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Consolidated statements of cash flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:    
Net loss $ (62,806) $ (20,537)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization expense 89 60
Stock-based compensation expense 6,004 3,325
Change in fair value of preferred stock tranche right liabilities (2,859) (15,527)
Series B issuance costs allocated to tranche right liability   134
Net amortization of premiums and accretion of discounts on short-term investments (1,655) (1,260)
Non-cash lease expense 182 82
Changes in operating assets and liabilities:    
Accounts receivable - related party (515) 314
Prepaid expenses and other assets (1,008) (6,237)
Accounts payable 2,017 1,278
Accrued expenses and other current liabilities 1,512 422
Operating lease liabilities (133) (82)
Net cash used in operating activities (59,172) (37,926)
Cash flows from investing activities:    
Purchases of short-term investments (290,609) (128,990)
Maturities of short-term investments 231,635 46,292
Purchases of property and equipment (511) (144)
Net cash used in investing activities (59,485) (82,842)
Cash flows from financing activities:    
Proceeds from initial public offering, net of underwriters discounts and commissions 272,723  
Proceeds from exercises of stock options 159 118
Payments of initial public offering costs (3,896)  
Net cash provided by financing activities 418,910 129,550
Net increase in cash, cash equivalents and restricted cash 300,253 8,782
Cash, cash equivalents and restricted cash at beginning of period 25,833 17,051
Cash, cash equivalents and restricted cash at end of period 326,086 25,833
Cash, cash equivalents and restricted cash at end of period:    
Cash and cash equivalents 325,892 25,833
Restricted cash 194  
Total cash, cash equivalents and restricted cash at end of period 326,086 25,833
Supplemental cash flow information:    
Right-of-use asset obtained in exchange for operating lease liability 1,922 36
Supplemental disclosure of non-cash investing and financing activities:    
Initial public offering costs included in accounts payable 34  
Related Party    
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense   102
Series A Redeemable Convertible Preferred Stock    
Cash flows from financing activities:    
Proceeds from the issuance of preferred stock [1]   80,000
Series A Redeemable Convertible Preferred Stock | Related Party    
Cash flows from financing activities:    
Proceeds from the issuance of preferred stock   10,000
Series B Redeemable Convertible Preferred Stock    
Cash flows from financing activities:    
Proceeds from the issuance of preferred stock 149,924 49,432
Series A Preferred Stock    
Supplemental disclosure of non-cash investing and financing activities:    
Settlement of preferred stock tranche right liability   $ 320
Series B Preferred Stock    
Supplemental disclosure of non-cash investing and financing activities:    
Settlement of preferred stock tranche right liability $ 15  
[1] Includes related party amount of $10.0 million for the year ended December 31, 2023 (Note 16).