CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Operating activities:
Net loss	$ (137,950)	$ (67,995)
Adjustments to reconcile net loss to cash used in operating activities:
Stock-based compensation	15,006	7,397
Depreciation	105	56
Non-cash lease expense	895	(77)
Net amortization of premiums and discounts on marketable securities	301	0
Changes in operating assets and liabilities:
Prepaid expenses and other assets	5,281	(16,850)
Operating lease liabilities	(932)	81
Net cash used in operating activities	(106,834)	(74,751)
Investing activities:
Purchases of marketable securities	(318,173)	0
Purchase of property and equipment	(280)	(71)
Proceeds from sale of property and equipment	0	62
Net cash used in investing activities	(318,453)	(9)
Financing activities:
Proceeds from issuance on common stock, net of issuance costs	29,498	332,427
Proceeds from exercise of options	2,763	1,604
Net cash provided by financing activities	32,261	334,031
Net increase (decrease) in cash and cash equivalents	(393,026)	259,271
Cash and cash equivalents at beginning of period	489,711	230,440
Cash and cash equivalents at end of period	96,685	489,711
Non-cash investing and financing activities:
Right-of-use asset obtained in exchange for lease liability	1,878	413
Nonrelated Party
Changes in operating assets and liabilities:
Accounts payable and accrued expenses	7,657	6,627
Related Party
Changes in operating assets and liabilities:
Accounts payable and accrued expenses	$ 2,803	$ (3,990)