v3.26.1
Condensed Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities    
Net loss $ (36,819) $ (20,328)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 494 132
Stock-based compensation expense 13,106 2,910
Non-cash operating lease costs 1,595 135
Amortization of premiums and discounts on short-term investments, net (250) 0
Changes in operating assets and liabilities:    
Prepaid assets (2,971) (829)
Other current assets (5,024) (1,302)
Accounts payable (885) (221)
Accrued liabilities 4,334 3,171
Accrued compensation 815 1,236
Lease liabilities (2,026) (1,919)
Deferred revenues (7,639) (5,421)
Other long-term liabilities 201 (574)
Net cash used in operating activities (35,069) (23,010)
Cash flows from investing activities    
Purchases of short-term investments (191,551)  
Purchases of property and equipment (2,134) (266)
Net cash used in investing activities (193,685) (266)
Cash flows from financing activities    
Net transfers from Former Parent 301,505 23,276
Net cash provided by financing activities 301,505 23,276
Net increase in cash, cash equivalents, and restricted cash 72,751 0
Cash, cash equivalents and restricted cash, at beginning of period 0 0
Cash, cash equivalents and restricted cash, at end of period 72,751 0
Reconciliation of cash, cash equivalents and restricted cash, at end of period:    
Cash and cash equivalents 72,334 0
Restricted cash included in current assets 311 0
Restricted cash included in non-current assets 106 0
Total cash, cash equivalents and restricted cash 72,751 0
Supplemental schedule of noncash investing and financing activities:    
Costs incurred, but not paid, in connection with purchases of property and equipment included in accounts payable and accrued liabilities 0 109
Net assets distributed from Former Parent 0 742
Reclassification of deficit from Former Parent $ 221,940 $ 0