Redeemable Convertible Preferred Stock

9 Months Ended

Sep. 30, 2025

Equity [Abstract]

Redeemable Convertible Preferred Stock

Redeemable Convertible Preferred Stock

Redeemable convertible preferred stock consisted of the following as of December 31, 2024 (in

thousands, except share amounts):

	December 31, 2024
Series	Number of Shares Authorized	Number of Shares Issued and Outstanding	Carrying Value	Liquidation Value
Series A ....................................................	4,082,965	4,082,965	$2,041	$2,041
Series B-1 ................................................	1,954,846	1,954,846	6,940	6,940
Series B-2 ................................................	2,848,263	2,848,263	10,111	10,111
Series C ...................................................	11,343,434	11,343,434	104,378	193,167
Series D ...................................................	7,151,873	7,151,873	110,756	110,854
Series E ...................................................	12,040,980	12,040,980	304,197	305,018
Series F ....................................................	61,344,029	61,344,029	168,957	262,295
Series F-1 ................................................	21,465,064	21,465,064	61,186	61,491
Total .........................................................	122,231,454	122,231,454	$768,566	$951,917

Upon the closing of the IPO, all shares of convertible preferred stock then outstanding converted into

51,226,348 shares of common stock. Shares of Series A, Series B-1, Series B-2, Series C, Series D,

Series E, Series F and Series F-1 outstanding redeemable convertible preferred stock converted into

shares of common stock on a 0.342466:1, 0.403088:1, 0.403088:1, 0.576386:1, 0.646673:1, 0.695098:1,

0.342466:1, and 0.342466:1 basis, as adjusted for the Reverse Stock Split, respectively. As of September

30, 2025, the Company does not have any convertible preferred stock issued or outstanding.

Stockholders’ Equity

Preferred Stock

At September 30, 2025, the Company’s certificate of incorporation, as amended and restated, authorizes

the Company to issue up to 50,000,000 shares of preferred stock with $0.001 par value per share, of

which no shares were issued and outstanding.

Common Stock

At September 30, 2025, under the Company’s Amended and Restated Certificate of Incorporation, the

Company is authorized to issue 250,000,000 shares of $0.001 par value common stock, of which

83,473,696 shares were issued and outstanding. The holders of common stock are also entitled to

receive dividends whenever funds are legally available, when and if declared by the Board of Directors. 

As of September 30, 2025, no dividends have been declared to date. Each share of common stock is

entitled to one vote.

Common stock reserved for future issuance, on an as-converted basis, consisted of the following:

	September 30,	December 31,
	2025	2024
Redeemable convertible preferred stock ................................................	—	51,226,348
Options to purchase common stock .........................................................	10,006,820	8,537,203
Restricted stock units .................................................................................	813,283	—
Shares reserved for issuance under the Company’s equity plans ......	15,639,547	370,902
Common stock warrants ............................................................................	1,647,667	1,647,667
Total ..............................................................................................................	28,107,317	61,782,120