Consolidated Statements of Operations - USD ($)		12 Months Ended
		Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenue:
Total revenue		$ 0	$ 0	$ 886,000
Operating expenses:
Research and development	[1]	171,653,000	162,790,000	89,504,000
General and administrative	[2]	47,909,000	45,776,000	39,946,000
Acquired in-process research and development		0	0	130,188,000
Gain on sale of in-process research and development asset		(10,000,000)	0	(16,449,000)
Total operating expenses		209,562,000	208,566,000	243,189,000
Loss from operations		(209,562,000)	(208,566,000)	(242,303,000)
Other income (expense):
Interest income		24,885,000	21,312,000	6,147,000
Other income (expense), net		29,459,000	(20,713,000)	(19,130,000)
Total other income (expense)		54,344,000	599,000	(96,513,000)
Loss before income tax expense		(155,218,000)	(207,967,000)	(338,816,000)
Income tax benefit (expense)		15,000	(51,000)	26,000
Net loss		(155,203,000)	(208,018,000)	(338,790,000)
Forward Contract Liability
Other income (expense):
Change in fair value of forward contract liability		0	0	(83,530,000)
Series A Non-Voting Convertible Preferred Stock
Other income (expense):
Net loss		$ (27,344,000)	$ (47,624,000)	$ (239,158,000)
Net loss per share, basic (in dollars per share)		$ (79.02)	$ (127.21)	$ (550.28)
Net loss per share, diluted (in dollars per share)		$ (79.02)	$ (127.21)	$ (550.28)
Weighted-average common shares outstanding, basic (in shares)		346,045	374,387	434,612
Weighted-average common shares outstanding, diluted (in shares)		346,045	374,387	434,612
Series B Non-Voting Convertible Preferred Stock
Other income (expense):
Net loss		$ (1,317,000)	$ (10,839,000)	$ (4,749,000)
Net loss per share, basic (in dollars per share)		$ (79.02)	$ (127.21)	$ (550.29)
Net loss per share, diluted (in dollars per share)		$ (79.02)	$ (127.21)	$ (550.29)
Weighted-average common shares outstanding, basic (in shares)		16,667	85,208	8,630
Weighted-average common shares outstanding, diluted (in shares)		16,667	85,208	8,630
Common Stock
Other income (expense):
Net loss		$ (126,541,000)	$ (149,555,000)	$ (94,883,000)
Net loss per share, basic (in dollars per share)		$ (1.98)	$ (3.18)	$ (13.76)
Net loss per share, diluted (in dollars per share)		$ (1.98)	$ (3.18)	$ (13.76)
Weighted-average common shares outstanding, basic (in shares)		64,056,442	47,027,638	6,897,065
Weighted-average common shares outstanding, diluted (in shares)		64,056,442	47,027,638	6,897,065
Development fee and royalty
Revenue:
Total revenue		$ 0	$ 0	$ 886,000

[1] Includes $10.5 million, $40.1 million and $48.5 million in related party expenses for the years ended December 31, 2025, 2024 and 2023, respectively.

[2] Includes $1.0 million, $1.1 million and $0.1 million in related party expenses for the years ended December 31, 2025, 2024 and 2023, respectively.