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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities:    
Net loss $ (10,196) $ (3,407)
Adjustments to reconcile net loss to net cash used in operations:    
Stock-based compensation expense 374 31
Capital contributions - in-kind services - related party   60
Change in fair value of derivative liabilities (including $1,165 and $0 for a related party) (1,229) 0
Change in fair value of tranche liability (including $331 and $0 for a related party) (365) 0
Non-cash interest expense (including $1,384 and $71 for a related party) 1,443 78
Loss on issuance of convertible promissory notes (including $169 and $793 for a related party) 186 793
Changes in assets and liabilities:    
Prepaid expense and other current assets 1,420 (395)
Accounts payable 934 (1,235)
Accrued compensation (1,387) (278)
Accrued research and development expenses 1,227 (242)
Accrued expenses and other current liabilities 152 74
Net cash used in operating activities (7,441) (4,521)
Cash flows from financing activities:    
Proceeds from the issuance of redeemable convertible preferred stock, net of issuance costs   1,591
Proceeds from issuance of convertible promissory notes (including $3,402 and $4,993 from a related party), net of issuance costs 7,500 4,993
Cash acquired in connection with the Merger 102,113  
Payment of deferred transaction costs and issuance costs (2,346) (5)
Net cash provided by financing activities 107,267 6,579
Net increase in cash and cash equivalents and restricted cash 99,826 2,058
Cash and cash equivalents, at beginning of the period 1,639 3,169
Cash and cash equivalents and restricted cash, at end of the period 101,465 5,227
Reconciliation of cash, cash equivalents and restricted cash to statement of financial position    
Cash and cash equivalents 100,965 5,227
Restricted cash 500  
Cash and cash equivalents and restricted cash, at end of the period 101,465 5,227
Supplemental disclosure of cash flow information:    
Capital contributions - in-kind services - related party   60
Premium on issuance of convertible promissory notes (including $169 and $793 for a related party) 186 $ 793
Merger transaction costs recognized in additional paid-in capital 5,357  
Unpaid deferred transaction costs included in accounts payable and other accrued expenses and current liabilities 629  
Recognition of AlloVir common stock outstanding at the closing of the Merger 104,990  
Issuance of redeemable convertible preferred stock upon conversion of convertible promissory notes 3,695  
Conversion of redeemable convertible preferred stock into common stock in connection with the Merger 49,694  
Conversion of convertible promissory notes and accrued interest in connection with the Merger $ 20,799