v3.26.3
Condensed Consolidated Statements of Changes in Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit) - USD ($)
$ in Thousands
Total
Common Stock
Additional Paid-In Capital
Subscription Receivable
Accumulated Other Comprehensive Income (Loss)
Accumulated Deficit
Series A preferred stock
Series B preferred stock
Series C preferred stock
Beginning balance (in shares) at Dec. 31, 2024             12,865,375 55,246,971 0
Beginning balance at Dec. 31, 2024             $ 36,860 $ 66,285 $ 0
Subscriptions receivable, beginning balance at Dec. 31, 2024 $ (3,848)                
Redeemable Convertible Preferred Stock                  
Issuance of series B redeemable convertible preferred stock, net of issuance costs (in shares)               6,998,834  
Issuance of series B redeemable convertible preferred stock, net of issuance costs               $ 8,423  
Subscription receivable settled through research and development services received 357                
Ending balance (in shares) at Mar. 31, 2025             12,865,375 62,245,805 0
Ending balance at Mar. 31, 2025             $ 36,860 $ 74,708 $ 0
Subscriptions receivable, ending balance at Mar. 31, 2025 (3,491)                
Beginning balance (in shares) at Dec. 31, 2024   736,933              
Beginning balance at Dec. 31, 2024 (48,480) $ 1 $ 750 $ 0 $ 0 $ (49,231)      
Stockholders' Equity (Deficit)                  
Stock-based compensation 213   213            
Net loss (12,400)         (12,400)      
Ending balance (in shares) at Mar. 31, 2025   736,933              
Ending balance at Mar. 31, 2025 (60,667) $ 1 963 0 0 (61,631)      
Beginning balance (in shares) at Dec. 31, 2024             12,865,375 55,246,971 0
Beginning balance at Dec. 31, 2024             $ 36,860 $ 66,285 $ 0
Subscriptions receivable, beginning balance at Dec. 31, 2024 (3,848)                
Ending balance (in shares) at Sep. 30, 2025             12,865,375 62,245,805 0
Ending balance at Sep. 30, 2025             $ 36,860 $ 74,708 $ 0
Subscriptions receivable, ending balance at Sep. 30, 2025 (2,466)                
Beginning balance (in shares) at Dec. 31, 2024   736,933              
Beginning balance at Dec. 31, 2024 (48,480) $ 1 750 0 0 (49,231)      
Stockholders' Equity (Deficit)                  
Unrealized gain (loss) on marketable securities 1                
Net loss (48,148)                
Ending balance (in shares) at Sep. 30, 2025   749,027              
Ending balance at Sep. 30, 2025 (96,014) $ 1 1,363 0 1 (97,379)      
Beginning balance (in shares) at Mar. 31, 2025             12,865,375 62,245,805 0
Beginning balance at Mar. 31, 2025             $ 36,860 $ 74,708 $ 0
Subscriptions receivable, beginning balance at Mar. 31, 2025 (3,491)                
Redeemable Convertible Preferred Stock                  
Subscription receivable settled through research and development services received 466                
Ending balance (in shares) at Jun. 30, 2025             12,865,375 62,245,805 0
Ending balance at Jun. 30, 2025             $ 36,860 $ 74,708 $ 0
Subscriptions receivable, ending balance at Jun. 30, 2025 (3,025)                
Beginning balance (in shares) at Mar. 31, 2025   736,933              
Beginning balance at Mar. 31, 2025 (60,667) $ 1 963 0 0 (61,631)      
Stockholders' Equity (Deficit)                  
Stock-based compensation 115   115            
Stock option exercises (in shares)   10,628              
Stock option exercises 129   129            
Unrealized gain (loss) on marketable securities (4)       (4)        
Net loss (15,645)         (15,645)      
Ending balance (in shares) at Jun. 30, 2025   747,561              
Ending balance at Jun. 30, 2025 (76,072) $ 1 1,207 0 (4) (77,276)      
Redeemable Convertible Preferred Stock                  
Subscription receivable settled through research and development services received 559                
Ending balance (in shares) at Sep. 30, 2025             12,865,375 62,245,805 0
Ending balance at Sep. 30, 2025             $ 36,860 $ 74,708 $ 0
Subscriptions receivable, ending balance at Sep. 30, 2025 (2,466)                
Stockholders' Equity (Deficit)                  
Stock-based compensation 138   138            
Stock option exercises (in shares)   1,466              
Stock option exercises 18   18            
Unrealized gain (loss) on marketable securities 5       5        
Net loss (20,103)         (20,103)      
Ending balance (in shares) at Sep. 30, 2025   749,027              
Ending balance at Sep. 30, 2025 (96,014) $ 1 1,363 0 1 (97,379)      
Beginning balance (in shares) at Dec. 31, 2025             12,865,375 62,245,805 118,682,683
Beginning balance at Dec. 31, 2025             $ 36,860 $ 78,903 $ 150,563
Subscriptions receivable, beginning balance at Dec. 31, 2025 (1,849)                
Redeemable Convertible Preferred Stock                  
Conversion of redeemable convertible preferred stock to common stock upon initial public offering (in shares)             (12,865,375) (62,245,805) (118,682,683)
Conversion of redeemable convertible preferred stock to common stock upon initial public offering             $ (36,860) $ (78,903) $ (150,563)
Conversion of redeemable convertible preferred stock to common stock upon initial public offering 1,849                
Ending balance (in shares) at Mar. 31, 2026             0 0 0
Ending balance at Mar. 31, 2026             $ 0 $ 0 $ 0
Subscriptions receivable, ending balance at Mar. 31, 2026 $ 0                
Beginning balance (in shares) at Dec. 31, 2025 749,760 749,760              
Beginning balance at Dec. 31, 2025 $ (121,014) $ 1 2,346 0 60 (123,421)      
Stockholders' Equity (Deficit)                  
Issuance of common stock in connection with initial public offering, net of issuance costs (in shares)   17,339,294              
Issuance of common stock in connection with initial public offering, net of issuance costs 269,102   269,102            
Conversion of redeemable convertible preferred stock to common stock upon initial public offering/ issuance of common stock in connection with exercise of pre-funded warrants (in shares)   19,250,410              
Conversion of redeemable convertible preferred stock to common stock upon initial public offering 264,477   266,326 (1,849)          
Subscription receivable settled through research and development services received 621     621          
Stock-based compensation 5,259   5,259            
Stock option exercises (in shares)   826              
Stock option exercises 11   11            
Unrealized gain (loss) on marketable securities (584)       (584)        
Net loss (27,232)         (27,232)      
Ending balance (in shares) at Mar. 31, 2026   37,340,290              
Ending balance at Mar. 31, 2026 390,640 $ 1 543,044 (1,228) (524) (150,653)      
Beginning balance (in shares) at Dec. 31, 2025             12,865,375 62,245,805 118,682,683
Beginning balance at Dec. 31, 2025             $ 36,860 $ 78,903 $ 150,563
Subscriptions receivable, beginning balance at Dec. 31, 2025 (1,849)                
Ending balance (in shares) at Sep. 30, 2026             0 0 0
Ending balance at Sep. 30, 2026             $ 0 $ 0 $ 0
Subscriptions receivable, ending balance at Sep. 30, 2026 $ 0                
Beginning balance (in shares) at Dec. 31, 2025 749,760 749,760              
Beginning balance at Dec. 31, 2025 $ (121,014) $ 1 2,346 0 60 (123,421)      
Stockholders' Equity (Deficit)                  
Unrealized gain (loss) on marketable securities (3,112)                
Net loss $ (71,733)                
Ending balance (in shares) at Sep. 30, 2026 42,185,678 42,185,678              
Ending balance at Sep. 30, 2026 $ 796,471 $ 1 994,676 0 (3,052) (195,154)      
Beginning balance (in shares) at Mar. 31, 2026             0 0 0
Beginning balance at Mar. 31, 2026             $ 0 $ 0 $ 0
Subscriptions receivable, beginning balance at Mar. 31, 2026 0                
Ending balance (in shares) at Jun. 30, 2026             0 0 0
Ending balance at Jun. 30, 2026             $ 0 $ 0 $ 0
Subscriptions receivable, ending balance at Jun. 30, 2026 0                
Beginning balance (in shares) at Mar. 31, 2026   37,340,290              
Beginning balance at Mar. 31, 2026 390,640 $ 1 543,044 (1,228) (524) (150,653)      
Stockholders' Equity (Deficit)                  
Issuance of common stock in connection with initial public offering, net of issuance costs (in shares)   4,420,358              
Issuance of common stock in connection with initial public offering, net of issuance costs 414,335   414,335            
Stock Issued During Period Value Warrant Issued 28,120   28,120            
Subscription receivable settled through research and development services received 632     632          
Stock-based compensation 3,516   3,516            
Stock option exercises (in shares)   19,488              
Stock option exercises 243   243            
Unrealized gain (loss) on marketable securities (371)       (371)        
Net loss (23,502)         (23,502)      
Ending balance (in shares) at Jun. 30, 2026   41,780,136              
Ending balance at Jun. 30, 2026 813,613 $ 1 989,258 (596) (895) (174,155)      
Ending balance (in shares) at Sep. 30, 2026             0 0 0
Ending balance at Sep. 30, 2026             $ 0 $ 0 $ 0
Subscriptions receivable, ending balance at Sep. 30, 2026 0                
Stockholders' Equity (Deficit)                  
Conversion of redeemable convertible preferred stock to common stock upon initial public offering/ issuance of common stock in connection with exercise of pre-funded warrants (in shares)   300,000              
Subscription receivable settled through research and development services received 596     596          
Stock-based compensation 4,091   4,091            
Stock option exercises (in shares)   105,542              
Stock option exercises 1,327   1,327            
Unrealized gain (loss) on marketable securities (2,157)       (2,157)        
Net loss $ (20,999)         (20,999)      
Ending balance (in shares) at Sep. 30, 2026 42,185,678 42,185,678              
Ending balance at Sep. 30, 2026 $ 796,471 $ 1 $ 994,676 $ 0 $ (3,052) $ (195,154)