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Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 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 and six months ended June 30, 2025 and for the three months ended June 30, 2024 and the period from February 6, 2024 (inception) to June 30, 2024:

		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
Expected term (in years)			5.9				6.0				6.0				6.0
Expected volatility			93.4	%			100.6	%			95.5	%			101.4	%
Risk-free interest rate			4.1	%			4.5	%			4.4	%			4.4	%
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 six months ended June 30, 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			2,100,800			$	11.97
Exercised			—			$	—
Canceled/forfeited			—			$	—
Balance as of June 30, 2025			3,668,560			$	11.72				9.3			$	6,634
Vested and expected to vest, June 30, 2025			3,668,560			$	11.72				9.3			$	6,634
Exercisable, June 30, 2025			470,276			$	8.04				9.0			$	1,661

Schedule of RSA Activity

The following table summarizes the RSA activity for the six months ended June 30, 2025:

		Number of RSAs				Weighted Average Grant Date Fair Value
Unvested balance as of December 31, 2024			2,207,553			$	—
Granted			—			$	—
Vested			(714,543	)		$	—
Unvested balance as of June 30, 2025			1,493,010			$	—

Schedule of Employee Warrant Activity

The following table summarizes the employee warrant activity during the six months ended June 30, 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 June 30, 2025			3,054,358			$	7.80				9.0			$	10,415
Vested and expected to vest, June 30, 2025			3,054,358			$	7.80				9.0			$	10,415
Exercisable, June 30, 2025			797,307			$	7.80				9.0			$	2,719

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 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		$	3,368			$	468			$	6,371			$	538
General and administrative			1,709				215				3,589				230
Total		$	5,077			$	683			$	9,960			$	768

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 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
Paruka Warrant Obligation		$	1,674			$	362			$	3,089			$	430
Employee warrants			1,238				—				2,789				—
Stock options			2,130				321				4,019				338
Employee stock purchase plan			35				—				63				—
Total		$	5,077			$	683			$	9,960			$	768

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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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