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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 $ (186,243) $ (11,800)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 17,381 725
Depreciation and amortization 54 62
Accretion on marketable securities (1,126) (442)
Non-cash lease expense 770 770
Amortization of financing lease right-of-use assets 1 9
Acquired in-process research and development from the acquisition of Faeth Therapeutics 132,957 0
Loss on asset disposal 0 20
Changes in operating assets and liabilities:    
Prepaid expenses 10,360 (354)
Other assets 138 28
Accounts payable and accrued liabilities 247 (113)
Compensation and employee benefits (108) (1,107)
Operating lease liabilities (837) (801)
Net cash used in operating activities (26,406) (13,003)
Cash flows from investing activities    
Purchases of property and equipment (6) (16)
Purchases of short-term investments (158,560) (8,786)
Maturities of short-term investments 12,600 24,500
Proceeds from sale of property and equipment 0 250
Net cash assumed in the acquisition of Faeth Therapeutics 6,464 0
Net cash (used in) provided by investing activities (139,502) 15,948
Cash flows from financing activities    
Principal payments for financing leases (80) (525)
Proceeds from the sale of financing lease assets 0 142
Proceeds from issuance of Series B redeemable convertible preferred stock 200,000 0
Issuance costs from the private placement issuance of Series B redeemable convertible preferred stock (16,908) 0
Payment of employee restricted stock tax withholdings 0 (3)
Employee stock purchase plan proceeds 0 5
Cash in lieu of fractional shares for reverse stock split 0 (1)
Exercise of options into common stock 1,131 0
Net cash provided by (used in) financing activities 184,143 (382)
Net increase in cash and cash equivalents 18,235 2,563
Cash and cash equivalents at beginning of period 8,668 9,994
Cash and cash equivalents at the end of period 26,903 12,557
Supplemental disclosure of noncash financing information:    
Fair value of Series B redeemable convertible preferred stock issued for the acquisition of Faeth Therapeutics 145,384 0
Net assets acquired in the acquisition of Faeth Therapeutics $ 12,879 $ 0