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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES    
Net Loss $ (37,059) $ (11,335)
Adjustments to reconcile net loss to net cash used in operating activities    
Interest on debt instrument 0 24
Stock-based compensation 14,373 155
Changes in operating assets and liabilities    
Prepaid expenses and other current assets (1,606) 419
Accounts payable 2,452 (513)
Accrued liabilities (545) (34)
Net cash used in operating activities (22,385) (11,284)
CASH FLOWS FROM INVESTING ACTIVITIES    
Net cash provided by investing activities 0 0
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from issuance of warrants and pre-funded warrants, net of issuance costs 23,216 98,477
Proceeds from the exercise of warrants and pre-funded warrants 3,687 1,827
Payments on short-term note 0 (501)
Net cash provided by financing activities 26,903 99,803
Net change in cash and cash equivalents 4,518 88,519
Cash and cash equivalents, beginning of period 94,851 9,792
Cash and cash equivalents, end of period 99,369 98,311
Supplemental Disclosures:    
Cash paid for interest $ 0 $ 23