Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 319,333	$ 21,766
Marketable securities at fair value	500,561	120,096
Prepaid expenses and other current assets	4,852	10,632
Total current assets	824,746	152,494
Non-current assets:
Property, plant and equipment, net	41	22
Right-of-use asset and other non-current assets	948	103
Total non-current assets	989	125
Total assets	825,735	152,619
Current liabilities:
Accounts payable	5,920	2,126
Accrued expenses	5,395	6,979
Other current liabilities and lease liabilities	379	47
Total current liabilities	11,694	9,152
Lease liabilities - non-current	428	4
Total liabilities	12,122	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 June 30, 2026 and December 31, 2025, respectively and 0 shares issued or outstanding as of June 30, 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 June 30, 2026 and December 31, 2025, respectively and 41,780,136 and 749,760 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	1	1
Additional paid-in capital	989,258	2,346
Subscription receivable	(596)	0
Accumulated other comprehensive (loss) income	(895)	60
Accumulated deficit	(174,155)	(123,421)
Total stockholders’ equity (deficit)	813,613	(121,014)
Total liabilities, redeemable convertible preferred stock, and stockholders’ equity (deficit)	825,735	152,619
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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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).