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Consolidated Statements of Operations and Comprehensive Loss - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating expenses      
Research and development $ 78,568 $ 25,189 $ 15,265
General and administrative 105,861 13,481 9,844
Change in fair value of contingent consideration 3,242 2,714 (712)
Total operating expenses 187,671 41,384 24,397
Operating loss (187,671) (41,384) (24,397)
Other income (expense), net      
Change in fair value of warrant liability 0 (182) 30
Interest income, net 12,052 2,578 300
Interest expense (231) 0 0
Total other income (expense), net 11,821 2,396 330
Net loss (175,850) (38,988) (24,067)
Other comprehensive income (loss)      
Net unrealized gain on marketable securities 361 0 0
Total comprehensive loss $ (175,489) $ (38,988) $ (24,067)
Net loss per common share basic $ (4.38) $ (2.36) $ (2.87)
Net loss per common share diluted $ (4.38) $ (2.36) $ (2.87)
Weighted-average common shares outstanding used to calculate basic net loss per common share 40,175,926 16,492,132 8,397,088
Weighted-average common shares outstanding used to calculate diluted net loss per common share 40,175,926 16,492,132 8,397,088