Net Loss Per Share (Tables)

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Summary of Basic and diluted net loss per share

Basic and diluted net loss per share is calculated as follows (in thousands except share and per share amounts):


		Three Months Ended June 30,								Six Months Ended June 30,
		2026				2025				2026				2025
Net loss		$	(24,150	)		$	(12,209	)		$	(46,837	)		$	(27,515	)
Net loss per share, basic and diluted		$	(0.80	)		$	(12.91	)		$	(3.00	)		$	(29.09	)
Weighted-average shares outstanding, basic and diluted			30,111,338				946,000				15,609,236				946,000

Summary of Outstanding Common Stock and Ordinary Share Equivalents

The following table sets forth the outstanding shares of common stock and ordinary share equivalents, presented based on amounts outstanding at each period end, that were excluded from the calculation of diluted net loss per share for the periods indicated because including them would have been anti-dilutive:


		Three & Six Months Ended June 30,
		2026				2025
Convertible preference shares			—				15,211,108
Warrants to purchase common stock			4,341,568				2,112,352
Options to purchase common stock			306,900				—