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Segment Reporting
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segment Reporting
17. Segment Reporting
The Company has one reportable segment relating to the research and development of its research programs, CR-001, CR-002, and CR-003. The Company’s CODM, its Chief Executive Officer, manages the Company’s operations on a company-wide basis for the allocation of resources and the assessment of performance. The Company’s measure of segment profit or loss used to assess performance and allocate resources is net loss and comprehensive loss. Although the Company’s financial reporting package that is reviewed and approved by the CODM disaggregates significant expenses such as program-level external research and development costs, personnel costs, including share-based compensation expense, and professional and consulting fees, all decisions made by the CODM are based upon reviewing operating metrics and performance indications at the Company-wide level. The CODM uses net loss to evaluate loss generated from the Company’s business activities in deciding how to allocate company resources and monitoring budget versus actual results. Assets are also managed on a Company-wide basis.
The table below is a summary of the segment loss, including significant segment expenses (in thousands):
Twelve Months Ended
December 31, 2025		Period from September 19, 2024 (Inception) Through December 31, 2024
License revenue$10,844 $— 
Less:
CR-001 external research and development costs25,547 6,610 
CR-002 external research and development costs8,636 751 
Discovery external research and development costs(1)
1,952 — 
Personnel costs31,022 1,214 
Milestone and license fees(2)
84,710 6,400 
Professional and other fees(3)
11,609 2,216 
Other expense (income)(690)676 
Provision for income taxes2,000 — 
Net loss and comprehensive loss$(153,942)$(17,867)
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(1)Discovery external research and discovery costs include costs associated with candidate discovery activities.
(2)Milestone and license fees for the twelve months ended December 31, 2025 includes the license fee for CR-003 related to the SKB105 License Agreement.
(3)Profession and other fees includes professional fees, consulting fees, office and facilities expense, and miscellaneous other expense.
For the year ended December 31, 2025, all of the Company’s revenues were earned from a license agreement with a single customer located in China. As of December 31, 2025, all of the Company’s long-lived assets are located in the United States.