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Net Loss Per Share
 3 Months Ended
Mar. 31, 2025
Net Loss per Share [Abstract]  
Net Loss Per Share

12. Net Loss per Share

 

Basic and diluted net loss per share attributable to stockholders were calculated as follows (in thousands, except share and per share data):

 

   Three Months Ended March 31, 2025   Period from
February 6, 2024 (Inception) to
March 31, 2024		 
   Loss Allocation   Weighted
Average
Shares
Outstanding		   Loss Per
Share,
Basic and
Diluted		   Loss
Allocation		   Weighted
Average
Shares
Outstanding		   Loss Per
Share,
Basic and
Diluted		 
Common Stock  $(16,480)   41,679,560   $(0.40)  $(7,077)   3,197,977   $(2.21)
Company Series B Preferred Stock (1)   (4,519)   137,138   $(32.95)   
—
    
—
   $
—
 
Net loss  $(20,999)            $(7,077)          

 

  (1) The weighted-average number of shares of as-converted Company Series B Preferred Stock used in the loss allocation was 11,428,129 for the three months ended March 31, 2025.

For the computation of basic net loss per share attributable to stockholders, the amount of weighted-average shares outstanding excludes all shares of unvested restricted common stock as such shares are not considered outstanding for accounting purposes until vested. The amount of weighted-average shares outstanding includes the pre-funded warrants as the exercise price is negligible and these warrants are fully vested and exercisable.

 

The potential shares of common stock that were excluded from the computation of diluted net loss per share attributable to stockholders for the periods presented because including them would have had an anti-dilutive effect were as follows:

 

   March 31,
2025		   March 31,
2024		 
Outstanding employee warrants to purchase common stock   3,054,358    
—
 
Outstanding unvested restricted stock awards   1,630,982    2,207,553 
Outstanding and issued common stock options   3,265,460    399,222 
Outstanding and issued warrant to Paruka   596,930    
—
 
Total   8,547,730    2,606,775