Stockholders’ Equity

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Stockholders’ Equity

Stockholders’ Equity

Preferred Stock

The Company has 10,000,000 shares of preferred stock authorized for issuance with par value $0.0001 per share. As of December 31, 2025 and 2024, no shares of preferred stock were issued or outstanding.

Common Stock

The Company has 500,000,000 shares of Common Stock authorized for issuance with par value $0.0001 per share. As of December 31, 2025 and 2024, 56,600,724 and 54,444,180 shares were issued, net of share repurchased and cancellation, respectively and 56,600,724 shares and 54,440,013 shares, net were outstanding, respectively. The holder of each share of common stock is entitled to one vote per share. The common shareholders are entitled to dividends whenever funds and assets are legally available, but only when, as and if declared by the board of directors of the Company.

The Company has reserved 5,881,181 shares of Common Stock for issuance to officers, directors, employees and consultants pursuant to the 2019 Stock Option and Grant Plan.

In September 2024, the Company completed an IPO. As part of the IPO, the Company received net proceeds of $332.4 million, after deducting underwriting discounts, commissions and other offering expenses paid by the Company totaling $29.8 million, from the issuance of 20,125,000 shares.

Prior to the IPO, the Company issued shares of convertible redeemable preferred shares, which consisted of Seed Series, Series B and Series C of preferred stock. Each tranche was subject to automatic conversion to common stock per the terms of the initial agreement. Prior to the IPO, there were 81,790,144, 105,595,101 and 119,599,872 shares outstanding in Seed Series, Series B and Series C tranches of preferred stock, respectively. These shares were converted into 33,210,876 shares of common stock upon completion of the IPO.

At-The-Market Program

On October 3, 2025, the Company filed a shelf registration statement on Form S-3 (the “Registration Statement”), with the SEC covering the offering of up to $400.0 million of common stock, preferred stock, debt securities, warrants and/units. The Registration Statement was declared effective by the SEC on November 26, 2025. Concurrent with the filing of the Registration Statement, the Company entered into a sales agreement, dated October 3, 2025, by and between the Company and TD Securities (USA) LLC, acting as sales agent, to establish the ATM Program, pursuant to which the Company may offer and sell shares of its common stock from time to time . In connection with the ATM Program, the Company filed a prospectus with the Registration Statement for the offer and sale of up to $150.0 million of shares of common stock from time to time through the sales agent. The Company will pay the agent a commission rate up to 3% of the gross proceeds of any shares sold and has agreed to provide the sales agent with customary indemnification and contributions against certain liabilities. During the year ended December 31, 2025, the Company raised approximately $29.5 million in net proceeds after deducting sales agent commissions from the sale of 1,604,000 common shares. As of December 31, 2025, the Company had remaining available capacity for share issuances of up to $120.0 million under the ATM Program.