CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 189,163	$ 213,192
Accounts receivable, net	0	18,000
Prepaid expenses and other current assets	6,400	5,463
Total current assets	195,563	236,655
Property and equipment, net	929	846
Operating lease right-of-use assets	1,372	1,469
Restricted cash	107	107
Other assets	1,159	1,216
Total assets	199,130	240,293
Current liabilities
Accrued expenses and other current liabilities	4,433	16,344
Deposit liability	5,000	5,000
Deferred revenue	3,117	4,156
Operating lease liability, current	453	435
Total current liabilities	14,193	36,072
Long term liabilities
Operating lease liability, noncurrent	1,090	1,209
Total liabilities	15,283	37,281
Commitments and contingencies (Note 13)
Shareholders’ equity:
Non-voting convertible preferred shares, $0.001 par value; 5,000,000 shares authorized as of March 31, 2026 and December 31, 2025; 2,890 Series A designated shares issued and outstanding as of March 31, 2026 and December 31, 2025	4,000	4,000
Ordinary shares, $0.001 par value; 175,000,000 shares authorized as of March 31, 2026 and December 31, 2025, 27,571,935 and 27,556,767 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively	28	28
Additional paid-in capital	374,911	370,793
Accumulated deficit	(195,092)	(171,809)
Total shareholders' equity	183,847	203,012
Total liabilities, convertible preferred shares, and shareholders’ equity	199,130	240,293
Nonrelated Party
Current liabilities
Accounts payable	1,190	9,997
Related Party
Current liabilities
Related party accounts payable and other current liabilities	$ 0	$ 140