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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2025
Cash flows from operating activities:    
Net loss $ (2,631) $ (61,545)
Adjustments to reconcile net loss to net cash used in operating activities:    
Share-based compensation expense [1] 69 8,555
Depreciation expense 0 30
Non-cash interest expense [2] 0 2,185
Non-cash research and development expense related to Paragon option agreement 1,000 0
Non-cash lease expense 0 117
Changes in operating assets and liabilities    
Operating lease liability 0 60
Prepaid expenses and other current assets 0 (850)
Other assets 0 125
Net cash used in operating activities 0 (44,792)
Cash flows from investing activities:    
Purchases of property and equipment 0 (726)
Net cash used in investing activities 0 (726)
Cash flows from financing activities:    
Proceeds from the Pre-Closing Financing, net 0 143,027
Cash acquired in connection with the reverse recapitalization 0 1,269
Proceeds from early exercise of options 0 5
Repurchase of equity awards 0 (177)
Net cash provided by financing activities 0 144,124
Net increase in cash, cash equivalents, and restricted cash 0 98,606
Cash at beginning of period   34,766
Cash, cash equivalents, and restricted cash at end of period 0 133,372
Supplemental disclosure of non-cash operating and financing activities:    
Operating lease liability arising from obtaining operating right-of-use asset 0 1,681
Assets acquired in connection with the reverse recapitalization 0 1,710
Other liabilities assumed in connection with the reverse recapitalization 0 (2,454)
Purchases of property and equipment included in accounts payable and accrued expenses 0 86
Deferred financing costs included in accounts payable and accrued expenses 0 19
Convertible note principal and non-cash accrued interest converted to ordinary shares 0 40,515
Non-cash exchange of Pre-Merger Crescent Series Seed Preferred Stock for Series A Non-Voting Convertible Preferred Shares 0 4,000
Nonrelated Party    
Changes in operating assets and liabilities    
Accounts payable 1,562 1,057
Accrued expenses and other current liabilities 0 6,422
Related Party    
Adjustments to reconcile net loss to net cash used in operating activities:    
Share-based compensation expense   2,027
Non-cash interest expense   865
Changes in operating assets and liabilities    
Related party accounts payable and other current liabilities $ 0 $ (948)
[1] Includes related party amount of $2,027, which is classified as a liability, for the nine months ended September 30, 2025.
[2] Includes related party amount of $865 for the nine months ended September 30, 2025.