Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of expense for income taxes

The expense for income taxes consists of the following:

	2025		2024
Current
Federal	$	—	$	—
State	—		—
Foreign	2,000		—
Total current expense	2,000		—
Deferred
Federal	—		—
State	—		—
Foreign	—		—
Total deferred expense	—		—
Total income tax expense	$	2,000	$	—

Reconciliation of effective income tax rate

A reconciliation of the U.S. federal statutory rate to the Company’s effective income tax rate for the year ended December 31, 2025 and December 31, 2024 is as follows:

	Twelve Months Ended December 31, 2025				Period from September 19, 2024 (Inception) Through December 31, 2024
U.S. Federal statutory tax rate	$	(31,908)	21	%	$	(3,752)	21	%
Foreign Tax Effects
China
Withholding taxes	2,000		(1.3)	%	—		—	%
Tax credits	(1,809)		1.2	%	(46)		0.3	%
Change in valuation allowance	34,697		(22.9)	%	3,612		(20.2)	%
Nontaxable or nondeductible items	870		(0.6)	%	186		(1.0)	%
Other adjustments
Tax deductible merger expenses	(1,850)		1.2	%	—		—	%
Effective income tax rate	$	2,000	(1.4)	%	$	—	0.1	%

Schedule of income tax effect of temporary differences and carryforwards

The income tax effect of each type of temporary difference and carryforward as of December 31, 2025 and December 31, 2024 was as follows:

	Twelve Months Ended December 31, 2025		Period from September 19, 2024 (Inception) Through December 31, 2024
Deferred tax assets:
Net operating loss carryforwards	$	12,164	$	444
Tax credit carryforwards	2,423		73
Accrued liabilities	1,246		4
Lease liability	433		—
Capitalized research and development costs	5,867		1,724
Intangible assets	23,439		1,466
Share-based compensation	2,801		229
Fixed assets	5		—
Total deferred tax assets	48,378		3,940
Valuation allowance	(47,991)		(3,940)
Deferred tax assets, net of valuation allowance	387		—
Deferred tax liabilities:
Right of use asset	(387)		—
Total deferred tax liabilities	(387)		—
Deferred taxes, net	$	—	$	—