v3.26.1
Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders Deficit (Unaudited) - USD ($)
$ in Thousands
Total
IPO
Redeemable Convertible Preferred Stock
Redeemable Convertible Preferred Stock
IPO
Redeemable Convertible Series B Preferred Stock
Redeemable Convertible Series A Preferred Stock
Series B Preferred Stock
Common Stock
Common Stock
IPO
Additional Paid-in Capital
Additional Paid-in Capital
IPO
Accumulated Other Comprehensive Income
Accumulated Deficit
Beginning Balance at Dec. 31, 2024 $ (83,194)                 $ 5,954     $ (89,148)
Beginning Balance, Shares at Dec. 31, 2024               16,103,207          
Redeemable Convertible Preferred Stock, Beginning Balance at Dec. 31, 2024     $ 120,022                    
Redeemable Convertible Preferred Stock, Beginning Balance, Shares at Dec. 31, 2024     6,959,334                    
Issuance of stock upon settlement of tranche obligations, Shares           5,148,587              
Issuance of stock upon settlement of tranche obligations           $ 98,339              
Stock-based compensation expense 2,938                 2,938      
Net loss (18,019)                       (18,019)
Ending Balance at Mar. 31, 2025 (98,275)                 8,892   $ (107,167)  
Ending Balance, Shares at Mar. 31, 2025               16,103,207          
Redeemable Convertible Preferred Stock, Ending Balance at Mar. 31, 2025     $ 218,361                    
Redeemable Convertible Preferred Stock, Ending Balance, Shares at Mar. 31, 2025     12,107,921                    
Beginning Balance at Dec. 31, 2024 (83,194)                 5,954     (89,148)
Beginning Balance, Shares at Dec. 31, 2024               16,103,207          
Redeemable Convertible Preferred Stock, Beginning Balance at Dec. 31, 2024     $ 120,022                    
Redeemable Convertible Preferred Stock, Beginning Balance, Shares at Dec. 31, 2024     6,959,334                    
Net loss (75,464)                        
Ending Balance at Jun. 30, 2025 (151,309)                 13,303     (164,612)
Ending Balance, Shares at Jun. 30, 2025               16,169,512          
Redeemable Convertible Preferred Stock, Ending Balance at Jun. 30, 2025     $ 218,361                    
Redeemable Convertible Preferred Stock, Ending Balance, Shares at Jun. 30, 2025     12,107,921                    
Beginning Balance at Mar. 31, 2025 (98,275)                 8,892   (107,167)  
Beginning Balance, Shares at Mar. 31, 2025               16,103,207          
Redeemable Convertible Preferred Stock, Beginning Balance at Mar. 31, 2025     $ 218,361                    
Redeemable Convertible Preferred Stock, Beginning Balance, Shares at Mar. 31, 2025     12,107,921                    
Issuance of common stock upon exercise of stock options 120                 120      
Issuance of common stock upon exercise of stock options, Shares               66,305          
Stock-based compensation expense 4,291                 4,291      
Net loss (57,445)                       (57,445)
Ending Balance at Jun. 30, 2025 (151,309)                 13,303     (164,612)
Ending Balance, Shares at Jun. 30, 2025               16,169,512          
Redeemable Convertible Preferred Stock, Ending Balance at Jun. 30, 2025     $ 218,361                    
Redeemable Convertible Preferred Stock, Ending Balance, Shares at Jun. 30, 2025     12,107,921                    
Beginning Balance at Dec. 31, 2025 (250,335)                 30,691   63 (281,089)
Beginning Balance, Shares at Dec. 31, 2025               16,351,102          
Redeemable Convertible Preferred Stock, Beginning Balance at Dec. 31, 2025 $ 586,150   $ 586,150       $ 180,954            
Redeemable Convertible Preferred Stock, Beginning Balance, Shares at Dec. 31, 2025 29,519,423   29,519,423       8,482,146            
Issuance of preferred stock, Shares         468,053                
Issuance of preferred stock         $ 11,397                
Issuance of common stock, Shares               44,729          
Issuance of common stock upon exercise of stock options $ 427                 427      
Issuance of common stock upon exercise of stock options, Shares               179,266          
Vesting of early-exercised stock options 148                 148      
Stock-based compensation expense 5,358                 5,358      
Unrealized loss on investments, net of tax (153)                     (153)  
Net loss (56,071)                       (56,071)
Ending Balance at Mar. 31, 2026 (300,626)                 36,624   (90) (337,160)
Ending Balance, Shares at Mar. 31, 2026               16,575,097          
Redeemable Convertible Preferred Stock, Ending Balance at Mar. 31, 2026     $ 597,547                    
Redeemable Convertible Preferred Stock, Ending Balance, Shares at Mar. 31, 2026     29,987,476                    
Beginning Balance at Dec. 31, 2025 (250,335)                 30,691   63 (281,089)
Beginning Balance, Shares at Dec. 31, 2025               16,351,102          
Redeemable Convertible Preferred Stock, Beginning Balance at Dec. 31, 2025 $ 586,150   $ 586,150       $ 180,954            
Redeemable Convertible Preferred Stock, Beginning Balance, Shares at Dec. 31, 2025 29,519,423   29,519,423       8,482,146            
Issuance of common stock upon exercise of stock options, Shares 542,484                        
Net loss $ (172,307)                        
Ending Balance at Jun. 30, 2026 615,522             $ 1   1,069,152   (235) (453,396)
Ending Balance, Shares at Jun. 30, 2026               93,467,940          
Redeemable Convertible Preferred Stock, Ending Balance at Jun. 30, 2026 $ 0                        
Redeemable Convertible Preferred Stock, Ending Balance, Shares at Jun. 30, 2026 0           47,764,024            
Beginning Balance at Mar. 31, 2026 $ (300,626)                 36,624   (90) (337,160)
Beginning Balance, Shares at Mar. 31, 2026               16,575,097          
Redeemable Convertible Preferred Stock, Beginning Balance at Mar. 31, 2026     $ 597,547                    
Redeemable Convertible Preferred Stock, Beginning Balance, Shares at Mar. 31, 2026     29,987,476                    
Temporary equity, Conversion of redeemable convertible preferred stock to common stock upon IPO       $ (597,547)                  
Temporary equity, Conversion of redeemable convertible preferred stock to common stock upon IPO, Shares       (29,987,476)                  
Conversion of redeemable convertible preferred stock to common stock upon IPO   $ 597,547             $ 1   $ 597,546    
Conversion of redeemable convertible preferred stock to common stock upon IPO, Shares                 47,764,024        
Issuance of common stock 422,422                 422,422      
Issuance of common stock, Shares               28,750,000          
Issuance of common stock upon exercise of stock options 806                 806      
Issuance of common stock upon exercise of stock options, Shares               363,215          
Vesting of early-exercised stock options 149                 149      
Issuance of common stock upon vesting of restricted stock units, net, Shares               15,604          
Shares repurchased for tax withholdings on vesting of restricted stock units (90)                 (90)      
Stock-based compensation expense 11,695                 11,695      
Unrealized loss on investments, net of tax (145)                     (145)  
Net loss (116,236)                       (116,236)
Ending Balance at Jun. 30, 2026 615,522             $ 1   $ 1,069,152   $ (235) $ (453,396)
Ending Balance, Shares at Jun. 30, 2026               93,467,940          
Redeemable Convertible Preferred Stock, Ending Balance at Jun. 30, 2026 $ 0                        
Redeemable Convertible Preferred Stock, Ending Balance, Shares at Jun. 30, 2026 0           47,764,024