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Segment Disclosures
 3 Months Ended
Mar. 31, 2025
Segment Disclosures [Abstract]  
Segment Disclosures

9. Segment Disclosures

 

The Company operates and manages its business activities on a consolidated basis and operates in one reportable segment.

 

The Company operates as a single reportable and operating segment. Its Chief Executive Officer, serving as the Chief Operating Decision Maker (“CODM”), oversees operations on an aggregated basis to allocate resources effectively. In assessing the Company’s financial performance, the CODM regularly reviews total operating expenses and consolidated net loss.

 

The measure of segment assets is reported on the balance sheet as total consolidated assets. The Company’s long-lived assets consist primarily of property and equipment, net. As of March 31, 2025 and December 31, 2024 all of long-lived assets were in the U.S.

The table below is a summary of the segment loss from operations, including significant segment expenses (in thousands):

 

   Three Months
Ended
March 31,
2025		   Period from
February 6,
2024
(Inception) to
March 31,
2024		 
Research and development personnel-related (excluding stock-based compensation)  $2,463   $194 
General and administrative personnel-related (excluding stock-based compensation)   1,694    766 
Research and development stock-based compensation   3,003    70 
General and administrative stock-based compensation   1,880    15 
External research and development   13,610    4,905 
Other research and development   849    24 
General and administrative, excluding personnel-related and stock-based compensation   1,587    889 
Total operating expenses   25,086    6,863 
Loss from operations  $(25,086)  $(6,863)