v3.26.1
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 $ (190,172) $ (46,930)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization expense 202 125
Stock-based compensation expense 12,283 3,154
Change in fair value of preferred stock tranche right liability 0 (1,400)
Non-cash lease expense 565 243
Accretion of discounts on investments, net (2,892) (1,001)
Change in fair value of convertible promissory notes 0 1,016
Other (11) 0
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (1,243) (6,174)
Non-current clinical deposits (2,486) 0
Other non-current assets 2,316 (170)
Accounts payable 11,843 (192)
Accrued expenses and other current liabilities 24,430 7,198
Operating lease liabilities (537) (301)
Other non-current liabilities (135) 0
Net cash used in operating activities (145,837) (44,432)
Cash flows from investing activities:    
Purchases of marketable securities (738,259) (136,612)
Maturities of marketable securities 190,084 8,000
Net cash used in investing activities (548,175) (128,612)
Cash flows from financing activities:    
Proceeds from the exercise of stock options 487 0
Proceeds from issuance of convertible promissory notes 0 100,000
Proceeds from issuance of common stock, net of commissions and underwriting discounts 668,438 0
Payments of deferred offering costs related to initial public offering (4,879) 0
Net cash provided by financing activities 664,046 100,000
Net decrease in cash, cash equivalents and restricted cash (29,966) (73,044)
Cash, cash equivalents and restricted cash at beginning of period 161,028 175,178
Cash, cash equivalents and restricted cash at end of period 131,062 102,134
Reconciliation of cash, cash equivalents and restricted cash    
Cash and cash equivalents 130,301 101,373
Restricted cash 761 761
Total cash, cash equivalents and restricted cash 131,062 102,134
Supplemental disclosure of non-cash investing and financing activities:    
Conversion of convertible preferred stock to common stock 992,364 0
Deferred offering costs included in accounts payable and accrued expenses 1,261 15
Increase in right-of-use assets and operating lease liabilities from lease modifications $ 0 $ 32