v3.25.2
CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:    
Net loss $ (95,786) $ (39,291)
Adjustment to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 5,582 1,390
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (6,346) (262)
Other assets   (19)
Accounts payable 280 (720)
Accrued expenses 2,148 1,181
Operating lease liabilities (10) 6
Net cash used in operating activities (94,132) (37,715)
Cash flows from investing activities:    
Purchase of short-term and long-term investments (31,385)  
Maturity of short-term and long-term investments 82,116  
Net cash provided by investing activities 50,731  
Cash flows from financing activities:    
Proceeds from issuance of common stock in an initial public offering and ATM facility, net of issuance costs 81,857 185,950
Proceeds from the exercise of stock options 369 45
Payment of deferred financing costs (353)  
Net cash provided by financing activities 81,873 185,995
Net (decrease) increase in cash and cash equivalents 38,472 148,280
Cash and cash equivalents at beginning of the year 74,293 150,389
Cash and cash equivalents at end of the year $ 112,765 298,669
Supplemental disclosures of non-cash financing and investing activities    
Deferred offering costs transferred to additional paid-in-capital   $ 2,733