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CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Dec. 31, 2024
Dec. 31, 2025
Income Statement [Abstract]    
License revenue $ 0 $ 10,844
Operating Expenses [Abstract]    
Research and development [1] 14,034 138,086
General and administrative [2] 3,157 25,390
Total operating expenses 17,191 163,476
Loss from operations (17,191) (152,632)
Other income (expense):    
Interest income 176 2,875
Interest expense [3] (852) (2,185)
Loss before provision for income taxes (17,867) (151,942)
Provision for income taxes 0 (2,000)
Net loss and comprehensive loss (17,867) (153,942)
Net loss and comprehensive loss $ (17,867) $ (153,942)
Net loss per share attributable to ordinary shareholders, basic (in dollars per share) $ (23.28) $ (12.81)
Net loss per share attributable to ordinary shareholders, diluted (in dollars per share) (23.28) (12.81)
Net loss per share attributable to Series A non-voting convertible preferred shareholders, basic (in dollars per share) 0 (12,818.01)
Net loss per share attributable to Series A non-voting convertible preferred shareholders, diluted (in dollars per share) $ 0 $ (12,818.01)
Weighted-average ordinary shares outstanding used in computing net loss per share to ordinary shareholders, basic (in shares) 767,580 10,413,649
Weighted-average ordinary shares outstanding used in computing net loss per share to ordinary shareholders, diluted (in shares) 767,580 10,413,649
Weighted-average Series A non-voting convertible preferred shares outstanding used in computing net loss per share to Series A non-voting convertible preferred shareholders, basic (in shares) 0 1,599
Weighted-average Series A non-voting convertible preferred shares outstanding used in computing net loss per share to Series A non-voting convertible preferred shareholders, diluted (in shares) 0 1,599
[1] Includes related party amount of $23,653 for the twelve months ended months ended December 31, 2025 and $13,185 for the period from September 19, 2024 (inception) through December 31, 2024.
[2] Includes related party amount of $720 for the twelve months ended months ended December 31, 2025 and $571 for the period from September 19, 2024 (inception) through December 31, 2024.
[3] Includes related party amount of $865 for the twelve months ended December 31, 2025 and $341 for the period from September 19, 2024 (inception) through December 31, 2024.