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Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Operating expenses:        
Research and development (including $0, $32,056, $15 and $32,115 for a related party, respectively) $ 9,126 $ 36,020 $ 23,596 $ 41,192
General and administrative (including $71, $56, $269 and $153 for a related party, respectively) 3,615 1,829 11,755 3,407
Total operating expenses 12,741 37,849 35,351 44,599
Loss from operations (12,741) (37,849) (35,351) (44,599)
Other income (expense), net:        
Change in fair value of tranche liability (including $331 for a related party for the nine months ended September 30, 2025) 0 0 365 0
Change in fair value of derivative liabilities (including $0, $549, $1,165 and $860 for a related party, respectively) 0 549 1,229 860
Interest expense (including $0, $815, $1,384 and $1,392 for a related party, respectively) 0 (815) (1,443) (1,392)
Loss on extinguishment and on issuance of convertible promissory notes (including $0, $0, $169 and $2,134 for a related party, respectively) 0 0 (186) (2,134)
Other income, net 847 31 1,946 124
Total other income (expense), net 847 (235) 1,911 (2,542)
Net loss $ (11,894) $ (38,084) $ (33,440) $ (47,141)
Net loss per share attributable to common stockholders - basic $ (0.64) $ (28.16) $ (2.41) $ (35.44)
Net loss per share attributable to common stockholders - diluted $ (0.64) $ (28.16) $ (2.41) $ (35.44)
Weighted-average shares outstanding - basic 18,701,708 1,352,265 13,872,369 1,330,255
Weighted-average shares outstanding - diluted 18,701,708 1,352,265 13,872,369 1,330,255
Comprehensive loss:        
Net loss $ (11,894) $ (38,084) $ (33,440) $ (47,141)
Other comprehensive income:        
Unrealized gain on available-for-sale securities, net of tax 6 0 6 0
Total other comprehensive income 6 0 6 0
Comprehensive loss $ (11,888) $ (38,084) $ (33,434) $ (47,141)