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Capital Structure | 3 Months Ended
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Mar. 31, 2026
Equity [Abstract] |
Capital Structure | Note 8. Capital Structure Redeemable Convertible Preferred Stock Issued and outstanding redeemable convertible preferred stock consisted of the following (in thousands, except share and per share amounts):
|  | December 31, 2025 |
Series |  | Shares Authorized |  |  | Shares Issued and Outstanding |  |  | Original Issue Price |  |  | Aggregate Liquidation Amount |  |  | Carrying Value |
Series A |  |  | 48,000,000 |  |  |  | 48,000,000 |  |  | $ | 1.00 |  |  | $ | 48,000 |  |  | $ | 47,916 |
Series A-1 |  |  | 51,268,891 |  |  |  | 51,268,891 |  |  |  | 2.00 |  |  |  | 102,538 |  |  |  | 102,472 |
Series B |  |  | 29,271,143 |  |  |  | 17,456,768 |  |  |  | 17.69 |  |  |  | 308,786 |  |  |  | 297,294 |
Series B-1 |  |  | 35,756,908 |  |  |  | 35,756,908 |  |  |  | 5.84 |  |  |  | 208,979 |  |  |  | 224,200 |
Series C |  |  | 24,884,830 |  |  |  | 5,194,787 |  |  |  | 21.50 |  |  |  | 111,682 |  |  |  | 108,629 |
Series C-1 |  |  | 4,975,110 |  |  |  | 4,975,110 |  |  |  | 5.84 |  |  |  | 29,077 |  |  |  | 30,806 |
Series D |  |  | 68,441,007 |  |  |  | 60,005,669 |  |  |  | 5.84 |  |  |  | 350,700 |  |  |  | 350,153 |
Total |  |  | 262,597,889 |  |  |  | 222,658,133 |  |  |  |  |  | $ | 1,159,762 |  |  | $ | 1,161,470 |
In February 2025, the Company entered into a Series D preferred stock purchase and exchange agreement which provided for the issuance of Series D redeemable convertible preferred stock at a purchase price of $5.84 per share. The transaction provided returning investors the ability to exchange their Series B and Series C redeemable convertible preferred stock for Series B-1 and Series C-1 redeemable convertible preferred stock, respectively, if their participation in the Series D financing exceeded certain qualifying amounts. Further, investors that invested more in the Series D financing than their aggregate investment in Series B and Series C received common stock warrants based on the excess investment. As a result of the transaction, the Company issued 60,005,669 shares of Series D redeemable convertible preferred stock in cash purchases at $5.84 per share for gross proceeds of $350.7 million. The Company also issued (i) an aggregate of 35,756,908 shares of its Series B-1 redeemable convertible preferred stock as a result of the exchange of an aggregate of 11,814,375 shares of its Series B redeemable convertible preferred stock, (ii) an aggregate of 4,975,110 shares of its Series C-1 redeemable convertible preferred stock as a result of the exchange of an aggregate of 1,352,470 shares of its Series C redeemable convertible preferred stock, and (iii) warrants to purchase up to 739,559 shares of its common stock at an exercise price of $43.59 per share. The warrants shall be exercisable in whole or in part, at any time up to and including the first to occur of the consummation of a liquidation event and the fifth anniversary of the date of issue and thereafter shall terminate and be void. The warrants can be exercised either in cash or net issued. As the contract allows for physical settlement or net physical settlement, the Company concluded that the common stock warrants should be equity- classified and recorded in additional paid-in capital at their fair value of $6.3 million upon issuance. The Company assessed the impact of the transaction, on an investor-by-investor basis, using a quantitative analysis in order to determine whether it represented an extinguishment or a modification of the Series B and Series C redeemable convertible preferred stock held by each investor which were exchanged. Extinguishment The quantitative analysis indicated the fair value before and after the transaction was substantially different for some investors. Specifically, these represented investors that participated at a level which enabled them to exchange all or nearly all of their Series B and Series C redeemable convertible preferred stock, including the investors whose participation also entitled them to common stock warrants. For each of these investors, the transaction represented an extinguishment. The extinguishments resulted in the following impacts: • Derecognition of the existing carrying amount of the extinguished Series B and Series C redeemable convertible preferred stock of $172.8 million and $30.0 million, respectively. • Accounting for the new issuance of the Series B, Series B-1, Series C and Series C-1 redeemable convertible preferred stock, and common stock warrants at fair values of $16.7 million, $149.6 million, $4.8 million, $23.1 million and $6.3 million, respectively. • The offset for each investor was recorded to either additional paid-in capital (investors for which fair value exceeded carrying value, aggregating to $6.4 million) or accumulated deficit (investors for which carrying value exceeded fair value, aggregating to $8.7 million), as appropriate. The aggregate difference between the fair value of the consideration transferred and the carrying value of the extinguished shares was reflected as an adjustment to the numerator in the computation of basic earnings per share for the three months ended March 31, 2025. Specifically, the extinguishments resulted in a $2.3 million net reduction to the net loss available to common shareholders. Modification The quantitative analysis indicated the fair value before and after the transaction was not substantially different for some investors. Specifically, these represented investors that participated but only at a level which enabled them to exchange a portion of their Series B and Series C redeemable convertible preferred stock. For each of these investors, the transaction represented a modification. The modifications resulted in the following impacts: • The existing carrying amount of the modified preferred stock was adjusted by the increase in fair value of $11.7 million comprised of a net decrease to the carrying amount of Series B and Series C redeemable convertible preferred stock of $64.1 million and $6.5 million, respectively, and an increase to the carrying amount of Series B-1 and Series C-1 redeemable convertible preferred stock of $74.6 million and $7.7 million, respectively. • The offset for each investor was recorded to additional paid-in capital (all represented increases in fair value). The increase in fair value of the modified shares was reflected as an adjustment to the numerator in the computation of basic earnings per share for the three months ended March 31, 2025. Specifically, the modifications resulted in a $11.7 million increase to the net loss available to common shareholders. See Note 3 for the net impact of the extinguishments and modifications on the net loss per share attributable to common shareholders. In connection with the IPO, all shares of Series A, A-1, B, B-1, C, C-1 and D redeemable convertible preferred stock converted into 29,855,741 shares of common stock. Common Stock Common stock reserved for future issuance, on an as if-converted basis, consisted of the following:
|  | March 31, 2026 |  |  | December 31, 2025 |
Conversion of redeemable convertible preferred stock |  |  | — |  |  |  | 29,855,741 |
Common stock warrants |  |  | 739,559 |  |  |  | 739,559 |
Stock options issued and outstanding |  |  | 7,522,330 |  |  |  | 5,513,142 |
Stock options available for future issuance |  |  | 2,269,981 |  |  |  | 1,449,522 |
Shares reserved for ESPP |  |  | 539,582 |  |  |  | — |
Total |  |  | 11,071,452 |  |  |  | 37,557,964 |
Common stockholders are entitled to dividends if and when declared by the Board and after any dividends on redeemable convertible preferred stock are fully paid. The holder of each share of common stock is entitled to one vote. As of March 31, 2026, no dividends have been declared.

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