Condensed Consolidated Statements of Operations - USD ($)		3 Months Ended		9 Months Ended
		Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Operating expenses:
Research and development	[1]	$ 89,169,000	$ 45,247,000	$ 215,083,000	$ 127,015,000
General and administrative	[2]	16,550,000	11,641,000	47,916,000	35,375,000
Gain on sale of in-process research and development asset		0	0	(70,000,000)	(10,000,000)
Total operating expenses		105,719,000	56,888,000	192,999,000	152,390,000
Loss from operations		(105,719,000)	(56,888,000)	(192,999,000)	(152,390,000)
Other income (expense):
Interest income		10,625,000	5,379,000	27,673,000	17,746,000
Other (expense) income, net		(1,027,000)	40,326,000	(36,000,000)	41,956,000
Total other income (expense)		9,598,000	45,705,000	(8,327,000)	59,702,000
Loss before income tax benefit		(96,121,000)	(11,183,000)	(201,326,000)	(92,688,000)
Income tax benefit		0	0	0	15,000
Net loss		(96,121,000)	(11,183,000)	$ (201,326,000)	(92,673,000)
Net loss per share, diluted (in dollars per share)				$ (2.04)
Related Party
Operating expenses:
Research and development		100,000	7,000,000.0	$ 3,200,000	9,600,000
General and administrative		300,000	300,000	800,000	800,000
Series A Non Voting Convertible Preferred Stock
Other income (expense):
Net loss		$ (13,012,000)	$ (2,066,000)	$ (28,285,000)	$ (17,138,000)
Net loss per share, basic (in dollars per share)		$ (37.60)	$ (5.97)	$ (81.74)	$ (49.53)
Net loss per share, diluted (in dollars per share)		$ (37.60)	$ (5.97)	$ (81.74)	$ (49.53)
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		$ 0	$ (100,000)	$ (868,000)	$ (825,000)
Net loss per share, basic (in dollars per share)		$ 0	$ (5.97)	$ (81.74)	$ (49.53)
Net loss per share, diluted (in dollars per share)		$ 0	$ (5.97)	$ (81.74)	$ (49.53)
Weighted-average common stock outstanding, basic (in shares)		0	16,667	10,623	16,667
Weighted-average common stock outstanding, diluted (in shares)		0	16,667	10,623	16,667
Common Stock
Other income (expense):
Net loss		$ (83,109,000)	$ (9,017,000)	$ (172,173,000)	$ (74,710,000)
Net loss per share, basic (in dollars per share)		$ (0.94)	$ (0.15)	$ (2.04)	$ (1.24)
Net loss per share, diluted (in dollars per share)		$ (0.94)	$ (0.15)	$ (2.04)	$ (1.24)
Weighted-average common stock outstanding, basic (in shares)		88,410,821	60,414,223	84,255,008	60,338,541
Weighted-average common stock outstanding, diluted (in shares)		88,410,821	60,414,223	84,255,008	60,338,541

[1] Includes related party expenses of $0.1 million and $7.0 million for the three months ended September 30, 2026 and 2025, respectively. Includes related party expenses of $3.2 million and $9.6 million for the nine months ended September 30, 2026 and 2025, respectively.

[2] Includes related party expenses of $0.3 million for the three months ended September 30, 2026 and 2025, and $0.8 million for the nine months ended September 30, 2026 and 2025.