v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 26,903 $ 8,668
Marketable securities 159,538 12,516
Prepaid expenses 1,359 231
Other current assets 858 92
Total current assets 188,658 21,507
Right of use assets - operating leases, net 524 1,294
Right of use assets - financing leases, net 0 1
Property and equipment, net 44 82
Other non-current assets 80 18
Total assets 189,306 22,902
Current liabilities:    
Accounts payable and accrued expenses 7,573 1,481
Compensation and employee benefits liabilities 1,415 1,320
Operating lease liabilities, current 592 1,370
Financing lease liabilities, current 0 80
Total current liabilities 9,580 4,251
Operating lease liabilities, non-current 0 59
Other non-current liabilities 1 0
Total liabilities 9,581 4,310
Commitments and contingencies (Note 7)
Series B redeemable convertible preferred stock, $0.0001 par value; 502 and zero shares authorized as of June 30, 2026 and December 31, 2025, respectively; 502 and zero shares issued and outstanding as of June 30, 2026, and December 31, 2025, respectively; liquidation value of $0 as of June 30, 2026 6,767 0
Stockholders' equity:    
Preferred stock, $0.0001 par value and 10,000,000 shares authorized as of June 30, 2026 and December 31, 2025; zero shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively
Common stock, $0.0001 par value; 300,000,000 shares authorized as of June 30, 2026 and 12,500,000 shares authorized as of December 31, 2025; 25,832,969 and 1,261,685 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively 2 0
Additional paid-in capital 642,399 301,728
Accumulated deficit (469,380) (283,137)
Accumulated other comprehensive (loss) income (63) 1
Total stockholders' equity 172,958 18,592
Total liabilities, redeemable convertible preferred stock, and stockholders' equity $ 189,306 $ 22,902