v3.26.1
Common Stock
 3 Months Ended
Mar. 31, 2026
Stockholders' Equity Note [Abstract]  
Common Stock

5. Common Stock

In accordance with the Company’s Amended and Restated Certificate of Incorporation dated July 24, 2025, the Company is authorized to issue two classes of capital stock—common stock and preferred stock. The Company shall have authority to issue 600,000,000 shares of common stock with par value of $0.00001 per share and 10,000,000 shares of preferred stock with par value of $0.00001 per share. As of March 31, 2026, the Company does not have any issued or outstanding shares of preferred stock.

Common stock reserved for future issuance as of March 31, 2026, consisted of the following:

 

 

As of March 31, 2026

 

Common stock options outstanding

 

 

2,525,651

 

RSUs outstanding

 

 

886,397

 

PSUs outstanding (1)

 

 

666,728

 

Shares available for future issuance under the 2025 Plan

 

 

2,291,352

 

Shares available for future issuance under the 2025 Employee Stock Purchase Plan

 

 

665,391

 

Total common stock reserved for future issuance

 

 

7,035,519

 

 

(1) Performance stock units ("PSUs") are presented at the maximum 200% of target. Actual shares issued for PSUs may range from 0% to 200% of target based on achievement of applicable revenue performance and share price performance (see Note 6).

 

 

SVB Common Stock Warrant

In April 2021, in connection with its entry into a loan and security agreement (the “SVB Loan Agreement”) with Silicon Valley Bank (“SVB”), the Company issued a warrant to purchase up to an aggregate of 10,338 shares of common stock at an exercise price of $0.34 per share (the “SVB Common Stock Warrant”). In July 2021, pursuant to the terms of the SVB Common Stock Warrant, the SVB Common Stock Warrant became exercisable for an additional 10,349 shares of common stock at an exercise price of $0.34 per share in connection with a principal draw. In February 2022, the Company amended the SVB Loan Agreement to draw additional principal and the SVB Common Stock Warrant became exercisable for an additional 5,176 shares of common stock at an exercise price of $0.40 per share. In December 2022, the Company terminated and repaid in full all amounts outstanding under the SVB Loan Agreement. On August 14, 2025, the Company issued 25,184 shares of common stock in conjunction with a net cashless exercise of the SVB Common Stock Warrant. As a result of the exercise, the SVB Common Stock Warrant is no longer outstanding.