Stockholders’ Equity (Tables)

6 Months Ended

Jun. 30, 2025

As of December 31, 2024, the redeemable convertible preferred stock was summarized as follows:







	December 31, 2024
(In thousands, except share amounts)	Shares Authorized	Shares Issued and Outstanding	Net Carrying Value		Aggregate Liquidation Preference
Series A	21,200	21,157	$	25,106	$	147,647
Total	21,200	21,157	$	25,106	$	147,647

Schedule of Reserved Shares of its Common Stock for Future Issuance

The Company had reserved shares of its common stock for future issuance as follows:


	June 30,	December 31,
	2025	2024
Stock options issued and outstanding	4,417,157	1,333,030
Restricted stock units outstanding	1,097,209	56,423
Common stock shares available for future issuance under equity plans	2,611,292	270,907
Common stock shares available for future issuance under the 2022 Employee Stock Purchase Plan (the “ESPP”)	127,681	79,387
GeneFab Option	1,963,344	1,963,344
Warrants to purchase common stock issued in connection with Series A redeemable convertible preferred stock	31,735,500	31,735,500
Performance stock units outstanding	—	106,806
Unvested early exercised common stock	—	422
Contingent earnout common stock	—	100,000
Common Stock Purchase Agreement	—	484,944
Series A redeemable convertible preferred stock	—	21,157,000
Total	41,952,183	57,287,763

- Definition

Tabular disclosure of temporary equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer.

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