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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Deferred Tax Assets and Liabilities | Significant components of the Company’s deferred tax assets are as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of December 31,
​ |  | 2024 |  | 2023
Deferred tax assets: |  | ​ |  |  | ​ |
Net operating loss carryforwards | ​ | $ | 3,078 | ​ | $ | 2,320
R&D credit | ​ |  | 2,443 | ​ |  | 1,424
Capitalized R&D expenses | ​ |  | 5,617 | ​ |  | 2,647
Capitalized start-up expenses | ​ |  | 15,628 | ​ |  | 4,652
Operating lease liabilities | ​ |  | 216 | ​ |  | —
Stock-based compensation | ​ |  | 394 | ​ |  | 80
Depreciation and amortization | ​ |  | 73 | ​ |  | 17
Accrued expenses | ​ |  | — | ​ |  | 44
Deferred tax assets | ​ |  | 27,449 | ​ |  | 11,184
Valuation allowance | ​ |  | (26,775) | ​ |  | (11,184)
Total deferred tax assets | ​ |  | 674 | ​ |  | —
Deferred tax liabilities: | ​ |  |  | ​ |  |
Right-of-use assets | ​ |  | (207) | ​ |  | —
Unrealized gain on marketable securities | ​ |  | (467) | ​ |  | —
Total deferred tax liabilities | ​ |  | (674) | ​ |  | —
Net deferred assets | ​ | $ | — | ​ | $ | —
Schedule of Effective Income Tax Rate Reconciliation | The benefit for income taxes differs from the amount obtained by applying the federal statutory income tax rate as follows:
​ | ​ | ​ | ​ | ​ | ​
​ |  | Years Ended December 31, |
​ | ​ | 2024 |  | 2023 |
Federal taxes at statutory rate |  | 21.0 | % | 21.0 | %
State and local taxes, net of federal benefit |  | (0.7) | % | 0.2 | %
Tax credit carryforward generated |  | 1.8 | % | 1.9 | %
Change in unrealized gains on marketable securities |  | (0.6) | % | 0.0 | %
Valuation allowance |  | (21.4) | % | (13.7) | %
Nondeductible change in fair value of SAFE |  | (8.0) | % | (9.0) | %
Transaction costs |  | 2.1 | % | 0.0 | %
Interest expense |  | 1.6 | % | 0.0 | %
Stock-based compensation |  | 3.8 | % | 0.0 | %
Other differences |  | (0.5) | % | (0.4) | %
Effective Income Tax Rate |  | (0.9) | % | 0.0 | %
Summary of Valuation Allowance | The following table represents a roll forward of the qualifying accounts consisting of the valuation allowance for deferred tax assets:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Years Ended December 31,
​ | ​ | 2024 |  | 2023
Valuation allowance for deferred tax assets - beginning of year | ​ | $ | 11,184 | ​ | $ | 6,777
Change in valuation allowance for deferred tax assets during the year | ​ |  | 15,591 | ​ |  | 4,407
Valuation allowance for deferred tax assets - end of year | ​ | $ | 26,775 | ​ | $ | 11,184
Schedule of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Years Ended December 31,
​ |  | 2024 |  | 2023
Balance at beginning of year | ​ | $ | — | ​ | $ | —
Additions for tax positions taken in prior year | ​ |  | 142 | ​ |  | —
Additions for tax positions related to the current year | ​ |  | 129 | ​ |  | —
Balance at end of year | ​ | $ | 271 | ​ | $ | —

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