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Segments (Tables)

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Summary of Significant Expense and Asset Categories

The table below summarizes the significant expense categories regularly reviewed by the CODM for the three and nine months ended September 30, 2025 and 2024 (in thousands).

	For the three months ended September 30,								For the nine months ended September 30,
	2025				2024				2025				2024
Operating expenses:
Research and development	$	10,328			$	3,112			$	22,132			$	8,115
General and administrative		6,478				1,507				17,804				4,084
Total operating expenses	$	16,806			$	4,619			$	39,936			$	12,199
Net operating loss		(16,806	)			(4,619	)			(39,936	)			(12,199	)
Other segment items (a)
Interest income		1,017				665				2,901				887
Interest expense		-				(7	)			-				(24	)
Other income (expense), net		(15	)			-				(24	)			1
Net loss (b)	$	(15,804	)		$	(3,961	)		$	(37,059	)		$	(11,335	)

(a)Other segment items included in segment loss includes interest income and interest expense.

(b)The Company is a single operating segment and therefore the measure of segment net loss is the same as consolidated net loss and does not require reconciliation.

The table below summarizes the significant asset categories regularly reviewed by the CODM at September 30, 2025 and September 30, 2024 (in thousands).

	September 30, 2025				September 30, 2024
Assets:
Cash and cash equivalents	$	99,369			$	98,311

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- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

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- References

No definition available.

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