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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 64,223 $ 46,042
Short-term investments 209,086 169,941
Prepaid expenses and other current assets 8,866 7,247
Total current assets 282,175 223,230
Property and equipment, net 360 412
Right-of-use assets - operating leases 4,741 4,813
Long-term investments 153,951 17,670
Other non-current assets 454 2,884
Total assets 441,681 249,009
Current liabilities:    
Accounts payable 5,705 2,007
Related party payable $ 0 $ 7
Other Liability, Current, Related Party [Extensible Enumeration] Related Party [Member] Related Party [Member]
Accrued expenses and other current liabilities $ 8,358 $ 9,131
Operating lease liability 1,611 1,637
Total current liabilities 15,674 12,782
Operating lease liability, net of current portion 3,405 3,444
Total liabilities 19,079 16,226
Convertible preferred stock   325,328
Commitments and contingencies (Note 14)
Stockholders' deficit    
Undesignated preferred stock, $0.0001 par value; 10,000,000 and zero shares authorized at June 30, 2026 and December 31, 2025, respectively; zero shares issued and outstanding at June 30, 2026 and December 31, 2025 0 0
Common stock, par value $0.0001; 700,000,000 and 159,070,000 shares authorized as of June 30, 2026 and December 31, 2025; 53,530,550 and 2,595,342 shares issued and outstanding as of June 30, 2026 and December 31, 2025 5 1
Additional paid-in capital 625,189 21,262
Accumulated other comprehensive income (475) 301
Accumulated deficit (202,117) (114,109)
Total stockholders' equity (deficit) 422,602 (92,545)
Total liabilities, convertible preferred stock and stockholders' equity (deficit) 441,681 249,009
Series A-1 Convertible Preferred Stock    
Current liabilities:    
Convertible preferred stock 0 0
Series A-2 Convertible Preferred Stock    
Current liabilities:    
Convertible preferred stock 0 99,757
Series B Convertible Preferred Stock    
Current liabilities:    
Convertible preferred stock $ 0 $ 225,571