v3.26.1
Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit) - USD ($)
$ in Thousands
Total
Common Stock
Additional Paid-in Capital
Accumulated Other Comprehensive (Loss) Income
Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2024 0        
Beginning balance at Dec. 31, 2024 $ 0        
Ending balance (in shares) at Mar. 31, 2025 0        
Ending balance at Mar. 31, 2025 $ 0        
Beginning balance (in shares) at Dec. 31, 2024   145,266,333      
Beginning balance at Dec. 31, 2024 (185,197) $ 14 $ 184,461 $ 5,916 $ (375,588)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Stock-based compensation 2,321   2,321    
Issuance of shares from exercise of options (in shares)   193,807      
Issuance of shares from exercise of options 920   920    
Other comprehensive income (loss) (5,352)     (5,352)  
Net income (loss) 3,868       3,868
Ending balance (in shares) at Mar. 31, 2025   145,460,140      
Ending balance at Mar. 31, 2025 $ (183,440) $ 14 187,702 564 (371,720)
Beginning balance (in shares) at Dec. 31, 2024 0        
Beginning balance at Dec. 31, 2024 $ 0        
Ending balance (in shares) at Jun. 30, 2025 425,000        
Ending balance at Jun. 30, 2025 $ 414,607        
Beginning balance (in shares) at Dec. 31, 2024   145,266,333      
Beginning balance at Dec. 31, 2024 (185,197) $ 14 184,461 5,916 (375,588)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income (loss) (19,915)        
Ending balance (in shares) at Jun. 30, 2025   122,845,652      
Ending balance at Jun. 30, 2025 $ (611,741) $ 12 0 2,521 (614,274)
Beginning balance (in shares) at Mar. 31, 2025 0        
Beginning balance at Mar. 31, 2025 $ 0        
Increase (Decrease) in Temporary Equity [Roll Forward]          
Issuance of preferred stock (in shares) 425,000        
Issuance of preferred stock $ 414,607        
Ending balance (in shares) at Jun. 30, 2025 425,000        
Ending balance at Jun. 30, 2025 $ 414,607        
Beginning balance (in shares) at Mar. 31, 2025   145,460,140      
Beginning balance at Mar. 31, 2025 (183,440) $ 14 187,702 564 (371,720)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Stock-based compensation 2,341   2,341    
Issuance of shares from exercise of options (in shares)   73,798      
Issuance of shares from exercise of options 317   317    
Repurchase and retirement of common stock (in shares)   (22,688,286)      
Repurchase and retirement of common stock (388,172) $ (2) (190,360)   (197,810)
Repurchase of vested stock options (20,961)       (20,961)
Other comprehensive income (loss) 1,957     1,957  
Net income (loss) (23,783)       (23,783)
Ending balance (in shares) at Jun. 30, 2025   122,845,652      
Ending balance at Jun. 30, 2025 $ (611,741) $ 12 0 2,521 (614,274)
Beginning balance (in shares) at Dec. 31, 2025 425,000        
Beginning balance at Dec. 31, 2025 $ 414,607        
Ending balance (in shares) at Mar. 31, 2026 425,000        
Ending balance at Mar. 31, 2026 $ 414,607        
Beginning balance (in shares) at Dec. 31, 2025 123,002,518 123,002,518      
Beginning balance at Dec. 31, 2025 $ (951,488) $ 12 5,867 (1,396) (955,971)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Stock-based compensation 5,325   5,325    
Issuance of shares from exercise of options (in shares)   467,087      
Issuance of shares from exercise of options 2,255   2,255    
Other comprehensive income (loss) 292     292  
Net income (loss) 49,331       49,331
Ending balance (in shares) at Mar. 31, 2026   123,469,605      
Ending balance at Mar. 31, 2026 $ (894,285) $ 12 13,447 (1,104) (906,640)
Beginning balance (in shares) at Dec. 31, 2025 425,000        
Beginning balance at Dec. 31, 2025 $ 414,607        
Ending balance (in shares) at Jun. 30, 2026 0        
Ending balance at Jun. 30, 2026 $ 0        
Beginning balance (in shares) at Dec. 31, 2025 123,002,518 123,002,518      
Beginning balance at Dec. 31, 2025 $ (951,488) $ 12 5,867 (1,396) (955,971)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Issuance of shares from exercise of options (in shares) 467,148        
Net income (loss) $ 45,100        
Ending balance (in shares) at Jun. 30, 2026 169,330,527 169,330,527      
Ending balance at Jun. 30, 2026 $ (5,534) $ 17 906,720 (1,400) (910,871)
Beginning balance (in shares) at Mar. 31, 2026 425,000        
Beginning balance at Mar. 31, 2026 $ 414,607        
Increase (Decrease) in Temporary Equity [Roll Forward]          
Conversion of Redeemable Convertible Preferred Stock to Common Stock in connection with initial public offering (in shares) (425,000)        
Conversion of Redeemable Convertible Preferred Stock to Common Stock in connection with initial public offering $ (414,607)        
Ending balance (in shares) at Jun. 30, 2026 0        
Ending balance at Jun. 30, 2026 $ 0        
Beginning balance (in shares) at Mar. 31, 2026   123,469,605      
Beginning balance at Mar. 31, 2026 (894,285) $ 12 13,447 (1,104) (906,640)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Stock-based compensation 24,135   24,135    
Issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions and offering costs (in shares)   21,850,000      
Issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions and offering costs 454,544 $ 2 454,542    
Conversion of Redeemable Convertible Preferred Stock to Common Stock in connection with initial public offering (in shares)   24,011,299      
Conversion of Redeemable Convertible Preferred Stock to Common Stock in connection with initial public offering 414,607 $ 3 414,604    
Other (in shares)   (377)      
Other (8)   (8)    
Other comprehensive income (loss) (296)     (296)  
Net income (loss) $ (4,231)       (4,231)
Ending balance (in shares) at Jun. 30, 2026 169,330,527 169,330,527      
Ending balance at Jun. 30, 2026 $ (5,534) $ 17 $ 906,720 $ (1,400) $ (910,871)