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Consolidated Statements of Operations and Comprehensive Loss - USD ($)
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Operating expenses    
Research and development [1] $ 60,935,000 $ 27,999,000
General and administrative [2] 22,120,000 8,180,000
Total operating expenses 83,055,000 36,179,000
Loss from operations (83,055,000) (36,179,000)
Other income (expense):    
Interest income 12,138,000 2,527,000
Change in fair value of preferred stock tranche right liability (7,390,000) (1,124,000)
Total other income, net 4,748,000 1,403,000
Net loss before income taxes (78,307,000) (34,776,000)
Provision for income taxes 0 10,000
Net loss $ (78,307,000) $ (34,786,000)
Net loss per share attributable to common stockholders, basic $ (3.78) $ (23.1)
Net loss per share attributable to common stockholders, diluted $ (3.78) $ (23.1)
Weighted-average common shares outstanding, basic 20,738,338 1,505,774
Weighted-average common shares outstanding, diluted 20,738,338 1,505,774
Comprehensive loss:    
Net loss $ (78,307,000) $ (34,786,000)
Change in unrealized gains (losses) on investments, net of tax (526,000) 4,000
Total other comprehensive income (loss) (526,000) 4,000
Comprehensive loss $ (78,833,000) $ (34,782,000)
[1] Includes related party amounts of less than $0.1 million and $0.7 million for the years ended December 31, 2024 and 2023, respectively (see Note 10).
[2] Includes related party amounts of $0.1 million and $0.9 million for the years ended December 31, 2024 and 2023, respectively (see Note 10).