Prior to the IPO in October 2025, the Company had authorized 603,469,745 shares of voting redeemable convertible preferred stock, of which it had designated 5,000,000 shares as Series A Preferred Stock, 14,946,844 shares as Series A-1 Preferred Stock, 45,010,383 shares as Series B Preferred Stock, 147,325,527 shares as Series C Preferred Stock and 391,186,991 shares as Series D Preferred Stock ("Series D"), and had authorized 4,622,496 shares of non-voting redeemable convertible preferred stock, of which it had designated 4,622,496 shares as Series B-1 Preferred Stock (collectively, the "Preferred Stock").

On July 18, 2025, the Company entered into a Series D Preferred Stock Purchase Agreement with certain investors. During the year ended December 31, 2025, the Company issued a total of 210,033,285 shares of Series D to investors at a purchase price of $0.95223 per share for gross proceeds of $200.0 million. The Company incurred issuance costs of $1.2 million in connection with the completion of the Series D financing.

In connection with the IPO in October 2025, all outstanding shares of the Company's Preferred Stock automatically converted into an aggregate of 25,412,974 shares of the Company's common stock, of which 2,727,511 shares were non-voting common stock.