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Stock-Based Compensation (Tables) | 11 Months Ended
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Dec. 31, 2024
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 period from February 6, 2024 (inception) to December 31, 2024:
|  | Period from February 6, 2024 (Inception) to December 31, 2024 |
Expected term (in years) |  |  | 6.1 |
Expected volatility |  |  | 100.21 | %
Risk-free interest rate |  |  | 4.26 | %
Expected dividend yield |  |  | — |
The following table summarizes the weighted-average assumptions used in calculating the fair value of the warrants for the period from February 6, 2024 (inception) to December 31, 2024:
|  | Period from February 6, 2024 (Inception) to December 31, 2024 |
Expected term (in years) |  |  | 6.1 |
Expected volatility |  |  | 99.02 | %
Risk-free interest rate |  |  | 4.15 | %
Expected dividend yield |  |  | — |
Schedule of Stock Option Activity | The following table summarizes the stock option activities under the 2024 Plan and 2024 Stock Plan for the period of February 6, 2024 (inception) through December 31, 2024:
|  | 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 February 6, 2024 (inception) |  |  | — |  |  | $ | — |  |  |  | — |  |  | $ | — |
Granted |  |  | 1,567,760 |  |  | $ | 11.39 |  |  |  |  |  |  |  |  |
Exercised |  |  | — |  |  | $ | — |  |  |  |  |  |  |  |  |
Forfeited |  |  | — |  |  | $ | — |  |  |  |  |  |  |  |  |
Balance as of December 31, 2024 |  |  | 1,567,760 |  |  | $ | 11.39 |  |  |  | 9.4 |  |  | $ | 15,470 |
Vested and expected to vest, December 31, 2024 |  |  | 1,567,760 |  |  | $ | 11.39 |  |  |  | 9.4 |  |  | $ | 15,470 |
Exercisable, December 31, 2024 |  |  | — |  |  | $ | — |  |  |  | — |  |  | $ | — |
Schedule of RSA Activity | The following table summarizes the RSA activity for the period from February 6, 2024 (inception) through December 31, 2024:
|  | Number of RSAs |  |  | Weighted Average Grant Date Fair Value |
Unvested balance as of February 6, 2024 (inception) |  |  | — |  |  | $ | — |
Granted |  |  | 2,207,553 |  |  | $ | — |
Unvested balance as of December 31, 2024 |  |  | 2,207,553 |  |  | $ | — |
Schedule of Employee Warrant Activity | The following table summarizes the warrant activity for the period from February 6, 2024 (inception) through December 31, 2024:
|  | 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 February 6, 2024 (inception) |  |  | — |  |  | $ | — |  |  |  | — |  |  | $ | — |
Granted |  |  | 3,054,358 |  |  | $ | 7.80 |  |  |  |  |  |  |  |  |
Exercised |  |  | — |  |  | $ | — |  |  |  |  |  |  |  |  |
Forfeited |  |  | — |  |  | $ | — |  |  |  |  |  |  |  |  |
Balance as of December 31, 2024 |  |  | 3,054,358 |  |  | $ | 7.80 |  |  |  | 9.5 |  |  | $ | 35,400 |
Vested and expected to vest, December 31, 2024 |  |  | 3,054,358 |  |  | $ | 7.80 |  |  |  | 9.5 |  |  | $ | 35,400 |
Exercisable, December 31, 2024 |  |  | — |  |  | $ | — |  |  |  | — |  |  | $ | — |
Schedule of Company’s Stock-Based Compensation Expense | The following table summarizes the classification of the Company’s stock-based compensation expense in the consolidated statement of operations and comprehensive loss (in thousands):
|  | Period from February 6, 2024 (Inception) to December 31, 2024 |
Research and development |  | $ | 11,992 |
General and administrative |  |  | 2,927 |
Total |  | $ | 14,919 |
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 consolidated statement of operations and comprehensive loss (in thousands):
|  | Period from February 6, 2024 (Inception) to December 31, 2024 |
Paruka Warrant Obligation |  | $ | 10,357 |
Employee warrants |  |  | 2,899 |
Stock options |  |  | 1,626 |
Employee stock purchase plan |  |  | 37 |
Total |  | $ | 14,919 |

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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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