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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
OPERATING ACTIVITIES:    
Net loss $ (55,804) $ (37,694)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 173 19
Non-cash operating lease expense 221 0
Stock-based compensation expense 3,983 1,671
Amortization and accretion of premiums/discounts on marketable securities (417) (1,029)
Amortization of debt discount and deferred financing costs 22 0
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (192) (544)
Other assets (12) 239
Accounts payable (1,206) (1,374)
Accrued liabilities (2,543) (1,260)
Operating lease liability (192) 0
Net cash used in operating activities (55,967) (39,972)
INVESTING ACTIVITIES:    
Purchases of property and equipment (587) (8)
Purchases of marketable securities (134,832) (67,058)
Proceeds from sale of marketable securities 26,343 0
Maturities of marketable securities 45,390 54,500
Net cash provided by investing activities (63,686) (12,566)
FINANCING ACTIVITIES:    
Proceeds from initial public offering, net of underwriter discounts and commissions paid during the period 320,850 0
Payment of offering costs (4,136) 0
Proceeds from the exercise of stock options 29 0
Proceeds from Term loan 15,000 0
Payments of issuance costs associated with Term loan (208) 0
Proceeds from issuance of Series D convertible preferred stock, net of issuance costs 0 89,884
Net cash provided by financing activities 331,535 89,884
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 211,882 37,346
Beginning of period 52,315 23,955
End of period 264,197 61,301
Supplemental disclosure of non-cash investing and financing activities:    
Conversion of preferred stock into common stock upon IPO 372,198 0
Deferred offering costs transferred to additional paid in capital 4,232 0
Right-of-use assets obtained in exchange for operating lease liabilities 831 0
Warrant value issued as part of Term loan 184 0
Issuance costs related to a public offering included in accounts payable and accrued expenses $ 96 $ 0