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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Dec. 31, 2024
Sep. 30, 2025
Cash flows from operating activities:      
Net loss $ (2,631) $ (17,867) $ (61,545)
Adjustments to reconcile net loss to net cash used in operating activities:      
Share-based compensation expense 69 [1] 1,134 8,555 [1]
Depreciation expense 0   30
Non-cash interest expense 0 [2] 2 2,185 [2]
Non-cash research and development expense related to Paragon option agreement 1,000 1,000 0
Non-cash lease expense 0   117
Changes in operating assets and liabilities      
Accrued expenses and other current liabilities 0 2,172 [3] 6,422
Operating lease liability 0   60
Prepaid expenses and other current assets 0 (38) (850)
Other assets 0   125
Net cash used in operating activities 0 (6,269) (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)
Proceeds from issuance of common stock   315  
Proceeds from issuance of Series Seed convertible preferred stock, net   4,000  
Proceeds from the issuance of notes payable, net of issuance costs [4]   37,480  
Payment of deferred offering costs   (760)  
Net cash provided by financing activities 0 41,035 144,124
Net increase in cash, cash equivalents, and restricted cash 0 34,766 98,606
Cash at beginning of period 0 0 34,766
Cash, cash equivalents, and restricted cash at end of period 0 34,766 133,372
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 53 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 1,562 107 1,057
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      
Accrued expenses and other current liabilities   341  
Related party accounts payable and other current liabilities $ 0 7,221 $ (948)
Cash flows from financing activities:      
Proceeds from the issuance of notes payable, net of issuance costs   $ 14,993  
[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.
[3] Includes related party amount of $341 for the period from September 19, 2024 (inception) to December 31, 2024.
[4] Includes related party amount of $14,993 for the period from September 19, 2024 (inception) to December 31, 2024.