Subsequent Events

9 Months Ended

Sep. 30, 2025

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

On November 7, 2025, the Company closed its initial public offering (the “IPO”) of 5,233,765 shares of its Class A common stock, which includes the exercise in full by the underwriters of their option to purchase from the Company 682,665 shares of the Company’s Class A common stock, at a price to the public of $60.00 per share. The gross proceeds to the Company from the IPO were $314.0 million and the net proceeds amounted to $286.4 million, after deducting underwriting discounts and commissions and offering expenses payable by the Company. Immediately prior to the closing of the IPO, each outstanding share of the Company’s Series A-1, Series A-2, Series A-3, Series A-4, Series A-5, Series A-6, Series B-1, Series B-2, Series C, Series C-1 and Series D redeemable convertible preferred stock converted, on a one-for-one basis, into 29,084,235 shares of the Company’s Class A common stock (the conversion, the “Reclassification”). Following the Reclassification, and immediately prior to the closing of the IPO, 2,325,108 shares of Class A common stock held by Oguzhan Atay, our Chief Executive Officer and Co-Founder, and 2,227,542 shares of Class A common stock held by David Tsao, our Chief Technology Officer and Co-Founder, were exchanged at a 1:1 ratio for shares of Class B common stock.

In connection with the IPO, the Company’s Board of Directors adopted, and its stockholders approved, the 2025 Equity Incentive Plan (the “2025 Plan”), which became effective on November 5, 2025. The 2018 Plan was terminated upon the completion of the IPO, however awards outstanding under the 2018 Plan will remain outstanding and will continue to be governed by their existing terms. The number of shares of Class A common stock available for issuance under the 2025 Plan is 3,297,972 shares of Class A common stock, plus up to 10,034,626 shares remaining available for issuance under the 2018 Plan, subject to annual adjustment on the first day of each fiscal year through January 1, 2035. The 2025 Plan allows for the issuance of a variety of stock-based compensation awards at the discretion of the Board of Directors, including stock options, stock appreciation rights, restricted stock awards, restricted stock unit (“RSU”) awards, and other stock-based awards.

In further connection with the IPO, the Company’s Board of Directors adopted, and its stockholders approved, the 2025 Employee Stock Purchase Plan (the “2025 ESPP”), which became effective on November 5, 2025. The number of shares of Class A common stock available for issuance under the 2025 ESPP is 548,880 shares of Class A common stock, subject to annual adjustment on the first day of each fiscal year through January 1, 2035. No more than 8,400,000 shares of Class A common stock may be issued under the 2025 ESPP. Each participant may purchase up to the number of shares determined by the Board of Directors on any purchase date, not to exceed 7,500 shares. The price of each share of Class A common stock purchased under the 2025 ESPP will not be less than 85% of the lower of the fair market value per share of Class A common stock on the first day of the applicable offering period or the fair market value per share of Class A common stock on the purchase date.