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Stock-Based Compensation - Schedule of RSU and RSA Activity (Details)	3 Months Ended
	Mar. 31, 2026 $ / shares shares
Restricted Stock Units [Member]
Schedule of RSU and RSA Activity [Line Items]
Beginning Balance \| shares
Weighted Average Grant Date Fair Value, Beginning Balance \| $ / shares
Unvested balance, Number of Granted \| shares	421,019
Weighted Average Grant Date Fair Value, Granted \| $ / shares	$ 34.43
Unvested balance, Number of Vested \| shares	(24,611)
Weighted Average Grant Date Fair Value, Vested \| $ / shares	$ 34.37
Unvested balance, Canceled/forfeited \| shares	(263)
Weighted Average Grant Date Fair Value, Canceled/forfeited \| $ / shares	$ 34.39
Ending Balance \| shares	396,145
Weighted Average Grant Date Fair Value, Ending Balance \| $ / shares	$ 34.44
Restricted Stock Award [Member]
Schedule of RSU and RSA Activity [Line Items]
Beginning Balance \| shares	1,149,589
Weighted Average Grant Date Fair Value, Beginning Balance \| $ / shares
Unvested balance, Number of Granted \| shares
Weighted Average Grant Date Fair Value, Granted \| $ / shares
Unvested balance, Number of Vested \| shares	(125,719)
Weighted Average Grant Date Fair Value, Vested \| $ / shares
Unvested balance, Canceled/forfeited \| shares
Weighted Average Grant Date Fair Value, Canceled/forfeited \| $ / shares
Ending Balance \| shares	1,023,870
Weighted Average Grant Date Fair Value, Ending Balance \| $ / shares

Nature of the Business and Basis of Presentation	3 Months Ended
Mar. 31, 2026
Nature of the Business and Basis of Presentation [Abstract]
Nature of the Business and Basis of Presentation	1. Nature of the Business and Basis of Presentation *Background and Basis of Presentation* Oruka Therapeutics, Inc., together with its subsidiary (collectively, the “Company”), is a clinical-stage biopharmaceutical company. The Company is headquartered in Menlo Park, California. The Company is focused on developing novel monoclonal antibody therapeutics for psoriasis (“PsO”) and other inflammatory and immunology (“I&I”) indications. The condensed consolidated financial statements and accompanying notes reflect the operations of the Company and its wholly-owned subsidiary. Intercompany balances and transactions have been eliminated in consolidation. The condensed consolidated financial statements and accompanying notes have been prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”) for interim financial reporting and the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) and therefore do not include all information and disclosures normally included in the annual consolidated financial statements. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these condensed consolidated financial statements should be read in conjunction with the audited financial statements and the related notes thereto, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on March 12, 2026 (the “Annual Report”). The information as of December 31, 2025, included in the condensed consolidated balance sheets was derived from the Company’s audited financial statements. These unaudited interim condensed consolidated financial statements have been prepared on the same basis as the Company’s annual consolidated financial statements, and in the opinion of the Company’s management, reflect all adjustments, which include only normal recurring adjustments necessary for a fair statement of the Company’s condensed consolidated financial statements. The results for the three months ended March 31, 2026 are not necessarily indicative of results that may be expected for the year ending December 31, 2026 or for any other interim period or for any other future year. *Liquidity* As of March 31, 2026, the Company had cash, cash equivalents, and marketable securities of $496.0 million and an accumulated deficit of $221.0 million. The Company’s management expects that the existing cash, cash equivalents, and marketable securities will be sufficient to fund the Company’s operating plans for at least twelve months from the date these condensed consolidated financial statements were issued. Since its inception, the Company has devoted substantially all of its resources to advancing the development of its portfolio of programs, organizing and staffing the Company, business planning, raising capital, and providing general and administrative support for these operations. Current and future programs will require significant research and development efforts, including preclinical and clinical trials, and regulatory approvals to commercialization. Until such time as the Company can generate significant revenue from product sales, if ever, the Company expects to finance its operating activities through a combination of equity offerings and debt financings. The Company expects that its research and development and general and administrative costs will continue to increase significantly, including in connection with conducting future preclinical activities and clinical trials and manufacturing for its existing product candidates and any future product candidates to support commercialization and providing general and administrative support for its operations, including the costs associated with operating as a public company. The Company’s ability to access capital when needed is not assured and, if capital is not available to the Company when, and in the amounts needed, the Company may be required to significantly curtail, delay, or discontinue one or more of its research or development programs or the commercialization of any product candidate, or be unable to expand its operations or otherwise capitalize on the Company’s business opportunities, as desired, which could materially harm the Company’s business, financial condition and results of operations.

Nature of the Business and Basis of Presentation

3 Months Ended

Mar. 31, 2026

Nature of the Business and Basis of Presentation [Abstract]

Nature of the Business and Basis of Presentation

1. Nature of the Business and Basis of Presentation

Background and Basis of Presentation

Oruka Therapeutics, Inc., together with its subsidiary (collectively, the “Company”), is a clinical-stage biopharmaceutical company. The Company is headquartered in Menlo Park, California. The Company is focused on developing novel monoclonal antibody therapeutics for psoriasis (“PsO”) and other inflammatory and immunology (“I&I”) indications.

The condensed consolidated financial statements and accompanying notes reflect the operations of the Company and its wholly-owned subsidiary. Intercompany balances and transactions have been eliminated in consolidation. The condensed consolidated financial statements and accompanying notes have been prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”) for interim financial reporting and the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) and therefore do not include all information and disclosures normally included in the annual consolidated financial statements. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these condensed consolidated financial statements should be read in conjunction with the audited financial statements and the related notes thereto, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on March 12, 2026 (the “Annual Report”). The information as of December 31, 2025, included in the condensed consolidated balance sheets was derived from the Company’s audited financial statements. These unaudited interim condensed consolidated financial statements have been prepared on the same basis as the Company’s annual consolidated financial statements, and in the opinion of the Company’s management, reflect all adjustments, which include only normal recurring adjustments necessary for a fair statement of the Company’s condensed consolidated financial statements.

The results for the three months ended March 31, 2026 are not necessarily indicative of results that may be expected for the year ending December 31, 2026 or for any other interim period or for any other future year.

Liquidity

As of March 31, 2026, the Company had cash, cash equivalents, and marketable securities of $496.0 million and an accumulated deficit of $221.0 million. The Company’s management expects that the existing cash, cash equivalents, and marketable securities will be sufficient to fund the Company’s operating plans for at least twelve months from the date these condensed consolidated financial statements were issued. Since its inception, the Company has devoted substantially all of its resources to advancing the development of its portfolio of programs, organizing and staffing the Company, business planning, raising capital, and providing general and administrative support for these operations. Current and future programs will require significant research and development efforts, including preclinical and clinical trials, and regulatory approvals to commercialization. Until such time as the Company can generate significant revenue from product sales, if ever, the Company expects to finance its operating activities through a combination of equity offerings and debt financings.

The Company expects that its research and development and general and administrative costs will continue to increase significantly, including in connection with conducting future preclinical activities and clinical trials and manufacturing for its existing product candidates and any future product candidates to support commercialization and providing general and administrative support for its operations, including the costs associated with operating as a public company. The Company’s ability to access capital when needed is not assured and, if capital is not available to the Company when, and in the amounts needed, the Company may be required to significantly curtail, delay, or discontinue one or more of its research or development programs or the commercialization of any product candidate, or be unable to expand its operations or otherwise capitalize on the Company’s business opportunities, as desired, which could materially harm the Company’s business, financial condition and results of operations.

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities:
Net loss	$ (31,820)	$ (20,999)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	6,968	4,883
Net accretion of premiums and discounts on marketable securities	(446)	(1,797)
Non-cash lease expense	143	62
Depreciation expense	43	16
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	461	(148)
Other non-current assets		(60)
Accounts payable	(493)	83
Accrued expenses and other current liabilities	(1,304)	2,317
Operating lease liability	(125)	(21)
Related party accounts payable and other current liabilities	2,995	(5,205)
Net cash used in operating activities	(23,578)	(20,869)
Cash flows from investing activities:
Purchases of property and equipment	(73)	(13)
Purchases of marketable securities	(90,834)	(44,290)
Proceeds from maturities of marketable securities	76,470	87,169
Net cash (used in) provided by investing activities	(14,437)	42,866
Cash flows from financing activities:
Proceeds from issuance of common stock upon exercise of stock options and employee warrants	1,698
Proceeds from at-the-market offering, net of commissions	38,902
Net cash provided by financing activities	40,600
Net increase in cash and cash equivalents	2,585	21,997
Cash and cash equivalents at beginning of period	46,935	61,575
Cash and cash equivalents at end of period	49,520	83,572
Supplemental disclosures of non-cash financing activities:
Amounts receivable related to exercise of stock options and employee warrants	$ 68

Stock-Based Compensation - Schedule of Employee Warrant Activity (Details) - Employee Warrants [Member] - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
	Dec. 31, 2025	Mar. 31, 2026
Schedule of Employee Warrant Activity [Line Items]
Ending Balance	3,029,510	2,767,511
Weighted Average Grant Date Fair Value, Ending Balance	$ 7.8	$ 7.8
Weighted Average Remaining Contractual Term, Ending Balance	8 years 6 months	8 years 3 months 18 days
Aggregate Intrinsic Value, Ending Balance	$ 68,194	$ 114,160
Number of Employee Warrants Outstanding, Vested and expected to vest		2,767,511
Weighted Average Exercise Price Per Share, Vested and expected to vest		$ 7.8
Weighted Average Remaining Contractual Term, Vested and expected to vest		8 years 3 months 18 days
Aggregate intrinsic Value, Vested and expected to vest		$ 114,160
Number of Employee Warrants Outstanding, Exercisable		1,265,741
Weighted Average Exercise Price Per Share, Exercisable		$ 7.8
Weighted Average Remaining Contractual Term, Exercisable		8 years 3 months 18 days
Aggregate intrinsic Value, Exercisable		$ 52,212
Number of Employee Warrants Outstanding, Granted
Weighted Average Exercise Price Per Share, Granted
Number of Employee Warrants Outstanding, Exercised		(137,003)
Weighted Average Exercise Price Per Share, Exercised		$ 7.8
Number of Employee Warrants Outstanding, Canceled/forfeited		(124,996)
Weighted Average Exercise Price Per Share, Canceled/forfeited		$ 7.8

Accrued Expenses and Other Current Liabilities

3 Months Ended

Mar. 31, 2026

Accrued Expenses and Other Current Liabilities [Abstract]

Accrued Expenses and Other Current Liabilities

6. Accrued Expenses and Other Current Liabilities

The following table summarizes accrued expenses and other current liabilities (in thousands):

	March 31, 2026		December 31, 2025
Accrued research and development	$	6,805	$	4,384
Accrued employee compensation and benefits		1,707		5,266
Accrued professional and consulting		775		941
Total	$	9,287	$	10,591

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Measurements [Abstract]

Schedule of Fair Value Hierarchy for Financial Assets Measured

The following tables present the Company’s fair value hierarchy for financial assets measured as of March 31, 2026 and December 31, 2025 (in thousands):

	March 31, 2026
	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market funds	$	13,627	$	—	$	—	$	13,627
Commercial papers		—		31,787		—		31,787
Total cash equivalents		13,627		31,787		—		45,414
Marketable securities
Marketable securities, current
U.S. treasury securities		—		193,747		—		193,747
U.S. government agency securities		—		26,607		—		26,607
Commercial papers		—		18,979		—		18,979
Corporate debt securities		—		99,976		—		99,976
Total marketable securities, current		—		339,309		—		339,309
Marketable securities, long-term
U.S. treasury securities		—		75,332		—		75,332
Corporate debt securities		—		18,927		—		18,927
U.S. government agency securities		—		12,864		—		12,864
Total marketable securities, long-term		—		107,123		—		107,123
Total cash equivalents and marketable securities	$	13,627	$	478,219	$	—	$	491,846

	December 31, 2025
	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market funds	$	30,268	$	—	$	—	$	30,268
Commercial papers		—		14,483		—		14,483
Total cash equivalents		30,268		14,483		—		44,751
Marketable securities
Marketable securities, current
U.S. treasury securities		—		195,915		—		195,915
U.S. government agency securities		—		28,757		—		28,757
Commercial papers		—		21,241		—		21,241
Corporate debt securities		—		44,196		—		44,196
Total marketable securities, current		—		290,109		—		290,109
Marketable securities, long-term
U.S. treasury securities		—		75,730		—		75,730
Corporate debt securities		—		54,998		—		54,998
U.S. government agency securities		—		11,811		—		11,811
Total marketable securities, long-term		—		142,539		—		142,539
Total cash equivalents and marketable securities	$	30,268	$	447,131	$	—	$	477,399

Segment Disclosures (Tables)

3 Months Ended

Mar. 31, 2026

Segment Disclosures [Abstract]

Schedule of Segment Loss from Operations

The following table summarizes the segment loss from operations, including significant segment expenses (in thousands):

	Three Months Ended March 31,
	2026			2025
Research and development personnel-related (excluding stock-based compensation)	$	6,077		$	2,463
General and administrative personnel-related (excluding stock-based compensation)		2,117			1,694
Research and development stock-based compensation		3,579			3,003
General and administrative stock-based compensation		3,389			1,880
External research and development		18,329			13,610
Other research and development		1,160			849
General and administrative, excluding personnel-related and stock-based compensation		1,783			1,587
Total operating expenses		36,434			25,086
Loss from operations	$	(36,434	)	$	(25,086	)

Convertible Preferred Stock and Stockholders’ Equity - Schedule of Common Stock Reserved for Future Issuance (Details) - shares	Mar. 31, 2026	Dec. 31, 2025
Schedule of Common Stock Reserved for Future Issuance [Line Items]
Total shares of common stock reserved	34,852,819	31,900,535
Outstanding and issued stock options [Member]
Schedule of Common Stock Reserved for Future Issuance [Line Items]
Total shares of common stock reserved	5,297,351	3,950,958
Outstanding and issued restricted stock units [Member]
Schedule of Common Stock Reserved for Future Issuance [Line Items]
Total shares of common stock reserved	396,145
Shares issuable upon exercise of pre-funded warrants [Member]
Schedule of Common Stock Reserved for Future Issuance [Line Items]
Total shares of common stock reserved	6,886,621	6,943,849
Shares issuable upon exercise of warrants under the Paruka Warrant Obligation [Member]
Schedule of Common Stock Reserved for Future Issuance [Line Items]
Total shares of common stock reserved	971,930	971,930
Outstanding and issued employee warrants [Member]
Schedule of Common Stock Reserved for Future Issuance [Line Items]
Total shares of common stock reserved	2,767,511	3,029,510
2024 Stock Incentive Plan [Member]
Schedule of Common Stock Reserved for Future Issuance [Line Items]
Shares available for grant	6,129,190	4,600,217
Shares available for grant under 2024 Employee Stock Purchase Plan [Member]
Schedule of Common Stock Reserved for Future Issuance [Line Items]
Total shares of common stock reserved	975,922	975,922
Shares issuable on conversion of Series B preferred stock [Member]
Schedule of Common Stock Reserved for Future Issuance [Line Items]
Total shares of common stock reserved	11,428,149	11,428,149

ATM Offering (Details) - ATM Offering [Member] - Common Stock [Member] - USD ($) $ in Millions		3 Months Ended
	Oct. 03, 2025	Mar. 31, 2026
ATM Offering [Line Items]
Gross proceeds	$ 200.0
Shares issued and sold (in Shares)		1,167,895
Net proceeds		$ 38.9

Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Schedule of Accrued Expenses and Other Current Liabilities [Abstract]
Accrued research and development	$ 6,805	$ 4,384
Accrued employee compensation and benefits	1,707	5,266
Accrued professional and consulting	775	941
Total	$ 9,287	$ 10,591

Cash Equivalents and Marketable Securities - Schedule of Cash Equivalents and Marketable Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Marketable securities, current
Amortized Cost, Cash Equivalents and Marketable Securities	$ 492,326	$ 476,853
Gross Unrealized Gains, Cash Equivalents and Marketable Securities	73	556
Gross Unrealized Losses, Cash Equivalents and Marketable Securities	(553)	(10)
Fair Value, Cash Equivalents and Marketable Securities	491,846	477,399
Cash equivalents [Member]
Marketable securities, current
Amortized Cost, Cash Equivalents and Marketable Securities	45,419	44,752
Gross Unrealized Gains, Cash Equivalents and Marketable Securities
Gross Unrealized Losses, Cash Equivalents and Marketable Securities	(5)	(1)
Fair Value, Cash Equivalents and Marketable Securities	45,414	44,751
Cash equivalents [Member] \| Money market funds [Member]
Marketable securities, current
Amortized Cost, Cash Equivalents and Marketable Securities	13,627	30,268
Gross Unrealized Gains, Cash Equivalents and Marketable Securities
Gross Unrealized Losses, Cash Equivalents and Marketable Securities
Fair Value, Cash Equivalents and Marketable Securities	13,627	30,268
Cash equivalents [Member] \| Commercial papers [Member]
Marketable securities, current
Amortized Cost, Cash Equivalents and Marketable Securities	31,792	14,484
Gross Unrealized Gains, Cash Equivalents and Marketable Securities
Gross Unrealized Losses, Cash Equivalents and Marketable Securities	(5)	(1)
Fair Value, Cash Equivalents and Marketable Securities	31,787	14,483
Marketable securities [Member]
Marketable securities, current
Amortized Cost, Cash Equivalents and Marketable Securities	339,478	289,743
Gross Unrealized Gains, Cash Equivalents and Marketable Securities	71	369
Gross Unrealized Losses, Cash Equivalents and Marketable Securities	(240)	(3)
Fair Value, Cash Equivalents and Marketable Securities	339,309	290,109
Marketable securities [Member] \| Commercial papers [Member]
Marketable securities, current
Amortized Cost, Cash Equivalents and Marketable Securities	18,996	21,239
Gross Unrealized Gains, Cash Equivalents and Marketable Securities		2
Gross Unrealized Losses, Cash Equivalents and Marketable Securities	(17)
Fair Value, Cash Equivalents and Marketable Securities	18,979	21,241
Marketable securities [Member] \| U.S. treasury securities [Member]
Marketable securities, current
Amortized Cost, Cash Equivalents and Marketable Securities	193,740	195,607
Gross Unrealized Gains, Cash Equivalents and Marketable Securities	61	308
Gross Unrealized Losses, Cash Equivalents and Marketable Securities	(54)
Fair Value, Cash Equivalents and Marketable Securities	193,747	195,915
Marketable securities [Member] \| U.S. government agency securities [Member]
Marketable securities, current
Amortized Cost, Cash Equivalents and Marketable Securities	26,606	28,724
Gross Unrealized Gains, Cash Equivalents and Marketable Securities	7	33
Gross Unrealized Losses, Cash Equivalents and Marketable Securities	(6)
Fair Value, Cash Equivalents and Marketable Securities	26,607	28,757
Marketable securities [Member] \| Corporate debt securities [Member]
Marketable securities, current
Amortized Cost, Cash Equivalents and Marketable Securities	100,136	44,173
Gross Unrealized Gains, Cash Equivalents and Marketable Securities	3	26
Gross Unrealized Losses, Cash Equivalents and Marketable Securities	(163)	(3)
Fair Value, Cash Equivalents and Marketable Securities	99,976	44,196
Marketable securities, long-term [Member]
Marketable securities, current
Amortized Cost, Cash Equivalents and Marketable Securities	107,429	142,358
Gross Unrealized Gains, Cash Equivalents and Marketable Securities	2	187
Gross Unrealized Losses, Cash Equivalents and Marketable Securities	(308)	(6)
Fair Value, Cash Equivalents and Marketable Securities	107,123	142,539
Marketable securities, long-term [Member] \| U.S. treasury securities [Member]
Marketable securities, current
Amortized Cost, Cash Equivalents and Marketable Securities	75,530	75,612
Gross Unrealized Gains, Cash Equivalents and Marketable Securities	2	118
Gross Unrealized Losses, Cash Equivalents and Marketable Securities	(200)
Fair Value, Cash Equivalents and Marketable Securities	75,332	75,730
Marketable securities, long-term [Member] \| U.S. government agency securities [Member]
Marketable securities, current
Amortized Cost, Cash Equivalents and Marketable Securities	12,905	11,797
Gross Unrealized Gains, Cash Equivalents and Marketable Securities		14
Gross Unrealized Losses, Cash Equivalents and Marketable Securities	(41)
Fair Value, Cash Equivalents and Marketable Securities	12,864	11,811
Marketable securities, long-term [Member] \| Corporate debt securities [Member]
Marketable securities, current
Amortized Cost, Cash Equivalents and Marketable Securities	18,994	54,949
Gross Unrealized Gains, Cash Equivalents and Marketable Securities		55
Gross Unrealized Losses, Cash Equivalents and Marketable Securities	(67)	(6)
Fair Value, Cash Equivalents and Marketable Securities	$ 18,927	$ 54,998

Fair Value Measurements - Schedule of Fair Value Hierarchy for Financial Assets Measured (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Cash equivalents
Cash equivalents	$ 45,414	$ 44,751
Marketable securities, current
Marketable securities, current	339,309	290,109
Marketable securities, long-term
Marketable securities, long-term	107,123	142,539
Cash equivalents and marketable securities	491,846	477,399
Money market funds [Member]
Cash equivalents
Cash equivalents	13,627	30,268
Commercial papers [Member]
Cash equivalents
Cash equivalents	31,787	14,483
Marketable securities, current
Marketable securities, current	18,979	21,241
U.S. treasury securities [Member]
Marketable securities, current
Marketable securities, current	193,747	195,915
Marketable securities, long-term
Marketable securities, long-term	75,332	75,730
U.S. government agency securities [Member]
Marketable securities, current
Marketable securities, current	26,607	28,757
Marketable securities, long-term
Marketable securities, long-term	12,864	11,811
Corporate debt securities [Member]
Marketable securities, current
Marketable securities, current	99,976	44,196
Marketable securities, long-term
Marketable securities, long-term	18,927	54,998
Level 1 [Member]
Cash equivalents
Cash equivalents	13,627	30,268
Marketable securities, current
Marketable securities, current
Marketable securities, long-term
Marketable securities, long-term
Cash equivalents and marketable securities	13,627	30,268
Level 1 [Member] \| Money market funds [Member]
Cash equivalents
Cash equivalents	13,627	30,268
Level 1 [Member] \| Commercial papers [Member]
Cash equivalents
Cash equivalents
Marketable securities, current
Marketable securities, current
Level 1 [Member] \| U.S. treasury securities [Member]
Marketable securities, current
Marketable securities, current
Marketable securities, long-term
Marketable securities, long-term
Level 1 [Member] \| U.S. government agency securities [Member]
Marketable securities, current
Marketable securities, current
Marketable securities, long-term
Marketable securities, long-term
Level 1 [Member] \| Corporate debt securities [Member]
Marketable securities, current
Marketable securities, current
Marketable securities, long-term
Marketable securities, long-term
Level 2 [Member]
Cash equivalents
Cash equivalents	31,787	14,483
Marketable securities, current
Marketable securities, current	339,309	290,109
Marketable securities, long-term
Marketable securities, long-term	107,123	142,539
Cash equivalents and marketable securities	478,219	447,131
Level 2 [Member] \| Money market funds [Member]
Cash equivalents
Cash equivalents
Level 2 [Member] \| Commercial papers [Member]
Cash equivalents
Cash equivalents	31,787	14,483
Marketable securities, current
Marketable securities, current	18,979	21,241
Level 2 [Member] \| U.S. treasury securities [Member]
Marketable securities, current
Marketable securities, current	193,747	195,915
Marketable securities, long-term
Marketable securities, long-term	75,332	75,730
Level 2 [Member] \| U.S. government agency securities [Member]
Marketable securities, current
Marketable securities, current	26,607	28,757
Marketable securities, long-term
Marketable securities, long-term	12,864	11,811
Level 2 [Member] \| Corporate debt securities [Member]
Marketable securities, current
Marketable securities, current	99,976	44,196
Marketable securities, long-term
Marketable securities, long-term	18,927	54,998
Level 3 [Member]
Cash equivalents
Cash equivalents
Marketable securities, current
Marketable securities, current
Marketable securities, long-term
Marketable securities, long-term
Cash equivalents and marketable securities
Level 3 [Member] \| Money market funds [Member]
Cash equivalents
Cash equivalents
Level 3 [Member] \| Commercial papers [Member]
Cash equivalents
Cash equivalents
Marketable securities, current
Marketable securities, current
Level 3 [Member] \| U.S. treasury securities [Member]
Marketable securities, current
Marketable securities, current
Marketable securities, long-term
Marketable securities, long-term
Level 3 [Member] \| U.S. government agency securities [Member]
Marketable securities, current
Marketable securities, current
Marketable securities, long-term
Marketable securities, long-term
Level 3 [Member] \| Corporate debt securities [Member]
Marketable securities, current
Marketable securities, current
Marketable securities, long-term
Marketable securities, long-term

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2026

Summary of Significant Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

There have been no significant changes from the significant accounting policies and estimates disclosed in the Note titled “2. Summary of Significant Accounting Policies” of the Company’s Annual Report. The Company uses the same accounting policies in preparing its quarterly and annual financial statements.

Use of Estimates

The preparation of the Company’s condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates, assumptions, and judgments that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the date of the condensed consolidated financial statements and the reported amounts of income and expenses during the reporting periods. Significant estimates and assumptions reflected within these condensed consolidated financial statements include but are not limited to research and development expenses and related prepaid or accrued costs and the valuation of stock-based compensation awards and related expenses. The Company bases its estimates on known trends and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates, as there are changes in circumstances, facts, and experience. Actual results could differ materially from those estimates or assumptions.

Recently Adopted Accounting Pronouncements

There have been no recent accounting pronouncements or changes in accounting pronouncements adopted during the three months ended March 31, 2026 that are of significance or potential significance to the Company.

Recently Issued Accounting Pronouncements

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This ASU requires more detailed disclosures, on an annual and interim basis, about specified categories of expenses (including employee compensation, depreciation, and amortization) included in certain expense captions presented on the face of the income statement. This ASU is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. This ASU may be applied either prospectively or retrospectively. The Company is currently evaluating the impact of the adoption of this ASU on its condensed consolidated financial statements.

Net Loss Per Share (Tables)

3 Months Ended

Mar. 31, 2026

Net Loss Per Share [Abstract]

Schedule of Basic and Diluted Net Loss per Share Attributable to Stockholders

The following table summarizes the basic and diluted net loss per share attributable to stockholders (in thousands, except share and per share data):

	Three Months Ended March 31, 2026								Three Months Ended March 31, 2025
	Loss Allocation			Weighted Average Shares Outstanding		Net Loss Per Share, Basic and Diluted			Loss Allocation			Weighted Average Shares Outstanding		Net Loss Per Share, Basic and Diluted
Common Stock		(26,360	)		55,172,410	$	(0.48	)	$	(16,480	)		41,679,560	$	(0.40	)
Series B preferred stock⁽¹⁾		(5,460	)		137,138	$	(39.81	)		(4,519	)		137,138	$	(32.95	)
Net loss		(31,820	)						$	(20,999	)

(1)

The weighted-average number of shares of as-converted Series B preferred stock used in the loss allocation was 11,428,149 for the three months ended March 31, 2026 and 2025.

Schedule of Anti-Dilutive Effect Excluded from Potential Computation of Diluted Net Loss per Share

The potential shares of common stock that were excluded from the computation of diluted net loss per share attributable to stockholders for the periods presented because including them would have had an anti-dilutive effect were as follows:

	Three Months Ended March 31,
	2026		2025
Outstanding employee warrants to purchase common stock		2,767,511		3,054,358
Outstanding unvested restricted stock awards		1,023,870		1,630,982
Outstanding and issued common stock options		5,297,351		3,265,460
Outstanding unvested restricted stock units		396,145		—
Outstanding and issued warrant to Paruka		971,930		596,930
Total		10,456,807		8,547,730

Convertible Preferred Stock and Stockholders’ Equity (Details) - $ / shares	3 Months Ended		11 Months Ended	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2024	Dec. 31, 2025	Dec. 12, 2025	Sep. 30, 2025	Sep. 30, 2024	Aug. 31, 2024
Convertible Preferred Stock and Stockholders’ Equity [Line Items]
Common stock, shares authorized	545,000,000			545,000,000
Common stock, shares outstanding	50,167,623			48,722,309
Common stock, shares issued	50,167,623			48,722,309
Restricted Common Stock Awards (“RSAs”) [Member]
Convertible Preferred Stock and Stockholders’ Equity [Line Items]
Common stock, shares outstanding	2,159,609
Common stock, shares issued	2,159,609
Pre-Funded Warrants [Member]
Convertible Preferred Stock and Stockholders’ Equity [Line Items]
Warrants outstanding	6,886,621			6,943,849
Expiration date
Pre-Funded Warrants [Member] \| August 2024 Issuance [Member]
Convertible Preferred Stock and Stockholders’ Equity [Line Items]
Warrants exercised
Warrants issued	5,439,955			5,497,183
Warrants outstanding	5,439,955			5,497,183
Pre-Funded Warrants [Member] \| September 2024 Issuance [Member]
Convertible Preferred Stock and Stockholders’ Equity [Line Items]
Warrants exercised
Warrants issued	380,000			380,000
Warrants outstanding	380,000			380,000
Pre-Funded Warrants [Member] \| September 2025 Issuance [Member]
Convertible Preferred Stock and Stockholders’ Equity [Line Items]
Warrants exercised
Warrants issued	1,066,666			1,066,666
Warrants outstanding	1,066,666			1,066,666
Employee Warrants [Member]
Convertible Preferred Stock and Stockholders’ Equity [Line Items]
Exercise price per warrant (in Dollars per share)			$ 7.8
Warrants outstanding	2,767,511			3,029,510
Vesting period			4 years
Paruka Warrant [Member]
Convertible Preferred Stock and Stockholders’ Equity [Line Items]
Exercise price per warrant (in Dollars per share)			$ 19.39		$ 30.18
Warrant purchase			596,930		375,000
Term of warrant	10 years
Common Stock [Member]
Convertible Preferred Stock and Stockholders’ Equity [Line Items]
Common stock, shares authorized	545,000,000
Common stock, shares outstanding	50,167,623
Common stock, shares issued	50,167,623
Common Stock [Member] \| Pre-Funded Warrants [Member] \| August 2024 Issuance [Member]
Convertible Preferred Stock and Stockholders’ Equity [Line Items]
Exercise price per warrant (in Dollars per share)								$ 0.01
Number of shares issued	57,212
Warrants exercisable	57,228
Common Stock [Member] \| Pre-Funded Warrants [Member] \| September 2024 Issuance [Member]
Convertible Preferred Stock and Stockholders’ Equity [Line Items]
Exercise price per warrant (in Dollars per share)							$ 0.001
Common Stock [Member] \| Pre-Funded Warrants [Member] \| September 2025 Issuance [Member]
Convertible Preferred Stock and Stockholders’ Equity [Line Items]
Exercise price per warrant (in Dollars per share)						$ 0.001
Series B Preferred Stock [Member]
Convertible Preferred Stock and Stockholders’ Equity [Line Items]
Conversion ratio	83.3332:1

Stock-Based Compensation - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
	Dec. 31, 2025	Mar. 31, 2026
Schedule of Stock Option Activity [Abstract]
Number of Stock Options Outstanding	3,950,958	5,297,351
Weighted Average Exercise Price Per Share	$ 12.61	$ 18.66
Weighted Average Remaining Contractual Term (in Years)	8 years 10 months 24 days	9 years
Aggregate Intrinsic Value	$ 69,966	$ 160,987
Number of Stock Options Outstanding, Vested and expected to vest		5,297,351
Weighted Average Exercise Price Per Share, Vested and expected to vest, June 30, 2025		$ 18.66
Weighted Average Remaining Contractual Term (in Years), Vested and expected to vest, June 30, 2025		9 years
Aggregate Intrinsic Value, Vested and expected to vest		$ 160,987
Number of Stock Options Outstanding, Exercisable		1,269,986
Weighted Average Exercise Price Per Share, Exercisable		$ 12.11
Weighted Average Remaining Contractual Term (in Years), Exercisable		8 years 4 months 24 days
Aggregate Intrinsic Value, Exercisable		$ 46,912
Number of Stock Options Outstanding, Granted		1,482,951
Weighted Average Exercise Price Per Share, Granted		$ 34.31
Number of Stock Options Outstanding, Exercised		(58,593)
Weighted Average Exercise Price Per Share, Exercised		$ 11.91
Number of Stock Options Outstanding, Forfeited		(77,965)
Weighted Average Exercise Price Per Share, Forfeited		$ 15.04

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2026

Stock-Based Compensation [Abstract]

Schedule of Weighted-Average Assumptions Used in Calculating the Fair Value of the Awards

The following table summarizes the weighted-average assumptions used in calculating the fair value of the awards for the three months ended March 31, 2026 and 2025:

	Three Months Ended March 31,
	2026			2025
Expected term (in years)		6.0			6.0
Expected volatility		87.4	%		96.0	%
Risk-free interest rate		3.9	%		4.5	%
Expected dividend yield		—			—

Schedule of Stock Option Activity

The following table summarizes the stock option activities under the 2024 Plan and the 2024 Stock Plan for the three months ended March 31, 2026:

	Number of Stock Options Outstanding			Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Term (in Years)		Aggregate Intrinsic Value (in Thousands)
Balance as of December 31, 2025		3,950,958		$	12.61		8.9	$	69,966
Granted		1,482,951		$	34.31
Exercised		(58,593	)	$	11.91
Canceled/forfeited		(77,965	)	$	15.04
Balance as of March 31, 2026		5,297,351		$	18.66		9.0	$	160,987
Vested and expected to vest, March 31, 2026		5,297,351		$	18.66		9.0	$	160,987
Exercisable, March 31, 2026		1,269,986		$	12.11		8.4	$	46,912

Schedule of RSU and RSA Activity

The following table summarizes the RSU activity for the three months ended March 31, 2026:

	Number of RSUs Outstanding			Weighted Average Grant Date Fair Value
Unvested as of December 31, 2025		—		$	—
Granted		421,019		$	34.43
Vested		(24,611	)	$	34.37
Canceled/forfeited		(263	)	$	34.39
Unvested as of March 31, 2026		396,145		$	34.44

The following table summarizes the restricted stock awards (“RSA”) activity for the three months ended March 31, 2026:

	Number of RSAs			Weighted Average Grant Date Fair Value
Unvested balance as of December 31, 2025		1,149,589		$	—
Granted		—		$	—
Vested		(125,719	)	$	—
Canceled/ forfeited		—		$	—
Unvested balance as of March 31, 2026		1,023,870		$	—

Schedule of Employee Warrant Activity

The following table summarizes the employee warrant activity during the three months ended March 31, 2026:

	Number of Employee Warrants Outstanding			Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Term (in Years)		Aggregate Intrinsic Value (in Thousands)
Balance as of December 31, 2025		3,029,510		$	7.80		8.5	$	68,194
Granted		—		$	—
Exercised		(137,003	)	$	7.80
Canceled/forfeited		(124,996	)	$	7.80
Balance as of March 31, 2026		2,767,511		$	7.80		8.3	$	114,160
Vested and expected to vest, March 31, 2026		2,767,511		$	7.80		8.3	$	114,160
Exercisable, March 31, 2026		1,265,741		$	7.80		8.3	$	52,212

Schedule of Company’s Stock-Based Compensation Expense

The following table summarizes the classification of the Company’s stock-based compensation expense in the condensed consolidated statements of operations (in thousands):

	Three Months Ended March 31,
	2026		2025
Research and development	$	3,579	$	3,003
General and administrative		3,389		1,880
Total	$	6,968	$	4,883

Schedule of Award Types of Company’s Stock-Based Compensation Expense

The following table summarizes the award types of the Company’s stock-based compensation expense in the condensed consolidated statements of operations (in thousands):

	Three Months Ended March 31,
	2026		2025
Paruka Warrant Obligation	$	—	$	1,415
Employee warrants		1,128		1,551
Stock options		4,737		1,889
Restricted stock units		1,018		—
Employee stock purchase plan		85		28
Total	$	6,968	$	4,883

Accounting Policies, by Policy (Policies)	3 Months Ended
Accounting Policies, by Policy (Policies)	Mar. 31, 2026
Summary of Significant Accounting Policies [Abstract]
Use of Estimates	*Use of Estimates* The preparation of the Company’s condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates, assumptions, and judgments that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the date of the condensed consolidated financial statements and the reported amounts of income and expenses during the reporting periods. Significant estimates and assumptions reflected within these condensed consolidated financial statements include but are not limited to research and development expenses and related prepaid or accrued costs and the valuation of stock-based compensation awards and related expenses. The Company bases its estimates on known trends and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates, as there are changes in circumstances, facts, and experience. Actual results could differ materially from those estimates or assumptions.
Recently Adopted Accounting Pronouncements	*Recently Adopted Accounting Pronouncements* There have been no recent accounting pronouncements or changes in accounting pronouncements adopted during the three months ended March 31, 2026 that are of significance or potential significance to the Company.
Recently Issued Accounting Pronouncements	*Recently Issued Accounting Pronouncements* In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This ASU requires more detailed disclosures, on an annual and interim basis, about specified categories of expenses (including employee compensation, depreciation, and amortization) included in certain expense captions presented on the face of the income statement. This ASU is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. This ASU may be applied either prospectively or retrospectively. The Company is currently evaluating the impact of the adoption of this ASU on its condensed consolidated financial statements.

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

+ References

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+ Details

Cash Equivalents and Marketable Securities - Schedule of Marketable Securities at Estimated Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Cash Equivalents and Marketable Securities [Abstract]
Due in one year or less	$ 339,309	$ 290,109
Due in 1-2 years	107,123	142,539
Total	$ 446,432	$ 432,648

Stock-Based Compensation - Schedule of Award Types of Company’s Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Schedule of Award Types of Company’s Stock-Based Compensation Expense [Line Items]
Total stock-based compensation expense	$ 6,968	$ 4,883
Paruka Warrant Obligation [Member]
Schedule of Award Types of Company’s Stock-Based Compensation Expense [Line Items]
Total stock-based compensation expense		1,415
Employee Warrants [Member]
Schedule of Award Types of Company’s Stock-Based Compensation Expense [Line Items]
Total stock-based compensation expense	1,128	1,551
Stock options [Member]
Schedule of Award Types of Company’s Stock-Based Compensation Expense [Line Items]
Total stock-based compensation expense	4,737	1,889
Restricted stock units [Member]
Schedule of Award Types of Company’s Stock-Based Compensation Expense [Line Items]
Total stock-based compensation expense	1,018
Employee Stock Purchase Plan [Member]
Schedule of Award Types of Company’s Stock-Based Compensation Expense [Line Items]
Total stock-based compensation expense	$ 85	$ 28

Segment Disclosures

3 Months Ended

Mar. 31, 2026

Segment Disclosures [Abstract]

Segment Disclosures

9. Segment Disclosures

The Company operates and manages its business activities on a consolidated basis and operates in one reportable segment.

The Company operates as a single reportable and operating segment. Its Chief Executive Officer, serving as the Chief Operating Decision Maker (“CODM”), oversees operations on an aggregated basis to allocate resources effectively. In assessing the Company’s financial performance, the CODM regularly reviews total operating expenses and consolidated net loss.

The measure of segment assets is reported on the balance sheet as total consolidated assets. The Company’s long-lived assets consist primarily of property and equipment, net. As of March 31, 2026 and December 31, 2025 all long-lived assets were in the U.S.

The following table summarizes the segment loss from operations, including significant segment expenses (in thousands):

	Three Months Ended March 31,
	2026			2025
Research and development personnel-related (excluding stock-based compensation)	$	6,077		$	2,463
General and administrative personnel-related (excluding stock-based compensation)		2,117			1,694
Research and development stock-based compensation		3,579			3,003
General and administrative stock-based compensation		3,389			1,880
External research and development		18,329			13,610
Other research and development		1,160			849
General and administrative, excluding personnel-related and stock-based compensation		1,783			1,587
Total operating expenses		36,434			25,086
Loss from operations	$	(36,434	)	$	(25,086	)

- Definition

The entire disclosure for segment reporting.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stock-Based Compensation (Details) - USD ($)			3 Months Ended		12 Months Ended
Stock-Based Compensation (Details) - USD ($)	Jan. 01, 2026	Aug. 31, 2024	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025	Dec. 12, 2025	Dec. 31, 2024
Stock-Based Compensation [Line Items]
Shares reserved for future issuance (in Shares)			34,852,819		31,900,535
Outstanding options (in Shares)			5,297,351		3,950,958
Maximum amount of stock employee’s eligible for compensation		$ 25,000
Stock-based compensation expense			$ 6,968,000	$ 4,883,000
Percentage of outstanding share			1.00%
Total unrecognized compensation cost			$ 84,100,000
Weighted average period term			3 years 1 month 6 days
Stock Options [Member]
Stock-Based Compensation [Line Items]
Shares reserved for future issuance (in Shares)			5,297,351		3,950,958
Stock-based compensation expense			$ 4,737,000	1,889,000
Weighted average grant-date fair value (in Dollars per share)			$ 25.68
Intrinsic value of the options exercised			$ 1,400,000
Restricted Stock Units [Member]
Stock-Based Compensation [Line Items]
Shares reserved for future issuance (in Shares)			396,145
Stock-based compensation expense			$ 1,018,000
Number of units converted (in Shares)			1
Fair value of restricted stock vested			$ 1,000,000
Restricted Stock Units [Member] \| First Anniversary [Member]
Stock-Based Compensation [Line Items]
Percentage of vestiing rights			25.00%
Restricted Stock Awards [Member]
Stock-Based Compensation [Line Items]
Stock-based compensation expense			$ 100,000	100,000
Fair value of restricted stock vested			$ 4,500,000
Paruka Warrant Obligation [Member]
Stock-Based Compensation [Line Items]
Shares reserved for future issuance (in Shares)			971,930		971,930
Stock-based compensation expense				1,400,000
Warrant purchase (in Shares)						375,000	596,930
Warrant exercise price (in Dollars per share)						$ 30.18	$ 19.39
Unamortized expense
Employee Warrants [Member]
Stock-Based Compensation [Line Items]
Shares reserved for future issuance (in Shares)			2,767,511		3,029,510
Warrant exercise price (in Dollars per share)							$ 7.8
Intrinsic value of warrants exercised			$ 3,500,000
2024 Stock Incentive Plan [Member]
Stock-Based Compensation [Line Items]
Issuance of additional shares (in Shares)	3,354,715
Shares reserved for future issuance (in Shares)			10,667,146		7,383,349
Shares available for grant (in Shares)			6,129,190		4,600,217
Outstanding options (in Shares)			4,537,956		2,783,132
2024 Stock Incentive Plan [Member] \| Stock Options [Member]
Stock-Based Compensation [Line Items]
Option shares outstanding (in Shares)			1,155,540		1,167,826
2024 Employee Stock Purchase Plan [Member]
Stock-Based Compensation [Line Items]
Shares reserved for future issuance (in Shares)			975,922		975,922
Purchase price of common stock expressed as a percentage of its fair value		85.00%
Maximum contribution of employee's eligible compensation		15.00%
Stock-based compensation expense			$ 100,000	$ 100,000

Related Party Transactions (Details)	3 Months Ended
Related Party Transactions (Details)	Mar. 31, 2026
Paragon [Member]
Related Party Transactions [Line Items]
Description of ownership percentage	beneficially owns more than 5%
Fairmount [Member]
Related Party Transactions [Line Items]
Description of ownership percentage	beneficially owns more than 5%
Common Stock [Member] \| Paruka [Member]
Related Party Transactions [Line Items]
Description of ownership percentage	beneficially own less than 5%
Common Stock [Member] \| Paragon [Member]
Related Party Transactions [Line Items]
Description of ownership percentage	beneficially own less than 5%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

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-Topic 942
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-Paragraph 1
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-Section 45
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-SubTopic 10
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-Subparagraph (SX 210.4-08(k)(2))
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+ Details

Commitments and Contingencies (Details) - USD ($)	3 Months Ended		11 Months Ended
Commitments and Contingencies (Details) - USD ($)	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2024	Jun. 15, 2024	Apr. 01, 2024
Commitments and Contingencies [Line Items]
Operating and variable lease expenses	$ 200,000	$ 100,000
Non-refundable license fee			$ 150,000
California [Member]
Commitments and Contingencies [Line Items]
Lease term				39 months 15 days
Massachusetts [Member]
Commitments and Contingencies [Line Items]
Lease term					54 months

Net Loss Per Share - Schedule of Basic and Diluted Net Loss per Share Attributable to Stockholders (Details) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Schedule of Basic and Diluted Net Loss per Share Attributable to Stockholders [Line Items]

us-gaap:NetIncomeLoss

$ (31,820)

$ (20,999)

Common Stock [Member]

Schedule of Basic and Diluted Net Loss per Share Attributable to Stockholders [Line Items]

us-gaap:NetIncomeLoss

$ (26,360)

$ (16,480)

Weighted Average Shares Outstanding, Basic

55,172,410

41,679,560

Weighted Average Shares Outstanding, Diluted

55,172,410

41,679,560

Net Loss Per Share, Basic

$ (0.48)

$ (0.4)

Net Loss Per Share, Diluted

$ (0.48)

$ (0.4)

Series B Preferred Stock [Member]

Schedule of Basic and Diluted Net Loss per Share Attributable to Stockholders [Line Items]

us-gaap:NetIncomeLoss

^[1]

$ (5,460)

$ (4,519)

Weighted Average Shares Outstanding, Basic

^[1]

137,138

Weighted Average Shares Outstanding, Diluted

^[1]

137,138

Net Loss Per Share, Basic

^[1]

$ (39.81)

$ (32.95)

Net Loss Per Share, Diluted

^[1]

$ (39.81)

$ (32.95)

[1]	The weighted-average number of shares of as-converted Series B preferred stock used in the loss allocation was 11,428,149 for the three months ended March 31, 2026 and 2025.

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Segment Disclosures - Schedule of Segment Loss from Operations (Details) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Schedule of Segment Loss from Operations [Line Items]

Research and development

^[1]

$ 29,145

$ 19,925

General and administrative

^[2]

7,289

5,161

Total operating expenses

36,434

25,086

Loss from operations

(36,434)

(25,086)

Operating Expense Excluding Personnel Related And Stock Based Compensation [Member]

Schedule of Segment Loss from Operations [Line Items]

Research and development

6,077

2,463

General and administrative

2,117

1,694

Allocated Share-Based Compensation Expense [Member]

Schedule of Segment Loss from Operations [Line Items]

Research and development

3,579

3,003

General and administrative

3,389

1,880

External [Member]

Schedule of Segment Loss from Operations [Line Items]

Research and development

18,329

13,610

Other [Member]

Schedule of Segment Loss from Operations [Line Items]

Research and development

1,160

849

Operating Expense Excluding Personnel Related And Stock Based Compensation [Member]

Schedule of Segment Loss from Operations [Line Items]

General and administrative

$ 1,783

$ 1,587

[1]	Includes related party amounts of $3,000 and $2,122 for the three months ended March 31, 2026 and 2025, respectively
[2]	Includes related party amounts of $4 and $110 for the three months ended March 31, 2026 and 2025, respectively

Stock-Based Compensation

3 Months Ended

Mar. 31, 2026

Stock-Based Compensation [Abstract]

Stock-Based Compensation

8. Stock-Based Compensation

2024 Equity Incentive Plan

The 2024 Equity Incentive Plan (“2024 Plan”) was adopted on February 6, 2024. The 2024 Plan provided for the Company to grant stock options, restricted stock awards, restricted stock units, and other stock-based awards to employees, officers, directors, consultants, and advisors. Equity incentive stock options granted under the 2024 Plan generally vest over four years, subject to the participant’s continued service, and expire after ten years. As of March 31, 2026 and December 31, 2025, 1,155,540 and 1,167,826 shares, respectively, were subject to options outstanding under the 2024 Plan and will become available under the 2024 Stock Incentive Plan (defined below) to the extent the options are forfeited or lapse unexercised.

2024 Stock Incentive Plan

The 2024 Stock Incentive Plan (“2024 Stock Plan”) became effective in August 2024. The 2024 Stock Plan allows for the grant of stock options, stock appreciation rights, restricted stock awards, restricted stock units, other stockholder-based awards and incentive bonuses. An additional 3,354,715 shares became available for issuance under the 2024 Stock Plan on January 1, 2026 as a result of the annual increase pursuant to the evergreen provision.

As of March 31, 2026, 10,667,146 shares were reserved for issuance under the 2024 Stock Plan, of which 6,129,190 shares were available for future grant and 4,537,956 shares were subject to outstanding options and restricted stock units. As of December 31, 2025, 7,383,349 shares were reserved for issuance under the 2024 Stock Plan, of which 4,600,217 shares were available for future grant and 2,783,132 shares were subject to outstanding options.

2024 Employee Stock Purchase Plan

The 2024 Employee Stock Purchase Plan (the “ESPP”) became effective in August 2024. Eligible employees may purchase shares of common stock under the ESPP at 85% of the lower of the fair market value of the common stock as of the first or the last day of each offering period. Employees are limited to contributing 15% of the employee’s eligible compensation and may not purchase more than $25,000 of stock during any calendar year. The ESPP will terminate ten years from the first purchase date under the plan, unless terminated earlier by the Board.

The Company issued no shares during the three months ended March 31, 2026 and 2025, out of the ESPP. As of each of March 31, 2026 and December 31, 2025, there were 975,922 shares of common stock available in the pool for future issuances.

For each of the three months ended March 31, 2026 and March 31, 2025, stock-based compensation expenses related to the ESPP were less than $0.1 million.

Stock Option Valuation

The following table summarizes the weighted-average assumptions used in calculating the fair value of the awards for the three months ended March 31, 2026 and 2025:

	Three Months Ended March 31,
	2026			2025
Expected term (in years)		6.0			6.0
Expected volatility		87.4	%		96.0	%
Risk-free interest rate		3.9	%		4.5	%
Expected dividend yield		—			—

Stock Option Activity

The following table summarizes the stock option activities under the 2024 Plan and the 2024 Stock Plan for the three months ended March 31, 2026:

	Number of Stock Options Outstanding			Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Term (in Years)		Aggregate Intrinsic Value (in Thousands)
Balance as of December 31, 2025		3,950,958		$	12.61		8.9	$	69,966
Granted		1,482,951		$	34.31
Exercised		(58,593	)	$	11.91
Canceled/forfeited		(77,965	)	$	15.04
Balance as of March 31, 2026		5,297,351		$	18.66		9.0	$	160,987
Vested and expected to vest, March 31, 2026		5,297,351		$	18.66		9.0	$	160,987
Exercisable, March 31, 2026		1,269,986		$	12.11		8.4	$	46,912

The weighted average grant-date fair value per share of stock options granted during the three months ended March 31, 2026 was $25.68 per share.

The aggregate intrinsic value represents the difference between the closing price of the Company’s common stock on March 31, 2026 and the exercise price of outstanding, in-the-money employee stock options.

The aggregate intrinsic value of the options exercised during the three months ended March 31, 2026 and 2025 were $1.4 million and nil, respectively.

Restricted Stock Units

The Company began issuing restricted stock units (“RSUs”) under the 2024 Stock Plan during the quarter ended March 31, 2026. An RSU is an agreement to issue shares of the Company’s common stock at the time of vesting. RSUs generally vest over a four-year service period. RSUs granted during the annual refresher awards vest typically in equal quarterly installments over four years, subject to continued employment. RSUs granted to a new employee cliff vest 25% on the Company’s quarterly vesting date on or after the first anniversary of the grant date, followed by 12 equal quarterly vesting thereafter. Upon vesting, each RSU converts into one share of the Company’s common stock.

Stock-based compensation expense associated with RSUs are based on the fair value of the Company’s common stock on the grant date, which equals the closing market price of the Company’s common stock on the grant date. For RSUs, the Company recognizes compensation expense over the vesting period of the awards that are ultimately expected to vest.

The following table summarizes the RSU activity for the three months ended March 31, 2026:

	Number of RSUs Outstanding			Weighted Average Grant Date Fair Value
Unvested as of December 31, 2025		—		$	—
Granted		421,019		$	34.43
Vested		(24,611	)	$	34.37
Canceled/forfeited		(263	)	$	34.39
Unvested as of March 31, 2026		396,145		$	34.44

The fair value of RSUs that vested during the three months ended March 31, 2026 was $1.0 million.

For the three months ended March 31, 2026 and March 31, 2025, stock-based compensation expenses related to RSUs was $1.0 million and nil, respectively.

Restricted Stock Awards

The following table summarizes the restricted stock awards (“RSA”) activity for the three months ended March 31, 2026:

	Number of RSAs			Weighted Average Grant Date Fair Value
Unvested balance as of December 31, 2025		1,149,589		$	—
Granted		—		$	—
Vested		(125,719	)	$	—
Canceled/ forfeited		—		$	—
Unvested balance as of March 31, 2026		1,023,870		$	—

The fair value of RSAs that vested during the three months ended March 31, 2026 was $4.5 million.

For the three months ended March 31, 2026 and March 31, 2025, stock-based compensation expenses related to RSAs were less than $0.1 million.

Option Agreements and Paruka Warrant Obligation

As part of the Option Agreements (defined in Note 10 below), the Company granted warrants to purchase a number of shares equal to 1.00% of outstanding shares as of the date of the grant on a fully-diluted basis, or based upon the agreed number of warrants as disclosed in the Warrant Agreement, with an exercise price equal to the fair market value of the underlying shares on the grant date (the “Paruka Warrant Obligation”).

The grant dates for the issuance of warrants were expected to be December 31, 2024 and December 31, 2025 as all terms of the award, including number of shares and exercise price, will be known by all parties. The Company determined that the 2024 and 2025 grants are two separate grants, as there would be no obligation for the 2025 grant had the Company exercised or terminated all of the options under the Option Agreements prior to December 31, 2024. The service inception period for the grant precedes the grant date, with the full award being vested as of the grant date with no post-grant date service requirement. Accordingly, a liability related to the Paruka Warrant Obligation was recorded during the 2024 and 2025 interim periods. The liability is adjusted to fair value at the end of each interim reporting period, with changes in fair value recorded in the consolidated statements of operations as stock-based compensation expenses under research and development expenses.

The Company settled its 2024 and 2025 obligations under the Paruka Warrant Obligation by issuing Paruka 596,930 and 375,000 warrants, respectively, to purchase common stock at an exercise price per warrant of $19.39 and $30.18, respectively. For the three months ended March 31, 2026 and 2025, nil and $1.4 million, respectively, was recognized as stock-based compensation expense related to the Paruka Warrant Obligation. As of each of March 31, 2026 and December 31, 2025, the unamortized expense related to the Paruka Warrant Obligation was nil.

Employee Warrants

The following table summarizes the employee warrant activity during the three months ended March 31, 2026:

	Number of Employee Warrants Outstanding			Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Term (in Years)		Aggregate Intrinsic Value (in Thousands)
Balance as of December 31, 2025		3,029,510		$	7.80		8.5	$	68,194
Granted		—		$	—
Exercised		(137,003	)	$	7.80
Canceled/forfeited		(124,996	)	$	7.80
Balance as of March 31, 2026		2,767,511		$	7.80		8.3	$	114,160
Vested and expected to vest, March 31, 2026		2,767,511		$	7.80		8.3	$	114,160
Exercisable, March 31, 2026		1,265,741		$	7.80		8.3	$	52,212

The aggregate intrinsic value represents the difference between the closing price of the Company’s common stock as of March 31, 2026 and the exercise price of outstanding, in-the-money warrants.

The aggregate intrinsic value of the employee warrants exercised during the three months ended March 31, 2026 and 2025 was $3.5 million and nil, respectively.

Stock-Based Compensation Expense

The following table summarizes the classification of the Company’s stock-based compensation expense in the condensed consolidated statements of operations (in thousands):

	Three Months Ended March 31,
	2026		2025
Research and development	$	3,579	$	3,003
General and administrative		3,389		1,880
Total	$	6,968	$	4,883

As of March 31, 2026, total unrecognized stock-based compensation expenses related to the unvested stock options, RSUs, RSAs, employee warrants, and ESPP was $84.1 million, which is expected to be recognized over a weighted average period of approximately 3.1 years.

The following table summarizes the award types of the Company’s stock-based compensation expense in the condensed consolidated statements of operations (in thousands):

	Three Months Ended March 31,
	2026		2025
Paruka Warrant Obligation	$	—	$	1,415
Employee warrants		1,128		1,551
Stock options		4,737		1,889
Restricted stock units		1,018		—
Employee stock purchase plan		85		28
Total	$	6,968	$	4,883

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2026	Apr. 30, 2026
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Amendment Flag	false
Document Period End Date	Mar. 31, 2026
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Entity Information [Line Items]
Entity Registrant Name	Oruka Therapeutics, Inc.
Entity Central Index Key	0000907654
Entity File Number	000-22873
Entity Tax Identification Number	36-3855489
Entity Incorporation, State or Country Code	DE
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Contact Personnel [Line Items]
Entity Address, Address Line One	855 Oak Grove Avenue
Entity Address, Address Line Two	Suite 100
Entity Address, City or Town	Menlo Park
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94025
Entity Phone Fax Numbers [Line Items]
City Area Code	(650)
Local Phone Number	606-7910
Entity Listings [Line Items]
Title of 12(b) Security	Common stock, par value $0.001 per share
Trading Symbol	ORKA
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		60,312,101

Stock-Based Compensation - Schedule of Company’s Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Schedule of Company’s Stock-Based Compensation Expense [Line Items]
Stock-based compensation expense	$ 6,968	$ 4,883
Research and development [Member]
Schedule of Company’s Stock-Based Compensation Expense [Line Items]
Stock-based compensation expense	3,579	3,003
General and administrative [Member]
Schedule of Company’s Stock-Based Compensation Expense [Line Items]
Stock-based compensation expense	$ 3,389	$ 1,880

Commitments and Contingencies

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies [Abstract]

Commitments and Contingencies

11. Commitments and Contingencies

Leases

In April 2024, the Company entered into an operating lease agreement for the Company’s headquarters in Menlo Park, California, which commenced on June 15, 2024 with an initial term of 39.5 months. In February 2025, the Company entered into an operating lease agreement in Waltham, Massachusetts, which commenced on April 1, 2025 with an initial term of 54 months. The Company leases office spaces under noncancelable operating lease agreements. Lease liabilities are based on the net present value of the remaining lease payments over the remaining lease terms. In determining the present value of lease payments, the Company used its incremental borrowing rate when measuring operating lease liabilities as discount rates were not implicit or readily determinable.

For the three months ended March 31, 2026 and 2025, the Company recorded operating and variable lease expenses of $0.2 million and $0.1 million, respectively, in general and administrative expenses in its condensed consolidated statements of operations.

The following table presents the Company’s supplemental cash flow information related to leases (in thousands):

		Three months Ended March 31, 2026
Cash paid for amounts included in the measurement of lease liabilities		$	186

The following table summarizes a maturity analysis of the Company’s net operating lease liabilities showing the aggregate lease payments as of March 31, 2026 (in thousands):

Year ending December 31,	Amount
2026 (remainder of the year)	$	637
2027		768
2028		397
2029		304
Total undiscounted lease payments		2,106
Less: imputed interest		(299	)
Total discounted lease payments		1,807
Less: current portion of lease liability		(680	)
Non-current portion of lease liability	$	1,127

Cell Line License Agreement

In March 2024, the Company entered into the Cell Line License Agreement (the “Cell Line License Agreement”) with WuXi Biologics Ireland Limited (“WuXi Biologics”). Under the Cell Line License Agreement, the Company received a non-exclusive, worldwide, sublicensable license to certain of WuXi Biologics’ know-how, cell line, biological materials (the “WuXi Biologics Licensed Technology”) and media and feeds to make, have made, use, sell and import certain therapeutic products produced through the use of the cell line licensed by WuXi Biologics under the Cell Line License Agreement (the “WuXi Biologics Licensed Products”). Specifically, the WuXi Biologics Licensed Technology is used in certain manufacturing activities in support of the ORKA-001 and ORKA-002 programs.

In consideration for the license, the Company agreed to pay WuXi Biologics a non-refundable license fee of $150,000, which was recognized as a research and development expense during the period from February 6, 2024 (inception) to December 31, 2024. Additionally, to the extent that the Company manufactures its commercial supplies of bulk drug product with a manufacturer other than WuXi Biologics or its affiliates, the Company is required to make royalty payments to WuXi Biologics at a rate of less than one percent of net sales of WuXi Biologics Licensed Products manufactured by the third-party manufacturer. Pursuant to an amendment to the Cell Line License Agreement effective in November 2024, a provision was added that permits the royalties owed under the agreement to be bought out on a product-by-product basis for a lump-sum payment.

The Cell Line License Agreement will continue indefinitely unless terminated (i) by the Company upon six months’ prior written notice and its payment of all undisputed amounts due to WuXi Biologics through the effective date of termination, (ii) by WuXi Biologics for a material breach by the Company that remains uncured for 60 days after written notice, (iii) by WuXi Biologics if the Company fails to make a payment and such failure continues for 30 days after receiving notice of such failure, or (iv) by either party upon the other party’s bankruptcy.

Legal Proceedings

The Company is not currently party to any material legal proceedings. At each reporting date, the Company evaluates whether or not a potential loss amount or a potential range of loss is probable and reasonably estimable under the provisions of FASB ASC Topic 450, Contingencies (“ASC 450”). The Company expenses as incurred the costs related to its legal proceedings.

Segment Disclosures (Details)	3 Months Ended
Segment Disclosures (Details)	Mar. 31, 2026 Segment
Segment Disclosures [Abstract]
Number of reporting segment	1
Description of CODM	The Company operates as a single reportable and operating segment. Its Chief Executive Officer, serving as the Chief Operating Decision Maker (“CODM”), oversees operations on an aggregated basis to allocate resources effectively. In assessing the Company’s financial performance, the CODM regularly reviews total operating expenses and consolidated net loss.
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	Chief Executive Officer

Insider Trading Arrangements - shares		3 Months Ended
Insider Trading Arrangements - shares	Feb. 11, 2026	Mar. 31, 2026
Director [Member]
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted		false
Non-Rule 10b5-1 Arrangement Adopted		false
Rule 10b5-1 Arrangement Terminated		false
Non-Rule 10b5-1 Arrangement Terminated		false
Arjun Agarwal [Member]
Trading Arrangements, by Individual
Name	Arjun Agarwal
Title	Senior Vice President – Finance and Treasurer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	February 11, 2026
Expiration Date	February 26, 2027
Aggregate Available		97,965
Carl Dambkowski [Member]
Trading Arrangements, by Individual
Name	Carl Dambkowski
Title	director
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	February 19, 2026
Expiration Date	May 31, 2027
Aggregate Available		140,000

Convertible Preferred Stock and Stockholders’ Equity - Schedule of Preferred Stock (Details) - Series B Preferred Stock [Member] $ in Thousands	Mar. 31, 2026 USD ($) shares
Schedule of Preferred Stock [Line Items]
Preferred Stock Authorized	251,504
Preferred Stock Issued	137,138
Preferred Stock Outstanding	137,138
Carrying Value (in Dollars) \| $	$ 2,931
Common Stock Issuable Upon Conversion	11,428,149

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws.

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Number of shares issued for nonredeemable preferred shares and preferred shares redeemable solely at option of issuer. Includes, but is not limited to, preferred shares issued, repurchased, and held as treasury shares. Excludes preferred shares classified as debt.

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Aggregate share number for all nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) held by stockholders. Does not include preferred shares that have been repurchased.

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-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

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+ Details

- Definition

Aggregate par or stated value of issued nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable preferred shares, par value and other disclosure concepts are in another section within stockholders' equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stock-Based Compensation - Schedule of Weighted-Average Assumptions Used in Calculating the Fair Value of the Awards (Details) - Stock Option [Member]	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Schedule of Weighted-Average Assumptions Used in Calculating the Fair Value of the Awards [Line Items]
Expected term (in years)	6 years	6 years
Expected volatility	87.40%	96.00%
Risk-free interest rate	3.90%	4.50%
Expected dividend yield

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Net Loss Per Share

3 Months Ended

Mar. 31, 2026

Net Loss Per Share [Abstract]

Net Loss Per Share

12. Net Loss Per Share

The following table summarizes the basic and diluted net loss per share attributable to stockholders (in thousands, except share and per share data):

	Three Months Ended March 31, 2026								Three Months Ended March 31, 2025
	Loss Allocation			Weighted Average Shares Outstanding		Net Loss Per Share, Basic and Diluted			Loss Allocation			Weighted Average Shares Outstanding		Net Loss Per Share, Basic and Diluted
Common Stock		(26,360	)		55,172,410	$	(0.48	)	$	(16,480	)		41,679,560	$	(0.40	)
Series B preferred stock⁽¹⁾		(5,460	)		137,138	$	(39.81	)		(4,519	)		137,138	$	(32.95	)
Net loss		(31,820	)						$	(20,999	)

(1)

The weighted-average number of shares of as-converted Series B preferred stock used in the loss allocation was 11,428,149 for the three months ended March 31, 2026 and 2025.

For the computation of basic net loss per share attributable to stockholders, the amount of weighted-average shares outstanding excludes all shares of unvested restricted common stock as such shares are not considered outstanding for accounting purposes until vested. The amount of weighted-average shares outstanding includes the pre-funded warrants as the exercise price is negligible and these warrants are fully vested and exercisable.

	Three Months Ended March 31,
	2026		2025
Outstanding employee warrants to purchase common stock		2,767,511		3,054,358
Outstanding unvested restricted stock awards		1,023,870		1,630,982
Outstanding and issued common stock options		5,297,351		3,265,460
Outstanding unvested restricted stock units		396,145		—
Outstanding and issued warrant to Paruka		971,930		596,930
Total		10,456,807		8,547,730

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies [Abstract]

Schedule of Company’s Supplemental Cash Flow Information Related to Leases

The following table presents the Company’s supplemental cash flow information related to leases (in thousands):

		Three months Ended March 31, 2026
Cash paid for amounts included in the measurement of lease liabilities		$	186

Schedule of Company’s Operating Lease Liabilities Showing the Aggregate Lease Payments

The following table summarizes a maturity analysis of the Company’s net operating lease liabilities showing the aggregate lease payments as of March 31, 2026 (in thousands):

Year ending December 31,	Amount
2026 (remainder of the year)	$	637
2027		768
2028		397
2029		304
Total undiscounted lease payments		2,106
Less: imputed interest		(299	)
Total discounted lease payments		1,807
Less: current portion of lease liability		(680	)
Non-current portion of lease liability	$	1,127

Fair Value Measurements

3 Months Ended

Mar. 31, 2026

Fair Value Measurements [Abstract]

Fair Value Measurements

4. Fair Value Measurements

The following tables present the Company’s fair value hierarchy for financial assets measured as of March 31, 2026 and December 31, 2025 (in thousands):

	March 31, 2026
	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market funds	$	13,627	$	—	$	—	$	13,627
Commercial papers		—		31,787		—		31,787
Total cash equivalents		13,627		31,787		—		45,414
Marketable securities
Marketable securities, current
U.S. treasury securities		—		193,747		—		193,747
U.S. government agency securities		—		26,607		—		26,607
Commercial papers		—		18,979		—		18,979
Corporate debt securities		—		99,976		—		99,976
Total marketable securities, current		—		339,309		—		339,309
Marketable securities, long-term
U.S. treasury securities		—		75,332		—		75,332
Corporate debt securities		—		18,927		—		18,927
U.S. government agency securities		—		12,864		—		12,864
Total marketable securities, long-term		—		107,123		—		107,123
Total cash equivalents and marketable securities	$	13,627	$	478,219	$	—	$	491,846

There were no transfers in or out of Level 3 during the three months ended March 31, 2026.

	December 31, 2025
	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market funds	$	30,268	$	—	$	—	$	30,268
Commercial papers		—		14,483		—		14,483
Total cash equivalents		30,268		14,483		—		44,751
Marketable securities
Marketable securities, current
U.S. treasury securities		—		195,915		—		195,915
U.S. government agency securities		—		28,757		—		28,757
Commercial papers		—		21,241		—		21,241
Corporate debt securities		—		44,196		—		44,196
Total marketable securities, current		—		290,109		—		290,109
Marketable securities, long-term
U.S. treasury securities		—		75,730		—		75,730
Corporate debt securities		—		54,998		—		54,998
U.S. government agency securities		—		11,811		—		11,811
Total marketable securities, long-term		—		142,539		—		142,539
Total cash equivalents and marketable securities	$	30,268	$	447,131	$	—	$	477,399

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
-Section 55
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-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Publisher FASB
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-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Option Agreements and License Agreements (Details) - USD ($) $ / shares in Units, $ in Millions			1 Months Ended	3 Months Ended
	Mar. 31, 2026	Dec. 31, 2025	Dec. 31, 2025	Mar. 31, 2026	Mar. 31, 2025	Dec. 12, 2025	Dec. 31, 2024
Paragon Therapeutics [Member] \| Related Party [Member]
Option Agreements and License Agreements [Line Items]
Accounts payable and other current liabilities	$ 3.0			$ 3.0
Paragon and Paruka [Member]
Option Agreements and License Agreements [Line Items]
Recognized expenses				$ 3.0	$ 1.5
Option Agreement [Member] \| Paragon [Member] \| Antibody Products [Member]
Option Agreements and License Agreements [Line Items]
Royalty payable on product sales, description				low single-digit percentage royalty for antibody products
Option Agreement [Member] \| Paruka [Member] \| Common Stock [Member]
Option Agreements and License Agreements [Line Items]
Warrants to purchase shares (in Shares)						375,000	596,930
Exercise price per share (in Dollars per share)						$ 30.18	$ 19.39
ORKA-001 [Member] \| Paragon [Member]
Option Agreements and License Agreements [Line Items]
Non-refundable milestone payments				$ 3.0
ORKA-001 [Member] \| Paragon [Member] \| Location, Statement of Income, Balance [Axis]: us-gaap:ResearchAndDevelopmentExpense
Option Agreements and License Agreements [Line Items]
Non-refundable milestone payments		7.0
ORKA-001 [Member] \| Paragon [Member] \| ORKA-002 [Member]
Option Agreements and License Agreements [Line Items]
Non-refundable milestone payments	$ 7.0
ORKA-002 [Member] \| Paragon [Member] \| Location, Statement of Income, Balance [Axis]: us-gaap:ResearchAndDevelopmentExpense
Option Agreements and License Agreements [Line Items]
Non-refundable milestone payments		$ 4.0
Maximum [Member] \| Paragon [Member] \| Clinical Development Milestones [Member]
Option Agreements and License Agreements [Line Items]
Non-refundable milestone payments			12.0	12.0
Maximum [Member] \| Paragon [Member] \| Regulatory Milestones Member [Member]
Option Agreements and License Agreements [Line Items]
Non-refundable milestone payments			$ 10.0	$ 10.0

Commitments and Contingencies - Schedule of Company’s Supplemental Cash Flow Information Related to Leases (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)
Schedule of Company’s Supplemental Cash Flow Information Related to Leases [Abstract]
Cash paid for amounts included in the measurement of lease liabilities	$ 186

Commitments and Contingencies - Schedule of Company’s Operating Lease Liabilities Showing the Aggregate Lease Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Schedule of Company’s Operating Lease Liabilities Showing the Aggregate Lease Payments [Abstract]
2026 (remainder of the year)	$ 637
2027	768
2028	397
2029	304
Total undiscounted lease payments	2,106
Less: imputed interest	(299)
Total discounted lease payments	1,807
Less: current portion of lease liability	(680)	$ (619)
Non-current portion of lease liability	$ 1,127	$ 1,313

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 49,520	$ 46,935
Marketable securities, current	339,309	290,109
Prepaid expenses and other current assets	6,420	6,813
Total current assets	395,249	343,857
Marketable securities, long-term	107,123	142,539
Property and equipment, net	318	288
Operating lease right-of-use assets	1,687	1,830
Other non-current assets	103	103
Total assets	504,480	488,617
Current liabilities:
Accounts payable	3,662	4,155
Accrued expenses and other current liabilities	9,287	10,591
Operating lease liability, current	680	619
Total current liabilities	16,633	15,374
Operating lease liability, non-current	1,127	1,313
Total liabilities	17,760	16,687
Commitments and contingencies (Note 11)
Stockholders’ equity:
Common stock, $0.001 par value; 545,000,000 shares authorized as of March 31, 2026 and December 31, 2025; 50,167,623 and 48,722,309 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively	50	49
Additional paid-in capital	705,196	657,561
Accumulated other comprehensive income (loss)	(480)	546
Accumulated deficit	(220,977)	(189,157)
Total stockholders’ equity	486,720	471,930
Total liabilities and stockholders’ equity	504,480	488,617
Related Party
Current liabilities:
Related party accounts payable and other current liabilities	3,004	9
Series B Non-Voting Convertible Preferred Stock
Stockholders’ equity:
Series B non-voting convertible preferred stock, $0.001 par value; 251,504 shares authorized as of March 31, 2026 and December 31, 2025; 137,138 shares issued and outstanding as of March 31, 2026 and December 31, 2025	$ 2,931	$ 2,931

Net Loss Per Share - Schedule of Anti-Dilutive Effect Excluded from Potential Computation of Diluted Net Loss per Share (Details) - shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Schedule of Anti-Dilutive Effect Excluded from Potential Computation of Diluted Net Loss per Share [Line Items]
Total anti-dilutive securities	10,456,807	8,547,730
Employee Warrants [Member]
Schedule of Anti-Dilutive Effect Excluded from Potential Computation of Diluted Net Loss per Share [Line Items]
Total anti-dilutive securities	2,767,511	3,054,358
Restricted Stock Awards [Member]
Schedule of Anti-Dilutive Effect Excluded from Potential Computation of Diluted Net Loss per Share [Line Items]
Total anti-dilutive securities	1,023,870	1,630,982
Stock Options [Member]
Schedule of Anti-Dilutive Effect Excluded from Potential Computation of Diluted Net Loss per Share [Line Items]
Total anti-dilutive securities	5,297,351	3,265,460
Restricted Stock Units [Member]
Schedule of Anti-Dilutive Effect Excluded from Potential Computation of Diluted Net Loss per Share [Line Items]
Total anti-dilutive securities	396,145
Paruka Warrant [Member]
Schedule of Anti-Dilutive Effect Excluded from Potential Computation of Diluted Net Loss per Share [Line Items]
Total anti-dilutive securities	971,930	596,930

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Operating expenses:

Research and development

^[1]

$ 29,145

$ 19,925

General and administrative

^[2]

7,289

5,161

Total operating expenses

36,434

25,086

Loss from operations

(36,434)

(25,086)

Other income (expense):

Interest income

4,606

4,092

Other income (expense), net

(5)

Total other income, net

4,614

4,087

Net loss

$ (31,820)

$ (20,999)

Common Stockholders

Other income (expense):

Net loss per share attributable to stockholders, basic (in Dollars per share)

$ (0.48)

$ (0.4)

Net loss per share attributable to stockholders, Diluted (in Dollars per share)

$ (0.48)

$ (0.4)

Weighted-average shares used in computing net loss per share attributable to stockholders, basic (in Shares)

55,172,410

41,679,560

Weighted-average shares used in computing Net loss per share attributable to stockholders, diluted (in Shares)

55,172,410

41,679,560

Series B Non-Voting Convertible Preferred Stockholders

Other income (expense):

Net loss per share attributable to stockholders, basic (in Dollars per share)

$ (39.81)

$ (32.95)

Net loss per share attributable to stockholders, Diluted (in Dollars per share)

$ (39.81)

$ (32.95)

Weighted-average shares used in computing net loss per share attributable to stockholders, basic (in Shares)

137,138

Weighted-average shares used in computing Net loss per share attributable to stockholders, diluted (in Shares)

137,138

[1]	Includes related party amounts of $3,000 and $2,122 for the three months ended March 31, 2026 and 2025, respectively
[2]	Includes related party amounts of $4 and $110 for the three months ended March 31, 2026 and 2025, respectively

Convertible Preferred Stock and Stockholders’ Equity

3 Months Ended

Mar. 31, 2026

Convertible Preferred Stock and Stockholders’ Equity [Abstract]

Convertible Preferred Stock and Stockholders’ Equity

7. Convertible Preferred Stock and Stockholders’ Equity

Pre-Funded Warrants

In August 2024, certain investors in the Company were issued pre-funded warrants which were exercisable for shares of the Company’s common stock at an exercise price of $0.01 per share. During the three months ended March 31, 2026, the Company issued 57,212 shares of common stock on net exercises of 57,228 pre-funded warrants out of the pre-funded warrants previously issued in August 2024. No pre-funded warrants were exercised during the three months ended March 31, 2025. As of March 31, 2026 and December 31, 2025, 5,439,955 and 5,497,183 pre-funded warrants, respectively, remain issued and outstanding from the August 2024 issuance.

In September 2024, certain investors in the Company were issued pre-funded warrants which were exercisable for shares of the Company’s common stock at an exercise price of $0.001 per share. During the three months ended March 31, 2026 and 2025, no pre-funded warrants were exercised out of the pre-funded warrants previously issued in September 2024. As of each of March 31, 2026 and December 31, 2025, 380,000 pre-funded warrants remain issued and outstanding from the September 2024 issuance.

In September 2025, certain investors in the Company were issued pre-funded warrants which were exercisable for shares of the Company’s common stock at an exercise price of $0.001 per share. During the three months ended March 31, 2026, no pre-funded warrants were exercised out of the pre-funded warrants previously issued in September 2025. As of each of March 31, 2026 and December 31, 2025, 1,066,666 pre-funded warrants remain issued and outstanding from the September 2025 issuance.

On issuance, the pre-funded warrants were recorded as a component of stockholders’ equity within additional paid-in-capital and have no expiration date. Collectively, 6,886,621 and 6,943,849 pre-funded warrants were outstanding as of March 31, 2026 and December 31, 2025, respectively.

Employee Warrants

During 2024, employee warrants were issued at an exercise price of $7.80 per warrant to the employees and directors of the Company. These warrants vest over a period of four years. The Company recognizes compensation cost related to warrants on a straight-line basis over the requisite service period, which is the period in which the related services are received. As of March 31, 2026 and December 31, 2025, 2,767,511 and 3,029,510 warrants, respectively, were outstanding.

Convertible Preferred Stock

As of March 31, 2026, Series B preferred stock consisted of the following (in thousands, except share data):

	March 31, 2026
	Preferred Stock Authorized		Preferred Stock Issued and Outstanding		Carrying Value		Common Stock Issuable Upon Conversion
Series B preferred stock		251,504		137,138	$	2,931		11,428,149

Pursuant to the Certificate of Designation of Preferences, Rights and Limitations of the Series B Non-Voting Convertible Preferred Stock (the “Series B Certificate of Designation”), holders of Series B preferred stock are entitled to receive dividends on shares of Series B preferred stock equal to, on an as-if-converted-to common stock basis, and in the same form as, dividends actually paid on shares of common stock. Except as provided in the Series B Certificate of Designation or as otherwise required by law, Series B preferred stock does not have voting rights. Series B preferred stock shall rank on parity with the Company’s common stock as to the distribution of assets upon any liquidation, dissolution, or winding-up of the Company. Each share of Series B preferred stock is convertible at the option of the holder, at any time, and without the payment of additional consideration by the holder. As of March 31, 2026, each outstanding share of Series B preferred stock was convertible into common stock at a ratio of approximately 83.3332:1.

Paruka Warrant

On December 31, 2024, the Company settled its 2024 obligations under the Paruka Warrant Obligation (defined below) by issuing Paruka Holding LLC (“Paruka”) a warrant to purchase 596,930 shares of the Company’s common stock at an exercise price of $19.39 per share. On December 12, 2025, the Company settled its 2025 obligations under the Paruka Warrant Obligation (defined below) by issuing Paruka a warrant to purchase 375,000 shares of the Company’s common stock at an exercise price of $30.18 per share. The warrants have a term of 10 years, are fully vested, and are exercisable in part or full at any time during the term of the warrant. As of March 31, 2026 and December 31, 2025, the warrants issued under the Paruka Warrant Obligation are outstanding and unexercised. See Note 8 for additional information on the Paruka Warrant Obligation.

Common Stock

As of March 31, 2026, the Certificate of Incorporation provided for 545,000,000 authorized shares of common stock. As of March 31, 2026, 50,167,623 shares of common stock were issued and outstanding, including 2,159,609 shares of restricted common stock awards (“RSAs”) issued and outstanding.

As of March 31, 2026 and December 31, 2025, the Company had common stock reserved for future issuance as follows:

	March 31, 2026		December 31, 2025
Shares issuable on conversion of Series B preferred stock		11,428,149		11,428,149
Shares issuable upon exercise of pre-funded warrants		6,886,621		6,943,849
Shares issuable upon exercise of warrants under the Paruka Warrant Obligation		971,930		971,930
Outstanding and issued stock options		5,297,351		3,950,958
Outstanding and issued employee warrants		2,767,511		3,029,510
Outstanding and issued restricted stock units		396,145		—
Shares available for grant under 2024 Stock Incentive Plan		6,129,190		4,600,217
Shares available for grant under 2024 Employee Stock Purchase Plan		975,922		975,922
Total shares of common stock reserved		34,852,819		31,900,535

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 20
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479951/505-20-S50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-3

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-2

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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479982/505-20-S25-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-4

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481520/505-30-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147479921/505-20-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479982/505-20-S25-3

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/505/tableOfContent

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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Reference 34: http://www.xbrl.org/2003/role/disclosureRef
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

+ Details

Cash Equivalents and Marketable Securities

3 Months Ended

Mar. 31, 2026

Cash Equivalents and Marketable Securities [Abstract]

Cash Equivalents and Marketable Securities

5. Cash Equivalents and Marketable Securities

The following tables summarize the cash equivalents and marketable securities, which are classified as available-for-sale as of March 31, 2026 and December 31, 2025 (in thousands):

	March 31, 2026
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Cash equivalents
Money market funds	$	13,627	$	—	$	—		$	13,627
Commercial papers		31,792		—		(5	)		31,787
Total cash equivalents		45,419		—		(5	)		45,414
Marketable securities
Marketable securities, current
U.S. treasury securities		193,740		61		(54	)		193,747
U.S. government agency securities		26,606		7		(6	)		26,607
Commercial papers		18,996		—		(17	)		18,979
Corporate debt securities		100,136		3		(163	)		99,976
Total marketable securities, current		339,478		71		(240	)		339,309
Marketable securities, long-term
U.S. treasury securities		75,530		2		(200	)		75,332
Corporate debt securities		18,994		—		(67	)		18,927
U.S. government agency securities		12,905		—		(41	)		12,864
Total marketable securities, long-term		107,429		2		(308	)		107,123
Total cash equivalents and marketable securities	$	492,326	$	73	$	(553	)	$	491,846

	December 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Cash equivalents
Money market funds	$	30,268	$	—	$	—		$	30,268
Commercial papers		14,484		—		(1	)		14,483
Total cash equivalents		44,752		—		(1	)		44,751
Marketable securities
Marketable securities, current
U.S. treasury securities		195,607		308		—			195,915
U.S. government agency securities		28,724		33		—			28,757
Commercial papers		21,239		2		—			21,241
Corporate debt securities		44,173		26		(3	)		44,196
Total marketable securities, current		289,743		369		(3	)		290,109
Marketable securities, long-term
U.S. treasury securities		75,612		118		—			75,730
Corporate debt securities		54,949		55		(6	)		54,998
U.S. government agency securities		11,797		14		—			11,811
Total marketable securities, long-term		142,358		187		(6	)		142,539
Total cash equivalents and marketable securities	$	476,853	$	556	$	(10	)	$	477,399

The following table summarizes the available-for-sale securities in an unrealized loss position, aggregated by major security type and length of time in a continuous unrealized loss position, for which an allowance for credit losses was not recorded as of March 31, 2026 and December 31, 2025 (in thousands):

	March 31, 2026
	Less than 12 months					12 months or longer				Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Cash equivalents
Commercial papers	$	31,787	$	(5	)	$	—	$	—	$	31,787	$	(5	)
Marketable securities
Marketable securities, current
U.S. treasury securities		89,012		(54	)		—		—		89,012		(54	)
U.S. government agency securities		12,454		(6	)		—		—		12,454		(6	)
Commercial papers		18,979		(17	)		—		—		18,979		(17	)
Corporate debt securities		91,371		(163	)		—		—		91,371		(163	)
Marketable securities, long-term
U.S. treasury securities		73,325		(200	)		—		—		73,325		(200	)
Corporate debt securities		18,927		(67	)		—		—		18,927		(67	)
U.S. government agency securities		12,864		(41	)		—		—		12,864		(41	)
Total	$	348,719	$	(553	)	$	—	$	—	$	348,719	$	(553	)

	December 31, 2025
	Less than 12 months					12 months or longer				Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Cash equivalents
Commercial papers	$	14,483	$	(1	)	$	—	$	—	$	14,483	$	(1	)
Marketable securities
Marketable securities, current
Corporate debt securities		8,771		(3	)		—		—		8,771		(3	)
Marketable securities, long-term
Corporate debt securities		6,143		(6	)		—		—		6,143		(6	)
Total	$	29,397	$	(10	)	$	—	$	—	$	29,397	$	(10	)

The Company evaluated its securities for credit losses and considered the decline in market value to be primarily attributable to current economic and market conditions and not to a credit loss or other factors. Additionally, the Company does not intend to sell the securities in an unrealized loss position and it is not more likely than not that the Company will be required to sell the securities before recovery of the unamortized cost basis, which may be at maturity. There were no material realized gains or realized losses on marketable securities for the periods presented. Given the Company’s intent and ability to hold such securities until recovery, and the lack of significant change in credit risk of these investments, the Company does not consider these marketable securities to be impaired as of March 31, 2026 and December 31, 2025. As of March 31, 2026 and December 31, 2025, the Company did not record an allowance for credit losses.

The following table summarizes the contractual maturities of the Company’s marketable securities at estimated fair value (in thousands):

	March 31, 2026		December 31, 2025
Due in one year or less	$	339,309	$	290,109
Due in 1-2 years		107,123		142,539
Total	$	446,432	$	432,648

Subsequent Events

3 Months Ended

Mar. 31, 2026

Subsequent Events [Abstract]

Subsequent Events

14. Subsequent Events

On April 30, 2026, the Company announced the closing of an underwritten public offering. The Company issued and sold 9,660,000 shares of its common stock, par value $0.001, at a public offering price of $72.50 per share (the “April 2026 Offering”) for gross proceeds of $700.4 million before any underwriting discounts and commissions and related issuance expenses. The Company has granted the underwriters an option for a period of 30 days expiring May 28, 2026, to purchase up to an additional 1,449,000 shares of its common stock at the public offering price of $72.50 per share, less underwriting discounts and commissions. As of the filing of these condensed financial statements, the option remains unexercised.

On May 1, 2026, the Company and Halozyme Hypercon, Inc. (“Halozyme”) entered into a global exclusive collaboration and license agreement (“Halozyme License Agreement”). Under the Halozyme License Agreement, the Company has licensed Halozyme’s Hypercon^TM technology for IL-23p19 in psoriatic disease and up to one additional target. Hypercon^TM is an innovative microparticle technology that allows for hyperconcentration of drugs and biologics, reducing injection volume for a given dose and supporting more convenient, patient-friendly administration. Pursuant to the terms of the Halozyme License Agreement, the Company is obligated to pay Halozyme a non-refundable upfront payment and milestone payments upon the achievement of certain clinical, developmental and sales milestones for a total amount up to $176.5 million, along with reimbursement of the costs to be incurred in the development of the licensed products. In addition, the Company would be obligated to pay mid-single digit royalties on net sales of products developed using Hypercon^TM technology.

Subsequent Events (Details) - Subsequent Event [Member] - USD ($) $ / shares in Units, $ in Millions	Apr. 30, 2026	May 01, 2026
Hypercon License Agreement [Member]
Subsequent Events [Line Items]
Upfront payment and milestone payments upon the achievement of certain clinical, developmental and sales milestones (in Dollars)		$ 176.5
Common Stock [Member]
Subsequent Events [Line Items]
Number of common stock sold (in Shares)	9,660,000
Common stock par value	$ 0.001
Offering price per share	$ 72.5
Gross proceeds before underwriting discount and commissions (in Dollars)	$ 700.4
Underwriters expiration date	May 28, 2026
Option to purchase of additional shares of common stock (in Shares)	1,449,000

Cash Equivalents and Marketable Securities - Schedule of Available-for-Sale Securities in an Unrealized Loss Position (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Cash equivalents
Less than 12 months, Fair Value	$ 348,719	$ 29,397
Less than 12 months, Unrealized Losses	(553)	(10)
12 months or longer, Fair Value
12 months or longer, Unrealized Losses
Fair Value	348,719	29,397
Unrealized Losses	(553)	(10)
Commercial Paper [Member]
Cash equivalents
Less than 12 months, Fair Value	31,787	14,483
Less than 12 months, Unrealized Losses	(5)	(1)
12 months or longer, Fair Value
12 months or longer, Unrealized Losses
Fair Value	31,787	14,483
Unrealized Losses	(5)	(1)
Marketable securities, Current [Member] \| Commercial Paper [Member]
Cash equivalents
Less than 12 months, Fair Value	18,979
Less than 12 months, Unrealized Losses	(17)
12 months or longer, Fair Value
12 months or longer, Unrealized Losses
Fair Value	18,979
Unrealized Losses	(17)
Marketable securities, Current [Member] \| US Treasury Securities [Member]
Cash equivalents
Less than 12 months, Fair Value	89,012
Less than 12 months, Unrealized Losses	(54)
12 months or longer, Fair Value
12 months or longer, Unrealized Losses
Fair Value	89,012
Unrealized Losses	(54)
Marketable securities, Current [Member] \| US Government Agency Securities [Member]
Cash equivalents
Less than 12 months, Fair Value	12,454
Less than 12 months, Unrealized Losses	(6)
12 months or longer, Fair Value
12 months or longer, Unrealized Losses
Fair Value	12,454
Unrealized Losses	(6)
Marketable securities, Current [Member] \| Corporate Debt Securities [Member]
Cash equivalents
Less than 12 months, Fair Value	91,371	8,771
Less than 12 months, Unrealized Losses	(163)	(3)
12 months or longer, Fair Value
12 months or longer, Unrealized Losses
Fair Value	91,371	8,771
Unrealized Losses	(163)	(3)
Marketable Securities,Long-Term [Member] \| US Treasury Securities [Member]
Cash equivalents
Less than 12 months, Fair Value	73,325
Less than 12 months, Unrealized Losses	(200)
12 months or longer, Fair Value
12 months or longer, Unrealized Losses
Fair Value	73,325
Unrealized Losses	(200)
Marketable Securities,Long-Term [Member] \| US Government Agency Securities [Member]
Cash equivalents
Less than 12 months, Fair Value	12,864
Less than 12 months, Unrealized Losses	(41)
12 months or longer, Fair Value
12 months or longer, Unrealized Losses
Fair Value	12,864
Unrealized Losses	(41)
Marketable Securities,Long-Term [Member] \| Corporate Debt Securities [Member]
Cash equivalents
Less than 12 months, Fair Value	18,927	6,143
Less than 12 months, Unrealized Losses	(67)	(6)
12 months or longer, Fair Value
12 months or longer, Unrealized Losses
Fair Value	18,927	6,143
Unrealized Losses	$ (67)	$ (6)

Nature of the Business and Basis of Presentation (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Nature of the Business and Basis of Presentation [Line Items]
Cash, cash equivalents, and marketable securities	$ 496,000
Accumulated deficit	$ (220,977)	$ (189,157)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References

+ Details

Related Party Transactions - Schedule of Related Party Accounts Payable and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Paragon milestone payments for the Option Agreements [Member]
Schedule of Related Party Accounts Payable and Other Current Liabilities [Line Items]
Related party accounts payable and other current liabilities	$ 3,000
Paragon reimbursable patent expenses [Member]
Schedule of Related Party Accounts Payable and Other Current Liabilities [Line Items]
Related party accounts payable and other current liabilities	4	9
Related Party [Member]
Schedule of Related Party Accounts Payable and Other Current Liabilities [Line Items]
Related party accounts payable and other current liabilities	$ 3,004	$ 9

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

ATM Offering

3 Months Ended

Mar. 31, 2026

ATM Offering [Abstract]

ATM Offering

3. ATM Offering

On October 3, 2025, the Company entered into a Sales Agreement with TD Securities (USA) LLC (the “Sales Agreement”), as its sales agent, pursuant to which the Company may issue and sell, from time to time, shares of common stock for aggregate gross proceeds of up to $200.0 million under an at-the-market (“ATM”) equity offering program. The Company is not obligated to make any sales of shares under the Sales Agreement. During the three months ended March 31, 2026, the Company issued and sold an aggregate of 1,167,895 shares of common stock pursuant to the ATM offering program for total net proceeds of $38.9 million after deducting sales agents’ commissions.

Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders’ Equity (Unaudited) - USD ($) $ in Thousands	Non-Voting Convertible Preferred Stock Series B	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit	Total
Balances at Dec. 31, 2024	$ 2,931	$ 37	$ 463,018	$ (41)	$ (83,724)	$ 382,221
Balances (in Shares) at Dec. 31, 2024	137,138	37,440,510
Statement [Line Items]
Stock-based compensation expense			3,468			3,468
Unrealized gains (losses) on marketable securities				35		35
Net loss					(20,999)	(20,999)
Balances at Mar. 31, 2025	$ 2,931	$ 37	466,486	(6)	(104,723)	364,725
Balances (in Shares) at Mar. 31, 2025	137,138	37,440,510
Balances at Dec. 31, 2025	$ 2,931	$ 49	657,561	546	(189,157)	471,930
Balances (in Shares) at Dec. 31, 2025	137,138	48,722,309
Statement [Line Items]
Issuance of common stock upon exercise of stock options and employee warrants			1,766			1,766
Issuance of common stock upon exercise of stock options and employee warrants (in Shares)		195,596
Issuance of common stock under the at-the-market (“ATM”) offering program, net of commissions		$ 1	38,901			38,902
Issuance of common stock under the at-the-market (“ATM”) offering program, net of commissions (in Shares)		1,167,895
Issuance of common stock upon vesting of restricted stock units
Issuance of common stock upon vesting of restricted stock units (in Shares)		24,611
Issuance of common stock upon exercise of prefunded warrants
Issuance of common stock upon exercise of prefunded warrants (in Shares)		57,212
Stock-based compensation expense			6,968			6,968
Unrealized gains (losses) on marketable securities				(1,026)		(1,026)
Net loss					(31,820)	(31,820)
Balances at Mar. 31, 2026	$ 2,931	$ 50	$ 705,196	$ (480)	$ (220,977)	$ 486,720
Balances (in Shares) at Mar. 31, 2026	137,138	50,167,623

Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Comprehensive Income (Loss), Net [Abstract]
Net loss	$ (31,820)	$ (20,999)
Other comprehensive income (loss):
Unrealized gains (losses) on marketable securities	(1,026)	35
Total comprehensive loss	$ (32,846)	$ (20,964)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
Statement [Line Items]
Common stock, par value (in Dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in Shares)	545,000,000	545,000,000
Common stock, shares issued (in Shares)	50,167,623	48,722,309
Common stock, shares outstanding (in Shares)	50,167,623	48,722,309
Series B Non-Voting Convertible Preferred Stock
Statement [Line Items]
Non-voting convertible preferred stock, par value (in Dollars per share)	$ 0.001	$ 0.001
Non-voting convertible preferred stock, shares authorized (in Shares)	251,504	251,504
Non-voting convertible preferred stock, shares issued (in Shares)	137,138	137,138
Non-voting convertible preferred stock, shares outstanding (in Shares)	137,138	137,138

Convertible Preferred Stock and Stockholders’ Equity (Tables)

3 Months Ended

Mar. 31, 2026

Convertible Preferred Stock and Stockholders’ Equity [Abstract]

Schedule of Preferred Stock

As of March 31, 2026, Series B preferred stock consisted of the following (in thousands, except share data):

	March 31, 2026
	Preferred Stock Authorized		Preferred Stock Issued and Outstanding		Carrying Value		Common Stock Issuable Upon Conversion
Series B preferred stock		251,504		137,138	$	2,931		11,428,149

Schedule of Common Stock Reserved for Future Issuance

As of March 31, 2026 and December 31, 2025, the Company had common stock reserved for future issuance as follows:

	March 31, 2026		December 31, 2025
Shares issuable on conversion of Series B preferred stock		11,428,149		11,428,149
Shares issuable upon exercise of pre-funded warrants		6,886,621		6,943,849
Shares issuable upon exercise of warrants under the Paruka Warrant Obligation		971,930		971,930
Outstanding and issued stock options		5,297,351		3,950,958
Outstanding and issued employee warrants		2,767,511		3,029,510
Outstanding and issued restricted stock units		396,145		—
Shares available for grant under 2024 Stock Incentive Plan		6,129,190		4,600,217
Shares available for grant under 2024 Employee Stock Purchase Plan		975,922		975,922
Total shares of common stock reserved		34,852,819		31,900,535

Cash Equivalents and Marketable Securities (Tables)

3 Months Ended

Mar. 31, 2026

Cash Equivalents and Marketable Securities [Abstract]

Schedule of Cash Equivalents and Marketable Securities

The following tables summarize the cash equivalents and marketable securities, which are classified as available-for-sale as of March 31, 2026 and December 31, 2025 (in thousands):

	March 31, 2026
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Cash equivalents
Money market funds	$	13,627	$	—	$	—		$	13,627
Commercial papers		31,792		—		(5	)		31,787
Total cash equivalents		45,419		—		(5	)		45,414
Marketable securities
Marketable securities, current
U.S. treasury securities		193,740		61		(54	)		193,747
U.S. government agency securities		26,606		7		(6	)		26,607
Commercial papers		18,996		—		(17	)		18,979
Corporate debt securities		100,136		3		(163	)		99,976
Total marketable securities, current		339,478		71		(240	)		339,309
Marketable securities, long-term
U.S. treasury securities		75,530		2		(200	)		75,332
Corporate debt securities		18,994		—		(67	)		18,927
U.S. government agency securities		12,905		—		(41	)		12,864
Total marketable securities, long-term		107,429		2		(308	)		107,123
Total cash equivalents and marketable securities	$	492,326	$	73	$	(553	)	$	491,846

	December 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Cash equivalents
Money market funds	$	30,268	$	—	$	—		$	30,268
Commercial papers		14,484		—		(1	)		14,483
Total cash equivalents		44,752		—		(1	)		44,751
Marketable securities
Marketable securities, current
U.S. treasury securities		195,607		308		—			195,915
U.S. government agency securities		28,724		33		—			28,757
Commercial papers		21,239		2		—			21,241
Corporate debt securities		44,173		26		(3	)		44,196
Total marketable securities, current		289,743		369		(3	)		290,109
Marketable securities, long-term
U.S. treasury securities		75,612		118		—			75,730
Corporate debt securities		54,949		55		(6	)		54,998
U.S. government agency securities		11,797		14		—			11,811
Total marketable securities, long-term		142,358		187		(6	)		142,539
Total cash equivalents and marketable securities	$	476,853	$	556	$	(10	)	$	477,399

Schedule of Available-for-Sale Securities in an Unrealized Loss Position

	March 31, 2026
	Less than 12 months					12 months or longer				Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Cash equivalents
Commercial papers	$	31,787	$	(5	)	$	—	$	—	$	31,787	$	(5	)
Marketable securities
Marketable securities, current
U.S. treasury securities		89,012		(54	)		—		—		89,012		(54	)
U.S. government agency securities		12,454		(6	)		—		—		12,454		(6	)
Commercial papers		18,979		(17	)		—		—		18,979		(17	)
Corporate debt securities		91,371		(163	)		—		—		91,371		(163	)
Marketable securities, long-term
U.S. treasury securities		73,325		(200	)		—		—		73,325		(200	)
Corporate debt securities		18,927		(67	)		—		—		18,927		(67	)
U.S. government agency securities		12,864		(41	)		—		—		12,864		(41	)
Total	$	348,719	$	(553	)	$	—	$	—	$	348,719	$	(553	)

	December 31, 2025
	Less than 12 months					12 months or longer				Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Cash equivalents
Commercial papers	$	14,483	$	(1	)	$	—	$	—	$	14,483	$	(1	)
Marketable securities
Marketable securities, current
Corporate debt securities		8,771		(3	)		—		—		8,771		(3	)
Marketable securities, long-term
Corporate debt securities		6,143		(6	)		—		—		6,143		(6	)
Total	$	29,397	$	(10	)	$	—	$	—	$	29,397	$	(10	)

Schedule of Marketable Securities at Estimated Fair Value

The following table summarizes the contractual maturities of the Company’s marketable securities at estimated fair value (in thousands):

	March 31, 2026		December 31, 2025
Due in one year or less	$	339,309	$	290,109
Due in 1-2 years		107,123		142,539
Total	$	446,432	$	432,648

Option Agreements and License Agreements

3 Months Ended

Mar. 31, 2026

Option Agreements and License Agreements [Abstract]

Option Agreements and License Agreements

10. Option Agreements and License Agreements

Option Agreements – Paragon Therapeutics

In March 2024, the Company entered into two antibody discovery and option agreements (the “Option Agreements”) with Paragon Therapeutics, Inc. (“Paragon”) and Paruka. Under the terms of each agreement, Paragon identifies, evaluates, and develops antibodies directed against certain mutually agreed therapeutic targets of interest to the Company. The Company has initiated certain research programs with Paragon that generally focus on discovering, generating, identifying and/or characterizing antibodies directed to a particular target (each, a “Research Program”), including for IL-23 and IL-17A/F for ORKA-001 and ORKA-002, respectively.

In December 2025, the Company entered into an additional option agreement for an antibody with Paragon and Paruka to enter into a license agreement, which the Company exercised in December 2025. Per the terms of this option agreement, once the Company enters into the corresponding license agreement, it will be required to make non-refundable milestone payments to Paragon of up to $12.0 million under the agreement upon the achievement of certain clinical development milestones, up to $10.0 million under the agreement upon the achievement of a certain regulatory milestone, as well as a low single-digit percentage royalty for antibody products beginning on the first commercial sale. As of March 31, 2026, the Company has not entered into a license agreement with Paragon and Paruka related to this additional option agreement.

As part of the Option Agreements and the additional option agreement mentioned above, on December 31, 2024, the Company settled its 2024 obligations under the Paruka Warrant Obligation by issuing Paruka a warrant to purchase 596,930 shares of the Company’s common stock at an exercise price of $19.39 per share, and on December 12, 2025, the Company settled its 2025 obligations under the Paruka Warrant Obligation by issuing Paruka a warrant to purchase 375,000 shares of the Company’s common stock at an exercise price of $30.18 per share.

License Agreements – Paragon Therapeutics

In September 2024, the Company exercised its exclusive option to acquire certain rights to ORKA-001, and in December 2024, it entered into a corresponding license agreement with Paragon (the “ORKA-001 License Agreement”), pursuant to which Paragon granted the Company a royalty-bearing, world-wide, exclusive license to develop, manufacture, commercialize, or otherwise exploit certain antibodies and products targeting IL-23 in all fields other than the field of inflammatory bowel disease (“ORKA-001 Field”). In December 2024, the Company exercised its exclusive option to acquire certain rights to ORKA-002, and in February 2025, it entered into the corresponding license agreement with Paragon (the “ORKA-002 License Agreement” and together with the ORKA-001 License Agreement, the “License Agreements”), pursuant to which Paragon granted the Company a royalty-bearing, world-wide, exclusive license to develop, manufacture, commercialize, or otherwise exploit certain antibodies and products targeting IL-17A/F in all fields (“ORKA-002 Field” and together with the ORKA-001 Field, the “Fields”). Pursuant to each of the two License Agreements, Paragon has agreed not to conduct any new campaigns that generate anti-IL-23 monospecific antibodies or anti-IL-17A/F monospecific antibodies in the respective agreed-upon fields.

The License Agreements provide the Company with exclusive licenses in the Fields to Paragon’s patent applications covering the related antibodies, their method of use and their method of manufacture and Paragon has agreed not to conduct any new campaigns that generate anti-IL-23 monospecific antibodies or anti-IL-17A/F monospecific antibodies for the ORKA-001 Field or the ORKA-002 Field, respectively, for at least five years. Each of the License Agreements may be terminated on 60 days’ notice to Paragon, on material breach without cure, and on a party’s insolvency or bankruptcy to the extent permitted by law.

Pursuant to the terms of each of the License Agreements, the Company is obligated to pay Paragon non-refundable milestone payments of up to $12.0 million under each respective agreement upon the achievement of certain clinical development milestones and up to $10.0 million under each respective agreement upon the achievement of certain regulatory milestones. In addition, the Company is obligated to pay Paragon a low single-digit percentage royalty for antibody products for each of ORKA-001 and ORKA-002. For each of the License Agreements, the royalty term ends on the later of (i) the last-to-expire licensed patent or our patent directed to the manufacture, use or sale of a licensed antibody in the country at issue or (ii) 12 years from the date of first sale of a Company product. There is also a royalty step-down if there is no Paragon patent in effect during the royalty term for each program. Each of the License Agreements may be terminated on 60 days’ notice to Paragon, on material breach without cure, and on a party’s insolvency or bankruptcy to the extent permitted by law. During the quarter ended March 31, 2026, the Company incurred and expensed a milestone of $3.0 million related to the dosing of the first patient in a Phase 2 trial for the ORKA-002 License Agreement. As of March 31, 2026, the Company has incurred and expensed milestone payments of $7.0 million in connection with each of the ORKA-001 License Agreement and the ORKA-002 License Agreement. As of December 31, 2025, the Company had incurred and expensed milestone payments of $7.0 million and $4.0 million for the ORKA-001 License Agreement and the ORKA-002 License Agreement, respectively. These costs were recorded as research and development expenses in the accompanying condensed consolidated statements of operations.

As of March 31, 2026 and December 31, 2025, $3.0 million and nil, respectively were included in related party accounts payable and other current liabilities.

For the three months ended March 31, 2026 and 2025, the Company recognized $3.0 million and $1.5 million, respectively, of expenses in connection with milestone payable and services provided by Paragon and Paruka under the Option and License Agreements.

Accrued Expenses and Other Current Liabilities (Tables)

3 Months Ended

Mar. 31, 2026

Accrued Expenses and Other Current Liabilities [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

The following table summarizes accrued expenses and other current liabilities (in thousands):

	March 31, 2026		December 31, 2025
Accrued research and development	$	6,805	$	4,384
Accrued employee compensation and benefits		1,707		5,266
Accrued professional and consulting		775		941
Total	$	9,287	$	10,591

Condensed Consolidated Statements of Operations (Unaudited) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
General and Administrative: us-gaap:GeneralAndAdministrativeExpense
Statement [Line Items]
Related party amount	$ 4	$ 110
General and Administrative: us-gaap:ResearchAndDevelopmentExpense
Statement [Line Items]
Related party amount	$ 3,000	$ 2,122

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Related Party Transactions (Tables)

3 Months Ended

Mar. 31, 2026

The following is a summary of related party accounts payable and other current liabilities (in thousands):

	March 31, 2026		December 31, 2025
Paragon milestone payments for the Option Agreements	$	3,000	$	—
Paragon reimbursable patent expenses		4		9
Total	$	3,004	$	9

Net Loss Per Share (Details) - shares	3 Months Ended
Net Loss Per Share (Details) - shares	Mar. 31, 2026	Mar. 31, 2025
Series B Preferred Stock [Member]
Net Loss per Share [Line Items]
Weighted-average number of shares of as-converted	11,428,149	11,428,149

Related Party Transactions

3 Months Ended

Mar. 31, 2026

Related Party Transactions

13. Related Party Transactions

Paragon and Paruka each beneficially own less than 5% of the Company’s capital stock through their respective holdings of common stock.

Fairmount Healthcare Fund II, L.P. (“Fairmount”) beneficially owns more than 5% of the Company’s capital stock, currently has one representative appointed to the Board, and beneficially owns more than 5% of Paragon. Fairmount appointed Paragon’s board of directors and has the contractual right to approve the appointment of any executive officers of Paragon.

The following is a summary of related party accounts payable and other current liabilities (in thousands):

	March 31, 2026		December 31, 2025
Paragon milestone payments for the Option Agreements	$	3,000	$	—
Paragon reimbursable patent expenses		4		9
Total	$	3,004	$	9

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Stock-Based Compensation - Schedule of RSU and RSA Activity (Details)	3 Months Ended
	Mar. 31, 2026 $ / shares shares
Restricted Stock Units [Member]
Schedule of RSU and RSA Activity [Line Items]
Beginning Balance \| shares
Weighted Average Grant Date Fair Value, Beginning Balance \| $ / shares
Unvested balance, Number of Granted \| shares	421,019
Weighted Average Grant Date Fair Value, Granted \| $ / shares	$ 34.43
Unvested balance, Number of Vested \| shares	(24,611)
Weighted Average Grant Date Fair Value, Vested \| $ / shares	$ 34.37
Unvested balance, Canceled/forfeited \| shares	(263)
Weighted Average Grant Date Fair Value, Canceled/forfeited \| $ / shares	$ 34.39
Ending Balance \| shares	396,145
Weighted Average Grant Date Fair Value, Ending Balance \| $ / shares	$ 34.44
Restricted Stock Award [Member]
Schedule of RSU and RSA Activity [Line Items]
Beginning Balance \| shares	1,149,589
Weighted Average Grant Date Fair Value, Beginning Balance \| $ / shares
Unvested balance, Number of Granted \| shares
Weighted Average Grant Date Fair Value, Granted \| $ / shares
Unvested balance, Number of Vested \| shares	(125,719)
Weighted Average Grant Date Fair Value, Vested \| $ / shares
Unvested balance, Canceled/forfeited \| shares
Weighted Average Grant Date Fair Value, Canceled/forfeited \| $ / shares
Ending Balance \| shares	1,023,870
Weighted Average Grant Date Fair Value, Ending Balance \| $ / shares