Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 225,594	$ 109,407
Prepaid expenses and other current assets	1,410	2,903
Total current assets	227,004	112,310
Property and equipment, net	125	126
Other assets	1,512	1,512
Total assets	228,641	113,948
Current liabilities
Accounts payable and accrued expenses	11,745	12,410
Total current liabilities	11,745	12,410
Total liabilities	11,745	12,410
Commitments and contingencies (Note 8)
Shareholders’ Equity
Class A Ordinary Shares, $0.0001 par value; 300,000,000 shares authorized as of March 31, 2026 and December 31, 2025; 94,880,710 and 73,680,710 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively	9	7
Additional paid-in capital	465,657	326,078
Accumulated deficit	(248,770)	(224,547)
Total shareholders’ equity	216,896	101,538
Total liabilities and shareholders’ equity	$ 228,641	$ 113,948