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Segment Reporting (FY) (Tables) | 3 Months Ended | 12 Months Ended
--- | --- | ---
Mar. 31, 2026 | Dec. 31, 2025
Segment Reporting |  |
Schedule of reconciliation of reported segment net loss to the statement of operations |
|  |  | Three Months Ended March 31,
(in thousands) |  |  | 2026 |  |  | 2025
Research and development |  |  |  |  |  |
Wages, benefits, and other payroll |  |  | $1,458 |  |  | $3,589
Third-party costs |  |  | 2,432 |  |  | 3,794
Share-based compensation |  |  | 142 |  |  | 244
Depreciation and amortization |  |  | 61 |  |  | 110
Total research and development expenses |  |  | 4,093 |  |  | 7,737
General and administrative |  |  |  |  |  |
Wages, benefits, and other payroll |  |  | 1,891 |  |  | 2,790
Third-party costs |  |  | 2,415 |  |  | 2,603
Share-based compensation |  |  | 414 |  |  | 614
Depreciation and amortization |  |  | 67 |  |  | 78
Total general and administrative expenses |  |  | 4,787 |  |  | 6,085
Impairment of long-lived assets |  |  | — |  |  | 2,637
Net gain on lease termination |  |  | (633) |  |  | —
Loss from operations |  |  | (8,247) |  |  | (16,459)
Other income (expense), net |  |  | 688 |  |  | 1,054
Net loss |  |  | $(7,559) |  |  | $(15,405)
|  |  | Year Ended December 31,
(in thousands) |  |  | 2025 |  |  | 2024
Research and development |  |  |  |  |  |
Wages, benefits, and other payroll |  |  | $7,462 |  |  | $12,265
Third-party costs |  |  | 14,532 |  |  | 22,691
Share-based compensation |  |  | 842 |  |  | 2,529
Depreciation and amortization |  |  | 440 |  |  | 2,694
Total research and development expenses |  |  | 23,276 |  |  | 40,179
General and administrative |  |  |  |  |  |
Wages, benefits, and other payroll |  |  | 7,784 |  |  | 9,255
Third-party costs |  |  | 9,644 |  |  | 12,055
Share-based compensation |  |  | 2,159 |  |  | 3,291
Depreciation and amortization |  |  | 288 |  |  | 387
Total general and administrative expenses |  |  | 19,875 |  |  | 24,988
Impairment of long-lived assets |  |  | 6,145 |  |  | 5,233
Loss from operations |  |  | 49,296 |  |  | 70,400
Other (income) expense, net |  |  | (3,774) |  |  | (5,633)
Net loss |  |  | $45,522 |  |  | $64,767

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- Definition Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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