v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT) - USD ($)
$ in Thousands
Total
Conversion of redeemable convertible preferred stock to Class A common stock in connection with initial public offering
Conversion of convertible debt to Class A common stock upon initial public offering
Common Stock
Common Stock
Conversion of redeemable convertible preferred stock to Class A common stock in connection with initial public offering
Common Stock
Conversion of convertible debt to Class A common stock upon initial public offering
Additional Paid-In Capital
Additional Paid-In Capital
Conversion of redeemable convertible preferred stock to Class A common stock in connection with initial public offering
Additional Paid-In Capital
Conversion of convertible debt to Class A common stock upon initial public offering
Treasury Stock
Notes Receivable from Employees
Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2024 41,994,022                      
Beginning balance at Dec. 31, 2024 $ 168,888                      
Ending balance (in shares) at Mar. 31, 2025 41,994,022                      
Ending balance at Mar. 31, 2025 $ 168,888                      
Beginning balance (in shares) at Dec. 31, 2024 [1]       14,247,476                
Beginning balance at Dec. 31, 2024 (107,599)     $ 1 [1]     $ 147,255     $ 0 $ (173) $ (254,682)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Issuance of common stock upon exercise of options (in shares) [1]       299,640                
Issuance of common stock upon exercise of options 744           744          
Stock-based compensation 14,060           14,060          
Release of shares due to loan forgiveness (in shares) [1]       1,894,054                
Release of shares due to loan forgiveness 1     $ 1 [1]                
Interest accrued on notes receivable from employees (2)                   (2)  
Net (loss) income (21,111)                     (21,111)
Ending balance (in shares) at Mar. 31, 2025 [1]       16,441,170                
Ending balance at Mar. 31, 2025 $ (113,907)     $ 2 [1]     162,059     0 (175) (275,793)
Beginning balance (in shares) at Dec. 31, 2024 41,994,022                      
Beginning balance at Dec. 31, 2024 $ 168,888                      
Ending balance (in shares) at Jun. 30, 2025 0                      
Ending balance at Jun. 30, 2025 $ 0                      
Beginning balance (in shares) at Dec. 31, 2024 [1]       14,247,476                
Beginning balance at Dec. 31, 2024 (107,599)     $ 1 [1]     147,255     0 (173) (254,682)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Net (loss) income (47,339)                      
Ending balance (in shares) at Jun. 30, 2025 [1]       72,570,862                
Ending balance at Jun. 30, 2025 $ 238,919     $ 7 [1]     551,135     (10,025) (177) (302,021)
Beginning balance (in shares) at Mar. 31, 2025 41,994,022                      
Beginning balance at Mar. 31, 2025 $ 168,888                      
Increase (Decrease) in Temporary Equity [Roll Forward]                        
Conversion of redeemable convertible preferred stock to Class A common stock in connection with initial public offering (in shares) (41,994,022)                      
Conversion of redeemable convertible preferred stock to Class A common stock in connection with initial public offering $ (168,888)                      
Ending balance (in shares) at Jun. 30, 2025 0                      
Ending balance at Jun. 30, 2025 $ 0                      
Beginning balance (in shares) at Mar. 31, 2025 [1]       16,441,170                
Beginning balance at Mar. 31, 2025 (113,907)     $ 2 [1]     162,059     0 (175) (275,793)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Conversion of convertible debt (in shares) [1]         41,994,022 6,056,425            
Conversion of shares or debt   $ 168,888 $ 96,902   $ 4 [1]     $ 168,884 $ 96,902      
Issuance of Class A common stock in connection with initial public offering, net of underwriting discounts, commission, and other offering costs (in shares) [1]       8,400,000                
Issuance of Class A common stock in connection with initial public offering, net of underwriting discounts, commissions, and other offering costs 114,772     $ 1 [1]     114,771          
Repurchase of Class A common stock due to convertible debt put option election upon initial public offering (in shares) [1]       (626,588)                
Repurchase of Class A common stock due to convertible debt put option election upon initial public offering (10,025)                 (10,025)    
Issuance of common stock upon exercise of options (in shares) [1]       305,833                
Issuance of common stock upon exercise of options 895           895          
Stock-based compensation 7,624           7,624          
Interest accrued on notes receivable from employees (2)                   (2)  
Net (loss) income (26,228)                     (26,228)
Ending balance (in shares) at Jun. 30, 2025 [1]       72,570,862                
Ending balance at Jun. 30, 2025 $ 238,919     $ 7 [1]     551,135     (10,025) (177) (302,021)
Beginning balance (in shares) at Dec. 31, 2025 0                      
Beginning balance at Dec. 31, 2025 $ 0                      
Ending balance (in shares) at Mar. 31, 2026 0                      
Ending balance at Mar. 31, 2026 $ 0                      
Beginning balance (in shares) at Dec. 31, 2025 [1]       73,863,192                
Beginning balance at Dec. 31, 2025 305,736     $ 7 [1]     577,043     (10,025) (181) (261,108)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Issuance of common stock upon exercise of options (in shares) [1]       54,324                
Issuance of common stock upon exercise of options 71           71          
Issuance of common stock upon vesting of restricted stock units, net of taxes withheld (in shares) [1]       1,906                
Issuance of common stock upon vesting of restricted stock units, net of taxes withheld (5)           (5)          
Stock-based compensation 4,065           4,065          
Interest accrued on notes receivable from employees (2)                   (2)  
Net (loss) income 8,762                     8,762
Ending balance (in shares) at Mar. 31, 2026 [1]       73,919,422                
Ending balance at Mar. 31, 2026 $ 318,627     $ 7 [1]     581,174     (10,025) (183) (252,346)
Beginning balance (in shares) at Dec. 31, 2025 0                      
Beginning balance at Dec. 31, 2025 $ 0                      
Ending balance (in shares) at Jun. 30, 2026 0                      
Ending balance at Jun. 30, 2026 $ 0                      
Beginning balance (in shares) at Dec. 31, 2025 [1]       73,863,192                
Beginning balance at Dec. 31, 2025 305,736     $ 7 [1]     577,043     (10,025) (181) (261,108)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Net (loss) income 15,482                      
Ending balance (in shares) at Jun. 30, 2026 [1]       74,208,930                
Ending balance at Jun. 30, 2026 $ 334,329     $ 7 [1]     590,158     (10,025) (185) (245,626)
Beginning balance (in shares) at Mar. 31, 2026 0                      
Beginning balance at Mar. 31, 2026 $ 0                      
Ending balance (in shares) at Jun. 30, 2026 0                      
Ending balance at Jun. 30, 2026 $ 0                      
Beginning balance (in shares) at Mar. 31, 2026 [1]       73,919,422                
Beginning balance at Mar. 31, 2026 318,627     $ 7 [1]     581,174     (10,025) (183) (252,346)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Issuance of common stock upon exercise of options (in shares) [1]       9,225                
Issuance of common stock upon exercise of options 20           20          
Issuance of common stock upon vesting of restricted stock units, net of taxes withheld (in shares) [1]       280,283                
Stock-based compensation 8,964           8,964          
Interest accrued on notes receivable from employees (2)                   (2)  
Net (loss) income 6,720                     6,720
Ending balance (in shares) at Jun. 30, 2026 [1]       74,208,930                
Ending balance at Jun. 30, 2026 $ 334,329     $ 7 [1]     $ 590,158     $ (10,025) $ (185) $ (245,626)
[1] Amounts combine the Company’s common stock, Class A common stock, and Class B common stock. See Note 10, Capitalization, for discussion of the establishment of the Company’s two classes of common stock and the reclassification of its common stock into Class A common stock in connection with the Company’s initial public offering in May 2025.