v3.25.2
CONDENSED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) - USD ($)
$ in Thousands
Series A convertible preferred stock
Series B convertible preferred stock
Common stock
Additional paid-in capital
Accumulated Other Comprehensive (Loss)
Accumulated deficit
Total
Beginning balance at Dec. 31, 2023 $ 149,865 $ 154,625          
Beginning balance (in shares) at Dec. 31, 2023 150,000,000 147,619,034          
Beginning balance at Dec. 31, 2023       $ 4,652   $ (157,845) $ (153,193)
Beginning balance (in shares) at Dec. 31, 2023     2,745,480        
Change in convertible preferred stock              
Issuance of common stock, net of issuance costs     $ 1 183,216     183,217
Issuance of common stock, net of issuance costs (in shares)     11,180,555        
Conversion of convertible preferred stock into common stock $ (149,865) $ (154,625)          
Conversion of convertible preferred stock into common stock (in shares) (150,000,000) (147,619,034)          
Conversion of convertible preferred stock into common stock     $ 2 304,488     304,490
Conversion of convertible preferred stock into common stock (in shares)     19,567,306        
Exercise of stock options       1     1
Exercise of stock options (in shares)     409        
Stock-based compensation expense       625     625
Net Income (Loss)           (17,417) (17,417)
Ending balance at Mar. 31, 2024     $ 3 492,982   (175,262) 317,723
Ending balance (in shares) at Mar. 31, 2024     33,493,750        
Beginning balance at Dec. 31, 2023 $ 149,865 $ 154,625          
Beginning balance (in shares) at Dec. 31, 2023 150,000,000 147,619,034          
Beginning balance at Dec. 31, 2023       4,652   (157,845) (153,193)
Beginning balance (in shares) at Dec. 31, 2023     2,745,480        
Change in convertible preferred stock              
Net Income (Loss)             (39,291)
Ending balance at Jun. 30, 2024     $ 3 493,792   (197,136) 296,659
Ending balance (in shares) at Jun. 30, 2024     33,509,090        
Beginning balance at Mar. 31, 2024     $ 3 492,982   (175,262) 317,723
Beginning balance (in shares) at Mar. 31, 2024     33,493,750        
Change in convertible preferred stock              
Exercise of stock options       44     44
Exercise of stock options (in shares)     15,340        
Stock-based compensation expense       766     766
Net Income (Loss)           (21,874) (21,874)
Ending balance at Jun. 30, 2024     $ 3 493,792   (197,136) 296,659
Ending balance (in shares) at Jun. 30, 2024     33,509,090        
Beginning balance at Dec. 31, 2024     $ 3 496,195 $ (211) (238,333) 257,654
Beginning balance (in shares) at Dec. 31, 2024     33,706,765        
Change in convertible preferred stock              
Issuance of common stock, net of issuance costs     $ 1 6,516     6,517
Issuance of common stock, net of issuance costs (in shares)     264,458        
Exercise of stock options       293     293
Exercise of stock options (in shares)     69,773        
Stock-based compensation expense       2,271     2,271
Unrealized gain on marketable securities         194   194
Net Income (Loss)           (64,387) (64,387)
Ending balance at Mar. 31, 2025     $ 4 505,275 (17) (302,720) 202,542
Ending balance (in shares) at Mar. 31, 2025     34,040,996        
Beginning balance at Dec. 31, 2024     $ 3 496,195 (211) (238,333) $ 257,654
Beginning balance (in shares) at Dec. 31, 2024     33,706,765        
Change in convertible preferred stock              
Exercise of stock options (in shares)             90,450
Unrealized gain on marketable securities             $ 193
Net Income (Loss)             (95,786)
Ending balance at Jun. 30, 2025     $ 4 584,003 (18) (334,119) 249,870
Ending balance (in shares) at Jun. 30, 2025     37,490,439        
Beginning balance at Mar. 31, 2025     $ 4 505,275 (17) (302,720) 202,542
Beginning balance (in shares) at Mar. 31, 2025     34,040,996        
Change in convertible preferred stock              
Issuance of common stock, net of issuance costs       75,341     75,341
Issuance of common stock, net of issuance costs (in shares)     3,428,766        
Exercise of stock options       76     76
Exercise of stock options (in shares)     20,677        
Stock-based compensation expense       3,311     3,311
Unrealized gain on marketable securities         (1)   (1)
Net Income (Loss)           (31,399) (31,399)
Ending balance at Jun. 30, 2025     $ 4 $ 584,003 $ (18) $ (334,119) $ 249,870
Ending balance (in shares) at Jun. 30, 2025     37,490,439