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Share-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of weighted-average assumptions
The following table summarizes the weighted-average assumptions used in calculating the fair value of the awards during the twelve months ended December 31, 2025 and during the period from September 19, 2024 (inception) through December 31, 2024:
Twelve Months EndedPeriod from September 19, 2024 (Inception) Through December 31, 2024
December 31, 2025
Expected term (in years)6.15.75 years
Expected volatility99.7%96.7%
Risk-free interest rate4.0%4.2%
Dividend yield 0.0%0.0%
Schedule of stock option activity
The following table summarizes the stock option activity during the twelve months ended December 31, 2025:
Number of
Options		Weighted
Average
Exercise Price		Weighted Average
Remaining
Contractual Term
(Years)		Aggregate
Intrinsic
Value
(thousands)
Outstanding balance as of December 31, 20241,082,893$6.16 9.9$— 
Granted 5,812,193$10.25 
Exercised(811)$6.16 5 
Forfeited or expired(707,957)$6.16 
Outstanding balance as of December 31, 20256,186,318$10.00 9.5$14,715 
Vested and expected to vest as of December 31, 20256,186,318$10.00 9.5$14,715 
Exercisable as of December 31, 2025318,249$6.26 9.0$1,784 
Schedule of RSU and RSA activity
The following table summarizes the RSU activity during the twelve months ended December 31, 2025:
Number of
RSUs		Weighted Average
Grant Date Fair Value
Unvested balance as of December 31, 2024—$— 
Granted741,4549.04 
Vested—— 
Forfeited—— 
Unvested balance as of December 31, 2025741,454$9.04 
The following table summarizes the RSA activity during the twelve months ended December 31, 2025:
Number of
RSAs		Weighted Average
Grant Date Fair
Value
Unvested balance as of December 31, 2024246,753$1.38 
Granted20,1649.55 
Vested(36,735)2.78 
Forfeited(148,053)1.38 
Unvested balance as of December 31, 202582,129$2.76 
Schedule of fair value of warrants
The following table summarizes the assumptions used in calculating the fair value of the warrants:
As of
December 31, 2025December 31, 2024
Expected term (in years)10.010.0
Expected volatility101.5%96.3%
Risk-free interest rate4.2%4.6%
Dividend yield 0.0%0.0%
Schedule of share-based compensation expense
The following table summarizes the classification of the Company’s share-based compensation expense in the consolidated statement of operations and comprehensive loss (in thousands):
Twelve Months Ended
December 31, 2025		Period from September 19, 2024 (Inception) Through December 31, 2024
General and administrative$6,670 $1,073 
Research and development6,630 61 
Total share-based compensation expense$13,300 $1,134 
The following table summarizes the total unrecognized compensation cost (in thousands) and weighted average recognition period for the Company’s awards as of December 31, 2025:
Total Unrecognized CompensationWeighted Average Recognition Period
Unvested stock options$43,391 3.5 years
Unvested RSAs$225 2.7 years
Unvested RSUs$6,120 3.7 years
The following table summarizes the award types of the Company’s share-based compensation expense in the consolidated statement of operations and comprehensive loss (in thousands):
Twelve Months Ended
December 31, 2025		Period from September 19, 2024 (Inception) Through December 31, 2024
Stock options$8,124 $983 
RSAs255 90 
RSUs584 — 
ESPP40 — 
Parascent warrant obligation4,297 61 
Total share-based compensation expense$13,300 $1,134