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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Cash flows from operating activities    
Net income (loss) $ (140,055) $ 1,687,572
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Depreciation and amortization 2,483 2,285
Accretion of debt discount and non-cash interest expense 2,439 2,065
Stock-based compensation expense 11,138 58,518
Non-cash lease expense 1,803 1,897
Non-cash gain on transaction with Acquirer 0 (1,998,809)
Loss on disposal of property and equipment 12 12
Changes in operating assets and liabilities:    
Accounts receivable 200 (185)
Other receivables 20 566
Receivables from related parties 23 (23)
Prepaid expenses and other current assets 1,400 2,982
Other non-current assets 0 (3,667)
Accounts payable (3,301) 17,903
Accrued expenses (4,361) 35,883
Operating lease liability (1,595) (1,408)
Net cash used in operating activities (129,794) (194,409)
Cash flows from investing activities    
Purchase of property and equipment (31) (2,597)
Proceeds from the sale of property and equipment 3 0
Net cash used in investing activities (28) (2,597)
Cash flows from financing activities    
Proceeds from the issuance of debt 99,965 0
Payment of third-party fees associated with debt (125) 0
Proceeds from exercise of stock options 1,606 71,678
Net cash provided by financing activities 101,446 71,678
Net decrease in cash (28,376) (125,328)
Cash and cash equivalents at beginning of period 152,596 277,924
Cash and cash equivalents at end of period 124,220 152,596
Supplemental disclosure of cash flow information    
Cash paid for interest 8,900 11,506
Cash paid for income taxes 2 2
Supplemental schedule of non-cash investing and financing activities    
Remeasurement of operating lease liability and right-of-use asset in connection with 2024 Lease Agreement 0 6,283
Fair value of warrants issued to lender in conjunction with 2025 Loan Agreement (as defined in Note 3) $ 1,720 $ 0