v3.26.1
Stockholders’ Deficit
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Stockholders’ Deficit [Abstract]    
Stockholders’ Deficit
11. Stockholders’ Deficit

 

Common Stock

 

Each share of common stock is entitled to one vote. The holders of common stock are also entitled to receive dividends whenever funds are legally available and when declared by the Board of Directors, subject to the prior right of holders of all series of stock outstanding. Through March 31, 2026, no dividends have been declared or paid.

 

 

As of March 31, 2026 and December 31, 2025, the Company had reserved common stock for future issuance as follows:

 

    March 31,
2026		     December 31,
2025		  
Conversion of Series F redeemable convertible preferred stock     98,058,282       93,624,871  
Conversion of common stock warrants     9,706,064       10,176,273  
Outstanding options under the 2010 Plan     638,957       1,092,810  
Outstanding options under the 2016 Plan     12,864,633       13,069,838  
Options reserved for future issuance under the 2016 Plan     578,931       559,611  
Other ⁽¹⁾     51,667,940       51,667,940  
Total     173,514,807       170,191,343  

 

(1) Includes shares reserved for conversion of Series A (12,285,713), Series B (7,500,000), Series C (5,000,000), Series D (4,100,799), and Series E (22,671,428) redeemable convertible preferred stock and conversion of preferred stock warrants (110,000). There were no changes in these reserved shares during the three months ended March 31, 2026.
13. Stockholders’ Deficit

 

Common Stock

 

Each share of common stock is entitled to one vote. The holders of common stock are also entitled to receive dividends whenever funds are legally available and when declared by the Board of Directors, subject to the prior right of holders of all series of stock outstanding. During the year ended December 31, 2025, the Company increased the total number of common shares authorized from 201,142,870 shares to 219,481,484 shares. Through December 31, 2025, no dividends have been declared or paid.

 

The Company is required to reserve and keep available out of its authorized but unissued shares of common stock such a number of shares sufficient to affect the conversion of all outstanding shares of redeemable convertible preferred stocks, preferred stock and common stock warrants, and options granted and available for grant under the Company’s stock option plan.

 

As of December 31, 2025 and 2024, the Company had reserved common stock for future issuance as follows:

 

    2025     2024  
Conversion of Series A redeemable convertible preferred stock     12,285,713       12,285,713  
Conversion of Series B redeemable convertible preferred stock     7,500,000       7,500,000  
Conversion of Series C redeemable convertible preferred stock     5,000,000       5,000,000  
Conversion of Series D redeemable convertible preferred stock     4,100,799       4,100,799  
Conversion of Series E redeemable convertible preferred stock     22,671,428       22,671,428  
Conversion of Series F redeemable convertible preferred stock     93,624,871       49,050,528  
Conversion of preferred stock warrants     110,000       220,000  
Conversion of common stock warrants     10,176,273       7,527,404  
Outstanding options under the 2010 Plan     1,092,810       1,341,186  
Outstanding options under the 2016 Plan     13,069,838       11,432,402  
Options reserved for future issuance under the 2010 Plan     —       278,574  
Options reserved for future issuance under the 2016 Plan     559,611       2,294,548  
Total     170,191,343       123,702,582