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Income Taxes (FY) (Tables) | 12 Months Ended
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Dec. 31, 2025
Income Taxes |
Schedule of deferred tax assets and liabilities |
|  |  | December 31,
(in thousands) |  |  | 2025 |  |  | 2024
Deferred tax assets: |  |  |  |  |  |
Net operating loss carryforwards |  |  | $105,425 |  |  | $94,923
Research and development credits |  |  | 55,020 |  |  | 50,842
Collaboration and license agreement |  |  | 2,832 |  |  | 3,422
|  |  | December 31,
(in thousands) |  |  | 2025 |  |  | 2024
Capitalized research and development |  |  | 46,041 |  |  | 59,803
Share-based compensation |  |  | 4,329 |  |  | 5,863
Accrued expenses and other |  |  | 4,581 |  |  | 1,404
Operating lease liabilities |  |  | 6,520 |  |  | 7,560
Depreciation and amortization |  |  | 1,048 |  |  | 461
Total gross deferred tax assets before valuation allowance |  |  | 225,796 |  |  | 224,278
Valuation allowance |  |  | (222,752) |  |  | (219,833)
Net deferred tax assets |  |  | 3,044 |  |  | 4,445
Deferred tax liabilities: |  |  |  |  |  |
Right of use assets - operating leases |  |  | (3,044) |  |  | (4,445)
Total deferred tax liabilities |  |  | (3,044) |  |  | (4,445)
Net deferred taxes |  |  | $— |  |  | $—
Schedule of effective income tax rate reconciliation |
|  |  | Year ended December 31,
|  |  | 2025 |  |  | 2024
(in thousands) |  |  | Amount |  |  | Percent |  |  | Amount |  |  | Percent
US federal statutory tax rate |  |  | $(9,560) |  |  | 21.0% |  |  | $(13,601) |  |  | 21.0%
Federal: |  |  |  |  |  |  |  |  |  |  |  |
Tax credits: |  |  |  |  |  |  |  |  |  |  |  |
Research and development tax credits |  |  | (175) |  |  | 0.4 |  |  | (626) |  |  | 1.0
Orphan drug tax credits |  |  | (4,003) |  |  | 8.8 |  |  | (4,896) |  |  | 7.6
Changes in valuation allowances |  |  | 12,334 |  |  | (27.2) |  |  | 17,422 |  |  | (27.0)
Nontaxable or nondeductible items: |  |  |  |  |  |  |  |  |  |  |  |
Share-based payment awards |  |  | 241 |  |  | (0.5) |  |  | 459 |  |  | (0.7)
Expiration of share-based payment awards |  |  | 1,159 |  |  | (2.5) |  |  | 1,233 |  |  | (1.9)
Other |  |  | 4 |  |  | 0.0 |  |  | 9 |  |  | 0.0
State and local income taxes, net of federal income tax effect1 |  |  | — |  |  | — |  |  | — |  |  | —
Effective tax rate |  |  | $— |  |  | —% |  |  | $— |  |  | —%
1 | In 2025 and 2024, state and local income taxes in Pennsylvania and Philadelphia comprise the majority of the state and local income taxes, net of federal income tax effect category.
Schedule of net operating loss carryforwards |
|  |  | December 31,
(in thousands) |  |  | 2025 |  |  | 2024
Federal |  |  | $398,039 |  |  | $339,055
State |  |  | 398,035 |  |  | 339,051
Local |  |  | 277,828 |  |  | 218,844
Research tax credits |  |  | 55,020 |  |  | 50,842

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