In March 2023, the Company issued 61,344,029 shares of Series F redeemable convertible preferred stock to existing and new investors at a price per share of $2.8505 for an aggregate cash consideration of $174.9 million, net of $5.9 million issuance costs. Contemporaneously with the issuance of the Series F redeemable convertible preferred stock, the Company converted all of the outstanding Convertible Notes issued by the Company from September 30, 2022 to December 16, 2022, in the aggregate principal amount of $40.0 million plus accrued, unpaid interest of $994,000 into 21,465,064 shares of Series F-1 redeemable convertible preferred stock at a price per share of $1.9098, which represents a discount of 33% from the cash purchase price per share. Additionally, in connection with the Series F redeemable convertible preferred stock financing, the cumulative dividends payable to holders of Series C redeemable convertible preferred stock upon a liquidation event were capped from $6.66 to $8.25 per share depending on the time of issuance, with an aggregate total of $88.5 million.

The issuance of the Series F redeemable convertible preferred stock triggered the anti-dilution protection provision for Series B-1, Series B-2, Series C, Series D and Series E stockholders. As a result, the Company recorded a $26.8 million deemed dividend in the amount equal to the change in fair value of the abovementioned series of convertible preferred stock before and after the anti-dilution adjustment.

Redeemable convertible preferred stock consisted of the following as of December 31, 2024 (in thousands, except share amounts):


	December 31, 2024
		Number of
	Number of	Shares Issued
	Shares	and	Carrying		Liquidation
Series	Authorized	Outstanding	Value		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 December 31, 2025, the Company does not have any convertible preferred stock issued or outstanding.