Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended	6 Months Ended		12 Months Ended
	Dec. 31, 2024	Dec. 31, 2025	Dec. 31, 2024	Jun. 30, 2025
Cash Flows From Operating Activities:
Net loss		$ (40,924)	$ (31,108)
Share-based compensation expense		5,942	2,845
Loss from change in fair value of embedded derivative liability	$ (6)	15	9
Non-cash lease expense		283	261
Accretion of discounts and amortization of premiums on marketable debt securities, net		(1,512)	(1,557)
Depreciation expense		15	16
Changes in operating assets and liabilities:
Decrease (increase) in prepaid expenses, deposits, and other assets		1,139	(1,369)
Decrease in accounts payable		(1,991)	(1,203)
(Decrease) increase in accrued liabilities		(721)	2,426
Net cash used in operating activities		(37,754)	(29,680)	$ (69,100)
Cash Flows From Investing Activities:
Purchase of marketable debt securities		(115,729)	(98,669)
Proceeds from maturities of marketable debt securities		70,053	60,728
Net cash used in investing activities		(45,676)	(37,941)
Cash Flows From Financing Activities:
Proceeds from exercise of stock options		1,302	751
Gross proceeds from issuance of common stock in 2024 Private Placement			6,000
Payment of offering costs		(35)	(594)
Net cash provided by financing activities		1,267	6,157
Net decrease in cash and cash equivalents		(82,163)	(61,464)
Cash and cash equivalents at beginning of period		94,107	70,396	70,396
Cash and cash equivalents at end of period	$ 8,932	11,944	8,932	$ 94,107
Supplementary Cash Flow Information:
Cash paid for amounts included in the measurement of operating lease liabilities		$ 381	$ 370