Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Taxes

Schedule of Components of (Loss) Income Before (Benefit) Provision from Income Taxes

The components of (loss) income before (benefit) provision from income taxes were as follows:

	Year Ended December 31, 2025			Period from June 18, 2024 (Inception) to December 31, 2024
U.S.	$	(127,588	)	$	(46,979	)
Non-U.S.		236			—
Total	$	(127,352	)	$	(46,979	)

Schedule of Components of (Benefit) Provision from Income Taxes

The components of our (benefit) provision from income taxes were as follows:

	Year Ended December 31, 2025			Period from June 18, 2024 (Inception) to December 31, 2024
Current:
Federal	$	—		$	—
State		—			—
Foreign	$	102			—
	$	102			—
Deferred:
Federal		—			—
State		—			—
Foreign		(44	)		—
		(44	)		—
Total (benefit) provision from income taxes	$	58			—

Summary of Reconciliation of Federal Income Tax Rate

A reconciliation of the Company’s statutory income tax rate to the Company’s effective income tax rate after the adoption of ASU 2023-09 is as follows:

	Year Ended December 31, 2025						Year Ended December 31, 2024
	$'s			%'s			$'s			%'s
Federal statutory income tax rate	$	(26,744	)		21.0	%	$	(9,866	)		21.0	%
Nontaxable or nondeductible items:
Non-taxable Fair market adjustments related to convertible notes		4,533			(3.6	)%		2,646			(5.6	)%
Non-taxable - Stock Compensation Expense		3,521			(2.8	)%		—			—
Non-taxable - Other		63			—			39			(0.1	)%
Tax credits:
Research and development tax credits		(1,066	)		0.8	%		(253	)		0.5	%
Changes in valuation allowance		19,743			(15.5	)%		7,434			(15.8	)%
Foreign tax effects		8			—			—			—
Effective income tax rate	$	58			(0.1	)%	$	—			0.0	%

Summary of Net Deferred Tax Assets

Net deferred tax assets consisted of the following (in thousands):

	Year Ended December 31, 2025			Year Ended December 31, 2024
Deferred tax assets
Net operating loss carryforwards	$	11,560		$	449
Research and development credits		1,542			255
Capitalized start-up expenses		375			396
Accruals and reserves		952			171
Capitalized research and development expenses		34,195			6,055
Share-based compensation		923			230
Deferred rent		412			—
Property and equipment		8			—
Other		2			—
Total deferred tax assets		49,969			7,556
Valuation allowance		(49,571	)		(7,556	)
Net deferred tax assets	$	398		$	—
Deferred tax liabilities
Right-of-use asset		(351	)		—
Other		(8	)		—
Total deferred tax liabilities		(359	)		—
Net deferred tax assets		39			—

Summary of Changes in Valuation Allowance

The changes in the valuation allowance were as follows (in thousands):

	Year Ended December 31, 2025		Period from June 18, 2024 (Inception) to December 31, 2024
Valuation allowance as of the beginning of the year	$	7,556	$	—
Increases recorded to deferred tax assets as a result of the reverse merger		21,801		—
Increases recorded to income tax provision		20,214		7,556
Valuation allowance as of the end of the year	$	49,571	$	7,556