0001790340-26-000057 | 10-Q | XBRL Viewer

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Commitments and Contingencies - Schedule of Maturities of the Lease Liabilities Due (Details) - USD ($)	Mar. 31, 2026	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Remainder of 2026	$ 572,826
2027	784,737
2028	808,278
2029	832,527
2030	857,496
Thereafter	1,184,208
Total future lease payments	5,040,072
Less: imputed interest	(1,309,868)
Total lease liabilities	3,730,204
Lease liabilities	412,835	$ 397,104
Lease liabilities, net of current portion	$ 3,317,369	$ 3,427,321

Marketable Securities

3 Months Ended

Mar. 31, 2026

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

Marketable securities consisted of the following as of March 31, 2026 and December 31, 2025, respectively.


	March 31, 2026
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Assets:
Current:
U.S. Treasuries	$	66,968,717	$	67	$	(49,605)	$	66,919,179
Government securities	7,986,830		—		(1,235)		7,985,595
Debt securities	7,641,519		—		(10,276)		7,631,243
Commercial paper	26,868,360		57		(32,377)		26,836,040
Total Current	109,465,426		124		(93,493)		109,372,057

Non-current:
U.S. Treasuries	34,162,022		—		(117,280)		34,044,742
Government securities	5,518,352		—		(24,137)		5,494,215
Debt securities	2,417,069		—		(5,281)		2,411,788
Total Non-current	42,097,443		—		(146,698)		41,950,745
Total marketable securities	$	151,562,869	$	124	$	(240,191)	$	151,322,802


	December 31, 2025
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Assets:
Current:
U.S. Treasuries	$	6,495,181	$	5,504	$	—	$	6,500,685
Government securities	7,943,758		4,742		—		7,948,500
Debt securities	7,628,117		496		(59)		7,628,554
Commercial paper	22,102,080		6,425		—		22,108,505
Total Current	44,169,136		17,167		(59)		44,186,244

Non-current:
U.S. Treasuries	37,717,598		58,682		—		37,776,280
Government securities	3,998,584		—		(1,544)		3,997,040
Debt securities	2,406,640		3,226		—		2,409,866
Total Non-current	44,122,822		61,908		(1,544)		44,183,186
Total marketable securities	$	88,291,958	$	79,075	$	(1,603)	$	88,369,430

The Company's marketable securities are classified as available-for-sale pursuant to ASC 320, Investments – Debt and Equity Securities and are recorded at fair value. Unrealized gains (losses) are included as a component of accumulated other comprehensive loss in the condensed consolidated balance sheets and statements of stockholders’ equity and a component of total comprehensive loss in the condensed consolidated statements of comprehensive loss, until realized. The Company assesses its available-for-sale marketable securities for impairment on a quarterly basis.

The Company's marketable securities portfolio contains investments in U.S. Treasury, other U.S. government-backed securities, and commercial paper. The Company reviews its portfolio based on the underlying risk profile of the securities and does not expect there to be a loss on these investments. The Company also regularly reviews the securities in an unrealized loss position and evaluates the current expected credit loss by considering factors such as historical experience, market data, issuer-specific factors, and current economic conditions.

There were no impairments recorded during the three months ended March 31, 2026 or March 31, 2025. Realized gains and losses are included in other income (expense) on the condensed consolidated statements of operations.

During the three months ended March 31, 2026 and 2025, the Company recognized no year-to-date credit loss related to its short-term investments, and had no allowance for credit loss recorded as of March 31, 2026 or December 31, 2025.

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2026
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The interim condensed consolidated financial statements have been prepared in accordance with accounting standards set by the Financial Accounting Standards Board (“FASB”). The FASB sets generally accepted accounting principles (“GAAP”) to ensure the interim condensed consolidated financial statements are consistently reported. References to GAAP issued by the FASB in these footnotes are to the FASB Accounting Standards Codification ("ASC"). The interim condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. There have been no material changes to the accounting policies of the Company as those set forth in Note 2 to the audited consolidated financial statements contained in the Annual Report on Form 10-K for the fiscal year ended December 31, 2025. Unaudited Interim Financial Information The unaudited interim condensed consolidated financial statements of the Company have been prepared in accordance with GAAP and in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and footnote disclosures normally included in the annual financial statements prepared in accordance with GAAP have been omitted from the unaudited interim condensed consolidated financial statements, as is permitted by such rules and regulations. While we believe that the disclosures presented are adequate in order to make the information not misleading, these unaudited interim condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes for the year ended December 31, 2025. It is management’s opinion that these financial statements include all normal and recurring adjustments necessary for a fair presentation of the Company’s financial position, operating results and cash flows. Net loss for any interim period is not necessarily indicative of future or annual results. 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, liabilities, revenues and expenses during the reporting periods. These estimates and assumptions are based on current facts, historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets, liabilities and the recording of expenses that are not readily apparent from other sources. Significant estimates reflected in these interim condensed consolidated financial statements include but are not limited to: the accrued research and development expenses, the determination of fair value of stock-based awards, and the impairment of goodwill and intangible assets. Actual results may differ materially and adversely from these estimates. Goodwill Goodwill represents the excess of the fair value of the acquiree over the recognized basis of the net identifiable assets acquired and includes the future economic benefits from other assets that could not be individually identified and separately recognized. Goodwill is not amortized, but instead is periodically reviewed for impairment and an impairment charge is recorded in the periods in which the recorded carrying value of goodwill exceeds its fair value. On a quarterly basis, the Company performs a review of its business to determine if events or changes in circumstances have occurred which could have a material adverse effect on the fair value of the Company and its goodwill. If such events or changes in circumstances were deemed to have occurred, the Company would perform an impairment test of goodwill as of the end of the quarter and record any noted impairment loss. The Company performs its annual impairment test during the fourth quarter of each fiscal year. There were no impairments identified for the year ended December 31, 2025 or for the three months ended March 31, 2026. Deferred Offering Costs The Company capitalizes certain legal, professional, and other third-party charges related to ongoing equity financings as deferred offering costs until fully consummated. These costs are to be recorded as a reduction of the offering’s proceeds which are recorded to additional paid-in capital within stockholders’ equity. Should the Company choose not to initiate such financing, the deferred offering costs would be immediately expensed as operating expenses. Deferred offering costs associated with the 2025 Sales Agreement are reclassified to additional paid-in capital on a pro-rata basis when the Company completes offerings under the 2025 Sales Agreement. Any remaining deferred costs will be expensed to the statement of operations should the planned offering be abandoned. The Company had approximately $0.2 million of deferred offering costs as of March 31, 2026 and $0.2 million as of December 31, 2025. Common Stock Warrants The Company accounts for warrants issued as a separable unit in connection with sale of common stock as either liability or equity in accordance with ASC 480-10, Accounting for Certain Financial Instruments with Characteristics of both Liabilities and Equity (“ASC 480-10”) or ASC 815-40, Accounting for Derivative Financial Instruments Indexed to, and Potentially Settled in, a Company’s Own Stock (“ASC 815-40”). Under ASC 480-10, warrants are considered liabilities if they are mandatorily redeemable and they require settlement in cash or other assets, or a variable number of shares. If warrants do not meet liability classification under ASC 480-10, the Company considers the requirements of ASC 815-40 to determine whether the warrants should be classified as liability or equity. If warrants do not require liability classification under ASC 815-40 or other applicable generally accepted accounting principles in the United States of America (“U.S. GAAP”) the warrants should be classified as equity. The proceeds received from the sale of equity classified warrants and shares of common stock in a bundled transaction are allocated based on the relative fair values of warrants and shares with no changes in fair value of warrants recognized after the issuance date. Net Loss Per Share Basic net loss per share is calculated by dividing the net loss by the weighted average number of shares of common stock and pre-funded warrants outstanding during the period, without consideration for potentially dilutive securities. The pre-funded warrants are included as outstanding shares in the computation as the exercise price is negligible and the pre-funded warrants are fully vested and exercisable. Diluted net loss per share is the same as basic net loss per share for the periods presented since the effects of potentially dilutive securities are antidilutive given the net loss of the Company. Recently Issued But Not Yet Adopted Accounting Pronouncements and Legislation From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies and adopted by the Company as of the specified effective date. The Company is an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012, as amended (the “JOBS Act”). The JOBS Act provides that an emerging growth company can take advantage of an extended transition period for complying with new or revised accounting standards. Thus, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. The Company elected to avail itself of this extended transition period and, as a result, the Company will not be required to adopt certain new or revised accounting standards on the relevant dates on which adoption of such standards is required for other public companies. In November 2024, the FASB issued Accounting Standards Update ("ASU") No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) (“ASU 2024-03”). The guidance in ASU 2024-03 aims to improve disclosures around an entity's expenses. Upon adoption, companies will be required to disclose in the notes to the financial statements a disaggregation of certain expense categories included within the expense captions on the face of the income statement. The standard is effective for fiscal years beginning after December 15, 2026 and interim periods in fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating this standard's potential impact on its consolidated financial statements and related disclosures. In December 2025, the FASB issued Update ASU 2025-11, "Interim Reporting (Topic 270): Narrow-Scope Improvements". This ASU clarifies and improves existing interim reporting guidance by consolidating disclosure requirements within Topic 270 and introducing a disclosure principle requiring entities to disclose events and changes occurring after the most recent annual reporting period that are expected to have a material effect on the entity's financial condition or results of operations. The ASU does not introduce significant changes to recognition or measurement guidance. The amendments in this Update are effective for interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. We are currently evaluating the effect of adopting this pronouncement on our financial statements and disclosures.

Commitments and Contingencies - Schedule of Quantitative Information Regarding the Company's Leases (Details) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Lease costs:
Operating lease cost	$ 186,590	$ 186,590
Short-term lease cost	43,428	31,278
Total lease costs	230,018	217,868
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	189,051	183,546
Operating cash flows from short-term leases	43,428	31,278
Total lease payment	$ 232,479	$ 214,824
Weighted-average remaining lease term - operating leases (in years)	6 years 29 days	7 years 29 days
Weighted-average discount rate - operating leases (as a percent)	10.00%	10.00%

Net Loss Per Share Attributable to Common Stockholders

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Net Loss Per Share Attributable to Common Stockholders

Basic and diluted net loss per share attributable to common stockholders was calculated at March 31, 2026 and March 31, 2025 as follows:


	Three Months Ended March 31,
	2026		2025

Numerator:
Net loss	$	(13,460,895)	$	(15,046,132)
Denominator - basic and diluted:
Weighted-average common shares outstanding, basic and diluted	64,658,809		35,529,652
Net loss per share - basic and diluted	$	(0.21)	$	(0.42)

The following table sets forth the potentially dilutive securities that have been excluded from the calculation of diluted net loss per share because to include them would be anti-dilutive (in common stock equivalent shares) at March 31, 2026 and March 31, 2025:


	Three Months Ended March 31,
	2026	2025

Options to purchase common stock	11,008,350	8,337,419
Purchase warrants	2,848,096	–
Total shares of common stock equivalents	13,856,446	8,337,419

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Assumptions in its Application of the Black-Scholes Option Pricing Model for Grants

The Company used the following assumptions in its application of the Black-Scholes option pricing model for grants during the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
	2026	2025

Weighted-average risk-free interest rate	3.68% - 4.14%	4.07% - 4.55%
Expected term (in years)	5.98 - 10.00	5.51 - 10.00
Expected dividend yield	0%	0%
Expected volatility	67.62% - 70.13%	65.86% - 67.33%

Schedule of Stock Option Activity

The following table summarizes the stock option activity during the three months ended March 31, 2026:


	Number of Options	Weighted- Average Exercise Price per Share		Weighted Average Remaining Contractual Term (in Years)	Aggregate Intrinsic Value

Outstanding at December 31, 2025	8,250,958	$	3.83
Granted	2,771,371	4.91
Exercised	(4,696)	2.22
Cancelled	(9,283)	3.50
Outstanding at March 31, 2026	11,008,350	$	4.10	7.59	$	18,078,420

Vested and exercisable at March 31, 2026	5,845,046	$	4.33	6.27	$	10,447,339

Schedule of Recognized Share-based Compensation Expense Recognized

For the three months ended March 31, 2026 and 2025, the Company recognized share-based compensation expense on the accompanying condensed consolidated statements of operations as follows:


	Three Months Ended March 31,
	2026		2025

Research and development	$	670,406	$	733,037
General and administrative	966,269		959,230
Total	$	1,636,675	$	1,692,267

Marketable Securities - Schedule of Marketable Securities (Details) - USD ($)	Mar. 31, 2026	Dec. 31, 2025
Assets:
Amortized Cost	$ 151,562,869	$ 88,291,958
Unrealized Gains	124	79,075
Unrealized Losses	(240,191)	(1,603)
Marketable securities	109,372,057	44,186,244
Marketable securities, non-current	41,950,745	44,183,186
Fair Value	151,322,802	88,369,430
Current:
Assets:
Amortized Cost	109,465,426	44,169,136
Unrealized Gains	124	17,167
Unrealized Losses	(93,493)	(59)
Marketable securities	109,372,057	44,186,244
Non-current:
Assets:
Amortized Cost	42,097,443	44,122,822
Unrealized Gains	0	61,908
Unrealized Losses	(146,698)	(1,544)
Marketable securities, non-current	41,950,745	44,183,186
U.S. Treasuries
Assets:
Fair Value	100,963,921	44,276,965
U.S. Treasuries \| Current:
Assets:
Amortized Cost	66,968,717	6,495,181
Unrealized Gains	67	5,504
Unrealized Losses	(49,605)	0
Marketable securities	66,919,179	6,500,685
U.S. Treasuries \| Non-current:
Assets:
Amortized Cost	34,162,022	37,717,598
Unrealized Gains	0	58,682
Unrealized Losses	(117,280)	0
Marketable securities, non-current	34,044,742	37,776,280
Government securities
Assets:
Fair Value	13,479,810	11,945,540
Government securities \| Current:
Assets:
Amortized Cost	7,986,830	7,943,758
Unrealized Gains	0	4,742
Unrealized Losses	(1,235)	0
Marketable securities	7,985,595	7,948,500
Government securities \| Non-current:
Assets:
Amortized Cost	5,518,352	3,998,584
Unrealized Gains	0	0
Unrealized Losses	(24,137)	(1,544)
Marketable securities, non-current	5,494,215	3,997,040
Debt securities
Assets:
Fair Value	10,043,031	10,038,420
Debt securities \| Current:
Assets:
Amortized Cost	7,641,519	7,628,117
Unrealized Gains	0	496
Unrealized Losses	(10,276)	(59)
Marketable securities	7,631,243	7,628,554
Debt securities \| Non-current:
Assets:
Amortized Cost	2,417,069	2,406,640
Unrealized Gains	0	3,226
Unrealized Losses	(5,281)	0
Marketable securities, non-current	2,411,788	2,409,866
Commercial paper
Assets:
Fair Value	26,836,040	22,108,505
Commercial paper \| Current:
Assets:
Amortized Cost	26,868,360	22,102,080
Unrealized Gains	57	6,425
Unrealized Losses	(32,377)	0
Marketable securities	$ 26,836,040	$ 22,108,505

Stock-Based Compensation - Schedule of Assumptions in its Application of the Black-Scholes Option Pricing Model for Grants (Details)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average risk-free interest rate, minimum (as a percent)	3.68%	4.07%
Weighted-average risk-free interest rate, maximum (as a percent)	4.14%	4.55%
Expected dividend yield (as a percent)	0.00%	0.00%
Expected volatility, minimum (as a percent)	67.62%	65.86%
Expected volatility, maximum (as a percent)	70.13%	67.33%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	5 years 11 months 23 days	5 years 6 months 3 days
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	10 years	10 years

- Definition

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

+ References

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+ Details

Property and Equipment, net - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 81,402	$ 85,261

- Definition

The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.

+ References + Details

Net Loss Per Share Attributable to Common Stockholders - Schedule of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders (Details) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Numerator:
Net loss	$ (13,460,895)	$ (15,046,132)
Denominator - basic and diluted:
Weighted-average common shares outstanding, basic (in shares)	64,658,809	35,529,652
Weighted-average common shares outstanding, diluted (in shares)	64,658,809	35,529,652
Earnings per share:
Net loss per share, basic (in dollars per share)	$ (0.21)	$ (0.42)
Net loss per share, diluted (in dollars per share)	$ (0.21)	$ (0.42)

- 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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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

Common Stock - Class A Common Stock (Details) - Class A Common Stock	3 Months Ended	6 Months Ended
	Mar. 31, 2026 Vote $ / shares shares	Jun. 30, 2025 Vote	Dec. 31, 2025 $ / shares shares
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	200,000,000		200,000,000
Common stock, par value per share (in dollars per share) \| $ / shares	$ 0.001		$ 0.001
Common stock, shares outstanding (in shares)	64,688,915		64,648,230
Common stock, shares issued (in shares)	64,688,915		64,648,230
Number of votes \| Vote	1	1

- Definition

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

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+ Details

Accrued Expenses (Details) - USD ($)	Mar. 31, 2026	Dec. 31, 2025
Accrued Liabilities, Current [Abstract]
Accrued professional services	$ 636,747	$ 735,772
Accrued employee expenses	1,067,883	4,245,563
Accrued research and development expenses	1,269,266	2,747,306
Accrued other expenses	90,170	113,726
Total	$ 3,064,066	$ 7,842,367

Fair Value Measurements

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements

We record cash equivalents and marketable securities at fair value. ASC 820, Fair Value Measurements and Disclosures, establishes a fair value hierarchy for those instruments measured at fair value that distinguishes between assumptions based on market data (observable inputs) and our own assumptions (unobservable inputs). The hierarchy consists of three levels:

Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities.

Level 2 – Quoted prices for similar assets and liabilities in active markets, quoted prices in markets that are not active, or inputs which are observable, directly or indirectly, for substantially the full term of the asset or liability.

Level 3 – Unobservable inputs that reflect our own assumptions about the assumptions market participants would use in pricing the asset or liability in which there is little, if any, market activity for the asset or liability at the measurement date.

The following table summarizes our cash equivalents measured at fair value on a recurring basis as of March 31, 2026:


	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents
Money market	$	34,631,173	$	—	$	—	$	34,631,173
U.S. Treasuries	12,433,380		—		—		12,433,380


Total cash equivalents	$	47,064,553	$	—	$	—	$	47,064,553

Marketable securities:
U.S. Treasuries	$	100,963,921	$	—	$	—	$	100,963,921
Government securities	—		13,479,810		—		13,479,810
Debt securities	—		10,043,031		—		10,043,031
Commercial paper	—		26,836,040		—		26,836,040
Total marketable securities	100,963,921		50,358,881		—		151,322,802
Total cash equivalents and marketable securities	$	148,028,474	$	50,358,881	$	—	$	198,387,355

There have been no changes to the valuation methods during the three months ended March 31, 2026. There were no transfers between Level 1 and Level 2 and we had no financial assets or liabilities that were classified as Level 3 at any point during the three months ended March 31, 2026.

Cash equivalents and marketable securities have been initially valued at the transaction price and subsequently, at the end of each reporting period, valued utilizing third-party pricing services or other observable market data. The pricing services utilize industry standard valuation models, including both income and market-based approaches, and observable market inputs to determine value. After completing our valuation procedures, we did not adjust or override any fair value measurements provided by the pricing services as of March 31, 2026 and December 31, 2025.

The following table summarizes our cash equivalents measured at fair value on a recurring basis as of December 31, 2025:


	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents
Money market	$	105,330,208	$	—	$	—	$	105,330,208
U.S. Treasuries	1,992,340		—		—		1,992,340
Government securities	—		9,222,990		—		9,222,990
Commercial paper	—		11,827,667		—		11,827,667
Total cash equivalents	$	107,322,548	$	21,050,657	$	—	$	128,373,205

Marketable securities:
U.S. Treasuries	$	44,276,965	$	—	$	—	$	44,276,965
Government securities	—		11,945,540		—		11,945,540
Debt securities	—		10,038,420		—		10,038,420
Commercial paper	—		22,108,505		—		22,108,505
Total marketable securities	44,276,965		44,092,465		—		88,369,430
Total cash equivalents and marketable securities	$	151,599,513	$	65,143,122	$	—	$	216,742,635

- 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

Fair Value Measurements - Schedule of Cash Equivalents and Marketable Securities (Details) - USD ($)	Mar. 31, 2026	Dec. 31, 2025
Assets:
Total cash equivalents	$ 47,064,553	$ 128,373,205
Total marketable securities	151,322,802	88,369,430
Total cash equivalents and marketable securities	198,387,355	216,742,635
Money market
Assets:
Total cash equivalents	34,631,173	105,330,208
U.S. Treasuries
Assets:
Total cash equivalents	12,433,380	1,992,340
Total marketable securities	100,963,921	44,276,965
Government securities
Assets:
Total cash equivalents		9,222,990
Total marketable securities	13,479,810	11,945,540
Debt securities
Assets:
Total marketable securities	10,043,031	10,038,420
Commercial paper
Assets:
Total cash equivalents		11,827,667
Total marketable securities	26,836,040	22,108,505
Level 1
Assets:
Total cash equivalents	47,064,553	107,322,548
Total marketable securities	100,963,921	44,276,965
Total cash equivalents and marketable securities	148,028,474	151,599,513
Level 1 \| Money market
Assets:
Total cash equivalents	34,631,173	105,330,208
Level 1 \| U.S. Treasuries
Assets:
Total cash equivalents	12,433,380	1,992,340
Total marketable securities	100,963,921	44,276,965
Level 1 \| Government securities
Assets:
Total cash equivalents		0
Total marketable securities	0	0
Level 1 \| Debt securities
Assets:
Total marketable securities	0	0
Level 1 \| Commercial paper
Assets:
Total cash equivalents		0
Total marketable securities	0	0
Level 2
Assets:
Total cash equivalents	0	21,050,657
Total marketable securities	50,358,881	44,092,465
Total cash equivalents and marketable securities	50,358,881	65,143,122
Level 2 \| Money market
Assets:
Total cash equivalents	0	0
Level 2 \| U.S. Treasuries
Assets:
Total cash equivalents	0	0
Total marketable securities	0	0
Level 2 \| Government securities
Assets:
Total cash equivalents		9,222,990
Total marketable securities	13,479,810	11,945,540
Level 2 \| Debt securities
Assets:
Total marketable securities	10,043,031	10,038,420
Level 2 \| Commercial paper
Assets:
Total cash equivalents		11,827,667
Total marketable securities	26,836,040	22,108,505
Level 3
Assets:
Total cash equivalents	0	0
Total marketable securities	0	0
Total cash equivalents and marketable securities	0	0
Level 3 \| Money market
Assets:
Total cash equivalents	0	0
Level 3 \| U.S. Treasuries
Assets:
Total cash equivalents	0	0
Total marketable securities	0	0
Level 3 \| Government securities
Assets:
Total cash equivalents		0
Total marketable securities	0	0
Level 3 \| Debt securities
Assets:
Total marketable securities	0	0
Level 3 \| Commercial paper
Assets:
Total cash equivalents		0
Total marketable securities	$ 0	$ 0

Net Loss Per Share Attributable to Common Stockholders - Schedule of Antidilutive Effect (Details) - shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total shares of common stock equivalents (in shares)	13,856,446	8,337,419
Options to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total shares of common stock equivalents (in shares)	11,008,350	8,337,419
Purchase warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total shares of common stock equivalents (in shares)	2,848,096	0

Commitments and Contingencies - Narrative (Details)	3 Months Ended
Commitments and Contingencies - Narrative (Details)	Mar. 31, 2026 USD ($)	Dec. 31, 2025 USD ($)	Dec. 22, 2021 ft²
Lessee, Lease, Description [Line Items]
Right-of-use assets	$ 3,230,489	$ 3,322,249
Lessee, operating lease, liability, to be paid, year two	$ 784,737
Notice period for contract termination	30 days
Office Space in Cambridge, Massachusetts, and New York
Lessee, Lease, Description [Line Items]
Lessee, operating lease, liability, to be paid, year two	$ 96,708
Lease Termination on April 30, 2032
Lessee, Lease, Description [Line Items]
Area of real estate property (sqft) \| ft²			38,613
Right-of-use assets	$ 3,230,489
Office Space in Cambridge, Massachusetts and New York, New York
Lessee, Lease, Description [Line Items]
Lessor, operating lease, term of contract	1 year

Summary of Significant Accounting Policies (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Class of Stock [Line Items]
Goodwill impairments	$ 0	$ 0
Equity Distribution Agreement \| Sandler and Co
Class of Stock [Line Items]
Deferred offering costs	$ 200,000	$ 200,000

- Definition

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

+ References

+ Details

- Definition

Amount of impairment loss from asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References + Details

Net Loss Per Share Attributable to Common Stockholders (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders

Basic and diluted net loss per share attributable to common stockholders was calculated at March 31, 2026 and March 31, 2025 as follows:


	Three Months Ended March 31,
	2026		2025

Numerator:
Net loss	$	(13,460,895)	$	(15,046,132)
Denominator - basic and diluted:
Weighted-average common shares outstanding, basic and diluted	64,658,809		35,529,652
Net loss per share - basic and diluted	$	(0.21)	$	(0.42)

Schedule of Potentially Dilutive Securities that have been Excluded from the Calculation of Diluted Net Loss Per Share


	Three Months Ended March 31,
	2026	2025

Options to purchase common stock	11,008,350	8,337,419
Purchase warrants	2,848,096	–
Total shares of common stock equivalents	13,856,446	8,337,419

Common Stock - Equity Offerings (Details) - USD ($)								1 Months Ended	3 Months Ended
Common Stock - Equity Offerings (Details) - USD ($)	Oct. 06, 2025	Sep. 26, 2025	Sep. 24, 2025	Aug. 26, 2025	Aug. 13, 2025	Apr. 20, 2023	Aug. 10, 2022	Sep. 30, 2025	Mar. 31, 2026	Sep. 30, 2025	Mar. 31, 2025	Dec. 31, 2025	Aug. 21, 2025	Dec. 31, 2024
Class of Stock [Line Items]
Aggregate amount					$ 300,000,000
Date of effective period (in years)					3 years		3 years
2022 ATM Program
Class of Stock [Line Items]
Shares sold (in shares)										0	4,836,804
Sale of stock (in dollars per share)											$ 2.95
Proceeds from offering											$ 14,200,000
Issuance costs											$ 13,700,000
2025 ATM Program
Class of Stock [Line Items]
Maximum potential proceeds from the issuance of stock					$ 100,000,000			$ 98,749,993		$ 98,749,993
Deferred offering costs									$ 200,000
Reduction in offer price, of income capacity								$ 1,250,007
Aggregate gross sales proceeds									98,700,000
Private Placement
Class of Stock [Line Items]
Sale of stock (in dollars per share)													$ 3.95
Issuance costs				$ 1,600,000
Share unfunded exercise price (in dollars per share)	$ 0.001
Aggregate proceeds from the issuance of common stock									$ 23,400,000
Private Placement \| Aventis Inc.
Class of Stock [Line Items]
Shares sold (in shares)			2,708,559
Sale of stock (in dollars per share)			$ 9.23
Proceeds from offering			$ 23,400,000
Issuance costs			1,500,000
Issuance costs			$ 100,000
Private Placement \| Pre Funded Warrants
Class of Stock [Line Items]
Number of shares callable by warrant (in shares)	1,077,764												1,077,764
Class of warrant or right, outstanding (in shares)	0
Class of warrant or right, exercise price of warrants or rights (in dollars per share)													$ 3.949
Share unfunded exercise price (in dollars per share)													$ 0.001
Shares issued in lieu of common stock (shares)	166
Issuance of common stock upon public offering, net of commissions, underwriting discounts and issuance costs (in shares)	1,077,598
Class of warrant or right, issued (in shares)	0
Private Placement \| Purchase warrants
Class of Stock [Line Items]
Class of warrant or right, outstanding (in shares)									2,848,096				2,848,096
Class of warrant or right, exercise price of warrants or rights (in dollars per share)									$ 5.50				$ 5.50
Purchase warrants
Class of Stock [Line Items]
Issuance costs									$ 3,700,000
Over-Allotment Option
Class of Stock [Line Items]
Shares sold (in shares)						2,727,273
Sale of stock (in dollars per share)						$ 11.00
Proceeds from offering						$ 28,200,003
Issuance costs						$ 203,768
Over-Allotment Option \| Aventis Inc.
Class of Stock [Line Items]
Shares sold (in shares)		18,959,914
Sale of stock (in dollars per share)		$ 9.23
Proceeds from offering		$ 164,100,000
Issuance costs		$ 400,000
Class A Common Stock
Class of Stock [Line Items]
Common stock, par value per share (in dollars per share)									$ 0.001			$ 0.001
Class A Common Stock \| At-the-market offering
Class of Stock [Line Items]
Common stock, par value per share (in dollars per share)					$ 0.001		$ 0.001
Shares sold (in shares)									0		0
Class A Common Stock \| 2022 ATM Program
Class of Stock [Line Items]
Maximum potential proceeds from the issuance of stock							$ 50,000,000
Commission rate (percent)					3.00%		3.00%
Deferred offering costs														$ 500,000
Class A Common Stock \| Private Placement
Class of Stock [Line Items]
Maximum number of shares issuable on transaction (in shares)													5,251,349
Class A Common Stock \| Over-Allotment Option
Class of Stock [Line Items]
Common stock, par value per share (in dollars per share)						$ 0.001
Maximum
Class of Stock [Line Items]
Aggregate amount							$ 200,000,000

Segments - Schedule of Segment Reporting Information, by Segment (Details) - USD ($)		3 Months Ended
	May 21, 2024	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting Information [Line Items]
Stock-based compensation expense	$ 600,000	$ 1,636,675	$ 1,692,267
Depreciation and amortization		81,402	85,261
Net loss		(13,460,895)	(15,046,132)
Reportable Segment
Segment Reporting Information [Line Items]
Non-program expenses		1,469,553	1,204,385
Employee-related costs		6,067,936	5,378,938
Stock-based compensation expense		1,636,675	1,692,267
Depreciation and amortization		81,402	85,261
Other segment items		(1,874,139)	(438,519)
Net loss		13,460,895	15,046,132
Reportable Segment \| Atebimetinib (IMM-1-104)
Segment Reporting Information [Line Items]
Program expenses		4,055,258	4,257,936
Reportable Segment \| Envometinib (IMM-6-415)
Segment Reporting Information [Line Items]
Program expenses		4,345	1,623,755
Reportable Segment \| Other programs
Segment Reporting Information [Line Items]
Program expenses		$ 2,019,865	$ 1,242,109

Segments

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Segments

An operating segment is identified as a component of an enterprise about which separate discrete financial information is available for evaluation by the Chief Operating Decision Maker ("CODM") in making decisions, including regarding resource allocation and assessing performance. The Company’s Chief Executive Officer is its CODM.

The Company's CODM uses consolidated single-segment (one) financial information for purposes of: allocating resources, evaluating performance, making operating decisions, setting incentive targets, and planning and forecasting for future periods. The Company's CODM makes such decisions based on consolidated net loss. This measure is used to monitor budget versus actual results to evaluate the performance of the segment. Managing and allocating resources on a consolidated basis enables the CODM to assess the overall level of resources available and how to deploy these resources across functions and operations (including research and development) that align with the Company’s strategic goals. All of the Company’s long-lived assets are held in the United States.

The following table is representative of the significant expense categories regularly provided to the CODM when managing the Company’s single reporting segment.


	Three Months Ended March 31,
	2026		2025
Program expenses(1)
Atebimetinib (IMM-1-104)	$	4,055,258	$	4,257,936
Envometinib (IMM-6-415)	4,345		1,623,755
Other programs	2,019,865		1,242,109
Non-program expenses(2)	1,469,553		1,204,385
Employee-related costs	6,067,936		5,378,938
Stock-based compensation expense	1,636,675		1,692,267
Depreciation and amortization	81,402		85,261
Other segment items(3)	(1,874,139)		(438,519)
Net loss	$	13,460,895	$	15,046,132

(1) Includes direct research and development expenses.

(2) Includes general and administrative expenses, in addition to facilities and other research and development expenses.

(3) Includes interest income and other (income) expense.

- 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

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+ Details

Stock-Based Compensation - Schedule of Stock Option Activity (Details)	3 Months Ended
	Mar. 31, 2026 USD ($) $ / shares shares
Number of Options
Outstanding at the beginning (in shares) \| shares	8,250,958
Granted (in shares) \| shares	2,771,371
Exercised (in shares) \| shares	(4,696)
Cancelled (in shares) \| shares	(9,283)
Outstanding at the ending (in shares) \| shares	11,008,350
Vested and exercisable (in shares) \| shares	5,845,046
Weighted- Average Exercise Price per Share
Weighted Average Exercise Price per Share Outstanding at the beginning (in dollars per share) \| $ / shares	$ 3.83
Weighted Average Exercise Price per Share Granted (in dollars per share) \| $ / shares	4.91
Weighted Average Exercise Price per Share Exercised (in dollars per share) \| $ / shares	2.22
Weighted Average Exercise Price per Share Cancelled (in dollars per share) \| $ / shares	3.50
Weighted Average Exercise Price per Share Outstanding at the ending (in dollars per share) \| $ / shares	4.10
Weighted Average Exercise Price per Share Vested and exercisable (in dollars per share) \| $ / shares	$ 4.33
Weighted Average Remaining Contractual Term (in Years)
Weighted Average Remaining Contractual Term (in Years)	7 years 7 months 2 days
Weighted Average Remaining Contractual Term, Vested and exercisable (in years)	6 years 3 months 7 days
Aggregate Intrinsic Value
Aggregate Intrinsic Value Outstanding \| $	$ 18,078,420
Aggregate Intrinsic Value Vested and exercisable \| $	$ 10,447,339

Commitments and Contingencies

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Operating Leases

The Company leases 38,613 square feet of office and laboratory space in San Diego, California, under a lease that terminates on April 30, 2032. As of March 31, 2026, the right-of-use asset balance associated with this lease was $3,230,489.

The Company currently also leases office space in Cambridge, Massachusetts and New York, New York, pursuant to short-term arrangements. In September 2025, the Company executed a one year lease for its existing office space in Cambridge with a term that commenced on December 1, 2025 and ends on November 30, 2026. The New York lease was most recently renewed on October 1, 2025 to extend the lease term through September 30, 2026. These lease agreements include or included payments for lease and non-lease components. The Company has elected to not separate such components and these payments were recognized as rent expense.

As of March 31, 2026, total future minimum lease payments for its short-term leases in Cambridge, Massachusetts and New York, New York were $96,708 due in 2026.

Future minimum lease payments for operating leases with initial or remaining terms in excess of one year at March 31, 2026 were as follows:


	Amount
Remainder of 2026	$	572,826
2027	784,737
2028	808,278
2029	832,527
2030	857,496
Thereafter	1,184,208
Total future lease payments	5,040,072
Less: imputed interest	(1,309,868)
Total lease liabilities	$	3,730,204
Lease liabilities	$	412,835
Lease liabilities, net of current portion	3,317,369
Total lease liabilities	$	3,730,204

Quantitative information regarding the Company’s leases for the three months ended March 31, 2026 and 2025 is as follows:


	March 31, 2026			March 31, 2025
Lease costs:
Operating lease cost	$	186,590		$	186,590
Short-term lease cost	43,428			31,278

Total lease costs	$	230,018		$	217,868
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	189,051		$	183,546
Operating cash flows from short-term leases	43,428			31,278
	$	232,479		$	214,824
Weighted-average remaining lease term - operating leases	6.08 years			7.08 years
Weighted-average discount rate - operating leases	10.0		%	10.0		%

As the Company’s leases typically do not provide an implicit rate, the Company uses an estimate of its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments.

Litigation

From time to time, the Company may have certain contingent liabilities that arise in the ordinary course of its business activities and may be exposed to litigation in connection with its product candidates and operations. The Company’s policy is to assess the likelihood of any adverse judgments or outcomes related to legal matters, as well as ranges of probable losses. When it is probable that future expenditures will be made and can be reasonably estimated, the Company will accrue a liability for such matters. Significant judgment is required to determine both probability and estimated amount. The Company is not aware of any material legal matters.

Clinical Research Contracts

The Company may enter into contracts in the normal course of business with contract research organizations for clinical trials, with contract manufacturing organizations for clinical supplies, and with other vendors for preclinical studies, supplies and other services for the Company’s operating purposes. These contracts generally provide for termination with a 30-day notice.

COVER PAGE - shares	3 Months Ended
COVER PAGE - shares	Mar. 31, 2026	May 11, 2026
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	001-40675
Entity Registrant Name	Immuneering Corporation
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	26-1976972
Entity Address, Address Line One	245 Main St
Entity Address, Address Line Two	Second Floor
Entity Address, City or Town	Cambridge
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02142
City Area Code	617
Local Phone Number	500-8080
Title of 12(b) Security	Class A common Stock, par value $0.001 per share
Trading Symbol	IMRX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Central Index Key	0001790340
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Amendment Flag	false
Class A Common Stock
Entity Common Stock, Shares Outstanding		64,697,402
Class B Common Stock
Entity Common Stock, Shares Outstanding		0

Segments - Narrative (Details)	3 Months Ended
Segments - Narrative (Details)	Mar. 31, 2026 segment
Segment Reporting [Abstract]
Number of reportable segments	1
Number of operating segments	1

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2026
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The interim condensed consolidated financial statements have been prepared in accordance with accounting standards set by the Financial Accounting Standards Board (“FASB”). The FASB sets generally accepted accounting principles (“GAAP”) to ensure the interim condensed consolidated financial statements are consistently reported. References to GAAP issued by the FASB in these footnotes are to the FASB Accounting Standards Codification ("ASC"). The interim condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. There have been no material changes to the accounting policies of the Company as those set forth in Note 2 to the audited consolidated financial statements contained in the Annual Report on Form 10-K for the fiscal year ended December 31, 2025.
Unaudited Interim Financial Information	Unaudited Interim Financial Information The unaudited interim condensed consolidated financial statements of the Company have been prepared in accordance with GAAP and in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and footnote disclosures normally included in the annual financial statements prepared in accordance with GAAP have been omitted from the unaudited interim condensed consolidated financial statements, as is permitted by such rules and regulations. While we believe that the disclosures presented are adequate in order to make the information not misleading, these unaudited interim condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes for the year ended December 31, 2025. It is management’s opinion that these financial statements include all normal and recurring adjustments necessary for a fair presentation of the Company’s financial position, operating results and cash flows. Net loss for any interim period is not necessarily indicative of future or annual results.
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, liabilities, revenues and expenses during the reporting periods. These estimates and assumptions are based on current facts, historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets, liabilities and the recording of expenses that are not readily apparent from other sources. Significant estimates reflected in these interim condensed consolidated financial statements include but are not limited to: the accrued research and development expenses, the determination of fair value of stock-based awards, and the impairment of goodwill and intangible assets. Actual results may differ materially and adversely from these estimates.
Goodwill	Goodwill Goodwill represents the excess of the fair value of the acquiree over the recognized basis of the net identifiable assets acquired and includes the future economic benefits from other assets that could not be individually identified and separately recognized. Goodwill is not amortized, but instead is periodically reviewed for impairment and an impairment charge is recorded in the periods in which the recorded carrying value of goodwill exceeds its fair value. On a quarterly basis, the Company performs a review of its business to determine if events or changes in circumstances have occurred which could have a material adverse effect on the fair value of the Company and its goodwill. If such events or changes in circumstances were deemed to have occurred, the Company would perform an impairment test of goodwill as of the end of the quarter and record any noted impairment loss. The Company performs its annual impairment test during the fourth quarter of each fiscal year. There were no impairments identified for the year ended December 31, 2025 or for the three months ended March 31, 2026.
Deferred Offering Costs	Deferred Offering Costs The Company capitalizes certain legal, professional, and other third-party charges related to ongoing equity financings as deferred offering costs until fully consummated. These costs are to be recorded as a reduction of the offering’s proceeds which are recorded to additional paid-in capital within stockholders’ equity. Should the Company choose not to initiate such financing, the deferred offering costs would be immediately expensed as operating expenses. Deferred offering costs associated with the 2025 Sales Agreement are reclassified to additional paid-in capital on a pro-rata basis when the Company completes offerings under the 2025 Sales Agreement. Any remaining deferred costs will be expensed to the statement of operations should the planned offering be abandoned. The Company had approximately $0.2 million of deferred offering costs as of March 31, 2026 and $0.2 million as of December 31, 2025.
Common Stock Warrants	Common Stock Warrants The Company accounts for warrants issued as a separable unit in connection with sale of common stock as either liability or equity in accordance with ASC 480-10, Accounting for Certain Financial Instruments with Characteristics of both Liabilities and Equity (“ASC 480-10”) or ASC 815-40, Accounting for Derivative Financial Instruments Indexed to, and Potentially Settled in, a Company’s Own Stock (“ASC 815-40”). Under ASC 480-10, warrants are considered liabilities if they are mandatorily redeemable and they require settlement in cash or other assets, or a variable number of shares. If warrants do not meet liability classification under ASC 480-10, the Company considers the requirements of ASC 815-40 to determine whether the warrants should be classified as liability or equity. If warrants do not require liability classification under ASC 815-40 or other applicable generally accepted accounting principles in the United States of America (“U.S. GAAP”) the warrants should be classified as equity. The proceeds received from the sale of equity classified warrants and shares of common stock in a bundled transaction are allocated based on the relative fair values of warrants and shares with no changes in fair value of warrants recognized after the issuance date.
Net Loss Per Share	Net Loss Per Share Basic net loss per share is calculated by dividing the net loss by the weighted average number of shares of common stock and pre-funded warrants outstanding during the period, without consideration for potentially dilutive securities. The pre-funded warrants are included as outstanding shares in the computation as the exercise price is negligible and the pre-funded warrants are fully vested and exercisable. Diluted net loss per share is the same as basic net loss per share for the periods presented since the effects of potentially dilutive securities are antidilutive given the net loss of the Company.
Recently Issued But Not Yet Adopted Accounting Pronouncements and Legislation	Recently Issued But Not Yet Adopted Accounting Pronouncements and Legislation From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies and adopted by the Company as of the specified effective date. The Company is an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012, as amended (the “JOBS Act”). The JOBS Act provides that an emerging growth company can take advantage of an extended transition period for complying with new or revised accounting standards. Thus, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. The Company elected to avail itself of this extended transition period and, as a result, the Company will not be required to adopt certain new or revised accounting standards on the relevant dates on which adoption of such standards is required for other public companies. In November 2024, the FASB issued Accounting Standards Update ("ASU") No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) (“ASU 2024-03”). The guidance in ASU 2024-03 aims to improve disclosures around an entity's expenses. Upon adoption, companies will be required to disclose in the notes to the financial statements a disaggregation of certain expense categories included within the expense captions on the face of the income statement. The standard is effective for fiscal years beginning after December 15, 2026 and interim periods in fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating this standard's potential impact on its consolidated financial statements and related disclosures. In December 2025, the FASB issued Update ASU 2025-11, "Interim Reporting (Topic 270): Narrow-Scope Improvements". This ASU clarifies and improves existing interim reporting guidance by consolidating disclosure requirements within Topic 270 and introducing a disclosure principle requiring entities to disclose events and changes occurring after the most recent annual reporting period that are expected to have a material effect on the entity's financial condition or results of operations. The ASU does not introduce significant changes to recognition or measurement guidance. The amendments in this Update are effective for interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. We are currently evaluating the effect of adopting this pronouncement on our financial statements and disclosures.

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478671/942-235-S50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-12

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-9

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 275
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-Name Accounting Standards Codification
-Section 55
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482836/275-10-55-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-4

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-SubTopic 10
-Topic 275
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-SubTopic 10
-Topic 275
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-1

+ Details

Accrued Expenses (Tables)

3 Months Ended

Mar. 31, 2026

Accrued Liabilities, Current [Abstract]

Schedule of Accrued Expenses

Accrued expenses consisted of the following:


	March 31, 2026		December 31, 2025

Accrued professional services	$	636,747	$	735,772
Accrued employee expenses	1,067,883		4,245,563
Accrued research and development expenses	1,269,266		2,747,306
Accrued other expenses	90,170		113,726
Total	$	3,064,066	$	7,842,367

Stock-Based Compensation - Narrative (Details) - USD ($)			3 Months Ended
	May 21, 2024	Jul. 23, 2021	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025	Mar. 20, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	13 months
Granted (in shares)			2,771,371
Exercise price (in dollars per share)			$ 4.91
Outstanding options (in shares)			11,008,350		8,250,958
Stock-based compensation expense	$ 600,000		$ 1,636,675	$ 1,692,267
Grant date weighted average fair value (in dollars per share)			$ 4.91
General and Administrative and Research and Development Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense			$ 25,000	82,000
Vested Repriced Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	200,000
Unvested Repriced Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 400,000
Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)			4 years
Stock-based compensation expense			$ 1,636,675	$ 1,692,267
Compensation expense remaining to be recognized			$ 13,733,451
Compensation expense recognized over a weighted-average period (in years)			2 years 11 months 8 days
2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for future issuance (in shares)			781,782
Exercise price (in dollars per share)	$ 3.01
Outstanding options (in shares)	2,986,354
2021 Plan \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for future issuance (in shares)		2,590,000
Aggregate number of shares outstanding (as a percent)		4.00%
2021 Plan \| Maximum \| Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		15,350,000
2021 ESPP \| Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for future issuance (in shares)		250,000	1,460,190
Aggregate number of shares outstanding (as a percent)		1.00%
Granted (in shares)			566,900
2021 ESPP \| Maximum \| Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		3,340,000
Inducement Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for future issuance (in shares)			382,000
Inducement Award Plan \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for future issuance (in shares)						500,000

Stock-Based Compensation - Schedule of Recognized Share-based Compensation Expense Recognized (Details) - USD ($)		3 Months Ended
	May 21, 2024	Mar. 31, 2026	Mar. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 600,000	$ 1,636,675	$ 1,692,267
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense		670,406	733,037
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense		$ 966,269	$ 959,230

- Definition

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

+ References

+ Details

Marketable Securities (Tables)

3 Months Ended

Mar. 31, 2026

Investments, Debt and Equity Securities [Abstract]

Schedule of Marketable Securities

Marketable securities consisted of the following as of March 31, 2026 and December 31, 2025, respectively.


	March 31, 2026
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Assets:
Current:
U.S. Treasuries	$	66,968,717	$	67	$	(49,605)	$	66,919,179
Government securities	7,986,830		—		(1,235)		7,985,595
Debt securities	7,641,519		—		(10,276)		7,631,243
Commercial paper	26,868,360		57		(32,377)		26,836,040
Total Current	109,465,426		124		(93,493)		109,372,057

Non-current:
U.S. Treasuries	34,162,022		—		(117,280)		34,044,742
Government securities	5,518,352		—		(24,137)		5,494,215
Debt securities	2,417,069		—		(5,281)		2,411,788
Total Non-current	42,097,443		—		(146,698)		41,950,745
Total marketable securities	$	151,562,869	$	124	$	(240,191)	$	151,322,802


	December 31, 2025
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Assets:
Current:
U.S. Treasuries	$	6,495,181	$	5,504	$	—	$	6,500,685
Government securities	7,943,758		4,742		—		7,948,500
Debt securities	7,628,117		496		(59)		7,628,554
Commercial paper	22,102,080		6,425		—		22,108,505
Total Current	44,169,136		17,167		(59)		44,186,244

Non-current:
U.S. Treasuries	37,717,598		58,682		—		37,776,280
Government securities	3,998,584		—		(1,544)		3,997,040
Debt securities	2,406,640		3,226		—		2,409,866
Total Non-current	44,122,822		61,908		(1,544)		44,183,186
Total marketable securities	$	88,291,958	$	79,075	$	(1,603)	$	88,369,430

Marketable Securities - Narrative (Details) - USD ($)	3 Months Ended
Marketable Securities - Narrative (Details) - USD ($)	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]
Debt securities, impairments	$ 0	$ 0
Credit loss related to short-term investments	0	$ 0
Allowance for credit loss	$ 0		$ 0

Accrued Expenses

3 Months Ended

Mar. 31, 2026

Accrued Liabilities, Current [Abstract]

Accrued Expenses

Accrued expenses consisted of the following:


	March 31, 2026		December 31, 2025

Accrued professional services	$	636,747	$	735,772
Accrued employee expenses	1,067,883		4,245,563
Accrued research and development expenses	1,269,266		2,747,306
Accrued other expenses	90,170		113,726
Total	$	3,064,066	$	7,842,367

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 47,321,566	$ 128,645,025
Marketable securities	109,372,057	44,186,244
Prepaids and other current assets	4,715,535	3,414,685
Total current assets	161,409,158	176,245,954
Marketable securities, non-current	41,950,745	44,183,186
Property and equipment, net	937,008	938,481
Goodwill	6,690,431	6,690,431
Intangible asset, net	313,830	321,147
Right-of-use assets	3,230,489	3,322,249
Other assets	278,129	283,562
Total assets	214,809,790	231,985,010
Current liabilities:
Accounts payable	1,453,158	1,542,737
Accrued expenses	3,064,066	7,842,367
Other liabilities	44,191	291,513
Lease liabilities	412,835	397,104
Total current liabilities	4,974,250	10,073,721
Long-term liabilities:
Lease liabilities, net of current portion	3,317,369	3,427,321
Total liabilities	8,291,619	13,501,042
Commitments and contingencies (Note 10)
Stockholders’ equity:
Preferred stock, $0.001 par value; 10,000,000 shares authorized at March 31, 2026 and December 31, 2025; 0 shares issued or outstanding at March 31, 2026 and December 31, 2025	0	0
Additional paid-in capital	500,475,466	498,658,072
Accumulated other comprehensive income (loss)	(241,005)	81,332
Accumulated deficit	(293,780,979)	(280,320,084)
Total stockholders' equity	206,518,171	218,483,968
Total liabilities and stockholders' equity	214,809,790	231,985,010
Class A Common Stock
Stockholders’ equity:
Common stock	64,689	64,648
Class B Common Stock
Stockholders’ equity:
Common stock	$ 0	$ 0

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Operating expenses
Research and development	$ 10,645,222	$ 11,471,693
General and administrative	4,682,495	4,005,642
Amortization of intangible asset	7,317	7,317
Total operating expenses	15,335,034	15,484,652
Loss from operations	(15,335,034)	(15,484,652)
Other income (expense)
Interest income	1,360,404	438,520
Other income, net	513,735	0
Net loss	$ (13,460,895)	$ (15,046,132)
Net loss per share attributable to common stockholders, basic (in dollars per share)	$ (0.21)	$ (0.42)
Net loss per share attributable to common stockholders, diluted (in dollars per share)	$ (0.21)	$ (0.42)
Weighted-average common shares outstanding, basic (in shares)	64,658,809	35,529,652
Weighted-average common shares outstanding, diluted (in shares)	64,658,809	35,529,652
Other comprehensive loss:
Unrealized loss from marketable securities	$ (322,337)	$ 0
Comprehensive Loss	$ (13,783,232)	$ (15,046,132)

Stock-Based Compensation

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

During 2015, the Company established the Long Term Incentive Plan (“Incentive Plan”), under which incentive stock options, nonqualified stock options, restricted stock or other awards may be awarded to employees, directors or consultants of the Company. The options typically vest over a four-year period. Upon the effectiveness of the Company’s 2021 Incentive Award Plan (the “2021 Plan”), the Company ceased granting awards under the Incentive Plan. However, the Incentive Plan continues to govern awards outstanding thereunder.

On July 23, 2021, the Company’s Board of Directors adopted, and on July 23, 2021 its stockholders approved, the 2021 Plan, which became effective on July 29, 2021. The 2021 Plan provides for the grant of incentive stock options, stock appreciation rights, restricted stock awards, restricted stock units, and other stock-based awards. The number of shares reserved for issuance under the 2021 Plan was initially equal to 2,590,000 plus an annual increase on the first day of each calendar year, beginning on January 1, 2022 and ending on and including January 1, 2031, equal to the lesser of (i) 4% of the aggregate number of shares of Class A common stock outstanding on the final day of the immediately preceding calendar year and (ii) such smaller number of shares of Class A common stock as determined by the Board of Directors. No more than 15,350,000 shares of Class A common stock may be issued under the 2021 Plan upon the exercise of incentive stock options. Shares issued under the 2021 Plan may be authorized but unissued shares, shares purchased on the open market or treasury shares. If an award under the 2021 Plan expires, lapses or is terminated, exchanged for or settled in cash, surrendered, repurchased, cancelled without having been fully exercised/settled or forfeited, any unused shares subject to the award will, as applicable, become or again be available for new grants under the 2021 Plan. In addition, shares subject to stock options issued under the Incentive Plan may become available for issuance under the 2021 Plan to the extent such stock options are canceled, forfeited, exchanged, settled in cash or otherwise terminated. As of March 31, 2026, there were 781,782 shares available for future issuance under the 2021 Plan.

On July 23, 2021, the Company’s Board of Directors adopted, and on July 23, 2021 its stockholders approved, the 2021 Employee Stock Purchase Plan (the “2021 ESPP”), which became effective on July 29, 2021. A total of 250,000 shares of Class A common stock were initially reserved for issuance under this plan. The number of shares of Class A common stock that may be issued under the 2021 ESPP will automatically increase on the first day of each calendar year, beginning on January 1, 2022 and ending on and including January 1, 2031, equal to the lesser of (i) 1% of the shares of Class A common stock outstanding on the final day of the immediately preceding calendar year and (ii) such smaller number of shares of Class A common stock as determined by the Board of Directors, provided that not more than 3,340,000 shares of Class A common stock may be issued under the 2021 ESPP. As of March 31, 2026, there were 1,460,190 shares of common stock reserved for future issuance under the 2021 ESPP and 566,900 shares had been granted or purchased under the 2021 ESPP.

On May 21, 2024 (the “Effective Date”), based upon the recommendation of the Compensation Committee of the Company's Board of Directors, the Board of Directors approved an option repricing, in accordance with the 2021 Plan, which repricing was effected on the Effective Date. The repricing applied to options to purchase shares of the Company’s Class A common stock with an exercise price per share greater than $3.01 that were held by current employees and certain non-employee service providers under the 2021 Plan (the “Eligible Options”), including Michael Bookman, the Company's Chief Legal Officer.

Options held by Benjamin Zeskind, Ph.D., the Company’s President and Chief Executive Officer, Brett Hall, Ph.D., the Company's Chief Scientific Officer, and the non-employee members of the Board were not eligible for the repricing.

As a result of the option repricing, as of the Effective Date, the exercise price of all Eligible Options was reduced to $3.01 per share, which represents approximately two times the closing trading price of the Company’s Class A common stock on the Nasdaq Global Market on the Effective Date; however, the exercise price for repriced options would have reverted to the original exercise price for any exercise occurring prior to June 30, 2025 (the "Retention Period"), unless there was a change of control of the Company or the option holder’s employment had been terminated (i) by the Company without cause or (ii) by reason of death or disability. The repriced options otherwise remain subject to their existing terms and conditions as set forth in the 2021 Plan and applicable award agreements. As of the Effective Date, outstanding options to purchase 2,986,354 shares were deemed Eligible Options and were repriced such that the exercise price per share for such outstanding options was reduced to $3.01 per share. There were no changes to the number of shares, the vesting schedule or the expiration date of the Eligible Options.

The effect of the option repricing resulted in a total incremental non-cash stock-based compensation expense of $0.6 million, which was calculated using the Black-Scholes option-pricing model, of which $0.2 million of the incremental non-cash stock-based compensation expense is associated with vested repriced options and will be recognized on a straight-line basis through the 13-month Retention Period. The remaining $0.4 million of the incremental non-cash stock-based compensation expense is associated with unvested repriced options and will be recognized as follows: (a) if the Retention Period is greater than the remaining original vesting period of the repriced option, the incremental cost will be amortized on a straight-line basis through the Retention Period end date or (b) if the Retention Period is less than the remaining original vesting term of the repriced option, the incremental cost will be amortized on a straight-line basis over the remaining original vesting period.

During the three months ended March 31, 2026 and 2025, the Company recognized incremental stock-based compensation expense of $25 thousand and $82 thousand, respectively, associated with the repricing which is included in general and administrative and research and development expense in the condensed consolidated statement of operations and comprehensive loss.

On March 20, 2025, the Company’s Board of Directors adopted the Immuneering Corporation 2025 Employment Inducement Award Plan (the "Inducement Award Plan"), without stockholder approval pursuant to Rule 5635(c)(4) of the Nasdaq Stock Market LLC listing rules. The Inducement Award Plan provides for the grant of non-qualified stock options, stock appreciation rights, restricted stock awards, restricted stock units, and other stock-based awards. The number of shares reserved for issuance under the Inducement Award Plan was initially equal to 500,000 shares. Shares issued under the Inducement Award Plan may be authorized but unissued shares, shares purchased on the open market or treasury shares. If an award under the Inducement Award Plan expires, lapses or is terminated, exchanged for or settled in cash, surrendered, repurchased, cancelled without having been fully exercised/settled or forfeited, any unused shares subject to the award will, as applicable, become or again be available for new grants under the Inducement Award Plan. As of March 31, 2026, there were 382,000 shares available for future issuance under the Inducement Award Plan.

The Company recognized stock-based compensation expense of $1,636,675 and $1,692,267 during the three months ended March 31, 2026 and 2025, respectively. As of March 31, 2026, compensation expense remaining to be recognized for outstanding stock options was $13,733,451 and to be recognized over a weighted-average period of 2.94 years.

The fair value of options granted is calculated on the grant date using the Black-Scholes option valuation model. Prior to the Company’s IPO on August 3, 2021, the Company was a private company and thus lacks company-specific historical and implied volatility information. Therefore, it estimates its expected stock volatility based on the historical volatility of a publicly traded set of peer companies and expects to continue to do so until such time as it has adequate historical data regarding the volatility of its own publicly traded stock price. For the three months ended March 31, 2026, the Company granted 2,771,371 shares of stock options at a weighted-average grant date fair value of $4.91.

The Company used the following assumptions in its application of the Black-Scholes option pricing model for grants during the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
	2026	2025

Weighted-average risk-free interest rate	3.68% - 4.14%	4.07% - 4.55%
Expected term (in years)	5.98 - 10.00	5.51 - 10.00
Expected dividend yield	0%	0%
Expected volatility	67.62% - 70.13%	65.86% - 67.33%

The following table summarizes the stock option activity during the three months ended March 31, 2026:


	Number of Options	Weighted- Average Exercise Price per Share		Weighted Average Remaining Contractual Term (in Years)	Aggregate Intrinsic Value

Outstanding at December 31, 2025	8,250,958	$	3.83
Granted	2,771,371	4.91
Exercised	(4,696)	2.22
Cancelled	(9,283)	3.50
Outstanding at March 31, 2026	11,008,350	$	4.10	7.59	$	18,078,420

Vested and exercisable at March 31, 2026	5,845,046	$	4.33	6.27	$	10,447,339

For the three months ended March 31, 2026 and 2025, the Company recognized share-based compensation expense on the accompanying condensed consolidated statements of operations as follows:


	Three Months Ended March 31,
	2026		2025

Research and development	$	670,406	$	733,037
General and administrative	966,269		959,230
Total	$	1,636,675	$	1,692,267

Common Stock	3 Months Ended
Common Stock	Mar. 31, 2026
Stockholders' Equity Note [Abstract]
Common Stock	Common Stock The Company had 200,000,000 authorized shares of Class A common stock, $0.001 par value per share as of March 31, 2026 and December 31, 2025 of which 64,688,915 and 64,648,230 were issued and outstanding, respectively. The holders of Class A common stock are entitled one vote for each share of common stock. Dividends may be paid when, and if, declared by the Board of Directors, subject to the limitations, powers and preferences granted to the Preferred Stockholders and on a proportionate basis with holders of Class B common stock. The Company had 20,000,000 authorized shares of Class B common stock, $0.001 par value per share as of March 31, 2026 and December 31, 2025, of which no shares have been issued nor are outstanding. The holders of Class B common stock have no voting rights. Dividends may be paid when, and if, declared by the Board of Directors, subject to the limitations, powers and preferences granted to the preferred stockholders and on a proportionate basis with holders of Class A common stock. 2022 Shelf Registration Statement & 2022 ATM Program On August 10, 2022, the Company filed a Registration Statement on Form S-3 (File No. 333-266738) (the “2022 Shelf Registration Statement”) with the SEC in relation to the registration of common stock, preferred stock, debt securities, warrants and/or units or any combination thereof in the aggregate amount of up to $200 million for a period of up to three years from the date of its effectiveness on August 19, 2022. On August 10, 2022, the Company also entered into the 2022 Sales Agreement with the Sales Agent to sell shares of the Company’s Class A common stock, par value $0.001 per share, with aggregate gross sales proceeds of up to $50 million, from time to time, through the 2022 ATM Program under the 2022 Shelf Registration Statement. Subject to the terms and conditions of the 2022 Sales Agreement, the Sales Agent may sell the shares by methods deemed to be an “at the market offering” as defined in Rule 415 promulgated under the Securities Act, including sales made through the Nasdaq Global Market, on any other existing trading market for the common stock, to or through a market maker, or, if expressly authorized by the Company, in privately negotiated transactions. The Company or Sales Agent could terminate the 2022 Sales Agreement upon notice to the other party and subject to other conditions. The Company paid the Sales Agent a commission equal to 3.0% of the gross proceeds of any Common Stock sold through the Sales Agent under the 2022 Sales Agreement and provided the Sales Agent with customary indemnification rights. The Company did not sell any shares of common stock under the 2022 ATM Program during the three months ended March 31, 2026. The Company sold 4,836,804 shares of common stock under the 2022 ATM Program, at a weighted average price per share of $2.95, for aggregate gross proceeds of $14.2 million ($13.7 million net of offering expenses) during the three months ended March 31, 2025. Issuance costs incurred related to the 2022 Sales Agreement were recorded as deferred offering costs and classified as long-term assets on the balance sheet. The Company had approximately $0.5 million of deferred offering costs as of December 31, 2024 associated with the 2022 Sales Agreement. The deferred offering costs for the 2022 ATM Program were written off in August 2025, after the 2022 Shelf Registration Statement and the 2022 ATM Program expired, the 2022 Sales Agreement was terminated, and the Company entered into the 2025 Sales Agreement related to the 2025 ATM Program (in each case as defined herein). 2025 Shelf Registration Statement & 2025 ATM Program On August 13, 2025, the Company filed a Registration Statement on Form S-3 (File No. 333-289589) (the “2025 Shelf Registration Statement”) with the SEC in relation to the registration of common stock, preferred stock, debt securities, warrants and/or units or any combination thereof in the aggregate amount of up to $300 million for a period of up to three years from the date of its effectiveness on August 20, 2025. On August 13, 2025, the Company also entered into the 2025 Sales Agreement with the Sales Agent to sell shares of the Company’s Class A common stock, par value $0.001 per share, with aggregate gross sales proceeds of up to $100 million, from time to time, through the 2025 ATM Program under the 2025 Shelf Registration Statement. Subject to the terms and conditions of the 2025 Sales Agreement, the Sales Agent may sell the shares by methods deemed to be an “at the market offering” as defined in Rule 415 promulgated under the Securities Act, including sales made through the Nasdaq Global Market, on any other existing trading market for the common stock, to or through a market maker, or, if expressly authorized by the Company, in privately negotiated transactions. The Company or Sales Agent may terminate the 2025 Sales Agreement upon notice to the other party and subject to other conditions. The Company will pay the Sales Agent a commission up to 3.0% of the gross proceeds of any Common Stock sold through the Sales Agent under the 2025 Sales Agreement and has provided the Sales Agent with customary indemnification rights. The Company did not sell any shares of Class A common stock under the 2025 ATM Program during the three months ended March 31, 2026 or March 31, 2025, respectively. In connection with the September 2025 Offering, the Company: (i) reduced the maximum aggregate offering price for sales of shares of common stock pursuant to at-the-market transactions under the 2025 ATM Program by $1,250,007 (or the Reduced Amount, as defined above), resulting in a new maximum aggregate offering price of up to $98,749,993 under the 2025 ATM Program, and (ii) suspended the 2025 ATM Program and terminated the continuous offering under the 2025 ATM Program, in each case, as to the Reduced Amount. As of March 31, 2026, the Company had aggregate gross sales proceeds capacity of $98.7 million remaining under the 2025 ATM Program. Issuance costs incurred related to the 2025 Sales Agreement are recorded as deferred offering costs and are classified as long-term assets on the balance sheet at March 31, 2026. The Company had approximately $0.2 million of deferred offering costs as of March 31, 2026 associated with the 2025 Sales Agreement. August 2025 Private Placement On August 21, 2025, the Company entered into the August 2025 Purchase Agreement with the purchasers party thereto, pursuant to which the Company agreed to sell securities to such purchasers in the August 2025 Private Placement. The August 2025 Purchase Agreement provided for the sale and issuance by the Company to the purchasers of: (i) an aggregate of 5,251,349 shares of its common stock at a purchase price of $3.95 per share, (ii) for certain purchasers, in lieu of common stock, an aggregate of 1,077,764 Pre-Funded Warrants to purchase up to the same number of shares of its common stock, and (iii) an aggregate of 2,848,096 Purchase Warrants to purchase up to the same number of shares of its common stock. The Pre-Funded Warrants were issued for a purchase price equating to $3.949 per Pre-Funded Warrant (which was the per share purchase price for the common stock issued in the August 2025 Private Placement, less the $0.001 per share unfunded exercise price for each Pre-Funded Warrant). On October 6, 2025, certain purchasers from the August 2025 Private Placement exercised an aggregate of 1,077,764 Pre-Funded Warrants previously issued to them pursuant to the August 2025 Purchase Agreement. Each such exercise was made pursuant to the cashless exercise provision of the applicable Pre-Funded Warrant, such that an aggregate of 166 shares of common stock were withheld in lieu of a cash payment of the $0.001 exercise price for each Pre-Funded Warrant, and the exercising purchasers were issued an aggregate of 1,077,598 shares of common stock. Following the October 2025 Cashless Exercise, no Pre-Funded Warrants remained issued and outstanding. The Purchase Warrants were issued with an exercise price of $5.50 per share; as of March 31, 2026, no Purchase Warrants had been exercised. As of March 31, 2026, the Company had received aggregate net proceeds of $23.4 million from the August 2025 Private Placement, after deducting placement expenses of $1.6 million. The August 2025 Private Placement closed on August 26, 2025. Also on August 21, 2025, in connection with the August 2025 Purchase Agreement, the Company entered into a Registration Rights Agreement (the “Registration Rights Agreement”) with the purchasers in the August 2025 Private Placement. Pursuant to the Registration Rights Agreement, the Company agreed to prepare and file a registration statement with the SEC for purposes of registering the resale of the common stock and the shares of common stock issuable upon exercise of the Pre-Funded Warrants and Purchase Warrants (collectively, the “Warrant Shares”) purchased by the purchasers in the August 2025 Private Placement, and any shares of common stock issued as a dividend or other distribution with respect to, in exchange for or in replacement of such common stock or Warrant Shares. On September 3, 2025, the Company filed a Registration Statement on Form S-3 (File No. 333-289997) (the “2025 Resale Registration Statement”) with the SEC in relation to the registration for re-sale of the common stock and Warrant Shares from the August 2025 Private Placement. The SEC declared the 2025 Resale Registration Statement effective on September 8, 2025. The Purchase Warrants have an exercise price of $5.50 per share of common stock, are exercisable immediately following their issuance, and will expire on September 8, 2030. The Purchase Warrants contain standard adjustments to the exercise price including for stock splits, stock dividends or distributions, certain other dividends or distributions and certain reorganizations. The Purchase Warrants also include certain rights upon the occurrence of a “fundamental transaction” (as described in the Purchase Warrants). The proceeds received from the sale of equity classified warrants and shares of common stock in a bundled transaction are allocated based on the relative fair values of warrants and shares of common stock with no changes in fair value of warrants recognized after the issuance date. The Purchase Warrants and Pre-Funded Warrants were classified as a component of stockholders’ equity within additional paid-in-capital and were recorded at the issuance date using a relative fair value allocation method. The Purchase Warrants and Pre-Funded Warrants are equity classified because they are freestanding financial instruments that are legally detachable and separately exercisable from the equity instruments, are immediately exercisable, do not embody an obligation for the Company to repurchase its shares, permit the holders to receive a fixed number of common shares upon exercise, are indexed to the Company’s common stock and meet the equity classification criteria. In addition, such Purchase Warrants do not provide any guarantee of value or return. The Company valued the Purchase Warrants at issuance using the Black-Scholes valuation model and allocated proceeds from the sale proportionately to the common stock and Purchase Warrants, of which approximately $3.7 million was allocated to the Purchase Warrants and recorded as a component of additional paid-in-capital. As of March 31, 2026, the Company had 2,848,096 Purchase Warrants issued and outstanding at an exercise price of $5.50 per share to purchase shares of the Company's common stock. September 2025 Aventis (Sanofi) Private Placement On September 24, 2025, the Company entered into the September 2025 Purchase Agreement with Aventis, a wholly-owned subsidiary of Sanofi, pursuant to which the Company agreed to sell securities to Aventis in the September 2025 Private Placement. The September 2025 Purchase Agreement provided for the sale and issuance by the Company to Aventis of an aggregate of 2,708,559 shares of its common stock at a purchase price of $9.23 per share. The Company received aggregate net proceeds of $23.4 million from the September 2025 Private Placement, after deducting placement agent discounts and commissions of $1.5 million, and placement costs of $0.1 million. The September 2025 Private Placement closed on September 26, 2025. September 2025 Offering On September 26, 2025, the Company completed the September 2025 Offering, pursuant to which it issued and sold 18,959,914 shares of its Class A common stock at an offering price of $9.23 per share, with Leerink Partners LLC and Oppenheimer & Co. Inc. acting as underwriters. The aggregate net proceeds received by the Company from the September 2025 Offering were $164.1 million, after deducting underwriting discounts and commissions, as well as offering costs of $0.4 million.

- 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
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-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
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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
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-Name Accounting Standards Codification
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-Paragraph 13
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

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

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-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
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-Name Accounting Standards Codification
-Section 50
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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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-Name Accounting Standards Codification
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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

Property and Equipment, net (Tables)

3 Months Ended

Mar. 31, 2026

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

Property and equipment, net consisted of the following:


	March 31, 2026		December 31, 2025

Computer equipment	$	691,276	$	596,917
Furniture and fixtures	98,628		98,628
Lab equipment	1,315,784		1,309,070
Leasehold improvements	315,297		298,941
Construction in progress	—		37,500
Total	2,420,985		2,341,056
Accumulated depreciation and amortization	(1,483,977)		(1,402,575)
Property and equipment, net	$	937,008	$	938,481

Common Stock - Class B Common Stock (Details) - Class B Common Stock	3 Months Ended
	Mar. 31, 2026 Vote $ / shares shares	Mar. 31, 2025 Vote	Dec. 31, 2025 $ / shares shares
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	20,000,000		20,000,000
Common stock, par value per share (in dollars per share) \| $ / shares	$ 0.001		$ 0.001
Common stock, shares issued (in shares)	0		0
Common stock, shares outstanding (in shares)	0		0
Number of votes \| Vote	0	0

- Definition

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

+ References

+ Details

Property and Equipment, net - Schedule of Property and Equipment, Net (Details) - USD ($)	Mar. 31, 2026	Dec. 31, 2025
Property and Equipment, net
Total	$ 2,420,985	$ 2,341,056
Accumulated depreciation and amortization	(1,483,977)	(1,402,575)
Property and equipment, net	937,008	938,481
Computer equipment
Property and Equipment, net
Total	691,276	596,917
Furniture and fixtures
Property and Equipment, net
Total	98,628	98,628
Lab equipment
Property and Equipment, net
Total	1,315,784	1,309,070
Leasehold improvements
Property and Equipment, net
Total	315,297	298,941
Construction in progress
Property and Equipment, net
Total	$ 0	$ 37,500

Property and Equipment, net

3 Months Ended

Mar. 31, 2026

Property, Plant and Equipment [Abstract]

Property and Equipment, net

Property and equipment, net consisted of the following:


	March 31, 2026		December 31, 2025

Computer equipment	$	691,276	$	596,917
Furniture and fixtures	98,628		98,628
Lab equipment	1,315,784		1,309,070
Leasehold improvements	315,297		298,941
Construction in progress	—		37,500
Total	2,420,985		2,341,056
Accumulated depreciation and amortization	(1,483,977)		(1,402,575)
Property and equipment, net	$	937,008	$	938,481

Depreciation and amortization expense totaled $81,402 and $85,261 for the three months ended March 31, 2026 and 2025, respectively.

Organization and Nature of Business	3 Months Ended
Organization and Nature of Business	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Nature of Business	Organization and Nature of Business Immuneering Corporation, a Delaware corporation (“Immuneering” or the “Company”), was incorporated in 2008. Immuneering is a late-stage clinical oncology company seeking to develop medicines for broad populations of cancer patients, with an initial aim to therapeutically address patients harboring RAS and/or RAF mutations. The Company aims to achieve broad activity through Deep Cyclic Inhibition® ("DCI") of the mitogen-activated protein kinase ("MAPK") pathway, impacting cancer cells while sparing healthy cells. Immuneering’s lead product candidate, atebimetinib (also referred to as IMM-1-104), is currently in a Phase 1/2a clinical trial in patients with advanced solid tumors harboring RAS or RAF mutations. The Company is developing atebimetinib as a once-daily oral therapy, aiming for activity through DCI of the MAPK pathway at the level of mitogen-activated protein kinase kinase ("MEK"). The Company’s development pipeline also includes early-stage programs. On October 30, 2019, Immuneering formed a wholly owned subsidiary, Immuneering Securities Corporation (“ISC”), a Massachusetts securities corporation, for the sole purpose of buying, selling and holding securities on the Company’s behalf. On December 22, 2021, the Company acquired all outstanding shares of capital stock of BioArkive, Inc. (“BioArkive”), a California corporation, which as a result became a wholly owned subsidiary. Immuneering, ISC and BioArkive are collectively referred to as the “Company” throughout these interim condensed consolidated financial statements. The Company is subject to a number of inherent risks associated with any biotechnology company that has substantial expenditures for research and development. These risks include, but are not limited to, the need to obtain adequate additional funding, possible failure of clinical trials or other events demonstrating lack of clinical safety or efficacy of its product candidates, dependence on key personnel, reliance on third-party service providers for manufacturing drug product and conducting clinical trials, the ability to successfully secure its proprietary technology, and risks related to the regulatory approval and commercialization of a product candidate. There can be no assurance that the Company’s research and development programs will be successful. In addition, the Company operates in an environment of rapid technological change and is largely dependent on the services of its employees, advisors, and consultants. On August 10, 2022, the Company entered into an Equity Distribution Agreement (the "2022 Sales Agreement") with Piper Sandler & Co (the "Sales Agent"), to sell shares of its common stock with aggregate gross proceeds of up to $50 million, from time to time, through an “at the market” equity offering program (the "2022 ATM Program"). The Company did not sell any shares of common stock under the 2022 ATM Program during the three months ended March 31, 2026. The Company sold 4,836,804 shares of common stock under the 2022 ATM Program, at a weighted average price per share of $2.95, for aggregate gross proceeds of $14.2 million ($13.7 million net of offering expenses) during the three months ended March 31, 2025. On April 20, 2023, the Company completed an underwritten follow-on equity offering, pursuant to which it issued and sold 2,727,273 shares of its Class A common stock $0.001 par value per share at an offering price of $11.00 per share. The aggregate net proceeds received by the Company from the offering were $28,200,003, after deducting underwriting discounts and commissions, but before deducting offering costs payable by the Company of $203,768. On August 13, 2025, the Company entered into an Equity Distribution Agreement (the "2025 Sales Agreement") with the Sales Agent, to sell shares of its common stock with aggregate gross proceeds of up to $100 million, from time to time, through an “at the market” equity offering program (the "2025 ATM Program"). In connection with the September 2025 Offering (as defined below), the Company: (i) reduced the maximum aggregate offering price for sales of shares of common stock pursuant to at-the-market transactions under the 2025 ATM Program by $1,250,007 (the "Reduced Amount"), resulting in a new maximum aggregate offering price of up to $98,749,993 under the 2025 ATM Program, and (ii) suspended the 2025 ATM Program and terminated the continuous offering under the 2025 ATM Program, in each case, as to the Reduced Amount. The Company did not sell any shares of common stock under the 2025 ATM Program during the three months ended March 31, 2026 or March 31, 2025, respectively. On August 21, 2025, the Company entered into a Securities Purchase Agreement (the "August 2025 Purchase Agreement") with the purchasers party thereto, pursuant to which the Company agreed to sell securities to such purchasers in a private placement (the “August 2025 Private Placement”). The August 2025 Purchase Agreement provided for the sale and issuance by the Company to the purchasers of: (i) an aggregate of 5,251,349 shares of its common stock at a purchase price of $3.95 per share, (ii) for certain purchasers, in lieu of common stock, an aggregate of 1,077,764 pre-funded warrants (the “Pre-Funded Warrants”) to purchase up to the same number of shares of its common stock, and (iii) an aggregate of 2,848,096 warrants (the “Purchase Warrants”) to purchase up to the same number of shares of its common stock. The Pre-Funded Warrants were issued for a purchase price equating to $3.949 per Pre-Funded Warrant (which was the per share purchase price for the common stock issued in the August 2025 Private Placement, less the $0.001 per share unfunded exercise price for each Pre-Funded Warrant). On October 6, 2025, certain purchasers from the August 2025 Private Placement exercised an aggregate of 1,077,764 Pre-Funded Warrants previously issued to them pursuant to the August 2025 Purchase Agreement. Each such exercise was made pursuant to the cashless exercise provision of the applicable Pre-Funded Warrant, such that an aggregate of 166 shares of common stock were withheld in lieu of cash payment of the $0.001 exercise price for each Pre-Funded Warrant share, and the exercising purchasers were issued an aggregate of 1,077,598 shares of common stock (the "October 2025 Cashless Exercise"). Following the October 2025 Cashless Exercise, no Pre-Funded Warrants remained issued and outstanding. The Purchase Warrants were issued with an exercise price of $5.50 per share; as of March 31, 2026, no Purchase Warrants had been exercised. As of March 31, 2026, the Company had received aggregate net proceeds of $23.4 million from the August 2025 Private Placement, after deducting placement expenses of $1.6 million. The August 2025 Private Placement closed on August 26, 2025. On September 24, 2025, the Company entered into a Securities Purchase Agreement (the "September 2025 Purchase Agreement") with Aventis Inc. ("Aventis"), a wholly owned subsidiary of Sanofi, a French société anonyme ("Sanofi"), pursuant to which the Company agreed to sell securities to Aventis in a private placement (the “September 2025 Private Placement”). The September 2025 Purchase Agreement provided for the sale and issuance by the Company to Aventis of an aggregate of 2,708,559 shares of its common stock at a purchase price of $9.23 per share. The Company received aggregate net proceeds of $23.4 million from the September 2025 Private Placement, after deducting placement agent discounts and commissions of $1.5 million and placement costs of $0.1 million. The September 2025 Private Placement closed on September 26, 2025. On September 26, 2025, the Company completed an underwritten follow-on equity offering, pursuant to which it issued and sold 18,959,914 shares of its Class A common stock at an offering price of $9.23 per share (the "September 2025 Offering"), with Leerink Partners LLC and Oppenheimer & Co. Inc. acting as underwriters. The aggregate net proceeds received by the Company from the September 2025 Offering were $164.1 million, after deducting underwriting discounts and commissions, as well as offering costs of $0.4 million. To date, the Company has primarily funded its operations with proceeds from the sale of its capital stock, warrants to purchase stock, and convertible notes. The Company has incurred recurring losses over the past several years and as of March 31, 2026, the Company had an accumulated deficit of $293.8 million. The Company expects to continue to generate operating losses for the foreseeable future. The future viability of the Company is dependent on its ability to raise additional capital to finance its operations. The Company’s inability to raise capital as and when needed could have a negative impact on its financial condition and ability to pursue its business strategies. There can be no assurances that additional funding will be available on terms acceptable to the Company, or at all. If the Company is unable to raise additional funds when needed, it may be required to delay, reduce the scope of, or eliminate development programs, which may adversely affect its business and operations. Management considered whether or not there are conditions or events, in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern, and concluded that there are none as it estimates that its cash, cash equivalents and marketable securities will be sufficient to fund its operating expenses and capital expenditure requirements for at least 12 months from the issuance date of these unaudited condensed consolidated financial statements.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities:
Net loss	$ (13,460,895)	$ (15,046,132)
Adjustment to reconcile to net loss to net cash used in operating activities:
Depreciation and amortization expense	81,402	85,261
Reduction in carrying amount of right-of-use assets	91,760	83,183
Intangible asset amortization	7,317	7,317
Stock-based compensation expense	1,636,675	1,692,267
Net accretion of discount on marketable securities	(404,723)	0
(Increase) decrease in:
Prepaid expenses and other current assets	(1,180,990)	1,102,391
Other assets	5,434	548,902
Increase (decrease) in:
Accounts payable	(89,579)	(687,871)
Accrued expenses	(4,778,301)	(1,608,683)
Lease liabilities	(94,221)	(80,139)
Other liabilities	(247,323)	(177,134)
Net cash used in operating activities	(18,433,444)	(14,080,638)
Cash flows from investing activities:
Purchases of property and equipment	(79,930)	(8,945)
Purchases of marketable securities	(71,990,845)	0
Maturities of marketable securities	9,000,000	0
Net cash used in investing activities	(63,070,775)	(8,945)
Cash flows from financing activities:
Proceeds from exercise of stock options	10,435	0
Proceeds from issuance of common stock under employee stock purchase plan	170,325	133,892
Net cash provided by financing activities	180,760	13,810,559
Net decrease in cash and cash equivalents	(81,323,459)	(279,024)
Cash and cash equivalents at beginning of period	128,645,025	36,144,720
Cash and cash equivalents at end of period	47,321,566	35,865,696
Supplemental disclosures of noncash information:
Deferred offering costs included in accounts payable and accrued expenses	0	64,015
At-the-market offering
Cash flows from financing activities:
Proceeds from issuance of common stock under at-the-market offering, net of issuance costs	$ 0	$ 13,676,667

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
Preferred stock, par value per share (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Class A Common Stock
Common stock, par value per share (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	64,688,915	64,648,230
Common stock, shares outstanding (in shares)	64,688,915	64,648,230
Class B Common Stock
Common stock, par value per share (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	20,000,000	20,000,000
Common stock, shares issued (in shares)	0	0
Common stock, shares outstanding (in shares)	0	0

Organization and Nature of Business (Details) - USD ($)						1 Months Ended	3 Months Ended
Organization and Nature of Business (Details) - USD ($)	Oct. 06, 2025	Sep. 26, 2025	Sep. 24, 2025	Aug. 26, 2025	Apr. 20, 2023	Sep. 30, 2025	Mar. 31, 2026	Sep. 30, 2025	Mar. 31, 2025	Dec. 31, 2025	Aug. 21, 2025	Aug. 13, 2025	Aug. 10, 2022
Organization and Nature of Business
Accumulated deficit							$ (293,780,979)			$ (280,320,084)
2022 ATM Program
Organization and Nature of Business
Shares sold (in shares)								0	4,836,804
Sale of stock (in dollars per share)									$ 2.95
Proceeds from offering									$ 14,200,000
Issuance costs									$ 13,700,000
Over-Allotment Option
Organization and Nature of Business
Shares sold (in shares)					2,727,273
Sale of stock (in dollars per share)					$ 11.00
Proceeds from offering					$ 28,200,003
Issuance costs					$ 203,768
Over-Allotment Option \| Aventis Inc.
Organization and Nature of Business
Shares sold (in shares)		18,959,914
Sale of stock (in dollars per share)		$ 9.23
Proceeds from offering		$ 164,100,000
Issuance costs		$ 400,000
2025 ATM Program
Organization and Nature of Business
Maximum potential proceeds from the issuance of stock						$ 98,749,993		$ 98,749,993				$ 100,000,000
Reduction in offer price, of income capacity						$ 1,250,007
Private Placement
Organization and Nature of Business
Sale of stock (in dollars per share)											$ 3.95
Issuance costs				$ 1,600,000
Share unfunded exercise price (in dollars per share)	$ 0.001
Aggregate proceeds from the issuance of common stock							$ 23,400,000
Private Placement \| Aventis Inc.
Organization and Nature of Business
Shares sold (in shares)			2,708,559
Sale of stock (in dollars per share)			$ 9.23
Proceeds from offering			$ 23,400,000
Issuance costs			1,500,000
Issuance costs			$ 100,000
Private Placement \| Pre Funded Warrants
Organization and Nature of Business
Number of shares callable by warrant (in shares)	1,077,764										1,077,764
Class of warrant or right, outstanding (in shares)	0
Class of warrant or right, exercise price of warrants or rights (in dollars per share)											$ 3.949
Share unfunded exercise price (in dollars per share)											$ 0.001
Shares issued in lieu of common stock (shares)	166
Issuance of common stock upon public offering, net of commissions, underwriting discounts and issuance costs (in shares)	1,077,598
Private Placement \| Purchase warrants
Organization and Nature of Business
Class of warrant or right, outstanding (in shares)							2,848,096				2,848,096
Class of warrant or right, exercise price of warrants or rights (in dollars per share)							$ 5.50				$ 5.50
Class A Common Stock
Organization and Nature of Business
Common stock, par value per share (in dollars per share)							$ 0.001			$ 0.001
Class A Common Stock \| 2022 ATM Program
Organization and Nature of Business
Maximum potential proceeds from the issuance of stock													$ 50,000,000
Class A Common Stock \| Over-Allotment Option
Organization and Nature of Business
Common stock, par value per share (in dollars per share)					$ 0.001
Class A Common Stock \| At-the-market offering
Organization and Nature of Business
Shares sold (in shares)							0		0
Common stock, par value per share (in dollars per share)												$ 0.001	$ 0.001
Class A Common Stock \| Private Placement
Organization and Nature of Business
Maximum number of shares issuable on transaction (in shares)											5,251,349

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Schedule of Maturities of the Lease Liabilities Due

Future minimum lease payments for operating leases with initial or remaining terms in excess of one year at March 31, 2026 were as follows:


	Amount
Remainder of 2026	$	572,826
2027	784,737
2028	808,278
2029	832,527
2030	857,496
Thereafter	1,184,208
Total future lease payments	5,040,072
Less: imputed interest	(1,309,868)
Total lease liabilities	$	3,730,204
Lease liabilities	$	412,835
Lease liabilities, net of current portion	3,317,369
Total lease liabilities	$	3,730,204

Schedule of Quantitative Information Regarding the Company's Leases

Quantitative information regarding the Company’s leases for the three months ended March 31, 2026 and 2025 is as follows:


	March 31, 2026			March 31, 2025
Lease costs:
Operating lease cost	$	186,590		$	186,590
Short-term lease cost	43,428			31,278

Total lease costs	$	230,018		$	217,868
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	189,051		$	183,546
Operating cash flows from short-term leases	43,428			31,278
	$	232,479		$	214,824
Weighted-average remaining lease term - operating leases	6.08 years			7.08 years
Weighted-average discount rate - operating leases	10.0		%	10.0		%

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Segments (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following table is representative of the significant expense categories regularly provided to the CODM when managing the Company’s single reporting segment.


	Three Months Ended March 31,
	2026		2025
Program expenses(1)
Atebimetinib (IMM-1-104)	$	4,055,258	$	4,257,936
Envometinib (IMM-6-415)	4,345		1,623,755
Other programs	2,019,865		1,242,109
Non-program expenses(2)	1,469,553		1,204,385
Employee-related costs	6,067,936		5,378,938
Stock-based compensation expense	1,636,675		1,692,267
Depreciation and amortization	81,402		85,261
Other segment items(3)	(1,874,139)		(438,519)
Net loss	$	13,460,895	$	15,046,132

(1) Includes direct research and development expenses.

(2) Includes general and administrative expenses, in addition to facilities and other research and development expenses.

(3) Includes interest income and other (income) expense.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($)	Total	Class A Common Stock	Class B Common Stock	Common Stock Class A Common Stock	Common Stock Class B Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2024				31,050,448	0
Beginning balance at Dec. 31, 2024	$ 41,386,226			$ 31,050	$ 0	$ 265,650,362	$ 0	$ (224,295,186)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under at-the-market offering, net of issuance costs (in shares)				4,836,804
Issuance of common stock under at-the-market offering, net of issuance costs	13,676,667			$ 4,837		13,671,830
Issuance of common stock through employee stock purchase plan (in shares)				98,450
Issuance of common stock through employee stock purchase plan	133,892			$ 98		133,794
Stock-based compensation expense	1,692,267					1,692,267
Net loss	(15,046,132)							(15,046,132)
Ending balance (in shares) at Mar. 31, 2025				35,985,702	0
Ending balance at Mar. 31, 2025	41,842,920			$ 35,985	$ 0	281,148,253	0	(239,341,318)
Beginning balance (in shares) at Dec. 31, 2025		64,648,230	0	64,648,230	0
Beginning balance at Dec. 31, 2025	$ 218,483,968			$ 64,648	$ 0	498,658,072	81,332	(280,320,084)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)	4,696			4,696
Issuance of common stock upon exercise of stock options	$ 10,435			$ 5		10,430
Issuance of common stock through employee stock purchase plan (in shares)				35,989
Issuance of common stock through employee stock purchase plan	170,325			$ 36		170,289
Stock-based compensation expense	1,636,675					1,636,675
Net loss	(13,460,895)							(13,460,895)
Other comprehensive loss	(322,337)						(322,337)
Ending balance (in shares) at Mar. 31, 2026		64,688,915	0	64,688,915	0
Ending balance at Mar. 31, 2026	$ 206,518,171			$ 64,689	$ 0	$ 500,475,466	$ (241,005)	$ (293,780,979)

Fair Value Measurements - Narrative (Details)	3 Months Ended
Fair Value Measurements - Narrative (Details)	Mar. 31, 2026 USD ($)
Fair Value Disclosures [Abstract]
Financial assets classified as Level 3	$ 0
Financial liabilities classified as Level 3	$ 0

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Schedule of Cash Equivalents and Marketable Securities

The following table summarizes our cash equivalents measured at fair value on a recurring basis as of March 31, 2026:


	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents
Money market	$	34,631,173	$	—	$	—	$	34,631,173
U.S. Treasuries	12,433,380		—		—		12,433,380


Total cash equivalents	$	47,064,553	$	—	$	—	$	47,064,553

Marketable securities:
U.S. Treasuries	$	100,963,921	$	—	$	—	$	100,963,921
Government securities	—		13,479,810		—		13,479,810
Debt securities	—		10,043,031		—		10,043,031
Commercial paper	—		26,836,040		—		26,836,040
Total marketable securities	100,963,921		50,358,881		—		151,322,802
Total cash equivalents and marketable securities	$	148,028,474	$	50,358,881	$	—	$	198,387,355

The following table summarizes our cash equivalents measured at fair value on a recurring basis as of December 31, 2025:


	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents
Money market	$	105,330,208	$	—	$	—	$	105,330,208
U.S. Treasuries	1,992,340		—		—		1,992,340
Government securities	—		9,222,990		—		9,222,990
Commercial paper	—		11,827,667		—		11,827,667
Total cash equivalents	$	107,322,548	$	21,050,657	$	—	$	128,373,205

Marketable securities:
U.S. Treasuries	$	44,276,965	$	—	$	—	$	44,276,965
Government securities	—		11,945,540		—		11,945,540
Debt securities	—		10,038,420		—		10,038,420
Commercial paper	—		22,108,505		—		22,108,505
Total marketable securities	44,276,965		44,092,465		—		88,369,430
Total cash equivalents and marketable securities	$	151,599,513	$	65,143,122	$	—	$	216,742,635