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Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2024
Dec. 31, 2024
Sep. 30, 2025
Operating expenses:          
Research and development $ 22,010 [1] $ 13,581 [1] $ 13,659 [1] $ 31,234 [2] $ 64,580 [1]
General and administrative 5,391 [3] 1,384 [3] 1,896 [3] 4,304 [4] 13,983 [3]
Total operating expenses 27,401 14,965 15,555 35,538 78,563
Loss from operations (27,401) (14,965) (15,555) (35,538) (78,563)
Other income (expense):          
Interest income 2,254 388 388 1,159 4,697
Change in fair value of Convertible Notes payable 0 [5] (1,700) [5] (1,700) [5] (12,600) [6] (21,584) [5]
Other expense (28) 0 0   (28)
Total other income (expense), net 2,226 (1,312) (1,312) (11,441) (16,915)
Net loss (25,175) (16,277) (16,867) $ (46,979) (95,478)
Other comprehensive loss:          
Currency translation adjustment 18 0 0   (6)
Unrealized holding gain on investments 35 0 0   35
Comprehensive loss $ (25,122) $ (16,277) $ (16,867)   $ (95,449)
Net loss per share attributable to common stockholders, basic $ (0.48) $ (5.16) $ (5.35) $ (14.89) $ (3.08)
Net loss per share attributable to common stockholders, diluted $ (0.48) $ (5.16) $ (5.35) $ (14.89) $ (3.08)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic 39,584,489 3,155,500 3,155,500 3,155,500 23,816,586
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted 39,584,489 3,155,500 3,155,500 3,155,500 23,816,586
Series A Non-voting Convertible Preferred Stock          
Other comprehensive loss:          
Net loss per share attributable to common stockholders, basic $ (482.25) $ 0 $ 0   $ (3,081.78)
Net loss per share attributable to common stockholders, diluted $ (482.25) $ 0 $ 0   $ (3,081.78)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic 12,622 0 0   7,166
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted 12,622 0 0   7,166
[1] Includes related party amounts of $5.8 million and $17.5 million for the three and nine months ended September 30, 2025, respectively, and $13.1 million for the three months ended September 30, 2024 and $13.2 million for the period from June 18, 2024 (inception) through September 30, 2024 (see Note 15).
[2] Includes related party amount of $24.6 million for the period from June 18, 2024 (inception) to December 31, 2024 (see Note 13).
[3] Includes related party amounts of $0.2 million for both the three and nine months ended September 30, 2025, and $0.4 million for the three months ended September 30, 2024 and $0.9 million for the period from June 18, 2024 (inception) through September 30, 2024 (see Note 15).
[4] Includes related party amount of $1.0 million for the period from June 18, 2024 (inception) to December 31, 2024 (see Note 13).
[5] Includes related party amounts of $4.6 million for the nine months ended September 30, 2025, and none for the three months ended September 30, 2025. Includes related party amounts of $0.4 million for the period from June 18, 2024 (inception) through September 30, 2024 (see Note 15).
[6] Includes related party amount of $2.7 million for the period from June 18, 2024 (inception) to December 31, 2024 (see Note 13).