CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities:
Net loss		$ (23,283)	$ (15,148)
Adjustments to reconcile net loss to net cash used in operating activities:
Share-based compensation expense	[1]	4,113	1,229
Depreciation expense		64	0
Non-cash interest expense		0	2
Non-cash lease expense		97	0
Changes in operating assets and liabilities:
Accrued expenses and other current liabilities	[2]	(3,456)	1,759
Deferred revenue		(1,039)	0
Operating lease liability		(101)	0
Accounts receivable		18,000	0
Prepaid expenses and other current assets		(937)	(371)
Other assets		57	0
Net cash used in operating activities		(8,937)	(10,851)
Cash flows from investing activities:
Purchase of research and development license		(8,000)	0
Purchases of property and equipment		(147)	0
Net cash used in investing activities		(8,147)	0
Cash flows from financing activities:
Proceeds from early exercise of options		0	5
Payment of debt issuance costs		0	(2)
Payment of deferred offering costs		(6,945)	(1,489)
Net cash used in financing activities		(6,945)	(1,486)
Net decrease in cash, cash equivalents, and restricted cash		(24,029)	(12,337)
Cash, cash equivalents, and restricted cash at beginning of period		213,299	34,766
Cash, cash equivalents, and restricted cash at end of period		189,270	22,429
Supplemental disclosure of non-cash operating and financing activities:
Vesting of early exercised stock options		5	0
Deferred financing costs included in accounts payable and accrued expenses		0	518
Nonrelated Party
Changes in operating assets and liabilities:
Accounts payable		(2,312)	518
Related Party
Adjustments to reconcile net loss to net cash used in operating activities:
Share-based compensation expense		423	763
Non-cash interest expense		0	784
Changes in operating assets and liabilities:
Related party accounts payable and other current liabilities		$ (140)	$ 1,160

[1] Includes related party amount of $423 and $763, for the three months ended March 31, 2026 and March 31, 2025, respectively.

[2] Includes related party amount of $0 and $784 for the three months ended March 31, 2026 and March 31, 2025, respectively.