Redeemable Convertible Preferred Stock and Stockholders’ Deficit (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Redeemable Convertible Preferred Stock

Redeemable convertible preferred stock consisted of the following at December 31, 2025 and 2024:


(in thousands, except share amounts)	Redeemable Convertible Preferred Stock
As of December 31, 2025	Shares	Amount		Aggregate Liquidation Preference
Series A preferred stock	956,575	$	5,465	$	6,032
Series B preferred stock	3,718,503	27,321		27,500
Series C-1 preferred stock	4,933,836	39,760		40,010
Series C-2 preferred stock	4,933,589	54,932		50,010
Series D preferred stock	5,799,465	77,059		77,326
Total redeemable convertible preferred stock	20,341,968	$	204,537	$	200,878


(in thousands, except share amounts)	Redeemable Convertible Preferred Stock
As of December 31, 2024	Shares	Amount		Aggregate Liquidation Preference
Series A preferred stock	956,575	$	5,465	$	6,032
Series B preferred stock	3,718,503	27,321		$	27,500
Series C-1 preferred stock	4,933,836	39,760		$	40,010
Total redeemable convertible preferred stock	9,608,914	$	72,546	$	73,542

- 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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