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Financial Instruments and Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 2025
Fair Value Disclosures [Abstract] |
Schedule of Fair Value Hierarchy for Assets and Liabilities Measured at Fair Value on Recurring Basis | The following tables present the Company’s fair value hierarchy for its assets and liabilities that are measured at fair value on a recurring basis:
|  | Fair Value Measurements at |
|  | September 30, 2025 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets |  | (in thousands) |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |
Money market fund |  | $ | 29,726 |  |  | $ | — |  |  | $ | — |  |  | $ | 29,726 |
Restricted cash: |  |  |  |  |  |  |  |  |  |  |  |
Money market fund |  |  | 100 |  |  |  | — |  |  |  | — |  |  |  | 100 |
Short-term investments |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury bills |  |  | 190,202 |  |  |  | — |  |  |  | — |  |  |  | 190,202 |
Long-term investments |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury notes |  |  | 45,328 |  |  |  | — |  |  |  | — |  |  |  | 45,328 |
Total assets |  | $ | 265,356 |  |  | $ | — |  |  | $ | — |  |  | $ | 265,356 |
|  | Fair Value Measurements at |
|  | December 31, 2024 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets |  | (in thousands) |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |
Money market fund |  | $ | 27,107 |  |  | $ | — |  |  | $ | — |  |  | $ | 27,107 |
Restricted cash: |  |  |  |  |  |  |  |  |  |  |  |
Money market fund |  |  | 100 |  |  |  | — |  |  |  | — |  |  |  | 100 |
Short-term investments |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury bills |  |  | 73,143 |  |  |  | — |  |  |  | — |  |  |  | 73,143 |
Total assets |  | $ | 100,350 |  |  | $ | — |  |  | $ | — |  |  | $ | 100,350 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Series C warrant liabilities |  | $ | — |  |  | $ | — |  |  | $ | 9,935 |  |  | $ | 9,935 |
Common B warrant liabilities |  |  | — |  |  |  | — |  |  |  | 34,963 |  |  |  | 34,963 |
Total liabilities |  | $ | — |  |  | $ | — |  |  | $ | 44,898 |  |  | $ | 44,898 |
Schedule of Assumptions used in Fair Value of Warrant Liabilities | The following table presents the assumptions used in the Black-Scholes option pricing model to determine the fair value of the preferred stock warrant liabilities as of December 31, 2024:
|  | December 31, 2024 |
Fair value of Series C Preferred Stock |  | $ | 19.11 |
Strike price |  | $ | 0.02 |
Risk-free interest rate |  |  | 4.39 | %
Expected term (in years) |  |  | 0.38 |
Expected volatility |  |  | 65.00 | %
Expected dividend yield |  |  | 0 | %
The following table presents the assumptions used in the Black-Scholes option pricing model to determine the fair value of the common stock warrant liabilities as of December 31, 2024:
|  | December 31, 2024 |
Fair value of Class B common stock |  | $ | 13.08 |
Strike price |  | $ | 0.02 |
Risk-free interest rate |  |  | 4.53 | %
Expected term (in years) |  |  | 8.70 |
Expected volatility |  |  | 75.77 | %
Expected dividend yield |  |  | 0 | %
Summary of Reconciliation of Level 3 Warrant Liabilities | A reconciliation of the Level 3 warrant liabilities is as follows:
|  | Series C Warrant Liability |
|  | (in thousands) |
Balance at December 31, 2024 |  | $ | 9,935 |
Change in fair value |  |  | 1,929 |
Net exercise and conversion into common stock upon closing of IPO |  |  | (11,864 | )
Balance at September 30, 2025 |  | $ | — |
|  | Common B Warrant Liability |
|  | (in thousands) |
Balance at December 31, 2024 |  | $ | 34,963 |
Change in fair value |  |  | 10,521 |
Net exercise and conversion into common stock upon closing of IPO |  |  | (45,484 | )
Balance at September 30, 2025 |  | $ | — |

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- Definition Tabular disclosure of financial instrument measured at fair value on recurring or nonrecurring basis. Includes, but is not limited to, instrument classified in shareholders' equity. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 + Details
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- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 103 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-103 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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