v3.26.1
Common Stock (Tables)
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
Schedule of Common Stock Reserved
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
Schedule of Stock Options Valuation Assumptions
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
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
Schedule of Stock Option Activity
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 
Schedule of 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 
Schedule of 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