v3.26.1
Statements of Operations and Comprehensive (Loss) Income - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Income Statement [Abstract]    
License revenue   $ 167,500,000
Operating expenses:    
Research and development $ 108,448,000 83,496,000
General and administrative 34,451,000 26,418,000
Total operating expenses 142,899,000 109,914,000
(Loss) income from operations (142,899,000) 57,586,000
Interest and other income, net 11,779,000 4,654,000
Change in fair value of convertible promissory notes 0 (8,837,000)
(Loss) income before income tax expense (131,120,000) 53,403,000
Income tax expense 0 (1,172,000)
Net (loss) income (131,120,000) 52,231,000
Net (loss) income attributable to common stockholders, basic (see Note 14) (131,120,000) 3,405,000
Net (loss) income attributable to common stockholders, diluted (see Note 14) $ (131,120,000) $ 3,405,000
Net (loss) income per share attributable to common stockholders (see Note 14):    
Basic $ (3.05) $ 1.42
Diluted $ (3.05) $ 1.25
Weighted-average shares used in computing net (loss) income per share attributable to common stockholders (see Note 14):    
Basic 42,976,024 2,396,094
Diluted 42,976,024 2,730,299
Comprehensive (loss) income:    
Net Income (Loss) $ (131,120,000) $ 52,231,000
Other comprehensive income:    
Net unrealized gain on marketable securities 110,000  
Comprehensive (loss) income $ (131,010,000) $ 52,231,000