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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net loss $ (48,120) $ (36,938)
Adjustments to reconcile net loss to net cash used in operating activities:    
Share-based compensation expense [1] 8,078 6,569
Gain on sale of assets (1,770) 0
Depreciation expense 130 2
Non-cash interest expense [2] 0 2,185
Non-cash lease expense 198 23
Changes in operating assets and liabilities:    
Accrued expenses and other current liabilities (482) 4,417
Deferred revenue (1,039) 0
Operating lease liability (207) 14
Accounts receivable 18,000 0
Prepaid expenses and other current assets (1,950) (1,134)
Other assets (282) 78
Net cash used in operating activities (28,400) (27,253)
Cash flows from investing activities:    
Purchase of research and development license (8,000) 0
Proceeds received from sale of assets 1,770 0
Purchases of property and equipment (160) (140)
Net cash used in investing activities (6,390) (140)
Cash flows from financing activities:    
Proceeds from the Pre-Closing Financing, net 0 144,281
Cash acquired in connection with the reverse recapitalization 0 1,269
Proceeds from early exercise of options 0 5
Repurchase of equity awards 0 (177)
Payment of deferred offering costs (7,089) 0
Proceeds from issuance of shares under employee stock purchase plan 280 0
Net cash (used in) provided by financing activities (6,809) 145,378
Net (decrease) increase in cash, cash equivalents, and restricted cash (41,599) 117,985
Cash, cash equivalents, and restricted cash at beginning of period 213,299 34,766
Cash, cash equivalents, and restricted cash at end of period 171,700 152,751
Supplemental disclosure of non-cash operating and financing activities:    
Vesting of early exercised stock options 5 0
Deferred financing costs included in accounts payable and accrued expenses and other current liabilities 282 1,274
Operating lease liability arising from obtaining operating right-of-use asset 0 1,630
Assets acquired in connection with the reverse recapitalization 0 1,710
Other liabilities assumed in connection with the reverse recapitalization 0 (2,454)
Purchases of property and equipment included in accounts payable and accrued expenses and other current liabilities 0 55
Convertible note principal and non-cash accrued interest converted to ordinary shares 0 40,515
Non-cash exchange of Pre-Merger Crescent Series Seed Preferred Stock for Series A Non-Voting Convertible Preferred Shares 0 4,000
Nonrelated Party    
Changes in operating assets and liabilities:    
Accounts payable (816) (431)
Related Party    
Adjustments to reconcile net loss to net cash used in operating activities:    
Share-based compensation expense 423 2,035
Non-cash interest expense 0 865
Changes in operating assets and liabilities:    
Related party accounts payable and other current liabilities $ (140) $ (2,038)
[1] Includes related party amount of $423 and $2,035, for the six months ended June 30, 2026 and June 30, 2025, respectively.
[2] Includes related party amount of $0 and $865 for the six months ended June 30, 2026 and June 30, 2025, respectively.