Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 187,652	$ 109,407
Prepaid expenses and other current assets	3,940	2,903
Total current assets	191,592	112,310
Property and equipment, net	153	126
Other assets	2,884	1,512
Total assets	194,629	113,948
Current liabilities
Accounts payable and accrued expenses	16,969	12,410
Total current liabilities	16,969	12,410
Total liabilities	16,969	12,410
Commitments and contingencies (Note 8)
Shareholders’ Equity
Class A Ordinary Shares, $0.0001 par value; 300,000,000 shares authorized as of September 30, 2026 and December 31, 2025; 96,306,411 and 73,680,710 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively	10	7
Additional paid-in capital	478,549	326,078
Accumulated deficit	(300,899)	(224,547)
Total shareholders’ equity	177,660	101,538
Total liabilities and shareholders’ equity	$ 194,629	$ 113,948

Sum of the carrying values as of the balance sheet date of obligations incurred through that date and due within one year (or the operating cycle, if longer), including liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received, taxes, interest, rent and utilities, accrued salaries and bonuses, payroll taxes and fringe benefits.

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- Definition

Amount of excess of issue price over par or stated value of stock and from other transaction involving stock or stockholder. Includes, but is not limited to, additional paid-in capital (APIC) for common and preferred stock.