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Segment Disclosures
 9 Months Ended
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 )