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Net Loss per Share (Tables)

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Schedule of basic and diluted net loss per share attributable to ordinary shareholders

Basic and diluted net loss per share attributable to ordinary shareholders was calculated as follows (in thousands, except share and per share amounts):

			Three Months Ended September 30, 2025															Nine Months Ended September 30, 2025
			Loss Allocation			Weighted Average Shares Outstanding						Loss Per Share, Basic and Diluted						Loss Allocation			Weighted Average Shares Outstanding						Loss Per Share, Basic and Diluted
Ordinary Shares			$	(20,947)		16,540,771						$	(1.27)					$	(52,391)		6,640,402						$	(7.89)
Company Series A Preferred Shares (1)			(3,660)			2,890						$	(1,266.44)					(9,154)			1,160						$	(7,891.38)
Net loss			$	(24,607)														$	(61,545)

			Period from September 19, 2024 (Inception) Through September 30, 2024
			Loss Allocation			Weighted Average Shares Outstanding						Loss Per Share, Basic and Diluted
Common Stock			$	(2,631)		730,092						$	(3.60)
Net loss			$	(2,631)

(1) The weighted-average number of shares of as-converted Series A Preferred Shares used in the loss allocation was 2,890,000 and 1,160,219 for the three and nine months ended September 30, 2025, respectively.

Schedule of anti-dilutive net loss per share attributable to ordinary shareholders

The potential ordinary shares that were excluded from the computation of diluted net loss per share attributable to ordinary shareholders for the periods presented because including them would have had an anti-dilutive effect were as follows:

			Three Months Ended September 30, 2025						Nine Months Ended September 30, 2025						Period from September 19, 2024 (Inception) Through September 30, 2024
Convertible preferred stock (as converted to common stock)			—						—						20,000,000
Outstanding unvested restricted stock units			438,386						438,386						—
Outstanding unvested restricted stock awards			94,083						94,083						187,533
Outstanding and issued common stock options			4,094,237						4,094,237						—
Total			4,626,706						4,626,706						20,187,533

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- References

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- Definition

Tabular disclosure of securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) in the future that were not included in the computation of diluted EPS because to do so would increase EPS amounts or decrease loss per share amounts for the period presented, by antidilutive securities.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1

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- Definition

Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1

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