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Warrants, Redeemable Convertible Preferred Stock and Stockholders' Equity
 9 Months Ended
Sep. 30, 2025
Equity [Abstract]  
Warrants, Redeemable Convertible Preferred Stock and Stockholders' Deficit

7. Warrants, Redeemable Convertible Preferred Stock and Stockholders’ Equity

Common Stock

In July 2025, the Company completed its IPO, in which the Company issued and sold 4,600,000 shares of its common stock, including the underwriters' overallotment option which was exercised in full, at a public offering price of $24.00 per share.

The Company's amended and restated certificate of incorporation authorizes for issuance up to 500,000,000 shares of common stock with a par value of $0.000001 per share. In connection with the IPO, all shares of the Company's outstanding redeemable convertible preferred stock automatically converted into approximately 12,729,240 shares of common stock.

The holders of common stock are entitled to receive dividends at the discretion of the board of directors, subject to preferences that may apply to shares of preferred stock outstanding at the time.

All holders of common stock are entitled to one vote per share on all matters to be voted on by the Company’s stockholders. Upon liquidation, dissolution or winding up, the holders of common stock are entitled to share equally in all the Company’s assets remaining after payment of all liabilities.

At September 30, 2025, the Company has reserved an aggregate of 4,831,124 shares of common stock for the conversion, exercise or issuance, as applicable, of the following outstanding securities:

 

Common warrants

 

 

244,425

 

Restricted stock units

 

 

185,247

 

Stock options and employee stock purchase program

 

 

4,401,452

 

Total shares

 

 

4,831,124

 

 

Preferred Stock

The Company's amended and restated certificate of incorporation provides its board of directors with the authority to issue up to 10,000,000 shares of undesignated preferred stock with a par value of $0.000001 per share and to determine or alter the rights, preferences, privileges and restrictions granted to or imported upon these shares without further vote or action by the Company's stockholders. The Company does not have outstanding preferred stock issued as of September 30, 2025.

Warrants

The Company's preferred warrants were redeemed upon settlement of the IPO. As a result, the Company settled their warrant liability of $0.2 million.

See the table below for a roll forward of the total preferred stock from July 1, 2024 to September 30, 2024 and July 1, 2025 to September 30, 2025 and from January 1, 2024 to September 30, 2024 and January 1, 2025 to September 30, 2025, which details the total redeemable convertible preferred stock presented in the unaudited condensed consolidated statements of changes in redeemable convertible preferred stock and stockholders’ equity (in thousands, except share amounts):

 

 

Series Seed
Redeemable
convertible
preferred stock

 

Series A
Redeemable
convertible
preferred stock

 

Series B
Redeemable
convertible
preferred stock

 

Series C
Redeemable
convertible
preferred stock

 

Series D
Redeemable
convertible
preferred stock

 

Series E
Redeemable
convertible
preferred stock

 

Series F
Redeemable
convertible
preferred stock

 

Series F-1
Redeemable
convertible
preferred stock

 

Series G
Redeemable
convertible
preferred stock

 

Shares

Amount

 

Shares

Amount

 

Shares

Amount

 

Shares

Amount

 

Shares

Amount

 

Shares

Amount

 

Shares

Amount

 

Shares

Amount

 

Shares

Amount

Balance at
July 1, 2024

5,045,368

$2,473

 

8,255,614

$5,179

 

18,894,315

$10,827

 

42,890,840

$24,908

 

39,656,811

$33,411

 

29,019,153

$29,738

 

74,840,147

$132,975

 

23,664,027

$49,392

 

92,041,042

$82,754

Issuance of Series G preferred stock, net

—

—

 

—

—

 

—

—

 

—

—

 

—

—

 

—

—

 

—

—

 

—

—

 

7,188,841

6,487

Balance at September 30, 2024

5,045,368

$2,473

 

8,255,614

$5,179

 

18,894,315

$10,827

 

42,890,840

$24,908

 

39,656,811

$33,411

 

29,019,153

$29,738

 

74,840,147

$132,975

 

23,664,027

$49,392

 

99,229,883

$89,241

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at
July 1, 2025

5,045,368

$2,473

 

8,255,614

$5,179

 

18,894,315

$10,827

 

42,890,840

$24,908

 

39,656,811

$33,411

 

29,019,153

$29,738

 

74,840,147

$132,975

 

23,664,027

$49,392

 

99,229,883

$89,247

Conversion of preferred stock to common stock upon IPO

(5,045,368)

(2,473)

 

(8,255,614)

(5,179)

 

(18,894,315)

(10,827)

 

(42,890,840)

(24,908)

 

(39,656,811)

(33,411)

 

(29,019,153)

(29,738)

 

(74,840,147)

(132,975)

 

(23,664,027)

(49,392)

 

(99,229,883)

(89,247)

Balance at September 30, 2025

—

$—

 

—

$—

 

—

$—

 

—

$—

 

—

$—

 

—

$—

 

—

$—

 

—

$—

 

—

$—

 

 

Series Seed
Redeemable
convertible
preferred stock

 

Series A
Redeemable
convertible
preferred stock

 

Series B
Redeemable
convertible
preferred stock

 

Series C
Redeemable
convertible
preferred stock

 

Series D
Redeemable
convertible
preferred stock

 

Series E
Redeemable
convertible
preferred stock

 

Series F
Redeemable
convertible
preferred stock

 

Series F-1
Redeemable
convertible
preferred stock

 

Series G
Redeemable
convertible
preferred stock

 

Shares

Amount

 

Shares

Amount

 

Shares

Amount

 

Shares

Amount

 

Shares

Amount

 

Shares

Amount

 

Shares

Amount

 

Shares

Amount

 

Shares

Amount

Balance at
January 1, 2024

5,045,368

$2,473

 

8,255,614

$5,179

 

18,894,315

$10,827

 

42,890,840

$24,908

 

39,656,811

$33,411

 

29,019,153

$29,738

 

74,840,147

$132,975

 

23,664,027

$49,392

 

34,972,704

$31,258

Issuance of Series G preferred stock, net

—

—

 

—

—

 

—

—

 

—

—

 

—

—

 

—

—

 

—

—

 

—

—

 

64,257,179

57,983

Balance at September 30, 2024

5,045,368

$2,473

 

8,255,614

$5,179

 

18,894,315

$10,827

 

42,890,840

$24,908

 

39,656,811

$33,411

 

29,019,153

$29,738

 

74,840,147

$132,975

 

23,664,027

$49,392

 

99,229,883

$89,241

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at
January 1, 2025

5,045,368

$2,473

 

8,255,614

$5,179

 

18,894,315

$10,827

 

42,890,840

$24,908

 

39,656,811

$33,411

 

29,019,153

$29,738

 

74,840,147

$132,975

 

23,664,027

$49,392

 

99,229,883

$89,247

Conversion of preferred stock to common stock upon IPO

(5,045,368)

(2,473)

 

(8,255,614)

(5,179)

 

(18,894,315)

(10,827)

 

(42,890,840)

(24,908)

 

(39,656,811)

(33,411)

 

(29,019,153)

(29,738)

 

(74,840,147)

(132,975)

 

(23,664,027)

(49,392)

 

(99,229,883)

(89,247)

Balance at September 30, 2025

—

$—

 

—

$—

 

—

$—

 

—

$—

 

—

$—

 

—

$—

 

—

$—

 

—

$—

 

—

$—