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Consolidated Statements of Operations and Comprehensive Loss - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Revenue    
Research and collaboration revenue $ 3,498 $ 652
Operating expenses    
Research and development 38,202 38,817
General and administrative 17,357 14,923
Impairment of right-of-use asset 494 0
Total operating expenses 56,053 53,740
Loss from operations (52,555) (53,088)
Other (expense) income, net:    
Interest income 2,174 1,330
Change in fair value of derivative tranche liability (29,830) 0
Other expense (192) (33)
Total other (expense) income, net (27,848) 1,297
Net loss $ (80,403) $ (51,791)
Net loss per share attributable to common stockholders, basic, (in USD per share) $ (2.65) $ (11.04)
Net loss per share attributable to common stockholders, diluted, (in USD per share) $ (2.65) $ (11.04)
Weighted-average shares of common stock outstanding, basic, (in shares) 30,380,567 4,690,094
Weighted-average shares of common stock outstanding, diluted, (in shares) 30,380,567 4,690,094
Net loss $ (80,403) $ (51,791)
Other comprehensive income (loss) 0 0
Total comprehensive loss $ (80,403) $ (51,791)