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Share-Based Compensation (Tables)

9 Months Ended

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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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.

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Tabular disclosure of activity for award under share-based payment arrangement. Includes, but is not limited to, outstanding award at beginning and end of year, granted, exercised, forfeited, and weighted-average grant date fair value.

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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.

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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.

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Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year.

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