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Net Loss Per Share (Tables)

6 Months Ended

Jun. 30, 2025

Net Loss per Share [Abstract]

Schedule of Basic and Diluted Net Loss Per Share Attributable to Stockholders

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.

Schedule of Anti-Dilutive Effect Excluded from Potential Computation of Diluted Net Loss Per Share

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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- Definition

Tabular disclosure of securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) in the future that were not included in the computation of diluted EPS because to do so would increase EPS amounts or decrease loss per share amounts for the period presented, by antidilutive securities.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1

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- Definition

Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1

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