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Segment Disclosures | 9 Months Ended
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Sep. 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 September 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 September 30, 2025 |  |  | Three Months Ended September 30, 2024 |  |  | Nine Months Ended September 30, 2025 |  |  | Period from February 6, 2024 (inception) to September 30, 2024 |
Research and development personnel-related (excluding stock-based compensation) |  | $ | 3,774 |  |  | $ | 1,304 |  |  | $ | 9,538 |  |  | $ | 2,374 |
General and administrative personnel-related (excluding stock-based compensation) |  |  | 1,945 |  |  |  | 1,206 |  |  |  | 5,356 |  |  |  | 3,131 |
Research and development stock-based compensation |  |  | 8,341 |  |  |  | 7,772 |  |  |  | 14,712 |  |  |  | 8,310 |
General and administrative stock-based compensation |  |  | 1,824 |  |  |  | 1,229 |  |  |  | 5,413 |  |  |  | 1,459 |
External research and development |  |  | 15,581 |  |  |  | 15,908 |  |  |  | 45,607 |  |  |  | 37,926 |
Other research and development |  |  | 1,292 |  |  |  | 707 |  |  |  | 3,143 |  |  |  | 947 |
General and administrative, excluding personnel-related and stock-based compensation |  |  | 1,348 |  |  |  | 1,323 |  |  |  | 3,851 |  |  |  | 3,658 |
Total operating expenses |  | $ | 34,105 |  |  | $ | 29,449 |  |  | $ | 87,620 |  |  | $ | 57,805 |
Loss from operations |  | $ | (34,105 | ) |  | $ | (29,449 | ) |  | $ | (87,620 | ) |  | $ | (57,805 | )

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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