CONDENSED CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT) - USD ($)
$ in Thousands |
Total |
Conversion of 2020 Notes to common stock |
Conversion of 2021 Notes to common stock |
Convertible Preferred Stock |
Series 1-C Convertible Preferred Stock Warrants |
Common Stock |
Common Stock
Conversion of 2020 Notes to common stock
|
Common Stock
Conversion of 2021 Notes to common stock
|
Additional Paid-In Capital |
Additional Paid-In Capital
Conversion of 2020 Notes to common stock
|
Additional Paid-In Capital
Conversion of 2021 Notes to common stock
|
Accumulated Other Comprehensive (Loss) Income |
Accumulated Deficit |
| Beginning balance (in shares) at Dec. 31, 2024 |
|
|
|
6,096,910
|
|
|
|
|
|
|
|
|
|
| Beginning balance at Dec. 31, 2024 |
|
|
|
$ 99,652
|
$ 14,320
|
|
|
|
|
|
|
|
|
| Ending balance (in shares) at Mar. 31, 2025 |
|
|
|
6,096,910
|
|
|
|
|
|
|
|
|
|
| Ending balance at Mar. 31, 2025 |
|
|
|
$ 99,652
|
14,320
|
|
|
|
|
|
|
|
|
| Beginning balance (in shares) at Dec. 31, 2024 |
|
|
|
|
|
10,145,962
|
|
|
|
|
|
|
|
| Beginning balance at Dec. 31, 2024 |
$ (493,091)
|
|
|
|
|
$ 1
|
|
|
$ 215,139
|
|
|
$ (22,364)
|
$ (685,867)
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income (loss) |
(55,964)
|
|
|
|
|
|
|
|
|
|
|
|
(55,964)
|
| Issuance of common stock for options exercised (in shares) |
|
|
|
|
|
218,340
|
|
|
|
|
|
|
|
| Issuance of common stock for options exercised |
1,912
|
|
|
|
|
|
|
|
1,912
|
|
|
|
|
| Stock-based compensation |
3,493
|
|
|
|
|
|
|
|
3,493
|
|
|
|
|
| Other comprehensive income |
2,109
|
|
|
|
|
|
|
|
|
|
|
2,109
|
|
| Ending balance (in shares) at Mar. 31, 2025 |
|
|
|
|
|
10,364,302
|
|
|
|
|
|
|
|
| Ending balance at Mar. 31, 2025 |
(541,541)
|
|
|
|
|
$ 1
|
|
|
220,544
|
|
|
(20,255)
|
(741,831)
|
| Beginning balance (in shares) at Dec. 31, 2024 |
|
|
|
6,096,910
|
|
|
|
|
|
|
|
|
|
| Beginning balance at Dec. 31, 2024 |
|
|
|
$ 99,652
|
14,320
|
|
|
|
|
|
|
|
|
| Ending balance (in shares) at Jun. 30, 2025 |
|
|
|
6,916,489
|
|
|
|
|
|
|
|
|
|
| Ending balance at Jun. 30, 2025 |
|
|
|
$ 114,027
|
0
|
|
|
|
|
|
|
|
|
| Beginning balance (in shares) at Dec. 31, 2024 |
|
|
|
|
|
10,145,962
|
|
|
|
|
|
|
|
| Beginning balance at Dec. 31, 2024 |
(493,091)
|
|
|
|
|
$ 1
|
|
|
215,139
|
|
|
(22,364)
|
(685,867)
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income (loss) |
(35,459)
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other comprehensive income |
17,623
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ending balance (in shares) at Jun. 30, 2025 |
|
|
|
|
|
10,465,908
|
|
|
|
|
|
|
|
| Ending balance at Jun. 30, 2025 |
(501,440)
|
|
|
|
|
$ 1
|
|
|
224,626
|
|
|
(4,741)
|
(721,326)
|
| Beginning balance (in shares) at Mar. 31, 2025 |
|
|
|
6,096,910
|
|
|
|
|
|
|
|
|
|
| Beginning balance at Mar. 31, 2025 |
|
|
|
$ 99,652
|
14,320
|
|
|
|
|
|
|
|
|
| Convertible Preferred Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Issuance of preferred stock for warrant exercised (in shares) |
|
|
|
819,579
|
|
|
|
|
|
|
|
|
|
| Issuance of preferred stock for warrants exercised |
|
|
|
$ 14,375
|
(14,320)
|
|
|
|
|
|
|
|
|
| Ending balance (in shares) at Jun. 30, 2025 |
|
|
|
6,916,489
|
|
|
|
|
|
|
|
|
|
| Ending balance at Jun. 30, 2025 |
|
|
|
$ 114,027
|
$ 0
|
|
|
|
|
|
|
|
|
| Beginning balance (in shares) at Mar. 31, 2025 |
|
|
|
|
|
10,364,302
|
|
|
|
|
|
|
|
| Beginning balance at Mar. 31, 2025 |
(541,541)
|
|
|
|
|
$ 1
|
|
|
220,544
|
|
|
(20,255)
|
(741,831)
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income (loss) |
20,505
|
|
|
|
|
|
|
|
|
|
|
|
20,505
|
| Issuance of common stock for options exercised (in shares) |
|
|
|
|
|
101,606
|
|
|
|
|
|
|
|
| Issuance of common stock for options exercised |
829
|
|
|
|
|
|
|
|
829
|
|
|
|
|
| Stock-based compensation |
3,253
|
|
|
|
|
|
|
|
3,253
|
|
|
|
|
| Other comprehensive income |
15,514
|
|
|
|
|
|
|
|
|
|
|
15,514
|
|
| Ending balance (in shares) at Jun. 30, 2025 |
|
|
|
|
|
10,465,908
|
|
|
|
|
|
|
|
| Ending balance at Jun. 30, 2025 |
$ (501,440)
|
|
|
|
|
$ 1
|
|
|
224,626
|
|
|
(4,741)
|
(721,326)
|
| Beginning balance (in shares) at Dec. 31, 2025 |
6,916,489
|
|
|
|
|
|
|
|
|
|
|
|
|
| Beginning balance at Dec. 31, 2025 |
$ 114,027
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ending balance (in shares) at Mar. 31, 2026 |
6,916,489
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ending balance at Mar. 31, 2026 |
$ 114,027
|
|
|
|
|
|
|
|
|
|
|
|
|
| Beginning balance (in shares) at Dec. 31, 2025 |
10,847,267
|
|
|
|
|
10,847,267
|
|
|
|
|
|
|
|
| Beginning balance at Dec. 31, 2025 |
$ (521,380)
|
|
|
|
|
$ 1
|
|
|
233,705
|
|
|
(9,910)
|
(745,176)
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income (loss) |
(61,286)
|
|
|
|
|
|
|
|
|
|
|
|
(61,286)
|
| Issuance of common stock for options exercised (in shares) |
|
|
|
|
|
210,729
|
|
|
|
|
|
|
|
| Issuance of common stock for options exercised |
3,061
|
|
|
|
|
|
|
|
3,061
|
|
|
|
|
| Issuance of common stock for exercise or conversion (in shares) |
|
|
|
|
|
31,008
|
|
|
|
|
|
|
|
| Issuance of common stock for exercise or conversion |
208
|
|
|
|
|
|
|
|
208
|
|
|
|
|
| Issuance of common stock for settlement of RSUs, net of shares withheld for taxes (in shares) |
|
|
|
|
|
11,362
|
|
|
|
|
|
|
|
| Issuance of common stock for settlement of RSUs, net of shares withheld for taxes |
(161)
|
|
|
|
|
|
|
|
(161)
|
|
|
|
|
| Settlement of promissory notes issued in exchange for the early exercise of stock options (in shares) |
|
|
|
|
|
(410,593)
|
|
|
|
|
|
|
|
| Settlement of promissory notes issued in exchange for the early exercise of stock options (see Note 1) |
9,072
|
|
|
|
|
|
|
|
9,072
|
|
|
|
|
| Stock-based compensation |
2,784
|
|
|
|
|
|
|
|
2,784
|
|
|
|
|
| Other comprehensive income |
1,989
|
|
|
|
|
|
|
|
|
|
|
1,989
|
|
| Ending balance (in shares) at Mar. 31, 2026 |
|
|
|
|
|
10,689,773
|
|
|
|
|
|
|
|
| Ending balance at Mar. 31, 2026 |
$ (565,713)
|
|
|
|
|
$ 1
|
|
|
248,669
|
|
|
(7,921)
|
(806,462)
|
| Beginning balance (in shares) at Dec. 31, 2025 |
6,916,489
|
|
|
|
|
|
|
|
|
|
|
|
|
| Beginning balance at Dec. 31, 2025 |
$ 114,027
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ending balance (in shares) at Jun. 30, 2026 |
6,916,489
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ending balance at Jun. 30, 2026 |
$ 114,027
|
|
|
|
|
|
|
|
|
|
|
|
|
| Beginning balance (in shares) at Dec. 31, 2025 |
10,847,267
|
|
|
|
|
10,847,267
|
|
|
|
|
|
|
|
| Beginning balance at Dec. 31, 2025 |
$ (521,380)
|
|
|
|
|
$ 1
|
|
|
233,705
|
|
|
(9,910)
|
(745,176)
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income (loss) |
$ 234,093
|
|
|
|
|
|
|
|
|
|
|
|
|
| Issuance of common stock for options exercised (in shares) |
338,258
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other comprehensive income |
$ 20,435
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ending balance (in shares) at Jun. 30, 2026 |
50,819,969
|
|
|
|
|
50,819,969
|
|
|
|
|
|
|
|
| Ending balance at Jun. 30, 2026 |
$ 682,177
|
|
|
|
|
$ 5
|
|
|
1,182,730
|
|
|
10,525
|
(511,083)
|
| Beginning balance (in shares) at Mar. 31, 2026 |
6,916,489
|
|
|
|
|
|
|
|
|
|
|
|
|
| Beginning balance at Mar. 31, 2026 |
$ 114,027
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ending balance (in shares) at Jun. 30, 2026 |
6,916,489
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ending balance at Jun. 30, 2026 |
$ 114,027
|
|
|
|
|
|
|
|
|
|
|
|
|
| Beginning balance (in shares) at Mar. 31, 2026 |
|
|
|
|
|
10,689,773
|
|
|
|
|
|
|
|
| Beginning balance at Mar. 31, 2026 |
(565,713)
|
|
|
|
|
$ 1
|
|
|
248,669
|
|
|
(7,921)
|
(806,462)
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income (loss) |
295,379
|
|
|
|
|
|
|
|
|
|
|
|
295,379
|
| Issuance of common stock for options exercised (in shares) |
|
|
|
|
|
127,529
|
|
|
|
|
|
|
|
| Issuance of common stock for options exercised |
928
|
|
|
|
|
|
|
|
928
|
|
|
|
|
| Issuance of common stock for exercise or conversion (in shares) |
|
|
|
|
|
27,131
|
12,648,586
|
27,326,950
|
|
|
|
|
|
| Issuance of common stock for exercise or conversion |
183
|
$ 211,423
|
$ 683,174
|
|
|
|
$ 1
|
$ 3
|
183
|
$ 211,422
|
$ 683,171
|
|
|
| Stock-based compensation |
38,357
|
|
|
|
|
|
|
|
38,357
|
|
|
|
|
| Other comprehensive income |
$ 18,446
|
|
|
|
|
|
|
|
|
|
|
18,446
|
|
| Ending balance (in shares) at Jun. 30, 2026 |
50,819,969
|
|
|
|
|
50,819,969
|
|
|
|
|
|
|
|
| Ending balance at Jun. 30, 2026 |
$ 682,177
|
|
|
|
|
$ 5
|
|
|
$ 1,182,730
|
|
|
$ 10,525
|
$ (511,083)
|