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CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 133,265 $ 34,766
Prepaid expenses and other current assets 1,298 38
Total current assets 134,563 34,804
Property and equipment, net 782 0
Operating lease right-of-use assets 1,564 0
Restricted cash 107 0
Other assets 1,253 813
Total assets 138,269 35,617
Current liabilities    
Operating lease liability, current 417 0
Warrant liability, related party 2,088 61
Total current liabilities 20,304 9,614
Long term liabilities    
Operating lease liability, noncurrent 1,324 0
Notes payable, noncurrent [1] 0 37,482
Total liabilities 21,628 47,096
Commitments and contingencies (Note 13)
Shareholders’ equity (deficit):    
Ordinary shares, $0.001 par value; 175,000,000 and 40,000,000 shares authorized as of September 30, 2025 and December 31, 2024, respectively, 13,892,562 and 1,018,604 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively 14 1
Additional paid-in capital 192,039 2,387
Accumulated deficit (79,412) (17,867)
Total shareholders' equity (deficit) 116,641 (15,479)
Total liabilities, convertible preferred shares, and shareholders’ equity (deficit) 138,269 35,617
Series Seed Convertible Preferred Stock    
Convertible preferred shares:    
Series Seed convertible preferred shares, $0.0001 par value; no shares and 20,000,000 shares authorized as of September 30, 2025 and December 31, 2024, respectively; no shares and 20,000,000 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively; liquidation preference of $0 and $4,000 as of September 30, 2025 and December 31, 2024, respectively 0 4,000
Series A Non-Voting Preferred Shares    
Shareholders’ equity (deficit):    
Series A non-voting convertible preferred shares, $0.001 par value; 5,000,000 shares and no shares authorized as of September 30, 2025 and December 31, 2024, respectively; 2,890 shares and no shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively 4,000 0
Nonrelated Party    
Current liabilities    
Accounts payable 2,561 107
Accrued expenses and other current liabilities [2] 8,965 2,225
Related Party    
Current liabilities    
Accrued expenses and other current liabilities   341
Related party accounts payable and other current liabilities $ 6,273 7,221
Long term liabilities    
Notes payable, noncurrent   $ 14,993
[1] Includes related party amount of $14,993 as of December 31, 2024
[2] Includes related party amount of $341 as of December 31, 2024.