CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 96,685	$ 489,711
Prepaid expenses and other assets	7,252	12,822
Marketable securities	318,116	0
Total current assets	422,053	502,533
Property and equipment, net	330	155
Right of use asset – operating lease	1,701	690
Other assets	6,910	6,618
Total assets	430,994	509,996
Current liabilities:
Operating lease liability – current portion	1,117	607
Total current liabilities	28,949	17,990
Operating lease liability – net of current portion	593	131
Total liabilities	29,542	18,121
Commitments and Contingencies (Note 7)
Stockholders' equity (deficit):
Preferred stock $0.0001 par value, 10,000,000 shares authorized; 0 shares issued and outstanding as of December 31, 2025 and December 31, 2024	0	0
Common stock, $0.0001 par value, 500,000,000 shares authorized; 56,600,724 and 54,444,180 shares issued and 56,600,724 and 54,440,013 shares outstanding as of December 31, 2025 and December 31, 2024, respectively	7	7
Additional paid-in capital	760,168	712,884
Accumulated other comprehensive gain	243	0
Accumulated deficit	(358,966)	(221,016)
Total stockholders' equity	401,452	491,875
Total liabilities and stockholders’ equity	430,994	509,996
Nonrelated Party
Current liabilities:
Accounts payable	5,515	3,893
Accrued expenses and other current liabilities	18,898	12,875
Related Party
Current liabilities:
Accounts payable	2,278	615
Accrued expenses and other current liabilities	$ 1,141	$ 0