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Income Taxes - Deferred tax assets and liabilities (FY) (Details) - USD ($) $ in Thousands | 12 Months Ended
--- | ---
Dec. 31, 2025 | Dec. 31, 2024
Deferred tax assets: |  |
Net operating loss carryforwards | $ 105,425 | $ 94,923
Research and development credits | 55,020 | 50,842
Collaboration and license agreement | 2,832 | 3,422
Capitalized research and development | 46,041 | 59,803
Share-based compensation | 4,329 | 5,863
Accrued expenses and other | 4,581 | 1,404
Operating lease liabilities | 6,520 | 7,560
Depreciation and amortization | 1,048 | 461
Total gross deferred tax assets before valuation allowance | 225,796 | 224,278
Valuation allowance | (222,752) | (219,833)
Net deferred tax assets | 3,044 | 4,445
Deferred tax liabilities: |  |
Right of use assets - operating leases | (3,044) | (4,445)
Total deferred tax liabilities | (3,044) | (4,445)
Net deferred taxes | 0 | 0
Valuation allowance increased | $ 2,900 | $ 19,100

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