Convertible Preferred Stock (Tables)

12 Months Ended

Dec. 31, 2025

Temporary Equity Disclosure [Abstract]

A summary of preferred stock is as follows:


	Series Seed Convertible Preferred Stock			Series A Convertible Preferred Stock			Series B Convertible Preferred Stock			Series C Convertible Preferred Stock			Series D Convertible Preferred Stock			Series E Convertible Preferred Stock			Total
	Shares	Amount		Shares	Amount		Shares	Amount		Shares	Amount		Shares	Amount		Shares	Amount		Shares	Amount
Balance at December 31, 2023	15,851,401	$	1,337	22,399,370	$	5,600	5,913,964	$	2,200	50,116,284	$	21,550	80,909,169	$	43,788	—	$	—	175,190,188	$	74,475
Balance at December 31, 2024	15,851,401	$	1,337	22,399,370	$	5,600	5,913,964	$	2,200	50,116,284	$	21,550	80,909,169	$	43,788	—	$	—	175,190,188	$	74,475

Balance at December 31, 2024	15,851,401	$	1,337	22,399,370	$	5,600	5,913,964	$	2,200	50,116,284	$	21,550	80,909,169	$	43,788	—	$	—	175,190,188	$	74,475
Exercise of preferred stock warrants	988,999	83		—	—		1,000,000	372		—	—		—	—		—	—		1,988,999	455
Issuance of Series E	—	—		—	—		—	—		—	—		—	—		58,774,312	40,130		58,774,312	40,130
Conversion of redeemable convertible preferred stock to common stock upon IPO	(16,840,400)	(1,420)		(22,399,370)	(5,600)		(6,913,964)	(2,572)		(50,116,284)	(21,550)		(80,909,169)	(43,788)		(58,774,312)	(40,130)		(235,953,499)	(115,060)
Balance at December 31, 2025	—	$	—	—	$	—	—	$	—	—	$	—	—	$	—	—	$	—	—	$	—

As of December 31 2024, the total authorized, issued, and outstanding shares of Preferred Stock were as follows (in thousands, except par value, share and per share amounts):



Series	Par Value		Authorized	Issued and Outstanding	Issuance Price Per Share		Liquidation Value
Seed	$	0.001	16,840,400	15,851,401	$	0.0843	$	1,337
A	0.001		22,399,370	22,399,370	0.2500		5,600
B	0.001		6,913,964	5,913,964	0.3720		2,200
C	0.001		50,116,284	50,116,284	0.4300		21,550
D	0.001		83,403,626	80,909,169	0.5412		43,788
Total			179,673,644	175,190,188			$	74,475

Schedule of Outstanding Warrants

The following tables summarize the Company’s outstanding warrants at December 31, 2024:



Description	Outstanding	Exercise Price per share		Expiration Date	Fair Value
Common	17,827	$	2.10000	April 1, 2031	$	41
Series Seed	988,999	0.08434		April 24, 2025	205
Series B	1,000,000	0.37200		January 28, 2030	207
Series D	2,494,457	0.54120		August 7, 2033	517
Total	4,501,283				$	970

- 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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