Condensed Consolidated Statements of Operations and Comprehensive Loss (unaudited) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2026 |
Jun. 30, 2025 |
Jun. 30, 2026 |
Jun. 30, 2025 |
|
| Collaboration revenue | $ 148 | $ 0 | $ 148 | $ 0 |
| Operating expenses: | ||||
| Research and development cost | 39,377 | 30,126 | 77,130 | 64,031 |
| General and administrative | 11,657 | 6,394 | 21,357 | 12,730 |
| Total operating expenses | 51,034 | 36,520 | 98,487 | 76,761 |
| Loss from operations | (50,886) | (36,520) | (98,339) | (76,761) |
| Other income (expense): | ||||
| Interest income | 4,189 | 1,049 | 6,618 | 2,306 |
| Interest expense | (210) | (396) | (502) | (795) |
| Sublease income - related party | 0 | 1,057 | 0 | 2,114 |
| Change in fair value of simple agreement for future equity | (5,556) | 0 | (5,556) | 0 |
| Total other (expense) income, net | (1,577) | 1,710 | 560 | 3,625 |
| Net loss | (52,463) | (34,810) | (97,779) | (73,136) |
| Cumulative dividends on convertible preferred stock | (14,492) | (10,184) | (32,181) | (19,965) |
| Deemed dividend upon down-round of convertible preferred stock | 0 | 0 | (7,875) | 0 |
| Net loss allocable to common stockholders | $ (66,955) | $ (44,994) | $ (137,835) | $ (93,101) |
| Net loss per share allocable to common stockholders, basic | $ (2.32) | $ (22.28) | $ (8.86) | $ (46.13) |
| Net loss per share allocable to common stockholders, diluted | $ (2.32) | $ (22.28) | $ (8.86) | $ (46.13) |
| Weighted average common shares outstanding, basic | 28,908,277 | 2,019,111 | 15,553,335 | 2,018,354 |
| Weighted average common shares outstanding, diluted | 28,908,277 | 2,019,111 | 15,553,335 | 2,018,354 |
| Comprehensive loss: | ||||
| Net loss | $ (52,463) | $ (34,810) | $ (97,779) | $ (73,136) |
| Change in unrealized gains (losses) on marketable securities | (18) | (5) | (18) | (21) |
| Comprehensive loss | $ (52,481) | $ (34,815) | $ (97,797) | $ (73,157) |
| X | ||||||||||
- Definition Change In Fair Value Of Simple Agreement For Future Equity No definition available.
|
| X | ||||||||||
- Definition Cumulative Dividends On Convertible Preferred Stock No definition available.
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of interest expense classified as nonoperating. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Amount of interest income earned from interest bearing assets classified as other. Reference 1: http://www.xbrl.org/2003/role/exampleRef
|
| X | ||||||||||
- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition The aggregate amount of income or expense from ancillary business-related activities (that is to say, excluding major activities considered part of the normal operations of the business). Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition The net result for the period of deducting operating expenses from operating revenues. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- Definition Amount, before tax and adjustment, of unrealized holding gain (loss) on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). Excludes unrealized gain (loss) on investment in debt security measured at amortized cost (held-to-maturity) from transfer to available-for-sale. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Amount of increase (decrease) in equity for down round feature triggered for convertible preferred stock. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Amount of expense for research and development. Includes, but is not limited to, cost for computer software product to be sold, leased, or otherwise marketed and writeoff of research and development assets acquired in transaction other than business combination or joint venture formation or both. Excludes write-down of intangible asset acquired in business combination or from joint venture formation or both, used in research and development activity. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Amount of sublease income excluding finance and operating lease expense. Reference 1: http://www.xbrl.org/2003/role/exampleRef
|
| X | ||||||||||
- Definition The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|