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CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2025
Dec. 31, 2024
Sep. 30, 2025
Operating expenses        
Research and development $ 2,473 [1] $ 20,347 [1] $ 14,034 [2] $ 43,059 [1]
General and administrative 158 [3] 5,538 [3] 3,157 [4] 18,081 [3]
Total operating expenses 2,631 25,885 17,191 61,140
Loss from operations (2,631) (25,885) (17,191) (61,140)
Other income (expense):        
Interest income 0 1,278 176 1,780
Interest expense 0 [5] 0 [5] (852) [6] (2,185) [5]
Total other income (expense) 0 1,278 (676) (405)
Net loss and comprehensive loss (2,631) (24,607) (17,867) (61,545)
Net loss $ (2,631) $ (24,607) $ (17,867) $ (61,545)
Net loss per share attributable to ordinary shareholders, basic (in dollars per share) $ (3.60) $ (1.27) $ (23.28) $ (7.89)
Net loss per share attributable to ordinary shareholders, diluted (in dollars per share) (3.60) (1.27) $ (23.28) (7.89)
Net loss per share attributable to Series A non-voting convertible preferred shareholders, basic (in dollars per share) 0 (1,266.44)   (7,891.38)
Net loss per share attributable to Series A non-voting convertible preferred shareholders, diluted (in dollars per share) $ 0 $ (1,266.44)   $ (7,891.38)
Weighted-average ordinary shares outstanding used in computing net loss per share to ordinary shareholders, basic (in shares) 730,092 16,540,771 767,580 6,640,402
Weighted-average ordinary shares outstanding used in computing net loss per share to ordinary shareholders, diluted (in shares) 730,092 16,540,771 767,580 6,640,402
Weighted-average ordinary shares outstanding used in computing net loss per share to Series A non-voting convertible preferred shareholders, basic (in shares) 0 2,890   1,160
Weighted-average ordinary shares outstanding used in computing net loss per share to Series A non-voting convertible preferred shareholders, diluted (in shares) 0 2,890   1,160
[1] Includes related party amount of $6,175 and $21,244 for the three and nine months ended September 30, 2025, respectively, and $2,473 for the period from September 19, 2024 (inception) through September 30, 2024.
[2] Includes related party amount of $13,185 for the period from September 19, 2024 (inception) to December 31, 2024 (see Note 12).
[3] Includes related party amount of $89 and $719 for the three and nine months ended September 30, 2025, respectively, and $90 for the period from September 19, 2024 (inception) through September 30, 2024.
[4] Includes related party amount of $571 for the period from September 19, 2024 (inception) to December 31, 2024 (see Note 12).
[5] Includes related party amount of $865 for the nine months ended September 30, 2025.
[6] Includes related party amount of $341 for the period from September 19, 2024 (inception) to December 31, 2024 (see Note 4).