Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Operating Activities
Net loss	$ (34,452)	$ (16,934)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	24	4
Stock-based compensation expense	5,151	1,517
Accretion of discount on short-term investments	(279)	(2,199)
Non-cash interest income	(176)
Non-cash lease expense	(14)	(3)
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(982)	(5,654)
Accounts receivable - other	436
Other assets	(35)	(33)
Accounts payable	214	1,417
Accrued expenses and other current liabilities	836	(4,127)
Net cash used in operating activities	(29,277)	(26,012)
Investing Activities
Proceeds from sales and maturities of short-term investments	200,139	145,865
Purchases of short-term investments	(361,892)	(453,297)
Issuance of note receivable	(25,000)
Purchases of property and equipment	(16)	(12)
Net cash used in investing activities	(186,769)	(307,444)
Financing Activities
Proceeds from initial public offering, net of issuance costs		406,410
Payments of success fee or long-term debt		(365)
Proceeds from exercise of common stock options and issuance of common stock under the employee stock purchase plan	682
Deferred offering costs	(232)	(3,387)
Net cash provided by financing activities	450	402,658
Net (decrease) increase in cash and cash equivalents	(215,596)	69,202
Cash and cash equivalents at beginning of period	257,068	8,266
Cash and cash equivalents at end of period	41,472	77,468
Supplemental Schedule of Non-cash Investing and Financing Activities:
Reclassification of 38,413,909 redeemable convertible preferred stock to 38,413,909 shares of common stock		307,890
Conversion of deferred offering costs		$ 6,845
Deferred offering costs, unpaid and accrued	215
Operating lease right-of-use asset obtained in exchange for new operating lease liabilities	$ 859