Capital Structure (Tables)

12 Months Ended

Dec. 31, 2025

Stockholders' Equity Note [Abstract]

Schedule of Common Stock Reserved for Future Issuance

Common stock reserved for future issuance, on an as-converted basis, consisted of the following:


		As of December 31,
		2025				2024
Series A redeemable convertible preferred stock			—				10,889,434
Series B redeemable convertible preferred stock			—				6,971,192
Series C redeemable convertible preferred stock			—				4,997,963
Series D redeemable convertible preferred stock			—				5,641,987
Series D-1 redeemable convertible preferred stock			—				4,086,247
Shares reserved under 2025 Equity Incentive Plan and 2019 Equity Incentive Plan			4,790,225				831,177
Stock options, issued and outstanding			5,484,226				5,278,735
Pre-funded warrants, issued and outstanding			4,331,090				—
Restricted stock units, issued and outstanding			593,525				—
Shares reserved under 2025 Employee Stock Purchase Plan			339,356				—
Total			15,538,422				38,696,735

Schedule of Issued and Outstanding Redeemable Convertible Preferred Stock

Issued and outstanding redeemable convertible preferred stock as of December 31, 2024 consisted of the following:


										Original				Aggregate
		Shares				Shares issued				issue price				liquidation				Net carrying
Series		authorized				and outstanding				per share				amount				value
										(in thousands, except share and per share data)
As of December 31, 2024
Series A			104,985,132				104,985,132			$	1.00			$	104,985			$	104,985
Series B			57,563,188				57,563,188			$	2.75			$	158,299			$	158,299
Series C			40,866,704				40,866,704			$	2.9515			$	120,618			$	120,618
Series D			55,394,431				54,394,445			$	1.3792			$	75,021			$	72,551
Series D-1			39,395,572				39,395,572			$	1.10336			$	43,467			$	51,634
Total			298,205,027				297,205,041							$	502,390			$	508,087

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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