v3.26.1
Consolidated Statements of Changes in Convertible Preferred Stock and Stockholders' Equity (Deficit) - USD ($)
$ in Thousands
Convertible Preferred Stock
Series Seed convertible preferred stock
Convertible Preferred Stock
Series A convertible preferred stock
Convertible Preferred Stock
Series B convertible preferred stock
Convertible Preferred Stock
Series C convertible preferred stock
Common Stock
IPO
Common Stock
Private Investment in Public Equity
Common Stock
InnoCare Pharma Inc
Common Stock
2025 ATM Program
Common Stock
Additional Paid-in Capital
IPO
Additional Paid-in Capital
Private Investment in Public Equity
Additional Paid-in Capital
InnoCare Pharma Inc
Additional Paid-in Capital
2025 ATM Program
Additional Paid-in Capital
Accumulated Other Comprehensive Income (Loss)
Accumulated Deficit
IPO
Private Investment in Public Equity
InnoCare Pharma Inc
2025 ATM Program
Total
Balance at beginning at Dec. 31, 2023 $ 956 $ 55,840 $ 193,290                                    
Balance at beginning (in shares) at Dec. 31, 2023 1,785,714 17,589,380 81,242,587                                    
Changes in Convertible Preferred Stock                                          
Issuance of convertible preferred stock       $ 199,526                                  
Issuance of convertible preferred stock (in shares)       116,275,239                                  
Conversion of convertible preferred stock to common stock upon closing of initial public offering $ (956) $ (55,840) $ (193,290) $ (199,526)                                  
Conversion of convertible preferred stock to common stock upon closing of initial public offering (in shares) (1,785,714) (17,589,380) (81,242,587) (116,275,239)                                  
Balance at the beginning at Dec. 31, 2023                           $ 4,645 $ 37 $ (230,403)         $ (225,721)
Balance at beginning (in shares) at Dec. 31, 2023                 1,576,854                        
Changes in Stockholders' Equity (Deficit)                                          
Repurchase of unvested restricted stock awards (in shares)                 (21,172)                        
Issuance of common stock         $ 2         $ 234,300             $ 234,302        
Issuance of common stock (in shares)         15,220,588                                
Exercises of common stock options                           275             275
Exercises of common stock options (in shares)                 38,427                        
Stock-based compensation expense                           10,821             10,821
Unrealized gain on investments                             31           31
Foreign currency translation adjustment                             126           126
Net loss                               (156,988)         (156,988)
Conversion of convertible preferred stock to common stock upon closing of initial public offering                 $ 2         449,610             449,612
Conversion of convertible preferred stock to common stock upon closing of initial public offering (in shares)                 24,978,715                        
Balance at end at Dec. 31, 2024                 $ 4         699,651 194 (387,391)         312,458
Balance at end (in shares) at Dec. 31, 2024                 41,793,412                        
Changes in Stockholders' Equity (Deficit)                                          
Issuance of common stock           $ 1         $ 111,840 $ 136,671 $ 28,450         $ 111,841 $ 136,671 $ 28,450  
Issuance of common stock (in shares)           6,311,030 5,000,000 828,195                       828,195  
Exercises of common stock options                           4,096             4,096
Exercises of common stock options (in shares)                 510,113                        
Purchases of common stock under the Employee Stock Purchase Plan                           276             276
Purchases of common stock under the Employee Stock Purchase Plan (in shares)                 42,768                        
Stock-based compensation expense                           26,347             26,347
Unrealized gain on investments                             156           156
Foreign currency translation adjustment                             (414)           (414)
Net loss                               (377,737)         (377,737)
Balance at end at Dec. 31, 2025                 $ 5         $ 1,007,331 $ (64) $ (765,128)         $ 242,144
Balance at end (in shares) at Dec. 31, 2025                 54,485,518