v3.26.1
Common Stock
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
Common Stock Common Stock
As of June 30, 2026 and December 31, 2025, the Company’s Certificate of Incorporation, as amended, authorized the Company to issue 800,000,000 shares of Class A common stock, par value $0.00001 per share, and 10,000,000 shares of Class B Common Stock, par value $0.00001 per share. Total common stock outstanding as of June 30, 2026 and December 31, 2025 was 42,283,900 and 41,252,105 shares of Class A common stock, respectively, and 4,542,650 and 4,552,650 shares of Class B common stock, respectively.
The holders of Class A common stock are entitled to vote on all corporate matters at a ratio of one vote per share together with the holders of Class B common stock. The holders of Class B common stock are entitled to vote on all corporate matters at a ratio of 15 votes per share together with the holders of Class A common stock. The holders of Class A common stock and Class B common stock are also entitled to receive dividends whenever funds are legally available and when and if declared by the Board of Directors, subject to the prior rights of holders of all series of stock outstanding. As of June 30, 2026 and December 31, 2025, no dividends had been declared or paid.
All of the outstanding shares of the Company’s Class B common stock will convert automatically on a one-to-one basis into shares of the Company’s Class A common stock upon the earliest of (i) 7 years from the date of filing the Post-IPO Certificate of Incorporation, and (ii) the date specified by a vote of the holders of Class B common stock representing a majority of the outstanding shares of Class B common stock. In addition, each share of Class B common stock held by a Co-Founder and such Co-Founder's permitted transferees will automatically convert into one share of Class A common stock upon the earlier of (i) the date that is between 90 days and 270 days, as determined by the Board of Directors, after the death or incapacitation of such Co-Founder or (ii) the date that is between 61 and 180 days, as determined by the Board of Directors, after the date on which such Co-Founder is no longer serving as an officer or director of the Company.
During the six months ended June 30, 2026, 10,000 shares of Class B common stock were converted into an equivalent number of shares of Class A common stock at the option of the holder. The conversion did not impact the total number of shares of common stock outstanding.
The Company is required to reserve and keep available out of its authorized but unissued shares of Class A common stock such a number of shares sufficient to affect the conversion of all outstanding shares of common stock warrants, all outstanding shares of Class B common stock, options granted under the Company’s 2018 Stock Plan and 2025 Equity Incentive Plan, shares available for grant under the Company’s 2025 Equity
Incentive Plan, restricted stock units outstanding and shares available for issuance under the 2025 Employee Stock Purchase Plan.
The amount of such shares of the Company’s Class A common stock reserved for these purposes at June 30, 2026 is as follows: 
Outstanding shares of Class B common stock4,542,650
Options to purchase common stock8,896,341
Restricted stock units outstanding229,300
Shares available for future issuance under the Employee Stock Purchase Plan548,880
Shares available for future grants2,907,999
Total common stock reserved17,125,170
Stock Plan
In December 2018, the Company adopted the 2018 Stock Plan (the “2018 Plan”). The 2018 Plan authorizes the granting of stock options upon the approval of the Company’s Board of Directors, to employees and consultants providing services to the Company. Stock options granted under the 2018 Plan generally expire within 10 years from the date of grant and are generally issued at the fair value of the underlying shares of common stock on the date of grant as determined by the Company’s Board of Directors. The shares subject to each option typically allow for 25% of the shares to vest and become exercisable on the first anniversary of the vesting commencement date and thereafter, the remaining 75% will vest and become exercisable in 36 equal monthly installments. The Company may include other vesting terms from time to time.
Incentive and non-statutory stock options may be granted with exercise prices not less than 100% of the estimated fair value of the common stock on the date of grant.
In connection with the IPO, the Company adopted the 2025 Equity Incentive Plan (the “2025 Plan”), which became effective in October 2025, although no awards could be granted under the 2025 Plan until the IPO date. The 2018 Plan was terminated upon the completion of the IPO, however, awards outstanding under the 2018 Plan will remain outstanding and will continue to be governed by their existing terms. On the effective date of the 2025 Plan, the maximum number of shares of Class A common stock authorized for issuance was 3,297,972 shares of Class A common stock, plus up to 10,034,626 shares under the 2018 Plan that (i) remain available for issuance on the IPO date and (ii) that are outstanding on the IPO date and that are subsequently forfeited, expire, are reacquired by the Company or lapse unexercised, subject to annual adjustment on the first day of each fiscal year, beginning January 1, 2027, through January 1, 2035. The 2025 Plan authorizes the granting of stock options and restricted stock units, among other types of awards, to employees and consultants providing services to the Company. Stock options granted under the 2025 Plan generally expire within 10 years from the date of grant. Stock options and restricted stock units are issued based on the fair value of the underlying shares of Class A common stock on the date of grant. The stock options and restricted stock units vest in 8 semi-annual installments each equal to 12.5% of the total shares under the grant or one initial installment of 25% of the total shares under the grant on the first anniversary of the grant date and, thereafter, in 6 semi-annual installments equal to 12.5% of the total shares under the grant. The Company may include other vesting terms from time to time.
Incentive and non-statutory stock options may be granted with exercise prices not less than 100% of the fair value of the Class A common stock on the date of grant, as determined by the Board of Directors. As of June 30, 2026 and December 31, 2025, the Company had authorized up to 3,489,011 and 3,390,306 shares of Class A common stock reserved for issuance under the 2025 Plan, respectively.
In October 2025, the Company adopted the 2025 Employee Stock Purchase Plan (the “2025 ESPP”), which became effective in October 2025. As of June 30, 2026, the number of shares of Class A common stock available for issuance under the 2025 ESPP is 548,880 shares of Class A common stock, subject to annual adjustment on the first day of each fiscal year, beginning January 1, 2027, through January 1, 2035. No more than 8,400,000 shares of Class A common stock may be issued under the 2025 ESPP. Each participant may purchase up to the number of shares determined by the Board of Directors on any purchase date, not to exceed
7,500 shares. The price of each share of Class A common stock purchased under the 2025 ESPP will not be less than 85% of the lower of the fair market value per share of Class A common stock on the first day of the applicable offering period or the fair market value per share of Class A common stock on the purchase date. The 2025 ESPP provides for separate six-month offering periods beginning on June 22 and December 22 of each year.

The grant date fair value of the stock purchase rights granted under the 2025 ESPP was estimated on the first day of each offering period using the Black-Scholes option pricing model. The valuation methodology used was substantially consistent with that used to value stock options with the exception of the expected term, which was based on the term of each offering period, and related impacts on expected volatility and risk-free interest rate.
Stock-based Compensation
Stock Option Activity
The weighted average assumptions used to calculate the fair value of option grants issued under the 2025 Plan and 2018 Plan during the three and six months ended June 30, 2026 and 2025 were as follows:

Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Dividend yield- %- %- %- %
Risk-free interest rate4.3 %4.2 %4.2 %4.2 %
Expected volatility73 %74 %74 %73 %
Expected term (in years)6.146.366.156.31
A summary of the Company’s stock option activity and related information is as follows:
Number of
Options
Outstanding		Weighted
Average
Exercise Price
Per Share		Aggregate
Intrinsic Value
(in thousands)
Balance as of December 31, 20259,552,013$12.96 $657,915 
Granted
355,036$84.11 
Exercised
(908,679)$8.46 
Forfeited or expired
(102,029)$18.53 
Balance as of June 30, 20268,896,341$16.28 $922,461 
Vested and exercisable as of June 30, 20264,803,993$7.66 $539,580 
Vested and expected to vest as of June 30, 20268,896,341$16.28 $922,461 
As of June 30, 2026, there was approximately $85.2 million of total unrecognized compensation cost related to unvested options, which is expected to be recognized over the weighted average period of 3.6 years.
Restricted Stock Unit Activity
A summary of the Company’s restricted stock unit activity and related information is as follows:
Shares
Weighted-
Average Grant
Date Fair Value
(per share)
Nonvested as of January 1, 202633,332$108.94 
Issued197,49974.61 
Vested-- 
Forfeited(1,531)79.03 
Nonvested as of June 30, 2026229,300$77.10 
As of June 30, 2026, there was approximately $19.2 million of total unrecognized compensation cost related to outstanding restricted stock units, which is expected to be recognized over the weighted average period of 3.4 years.
There was no restricted stock unit activity during the three and six months ended June 30, 2025.
ESPP Activity
The grant date fair value of the stock purchase rights granted under the 2025 ESPP for the three and six months ended June 30, 2026 were as follows:

Three Months Ended
June 30,		Six Months Ended
June 30,
20262026
Dividend yield
- %- %
Risk-free interest rate
4.0 %4.0 %
Expected volatility
66 %66 %
Expected term (in years)
0.500.50
As of June 30, 2026, there was approximately $1.2 million of total unrecognized compensation cost related to stock purchase rights granted under the 2025 ESPP, which is expected to be recognized over the weighted average period of 0.5 years.

Stock-Based Compensation Expense
The table below shows stock-based compensation expense included in the statements of operations and comprehensive income (loss) for the three and six months ended June 30, 2026 and 2025 (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Cost of revenue$787 $386 $1,421 $739 
Research and development1,753 823 3,109 1,571 
Selling, general and administrative5,677 1,523 10,196 2,796 
Total stock-based compensation$8,217 $2,732 $14,726 $5,106