CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 268,860	$ 99,994
Restricted cash	105	0
Prepaid expenses and other current assets	4,992	6
Total current assets	273,957	100,000
Non-current assets:
Property and equipment, net	72	0
Other assets	0	407
Total non-current assets	72	407
Total assets	274,029	100,407
Current liabilities:
Accounts Payable, Current	2,133	1,534
Accrued expenses	4,378	70,013
Total current liabilities	6,511	71,547
Total liabilities	6,511	71,547
Commitments and contingencies
Mezzanine equity
Convertible preferred stock: $0.0001 par value; 20,000,000 shares authorized and no shares issued and outstanding at September 30, 2026, and 14,516,188 shares authorized, issued and outstanding at December 31, 2025; liquidation value of $100,000	0	99,850
Stockholders' equity/(deficit):
Common stock: $0.0001 par value; 300,000,000 shares authorized and 11,473,285 shares issued and outstanding at September 30, 2026 and 29,672,628 shares authorized and 3,047,675 shares issued and outstanding at December 31, 2025	1	0
Additional paid-in capital	357,492	4
Accumulated deficit	(89,975)	(70,994)
Total stockholders' equity/(deficit)	267,518	(70,990)
Total liabilities, convertible preferred stock and stockholders’ equity/(deficit)	$ 274,029	$ 100,407

Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).

Name:	us-gaap_AccountsPayableCurrent
Namespace Prefix:	us-gaap_
Data Type:	xbrli:monetaryItemType
Balance Type:	credit
Period Type:	instant

- Definition

Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).