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Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2025

Stock-Based Compensation [Abstract]

Schedule of Weighted-Average Assumptions Used in Calculating the Fair Value of the Awards

The following table summarizes the weighted-average assumptions used in calculating the fair value of the awards for the three months ended March 31, 2025 and for the period from February 6, 2024 (inception) to March 31, 2024:

		Three Months Ended March 31, 2025				Period from February 6, 2024 (Inception) to March 31, 2024
Expected term (in years)			6.0				6.0
Expected volatility			96.0	%			103.0	%
Risk-free interest rate			4.5	%			4.2	%
Expected dividend yield			—				—

Schedule of Stock Option Activity

The following table summarizes the stock option activities under the 2024 Plan and the 2024 Stock Plan for the three months ended March 31, 2025:

		Number of Stock Options Outstanding				Weighted  Average Exercise Price Per Share				Weighted Average Remaining Contractual Term (in Years)				Aggregate Intrinsic Value (in Thousands)
Balance as of December 31, 2024			1,567,760			$	11.39				9.4			$	15,470
Granted			1,697,700			$	12.48
Exercised			—			$	—
Canceled/forfeited			—			$	—
Balance as of March 31, 2025			3,265,460			$	11.96				9.5			$	4,704
Vested and expected to vest, March 31, 2025			3,265,460			$	11.96				9.5			$	4,704
Exercisable, March 31, 2025			161,539			$	7.77				9.3			$	521

Schedule of RSA Activity

The following table summarizes the RSA activity for the three months ended March 31, 2025:

		Number of RSAs				Weighted Average Grant Date Fair Value
Unvested balance as of December 31, 2024			2,207,553			$	—
Granted			—			$	—
Vested			(576,571	)		$	—
Unvested balance as of March 31, 2025			1,630,982			$	—

Schedule of Employee Warrant Activity

The following table summarizes the employee warrant activity during the three months ended March 31, 2025:

		Number of Employee Warrants Outstanding				Weighted Average Exercise Price Per Share				Weighted Average Remaining Contractual Term (in Years)				Aggregate Intrinsic Value (in Thousands)
Balance as of December 31, 2024			3,054,358			$	7.80				9.5			$	35,400
Granted			—			$	—
Exercised			—			$	—
Canceled/forfeited			—			$	—
Balance as of March 31, 2025			3,054,358			$	7.80				9.3			$	7,514
Vested and expected to vest, March 31, 2025			3,054,358			$	7.80				9.3			$	7,514
Exercisable, March 31, 2025			—			$	—				—			$	—

Schedule of Company’s Stock-Based Compensation Expense

The following table summarizes the classification of the Company’s stock-based compensation expense in the condensed consolidated statements of operations and comprehensive loss (in thousands):

		Three Months Ended March 31, 2025				Period from February 6, 2024 (Inception) to March 31, 2024
Research and development		$	3,003			$	70
General and administrative			1,880				15
Total		$	4,883			$	85

Schedule of Award Types of Company’s Stock-Based Compensation Expense

The following table summarizes the award types of the Company’s stock-based compensation expense in the condensed consolidated statements of operations and comprehensive loss (in thousands): 

		Three Months Ended March 31, 2025				Period from February 6, 2024 (Inception) to March 31, 2024
Paruka Warrant Obligation		$	1,415			$	68
Employee warrants			1,551				—
Stock options			1,889				17
Employee stock purchase plan			28				—
Total		$	4,883			$	85

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Tabular disclosure of Share-Based Payment Arrangement, Warrant Activity.

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Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit.

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Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

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Tabular disclosure of the changes in outstanding nonvested restricted stock units.

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Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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