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Condensed Consolidated Statement of Convertible Preferred Stock and Stockholders' Equity (Deficit) (Unaudited) - USD ($)
$ in Thousands
Total
Series A Convertible Preferred Stock
Series Seed Convertible Preferred Stock
Preferred Stock
Common Stock
Additional Paid-In Capital
Accumulated Other Comprehensive Loss
Accumulated Deficit
Temporary equity, beginning balance (in shares) at Jun. 17, 2024     20,000,000          
Temporary equity, beginning balance at Jun. 17, 2024     $ 2          
Beginning balance (in shares) at Jun. 17, 2024       20,000,000 3,672,794      
Beginning balance at Jun. 17, 2024 $ 1     $ 2 $ 1      
Net loss (590)         $ 0   $ (590)
Temporary equity, ending balance (in shares) at Jun. 30, 2024     20,000,000          
Temporary equity, ending balance at Jun. 30, 2024     $ 2          
Ending balance (in shares) at Jun. 30, 2024         3,672,794      
Ending balance at Jun. 30, 2024 (589)       $ 1     (590)
Temporary equity, beginning balance (in shares) at Jun. 17, 2024     20,000,000          
Temporary equity, beginning balance at Jun. 17, 2024     $ 2          
Beginning balance (in shares) at Jun. 17, 2024       20,000,000 3,672,794      
Beginning balance at Jun. 17, 2024 1     $ 2 $ 1      
Net loss (16,867)              
Temporary equity, ending balance (in shares) at Sep. 30, 2024     20,000,000          
Temporary equity, ending balance at Sep. 30, 2024     $ 2          
Ending balance (in shares) at Sep. 30, 2024         3,672,794      
Ending balance at Sep. 30, 2024 (16,863)       $ 1 3   (16,867)
Temporary equity, beginning balance (in shares) at Jun. 17, 2024     20,000,000          
Temporary equity, beginning balance at Jun. 17, 2024     $ 2          
Beginning balance (in shares) at Jun. 17, 2024       20,000,000 3,672,794      
Beginning balance at Jun. 17, 2024 1     $ 2 $ 1      
Stock-based compensation 179         179    
Net loss (46,979)             (46,979)
Temporary equity, ending balance (in shares) at Dec. 31, 2024     20,000,000          
Temporary equity, ending balance at Dec. 31, 2024     $ 2          
Ending balance (in shares) at Dec. 31, 2024       20,000,000 3,672,794      
Ending balance at Dec. 31, 2024 (46,799)     $ 2 $ 1 179   (46,979)
Temporary equity, beginning balance (in shares) at Jun. 30, 2024     20,000,000          
Temporary equity, beginning balance at Jun. 30, 2024     $ 2          
Beginning balance (in shares) at Jun. 30, 2024         3,672,794      
Beginning balance at Jun. 30, 2024 (589)       $ 1     (590)
Stock-based compensation 3         3    
Net loss (16,277)         0   (16,277)
Temporary equity, ending balance (in shares) at Sep. 30, 2024     20,000,000          
Temporary equity, ending balance at Sep. 30, 2024     $ 2          
Ending balance (in shares) at Sep. 30, 2024         3,672,794      
Ending balance at Sep. 30, 2024 (16,863)       $ 1 3   (16,867)
Temporary equity, beginning balance (in shares) at Dec. 31, 2024     20,000,000          
Temporary equity, beginning balance at Dec. 31, 2024     $ 2          
Beginning balance (in shares) at Dec. 31, 2024       20,000,000 3,672,794      
Beginning balance at Dec. 31, 2024 (46,799)     $ 2 $ 1 179   (46,979)
Stock-based compensation 1,458         1,458    
Net loss (38,169)             (38,169)
Temporary equity, ending balance (in shares) at Mar. 31, 2025     20,000,000          
Temporary equity, ending balance at Mar. 31, 2025     $ 2          
Ending balance (in shares) at Mar. 31, 2025         3,672,794      
Ending balance at Mar. 31, 2025 (83,510)       $ 1 1,637   (85,148)
Temporary equity, beginning balance (in shares) at Dec. 31, 2024     20,000,000          
Temporary equity, beginning balance at Dec. 31, 2024     $ 2          
Beginning balance (in shares) at Dec. 31, 2024       20,000,000 3,672,794      
Beginning balance at Dec. 31, 2024 (46,799)     $ 2 $ 1 179   (46,979)
Net loss (95,478)              
Temporary equity, ending balance (in shares) at Sep. 30, 2025   12,622            
Temporary equity, ending balance at Sep. 30, 2025   $ 2            
Ending balance (in shares) at Sep. 30, 2025         32,626,730      
Ending balance at Sep. 30, 2025 179,346       $ 3 321,769 $ 29 (142,457)
Temporary equity, beginning balance (in shares) at Mar. 31, 2025     20,000,000          
Temporary equity, beginning balance at Mar. 31, 2025     $ 2          
Beginning balance (in shares) at Mar. 31, 2025         3,672,794      
Beginning balance at Mar. 31, 2025 (83,510)       $ 1 1,637   (85,148)
Exchange of Series Seed convertible preferred stock for Series A non-voting convertible preferred stock upon the closing of the reverse recapitalization (in shares)   12,622 (20,000,000)          
Exchange of Series Seed convertible preferred stock for Series A non-voting convertible preferred stock upon the closing of the reverse recapitalization 2 $ 2 $ (2)          
Conversion of convertible notes (including accrued interest and discount) into common stock and pre-funded warrants upon the closing of the reverse recapitalization (in shares)         9,433,831      
Conversion of convertible notes (including accrued interest and discount) into common stock and pre-funded warrants upon the closing of the reverse recapitalization 129,184       $ 1 129,183    
Issuance of common stock and pre-funded warrants in the Pre-Closing Financing (in shares)         18,301,109      
Issuance of common stock and pre-funded warrants in the Pre-Closing Financing 205,000       $ 1 204,999    
Issuance costs of Pre-Closing Financing and reverse recapitalization (18,887)         (18,887)    
Issuance of common stock to former stockholders of Aerovate in connection with the closing of the reverse recapitalization (in shares)         828,143      
Issuance of common stock to former stockholders of Aerovate in connection with the closing of the reverse recapitalization (448)         (448)    
Issuance of common stock in connection with exercise of pre-funded warrants (in shares)         390,853      
Foreign currency translation adjustment (24)           (24)  
Stock-based compensation 2,373         2,373    
Net loss (32,134)             (32,134)
Temporary equity, ending balance (in shares) at Jun. 30, 2025   12,622            
Temporary equity, ending balance at Jun. 30, 2025   $ 2            
Ending balance (in shares) at Jun. 30, 2025         32,626,730      
Ending balance at Jun. 30, 2025 201,556       $ 3 318,857 (24) (117,282)
Foreign currency translation adjustment 18           18  
Unrealized gain on investments 35           35  
Stock-based compensation 2,912         2,912    
Net loss (25,175)             (25,175)
Temporary equity, ending balance (in shares) at Sep. 30, 2025   12,622            
Temporary equity, ending balance at Sep. 30, 2025   $ 2            
Ending balance (in shares) at Sep. 30, 2025         32,626,730      
Ending balance at Sep. 30, 2025 $ 179,346       $ 3 $ 321,769 $ 29 $ (142,457)