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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net loss $ (20,797) $ (13,662)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 1,787 57
Amortization of right of use-assets 350 158
Accretion of discounts on marketable securities, net (11) 0
Non-cash interest expense 0 393
Depreciation and amortization expense 0 4
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (20) (6,206)
Deposits and other non-current assets (2,974) (1)
Accounts payable (462) 961
Accrued expenses and other current liabilities (570) (14)
Deferred revenue 0 (650)
Other non-current liabilities (32) 0
Operating lease liabilities (1,144) (171)
Net cash used in operating activities (23,873) (19,131)
Cash flows from investing activities:    
Purchases of marketable securities (18,933) 0
Maturities of marketable securities 18,147 0
Net cash used in investing activities (786) 0
Cash flows from financing activities:    
Proceeds from exercise of stock options 35 45
Proceeds from issuance of pre-funded warrants to purchase common stock, net of issuance costs 28,048 0
Proceeds from term loan 0 15,000
Payment of issuance costs in connection with reverse recapitalization (3,279) 0
Payment of deferred offering costs 0 (2,001)
Net cash provided by (used in) financing activities 24,804 13,044
Effect of exchange rate changes on cash and cash equivalents 0 (10)
Net change in cash and cash equivalents 145 (6,097)
Cash and cash equivalents at beginning of period 94,532 12,118
Cash and cash equivalents at end of period 94,677 6,021
Supplemental disclosure of noncash investing and financing activities:    
Change in right-of-use asset and lease liabilities due to contract modification 81 0
Accretion of redeemable convertible preferred shares 0 6,200
Deferred offering costs included in accounts payable and accrued expenses and other current liabilities $ 0 $ 2,543