XML 13 R6.htm IDEA: XBRL DOCUMENT v3.25.2
Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) (Unaudited) - USD ($)
$ in Thousands
Total
Series A Convertible Preferred Stock
Series B Convertible Preferred Stock
Common Stock
Additional Paid-in Capital
Accumulated Other Comprehensive Income (Loss)
Accumulated Deficit
Convertible Preferred Stock, beginning balance at Dec. 31, 2023   $ 89,487 $ 77,091        
Convertible Preferred Stock, beginning balance, shares at Dec. 31, 2023   100,182,354 51,273,790        
Beginning balance at Dec. 31, 2023 $ (25,634)     $ 4 $ 19,796 $ 4 $ (45,438)
Beginning balance, shares at Dec. 31, 2023       4,170,817      
Issuance of Series B convertible preferred stock for the settlement of the tranche right liability, net of issuance costs 7,343   $ 68,161   7,343    
Issuance of Series B convertible preferred stock for the settlement of the tranche right liability, net of issuance costs, shares     38,157,240        
Stock-based compensation expense 1,491       1,491    
Net loss (22,669)           (22,669)
Change in unrealized gain (loss) on investments, net of tax (164)         (164)  
Convertible Preferred Stock, ending balance at Mar. 31, 2024   $ 89,487 $ 145,252        
Convertible Preferred Stock, ending balance, shares at Mar. 31, 2024   100,182,354 89,431,030        
Ending balance at Mar. 31, 2024 (39,633)     $ 4 28,630 (160) (68,107)
Ending balance, shares at Mar. 31, 2024       4,170,817      
Convertible Preferred Stock, beginning balance at Dec. 31, 2023   $ 89,487 $ 77,091        
Convertible Preferred Stock, beginning balance, shares at Dec. 31, 2023   100,182,354 51,273,790        
Beginning balance at Dec. 31, 2023 (25,634)     $ 4 19,796 4 (45,438)
Beginning balance, shares at Dec. 31, 2023       4,170,817      
Net loss (40,790)            
Change in unrealized gain (loss) on investments, net of tax (187)            
Ending balance at Jun. 30, 2024 (336,886)     $ 36 423,261 (183) (86,228)
Ending balance, shares at Jun. 30, 2024       36,576,457      
Convertible Preferred Stock, beginning balance at Dec. 31, 2023   $ 89,487 $ 77,091        
Convertible Preferred Stock, beginning balance, shares at Dec. 31, 2023   100,182,354 51,273,790        
Beginning balance at Dec. 31, 2023 (25,634)     $ 4 19,796 4 (45,438)
Beginning balance, shares at Dec. 31, 2023       4,170,817      
Net loss (78,300)            
Ending balance at Dec. 31, 2024 $ 305,427     $ 37 429,657 (522) (123,745)
Ending balance, shares at Dec. 31, 2024 36,580,202     36,580,202      
Convertible Preferred Stock, beginning balance at Mar. 31, 2024   $ 89,487 $ 145,252        
Convertible Preferred Stock, beginning balance, shares at Mar. 31, 2024   100,182,354 89,431,030        
Beginning balance at Mar. 31, 2024 $ (39,633)     $ 4 28,630 (160) (68,107)
Beginning balance, shares at Mar. 31, 2024       4,170,817      
Conversion of Series A convertible preferred stock to common stock upon closing of the intial public offering 89,487 $ (89,487)   $ 12 89,475    
Conversion of Series A convertible preferred stock to common stock upon closing of the intial public offering, shares   (100,182,354)   11,701,298      
Conversion of Series B convertible preferred stock to common stock upon closing of the initial public offering 145,252   $ (145,252) $ 10 145,242    
Conversion of Series B Convertible Preferred Stock to Common Stock Upon Closing of the Initial Public Offering, Shares     (89,431,030) 10,445,518      
Issuance of common stock from initial public offering, net of issuance costs 140,868     $ 9 140,859    
Issuance of common stock from initial public offering, net of issuance costs, shares       9,200,000      
Issuance of common stock from private placement, net of issuance cost 16,702     $ 1 16,701    
Issuance of common stock from private placement, net of issuance cost, shares       1,058,824      
Stock-based compensation expense 2,354       2,354    
Net loss (18,121)           (18,121)
Change in unrealized gain (loss) on investments, net of tax (23)         (23)  
Ending balance at Jun. 30, 2024 (336,886)     $ 36 423,261 (183) (86,228)
Ending balance, shares at Jun. 30, 2024       36,576,457      
Beginning balance at Dec. 31, 2024 $ 305,427     $ 37 429,657 (522) (123,745)
Beginning balance, shares at Dec. 31, 2024 36,580,202     36,580,202      
Stock-based compensation expense $ 4,040       4,040    
Issuance of common stock upon exercise of stock options 6       6    
Issuance of common stock upon exercise of stock options, shares       3,240      
Repurchase of unvested restricted common stock (1)       (1)    
Repurchase of unvested restricted common stock, shares       (86,008)      
Net loss (24,063)           (24,063)
Change in unrealized gain (loss) on investments, net of tax 427         427  
Ending balance at Mar. 31, 2025 285,836     $ 37 433,702 (95) (147,808)
Ending balance, shares at Mar. 31, 2025       36,497,434      
Beginning balance at Dec. 31, 2024 $ 305,427     $ 37 429,657 (522) (123,745)
Beginning balance, shares at Dec. 31, 2024 36,580,202     36,580,202      
Issuance of common stock upon exercise of stock options, shares 3,483            
Net loss $ (50,795)            
Change in unrealized gain (loss) on investments, net of tax 446            
Ending balance at Jun. 30, 2025 $ 263,512     $ 37 438,091 (76) (174,540)
Ending balance, shares at Jun. 30, 2025 36,497,677     36,497,677      
Beginning balance at Mar. 31, 2025 $ 285,836     $ 37 433,702 (95) (147,808)
Beginning balance, shares at Mar. 31, 2025       36,497,434      
Stock-based compensation expense 4,389       4,389    
Issuance of common stock upon exercise of stock options, shares       243      
Net loss (26,732)           (26,732)
Change in unrealized gain (loss) on investments, net of tax 19         19  
Ending balance at Jun. 30, 2025 $ 263,512     $ 37 $ 438,091 $ (76) $ (174,540)
Ending balance, shares at Jun. 30, 2025 36,497,677     36,497,677