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Common Stock | 9 Months Ended
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Sep. 30, 2025
Equity [Abstract] |
Common Stock | Redeemable Convertible Preferred Stock As of September 30, 2025 and December 31, 2024, redeemable convertible preferred stock consisted of the following (in thousands, except for share data):
| Shares Authorized |  | Shares Issued and Outstanding |  | Net Carrying Value |  | Aggregate Liquidation Preference
Series A-1 | 1,349,650 |  | 1,349,650 |  | $ | 3,493 |  |  | $ | 540 |
Series A-2 | 1,137,210 |  | 1,137,210 |  | 2,943 |  |  | 910 |
Series A-3 | 899,730 |  | 899,730 |  | 2,328 |  |  | 900 |
Series A-4 | 25,761 |  | 25,761 |  | 67 |  |  | 50 |
Series A-5 | 114,613 |  | 114,613 |  | 297 |  |  | 100 |
Series A-6 | 5,805,861 |  | 5,796,201 |  | 14,999 |  |  | 15,000 |
Series B-1 | 5,182,287 |  | 5,182,287 |  | 54,889 |  |  | 55,000 |
Series B-2 | 2,566,902 |  | 2,566,902 |  | 27,243 |  |  | 16,025 |
Series C | 6,079,919 |  | 5,628,825 |  | 143,268 |  |  | 143,500 |
Series C-1 | 1,726,823 |  | 1,726,823 |  | 39,886 |  |  | 33,870 |
Series D | 4,656,233 |  | 4,656,233 |  | 129,996 |  |  | 156,563 |
Total | 29,544,989 |  | 29,084,235 |  | $ | 419,409 |  |  | $ | 422,458 |
Common Stock As of September 30, 2025 and December 31, 2024, the Company’s Certificate of Incorporation, as amended, authorized the Company to issue 51,100,000 shares of common stock with a par value of $0.00001. Total common stock outstanding as of September 30, 2025 and December 31, 2024 was 11,178,467 and 10,925,950, respectively. Each share of common stock is entitled to one vote. The holders of common stock are also entitled to receive dividends whenever funds are legally available and when and if declared by the Board of Directors, subject to the prior rights of holders of all series of stock outstanding. No dividends have been declared or paid by the Company since inception. The Company is required to reserve and keep available out of its authorized but unissued shares of common stock such a number of shares sufficient to affect the conversion of all outstanding shares of redeemable convertible preferred stocks, preferred stock and common stock warrants, and options granted and available for grant under the Company’s stock option plan. The amount of such shares of the Company’s common stock reserved for these purposes at September 30, 2025 is as follows:
Series A-1 Redeemable Convertible Preferred Stock | 1,349,650
Series A-2 Redeemable Convertible Preferred Stock | 1,137,210
Series A-3 Redeemable Convertible Preferred Stock | 899,730
Series A-4 Redeemable Convertible Preferred Stock | 25,761
Series A-5 Redeemable Convertible Preferred Stock | 114,613
Series A-6 Redeemable Convertible Preferred Stock | 5,796,201
Series B-1 Redeemable Convertible Preferred Stock | 5,182,287
Series B-2 Redeemable Convertible Preferred Stock | 2,566,902
Series C Redeemable Convertible Preferred Stock | 5,628,825
Series C-1 Redeemable Convertible Preferred Stock | 1,726,823
Series D Redeemable Convertible Preferred Stock | 4,656,233
Redeemable Convertible Preferred stock warrants | 9,660
Common stock warrants | 121,566
Options to purchase common stock | 9,041,854
Stock options available for future grants | 719,328
Total common stock reserved | 38,976,643
Stock Plan In December 2018, the Company adopted the 2018 Stock Plan (the “2018 Plan”). The 2018 Plan authorizes the granting of stock options upon the approval of the Company’s Board of Directors, to employees and consultants providing services to the Company. Stock options granted under the 2018 Plan generally expire within 10 years from the date of grant and are generally issued at the fair value of the underlying shares of common stock on the date of grant as determined by the Company’s Board of Directors. The shares subject to each option typically allow for 25% of the shares to vest and become exercisable on the first anniversary of the vesting commencement date and thereafter, the remaining 75% will vest and become exercisable in 36 equal monthly installments. The Company may include other vesting terms from time to time. Incentive and non-statutory stock options may be granted with exercise prices not less than 100% of the estimated fair value of the common stock on the date of grant, as determined by the Board of Directors. Subject to Board approval at the grant date, if an option includes an “early exercise” feature, then such option shall be exercisable at any time but any unvested option shares shall be subject to the Company’s right to repurchase them at the original exercise price in the event that the optionee’s service is terminated for any reason. If an option does not permit early exercise, then such option shall not be exercisable with respect to unvested shares. As of September 30, 2025 and December 31, 2024, the Company had authorized 12,409,025 and 10,904,372 shares of common stock reserved for issuance under the 2018 Plan, respectively. Stock-based Compensation The weighted average assumptions used to calculate the fair value of option grants issued under the 2018 Plan during the three and nine months ended September 30, 2025 and 2024 were as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Fair value of common stock | $ | 31.74 |  |  | $ | 16.89 |  |  | $ | 25.68 |  |  | $ | 15.68 |
Dividend yield | - | % |  | - | % |  | - | % |  | - | %
Risk-free interest rate | 3.9 | % |  | 4.1 | % |  | 4.2 | % |  | 4.2 | %
Expected volatility | 74 | % |  | 68 | % |  | 73 | % |  | 68 | %
Expected term (in years) | 6.02 |  | 6.05 |  | 6.28 |  | 6.01
A summary of the Company’s stock option activity and related information is as follows:
| Number of Options Outstanding |  | Weighted Average Exercise Price Per Share |  | Aggregate Intrinsic Value (in thousands)
Balance as of December 31, 2024 | 6,849,412 |  | $ | 7.28 |  |  | $ | 73,992 |
Granted | 2,721,201 |  | $ | 20.17 |  |  |
Exercised | (252,517) |  | $ | 4.30 |  |  |
Forfeited or expired | (276,242) |  | $ | 14.24 |  |  |
Balance as of September 30, 2025 | 9,041,854 |  | $ | 11.03 |  |  | $ | 268,925 |
Vested and exercisable as of September 30, 2025 | 4,876,287 |  | $ | 5.60 |  |  | $ | 171,507 |
Vested and expected to vest as of September 30, 2025 | 9,041,854 |  | $ | 11.03 |  |  | $ | 268,925 |
As of September 30, 2025, there was approximately $60.7 million of total unrecognized compensation cost related to unvested options, which is expected to be recognized over the weighted average period of 3.8 years. Also, in June 2025, the Board of Directors granted stock options of 1,003,102 shares to the Company’s Chief Executive Officer and Co-Founder and 501,551 shares to the Chief Technology Officer and Co-Founder at an exercise price of $20.04 per share. The vesting commencement date of the stock option is June 11, 2025 and the stock options vests monthly over six years. Stock-Based Compensation Expense The table below shows stock-based compensation expense included in the statements of operations and comprehensive income (loss) for the three months ended and nine months ended September 30, 2025 and 2024 (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Cost of revenue | $ | 401 |  |  | $ | 284 |  |  | $ | 1,139 |  |  | $ | 848 |
Research and development | 971 |  |  | 554 |  |  | 2,542 |  |  | 1,719 |
Selling, general and administrative | 3,103 |  |  | 1,312 |  |  | 5,900 |  |  | 3,488 |
Total stock-based compensation | $ | 4,475 |  |  | $ | 2,150 |  |  | $ | 9,581 |  |  | $ | 6,055 |
Secondary Sales of Common Stock During June 2024, investors of the Company acquired 52,750 shares of common stock at a price per share equal to $22.42 per share from employee stockholders. During July 2024, investors of the Company acquired an additional 22,302 shares of common stock at a price per share equal to $22.42 per share from a stockholder who was a former employee of the Company. As a result, the Company recorded a total of $0.1 million and $0.4 million for the three months ended and nine months ended September 30, 2024, respectively, in stock-based compensation expense for the difference between the price paid by these investors and the estimated fair value of the acquired common stock from stockholders on the date of the transactions. No secondary sales occurred during the three and nine months ended September 30, 2025. Repurchase of Common Stock In February 2024, the Company’s Board of Directors agreed to repurchase a total of 26,750 shares of common stock that were held by a former employee of the Company. The repurchase price paid by the Company was $20.3950 per share, resulting in a total repurchase cost of $0.5 million. As the repurchase price paid by the Company to the former employee represented an excess over the common stock’s estimated fair market value at the time, the Company accounted for this premium as stock-based compensation expense of $0.2 million during the nine months ended September 30, 2024.

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