v3.26.1
Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Operating expenses    
Research and development $ 23,777,000 $ 678,000
General and administrative 7,034,000 1,921,000
Total operating expenses 30,811,000 2,599,000
Loss from operations (30,811,000) (2,599,000)
Other income (expense), net    
Interest income, net 3,070,000 74,000
Foreign exchange transaction gain (loss), net 0 (6,000)
Total other income, net 3,070,000 68,000
Loss before income tax expense (27,741,000) (2,531,000)
Income tax expense (42,000) (2,000)
Net loss $ (27,783,000) $ (2,533,000)
Net loss per share, basic, common stock $ (0.62) $ (1.92)
Net loss per share, diluted, common stock $ (0.62) $ (1.92)
Weighted-average number of shares used in computing net loss per common share, basic 34,299,182 1,322,011
Weighted-average number of shares used in computing net loss per common share, diluted 34,299,182 1,322,011
Other comprehensive (loss) income, net of tax    
Currency translation (loss) gain $ (48,000) $ 203,000
Other comprehensive (loss) income, net of tax (48,000) 203,000
Total comprehensive loss (27,831,000) (2,330,000)
Series B Non-Voting Convertible Preferred Stock    
Other income (expense), net    
Net loss $ (5,789,000) $ 0
Net loss per share, basic, common stock $ (353.72) $ 0
Net loss per share, diluted, common stock $ (353.72) $ 0
Weighted-average number of shares used in computing net loss per common share, basic 16,366 0
Weighted-average number of shares used in computing net loss per common share, diluted 16,366 0
Series C Non-Voting Convertible Preferred Stock    
Other income (expense), net    
Net loss $ (664,000) $ 0
Net loss per share, basic, common stock $ (33.07) $ 0
Net loss per share, diluted, common stock $ (33.07) $ 0
Weighted-average number of shares used in computing net loss per common share, basic 20,079 0
Weighted-average number of shares used in computing net loss per common share, diluted 20,079 0
Common Stock    
Other income (expense), net    
Net loss $ (21,330,000) $ (2,533,000)
Net loss per share, basic, common stock $ (0.62) $ (1.92)
Net loss per share, diluted, common stock $ (0.62) $ (1.92)
Weighted-average number of shares used in computing net loss per common share, basic 34,299,182 1,322,011
Weighted-average number of shares used in computing net loss per common share, diluted 34,299,182 1,322,011