XML 40 R24.htm IDEA: XBRL DOCUMENT

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2025
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events For the interim condensed consolidated financial statements as of June 30, 2025, and for the three and six months then ended, the Company has evaluated events through September 18, 2025, which is the date the unaudited interim condensed consolidated financial statements were available to be issued. 2025 Facility Lease On July 2, 2025, the Company entered into a facility lease agreement for approximately 8,100 rentable square feet of office space in San Francisco, California for 39 months through November 30, 2028, with the option to extend for one additional three-year period. In connection with the lease, the Company paid a security deposit of $90,000. The average monthly lease payments are approximately $40,000 per month during the lease term. Amended and Restated Certificate of Incorporation Effective August 11, 2025, the Company filed an amended and restated certificate of incorporation that authorizes 250,000,000 shares of common stock, $0.001 par value per share, and 50,000,000 shares of preferred stock, $0.001 par value per share. Grant of Options and Restricted Stock Units Subsequent to June 30, 2025, the Company granted options for 1,826,899 shares of common stock, subject to service-based vesting conditions, with an exercise price equal to the IPO price of $19.00 per share to employees and the Board of Directors and awarded 814,209 restricted stock units subject to service-based vesting conditions to employees under the 2025 Performance Incentive Plan. 2009 Equity Incentive Plan Effective upon its IPO, the Company terminated the 2009 Equity Incentive Plan and adopted the 2025 Performance Incentive Plan and 2025 Employee Stock Purchase Plan. Repayment of 2024 Term Loan and Termination of 2024 Credit Agreement On August 18, 2025, the Company repaid $55.0 million of indebtedness outstanding under the 2024 Credit Agreement obligated in connection with the completion of the Company’s IPO and approximately $5.8 million in fees consisting of a 3% exit fee and a 3% early prepayment fee due under the 2021 Credit Agreement, as amended. On August 22, 2025, the Company prepaid in full all outstanding amounts under, and terminated, the 2024 Credit Agreement, in the aggregate principal amount of $60.1 million plus accrued interest of $1.0 million. The Company did not incur exit or prepayment fees in connection with the termination of the 2024 Credit Agreement.