v3.25.4
Consolidated Statements of Operations and Comprehensive Loss - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Operating expenses    
Research and development $ 94,789 $ 60,935
General and administrative 30,310 22,120
Total operating expenses 125,099 83,055
Loss from operations (125,099) (83,055)
Other income (expense):    
Interest income 13,616 12,138
Change in fair value of preferred stock tranche right liability 0 (7,390)
Total other income, net 13,616 4,748
Net loss $ (111,483) $ (78,307)
Net loss per share attributable to common stockholders, basic $ (2.86) $ (3.78)
Net loss per share attributable to common stockholders, diluted $ (2.86) $ (3.78)
Weighted-average common shares outstanding, basic 38,934,569 20,738,338
Weighted-average common shares outstanding, diluted 38,934,569 20,738,338
Comprehensive loss:    
Net loss $ (111,483) $ (78,307)
Change in unrealized gains (losses) on investments, net of tax 1,068 (526)
Total other comprehensive income (loss) 1,068 (526)
Comprehensive loss $ (110,415) $ (78,833)