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Income Taxes (Tables)

12 Months Ended

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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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of the change in unrecognized tax benefits.

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Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance.

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