0001104659-26-092051 | 10-Q | XBRL Viewer

June 30, 2026

December 31, 2025

Office equipment

Less accumulated depreciation

Property and equipment, net

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Income taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income taxes (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income taxes
Benefit for income taxes	$ 0	$ 0	$ 0	$ 0

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

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+ Details

Prepaid expenses and other current assets

6 Months Ended

Jun. 30, 2026

Prepaid expenses and other current assets

Prepaid expenses and other current assets

2. Prepaid expenses and other current assets

Prepaid expenses and other current assets consist of the following (in thousands):


	As of
	June 30, 2026		December 31, 2025
Insurance	$	224	$	7
Deposits		2		32
Deferred equity offering costs		86		511
Other prepaid expenses		121		47
Total	$	433	$	597

Business, basis of presentation, new accounting standards and summary of significant accounting policies	6 Months Ended
Jun. 30, 2026
Business, basis of presentation, new accounting standards and summary of significant accounting policies
Business, basis of presentation, new accounting standards and summary of significant accounting policies	1.Business, basis of presentation, new accounting standards and summary of significant accounting policies General MetaVia Inc. (the “Company”), a Delaware corporation, and its subsidiaries are referred to collectively in these notes to the financial statements of the Company as “MetaVia,” “we,” “our” and “us.” We are a clinical-stage biotechnology company focused primarily on developing novel pharmaceuticals to treat cardiometabolic diseases. We have two programs, vanoglipel and DA-1726, focused primarily on the treatment of metabolic dysfunction-associated steatohepatitis (“MASH”) and obesity. While we focus our financial resources and management’s attention on the development of vanoglipel and DA-1726, we also have four legacy therapeutic programs designed to impact a range of indications in viral, neurodegenerative and cardiometabolic diseases which we are not planning to advance development on and have, or continue to consider for, out-licensing and divestiture opportunities. In July 2024, we entered into an exclusive out-license agreement with MThera Pharma Co., LTD. (“MThera”) to provide MThera with the rights to one of our legacy therapeutic programs, NB-01, for the treatment of painful diabetic neuropathy. Our operations consist principally of performing research and development (“R&D”) activities, which include preclinical development and clinical trials, and raising capital. Our activities are subject to significant risks and uncertainties, including failing to secure additional funding before sustainable revenues and profit from operations are achieved. Going concern As reflected in the condensed consolidated financial statements, we had $12.6 million in cash and cash equivalents as of June 30, 2026. We have experienced net losses and negative cash flows from operating activities since our inception and had an accumulated deficit of $158.0 million as of June 30, 2026. We have incurred a net loss of $9.1 million and net cash used in operating activities of $8.0 million for the six months ended June 30, 2026. Due in large part to ongoing clinical trials, we expect to continue to incur net losses and negative cash flows from operating activities for the foreseeable future. These conditions raise substantial doubt about our ability to continue as a going concern within one year from the issuance of these condensed consolidated financial statements. We plan to continue to fund our operations through equity offerings, debt financing, the exercise of existing warrants, or other sources, potentially including collaborations, out-licensing and other similar arrangements. However, there can be no assurance that we will be able to obtain any sources of financing on acceptable terms, or at all, or that the warrants issued in previously consummated offerings will be exercised. To the extent that we can raise additional funds by issuing equity securities or in the event our remaining warrants are exercised, our stockholders may experience significant dilution. Any debt financing, if available, may involve restrictive covenants that impact our ability to conduct our business. If we are unable to raise additional capital, we may slow down or stop our ongoing and planned clinical trials until such time as additional capital is raised and this may have a material adverse effect on the Company. The determination as to whether we can continue as a going concern contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. Our condensed consolidated financial statements have been prepared assuming that we will continue as a going concern and do not include any adjustments that might result from the outcome of this uncertainty. This basis of accounting contemplates the recovery of our assets and the satisfaction of our liabilities in the normal course of business. A.Basis of presentation We prepared the condensed consolidated financial statements following the requirements of the United States (“U.S.”) Securities and Exchange Commission (“SEC”) for interim reporting. As permitted under those rules, certain notes or other financial information that are normally required by accounting principles generally accepted in the U.S. (“GAAP”) for complete financial statements can be condensed or omitted. However, except as disclosed herein, there has been no material change in the information disclosed in the notes included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (“2025 Form 10-K”). Revenues, expenses, assets, liabilities, and equities can vary during each quarter of the year. Therefore, the results and trends in these condensed consolidated financial statements may not be representative of those for the full year. In our opinion, all adjustments necessary for a fair statement of the condensed consolidated financial statements, which are of a normal and recurring nature, have been made for the interim periods reported. The information included in the condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes included in our 2025 Form 10-K. Certain amounts in the condensed consolidated financial statements and accompanying notes may not add up due to rounding, and all percentages have been calculated using unrounded amounts. B.New accounting standards Adoption of new accounting standards New accounting standards or accounting standards updates were assessed and determined to be either not applicable or did not have a material impact on our consolidated financial statements or processes. Accounting standards issued but not yet adopted In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses to improve financial reporting by requiring that public business entities disclose additional information about specific expense categories in the notes to the consolidated financial statements at interim and annual reporting periods. The amendments in this ASU do not change or remove current expense disclosure requirements; however, the amendments affect where such information appears in the notes to the consolidated financial statements because entities are required to include certain current disclosures in the same tabular format disclosure as the other disaggregation requirements in the amendments. In January 2025, the FASB issued ASU 2025-01, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date. This ASU is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting period beginning after December 15, 2027. Early adoption is permitted. We continue to evaluate the impact of adopting this ASU to our notes to the consolidated financial statements and processes. Other recently issued accounting standards not yet adopted by us are not expected, upon adoption, to have a material impact on our consolidated financial statements. C.Estimates and assumptions The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, expenses, and related disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of expenses during the reporting period. The most significant estimates in our condensed consolidated financial statements relate to clinical trial costs and accruals, classification of warrants as derivative liability or equity, and the fair value of stock-based compensation and warrants. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ from those estimates. Changes in estimates are reflected in reported results in the period in which they become known. D.Significant accounting policies Our significant accounting policies are described in “Note 1. Business, basis of presentation, new accounting standards and summary of significant accounting policies” in the audited consolidated financial statements and notes thereto for the year ended December 31, 2025, which is included in our 2025 Form 10-K. Except for the following disclosure, there have been no material changes to our significant accounting policies. Financial Instruments with Characteristics of Both Liabilities and Equity We account for issued warrants either as a liability or equity in accordance with Accounting Standard Codification (“ASC”) 480-10, Accounting for Certain Financial Instruments with Characteristics of both Liabilities and Equity, and ASC 815-40, Accounting for Derivative Financial Instruments Indexed to, and Potentially Settled in, a Company’s Own Stock. Under ASC 480-10, warrants are considered a liability if they are mandatorily redeemable and they require settlement in cash, other assets, or a variable number of shares. If warrants do not meet liability classification under ASC 480-10, we consider the requirements of ASC 815-40 to determine whether the warrants should be classified as a liability or as equity. Under ASC 815-40, contracts that may require settlement for cash are liabilities, regardless of the probability of the occurrence of the triggering event. Liability-classified warrants are measured at fair value on the issuance date and at the end of each reporting period. Any change in the fair value of the warrants after the issuance date is recorded in other expense, net in the consolidated statements of operations as a gain or loss. If warrants do not require liability classification under ASC 815-40, in order to conclude warrants should be classified as equity, we assess whether the warrants are indexed to its common stock and whether the warrants are classified as equity under ASC 815-40 or under another applicable GAAP standard. Equity-classified warrants are accounted for at fair value on the issuance date with no changes in fair value recognized after the issuance date.

Business, basis of presentation, new accounting standards and summary of significant accounting policies

6 Months Ended

Jun. 30, 2026

Business, basis of presentation, new accounting standards and summary of significant accounting policies

Business, basis of presentation, new accounting standards and summary of significant accounting policies

1.Business, basis of presentation, new accounting standards and summary of significant accounting policies

General

MetaVia Inc. (the “Company”), a Delaware corporation, and its subsidiaries are referred to collectively in these notes to the financial statements of the Company as “MetaVia,” “we,” “our” and “us.” We are a clinical-stage biotechnology company focused primarily on developing novel pharmaceuticals to treat cardiometabolic diseases. We have two programs, vanoglipel and DA-1726, focused primarily on the treatment of metabolic dysfunction-associated steatohepatitis (“MASH”) and obesity.

While we focus our financial resources and management’s attention on the development of vanoglipel and DA-1726, we also have four legacy therapeutic programs designed to impact a range of indications in viral, neurodegenerative and cardiometabolic diseases which we are not planning to advance development on and have, or continue to consider for, out-licensing and divestiture opportunities. In July 2024, we entered into an exclusive out-license agreement with MThera Pharma Co., LTD. (“MThera”) to provide MThera with the rights to one of our legacy therapeutic programs, NB-01, for the treatment of painful diabetic neuropathy.

Our operations consist principally of performing research and development (“R&D”) activities, which include preclinical development and clinical trials, and raising capital. Our activities are subject to significant risks and uncertainties, including failing to secure additional funding before sustainable revenues and profit from operations are achieved.

Going concern

As reflected in the condensed consolidated financial statements, we had $12.6 million in cash and cash equivalents as of June 30, 2026. We have experienced net losses and negative cash flows from operating activities since our inception and had an accumulated deficit of $158.0 million as of June 30, 2026. We have incurred a net loss of $9.1 million and net cash used in operating activities of $8.0 million for the six months ended June 30, 2026. Due in large part to ongoing clinical trials, we expect to continue to incur net losses and negative cash flows from operating activities for the foreseeable future. These conditions raise substantial doubt about our ability to continue as a going concern within one year from the issuance of these condensed consolidated financial statements.

We plan to continue to fund our operations through equity offerings, debt financing, the exercise of existing warrants, or other sources, potentially including collaborations, out-licensing and other similar arrangements. However, there can be no assurance that we will be able to obtain any sources of financing on acceptable terms, or at all, or that the warrants issued in previously consummated offerings will be exercised. To the extent that we can raise additional funds by issuing equity securities or in the event our remaining warrants are exercised, our stockholders may experience significant dilution. Any debt financing, if available, may involve restrictive covenants that impact our ability to conduct our business. If we are unable to raise additional capital, we may slow down or stop our ongoing and planned clinical trials until such time as additional capital is raised and this may have a material adverse effect on the Company.

The determination as to whether we can continue as a going concern contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. Our condensed consolidated financial statements have been prepared assuming that we will continue as a going concern and do not include any adjustments that might result from the outcome of this uncertainty. This basis of accounting contemplates the recovery of our assets and the satisfaction of our liabilities in the normal course of business.

A.Basis of presentation

We prepared the condensed consolidated financial statements following the requirements of the United States (“U.S.”) Securities and Exchange Commission (“SEC”) for interim reporting. As permitted under those rules, certain notes or other financial information that are normally required by accounting principles generally accepted in the U.S. (“GAAP”) for complete financial statements can be condensed or omitted. However, except as disclosed herein, there has been no material change in the information disclosed in the notes included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (“2025 Form 10-K”).

Revenues, expenses, assets, liabilities, and equities can vary during each quarter of the year. Therefore, the results and trends in these condensed consolidated financial statements may not be representative of those for the full year. In our opinion, all adjustments necessary for a fair statement of the condensed consolidated financial statements, which are of a normal and recurring nature, have been made for the interim periods reported. The information included in the condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes included in our 2025 Form 10-K. Certain amounts in the condensed consolidated financial statements and accompanying notes may not add up due to rounding, and all percentages have been calculated using unrounded amounts.

B.New accounting standards

Adoption of new accounting standards

New accounting standards or accounting standards updates were assessed and determined to be either not applicable or did not have a material impact on our consolidated financial statements or processes.

Accounting standards issued but not yet adopted

In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses to improve financial reporting by requiring that public business entities disclose additional information about specific expense categories in the notes to the consolidated financial statements at interim and annual reporting periods. The amendments in this ASU do not change or remove current expense disclosure requirements; however, the amendments affect where such information appears in the notes to the consolidated financial statements because entities are required to include certain current disclosures in the same tabular format disclosure as the other disaggregation requirements in the amendments. In January 2025, the FASB issued ASU 2025-01, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date. This ASU is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting period beginning after December 15, 2027. Early adoption is permitted. We continue to evaluate the impact of adopting this ASU to our notes to the consolidated financial statements and processes.

Other recently issued accounting standards not yet adopted by us are not expected, upon adoption, to have a material impact on our consolidated financial statements.

C.Estimates and assumptions

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, expenses, and related disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of expenses during the reporting period. The most significant estimates in our condensed consolidated financial statements relate to clinical trial costs and accruals, classification of warrants as derivative liability or equity, and the fair value of stock-based compensation and warrants. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ from those estimates. Changes in estimates are reflected in reported results in the period in which they become known.

D.Significant accounting policies

Our significant accounting policies are described in “Note 1. Business, basis of presentation, new accounting standards and summary of significant accounting policies” in the audited consolidated financial statements and notes thereto for the year ended December 31, 2025, which is included in our 2025 Form 10-K. Except for the following disclosure, there have been no material changes to our significant accounting policies.

Financial Instruments with Characteristics of Both Liabilities and Equity

We account for issued warrants either as a liability or equity in accordance with Accounting Standard Codification (“ASC”) 480-10, Accounting for Certain Financial Instruments with Characteristics of both Liabilities and Equity, and ASC 815-40,

Accounting for Derivative Financial Instruments Indexed to, and Potentially Settled in, a Company’s Own Stock. Under ASC 480-10, warrants are considered a liability if they are mandatorily redeemable and they require settlement in cash, other assets, or a variable number of shares. If warrants do not meet liability classification under ASC 480-10, we consider the requirements of ASC 815-40 to determine whether the warrants should be classified as a liability or as equity. Under ASC 815-40, contracts that may require settlement for cash are liabilities, regardless of the probability of the occurrence of the triggering event. Liability-classified warrants are measured at fair value on the issuance date and at the end of each reporting period. Any change in the fair value of the warrants after the issuance date is recorded in other expense, net in the consolidated statements of operations as a gain or loss. If warrants do not require liability classification under ASC 815-40, in order to conclude warrants should be classified as equity, we assess whether the warrants are indexed to its common stock and whether the warrants are classified as equity under ASC 815-40 or under another applicable GAAP standard. Equity-classified warrants are accounted for at fair value on the issuance date with no changes in fair value recognized after the issuance date.

Loss per share of common stock - Computation of basic and diluted loss per share of common stock (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025
Loss per share of common stock
Net loss	$ (5,316)	$ (3,823)	$ (3,995)	$ (3,671)	$ (9,139)	$ (7,666)
Weighted average shares of common stock, basic (in shares)	5,931,875		1,389,753		5,398,683	1,162,692
Weighted average shares of common stock, diluted (in shares)	5,931,875		1,389,753		5,398,683	1,162,692
Loss per share of common stock, basic (in dollars per share)	$ (0.9)		$ (2.87)		$ (1.69)	$ (6.59)
Loss per share of common stock, diluted (in dollars per share)	$ (0.9)		$ (2.87)		$ (1.69)	$ (6.59)

- 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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+ Details

Stockholders' equity

6 Months Ended

Jun. 30, 2026

Stockholders' equity

Stockholders' equity

7.Stockholders’ equity

Public offering

In January 2026, we closed on an underwritten public offering and received net proceeds of $7.1 million, pursuant to which we issued and sold, (i) 1,006,870 Class A Units, with each Class A Unit consisting of (A) one share of common stock, (B) 1.5 Series C Common Warrants to purchase 1.5 shares of common stock, and (C) 1.5 Series D Common Warrants to purchase 1.5 shares of common stock, at a price of $3.10 per Class A Unit, and (ii) 1,998,704 Class B Units, with each Class B Unit consisting of (A) one pre-funded warrant to purchase one share of common stock, (B) 1.5 Series C Common Warrants to purchase 1.5 shares of common stock, and (C) 1.5 Series D Common Warrants to purchase 1.5 shares of common stock, at a purchase price of $3.099 per Class B Unit.

Each pre-funded warrant has an exercise price of $0.001 per share and is immediately exercisable and will expire when exercised in full. Each Series C Common Warrant and Series D Common Warrant has an exercise price of $3.10 per whole share of common stock, subject to certain adjustments, are immediately exercisable, and will expire on January 16, 2031 and January 16, 2028, respectively. Under the Series C Common Warrant and the Series D Common Warrant, we may not affect the exercise of any such warrants, and a holder will not be entitled to exercise any portion of any such warrants, which, upon giving effect to such exercise, would cause the aggregate number of shares of common stock beneficially owned by the holder (together with its affiliates) to exceed the beneficial ownership limitation contained therein. The Series D Common Warrants are callable at our option following the release of a positive data readout for our Phase 1, Part 3 clinical trial for DA-1726 via a widely disseminated press release, subject to the satisfaction of certain conditions. The Series C and Series D Common Warrants are fixed priced and do not contain any variable pricing features or alternative exercise provisions. Based on the terms of the pre-funded warrants, the Series C Common Warrants and Series D Common Warrants, we have concluded that the accounting classification of these warrants is to be stockholders’ equity.

The following table provides information on the warrants exercised during the three and six months ended June 30, 2026:


	Three Months	Six Months
	Ended	Ended
Warrant Issuance	June 30, 2026	June 30, 2026
January 2026 Pre-funded	367,740	1,998,704
January 2026 Series C	30,039	30,039
January 2026 Series D	749,539	749,539
Total exercised warrants	1,147,318	2,778,282

At the market offering

In November 2025, we entered into an At The Market Offering Agreement (the “ATM Sales Agreement”) with Ladenburg Thalmann & Co. Inc., as sales agent and/or principal (“Ladenburg”), pursuant to which we could offer and sell, from time to time through or to Ladenburg, shares of our common stock having an aggregate offering price of up to $2.3 million (the “ATM Program”) through June 30, 2026. The offer and sale of the shares of common stock pursuant to the ATM Program through June 30, 2026 was made pursuant to a shelf registration statement on Form S-3 and the related prospectus (File No. 333-278646) filed with the SEC on April 12, 2024, and declared effective by the SEC on April 23, 2024, as supplemented by a prospectus supplement filed with the SEC on November 6, 2025 pursuant to Rule 424(b) under the Securities Act.

Pursuant to the ATM Sales Agreement, Ladenburg may sell the shares by any method permitted by law deemed to be an “at the market offering” as defined in Rule 415(a)(4) of the Securities Act. We are not obligated to make any sales of the shares under the ATM Sales Agreement. The offering of shares pursuant to the ATM Sales Agreement will terminate upon the termination of the ATM Sales Agreement by Ladenburg or us, as permitted therein. We are obligated to pay Ladenburg an aggregate sales agent commission of 3.0% of the gross sales price of the shares sold pursuant to the ATM Sales Agreement. We will also reimburse Ladenburg for certain specified expenses in connection with entering into the ATM Sales Agreement, which contains customary representations and warranties and conditions to the placements of the shares pursuant thereto.

In 2026, we sold 422,919 shares of common stock under the ATM Program and received net proceeds of $0.7 million, net of sales agent commission and related offering expenses. As of June 30, 2026, we had $0.2 million remaining under the ATM Program in which we may offer and sell shares of our common stock. On July 2, 2026, we increased the size of the ATM Program to allow the offer and sale of shares of our common stock having an aggregate offering price of up to $4.0 million.

Private placement

In May 2025, we closed on a private placement offering with Dong-A ST and Dong-A Socio Holdings Co., Ltd., an affiliate company of Dong-A ST, and received net proceeds of $9.1 million, net of placement agent cash fees of $0.4 million and related offering expenses of $0.5 million. The private placement offering was comprised of (i) 861,758 shares of our common stock for a purchase price of $7.81 per share, and (ii) 418,651 pre-funded warrants to purchase up to an equivalent number of shares of our common stock for a purchase price of $7.799 per pre-funded warrant.

Each pre-funded warrant had an exercise price of $0.011 per share, and was exercisable beginning on June 30, 2025, which was the effective date of receiving stockholder approval for the issuance of the shares of common stock underlying the pre-funded warrants. Thereafter, on the same date, all pre-funded warrants were exercised for an equivalent number of shares of our common stock.

Common stock issued for professional services

In May 2026, we issued 50,000 shares of common stock based on a closing price of $2.89 per share on the date of issuance to a vendor for business advisory services provided by the vendor. Accordingly, we recorded an expense of approximately $0.1 million during the three and six months ended June 30, 2026, which was included in G&A operating expenses.

Warrants

The following table summarizes our outstanding warrants:


	Shares of Common Stock Issuable
	for Outstanding Warrants
	As of		Exercise
Warrant Issuance	June 30, 2026	December 31, 2025	Price		Expiration Date
January 2021	942	942	$	15,919.2000	July 2026
November 2022 Series B ⁽¹⁾	16,176	16,176	$	0.0000	December 2027
June 2024 Placement Agent	11,564	11,564	$	54.0375	July 2026
June 2024 Series B ⁽²⁾	693,962	693,962	$	43.2300	September 2029 (latest date)
January 2026 Series C	4,478,322	—	$	3.1000	January 2031
January 2026 Series D ⁽³⁾	3,758,822	—	$	3.1000	January 2028
Total	8,959,788	722,644

(1)These warrants have a cashless exercise provision whereby the warrants can be exercised for common stock for no additional consideration, which renders the $264.00 per warrant exercise price to be zero.

(2)These warrants expire on the earlier of September 18, 2029 and the six months anniversary following the date on which we publicly announce a positive data readout for our Phase 1, Part 3 clinical trial for DA-1726.

(3)These warrants are callable at our option following the release of a positive data readout for our Phase 1, Part 3 clinical trial for DA-1726 via a widely disseminated press release, subject to the satisfaction of certain conditions.

Stock-based compensation

Stock-based award plans

Our Amended and Restated 2022 Equity Incentive Plan (the “2022 Plan”) provides for an automatic increase on January 1st of each year for a period of eight years commencing on January 1, 2025 and ending on (and including) January 1, 2032, of the aggregate number of shares of common stock that may be issued pursuant to Awards (as defined in the 2022 Plan) to an amount equal to 10% of the Fully Diluted Shares (as defined in the 2022 Plan) as of the last day of the preceding calendar year. Accordingly, in January 2026, the 2022 Plan automatically increased the aggregate number of shares of common stock that may be issued pursuant to Awards by 94,236 shares.

In June 2026, at our 2026 virtual annual meeting of stockholders, the Company’s stockholders approved the first amendment to the 2022 Plan (the “First Amendment”), which was previously approved by the Board of Directors of the Company. The First Amendment became effective upon stockholder approval, and provides for an increase in the aggregate number of shares of our common stock that may be issued pursuant to the 2022 Plan by 200,000 shares. Except as amended by the First Amendment, the other terms of the 2022 Plan remain in full force and effect.

The following table summarizes the outstanding awards issued pursuant to our stock-based award plans and inducement plan as of June 30, 2026 and the remaining shares of common stock available for future issuance:


			Remaining shares of
	Stock		common stock available
Plan Name	Options	RSUs	for future issuance
2019 Plan	136	—	—
2022 Plan	284	234,055	247,729
2021 Inducement Plan	—	—	378
Total	420	234,055	248,107

Restricted Stock Units

The following table summarizes the status of our outstanding restricted stock units (“RSUs”) and related transactions for the period presented, as well as our vested and deferred release RSUs as of January 1, 2026 and June 30, 2026 (in thousands, except share and per share amounts):


	Outstanding					Vested and Deferred Release
	Shares of	Average				Shares of	Average
	Common Stock	Grant Date		Aggregate		Common Stock	Grant Date		Aggregate
	Issuable	Fair Value		Fair		Issuable	Fair Value		Intrinsic
	for RSUs	Price		Value		for RSUs	Price		Value
As of January 1, 2026	29,295	$	18.86	$	247	3,082	$	43.85	$	26
Granted	214,116		2.54
Vested and released	(9,356)		17.73		20
As of June 30, 2026	234,055	$	3.98	$	335	11,443	$	20.23	$	16

Stock-based compensation expense

Stock-based compensation expense was included in operating expenses as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
General and administrative	$	92	$	83	$	161	$	175
Research and development		38		28		69		68
Total stock-based compensation	$	130	$	111	$	230	$	243

For stock-based awards granted under our stock-based award plans as of June 30, 2026, unrecognized stock-based compensation costs totaled $0.6 million. The unrecognized stock-based costs are expected to be recognized as an expense over a weighted average period of 1.2 years.

- Definition

The entire disclosure for equity.

+ References

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-Topic 505
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+ Details

Significant segment expenses and loss before income taxes (Tables)

6 Months Ended

Jun. 30, 2026

Significant segment expenses and loss before income taxes

Schedule of significant segment expenses

The following table sets forth the significant segment expenses for our one reportable segment (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Operating expenses
Research and development
Direct costs
Vanoglipel	$	235	$	277	$	402	$	568
DA-1726		2,717		1,529		4,164		3,008
Other R&D⁽¹⁾		40		30		53		55
Indirect costs
Employee compensation and benefits		439		441		880		950
Consulting		47		43		80		66
Total research and development		3,478		2,320		5,579		4,647
General and administrative
Legal and professional fees		985		1,074		1,910		1,907
Consulting		204		230		451		333
Employee compensation and benefits		471		444		997		951
Other G&A ⁽²⁾		247		233		473		349
Total general and administrative		1,907		1,981		3,831		3,540
Total operating expenses		5,385		4,301		9,410		8,187
Loss from operations		(5,385)		(4,301)		(9,410)		(8,187)
Total other income		69		306		271		521
Loss before income taxes	$	(5,316)	$	(3,995)	$	(9,139)	$	(7,666)

⁽¹⁾Other R&D expenses include clinical, non-clinical and preclinical services and other R&D expenditures that are not attributable to a single product candidate.

⁽²⁾Other G&A expenses include insurance, software license fees, non-income state taxes, lease rental expenses and other G&A expenditures.

- Definition

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

+ References

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+ Details

Property and equipment, net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Property and equipment, net
Office equipment	$ 90		$ 90		$ 90
Less accumulated depreciation	(82)		(82)		(73)
Property and equipment, net	8		8		$ 17
Depreciation	$ 4	$ 5	$ 9	$ 9

- Definition

Amount of accumulated depreciation, depletion, and amortization of property, plant, and equipment. Includes, but is not limited to, land and land improvement; building; machinery and equipment; furniture and fixture; and work of art, historical treasure, or similar asset classified as collection.

+ References + Details

- Definition

Amount, after accumulated depreciation, depletion, and amortization, of property, plant, and equipment. Includes, but is not limited to, land and land improvement; building; machinery and equipment; furniture and fixture; and work of art, historical treasure, or similar asset classified as collection.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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-SubTopic 210
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-Paragraph 1
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-Paragraph 1
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-SubTopic 20
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-Topic 852
-SubTopic 10
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-Paragraph 10
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-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10

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-Subparagraph (SX 210.7-03(a)(8))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1

+ Details

Stockholders' equity - Stock-based compensation - Award plans and inducement grants (Details) - shares	Jun. 30, 2026	Dec. 31, 2025
Stock-based compensation
RSUs	234,055	29,295
Remaining shares of common stock available for future issuance	248,107
2022 Plan
Stock-based compensation
Remaining shares of common stock available for future issuance	247,729
2021 Inducement Plan
Stock-based compensation
Remaining shares of common stock available for future issuance	378
Stock options
Stock-based compensation
Shares of Common Stock Issuable for Options, Outstanding (in shares)	420
Stock options \| 2019 Plan
Stock-based compensation
Shares of Common Stock Issuable for Options, Outstanding (in shares)	136
Stock options \| 2022 Plan
Stock-based compensation
Shares of Common Stock Issuable for Options, Outstanding (in shares)	284
RSUs
Stock-based compensation
RSUs	234,055
RSUs \| 2022 Plan
Stock-based compensation
RSUs	234,055

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Related party (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Related party (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Related party
Research and development	$ 3,478	$ 2,320	$ 5,579	$ 4,647
Related party payable	$ 1,897		$ 1,897		$ 3,312
Other Liability, Current, Related Party [Extensible Enumeration]	Related Party [Member]		Related Party [Member]		Related Party [Member]
Shared Services Agreement
Related party
Research and development	$ 200	$ 1,300	$ 900	$ 2,400
Related party payable	$ 1,900		$ 1,900		$ 3,300
Other Liability, Current, Related Party [Extensible Enumeration]	Related Party [Member]		Related Party [Member]		Related Party [Member]
Other Liability, Current, Related Party, Name [Extensible Enumeration]	mtva:DongStMember		mtva:DongStMember		mtva:DongStMember
Extended terms payable	$ 1,400		$ 1,400
Extended terms amount to be paid on June 30, 2026	700		700
Extended terms amount to be paid on September 30, 2026	700		700
Extended terms, Accrued interest payable	100		$ 100
Fixed interest rate			4.60%
Amount payable in clinical trial accrued liabilities	$ 400		$ 400

Stockholders' equity - Warrants (Details) - $ / shares	Jun. 30, 2026	Dec. 31, 2025	Nov. 30, 2022	Oct. 31, 2022
Warrants
Number of Warrants	8,959,788	722,644
Warrants Exercise Price 15,919.20
Warrants
Number of Warrants	942	942
Exercise Price	$ 15,919.2
November 2022 Series B Warrant Exercise Price 0.00
Warrants
Number of Warrants	16,176	16,176
Exercise Price	$ 0		$ 0	$ 264
June 2024 Placement Agent, Warrant Exercise Price 54.0375
Warrants
Number of Warrants	11,564	11,564
Exercise Price	$ 54.0375
June 2024 Series B, Warrant Exercise Price 43.23
Warrants
Number of Warrants	693,962	693,962
Exercise Price	$ 43.23
January 2026 Series C, Warrant Exercise Price 3.1000
Warrants
Number of Warrants	4,478,322
Exercise Price	$ 3.1
January 2026 Series D, Warrant Exercise Price 3.1000
Warrants
Number of Warrants	3,758,822
Exercise Price	$ 3.1

Stockholders' equity (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended
	Jan. 31, 2026	May 31, 2025
Stockholders' equity
Offering shares (Per share)		$ 2.89
2026 public offering
Stockholders' equity
Net proceeds	$ 7.1
2026 public offering \| Class A units
Stockholders' equity
Issuance of common stock (in shares)	1,006,870
Number of common stock per unit	1
2026 public offering \| Class B units
Stockholders' equity
Issuance of common stock (in shares)	1,998,704
Pre-Funded Warrants \| 2026 public offering
Stockholders' equity
Warrants exercise price	$ 0.001
Pre-Funded Warrants \| 2026 public offering \| Class B units
Stockholders' equity
Number of warrants issued per unit	1
Warrants to purchase shares of common stock	1
Series C warrants \| 2026 public offering
Stockholders' equity
Warrants exercise price	$ 3.10
Series C warrants \| 2026 public offering \| Class A units
Stockholders' equity
Number of warrants issued per unit	1.5
Warrants to purchase shares of common stock	1.5
Series C warrants \| 2026 public offering \| Class B units
Stockholders' equity
Number of warrants issued per unit	1.5
Warrants to purchase shares of common stock	1.5
Series D warrants \| 2026 public offering
Stockholders' equity
Warrants exercise price	$ 3.1
Series D warrants \| 2026 public offering \| Class A units
Stockholders' equity
Number of warrants issued per unit	1.5
Warrants to purchase shares of common stock	1.5
Offering shares (Per share)	$ 3.1
Series D warrants \| 2026 public offering \| Class B units
Stockholders' equity
Number of warrants issued per unit	1.5
Warrants to purchase shares of common stock	1.5
Offering shares (Per share)	$ 3.099

Commitments and Contingencies - Contingent payments and license agreements (Details) $ in Thousands	Jun. 30, 2026 USD ($)
Commitments and contingencies
Contingent liabilities recorded	$ 0
Contingent assets recorded	$ 0

Property and equipment, net

6 Months Ended

Jun. 30, 2026

Property and equipment, net

Property and equipment, net

3. Property and equipment, net

Property and equipment, net consist of the following (in thousands):

We recorded depreciation expense, which was included in G&A operating expenses in the accompanying condensed consolidated statements of operations, of $4 thousand and $9 thousand for the three and six months ended June 30, 2026, respectively, and $5 thousand and $9 thousand for the three and six months ended June 30, 2025, respectively.

- Definition

The entire disclosure for property, plant, and equipment. Includes, but is not limited to, land and land improvement; building; machinery and equipment; furniture and fixture; and work of art, historical treasure, or similar asset classified as collection.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (SAB Topic 5.CC)
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477798/958-360-50-7

+ Details

Current liabilities - Accrued expenses and other current liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current liabilities
Employee related costs	$ 561	$ 829
Professional service fees	22	15
Other	23	149
Total	$ 606	$ 993

Stockholders' equity - Warrants - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Nov. 30, 2022	Oct. 31, 2022
Warrants
Proceeds from exercise of warrants	$ 2,420	$ 6
November 2022 Series B Warrant Exercise Price 0.00
Warrants
Proceeds from exercise of warrants	$ 0
Exercise Price	$ 0		$ 0	$ 264
June 2024 Series B, Warrant Exercise Price 43.23
Warrants
Exercise Price	$ 43.23
Threshold period following the public announcement of receiving positive phase 1 multiple ascending dose data for expiry of warrants	6 months

Significant segment expenses and loss before income taxes - Schedule of significant segment expenses (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)	Jun. 30, 2026 USD ($) segment	Jun. 30, 2025 USD ($)
Significant segment expenses
Number of reportable segments \| segment			1
Research and development
Total research and development	$ 3,478	$ 2,320	$ 5,579	$ 4,647
General and administrative
Total general and administrative	1,907	1,981	3,831	3,540
Total operating expenses	5,385	4,301	9,410	8,187
Loss from operations	(5,385)	(4,301)	(9,410)	(8,187)
Total other income	69	306	271	521
Loss before income taxes	(5,316)	(3,995)	(9,139)	(7,666)
Single reportable segment
Research and development
Direct costs - Vanoglipel	235	277	402	568
Direct costs - DA-1726	2,717	1,529	4,164	3,008
Direct costs - Other R&D	40	30	53	55
Indirect costs - Employee compensation and benefits	439	441	880	950
Indirect costs - Consulting	47	43	80	66
Total research and development	3,478	2,320	5,579	4,647
General and administrative
Legal and professional fees	985	1,074	1,910	1,907
Consulting	204	230	451	333
Employee compensation and benefits	471	444	997	951
Other G&A	247	233	473	349
Total general and administrative	1,907	1,981	3,831	3,540
Total operating expenses	5,385	4,301	9,410	8,187
Loss from operations	(5,385)	(4,301)	(9,410)	(8,187)
Total other income	69	306	271	521
Loss before income taxes	$ (5,316)	$ (3,995)	$ (9,139)	$ (7,666)

Prepaid expenses and other current assets (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Prepaid expenses and other current assets
Insurance	$ 224	$ 7
Deposits	2	32
Deferred equity offering costs	86	511
Other prepaid expenses	121	47
Total	$ 433	$ 597

Stockholders' equity (Tables)

6 Months Ended

Jun. 30, 2026

Stockholders' equity

Schedule of warrants exercised


	Three Months	Six Months
	Ended	Ended
Warrant Issuance	June 30, 2026	June 30, 2026
January 2026 Pre-funded	367,740	1,998,704
January 2026 Series C	30,039	30,039
January 2026 Series D	749,539	749,539
Total exercised warrants	1,147,318	2,778,282

Schedule of outstanding warrants


	Shares of Common Stock Issuable
	for Outstanding Warrants
	As of		Exercise
Warrant Issuance	June 30, 2026	December 31, 2025	Price		Expiration Date
January 2021	942	942	$	15,919.2000	July 2026
November 2022 Series B ⁽¹⁾	16,176	16,176	$	0.0000	December 2027
June 2024 Placement Agent	11,564	11,564	$	54.0375	July 2026
June 2024 Series B ⁽²⁾	693,962	693,962	$	43.2300	September 2029 (latest date)
January 2026 Series C	4,478,322	—	$	3.1000	January 2031
January 2026 Series D ⁽³⁾	3,758,822	—	$	3.1000	January 2028
Total	8,959,788	722,644

Schedule of outstanding awards issued pursuant to our stock-based award plans and inducement plan


			Remaining shares of
	Stock		common stock available
Plan Name	Options	RSUs	for future issuance
2019 Plan	136	—	—
2022 Plan	284	234,055	247,729
2021 Inducement Plan	—	—	378
Total	420	234,055	248,107

Schedule of restricted stock units ("RSUs") and related transactions


	Outstanding					Vested and Deferred Release
	Shares of	Average				Shares of	Average
	Common Stock	Grant Date		Aggregate		Common Stock	Grant Date		Aggregate
	Issuable	Fair Value		Fair		Issuable	Fair Value		Intrinsic
	for RSUs	Price		Value		for RSUs	Price		Value
As of January 1, 2026	29,295	$	18.86	$	247	3,082	$	43.85	$	26
Granted	214,116		2.54
Vested and released	(9,356)		17.73		20
As of June 30, 2026	234,055	$	3.98	$	335	11,443	$	20.23	$	16

Schedule of stock-based compensation expense

Stock-based compensation expense was included in operating expenses as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
General and administrative	$	92	$	83	$	161	$	175
Research and development		38		28		69		68
Total stock-based compensation	$	130	$	111	$	230	$	243

Stockholders' equity - At the market offering, Private placement, Common stock issued for professional services (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended	6 Months Ended		12 Months Ended
	May 31, 2025	Jun. 30, 2026	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2026	Jul. 02, 2026	Nov. 30, 2025
Stockholders' equity
Original issue price, per share	$ 2.89
Issuance of common stock for professional services (in shares)	50,000
Location, Statement of Income, Balance [Axis]: us-gaap:GeneralAndAdministrativeExpense
Stockholders' equity
Record of operating expenses		$ 100	$ 100
Private Placement
Stockholders' equity
Offering expenses				$ 530
At the market offering
Stockholders' equity
Maximum aggregate offering price						$ 4,000	$ 2,300
Percentage of sales agent commission							3.00%
Issuance of common stock (in shares)					422,919
Net proceeds					$ 700
Common stock capital reserved for future issuance		$ 200	200
Offering expenses			$ 94
Related party \| Pre-Funded Warrants
Stockholders' equity
Warrants exercise price				$ 0.011
Related party \| Private Placement
Stockholders' equity
Issuance of common stock (in shares)	861,758
Issuance of common stock and pre-funded warrants	$ 9,100
Cash fee payment to the placement agent	400
Offering expenses	$ 500
Original issue price, per share	$ 7.81
Related party \| Private Placement \| Pre-Funded Warrants
Stockholders' equity
Original issue price, per share	$ 7.799
Number of pre-funded warrants	418,651

Fair value of financial instruments - Recurring basis (Details) - Recurring - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets
Bank money market funds	$ 10,858	$ 8,519
Total assets at fair value	10,858	8,519
Liabilities
Warrant liabilities	23	136
Total liabilities at fair value	23	136
Level 1
Assets
Bank money market funds	10,858	8,519
Total assets at fair value	10,858	8,519
Level 2
Liabilities
Warrant liabilities	23	136
Total liabilities at fair value	$ 23	$ 136

Loss per share of common stock

6 Months Ended

Jun. 30, 2026

Loss per share of common stock

Loss per share of common stock

10.Loss per share of common stock

The following table sets forth the computation of basic and diluted loss per share of common stock (in thousands, except share and per share amounts):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Numerator:
Net loss	$	(5,316)	$	(3,995)	$	(9,139)	$	(7,666)
Denominator:
Weighted average shares of common stock, basic		5,931,875		1,389,753		5,398,683		1,162,692
Effect of dilutive securities		—		—		—		—
Weighted average shares of common stock, diluted		5,931,875		1,389,753		5,398,683		1,162,692
Loss per share of common stock, basic and diluted	$	(0.90)	$	(2.87)	$	(1.69)	$	(6.59)

For each of the periods presented in the above table, our basic weighted average shares of common stock include any outstanding (i) Series B warrants issued in November 2022, (ii) pre-funded warrants issued in June 2024, May 2025 and January 2026 and (iii) vested RSUs in which their release were deferred.

Since we reported a net loss for the three and six months ended June 30, 2026 and 2025, our potentially dilutive securities are deemed to be anti-dilutive, accordingly, there was no effect of dilutive securities. Therefore, our basic and diluted loss per share of common stock and our basic and diluted weighted average shares of common stock are the same for the three and six months ended June 30, 2026 and 2025.

The following table sets forth the potentially dilutive securities that were not included in the calculation of diluted earnings per share of common stock for three and six months ended June 30, 2026 and 2025:


	As of June 30,
	2026	2025
Stock options	420	420
RSUs	222,612	21,951
Warrants	8,943,612	706,477

Stockholders' equity - Stock-based compensation - Restricted Stock Units (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2026	Dec. 31, 2025
Stockholders' equity
RSU's Fair value, Beginning balance (in shares)	29,295
RSU's, Number Granted (in shares)	214,116
RSU's, Number Vested and Released (in shares)	(9,356)
RSU's Fair value, Ending balance (in shares)	234,055
RSU's Fair value, Opening balance (per share)	$ 18.86
RSU's Fair value, Granted (per share)	2.54
RSU's Fair value, Vested and released (per share)	17.73
RSU's Fair value, Ending balance (per share)	$ 3.98
Outstanding, Aggregate Fair Value, beginning balance	$ 247
Outstanding, Aggregate Fair Value, Vested and released	20
Outstanding, Aggregate Fair Value, ending balance	$ 335
Shares of Common Stock Issuable for RSUs, Vested and Deferred Release (in shares)	11,443	3,082
Average Grant Date Fair Value Price , Vested and Deferred Release (per share)	$ 20.23	$ 43.85
Aggregate Intrinsic Value, Vested and Deferred Release	$ 16	$ 26

Income taxes

6 Months Ended

Jun. 30, 2026

Income taxes

Income taxes

9.Income taxes

We do not expect to pay any significant federal or state income taxes as a result of (i) the losses recorded during the three and six months ended June 30, 2026, (ii) additional losses expected for the remainder of 2026, or (iii) net operating loss carry forwards from prior years.

We recorded a full valuation allowance of the net operating losses for the three and six months ended June 30, 2026 and 2025. Accordingly, there were no benefits for income taxes recorded for the three and six months ended June 30, 2026 and 2025. Additionally, as of June 30, 2026 and December 31, 2025, we maintain a full valuation allowance for all deferred tax assets.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2026	Aug. 03, 2026
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2026
Document Transition Report	false
Entity File Number	001-37809
Entity Registrant Name	METAVIA INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-2389984
Entity Address, Address Line One	545 Concord Avenue, Suite 210
Entity Address, City or Town	Cambridge
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02138
City Area Code	857
Local Phone Number	702-9600
Title of 12(b) Security	Common stock, $0.001 par value
Trading Symbol	MTVA
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	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		6,588,101
Entity Central Index Key	0001638287
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q2
Amendment Flag	false

Loss per share of common stock - Antidilutive Securities (Details) - shares	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Stock options
Loss per share of common stock
Outstanding securities not included in the calculation of diluted earnings per share of common stock (in shares)	420	420
RSUs
Loss per share of common stock
Outstanding securities not included in the calculation of diluted earnings per share of common stock (in shares)	222,612	21,951
Warrants
Loss per share of common stock
Outstanding securities not included in the calculation of diluted earnings per share of common stock (in shares)	8,943,612	706,477

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 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

Current liabilities (Tables)

6 Months Ended

Jun. 30, 2026

Current liabilities

Schedule of accrued expenses and other current liabilities

Accrued expenses and other current liabilities consist of the following (in thousands):


	As of
	June 30, 2026		December 31, 2025
Employee related costs	$	561	$	829
Professional service fees		22		15
Other		23		149
Total	$	606	$	993

Schedule of warrant liabilities

Changes to our warrant liabilities are summarized as follows (in thousands):


	Total
As of January 1, 2025	$	361
Gain from change in fair value of warrant liabilities		(225)
As of December 31, 2025		136
Gain from change in fair value of warrant liabilities		(113)
As of June 30, 2026	$	23

- Definition

Tabular disclosure of the nature and terms of the financial instruments and the rights and obligations embodied in those instruments, information about settlement alternatives, if any, in the contract and identification of the entity that controls the settlement alternatives including: a. The amount that would be paid, or the number of shares that would be issued and their fair value, determined under the conditions specified in the contract if the settlement were to occur at the reporting date b. How changes in the fair value of the issuer's equity shares would affect those settlement amounts (for example, "the issuer is obligated to issue an additional x shares or pay an additional y dollars in cash for each $1 decrease in the fair value of one share") c. The maximum amount that the issuer could be required to pay to redeem the instrument by physical settlement, if applicable d. The maximum number of shares that could be required to be issued, if applicable e. That a contract does not limit the amount that the issuer could be required to pay or the number of shares that the issuer could be required to issue, if applicable f. For a forward contract or an option indexed to the issuer's equity shares, the forward price or option strike price, the number of issuer's shares to which the contract is indexed, and the settlement date or dates of the contract, as applicable. g. The components of the liability that would otherwise be related to shareholders' interest and other comprehensive income (if any) subject to the redemption feature (for example, par value and other paid in amounts of mandatorily redeemable instruments are disclosed separately from the amount of retained earnings or accumulated deficit).

+ References + Details

Stockholders' equity - Stock-based compensation - Stock-based award plans (Details) - shares	1 Months Ended	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2026
2022 Plan
Stock-based compensation
Period of automatic increase in shares reserved		8 years
Percentage of the common shares outstanding (as a percent)		10.00%
Number of shares added (in shares)		94,236
2022 Plan (the "First Amendment")
Stock-based compensation
Number of shares added (in shares)	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

Stockholders' equity - Stock-based compensation expenses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Number of Options
Stock-based compensation	$ 130	$ 111	$ 230	$ 243
Stock-based award plans
Number of Options
Unrecognized share-based compensation cost	600		$ 600
Unrecognized share-based compensation - Weighted average period			1 year 2 months 12 days
Location, Statement of Income, Balance [Axis]: us-gaap:GeneralAndAdministrativeExpense
Number of Options
Stock-based compensation	92	83	$ 161	175
Location, Statement of Income, Balance [Axis]: us-gaap:ResearchAndDevelopmentExpense
Number of Options
Stock-based compensation	$ 38	$ 28	$ 69	$ 68

Business, basis of presentation, new accounting standards and summary of significant accounting policies (Policies)	6 Months Ended
	Jun. 30, 2026
Business, basis of presentation, new accounting standards and summary of significant accounting policies
Basis of presentation	A.Basis of presentation We prepared the condensed consolidated financial statements following the requirements of the United States (“U.S.”) Securities and Exchange Commission (“SEC”) for interim reporting. As permitted under those rules, certain notes or other financial information that are normally required by accounting principles generally accepted in the U.S. (“GAAP”) for complete financial statements can be condensed or omitted. However, except as disclosed herein, there has been no material change in the information disclosed in the notes included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (“2025 Form 10-K”). Revenues, expenses, assets, liabilities, and equities can vary during each quarter of the year. Therefore, the results and trends in these condensed consolidated financial statements may not be representative of those for the full year. In our opinion, all adjustments necessary for a fair statement of the condensed consolidated financial statements, which are of a normal and recurring nature, have been made for the interim periods reported. The information included in the condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes included in our 2025 Form 10-K. Certain amounts in the condensed consolidated financial statements and accompanying notes may not add up due to rounding, and all percentages have been calculated using unrounded amounts.
New accounting standards	B.New accounting standards Adoption of new accounting standards New accounting standards or accounting standards updates were assessed and determined to be either not applicable or did not have a material impact on our consolidated financial statements or processes. Accounting standards issued but not yet adopted In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses to improve financial reporting by requiring that public business entities disclose additional information about specific expense categories in the notes to the consolidated financial statements at interim and annual reporting periods. The amendments in this ASU do not change or remove current expense disclosure requirements; however, the amendments affect where such information appears in the notes to the consolidated financial statements because entities are required to include certain current disclosures in the same tabular format disclosure as the other disaggregation requirements in the amendments. In January 2025, the FASB issued ASU 2025-01, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date. This ASU is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting period beginning after December 15, 2027. Early adoption is permitted. We continue to evaluate the impact of adopting this ASU to our notes to the consolidated financial statements and processes. Other recently issued accounting standards not yet adopted by us are not expected, upon adoption, to have a material impact on our consolidated financial statements.
Estimates and assumptions	C.Estimates and assumptions The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, expenses, and related disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of expenses during the reporting period. The most significant estimates in our condensed consolidated financial statements relate to clinical trial costs and accruals, classification of warrants as derivative liability or equity, and the fair value of stock-based compensation and warrants. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ from those estimates. Changes in estimates are reflected in reported results in the period in which they become known.
Financial Instruments with Characteristics of Both Liabilities and Equity	Financial Instruments with Characteristics of Both Liabilities and Equity We account for issued warrants either as a liability or equity in accordance with Accounting Standard Codification (“ASC”) 480-10, Accounting for Certain Financial Instruments with Characteristics of both Liabilities and Equity, and ASC 815-40, Accounting for Derivative Financial Instruments Indexed to, and Potentially Settled in, a Company’s Own Stock. Under ASC 480-10, warrants are considered a liability if they are mandatorily redeemable and they require settlement in cash, other assets, or a variable number of shares. If warrants do not meet liability classification under ASC 480-10, we consider the requirements of ASC 815-40 to determine whether the warrants should be classified as a liability or as equity. Under ASC 815-40, contracts that may require settlement for cash are liabilities, regardless of the probability of the occurrence of the triggering event. Liability-classified warrants are measured at fair value on the issuance date and at the end of each reporting period. Any change in the fair value of the warrants after the issuance date is recorded in other expense, net in the consolidated statements of operations as a gain or loss. If warrants do not require liability classification under ASC 815-40, in order to conclude warrants should be classified as equity, we assess whether the warrants are indexed to its common stock and whether the warrants are classified as equity under ASC 815-40 or under another applicable GAAP standard. Equity-classified warrants are accounted for at fair value on the issuance date with no changes in fair value recognized after the issuance date.

- Definition

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

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+ Details

Current liabilities - Clinical trial accrued liabilities (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Dec. 31, 2025
Current liabilities
Clinical trial accrued liabilities	$ 2,825	$ 79
Amount of clinical trial accrued liabilities increased, due to timing of third-party clinical research organization invoices for services performed	$ 2,700

Related party

6 Months Ended

Jun. 30, 2026

Related party

Related party

5.Related party

We entered into a license agreement with Dong-A ST Co., Ltd. (“Dong-A ST”) pursuant to which we received an exclusive global license (except for the territory of the Republic of Korea) for two proprietary compounds for specified indications (the “2022 License Agreement”) upon meeting certain financing milestones. The 2022 License Agreement covers the rights to vanoglipel for treatment of MASH and DA-1726 for treatment of obesity and MASH. The 2022 License Agreement also provides that we may develop vanoglipel for the treatment of type 2 diabetes mellitus.

In connection with the 2022 License Agreement, we entered into a shared services agreement with Dong-A ST (the “Shared Services Agreement”), relating to vanoglipel and DA-1726, pursuant to which Dong-A ST may provide technical support, preclinical development, and clinical trial support services on terms and conditions acceptable to both parties. In addition, the Shared Services Agreement provides that Dong-A ST will manufacture all of our clinical requirements of vanoglipel and DA-1726 under the terms provided in the Shared Services Agreement.

We incurred R&D expenses of $0.2 million and $0.9 million for the three and six months ended June 30, 2026, respectively, and $1.3 million and $2.4 million for the three and six months ended June 30, 2025, respectively, under the Shared Services Agreement, which are included in R&D operating expenses in the accompanying condensed consolidated statements of operations. The aggregate amount payable to Dong-A ST was $1.9 million and $3.3 million as of June 30, 2026 and December 31, 2025, respectively, under the Shared Services Agreement, which are included in related party payable in the accompanying condensed consolidated balance sheets. Of the total amount payable to Dong-A ST as of June 30, 2026 (i) $1.4 million is payable in accordance with an invoice with extended terms in which approximately $0.7 million was due on June 30, 2026 and $0.7 million is due on September 30, 2026, (ii) $0.1 million is payable in accrued interest based on a fixed interest rate of 4.6% per annum, and (iii) $0.4 million is payable in clinical trial accrued liabilities. The amounts due on June 30, 2026 remains unpaid as of the date of issuance of these condensed consolidated financial statements and have been included in current liabilities.

For additional information on the 2022 License Agreement, the Shared Services Agreement and other agreements with Dong-A ST, refer to “Note 5. Related party” in the audited consolidated financial statements and notes thereto for the year ended December 31, 2025, which is included in our 2025 Form 10-K.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Name Accounting Standards Codification
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-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(7)(e)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Paragraph 1
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 12,634	$ 10,278
Prepaid expenses and other current assets	433	597
Total current assets	13,067	10,875
Property and equipment, net	8	17
Right-of-use asset	175	210
Other assets	21	21
Total assets	13,271	11,123
Current liabilities
Accounts payable	921	1,060
Clinical trial accrued liabilities	2,825	79
Accrued expenses and other current liabilities	606	993
Warrant liabilities	23	136
Related party payable	$ 1,897	$ 3,312
Other Liability, Current, Related Party [Extensible Enumeration]	Related Party [Member]	Related Party [Member]
Lease liability, short-term	$ 74	$ 68
Total current liabilities	6,346	5,648
Lease liability, long-term	103	142
Total liabilities	6,449	5,790
Commitments and contingencies (Note 6)
Stockholders' equity
Preferred stock, $0.001 par value per share; 10,000,000 shares authorized and no shares issued or outstanding as of June 30, 2026 and December 31, 2025
Common stock, $0.001 par value per share, 100,000,000 shares authorized as of June 30, 2026 and December 31, 2025; 6,575,656 and 2,308,294 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	7	2
Additional paid-in capital	164,784	154,161
Accumulated deficit	(157,969)	(148,830)
Total stockholders' equity	6,822	5,333
Total liabilities and stockholders' equity	$ 13,271	$ 11,123

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Operating expenses
Research and development	$ 3,478	$ 2,320	$ 5,579	$ 4,647
General and administrative	1,907	1,981	3,831	3,540
Total operating expenses	5,385	4,301	9,410	8,187
Loss from operations	(5,385)	(4,301)	(9,410)	(8,187)
Other income (expense)
(Loss) gain from change in fair value of warrant liabilities	(4)	160	113	247
Interest income, net	73	146	158	274
Total other income	69	306	271	521
Loss before income taxes	(5,316)	(3,995)	(9,139)	(7,666)
Provision for income taxes	0	0	0	0
Net loss	$ (5,316)	$ (3,995)	$ (9,139)	$ (7,666)
Loss per share:
Loss per share of common stock, basic (in dollars per share)	$ (0.9)	$ (2.87)	$ (1.69)	$ (6.59)
Loss per share of common stock, diluted (in dollars per share)	$ (0.9)	$ (2.87)	$ (1.69)	$ (6.59)
Weighted average shares of common stock outstanding:
Weighted average shares of common stock, basic (in shares)	5,931,875	1,389,753	5,398,683	1,162,692
Weighted average shares of common stock, diluted (in shares)	5,931,875	1,389,753	5,398,683	1,162,692

Significant segment expenses and loss before income taxes

6 Months Ended

Jun. 30, 2026

Significant segment expenses and loss before income taxes

Significant segment expenses and loss before income taxes

8.Significant segment expenses and loss before income taxes

We manage and operate as one reportable segment, which is principally the business of development of pharmaceutical products, with one geographic location in the U.S. We do not operate separate lines of business with respect to each pharmaceutical product being studied. Our Chief Operating Decision Maker (“CODM”) is our chief executive officer. The CODM manages the Company’s operations on a consolidated basis for the purpose of allocating resources. The measure of performance used by the CODM to assess segment performance is reported on the consolidated statements of operations as loss from operations and net loss. Since the Company only has one reportable segment, our CODM does not need to decide on how to allocate resources between segments. The measure of segment assets is reported on the consolidated balance sheets as total assets.

The following table sets forth the significant segment expenses for our one reportable segment (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Operating expenses
Research and development
Direct costs
Vanoglipel	$	235	$	277	$	402	$	568
DA-1726		2,717		1,529		4,164		3,008
Other R&D⁽¹⁾		40		30		53		55
Indirect costs
Employee compensation and benefits		439		441		880		950
Consulting		47		43		80		66
Total research and development		3,478		2,320		5,579		4,647
General and administrative
Legal and professional fees		985		1,074		1,910		1,907
Consulting		204		230		451		333
Employee compensation and benefits		471		444		997		951
Other G&A ⁽²⁾		247		233		473		349
Total general and administrative		1,907		1,981		3,831		3,540
Total operating expenses		5,385		4,301		9,410		8,187
Loss from operations		(5,385)		(4,301)		(9,410)		(8,187)
Total other income		69		306		271		521
Loss before income taxes	$	(5,316)	$	(3,995)	$	(9,139)	$	(7,666)

⁽¹⁾Other R&D expenses include clinical, non-clinical and preclinical services and other R&D expenditures that are not attributable to a single product candidate.

⁽²⁾Other G&A expenses include insurance, software license fees, non-income state taxes, lease rental expenses and other G&A expenditures.

- Definition

The entire disclosure for segment reporting.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Commitments and contingencies

6 Months Ended

Jun. 30, 2026

Commitments and contingencies

Commitments and contingencies

y6. Commitments and contingencies

Contingent payments and license agreements

We have certain contractual contingent payments under various merger or license agreements executed between 2019 and 2020 for our legacy therapeutic programs. Since we have discontinued the clinical development of our legacy therapeutic programs, we believe any contractual payments to be paid by us or to be received by us under these agreements are remote. Therefore, as of June 30, 2026, no liabilities or assets were recorded in the accompanying consolidated financial statements for our legacy therapeutic programs.

Legal proceedings

From time to time, we may be involved in various claims and legal proceedings arising out of our ordinary course of business. We are not currently a party to any claims or legal proceedings that, in the opinion of our management, are likely to have a material adverse effect on our business and consolidated financial statements. Regardless of the outcome, litigation can have an adverse impact on us because of defense and settlement costs, diversion of management resources and other factors.

Property and equipment, net (Tables)

6 Months Ended

Jun. 30, 2026

Property and equipment, net

Schedule of property and equipment, net

Property and equipment, net consist of the following (in thousands):

Stockholders' equity - Warrants Exercised (Details) - shares	3 Months Ended	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2026
Warrants
Total exercised warrants	1,147,318	2,778,282
January 2026 Pre-funded
Warrants
Total exercised warrants	367,740	1,998,704
January 2026 Series C
Warrants
Total exercised warrants	30,039	30,039
January 2026 Series D
Warrants
Total exercised warrants	749,539	749,539

Current liabilities - Warrant liabilities - Additional information (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	6 Months Ended
	Nov. 30, 2022	Jun. 30, 2026	Jun. 30, 2025
Warrant liabilities
Proceeds from exercise of warrants		$ 2,420	$ 6
November 2022 Series B
Warrant liabilities
Number of warrants per unit	8
Proceeds from exercise of warrants	$ 0
Warrants exercise price	$ 0

Current liabilities

6 Months Ended

Jun. 30, 2026

Current liabilities

Current liabilities

4. Current liabilities

Clinical trial accrued liabilities

Clinical trial accrued liabilities was $2.8 million as of June 30, 2026 as compared to $0.1 million as of December 31, 2025. The increase of $2.7 million was due to timing of when the third-party clinical research organization (“CRO”) invoices us for services performed by the CRO. Additionally, the overall increase in clinical trial accrued liabilities reflects increased R&D activities in 2026 related to the Phase 1 clinical trial for DA-1726.

Accrued expenses and other current liabilities

Accrued expenses and other current liabilities consist of the following (in thousands):


	As of
	June 30, 2026		December 31, 2025
Employee related costs	$	561	$	829
Professional service fees		22		15
Other		23		149
Total	$	606	$	993

Warrant liabilities

Changes to our warrant liabilities are summarized as follows (in thousands):


	Total
As of January 1, 2025	$	361
Gain from change in fair value of warrant liabilities		(225)
As of December 31, 2025		136
Gain from change in fair value of warrant liabilities		(113)
As of June 30, 2026	$	23

Our warrant liabilities relate to the 2022 Series B warrants, which were issued in November 2022. These warrants are considered to be derivative instruments; accordingly, we recorded their estimated fair value as warrant liabilities. We estimated the fair value of these warrants using the trading market price of our common stock due to a cashless exercise provision of these warrants whereby eight warrants can be exercised for one share of common stock for no additional consideration, which results in an effective per warrant exercise price of zero.

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities
Net loss	$ (9,139)	$ (7,666)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	230	243
Non-cash professional services expenses	144
Non-cash lease charge (credit)	2	(1)
Depreciation	9	9
Gain from change in fair value of warrant liabilities	(113)	(247)
Change in operating assets and liabilities
Prepaid expenses and other assets	164	(671)
Accounts payable	(261)	(1,348)
Accrued and other liabilities	944	1,795
Net cash used in operating activities	(8,020)	(7,886)
Investing activities
Purchases of property and equipment		(2)
Net cash used in investing activities		(2)
Financing activities
Proceeds from the issuance of common stock and warrants under the securities purchase agreements from a private placement offering		9,996
Proceeds from exercise of warrants	2,420	6
Payment of employee withholding taxes related to shares withheld from vested restricted stock units		(12)
Net cash provided by financing activities	10,376	9,460
Net increase in cash and cash equivalents	2,356	1,572
Cash and cash equivalents at beginning of period	10,278	16,017
Cash and cash equivalents at end of period	12,634	17,589
Supplemental non-cash investing and financing transactions
Unpaid issuance costs	122	344
Private placement offering
Financing activities
Payment of issuance costs in connection with the sale of common stock		$ (530)
Underwritten public offering
Financing activities
Proceeds from the issuance of common stock and warrants under an underwritten public offering	9,316
Payment of issuance costs in connection with the sale of common stock	(2,179)
At the market offering
Financing activities
Payment of issuance costs in connection with the sale of common stock	(94)
Proceeds from the issuance of common stock under an at the market offering agreement	$ 913

Condensed Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025
Condensed Consolidated Statements of Changes in Stockholders' Equity
Stock and warrants issuance costs		$ 2,169
Stock and pre-funded warrants issuance costs			$ 874
Net of issuance costs	$ 195	$ 21

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2026	Dec. 31, 2025
Condensed Consolidated Balance Sheets
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	6,575,656	2,308,294
Common stock, shares outstanding	6,575,656	2,308,294

- Definition

Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

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+ Details

- Definition

The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws.

+ References + Details

- Definition

Number of shares issued for nonredeemable preferred shares and preferred shares redeemable solely at option of issuer. Includes, but is not limited to, preferred shares issued, repurchased, and held as treasury shares. Excludes preferred shares classified as debt.

+ References + Details

- Definition

Aggregate share number for all nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) held by stockholders. Does not include preferred shares that have been repurchased.

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Business, basis of presentation, new accounting standards and summary of significant accounting policies (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Business, basis of presentation, new accounting standards and summary of significant accounting policies
Cash and cash equivalents	$ 12,634				$ 12,634		$ 10,278
Accumulated deficit	157,969				157,969		$ 148,830
Net loss	$ 5,316	$ 3,823	$ 3,995	$ 3,671	9,139	$ 7,666
Net cash used in operating activities					$ 8,020	$ 7,886

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

- Definition

Amount of accumulated undistributed earnings (deficit).

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+ Details

Loss per share of common stock (Tables)

6 Months Ended

Jun. 30, 2026

Loss per share of common stock

Schedule of computation of basic and diluted loss per share of common stock

The following table sets forth the computation of basic and diluted loss per share of common stock (in thousands, except share and per share amounts):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Numerator:
Net loss	$	(5,316)	$	(3,995)	$	(9,139)	$	(7,666)
Denominator:
Weighted average shares of common stock, basic		5,931,875		1,389,753		5,398,683		1,162,692
Effect of dilutive securities		—		—		—		—
Weighted average shares of common stock, diluted		5,931,875		1,389,753		5,398,683		1,162,692
Loss per share of common stock, basic and diluted	$	(0.90)	$	(2.87)	$	(1.69)	$	(6.59)

Schedule of outstanding securities which were not included in the calculation of diluted earnings per share of common stock


	As of June 30,
	2026	2025
Stock options	420	420
RSUs	222,612	21,951
Warrants	8,943,612	706,477

Fair value of financial instruments

6 Months Ended

Jun. 30, 2026

Fair value of financial instruments

Fair value of financial instruments

11.Fair value of financial instruments

Fair value is a market-based measurement, not an entity specific measurement and is defined as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.” Fair value measurements are defined on a three-level hierarchy:

Level 1:

Unadjusted quoted prices for identical assets or liabilities in active markets;

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, whether directly or indirectly, for substantially the full term of the asset or liability; and

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 sets forth our financial assets and liabilities, subject to fair value measurements on a recurring basis, by level within the fair value hierarchy (in thousands):


	As of June 30, 2026								As of December 31, 2025
Description	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Assets
Bank money market funds	$	10,858	$	10,858	$	—	$	—	$	8,519	$	8,519	$	—	$	—
Total assets at fair value	$	10,858	$	10,858	$	—	$	—	$	8,519	$	8,519	$	—	$	—

Liabilities
Warrant liabilities	$	23	$	—	$	23	$	—	$	136	$	—	$	136	$	—
Total liabilities at fair value	$	23	$	—	$	23	$	—	$	136	$	—	$	136	$	—

- 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.

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+ Details

Fair value of financial instruments (Tables)

6 Months Ended

Jun. 30, 2026

Fair value of financial instruments

Schedule of fair value measurements on a recurring basis

The following table sets forth our financial assets and liabilities, subject to fair value measurements on a recurring basis, by level within the fair value hierarchy (in thousands):


	As of June 30, 2026								As of December 31, 2025
Description	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Assets
Bank money market funds	$	10,858	$	10,858	$	—	$	—	$	8,519	$	8,519	$	—	$	—
Total assets at fair value	$	10,858	$	10,858	$	—	$	—	$	8,519	$	8,519	$	—	$	—

Liabilities
Warrant liabilities	$	23	$	—	$	23	$	—	$	136	$	—	$	136	$	—
Total liabilities at fair value	$	23	$	—	$	23	$	—	$	136	$	—	$	136	$	—

Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Total
Balance at beginning of period at Dec. 31, 2024	$ 1	$ 143,787	$ (135,857)	$ 7,931
Balance at beginning of period (in shares) at Dec. 31, 2024	785,194
Increase (Decrease) in Stockholders' Equity
Issuance of common stock for vested restricted stock units, net of shares withheld for withholding taxes		(12)		(12)
Issuance of common stock for vested restricted stock units, net of shares withheld for withholding taxes (in shares)	1,612
Stock-based compensation		132		132
Net loss			(3,671)	(3,671)
Balance at end of period at Mar. 31, 2025	$ 1	143,907	(139,528)	4,380
Balance at end of period (in shares) at Mar. 31, 2025	786,806
Balance at beginning of period at Dec. 31, 2024	$ 1	143,787	(135,857)	7,931
Balance at beginning of period (in shares) at Dec. 31, 2024	785,194
Increase (Decrease) in Stockholders' Equity
Net loss				(7,666)
Balance at end of period at Jun. 30, 2025	$ 2	153,145	(143,523)	9,624
Balance at end of period (in shares) at Jun. 30, 2025	2,199,481
Balance at beginning of period at Mar. 31, 2025	$ 1	143,907	(139,528)	4,380
Balance at beginning of period (in shares) at Mar. 31, 2025	786,806
Increase (Decrease) in Stockholders' Equity
Issuance of common stock and pre-funded warrants, net of issuance costs	$ 1	9,121		9,122
Issuance of common stock and pre-funded warrants, net of issuance costs (in shares)	861,759
Issuance of common stock for exercise of warrants		6		6
Issuance of common stock for exercise of warrants (in shares)	548,651
Issuance of common stock for vested restricted stock units, net of shares withheld for withholding taxes (in shares)	2,265
Stock-based compensation		111		111
Net loss			(3,995)	(3,995)
Balance at end of period at Jun. 30, 2025	$ 2	153,145	(143,523)	9,624
Balance at end of period (in shares) at Jun. 30, 2025	2,199,481
Balance at beginning of period at Dec. 31, 2025	$ 2	154,161	(148,830)	$ 5,333
Balance at beginning of period (in shares) at Dec. 31, 2025	2,308,294			2,308,294
Increase (Decrease) in Stockholders' Equity
Issuance of common stock and warrants in connection with an underwritten public offering, net of issuance costs	$ 1	7,146		$ 7,147
Issuance of common stock and warrants in connection with an underwritten public offering, net of issuance costs (in shares)	1,006,870
Issuance of common stock under an at the market offering agreement, net of issuance costs		314		314
Issuance of common stock under an at the market offering agreement, net of issuance costs (in shares)	216,625
Issuance of common stock for exercise of warrants	$ 2			2
Issuance of common stock for exercise of warrants (in shares)	1,630,964
Issuance of common stock for vested restricted stock units, net of shares withheld for withholding taxes (in shares)	1,617
Stock-based compensation		100		100
Net loss			(3,823)	(3,823)
Balance at end of period at Mar. 31, 2026	$ 5	161,721	(152,653)	9,073
Balance at end of period (in shares) at Mar. 31, 2026	5,164,370
Balance at beginning of period at Dec. 31, 2025	$ 2	154,161	(148,830)	$ 5,333
Balance at beginning of period (in shares) at Dec. 31, 2025	2,308,294			2,308,294
Increase (Decrease) in Stockholders' Equity
Net loss				$ (9,139)
Balance at end of period at Jun. 30, 2026	$ 7	164,784	(157,969)	$ 6,822
Balance at end of period (in shares) at Jun. 30, 2026	6,575,656			6,575,656
Balance at beginning of period at Mar. 31, 2026	$ 5	161,721	(152,653)	$ 9,073
Balance at beginning of period (in shares) at Mar. 31, 2026	5,164,370
Increase (Decrease) in Stockholders' Equity
Issuance of common stock under an at the market offering agreement, net of issuance costs		383		383
Issuance of common stock under an at the market offering agreement, net of issuance costs (in shares)	206,294
Underwritten public offering issuance costs		(10)		(10)
Issuance of common stock for exercise of warrants	$ 2	2,416		2,418
Issuance of common stock for exercise of warrants (in shares)	1,147,318
Issuance of common stock for professional services		144		144
Issuance of common stock for professional services (in shares)	50,000
Issuance of common stock for vested restricted stock units (in shares)	7,674
Stock-based compensation		130		130
Net loss			(5,316)	(5,316)
Balance at end of period at Jun. 30, 2026	$ 7	$ 164,784	$ (157,969)	$ 6,822
Balance at end of period (in shares) at Jun. 30, 2026	6,575,656			6,575,656

Current liabilities -Warrant liabilities (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2026	Dec. 31, 2025
Current liabilities
As of beginning balance	$ 136	$ 361
Gain from change in fair value of warrant liabilities	$ (113)	$ (225)
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Fair Value Adjustment of Warrants	Fair Value Adjustment of Warrants
As of ending balance	$ 23	$ 136

Prepaid expenses and other current assets (Tables)

6 Months Ended

Jun. 30, 2026

Prepaid expenses and other current assets

Schedule of prepaid expenses and other current assets

Prepaid expenses and other current assets consist of the following (in thousands):


	As of
	June 30, 2026		December 31, 2025
Insurance	$	224	$	7
Deposits		2		32
Deferred equity offering costs		86		511
Other prepaid expenses		121		47
Total	$	433	$	597