CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
CURRENT ASSETS:
Cash and cash equivalents	$ 264,197	$ 52,315
Marketable securities, current	88,228	86,044
Prepaid expenses and other current assets	5,563	5,201
Total current assets	357,988	143,560
NON-CURRENT ASSETS:
Property and equipment, net	1,206	792
Operating lease right-of-use asset	2,140	1,530
Marketable securities, noncurrent	61,103	0
Other assets	3,011	2,999
Total noncurrent assets	67,460	5,321
TOTAL ASSETS	425,448	148,881
CURRENT LIABILITIES:
Accounts payable	2,648	3,758
Accrued liabilities	7,345	9,889
Operating lease liability	816	444
Total current liabilities	10,809	14,091
NON-CURRENT LIABILITIES:
Term loan	14,801	0
Operating lease liability, noncurrent	1,492	1,225
TOTAL LIABILITIES	27,102	15,316
COMMITMENTS AND CONTINGENCIES (Note 8)
STOCKHOLDERS' DEFICIT
Preferred stock, $0.001 par value; 10,000,000 shares and no shares authorized as of June 30, 2026 and December 31, 2025, respectively; no shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	0	0
Common stock, $0.001 par value; 700,000,000 and 575,000,000 shares authorized as of June 30, 2026 and December 31, 2025, respectively; 44,333,094 and 1,227,186 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	67	24
Additional paid-in capital	719,541	26,548
Accumulated other comprehensive (loss) income	(95)	134
Accumulated deficit	(321,167)	(265,362)
Total stockholders' equity (deficit)	398,346	(238,656)
TOTAL LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT)	425,448	148,881
Series A Convertible Preferred Stock [Member]
REDEEMABLE CONVERTIBLE PREFERRED STOCK
REDEEMABLE CONVERTIBLE PREFERRED STOCK	0	49,176
Series B Convertible Preferred Stock [Member]
REDEEMABLE CONVERTIBLE PREFERRED STOCK
REDEEMABLE CONVERTIBLE PREFERRED STOCK	0	35,376
Series C-1 Preferred Stock
REDEEMABLE CONVERTIBLE PREFERRED STOCK
REDEEMABLE CONVERTIBLE PREFERRED STOCK	0	174,494
Series C-2 Convertible Preferred Stock [Member]
REDEEMABLE CONVERTIBLE PREFERRED STOCK
REDEEMABLE CONVERTIBLE PREFERRED STOCK	0	13,406
Series D Convertible Preferred Stock [Member]
REDEEMABLE CONVERTIBLE PREFERRED STOCK
REDEEMABLE CONVERTIBLE PREFERRED STOCK	$ 0	$ 99,769

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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- 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).