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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Operating expenses    
Research and development $ 32,672 $ 12,709
General and administrative 23,713 6,785
Total operating expenses 56,385 19,494
Net operating loss (56,385) (19,494)
Interest income 3,819 1,914
Interest expense 0 (23)
Other (expense) income, net (33) 1
Net loss $ (52,599) $ (17,602)
Net loss per share, basic $ (1.34) $ (1.15)
Net loss per share, diluted $ (1.34) $ (1.15)
Weighted average number of common shares and prefunded warrants outstanding, basic 39,217,244 15,271,705
Weighted average number of common shares and prefunded warrants outstanding, diluted 39,217,244 15,271,705