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Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 8 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2024
Sep. 30, 2025
Operating expenses:        
Research and development [1] $ 28,988 $ 25,691 $ 49,557 $ 73,000
General and administrative [2] 5,117 3,758 8,248 14,620
Total operating expenses 34,105 29,449 57,805 87,620
Loss from operations (34,105) (29,449) (57,805) (87,620)
Other income (expense):        
Interest income 3,832 1,330 1,330 11,781
Interest expense [3] (504) (1,468)
Other expense, net (4) (11)
Total other income (expense), net 3,828 826 (138) 11,770
Net loss (30,277) (28,623) (57,943) (75,850)
Net change in unrealized gains (losses) on marketable securities 212 226
Comprehensive loss (30,065) (28,623) (57,943) (75,624)
Common Stockholders        
Other income (expense):        
Net loss $ (24,042) $ (21,936) $ (47,192) $ (59,813)
Net loss per share attributable to stockholders, basic (in Dollars per share) $ (0.55) $ (1.46) $ (6.08) $ (1.4)
Net loss per share attributable to stockholders, Diluted (in Dollars per share) $ (0.55) $ (1.46) $ (6.08) $ (1.4)
Weighted-average shares used in computing net loss per share attributable to stockholders, basic (in Shares) 44,067,059 15,013,655 7,765,381 42,622,935
Weighted-average shares used in computing Net loss per share attributable to stockholders, diluted (in Shares) 44,067,059 15,013,655 7,765,381 42,622,935
Series A Non-Voting Convertible Preferred Stockholders        
Other income (expense):        
Net loss [4] $ (697) [4] $ (1,121) [5] [5]
Net loss per share attributable to stockholders, basic (in Dollars per share) [4] $ (1,461.1) [4] $ (6,077.25) [5] [5]
Net loss per share attributable to stockholders, Diluted (in Dollars per share) [4] $ (1,461.1) [4] $ (6,077.25) [5] [5]
Weighted-average shares used in computing net loss per share attributable to stockholders, basic (in Shares) [4] 477 [4] 184 [5] [5]
Weighted-average shares used in computing Net loss per share attributable to stockholders, diluted (in Shares) [4] 477 [4] 184 [5] [5]
Series B Non-Voting Convertible Preferred Stockholders        
Other income (expense):        
Net loss $ (6,235) [6] $ (5,990) [6] $ (9,630) [7] $ (16,037) [7]
Net loss per share attributable to stockholders, basic (in Dollars per share) $ (45.46) [6] $ (121.76) [6] $ (506.44) [7] $ (116.94) [7]
Net loss per share attributable to stockholders, Diluted (in Dollars per share) $ (45.46) [6] $ (121.76) [6] $ (506.44) [7] $ (116.94) [7]
Weighted-average shares used in computing net loss per share attributable to stockholders, basic (in Shares) 137,138 [6] 49,191 [6] 19,015 [7] 137,138 [7]
Weighted-average shares used in computing Net loss per share attributable to stockholders, diluted (in Shares) 137,138 [6] 49,191 [6] 19,015 [7] 137,138 [7]
[1] Includes related party amounts of $9,595 and $13,537 for the three months ended September 30, 2025 and September 30, 2024, respectively, and $15,998 and $33,967 for the nine months ended September 30, 2025 and the period from February 6, 2024 (inception) to September 30, 2024, respectively
[2] Includes related party amounts of $8 and $71 for the three months ended September 30, 2025 and September 30, 2024, respectively, and $130 and $1,339 for the nine months ended September 30, 2025 and the period from February 6, 2024 (inception) to September 30, 2024, respectively
[3] Includes related party amounts of nil and $504 for the three months ended September 30, 2025 and September 30, 2024, respectively, and nil and $1,468 for the nine months ended September 30, 2025 and the period from February 6, 2024 (inception) to September 30, 2024, respectively
[4] The weighted-average number of shares of as-converted Company Series A Preferred Stock used in the loss allocation was nil and 477,196 for the three months ended September 30, 2025 and September 30, 2024, respectively.
[5] The weighted-average number of shares of as-converted Company Series A Preferred Stock used in the loss allocation was nil and 184,462 for the nine months ended September 30, 2025 and the period from February 6, 2024 (Inception) to September 30, 2024, respectively.
[6] The weighted-average number of shares of as-converted Company Series B Preferred Stock used in the loss allocation was 11,428,129 and 4,099,227 for the three months ended September 30, 2025 and September 30, 2024, respectively.
[7] The weighted-average number of shares of as-converted Company Series B Preferred Stock used in the loss allocation was 11,428,129 and 1,584,575 for the nine months ended September 30, 2025 and the period from February 6, 2024 (Inception) to September 30, 2024, respectively.