v3.26.3
CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND SHAREHOLDERS’ EQUITY (DEFICIT) (UNAUDITED) - USD ($)
$ in Thousands
Total
Outstanding stock options
2018 & 2020 Warrants
2025 Warrants
Series E Preferred Stock
Series F Preferred Stock
Common Stock
Common Stock
Outstanding stock options
Common Stock
2018 & 2020 Warrants
Common Stock
2025 Warrants
Treasury Stock
Additional Paid-In Capital
Additional Paid-In Capital
Outstanding stock options
Additional Paid-In Capital
2018 & 2020 Warrants
Additional Paid-In Capital
2025 Warrants
Related Party Promissory Note Receivable
Accumulated Deficit
Accumulated Other Comprehensive Income (Loss)
Beginning balance (in shares) at Dec. 31, 2024 734,142,041                                  
Beginning balance at Dec. 31, 2024 $ 2,221,651                                  
Redeemable Convertible Preferred Stock                                    
Issuance of preferred stock, net of issuance costs (in shares)         12,345,674 4,657,401                        
Issuance of preferred stock, net of issuance costs         $ 57,217 $ 21,617                        
Adjustment of preferred stock to redemption value $ 85,433                                  
Conversion of preferred stock to common stock, including the derecognition of associated embedded derivatives (in shares) (751,145,116)                                  
Conversion of preferred stock to common stock, including the derecognition of associated embedded derivatives $ (2,385,918)                                  
Ending balance (in shares) at Sep. 30, 2025 0                                  
Ending balance at Sep. 30, 2025 $ 0                                  
Common stock, beginning balance (in shares) at Dec. 31, 2024             35,842,319                      
Beginning balance at Dec. 31, 2024 (2,498,837)           $ 38       $ (330) $ 0       $ (26,456) $ (2,472,299) $ 210
Treasury stock, beginning balance (in shares) at Dec. 31, 2024                     182,500              
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                    
Stock-based compensation 56,639                     56,639            
Issuance of common stock upon exercise of stock options (in shares)             1,948,254                      
Issuance of common stock upon exercise of stock options 3,776           $ 1         3,775            
Shares withheld related to net share settlement of stock-based compensation and taxes related settled RSUs (in shares)             (415,389) (355,232)                    
Shares withheld related to net share settlement of stock-based compensation and taxes related settled RSUs   $ (18,218)                     $ (18,218)          
Vesting of shares from early exercised stock options 327                     327            
Issuance of common stock for RSUs vested or settled and (in shares)             1,048,250                      
Interest income from related party promissory notes (128)                             (128)    
Payment of related party promissory notes 26,584                             26,584    
Repurchases of common stock (in shares)             1,438,138       1,438,138              
Repurchases of common stock (16,587)                   $ (16,587)              
RSU's vested upon IPO, settled in August 2025 (85,433)                     (77,084)         (8,349)  
Conversion of preferred stock to common stock, including the derecognition of associated embedded derivatives (in shares)             211,378,638                      
Conversion of preferred stock to common stock, including the derecognition of associated embedded derivatives 2,446,004           $ 211         2,445,793            
Issuance of common stock in connection with initial public offering, net of offering costs, underwriting discounts and commissions (in shares)             27,058,823                      
Issuance of common stock in connection with initial public offering, net of offering costs, underwriting discounts and commissions 519,452           $ 27         519,425            
Net exercise of warrants in connection with initial public offering (in share)                 4,174,907 784,231                
Net exercise of warrants in connection with initial public offering     $ 131,746 $ 15,926         $ 4         $ 131,742 $ 15,926      
Conversion of the 2025 Convertible Notes, including the derecognition of associated embedded derivatives (in shares)             2,076,596                      
Conversion of the 2025 Convertible Notes, including the derecognition of associated embedded derivatives 46,642           $ 2         46,640            
Other comprehensive income (loss) 516                     (22)           538
Net income (loss) (150,045)                               (150,045)  
Common stock, ending balance (in shares) at Sep. 30, 2025             282,103,259                      
Ending balance at Sep. 30, 2025 $ 478,364           $ 283       $ (16,917) 3,124,943       0 (2,630,693) 748
Treasury stock, ending balance (in shares) at Sep. 30, 2025                     1,620,638              
Beginning balance (in shares) at Jun. 30, 2025 0                                  
Beginning balance at Jun. 30, 2025 $ 0                                  
Redeemable Convertible Preferred Stock                                    
Issuance of preferred stock, net of issuance costs         $ (276) $ (104)                        
Conversion of preferred stock to common stock, including the derecognition of associated embedded derivatives $ 380                                  
Ending balance (in shares) at Sep. 30, 2025 0                                  
Ending balance at Sep. 30, 2025 $ 0                                  
Common stock, beginning balance (in shares) at Jun. 30, 2025             281,090,538                      
Beginning balance at Jun. 30, 2025 452,904           $ 282       $ (16,917) 3,123,888       0 (2,655,018) 669
Treasury stock, beginning balance (in shares) at Jun. 30, 2025                     1,620,638              
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                    
Stock-based compensation 13,655                     13,655            
Issuance of common stock upon exercise of stock options (in shares)             600,133                      
Issuance of common stock upon exercise of stock options 1,153           $ 1         1,152            
Shares withheld related to net share settlement of stock-based compensation and taxes related settled RSUs (in shares)             (415,389) (220,273)                    
Shares withheld related to net share settlement of stock-based compensation and taxes related settled RSUs   $ (16,152)                     $ (16,152)          
Vesting of shares from early exercised stock options 327                     327            
Issuance of common stock for RSUs vested or settled and (in shares)             1,048,250                      
Conversion of preferred stock to common stock, including the derecognition of associated embedded derivatives (380)                     (380)            
Net exercise of warrants in connection with initial public offering       $ (573)                     $ (573)      
Conversion of the 2025 Convertible Notes, including the derecognition of associated embedded derivatives 3,034                     3,034            
Other comprehensive income (loss) 71                     (8)           79
Net income (loss) 24,325                               24,325  
Common stock, ending balance (in shares) at Sep. 30, 2025             282,103,259                      
Ending balance at Sep. 30, 2025 $ 478,364           $ 283       $ (16,917) 3,124,943       $ 0 (2,630,693) 748
Treasury stock, ending balance (in shares) at Sep. 30, 2025                     1,620,638              
Common stock, beginning balance (in shares) at Dec. 31, 2025 282,526,097           282,526,097                      
Beginning balance at Dec. 31, 2025 $ 577,307           $ 283       $ (16,896) 3,141,720         (2,548,736) 936
Treasury stock, beginning balance (in shares) at Dec. 31, 2025 1,611,713                   1,611,713              
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                    
Stock-based compensation (in shares)             22,416                      
Stock-based compensation $ 56,589                     56,589            
Issuance of common stock upon exercise of stock options (in shares) 5,006,474           5,006,373                      
Issuance of common stock upon exercise of stock options $ 26,059           $ 5         26,054            
Shares withheld related to net share settlement of stock-based compensation and taxes related settled RSUs (in shares)             (470,304)                      
Shares withheld related to net share settlement of stock-based compensation and taxes related settled RSUs (5,427)                     (5,427)            
Vesting of shares from early exercised stock options 326                     326            
Issuance of treasury stock related to ESPP (in shares)             206,798       (206,798)              
Issuance of treasury stock related to ESPP 2,937                   $ 3,438 (501)            
Retirement of treasury stock (in shares)                     (3,126,238)              
Retirement of treasury stock 0                   $ 44,829 (44,829)            
Issuance of common stock for RSUs vested or settled and (in shares)             1,147,600                      
Issuance of common stock for RSUs vested 1           $ 1                      
Repurchases of common stock (in shares)             1,721,323       1,721,323              
Repurchases of common stock (31,373)           $ (2)       $ (31,371)              
Other comprehensive income (loss) (1,041)                                 (1,041)
Net income (loss) $ 14,103                               14,103  
Common stock, ending balance (in shares) at Sep. 30, 2026 286,717,657           286,717,657                      
Ending balance at Sep. 30, 2026 $ 639,481           $ 287       $ 0 3,173,932         (2,534,633) (105)
Treasury stock, ending balance (in shares) at Sep. 30, 2026 0                   0              
Common stock, beginning balance (in shares) at Jun. 30, 2026             282,582,915                      
Beginning balance at Jun. 30, 2026 $ 591,734           $ 283       $ 0 3,140,805         (2,549,883) 529
Treasury stock, beginning balance (in shares) at Jun. 30, 2026                     0              
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                    
Stock-based compensation 18,498                     18,498            
Issuance of common stock upon exercise of stock options (in shares)             4,697,108                      
Issuance of common stock upon exercise of stock options 24,398           $ 5         24,393            
Shares withheld related to net share settlement of stock-based compensation and taxes related settled RSUs (in shares)             (59,588)                      
Shares withheld related to net share settlement of stock-based compensation and taxes related settled RSUs (96)                     (96)            
Vesting of shares from early exercised stock options 326                     326            
Retirement of treasury stock (in shares)                     (514,525)              
Retirement of treasury stock 0                   $ 9,994 (9,994)            
Issuance of common stock for RSUs vested or settled and (in shares)             11,747                      
Repurchases of common stock (in shares)             514,525       514,525              
Repurchases of common stock (9,995)           $ (1)       $ (9,994)              
Other comprehensive income (loss) (634)                                 (634)
Net income (loss) $ 15,250                               15,250  
Common stock, ending balance (in shares) at Sep. 30, 2026 286,717,657           286,717,657                      
Ending balance at Sep. 30, 2026 $ 639,481           $ 287       $ 0 $ 3,173,932         $ (2,534,633) $ (105)
Treasury stock, ending balance (in shares) at Sep. 30, 2026 0                   0