XML 16 R2.htm IDEA: XBRL DOCUMENT v3.26.1
CONDENSED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Current assets    
Cash and cash equivalents $ 238,902 $ 96,358
Short-term investments 12,100 11,078
Other receivables 653 431
Prepaid expenses and other current assets 1,707 901
Total current assets 253,362 108,768
Other non-current assets 789 492
Property and equipment, net 2,745 2,339
Deferred offering costs 0 2,715
Right-of-use asset 1,490 1,552
Total assets 258,386 115,866
Current liabilities    
Accounts payable 3,514 2,696
Payroll-related accruals 882 2,182
Other current liabilities 2,271 3,706
Total current liabilities 6,667 8,584
Lease liability, non-current 1,607 1,582
Total liabilities 8,274 10,166
Commitments and contingencies (Note 7)
Redeemable convertible preferred stock, $.00001 par value; zero shares authorized, issued and outstanding as of March 31, 2026; 116,618,581 shares authorized, 20,341,968 shares issued and outstanding as of December 31, 2025 (aggregate liquidation preference of $zero and $200,878 as of March 31, 2026 and December 31, 2025, respectively) 0 204,537
Stockholders' equity (deficit)    
Preferred stock, $.00001 par value; 200,000,000 shares authorized, zero shares issued and outstanding as of March 31, 2026; zero shares authorized, issued, and outstanding as of December 31, 2025 0 0
Common stock, $.00001 par value; 1,000,000,000 shares authorized; 33,432,555 shares issued and outstanding as of March 31, 2026; 154,383,336 shares authorized; 2,203,620 shares issued and outstanding as of December 31, 2025 0 0
Common stock additional paid-in capital 368,660 5,893
Accumulated deficit (118,548) (104,730)
Total stockholders' equity (deficit) 250,112 (98,837)
Total liabilities, redeemable convertible preferred stock and stockholders' equity (deficit) $ 258,386 $ 115,866