0001437749-26-015664 | 10-Q | XBRL Viewer

Significant Accounting Policies [Text Block]

Note 2. Significant Accounting Policies

Use of Estimates

The Company makes estimates and assumptions in preparing its condensed consolidated financial statements in conformity with GAAP. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amount of expenses incurred during the reporting period. The Company evaluates its estimates on an ongoing basis, including those estimates related to legal liabilities, stock-based compensation, clinical trials and manufacturing agreements. Actual results could differ from these estimates and assumptions.

Cash and Cash Equivalents and Concentration of Credit Risk

The Company invests in cash and cash equivalents. The Company considers highly liquid financial instruments with original maturities of three months or less to be cash equivalents. Highly liquid investments that are considered cash equivalents include money market accounts and funds, certificates of deposit, and U.S. Treasury securities. The Company maintains its cash and cash equivalents at one financial institution.

Fair Value Measurements

The Company recognizes financial instruments in accordance with the authoritative guidance on fair value measurements and disclosures for financial assets and liabilities. This guidance defines fair value, establishes a framework for measuring fair value in accordance with GAAP, and expands disclosures about fair value measurements. The guidance also establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include:

●

Level 1 includes quoted prices in active markets.

●

Level 2 includes significant observable inputs, such as quoted prices for identical or similar securities, or other inputs that are observable and can be corroborated by observable market data for similar securities. The Company uses market pricing and other observable market inputs obtained from third-party providers. It uses the bid price to establish fair value where a bid price is available. The Company does not have any financial instruments where the fair value is based on Level 2 inputs.

●

Level 3 includes unobservable inputs that are supported by little or no market activity. The Company does not have any financial instruments where the fair value is based on Level 3 inputs.

If a financial instrument uses inputs that fall in different levels of the hierarchy, the instrument will be categorized based upon the lowest level of input that is significant to the fair value calculation. The fair value of cash and cash equivalents was based on Level 1 inputs at March 31, 2026 and December 31, 2025.

Business Segments

The Company reports segment information based on how it internally evaluates the operating performance of its business units, or segments. The Company’s operations are confined to one business segment: the development of novel drugs and diagnostics.

The Company’s reportable segment reflects the manner in which its chief operating decision maker (“CODM”) allocates resources and assesses performance. The Company's CODM is the President and Chief Executive Officer. The primary measure used by the Company's CODM for purposes of allocating resources is based on net loss that also is reported on the consolidated statements of operations as consolidated net loss. The measure of segment assets is reported on the condensed consolidated balance sheets as cash and cash equivalents.

The Company has not generated any product revenue in the current period and expects to continue to incur significant expenses and operating losses for the foreseeable future as we advance our product candidates through stages of development and clinical trials.

As such, the CODM uses cash forecast models in deciding how to invest in the development of novel drugs and diagnostics. Such cash forecast models are reviewed to assess the entity-wide operating results and performance. Net loss is used to monitor budget versus actual results. Monitoring budgeted versus actual results, net cash used in operating activities for the period and cash on hand are used in assessing performance of the segment.

The following table summarizes expenses by category regularly reviewed by the CODM (in thousands):

	*Three months ended*
	*March 31,*
	*2026*			*2025*
Operating expenses
Research and development	$	(4,544	)	$	(13,666	)
General and administrative		(6,624	)		(10,920	)
Other segment items(a)		837			1,183
Net loss	$	(10,331	)	$	(23,403	)

(a) Other segment items include interest income and other income (loss), net.

The following table summarizes assets regularly reviewed by the CODM (in thousands):


	*March 31, 2026*		*December 31, 2025*
Cash and cash equivalents	$	86,573	$	95,502

For the three months ended March 31, 2026 and 2025, the net cash used in operating activities was $8.9 million and $11.3 million, respectively.

Stock-based Compensation

The Company recognizes non-cash expense for the fair value of all stock options and other share-based awards. The Company uses the Black-Scholes option valuation model to calculate the fair value of stock options, using the single-option award approach and straight-line attribution method. This model requires the input of subjective assumptions including expected stock price volatility, expected life and estimated forfeitures of each award. These assumptions consist of estimates of future market conditions, which are inherently uncertain, and therefore, are subject to management's judgment. For all options granted, it recognizes the resulting fair value as expense on a straight-line basis over the vesting period of each respective stock option, generally one to four years.

The Company has granted share-based awards that vest upon achievement of certain performance criteria (“Performance Awards”). The Company multiplies the number of Performance Awards by the fair value of its common stock on the date of grant to calculate the fair value of each award. It estimates an implicit service period for achieving performance criteria for each award. The Company recognizes the resulting fair value as expense over the implicit service period when it concludes that achieving the performance criteria is probable. It periodically reviews and updates as appropriate its estimates of implicit service periods and conclusions on achieving the performance criteria. Performance Awards vest and common stock is issued upon achievement of the performance criteria.

Net Loss per Share

The Company computes basic net loss per share on the basis of the weighted-average number of common shares outstanding for the reporting period. Diluted net loss per share is computed on the basis of the weighted-average number of common shares outstanding plus potential dilutive common shares outstanding using the treasury-stock method. Potential dilutive common shares consist of outstanding common stock options and Performance Awards. There is no difference between the Company’s net loss and comprehensive loss. The numerators and denominators in the calculation of basic and diluted net loss per share were as follows (in thousands, except net loss per share data):

	*Three months ended*
	*March 31,*
	*2026*			*2025*
Numerator:
Net loss	$	(10,331	)	$	(23,403	)
Denominator:
Shares used in computing net loss per share, basic and diluted		48,308			48,262
Net loss per share, basic and diluted	$	(0.21	)	$	(0.48	)

Dilutive common stock options excluded from net loss per share, diluted		3,972			3,751
Dilutive Performance Awards excluded from net loss per share, diluted		7			7

The Company excluded all common stock options and Performance Awards outstanding for the three months ended March 31, 2026 and 2025 from the calculation of net loss per share, diluted, because the effect of including outstanding options and Performance Awards would have been anti-dilutive.

Fair Value of Financial Instruments

Financial instruments include accounts payable, accrued expenses, accrued development expense and other liabilities. The estimated fair value of certain financial instruments may be determined using available market information or other appropriate valuation methodologies. However, considerable judgment is required in interpreting market data to develop estimates of fair value; therefore, the estimates are not necessarily indicative of the amounts that could be realized or would be paid in a current market exchange. The effect of using different market assumptions and/or estimation methodologies may be material to the estimated fair value amounts. The carrying amounts of accounts payable, accrued expenses, accrued development expense and other liabilities are at cost, which approximates fair value due to the short maturity of those instruments.

Research Contracts, Prepaids and Accruals

The Company has entered into various research and development contracts with research institutions and other third-party vendors. These agreements are generally cancelable. Related payments are recorded as research and development expenses as incurred. The Company records prepaids and accruals for estimated ongoing research costs. When evaluating the adequacy of prepaid expenses and accrued liabilities, the Company analyzes progress of the studies including the phase or completion of events, invoices received and contracted costs. Significant judgments and estimates are made in determining the prepaid and accrued balances at the end of any reporting period. Actual results could differ from the Company’s estimates. The Company’s historical prepaid and accrual estimates have not been materially different from actual costs.

Incentive Bonus Plan

In 2020, the Company established the 2020 Cash Incentive Bonus Plan (the “CIB Plan”) to incentivize CIB Plan participants. Awards under the CIB Plan are accounted for as liability awards under ASC 718 “Stock-based Compensation”. The fair value of each potential CIB Plan award will be determined once a grant date occurs and will be remeasured each reporting period. Compensation expense associated with the CIB Plan will be recognized over the expected achievement period for each CIB Plan award, when a Performance Condition (as defined below) is considered probable of being met. See Note 9 for further discussion of the CIB Plan.

Property and Equipment

Property and equipment are recorded at cost, net of accumulated depreciation. Depreciation is recorded using the straight-line method over the estimated useful lives of the assets. Owned buildings and related improvements have estimated useful lives of 39 years and approximately 10 years, respectively. Tenant improvements are amortized using the straight-line method over the useful lives of the improvements or the remaining term of the corresponding leases, whichever is shorter.

Property and equipment are reviewed for impairment when events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. If property and equipment are considered to be impaired, an impairment loss is recognized.

Income Taxes

The Company accounts for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax balances are adjusted to reflect tax rates based on currently enacted tax laws, which will be in effect in the years in which the temporary differences are expected to reverse. The Company has accumulated significant deferred tax assets that reflect the tax effects of net operating loss and tax credit carryovers and temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Realization of certain deferred tax assets is dependent upon future earnings. The Company is uncertain about the timing and amount of any future earnings. Accordingly, the Company offsets these deferred tax assets with a valuation allowance.

The Company accounts for uncertain tax positions in accordance with ASC 740, “Income Taxes”, which clarifies the accounting for uncertainty in tax positions. These provisions require recognition of the impact of a tax position in the Company’s condensed consolidated financial statements only if that position is more likely than not of being sustained upon examination by taxing authorities, based on the technical merits of the position. Any interest and penalties related to uncertain tax positions will be reflected as a component of income tax expense.

Recently Issued Accounting Pronouncements

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. This ASU includes amendments that require entities to bifurcate specified expense line items on the income statement into underlying components, including employee compensation, depreciation, and intangible asset amortization, as applicable. Qualitative descriptions of the remaining components are required. These enhanced disclosures are required for both interim and annual periods. In January 2025, the FASB subsequently issued ASU 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date, to provide clarification on the ASU's effective date. The new standard is effective for fiscal years beginning after December 15, 2026 on a prospective basis with the option to apply it retrospectively, and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The adoption of this guidance will result in the Company being required to include enhanced disclosures around income statement expenses.

Note 8 - Commitments	3 Months Ended
Mar. 31, 2026
Notes to Financial Statements
Leases And Commitments Disclosure [Text Block]	Note 8. Commitments The Company conducts its product research and development programs through a combination of internal and collaborative programs that include, among others, arrangements with universities, contract research organizations and clinical research sites. The Company has contractual arrangements with these organizations that are cancelable. The Company’s obligations under these contracts are largely based on services performed. The Company also had non-cancellable commitments for the manufacture of simufilam's active pharmaceutical ingredient totaling approximately $0.4 million recorded in prepaid expenses and other current assets at March 31, 2026. The Company is dependent on contract development and manufacturing organizations for the manufacture of all our materials for clinical studies. On February 26, 2025, the Company entered into a License Agreement (the “License Agreement”) with Yale University (“Yale”) pursuant to which the Company was granted exclusive worldwide rights, with rights to sublicense, to Yale’s interest in certain patent and other intellectual property rights that could be useful or necessary to the development and commercialization of simufilam for the treatment of Tuberous Sclerosis Complex (TSC)-related epilepsy and other potential indications. Pursuant to the License Agreement, the Company has agreed to use reasonable commercial efforts to implement a plan that it has designed for such development and commercialization. In exchange for the rights acquired pursuant to the License Agreement, the Company paid Yale (i) a nominal upfront license fee, and agreed to pay (ii) payments upon the achievement of specified clinical, regulatory and commercial milestones, totaling up to $4.5 million and (iii) upon transfer to a third party in connection with a regulatory priority review voucher, if issued, a low-to-mid double digit percentage of any consideration received for such transfer. The Company also agreed to pay Yale tiered royalties, ranging from a low- to mid- single digit percentage, on aggregate net sales of licensed products, subject to tiered minimum annual royalty payments ranging from the low- to mid- hundreds of thousands of dollars. There were no License Agreement payments made, other than the nominal upfront license fee, during the three months ended March 31, 2026 and the year ended December 31, 2025. Unless earlier terminated, the License Agreement will continue on a country-by-country basis until the later of (i) the date on which the last valid claim of the license patents expires or otherwise lapses, (ii) the end of any government or regulatory exclusivity period, and (iii) 10 years following the date of first sale of licensed product in such country.

Note 8 - Commitments

3 Months Ended

Mar. 31, 2026

Leases And Commitments Disclosure [Text Block]

Note 8. Commitments

The Company conducts its product research and development programs through a combination of internal and collaborative programs that include, among others, arrangements with universities, contract research organizations and clinical research sites. The Company has contractual arrangements with these organizations that are cancelable. The Company’s obligations under these contracts are largely based on services performed. The Company also had non-cancellable commitments for the manufacture of simufilam's active pharmaceutical ingredient totaling approximately $0.4 million recorded in prepaid expenses and other current assets at March 31, 2026. The Company is dependent on contract development and manufacturing organizations for the manufacture of all our materials for clinical studies.

On February 26, 2025, the Company entered into a License Agreement (the “License Agreement”) with Yale University (“Yale”) pursuant to which the Company was granted exclusive worldwide rights, with rights to sublicense, to Yale’s interest in certain patent and other intellectual property rights that could be useful or necessary to the development and commercialization of simufilam for the treatment of Tuberous Sclerosis Complex (TSC)-related epilepsy and other potential indications. Pursuant to the License Agreement, the Company has agreed to use reasonable commercial efforts to implement a plan that it has designed for such development and commercialization. In exchange for the rights acquired pursuant to the License Agreement, the Company paid Yale (i) a nominal upfront license fee, and agreed to pay (ii) payments upon the achievement of specified clinical, regulatory and commercial milestones, totaling up to $4.5 million and (iii) upon transfer to a third party in connection with a regulatory priority review voucher, if issued, a low-to-mid double digit percentage of any consideration received for such transfer. The Company also agreed to pay Yale tiered royalties, ranging from a low- to mid- single digit percentage, on aggregate net sales of licensed products, subject to tiered minimum annual royalty payments ranging from the low- to mid- hundreds of thousands of dollars. There were no License Agreement payments made, other than the nominal upfront license fee, during the three months ended March 31, 2026 and the year ended December 31, 2025.

Unless earlier terminated, the License Agreement will continue on a country-by-country basis until the later of (i) the date on which the last valid claim of the license patents expires or otherwise lapses, (ii) the end of any government or regulatory exclusivity period, and (iii) 10 years following the date of first sale of licensed product in such country.

Note 2 - Significant Accounting Policies (Details Textual) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)	Mar. 31, 2025 USD ($)
Number of Operating Segments	1
Cash Provided by (Used in) Operating Activity, Including Discontinued Operation	$ (8,878)	$ (11,336)
Number of Reportable Segments	1
Building [Member]
Property, Plant and Equipment, Useful Life (Year)	39 years
Building Improvements [Member]
Property, Plant and Equipment, Useful Life (Year)	10 years
Share-Based Payment Arrangement, Option [Member] \| Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)	1 year
Share-Based Payment Arrangement, Option [Member] \| Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)	4 years

Note 4 - Real Property and Other Income, Expense - Components of Other Income, Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Lease revenue	$ 253	$ 135
Property operating expenses	(206)	(217)
Other income (loss), net	$ 48	$ (82)

Note 6 - Stockholders' Equity and Stock-based Compensation Expense - Stock Option and Performance Award Activity (Details)	3 Months Ended
	Mar. 31, 2026 shares
Outstanding, options (in shares)	4,157,094
Options granted (in shares)	0
Options exercised (in shares)	0
Options forfeited/canceled (in shares)	0
Outstanding, options (in shares)	4,157,094
Performance Shares [Member]
Outstanding, performance awards (in shares)	7,142
Performance awards granted (in shares)	0
Performance awards exercised (in shares)	0
Performance awards forfeited/canceled (in shares)	0
Outstanding, performance awards (in shares)	7,142

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

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Note 10 - Contingencies (Details Textual) $ in Thousands						2 Months Ended	24 Months Ended
Note 10 - Contingencies (Details Textual) $ in Thousands	Nov. 12, 2025	Sep. 06, 2024	Aug. 06, 2024	Mar. 18, 2024	Jun. 30, 2022	Oct. 26, 2021	Nov. 09, 2023	Dec. 31, 2025 USD ($)	Oct. 31, 2025 USD ($)	May 31, 2025 USD ($)	Mar. 31, 2025 USD ($)
Estimated Litigation Liability								$ 32,750
Loss Contingency Accrual								0			$ 3,000
Violations of Federal Securities Laws [Member]
Loss Contingency, New Claims Filed, Number					1	4
Estimated Litigation Liability								$ 31,250		$ 31,250
Shareholder Derivative Actions [Member]
Loss Contingency, New Claims Filed, Number		2		2			5
Shareholder Derivative Actions, Texas Court [Member]
Loss Contingency, New Claims Filed, Number	4						3
Shareholder Derivative Actions, Texas State Court Member
Loss Contingency, New Claims Filed, Number							1
Shareholder Derivative Actions, Delaware Court [Member]
Loss Contingency, New Claims Filed, Number							1
Anti-SLAPP Lawsuit [Member]
Estimated Litigation Liability									$ 2,500
Number of Former Employees			2

Note 7 - Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Income Tax Expense (Benefit)	$ 0	$ 0

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

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Note 6 - Stockholders' Equity and Stock-based Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Stock-based compensation expense	$ 4,069	$ 5,225
Research and Development [Member]
Stock-based compensation expense	1,333	2,372
General and Administrative [Member]
Stock-based compensation expense	$ 2,736	$ 2,853

Note 4 - Real Property and Other Income, Expense

3 Months Ended

Mar. 31, 2026

Real Estate Owned [Text Block]

Note 4. Real Property and Other Income, Expense

The Company owns a two-building office complex in Austin, Texas, a portion of which serves as its corporate headquarters. Maintenance, physical facilities, leasing, property management and other key responsibilities related to property ownership are outsourced to professional real-estate managers. The office complex has approximately 90,000 square feet of rentable space. At March 31, 2026, the Company occupied approximately 25% of the property with the remainder either leased or available for lease to third parties.

The Company records the net income (loss) from building operations and leases as other income (loss), net, as leasing is not core to the Company’s operations. Building depreciation and amortization for space not occupied by the Company is included in general and administrative expense. Building depreciation and amortization for space occupied by the Company is allocated between general and administrative expense and research and development expense. Components of other income (loss), net, for the periods presented were as follows (in thousands):

	*Three months ended*
	*March 31,*
	*2026*			*2025*
Lease revenue	$	253		$	135
Property operating expenses		(206	)		(217	)
Other income (loss), net	$	48		$	(82	)

The Company had accrued property taxes related to the building totaling $46,000 and $178,000 at March 31, 2026 and December 31, 2025, respectively, included in other current liabilities.

Gross rental income under existing third-party leases at March 31, 2026 is as follows (in millions):

For the year ending December 31,
2026			0.6
2027			0.6
2028			0.5
2029			0.5
2030 and beyond			1.0
Total gross rental income			3.2

Note 5 - Property and Equipment (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Depreciation	$ 243	$ 220

Note 4 - Real Property and Other Income, Expense (Details Textual) - Office Building [Member] - TEXAS	Mar. 31, 2026 ft²	Dec. 31, 2025 USD ($)	Mar. 31, 2025 USD ($)
Net Rentable Area (Square Foot) \| ft²	90,000
Percentage of Occupancy	25.00%
Accrual for Taxes Other than Income Taxes, Current \| $		$ 178,000	$ 46,000

Note 1 - General and Liquidity (Details Textual) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Retained Earnings (Accumulated Deficit)	$ (506,415)	$ (496,084)

Amount of accumulated undistributed earnings (deficit).

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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-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
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-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

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(21))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(30)(a)(3))
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(30)(b))
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-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/exampleRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (g)(2)(i)
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480016/944-40-65-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-URI https://asc.fasb.org/1943274/2147480990/946-20-50-11

Reference 11: 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

Note 9 - 2020 Cash Incentive Bonus Plan (Details Textual) $ in Thousands			3 Months Ended	12 Months Ended
	Mar. 06, 2025 USD ($)	Feb. 13, 2025 USD ($)	Mar. 31, 2026 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021	Mar. 31, 2021 USD ($)	Oct. 31, 2020 USD ($)
Valuation Milestones Achieved						$ 0	$ 0
Cash Incentive Bonus Plan [Member]
Performance Plan, Valuation Milestone Amount									$ 74,300
Performance Plan, Minimum Number of Days Valuation Milestone Must be Achieved and Maintained (Day)	20 days
Cash Incentive Bonus Award										$ 6,500
Cash Bonus Incentive, Incremental Amounts		11						11
Valuation Milestones Achieved			$ 0	$ 0	$ 0
Payments for Cash Incentive Bonus		$ 0	$ 0
Cash Incentive Bonus Plan [Member] \| Maximum [Member]
Performance Plan, Valuation Milestone Amount	$ 5,000,000
Performance Plan, Merger Consideration Milestone	8,000,000
Cash Incentive Bonus Plan [Member] \| Minimum [Member]
Performance Plan, Valuation Milestone Amount	$ 200,000

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual [Table]
Rule 10b5-1 Arrangement Adopted [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false
Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false

Note 10 - Contingencies

3 Months Ended

Mar. 31, 2026

Contingencies Disclosure [Text Block]

Note 10. Contingencies

The Company is, and from time to time, the Company may become, involved in litigation or other legal proceedings and claims, including U.S. government inquiries, investigations and Citizen Petitions submitted to the U.S. Food and Drug Administration (“FDA”). In addition, the Company has received, and from time to time may receive, inquiries from government authorities relating to matters arising from the ordinary course of business. The outcome of these proceedings is inherently uncertain. Regardless of outcome, legal proceedings can have an adverse impact on the Company because of defense and settlement costs, diversion of management resources, and other factors. At this time, no assessment can be made as to their likely outcome or whether the outcome will be material to the Company other than as disclosed below. The Company believes that its total provisions for legal matters are adequate based upon currently available information.

Government Investigations

Beginning in August 2021, the Company received subpoenas and other requests for documents and information from the Department of Justice Fraud Section (“DOJ”), document requests from the SEC, and a Civil Investigative Demand from the Civil Division of the Department of Justice. These requests sought corporate information and documents concerning the research and development of simufilam and/or SavaDx, and the Company cooperated fully with each.

On September 26, 2024, the Company announced that it had reached a settlement with the SEC resolving the SEC investigation of the Company’s disclosures regarding its Phase 2b clinical trial of simufilam for the treatment of Alzheimer’s disease (the “Phase 2b Study”) and related matters. The SEC also agreed to a settlement with two former senior employees of the Company. Pursuant to these settlements, the U.S. District Court for the Western District of Texas (the “Texas District Court”) entered final consent judgment on October 18, 2024, on a complaint filed by the SEC against the Company and its two former senior employees. The Company has neither admitted nor denied the allegations of the complaint. The SEC’s complaint alleged that certain disclosures by the Company regarding the Phase 2b Study violated certain federal securities laws and SEC rules, including negligence-based disclosure violations of Sections 17(a)(2) and 17(a)(3) of the Securities Act of 1933, as amended (the “Securities Act”), as well as recordkeeping and reporting requirements under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The complaint alleges that the Company’s SEC reports and other public statements regarding the Phase 2b Study negligently contained materially misleading statements and omissions. The SEC’s allegations with respect to the Company’s two former employees relate to these employees’ roles in such disclosures. Under its settlement, the Company consented to a permanent injunction against future violations of Section 17(a) of the Securities Act, Section 13(a)(1) of the Exchange Act and Rules 12b-20, 13a-1, 13a-11 and 13a-13 under the Exchange Act. In addition, the Company paid a civil monetary penalty of $40 million in November 2024.

On February 18, 2026, the DOJ notified the Company that it had closed its inquiry into the Company regarding allegations of research misconduct as described in the indictment in United States v. Wang, 8:24-cr-000211-TDC (D. Md.). As previously disclosed, that indictment was dismissed with prejudice by DOJ on October 23, 2025.

These outcomes end the previously disclosed investigations of the Company by the DOJ and SEC.

Securities Class Actions and Shareholder Derivative Actions

Between August 27, 2021 and October 26, 2021, four putative class action lawsuits were filed alleging violations of the federal securities laws by the Company and certain named officers. The complaints rely on allegations contained in Citizen Petitions submitted to FDA and allege that various statements made by the defendants regarding simufilam were rendered materially false and misleading. The Citizen Petitions were all subsequently denied by FDA. These actions were filed in the Texas District Court. The complaints seek unspecified compensatory damages and other relief on behalf of a purported class of purchasers of the Company’s securities.

On June 30, 2022, a federal judge consolidated the four class action lawsuits into one case (the “Consolidated Securities Action”) and appointed a lead plaintiff and a lead counsel. Lead plaintiff filed a consolidated amended complaint on August 18, 2022 on behalf of a putative class of purchasers of the Company’s securities between September 14, 2020 and July 26, 2022. On May 11, 2023, the Texas District Court dismissed with prejudice plaintiffs’ claims against defendant Nadav Friedmann, PhD, MD, our former Chief Medical Officer and a Company director, who is now deceased, but otherwise denied defendants’ motion to dismiss. Defendants filed an answer to the consolidated amended complaint on July 3, 2023. On February 22, 2024, plaintiffs filed a motion to supplement their complaint to extend the putative class period through October 12, 2023. The Texas District Court granted that Motion on June 12, 2024, and plaintiffs filed a supplemental complaint on June 13, 2024.

On February 2, 2024, a putative class action lawsuit was filed alleging violations of the federal securities law by the Company and certain named officers. The complaint relies on an October 12, 2023 article that describes a purported leaked report of alleged scientific misconduct by a scientific collaborator of the Company at City University of New York (the “CUNY Article”). The complaint alleges that various statements made by the defendants regarding simufilam were rendered materially false and misleading by this article. The action was filed in the U.S. District Court for the Northern District of Illinois (the “Illinois District Court”). The complaint seeks unspecified compensatory damages and other relief on behalf of a purported class of purchasers of the Company’s securities between August 18, 2022 and October 12, 2023. On May 28, 2024, the Illinois District Court transferred this action to the Texas District Court, where it was consolidated into the Consolidated Securities Action.

On November 13, 2024, Plaintiffs in the Consolidated Securities Action filed a second motion to supplement their complaint. On March 13, 2024, plaintiffs filed a Motion for Class Certification. On February 25, 2025, the Texas District Court denied Plaintiff’s motion for class certification without prejudice, explaining that rulings on pending motions, including specifically Plaintiffs’ second motion to supplement their complaint, could affect disposition of class certification. On May 21, 2025, the Texas District Court granted Plaintiffs’ second motion for leave to file a second supplemented complaint and instructed Plaintiffs to refile their motion for class certification. Plaintiffs filed their second supplemental complaint on May 22, 2025, and reasserted their motion for class certification on June 20, 2025. The Texas District Court granted Plaintiffs’ motion for class certification on August 12, 2025. On October 21, 2025, the United States Court of Appeals for the Fifth Circuit agreed to hear Defendants’ interlocutory appeal challenging the District Court order granting class certification. Briefing was completed on April 20, 2026.

The parties to the Consolidated Securities Action engaged in mediation with David M. Murphy of Phillips Alternative Dispute Resolutions Enterprises (the “Mediator”) beginning in May 2025. On December 19, 2025, plaintiffs in the Consolidated Securities Action filed a Final Alternative Dispute Resolution (“ADR”) Report with the Texas District Court as required by Local Rule CV-88(g). As stated in the Final ADR Report, the Company and one of its officers (the “Settling Defendants”) and plaintiffs have accepted a double-blind Mediator’s Recommendation, reflected in a binding term sheet (the “Term Sheet”) pursuant to which the Settling Defendants will pay plaintiffs $31.25 million to achieve a complete settlement of all claims and causes of action that have been or could be asserted by Plaintiffs in exchange for full and complete releases. The Final ADR Report further states that, although defendants Remi Barbier and Lindsay Burns (the “Non-Settling Defendants”), did not execute the Term Sheet, those individuals are indemnified by the Company and under the Term Sheet are entitled to receive full and complete releases along with Settling Defendants upon final approval of a settlement by the Texas District Court.

The Term Sheet provides that the Company will pay a settlement amount equal to $31.25 million, which is expected to be placed into escrow after the Settling Defendants and plaintiffs enter a formal stipulation of settlement. In exchange, the plaintiffs and the class will grant full and complete releases in favor of the Settling Defendants and the Non-Settling Defendants of all of their claims that were or could have been asserted in the Consolidated Securities Action and will dismiss with prejudice the claims asserted against the Non-Settling Defendants. The settlement is not an admission of fault or wrongdoing by the Company or any of the other defendants.

The Settling Defendants and plaintiffs intend to prepare a formal stipulation of settlement and motion for preliminary approval of the settlement describing the terms of the proposed settlement, which will be presented to the Texas District Court for preliminary approval. Following preliminary approval of the proposed settlement by the Texas District Court and a notice and review period for class members, plaintiffs will seek final approval of the proposed settlement from the Texas District Court.

The Company recorded a loss contingency of $31.25 million in accounts payable and other accrued expenses in the Consolidated Balance Sheets at March 31, 2026 and December 31, 2025 relating to the Consolidated Securities Action.

On November 4, 2021, a shareholder derivative action related to the initial four class action lawsuits filed in the Texas District Court was filed, purportedly on behalf of the Company, in the Texas District Court, asserting claims under the U.S. securities laws and state fiduciary duty laws against certain named officers and the members of the Company’s Board. This complaint relies on the allegations made in Citizen Petitions that were submitted to (and subsequently denied by) FDA. The complaint alleges, among other things, that the individual defendants exposed the Company to unspecified damages and securities law liability by causing it to make materially false and misleading statements, in violation of the U.S. securities laws and in breach of their fiduciary duties to the Company. The derivative case seeks, among other things, to recover unspecified compensatory damages on behalf of the Company arising out of the individual defendants’ alleged wrongful conduct. Although the plaintiff in this derivative case does not seek relief against the Company, the Company has certain indemnification obligations to the individual defendants. Between November 4, 2021 and November 9, 2023, five additional shareholder derivative actions were filed alleging substantially similar claims, three in the Texas District Court, one in Texas state court (Travis County District Court) and one in the Delaware Court of Chancery. As of November 12, 2025, the four actions in the Texas District Court are all consolidated into a single action.

Beginning on March 18, 2024, two shareholder derivative actions related to the February 2024 class action lawsuit originally filed in the Illinois District Court were filed, purportedly on behalf of the Company, in the Illinois District Court, asserting claims under the U.S. securities laws and state fiduciary duty laws against certain named officers and the members of the Company’s Board. The complaints rely on the CUNY Article. The complaints allege, among other things, that the individual defendants exposed the Company to unspecified damages and securities law liability by causing it to make materially false and misleading statements, in violation of the U.S. securities laws and in breach of their fiduciary duties to the Company. The derivative cases seek, among other things, to recover unspecified compensatory damages on behalf of the Company arising out of the individual defendant’s alleged wrongful conduct. Although the plaintiffs in these derivative cases do not seek relief against the Company, the Company has certain indemnification obligations to the individual defendants. On September 6, 2024, these two cases were consolidated and stayed pending further developments in the shareholder class action initially filed in the Illinois District Court on February 2, 2024. Due to the stage of the foregoing shareholder derivative actions, the Company is unable to predict the outcome or estimate the amount of loss or range of losses that could potentially result from such derivative lawsuits.

On December 13, 2024, a putative class action lawsuit (the “2024 Securities Class Action”) was filed, purportedly on behalf of the Company, alleging violations of the federal securities law by the Company and certain named officers. The complaint alleged that various statements made by the defendants regarding simufilam were revealed to be materially false and misleading by the release of top-line results for the Company’s RETHINK-ALZ Phase 3 clinical trial on November 25, 2024. The 2024 Securities Class Action was filed in the Texas District Court. The complaint sought unspecified compensatory damages and other relief on behalf of a purported class of purchasers of the Company’s securities between February 7, 2024, and November 24, 2024.

On May 8, 2025, the Court appointed a lead plaintiff and lead counsel for the 2024 Securities Class Action. Lead plaintiff filed an amended complaint on August 25, 2025, on behalf of a putative class of purchasers of the Company’s securities between October 13, 2023 and March 25, 2025. The amended complaint added new officer defendants and additional allegations that various statements made by the defendants regarding simufilam were revealed to be materially false and misleading by disclosures in June 2024 through September 2024. On September 19, 2025, defendants filed a motion to consolidate the 2024 Securities Class Action into the Consolidated Securities Action. Lead plaintiff opposed that motion, and it remains pending.

On November 6, 2025, Defendants moved to dismiss the 2024 Securities Class Action. Lead plaintiff opposed that motion, and it remains pending.

Due to the stage and procedural posture of the 2024 Securities Class Action, the Company is unable to predict the likelihood of an unfavorable outcome in the 2024 Securities Class Action. It is reasonably possible, however, that the Company may incur a loss. The Company is unable to reasonably estimate the amount or range of potential loss at this time.

Subject to the Term Sheet in the Consolidated Securities Action, the Company intends to defend all pending shareholder derivative actions and securities class actions vigorously.

Anti-SLAPP Lawsuit

On August 6, 2024, a lawsuit was filed in the District Court for the Southern District of New York which, as amended and as joined by intervenor plaintiffs, asserts claims, including a claim under the New York Anti-SLAPP Law, against the Company and against two former officers to whom the Company has certain indemnification obligations. The amended complaint and the complaint in intervention seeks costs and damages relating to a defamation action filed by the Company against the plaintiffs and subsequently dismissed voluntarily and without prejudice by the Company. The Company and its two former officers named as defendants have entered comprehensive settlement agreements with the intervenor plaintiffs and another potential plaintiff under which the parties provided mutual releases and the Company paid approximately $2.5 million in October 2025. The Company intends to defend vigorously the claims brought by the remaining plaintiffs.

Litigation Contingencies

In connection with ongoing litigation, the Company has reserved an amount of $32.75 million, including the $31.25 million loss contingency for the Consolidated Securities Action, for potential settlements at March 31, 2026 and December 31, 2025 which was recorded in accounts payable and other accrued expenses. There was no loss contingency expense recorded during the three months ended March 31, 2026. The Company recorded loss continency expenses totaling $3.0 million during the three months ended March 31, 2025. The Company believes that the likelihood of an unfavorable outcome is reasonably possible and has accrued this amount as the best estimate of potential loss. The final outcome of the litigation in which the Company is involved may differ from the reserved amount, and additional losses may be incurred.

The entire disclosure for loss and gain contingencies. Describes any existing condition, situation, or set of circumstances involving uncertainty as of the balance sheet date (or prior to issuance of the financial statements) as to a probable or reasonably possible loss incurred by an entity that will ultimately be resolved when one or more future events occur or fail to occur, and typically discloses the amount of loss recorded or a range of possible loss, or an assertion that no reasonable estimate can be made.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Mar. 31, 2026	May 04, 2026
Document Information [Line Items]
Entity Central Index Key	0001069530
Entity Registrant Name	Filana Therapeutics, Inc.
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2026
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	001-41905
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	91-1911336
Entity Address, Address Line One	6801 N. Capital of Texas Highway, Building 1; Suite 300
Entity Address, City or Town	Austin
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	78731
City Area Code	512
Local Phone Number	501-2444
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	FLNA
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		48,307,896

Note 2 - Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Table Text Block]

	*Three months ended*
	*March 31,*
	*2026*			*2025*
Operating expenses
Research and development	$	(4,544	)	$	(13,666	)
General and administrative		(6,624	)		(10,920	)
Other segment items(a)		837			1,183
Net loss	$	(10,331	)	$	(23,403	)


	*March 31, 2026*		*December 31, 2025*
Cash and cash equivalents	$	86,573	$	95,502

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	*Three months ended*
	*March 31,*
	*2026*			*2025*
Numerator:
Net loss	$	(10,331	)	$	(23,403	)
Denominator:
Shares used in computing net loss per share, basic and diluted		48,308			48,262
Net loss per share, basic and diluted	$	(0.21	)	$	(0.48	)

Dilutive common stock options excluded from net loss per share, diluted		3,972			3,751
Dilutive Performance Awards excluded from net loss per share, diluted		7			7

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

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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Note 6 - Stockholders' Equity and Stock-based Compensation Expense (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement, Activity [Table Text Block]

	*Stock Options*		*Performance Awards*
Outstanding as of December 31, 2025		4,157,094		7,142
Options granted		—		—
Options exercised		—		—
Options forfeited/canceled		—		—
Outstanding as of March 31, 2026		4,157,094		7,142

Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block]

	*Three months ended*
	*March 31,*
	*2026*		*2025*
Research and development	$	1,333	$	2,372
General and administrative		2,736		2,853
Total stock-based compensation expense	$	4,069	$	5,225

Note 3 - Prepaid Expenses and Other Current Assets (Tables)

3 Months Ended

Mar. 31, 2026

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block]

	*March 31,*		*December 31,*
	*2026*		*2025*
Prepaid insurance	$	253	$	493
Contract research organization and other deposits		801		1,530
Interest receivable		117		120
Other		220		64
Total prepaid expenses and other current assets	$	1,391	$	2,207

Note 4 - Real Property and Other Income, Expense - Schedule of Gross Rental Income under Third-party Leases (Details) $ in Millions	Mar. 31, 2026 USD ($)
2026	$ 0.6
2027	0.6
2028	0.5
2029	0.5
2030 and beyond	1.0
Total gross rental income	$ 3.2

Note 6 - Stockholders' Equity and Stock-based Compensation Expense

3 Months Ended

Mar. 31, 2026

Shareholders' Equity and Share-Based Payments [Text Block]

Note 6. Stockholders’ Equity and Stock-Based Compensation Expense

Stock Option and Performance Award Activity in 2026

During the three months ended March 31, 2026, stock options and unvested Performance Awards outstanding under the Company’s stock option plans changed as follows:

	*Stock Options*		*Performance Awards*
Outstanding as of December 31, 2025		4,157,094		7,142
Options granted		—		—
Options exercised		—		—
Options forfeited/canceled		—		—
Outstanding as of March 31, 2026		4,157,094		7,142

The weighted average exercise price per share of options outstanding at March 31, 2026 was $15.01. As outstanding options vest over the current remaining vesting period of 2.2 years, the Company expects to recognize stock-based compensation expense of $19.9 million. If and when outstanding Performance Awards vest, the Company will recognize stock-based compensation expense of $0.1 million over the implicit service period.

During the three months ended March 31, 2026, there were no stock options exercised.

Stock-based Compensation Expense in 2026

During the three months ended March 31, 2026 and 2025, the Company’s stock-based compensation expense was as follows (in thousands):

	*Three months ended*
	*March 31,*
	*2026*		*2025*
Research and development	$	1,333	$	2,372
General and administrative		2,736		2,853
Total stock-based compensation expense	$	4,069	$	5,225

The Company estimates forfeitures for each award in determining stock-based compensation expense. There were no estimated forfeitures during the three months ended March 31, 2026. The Company recorded $0.8 million of estimated forfeitures during the three months ended March 31, 2025.

2018 Equity Incentive Plan

The Company’s Board of Directors (the “Board”) or a designated committee of the Board is responsible for administration of the Company’s 2018 Omnibus Incentive Plan, as amended in May 2022 (the “2018 Plan”) and determines the terms and conditions of each option granted, consistent with the terms of the 2018 Plan. The Company’s employees, directors, and consultants are eligible to receive awards under the 2018 Plan, including grants of stock options and Performance Awards. Share-based awards generally expire 10 years from the date of grant. The 2018 Plan provides for issuance of up to 5,000,000 shares of common stock, par value $0.001 per share, subject to adjustment as provided in the 2018 Plan.

When stock options or Performance Awards are exercised net of the exercise price and taxes, the number of shares of stock issued is reduced by the number of shares equal to the amount of taxes owed by the award recipient and that number of shares are cancelled. The Company then uses its cash to pay tax authorities the amount of statutory taxes owed by and on behalf of the award recipient.

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 86,573	$ 95,502
Prepaid expenses and other current assets	1,391	2,207
Total current assets	87,964	97,709
Property and equipment, net	20,403	20,646
Total assets	108,367	118,355
Current liabilities:
Accounts payable and accrued expenses	39,189	41,647
Accrued development expense	605	364
Accrued compensation and benefits	246	1,625
Other current liabilities	75	198
Total current liabilities	40,115	43,834
Other non-current liabilities	111	118
Total liabilities	40,226	43,952
Commitments and contingencies (Notes 8, 9 and 10)
Stockholders' equity:
Preferred stock, $0.001 par value; 10,000,000 shares authorized, none issued and outstanding	0	0
Common stock, $0.001 par value; 120,000,000 shares authorized; 48,307,896 shares issued and outstanding at March 31, 2026 and December 31, 2025	48	48
Additional paid-in capital	574,508	570,439
Accumulated deficit	(506,415)	(496,084)
Total stockholders' equity	68,141	74,403
Total liabilities and stockholders' equity	$ 108,367	$ 118,355

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Research and development	$ 4,544	$ 13,666
General and administrative	6,624	10,920
Total operating expenses	11,168	24,586
Operating loss	(11,168)	(24,586)
Interest income	789	1,265
Other income (loss), net	48	(82)
Net loss	$ (10,331)	$ (23,403)
Net loss per share, basic and diluted (in dollars per share)	$ (0.21)	$ (0.48)

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

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The net result for the period of deducting operating expenses from operating revenues.

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Note 9 - 2020 Cash Incentive Bonus Plan

3 Months Ended

Mar. 31, 2026

Cash Incentive Bonus Plan [Text Block]

Note 9. 2020 Cash Incentive Bonus Plan

In August 2020, the Board approved the CIB Plan. The CIB Plan was subsequently amended, as described below on March 6, 2025. The CIB Plan was established as an “at-risk” cash bonus program that would reward CIB Plan participants with additional cash compensation in lockstep with significant increases in the Company’s market valuation (as measured by market capitalization or potential merger consideration). The CIB Plan is considered “at-risk” because CIB Plan participants will not receive a cash bonus unless the Company’s market valuation increases significantly and certain other conditions specified in the CIB Plan are met. Specifically, CIB Plan participants will not be paid any cash bonuses unless (1) the Company completes a merger or acquisition transaction that constitutes a sale of ownership of the Company or its assets (a Merger Transaction) or (2) the Compensation Committee of the Board (the Compensation Committee) determines the Company has sufficient cash on hand, as defined in the CIB Plan. CIB Plan participants will be paid all earned cash bonuses allocated under the CIB Plan in the event of a Merger Transaction.

Because of the inherent discretion and uncertainty regarding the CIB Plan requirements, the Company has concluded that a CIB Plan grant date has not occurred as of March 31, 2026.

The Company’s market valuation for purposes of the CIB Plan is determined based on either (1) the closing price of one share of the Company's common stock on the Nasdaq Capital Market multiplied by the total issued and outstanding shares and options to purchase shares of the Company, or (2) the aggregate consideration payable to security holders of the Company in a Merger Transaction. This constitutes a market condition under applicable accounting guidance.

The CIB Plan (as amended March 6, 2025) triggers a potential cash bonus each time the Company’s market valuation increases significantly, up to a maximum $5 billion in market capitalization (or up to a maximum $8 billion in merger consideration). The CIB Plan specifies incremental amounts between $200 million and $5 billion in market capitalization (or $8 billion in merger consideration) (each increment, a “Valuation Milestone”). Each Valuation Milestone triggers a potential cash bonus award in a pre-set amount defined in the CIB Plan. Each Valuation Milestone based on market capitalization must be achieved and maintained for no less than 20 consecutive trading days for CIB Plan participants to be eligible for a potential cash bonus award (the “Market Capitalization Conditions”).

Payment of cash bonuses is deferred until such time as (1) the Company completes a Merger Transaction, or (2) the Compensation Committee determines the Company has sufficient cash on hand to render payment (each, a “Performance Condition”), neither of which may ever occur. Accordingly, CIB Plan participants may never be paid a cash bonus that is awarded under the CIB Plan, even if the Company’s market capitalization increases significantly.

The CIB Plan is accounted for as a liability award. The fair value of each Valuation Milestone award will be determined once a grant date occurs and will be remeasured each reporting period. Compensation expense associated with the CIB Plan will be recognized over the expected achievement period for each of the Valuation Milestones, when a Performance Condition is considered probable of being met.

In October 2020, the Company achieved the first Valuation Milestone based on market capitalization. Subsequently in 2020, the Compensation Committee approved a potential cash bonus award of $6.5 million in total for all CIB Plan participants (after taking into account a March 2023 CIB Plan amendment), subject to future satisfaction of a Performance Condition. There is no continuing service requirement for CIB Plan participants once the Compensation Committee approves a cash bonus award.

During the year ended December 31, 2021, the Company achieved 11 additional Valuation Milestones based on market capitalization. The achievement of these 11 milestones in 2021 triggered a non-discretionary potential Company obligation to the Company’s Chairman, President and CEO (assuming such person holds all three such offices) of $74.3 million (after taking into account a March 2023 CIB Plan amendment) and contingent upon future satisfaction of a Performance Condition. However, no compensation expense has been recorded and no payments have been made since no grant date has occurred and no Performance Conditions are considered probable of being met.

No Valuation Milestones were achieved during the three months ended March 31, 2026 and the years ended December 31, 2025, 2024, 2023 and 2022.

On February 13, 2025, the Compensation Committee concluded that no discretionary cash bonus amounts would be awarded for the 11 Valuation Milestones achieved in 2021 nor for any remaining CIB Plan Valuation Milestones which have not been achieved. Thus, the only CIB Plan participant who could be eligible for cash bonus amounts based on future Valuation Milestone achievement is the Chairman, President and CEO (assuming such person holds all three such offices), providing that, other than in connection with a Merger Transaction, no bonus payments will be made to such person unless and until the U.S. Food and Drug Administration has approved simufilam for any indication.

As discussed in Note 10, on January 24, 2025, the Delaware Court of Chancery entered a Final Order and Judgment approving the Stipulation and dismissing an action related to the CIB Plan with prejudice. The Final Order and Judgment required the Company to further amend the CIB Plan, as provided in the Stipulation, which was completed on March 6, 2025. The March 6, 2025 Amendment specifies that upon the occurrence of a Merger Transaction, the Chairman, President and CEO (assuming such person holds all three such offices) will not be entitled to any payments in respect of any Market Capitalization Conditions, but will instead be entitled to receive a bonus payment based upon the Merger Transaction only. Cash bonuses to the Chairman, President and CEO (assuming such person holds all three offices) are not subject to discretionary allocation under the CIB Plan. No person currently holds all three offices of Chairman, President and CEO.

No actual cash payments were authorized or made to participants under the CIB Plan through March 31, 2026 and the date of filing of this Quarterly Report on Form 10-Q.

Note 7 - Income Taxes

3 Months Ended

Mar. 31, 2026

Income Tax Disclosure [Text Block]

Note 7. Income Taxes

The Company did not provide for income taxes during the three months ended March 31, 2026 because it has projected a taxable net loss for the full year 2026 for which any benefit will be offset by an increase in the valuation allowance. There was also no provision for income taxes for the three months ended March 31, 2025.

The entire disclosure for income tax.

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Note 5 - Property and Equipment (Tables)

3 Months Ended

Mar. 31, 2026

Property, Plant, and Equipment [Table Text Block]

	*March 31,*			*December 31,*
	*2026*			*2025*
Land	$	3,734		$	3,734
Buildings		15,980			15,980
Site improvements		494			494
Tenant improvements		3,468			3,468
Furniture and equipment		891			891
Construction in progress		25			25
Other		181			193
Gross property and equipment	$	24,773		$	24,785
Accumulated depreciation		(4,370	)		(4,139	)
Property and equipment, net	$	20,403		$	20,646

Note 8 - Commitments (Details Textual) - USD ($) $ in Millions	Mar. 31, 2026	Feb. 26, 2025
Yale University [Member] \| License Agreement [Member]
Other Commitment		$ 4.5
Simufilam Active Ingredient [Member]
Supply Commitment, Remaining Minimum Amount Committed	$ 0.4

Note 6 - Stockholders' Equity and Stock-based Compensation Expense (Details Textual) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
	May 05, 2022	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price (in dollars per share)		$ 15.01
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted-Average Remaining Contractual Term (Year)		2 years 2 months 12 days
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount		$ 19,900
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period (in shares)		(0)
Share-based Compensation Expense, Estimated Forfeitures		$ 0	$ 800
Common Stock, Par or Stated Value Per Share (in dollars per share)		$ 0.001		$ 0.001
The 2018 Equity Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year)	10 years
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares)	5,000,000
Common Stock, Par or Stated Value Per Share (in dollars per share)	$ 0.001
Share-Based Payment Arrangement, Option [Member]
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount		$ 100
Stock Options Net Settled in Satisfaction of the Exercise Price [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period (in shares)		0

Note 5 - Property and Equipment

3 Months Ended

Mar. 31, 2026

Property, Plant, and Equipment [Text Block]

Note 5. Property and equipment

The components of property and equipment, net, as of March 31, 2026 and December 31, 2025 were as follows (in thousands):

	*March 31,*			*December 31,*
	*2026*			*2025*
Land	$	3,734		$	3,734
Buildings		15,980			15,980
Site improvements		494			494
Tenant improvements		3,468			3,468
Furniture and equipment		891			891
Construction in progress		25			25
Other		181			193
Gross property and equipment	$	24,773		$	24,785
Accumulated depreciation		(4,370	)		(4,139	)
Property and equipment, net	$	20,403		$	20,646

Depreciation expense for property and equipment was $0.2 million for the three months ended March 31, 2026 and 2025.

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.

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Note 1 - General and Liquidity

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

Note 1. General and Liquidity

Filana Therapeutics, Inc. and its wholly-owned subsidiary (collectively referred to as the “Company”) discovers and develops proprietary pharmaceutical product candidates that may offer significant improvements to patients and healthcare professionals. The Company currently focuses its discovery and product development efforts on disorders of the nervous system.

The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and pursuant to the instructions to the Quarterly Report on Form 10-Q and Article 10 of Regulation S-X. All intercompany transactions and balances have been eliminated in consolidation. Accordingly, the condensed consolidated financial statements do not include all of the information and footnotes required by GAAP for complete consolidated financial statements. In the opinion of management of the Company, all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2026 are not necessarily indicative of the results that may be expected for any other interim period or for the year 2026. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

Liquidity

The Company has incurred significant net losses and negative cash flows since inception, and as a result has an accumulated deficit of $506.4 million at March 31, 2026. The Company expects its cash requirements to be significant in the future. The amount and timing of the Company’s future cash requirements will depend on regulatory and market acceptance of its product candidates and the resources it devotes to researching and developing, formulating, manufacturing, commercializing and supporting its products. The Company may seek additional funding through public or private financing in the future, if such funding is available and on terms acceptable to the Company. There are no assurances that additional financing will be available on favorable terms, or at all. However, management believes that the current working capital position will be sufficient to meet the Company’s working capital needs for at least the next 12 months.

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities:
Net loss	$ (10,331)	$ (23,403)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	4,069	5,225
Depreciation and amortization	243	220
Changes in operating assets and liabilities:
Prepaid and other current assets	867	5,135
Accounts payable and accrued expenses	(2,458)	538
Accrued development expense	241	1,637
Accrued compensation and benefits	(1,379)	(502)
Other liabilities	(130)	(186)
Net cash used in operating activities	(8,878)	(11,336)
Cash flows from financing activities:
2025 ATM program offering costs	(51)	0
Proceeds from issuance of common stock upon exercise of stock options	0	90
Net cash (used in) provided by financing activities	(51)	90
Net decrease in cash and cash equivalents	(8,929)	(11,246)
Cash and cash equivalents at beginning of period	95,502	128,574
Cash and cash equivalents at end of period	$ 86,573	$ 117,328

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	120,000,000	120,000,000
Common stock, shares issued (in shares)	48,307,896	48,307,896
Common stock, shares outstanding (in shares)	48,307,896	48,307,896

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

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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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

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

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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General and administrative

Note 3 - Prepaid Expenses and Other Current Assets - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Prepaid insurance	$ 253	$ 493
Contract research organization and other deposits	801	1,530
Interest receivable	117	120
Other	220	64
Total prepaid expenses and other current assets	$ 1,391	$ 2,207

Note 2 - Significant Accounting Policies - Summary of CODM Segments (Details) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Dec. 31, 2025

Research and development

$ 4,544

$ 13,666

6,624

10,920

Net loss

(10,331)

(23,403)

Cash and cash equivalents

86,573

$ 95,502

CODM Monitoring [Member]

Research and development

(4,544)

(13,666)

General and administrative

(6,624)

(10,920)

Other segment items

^[1]

837

$ 1,183

Cash and cash equivalents

$ 86,573

$ 95,502

[1]	Other segment items include interest income, other income (loss), net and gain from change in fair value of warrant liabilities (in 2024 only).

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

Use of Estimates, Policy [Policy Text Block]

Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Use of Estimates

Cash and Cash Equivalents, Policy [Policy Text Block]

Cash and Cash Equivalents and Concentration of Credit Risk

Fair Value Measurement, Policy [Policy Text Block]

Fair Value Measurements

●

Level 1 includes quoted prices in active markets.

●

Level 3 includes unobservable inputs that are supported by little or no market activity. The Company does not have any financial instruments where the fair value is based on Level 3 inputs.

Segment Reporting, Policy [Policy Text Block]

Business Segments

The following table summarizes expenses by category regularly reviewed by the CODM (in thousands):

	*Three months ended*
	*March 31,*
	*2026*			*2025*
Operating expenses
Research and development	$	(4,544	)	$	(13,666	)
General and administrative		(6,624	)		(10,920	)
Other segment items(a)		837			1,183
Net loss	$	(10,331	)	$	(23,403	)

(a) Other segment items include interest income and other income (loss), net.

The following table summarizes assets regularly reviewed by the CODM (in thousands):


	*March 31, 2026*		*December 31, 2025*
Cash and cash equivalents	$	86,573	$	95,502

For the three months ended March 31, 2026 and 2025, the net cash used in operating activities was $8.9 million and $11.3 million, respectively.

Stock-based Compensation

Earnings Per Share, Policy [Policy Text Block]

Net Loss per Share

	*Three months ended*
	*March 31,*
	*2026*			*2025*
Numerator:
Net loss	$	(10,331	)	$	(23,403	)
Denominator:
Shares used in computing net loss per share, basic and diluted		48,308			48,262
Net loss per share, basic and diluted	$	(0.21	)	$	(0.48	)

Dilutive common stock options excluded from net loss per share, diluted		3,972			3,751
Dilutive Performance Awards excluded from net loss per share, diluted		7			7

Fair Value of Financial Instruments, Policy [Policy Text Block]

Fair Value of Financial Instruments

Research and Development Expense, Policy [Policy Text Block]

Research Contracts, Prepaids and Accruals

Share-Based Payment Arrangement [Policy Text Block]

Incentive Bonus Plan

Property, Plant, and Equipment [Policy Text Block]

Property and Equipment

Income Tax, Policy [Policy Text Block]

Income Taxes

New Accounting Pronouncements, Policy [Policy Text Block]

Recently Issued Accounting Pronouncements

Note 2 - Significant Accounting Policies - Calculation of Net Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Net loss	$ (10,331)	$ (23,403)
Shares used in computing net loss per share, basic and diluted	$ 48,308	$ 48,262
Net loss per share, basic and diluted (in dollars per share)	$ (0.21)	$ (0.48)
Share-Based Payment Arrangement, Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	3,972	3,751
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	7	7

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Share-Based Payment Arrangement, Employee [Member] Common Stock [Member]	Share-Based Payment Arrangement, Employee [Member] Additional Paid-in Capital [Member]	Share-Based Payment Arrangement, Employee [Member] Retained Earnings [Member]	Share-Based Payment Arrangement, Employee [Member]	Share-Based Payment Arrangement, Nonemployee [Member] Common Stock [Member]	Share-Based Payment Arrangement, Nonemployee [Member] Additional Paid-in Capital [Member]	Share-Based Payment Arrangement, Nonemployee [Member] Retained Earnings [Member]	Share-Based Payment Arrangement, Nonemployee [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance (in shares) at Dec. 31, 2024									48,203,179
Balance at Dec. 31, 2024									$ 48	$ 550,767	$ (405,111)	$ 145,704
Stock options for employees	$ 0	$ 5,189	$ 0	$ 5,189	$ 0	$ 36	$ 0	$ 36
Issuance of common stock pursuant to exercise of stock options (in shares)									104,717
Issuance of common stock pursuant to exercise of stock options									$ 0	90	0	90
Net loss									$ 0	0	(23,403)	(23,403)
Balance (in shares) at Mar. 31, 2025									48,307,896
Balance at Mar. 31, 2025									$ 48	556,082	(428,514)	127,616
Balance (in shares) at Dec. 31, 2025									48,307,896
Balance at Dec. 31, 2025									$ 48	570,439	(496,084)	$ 74,403
Stock options for employees	$ 0	$ 4,053	$ 0	$ 4,053	$ 0	$ 16	$ 0	$ 16
Issuance of common stock pursuant to exercise of stock options (in shares)												(0)
Net loss									$ 0	0	(10,331)	$ (10,331)
Balance (in shares) at Mar. 31, 2026									48,307,896
Balance at Mar. 31, 2026									$ 48	$ 574,508	$ (506,415)	$ 68,141

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

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

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

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

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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Note 5 - Property and Equipment - Components of Property and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Gross property and equipment	$ 24,773	$ 24,785
Accumulated depreciation	(4,370)	(4,139)
Property and equipment, net	20,403	20,646
Land [Member]
Gross property and equipment	3,734	3,734
Building [Member]
Gross property and equipment	15,980	15,980
Building Improvements [Member]
Gross property and equipment	494	494
Leasehold Improvements [Member]
Gross property and equipment	3,468	3,468
Furniture and Fixtures [Member]
Gross property and equipment	891	891
Construction in Progress [Member]
Gross property and equipment	25	25
Property, Plant and Equipment, Other Types [Member]
Gross property and equipment	$ 181	$ 193

Note 4 - Real Property and Other Income, Expense (Tables)

3 Months Ended

Mar. 31, 2026