| Summary of Preferred Stock |
As of March 31, 2026 and December 31, 2025, Preferred Stock consisted of the following (in thousands, except share and per share amounts):
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Preferred Stock Authorized |
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Preferred Stock Issued and Outstanding |
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Carrying Value |
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Liquidation Preference |
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Conversion Price per Share |
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Common Stock Issuable Upon Conversion |
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Series A-1 Preferred Stock |
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40,000,000 |
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40,000,000 |
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$ |
— |
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$ |
4,000 |
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$ |
0.32 |
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12,736,014 |
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Series A-2 Preferred Stock |
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26,342,102 |
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26,342,102 |
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99,757 |
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100,100 |
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$ |
11.94 |
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8,387,331 |
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Series B Preferred Stock |
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47,578,938 |
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47,578,934 |
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225,571 |
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226,000 |
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$ |
14.92 |
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15,149,130 |
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Total Preferred Stock |
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113,921,040 |
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113,921,036 |
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$ |
325,328 |
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$ |
330,100 |
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36,272,475 |
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