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 income (loss) $ 30,926 $ (6,982)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Depreciation and amortization 6 1
Change in fair value of legal settlement liability (9,601) 0
Noncash operating lease expense 81 0
Change in fair value of Simple Agreements for Future Equity (31,846) 5,825
Change in fair value of warrant liabilities (5,262) 0
Stock-based compensation 10,634 604
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (550) (22)
Due from stockholder 0 (39)
Operating lease liabilities (50) (35)
Other assets 6 (6)
Accounts payable 564 0
Accrued expenses 710 10
Net cash used in operating activities (4,382) (644)
Cash flows from investing activities    
Purchases of property and equipment 0 (10)
Net cash used in investing activities 0 (10)
Cash flows from financing activities    
Proceeds from issuance of Simple Agreements for Future Equity 3,295 1,227
Proceeds from Business Combination, net 22,944 0
Payment of deferred transaction costs (1,397) 0
Net cash provided by financing activities 24,842 1,227
Net increase in cash 20,460 573
Cash - beginning of the period 1,757 17
Cash - end of the period 22,217 590
Supplemental disclosure of noncash transactions:    
Right-of-use-asset obtained in exchange for lease liabilities 0 134
Warrant liabilities issued in connection with Business Combination 7,413 0
Deferred transaction costs included in accounts payable 275 0
Conversion of SAFEs into common stock and additional paid-in capital 17,807 0
Legal settlement liability reclassified to additional paid-in capital 6,624 0
Deferred financing costs written off to additional paid-in capital $ 2,484 $ 0