v3.26.1
Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) (unaudited) - USD ($)
$ in Thousands
Total
Common Stock [Member]
Non-Voting Common Stock [Member]
Convertible Preferred Stock [Member]
Additional Paid-in Capital [Member]
AOCI Attributable to Parent [Member]
Retained Earnings [Member]
Series E Preferred Stock [Member]
Convertible Preferred Stock [Member]
Series F Preferred Stock [Member]
Convertible Preferred Stock [Member]
Beginning Balance Shares at Dec. 31, 2024   2,017,588 0 42,459,887          
Beginning Balance Value at Dec. 31, 2024 $ (383,936) $ 0 $ 0 $ 440,375 $ 11,658 $ 21 $ (395,615)    
Stock based compensation expense 852       852        
Change in unrealized gains (losses) on marketable securities (16)         (16)      
Stock Issued During Period, Shares, New Issues               10,836,539  
Stock Issued During Period, Value, New Issues               $ 69,596  
Net loss (38,326)           (38,326)    
Ending Balance Shares at Mar. 31, 2025   2,017,588 0 53,296,426          
Ending Balance Value at Mar. 31, 2025 (421,426) $ 0 $ 0 $ 509,971 12,510 5 (433,941)    
Beginning Balance Shares at Dec. 31, 2024   2,017,588 0 42,459,887          
Beginning Balance Value at Dec. 31, 2024 (383,936) $ 0 $ 0 $ 440,375 11,658 21 (395,615)    
Net loss (73,136)                
Ending Balance Shares at Jun. 30, 2025   2,023,379 0 53,296,426          
Ending Balance Value at Jun. 30, 2025 (455,409) $ 0 $ 0 $ 509,971 13,342 0 (468,751)    
Beginning Balance Shares at Mar. 31, 2025   2,017,588 0 53,296,426          
Beginning Balance Value at Mar. 31, 2025 (421,426) $ 0 $ 0 $ 509,971 12,510 5 (433,941)    
Issuance of common stock upon exercise of stock options shares   5,791              
Issuance of common stock upon exercise of stock options 9       9        
Stock based compensation expense 823       823        
Change in unrealized gains (losses) on marketable securities (5)         (5)      
Net loss (34,810)           (34,810)    
Ending Balance Shares at Jun. 30, 2025   2,023,379 0 53,296,426          
Ending Balance Value at Jun. 30, 2025 (455,409) $ 0 $ 0 $ 509,971 13,342 0 (468,751)    
Beginning Balance Shares at Dec. 31, 2025   2,035,357 0 53,296,426          
Beginning Balance Value at Dec. 31, 2025 (526,495) $ 0 $ 0 $ 509,971 15,009 0 (541,504)    
Issuance of common stock upon exercise of stock options shares   92,699              
Issuance of common stock upon exercise of stock options 187       187        
Stock based compensation expense 1,304       1,304        
Stock Issued During Period, Shares, New Issues                 49,518,175
Stock Issued During Period, Value, New Issues                 $ 304,569
Net loss (45,316)           (45,316)    
Ending Balance Shares at Mar. 31, 2026   2,128,056   102,814,601          
Ending Balance Value at Mar. 31, 2026 (570,320)     $ 814,540 16,500   (586,820)    
Beginning Balance Shares at Dec. 31, 2025   2,035,357 0 53,296,426          
Beginning Balance Value at Dec. 31, 2025 $ (526,495) $ 0 $ 0 $ 509,971 15,009 0 (541,504)    
Issuance of common stock upon exercise of stock options shares 421,313                
Net loss $ (97,779)                
Ending Balance Shares at Jun. 30, 2026   121,938,652 1,581,210,000            
Ending Balance Value at Jun. 30, 2026 1,047,734 $ 12     1,687,023 (18) (639,283)    
Beginning Balance Shares at Mar. 31, 2026   2,128,056   102,814,601          
Beginning Balance Value at Mar. 31, 2026 (570,320)     $ 814,540 16,500   (586,820)    
Issuance of common stock upon exercise of stock options shares   328,614              
Issuance of common stock upon exercise of stock options 584       584        
Stock based compensation expense 3,634       3,634        
Change in unrealized gains (losses) on marketable securities (18)         (18)      
Issuance of common stock in initial public offering   38,525,000              
Issuance of common stock in initial public offering, Value 712,888 $ 4     712,884        
Conversion of convertible preferred stock into common stock and non-voting common stock   73,992,071   (102,814,601)          
Conversion of convertible preferred stock into common stock and non-voting common stock 814,540 $ 8 $ 1,581,210 $ (814,540) 814,532        
Issuance of common stock in concurrent private placement,Shares   4,166,666              
Issuance of common stock in concurrent private placement 83,333       83,333        
Conversion of simple agreement for future equity into common stock, shares   2,777,777              
Conversion of simple agreement for future equity into common stock, value 55,556       55,556        
Net exercise of warrants to purchase common stock shares   20,468              
Net loss (52,463)           (52,463)    
Ending Balance Shares at Jun. 30, 2026   121,938,652 1,581,210,000            
Ending Balance Value at Jun. 30, 2026 $ 1,047,734 $ 12     $ 1,687,023 $ (18) $ (639,283)