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Stockholder's Equity and Share-Based Compensation (Q1) (Tables) | 3 Months Ended | 12 Months Ended
--- | --- | ---
Mar. 31, 2026 | Dec. 31, 2025
Stockholder's Equity and Share-Based Compensation [Abstract] |  |
Schedule of share-based compensation expense category |
|  |  | Three Months Ended March 31,
(in thousands) |  |  | 2026 |  |  | 2025
Research and development |  |  | $142 |  |  | $244
General and administrative |  |  | 414 |  |  | 614
|  |  | $556 |  |  | $858
| The Company measures share-based awards at their grant-date fair value and records compensation expense on a straight-line basis over the vesting period of the awards. The Company recorded share-based compensation expense in the following expense categories in its accompanying statements of operations and comprehensive loss for the period presented:
|  |  | Year Ended December 31,
(in thousands) |  |  | 2025 |  |  | 2024
Research and development |  |  | $842 |  |  | $2,529
General and administrative |  |  | 2,159 |  |  | 3,291
|  |  | $3,001 |  |  | $5,820
Schedule of stock option activity plan |
|  |  | Number of shares |  |  | Weighted average exercise price per share |  |  | Weighted average remaining contractual term (years)
Outstanding at January 1, 2026 |  |  | 658,973 |  |  | $44.20 |  |  | 7.1
Granted |  |  | 191,510 |  |  | 7.64 |  |  |
Exercised |  |  | — |  |  | — |  |  |
Forfeited |  |  | (4,376) |  |  | 10.99 |  |  |
Expired |  |  | — |  |  | — |  |  |
Outstanding at March 31, 2026 |  |  | 846,107 |  |  | $40.13 |  |  | 7.5
Vested and exercisable at March 31, 2026 |  |  | 387,675 |  |  | $74.20 |  |  | 5.6
Vested or expected to vest at March 31, 2026 |  |  | 846,107 |  |  | $40.13 |  |  | 7.5
|  |  | Number of shares |  |  | Weighted average exercise price per share |  |  | Weighted average remaining contractual term (years)
Outstanding at January 1, 2025 |  |  | 577,581 |  |  | $77.56 |  |  | 7.5
Granted |  |  | 248,208 |  |  | 7.78 |  |  |
Exercised |  |  | — |  |  | — |  |  |
Forfeited |  |  | (125,526) |  |  | 82.56 |  |  |
Expired |  |  | (41,290) |  |  | 175.24 |  |  |
Outstanding at December 31, 2025 |  |  | 658,973 |  |  | $44.20 |  |  | 7.1
Vested and exercisable at December 31, 2025 |  |  | 357,766 |  |  | $78.82 |  |  | 5.6
Vested or expected to vest at December 31, 2025 |  |  | 658,973 |  |  | $44.20 |  |  | 7.1
Schedule of weighted average assumptions applied to options |
|  |  | Three Months Ended March 31,
|  |  | 2026 |  |  | 2025
Expected volatility |  |  | 92.4% |  |  | 93.8%
Risk-free interest rate |  |  | 3.9% |  |  | 4.1%
Expected term |  |  | 5.8 years |  |  | 6.0 years
Expected dividend yield |  |  | — |  |  | —
|  |  | Year Ended December 31,
|  |  | 2025 |  |  | 2024
Expected volatility |  |  | 93.7% |  |  | 88.4%
Risk-free interest rate |  |  | 4.1% |  |  | 4.2%
Expected term |  |  | 5.9 years |  |  | 6.0 years
Expected dividend yield |  |  | — |  |  | —
Schedule of activity related to restricted stock unit |
|  |  | Number of shares |  |  | Weighted average grant date fair value
Unvested balance at January 1, 2026 |  |  | 50,000 |  |  | $10.52
Granted |  |  | — |  |  | —
Vested |  |  | (25,000) |  |  | 11.70
Forfeited |  |  | — |  |  | —
Unvested balance at March 31, 2026 |  |  | 25,000 |  |  | $11.70
|  |  | Number of shares |  |  | Weighted average grant date fair value
Unvested balance at January 1, 2025 |  |  | 7,093 |  |  | $44.80
Granted |  |  | 60,000 |  |  | 11.70
Vested |  |  | (16,825) |  |  | 27.92
Forfeited |  |  | (268) |  |  | 90.40
Unvested balance at December 31, 2025 |  |  | 50,000 |  |  | $10.52

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