Consolidated Balance Sheets - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 88,438,000	$ 69,386,000
Investments	247,720,000	0
Prepaid expenses and other current assets	12,658,000	268,000
Total current assets	348,816,000	69,654,000
Property and equipment, net	170,000
Operating lease right-of-use assets	726,000
Other assets	69,000	3,145,000
Total assets	349,781,000	72,799,000
Current liabilities:
Accounts payable	2,151,000	1,290,000
Accrued expenses and other current liabilities	9,419,000	4,125,000
Related party accrued expenses and other current liabilities	4,969,000	5,504,000
Warrant liability, related party	0	1,077,000
Total current liabilities	16,539,000	11,996,000
Convertible Notes payable	0	107,600,000	[1]
Long-term lease liability	724,000	0
Total liabilities	17,263,000	119,596,000
Commitments and contingencies (Note 14)
Stockholders' deficit:
Common stock, $0.0001 par value; 300,000,000 and 40,000,000 shares authorized as of December 31, 2025 and December 31, 2024, respectively; 49,316,287 and 3,672,794 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively	5,000	1,000
Additional paid-in capital	506,771,000	179,000
Accumulated other comprehensive gain	129,000	0
Accumulated deficit	(174,389,000)	(46,979,000)
Total stockholders' equity	332,518,000	(46,799,000)
Total liabilities, Series Seed convertible preferred stock and stockholders' equity (deficit)	349,781,000	72,799,000
Series Seed Convertible Preferred Stock
Current liabilities:
Series Seed convertible preferred stock, $0.0001 par value; no shares and 20,000,000 shares authorized as of December 31, 2025 and December 31, 2024, respectively; no shares and 20,000,000 issued and outstanding as of December 31, 2025 and December 31, 2024, respectively; liquidation preference of $2 as of December 31, 2024 and none as of December 31, 2025, respectively	0	2,000
Series A Non-voting Convertible Preferred Stock
Stockholders' deficit:
Series A non-voting convertible preferred stock, $0.0001 par value; 12,622 and no shares authorized as of December 31, 2025 and December 31, 2024, respectively; 12,622 shares and no shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively	$ 2,000	$ 0

[1] Includes related party amount of $22.7 million as of December 31, 2024.