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Segment Disclosures
 6 Months Ended
Jun. 30, 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 June 30, 2025 and December 31, 2024 all long-lived assets were in the U.S.

The following table summarizes the segment loss from operations, including significant segment expenses (in thousands):

 

   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		 
Research and development personnel-related (excluding stock-based compensation)  $3,301   $876   $5,764   $1,070 
General and administrative personnel-related (excluding stock-based compensation)   1,717    1,159    3,411    1,925 
Research and development stock-based compensation   3,368    468    6,371    538 
General and administrative stock-based compensation   1,709    215    3,589    230 
External research and development   16,416    17,113    30,026    22,018 
Other research and development   1,002    216    1,851    240 
General and administrative, excluding personnel-related and stock-based compensation   916    1,446    2,503    2,335 
Total operating expenses   28,429    21,493    53,515    28,356 
Loss from operations  $(28,429)  $(21,493)  $(53,515)  $(28,356)