v3.26.1
Common Stock
 6 Months Ended
Jun. 30, 2026
Stockholders' Equity Note [Abstract]  
Common Stock

11. Common Stock

The Company is authorized to issue up to 52,000,000 shares of $0.001 par value common stock as of June 30, 2026.

Common stockholders are entitled to dividends when and if declared by the Board of Directors, subject to the prior rights of the redeemable convertible preferred stockholders. The holder of each share of common stock is entitled to one vote. The common stockholders voting as a class are entitled to elect two members to the Company’s Board of Directors. No dividends have been declared since the inception of the Company.

The Company had reserved common stock for future issuance as follows:

 

 

June 30,

 

 

December 31,

 

 

2026

 

 

2025

 

Conversion of redeemable convertible preferred stock

 

 

4,915,299

 

 

 

4,915,299

 

Exercise of outstanding stock option awards

 

 

1,068,963

 

 

 

1,180,576

 

Common Stock Warrants issued and outstanding

 

 

74,324

 

 

 

74,324

 

Restricted stock issued and outstanding-2018 Equity Incentive Plan

 

 

48,021

 

 

 

48,021

 

Stock options available for future grant

 

 

230,075

 

 

 

152,545

 

Total common stock reserved

 

 

6,336,682

 

 

 

6,370,765

 

 

Founders’ Restricted Common Stock

In January and August 2018, the Company issued 2,195,278 restricted common stock shares to its founders at the purchase price of $0.00592 per share for their advisory and consulting services. In September 2018, the Company repurchased 211,084 such shares from one of the founders. The founders’ common stock shares are subject to the Company’s repurchase option if a founder terminates their services to the Company during the vesting period. The Company may repurchase any unvested restricted common stock shares at the price per share equal to the original purchase price, subject to adjustments in the event of any reorganization, recapitalization, reclassification, stock dividend, stock split or reverse stock split. The repurchase right lapses in 90 days after the termination of the founder’s service or employment. During the vesting term, the holders of the founders’ restricted common stock shares have the right to receive dividends and voting rights.

The restricted common stock shares vested monthly over four years from the vesting commencement date, which was the date of the initial closing of the Series A redeemable convertible preferred stock financing or October 1, 2018. The founders’ shares were all fully vested as of December 31, 2024. The Company accounts for shares issued to founders as equity compensation awards and the estimated fair value at the grant date was minimal.