v3.25.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:    
Net loss $ (67,236) $ (25,572)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization expense 85 26
Stock-based compensation expense 5,232 2,055
Change in fair value of preferred stock tranche right liabilities 0 (2,859)
Net amortization of premiums and accretion of discounts on short-term investments (2,720) (1,765)
Non-cash lease expense 272 43
Changes in operating assets and liabilities:    
Accounts receivable (324) (412)
Prepaid expenses and other assets (15,658) 371
Accounts payable (1,456) 3,062
Accrued expenses and other current liabilities 1,674 (502)
Operating lease liabilities (273) (45)
Net cash used in operating activities (80,404) (25,598)
Cash flows from investing activities:    
Purchases of short-term investments (323,138) (174,999)
Maturities of short-term investments 122,577 72,197
Purchases of equipment (47)  
Net cash used in investing activities (200,608) (102,802)
Cash flows from financing activities:    
Proceeds from the issuance of Series B redeemable convertible preferred stock, net of issuance costs paid   149,924
Payments of deferred offering costs (34) (133)
Proceeds from exercises of stock options 612 112
Net cash provided by financing activities 578 149,903
Net increase (decrease) in cash, cash equivalents and restricted cash (280,434) 21,503
Cash, cash equivalents and restricted cash at beginning of period 326,086 25,833
Cash, cash equivalents and restricted cash at end of period 45,652 47,336
Cash, cash equivalents and restricted cash at end of period:    
Cash and cash equivalents 45,458 47,336
Restricted cash 194  
Total cash, cash equivalents and restricted cash at end of period $ 45,652 47,336
Supplemental disclosure of non-cash investing and financing activities:    
Initial public offering costs included in accounts payable and accrued expenses   1,214
Series B Preferred Stock    
Supplemental disclosure of non-cash investing and financing activities:    
Settlement of Series B preferred stock tranche right liability   $ 15