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Stock-Based Compensation (Tables)

9 Months Ended

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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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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