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MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY/(DEFICIT) MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY
Common Stock
In connection with the Company's IPO on May 8, 2026, the Company amended and restated its existing certificate of incorporation. The amended and restated certificate of incorporation authorized the issuance of 2,000,000,000 shares of common stock with a par value of $0.0001 per share. As of June 30, 2026, a total of 97,960,719 shares of common stock were issued and outstanding. As of December 31, 2025, under the Company's prior amended and restated certificate of incorporation, the Company was authorized to issue 111,000,000 shares of common stock with a par value of $0.0001 per share, of which 4,168,374 shares had been issued and were outstanding as of that date.
The holders of the common stock are entitled to one vote for each share of common stock held at all meetings of stockholders (and written actions in lieu of meetings); provided, however, that, except as otherwise required by law, holders of common stock, as such, shall not be entitled to vote on any amendment to the Seventh Amended and Restated Certificate of Incorporation that relates solely to the terms of one or more outstanding series of Preferred Stock if the holders of such affected series are entitled, either separately or together with the holders of one or more other such series, to vote thereon pursuant to the Seventh Amended and Restated Certificate of Incorporation or pursuant to the General Corporation Law of Delaware.
The following shares of common stock are reserved for future issuance (in whole shares):
June 30, 2026December 31, 2025
Exercise of stock options and settlement of RSUs1
26,817,45414,480,386
Exercise of warrants327,8585,304,255
Conversion of preferred stock—67,992,679
27,145,31287,777,320
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(1)The December 31, 2025 balance has been adjusted from previously reported amounts to reflect an immaterial reduction of 377,671 options. This adjustment did not have a material impact on the Company's previously issued consolidated financial statements, share-based compensation expense, or earnings per share.

Post IPO Convertible Preferred Stock

The Company's amended and restated certificate of incorporation entered into in connection with the IPO authorized the issuance of 20,000,000 shares of preferred stock par value $0.0001 per share. As of June 30, 2026, no shares were issued and outstanding.
Pre-IPO Convertible Preferred Stock

Prior to the completion of the IPO, as of December 31, 2025, the Company's existing amended and restated certificate of incorporation authorized the issuance of 77,003,772 shares of preferred stock par value $0.0001 per share, the details of which are presented below (in whole shares):
As of December 31, 2025
AuthorizedOutstanding
Series A-17,312,5007,312,500
Series A-212,680,90812,680,908
Series A-34,953,7464,953,746
Series B11,574,84111,574,841
Series C6,960,4396,960,439
Series D12,857,72012,857,720
Series D-16,085,1616,085,161
Series E14,578,4575,567,364
Total77,003,77267,992,679
In January 2026, the Company issued 809,766 shares of our Series E Preferred Stock to five accredited investors at a purchase price of $18.86 per share, for aggregate consideration of $15.3 million.

In February 2026, the Company issued 185,543 shares of our Series E Preferred Stock to three accredited investors at a purchase price of $18.86 per share, for aggregate consideration of $3.5 million.

In connection with the IPO, all 68,987,988 shares of preferred stock outstanding immediately prior to the IPO were converted into 68,987,988 shares of common stock.

Preferred Stock Financing Warrants

In addition, as of December 31, 2025, there were a total of 4,664,088 of warrants related to preferred stock financings, (the “Preferred Stock Financing Warrants”).
In March 2026, an investor exercised 6,521 Preferred Stock Financing Warrants for a total of $0.1 million in cash. In May 2026, prior to the IPO, investors exercised 783,924 Preferred Stock Financing Warrants for $0.1 million in cash.

In connection with the completion of the IPO in May 2026 discussed in Note 1 - Nature of Business and Basis of Presentation, all remaining 3,873,643, Preferred Stock Financing Warrants were net exercised resulting in the issuance of 3,719,010 common shares.