v3.26.3
Condensed Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Operating Activities    
Net Income (Loss) $ (129,723) $ (13,733)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 11,138 1,850
Depreciation 303 236
Noncash lease expense 238 100
Realized gain on sale of short-term investments, net (3) (119)
(Accretion) amortization of (discounts) premium on investments, net (441) 244
Loss (gain) on change in fair value of derivative instruments 804 (1,562)
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (29,560) (1,042)
Operating lease liabilities (216) (36)
Accrued interest on short-term investments 217 (168)
Accounts payable and accrued expenses 22,032 (2,875)
Net cash used in operating activities (125,211) (17,105)
Investing Activities    
Purchases of property and equipment (465) (12)
Purchase of short-term investments (166,143) (44,836)
Proceeds from the sale of short-term investments 1,411 2,501
Maturities of short-term investments 20,600 2,500
Net cash used in investing activities (144,597) (39,847)
Financing Activities    
Proceeds from initial public offering 0 327,750
Payment of issuance costs for initial public offering 0 (24,265)
Proceeds from issuance of common stock and pre-funded warrants in a private placement 250,000 0
Payment of issuance costs for private placement and shelf registration (15,391) 0
Proceeds from exercise of options 59 247
Proceeds from exercise of warrants 60 0
Net cash provided by financing activities 234,728 303,732
Net (decrease) increase in cash, cash equivalents and restricted cash (35,080) 246,780
Cash, cash equivalents and restricted cash, beginning of period 250,943 23,476
Cash, cash equivalents and restricted cash, end of period 215,863 270,256
Supplemental disclosures of noncash investing and financing activities    
Conversion of 78,072,306 shares of redeemable convertible preferred stock to common stock upon the closing of initial public offering 0 114,260
Unpaid deferred offering costs included in accounts payable and accrued expenses 550 1,170
Exercise of liability-classified warrants 868 0
Right-of-use assets obtained in exchange for operating lease liabilities 1,397 0
Leasehold improvements paid by lessor $ 407 $ 0