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CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended
--- | --- | ---
Dec. 31, 2024 | Dec. 31, 2025
Income Statement [Abstract] |  |  |
License revenue |  | $ 0 | $ 10,844
Operating Expenses [Abstract] |  |  |
Research and development | [1] | 14,034 | 138,086
General and administrative | [2] | 3,157 | 25,390
Total operating expenses |  | 17,191 | 163,476
Loss from operations |  | (17,191) | (152,632)
Other income (expense): |  |  |
Interest income |  | 176 | 2,875
Interest expense | [3] | (852) | (2,185)
Loss before provision for income taxes |  | (17,867) | (151,942)
Provision for income taxes |  | 0 | (2,000)
Net loss and comprehensive loss |  | (17,867) | (153,942)
Net loss and comprehensive loss |  | $ (17,867) | $ (153,942)
Net loss per share attributable to ordinary shareholders, basic (in dollars per share) |  | $ (23.28) | $ (12.81)
Net loss per share attributable to ordinary shareholders, diluted (in dollars per share) |  | (23.28) | (12.81)
Net loss per share attributable to Series A non-voting convertible preferred shareholders, basic (in dollars per share) |  | 0 | (12,818.01)
Net loss per share attributable to Series A non-voting convertible preferred shareholders, diluted (in dollars per share) |  | $ 0 | $ (12,818.01)
Weighted-average ordinary shares outstanding used in computing net loss per share to ordinary shareholders, basic (in shares) |  | 767,580 | 10,413,649
Weighted-average ordinary shares outstanding used in computing net loss per share to ordinary shareholders, diluted (in shares) |  | 767,580 | 10,413,649
Weighted-average Series A non-voting convertible preferred shares outstanding used in computing net loss per share to Series A non-voting convertible preferred shareholders, basic (in shares) |  | 0 | 1,599
Weighted-average Series A non-voting convertible preferred shares outstanding used in computing net loss per share to Series A non-voting convertible preferred shareholders, diluted (in shares) |  | 0 | 1,599
[1] | Includes related party amount of $23,653 for the twelve months ended months ended December 31, 2025 and $13,185 for the period from September 19, 2024 (inception) through December 31, 2024.
[2] | Includes related party amount of $720 for the twelve months ended months ended December 31, 2025 and $571 for the period from September 19, 2024 (inception) through December 31, 2024.
[3] | Includes related party amount of $865 for the twelve months ended December 31, 2025 and $341 for the period from September 19, 2024 (inception) through December 31, 2024.

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