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CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE LOSS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Statement [Abstract]    
License agreement revenue $ 1,039 $ 0
Operating Expenses [Abstract]    
Research and development [1] 17,903 10,627
General and administrative [2] 7,865 3,597
Total operating expenses 25,768 14,224
Loss from operations (24,729) (14,224)
Other income (expense):    
Interest income 1,446 188
Interest expense [3] 0 (1,112)
Total other income (expense) 1,446 (924)
Net loss and comprehensive loss (23,283) (15,148)
Net loss and comprehensive loss $ (23,283) $ (15,148)
Net loss per share attributable to ordinary shareholders, basic (in dollars per share) $ (0.70) $ (19.63)
Net loss per share attributable to ordinary shareholders, diluted (in dollars per share) (0.70) (19.63)
Net loss per share attributable to Series A non-voting convertible preferred shareholders, basic (in dollars per share) (699.31) 0
Net loss per share attributable to Series A non-voting convertible preferred shareholders, diluted (in dollars per share) $ (699.31) $ 0
Weighted-average ordinary shares outstanding used in computing net loss per share to ordinary shareholders, basic (in shares) 30,397,886 771,851
Weighted-average ordinary shares outstanding used in computing net loss per share to ordinary shareholders, diluted (in shares) 30,397,886 771,851
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) 2,890 0
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) 2,890 0
[1] Includes related party amount of $2,923 and $8,777 for the three months ended March 31, 2026 and March 31, 2025, respectively.
[2] Includes related party amount of $0 and $466 for the three months ended March 31, 2026 and March 31, 2025, respectively.
[3] Includes related party amount of $0 and $445 for the three months ended March 31, 2026 and March 31, 2025, respectively.