Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Taxes

Schedule of reconciliation of income taxes

A reconciliation of the Company’s total tax using the statutory income tax rate to the Company’s total tax using their effective income tax rate is as follows (in thousands):

	For the Year Ended
	December 31,
	2025				2024
		Amount	%			Amount	%
Pre-tax loss	$	(18,214)			$	(29,397)
U.S. federal statutory tax rate		(3,824)	21.0	%		(6,173)	21.0	%
Tax credits:
Research and development tax credits		(2,597)	14.3	%		—	—	%
Orphan drug tax credit		(6,010)	33.0	%		—	—	%
Change in valuation allowance		11,372	(62.5)	%		5,735	(19.5)	%
Nontaxable or nondeductible items:
Debt extinguishment		(380)	2.1	%		—	—	%
Change in fair value of debt		1,038	(5.7)	%		—	—	%
Transaction costs		344	(1.9)	%		—	—	%
Stock-based compensation		(82)	0.5	%		25	(0.1)	%
Disallowed interest expense		137	(0.8)	%		412	(1.4)	%
Other		2	—	%		1	—	%
Total income tax	$	—	—	%	$	—	—	%

Schedule of components of deferred tax assets

The Company’s significant components of deferred tax assets are as follows (in thousands):

	As of December 31,
	2025		2024
Capitalized research and development expense	$	35,076	$	8,652
Net operating loss carryforwards		103,459		9,903
Tax credits		9,023		417
Other		994		180
Total deferred tax assets before valuation allowance		148,552		19,152
Valuation allowance		(148,552)		(19,152)
Total deferred tax assets after valuation allowance		—		—
Net deferred tax assets (liabilities)	$	—	$	—