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Net Loss Per Share | 6 Months Ended
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Jun. 30, 2025
Net Loss per Share [Abstract] |
Net Loss Per Share | 12. Net Loss per Share The following table summarizes the basic and diluted net loss per share attributable to stockholders (in thousands, except share and per share data):
|  | Three Months Ended June 30, 2025 |  |  | Three Months Ended June 30, 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 |  | $ | (19,327 | ) |  |  | 42,095,951 |  |  | $ | (0.46 | ) |  | $ | (22,243 | ) |  |  | 3,197,975 |  |  | $ | (6.96 | )
Company Series B Preferred Stock(1) |  |  | (5,247 | ) |  |  | 137,138 |  |  | $ | (38.26 | ) |  |  | — |  |  |  | — |  |  | $ | — |
Net loss |  | $ | (24,574 | ) |  |  |  |  |  |  |  |  |  | $ | (22,243 | ) |  |  |  |  |  |  |  |
(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 June 30, 2025.
|  | Six Months Ended June 30, 2025 |  |  | Period from February 6, 2024 (Inception) to June 30, 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 |  | $ | (35,805 | ) |  |  | 41,888,906 |  |  | $ | (0.85 | ) |  | $ | (29,320 | ) |  |  | 3,197,975 |  |  | $ | (9.17 | )
Company Series B Preferred Stock(1) |  |  | (9,768 | ) |  |  | 137,138 |  |  | $ | (71.23 | ) |  |  | — |  |  |  | — |  |  | $ | — |
Net loss |  | $ | (45,573 | ) |  |  |  |  |  |  |  |  |  | $ | (29,320 | ) |  |  |  |  |  |  |  |
(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 six months ended June 30, 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:
|  | Three Months Ended June 30, 2025 |  |  | Three Months Ended June 30, 2024 |  |  | Six Months Ended June 30, 2025 |  |  | Period from February 6, 2024 (Inception) to June 30, 2024 |
Outstanding convertible preferred stock (as converted to common stock) |  |  | — |  |  |  | 11,428,149 |  |  |  | — |  |  |  | 11,428,149 |
Outstanding employee warrants to purchase common stock |  |  | 3,054,358 |  |  |  | — |  |  |  | 3,054,358 |  |  |  | — |
Outstanding unvested restricted stock awards |  |  | 1,493,010 |  |  |  | 2,207,553 |  |  |  | 1,493,010 |  |  |  | 2,207,553 |
Outstanding and issued common stock options |  |  | 3,668,560 |  |  |  | 1,179,193 |  |  |  | 3,668,560 |  |  |  | 1,179,193 |
Outstanding and issued warrant to Paruka |  |  | 596,930 |  |  |  | — |  |  |  | 596,930 |  |  |  | — |
Total |  |  | 8,812,858 |  |  |  | 14,814,895 |  |  |  | 8,812,858 |  |  |  | 14,814,895 |

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