CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2025
Current assets:
Cash and cash equivalents	$ 112,831	$ 28,891	$ 34,533
Receivables under collaboration agreements (includes $0 and $1,000 as related party as of June 30, 2026, and December 31, 2025, respectively)	103	1,152
Deferred transaction costs	0	1,423
Prepaid expenses and other current assets (includes $720 and $1,110 as related party as of June 30, 2026, and December 31, 2025, respectively)	2,667	1,425
Total current assets	115,601	32,891
Restricted cash	886	881	3,203
Property and equipment, net	19,218	21,276
Operating lease right-of-use assets, net	6,949	7,576
Other non-current assets (related party)	0	160
Total Assets	142,654	62,784
Current liabilities:
Accounts payable (includes $2 and $190 as related party, as of June 30, 2026, and December 31, 2025, respectively)	720	741
Accrued expenses	4,435	2,981	2,981
Operating lease liabilities, current portion	1,445	1,357
Total current liabilities	6,600	5,079
Operating lease liabilities, net of current portion	6,439	7,180
Convertible promissory notes – related parties, at fair value	0	18,889
Total liabilities	57,655	34,526
Commitments and contingencies (Note 9)
Total redeemable convertible preferred stock	0	249,652	249,652
Stockholders’ equity (deficit):
Preferred stock, $0.00001 pare value, 100,000,000 authorized as of June 30, 2026. No shares were authorized as of December 31, 2025.	0	0
Additional paid-in capital	361,299	34,625
Accumulated deficit	(275,492)	(255,576)
Accumulated other comprehensive loss	(819)	(445)
Total stockholders’ equity (deficit)	84,999	(221,394)	$ (174,497)
Total Liabilities, Redeemable Convertible Preferred Stock & Stockholders’ Equity (Deficit)	142,654	62,784
Series B-1 and Series D redeemable convertible preferred stock warrants
Current liabilities:
Warrant liabilities	0	3,378
Warrants for Series A
Current liabilities:
Warrant liabilities	44,616	0
Series A-1 redeemable convertible preferred stock
Current liabilities:
Total redeemable convertible preferred stock	0	327
Series A-2 redeemable convertible preferred stock
Current liabilities:
Total redeemable convertible preferred stock	0	655
Series B-1 redeemable convertible preferred stock
Current liabilities:
Total redeemable convertible preferred stock	0	2,169
Series C-1 redeemable convertible preferred stock
Current liabilities:
Total redeemable convertible preferred stock	0	28,303
Series C-2 redeemable convertible preferred stock
Current liabilities:
Total redeemable convertible preferred stock	0	26,013
Series D redeemable convertible preferred stock
Current liabilities:
Total redeemable convertible preferred stock	0	192,185
Series A Common stock
Stockholders’ equity (deficit):
Common stock	$ 9	$ 0
Common stock, par value (in usd per share)	$ 0.00001	$ 0.00001
Series B Common stock
Stockholders’ equity (deficit):
Common stock	$ 2	$ 2
Common stock, par value (in usd per share)	$ 0.00001	$ 0.00001

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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Balance Type:	credit
Period Type:	instant

- 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).