Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 168,412	$ 21,766
Marketable securities at fair value	222,385	120,096
Prepaid expenses and other current assets	6,272	10,632
Total current assets	397,069	152,494
Long-term assets:
Property, plant and equipment, net	21	22
Right-of-use asset and other long-term assets	266	103
Total non-current assets	287	125
Total assets	397,356	152,619
Current liabilities:
Accounts payable	1,071	2,126
Accrued expenses	5,606	6,979
Other current liabilities and lease liabilities	39	47
Total current liabilities	6,716	9,152
Lease liabilities - non-current	0	4
Total liabilities	6,716	9,156
Commitments and contingencies (Note 8)
Redeemable convertible preferred stock:
Subscription receivable	0	(1,849)
Stockholders’ equity (deficit)
Preferred stock, $0.00001 par value, 25,000,000 and 0 shares authorized as of March 31, 2026 and December 31, 2025, respectively and 0 shares issued or outstanding as of March 31, 2026 and December 31, 2025, respectively	0	0
Common stock, $0.00001 par value, 200,000,000 and 267,466,797 shares authorized as of March 31, 2026 and December 31, 2025, respectively and 37,340,290 and 749,760 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively	1	1
Additional paid-in capital	543,044	2,346
Subscription receivable	(1,228)	0
Accumulated other comprehensive income	(524)	60
Accumulated deficit	(150,653)	(123,421)
Total stockholders’ equity (deficit)	390,640	(121,014)
Total liabilities, redeemable convertible preferred stock, and stockholders’ equity (deficit)	$ 397,356	$ 152,619
Common stock, authorized (in shares)	200,000,000	267,466,797
Series A preferred stock
Redeemable convertible preferred stock:
Redeemable convertible preferred stock	$ 0	$ 36,860
Series B preferred stock
Redeemable convertible preferred stock:
Redeemable convertible preferred stock	0	78,903
Series C preferred stock
Redeemable convertible preferred stock:
Redeemable convertible preferred stock	$ 0	$ 150,563

Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).

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- Definition

Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).