Financial Instruments and Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2025

Fair Value Disclosures [Abstract]

Schedule of Fair Value Hierarchy for Assets and Liabilities Measured at Fair Value on Recurring Basis

The following tables present the Company’s fair value hierarchy for its assets and liabilities that are measured at fair value on a recurring basis:

	Fair Value Measurements at
	June 30, 2025
	Level 1		Level 2		Level 3		Total
Assets	(in thousands)
Cash equivalents:
Money market fund	$	32,135	$	—	$	—	$	32,135
Restricted cash:
Money market fund		100		—		—		100
Short-term investments
U.S. Treasury bills		214,645		—		—		214,645
Long-term investments
U.S. Treasury notes		31,149		—		—		31,149
Total assets	$	278,029	$	—	$	—	$	278,029
Liabilities
Series C warrant liabilities	$	—	$	—	$	—	$	—
Common B warrant liabilities		—		—		—		—
Total liabilities	$	—	$	—	$	—	$	—

	Fair Value Measurements at
	December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets	(in thousands)
Cash equivalents:
Money market fund	$	27,107	$	—	$	—	$	27,107
Restricted cash:
Money market fund		100		—		—		100
Short-term investments
U.S. Treasury bills		73,143		—		—		73,143
Total assets	$	100,350	$	—	$	—	$	100,350
Liabilities
Series C warrant liabilities	$	—	$	—	$	9,935	$	9,935
Common B warrant liabilities		—		—		34,963		34,963
Total liabilities	$	—	$	—	$	44,898	$	44,898

Schedule of Assumptions used in Fair Value of Warrant Liabilities

The following table presents the assumptions used in the Black-Scholes option pricing model to determine the fair value of the preferred stock warrant liabilities as of December 31, 2024:

	December 31, 2024
Fair value of Series C Preferred Stock	$	19.11
Strike price	$	0.02
Risk-free interest rate		4.39	%
Expected term (in years)		0.38
Expected volatility		65.00	%
Expected dividend yield		0	%

The following table presents the assumptions used in the Black-Scholes option pricing model to determine the fair value of the common stock warrant liabilities as of December 31, 2024:

	December 31, 2024
Fair value of Class B common stock	$	13.08
Strike price	$	0.02
Risk-free interest rate		4.53	%
Expected term (in years)		8.70
Expected volatility		75.77	%
Expected dividend yield		0	%

Summary of Reconciliation of Level 3 Warrant Liabilities

A reconciliation of the Level 3 warrant liabilities is as follows:

	Series C Warrant Liability
	(in thousands)
Balance at December 31, 2024	$	9,935
Change in fair value		1,929
Net exercise and conversion into common stock upon closing of IPO		(11,864	)
Balance at June 30, 2025	$	—

	Common B Warrant Liability
	(in thousands)
Balance at December 31, 2024	$	34,963
Change in fair value		10,521
Net exercise and conversion into common stock upon closing of IPO		(45,484	)
Balance at June 30, 2025	$	—