CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net loss	$ (13,261)	$ (5,412)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense	47	47
Stock-based compensation expense	705	707
Change in fair value of Convertible Notes		(7,810)
Non-cash lease expense	40	35
Accretion of net discounts on short-term investments	(49)	(141)
Interest accrued on Convertible Notes		651
Changes in operating assets and liabilities:
Prepaid expenses and other assets	(576)	(1,717)
Accounts payable and accrued expenses	(1,937)	132
Operating lease liabilities	(56)	(49)
Net cash used in operating activities	(15,087)	(13,557)
Cash flows from investing activities:
Purchases of short-term investments		(31,486)
Maturities of short-term investments	10,118	11,053
Net cash provided by (used in) investing activities	10,118	(20,433)
Cash flows from financing activities:
Cash acquired in connection with the Merger		24,992
Payments for Merger transaction costs		(2,392)
Proceeds from exercise of stock options		424
Net cash provided by financing activities		23,024
Net decrease in cash and cash equivalents	(4,969)	(10,966)
Cash and cash equivalents - beginning of year	20,734	31,614
Cash and cash equivalents - end of period	$ 15,765	20,648
Non-cash investing and financing activities
Merger transaction costs included in accounts payable		429
Conversion of redeemable convertible preferred stock to common stock		85,503
Conversion of Convertible Notes to common stock		$ 23,100