Eight Months Ended
December 31,

2025

2024

Product revenue, net

$

49,078

$

—

Total operating expenses

161,115

117,030

Operating loss

(112,037)

(117,030)

Total other income

1,480

6,576

Loss before income tax (benefit) expense

(110,557)

(110,454)

Income tax (benefit) expense

(1,033)

—

Net loss

$

(109,524)

$

(110,454)

Weighted average shares outstanding-basic and diluted

53,870,007

47,958,970

Net loss per share

Basic and diluted

(2.03)

(2.30)