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Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Operating expenses:        
Research and development (including $12, $13, $25 and $59 for a related party, respectively) $ 8,440 $ 3,211 $ 14,470 $ 5,172
General and administrative (including $37, $48, $188 and $97 for a related party, respectively) 3,816 976 8,140 1,578
Total operating expenses 12,256 4,187 22,610 6,750
Loss from operations (12,256) (4,187) (22,610) (6,750)
Other income (expense), net:        
Change in fair value of tranche liability (including $331 for a related party for the six months ended June 30, 2025) 0 0 365 0
Change in fair value of derivative liabilities (including $0, $311, $1,165 and $311 for a related party, respectively) 0 311 1,229 311
Interest expense (including $0, $499, $1,384 and $577 for a related party, respectively) 0 (499) (1,443) (577)
Loss on extinguishment and on issuance of convertible promissory notes (including $0, $1,341, $169 and $2,134 for a related party respectively) 0 (1,341) (186) (2,134)
Other income, net 906 66 1,099 93
Total other income (expense), net 906 (1,463) 1,064 (2,307)
Net loss $ (11,350) $ (5,650) $ (21,546) $ (9,057)
Net loss per share attributable to common stockholders - basic $ (0.61) $ (4.26) $ (1.89) $ (6.87)
Net loss per share attributable to common stockholders - diluted $ (0.61) $ (4.26) $ (1.89) $ (6.87)
Weighted-average shares outstanding - basic 18,701,286 1,325,706 11,417,677 1,319,129
Weighted-average shares outstanding - diluted 18,701,286 1,325,706 11,417,677 1,319,129