v3.26.3
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 456,221 $ 154,135
Prepaid expenses and other current assets 4,428 461
Total current assets 460,649 154,596
Operating lease right-of-use asset 967 0
Property and equipment, net 367 0
Restricted cash 101 0
Total assets 462,084 154,596
Current liabilities:    
Accounts payable 1,611 176
Accrued expenses and other current liabilities 28,791 12,313
Operating lease liability, current 287 0
Warrant liability, related party 13,508 0
Total current liabilities 44,197 12,489
Long term liabilities:    
Accrued other liabilities, non-current 376 538
Operating lease liability, non-current 984 0
Total liabilities 45,557 13,027
Commitments and contingencies (Note 11)
Stockholders' equity (deficit):    
Common stock, no par value; 700,000,000 and 122,363,552 shares authorized as of September 30, 2026 and December 31, 2025, respectively; 45,541,358 and 1,244,400 shares issued and outstanding as of September 30, 2026 and December 31, 2025 0 0
Additional paid-in capital 504,588 1,762
Accumulated deficit (113,025) (35,730)
Total stockholders' equity (deficit) 391,563 (33,968)
Total liabilities, convertible preferred stock and stockholders' equity (deficit) 462,084 154,596
Series Seed Convertible Preferred Stock    
Convertible preferred stock:    
Preferred stock 0 24,964
Series A Convertible Preferred Stock    
Convertible preferred stock:    
Preferred stock 0 150,573
Series B Non-voting Convertible Preferred Stock    
Convertible preferred stock:    
Preferred stock $ 24,964 $ 0