Condensed Consolidated Statements of Operations - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Operating expenses:
Research and development	[1]	$ 65,503	$ 40,145	$ 125,914	$ 81,768
General and administrative	[2]	16,136	11,790	31,366	23,734
Gain on sale of in-process research and development asset		(40,000)	(10,000)	(70,000)	(10,000)
Total operating expenses		41,639	41,935	87,280	95,502
Loss from operations		(41,639)	(41,935)	(87,280)	(95,502)
Other income (expense):
Interest income		10,053	5,874	17,048	12,367
Other (expense) income, net		(4,614)	(656)	(34,973)	1,630
Total other income (expense)		5,439	5,218	(17,925)	13,997
Loss before income tax expense		(36,200)	(36,717)	(105,205)	(81,505)
Income tax benefit		0	0	0	15
Net loss		(36,200)	(36,717)	$ (105,205)	(81,490)
Net loss per share, diluted (in dollars per share)				$ (1.09)
Related Party
Operating expenses:
Research and development		0	0	$ 3,100	2,600
General and administrative		200	200	500	500
Series A Non Voting Convertible Preferred Stock
Other income (expense):
Net loss		$ (5,052)	$ (6,791)	$ (15,147)	$ (15,078)
Net loss per share, basic (in dollars per share)		$ (14.60)	$ (19.62)	$ (43.77)	$ (43.57)
Net loss per share, diluted (in dollars per share)		$ (14.60)	$ (19.62)	$ (43.77)	$ (43.57)
Weighted-average common stock outstanding, basic (in shares)		346,045	346,045	346,045	346,045
Weighted-average common stock outstanding, diluted (in shares)		346,045	346,045	346,045	346,045
Series B Non Voting Convertible Preferred Stock
Other income (expense):
Net loss		$ (225)	$ (327)	$ (701)	$ (726)
Net loss per share, basic (in dollars per share)		$ (14.60)	$ (19.62)	$ (43.77)	$ (43.57)
Net loss per share, diluted (in dollars per share)		$ (14.60)	$ (19.62)	$ (43.77)	$ (43.57)
Weighted-average common stock outstanding, basic (in shares)		15,385	16,667	16,022	16,667
Weighted-average common stock outstanding, diluted (in shares)		15,385	16,667	16,022	16,667
Common Stock
Other income (expense):
Net loss		$ (30,923)	$ (29,599)	$ (89,357)	$ (65,686)
Net loss per share, basic (in dollars per share)		$ (0.36)	$ (0.49)	$ (1.09)	$ (1.09)
Net loss per share, diluted (in dollars per share)		$ (0.36)	$ (0.49)	$ (1.09)	$ (1.09)
Weighted-average common stock outstanding, basic (in shares)		84,729,435	60,333,838	81,656,119	60,300,073
Weighted-average common stock outstanding, diluted (in shares)		84,729,435	60,333,838	81,656,119	60,300,073

[1] Includes de minimis related party expenses for the three months ended June 30, 2026 and 2025. Includes related party expenses of $3.1 million and $2.6 million for the six months ended June 30, 2026 and 2025, respectively.

[2] Includes related party expenses of $0.2 million for the three months ended June 30, 2026 and 2025, and $0.5 million for the six months ended June 30, 2026 and 2025.