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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Thousands
 9 Months Ended
Sep. 30, 2025
USD ($)
Sep. 30, 2024
USD ($)
Cash flows from operating activities    
Net loss $ (150,394) $ (199,474)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 35,417 13,099
Net accretion of discounts on marketable securities (3,876) (1,987)
Depreciation and amortization 2,629 2,332
Non-cash lease expense 1,161 31
Loss on disposal of fixed assets   5
Change in fair value of derivative liability   5,406
Gain on bargain purchase in connection with the ACELYRIN Merger (187,907)  
Impairment of long-lived assets 529  
Changes in operating assets and liabilities:    
Research and development prepaid expenses 9,426 (9,581)
Other prepaid expenses and other assets 13,346 (1,605)
Other assets, non-current (5,073)  
Accounts payable (11,586) 5,322
Deferred revenue 1,944  
Research and development accrued expenses 4,935 7,193
Other accrued expenses and current liabilities 2,554 426
Operating lease liabilities (2,328) (1,481)
Other liabilities, non-current 168  
Deferred income tax liability (8,561)  
Net cash used in operating activities (297,616) (180,314)
Cash flows from investing activities    
Maturities of marketable securities 305,423 42,000
Purchases of marketable securities (161,648) (185,374)
Purchases of property and equipment (653) (1,366)
Cash, cash equivalents and restricted cash acquired in connection with the ACELYRIN Merger 49,742  
Net cash provided by (used in) investing activities 192,864 (144,740)
Cash flows from financing activities    
Proceeds from issuance of redeemable convertible preferred stock and derivative liability, net of issuance costs   258,461
Proceeds from initial public offering, net of underwriter discounts and commissions and other offering costs   193,316
Proceeds from a private placement transaction   40,000
Proceeds from issuance of common stock upon exercise of stock options   591
Repurchase of common stock shares issued upon early exercised restricted common stock (17) (6)
Proceeds from issuance of common stock under the 2024 ESPP 766  
Net cash provided by financing activities 749 492,362
Net (decrease) increase in cash, cash equivalents and restricted cash (104,003) 167,308
Cash, cash equivalents and restricted cash at beginning of period 170,632 47,133
Cash, cash equivalents and restricted cash at end of period 66,629 214,441
Supplemental disclosures:    
Conversion of 168,489,871 shares of redeemable convertible preferred stock upon the closing of initial public offering   639,237
Equity consideration transferred in connection with the ACELYRIN Merger 238,077  
Vesting of early exercised stock options and unvested restricted shares of common stock 609 964
Purchases of property and equipment in other accrued expenses and current liabilities   6
Right-of-use assets obtained in exchange for operating lease liabilities 1,776  
Recognition of derivative liability upon issuance of redeemable convertible preferred stock   8,913
Settlement of derivative liability upon issuance of redeemable convertible preferred stock   (14,319)
Reconciliation of cash, cash equivalents and restricted cash:    
Cash and cash equivalents 65,257 213,417
Restricted cash, non-current 1,372 1,024
Total cash, cash equivalents and restricted cash $ 66,629 $ 214,441