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Consolidated Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) - USD ($)
$ in Thousands
Total
October 2025 Financing
December 2025 Financing
Convertible Preferred Stock
Preferred Stock
Series A Convertible Preferred Stock
Common Stock
Common Stock
October 2025 Financing
Common Stock
December 2025 Financing
Additional Paid-In Capital
Additional Paid-In Capital
October 2025 Financing
Additional Paid-In Capital
December 2025 Financing
Accumulated Other Comprehensive Income
Accumulated Deficit
Temporary equity, beginning balance at Jun. 17, 2024       $ 2                  
Temporary equity, beginning balance (in shares) at Jun. 17, 2024       20,000,000                  
Beginning balance at Jun. 17, 2024 $ 1         $ 1              
Beginning balance (in shares) at Jun. 17, 2024           3,672,794              
Stock-based compensation expense 179               $ 179        
Net loss (46,979)                       $ (46,979)
Temporary equity, ending balance at Dec. 31, 2024       $ 2                  
Temporary equity, ending balance (in shares) at Dec. 31, 2024       20,000,000                  
Ending balance at Dec. 31, 2024 (46,799)       $ 0 $ 1     179     $ 0 (46,979)
Ending balance (in shares) at Dec. 31, 2024           3,672,794              
Temporary equity, exchange of series seed convertible preferred stock for series a non-voting convertible preferred stock upon the closing of the reverse recapitalization       $ (2)                  
Temporary equity, exchange of series seed convertible preferred stock for series a non-voting convertible preferred stock upon the closing of the reverse recapitalization (in shares)       (20,000,000)                  
Exchange of Series Seed convertible preferred stock for Series A non-voting convertible preferred stock upon the closing of the reverse recapitalization 2       $ 2                
Exchange of Series Seed convertible preferred stock for Series A non-voting convertible preferred stock upon the closing of the reverse recapitalization (in shares)         12,622                
Conversion of convertible notes (including accrued interest and discount) into pre-funded warrants upon the closing of the reverse recapitalization 129,184         $ 1     129,183        
Conversion of convertible notes (including accrued interest and discount) into pre-funded warrants upon the closing of the reverse recapitalization (in shares)           9,433,831              
Issuance of common stock and pre-funded warrants 205,000 $ 135,000       $ 1 $ 1   204,999 $ 134,999      
Issuance of common stock and pre-funded warrants (in shares)           18,301,109 13,368,164            
Issuance of common stock     $ 45,000         $ 1     $ 44,999    
Issuance of common stock (in shares)               3,214,286          
Issuance costs of Pre-Closing Financing and reverse recapitalization (18,887)               (18,887)        
Issuance cost of financing   $ 8,657 $ 1,066             $ (8,657) $ (1,066)    
Issuance of common stock to former stockholders of Aerovate in connection with the closing of the reverse recapitalization (448)               (448)        
Issuance of common stock to former stockholders of Aerovate in connection with the closing of the reverse recapitalization (in shares)           (828,143)              
Issuance of common stock in connection with exercise of pre-funded warrants (in shares)           390,853              
Exercise of stock options 88               88        
Exercise of stock options (in shares)           57,817              
Issuance of stock under employee stock purchase plan 296               296        
Issuance of stock under employee stock purchase plan (in shares)           49,290              
Currency translation adjustment (28)                     (28)  
Stock-based compensation expense 9,943               9,943        
Unrealized gain on investments 157                     157  
Issuance of Parade warrants 11,143               11,143        
Net loss (127,410)                       (127,410)
Ending balance at Dec. 31, 2025 $ 332,518       $ 2 $ 5     $ 506,771     $ 129 $ (174,389)
Ending balance (in shares) at Dec. 31, 2025         12,622 49,316,287