v3.26.1
Common Stock
 6 Months Ended
Jun. 30, 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 June 30, 2026, the Company does not have any issued or outstanding shares of preferred stock.

Common stock reserved for future issuance as of June 30, 2026, consisted of the following:

 

 

As of June 30, 2026

 

Common stock options outstanding

 

 

2,495,249

 

RSUs outstanding

 

 

1,062,683

 

PSUs outstanding (1)

 

 

999,278

 

Shares available for future issuance under the 2025 Plan

 

 

2,135,449

 

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

 

 

640,113

 

Total common stock reserved for future issuance

 

 

7,332,772

 

 

(1) Revenue-Based PSUs and TSR-Based PSUs, as defined in Note 6, are presented at the maximum 200% of target. Actual shares issued for the Revenue-Based PSUs and TSR-Based PSUs may range from 0% to 200% of target based on achievement of applicable revenue performance and share price performance (see Note 6). The PSUs outstanding include Tranche 2 Revenue-Based PSUs that have been legally awarded but are not considered granted from an accounting perspective as the respective performance measures have not yet been established.

 

 

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.