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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating activities    
Net loss $ (88,008) $ (28,202)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 39,432 3,375
Depreciation expense 52 77
Amortization of operating lease right-of-use assets 656 592
Net amortization of premium and discounts on investments (582) (2,019)
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (433) (5,494)
Other non-current assets 0 (1,191)
Accounts payable 3,690 (2,604)
Related party payable (7) (283)
Accrued expenses and other current liabilities (461) 709
Operating lease liability (652) (490)
Net cash used in operating activities (46,313) (35,530)
Investing activities    
Purchase of investments (300,652) (304,171)
Proceeds from maturities of investments 125,000 77,500
Purchases of property and equipment 0 (323)
Net cash used in investing activities (175,652) (226,994)
Financing activities    
Proceeds from initial public offering, net of underwriting discounts and commissions and deferred offering costs 239,338 0
Proceeds from exercise of stock options 807 0
Net cash provided by financing activities 240,145 0
Effect of exchange rates on cash and cash equivalents 1 0
Net increase (decrease) in cash and cash equivalents 18,181 (262,524)
Cash, cash equivalents, and restricted cash, beginning of period 46,496 309,553
Cash, cash equivalents, and restricted cash, end of period 64,677 47,029
Supplemental disclosure of non-cash operating, financing, and investing information:    
Operating lease right-of-use assets obtained in exchange for lease liabilities 584 1,114
Deferred offering costs included in accounts payable and accrued expenses $ 97 $ 0