Condensed Consolidated Statements of Operations - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2026	Mar. 31, 2025
Operating expenses:
Research and development	[1]	$ 60,411	$ 41,623
General and administrative	[2]	15,230	11,944
Gain on sale of in-process research and development asset		(30,000)	0
Total operating expenses		45,641	53,567
Loss from operations		(45,641)	(53,567)
Other (expense) income:
Interest income		6,995	6,493
Other (expense) income, net		(30,359)	2,286
Total other (expense) income		(23,364)	8,779
Loss before income tax expense		(69,005)	(44,788)
Income tax benefit		0	15
Net loss		$ (69,005)	(44,773)
Net loss per share, diluted (in dollars per share)		$ (0.74)
Related Party
Operating expenses:
Research and development		$ 3,100	2,500
General and administrative		300	300
Series A Non Voting Convertible Preferred Stock
Other (expense) income:
Net loss		$ (10,264)	$ (8,288)
Net loss per share, basic (in dollars per share)		$ (29.66)	$ (23.95)
Net loss per share, diluted (in dollars per share)		$ (29.66)	$ (23.95)
Weighted-average common stock outstanding, basic (in shares)		346,045	346,045
Weighted-average common stock outstanding, diluted (in shares)		346,045	346,045
Series B Non Voting Convertible Preferred Stock
Other (expense) income:
Net loss		$ (494)	$ (399)
Net loss per share, basic (in dollars per share)		$ (29.66)	$ (23.95)
Net loss per share, diluted (in dollars per share)		$ (29.66)	$ (23.95)
Weighted-average common stock outstanding, basic (in shares)		16,667	16,667
Weighted-average common stock outstanding, diluted (in shares)		16,667	16,667
Common Stock
Other (expense) income:
Net loss		$ (58,247)	$ (36,086)
Net loss per share, basic (in dollars per share)		$ (0.74)	$ (0.60)
Net loss per share, diluted (in dollars per share)		$ (0.74)	$ (0.60)
Weighted-average common stock outstanding, basic (in shares)		78,548,709	60,265,932
Weighted-average common stock outstanding, diluted (in shares)		78,548,709	60,265,932

[1] Includes $3.1 million and $2.5 million in related party expenses for the three months ended March 31, 2026 and 2025, respectively.

[2] Includes related party expenses of $0.3 million for the three months ended March 31, 2026 and 2025.