Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Operating activities
Net loss	$ (42,106)	$ (22,055)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation of property and equipment	74	54
Stock-based compensation	3,871	627
Change in fair value of participation right liability	0	725
Net accretion of premiums on marketable securities	(74)	(408)
Amortization of right-of-use assets	112	0
Changes in operating assets and liabilities:
Prepaid expense and other currents assets	(7,531)	251
Other non-current assets	1,329	(31)
Accounts payble	10,685	537
Accrued compensation and benefits	(3,729)	(1,920)
Accrued research and development liabilities	(31)	2,341
Accrued professional services	880	219
Operating lease liabilities	(123)	0
Other accrued liabilities	305	13
Balances due to and from related parties	421	48
Net cash used in operating activities	(35,917)	(19,599)
Investing activities
Maturities of marketable securities	26,262	39,963
Purchases of marketable securities	(311,645)	(24,433)
Purchases of property and equipment	(24)	(162)
Net cash (used in) provided by investing activities	(285,407)	15,368
Financing activities
Payment of deferred transaction costs	(121)	(404)
Exercise of common stock options for cash	416	0
Net cash provided by (used in) financing activities	295	(404)
Net increase in cash, cash equivalents, and restricted cash	(321,029)	(4,635)
Cash, cash equivalents, and restricted cash at beginning of period	373,819	30,983
Cash, cash equivalents, and restricted cash at end of period	52,790	26,348
Supplemental disclosures of non-cash investing and financing activities:
Right-of-use asset recognized in exchange for operating lease liabilities	0	2,706
Deferred de-SPAC transaction costs included in accrued professional services and other accrued liabilities	0	2,493
Unpaid property and equipment included in accounts payable and other accrued liabilities	$ 32	$ 55