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Share-Based Compensation (Tables) | 9 Months Ended
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Sep. 30, 2025
Share-Based Payment Arrangement [Abstract] |
Schedule of weighted-average assumptions | The following table summarizes the weighted-average assumptions used in calculating the fair value of the awards during the nine months ended September 30, 2025:
| Nine Months Ended
| September 30, 2025
Expected term (in years) | 6.1
Expected volatility | 97.6%
Risk-free interest rate | 4.1%
Dividend yield | 0.0%
Schedule of stock option activity | The following table summarizes the stock option activity during the nine months ended September 30, 2025:
| Number of Options |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value (thousands)
Outstanding balance as of December 31, 2024 | 1,082,893 |  | $ | 6.16 |  |  | 9.9 |  | $ | — |
Granted | 3,720,112 |  | $ | 8.61 |  |  |  |  |
Exercised | (811) |  | $ | 6.16 |  |  |  |  | 5 |
Forfeited or expired | (707,957) |  | $ | 6.16 |  |  |  |  |
Outstanding balance as of September 30, 2025 | 4,094,237 |  | $ | 8.39 |  |  | 9.5 |  | $ | 14,815 |
Exercisable as of September 30, 2025 | 268,315 |  | $ | 6.20 |  |  | 9.2 |  | $ | 1,528 |
Schedule of RSU and RSA activity | The following table summarizes the RSU activity during the nine months ended September 30, 2025:
| Number of RSUs |  | Weighted Average Grant Date Fair Value
Unvested balance as of December 31, 2024 | — |  | $ | — |
Granted | 438,386 |  | 6.16 |
Vested | — |  | — |
Forfeited | — |  | — |
Unvested balance as of September 30, 2025 | 438,386 |  | $ | 6.16 |
The following table summarizes the RSA activity during the nine months ended September 30, 2025:
| Number of RSAs |  | Weighted Average Grant Date Fair Value
Unvested balance as of December 31, 2024 | 246,753 |  | $ | 1.38 |
Granted | 20,164 |  | 9.55 |
Vested | (24,781) |  | 3.05 |
Forfeited | (148,053) |  | 1.38 |
Unvested balance as of September 30, 2025 | 94,083 |  | $ | 2.70 |
Schedule of fair value of warrants | The following table summarizes the assumptions used in calculating the fair value of the warrants:
| As of
| September 30, 2025
Expected term (in years) | 10.0
Expected volatility | 99.8%
Risk-free interest rate | 4.2%
Dividend yield | 0.0%
Schedule of share-based compensation expense | The following table summarizes the classification of the Company’s share-based compensation expense in the condensed consolidated statement of operations and comprehensive loss (in thousands):
| Three Months Ended September 30, 2025 |  | Nine Months Ended September 30, 2025 |  | Period from September 19, 2024 (Inception) Through September 30, 2024
General and administrative | $ | 1,172 |  |  | $ | 5,250 |  |  | $ | — |
Research and development | 813 |  |  | 3,305 |  |  | 69 |
Total share-based compensation expense | $ | 1,985 |  |  | $ | 8,555 |  |  | $ | 69 |
The following table summarizes the award types of the Company’s share-based compensation expense in the condensed consolidated statement of operations and comprehensive loss (in thousands):
| Three Months Ended September 30, 2025 |  | Nine Months Ended September 30, 2025 |  | Period from September 19, 2024 (Inception) Through September 30, 2024
Stock options | $ | 1,789 |  |  | $ | 5,924 |  |  | $ | — |
RSAs | 35 |  |  | 238 |  |  | 69 |
RSUs | 170 |  |  | 366 |  |  | — |
Parascent warrant obligation | (9) |  |  | 2,027 |  |  | — |
Total share-based compensation expense | $ | 1,985 |  |  | $ | 8,555 |  |  | $ | 69 |

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