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Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2026

The accompanying unaudited condensed financial statements have been prepared in accordance with United States generally accepted accounting principles (“GAAP”) for interim financial information and the rules and regulations of the Securities and Exchange Commission (“SEC”) applicable to interim reporting by smaller reporting companies. Accordingly, they do not include all information and disclosures required by GAAP for complete annual financial statements. The condensed balance sheet as of December 31, 2025 was derived from audited financial statements and notes included in the Company’s final prospectus filed with the SEC pursuant to Rule 424(b)(4) on October 9, 2026 (the “IPO Prospectus”). These unaudited condensed financial statements should be read with the audited financial statements in the IPO Prospectus. The accompanying unaudited condensed financial statements and related notes give retroactive effect to the reverse stock split described in Note 1 for all periods presented.

In management’s opinion, the unaudited condensed financial statements include all adjustments, consisting only of normal recurring adjustments, necessary to present fairly the Company’s financial position, results of operations and cash flows for the interim periods. Results for the three and nine months ended September 30, 2026 are not necessarily indicative of results for the year ending December 31, 2026, or any future period.

Significant Accounting Policies

During the nine months ended September 30, 2026, there were no material changes to the Company’s significant accounting policies from those described in Note 2 to the audited financial statements for the years ended December 31, 2025 and 2024 and notes thereto, included in the IPO Prospectus, except for the completed offering-cost accounting described below.

Cash, Cash Equivalents and Restricted Cash

The following table reconciles cash and cash equivalents and restricted cash reported in the condensed balance sheets to the amounts in the condensed statements of cash flows (in thousands):


	September 30, 2026		December 31, 2025
Cash and cash equivalents	$	16,810	$	15,192
Restricted cash included in other assets		160		—
Total cash, cash equivalents and restricted cash shown in the condensed statements of cash flows	$	16,970	$	15,192

Deferred Offering Costs

The Company capitalizes certain legal, accounting, printing and other third-party costs directly attributable to an in-process equity offering as deferred offering costs. As of September 30, 2026, the Company had deferred offering costs of $4.6 million, which were included in other assets on the condensed balance sheet.

Upon completion of the IPO in October 2026, approximately $5.2 million of offering costs, including estimated costs for services incurred but not yet invoiced, were reclassified as a reduction of the gross proceeds from the IPO within additional paid-in capital. See Note 1.

Recent Accounting Pronouncements

The Company adopted Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, prospectively on January 1, 2026. Because the standard primarily requires enhanced annual disclosures, adoption did not have a material impact on the interim condensed financial statements. The required disclosures will be included in the annual financial statements for the year ending December 31, 2026.

Accounting Pronouncements Not Yet Adopted

In November 2024, the Financial Accounting Standards Board (“FASB”) issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40). The amendments require public business entities to disclose, in the notes to the financial statements, additional information about certain costs and expenses included in each relevant expense caption presented on the face of the income statement. The standard is effective for the Company for fiscal years beginning after December 15, 2026 and interim periods beginning after December 15, 2027. Early adoption is permitted. The Company is evaluating the impact on its financial statements and disclosures.