Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 319,742	$ 56,857
Short-term investments	31,024
Restricted cash	90
Prepaid expenses and other current assets	5,067	2,947
Total current assets	355,923	59,804
Property and equipment, net	185	193
Operating lease right-of-use assets, net	1,004	821
Restricted cash		86
Other non-current assets	12,856	7,276
Total assets	369,968	68,180
Current liabilities:
Accounts payable (includes $560 and $21 owed to related parties, respectively)	17,136	5,396
Accrued expenses (includes $260 and $404 owed to related parties, respectively)	39,371	17,306
Operating lease liabilities, current	785	556
Total current liabilities	57,292	23,258
Operating lease liabilities, non-current	218	257
Convertible notes, at fair value		20,300
Total liabilities	57,510	43,815
Commitments and contingencies (Note 14)
Convertible preferred stock:
Convertible preferred stock		250,086
Stockholders' equity (deficit):
Preferred stock, par value $0.0001 per share; 25,000,000 and no shares authorized as of December 31, 2024 and 2023, respectively; no shares issued and outstanding as of December 31, 2024 and 2023.
Common stock, par value $0.0001 per share; 175,000,000 shares authorized as of December 31, 2024 and 2023; 41,793,412 and 1,576,854 shares issued and outstanding as of December 31, 2024 and 2023, respectively.	4
Additional paid-in capital	699,651	4,645
Accumulated other comprehensive income	194	37
Accumulated deficit	(387,391)	(230,403)
Total stockholders' equity (deficit)	312,458	(225,721)
Total liabilities, convertible preferred stock and stockholders' equity (deficit)	$ 369,968	68,180
Series Seed convertible preferred stock
Convertible preferred stock:
Convertible preferred stock		956
Series A convertible preferred stock
Convertible preferred stock:
Convertible preferred stock		55,840
Series B convertible preferred stock
Convertible preferred stock:
Convertible preferred stock		$ 193,290

Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).

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- Definition

Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).