0001193125-26-344661 | 10-Q | XBRL Viewer | Bridgebio Oncology Therapeutics INC

Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Shares Reserved for Issuance

The Company had the following shares reserved for issuance:


	June 30,		December 31,
	2026		2025
Common stock options issued and outstanding		12,600,655		9,035,498
Restricted Stock Units ("RSU"s) unvested and expected to vest		282,400		—
Shares available for issuance under the stock option and incentive plan		748,841		459,417
Shares available for issuance under the employee stock purchase plan		1,808,313		895,607
Shares available for issuance under the inducement plan		948,915		1,046,940
Total		16,389,124		11,437,462

Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares	Jun. 30, 2026	Dec. 31, 2025
Class of Stock [Line Items]
Preferred stock, par value (in Dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in Dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	80,115,002	79,991,768
Common shares, shares outstanding	80,115,002	79,991,768
Redeemable convertible preferred stock
Class of Stock [Line Items]
Preferred stock, par value (in Dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	0	0
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0

Commitments and Contingencies	6 Months Ended
Jun. 30, 2026
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	7. Commitments and Contingencies Other Research and Development Agreements We may enter into contracts in the normal course of business with contract research organizations for clinical trials, contract manufacturing organizations for clinical supplies, and other vendors for preclinical studies, supplies, and other services and products for operating purposes. These contracts generally provide for termination on notice with potential termination charges. Cash Bonus with Performance Conditions In May 2024, the Company committed to making a $3.0 million cash payment to an executive contingent upon the consummation of an equity financing, a change in control transaction, an initial public offering, or a reverse merger with a SPAC. The Company recorded a $3.0 million performance cash bonus payment to the executive upon closing of the de-SPAC Transaction, which was paid during the three months ended September 30, 2025. There have been no other cash bonuses with performance conditions recorded or paid during the three and six months ended June 30, 2026. Indemnification In the ordinary course of business, we may provide indemnifications of varying scope and terms to vendors, lessors, business partners, Board members, officers, and other parties with respect to certain matters, including, but not limited to, losses arising out of breach of such agreements, services to be provided by us, our negligence or willful misconduct, violations of law, or intellectual property infringement claims made by third parties. No material demands have been made upon us to provide indemnification under such agreements, and thus, there are no claims that we are aware of that could have a material effect on our condensed consolidated financial statements. Contingencies Liabilities for loss contingencies arising from claims, assessments, litigation, fines, penalties, and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. There are no matters currently outstanding for which any liabilities have been accrued. The Company is not currently involved in any legal actions that could have a material effect on the Company’s financial position, results of operations, or liquidity

Commitments and Contingencies

6 Months Ended

Jun. 30, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

7. Commitments and Contingencies

Other Research and Development Agreements

We may enter into contracts in the normal course of business with contract research organizations for clinical trials, contract manufacturing organizations for clinical supplies, and other vendors for preclinical studies, supplies, and other services and products for operating purposes. These contracts generally provide for termination on notice with potential termination charges.

Cash Bonus with Performance Conditions

In May 2024, the Company committed to making a $3.0 million cash payment to an executive contingent upon the consummation of an equity financing, a change in control transaction, an initial public offering, or a reverse merger with a SPAC. The Company recorded a $3.0 million performance cash bonus payment to the executive upon closing of the de-SPAC Transaction, which was paid during the three months ended September 30, 2025. There have been no other cash bonuses with performance conditions recorded or paid during the three and six months ended June 30, 2026.

Indemnification

In the ordinary course of business, we may provide indemnifications of varying scope and terms to vendors, lessors, business partners, Board members, officers, and other parties with respect to certain matters, including, but not limited to, losses arising out of breach of such agreements, services to be provided by us, our negligence or willful misconduct, violations of law, or intellectual property infringement claims made by third parties. No material demands have been made upon us to provide indemnification under such agreements, and thus, there are no claims that we are aware of that could have a material effect on our condensed consolidated financial statements.

Contingencies

Liabilities for loss contingencies arising from claims, assessments, litigation, fines, penalties, and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. There are no matters currently outstanding for which any liabilities have been accrued. The Company is not currently involved in any legal actions that could have a material effect on the Company’s financial position, results of operations, or liquidity

Stock-Based Compensation

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

10. Stock-Based Compensation

Stock-based compensation is included under the following expense categories presented in the condensed consolidated statements of operations (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Research and development	$	2,387	$	612	$	4,325	$	1,052
General and administrative		4,840		263		6,773		450
Total	$	7,227	$	875	$	11,098	$	1,502

Common Stock Options Issued and Other Equity-Based Awards Issued by the Company

2016 Equity Incentive Plan

In January 2017, the Company adopted the 2016 Equity Incentive Plan (“2016 Plan”). The 2016 Plan provides for the grant of stock-based incentive awards, including common stock options and other forms of stock-based compensation. Any cancelled or forfeited awards under the 2016 Plan become available for future issuances. As of June 30, 2026, no shares were reserved for future issuance under the 2016 Plan.

2025 Stock Option and Incentive Plan

In August 2025, the Company adopted the 2025 Stock Option and Incentive Plan (“2025 Plan”). The 2025 Plan provides for the grant of equity and equity-based incentive awards, such as stock options and other forms of stock-based compensation, to officers, employees, directors, and consultants. Any cancelled or forfeited awards under the 2025 Plan become available for future issuances. As of June 30, 2026, there were 748,841 shares available for future grants under the 2025 Plan.

2025 Employee Stock Purchase Plan

In August 2025, the Company adopted the 2025 Employee Stock Purchase Plan (“ESPP”). Under the ESPP, eligible employees may purchase shares of BBOT’s common stock through payroll deductions at a price equal to 85% of the fair market value of the common stock on the offering date or the exercise date, whichever is less. As of June 30, 2026, there were 1,808,313 shares available for future grants under the ESPP.

2025 Inducement Plan

In October 2025, the Company adopted the 2025 Inducement Plan (“2025 Inducement Plan”) to be used for grants of equity-based awards to individuals who were not previously its employees or directors as an inducement for entry into employment. Any cancelled or forfeited awards under the 2025 Inducement Plan become available for future issuances. As of June 30, 2026, there were 948,915 shares available for future grants under the 2025 Inducement Plan.

Outstanding Common Stock Options

The Company had the following common stock options outstanding:


	Number of Options			Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value (In thousands)
Outstanding as of December 31, 2025		9,035,498		$	7.79		9.0	$	42,771
Granted		5,474,018			9.75
Exercised		(105,882	)		4.28
Forfeited and cancelled		(1,802,979	)		9.57
Outstanding as of June 30, 2026		12,600,655		$	8.42		8.9	$	10,619
Exercisable as of June 30, 2026		2,959,771		$	6.80		8.0	$	5,516

The aggregate intrinsic value in the above table is calculated as the difference between the estimated fair value of the Company’s common stock and the exercise price of the underlying stock options as of each reporting date.

As of June 30, 2026, a total of 1,730,153 common stock options included provisions for accelerated vesting in connection with a qualified change in control of the Company. These instruments included 1,507,214 options, with vesting if the grantee is terminated without cause, as defined in the 2016 Plan, or for good reason, as defined in the grant terms, within 12 months following such a transaction. The remaining 222,939 options vest immediately upon the occurrence of a qualified change in control, excluding events such as an initial public offering or other bona fide financing transactions. The closing of the de-SPAC Transaction described in Note 1 did not constitute a qualified change in control event under these definitions.

The weighted-average grant-date fair value of common stock options granted during the six months ended June 30, 2026 was $6.52 per share. The weighted-average grant-date fair value of common stock options vested and forfeited during the six months ended June 30, 2026 was $4.48 and $6.51 per share, respectively. As of June 30, 2026, there was $55.5 million of unrecognized stock-based compensation related to unvested common stock options, which is expected to be recognized over a weighted-average period of 3.5 years.

The fair value of stock options granted during the six months ended June 30, 2026 and 2025 were estimated at the grant date using the Black-Scholes option pricing model based on the following assumptions:


	Six Months Ended June 30,
	2026	2025
Expected term, years	5.50 - 6.08	5.66 - 6.08
Expected volatility	70.29% - 74.03%	71.3% - 71.9%
Expected dividends	—	—
Risk-free interest rate	3.8% - 4.2%	3.8%

Extension of Exercise Period

In April 2026, the Company extended the post-termination exercise period of certain vested stock option awards held by former executives. The Company accounted for the extension as a modification of existing awards under ASC Topic 718 and determined the incremental fair value associated with the modification using a Black Scholes option pricing model as of the modification date. The Company recognized incremental stock-based compensation expense of $2.0 million during the three months ended June 30, 2026.

Restricted Stock Units

Activity under the 2025 Plan with respect to the Company’s RSUs during the six months ended June 30, 2026 was as follows:


	Number of Shares			Weighted-Average Grant Date Fair Value
Outstanding as of December 31, 2025		—		$	—
Granted		368,470			10.19
Vested and released		(22,983	)		10.19
Forfeited and cancelled		(63,087	)		10.19
Unvested and expected to vest at June 30, 2026		282,400		$	10.19

As of June 30, 2026, there was $2.7 million of total unrecognized compensation cost related to RSUs that is expected to be recognized over a weighted average period of 3.5 years.

Net Loss Per Share Attributable to Common Stockholders

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Net Loss Per Share Attributable to Common Stockholders

11. Net Loss Per Share Attributable to Common Stockholders

The following common stock equivalents were excluded from the computation of diluted net loss per share as their impact would have been anti-dilutive:


	As of June 30,
	2026		2025
Common stock options issued and outstanding		12,600,655		4,094,802
Unvested RSUs of common stock		282,400		—
Redeemable convertible preferred stock on an as-converted into common stock basis		—		38,874,375
Total		12,883,055		42,969,177

Fair Value Measurements and Disclosures - Schedule of Amortized Cost and Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Fair Value Measurements [Line Items]
Amortized Cost Basis	$ 291,026
Gross Unrealized Gains	7
Gross Unrealized Losses	(966)
Estimated Fair Value, Short Term	171,648	$ 51,773
Estimated Fair Value, Long Term	118,419	0
Estimated Fair Value	290,067
Short-Term Marketable Securities
Fair Value Measurements [Line Items]
Amortized Cost Basis	171,865	51,757
Gross Unrealized Gains	4	20
Gross Unrealized Losses	(221)	(4)
Estimated Fair Value, Short Term	171,648	51,773
Short-Term Marketable Securities \| Commercial Paper
Fair Value Measurements [Line Items]
Amortized Cost Basis	10,321	7,311
Gross Unrealized Gains	0	2
Gross Unrealized Losses	(21)	0
Estimated Fair Value, Short Term	10,300	7,313
Short-Term Marketable Securities \| Certificated of Deposit
Fair Value Measurements [Line Items]
Amortized Cost Basis	6,234
Gross Unrealized Gains	0
Gross Unrealized Losses	(10)
Estimated Fair Value, Short Term	6,224
Long-Term Marketable Securities
Fair Value Measurements [Line Items]
Amortized Cost Basis	119,161
Gross Unrealized Gains	3
Gross Unrealized Losses	(745)
Estimated Fair Value, Long Term	118,419
Treasury Bills \| Short-Term Marketable Securities
Fair Value Measurements [Line Items]
Amortized Cost Basis	8,000
Gross Unrealized Gains	0
Gross Unrealized Losses	0
Estimated Fair Value, Short Term	8,000
Treasury Bills \| Long-Term Marketable Securities
Fair Value Measurements [Line Items]
Amortized Cost Basis	2,941
Gross Unrealized Gains	0
Gross Unrealized Losses	(41)
Estimated Fair Value, Long Term	2,900
Corporate Debt Securities \| Short-Term Marketable Securities
Fair Value Measurements [Line Items]
Amortized Cost Basis	147,310	44,446
Gross Unrealized Gains	4	18
Gross Unrealized Losses	(190)	(4)
Estimated Fair Value, Short Term	147,124	$ 44,460
Corporate Debt Securities \| Long-Term Marketable Securities
Fair Value Measurements [Line Items]
Amortized Cost Basis	116,220
Gross Unrealized Gains	3
Gross Unrealized Losses	(704)
Estimated Fair Value, Long Term	$ 115,519

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025
Pay vs Performance Disclosure
Net Income (Loss)	$ (56,454)	$ (42,106)	$ (28,435)	$ (22,055)	$ (98,560)	$ (50,490)

- Definition

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

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-Publisher FASB
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+ Details

PIPE Financing and de-SPAC Transaction - The Company's Outstanding Common Stock (Details)	Jun. 30, 2026 shares
Related Party Transactions [Abstract]
Legacy BBOT common stock	38,924,563
Helix common stock subject to redemption prior to the Closing	18,400,000
Redemption of Helix common stock	(7,119,750)
Helix common stock held by the Sponsor	4,648,186
Common stock of Helix issued in the PIPE Financing	24,343,711
Total common stock issued and outstanding	79,196,710

Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) (Additional Information) (Details) - USD ($)	1 Months Ended		6 Months Ended
	Aug. 31, 2025	Apr. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025	Feb. 28, 2025
Class of Stock [Line Items]
Shares authorized			10,000,000		10,000,000
Shares Outstanding			0		0
Common stock, shares authorized			500,000,000		500,000,000
Issuance of Series B redeemable convertible preferred stock, net of issuance costs			$ 0	$ 22,222,000
Debt Instrument, Redemption Price, Percentage	8.00%
Dividends declared or paid			$ 0
Preferred stock, shares authorized			10,000,000		10,000,000
Redeemable convertible preferred stock purchase price			$ 0.0001		$ 0.0001
Common stock, par value (in Dollars per share)			$ 0.0001		$ 0.0001
Redeemable convertible preferred stock included the fair value		$ 3,800,000
Minimum
Class of Stock [Line Items]
Proceeds to net of underwriting discount	$ 100,000,000
Common Stock
Class of Stock [Line Items]
Common stock, shares authorized	510,000,000
Authorized Amount	500,000,000
Common stock, par value (in Dollars per share)	$ 0.0001
Common Stock \| Maximum
Class of Stock [Line Items]
Stock issued shares (in Shares)		44,008,427
Shares issuable under the participation right		44,008,427
Common Stock \| Minimum
Class of Stock [Line Items]
Stock issued shares (in Shares)		41,341,250
Share price per share (in Dollars per share)	$ 17.7109
Shares issuable under the participation right		41,341,250
Preferred Stock
Class of Stock [Line Items]
Shares authorized	10,000,000
Preferred stock, shares authorized	10,000,000
Preferred Stock \| Maximum
Class of Stock [Line Items]
Stock issued shares (in Shares)		38,896,148
Shares issuable under the participation right		38,896,148
Preferred Stock \| Minimum
Class of Stock [Line Items]
Stock issued shares (in Shares)		36,386,702
Shares issuable under the participation right		36,386,702
Series B Preferred Stock
Class of Stock [Line Items]
Preferred Stock Convertible Shares Issuable						21,783
Stock issued shares (in Shares)		2,509,446
Issuance of Series B redeemable convertible preferred stock, net of issuance costs		$ 22,200,000
Shares issuable under the participation right		2,509,446
Redeemable convertible preferred stock
Class of Stock [Line Items]
Shares authorized			0		0
Shares Outstanding			0		0
Preferred stock, shares authorized			0		0
Redeemable convertible preferred stock purchase price			$ 0.0001		$ 0.0001

Fair Value Measurements and Disclosures

6 Months Ended

Jun. 30, 2026

Fair Value Measurements [Abstract]

Fair Value Measurements and Disclosures

4. Fair Value Measurements and Disclosures

The following tables summarize the Company’s assets and liabilities measured at fair value on a recurring basis by level within the valuation hierarchy (in thousands):


	June 30, 2026
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	53,603	$	—	$	—	$	53,603
Total cash equivalents		53,603		—		—		53,603
Short-term marketable securities:
Treasury bills		—		8,000		—		8,000
Commercial paper		—		10,300		—		10,300
Corporate debt securities		—		147,124		—		147,124
Certificates of deposit		—		6,224		—		6,224
Total short-term marketable securities		—		171,648		—		171,648
Long-term marketable securities:
Treasury bills		—		2,900		—		2,900
Corporate debt securities		—		115,519		—		115,519
Total long-term marketable securities		—		118,419		—		118,419
Total marketable securities		—		290,067		—		290,067
Total assets	$	53,603	$	290,067	$	—	$	343,670


	December 31, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	366,348	$	—	$	—	$	366,348
Commercial paper		—		5,484		—		5,484
Total cash equivalents		366,348		5,484		—		371,832
Short-term marketable securities:
Commercial paper		—		7,313		—		7,313
Corporate debt securities		—		44,460		—		44,460
Total short-term marketable securities		—		51,773		—		51,773
Total assets	$	366,348	$	57,257	$	—	$	423,605

Money market funds and short-term "on-the-run" treasuries in cash equivalents, are highly liquid and actively traded marketable securities that generally transact at a stable $1.00 net asset value, representing their estimated fair value. The fair value of these marketable securities is based upon observable market inputs obtained from third-party pricing services. The pricing services use industry-standard valuation models and observable inputs, including reported trades, broker-dealer quotes, bids or offers on the same or similar securities issuer, credit spreads, benchmark securities, prepayment and default projections based on historical data, and other observable inputs.

The Company's participation right liability was settled in full in April 2025 and was no longer outstanding as of December 31, 2025.

The following tables summarize the amortized cost and fair value of the Company’s cash equivalents and marketable securities by major investment category for the periods indicated (in thousands):


	June 30, 2026
	Amortized Cost Basis		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Short-term marketable securities:
Treasury bills	$	8,000	$	—	$	—		$	8,000
Commercial paper		10,321		—		(21	)		10,300
Corporate debt securities		147,310		4		(190	)		147,124
Certificates of deposit		6,234		—		(10	)		6,224
Total short-term marketable securities		171,865		4		(221	)		171,648
Long-term marketable securities:
Treasury bills		2,941		—		(41	)		2,900
Corporate debt securities		116,220		3		(704	)		115,519
Total long-term marketable securities		119,161		3		(745	)		118,419
Total marketable securities	$	291,026	$	7	$	(966	)	$	290,067


	December 31, 2025
	Amortized Cost Basis		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Short-term marketable securities:
Commercial paper	$	7,311	$	2	$	—		$	7,313
Corporate debt securities		44,446		18		(4	)		44,460
Total short-term marketable securities	$	51,757	$	20	$	(4	)	$	51,773

There were no unrealized gains or losses on cash equivalents as of June 30, 2026, and December 31, 2025. As of June 30, 2026 and December 31, 2025, some of the Company's marketable securities were in an unrealized loss position. These unrealized losses were attributable to changes in interest rates and geopolitical factors rather than credit deterioration. Higher Treasury yields reflected changing market expectations for Federal Reserve policy, influenced by persistent inflation concerns and geopolitical developments, including energy market disruptions related to the Middle East conflict. These factors increased required market yields, resulting in lower fair values for the Company's fixed-income investments as of June 30, 2026. The Company's investment portfolio consists primarily of investment-grade corporate debt securities, U.S. treasury securities and commercial paper. Management monitors the credit quality of the portfolio on an ongoing basis and evaluates changes in issuer credit ratings, financial condition and payment performance in assessing expected credit losses. The Company does not intend to sell securities, and it is not more likely than not that it will be required to sell them before recovery of amortized cost, so these losses were considered temporary. All marketable securities with unrealized losses as of each balance sheet date had been in a loss position for less than twelve months. The Company invests in high-quality short-term and long-term marketable securities, all of which have maturities under three years and no history of credit deterioration. No allowance for credit losses was recorded as of June 30, 2026 and December 31, 2025.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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+ Details

In-License and Collaboration Agreements (Additional Information) (Details) - USD ($)
$ / shares in Units, $ in Thousands

1 Months Ended

3 Months Ended

6 Months Ended

Apr. 30, 2025

Mar. 31, 2025

Mar. 31, 2017

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

Dec. 31, 2025

Sep. 30, 2016

Description of Organization and Business Operations [Line Items]

Research and development

^[1]

$ 49,225

$ 27,438

$ 89,027

$ 48,073

Redeemable convertible preferred stock purchase price

$ 0.0001

Research and development expense

^[1]

$ 49,225

27,438

$ 89,027

48,073

Series B Preferred Stock

Description of Organization and Business Operations [Line Items]

Shares issuable under the participation right

2,509,446

Leidos Biomedical Research, Inc. [Member]

Description of Organization and Business Operations [Line Items]

Contract With Customer Liability

$ 1,500

Upfront Fees

1,800

Lawrence Livermore National Security, LLC [Member]

Description of Organization and Business Operations [Line Items]

License Maintenance Fees

100

Cash fees

200

Sublicensing Income

2,000

Maximum [Member]

Description of Organization and Business Operations [Line Items]

Royalty commitments amount

500

Minimum [Member]

Description of Organization and Business Operations [Line Items]

Royalty commitments amount

100

UCSF License [Member]

Description of Organization and Business Operations [Line Items]

Shares Purchase Percentage

10.00%

UCSF License [Member] | Series B Preferred Stock

Description of Organization and Business Operations [Line Items]

Shares issuable under the participation right

2,509,446

Redeemable convertible preferred stock purchase price

$ 8.8554

Leidos CRADA [Member]

Description of Organization and Business Operations [Line Items]

License Maintenance Fees

$ 500

Leidos CRADA [Member] | Leidos Biomedical Research, Inc. [Member]

Description of Organization and Business Operations [Line Items]

Research and development

700

1,300

1,400

2,200

Milestone Payment

500

$ 500

Contract With Customer Liability

25,900

Research and development expense

700

$ 1,300

1,400

2,200

LLNS CRADA [Member]

Description of Organization and Business Operations [Line Items]

Fund Contribution

5,000

LLNS CRADA [Member] | Lawrence Livermore National Security, LLC [Member]

Description of Organization and Business Operations [Line Items]

Research and development

300

Milestone payment

Contract With Customer Liability

21,800

Research and development expense

$ 0

$ 300

[1]	Research and development expenses include related party amounts of $231 and $174 for the three months ended June 30, 2026 and 2025, respectively, and $373 and $438 for the six months ended June 30, 2026 and 2025, respectively.

Leases (Additional Information) (Details) $ in Millions	3 Months Ended		6 Months Ended
Leases (Additional Information) (Details) $ in Millions	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)	Nov. 30, 2024 ft²
Leases [Abstract]
Area of office space \| ft²					10,934
Lease Term					61 months
Renewal Term					4 years
Lessee Operating Lease Description			The lease commenced in March 2025 and will expire in April 2030.
Weighted average remaining lease term	3 years 9 months 18 days		3 years 9 months 18 days
Weighted average remaining lease term discount rate	7.40%		7.40%
Short-term lease costs \| $	$ 0.2	$ 0.2	$ 0.4	$ 0.7

Leases (Tables)

6 Months Ended

Jun. 30, 2026

Leases [Abstract]

Schedule of amortization of Company's lease liabilities

The following table presents the amortization of the Company’s lease liabilities recorded in the condensed consolidated balance sheet as of June 30, 2026 (in thousands):


Fiscal year ended December 31:
2026 (six months)		356
2027		730
2028		755
2029		782
2030		263
Total lease payments	$	2,886
Less: imputed interest		(372	)
Total operating lease liabilities	$	2,514

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Summary of Significant Accounting Policies [Line Items]
Cash	$ 460		$ 460		$ 624
Tax provision	$ 0	$ 0	$ 0	$ 0

- Definition

Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Excludes cash and cash equivalents within disposal group and discontinued operation.

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- Definition

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

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+ Details

Related Party Transactions

6 Months Ended

Jun. 30, 2026

Related Party Relationships

12. Related Party Transactions

Redeemable Convertible Preferred Stock

All shares of the Series Seed redeemable convertible preferred stock and Series A redeemable convertible preferred stock of Legacy BBOT were issued to BridgeBio Pharma and became common stock of the Company upon the Closing of the de-SPAC Transaction.

Common Stock Issued to BridgeBio Pharma

In August 2025, the Company executed an amendment to the transition services agreement with BridgeBio Pharma (“TSA Amendment”). Under the TSA Amendment, BBOT agreed to issue 784,720 shares of the Company’s common stock to BridgeBio Pharma by October 31, 2025 (“TSA Shares”) as a one-time charge related to the Closing of the de-SPAC Transaction. The promise to issue the TSA Shares represented a nonreciprocal transfer since the Company did not receive a commensurate value in exchange for the TSA Shares and was treated as a non-pro-rata distribution to a related party. During the year ended December 31, 2025, the Company recorded $7.8 million, included in general and administrative expenses in the consolidated statements of operations using the closing price of its common stock as of the TSA Amendment date. The promise to issue the TSA Shares was concluded to be equity-classified, and the corresponding credit was recorded to additional paid-in capital. The TSA Shares were issued and became outstanding in October 2025. Under the TSA Amendment, the issuance of the TSA Shares was not contingent on any condition other than the passage of time, and these shares are treated as outstanding for basic and diluted net loss per share calculation purposes from the TSA Amendment date.

Collaborative Arrangement with Related Party

In July 2025, the Company executed a research and collaboration agreement (“RCA”) with a related party (“RCA Party”) to grant a license over its intellectual property with respect to the new indication being developed by the RCA Party (“RCA License”) and perform certain research and development activities (“RCA Service”) intended to achieve an acceptance of an investigational new drug application that will be owned and further developed by the RCA Party. During the three and six months ended June 30, 2026, the Company recognized $0.5 million and $0.7 million, respectively, in connection with the RCA, which is included as a reduction to research and development expenses in the condensed consolidated statement of operations.

Related Party Income and Expenses

During the three and six months ended June 30, 2026, the Company recognized $0.2 million and $0.4 million, respectively, in research and development expenses, and nil and $0.1 million in general and administrative expenses for the three and six months ended June 30, 2026 for services provided by BridgeBio Pharma under the transition services agreement and related amendments.

During the three and six months ended June 30, 2025, the Company recognized $0.2 million and $0.4 million, respectively, in research and development expenses, and $0.2 million and $0.4 million, respectively, in general and administrative expenses for the services provided by BridgeBio Pharma under the transition services agreement.

No related party income from transition services agreements was recognized during the three and six months ended June 30, 2026 or 2025.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Paragraph 1
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Comprehensive loss, net of tax:
Net loss	$ (56,454)	$ (28,435)	$ (98,560)	$ (50,490)
Unrealized gain (loss) on marketable securities	22	(140)	(975)	(297)
Comprehensive loss	$ (56,432)	$ (28,575)	$ (99,535)	$ (50,787)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

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

+ References

+ Details

Summary of Significant Accounting Policies - Schedule of Research and Development Expenses (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

Restricted Cash and Cash Equivalent Item [Line Items]

Total research and development

^[1]

$ 49,225

$ 27,438

$ 89,027

$ 48,073

Research And Development Trials And Consumables Expense [Member]

Restricted Cash and Cash Equivalent Item [Line Items]

Total research and development

37,528

20,008

66,376

33,286

Payroll And Personnel Expenses [Member]

Restricted Cash and Cash Equivalent Item [Line Items]

Total research and development

9,634

5,989

19,089

11,550

Facilities And Other Expenses [Member]

Restricted Cash and Cash Equivalent Item [Line Items]

Total research and development

$ 2,063

$ 1,441

$ 3,562

$ 3,237

[1]	Research and development expenses include related party amounts of $231 and $174 for the three months ended June 30, 2026 and 2025, respectively, and $373 and $438 for the six months ended June 30, 2026 and 2025, respectively.

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Thousands, $ 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

^[1]

$ 49,225

$ 27,438

$ 89,027

$ 48,073

General and administrative

^[2]

10,962

2,655

17,339

5,157

Total operating expenses

60,187

30,093

106,366

53,230

Loss from operations

(60,187)

(30,093)

(106,366)

(53,230)

Other income, net:

Interest income

3,551

1,666

7,495

3,475

Income from transition services agreements

196

419

Change in fair value of participation right liability

(725)

Other income (expense)

(14)

(8)

(108)

(10)

Total other income, net

3,733

1,658

7,806

2,740

Net loss

$ (56,454)

$ (28,435)

$ (98,560)

$ (50,490)

Net loss per share attributable to common stockholders, basic

$ (705.2)

$ (566.46)

$ (1,230.89)

$ (1,168.26)

Net loss per share attributable to common stockholders, diluted

$ (705.2)

$ (566.46)

$ (1,230.89)

$ (1,168.26)

Weighted-average number of shares used in computing net loss per share attributable to common stockholders, basic

80,054

50,198

80,072

43,218

Weighted-average number of shares used in computing net loss per share attributable to common stockholders, diluted

80,054

50,198

80,072

43,218

[1]	Research and development expenses include related party amounts of $231 and $174 for the three months ended June 30, 2026 and 2025, respectively, and $373 and $438 for the six months ended June 30, 2026 and 2025, respectively.
[2]	General and administrative expenses include related party amounts of $39 and $201 for the three months ended June 30, 2026 and 2025, respectively, and $79 and $370 for the six months ended June 30, 2026 and 2025, respectively.

Income Taxes (Additional Information) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Tax Disclosure [Abstract]
Provision for income tax	$ 0	$ 0	$ 0	$ 0

- Definition

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

+ References

+ Details

Fair Value Measurements and Disclosures - Schedule of Probability Weighted Expected Return Method (Details)	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Maximum
Fair Value Measurements [Line Items]
Expected term, years	6 years 29 days	6 years 29 days
Minimum
Fair Value Measurements [Line Items]
Expected term, years	5 years 6 months	5 years 7 months 28 days

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

Stock-Based Compensation - Schedule of stock option activity (Details) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2026 USD ($) $ / shares shares	Dec. 31, 2025 USD ($) $ / shares shares
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Number of Options, Exercised	(222,939)
Outstanding Common Stock Options [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Beginning Balance	9,035,498
Granted	5,474,018
Number of Options, Exercised	(105,882)
Forfeited and cancelled	(1,802,979)
Ending Balance	12,600,655	9,035,498
Exercisable as of June 30, 2026	2,959,771
Beginning Balance \| $ / shares	$ 7.79
Granted \| $ / shares	9.75
Exercised \| $ / shares	4.28
Forfeited and cancelled \| $ / shares	9.57
Ending Balance \| $ / shares	8.42	$ 7.79
Exercisable as of June 30, 2026 \| $ / shares	$ 6.8
Weighted Average Remaining Contractual Term (Years) , Balance	8 years 10 months 24 days	9 years
Exercisable as of June 30, 2026	8 years
Beginning Balance \| $	$ 42,771
Ending Balance \| $	10,619	$ 42,771
Exercisable as of June 30, 2026 \| $	$ 5,516

Fair Value Measurements and Disclosures (Additional Information) (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2026	Dec. 31, 2025
Fair Value Measurements [Line Items]
Allowance for credit losses	$ 0	$ 0
Money market funds
Fair Value Measurements [Line Items]
Net asset value	$ 1
Cash Equivalents
Fair Value Measurements [Line Items]
Unrealized gains or losses on cash equivalents	$ 0	$ 0

- Definition

Net asset value per share or per unit of investments in certain entities that calculate net asset value per share. Includes, but is not limited to, by unit, membership interest, or other ownership interest. Investment includes, but is not limited to, investment in certain hedge funds, venture capital funds, private equity funds, real estate partnerships or funds. Excludes fair value disclosure.

+ References + Details

Leases

6 Months Ended

Jun. 30, 2026

Leases [Abstract]

Leases

9. Leases

In November 2024, the Company entered into an operating lease for approximately 10,934 square feet of office space in South San Francisco, California for 61 months. The Company has the option to renew for an additional four-year term. The renewal option was not reasonably certain to be exercised by the Company and was excluded from the lease term. The lease commenced in March 2025 and will expire in April 2030. The associated lease costs were not material during the three and six months ended June 30, 2026 and 2025, respectively. As of June 30, 2026, the weighted average remaining lease term for the Company’s lease was 3.8 years, and the discount rate used was 7.40%.

The following table presents the amortization of the Company’s lease liabilities recorded in the condensed consolidated balance sheet as of June 30, 2026 (in thousands):


Fiscal year ended December 31:
2026 (six months)		356
2027		730
2028		755
2029		782
2030		263
Total lease payments	$	2,886
Less: imputed interest		(372	)
Total operating lease liabilities	$	2,514

Short-term lease costs were $0.2 million for the three months ended June 30, 2026 and 2025, respectively, and $0.4 million and $0.7 million for the six months ended June 30, 2026 and 2025, respectively.

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2026	Aug. 06, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-41955
Entity Registrant Name	BRIDGEBIO ONCOLOGY THERAPEUTICS, INC.
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	256 E. Grand Avenue
Entity Address, Address Line Two	Suite 104
Entity Address, City or Town	South San Francisco
Entity Address, State or Province	CA
Entity Tax Identification Number	39-3690783
Entity Address, Postal Zip Code	94080
City Area Code	650
Local Phone Number	405-4770
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	BBOT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	true
Entity Small Business	true
Entity Ex Transition Period	false
Entity Shell Company	false
Amendment Flag	false
Document Period End Date	Jun. 30, 2026
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001869105
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		80,174,267

Stock-Based Compensation (Additional Information) (Details) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

6 Months Ended

9 Months Ended

12 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

Sep. 30, 2025

Dec. 31, 2025

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Common Stock Shares Reserved

16,389,124

11,437,462

Common stock, shares issued

80,115,002

79,991,768

General and administrative expenses

^[1]

$ 10,962

$ 2,655

$ 17,339

$ 5,157

Stock options for accelerated vesting

1,730,153

Number of options exercised

222,939

weighted-average grant granted

$ 6.52

Weighted average grant date fair value, Vested

4.48

Weighted average grant date fair value, Forfeited

$ 6.51

Weighted average period, unvested common stock options

3 years 6 months

Incremental stock-based compensation expense

$ 2,000

Restricted Stock Units [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Common Stock Shares Reserved

282,400

Weighted average period, unvested common stock options

3 years 6 months

Unrecognized stock based expense

$ 2,700

BridgeBio Pharma

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

General and administrative expenses

$ 7,800

Stock Option And Incentive Plan [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Common Stock Shares Reserved

748,841

Employee Stock Purchase Plan [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Common Stock Shares Reserved

1,808,313

Reduction in fair valuse percentage

85.00%

Inducement Plan [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Common Stock Shares Reserved

948,915

2016 Plan

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Common Stock Shares Reserved

Number of options vested

1,507,214

Common Stock Options [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Unrecognized stock based expense

$ 55,500

[1]	General and administrative expenses include related party amounts of $39 and $201 for the three months ended June 30, 2026 and 2025, respectively, and $79 and $370 for the six months ended June 30, 2026 and 2025, respectively.

Net Loss Per Share Attributable to Common Stockholders (Tables)

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Schedule of Antidilutive Securities Excluded from Computation of Diluted Net Loss Per Share

The following common stock equivalents were excluded from the computation of diluted net loss per share as their impact would have been anti-dilutive:


	As of June 30,
	2026		2025
Common stock options issued and outstanding		12,600,655		4,094,802
Unvested RSUs of common stock		282,400		—
Redeemable convertible preferred stock on an as-converted into common stock basis		—		38,874,375
Total		12,883,055		42,969,177

Stock-Based Compensation - Summary of Activity under the 2025 Plan with respect to the Company's RSUs (Details) - Restricted Stock Units (RSUs) [Member]	6 Months Ended
	Jun. 30, 2026 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Shares, Beginning Balance \| shares	0
Number of Shares, Granted \| shares	368,470
Number of Shares, Vested and released \| shares	22,983
Number of Shares, Forfeited and cancelled \| shares	63,087
Number of Shares, Ending Balance \| shares	282,400
Weighted Average Grant Date Fair Value, Beginning Balance \| $ / shares
Weighted Average Grant Date Fair Value, Granted \| $ / shares	10.19
Weighted Average Grant Date Fair Value, Vested and released \| $ / shares	10.19
Weighted Average Grant Date Fair Value, Forfeited and cancelled \| $ / shares	10.19
Weighted Average Grant Date Fair Value, Ending Balance \| $ / shares	$ 10.19

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2026

Summary of Significant Accounting Policies [Abstract]

Schedule of Restrictions on Cash and Cash Equivalents

The cash, cash equivalents, and restricted cash balance included the following (in thousands):


	June 30,		December 31,
	2026		2025
Cash	$	460	$	624
Cash equivalents		53,603		373,063
Restricted cash		132		132
Total cash, cash equivalents, and restricted cash	$	54,195	$	373,819

Schedule of Research and Development Expense

The chief operating decision-maker reviews research and development expenses by the following significant categories presented in the table below (in thousands):


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
Research and development trials and consumables expenses	$	37,528	$	20,008	$	66,376	$	33,286
Payroll and personnel expenses		9,634		5,989		19,089		11,550
Facilities and other expenses		2,063		1,441		3,562		3,237
Total research and development	$	49,225	$	27,438	$	89,027	$	48,073

PIPE Financing and de-SPAC Transaction (Tables)

6 Months Ended

Jun. 30, 2026

The Company's Outstanding Common Stock

Immediately after the Closing, the Company’s outstanding common stock included the following components:


	Shares
Legacy BBOT common stock		38,924,563
Helix common stock subject to redemption prior to the Closing		18,400,000
Redemption of Helix common stock		(7,119,750	)
Helix common stock held by the Sponsor		4,648,186
Common stock of Helix issued in the PIPE Financing		24,343,711
Total common stock issued and outstanding		79,196,710

Stock-Based Compensation - Summary of fair value of each option grant estimated throughout year using black-scholes option-pricing model (Details)	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk-free interest rate		3.80%
Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term, years	6 years 29 days	6 years 29 days
Expected volatility	74.03%	71.90%
Risk-free interest rate	4.20%
Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term, years	5 years 6 months	5 years 7 months 28 days
Expected volatility	70.29%	71.30%
Risk-free interest rate	3.80%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Summary of Significant Accounting Policies - Schedule of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2025	Dec. 31, 2024
Restricted Cash and Cash Equivalent Item [Line Items]
Cash	$ 460	$ 624
Cash equivalents	53,603	373,063
Restricted cash	132	132
Total cash, cash equivalents, and restricted cash	$ 54,195	$ 373,819	$ 31,650	$ 30,983

- Definition

+ References

+ Details

Fair Value Measurements and Disclosures - Schedule of Fair Value on Recurring Basis (Details) - USD ($)	Jun. 30, 2026	Dec. 31, 2025
Marketable securities:
Short-term marketable securities	$ 171,648,000	$ 51,773,000
Long-term marketable securities	118,419,000	0
Total marketable securities	290,067,000
Total assets	376,706,000	448,381,000
Liability
Total liabilities	53,594,000	37,285,000
Recurring Basis
Cash equivalents:
Cash and Cash Equivalents, Fair Value Disclosure	53,603,000	371,832,000
Marketable securities:
Short-term marketable securities	171,648,000	51,773,000
Long-term marketable securities	118,419,000
Total marketable securities	290,067,000
Total assets	343,670,000	423,605,000
Recurring Basis \| Treasury Bills
Marketable securities:
Short-term marketable securities	8,000,000
Long-term marketable securities	2,900,000
Recurring Basis \| Corporate Debt Securities
Marketable securities:
Short-term marketable securities	147,124,000	44,460,000
Long-term marketable securities	115,519,000
Money market funds \| Recurring Basis
Cash equivalents:
Cash and Cash Equivalents, Fair Value Disclosure	53,603,000	366,348,000
Commercial Paper \| Recurring Basis
Cash equivalents:
Cash and Cash Equivalents, Fair Value Disclosure		5,484,000
Marketable securities:
Short-term marketable securities	10,300,000	7,313,000
Certificated of Deposit \| Recurring Basis
Marketable securities:
Short-term marketable securities	6,224,000
Level 1 \| Recurring Basis
Cash equivalents:
Cash and Cash Equivalents, Fair Value Disclosure	53,603,000	366,348,000
Marketable securities:
Short-term marketable securities	0	0
Long-term marketable securities	0
Total marketable securities	0
Total assets	53,603,000	366,348,000
Level 1 \| Recurring Basis \| Treasury Bills
Marketable securities:
Short-term marketable securities	0
Long-term marketable securities	0
Level 1 \| Recurring Basis \| Corporate Debt Securities
Marketable securities:
Short-term marketable securities	0	0
Long-term marketable securities	0
Level 1 \| Money market funds \| Recurring Basis
Cash equivalents:
Cash and Cash Equivalents, Fair Value Disclosure	53,603,000	366,348,000
Level 1 \| Commercial Paper \| Recurring Basis
Marketable securities:
Short-term marketable securities	0	0
Level 1 \| Certificated of Deposit \| Recurring Basis
Marketable securities:
Short-term marketable securities	0
Level 2 \| Recurring Basis
Cash equivalents:
Cash and Cash Equivalents, Fair Value Disclosure	0	5,484,000
Marketable securities:
Short-term marketable securities	171,648,000	51,773,000
Long-term marketable securities	118,419,000
Total marketable securities	290,067,000
Total assets	290,067,000	57,257,000
Level 2 \| Recurring Basis \| Treasury Bills
Marketable securities:
Short-term marketable securities	8,000,000
Long-term marketable securities	2,900,000
Level 2 \| Recurring Basis \| Corporate Debt Securities
Marketable securities:
Short-term marketable securities	147,124,000	44,460,000
Long-term marketable securities	115,519,000
Level 2 \| Money market funds \| Recurring Basis
Cash equivalents:
Cash and Cash Equivalents, Fair Value Disclosure	0	0
Level 2 \| Commercial Paper \| Recurring Basis
Cash equivalents:
Cash and Cash Equivalents, Fair Value Disclosure		5,484,000
Marketable securities:
Short-term marketable securities	10,300,000	7,313,000
Level 2 \| Certificated of Deposit \| Recurring Basis
Marketable securities:
Short-term marketable securities	6,224,000
Level 3 \| Recurring Basis
Cash equivalents:
Cash and Cash Equivalents, Fair Value Disclosure	0	0
Marketable securities:
Short-term marketable securities	0	0
Long-term marketable securities	0
Total marketable securities	0
Total assets	0	0
Level 3 \| Recurring Basis \| Treasury Bills
Marketable securities:
Short-term marketable securities	0
Long-term marketable securities	0
Level 3 \| Recurring Basis \| Corporate Debt Securities
Marketable securities:
Short-term marketable securities	0	0
Long-term marketable securities	0
Level 3 \| Money market funds \| Recurring Basis
Cash equivalents:
Cash and Cash Equivalents, Fair Value Disclosure	0	0
Level 3 \| Commercial Paper \| Recurring Basis
Marketable securities:
Short-term marketable securities	0	$ 0
Level 3 \| Certificated of Deposit \| Recurring Basis
Marketable securities:
Short-term marketable securities	$ 0

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2026

Summary of Significant Accounting Policies [Abstract]

Description of the Business

BridgeBio Oncology Therapeutics, Inc. (“BBOT,” the “Company,” “we,” “our,” or “us”), formerly known as Helix Acquisition Corp. II (“Helix”), is a clinical-stage biopharmaceutical company advancing a next-generation pipeline of novel small molecule therapeutics targeting RAS and Phosphoinositide 3-kinase (“PI3K”) malignancies. BBOT is headquartered in South San Francisco, California.

de-SPAC Transaction

On February 28, 2025, TheRas Inc. (“Legacy BBOT”), a privately held Delaware corporation, entered into a definitive business combination agreement (“Business Combination Agreement”) with Helix, a publicly traded special purpose acquisition company (“SPAC”) listed on Nasdaq under the ticker symbol “HLXB.”

On August 11, 2025 (the “Closing”), Helix II Merger Sub, Inc., a wholly owned subsidiary of Helix, merged with and into Legacy BBOT, with Legacy BBOT surviving the merger as a wholly-owned subsidiary of Helix (“Merger”). In connection with the Merger, Helix changed its name to BridgeBio Oncology Therapeutics, Inc., and the combined company became listed on Nasdaq under the new ticker symbol “BBOT” (“de-SPAC Transaction”). Immediately prior to the closing of the de-SPAC Transaction, Helix issued and sold shares of its common stock to investors in a private placement financing for an aggregate purchase price of $260.9 million (“PIPE Financing”).

The de-SPAC Transaction was accounted for as a reverse recapitalization with Legacy BBOT being the accounting acquirer, and Helix identified as the acquired company for accounting purposes (see Note 3). Accordingly, prior to the Closing, all historical financial information presented in the condensed consolidated financial statements represents the balances and activity of Legacy BBOT. At the Closing, each outstanding share of Legacy BBOT common stock was exchanged for shares of BBOT common stock based on a ratio of approximately 0.0889 (“Consideration Ratio”). For periods prior to the Closing, the reported share and per share information has been retroactively adjusted to reflect the Consideration Ratio.

Material Related Party Transactions

BridgeBio Pharma, Inc. is a commercial-stage biopharmaceutical company founded to discover, create, test, and deliver transformative medicines to treat patients who suffer from genetic diseases. BridgeBio Pharma, Inc. and its controlled entities (collectively, “BridgeBio Pharma”) were related parties of Legacy BBOT prior to the Closing and remained related parties of the Company after the Closing. As discussed in Note 12, the Company had material related party transactions with BridgeBio Pharma during the periods presented in these condensed consolidated financial statements.

Basis of Presentation and Principles of Consolidation

These condensed consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States (“US GAAP”) for interim financial information. All costs, as well as assets and liabilities directly associated with the Company’s business activity, are included in the condensed consolidated financial statements. In connection with the de-SPAC Transaction, as the successor entity following the Closing, BBOT became the reporting entity and consolidates the balances and activity of Legacy BBOT. The financial information presented in these condensed consolidated financial statements reflects the balances and results of operations of the combined entity post-Merger. Prior to the Closing, all references to BBOT or the Company are related to the balances and activity of Legacy BBOT. All intercompany balances have been eliminated in consolidation.

These condensed consolidated financial statements have been prepared on the same basis as the audited annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments necessary for the fair presentation of the Company’s financial information. The results for the three and six months ended June 30, 2026 are not necessarily indicative of results to be expected for the year ending December 31, 2026 or for any other future annual or interim period.

From its inception through the issuance of the Series B on April 30, 2024, Legacy BBOT had been majority-owned and controlled by BridgeBio Pharma.

Prior to April 30, 2024, the Company operated as part of BridgeBio Pharma. From inception through April 30, 2024, these condensed consolidated financial statements have been derived from BridgeBio Pharma’s historical accounting records and are presented on a carve-out basis. The condensed consolidated statement of operations includes allocations of certain general and administrative expenses to the Company from BridgeBio Pharma. The allocations have been determined on a reasonable basis. The related transactions are discussed further in Note 12. Following the Series B issuance, no individual investor or related party group held a controlling financial interest in the Company, and BBOT has operated independently from BridgeBio Pharma. Subsequent to April 30, 2024 and prior to the de-SPAC Transaction, the financial information included in these condensed consolidated financial statements relates to Legacy BBOT on a standalone basis.

Liquidity

Since its inception through June 30, 2026, the Company has incurred net losses. As of June 30, 2026, the Company had an accumulated deficit of $455.1 million and incurred net losses of $56.5 million and $28.4 million during the three months ended June 30, 2026 and June 30, 2025, respectively and $98.6 million and $50.5 million for the six months ended June 30, 2026 and 2025, respectively. As of June 30, 2026, the Company had a balance of cash, cash equivalents, and marketable securities of $344.1 million. The Company believes that its existing cash, cash equivalents, and marketable securities will be sufficient to support operations for at least one year from the issuance date of these condensed consolidated financial statements.

The Company expects to incur additional losses and negative cash flows for the foreseeable future as it continues its research and development efforts, advances its product candidates through preclinical and clinical development, enhances its approach and programs, expands its product pipeline, seeks regulatory approval, prepares for commercialization, hires additional personnel, protects its intellectual property, operates as a public company, and grows its business. The Company will need to raise additional capital to support its continuing operations and pursue its long-term business plan, including the development and commercialization of its product candidates if approved. Financing activities may include, but are not limited to, public or private equity offerings, debt financings, potential collaborations, licensing agreements, or other sources. Such activities are subject to significant risks and uncertainties.

Concentration of Credit Risk and Other Risks and Uncertainties

Cash, cash equivalents, marketable securities, and restricted cash are financial instruments that subject us to significant concentrations of credit risk. These financial instruments are held in financial institutions in the United States. At times, the amounts on deposit may exceed federally insured limits. We believe that these financial institutions are financially sound, and, accordingly, minimal credit risk exists with respect to the amounts deposited. The Company has not experienced any credit losses associated with its balances in such accounts through June 30, 2026.

We are subject to certain risks and uncertainties, and we believe that changes in any of the following areas could have a material adverse effect on future financial position or results of operations: ability to obtain future financing, regulatory approval and market acceptance of, and reimbursement for, product candidates, performance of third-party contract research organizations and manufacturers upon which we rely, protection of our intellectual property, litigation or claims against us based on intellectual property, patent, product, regulatory, clinical or other factors, and our ability to attract and retain employees necessary to support our growth.

We depend on third-party manufacturers to supply products for research and development activities in our programs. Specifically, we rely on and expect to continue relying on a small number of manufacturers to supply our requirements for active pharmaceutical ingredients and formulated drugs related to these programs. A significant interruption in the supply of active pharmaceutical ingredients and formulated drugs could adversely affect these programs.

Use of Estimates

The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and disclosure of contingent liabilities at the date of the condensed consolidated financial statements, and the reported amounts of expenses during the reporting period. Significant estimates and assumptions made in the accompanying condensed consolidated financial statements include, but are not limited to:

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Accruals for research and development activities and contingent clinical, development, regulatory, and sales-based milestone payments in our in-licensing agreements,

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The fair value of share-based awards and participation right liability,

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Recoverability of deferred tax assets,

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Allocations of operating expenses, and

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The determination of the incremental borrowing rate used in lease-related calculations.

The Company bases its estimates on historical experience and various other reasonable assumptions. Actual results may differ from those estimates or assumptions.

Cash, Cash Equivalents, and Restricted Cash

The Company considers all highly liquid investments purchased with a maturity of three months or less at the date of purchase to be cash equivalents. As of June 30, 2026, cash and cash equivalents consisted of money market funds. As of December 31, 2025, cash and cash equivalents consisted of money market funds and commercial paper. Restricted cash represented security deposits in the form of a letter of credit issued in connection with the Company’s lease agreement. The cash, cash equivalents, and restricted cash balance included the following (in thousands):


	June 30,		December 31,
	2026		2025
Cash	$	460	$	624
Cash equivalents		53,603		373,063
Restricted cash		132		132
Total cash, cash equivalents, and restricted cash	$	54,195	$	373,819

Marketable Securities

The Company generally invests its excess cash in money market funds and investment grade short to intermediate-term fixed income securities. Such investments are included in cash and cash equivalents, short-term marketable securities or long-term marketable securities on the condensed consolidated balance sheets, and are considered available-for-sale. The Company classifies investments in securities with remaining maturities of less than one year, or where its intent is to use the investments to fund current operations or to make them available for current operations, as short-term investments. The Company classifies investments in securities with remaining maturities of over one year as long-term investments, unless intended to fund current operations.

Our available for-sale securities are carried at fair value with the unrealized gains and losses included in accumulated other comprehensive income as a component of stockholders’ equity until realized. Realized gains and losses are calculated using the specific identification method and recorded as other income (expense) in the condensed consolidated statement of operations.

The Company reports the accrued interest receivable as a component of prepaid and other assets on its condensed consolidated balance sheet, which is presented separately from available-for-sale securities. The Company does not measure an allowance for credit losses on accrued interest receivable and instead writes it off if an issuer defaults or is expected to default on payments.

For available-for-sale securities in an unrealized loss position, the Company first assesses whether it intends to sell, or if it is more likely than not that it will be required to sell, the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income or loss. For available-for-sale securities that do not meet the above criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Company considers the severity of the impairment, changes in interest rates, market conditions, changes to the underlying credit ratings, and forecasted recovery, among other factors. The credit-related portion of unrealized losses and any subsequent improvements are recorded in interest income through an allowance account. Any impairment that has not been recorded through an allowance for credit losses is included in other comprehensive income or loss. No allowance for credit losses has been recorded as of June 30, 2026 or December 31, 2025.

Fair Value Measurements

Assets and liabilities recorded at fair value on a recurring basis in the balance sheets are categorized based on the level of judgment associated with the inputs used to measure their fair values. Fair value is defined as the exchange price that would be received for an asset or an exit price that would be paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The authoritative guidance on fair value measurements establishes a three-tier fair value hierarchy for disclosure of fair value measurements as follows:

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Level 1 - Observable inputs such as unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date;

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Level 2 - Inputs (other than quoted prices included in Level 1) that are either directly or indirectly observable for the asset or liability. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active; and

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Level 3 - Unobservable inputs supported by little or no market activity and significant to the fair value of the assets or liabilities.

To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment we exercise in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.

Due to their short-term nature, the carrying amounts of cash, cash equivalents, prepaid expenses and other current assets, accounts payable, and other accrued liabilities in the accompanying condensed consolidated balance sheet approximate their fair values.

Leases

The Company determines if an arrangement contains a lease at inception and the classification of the lease on the commencement date. An arrangement contains a lease if there is an identified asset and if the Company controls the use of the identified asset throughout the period of use. The Company determines whether leases meet the classification criteria of a finance or operating lease considering: (1) whether the lease transfers ownership of the underlying asset to the lessee at the end of the lease term, (2) whether the lease grants the lessee an option to purchase the underlying asset that the lessee is reasonably certain to exercise, (3) whether the lease term is for a major part of the remaining economic life of the underlying asset, (4) whether the present value of the sum of the lease payments and residual value guaranteed by the lessee equals or exceeds substantially all of the fair value of the underlying asset, and (5) whether the underlying asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term. As of June 30, 2026, our lease population consisted primarily of real estate operating leases. Lease right-of-use assets and lease liabilities are recognized at the lease commencement date based on the present value of the future minimum lease payments over the lease term at the commencement date. Right-of-use assets also include any initial direct costs incurred and any lease payments made on or before the lease commencement date, less any lease incentives received. Lease incentives are included in the calculation of lease liability as of the commencement date to the extent it is probable that the Company will utilize them.

In determining the present value of its lease liabilities, the Company uses its incremental borrowing rate when the rate implicit in the lease is not readily determinable, based on information available as of the lease commencement date. The Company’s incremental borrowing rate is based on the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term, an amount equal to the lease payments in a similar economic environment, and the determination of the rate requires the Company to make certain assumptions and judgments, including on its synthetic credit rating. Leases may include options to extend or early terminate the lease term. If the Company, using judgment, is reasonably certain that an option will be exercised, then the option will be included in the calculation of the lease term.

The Company elected to combine lease and non-lease components for office leases, and not to recognize right-of-use assets or lease liabilities for short-term leases. A short-term lease is a lease that, at the commencement date, has a lease term of 12 months or less and does not include an option to purchase the underlying asset that the lessee is reasonably certain to exercise. Lease expense for operating leases is recognized on a straight-line basis over the lease term

Property and Equipment, net

Property and equipment are stated at cost, net of accumulated depreciation. Depreciation of property and equipment is calculated using the straight-line method over the asset’s estimated useful life. Our property and equipment consist of purchased software with an estimated useful life of 3 years, lab equipment with an estimated useful life of 5 years and leasehold improvements amortized over the shorter of 5 years or the remaining lease term. Maintenance and repairs that do not improve or extend the life of the assets are expensed when incurred. Depreciation expense for property and equipment was $0.1 million for the three months ended June 30, 2026 and 2025, respectively, and $0.2 million and $0.1 million for the six months ended June 30, 2026 and 2025, respectively.

Impairment of Long-Lived Assets

Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability is measured by comparing the carrying amount of an asset group to the future net undiscounted cash flows the assets are expected to generate. If the carrying amount of an asset group exceeds its estimated future cash flows, an impairment charge is recognized in the amount by which the carrying amount of the asset group exceeds the fair value of the asset group. No impairment charges related to long-lived assets have been recorded during the three and six months ended June 30, 2026 and 2025.

Segments

The Company operates in one operating and reportable segment within the United States, developing oncology therapies through various related development projects. All of the Company’s assets are located in the United States. The single operating segment conclusion is further supported by the Company’s organizational and management structure and other factors. The Company’s chief operating decision-maker is its Chief Executive Officer, who manages operations, allocates resources, and evaluates financial performance using a top-down approach and by setting and reviewing company-wide targets. Subsequent to the completion of the de-SPAC Transaction, during the third fiscal quarter of 2025, the Company changed the segment information regularly provided to the chief operating decision maker to the below aggregated grouping of expense categories, which is the basis on which the chief operating decision-maker assesses segment performance and allocates resources. The prior period information has been recast to reflect this update. The chief operating decision-maker reviews research and development expenses by the following significant categories presented in the table below (in thousands):


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
Research and development trials and consumables expenses	$	37,528	$	20,008	$	66,376	$	33,286
Payroll and personnel expenses		9,634		5,989		19,089		11,550
Facilities and other expenses		2,063		1,441		3,562		3,237
Total research and development	$	49,225	$	27,438	$	89,027	$	48,073

Since the Company operates in a single operating and reportable segment represented by the entire entity, significant segment expenses are provided to the chief operating decision-maker using the same basis as presented in the condensed consolidated statements of operations, including the research and development itemization above. Net loss is the key measure of segment profit and loss that the chief operating decision-maker uses to allocate resources, assess performance, monitor expenditures, and conduct a review of budget versus actual analysis. The chief operating decision-maker does not review assets at a different level or category other than the amounts disclosed in the Company’s condensed consolidated balance sheets.

Receivables from and Payables to Related Parties

Receivables from and payables to related parties represent the amounts due to and from various BridgeBio Pharma entities, which are expected to be settled in cash within 12 months from the reporting date.

Prior to April 30, 2024, receivables from related parties represented receivables under the centralized cash management balances used by BridgeBio Pharma for cash management and to finance its operations. These arrangements may not reflect how the Company would have financed its operations had it been a separate, standalone entity during the applicable periods. Changes in related-party receivables arising from cash pooling arrangements are presented as investing activities in the condensed consolidated statements of cash flows. Subsequent to April 30, 2024, receivables from related parties represent amounts due from various BridgeBio Pharma entities for services rendered by the Company under the transition services agreement. Payables to related parties represent the amounts due for various research and development and administrative services performed by BridgeBio Pharma to the Company. Prior to April 30, 2024, none of BridgeBio Pharma’s third-party debt and related interest has been attributed to the Company because the Company is not the legal obligor of the debt, and the borrowings are not specifically identifiable to the Company.

Subsequent to April 30, 2024, the Company continued its relationship with various BridgeBio Pharma entities, which remain related parties. While the nature of these interactions shifted from centralized cash management to services provided under the transition services agreement, the resulting receivables and payables are reported separately as current assets or liabilities in the condensed consolidated balance sheets.

Research and Development Expenses

Research and development costs are expensed as incurred. Research and development expenses consist of salaries, benefits, and other personnel-related costs, including stock-based compensation, costs associated with laboratory supplies, preclinical studies, clinical trials, and related clinical manufacturing costs, costs related to manufacturing preparations, fees paid to other entities to conduct certain research and development activities on our behalf, and allocated facility and other related costs. Non-refundable advance payments for goods or services that will be used or rendered for future research and development activities are deferred and capitalized as prepaid expenses until the related goods are delivered or services are performed.

Accrued Research and Development Liabilities

We record accruals for estimated costs of research and development activities performed by third-party service providers, including preclinical studies, clinical trials, and contract manufacturing. We record the estimated costs of research and development activities based on the estimated amount of services provided but not yet invoiced and include these costs in accrued research and development liabilities in the condensed consolidated balance sheets and within research and development expenses in the condensed consolidated statements of operations and comprehensive loss. These costs are a significant component of our research and development expenses. Examples of estimated research and development expenses that we accrue include:

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Fees paid to contract research organizations (“CROs”) in connection with preclinical and toxicology studies and clinical trials;

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Fees paid to investigative sites in connection with clinical trials;

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Fees paid to contract manufacturing organizations in connection with the production of investigational product and clinical trial materials; and

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Professional service fees for consulting and related services.

We base our expense accruals for clinical trials on estimates of services received and efforts expended under contracts with multiple research institutions and CROs that conduct and manage clinical trials on our behalf. The financial terms of these agreements vary from contract to contract and may result in uneven payment flows. Payments under some of these contracts depend on factors such as patient enrollment and the completion of clinical trial milestones. Our service providers generally invoice us monthly in arrears for services performed. In accruing service fees, we estimate the period over which services will be performed and the level of effort to be expended in each period. If we do not identify costs we have already incurred, or if we underestimate or overestimate the level of services performed or the costs of those services, our actual expenses could differ from our estimates. We record advance payments to service providers as prepaid assets.

We record accruals for the estimated costs of third-party contract manufacturing activities. The financial terms of these agreements are negotiable, vary from contract to contract, and may result in uneven payment flows to our vendors. Payments under the contracts include upfront payments and milestone payments, which depend on factors such as the completion of certain stages of the manufacturing process. To recognize an expense, we assess whether the production process is sufficiently defined to be the delivery of a good or a service, given that processes and yields are developing and less certain. If we consider the process to be the delivery of a good, we recognize the expense when the drug product is delivered, or we otherwise bear the risk of loss. If we consider the process to be the delivery of a service, we recognize expenses based on our best estimates of the contract manufacturer’s progress through the contract stages. We base our estimates on the best information available at the time. However, additional information may become available to us, enabling us to make a more accurate estimate in future reporting periods. In this event, we may be required to record adjustments to research and development expenses in future reporting periods when the actual level of activity becomes more certain.

Any increases or decreases in cost are generally considered to be changes in estimates and will be reflected in research and development expenses in the reporting period identified.

General and Administrative Expenses

General and administrative expenses represent salaries, benefits, and other personnel-related costs, including stock-based compensation, fair value of common stock issued to BridgeBio Pharma (refer to Note 12), costs related to third-party service providers, and professional and legal fees.

Asset Acquisitions

The Company measures and recognizes asset acquisitions that are not deemed to be business combinations based on the cost to acquire the assets, which includes transaction costs. Goodwill is not recognized in asset acquisitions. The costs allocated to acquire in-process research and development (“IPR&D”) with no alternative future use are expensed as research and development as of the asset acquisition date. Contingent consideration payments for asset acquisitions include development, regulatory, and sales-based milestone payments due upon the occurrence of a specific event. Contingent payments are recognized when the milestone is met unless the contingent consideration meets the definition of a derivative, in which case the amount becomes part of the cost of the asset acquired. None of the contingent payments represented a derivative through June 30, 2026. Upon recognition of the contingent consideration payment, the amount is expensed as research and development expense if it relates to IPR&D with no alternative future use or capitalized if it relates to a developed product, which is generally when clinical trials have been completed and regulatory approval obtained.

Milestone Payments Under In-Licensing Agreements

Under our in-licensing agreements, the Company is required to pay development, regulatory, and sales-based milestone payments upon the achievement of certain substantive milestones. We recognize development milestones once they are achieved.

Stock-Based Compensation

Stock-based compensation is recorded in research and development expenses or general and administrative expenses based on the grantee's function.

Stock-based compensation includes expenses related to common stock options and restricted stock units granted by the Company. The associated stock-based compensation is generally recognized on a straight-line basis over the requisite service period, which is generally the vesting period. Forfeitures of share-based awards are accounted for as they occur. The fair value of stock options is estimated on the grant date using the Black-Scholes option-pricing model, which requires certain assumptions further discussed below:

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Fair Value of Common Stock — Prior to the de-SPAC Transaction, the fair value of the Company’s common stock was determined by the board of directors (“Board”) with input from management and consideration of third-party valuation reports. In the absence of a public trading market, and as a clinical-stage company with no significant revenues, the Company believes that it was appropriate to consider a range of factors to determine the fair market value of the common stock at each grant date. In addition, the Company considered various objective and subjective factors, along with input from the independent third-party valuation firm. The factors included (1) the achievement of the development milestones by the Company; (2) the significant risks associated with the Company’s stage of development; (3) capital market conditions for comparable, privately held, early-stage life science companies; (4) the Company’s available liquidity, financial condition, and results of operations; (5) the sales of the Company’s shares to third parties, such as the Series B financing; and (6) the preferential rights of the redeemable convertible preferred stockholders. Following the de-SPAC Transaction, the Company became a public entity and derives fair value of its common stock from quoted prices on the Nasdaq.

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Expected Dividend Yield — The Company has historically paid no dividends and does not anticipate paying dividends in the future.

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Expected Equity Volatility — The Company does not have sufficient trading history for its common stock and has computed expected volatility based on the historical volatility of a representative group of public companies with similar characteristics to the Company (e.g., public entities of similar size, complexity, stage of development, and industry focus). The historical volatility is commensurate with the expected term assumption.

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Risk-Free Interest Rate — The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of award grant for the expected term of the award.

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Expected Term — The Company uses the simplified method to calculate the expected term for options granted to employees as it does not have sufficient historical exercise data to provide a reasonable basis for estimating the expected term.

Accrued Milestone Compensation Arrangements

Historically we have had performance-based milestone compensation arrangements with certain employees and consultants, whose vesting is contingent upon meeting various regulatory and development milestones, with fixed monetary amounts known at inception that can be settled upon achievement of certain contingent milestones in the form of (1) cash, (2) equity of BridgeBio Pharma, or (3) cash or equity of BridgeBio Pharma or the Company at the issuer’s sole election. No performance milestone awards that may be settled in the Company’s shares or related liabilities were outstanding as of June 30, 2026 or December 31, 2025.

For arrangements that involve settlement by cash or equity of BridgeBio Pharma or the Company at their sole election, the Company classifies the milestone compensation arrangements as liability-classified awards when they are assessed as probable of achievement due to the possible fixed monetary settlement outcomes. The arrangements could also result in a settlement with a variable number of shares based on the then-current stock price at the achievement date of each contingent milestone, should we elect to settle in equity.

We record accruals for the compensation expense arising from each development milestone when the specific contingent development milestone is probable of achievement, and such accruals are measured at each reporting period. We estimate the probability of achieving such milestones based on the progression and expected outcome of the related clinical programs. We base our estimates on the best available information at that time. However, additional information may become available to us which may allow us to make a more accurate estimate in future periods. In this event, we may be required to record adjustments to milestone compensation expenses in future periods. Any increases or decreases in such expenses are generally considered to be changes in estimates and will be reflected in the reporting period identified.

Income Taxes

The Company is subject to U.S. federal and state income taxes as a corporation. The Company’s tax provision and the resulting effective tax rate for interim periods is determined based upon its estimated annual effective tax rate adjusted for the effect of discrete items arising in that quarter. There was no provision for income tax for the three and six months ended June 30, 2026 or 2025.

Income taxes are accounted for under the asset-and-liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the carrying amounts of existing assets and liabilities in the condensed consolidated financial statements, their respective tax bases, and net operating loss and tax credit carryforwards. Deferred tax assets and liabilities are determined based on the difference between the carrying amounts under U.S. GAAP and the tax basis of assets and liabilities and are measured using the enacted tax rate expected to apply to taxable income in the years in which the differences are expected to be reversed. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that some portion or all of the deferred tax asset will not be realized.

We evaluate our deferred tax assets regularly to determine whether adjustments to the valuation allowance are appropriate due to changes in facts or circumstances, such as changes in expected future pre-tax earnings, tax law, interactions with taxing authorities, and developments in case law. In making this evaluation, we rely on our recent history of pre-tax earnings or losses. Our material assumptions include forecasts of future pre-tax earnings and the nature and timing of future deductions and income represented by deferred tax assets and liabilities, all of which involve judgment. Although we believe our estimates are reasonable, we are required to exercise significant judgment in determining the appropriate valuation allowance for deferred tax assets.

We recognize uncertain income tax positions at the largest amount that is more likely than not to be sustained upon audit by the relevant taxing authority. Changes in recognition or measurement are reflected in the period in which judgment occurs. Our policy is to recognize interest and penalties related to the underpayment of income taxes as a component of the provision for income taxes. To date, no interest or penalties have been recorded concerning unrecognized tax benefits.

Net Loss per Share Attributable to Common Stockholders

Prior to the Closing of the de-SPAC Transaction, the Company applied the two-class method to compute net loss per share, as it had issued redeemable convertible preferred stock that met the definition of participating securities. The two-class method required income available to common stockholders for the period to be allocated between common and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed. Upon the de-SPAC Transaction, the outstanding redeemable convertible preferred stock was converted into common stock, and the two-class method is no longer applicable.

At the Closing, each outstanding share of Legacy BBOT common stock was exchanged for shares of BBOT common stock based on a ratio of approximately 0.0889 (“Consideration Ratio”). For periods prior to the Closing, the reported share and per share information has been retroactively adjusted to reflect the Consideration Ratio (refer to Note 3).

Basic net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted average number of common shares outstanding for the period. Diluted net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted average number of common shares outstanding, adjusted for the effect of potentially dilutive common shares, including stock options and other equity-linked instruments. Potentially dilutive common shares are not assumed to be issued if their effect is anti-dilutive. As such, in periods in which the Company reported a net loss, diluted net loss per share attributable to common stockholders was the same as basic net loss per share attributable to common stockholders because the effects of potentially dilutive securities were anti-dilutive.

Redeemable Convertible Preferred Stock

The Company initially records redeemable convertible preferred stock at fair value on the dates of issuance, less issuance costs. Prior to the de-SPAC Transaction, the preferred stockholders, as a group, controlled the Company’s Board and had the ability to initiate a deemed liquidation event, such as a change in control or transfer of substantially all of the Company’s assets. Upon a deemed liquidation event, the preferred stockholders as a group could cause the redeemable convertible preferred stock to be redeemed for cash and other assets available for distribution. Based on these considerations, the redeemable convertible preferred stock was classified in temporary equity outside of the stockholders’ equity in the accompanying condensed consolidated balance sheets. Subsequent adjustments to the carrying values of the redeemable convertible preferred stock classified in temporary equity are made only if it becomes probable that such liquidation events would occur, causing the shares to become redeemable. No such adjustments were made since the underlying events were not probable while the redeemable convertible preferred stock was outstanding.

The Company also evaluated the features of its redeemable convertible preferred stock to determine whether they required bifurcation from the underlying shares by assessing whether they were clearly and closely related to the underlying shares and whether they met the definition of a derivative. The Company concluded that no features of its outstanding redeemable convertible preferred stock required bifurcation and separate accounting.

In determining if an extinguishment or modification of changes to the temporary equity-classified preferred stock had occurred, the Company had elected a policy to evaluate if changes added, deleted, or significantly changed a substantive contractual term (e.g., one that was at least reasonably possible of being exercised), or fundamentally changed the nature of the redeemable convertible preferred stock. This evaluation considered both the expected economics and the business purpose of the amendment.

Other Comprehensive Income or Loss

Other comprehensive income or loss represents the change in the Company’s stockholders’ equity (deficit) from all sources other than investments by or distributions to stockholders. The Company’s other comprehensive income or loss is the result of unrealized gains and losses on marketable securities.

Participation Right Liability

The Company’s participation right liability represented the right granted to a third party to potentially participate in future Series B offerings at a fixed price of $8.8554 per share. The participation right was a freestanding instrument substantially similar to a written call option on the Series B shares that may be redeemed outside of the Company’s control. As such, the Company classified the participation right as a liability, remeasured at fair value, until its full exercise and settlement, which occurred in April 2025. Changes in the fair value of the participation right liability are presented separately in the condensed consolidated statements of operations during the six months ended June 30, 2025. On the settlement date, in April 2025, the participation right liability was remeasured to the intrinsic value of the shares issued and reclassified to temporary equity.

Deferred de-SPAC Transaction Costs

The Company capitalized certain directly attributable legal, accounting, and other third-party fees associated with the de-SPAC Transaction as deferred transaction costs. Upon Closing of the de-SPAC Transaction, the associated costs capitalized by the Company were recorded to additional paid-in capital as a reduction of the proceeds from the de-SPAC Transaction.

Emerging Growth Company Status

The Company operates as an emerging growth company (“EGC”), as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). Under the JOBS Act, EGCs can delay adopting new or revised accounting standards as of effective dates for private companies. The Company historically operated as part of BridgeBio Pharma and adopted new accounting pronouncements using the same timeline as BridgeBio Pharma. The Company has elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that it (i) is no longer an EGC or (ii) affirmatively and irrevocably opts out of the extended transition period provided in the JOBS Act. As a result, these condensed consolidated financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of the effective dates for public companies.

Recently Adopted Accounting Pronouncements

In July 2025, the FASB issued ASU No. 2025-05, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets (“ASU 2025-05”). ASU 2025-05 provides an optional practical expedient for estimating future credit losses based on current conditions as of the balance sheet date and assuming those conditions do not change over the remaining life of the accounts receivable. Entities that elect the practical expedient and, if applicable, make the accounting policy election are required to apply the amendments prospectively. The amendments in ASU 2025-05 were effective for fiscal years beginning after December 15, 2025, including interim periods within those fiscal years. The Company has adopted this guidance effective January 1, 2026 and there was no material impact to the condensed consolidated financial statements and related disclosures.

Recently Issued Accounting Pronouncements

In November 2024, the FASB issued ASU No. 2024-03, Income Statement – Reporting Comprehensive Income (Topic 220): Disaggregation of Income Statement Expenses (“ASU 2024-03”), which requires public entities to provide disaggregated disclosures of certain expense captions presented on the face of the income statement into specific categories within the footnotes to the financial statements. ASU 2024-03 is effective for the Company’s annual periods beginning on January 1, 2027, and interim periods beginning on January 1, 2028, with early adoption permitted. The ASU may be applied either on a prospective or retrospective basis. The Company is currently evaluating the impact of adopting this new accounting guidance on its condensed financial statements and related disclosures.

In May 2025, the FASB issued Accounting Standards Update No. 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity (“ASU 2025-03”). ASU 2025-03 changes how companies determine the accounting acquirer in certain business combinations involving variable interest entities. The new guidance requires considering the factors used for other acquisition transactions to assess which party is the accounting acquirer. ASU 2025-03 is effective for the Company’s annual reporting periods beginning on January 1, 2027. Early adoption is permitted. The Company is currently evaluating the impact of adopting this new accounting guidance on its condensed financial statements and related disclosures.

In September 2025, the FASB issued ASU 2025-06, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software ("ASU 2025-06"). This standard modernizes the accounting for software costs, including updating guidance on the recognition and measurement of costs incurred in connection with development and implementation activities related to internal-use software. The standard is effective for annual reporting periods beginning after December 15, 2027, including interim reporting periods within those fiscal years. The standard can be adopted retrospectively, prospectively or on a modified prospective basis, and early adoption is permitted as of the beginning of an annual reporting period, provided that the financial statements for that period have not yet been issued or made available for issuance. The Company is currently evaluating the impact of the standard on its condensed financial statements and related disclosures and will determine the appropriate transition method prior to adoption.

Fair Value Measurements and Disclosures - Schedule of Participation Right Liability (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Fair Value Measurements [Abstract]
Change in fair value of participation right liability	$ 0	$ 0	$ 0	$ 725
Settlement of participation right liability			$ 0	$ (3,830)

Net Loss Per Share Attributable to Common Stockholders - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	12,883,055	42,969,177
Common stock options issued and outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	12,600,655	4,094,802
Unvested RSU's of common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	282,400	0
Redeemable convertible preferred stock on an as-converted into common stock basis
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	0	38,874,375

Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) - Schedule of Shares Reserved for Issuance (Details) - shares	Jun. 30, 2026	Dec. 31, 2025
Class of Stock [Line Items]
Common Stock Shares Reserved	16,389,124	11,437,462
Common stock options issued and outstanding
Class of Stock [Line Items]
Common Stock Shares Reserved	12,600,655	9,035,498
Restricted Stock Units ("RSU"s) unvested and expected to vest
Class of Stock [Line Items]
Common Stock Shares Reserved	282,400	0
Shares reserved for issuance under stock option and incentive plan
Class of Stock [Line Items]
Common Stock Shares Reserved	748,841	459,417
Shares reserved for issuance under the employee stock purchase plan
Class of Stock [Line Items]
Common Stock Shares Reserved	1,808,313	895,607
Shares available for issuance under the inducement plan
Class of Stock [Line Items]
Common Stock Shares Reserved	948,915	1,046,940

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479857/480-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 6: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483014/272-10-45-3

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482987/272-10-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(d))
-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (e)
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2026

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Schedule of Stock-based compensation expense

Stock-based compensation is included under the following expense categories presented in the condensed consolidated statements of operations (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Research and development	$	2,387	$	612	$	4,325	$	1,052
General and administrative		4,840		263		6,773		450
Total	$	7,227	$	875	$	11,098	$	1,502

Schedule of common stock options outstanding

The Company had the following common stock options outstanding:


	Number of Options			Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value (In thousands)
Outstanding as of December 31, 2025		9,035,498		$	7.79		9.0	$	42,771
Granted		5,474,018			9.75
Exercised		(105,882	)		4.28
Forfeited and cancelled		(1,802,979	)		9.57
Outstanding as of June 30, 2026		12,600,655		$	8.42		8.9	$	10,619
Exercisable as of June 30, 2026		2,959,771		$	6.80		8.0	$	5,516

Summary of fair value of each option grant estimated throughout year using black-scholes option-pricing model


	Six Months Ended June 30,
	2026	2025
Expected term, years	5.50 - 6.08	5.66 - 6.08
Expected volatility	70.29% - 74.03%	71.3% - 71.9%
Expected dividends	—	—
Risk-free interest rate	3.8% - 4.2%	3.8%

Schedule of Activity under the 2025 Plan with respect to the Company's RSUs

Activity under the 2025 Plan with respect to the Company’s RSUs during the six months ended June 30, 2026 was as follows:


	Number of Shares			Weighted-Average Grant Date Fair Value
Outstanding as of December 31, 2025		—		$	—
Granted		368,470			10.19
Vested and released		(22,983	)		10.19
Forfeited and cancelled		(63,087	)		10.19
Unvested and expected to vest at June 30, 2026		282,400		$	10.19

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Leases - Schedule of Amortization of Company's Lease Liabilities (Details) $ in Thousands	Jun. 30, 2026 USD ($)
Leases [Abstract]
2026 (six months)	$ 356
2027	730
2028	755
2029	782
2030	263
Total lease payments	2,886
Less: imputed interest	(372)
Total operating lease liabilities	$ 2,514

PIPE Financing and de-SPAC Transaction

6 Months Ended

Jun. 30, 2026

PIPE Financing and de-SPAC Transaction

3. PIPE Financing and de-SPAC Transaction

Immediately prior to the de-SPAC Transaction described in Note 1, Helix issued and sold to investors in the PIPE Financing 24,343,711 shares of its common stock for gross proceeds of $260.9 million. In connection with the de-SPAC Transaction, Helix redomiciled as a Delaware corporation and de-registered from the Register of Companies in the Cayman Islands, and Legacy BBOT became a wholly-owned subsidiary of Helix. As a result, BBOT, as the combined company, received $112.3 million in net proceeds from the Trust account previously held by Helix. The Company incurred total transaction costs of $12.4 million consisting of legal, accounting, and other professional fees during the year ended December 31, 2025, all of which had been paid as of March 31, 2026. The Company’s total de-SPAC Transaction costs were recorded to additional paid-in capital as a reduction of the deemed proceeds from the PIPE Financing and the Trust Account.

Upon the Closing of the de-SPAC Transaction, the following occurred with respect to the equity of Legacy BBOT:

•

Each outstanding share of Legacy BBOT redeemable convertible preferred stock issued and outstanding as of the Closing date was converted into Legacy BBOT common stock.

•

The shares of Legacy BBOT common stock that were issued and outstanding immediately prior to the Closing were cancelled and converted into the right to receive 38,924,563 shares of the Company’s common stock at the Consideration Ratio;

•

All outstanding and unexercised Legacy BBOT common stock options were converted into an aggregate of 4,078,552 common stock options of the Company with the same terms and conditions, adjusted based on the Consideration Ratio.

Immediately after the Closing, the Company’s outstanding common stock included the following components:


	Shares
Legacy BBOT common stock		38,924,563
Helix common stock subject to redemption prior to the Closing		18,400,000
Redemption of Helix common stock		(7,119,750	)
Helix common stock held by the Sponsor		4,648,186
Common stock of Helix issued in the PIPE Financing		24,343,711
Total common stock issued and outstanding		79,196,710

The de-SPAC Transaction was accounted for as a reverse recapitalization under U.S. GAAP because Legacy BBOT was identified as the accounting acquirer and Helix as the accounting acquiree for financial reporting purposes. Accordingly, these condensed consolidated financial statements of the Company are presented as a continuation of the financial statements of Legacy BBOT. The de-SPAC Transaction is presented as the issuance of common stock by BBOT for the net assets of Helix and proceeds from the PIPE Financing, accompanied by a recapitalization and a change in the reporting entity. The net assets of Helix were recorded at historical cost as of the Closing date, with no goodwill or other intangible assets recognized.

Legacy BBOT was determined to be the accounting acquirer based on the following facts and circumstances as of the Closing date:

•

Legacy BBOT stockholders comprised a relative majority of the voting power of BBOT;

•

Legacy BBOT stockholders received the ability to influence decisions regarding the election and removal of members of BBOT’s board of directors;

•

Legacy BBOT stockholders received the right to appoint the majority of the BBOT board of directors;

•

Legacy BBOT’s operations prior to the de-SPAC Transaction comprised the only ongoing operations of BBOT;

•

BBOT substantially assumed the Legacy BBOT name;

•

Legacy BBOT’s headquarters became BBOT’s headquarters;

•

Legacy BBOT’s senior management comprised the senior management of BBOT; and

•

Prior to the Closing, Helix did not meet the definition of a business.

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities
Net loss	$ (98,560)	$ (50,490)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation of property and equipment	150	123
Stock-based compensation	11,098	1,502
Change in fair value of participation right liability	0	725
Net accretion of premiums and discounts on marketable securities	331	(797)
Amortization of right-of-use assets	227	112
Other non cash adjustments, net	7	0
Changes in operating assets and liabilities:
Prepaid expense and other currents assets	(9,456)	(2,656)
Other non-current assets	(228)	(341)
Accounts payble	5,355	(1,514)
Accrued compensation and benefits	(1,360)	(1,082)
Accrued research and development liabilities	10,890	11,526
Accrued professional services	1,389	311
Operating lease liabilities	(252)	21
Other accrued liabilities	(45)	(85)
Balances due to and from related parties	176	(247)
Net cash used in operating activities	(80,278)	(42,892)
Investing activities
Maturities and sales of marketable securities	79,575	83,818
Purchases of marketable securities	(319,182)	(58,418)
Purchases of property and equipment	(71)	(393)
Net cash (used in) provided by investing activities	(239,678)	25,007
Financing activities
Issuance of Series B redeemable convertible preferred stock, net of issuance costs	0	22,222
Payment of deferred transaction costs	(121)	(3,670)
Exercise of common stock options for cash	453	0
Net cash provided by financing activities	332	18,552
Net increase in cash, cash equivalents, and restricted cash	(319,624)	667
Cash, cash equivalents, and restricted cash at beginning of period	373,819	30,983
Cash, cash equivalents, and restricted cash at end of period	54,195	31,650
Supplemental disclosures of non-cash investing and financing activities:
Settlement of participation right liability upon issuance of Series B redeemable convertible preferred stock	0	3,830
Right-of-use asset recognized in exchange for operating lease liabilities	0	2,706
Deferred de-SPAC transaction costs included in accrued professional services and other accrued liabilities	0	1,312
Unpaid property and equipment included in accounts payable and other accrued liabilities	$ 0	$ 140

Redeemable Convertible Preferred Stock and Stockholders' (Deficit) - Schedule of Redeemable Convertible Preferred Stock (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Class of Stock [Line Items]
Shares authorized	10,000,000	10,000,000
Shares Outstanding	0	0
Shares issued	0	0
Redeemable Convertible Preferred Stock [Member]
Class of Stock [Line Items]
Shares authorized	0	0
Shares Outstanding	0	0
Shares issued	0	0
Carrying Value	$ 0	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders' Deficit (Unaudited) - USD ($) $ in Thousands	Total	Preferred Stock Redeemable convertible preferred stock	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income
Balance at Dec. 31, 2024	$ (178,637)	$ 323,358		$ 43,538	$ (222,523)	$ 348
Balance (in Shares) at Dec. 31, 2024		36,386,702	28,415
Conversion of Series B redeemable convertible preferred stock into common stock, Shares		(21,783)	21,783
Conversion of Series B redeemable convertible preferred stock into common stock, Value	189	$ (189)		189
Stock-based compensation	627			627
Unrealized gain (loss) on marketable securities	(157)					(157)
Net loss	(22,055)				(22,055)
Balance at Mar. 31, 2025	(200,033)	$ 323,169		44,354	(244,578)	191
Balance (in Shares) at Mar. 31, 2025		36,364,919	50,198
Balance at Dec. 31, 2024	(178,637)	$ 323,358		43,538	(222,523)	348
Balance (in Shares) at Dec. 31, 2024		36,386,702	28,415
Unrealized gain (loss) on marketable securities	(297)
Net loss	(50,490)
Balance at Jun. 30, 2025	(227,733)	$ 349,221		45,229	(273,013)	51
Balance (in Shares) at Jun. 30, 2025		38,874,365	50,198
Balance at Mar. 31, 2025	(200,033)	$ 323,169		44,354	(244,578)	191
Balance (in Shares) at Mar. 31, 2025		36,364,919	50,198
Stock-based compensation	875			875
Unrealized gain (loss) on marketable securities	(140)					(140)
Issuance of Series B redeemable convertible preferred stock for cash consideration and settlement of participation right liability, Share		2,509,446
Issuance of Series B redeemable convertible preferred stock for cash consideration and settlement of participation right liability		$ 26,052
Net loss	(28,435)				(28,435)
Balance at Jun. 30, 2025	(227,733)	$ 349,221		45,229	(273,013)	51
Balance (in Shares) at Jun. 30, 2025		38,874,365	50,198
Balance at Dec. 31, 2025	411,096		$ 8	767,639	(356,567)	16
Balance (in Shares) at Dec. 31, 2025			79,991,768
Stock-based compensation	3,871			3,871
Exercise of common stock options for cash			97,163
Exercise of common stock options for cash (Amount)	416			416
Unrealized gain (loss) on marketable securities	(997)					(997)
Net loss	(42,106)				(42,106)
Balance at Mar. 31, 2026	372,280		$ 8	771,926	(398,673)	(981)
Balance (in Shares) at Mar. 31, 2026			80,088,931
Balance at Dec. 31, 2025	$ 411,096		$ 8	767,639	(356,567)	16
Balance (in Shares) at Dec. 31, 2025			79,991,768
Exercise of common stock options for cash	222,939
Unrealized gain (loss) on marketable securities	$ (975)
Net loss	(98,560)
Balance at Jun. 30, 2026	323,112		$ 8	779,190	(455,127)	(959)
Balance (in Shares) at Jun. 30, 2026			80,115,002
Balance at Mar. 31, 2026	372,280		$ 8	771,926	(398,673)	(981)
Balance (in Shares) at Mar. 31, 2026			80,088,931
Stock-based compensation	7,227			7,227
Exercise of common stock options for cash			8,719
Exercise of common stock options for cash (Amount)	37			37
Vesting of restricted stock, Share			17,352
Unrealized gain (loss) on marketable securities	22					22
Net loss	(56,454)				(56,454)
Balance at Jun. 30, 2026	$ 323,112		$ 8	$ 779,190	$ (455,127)	$ (959)
Balance (in Shares) at Jun. 30, 2026			80,115,002

Commitments and Contingencies (Additional Information) (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	May 31, 2024	Sep. 30, 2025
Commitments and Contingencies [Line Items]
Committed cash bonus amount	$ 3.0
Cash bonus payment amount		$ 3.0

PIPE Financing and de-SPAC Transaction (Additional Information) (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2026	Dec. 31, 2025
Number of units issued in transaction (in Shares)	24,343,711
Purchase aggregate value	$ 260.9
Legal fees		$ 12.4
Proceeds from Issuance of Common Stock	$ 112.3
Outstanding and unexercised common stock converted into aggregate common stock	38,924,563
Options Held [Member]
Outstanding and unexercised common stock converted into aggregate common stock	4,078,552

In-Licensing and Collaboration Agreements

6 Months Ended

Jun. 30, 2026

License And Collaboration Agreements [Abstract]

In-Licensing and Collaboration Agreements

5. In-Licensing and Collaboration Agreements

From time to time, the Company enters into asset purchase and license agreements with third parties as a purchaser or licensee. These arrangements are generally accounted for as asset acquisitions, as the fair value of the consideration is concentrated in a single identifiable asset or group of similar identifiable assets. Given their stage of development, these assets typically have no alternative future use and are expensed as of the acquisition date.

The Regents of the University of California License Agreements

In September 2016, the Company entered into a license agreement with Regents of the University of California, San Francisco (“UCSF”) and was granted certain worldwide exclusive licenses to use the licensed compounds (the “UCSF License”). The UCSF License was subsequently amended and terminated in June 2021. However, certain terms survived the termination of the UCSF License. Upon a change of control or an initial public offering, Legacy BBOT was required to make a payment to UCSF (“Indexed Milestone Payment”). The Company believes that no such payment will be due now or in the future.

Under the UCSF License, UCSF received a right but not an obligation to purchase up to 10% of securities in any offering on the same terms as other investors (“Participation Right”), which survived the termination of the UCSF License. Because UCSF was not notified of the Series B financing at the time it was completed in May 2024, the Participation Right was extended through March 29, 2025. As a result, UCSF received the right to purchase up to 2,509,446 shares of the Series B redeemable convertible preferred stock at the original issue price of $8.8554 per share. In March 2025, UCSF elected to exercise the Participation Right, which was settled in full in April 2025 (refer to Note 8) and was no longer outstanding as of December 31, 2025.

Leidos Biomedical Research License and Cooperative Research and Development Agreements

In March 2017, the Company entered into a cooperative research and development agreement (“Leidos CRADA”) with Leidos Biomedical Research, Inc. (“Leidos”). The Company and Leidos executed subsequent amendments to the Leidos CRADA between January 2018 and September 2025 to clarify the scope and provide for term extensions. In December 2018, the Company and Leidos entered into a license agreement (“Initial Leidos License”), under which the Company was granted certain worldwide exclusive licenses to use the licensed compounds for its drug discovery and development initiatives. The Initial Leidos License was terminated in 2021. The Company and Leidos subsequently entered into three additional license agreements (“Additional Leidos Licenses”), including two related to KRAS G12C inhibitor and PI3Kα breaker compounds that were executed in August 2022, and one related to the PanKRAS inhibitor executed in December 2023. The Leidos CRADA, Initial Leidos License, and Additional Leidos Licenses are referred to as the “Leidos Agreements”. In December 2025, the Company and Leidos executed an amendment to extend the expiration date of the Leidos CRADA by nine months to September 2026. In December 2025, the Company and Leidos amended the Leidos CRADA to introduce an additional $1.5 million in contribution funding payments.

Under the Additional Leidos Licenses, the Company previously incurred initial upfront fees of $1.8 million. The Company is required to pay Leidos annual license maintenance fees of $0.5 million, as well as royalties on net sales for such licensed compounds calculated using low single-digit percentages of annual net sales of licensed products. The Company’s obligation to pay royalties continues on a country-by-country basis until the expiration of all licensed patent rights covering licensed products in such country. Leidos is also entitled to receive a low double-digit percentage of the sublicensing income received by the Company. As of June 30, 2026, the Company is obligated to make contingent milestone payments totaling up to $25.9 million upon the achievement of certain clinical and regulatory milestones.

As of June 30, 2026 and December 31, 2025, the Company recorded a $0.5 million liability for milestones that had been achieved but remained unpaid, which was included in accrued research and development liabilities in the consolidated balance sheet. During the three and six months ended June 30, 2026, no further milestones had been achieved under the Leidos CRADA. The Company recognized research and development expenses of $0.7 million and $1.3 million for the three months ended June 30, 2026 and 2025, respectively, and $1.4 million and $2.2 million, for the six months ended June 30, 2026 and 2025, respectively, in connection with the Leidos Agreements.

Lawrence Livermore National Security License and Cooperative Research and Development Agreements

In May 2018, the Company entered into a cooperative research and development agreement (“LLNS CRADA”) with Lawrence Livermore National Security, LLC (“LLNS”) to explore new knowledge therapeutics possibilities to KRAS drug discovery utilizing LLNS’s high-performance computing systems. The Company and LLNS executed subsequent amendments to the LLNS CRADA between December 2019 and November 2025 to clarify the scope and provide for term extensions. In July 2022, the Company entered into an exclusive patent license agreement for KRAS G12C inhibitors and an exclusive patent license agreement for PI3Kα breaker compounds. In December 2024, the Company entered into an exclusive license agreement with LLNS for research and development of a Pan KRAS inhibitor. These three agreements are collectively referred to as the LLNS Agreements. In July 2025, BBOT entered into an exclusive license agreement with LLNS for research and development of Pan KRAS inhibitor for non-oncology indications. In November 2025, the Company and LLNS executed three separate amendments to the existing agreements for Pan KRAS inhibitors, PI3Kα breakers, and KRAS G12C inhibitors. These amendments were made to include new patent applications within the scope of patent rights. In November 2025, the Company and LLNS executed an amendment to extend the LLNS CRADA expiration date by six months to June 2026. In January 2026, the Company and LLNS executed an amendment to extend the LLNS CRADA expiration date another twelve months until June 2027 and included additional estimated funding contributions of $5.0 million to be paid by the Company over the remaining term.

Upon execution of the LLNS Agreements, the Company paid initial upfront cash fees of $0.2 million. In addition, under the terms of the LLNS Agreements, the Company is required to pay LLNS certain annual license maintenance fees of $0.1 million and royalties to LLNS on net sales for such licensed compounds. With respect to such royalty obligations, the Company agreed to pay LLNS low single-digit percentage tiered royalties on annual net sales of licensed products, with a minimum royalty requirement ranging between $0.1 million and $0.5 million, depending on the anniversary of the first commercial sale of the products. The Company’s obligation to pay royalties continues on a country-by-country basis until the expiration of all licensed patent rights covering licensed products in such

country. LLNS is also entitled to receive half of the Company's sublicensing income, capped at $2.0 million per year for each indication. As of June 30, 2026, the Company is required to make contingent milestone payments totaling up to $21.8 million upon the achievement of certain clinical, regulatory, and sales milestones.

During the three and six months ended June 30, 2026, no milestones had been achieved and therefore no liabilities associated with the LLNS CRADA were recorded as of June 30, 2026 or December 31, 2025 on the condensed consolidated balance sheets. The Company recognized research and development expenses of $0.3 million for the six months ended June 30, 2025 in connection with the LLNS Agreements. No material research and development expenses were recognized in connection with this arrangement for the three and six months ended June 30, 2026 or the three months ended June 30, 2025.

Summary of Significant Accounting Policies (Additional Information) (Details) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)	Dec. 31, 2025 USD ($)	Apr. 30, 2024 $ / shares
Summary of Significant Accounting Policies [Abstract]
Share Price \| $ / shares						$ 8.8554
No performance milestone awards	$ 0		$ 0		$ 0
Allowance for credit losses	0		0		$ 0
Impairment charges	0	$ 0	0	$ 0
Provision for income tax	0	0	0	0
Depreciation	$ 100	$ 100	$ 150	$ 123
Consideration Ratio	0.0889		0.0889

- Definition

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

+ References

+ Details

Income from Transition Services Agreements

6 Months Ended

Jun. 30, 2026

Other Income and Expenses [Abstract]

Income from Transition Services Agreements

6. Income from Transition Services Agreements

In August 2025, we entered into a transition services agreement (“TSA”) with an unrelated party (“TSA Party”) to provide certain services unrelated to our principal operations, which represent the only performance obligation under this arrangement. For the three and six months ended June 30, 2026, the Company recorded $0.2 million and $0.4 million, respectively, in connection with the TSA, which is presented separately as other income from transition services agreements in the condensed consolidated statements of operations. The Company did not record any TSA income for the three and six months ended June 30, 2025.

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 54,063	$ 373,687
Short-term marketable securities	171,648	51,773
Receivables from related parties	661	386
Prepaid expense and other current assets	16,006	6,550
Total current assets	242,378	432,396
Long-term marketable securities	118,419	0
Property and equipment, net	878	956
Operating lease right-of-use asset	2,104	2,330
Other non-current assets	12,795	12,567
Restricted cash	132	132
Total assets	376,706	448,381
Current liabilities
Accounts payable	6,728	1,374
Accrued compensation and benefits	4,387	5,746
Accrued research and development liabilities	36,841	25,951
Accrued professional services	1,943	674
Payables to related parties	986	534
Operating lease liability, current	554	522
Other accrued liabilities	195	240
Total current liabilities	51,634	35,041
Operating lease liability, noncurrent	1,960	2,244
Total liabilities	53,594	37,285
Commitments and contingencies (Note 7)
Stockholders' equity (deficit):
Common stock, $0.0001 par value; 500,000,000 shares authorized as of June 30, 2026 and December 31, 2025, respectively; 80,088,931 and 79,991,768 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	8	8
Additional paid-in capital	779,190	767,639
Accumulated deficit	(455,127)	(356,567)
Accumulated other comprehensive income (loss)	(959)	16
Total stockholders' equity	323,112	411,096
Total liabilities, redeemable convertible preferred stock, and stockholders' equity	376,706	448,381
Redeemable convertible preferred stock
Stockholders' equity (deficit):
Preference stock, value	0	0
Preferred Stock
Stockholders' equity (deficit):
Preference stock, value	$ 0	$ 0

Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit)

6 Months Ended

Jun. 30, 2026

Equity [Abstract]

Redeemable Convertible Preferred Stock and Stockholders' Deficit

8. Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit)

Redeemable Convertible Preferred Stock

In February 2025, one investor elected to voluntarily convert 21,783 shares of the Series B redeemable convertible preferred stock into common stock. In March 2025, UCSF elected to exercise the Participation Right, and the Company settled the Participation Right in full in April 2025 through the issuance of 2,509,446 Series B shares for cash proceeds of $22.2 million, and the amount credited to redeemable convertible preferred stock included the settlement date fair value of the participation right liability of $3.8 million.

In August 2025, the Company’s outstanding redeemable convertible preferred stock was converted into common stock, immediately before the Closing of the de-SPAC Transaction discussed in Note 3, and therefore there were no redeemable convertible preferred stock shares authorized or outstanding as of June 30, 2026 or December 31, 2025.

Prior to the August 2025 conversion, the holders of the redeemable convertible preferred stock were entitled to different rights, preferences, privileges, and restrictions regarding voting, dividends, liquidation, conversion, and redemption.

Voting Rights

Each share of the redeemable convertible preferred stock had voting rights equal to the number of shares of common stock into which it was convertible. The holders of redeemable convertible preferred stock voted together with the holders of common stock as a single class.

Dividends

The holders of the redeemable convertible preferred stock were entitled to receive noncumulative dividends at an annual rate of 8.0% of the original issuance price per share of the respective series when declared by the Company’s Board prior and in preference to any dividends on common stock. The holders of the redeemable convertible preferred stock had priority and were entitled to participate in any distributions to the holders of common stock on an as-converted basis. No dividends have been declared or paid by the Company since its inception and through June 30, 2026.

Redemption

Shares of the redeemable convertible preferred stock were contingently redeemable upon the occurrence of certain change in control events that were outside the Company’s control, including a sale, lease, transfer, or other disposition of all or substantially all of the Company’s assets, merger with a special purpose acquisition company or with a public company (“Deemed Liquidation Event”). The following stockholders group were each required to vote to initiate or waive such redemption: (i) the holders of a majority of the then outstanding shares of the redeemable convertible preferred stock, voting together as a single class on an as-converted into common stock basis (“Requisite Holders”), and (ii) the holders of a majority of the then outstanding shares of the Series B, voting as a separate class (“Requisite Series B Holders”). Subsequent adjustments to the carrying values of the liquidation preferences were only required to be made if it became probable that such a liquidation event would occur. No subsequent measurement adjustments were recorded through August 2025.

Liquidation Preference

In the event of any liquidation, dissolution, or winding up of the Company, either voluntary or involuntary, and upon a Deemed Liquidation Event, the holders of the redeemable convertible preferred stock were entitled to receive, with equal priority among them, prior and in preference to any distribution of any of the Company’s assets to the holders of common stock, an amount equal to the greater of (a) the original issue price per share of redeemable convertible preferred stock of the respective series then outstanding, plus any declared or accrued but unpaid dividends, or (b) an amount payable on an as-converted into common stock basis. After payment of the preferential amounts to the holders of the redeemable convertible preferred stock, the remaining assets of the Company available for distribution were to be distributed among the holders of common stock in proportion to the number of shares then held.

Conversion Rights

At the option of the holder, each share of the redeemable convertible preferred stock was convertible at any time into such number of shares of common stock as determined by dividing the original issue price per share of the respective series by the applicable conversion price. The initial conversion price per share was equal to the original issue price per share of the respective series. The conversion price of the redeemable convertible preferred stock was subject to adjustments for recapitalizations and under anti-dilution provisions contained in the Company’s amended and restated certificate of incorporation.

All outstanding shares of the redeemable convertible preferred stock were subject to automatic conversion into shares of common stock, at the applicable conversion price, upon either of the following: (a) the closing of the sale of shares of common stock at a price per share of at least $17.7109, as adjusted to reflect the Consideration Ratio, in a firm-commitment underwritten public offering under the Securities Act of 1933, as amended, resulting in at least $100.0 million of proceeds to the Company, net of the underwriting discount and commissions, and on a qualified stock exchange, or (b) the date and time, or the occurrence of an event, specified by the Requisite Holders and the Requisite Series B Holders, voting or consenting as two separate groups.

Common Stock

Amendment to Certificate of Incorporation

In April 2025, the Company amended and restated its certificate of incorporation to increase the authorized redeemable convertible preferred stock from 36,386,702 to 38,896,148 shares and the authorized common stock from 41,341,250 to 44,008,427 shares.

In August 2025, in connection with the de-SPAC Transaction, the Company filed a new certificate of incorporation that authorized the issuance of up to 510,000,000 shares with a par value of $0.0001 per share, including 500,000,000 shares of common stock, and 10,000,000 shares of undesignated preferred stock.

Shares Reserved for Issuance

The Company had the following shares reserved for issuance:


	June 30,		December 31,
	2026		2025
Common stock options issued and outstanding		12,600,655		9,035,498
Restricted Stock Units ("RSU"s) unvested and expected to vest		282,400		—
Shares available for issuance under the stock option and incentive plan		748,841		459,417
Shares available for issuance under the employee stock purchase plan		1,808,313		895,607
Shares available for issuance under the inducement plan		948,915		1,046,940
Total		16,389,124		11,437,462

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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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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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Related Party Transactions (Additional Information) (Details) - USD ($)
$ in Thousands

1 Months Ended

3 Months Ended

6 Months Ended

12 Months Ended

Aug. 31, 2025

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

Dec. 31, 2025

Income from transition services agreements

$ 196

$ 0

$ 419

$ 0

Research and development

^[1]

49,225

27,438

89,027

48,073

General and administrative

^[2]

10,962

2,655

17,339

5,157

BridgeBio Pharma

Stock Issued During Period Shares Other

784,720

General and administrative

$ 7,800

Income from transition services agreements

Research and development

200

400

General and administrative

$ 200

100

$ 400

Contra [Member]

Research and development

$ 500

$ 700

[1]	Research and development expenses include related party amounts of $231 and $174 for the three months ended June 30, 2026 and 2025, respectively, and $373 and $438 for the six months ended June 30, 2026 and 2025, respectively.
[2]	General and administrative expenses include related party amounts of $39 and $201 for the three months ended June 30, 2026 and 2025, respectively, and $79 and $370 for the six months ended June 30, 2026 and 2025, respectively.

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Income from Transition Services Agreements (Additional Information) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Transition Services Agreement [Member]
Description of Organization and Business Operations [Line Items]
Other Income	$ 200,000	$ 0	$ 400,000	$ 0

Fair Value Measurements and Disclosures (Tables)

6 Months Ended

Jun. 30, 2026

Fair Value Measurements [Abstract]

Summary of assets and liabilities measured at fair value on a recurring basis

The following tables summarize the Company’s assets and liabilities measured at fair value on a recurring basis by level within the valuation hierarchy (in thousands):


	June 30, 2026
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	53,603	$	—	$	—	$	53,603
Total cash equivalents		53,603		—		—		53,603
Short-term marketable securities:
Treasury bills		—		8,000		—		8,000
Commercial paper		—		10,300		—		10,300
Corporate debt securities		—		147,124		—		147,124
Certificates of deposit		—		6,224		—		6,224
Total short-term marketable securities		—		171,648		—		171,648
Long-term marketable securities:
Treasury bills		—		2,900		—		2,900
Corporate debt securities		—		115,519		—		115,519
Total long-term marketable securities		—		118,419		—		118,419
Total marketable securities		—		290,067		—		290,067
Total assets	$	53,603	$	290,067	$	—	$	343,670


	December 31, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	366,348	$	—	$	—	$	366,348
Commercial paper		—		5,484		—		5,484
Total cash equivalents		366,348		5,484		—		371,832
Short-term marketable securities:
Commercial paper		—		7,313		—		7,313
Corporate debt securities		—		44,460		—		44,460
Total short-term marketable securities		—		51,773		—		51,773
Total assets	$	366,348	$	57,257	$	—	$	423,605

Schedule of Amortized Cost and Fair Value

The following tables summarize the amortized cost and fair value of the Company’s cash equivalents and marketable securities by major investment category for the periods indicated (in thousands):


	June 30, 2026
	Amortized Cost Basis		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Short-term marketable securities:
Treasury bills	$	8,000	$	—	$	—		$	8,000
Commercial paper		10,321		—		(21	)		10,300
Corporate debt securities		147,310		4		(190	)		147,124
Certificates of deposit		6,234		—		(10	)		6,224
Total short-term marketable securities		171,865		4		(221	)		171,648
Long-term marketable securities:
Treasury bills		2,941		—		(41	)		2,900
Corporate debt securities		116,220		3		(704	)		115,519
Total long-term marketable securities		119,161		3		(745	)		118,419
Total marketable securities	$	291,026	$	7	$	(966	)	$	290,067


	December 31, 2025
	Amortized Cost Basis		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Short-term marketable securities:
Commercial paper	$	7,311	$	2	$	—		$	7,313
Corporate debt securities		44,446		18		(4	)		44,460
Total short-term marketable securities	$	51,757	$	20	$	(4	)	$	51,773

Condensed Consolidated Statements of Operations (Unaudited) (Parenthetical) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

Research and development

^[1]

$ 49,225

$ 27,438

$ 89,027

$ 48,073

General and administrative

^[2]

10,962

2,655

17,339

5,157

Related Party [Member]

Research and development

231

174

373

438

General and administrative

$ 39

$ 201

$ 79

$ 370

[1]	Research and development expenses include related party amounts of $231 and $174 for the three months ended June 30, 2026 and 2025, respectively, and $373 and $438 for the six months ended June 30, 2026 and 2025, respectively.
[2]	General and administrative expenses include related party amounts of $39 and $201 for the three months ended June 30, 2026 and 2025, respectively, and $79 and $370 for the six months ended June 30, 2026 and 2025, respectively.

Organization	6 Months Ended
Organization	Jun. 30, 2026
Description of Organization and Business Operations [Abstract]
Organization	1. Organization Description of the Business BridgeBio Oncology Therapeutics, Inc. (“BBOT,” the “Company,” “we,” “our,” or “us”), formerly known as Helix Acquisition Corp. II (“Helix”), is a clinical-stage biopharmaceutical company advancing a next-generation pipeline of novel small molecule therapeutics targeting RAS and Phosphoinositide 3-kinase (“PI3K”) malignancies. BBOT is headquartered in South San Francisco, California. de-SPAC Transaction On February 28, 2025, TheRas Inc. (“Legacy BBOT”), a privately held Delaware corporation, entered into a definitive business combination agreement (“Business Combination Agreement”) with Helix, a publicly traded special purpose acquisition company (“SPAC”) listed on Nasdaq under the ticker symbol “HLXB.” On August 11, 2025 (the “Closing”), Helix II Merger Sub, Inc., a wholly owned subsidiary of Helix, merged with and into Legacy BBOT, with Legacy BBOT surviving the merger as a wholly-owned subsidiary of Helix (“Merger”). In connection with the Merger, Helix changed its name to BridgeBio Oncology Therapeutics, Inc., and the combined company became listed on Nasdaq under the new ticker symbol “BBOT” (“de-SPAC Transaction”). Immediately prior to the closing of the de-SPAC Transaction, Helix issued and sold shares of its common stock to investors in a private placement financing for an aggregate purchase price of $260.9 million (“PIPE Financing”). The de-SPAC Transaction was accounted for as a reverse recapitalization with Legacy BBOT being the accounting acquirer, and Helix identified as the acquired company for accounting purposes (see Note 3). Accordingly, prior to the Closing, all historical financial information presented in the condensed consolidated financial statements represents the balances and activity of Legacy BBOT. At the Closing, each outstanding share of Legacy BBOT common stock was exchanged for shares of BBOT common stock based on a ratio of approximately 0.0889 (“Consideration Ratio”). For periods prior to the Closing, the reported share and per share information has been retroactively adjusted to reflect the Consideration Ratio. Material Related Party Transactions BridgeBio Pharma, Inc. is a commercial-stage biopharmaceutical company founded to discover, create, test, and deliver transformative medicines to treat patients who suffer from genetic diseases. BridgeBio Pharma, Inc. and its controlled entities (collectively, “BridgeBio Pharma”) were related parties of Legacy BBOT prior to the Closing and remained related parties of the Company after the Closing. As discussed in Note 12, the Company had material related party transactions with BridgeBio Pharma during the periods presented in these condensed consolidated financial statements. Basis of Presentation and Principles of Consolidation These condensed consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States (“US GAAP”) for interim financial information. All costs, as well as assets and liabilities directly associated with the Company’s business activity, are included in the condensed consolidated financial statements. In connection with the de-SPAC Transaction, as the successor entity following the Closing, BBOT became the reporting entity and consolidates the balances and activity of Legacy BBOT. The financial information presented in these condensed consolidated financial statements reflects the balances and results of operations of the combined entity post-Merger. Prior to the Closing, all references to BBOT or the Company are related to the balances and activity of Legacy BBOT. All intercompany balances have been eliminated in consolidation. These condensed consolidated financial statements have been prepared on the same basis as the audited annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments necessary for the fair presentation of the Company’s financial information. The results for the three and six months ended June 30, 2026 are not necessarily indicative of results to be expected for the year ending December 31, 2026 or for any other future annual or interim period. From its inception through the issuance of the Series B on April 30, 2024, Legacy BBOT had been majority-owned and controlled by BridgeBio Pharma. Prior to April 30, 2024, the Company operated as part of BridgeBio Pharma. From inception through April 30, 2024, these condensed consolidated financial statements have been derived from BridgeBio Pharma’s historical accounting records and are presented on a carve-out basis. The condensed consolidated statement of operations includes allocations of certain general and administrative expenses to the Company from BridgeBio Pharma. The allocations have been determined on a reasonable basis. The related transactions are discussed further in Note 12. Following the Series B issuance, no individual investor or related party group held a controlling financial interest in the Company, and BBOT has operated independently from BridgeBio Pharma. Subsequent to April 30, 2024 and prior to the de-SPAC Transaction, the financial information included in these condensed consolidated financial statements relates to Legacy BBOT on a standalone basis. Liquidity Since its inception through June 30, 2026, the Company has incurred net losses. As of June 30, 2026, the Company had an accumulated deficit of $455.1 million and incurred net losses of $56.5 million and $28.4 million during the three months ended June 30, 2026 and June 30, 2025, respectively and $98.6 million and $50.5 million for the six months ended June 30, 2026 and 2025, respectively. As of June 30, 2026, the Company had a balance of cash, cash equivalents, and marketable securities of $344.1 million. The Company believes that its existing cash, cash equivalents, and marketable securities will be sufficient to support operations for at least one year from the issuance date of these condensed consolidated financial statements. The Company expects to incur additional losses and negative cash flows for the foreseeable future as it continues its research and development efforts, advances its product candidates through preclinical and clinical development, enhances its approach and programs, expands its product pipeline, seeks regulatory approval, prepares for commercialization, hires additional personnel, protects its intellectual property, operates as a public company, and grows its business. The Company will need to raise additional capital to support its continuing operations and pursue its long-term business plan, including the development and commercialization of its product candidates if approved. Financing activities may include, but are not limited to, public or private equity offerings, debt financings, potential collaborations, licensing agreements, or other sources. Such activities are subject to significant risks and uncertainties.

Stock-Based Compensation - Schedule of stock-based compensation expense categories (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	$ 7,227	$ 875	$ 11,098	$ 1,502
Research and development
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total	2,387	612	4,325	1,052
General and administrative
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total	$ 4,840	$ 263	$ 6,773	$ 450

Stock-Based Compensation - Schedule of stock based compensation (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 [Abstract]
Total	$ 7,227	$ 875	$ 11,098	$ 1,502

Segment Information - Schedule of Performance and Making Key Decisions Regarding Resource Allocation (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

Segment Information [Abstract]

General and administrative

^[1]

$ 10,962

$ 2,655

$ 17,339

$ 5,157

[1]	General and administrative expenses include related party amounts of $39 and $201 for the three months ended June 30, 2026 and 2025, respectively, and $79 and $370 for the six months ended June 30, 2026 and 2025, respectively.

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2026

Summary of Significant Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

The Company’s significant accounting policies are disclosed in the Company’s consolidated financial statements for the year ended December 31, 2025, and related notes. There have been no material changes to the Company’s significant accounting policies as compared to the significant accounting policies described in the Company’s consolidated financial statements for the year ended December 31, 2025 included in the Company's Annual Report on Form 10-K filed with the SEC on March 5, 2026 (the "Form 10-K").

Concentration of Credit Risk and Other Risks and Uncertainties

Use of Estimates

•

Accruals for research and development activities and contingent clinical, development, regulatory, and sales-based milestone payments in our in-licensing agreements,

•

The fair value of share-based awards and participation right liability,

•

Recoverability of deferred tax assets,

•

Allocations of operating expenses, and

•

The determination of the incremental borrowing rate used in lease-related calculations.

The Company bases its estimates on historical experience and various other reasonable assumptions. Actual results may differ from those estimates or assumptions.

Cash, Cash Equivalents, and Restricted Cash


	June 30,		December 31,
	2026		2025
Cash	$	460	$	624
Cash equivalents		53,603		373,063
Restricted cash		132		132
Total cash, cash equivalents, and restricted cash	$	54,195	$	373,819

Marketable Securities

Fair Value Measurements

•

Level 1 - Observable inputs such as unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date;

•

Level 3 - Unobservable inputs supported by little or no market activity and significant to the fair value of the assets or liabilities.

Leases

Property and Equipment, net

Impairment of Long-Lived Assets

Segments


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
Research and development trials and consumables expenses	$	37,528	$	20,008	$	66,376	$	33,286
Payroll and personnel expenses		9,634		5,989		19,089		11,550
Facilities and other expenses		2,063		1,441		3,562		3,237
Total research and development	$	49,225	$	27,438	$	89,027	$	48,073

Receivables from and Payables to Related Parties

Research and Development Expenses

Accrued Research and Development Liabilities

•

Fees paid to contract research organizations (“CROs”) in connection with preclinical and toxicology studies and clinical trials;

•

Fees paid to investigative sites in connection with clinical trials;

•

Fees paid to contract manufacturing organizations in connection with the production of investigational product and clinical trial materials; and

•

Professional service fees for consulting and related services.

Any increases or decreases in cost are generally considered to be changes in estimates and will be reflected in research and development expenses in the reporting period identified.

General and Administrative Expenses

Asset Acquisitions

Milestone Payments Under In-Licensing Agreements

Stock-Based Compensation

Stock-based compensation is recorded in research and development expenses or general and administrative expenses based on the grantee's function.

•

Expected Dividend Yield — The Company has historically paid no dividends and does not anticipate paying dividends in the future.

•

Risk-Free Interest Rate — The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of award grant for the expected term of the award.

•

Accrued Milestone Compensation Arrangements

Participation Right Liability

Income Taxes

Net Loss per Share Attributable to Common Stockholders

Redeemable Convertible Preferred Stock

Other Comprehensive Income or Loss

Deferred de-SPAC Transaction Costs

Emerging Growth Company Status

Recently Adopted Accounting Pronouncements

Recently Issued Accounting Pronouncements

Organization (Details) $ in Thousands		3 Months Ended				6 Months Ended
Organization (Details) $ in Thousands	Aug. 11, 2025 USD ($)	Jun. 30, 2026 USD ($)	Mar. 31, 2026 USD ($)	Jun. 30, 2025 USD ($)	Mar. 31, 2025 USD ($)	Jun. 30, 2026 USD ($) shares	Jun. 30, 2025 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)
Description of Organization and Business Operations [Line Items]
Ratio of Capital Stock Converted Into Common Stock	0.0889
Net losses		$ 56,454	$ 42,106	$ 28,435	$ 22,055	$ 98,560	$ 50,490
Accumulated deficit		(455,127)				(455,127)		$ (356,567)
cash, cash equivalents, and marketable securities		344,100				$ 344,100
Number of units issued in transaction (in Shares) \| shares						24,343,711
Cash		$ 54,195		$ 31,650		$ 54,195	$ 31,650	$ 373,819	$ 30,983
Private Placement [Member]
Description of Organization and Business Operations [Line Items]
Aggregate private placement	$ 260,900

- Definition

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

+ References

+ Details

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

7. Commitments and Contingencies

10. Stock-Based Compensation

11. Net Loss Per Share Attributable to Common Stockholders

4. Fair Value Measurements and Disclosures

12. Related Party Transactions

9. Leases

3. PIPE Financing and de-SPAC Transaction

5. In-Licensing and Collaboration Agreements

6. Income from Transition Services Agreements

8. Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit)

1. Organization

2. Summary of Significant Accounting Policies