Convertible Preferred Stock (Tables)

6 Months Ended

Jun. 30, 2026

Stockholders' Equity Note [Abstract]

Summary of Convertible Preferred Stock Except Share and Per Share Amounts

Convertible preferred stock consisted of the following at December 31, 2025 (in thousands, except share and per share amounts):


		Shares of Preferred Stock Authorized				Original Issuance Price Per Share				Shares of Preferred Stock Issued and Outstanding				Carrying Value				Liquidation Preference				Shares of Common Stock Issuable Upon Conversion
Series A			1,434,062			$	7.75				1,434,062			$	14,914			$	19,477				1,002,805
Series B			4,658,112			$	14.06				4,658,112				65,388				106,351				4,069,102
Series C			7,384,710			$	14.49				7,384,710				106,674				152,175				6,540,022
Series D			16,537,979			$	10.76				16,537,979				177,581				225,956				12,669,755
Series E			23,281,563			$	6.23				23,281,563				145,414				155,013				15,128,745
			53,296,426								53,296,426			$	509,971			$	658,972				39,410,429

Summary of the significant Level 3 Unobservable Inputs

The following table summarizes the significant Level 3 unobservable inputs used to estimate the fair value of the Series A Preferred Stock, Series B Preferred Stock, Series C Preferred Stock, Series D Preferred Stock and Series E Preferred Stock at the Series F Preferred Stock issuance date:


		January 6, 2026
Expected volatility		78.0%
Expected dividend yield		—
Expected term (in years)		0.85 - 2.5
Risk-free interest rate		3.6%

Summary of Convertible Preferred Stock Shares Conversation Table Text Block

Upon the closing of the IPO, each series of convertible preferred stock was converted into common stock and non-voting common stock, as follows:


		Shares of Common Stock Issued Upon Conversion				Shares of Non-Voting Common Stock Issued Upon Conversion
Series A			1,062,074			—
Series B			4,839,338			—
Series C			7,811,705			—
Series D			14,493,574			—
Series E			15,188,963			—
Series F			30,596,417				1,581,210
			73,992,071				1,581,210