Stockholders’ Equity |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Equity [Abstract] | |
| Stockholders’ Equity | Stockholders’ Equity All share amounts have been retrospectively adjusted to reflect the stock split described in Note 1, Basis of Presentation and Principles of Consolidation. The Company’s authorized capital stock consists of Class A common stock, Class B common stock and preferred stock. As of June 30, 2026, the Company was authorized to issue 175,000,000 shares of Class A common stock, 35,615,000 shares of Class B common stock and 116,141,488 shares of preferred stock, each with a par value of $0.00001 per share. As of June 30, 2026, there were 14,504,000 shares of Class A common stock and 13,630,998 shares of Class B common stock issued and outstanding. The rights, preferences and privileges of the Company’s Class A common stock, Class B common stock and preferred stock are described in Note 9, Stockholders’ Equity, to the audited Consolidated Financial Statements for the year ended December 31, 2025. There were no material changes to the rights, preferences or privileges of the Company’s capital stock during the three and six months ended June 30, 2026. Subject to the rights of the holders of preferred stock, holders of Class A common stock and Class B common stock vote together as a single class on all matters submitted to a vote of stockholders, unless otherwise required by law or the Company’s certificate of incorporation. Each holder of Class A common stock is entitled to one vote per share, and each holder of Class B common stock is entitled to ten votes per share. See Note 14, Subsequent Events, for a description of changes to the Company's dual-class voting and conversion structure that became effective in connection with the IPO. Each share of Class B common stock is convertible at the option of the holder at any time into one share of Class A common stock. Each share of Class B common stock will also automatically convert into one share of Class A common stock upon (i) the approval of holders of a majority of the outstanding shares of Class B common stock or (ii) a non-permitted sale, assignment or transfer of such share. Subject to the preferential rights of any outstanding series of preferred stock, holders of Class A common stock and Class B common stock are entitled to share equally, on a per-share basis, in any dividends declared by the Board of Directors from legally available funds. In the event of any liquidation, dissolution or winding up of the Company, after payment of all debts and subject to the preferential rights of any outstanding series of preferred stock, the holders of Class A common stock and Class B common stock are entitled to share ratably, on a per-share basis, in the remaining assets of the Company available for distribution. The common stock is not redeemable at the option of the holder. During the three and six months ended June 30, 2026, the Company issued 134,998 shares of Class B common stock from exercises of stock options. During the three and six months ended June 30, 2025, the Company did not issue any shares of common stock. The Company did not declare or pay any dividends during the three and six months ended June 30, 2026 and 2025. On July 16, 2026, the Company completed its IPO of 10.0 million shares of Class A common stock at a public offering price of $15.00 per share. The offering resulted in estimated net proceeds to the Company of approximately $137.7 million, after deducting underwriting discounts and commissions and offering expenses. See Note 14, Subsequent Events, for additional discussion.
|