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ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Merger Transaction

The Company recorded a gain on the transaction of $2.0 billion during the year ended December 31, 2024, which consisted of the following components (in thousands):

			YEAR ENDED DECEMBER 31, 2024
Merger consideration for common stock, warrants, and stock options			$	1,727,687
Book value of Amended 2020 Loans assumed by Acquirer			211,315
Book value of net assets and liabilities related to INBRX-101 assumed by Acquirer			14,496
Transaction costs paid by Acquirer			68,000
Total gain recognized			$	2,021,498

Schedule of Fair Value Measurements On a Recurring Basis

Financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used in such measurements by major security type are presented in the following table (in thousands):

						Level 1						Level 2						Level 3						Total
December 31, 2025
Money market funds						$	5,870					$	—					$	—					$	5,870
Total assets measured at fair value						$	5,870					$	—					$	—					$	5,870
December 31, 2024
Money market funds						$	5,093					$	—					$	—					$	5,093
Total assets measured at fair value						$	5,093					$	—					$	—					$	5,093

Schedule of Potential Dilutive Securities Excluded from Diluted Loss Per Share

Potentially dilutive securities not included in the calculation of diluted net loss per share are as follows (in thousands):

			YEAR ENDED DECEMBER 31, 2025
Outstanding stock options			3,501
Warrants to purchase common stock			141
Total			3,642

In periods in which the Company has net income, the Company applies the treasury stock method to determine the dilutive effect of potentially dilutive securities. Potentially dilutive securities included in the diluted earnings per share are as follows (in thousands):

															YEAR ENDED DECEMBER 31, 2024
Outstanding stock options																					182
Total																					182

Schedule of Segment Reporting Information, by Segment

The table below summarizes the significant segment revenue and significant segment expenses which are regularly reported to and reviewed by the CODM for the purposes of making decisions regarding the allocation of resources and are reconciled to consolidated net income (loss) for the years ended December 31, 2025 and December 31, 2024 (in thousands):

			YEAR ENDED DECEMBER 31,
			2025						2024
Segment net income (loss)
Revenue			$	1,300					$	200
Research and development expense
Personnel			35,372						72,790
Clinical trials			35,339						47,665
Contract manufacturing			19,590						55,643
Equipment, depreciation, and facility			10,227						9,693
Other research and development			12,500						17,952
General and administrative expense
Merger-related			—						68,061
Personnel			14,481						37,649
Other general and administrative			8,816						22,195
Other income (expense)			(5,028)						(2,476)
Other segment items(1)			—						2,021,498
Other segment expenses(2)			2						2
Segment and consolidated net income (loss)			$	(140,055)					$	1,687,572

(1) Other segment items consist of the gain on transaction from the Merger, discussed above.

(2) Other segment expenses include provision for income taxes.

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Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

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