Convertible preferred stock consists of the following for the period indicated (in thousands, except share amounts):


	As of December 31, 2025
Convertible Preferred Stock	Authorized Shares		Issued and Outstanding Shares		Carrying Value		Liquidation Preference
Series A-1 convertible preferred stock		94,010		94,010	$	3,000	$	3,001
Series A-2 convertible preferred stock		82,400		82,400		2,395		2,105
Series B-1 convertible preferred stock		374,440		344,730		19,957		20,125
Series B-2 convertible preferred stock		229,258		229,061		16,423		11,366
Series C-1 convertible preferred stock		122,726		85,909		8,293		8,400
Series C-2 convertible preferred stock		157,973		94,825		9,272		6,479
Series D convertible preferred stock		286,498		233,761		42,627		42,785
		1,347,305		1,164,696	$	101,967	$	94,261

The Company classified its convertible preferred stock outside of total stockholders’ deficit because, in the event of certain “liquidation events” that are not solely within the control of the Company (including a merger, acquisition or sale of all or substantially all of the Company’s assets), the shares would become redeemable at the option of the holders. The Company did not adjust the carrying values of the convertible preferred stock to the deemed liquidation values of such shares since a liquidation event was not probable at any of the reporting dates. Subsequent adjustments to increase or decrease the carrying values to the ultimate liquidation values will be made only if and when it becomes probable that such liquidation event will occur.

In February 2026, immediately prior to the completion of the IPO, all of the then-outstanding shares of convertible preferred stock automatically converted into 21,779,817 shares of common stock at the applicable conversion ratio then in effect. Upon conversion, the carrying value of the convertible preferred stock was reclassified to common stock and additional paid-in capital.