v3.26.1
Consolidated Statements of Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 112,158 $ 91,091
Short-term investments 56,161 34,876
Accounts receivable, net 57,211 36,498
Commissions receivable-current, net 30,886 28,786
Prepaid and other current assets 45,585 54,553
Total current assets 302,001 245,804
Long-term assets:    
Commissions receivable, net 293,394 224,219
Property and equipment, net 10,986 8,189
Operating lease right-of-use assets 1,623 2,183
Goodwill 2,238 2,238
Acquired intangible assets, net of amortization 611 662
Long-term investments 84,536 31,468
Other long-term assets 695 574
Total long-term assets 394,083 269,533
Total assets 696,084 515,337
Current liabilities:    
Accounts Payable 80,353 55,070
Accrued expenses 62,053 39,224
Liabilities related to sale of commissions receivable-current 9,491 11,750
Operating lease liabilities-current 1,031 1,125
Other current liabilities 46,117 6,021
Total current liabilities 199,045 113,190
Long-term liabilities:    
Liabilities related to sale of commissions receivable-non-current 8,738 12,509
Operating lease liabilities-non-current 742 1,228
Deferred tax liability 11,393 8,529
Total long-term liabilities 20,873 22,266
Total liabilities 219,918 135,456
Commitments and contingencies (Note 7)
Liabilities and Equity [Abstract]    
Redeemable convertible preferred stock, par value $0.0001, 20,000 and 37,400 shares authorized, nil and 37,228 shares issued, and outstanding as of June 30, 2026 and December 31, 2025 0 403,997
Common stock, $0.0001 par value, nil and 1,040,000 shares, Class A Common Stock, $0.0001 par value, 1,000,000 and nil shares, and Class B Common Stock, $0.0001 par value, 40,000 and nil shares authorized at June 30, 2026 and December 31, 2025, respectively; nil and 16,647 shares Common Stock, 31,555 and nil shares of Common Stock Class A, and 32,204 and nil shares of Class B Common Stock issued and outstanding at June 30, 2026 and December 31, 2025, respectively 6 2
Additional paid-in capital 726,960 78,950
Accumulated other comprehensive loss (1,426) (554)
Accumulated deficit (249,374) (102,514)
Total stockholders' equity (deficit) 476,166 (24,116)
Total liabilities, redeemable convertible preferred stock and stockholders' equity $ 696,084 $ 515,337