income, net in the Condensed Consolidated Statements of Comprehensive Loss.
Deferred Offering Costs	Deferred Offering Costs The Company capitalizes certain legal, professional, accounting and other third-party fees that are directly associated with in-process equity financings as deferred offering costs until such financings are consummated. After consummation of an equity financing, these costs are recorded in stockholders’ equity as a reduction of additional paid-in capital generated as a result of the financings. Should an in-process equity financing no longer be considered probable of being consummated, the deferred offering costs are expensed immediately as a charge to general and administrative expenses. The deferred offering costs are included in Other current assets and Other non-current assets on the Condensed Consolidated Balance Sheets.
Research and Development ("R&D") Expenses	Research and Development (“R&D”) Expenses All of the Company’s R&D expenses consist of expenses incurred in connection with the development of Haduvio. These expenses include certain payroll and personnel expenses, including stock-based compensation, consulting costs, contract manufacturing costs and fees paid to contract research organizations (“CROs”) to conduct certain R&D activities on the Company’s behalf. The Company expenses both internal and external R&D expenses as they are incurred. The Company has entered into agreements with CROs, contract manufacturing organizations (“CMOs”) and other companies that provide services in connection with the Company’s R&D activities. The value of goods and services received from CROs and CMOs in the reporting period are estimated based on the level of services performed, progress of the studies, including the phase or completion of events, timing of payments made and contracted costs. The estimated costs of R&D provided, but not yet invoiced, are included in accrued expenses on the Condensed Consolidated Balance Sheets. If the actual timing of the performance of services or the level of effort varies from the original estimates, the Company will adjust the accrual accordingly. Payments made to CROs, CMOs and other companies under these arrangements in advance of the performance of the related services are recorded as prepaid expenses or as other current assets on the Condensed Consolidated Balance Sheets, as applicable, and are recognized as expenses as the goods are delivered or the related services are performed.
Patent Costs	Patent Costs All patent-related costs in connection with filing and prosecuting patent applications are expensed to general and administrative expense as incurred, as recoverability of such expenditures is uncertain.
Warrants	Warrants The Company determines the accounting classification of warrants that are issued, as either liability or equity, by first assessing whether the warrants meet liability classification in accordance with ASC 480, Distinguishing Liabilities from Equity (“ASC 480”), and then in accordance with ASC 815, Derivatives and Hedging (“ASC 815”), depending on the specific terms of the warrant. Under ASC 480, warrants are considered liability classified if the warrants are mandatorily redeemable, obligate the issuer to settle the warrants or the underlying shares by paying cash or other assets, or must or may require settlement by issuing variable number of shares. If the warrants do not meet liability classification under ASC 480, the Company assesses the requirements under ASC 815, 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, in order to conclude equity classification, the Company assesses whether the warrants are indexed to its common stock and whether the warrants are classified as equity under ASC 815 or other applicable GAAP. After all relevant assessments are made, the Company concludes whether the warrants are classified as liability or equity. Liability classified warrants are required to be accounted for at fair value both on the date of issuance and on subsequent accounting period ending dates, with all changes in fair value after the issuance date recorded in the statements of comprehensive loss as a gain or loss. For equity classified warrants, no changes in fair value are recognized after the issuance date.
Stock-Based Compensation	Stock-Based Compensation The Company accounts for stock-based compensation arrangements with employees and non-employees for consultancy services in accordance with ASC 718, Stock Compensation (“ASC 718”). ASC 718 requires the recognition of compensation expense, using a fair-value based method, for costs related to all stock-based awards including stock options. The Company’s determination of the fair value of stock-based awards on the date of grant utilizes the Black-Scholes valuation model for stock options with time-based and performance-based vesting and is impacted by the price of its common stock as well as changes in assumptions regarding a number of subjective variables. These variables include the expected term that stock options will remain outstanding, expected common stock price volatility over the term of the stock options, risk-free interest rates and expected dividends. Changes in the variables can materially affect the fair value and ultimately how much stock-based compensation expense is recognized. These inputs are subjective and generally require analysis and judgment to develop. Expected Term—The expected term assumption represents the weighted average period that the stock-based awards are expected to be outstanding. The Company has elected to use the “simplified method” for estimating the expected term of its stock options, whereby the expected term equals the arithmetic average of the vesting term and the original contractual term of the stock option. Expected Volatility—For all stock options granted to date, the volatility data was estimated based on a study of publicly traded industry peer companies. For purposes of identifying these peer companies, the Company considered the industry, stage of development, size and financial leverage of potential comparable companies. Expected Dividend—The Black-Scholes valuation model calls for a single expected dividend yield as an input. The Company currently has no history or expectation of paying cash dividends on its common stock. Risk-Free Interest Rate—The risk-free interest rate is based on the yield available on U.S. Treasury zero-coupon issues similar in duration to the expected term of the stock-based award. The fair value is recognized over the period during which an optionee is required to provide services in exchange for the stock option, known as the requisite service period (usually the vesting period) on a straight-line basis. For performance-based vesting, the fair value is recognized when it is probable the performance conditions will be achieved. The Company reassesses the probability of achieving the performance conditions at each reporting date. Forfeitures are accounted for as they occur.
Income Taxes	Income Taxes The Company accounts for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are determined based on differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. Deferred income tax assets are reduced, as necessary, by a valuation allowance when management determines it is more likely than not that some or all of the tax benefits will not be realized. The Company applies the provisions of ASC 740, Income Taxes, (“ASC 740”), which prescribes a comprehensive model for how a company should recognize, measure, present and disclose in its financial statements uncertain tax positions that the company has taken or expects to take on a tax return. These Condensed Consolidated Financial Statements reflect expected future tax consequences of such positions presuming the taxing authorities possess full knowledge of the position and all relevant facts. There are no material uncertainties regarding the tax positions that the Company has taken through September 30, 2025 and December 31, 2024. The Company does not have any interest or penalties accrued related to tax positions as it does not have any unrecognized tax benefits.
Leases	Leases Under ASC 842, Leases, the Company determines if an arrangement is a lease at its inception. Leases are classified as either operating or finance, based on the Company’s evaluation of certain criteria. If a lease has a term greater than one year, the lease is recognized in the balance sheet as a right-of-use asset and a lease liability at lease commencement. The Company elected the short-term lease practical expedient, therefore, if a lease has a term less than one year, the Company will not recognize the lease on its balance sheet. The right-of-use asset represents the Company’s right-of-use to an underlying asset for the term of the lease and the lease liability represents the Company’s obligation to make lease payments arising from the lease. If the Company’s leases do not provide an implicit rate within the lease, the Company uses its incremental borrowing rate, based on information available at the commencement date of the lease to determine the present value of the lease payments. Operating lease right-of-use assets and operating lease liabilities are determined and recognized on the commencement date of the lease based on the present value of lease payments over the term of the lease. For operating leases, rent expense is recognized on a straight-line basis over the term of the lease, and right-of-use assets are subsequently re-measured to reflect the effect of uneven lease payments. For finance leases, right-of-use assets are amortized on a straight-line basis over the shorter of the lease term or the useful life of the underlying asset. Expenses for finance leases include the amortization of right-of-use assets, which is recorded as depreciation and amortization expense, and interest expense, which reflects interest accrued on the lease liability.
Basic and Diluted Net Loss per Common Share	Basic and Diluted Net Loss per Common Share Basic and diluted net loss per common share outstanding is determined by dividing net loss by the weighted average common shares outstanding during the period. Basic shares outstanding includes the weighted average effect of the Company’s outstanding pre-funded warrants, the exercise of which requires little or no consideration for the delivery of shares of common stock. For all periods presented, shares issuable upon exercise of stock options and warrants to purchase shares of common stock (other than pre-funded warrants) have been excluded from the calculation because their effects would be anti-dilutive. Therefore, the weighted average common shares used to calculate both basic and diluted net loss per share are the same for each of the periods presented.
Segments	Segments The Company has one reportable segment which is also the Company’s only operating segment. Management uses one measurement of profitability and does not segregate its business for internal reporting.
Comprehensive Loss	Comprehensive Loss Comprehensive loss represents the net change in stockholders’ equity during a period from sources other than transactions with stockholders. As reflected in the accompanying Condensed Consolidated Statements of Comprehensive Loss, our comprehensive loss is comprised of net losses and unrealized gains and losses on marketable securities.
Recently Adopted and Issued Accounting Pronouncements	Recently Adopted Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires quarterly disclosure of segment expenses if they are (i) significant to the segment, (ii) regularly provided to the chief operating decision maker (“CODM”) and (iii) included in each reported measure of a segment’s profit or loss. In addition, this ASU requires an annual disclosure of the CODM’s title and a description of how the CODM uses the segment’s profit/loss measure to assess segment performance and to allocate resources. The Company adopted this accounting standard for the fiscal year beginning on January 1, 2024 and it has resulted in incremental disclosures within the footnotes to the Company’s Consolidated Financial Statements. Recently Issued Accounting Pronouncements In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses, which requires disaggregation and disclosure of specified information about certain costs and expenses in the notes to the financial statements. The standard is effective for fiscal years beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2024-03. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which requires entities to disclose disaggregated information about their effective tax rate reconciliation as well as expanded information on income taxes paid by jurisdiction. We expect to adopt ASU 2023-09 prospectively. As the standard impacts disclosures only, we do not expect the adoption to have a material impact on our consolidated financial statements.

Stockholders' Equity

9 Months Ended

Sep. 30, 2025

Stockholders Equity Note [Abstract]

Stockholders' Equity

Stockholders’ Equity

The Company had reserved shares of common stock for future issuance as shown in the table below:


	September 30, 2025		December 31, 2024
Shares of common stock reserved for future issuance upon exercise of outstanding warrants and pre-funded warrants		19,100,800		32,915,346
Shares of common stock reserved for future issuance under the 2019 Stock Incentive Plan, as amended		9,165,995		7,555,310
Shares of common stock reserved for future issuance under the 2019 Employee Stock Purchase Plan		1,116,075		1,131,973
Shares of common stock reserved for future issuance under the 2012 Stock Incentive Plan		278,418		288,944
		29,661,288		41,891,573

At-the-Market Offering

In June 2020, the Company entered into a sales agreement (the "2020 ATM Sales Agreement") with SVB Securities LLC ("SVB Securities") under which the Company was able to issue and sell shares of its common stock, from time to time, having an aggregate offering price of up to $12.0 million. In May 2022, the Company and SVB Securities amended the 2020 ATM Sales Agreement to increase the maximum aggregate offering price of common stock that it was able to issue and sell from time to time under the 2020 ATM Sales Agreement by $50.0 million, from $12.0 million to up to $62.0 million.

Sales of common stock under the 2020 ATM Sales Agreement were able to be made by any method that was deemed an “at-the-market” offering as defined in Rule 415(a)(4) under the Securities Act of 1933, as amended (the "Securities Act"). The Company was not obligated to make any sales of its common stock under the 2020 ATM Sales Agreement. The Company began making sales pursuant to the 2020 ATM Sales Agreement in July 2020. As of August 15, 2023, the date of termination of the 2020 ATM Sales Agreement, the Company had issued and sold an aggregate of 4,333,394 shares of common stock for gross proceeds of $12.7 million pursuant to the 2020 ATM Sales Agreement, before deducting estimated commissions and allocated fees of $1.0 million.

In June 2023, the Company filed with the SEC a universal shelf registration statement on Form S-3 (the “Shelf Registration Statement”), which allows the Company to offer and sell up to $200.0 million of common stock, preferred stock, debt securities, units and/or warrants from time to time pursuant to one or more offerings at prices and terms to be determined at the time of sale. The Shelf Registration Statement was filed to replace the Company’s prior universal shelf registration statement on Form S-3 and was declared effective on August 15, 2023. Further, in June 2023, the Company entered into a new at-the-market sales agreement with Leerink Partners, LLC (formerly SVB Securities) (the “2023 ATM Sales Agreement”), under which the Company may issue and sell shares of common stock, from time to time by any method that is deemed an “at-the-market” offering as defined in Rule 415(a)(4) under the Securities Act. The Company is not obligated to make any sales of its common stock under the 2023 ATM Sales Agreement. The Company filed a prospectus under the Shelf Registration Statement for the offer and sale of shares of the Company’s common stock having an aggregate offering price of up to $75.0 million pursuant to the 2023 ATM Sales Agreement. In accordance with the terms of the 2023 ATM Sales Agreement, the 2020 ATM Sales Agreement terminated upon effectiveness of the Shelf Registration Statement, at which point the Company was no longer able to issue and sell shares of its common stock under the 2020 ATM Sales Agreement. As of December 31, 2024, the Company had issued and sold 4,498,065 shares of common stock under the 2023 ATM Sales Agreement for gross proceeds of $14.6 million, before deducting estimated commissions and allocated fees of $0.5 million. No shares have been sold under the 2023 ATM Sales Agreement during the nine months ended September 30, 2025. On June 2, 2025, the Company terminated the prospectus relating to the 2023 ATM Sales Agreement. The Company may not make any sales of its common stock pursuant to the 2023 ATM Sales Agreement unless and until a new prospectus or prospectus supplement relating to the shares of common stock to be issued and sold pursuant to the 2023 ATM Sales Agreement is filed. The 2023 ATM Sales Agreement otherwise remains in full force and effect.

Private Placements

On October 5, 2021, the Company issued and sold to an initial investor (the "Initial Private Placement Investor"), in a private placement priced at-the-market under Nasdaq rules, (i) 2,373,201 shares of the Company’s common stock and accompanying warrants to purchase an aggregate of 4,746,402 shares of the Company’s common stock, and (ii) pre-funded warrants to purchase up to an aggregate of 4,926,069 shares of the Company’s common stock and accompanying warrants to purchase an aggregate of 9,852,138 shares of the Company’s common stock. Each share of the Company’s common stock and accompanying common stock warrants were sold together at a combined price of $1.62, and each pre-funded warrant and accompanying common stock warrants were sold together at a combined price of $1.619, for gross proceeds of approximately $11.8 million. Each pre-funded warrant had an exercise price of $0.001 per share, became exercisable immediately upon issuance and was exercisable until exercised in full. The accompanying common stock warrants had an exercise price of $1.37 per share and became exercisable immediately upon issuance. Of the accompanying common stock warrants, warrants to purchase an aggregate of 7,299,270 shares had an expiration date of April 5, 2025, and warrants to purchase an aggregate of 7,299,270 shares had an expiration date of October 5, 2028. All of the pre-funded warrants and accompanying common stock warrants issued to the Initial Private Placement Investor have been exercised.

On October 18, 2021, the Company issued and sold to New Enterprise Associates 16, L.P., an existing stockholder of the Company (“NEA”) and related party, in a private placement, 1,851,852 shares of the Company’s common stock and accompanying warrants to purchase an aggregate of 3,703,704 shares of the Company’s common stock. Each share of the Company’s common stock and accompanying common stock warrants were sold together at a combined price of $1.62 for gross proceeds of approximately $3.0 million. The accompanying common stock warrants have an exercise price of $1.37 per share and became exercisable immediately upon issuance. Of the accompanying common stock warrants, warrants to purchase an aggregate of 1,851,852 shares of the Company’s common stock were scheduled to expire on April 18, 2025, and warrants to purchase an aggregate of 1,851,852 shares of the Company’s common stock will expire on October 18, 2028. On April 17, 2025, NEA exercised all of the warrants that would have expired on April 18, 2025. None of the accompanying common stock warrants issued to NEA in the private placement that expire on October 18, 2028 have been exercised.

Total net proceeds from the two October 2021 private placements were $13.7 million, after deducting issuance costs of $1.1 million and excluding any proceeds from the exercise of warrants that were issued and sold in such private placements.

On April 6, 2022, the Company entered into a securities purchase agreement with certain purchasers, pursuant to which the Company agreed to issue and sell to the purchasers, in a private placement priced at-the-market under Nasdaq rules, (i) 4,580,526 shares of the Company’s common stock at a purchase price of $1.90 per share, and (ii) pre-funded warrants to purchase up to an aggregate of 24,379,673 shares of common stock at a purchase price of $1.899 per warrant (the “April 2022 Private Placement”). Each pre-funded warrant has an exercise price of $0.001 per share, became exercisable immediately upon issuance and will be exercisable until the pre-funded warrant is exercised in full. The April 2022 Private Placement, which closed on April 11, 2022, resulted in gross proceeds to the Company of approximately $55.0 million. NEA, an existing stockholder of the Company and a related party, as well as an affiliate of NEA, participated in the offering. As of September 30, 2025, pre-funded warrants that were issued and sold in the April 2022 Private Placement to purchase 12,531,332 shares of common stock remain outstanding.

Registered Offerings

On September 27, 2022, the Company issued and sold 14,252,670 shares of the Company’s common stock and, in lieu of common stock to certain investors, pre-funded warrants to purchase 14,247,330 shares of common stock in a public offering (the “September 2022 Offering”), at a public offering price of $1.93 per share of common stock and $1.929 per pre-funded warrant pursuant to an underwriting agreement with SVB Securities; Stifel, Nicolaus & Company, Incorporated; and Oppenheimer & Co. Inc., as representatives of the several underwriters. Each pre-funded warrant has an exercise price of $0.001 per share, became exercisable immediately upon issuance and will be exercisable until the pre-funded warrant is exercised in full. Under the terms of the underwriting agreement, the Company granted the underwriters an option, exercisable for 30 days, to purchase up to an additional 4,275,000 shares of common stock, at the public offering price of $1.93 per share. The underwriters partially exercised the option to purchase 1,600,428 additional shares, which shares were issued and sold on October 25, 2022. The September 2022 Offering, including the initial closing on September 27, 2022 and the option closing on October 25, 2022, resulted in aggregate gross proceeds to the Company of approximately $58.1 million. As of September 30, 2025, pre-funded warrants that were issued and sold in the September 2022 Offering to purchase 4,717,616 shares of common stock remain outstanding.

On December 17, 2024, the Company issued and sold 12,500,000 shares of the Company’s common stock to certain investors in an underwritten registered direct offering (the “December 2024 Offering”), at an offering price of $4.00 per share of common stock pursuant to an underwriting agreement with Leerink Partners LLC; Stifel, Nicolaus & Company, Incorporated; and Oppenheimer & Co. Inc, as representatives of the several underwriters. The December 2024 Offering resulted in aggregate gross proceeds to the Company of $50.0 million.

On June 5, 2025, the Company issued and sold 17,400,000 shares of the Company's common stock to the public in an underwritten offering, or (the “June 2025 Offering”), at an offering price of $5.75 per share of common stock pursuant to an underwriting agreement with Morgan Stanley & Co. LLC, Leerink Partners LLC, Stifel, Nicolaus & Company, Incorporated and Cantor Fitzgerald & Co., as representatives of the several underwriters. In connection with the offering, the Company also granted the underwriters a 30-day option to purchase up to an additional 2,610,000 shares of common stock at the price to the public, less underwriting discounts and commissions. The underwriters exercised the option in full and settled in cash, concurrent with the offering. The June 2025 Offering resulted in aggregate gross proceeds to the Company of approximately $115.1 million.

Warrants

Warrant activity, including activity related to pre-funded warrants, is shown in the table below:


	Number of Pre-funded Warrant Shares			Number of Common Stock Warrant Shares			Total Number of Warrant Shares			Weighted Average Exercise Price
Outstanding as of December 31, 2024		23,211,642			9,703,704			32,915,346		$	0.40
Exercised		(5,962,694	)		(7,851,852	)		(13,814,546	)	$	1.37
Outstanding as of September 30, 2025		17,248,948			1,851,852			19,100,800		$	0.13

The pre-funded and common stock warrants are classified as equity in accordance with ASC 815 given that the pre-funded and common stock warrants are indexed to the Company’s own shares of common stock and meet the requirements to be classified in permanent equity.

Stock-Based Awards

The 2012 Stock Incentive Plan (the “2012 Plan”) was adopted by the Company’s board of directors and stockholders. The 2012 Plan provides for the issuance of stock-based awards to the Company’s employees, officers, directors, consultants and advisors. The Company’s board of directors administers the 2012 Plan. In April 2019, the Company’s board of directors adopted a resolution effective May 7, 2019, that no further equity-based awards may be granted under the 2012 Plan.

In April 2019, the Company’s board of directors adopted the 2019 Stock Incentive Plan (the “2019 Plan”), which became effective on May 7, 2019. The 2019 Plan provides for the grant of incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock awards, restricted stock units and other stock-based awards. The Company’s employees, officers, directors, consultants and advisors are eligible to receive awards under the 2019 Plan. The 2019 Plan is administered by the Company’s board of directors.

In April 2025, the Company’s board of directors approved, and the Company’s stockholders subsequently approved, an amendment to the 2019 Plan (the “Plan Amendment”), which (i) increased the number of shares authorized for issuance under the 2019 Plan by 6,000,000 shares to 16,490,422 shares and (ii) eliminated the evergreen provision of the 2019 Plan. Accordingly, the total number of shares of common stock that may be issued under both the 2019 Plan and the 2012 Plan was 16,291,355 as of September 30, 2025, of which 6,846,942 shares remained available for grant under the 2019 Plan.

Options granted under the 2019 Plan and the 2012 Plan have a maximum term of ten years. Options granted to employees, officers and non-employees generally vest over four years based on varying vesting schedules that primarily include: 25% vesting on the first anniversary date of grant and the balance ratably over the next 36 months or vesting in equal monthly or quarterly installments over four years. Options granted to directors generally vest over one to two years. The Company generally settles stock option exercises with newly issued shares of common stock. As of September 30, 2025 and December 31, 2024, respectively, options to purchase 9,165,995 shares and 7,555,310 shares of common stock were granted and outstanding, net of cancellations, under the 2019 Plan. As of September 30, 2025 and December 31, 2024, respectively, options to purchase 278,418 and 288,944 shares of common stock were granted and outstanding, net of cancellations, under the 2012 Plan.

In February 2024, the Company granted options to purchase 832,250 shares of common stock subject to performance-based vesting (“PSOs”) to employees of the Company. The PSOs were subject to vesting based on performance criteria related to the timing and results of two of the Company’s clinical trials. By May 2025, the timing and results of both clinical trials had been determined, and the compensation committee of the Company's board of directors had certified to the satisfaction of the related performance metrics, resulting in PSOs to purchase 642,160 shares vesting and the remaining PSOs being cancelled.

A summary of the Company’s combined stock option activity for the 2019 Plan and the 2012 Plan is as follows:


	Number of Option Shares			Weighted Average Exercise Price

Outstanding as of December 31, 2024		7,844,254		$	3.08
Granted		2,997,550		$	4.67
Exercised		(772,857	)	$	2.40
Forfeited		(624,534	)	$	3.35
Expired		—		$	—
Outstanding as of September 30, 2025		9,444,413		$	3.62
Options exercisable as of September 30, 2025		5,016,112		$	3.38
Options unvested as of September 30, 2025		4,428,301		$	3.88

In April 2019, the Company’s board of directors adopted the 2019 Employee Stock Purchase Plan (the “2019 ESPP”), which became effective on May 7, 2019. The 2019 ESPP is administered by the Company’s board of directors.

The total number of shares of common stock that may be issued under the 2019 ESPP was 1,116,075 as of September 30, 2025, all of which remain available for issuance. The number of shares of the Company’s common stock that have been approved to be issued under the 2019 ESPP is equal to the sum of i) 155,106 shares plus ii) an annual increase to be added on the first day of each fiscal year, beginning with the fiscal year ending December 31, 2020 and continuing for each fiscal year until and including, the fiscal year ending December 31, 2029, equal to the least of (a) 526,315 shares of common stock, (b) 1% of the number of outstanding shares of the Company’s common stock on such date and (c) an amount determined by the Company’s board of directors. No annual increase was made on January 1, 2024 and 2025, respectively.

The following table summarizes the classifications of stock-based compensation expenses for the 2012 Plan, the 2019 Plan and the 2019 ESPP recognized in the Condensed Consolidated Statements of Comprehensive Loss:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
General and administrative expense	$	705	$	526	$	2,175	$	1,596
Research and development expense		538		296		1,660		1,075
Total stock-based compensation expenses	$	1,243	$	822	$	3,835	$	2,671

- Definition

The entire disclosure for equity.

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-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 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

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-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

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

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Accrued Expenses (Tables)

9 Months Ended

Sep. 30, 2025

Payables and Accruals [Abstract]

Schedule of Accrued Expenses

Accrued expenses consisted of the following:


	September 30, 2025		December 31, 2024
Accrued R&D projects	$	2,421	$	3,482
Accrued compensation and benefits		2,386		2,538
Accrued consulting and professional fees		1,103		747
Accrued other		126		43
Total accrued expenses	$	6,036	$	6,810

Stockholders' Equity - Additional Information (Detail)								1 Months Ended					3 Months Ended	9 Months Ended		12 Months Ended
Stockholders' Equity - Additional Information (Detail)	Jun. 05, 2025 USD ($) $ / shares shares	Dec. 17, 2024 USD ($) $ / shares shares	Aug. 15, 2023 USD ($) shares	Sep. 27, 2022 USD ($) $ / shares shares	Apr. 06, 2022 USD ($) $ / shares shares	Oct. 18, 2021 USD ($) PrivatePlacement $ / shares shares	Oct. 05, 2021 USD ($) $ / shares shares	May 31, 2025 shares	Feb. 29, 2024 shares	Jun. 30, 2023 USD ($)	May 31, 2022 USD ($)	Jun. 30, 2020 USD ($)	Mar. 31, 2025 USD ($)	Sep. 30, 2025 USD ($) shares	Sep. 30, 2024 USD ($)	Dec. 31, 2024 USD ($) shares
Stockholders Equity [Line Items]
Common stock remain outstanding														128,215,113		93,602,631
Stock issuance cost \| $														$ 809,000	$ 0
Share based compensation options grants in the period														2,997,550
Common Stock [Member]
Stockholders Equity [Line Items]
Sale of stock during the period														20,010,000
Performance-Based Vesting Stock Options [Member]
Stockholders Equity [Line Items]
Share based compensation options grants in the period									832,250
PSOs [Member]
Stockholders Equity [Line Items]
Share-based compensation options vested (in shares)								642,160
Private Placement [Member] \| Investor [Member]
Stockholders Equity [Line Items]
Warrants to purchase aggregate shares of common stock							9,852,138
Private Placement [Member] \| Investor [Member] \| Common Stock [Member]
Stockholders Equity [Line Items]
Sale of stock during the period							2,373,201
Warrants to purchase aggregate shares of common stock							4,746,402
Private Placement [Member] \| Investor [Member] \| Pre-funded Warrants [Member]
Stockholders Equity [Line Items]
Exercise price per share of warrants \| $ / shares							$ 0.001
Private Placement [Member] \| Investor [Member] \| Common Stock and Accompanying Common Stock Warrants [Member]
Stockholders Equity [Line Items]
Combined price of each shares \| $ / shares							1.62
Private Placement [Member] \| Investor [Member] \| Pre-funded Warrant and Accompanying Common Stock Warrants [Member]
Stockholders Equity [Line Items]
Combined price of each shares \| $ / shares							$ 1.619
Proceeds from sale of common stock and warrants under public and private placements, net of issuance costs \| $							$ 11,800,000
Private Placement [Member] \| Investor [Member] \| Common Stock Warrants
Stockholders Equity [Line Items]
Warrants to purchase aggregate shares of common stock							7,299,270
Exercise price per share of warrants \| $ / shares							$ 1.37
Warrants expiration date							Apr. 05, 2025
Private Placement [Member] \| Investor [Member] \| Warrant [Member]
Stockholders Equity [Line Items]
Warrants to purchase aggregate shares of common stock							7,299,270
Warrants expiration date							Oct. 05, 2028
Private Placement [Member] \| New Enterprise Associates 16, L.P [Member]
Stockholders Equity [Line Items]
Warrants to purchase aggregate shares of common stock						3,703,704
Proceeds from sale of common stock and warrants under public and private placements, net of issuance costs \| $						$ 13,700,000
Number of private placements \| PrivatePlacement						2
Stock issuance cost \| $						$ 1,100,000
Private Placement [Member] \| New Enterprise Associates 16, L.P [Member] \| Common Stock [Member]
Stockholders Equity [Line Items]
Sale of stock during the period						1,851,852
Private Placement [Member] \| New Enterprise Associates 16, L.P [Member] \| Common Stock and Accompanying Common Stock Warrants [Member]
Stockholders Equity [Line Items]
Common stock warrants exercise price and expiration date description														The accompanying common stock warrants have an exercise price of $1.37 per share and became exercisable immediately upon issuance. Of the accompanying common stock warrants, warrants to purchase an aggregate of 1,851,852 shares of the Company’s common stock were scheduled to expire on April 18, 2025, and warrants to purchase an aggregate of 1,851,852 shares of the Company’s common stock will expire on October 18, 2028. On April 17, 2025, NEA exercised all of the warrants that would have expired on April 18, 2025. None of the accompanying common stock warrants issued to NEA in the private placement that expire on October 18, 2028 have been exercised.
Combined price of each shares \| $ / shares						$ 1.62
Proceeds from sale of common stock and warrants under public and private placements, net of issuance costs \| $						$ 3,000,000
Private Placement [Member] \| New Enterprise Associates 16, L.P [Member] \| Common Stock Warrants
Stockholders Equity [Line Items]
Warrants to purchase aggregate shares of common stock						1,851,852
Exercise price per share of warrants \| $ / shares						$ 1.37
Warrants expiration date						Apr. 18, 2025
Private Placement [Member] \| New Enterprise Associates 16, L.P [Member] \| Warrant [Member]
Stockholders Equity [Line Items]
Warrants to purchase aggregate shares of common stock						1,851,852
Warrants expiration date						Oct. 18, 2028
Private Placement [Member] \| Securities Purchase Agreement [Member] \| Common Stock [Member]
Stockholders Equity [Line Items]
Sale of stock during the period					4,580,526
Combined price of each shares \| $ / shares					$ 1.90
Private Placement [Member] \| Securities Purchase Agreement [Member] \| Pre-funded Warrants [Member]
Stockholders Equity [Line Items]
Combined price of each shares \| $ / shares					$ 1.899
Proceeds from sale of common stock and warrants under public and private placements, net of issuance costs \| $					$ 55,000,000
Exercise price per share of warrants \| $ / shares					$ 0.001
September 2022 Offering [Member] \| Pre-funded Warrants [Member]
Stockholders Equity [Line Items]
Common stock remain outstanding														4,717,616
September 2022 Offering [Member] \| Underwriting Agreement [Member]
Stockholders Equity [Line Items]
Proceeds from sale of common stock and warrants under public and private placements, net of issuance costs \| $				$ 58,100,000
Warrants initial closing date				Sep. 27, 2022
September 2022 Offering [Member] \| Underwriting Agreement [Member] \| Common Stock [Member]
Stockholders Equity [Line Items]
Sale of stock during the period				14,252,670
Combined price of each shares \| $ / shares				$ 1.93
Exercise price per share of warrants \| $ / shares				$ 0.001
September 2022 Offering [Member] \| Underwriting Agreement [Member] \| Pre-funded Warrants [Member]
Stockholders Equity [Line Items]
Warrants to purchase aggregate shares of common stock				14,247,330
Combined price of each shares \| $ / shares				$ 1.929
Options to purchase additional shares				1,600,428
December 2024 Offering [Member] \| Underwriting Agreement [Member]
Stockholders Equity [Line Items]
Proceeds from sale of common stock and warrants under public and private placements, net of issuance costs \| $		$ 50,000,000
December 2024 Offering [Member] \| Underwriting Agreement [Member] \| Common Stock [Member]
Stockholders Equity [Line Items]
Sale of stock during the period		12,500,000
Combined price of each shares \| $ / shares		$ 4
June 2025 Offering [Member] \| Underwriting Agreement [Member]
Stockholders Equity [Line Items]
Gross proceeds from issuance of underwritten offering \| $	$ 115,100,000
June 2025 Offering [Member] \| Underwriting Agreement [Member] \| Common Stock [Member]
Stockholders Equity [Line Items]
Sale of stock during the period	17,400,000
Combined price of each shares \| $ / shares	$ 5.75
April 2022 Private Placement [Member] \| Pre-funded Warrants [Member]
Stockholders Equity [Line Items]
Common stock remain outstanding														12,531,332
Maximum [Member] \| Private Placement [Member] \| Investor [Member] \| Pre-funded Warrants [Member]
Stockholders Equity [Line Items]
Warrants to purchase aggregate shares of common stock							4,926,069
Maximum [Member] \| Private Placement [Member] \| Securities Purchase Agreement [Member] \| Pre-funded Warrants [Member]
Stockholders Equity [Line Items]
Warrants to purchase aggregate shares of common stock					24,379,673
Maximum [Member] \| September 2022 Offering [Member] \| Underwriting Agreement [Member] \| Pre-funded Warrants [Member]
Stockholders Equity [Line Items]
Warrants to purchase aggregate shares of common stock				4,275,000
Maximum [Member] \| June 2025 Offering [Member] \| Underwriting Agreement [Member] \| Common Stock [Member]
Stockholders Equity [Line Items]
Warrants to purchase aggregate shares of common stock	2,610,000
2020 ATM Sales Agreement [Member]
Stockholders Equity [Line Items]
Aggregate offering price of common stock which may issue and sell under agreement \| $											$ 50,000,000	$ 12,000,000	$ 62,000,000
Sale of stock during the period			4,333,394
Proceeds from issuance of common stock \| $			$ 12,700,000
Estimated commissions and allocated fees \| $			$ 1,000,000
Proceeds from issuance of common stock, preferred stock, debt securities, units and or warrants \| $										$ 200,000,000
2023 ATM Sales Agreement [Member]
Stockholders Equity [Line Items]
Aggregate offering price of common stock which may issue and sell under agreement \| $										$ 75,000,000
Sale of stock during the period														0		4,498,065
Proceeds from issuance of common stock \| $																$ 14,600,000
Estimated commissions and allocated fees \| $																$ 500,000

Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2025

Stockholders Equity Note [Abstract]

Schedule of Common Stock Reserved for Future Issuance

The Company had reserved shares of common stock for future issuance as shown in the table below:


	September 30, 2025		December 31, 2024
Shares of common stock reserved for future issuance upon exercise of outstanding warrants and pre-funded warrants		19,100,800		32,915,346
Shares of common stock reserved for future issuance under the 2019 Stock Incentive Plan, as amended		9,165,995		7,555,310
Shares of common stock reserved for future issuance under the 2019 Employee Stock Purchase Plan		1,116,075		1,131,973
Shares of common stock reserved for future issuance under the 2012 Stock Incentive Plan		278,418		288,944
		29,661,288		41,891,573

Warrant Activity Including Activity Related To Pre-funded Warrants

Warrants

Warrant activity, including activity related to pre-funded warrants, is shown in the table below:


	Number of Pre-funded Warrant Shares			Number of Common Stock Warrant Shares			Total Number of Warrant Shares			Weighted Average Exercise Price
Outstanding as of December 31, 2024		23,211,642			9,703,704			32,915,346		$	0.40
Exercised		(5,962,694	)		(7,851,852	)		(13,814,546	)	$	1.37
Outstanding as of September 30, 2025		17,248,948			1,851,852			19,100,800		$	0.13

Schedule of Share-based Compensation, Stock Options, Activity

A summary of the Company’s combined stock option activity for the 2019 Plan and the 2012 Plan is as follows:


	Number of Option Shares			Weighted Average Exercise Price

Outstanding as of December 31, 2024		7,844,254		$	3.08
Granted		2,997,550		$	4.67
Exercised		(772,857	)	$	2.40
Forfeited		(624,534	)	$	3.35
Expired		—		$	—
Outstanding as of September 30, 2025		9,444,413		$	3.62
Options exercisable as of September 30, 2025		5,016,112		$	3.38
Options unvested as of September 30, 2025		4,428,301		$	3.88

Schedule of Stock-based Compensation Expenses Recognized


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
General and administrative expense	$	705	$	526	$	2,175	$	1,596
Research and development expense		538		296		1,660		1,075
Total stock-based compensation expenses	$	1,243	$	822	$	3,835	$	2,671

Net Loss per Share - Computation of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Earnings Per Share [Abstract]
Net loss	$ (11,802)	$ (13,242)	$ (34,443)	$ (36,496)
Weighted average common shares used in net loss per share attributable to common stockholders, basic	145,104,986	101,282,228	131,122,754	100,616,111
Weighted average common shares used in net loss per share attributable to common stockholders, diluted	145,104,986	101,282,228	131,122,754	100,616,111
Basic net loss per common share outstanding	$ (0.08)	$ (0.13)	$ (0.26)	$ (0.36)
Diluted net loss per common share outstanding	$ (0.08)	$ (0.13)	$ (0.26)	$ (0.36)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Publisher FASB
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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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://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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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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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
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Reference 37: http://www.xbrl.org/2003/role/disclosureRef
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Reference 38: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
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Reference 39: http://www.xbrl.org/2003/role/disclosureRef
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Reference 40: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 41: http://www.xbrl.org/2003/role/disclosureRef
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Reference 42: http://www.xbrl.org/2003/role/disclosureRef
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Reference 43: http://www.xbrl.org/2003/role/disclosureRef
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Reference 44: http://www.xbrl.org/2003/role/disclosureRef
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Reference 45: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 46: http://www.xbrl.org/2003/role/disclosureRef
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Reference 47: http://www.xbrl.org/2003/role/disclosureRef
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Reference 48: http://www.xbrl.org/2003/role/disclosureRef
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Reference 49: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Marketable Securities - Schedule of Fair Value And Amortized Cost Of Available-for-sale Marketable Securities (Detail) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Amortized Cost	$ 138,028	$ 73,464
Gross Unrealized Gains	76	75
Gross Unrealized Losses	(46)	(14)
Estimated Fair Value	138,058	73,525
U.S. Treasury Securities [Member]
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Amortized Cost	42,130	22,838
Gross Unrealized Gains	51	25
Gross Unrealized Losses	(5)	(12)
Estimated Fair Value	42,176	22,851
Commercial Paper [Member]
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Amortized Cost	43,618	12,999
Gross Unrealized Gains	4	3
Gross Unrealized Losses	(31)	(2)
Estimated Fair Value	43,591	13,000
Corporate Bonds [Member]
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Amortized Cost	32,621	18,921
Gross Unrealized Gains	13	20
Gross Unrealized Losses	(5)	0
Estimated Fair Value	32,629	18,941
U.S. Government Agency Securities [Member]
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Amortized Cost	7,535	11,402
Gross Unrealized Gains	7	21
Gross Unrealized Losses	0	0
Estimated Fair Value	7,542	11,423
Asset Backed Securities [Member]
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Amortized Cost	12,124	7,304
Gross Unrealized Gains	1	6
Gross Unrealized Losses	(5)	0
Estimated Fair Value	$ 12,120	$ 7,310

Marketable Securities (Tables)

9 Months Ended

Sep. 30, 2025

Investments Debt And Equity Securities [Abstract]

Schedule of Fair Value And Amortized Cost Of Available-for-sale Marketable Securities

The fair value and amortized cost of available-for-sale marketable securities by major security type are presented in the following tables as of the periods presented:


	September 30, 2025
Type of security	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Commercial paper	$	43,618	$	4	$	(31	)	$	43,591
U.S. treasury securities		42,130		51		(5	)		42,176
Corporate bonds		32,621		13		(5	)		32,629
Asset backed securities		12,124		1		(5	)		12,120
U.S. government agency securities		7,535		7		—			7,542
Total marketable securities	$	138,028	$	76	$	(46	)	$	138,058


	December 31, 2024
Type of Security	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
U.S. treasury securities	$	22,838	$	25	$	(12	)	$	22,851
Corporate bonds		18,921		20		—			18,941
Commercial paper		12,999		3		(2	)		13,000
U.S. government agency securities		11,402		21		—			11,423
Asset backed securities		7,304		6		—			7,310
Total marketable securities	$	73,464	$	75	$	(14	)	$	73,525

Summary Of Contractual Maturities Of Available-for-sale Marketable Securities

The net amortized cost and fair value of available-for-sale marketable securities are presented in the following table as of the periods presented by contractual maturity. Actual maturities may differ from contractual maturities because securities may be restructured, called or prepaid, or the Company may intend to sell a security prior to maturity.


	September 30, 2025
	Amortized Cost		Fair Value
Due to mature:
Less than one year	$	112,909	$	112,944
One year through two years		25,119		25,114
Total	$	138,028	$	138,058


	December 31, 2024
	Amortized Cost		Fair Value
Due to mature:
Less than one year	$	55,323	$	55,386
One year through two years		18,141		18,139
Total	$	73,464	$	73,525

Marketable Securities

9 Months Ended

Sep. 30, 2025

Investments Debt And Equity Securities [Abstract]

Marketable Securities

The fair value and amortized cost of available-for-sale marketable securities by major security type are presented in the following tables as of the periods presented:


	September 30, 2025
Type of security	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Commercial paper	$	43,618	$	4	$	(31	)	$	43,591
U.S. treasury securities		42,130		51		(5	)		42,176
Corporate bonds		32,621		13		(5	)		32,629
Asset backed securities		12,124		1		(5	)		12,120
U.S. government agency securities		7,535		7		—			7,542
Total marketable securities	$	138,028	$	76	$	(46	)	$	138,058


	December 31, 2024
Type of Security	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
U.S. treasury securities	$	22,838	$	25	$	(12	)	$	22,851
Corporate bonds		18,921		20		—			18,941
Commercial paper		12,999		3		(2	)		13,000
U.S. government agency securities		11,402		21		—			11,423
Asset backed securities		7,304		6		—			7,310
Total marketable securities	$	73,464	$	75	$	(14	)	$	73,525


	September 30, 2025
	Amortized Cost		Fair Value
Due to mature:
Less than one year	$	112,909	$	112,944
One year through two years		25,119		25,114
Total	$	138,028	$	138,058


	December 31, 2024
	Amortized Cost		Fair Value
Due to mature:
Less than one year	$	55,323	$	55,386
One year through two years		18,141		18,139
Total	$	73,464	$	73,525

During the three and nine months ended September 30, 2025 and 2024, there were no realized gains or losses on available-for-sale marketable securities.

As of September 30, 2025 and December 31, 2024, no marketable securities had been in a continuous unrealized loss position for more than 12 months and the Company considered any losses to be temporary in nature. The Company reviewed the securities in the tables above and considered the decline in market value for these securities to be primarily attributable to economic and market conditions. As of the periods noted in the tables above, the Company did not intend to sell these securities and did not believe it was more likely than not that it would be required to sell these securities before recovery of their amortized cost basis. Additionally, the Company did not recognize any credit losses related to its marketable securities in an unrealized loss position during any of the periods noted in the table above.

As of September 30, 2025 and December 31, 2024, accrued interest receivables on the Company’s available-for-sale marketable securities were $1,203 and $532, respectively, and were included within other current assets as presented on its Condensed Consolidated Balance Sheets.

Leases (Tables)

9 Months Ended

Sep. 30, 2025

Leases [Abstract]

Schedule of Lease-related Assets and Liabilities

The following table presents the Company's lease-related assets and liabilities as presented on its Condensed Consolidated Balance Sheets:


	Classification on the Condensed Consolidated Balance Sheet	September 30, 2025		December 31, 2024
Assets:
Operating lease assets	Operating lease right-of-use assets	$	741	$	915
Finance lease assets	Finance lease right-of-use assets		—		157
Total lease assets		$	741	$	1,072
Liabilities:
Current
Operating lease liabilities	Operating lease liabilities, current portion	$	296	$	254
Finance lease liabilities	Finance lease liabilities, current portion		—		31
Non-current
Operating lease liabilities	Operating lease liabilities, non-current portion		527		747
Total lease liabilities		$	823	$	1,032

Schedule of Information Related to Lease Expense

The following table presents information related to the Company's lease expense for the periods shown:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Operating lease expense	$	86	$	85	$	257	$	256
Finance lease expense		—		12		12		36
Total lease expense	$	86	$	97	$	269	$	292

Schedule of Future Lease Payments of Leases

Future minimum lease payments from September 30, 2025 until the expiration of the leases are as follows:


	Operating Leases
2025	$	91
2026		371
2027		380
2028		95
Total minimum lease payments		937
Less: Amount of lease payments representing interest		(114	)
Present value of future minimum lease payments	$	823

Schedule of Information Related to the Lease Terms and Discount Rates of Leases

The following table presents certain information related to the lease terms and discount rates for the Company's leases:


	September 30, 2025			December 31, 2024
Weighted average remaining lease term:
Operating leases	2.5 years			3.3 years
Finance leases		—		0.3 years

Weighted average discount rate:
Operating leases		10.91	%		11.00	%
Finance leases		—			4.37	%

Schedule of Supplemental Cash Flow Information Related to Leases

The following table presents supplemental cash flow information related to the Company's leases for the periods shown:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows relating to operating leases	$	91	$	78	$	260	$	224
Finance lease payments	$	—	$	32	$	11	$	95
Supplemental non-cash information:
Right-of-use assets obtained in exchange for new operating lease liabilities	$	—	$	—	$	9	$	—

Stockholders' Equity - Shares Reserved For Future Issuances (Detail) - shares	Sep. 30, 2025	Dec. 31, 2024
Class Of Stock [Line Items]
Common Stock, Capital Shares Reserved for Future Issuance	29,661,288	41,891,573
Exercise of Outstanding Warrants And Pre-funded Warrants [Member]
Class Of Stock [Line Items]
Common Stock, Capital Shares Reserved for Future Issuance	19,100,800	32,915,346
2019 Stock Option And Grant Plan [Member] \| 2019 Stock Incentive Plan as Amended [Member]
Class Of Stock [Line Items]
Common Stock, Capital Shares Reserved for Future Issuance	9,165,995	7,555,310
2019 Stock Option And Grant Plan [Member] \| 2019 Employee Stock Purchase Plan [Member]
Class Of Stock [Line Items]
Common Stock, Capital Shares Reserved for Future Issuance	1,116,075	1,131,973
2012 Stock Option And Grant Plan [Member] \| 2012 Stock Incentive Plan [Member]
Class Of Stock [Line Items]
Common Stock, Capital Shares Reserved for Future Issuance	278,418	288,944

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 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 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
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-URI https://asc.fasb.org/1943274/2147479857/480-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-Paragraph 13
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 6: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 272
-SubTopic 10
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-Section 45
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-URI https://asc.fasb.org/1943274/2147483014/272-10-45-3

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482987/272-10-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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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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+ Details

Leases

9 Months Ended

Sep. 30, 2025

Leases [Abstract]

Leases

The Company entered into a lease for office space in New Haven, Connecticut, effective March 1, 2013, and entered into a First Amendment (the “First Amendment”) to such lease on December 5, 2017 and a Second Amendment (the “Second Amendment”) to such lease on November 21, 2022 (collectively, the “Office Space Lease”). The leased space approximated 5,600 square feet and, prior to the Second Amendment, the Office Space Lease had a term of 60 months expiring on February 28, 2023. Under the First Amendment, the Company was required to make monthly payments ranging from approximately $10 to $12 through February 1, 2023 and received two designated months of free rent. As a result of the Company entering into the Second Amendment, the leased space increased to 12,500 square feet effective in March 2023 and the term for the Office Space Lease was extended for an additional 60 months from its prior termination date, until February 28, 2028. The Second Amendment requires monthly payments ranging from approximately $23 to $32 effective in March 2023 through February 2028. The first year of payments are based on 10,500 square feet of occupied space, the second year of payments are based on 11,500 square feet of occupied space and the remaining lease payments are based on 12,500 square feet of occupied space.

In December 2022, the Company entered into a 24-month lease for the financing of the furniture installed in the Company’s new office space. The furniture lease requires monthly payments of approximately $11 starting in March 2023.

The following table presents the Company's lease-related assets and liabilities as presented on its Condensed Consolidated Balance Sheets:


	Classification on the Condensed Consolidated Balance Sheet	September 30, 2025		December 31, 2024
Assets:
Operating lease assets	Operating lease right-of-use assets	$	741	$	915
Finance lease assets	Finance lease right-of-use assets		—		157
Total lease assets		$	741	$	1,072
Liabilities:
Current
Operating lease liabilities	Operating lease liabilities, current portion	$	296	$	254
Finance lease liabilities	Finance lease liabilities, current portion		—		31
Non-current
Operating lease liabilities	Operating lease liabilities, non-current portion		527		747
Total lease liabilities		$	823	$	1,032

The following table presents information related to the Company's lease expense for the periods shown:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Operating lease expense	$	86	$	85	$	257	$	256
Finance lease expense		—		12		12		36
Total lease expense	$	86	$	97	$	269	$	292

Future minimum lease payments from September 30, 2025 until the expiration of the leases are as follows:


	Operating Leases
2025	$	91
2026		371
2027		380
2028		95
Total minimum lease payments		937
Less: Amount of lease payments representing interest		(114	)
Present value of future minimum lease payments	$	823

The following table presents certain information related to the lease terms and discount rates for the Company's leases:


	September 30, 2025			December 31, 2024
Weighted average remaining lease term:
Operating leases	2.5 years			3.3 years
Finance leases		—		0.3 years

Weighted average discount rate:
Operating leases		10.91	%		11.00	%
Finance leases		—			4.37	%

The following table presents supplemental cash flow information related to the Company's leases for the periods shown:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows relating to operating leases	$	91	$	78	$	260	$	224
Finance lease payments	$	—	$	32	$	11	$	95
Supplemental non-cash information:
Right-of-use assets obtained in exchange for new operating lease liabilities	$	—	$	—	$	9	$	—

Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Payables and Accruals [Abstract]
Accrued R&D projects	$ 2,421	$ 3,482
Accrued compensation and benefits	2,386	2,538
Accrued consulting and professional fees	1,103	747
Accrued other	126	43
Total accrued expenses	$ 6,036	$ 6,810

Net Loss per Share - Calculation of Diluted Net Loss Per Share Attributable to Common Stockholders (Detail) - shares	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	11,296,265	17,644,172
Employee Stock Option
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	9,444,413	7,940,468
Warrants [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	1,851,852	9,703,704

Leases - Schedule of Supplemental Cash Flow Information Related to Leases (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows relating to operating leases	$ 91	$ 78	$ 260	$ 224
Finance lease payments	0	32	11	95
Supplemental non-cash information:
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 0	$ 0	$ 9	$ 0

Stockholders' Equity - Stock Options, Activity (Detail) - $ / shares	9 Months Ended
	Sep. 30, 2025
Number of Option Shares
Outstanding, Beginning	7,844,254
Granted	2,997,550
Exercised	(772,857)
Forfeited	(624,534)
Expired	0
Outstanding, Ending	9,444,413
Options exercisable	5,016,112
Options unvested	4,428,301
Weighted Average Exercise Price
Outstanding, Beginning	$ 3.08
Granted	4.67
Exercised	2.4
Forfeited	3.35
Expired	0
Outstanding, Ending	3.62
Options exercisable	3.38
Options unvested	$ 3.88

Net Loss per Share - Additional Information (Detail) - shares	Sep. 30, 2025	Dec. 31, 2024
April 2022 Private Placement [Member]
Earnings Per Share Basic [Line Items]
Pre-funded warrants to purchase of common stock	17,248,948	23,211,642

Commitments and Contingencies

9 Months Ended

Sep. 30, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

12.

Commitments and Contingencies

A significant portion of the Company’s development activities are outsourced to third parties under agreements, including with CROs and contract manufacturers in connection with the production of clinical trial materials. These arrangements may require the Company to pay termination costs to the third parties for reimbursement of costs and expenses incurred in the event of the orderly termination of contractual services.

The Company also has commitments under lease and licensing agreements (Note 5 and Note 11).

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	At The Market Sales Agreement [Member]	Common Stock [Member]	Common Stock [Member] At The Market Sales Agreement [Member]	Additional Paid-in Capital [Member]	Additional Paid-in Capital [Member] At The Market Sales Agreement [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Accumulated Deficit [Member]
Beginning Balance at Dec. 31, 2023	$ 82,547		$ 68		$ 321,642		$ (29)	$ (239,134)
Beginning Balance (in shares) at Dec. 31, 2023			68,283,699
Stock-based compensation	2,671				2,671
Issuance of common stock from exercise of stock options	381				381
Issuance of common stock from exercise of stock options (in shares)			243,254
Issuance of common stock, net of commissions and allocated fees, less issuance costs		$ 9,664		$ 3		$ 9,661
Issuance of common stock, net of commissions and allocated fees, less issuance costs (in shares)				3,086,729
Issuance of common stock from Employee Stock Purchase Plan	34				34
Issuance of common stock from Employee Stock Purchase Plan (in shares)			30,675
Issuance of common stock from pre-funded warrant exercise			$ 4		(4)
Issuance of common stock from pre-funded warrant exercise (in shares)			3,810,018
Unrealized gains (losses) on available-for-sale marketable securities	168						168
Net loss	(36,496)							(36,496)
Ending Balance at Sep. 30, 2024	58,969		$ 75		334,385		139	(275,630)
Ending Balance (in shares) at Sep. 30, 2024			75,454,375
Beginning Balance at Dec. 31, 2023	82,547		$ 68		321,642		(29)	(239,134)
Beginning Balance (in shares) at Dec. 31, 2023			68,283,699
Ending Balance at Dec. 31, 2024	99,644		$ 94		386,534		61	(287,045)
Ending Balance (in shares) at Dec. 31, 2024			93,602,631
Beginning Balance at Jun. 30, 2024	66,174		$ 73		328,573		(84)	(262,388)
Beginning Balance (in shares) at Jun. 30, 2024			72,591,917
Stock-based compensation	822				822
Issuance of common stock from exercise of stock options	162				162
Issuance of common stock from exercise of stock options (in shares)			113,736
Issuance of common stock, net of commissions and allocated fees, less issuance costs		$ 4,830		$ 1		$ 4,829
Issuance of common stock, net of commissions and allocated fees, less issuance costs (in shares)				1,611,803
Issuance of common stock from pre-funded warrant exercise			$ 1		(1)
Issuance of common stock from pre-funded warrant exercise (in shares)			1,136,919
Unrealized gains (losses) on available-for-sale marketable securities	223						223
Net loss	(13,242)							(13,242)
Ending Balance at Sep. 30, 2024	58,969		$ 75		334,385		139	(275,630)
Ending Balance (in shares) at Sep. 30, 2024			75,454,375
Beginning Balance at Dec. 31, 2024	99,644		$ 94		386,534		61	(287,045)
Beginning Balance (in shares) at Dec. 31, 2024			93,602,631
Stock-based compensation	3,835				3,835
Issuance of common stock from exercise of stock options	$ 1,854				1,854
Issuance of common stock from exercise of stock options (in shares)	772,857		772,857
Issuance of common stock, net of commissions and allocated fees, less issuance costs	$ 107,388		$ 20		107,368
Issuance of common stock, net of commissions and allocated fees, less issuance costs (in shares)			20,010,000
Issuance of common stock from Employee Stock Purchase Plan	59				59
Issuance of common stock from Employee Stock Purchase Plan (in shares)			15,898
Issuance of common stock from warrant exercise	10,757		$ 8		10,749
Issuance of common stock from warrant exercise (in shares)			7,851,852
Issuance of common stock from pre-funded warrant exercise			$ 6		(6)
Issuance of common stock from pre-funded warrant exercise (in shares)			5,961,875
Unrealized gains (losses) on available-for-sale marketable securities	(31)						(31)
Proceeds from disgorgement of beneficial owner's short-swing profits	725				725
Net loss	(34,443)							(34,443)
Ending Balance at Sep. 30, 2025	189,788		$ 128		511,118		30	(321,488)
Ending Balance (in shares) at Sep. 30, 2025			128,215,113
Beginning Balance at Jun. 30, 2025	198,493		$ 122		508,033		24	(309,686)
Beginning Balance (in shares) at Jun. 30, 2025			121,775,753
Stock-based compensation	1,243				1,243
Issuance of common stock from exercise of stock options	1,123				1,123
Issuance of common stock from exercise of stock options (in shares)			477,485
Issuance of common stock from pre-funded warrant exercise			$ 6		(6)
Issuance of common stock from pre-funded warrant exercise (in shares)			5,961,875
Unrealized gains (losses) on available-for-sale marketable securities	6						6
Proceeds from disgorgement of beneficial owner's short-swing profits	725				725
Net loss	(11,802)							(11,802)
Ending Balance at Sep. 30, 2025	$ 189,788		$ 128		$ 511,118		$ 30	$ (321,488)
Ending Balance (in shares) at Sep. 30, 2025			128,215,113

Marketable Securities - Additional Information (Detail)	3 Months Ended		9 Months Ended
Marketable Securities - Additional Information (Detail)	Sep. 30, 2025 USD ($) Security	Sep. 30, 2024 USD ($)	Sep. 30, 2025 USD ($) Security	Sep. 30, 2024 USD ($)	Dec. 31, 2024 USD ($) Security
Investments Debt And Equity Securities [Abstract]
Realized gains or losses on available-for-sale marketable securities	$ 0	$ 0	$ 0	$ 0
Marketable securities, continuous unrealized loss position, 12 months or longer \| Security	0		0		0
Credit losses related to its marketable securities	$ 0		$ 0		$ 0
Debt securities available for sale accrued interest after allowance for credit loss statement of financial position extensible list not disclosed flag	Accrued interest receivables		Accrued interest receivables		Accrued interest receivables
Accrued interest receivables	$ 1,203,000		$ 1,203,000		$ 532,000

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Pay vs Performance Disclosure
Net Income (Loss)	$ (11,802)	$ (13,242)	$ (34,443)	$ (36,496)

- Definition

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

+ References

+ Details

Segments

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Segments

10.

Segments

The Company operates and manages its business as one reportable segment, which is also the Company’s only operating segment. Such segment is the business of developing and commercializing the investigational therapy Haduvio (oral nalbuphine ER) for the treatment of chronic cough in patients with IPF, non-IPF ILD, and RCC. The Company’s chief operating decision maker (“CODM”) is the President and Chief Executive Officer. The CODM assesses performance for the segment and decides how to allocate resources based on consolidated net loss that is also reported on the Company’s consolidated statements of comprehensive loss.

The measure of segment assets is reported on the consolidated balance sheets as total consolidated assets.

The CODM uses consolidated net loss to evaluate the Company’s spend and monitor budget versus actual results. The monitoring of budgeted versus actual results is used in assessing performance of the segment and in establishing resource allocation across the organization.

The accounting policies of the segment are the same as those described in Note 2 of the notes to the Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q.

The following table presents reportable segment loss, including significant expense categories, attributable to the Company’s reportable segment for the periods presented:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Chronic cough in IPF clinical trial expense	$	822		$	4,592		$	6,743		$	11,116
Refractory chronic cough clinical trial expense		119			2,035			1,371			4,642
Clinical trial material		4,304			713			5,622			3,875
Other clinical trials and studies 1		780			908			1,344			2,245
Other clinical development expenses 2		1,549			1,217			4,827			2,969
Employee compensation (excluding stock compensation expense)		3,041			2,284			8,816			6,716
Stock-based compensation expense		1,243			822			3,835			2,671
Other segment items 3		2,045			1,497			6,518			5,021
Interest income, net		(2,101	)		(826	)		(4,633	)		(2,759	)
Net loss	$	11,802		$	13,242		$	34,443		$	36,496

(2) Includes expense related to general research and development activities, regulatory, medical affairs, and quality assurance.

(3) Includes general administrative expense, interest expense, net, other (expense) income, net and income tax benefit.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Nature of the Business

9 Months Ended

Sep. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Nature of the Business

Trevi Therapeutics, Inc. (“Trevi” or the “Company”) is a clinical-stage biopharmaceutical company focused on the development and commercialization of the investigational therapy Haduvio (oral nalbuphine ER) for the treatment of chronic cough in patients with idiopathic pulmonary fibrosis (“IPF”), non-IPF interstitial lung disease (“non-IPF ILD”), and refractory chronic cough (“RCC”).

Haduvio is an oral extended-release formulation of nalbuphine. Haduvio acts on the cough reflex arc both centrally and peripherally as a kappa agonist and a mu antagonist (“KAMA”), targeting opioid receptors that play a key role in controlling chronic cough. Nalbuphine has been approved and marketed as an injectable for pain indications for more than 30 years in the United States (“U.S.”) and Europe. Nalbuphine’s mechanism of action also mitigates the risk of abuse associated with mu-opioid agonists because it antagonizes, or blocks, the mu-opioid receptor. Parenteral nalbuphine is not scheduled as a controlled substance by the U.S. Drug Enforcement Agency and in most of Europe.

Leases - Schedule of Lease-related Assets and Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Assets:
Operating lease right-of-use assets	$ 741	$ 915
Finance lease right-of-use assets	0	157
Total lease assets	741	1,072
Liabilities:
Operating lease liabilities, current portion	296	254
Finance lease liabilities, current portion	0	31
Operating lease liabilities, long term portion	527	747
Total lease liabilities	$ 823	$ 1,032

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Operating expenses:
Research and development	$ 10,085	$ 11,224	$ 27,285	$ 30,049
General and administrative	3,831	2,863	11,823	9,232
Total operating expenses	13,916	14,087	39,108	39,281
Loss from operations	(13,916)	(14,087)	(39,108)	(39,281)
Other income (expense):
Interest income, net	2,101	826	4,633	2,759
Other expense, net	(2)	(11)	(16)	(17)
Interest expense	0	(1)	0	(3)
Total other income, net	2,099	814	4,617	2,739
Loss before income taxes	(11,817)	(13,273)	(34,491)	(36,542)
Income tax benefit	15	31	48	46
Net loss	$ (11,802)	$ (13,242)	$ (34,443)	$ (36,496)
Basic net loss per common share outstanding	$ (0.08)	$ (0.13)	$ (0.26)	$ (0.36)
Diluted net loss per common share outstanding	$ (0.08)	$ (0.13)	$ (0.26)	$ (0.36)
Weighted average common shares used in net loss per share attributable to common stockholders, basic	145,104,986	101,282,228	131,122,754	100,616,111
Weighted average common shares used in net loss per share attributable to common stockholders, diluted	145,104,986	101,282,228	131,122,754	100,616,111
Net loss	$ (11,802)	$ (13,242)	$ (34,443)	$ (36,496)
Other comprehensive income (loss):
Net unrealized gains (losses) on available-for-sale marketable securities	6	223	(31)	168
Comprehensive loss	$ (11,796)	$ (13,019)	$ (34,474)	$ (36,328)

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

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

The following table summarizes the Company's financial assets and financial liabilities measured at fair value on a recurring basis and the basis for that measurement, by level within the fair value hierarchy, as follows:


		Fair Value Measurement Using:
Balance Sheet Classification	Type of Instrument	Level 1		Level 2		Level 3		Total
September 30, 2025
Financial assets:
Cash equivalents	Money market funds	$	55,797	$	—	$	—	$	55,797
Marketable securities	Commercial paper		—		43,591		—		43,591
Marketable securities	U.S. treasury securities		—		42,176		—		42,176
Marketable securities	Corporate bonds		—		32,629		—		32,629
Marketable securities	Asset backed securities		—		12,120		—		12,120
Marketable securities	U.S. government agency securities		—		7,542		—		7,542
Total assets		$	55,797	$	138,058	$	—	$	193,855


		Fair Value Measurement Using:
Balance Sheet Classification	Type of Instrument	Level 1		Level 2		Level 3		Total
December 31, 2024
Financial assets:
Cash equivalents	Money market funds	$	28,605	$	—	$	—	$	28,605
Marketable securities	U.S. treasury securities		—		22,851		—		22,851
Marketable securities	Corporate bonds		—		18,941		—		18,941
Marketable securities	Commercial paper		—		13,000		—		13,000
Marketable securities	U.S. government agency securities		—		11,423		—		11,423
Marketable securities	Asset backed securities		—		7,310		—		7,310
Cash equivalents	Commercial paper		—		4,479		—		4,479
Total assets		$	28,605	$	78,004	$	—	$	106,609

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2025	Oct. 31, 2025
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2025
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q3
Entity Registrant Name	TREVI THERAPEUTICS, INC.
Entity Central Index Key	0001563880
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Trading Symbol	TRVI
Entity Common Stock, Shares Outstanding		128,230,134
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Small Business	true
Entity File Number	001-38886
Entity Tax Identification Number	45-0834299
Entity Address, Address Line One	195 Church Street
Entity Address, Address Line Two	16th Floor
Entity Address, City or Town	New Haven
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06510
City Area Code	203
Local Phone Number	304-2499
Entity Interactive Data Current	Yes
Entity Incorporation, State or Country Code	DE
Document Quarterly Report	true
Document Transition Report	false
Title of 12(b) Security	Common Stock, $0.001 par value per share
Security Exchange Name	NASDAQ

Fair Value Measurements

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements


		Fair Value Measurement Using:
Balance Sheet Classification	Type of Instrument	Level 1		Level 2		Level 3		Total
September 30, 2025
Financial assets:
Cash equivalents	Money market funds	$	55,797	$	—	$	—	$	55,797
Marketable securities	Commercial paper		—		43,591		—		43,591
Marketable securities	U.S. treasury securities		—		42,176		—		42,176
Marketable securities	Corporate bonds		—		32,629		—		32,629
Marketable securities	Asset backed securities		—		12,120		—		12,120
Marketable securities	U.S. government agency securities		—		7,542		—		7,542
Total assets		$	55,797	$	138,058	$	—	$	193,855


		Fair Value Measurement Using:
Balance Sheet Classification	Type of Instrument	Level 1		Level 2		Level 3		Total
December 31, 2024
Financial assets:
Cash equivalents	Money market funds	$	28,605	$	—	$	—	$	28,605
Marketable securities	U.S. treasury securities		—		22,851		—		22,851
Marketable securities	Corporate bonds		—		18,941		—		18,941
Marketable securities	Commercial paper		—		13,000		—		13,000
Marketable securities	U.S. government agency securities		—		11,423		—		11,423
Marketable securities	Asset backed securities		—		7,310		—		7,310
Cash equivalents	Commercial paper		—		4,479		—		4,479
Total assets		$	28,605	$	78,004	$	—	$	106,609

- 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

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+ Details

Net Loss per Share (Tables)

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table summarizes the computation of basic and diluted net loss per share attributable to common stockholders of the Company:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Net loss	$	(11,802	)	$	(13,242	)	$	(34,443	)	$	(36,496	)
Weighted average common shares used in net loss per share attributable to common stockholders, basic and diluted		145,104,986			101,282,228			131,122,754			100,616,111
Basic and diluted net loss per common share outstanding	$	(0.08	)	$	(0.13	)	$	(0.26	)	$	(0.36	)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following potential common shares, presented based on shares outstanding as of September 30, 2025 and 2024, respectively, were excluded from the calculation of diluted net loss per share attributable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect:


	Shares as of September 30,
	2025		2024
Stock Options		9,444,413		7,940,468
Warrants		1,851,852		9,703,704
Total potential common shares		11,296,265		17,644,172

Accrued Expenses

9 Months Ended

Sep. 30, 2025

Payables and Accruals [Abstract]

Accrued Expenses

Accrued expenses consisted of the following:


	September 30, 2025		December 31, 2024
Accrued R&D projects	$	2,421	$	3,482
Accrued compensation and benefits		2,386		2,538
Accrued consulting and professional fees		1,103		747
Accrued other		126		43
Total accrued expenses	$	6,036	$	6,810