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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:        
Net loss     $ (21,546) $ (9,057)
Adjustments to reconcile net loss to net cash used in operations:        
Stock-based compensation expense     965 353
Capital contributions - in-kind services - related party       60
Change in fair value of derivative liabilities (including $1,165 and $311 for a related party) $ 0 $ (311) (1,229) (311)
Change in fair value of tranche liability (including $331 and $0 for a related party) 0 0 (365) 0
Non-cash interest expense (including $1,384 and $577 for a related party)     1,443 577
Loss on extinguishment and on issuance of convertible promissory notes (including $169 and $2,134 for a related party)     186 2,134
Changes in assets and liabilities:        
Prepaid expense and other current assets     (588) (403)
Other non-current assets     (281)  
Accounts payable     2,240 (1,832)
Accrued compensation     (1,073) (221)
Accrued expenses and other current liabilities     268 208
Net cash used in operating activities     (19,980) (8,492)
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 $9,993 from a related party), net of issuance costs     7,500 9,993
Cash acquired in connection with the Merger     102,113  
Payment of deferred transaction costs and issuance costs     (2,346) (22)
Net cash provided by financing activities     107,267 11,562
Net increase in cash and cash equivalents and restricted cash     87,287 3,070
Cash and cash equivalents and restricted cash, at beginning of the period     1,639 3,169
Cash and cash equivalents and restricted cash, at end of the period 88,926 6,239 88,926 6,239
Reconciliation of cash, cash equivalents and restricted cash:        
Cash and cash equivalents 88,426 6,239 88,426 6,239
Restricted cash 500   500  
Total cash, cash equivalents and restricted cash, at end of the period $ 88,926 $ 6,239 88,926 6,239
Supplemental disclosure of cash flow information:        
Capital contributions - in-kind services - related party       60
Premium on issuance of convertible promissory notes (including $169 and $2,134 for a related party)     186 $ 2,134
Merger transaction costs recognized in additional paid-in capital     5,357  
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