v3.26.1
Consolidated Statements of Operations and Comprehensive Loss - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Operating expenses    
Research and development $ 22,841 $ 8,151
General and administrative 15,761 5,944
Total operating expenses 38,602 14,095
Operating loss (38,602) (14,095)
Other (expense) income:    
Interest expense - royalty agreement (5,818) (3,887)
Interest expense - convertible notes payable 0 (430)
Fair value adjustments on derivative liabilities - royalty agreement (394) (633)
Fair value adjustments on convertible notes payable 0 1,100
Fair value adjustments on derivative liabilities - contingent value right liability (218) (1,978)
Other income - German R&D tax credit receivable 0 1,978
Interest income, net 2,590 642
Other income (expense), net 727 (131)
Loss before income taxes (41,715) (17,434)
Income tax benefit (expense) 0 0
Net loss (41,715) (17,434)
Other comprehensive loss:    
Foreign currency translation gain 80 3
Comprehensive loss $ (41,635) $ (17,431)
Net loss per share of Common Stock - basic (in dollars per share) $ (3.71) $ (7.83)
Net loss per share of Common Stock - diluted (in dollars per share) $ (3.71) $ (7.83)
Weighted-average shares used in computing net loss per share of Common Stock - basic (in shares) 11,251,250 2,225,934
Weighted-average shares used in computing net loss per share of Common Stock - diluted (in shares) 11,251,250 2,225,934