v3.26.3
Condensed Consolidated Statements of Changes in Stockholders' Equity (unaudited) - USD ($)
$ in Thousands
Total
IPO
Convertible Preferred Stock
Convertible Preferred Stock
Convertible Preferred Stock
Convertible Preferred Stock
Common Stock - Voting and Nonvoting
Common Stock - Voting and Nonvoting
IPO
Common Stock - Voting and Nonvoting
Convertible Preferred Stock
Treasury Stock
Additional Paid-in Capital
Additional Paid-in Capital
IPO
Accumulated Deficit
Accumulated other comprehensive income (loss), net
Beginning balance (in shares) at Dec. 31, 2024       781,859                  
Beginning balance at Dec. 31, 2024 $ 367,617     $ 1   $ 63     $ (775) $ 930,638   $ (562,310) $ 0
Beginning balance (in shares) at Dec. 31, 2024           63,219,480              
Beginning balance (in shares) at Dec. 31, 2024                 (38,469)        
Increase (Decrease) in Stockholders' Equity [Roll Forward]                          
Issuance of common stock - warrant exercises (in shares)           5,000              
Issuance of common stock - warrant exercises 70                 70      
Employee & Director stock transactions (in shares)       11,568   16,662              
Repurchases of common stock from employee stock incentive plans (in shares)                 (35,648)        
Repurchases of common stock from employee stock incentive plans (796)               $ (796)        
Cancellation of repurchased common stock from employee stock incentive plans (in shares)           (51,373)              
Cancellation of repurchased common stock from employee stock incentive plans (1,148)                 (1,148)      
Conversion of puttable common stock into non-puttable common stock and conversion of preferred shares into common shares upon IPO (in shares)           1,150,142              
Conversion of puttable common stock into non-puttable common stock and conversion of preferred shares into common shares upon IPO 25,694         $ 1       25,693      
Share-based compensation, net of cancellations and forfeitures 9,739                 9,739      
Net income (loss) (21,420)                     (21,420)  
Ending balance (in shares) at Mar. 31, 2025       793,427                  
Ending balance at Mar. 31, 2025 379,756     $ 1   $ 64     $ (1,571) 964,992   (583,730) 0
Ending balance (in shares) at Mar. 31, 2025           64,339,911              
Ending balance (in shares) at Mar. 31, 2025                 (74,117)        
Beginning balance (in shares) at Dec. 31, 2024       781,859                  
Beginning balance at Dec. 31, 2024 367,617     $ 1   $ 63     $ (775) 930,638   (562,310) 0
Beginning balance (in shares) at Dec. 31, 2024           63,219,480              
Beginning balance (in shares) at Dec. 31, 2024                 (38,469)        
Increase (Decrease) in Stockholders' Equity [Roll Forward]                          
Net income (loss) (99,973)                        
Ending balance (in shares) at Sep. 30, 2025       0                  
Ending balance at Sep. 30, 2025 831,909     $ 0   $ 82     $ (8,232) 1,502,973   (662,283) (631)
Ending balance (in shares) at Sep. 30, 2025           81,767,756              
Ending balance (in shares) at Sep. 30, 2025                 (353,799)        
Beginning balance (in shares) at Mar. 31, 2025       793,427                  
Beginning balance at Mar. 31, 2025 379,756     $ 1   $ 64     $ (1,571) 964,992   (583,730) 0
Beginning balance (in shares) at Mar. 31, 2025           64,339,911              
Beginning balance (in shares) at Mar. 31, 2025                 (74,117)        
Increase (Decrease) in Stockholders' Equity [Roll Forward]                          
Common stock reacquired in exchange for pre-funded warrant (in shares)           (6,218,504)              
Common stock reacquired in exchange for pre-funded warrant 0         $ (6)       6      
Issuance of common stock - warrant exercises (in shares)           1,540,280              
Issuance of common stock - warrant exercises 3,237         $ 2       3,235      
Employee & Director stock transactions (in shares)           281,505              
Employee & Director stock transactions 1,002                 1,002      
Share-based compensation, net of cancellations and forfeitures (in shares)           395,891              
Share-based compensation, net of cancellations and forfeitures 9,621                 9,621      
Net income (loss) 23,527                     23,527  
Other comprehensive income (loss) 1,123                       1,123
Ending balance (in shares) at Jun. 30, 2025       793,427                  
Ending balance at Jun. 30, 2025 418,266     $ 1   $ 60     $ (1,571) 978,856   (560,203) 1,123
Ending balance (in shares) at Jun. 30, 2025           60,339,083              
Ending balance (in shares) at Jun. 30, 2025                 (74,117)        
Increase (Decrease) in Stockholders' Equity [Roll Forward]                          
Common stock reacquired in exchange for pre-funded warrant (in shares)           (575,071)              
Common stock reacquired in exchange for pre-funded warrant 0         $ (1)       1      
Issuance of common stock - warrant exercises (in shares)           485,689              
Issuance of common stock - warrant exercises 1         $ 1              
Employee & Director stock transactions (in shares)       153,532   366,430              
Employee & Director stock transactions 3,885                 3,885      
Repurchases of common stock from employee stock incentive plans (in shares)                 (279,682)        
Repurchases of common stock from employee stock incentive plans (6,661)               $ (6,661)        
Cancellation of repurchased common stock from employee stock incentive plans (in shares)           (422,267)              
Cancellation of repurchased common stock from employee stock incentive plans (13,228)                 (13,228)      
Issuance of common stock in connection with IPO, net of underwriting discounts and commissions and offering costs (in shares)           17,250,000              
Issuance of common stock in connection with IPO, net of underwriting discounts and commissions and offering costs 359,344         $ 17       359,327      
Conversion of puttable common stock into non-puttable common stock and conversion of preferred shares into common shares upon IPO (in shares)         (946,959) 575,071 2,801,862 946,959          
Conversion of puttable common stock into non-puttable common stock and conversion of preferred shares into common shares upon IPO 13,226 $ 64,443 $ 0   $ (1) $ 1 $ 3 $ 1   13,225 $ 64,440    
Reclassification of puttable warrants issued with debt upon IPO 65,360                 65,360      
Warrant modification 1,516                 1,516      
Share-based compensation, net of cancellations and forfeitures 29,591                 29,591      
Net income (loss) (102,080)                     (102,080)  
Other comprehensive income (loss) (1,754)                       (1,754)
Ending balance (in shares) at Sep. 30, 2025       0                  
Ending balance at Sep. 30, 2025 $ 831,909     $ 0   $ 82     $ (8,232) 1,502,973   (662,283) (631)
Ending balance (in shares) at Sep. 30, 2025           81,767,756              
Ending balance (in shares) at Sep. 30, 2025                 (353,799)        
Beginning balance (in shares) at Dec. 31, 2025 0     0                  
Beginning balance at Dec. 31, 2025 $ 881,017     $ 0   $ 86     $ (8,232) 1,522,143   (632,339) (641)
Beginning balance (in shares) at Dec. 31, 2025 85,890,086         85,890,086              
Beginning balance (in shares) at Dec. 31, 2025 (353,799)               (353,799)        
Increase (Decrease) in Stockholders' Equity [Roll Forward]                          
Issuance of common stock - warrant exercises (in shares)           7,600,052              
Issuance of common stock - warrant exercises $ 1,187         $ 8       1,179      
Employee & Director stock transactions (in shares)           1,398,186              
Employee & Director stock transactions 19,243         $ 1       19,242      
Repurchases of common stock from employee stock incentive plans (in shares)                 (157,292)        
Repurchases of common stock from employee stock incentive plans (6,313)               $ (6,313)        
Cancellation of repurchased common stock from employee stock incentive plans (in shares)           (168,689)              
Cancellation of repurchased common stock from employee stock incentive plans (6,972)                 (6,972)      
Settlement of interest payable in common stock (in shares)           2,987              
Settlement of interest payable in common stock 61                 61      
Share-based compensation, net of cancellations and forfeitures 8,831                 8,831      
Net income (loss) 170,224                     170,224  
Other comprehensive income (loss) (1,722)                       (1,722)
Ending balance (in shares) at Mar. 31, 2026       0                  
Ending balance at Mar. 31, 2026 $ 1,065,556     $ 0   $ 95     $ (14,545) 1,544,484   (462,115) (2,363)
Ending balance (in shares) at Mar. 31, 2026           94,722,622              
Ending balance (in shares) at Mar. 31, 2026                 (511,091)        
Beginning balance (in shares) at Dec. 31, 2025 0     0                  
Beginning balance at Dec. 31, 2025 $ 881,017     $ 0   $ 86     $ (8,232) 1,522,143   (632,339) (641)
Beginning balance (in shares) at Dec. 31, 2025 85,890,086         85,890,086              
Beginning balance (in shares) at Dec. 31, 2025 (353,799)               (353,799)        
Increase (Decrease) in Stockholders' Equity [Roll Forward]                          
Net income (loss) $ 266,904                        
Ending balance (in shares) at Sep. 30, 2026 0     0                  
Ending balance at Sep. 30, 2026 $ 1,220,286     $ 0   $ 100     $ (27,229) 1,614,769   (365,435) (1,919)
Ending balance (in shares) at Sep. 30, 2026 100,758,991         100,758,991              
Ending balance (in shares) at Sep. 30, 2026 (813,613)               (813,613)        
Beginning balance (in shares) at Mar. 31, 2026       0                  
Beginning balance at Mar. 31, 2026 $ 1,065,556     $ 0   $ 95     $ (14,545) 1,544,484   (462,115) (2,363)
Beginning balance (in shares) at Mar. 31, 2026           94,722,622              
Beginning balance (in shares) at Mar. 31, 2026                 (511,091)        
Increase (Decrease) in Stockholders' Equity [Roll Forward]                          
Issuance of common stock - warrant exercises (in shares)           1,881,554              
Issuance of common stock - warrant exercises 184         $ 1       183      
Employee & Director stock transactions (in shares)           2,609,425              
Employee & Director stock transactions 36,605         $ 3       36,602      
Repurchases of common stock from employee stock incentive plans (in shares)                 (91,950)        
Repurchases of common stock from employee stock incentive plans (3,751)               $ (3,751)        
Share-based compensation, net of cancellations and forfeitures 7,365                 7,365      
Net income (loss) 44,208                     44,208  
Other comprehensive income (loss) 134                       134
Ending balance (in shares) at Jun. 30, 2026       0                  
Ending balance at Jun. 30, 2026 1,150,301     $ 0   $ 99     $ (18,296) 1,588,634   (417,907) (2,229)
Ending balance (in shares) at Jun. 30, 2026           99,213,601              
Ending balance (in shares) at Jun. 30, 2026                 (603,041)        
Increase (Decrease) in Stockholders' Equity [Roll Forward]                          
Issuance of common stock - warrant exercises (in shares)           119,032              
Issuance of common stock - warrant exercises 175                 175      
Employee & Director stock transactions (in shares)           1,394,388              
Employee & Director stock transactions 18,205         $ 1       18,204      
Repurchases of common stock from employee stock incentive plans (in shares)                 (210,572)        
Repurchases of common stock from employee stock incentive plans (8,933)               $ (8,933)        
Settlement of interest payable in common stock (in shares)           2,939              
Settlement of interest payable in common stock 60                 60      
Share-based compensation, net of cancellations and forfeitures (in shares)           29,031              
Share-based compensation, net of cancellations and forfeitures 7,696                 7,696      
Net income (loss) 52,472                     52,472  
Other comprehensive income (loss) $ 310                       310
Ending balance (in shares) at Sep. 30, 2026 0     0                  
Ending balance at Sep. 30, 2026 $ 1,220,286     $ 0   $ 100     $ (27,229) $ 1,614,769   $ (365,435) $ (1,919)
Ending balance (in shares) at Sep. 30, 2026 100,758,991         100,758,991              
Ending balance (in shares) at Sep. 30, 2026 (813,613)               (813,613)