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Income Taxes - Temporary Differences and Carryforwards (Details) - USD ($) $ in Thousands | Dec. 31, 2025 | Dec. 31, 2024
--- | --- | ---
Deferred tax assets: |  |
Net operating loss carryforwards | $ 12,164 | $ 444
Tax credit carryforwards | 2,423 | 73
Accrued liabilities | 1,246 | 4
Lease liability | 433 | 0
Capitalized research and development costs | 5,867 | 1,724
Intangible assets | 23,439 | 1,466
Share-based compensation | 2,801 | 229
Fixed assets | 5 | 0
Total deferred tax assets | 48,378 | 3,940
Valuation allowance | (47,991) | (3,940)
Deferred tax assets, net of valuation allowance | 387 | 0
Deferred tax liabilities: |  |
Right of use asset | (387) | 0
Total deferred tax liabilities | (387) | 0
Deferred taxes, net | $ 0 | $ 0

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