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Stock-Based Compensation (Tables) | 9 Months Ended
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Sep. 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 nine months ended September 30, 2025 and for the three months ended September 30, 2024 and the period from February 6, 2024 (inception) to September 30, 2024:
|  | 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 |
Expected term (in years) |  |  | 6.1 |  |  |  | 6.1 |  |  |  | 6.0 |  |  |  | 6.1 |
Expected volatility |  |  | 93.7 | % |  |  | 97.3 | % |  |  | 95.3 | % |  |  | 101.0 | %
Risk-free interest rate |  |  | 3.8 | % |  |  | 3.5 | % |  |  | 4.4 | % |  |  | 4.3 | %
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 nine months ended September 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 |  |  | 2,278,800 |  |  | $ | 12.24 |  |  |  |  |  |  |  |  |
Exercised |  |  | — |  |  |  | — |  |  |  |  |  |  |  |  |
Canceled/forfeited |  |  | (32,000 | ) |  | $ | 10.91 |  |  |  |  |  |  |  |  |
Balance as of September 30, 2025 |  |  | 3,814,560 |  |  | $ | 11.90 |  |  |  | 9.1 |  |  | $ | 30,938 |
Vested and expected to vest, September 30, 2025 |  |  | 3,814,560 |  |  | $ | 11.90 |  |  |  | 9.1 |  |  | $ | 30,938 |
Exercisable, September 30, 2025 |  |  | 730,123 |  |  | $ | 8.99 |  |  |  | 8.8 |  |  | $ | 7,689 |
Schedule of RSA Activity | The following table summarizes the RSA activity for the nine months ended September 30, 2025:
|  | Number of RSAs |  |  | Weighted Average Grant Date Fair Value |
Unvested balance as of December 31, 2024 |  |  | 2,207,553 |  |  | $ | — |
Granted |  |  | — |  |  | $ | — |
Vested |  |  | (852,515 | ) |  | $ | — |
Unvested balance as of September 30, 2025 |  |  | 1,355,038 |  |  | $ | — |
Schedule of Employee Warrant Activity | The following table summarizes the employee warrant activity during the nine months ended September 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 September 30, 2025 |  |  | 3,054,358 |  |  | $ | 7.80 |  |  |  | 8.8 |  |  | $ | 34,911 |
Vested and expected to vest, September 30, 2025 |  |  | 3,054,358 |  |  | $ | 7.80 |  |  |  | 8.8 |  |  | $ | 34,911 |
Exercisable, September 30, 2025 |  |  | 1,050,013 |  |  | $ | 7.80 |  |  |  | 8.8 |  |  | $ | 12,002 |
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 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 |  | $ | 8,341 |  |  | $ | 7,772 |  |  | $ | 14,712 |  |  | $ | 8,310 |
General and administrative |  |  | 1,824 |  |  |  | 1,229 |  |  |  | 5,413 |  |  |  | 1,459 |
Total |  | $ | 10,165 |  |  | $ | 9,001 |  |  | $ | 20,125 |  |  | $ | 9,769 |
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 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 |
Paruka Warrant Obligation |  | $ | 6,595 |  |  | $ | 7,251 |  |  | $ | 9,684 |  |  | $ | 7,681 |
Employee warrants |  |  | 1,198 |  |  |  | 1,314 |  |  |  | 3,987 |  |  |  | 1,314 |
Stock options |  |  | 2,314 |  |  |  | 427 |  |  |  | 6,333 |  |  |  | 765 |
Employee stock purchase plan |  |  | 58 |  |  |  | 9 |  |  |  | 121 |  |  |  | 9 |
Total |  | $ | 10,165 |  |  | $ | 9,001 |  |  | $ | 20,125 |  |  | $ | 9,769 |

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- Definition Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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