Condensed Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Operating expenses
Research and development	$ 14,645	$ 3,421
General and administrative	7,459	3,008
Total operating loss	(22,104)	(6,429)
Non-operating income
Interest income	2,850	236
Realized gain on sale of marketable securities, net	0	119
Gain on change in fair value of derivative instruments	200	768
Total non-operating income	3,050	1,123
Loss before income tax	(19,054)	(5,306)
Income tax provision	0	0
Net loss	$ (19,054)	$ (5,306)
Net loss per share, basic	$ (0.67)	$ (14.79)
Net loss per share, diluted	$ (0.67)	$ (14.79)
Weighted average shares outstanding used in calculating net loss per share, basic	28,241,701	358,777
Weighted average shares outstanding used in calculating net loss per share, diluted	28,241,701	358,777