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Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Operating expenses    
Research and development [1] $ 19,572 $ 12,504
General and administrative [2] 7,536 4,590
Total operating expenses 27,108 17,094
Loss from operations (27,108) (17,094)
Other income (expense):    
Interest income 3,045 1,815
Change in fair value of preferred stock tranche right liability   (7,390)
Total other income, net 3,045 (5,575)
Net loss $ (24,063) $ (22,669)
Net loss per share attributable to common stockholders, basic $ (0.68) $ (11.07)
Net loss per share attributable to common stockholders, diluted $ (0.68) $ (11.07)
Weighted-average common shares outstanding, basic 35,266,577 2,046,889
Weighted-average common shares outstanding, diluted 35,266,577 2,046,889
Comprehensive loss:    
Net loss $ (24,063) $ (22,669)
Change in unrealized gains (losses) on investments, net of tax 427 (164)
Total other comprehensive income (loss) 427 (164)
Comprehensive loss $ (23,636) $ (22,833)
[1] Includes related party amounts of zero and less than $0.1 million for the three months ended March 31, 2025 and 2024, respectively (see Note 10).
[2] Includes related party amounts of zero and $0.1 million for the three months ended March 31, 2025 and 2024, respectively (see Note 10).