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Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Income Statement [Abstract]        
Research service revenue - related party $ 983 $ 0 $ 1,966 $ 0
Operating expenses:        
Research and development 6,042 5,335 12,600 10,582
General and administrative 3,958 3,714 7,934 7,597
Total operating expenses 10,000 9,049 20,534 18,179
Loss from operations (9,017) (9,049) (18,568) (18,179)
Interest income 1,025 490 1,321 875
Loss on issuance of common stock, pre-funded warrants and warrants in the 2024 PIPE 0 (20,397) 0 (20,397)
Loss on amendment and cancellation of warrants 0 0 (2,073) 0
Loss on execution of the 2025 PIPE 0 0 (71,084) 0
Gain on change in fair value of tranche liability 31,520 0 47,860 0
Gain on settlement of tranche liability 0 0 1,117 0
Other income, net (Note 3) 16,218 3,695 54,203 3,610
Net income (loss) 39,746 (25,261) 12,776 (34,091)
Net income (loss) available to (attributable to) common stockholders, basic 21,808 (25,261) 5,210 (34,091)
Net income (loss) available to (attributable to) common stockholders, diluted $ 21,808 $ (25,261) $ 5,210 $ (34,091)
Net income (loss) per share available to (attributable to) common stockholders, basic $ 2.55 $ (7.99) $ 0.85 $ (13)
Net income (loss) per share available to (attributable to) common stockholders, diluted $ 2.55 $ (7.99) $ 0.85 $ (13)
Weighted-average shares used in computing net income (loss) per share available to (attributable to) common stockholders, basic 8,541 3,162 6,098 2,622
Weighted-average shares used in computing net income (loss) per share available to (attributable to) common stockholders, diluted 8,541 3,162 6,098 2,622