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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 220,942 $ 69,386
Prepaid expenses and other current assets 2,042 268
Total current assets 222,984 69,654
Property and equipment, net 147 0
Operating lease right-of-use asset 777  
Other assets 60 3,145
Total assets 223,968 72,799
Current liabilities:    
Accounts payable 7,586 1,290
Accrued expenses and other current liabilities 8,091 4,125
Related party accrued expenses and other current liabilities 2,380 5,504
Warrant liability, related party 3,563 1,077
Total current liabilities 21,620 11,996
Convertible Notes payable [1]   107,600
Long-term lease liability 792  
Total liabilities 22,412 119,596
Commitments and contingencies (Note 12)
Stockholders' deficit:    
Series A non-voting convertible preferred stock, $0.0001 par value; 12,622 and no shares authorized as of June 30, 2025 and December 31, 2024, respectively; 12,622 shares and no shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively 2  
Common stock, $0.0001 par value; 300,000,000 and 40,000,000 shares authorized as of June 30, 2025 and December 31, 2024, respectively; 32,626,730 and 3,672,794 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively 3 1
Additional paid-in capital 318,857 179
Accumulated other comprehensive loss (24)  
Accumulated deficit (117,282) (46,979)
Total stockholders' equity (deficit) 201,556 (46,799)
Total liabilities, Series Seed convertible preferred stock and stockholders' equity (deficit) 223,968 72,799
Series Seed Convertible Preferred Stock    
Current liabilities:    
Series Seed convertible preferred stock, $0.0001 par value; no shares and 20,000,000 shares authorized as of June 30, 2025 and December 31, 2024, respectively; no shares and 20,000,000 issued and outstanding as of June 30, 2025 and December 31,2024, respectively; liquidation preference of $2 as of December 31, 2024 and none as of June 30, 2025, respectively. 2
Series A Non-voting Convertible Preferred Stock    
Stockholders' deficit:    
Series A non-voting convertible preferred stock, $0.0001 par value; 12,622 and no shares authorized as of June 30, 2025 and December 31, 2024, respectively; 12,622 shares and no shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively $ 2
Related Party    
Current liabilities:    
Convertible Notes payable   $ 22,700
[1] Includes related party amount of $22.7 million at December 31, 2024.