v3.26.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (77,295) $ (21,948)
Adjustments to reconcile net loss to net cash used in operating activities:    
Share-based compensation expense 17,420 245
Depreciation expense 33 0
Non-cash lease expense 167 0
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (3,830) (240)
Accounts payable [1] 1,432 9,852
Accrued expenses and other current liabilities [2] 12,636 292
Net cash used in operating activities (49,437) (11,799)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of property and equipment (297) 0
Net cash used in investing activities (297) 0
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from the Pre-Closing Financing [3] 379,996 0
Payment of Pre-Closing Financing and reverse recapitalization issuance costs (28,156) 0
Cash acquired in connection with the reverse recapitalization 81 0
Net cash provided by financing activities 351,921 165,573
Net increase in cash, cash equivalents and restricted cash 302,187 153,774
Cash and cash equivalents, beginning of period 154,135 10,108
Cash and cash equivalents, end of period 456,322 163,882
Supplemental disclosure of non-cash financing activities:    
Operating lease liability arising from obtaining right-of-use asset 1,081 0
Non-cash exchange of Pre-Merger Korsana Series Seed Preferred Stock for Series B Non-Voting Convertible Preferred Stock 24,964 0
Non-cash exchange of Pre-Merger Korsana Series A Preferred Stock for common stock and pre-funded warrants 150,573 0
Purchases of property and equipment included in accounts payable and accrued expenses 103 0
Other liabilities assumed in connection with the reverse recapitalization 3,363 0
Pre-Closing Financing and reverse recapitalization issuance costs included in accounts payable and accrued expenses 486 0
Series Seed Preferred Stock    
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of convertible preferred stock, net of issuance cost [4] 0 15,000
Series A Convertible Preferred Stock    
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of convertible preferred stock, net of issuance cost [5] $ 0 $ 150,573
[1] Includes change in related party amount of $0 and $9,757 for the nine months ended September 30, 2026 and September 30, 2025, respectively.
[2] Includes change in related party amount of $443 and $0 for the nine months ended September 30, 2026 and September 30, 2025, respectively (see Note 9).
[3] Includes related party proceeds of $134,999 and $0 for the nine months ended September 30, 2026 and September 30, 2025, respectively.
[4] Includes related party proceeds of $0 and $15,000 for the nine months ended September 30, 2026 and September 30, 2025, respectively.
[5] Includes related party proceeds of $0 and $50,000 for the nine months ended September 30, 2026 and September 30, 2025, respectively.