v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net loss $ (50,734) $ (28,045)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 8,775 328
Non-cash research and development services 1,253 823
Net accretion of discount/premium on debt securities (71) (238)
Other 62 16
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 5,780 (814)
Interest receivable on marketable securities (2,780) 0
Accounts payable 3,794 (1,714)
Accrued expenses (1,584) 702
Other non-current assets (254) 0
Other current liabilities and lease liabilities 101 (18)
Net cash used in operating activities (35,658) (28,960)
Cash flows from investing activities:    
Purchase of property, plant and equipment (21) (19)
Purchases of marketable securities (428,565) (24,061)
Maturities of marketable securities 50,000 0
Net cash used in investing activities (378,586) (24,080)
Cash flows from financing activities:    
Issuance of Series B preferred stock, net of issuance costs paid 0 8,423
Initial public offering, net of issuance costs paid 269,102 0
Public offering, net of issuance costs 414,335 0
Pre-funded warrants, net of issuance costs 28,120
Exercise of stock options 254 129
Net cash provided by financing activities 711,811 8,552
Net increase (decrease) in cash and cash equivalents 297,567 (44,488)
Cash and cash equivalents—beginning of period 21,766 53,084
Cash and cash equivalents—end of period 319,333 8,596
Supplemental schedule of noncash activities:    
Unrealized loss on marketable securities (955) (4)
Right-of-use asset exchanged for lease liabilities $ 694 $ 90