Net Loss per Share (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Net Loss Per Share

Basic and diluted net loss per share attributable to common stockholders and Series A Preferred stockholders was calculated as follows (in thousands, except share and per share amounts):

	Twelve Months Ended December 31, 2025
	Loss Allocation			Weighted Average Shares Outstanding		Loss Per Share - Basic and Diluted
Common Stock	$	(100,136	)		31,359,958	$	(3.19	)
Series A Preferred Stock (1)		(27,274	)		8,541	$	(3,193.30	)
Net loss	$	(127,410	)
	Period from June 18, 2024 (Inception) to December 31, 2024
	Loss Allocation			Weighted Average Shares Outstanding		Loss Per Share - Basic and Diluted
Common Stock	$	(46,979	)		3,155,500	$	(14.89	)
Net loss	$	(46,979	)

(1) The weighted average number of shares of as-converted Series A Preferred Stock used in the loss allocation was 8,541,463 for the twelve months ended December 31, 2025.

Schedule of Potential Shares of Common Stock Excluded from Computation of Diluted Net Loss Per Share

The potentially dilutive securities are as follows:

	Twelve Months Ended December 31, 2025		Period from June 18, 2024 (Inception) to December 31, 2024
Convertible preferred stock (as converted to common stock)		—		12,622,000
Unvested restricted stock awards		339,473		517,293
Outstanding and issued common stock options		9,736,078		2,392,751
Outstanding and issued warrant to Parade		804,519		—
Total		10,880,070		15,532,044