0001193125-26-395043 | 10-Q | XBRL Viewer | Blossomhill Therapeutics INC

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2026

Summary of Significant Accounting Policies

Note 2. Summary of Significant Accounting Policies

The Company’s significant accounting policies are disclosed in the audited financial statements as of and for the years ended December 31, 2024 and 2025, included in the Company’s final prospectus dated August 7, 2026 related to its IPO filed pursuant to Rule 424(b)(4) under the Securities Act of 1933, as amended. Since the date of those financial statements, there have been no changes to its significant accounting policies, except where noted below.

Use of Estimates

The preparation of the Company’s unaudited condensed financial statements requires the Company to make estimates and assumptions that impact the reported amounts of assets, liabilities and expenses and the disclosure of contingent assets and liabilities in the unaudited condensed financial statements and accompanying notes. Such estimates include the estimated incremental borrowing rate for the determination of the Company’s operating lease right-of-use assets, valuation of stock-based awards, fair value of common stock prior to the Company's IPO, and the accrual of research and development expenses. Management evaluates its estimates on an ongoing basis. Although estimates are based on the Company’s historical experience, knowledge of current events, and actions it may undertake in the future, actual results may ultimately materially differ from these estimates and assumptions.

Common Stock Valuation

Due to the absence of an active market for the Company’s common stock, the Company utilized methodologies, approaches and assumptions consistent with the American Institute of Certified Public Accountants’ Audit and Accounting Practice Guide: Valuation of Privately-Held Company Equity Securities Issued as Compensation to estimate the fair value of its common stock prior to its IPO. In determining the exercise prices for options granted, the Company has considered the fair value of the common stock as of the grant date. The estimated fair value of the common stock has been determined based upon a variety of factors, including:

•

the prices at which the Company sold shares of its convertible preferred stock and the superior rights, preferences and privileges of the convertible preferred stock relative to the Company’s common stock at the time of each grant;

•

the progress of the Company’s research and development programs;

•

the Company’s stage of development and its business strategy;

•

external market conditions affecting the biotechnology industry and trends within the biotechnology industry;

•

the Company’s financial position, including cash on hand, and its historical and forecasted performance and operating results;

•

the lack of an active public market for the Company’s common stock and its convertible preferred stock;

•

the likelihood of achieving a liquidity event, such as an initial public offering or sale of the Company in light of prevailing market conditions; and

•

the analysis of IPOs and the valuations and market performance of similar companies in the biotechnology industry.

Based on the Company’s early stage of development and other relevant factors, options granted prior to February 11, 2026, were valued using an option pricing method (“OPM”) as an OPM was the most appropriate method for allocating the enterprise value to determine the estimated fair value of the common stock. For options granted after February 11, 2026, the Company determined that a

hybrid method that combines both OPM and probability-weighted expected return method (“PWERM”) was the most appropriate method to determine the estimated fair value of the Company’s common stock.

Significant changes to the key assumptions underlying the factors used could result in different fair values of common stock at each valuation date.

Deferred Offering Costs

The Company capitalizes costs that are directly associated with in-process equity financings until such financings are consummated, at which time such costs are recorded against the gross proceeds of the offering. Should an in-process equity financing be abandoned, the deferred offering costs will be expensed immediately as a charge to operating expenses in the statements of operations. As of June 30, 2026, the Company had deferred offering costs of $3.0 million, recorded as a component of prepaid expenses and other current assets. There were no deferred offering costs as of December 31, 2025.

Net Loss per Share

Basic net loss per share is calculated by dividing the net loss by the weighted-average number of common shares outstanding for the period. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of shares of common stock and common stock equivalents outstanding for the period. The Company has excluded 102,002 and 51,283 weighted-average shares subject to repurchase or forfeiture from the weighted-average number of shares of common stock outstanding for the three and six months ended June 30, 2026, respectively.

Common stock equivalents are only included when their effect is dilutive. The Company’s potentially dilutive securities include outstanding convertible preferred stock, as well as outstanding stock options under the Company’s 2020 Equity Incentive Plan. Potentially dilutive securities have been excluded from the computation of diluted net loss per share as their inclusion would be anti-dilutive. For all periods presented, there is no difference in the number of shares used to calculate basic and diluted shares outstanding due to the Company’s net loss position.

The following table summarizes the outstanding potentially dilutive securities that have been excluded from the calculation of diluted net loss per share because their inclusion in the calculation would be anti-dilutive:


	Six Months Ended June 30,
	2026		2025
Convertible preferred stock		18,258,960		13,485,975
Options to purchase common stock		1,121,232		1,178,288
Common stock subject to repurchase rights		223,098	—
Total		19,603,290		14,664,263

Emerging Growth Company Status

The Company is an “emerging growth company,” as defined in the Jumpstart Our Business Startups Act (the “JOBS Act”), and may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies. The Company may take advantage of these exemptions up until the last day of the fiscal year following the fifth anniversary of an offering or such earlier time that the Company is no longer an “emerging growth company.” Section 107 of the JOBS Act provides that an “emerging growth company” can take advantage of the extended transition period afforded by the JOBS Act for the implementation of new or revised accounting standards. The Company has elected to use the extended transition period for complying with new or revised accounting standards and as a result of this election, its financial statements may not be comparable to companies that comply with public company effective dates. However, the Company may elect to early adopt any new or revised accounting standards whenever such early adoption is permitted for non-public companies. The Company may take advantage of these exemptions up until the time that it is no longer an emerging growth company.

Recently Issued Accounting Pronouncements

There were no significant updates not already disclosed in the Company’s audited financial statements for the years ended December 31, 2024 and 2025 to the recently issued accounting standards for the three months ended June 30, 2026. Although there are

several other new accounting pronouncements issued by the FASB, the Company does not believe any of those accounting pronouncements have had or will have a material impact on its financial position or operating results.

Organization, liquidity and going concern and basis of presentation	6 Months Ended
Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization, liquidity and going concern and basis of presentation	Note 1. Organization, liquidity and going concern and basis of presentation Organization BlossomHill Therapeutics, Inc. (the “Company”) is a clinical-stage biopharmaceutical company applying its intentional, chemistry-based approach to develop innovative small molecule medicines that address significant unmet medical needs in cancer treatment. The Company was incorporated in the State of Delaware on June 22, 2020, and its principal operations are in San Diego, California. From its inception to June 30, 2026, the Company has devoted substantially all of its resources to conducting research and development, staffing the Company, establishing and protecting the Company’s intellectual property portfolio, scaling up manufacturing processes and supplying product candidates and other materials for the Company’s preclinical studies and clinical trials, leasing office and laboratory space, raising capital, business planning and providing general and administrative support for these activities. The Company’s operations through June 30, 2026 have been funded primarily through the issuance of convertible preferred stock. Liquidity and Going Concern In accordance with Accounting Standards Codification (“ASC”) Topic 205-40, Going Concern, the Company evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year from the date that these financial statements are issued. The Company has incurred net losses and negative cash flows from operations since inception, has a significant accumulated deficit and expects to continue to incur net losses for the foreseeable future. The Company has never generated any revenue from product sales and does not expect to generate any revenues from product sales unless and until it successfully completes development of and obtains regulatory approval for its product candidates, which will not be for several years, if ever. The Company has an accumulated deficit of $179.8 million as of June 30, 2026. During the six months ended June 30, 2026, the Company used $44.2 million of cash for operating activities. As of June 30, 2026, the Company had $95.4 million in cash and cash equivalents. In August 2026, the Company closed on its Initial Public Offering (the “IPO”), in which the Company received aggregate net proceeds of $151.7 million, inclusive of the partial exercise of the underwriters’ option to purchase additional shares (the “IPO Proceeds”). Management believes that the Company’s existing cash resources, together with the IPO Proceeds, will be sufficient to fund operations for at least 12 months following the issuance of these unaudited condensed financial statements. If the Company is unable to obtain additional funding before achieving sufficient profitability and positive cash flows from operations, the Company will be forced to delay, reduce or eliminate some or all of its research and development programs, which could adversely affect its business prospects, or the Company may be unable to continue operations. Although management continues to pursue plans to obtain additional funding before achieving sufficient profitability and positive cash flows from operations, there is no assurance that the Company will be successful in obtaining sufficient funding on terms acceptable to the Company to fund continuing operations, if at all. Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and pursuant to rules and regulations of the Securities and Exchange Commission for interim financial information. These unaudited condensed financial statements include only normal and recurring adjustments that the Company believes are necessary to fairly state the Company’s financial position and the results of its operations and cash flows. The results for the three months ended June 30, 2026 are not necessarily indicative of the results expected for the full fiscal year or any subsequent interim period. The unaudited condensed balance sheet as of June 30, 2026 has been derived from the financial statements as of that date but does not include all disclosures required by GAAP for complete financial statements. As all of the disclosures required by GAAP for complete financial statements are not included herein, these unaudited condensed financial statements and the notes accompanying herein should be read in conjunction with the Company’s audited financial statements as of and for the years ended December 31, 2024 and 2025 included in the Company’s final prospectus dated August 7, 2026 related to its IPO filed pursuant to Rule 424(b)(4) under the Securities Act of 1933, as amended. Any reference in these notes to applicable guidance is meant to refer to GAAP as found in the ASC and Accounting Standards Updates (“ASU”) promulgated by the Financial Accounting Standards Board (“FASB”). Unaudited Condensed Interim Financial Information The unaudited condensed balance sheet as of June 30, 2026, the unaudited condensed statements of operations for the three and six months ended June 30, 2026 and 2025, the unaudited condensed statements of convertible preferred stock and stockholders’ deficit for the three and six months ended June 30, 2026 and 2025, and the unaudited condensed statements of cash flows for the six months ended June 30, 2026 and 2025 are unaudited. These unaudited condensed financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments necessary to present fairly the Company’s financial position, results of operations, and cash flows for the interim period presented. The financial data and the other financial information contained in these notes to the unaudited condensed financial statements related to the three and six months ended June 30, 2026 and 2025 are also unaudited. The condensed results of operations for the three and six months ended June 30, 2026 are not necessarily indicative of the results to be expected for the year ending December 31, 2026 or for any other future annual or interim period.

Organization, liquidity and going concern and basis of presentation

6 Months Ended

Jun. 30, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization, liquidity and going concern and basis of presentation

Note 1. Organization, liquidity and going concern and basis of presentation

Organization

BlossomHill Therapeutics, Inc. (the “Company”) is a clinical-stage biopharmaceutical company applying its intentional, chemistry-based approach to develop innovative small molecule medicines that address significant unmet medical needs in cancer treatment. The Company was incorporated in the State of Delaware on June 22, 2020, and its principal operations are in San Diego, California.

From its inception to June 30, 2026, the Company has devoted substantially all of its resources to conducting research and development, staffing the Company, establishing and protecting the Company’s intellectual property portfolio, scaling up manufacturing processes and supplying product candidates and other materials for the Company’s preclinical studies and clinical trials, leasing office and laboratory space, raising capital, business planning and providing general and administrative support for these activities. The Company’s operations through June 30, 2026 have been funded primarily through the issuance of convertible preferred stock.

Liquidity and Going Concern

In accordance with Accounting Standards Codification (“ASC”) Topic 205-40, Going Concern, the Company evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year from the date that these financial statements are issued.

The Company has incurred net losses and negative cash flows from operations since inception, has a significant accumulated deficit and expects to continue to incur net losses for the foreseeable future. The Company has never generated any revenue from product sales and does not expect to generate any revenues from product sales unless and until it successfully completes development of and obtains regulatory approval for its product candidates, which will not be for several years, if ever.

The Company has an accumulated deficit of $179.8 million as of June 30, 2026. During the six months ended June 30, 2026, the Company used $44.2 million of cash for operating activities. As of June 30, 2026, the Company had $95.4 million in cash and cash equivalents. In August 2026, the Company closed on its Initial Public Offering (the “IPO”), in which the Company received aggregate net proceeds of $151.7 million, inclusive of the partial exercise of the underwriters’ option to purchase additional shares (the “IPO Proceeds”). Management believes that the Company’s existing cash resources, together with the IPO Proceeds, will be sufficient to fund operations for at least 12 months following the issuance of these unaudited condensed financial statements.

If the Company is unable to obtain additional funding before achieving sufficient profitability and positive cash flows from operations, the Company will be forced to delay, reduce or eliminate some or all of its research and development programs, which could adversely affect its business prospects, or the Company may be unable to continue operations. Although management continues to pursue plans to obtain additional funding before achieving sufficient profitability and positive cash flows from operations, there is no assurance that the Company will be successful in obtaining sufficient funding on terms acceptable to the Company to fund continuing operations, if at all.

Basis of Presentation

The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and pursuant to rules and regulations of the Securities and Exchange Commission for interim financial information. These unaudited condensed financial statements include only normal and recurring adjustments that the Company believes are necessary to fairly state the Company’s financial position and the results of its operations and cash flows. The results for the three months ended June 30, 2026 are not necessarily indicative of the results expected for the full fiscal year or any subsequent interim period. The unaudited condensed balance sheet as of June 30, 2026 has been derived from the financial statements as of that date but does not include all disclosures required by GAAP for complete financial statements. As all of the disclosures required by GAAP for complete financial statements are not included herein, these unaudited condensed financial statements and the notes accompanying herein should be read in conjunction with the Company’s audited financial statements as of and for the years ended December 31, 2024 and 2025 included in the Company’s final prospectus dated August 7, 2026 related to its IPO filed pursuant to Rule 424(b)(4) under the Securities Act of 1933, as amended. Any reference in these notes to applicable guidance is meant to refer

to GAAP as found in the ASC and Accounting Standards Updates (“ASU”) promulgated by the Financial Accounting Standards Board (“FASB”).

Unaudited Condensed Interim Financial Information

The unaudited condensed balance sheet as of June 30, 2026, the unaudited condensed statements of operations for the three and six months ended June 30, 2026 and 2025, the unaudited condensed statements of convertible preferred stock and stockholders’ deficit for the three and six months ended June 30, 2026 and 2025, and the unaudited condensed statements of cash flows for the six months ended June 30, 2026 and 2025 are unaudited. These unaudited condensed financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments necessary to present fairly the Company’s financial position, results of operations, and cash flows for the interim period presented. The financial data and the other financial information contained in these notes to the unaudited condensed financial statements related to the three and six months ended June 30, 2026 and 2025 are also unaudited. The condensed results of operations for the three and six months ended June 30, 2026 are not necessarily indicative of the results to be expected for the year ending December 31, 2026 or for any other future annual or interim period.

Segment Information

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Segment Information

Note 7. Segment Information

The Company operates and manages its business as one reportable and operating segment, which is the business of designing and developing novel small molecule product candidates. The Company’s chief operating decision maker is its Chief Executive Officer, who assesses performance of the segment based on net loss, which includes evaluating the progress of ongoing clinical trials. The measure of segment assets is reported on the balance sheet as total assets. All long-lived assets are maintained in the United States. The following table contains information on segment profit or loss, including significant segment expenses (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Operating expenses:
Research and development expenses
BH-30643	$	8,966	$	3,827	$	18,516	$	5,608
BH-30236		1,967		1,339		3,714		2,388
BH-501284		2,045		61		2,629		61
Other projects		57		645		67		1,652
Non project specific research and development expenses		8,320		6,658		16,330		12,393
General and administrative expenses		3,315		1,573		5,521		3,455
Other income		912		859		2,011		1,835
Net loss	$	23,758	$	13,244	$	44,766	$	23,722

- Definition

The entire disclosure for segment reporting.

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+ Details

Fair Value Measurements Summary of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets:
Assets, fair value	$ 94,671	$ 135,227
Fair Value, Inputs, Level 1 [Member]
Assets:
Assets, fair value	94,671	135,227
Fair Value, Inputs, Level 2 [Member]
Assets:
Assets, fair value	0	0
Fair Value, Inputs, Level 3 [Member]
Assets:
Assets, fair value	0	0
Cash Equivalents [Member] \| Money Market Funds [Member]
Assets:
Assets, fair value	94,671	135,227
Cash Equivalents [Member] \| Money Market Funds [Member] \| Fair Value, Inputs, Level 1 [Member]
Assets:
Assets, fair value	94,671	135,227
Cash Equivalents [Member] \| Money Market Funds [Member] \| Fair Value, Inputs, Level 2 [Member]
Assets:
Assets, fair value	0	0
Cash Equivalents [Member] \| Money Market Funds [Member] \| Fair Value, Inputs, Level 3 [Member]
Assets:
Assets, fair value	$ 0	$ 0

Commitments and Contingencies (Additional Information) (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2026
Other Commitments [Line Items]
Rent expense	$ 1.3	$ 2.6

Fair Value Measurements

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 3. Fair Value Measurements

The following tables show the Company’s cash equivalents measured at fair value as of December 31, 2025 and June 30, 2026 (in thousands):


	June 30, 2026
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents
Money market funds	$	94,671	$	—	$	—	$	94,671
Total	$	94,671	$	—	$	—	$	94,671


	December 31, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents
Money market funds	$	135,227	$	—	$	—	$	135,227
Total	$	135,227	$	—	$	—	$	135,227

The carrying amounts of the Company’s accounts payable, accrued expenses and accrued compensation approximate fair value due to their short maturities. None of the Company’s non-financial assets or liabilities are measured at fair value on a non-recurring basis. There were no transfers between Levels 1, 2 or 3 for any of the periods presented.

- 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.

+ References

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+ Details

Segment Information (Additional Information) (Details)	6 Months Ended
Segment Information (Additional Information) (Details)	Jun. 30, 2026 Segment
Segment Reporting [Abstract]
Number of Reportable Segments	1

Convertible Preferred Stock and Stockholders' Deficit - Schedule of Stock-based compensation expense recognized for all equity awards (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 577	$ 254	$ 900	$ 485
Location, Statement of Income, Balance [Axis]: us-gaap:GeneralAndAdministrativeExpense
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	189	21	271	42
Location, Statement of Income, Balance [Axis]: us-gaap:ResearchAndDevelopmentExpense
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 388	$ 233	$ 629	$ 443

Summary of Significant Accounting Policies - Calculation of Diluted Net Loss Per Share (Details) - shares	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Total	19,603,290	14,664,263
Convertible Preferred Stock [Member]
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Total	18,258,960	13,485,975
Options to Purchase Common Stock [Member]
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Total	1,121,232	1,178,288
Common Stock Subject to Repurchase Rights [Member]
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Total	223,098	0

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Schedule of Net Loss per Share


	Six Months Ended June 30,
	2026		2025
Convertible preferred stock		18,258,960		13,485,975
Options to purchase common stock		1,121,232		1,178,288
Common stock subject to repurchase rights		223,098	—
Total		19,603,290		14,664,263

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2026

Accounting Policies [Abstract]

Basis of Presentation

to GAAP as found in the ASC and Accounting Standards Updates (“ASU”) promulgated by the Financial Accounting Standards Board (“FASB”).

Unaudited Condensed Consolidated Interim Financial Information

Unaudited Condensed Interim Financial Information

Use of Estimates

Common Stock Valuation

•

the progress of the Company’s research and development programs;

•

the Company’s stage of development and its business strategy;

•

external market conditions affecting the biotechnology industry and trends within the biotechnology industry;

•

the Company’s financial position, including cash on hand, and its historical and forecasted performance and operating results;

•

the lack of an active public market for the Company’s common stock and its convertible preferred stock;

•

the likelihood of achieving a liquidity event, such as an initial public offering or sale of the Company in light of prevailing market conditions; and

•

the analysis of IPOs and the valuations and market performance of similar companies in the biotechnology industry.

Significant changes to the key assumptions underlying the factors used could result in different fair values of common stock at each valuation date.

Deferred Offering Costs

Net Loss per Share


	Six Months Ended June 30,
	2026		2025
Convertible preferred stock		18,258,960		13,485,975
Options to purchase common stock		1,121,232		1,178,288
Common stock subject to repurchase rights		223,098	—
Total		19,603,290		14,664,263

Emerging Growth Company Status

Recently Issued Accounting Pronouncements

- Definition

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

+ References

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+ Details

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2026	Sep. 16, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2026
Document Fiscal Year Focus	2026
Document Transition Report	false
Entity File Number	001-43435
Entity Registrant Name	BlossomHill Therapeutics, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	85-1578711
Entity Address, Address Line One	10255 Science Center Drive
Entity Address, Address Line Two	Suite 200
Entity Address, City or Town	San Diego
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92121
City Area Code	858
Local Phone Number	732-3880
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	BLSM
Security Exchange Name	NASDAQ
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		31,784,909
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001839970
Current Fiscal Year End Date	--12-31
Amendment Flag	false

Accrued Expenses (Tables)

6 Months Ended

Jun. 30, 2026

Table Text Block [Abstract]

Schedule of Accrued expenses

Accrued expenses consisted of the following (in thousands):


	As of June 30, 2026		As of December 31, 2025
Accrued research and development expenses	$	7,938	$	8,297
Other		1,256		134
Total accrued expenses	$	9,194	$	8,431

Summary of Significant Accounting Policies (Additional Information) (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2026	Dec. 31, 2025
Accounting Policies [Abstract]
Deferred offering costs	$ 3.0	$ 3.0	$ 0.0
Weighted-average shares subject to repurchase	102,002	51,283

Convertible Preferred Stock and Stockholders' Deficit (Tables)

6 Months Ended

Jun. 30, 2026

Stockholders' Equity Note [Abstract]

Schedule of Company's stock option activity

A summary of the Company’s stock option activity under the 2020 Plan is as follows:


	Options
Outstanding at December 31, 2025		1,178,288
Granted		386,564
Exercised		(219,189	)
Forfeited		(1,333	)
Expired		—
Outstanding at June 30, 2026		1,344,330
Exercisable at June 30, 2026		525,503
Vested and expected to vest at June 30, 2026		1,344,330

Schedule of Stock-based compensation expense recognized for all equity awards

Stock-based compensation expense recognized for all equity awards has been included in the statements of operations as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Research and development		388		233		629		443
General and administrative		189		21		271		42
Total stock-based compensation expense	$	577	$	254	$	900	$	485

Segment Information -Schedule of Segment Profit or Loss, Including Significant Segment Expenses (Details) - 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 expenses	$ 21,355	$ 12,530	$ 41,256	$ 22,102
General and administrative	3,315	1,573	5,521	3,455
Other income	912	859	2,011	1,835
Net loss	23,758	13,244	44,766	23,722
BH-30643 [Member]
Operating expenses:
Research and development expenses	8,966	3,827	18,516	5,608
BH-30236 [Member]
Operating expenses:
Research and development expenses	1,967	1,339	3,714	2,388
BH-501284 [Member]
Operating expenses:
Research and development expenses	2,045	61	2,629	61
Other Projects [Member]
Operating expenses:
Research and development expenses	57	645	67	1,652
Non Project Specific Research and Development Expenses [Member]
Operating expenses:
Research and development expenses	$ 8,320	$ 6,658	$ 16,330	$ 12,393

Convertible Preferred Stock and Stockholders' Deficit

6 Months Ended

Jun. 30, 2026

Stockholders' Equity Note [Abstract]

Convertible Preferred Stock and Stockholders' Deficit

Note 5. Convertible Preferred Stock and Stockholders’ Deficit

Stockholders’ Deficit

As of June 30, 2026, under the Company’s Amended and Restated Certificate of Incorporation, the Company had a total of 195,552,612 shares of capital stock authorized for issuance, consisting of 110,000,000 shares of common stock, par value of $0.0001 per share, and 85,552,612 shares of convertible preferred stock, par value of $0.0001 per share.

Convertible Preferred Stock

In 2020, the Company issued 2,134,242 shares of its Series Angel convertible preferred stock at a price of $0.94 per share, resulting in aggregate gross proceeds of $2.0 million, and incurred immaterial issuance costs.

In 2021, the Company issued 5,679,965 shares of its Series A convertible preferred stock at a price of approximately $12.50 per share, resulting in aggregate gross proceeds of $71.0 million, and incurred immaterial issuance costs.

In 2023, 2024 and 2025, the Company issued an aggregate of 10,444,753 shares of Series B convertible preferred stock at a price of $17.63 per share resulting in aggregate gross proceeds of $184.2 million and incurred $0.4 million of total issuance costs.

As of June 30, 2026, the Company’s Series Angel, Series A and Series B convertible preferred stock have been classified as temporary equity in the accompanying balance sheets given that the holders of the convertible preferred stock could cause certain events to occur that are outside of the Company’s control whereby the Company could be obligated to redeem the convertible preferred stock. The carrying value of the convertible preferred stock is not adjusted to the redemption value until the contingent redemption events are considered to be probable of occurring.

Immediately prior to the closing of the IPO in August 2026, the Company’s outstanding convertible preferred stock automatically converted into 18,258,960 shares of common stock. Following the closing of the IPO, no shares of convertible preferred stock were outstanding.

The Company’s convertible preferred stock has the following rights, preferences and privileges:

Dividends

The Company shall not declare or pay any dividends on shares of any class of capital stock of the Company unless the holders of the Series Angel, Series A or Series B convertible preferred stock shall first receive, or simultaneously receive, a dividend on each outstanding share of such convertible preferred stock equal to an amount as defined in the Company’s Amended and Restated Certificate of Incorporation. No such dividends have been declared or paid through June 30, 2026.

Preferences on Liquidation

The holders of the Series A and Series B convertible preferred stock are entitled to receive liquidation preferences, in the event of a change in control, liquidation, dissolution or winding up, at an amount per share equal to the greater of (i) the original issuance price, plus any dividends declared but unpaid or (ii) the amount per share that would be payable had the share been converted to shares of common stock immediately prior to the liquidation event. Liquidation payments to the holders of the Series A and Series B convertible preferred stock have priority and are made in preference to any payments to the holders of Series Angel convertible preferred stock and common stock. If assets available to be distributed are insufficient to pay Series A and Series B convertible preferred stockholders, amounts available will be distributed on a pro-rata basis.

After full payment of the liquidation preference to the holders of the Series A and Series B convertible preferred stock, the remaining assets, if any, will be distributed to the holders of the Series Angel convertible preferred stock. The holders of the Series Angel convertible preferred stock are entitled to receive liquidation preferences, in the event of a change in control, liquidation, dissolution or winding up, at an amount per share equal to the greater of (i) the original issuance price, plus any dividends declared but unpaid or (ii) the amount per share that would be payable had the share been converted to shares of common stock immediately prior to the liquidation event. Liquidation payments to the holders of the Series Angel convertible preferred stock have priority and are made in preference to any payments to the holders of common stock. If assets available to be distributed are insufficient to pay Series Angel convertible preferred stockholders, amounts available will be distributed on a pro-rata basis.

After full payment of the liquidation preference to the holders of the Series Angel, Series A and Series B convertible preferred stock, the remaining assets, if any, will be distributed to the holders of common stock, pro rata based on the number of shares held by each holder.

Conversion Rights

The shares of Series Angel, Series A and Series B convertible preferred stock are convertible into common stock at the option of the holder. The conversion rate for the convertible preferred stock is determined by dividing the original issue price by the conversion price. The conversion price is initially the original issue price, but is subject to adjustment for dividends, stock splits and other distributions. The conversion rate on June 30, 2026, for the Series Angel, Series A and Series B convertible preferred stock was 1:1.

Each share of Series Angel, Series A and Series B convertible preferred stock will be automatically converted into common stock at the then effective conversion rate upon: (i) the closing of the sale of common stock to the public (subject to appropriate adjustment in the event of any stock dividend, stock split, combination or other similar recapitalization with respect to the common stock), in a firm-commitment underwritten public offering pursuant to an effective registration statement under the Securities Act of 1933, as amended, resulting in at least $50.0 million of gross proceeds to the Company; or (ii) the date and time, or the occurrence of an event, specified by vote or written consent of the majority of holders of the outstanding shares of Series Angel, Series A and Series B convertible preferred stock.

Voting

The holders of Series Angel convertible preferred stock shall be entitled to cast the number of votes equal to ten times the number of shares of Common Stock into which the shares of Series Angel convertible preferred stock held by such holder are then convertible. The holders of Series A and Series B convertible preferred stock shall be entitled to cast the number of votes equal to the number of shares of common stock into which the shares of Series A and Series B convertible preferred stock held by such holder are then convertible. The holders of Series Angel, Series A and Series B convertible preferred stock generally vote together with the shares of common stock as a single class, but also have class vote approval rights as provided by the Company’s amended and restated certificate of incorporation or as required by applicable law.

The holders of shares of Series Angel convertible preferred stock, exclusively and as a separate class, shall be entitled to elect one member of the board of directors. The holders of shares of Series A convertible preferred stock, exclusively and as a separate class, shall be entitled to elect three members of the board of directors. The holders of shares of Series B convertible preferred stock, exclusively and as a separate class, shall be entitled to elect two members of the board of directors. The holders of shares of common stock, exclusively and as a separate class, shall be entitled to elect at least one member of the board of directors. The holders of Series Angel, Series A and Series B convertible preferred stock voting together as a single class, shall be entitled to elect all remaining members of the board of directors.

Common Stock

The voting, dividend and liquidation rights of the holders of the common stock are subject to, and qualified by, the rights, preferences and privileges of the holders of the Series Angel, Series A and Series B convertible preferred stock. The holders of the common stock are entitled to one vote for each share of common stock held at all meetings of stockholders.

Stock Options

In June 2020, the Company adopted the 2020 Equity Incentive Plan (the “2020 Plan”). The 2020 Plan provides for the grant of incentive stock options (“ISO”), non-statutory stock options (“NSO”), stock bonus awards and restricted stock awards. A total of 320,137 shares of common stock were initially reserved for issuance under the 2020 Plan. The 2020 Plan was subsequently amended in February 2021, July 2023 and March 2025 to increase the total number of shares available under the 2020 Plan to 691,495, 1,395,279, and 1,921,534, respectively.

Options granted under the 2020 Plan are exercisable at various dates as determined upon grant and will expire no more than ten years from their date of grant. The exercise price of each option shall be determined by the board of directors based on the estimated fair value of the Company’s stock on the date of the option grant. The exercise price shall not be less than 100% of the fair market value of the Company’s common stock at the time the option is granted. The stock option awards generally include service condition vesting terms of four years, with 25% of the award vesting one year from the vesting commencement date and then ratably over the following 36 months, though some vest over shorter periods, vesting monthly from grant date.

A summary of the Company’s stock option activity under the 2020 Plan is as follows:


	Options
Outstanding at December 31, 2025		1,178,288
Granted		386,564
Exercised		(219,189	)
Forfeited		(1,333	)
Expired		—
Outstanding at June 30, 2026		1,344,330
Exercisable at June 30, 2026		525,503
Vested and expected to vest at June 30, 2026		1,344,330

As of December 31, 2025 and June 30, 2026, the Company recorded receivables for amounts related to option exercises of approximately $31 thousand and $19 thousand, respectively. These amounts were received subsequent to the respective period end.

Stock-based Compensation Expense

Stock-based compensation expense recognized for all equity awards has been included in the statements of operations as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Research and development		388		233		629		443
General and administrative		189		21		271		42
Total stock-based compensation expense	$	577	$	254	$	900	$	485

As of June 30, 2026, the unrecognized compensation cost related to outstanding employee and non-employee options was $6.0 million and is expected to be recognized as expense over a weighted-average period of approximately 2.9 years.

Early Exercise Liability

During the three months ended June 30, 2026, the Company amended certain stock option agreements to permit holders to exercise their stock options prior to vesting. Shares issued upon early exercise that remain unvested are subject to the Company's right to repurchase such shares at the original exercise price upon termination of the holder's service. The Company's repurchase right lapses as the underlying shares vest.

The right to repurchase shares that were exercised prior to the time the options have vested generally lapses over the four-year vesting period. As of June 30, 2026, the early exercise liability was approximately $2.1 million and is included in other current and noncurrent liabilities and reclassified to equity as the shares vest. For accounting purposes, the early exercise of options is not considered to be a substantive exercise until the underlying awards vest and are not considered to be outstanding until those shares vest.

- Definition

The entire disclosure for equity.

+ References

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

UNAUDITED CONDENSED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current Assets:
Cash and cash equivalents	$ 95,376	$ 136,682
Prepaid expenses and other current assets	5,592	2,144
Total current assets	100,968	138,826
Property and equipment, net	1,489	1,726
Operating lease right-of-use assets	19,197	19,921
Other assets	2,477	2,495
Total assets	124,131	162,968
Current liabilities:
Accounts payable	3,930	2,314
Accrued expenses	9,194	8,431
Accrued compensation	3,539	4,730
Other current liabilities	809	0
Operating lease liability, current	1,149	5
Total current liabilities	18,621	15,480
Operating lease liability, non-current	22,222	22,393
Other long-term liabilities	1,245	0
Total liabilities	42,088	37,873
Commitments and contingencies (Note 6)
Convertible preferred stock, $0.0001 par value; 85,552,612 shares authorized at June 30, 2026 and December 31, 2025; 18,258,960 shares issued and outstanding at June 30, 2026 and December 31, 2025; 257,153 aggregate liquidation preference at June 30, 2026 and December 31, 2025	256,823	256,823
Stockholders' deficit: [Abstract]
Common stock, $0.0001 par value; 110,000,000 shares authorized at June 30, 2026 and December 31, 2025; 2,767,806 and 2,548,614 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively.	1	1
Additional paid-in capital	5,014	3,300
Accumulated deficit	(179,795)	(135,029)
Total stockholders' deficit	(174,780)	(131,728)
Total liabilities, convertible preferred stock and stockholders' deficit	$ 124,131	$ 162,968

UNAUDITED CONDENSED 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	$ 21,355	$ 12,530	$ 41,256	$ 22,102
General and administrative	3,315	1,573	5,521	3,455
Total operating expenses	24,670	14,103	46,777	25,557
Loss from operations	(24,670)	(14,103)	(46,777)	(25,557)
Other income (expense), net:
Interest income, net	915	859	2,017	1,835
Other expense, net	(3)	0	(6)	0
Total other income, net	912	859	2,011	1,835
Net loss	$ (23,758)	$ (13,244)	$ (44,766)	$ (23,722)
Net loss per share, Basic	$ (8.75)	$ (5.51)	$ (16.91)	$ (9.9)
Net loss per share, Diluted	$ (8.75)	$ (5.51)	$ (16.91)	$ (9.9)
Weighted Average Number of Shares Outstanding, Basic	2,713,696	2,405,140	2,646,721	2,395,789
Weighted average common shares outstanding, Diluted	2,713,696	2,405,140	2,646,721	2,395,789

Subsequent Events

6 Months Ended

Jun. 30, 2026

Subsequent Events [Abstract]

Subsequent Events

Note 8. Subsequent Events

For the purposes of the condensed financial statements as of June 30, 2026, and the three and six months then ended, the Company has evaluated the subsequent events through September 18, 2026, the date the condensed financial statements were issued.

On July 31, 2026, the Company effected a 1-for-4.6855 reverse stock split of its common stock and convertible preferred stock. The par value and the authorized shares of the common stock and convertible preferred stock were not adjusted as a result of the reverse stock split. These accompanying condensed financial statements and notes to the condensed financial statements give retroactive effect to the reverse stock split for all periods presented.

On August 10, 2026, the Company completed its IPO, pursuant to which it issued and sold 9,375,000 shares of common stock at a public offering price of $16.00 per share (the “IPO Price”). The aggregate gross proceeds of the IPO were $150.0 million before deducting underwriting discounts, commissions, and offering expenses of $15.3 million, for aggregate net proceeds from the IPO of $134.7 million. In addition, the Company granted the underwriters an option for a period of 30 days to purchase up to 1,406,250 additional shares of common stock. On August 25, 2026 the underwriters partially exercised their 30-day option and purchased an additional 1,141,240 shares of the Company’s common stock at the IPO Price, upon which the Company received net proceeds of approximately $17.0 million. All underwriting discounts, commissions, and offering expenses, including the previously deferred offering costs as disclosed previously in this Quarterly Report, will be charged to additional paid in capital as recorded against the gross proceeds.

In connection with the closing of the IPO, the Company’s outstanding convertible preferred stock automatically converted into 18,258,960 shares of common stock.

In connection with the closing of the IPO, the Company’s board of directors adopted the 2026 Equity Incentive Plan (the “2026 Plan”), a successor to and continuation of the 2020 Plan (as defined in Note 5), and the 2026 Employee Stock Purchase Plan (the “2026 ESPP”). Upon the effectiveness of the 2026 Plan, 5,280,528 shares of common stock were authorized for issuance which consists of (1) 3,781,612 new shares of common stock, and (2) 1,498,916 shares available for issuance under the 2020 Plan. Furthermore, upon effectiveness of the 2026 Plan, no further grants will be made under the 2020 Plan. Upon the effectiveness of the 2026 ESPP, 302,529 shares of common stock were authorized for issuance.

Commitments and Contingencies

6 Months Ended

Jun. 30, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 6. Commitments and Contingencies

The Company has operating leases for its office and laboratory space in San Diego, California. Rent expense was $1.3 million and $2.6 million for the three and six months ended June 30, 2026, respectively.

Organization, liquidity and going concern and basis of presentation (Additional Information) (Details) - USD ($) $ in Thousands		6 Months Ended
	Aug. 10, 2026	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Organization, Liquidity And Going Concern [Line Items]
Accumulated deficit		$ 179,795		$ 135,029
Net cash used in operating activities		44,174	$ 20,121
Cash and cash equivalents		$ 95,376		$ 136,682
Subsequent Event [Member]
Organization, Liquidity And Going Concern [Line Items]
Proceeds from Issuance Initial Public Offering	$ 151,700

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-4

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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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

+ Details

Accrued Expenses

6 Months Ended

Jun. 30, 2026

Disclosure Text Block [Abstract]

Accrued Expenses

Note 4. Accrued Expenses

Accrued expenses consisted of the following (in thousands):


	As of June 30, 2026		As of December 31, 2025
Accrued research and development expenses	$	7,938	$	8,297
Other		1,256		134
Total accrued expenses	$	9,194	$	8,431

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

UNAUDITED CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net loss	$ (44,766)	$ (23,722)
Adjustments to reconcile net loss to net cash used in operations
Depreciation expense	250	187
Non-cash lease expense	724	482
Stock-based compensation expense	900	485
Changes in operating assets and liabilities:
Prepaid expenses and other assets	(2,323)	2,251
Other assets	18	(1,484)
Accounts payable	1,616	(180)
Accrued expenses	(373)	1,341
Accrued compensation	(1,191)	471
Operating lease liabilities	971	48
Net cash used in operating activities	(44,174)	(20,121)
Cash flows from investing activities:
Purchases of property and equipment	(13)	(997)
Net cash used in investing activities	(13)	(997)
Cash flows from financing activities:
Proceeds from the exercise of stock options	2,881	85
Net cash provided by financing activities	2,881	85
Net increase (decrease) in cash and cash equivalents	(41,306)	(21,033)
Cash and cash equivalents at the beginning of period	136,682	100,147
Cash and cash equivalents at the end of period	95,376	79,114
Supplemental disclosure of noncash activities:
Right-of-use asset obtained in exchange for operating lease liability	0	20,927
Deferred financing costs included in accounts payable and accrued expenses	$ 1,136	$ 0

UNAUDITED CONDENSED BALANCE SHEETS (Parenthetical) - USD ($)	Jun. 30, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Temporary Equity, Per Share	$ 0.0001	$ 0.0001
Temporary Equity, Shares Authorized	85,552,612	85,552,612
Temporary Equity, Shares Outstanding	18,258,960	18,258,960
Temporary Equity, Shares Issued	18,258,960	18,258,960
Temporary Equity, Liquidation Preference	$ 257,153	$ 257,153
Common Stock Par Value Per Share	$ 0.0001	$ 0.0001
Common stock shares authorized	110,000,000	110,000,000
Common Stock Shares Issued	2,767,848	2,767,848
Common Stock, Shares, Outstanding	2,548,659	2,548,659

Convertible Preferred Stock and Stockholders' Deficit - Schedule of Company's stock option activity (Details) - shares	6 Months Ended
	Jun. 30, 2026
Stockholders' Equity Note [Abstract]
Outstanding Options, Beginning Balance	1,178,288
Granted Options	386,564
Exercised Option	(219,189)
Forfeited Options	(1,333)
Expired Options	0
Outstanding Options, Ending Balance	1,344,330
Exercisable	525,503
Vested and expected to vest	1,344,330

- Definition

Number of share options (or share units) exercised during the current period.

+ References

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-Topic 505
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+ Details

Accrued Expenses - Schedule of accrued expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Accrued Liabilities, Current [Abstract]
Accrued research and development expenses	$ 7,938	$ 8,297
Other	1,256	134
Total accrued expenses	$ 9,194	$ 8,431

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Summary of cash equivalents measured at fair value

The following tables show the Company’s cash equivalents measured at fair value as of December 31, 2025 and June 30, 2026 (in thousands):


	June 30, 2026
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents
Money market funds	$	94,671	$	—	$	—	$	94,671
Total	$	94,671	$	—	$	—	$	94,671


	December 31, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents
Money market funds	$	135,227	$	—	$	—	$	135,227
Total	$	135,227	$	—	$	—	$	135,227

Convertible Preferred Stock and Stockholders' Deficit (Additional Information) (Details) - USD ($)	1 Months Ended				6 Months Ended	12 Months Ended
	Mar. 31, 2025	Jul. 31, 2023	Feb. 28, 2021	Jun. 30, 2020	Jun. 30, 2026	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2021	Dec. 31, 2020	Aug. 31, 2026
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock shares authorized					110,000,000	110,000,000
Common Stock Shares Issued					2,767,848	2,767,848
Common Stock Par Value Per Share					$ 0.0001	$ 0.0001
Convertible preferred stock					85,552,612
Preferred Stock, Par Value Per Share					$ 0.0001
Dividends Payable					$ 0
Amounts related to option exercises					19,000	$ 31,000
Unrecognized compensation cost					$ 6,000,000
Weighted average period of unrecognized compensation costs					2 years 10 months 24 days
Exercise liability					$ 2,100,000
Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Gross proceeds to the Company					$ 50,000,000
2020 Equity Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock reserved for issuance				320,137
Total number of shares available	1,921,534	1,395,279	691,495
Stock option exercise price				100.00%
Service condition vesting terms duration				4 years
Service condition vesting terms percentage				25.00%
Stock option awards vest over periods				36 months
Convertible Preferred Stock [Member] \| IPO [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Preferred Stock, Shares Outstanding											18,258,960
Series Angel convertible preferred stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Convertible preferred stock										2,134,242
Preferred Stock, Convertible, Conversion Price										$ 0.94
Aggregate gross proceeds of convertible preferred stock										$ 2,000,000
Series A Preferred Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Convertible preferred stock									5,679,965
Preferred Stock, Convertible, Conversion Price									$ 12.5
Aggregate gross proceeds of convertible preferred stock									$ 71,000,000
Series B Preferred Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Convertible preferred stock						10,444,753	10,444,753	10,444,753
Preferred Stock, Convertible, Conversion Price						$ 17.63	$ 17.63	$ 17.63
Payments of Stock Issuance Costs						$ 400,000	$ 400,000	$ 400,000
Aggregate gross proceeds of convertible preferred stock						$ 184,200,000	$ 184,200,000
Common Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock shares authorized					195,552,612
Common Stock Shares Issued					110,000,000
Common Stock Par Value Per Share					$ 0.0001

UNAUDITED CONDENSED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' DEFICIT - USD ($) $ in Thousands	Total	Common Stock [Member]	Preferred Stock [Member] Convertible Preferred Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Deficit [Member]
Beginning Balance, Shares at Dec. 31, 2024		2,381,320	13,485,975
Beginning Balance, Amount at Dec. 31, 2024	$ (72,883)	$ 1	$ 172,886	$ 1,590	$ (74,474)
Exercise of stock options, Shares		29,696
Exercise of stock options, Amount	86			86
Stock-based compensation expense	485			485
Net loss	(23,722)				(23,722)
Ending Balance, Shares at Jun. 30, 2025		2,411,016	13,485,975
Ending Balance, Amount at Jun. 30, 2025	(96,034)	$ 1	$ 172,886	2,161	(98,196)
Beginning Balance, Shares at Mar. 31, 2025		2,394,437	13,485,975
Beginning Balance, Amount at Mar. 31, 2025	(83,091)	$ 1	$ 172,886	1,860	(84,952)
Exercise of stock options, Shares		16,579
Exercise of stock options, Amount	47			47
Stock-based compensation expense	254			254
Net loss	(13,244)				(13,244)
Ending Balance, Shares at Jun. 30, 2025		2,411,016	13,485,975
Ending Balance, Amount at Jun. 30, 2025	(96,034)	$ 1	$ 172,886	2,161	(98,196)
Beginning Balance, Shares at Dec. 31, 2025		2,548,659	18,258,960
Beginning Balance, Amount at Dec. 31, 2025	$ (131,728)	$ 1	$ 256,823	3,300	(135,029)
Exercise of stock options, Shares	219,189	202,858
Exercise of stock options, Amount	$ 740			740
Vesting of restricted common stock, Shares		16,331
Vesting of restricted common stock, Amount	74			74
Stock-based compensation expense	900			900
Net loss	(44,766)				(44,766)
Ending Balance, Shares at Jun. 30, 2026		2,767,848	18,258,960
Ending Balance, Amount at Jun. 30, 2026	(174,780)	$ 1	$ 256,823	5,014	(179,795)
Beginning Balance, Shares at Mar. 31, 2026		2,644,326	18,258,960
Beginning Balance, Amount at Mar. 31, 2026	(152,120)	$ 1	$ 256,823	3,916	(156,037)
Exercise of stock options, Shares		107,191
Exercise of stock options, Amount	447			447
Vesting of restricted common stock, Shares		16,331
Vesting of restricted common stock, Amount	74			74
Stock-based compensation expense	577			577
Net loss	(23,758)				(23,758)
Ending Balance, Shares at Jun. 30, 2026		2,767,848	18,258,960
Ending Balance, Amount at Jun. 30, 2026	$ (174,780)	$ 1	$ 256,823	$ 5,014	$ (179,795)

- Definition

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

+ References

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+ Details

- Definition

Total number of shares issued during the period, including shares forfeited, as a result of Restricted Stock Awards.

+ References + Details

- Definition

Number of share options (or share units) exercised during the current period.

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+ Details

- Definition

Aggregate value of stock related to Restricted Stock Awards issued during the period.

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- Definition

Value of stock issued as a result of the exercise of stock options.

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- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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+ Details

Subsequent Events (Additional Information) (Details) - Subsequent Event [Member] - USD ($) $ / shares in Units, $ in Millions	Aug. 25, 2026	Aug. 10, 2026	Jul. 31, 2026
Subsequent Event [Line Items]
Reverse stock split			1-for-4.6855
Common stock shares issued		1,406,250
Public offering price		$ 16
Proceeds from Issuance Initial Public Offering		$ 151.7
Aggregate net proceeds from the IPO		134.7
Commissions, and offering expenses		$ 15.3
Common stock, available for issuance		302,529
Equity Incentive Plan [Member]
Subsequent Event [Line Items]
Common stock, available for issuance		5,280,528
Plan One [Member]
Subsequent Event [Line Items]
Common stock, available for issuance		3,781,612
Plan Two [Member]
Subsequent Event [Line Items]
Common stock, available for issuance		1,498,916
IPO [Member]
Subsequent Event [Line Items]
Common stock shares issued	1,141,240	9,375,000
Proceeds from Issuance Initial Public Offering		$ 150.0
Aggregate net proceeds from the IPO	$ 17.0
Convertible preferred stock	18,258,960

Segment Information (Tables)

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Schedule of Segment Profit or Loss, Including Significant Segment Expenses

The following table contains information on segment profit or loss, including significant segment expenses (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Operating expenses:
Research and development expenses
BH-30643	$	8,966	$	3,827	$	18,516	$	5,608
BH-30236		1,967		1,339		3,714		2,388
BH-501284		2,045		61		2,629		61
Other projects		57		645		67		1,652
Non project specific research and development expenses		8,320		6,658		16,330		12,393
General and administrative expenses		3,315		1,573		5,521		3,455
Other income		912		859		2,011		1,835
Net loss	$	23,758	$	13,244	$	44,766	$	23,722

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details