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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 income (loss) before noncontrolling interest $ 11,080 $ (13,597)
Adjustments to reconcile net income (loss) before noncontrolling interest to net cash used in operating activities:    
Depreciation expense 2 12
Share-based compensation expense 3,115 1,743
Changes in assets and liabilities:    
Prepaid expenses 327 833
Other current assets (312) 82
Other assets 0 67
Accounts payable and accrued expenses 435 189
Contract liabilities (16,839) 0
Other liabilities 0 (90)
Net cash used in operating activities (2,289) (10,782)
Cash flows from financing activities:    
Proceeds from the exercise of stock options 0 9
Taxes paid related to net share settlement of equity awards 0 (51)
Net cash used in financing activities 0 (42)
Net decrease in cash and cash equivalents (2,289) (10,824)
Total cash and cash equivalents, beginning of period 88,932 36,746
Total cash and cash equivalents, end of period 86,643 25,922
Related Party    
Adjustments to reconcile net income (loss) before noncontrolling interest to net cash used in operating activities:    
Change in fair value of warrants, related party (59) (26)
Nonrelated Party    
Adjustments to reconcile net income (loss) before noncontrolling interest to net cash used in operating activities:    
Change in fair value of warrants, related party $ (38) $ 5