v3.26.3
Condensed consolidated statements of convertible preferred stock and stockholders' equity (deficit) (unaudited) - USD ($)
Total
Series A-1 Convertible Preferred Stock
Series A-2 Convertible Preferred Stock
Series A-2 (NV) Convertible Preferred Stock
Series B Convertible Preferred Stock
Common Stock
Additional paid-in capital
Accumulated other comprehensive income (loss)
Accumulated deficit
Balance at beginning of period at Dec. 31, 2024 $ (218,772,000)           $ 941,000   $ (219,713,000)
Balance at beginning of period, shares at Dec. 31, 2024           1      
Balance at beginning of period, convertible preferred stock at Dec. 31, 2024   $ 294,358,000 $ 84,501,000 $ 11,447,000          
Balance at beginning of period, convertible preferred stock, shares at Dec. 31, 2024   30,000,000 4,968,789 708,814          
Stock-based compensation expense 1,523,000           1,523,000    
Unrealized gain (loss) on marketable securities (6,000)             $ (6,000)  
Net loss (17,983,000)               (17,983,000)
Balance at end of period at Mar. 31, 2025 (235,238,000)           2,464,000 (6,000) (237,696,000)
Balance at end of period, shares at Mar. 31, 2025           1      
Balance at end of period, convertible preferred stock at Mar. 31, 2025   $ 294,358,000 $ 84,501,000 $ 11,447,000          
Balance at end of period, convertible preferred stock, shares at Mar. 31, 2025   30,000,000 4,968,789 708,814          
Balance at beginning of period at Dec. 31, 2024 (218,772,000)           941,000   (219,713,000)
Balance at beginning of period, shares at Dec. 31, 2024           1      
Balance at beginning of period, convertible preferred stock at Dec. 31, 2024   $ 294,358,000 $ 84,501,000 $ 11,447,000          
Balance at beginning of period, convertible preferred stock, shares at Dec. 31, 2024   30,000,000 4,968,789 708,814          
Unrealized gain (loss) on marketable securities 24,000                
Net loss (86,553,000)                
Balance at end of period at Sep. 30, 2025 (297,878,000)           8,364,000 24,000 (306,266,000)
Balance at end of period, shares at Sep. 30, 2025           1      
Balance at end of period, convertible preferred stock at Sep. 30, 2025   $ 294,358,000 $ 84,501,000 $ 11,447,000          
Balance at end of period, convertible preferred stock, shares at Sep. 30, 2025   30,000,000 4,968,789 708,814          
Balance at beginning of period at Mar. 31, 2025 (235,238,000)           2,464,000 (6,000) (237,696,000)
Balance at beginning of period, shares at Mar. 31, 2025           1      
Balance at beginning of period, convertible preferred stock at Mar. 31, 2025   $ 294,358,000 $ 84,501,000 $ 11,447,000          
Balance at beginning of period, convertible preferred stock, shares at Mar. 31, 2025   30,000,000 4,968,789 708,814          
Stock-based compensation expense 1,631,000           1,631,000    
Unrealized gain (loss) on marketable securities (26,000)             (26,000)  
Net loss (28,947,000)               (28,947,000)
Balance at end of period at Jun. 30, 2025 (262,580,000)           4,095,000 (32,000) (266,643,000)
Balance at end of period, shares at Jun. 30, 2025           1      
Balance at end of period, convertible preferred stock at Jun. 30, 2025   $ 294,358,000 $ 84,501,000 $ 11,447,000          
Balance at end of period, convertible preferred stock, shares at Jun. 30, 2025   30,000,000 4,968,789 708,814          
Stock-based compensation expense 4,269,000           4,269,000    
Unrealized gain (loss) on marketable securities 56,000             56,000  
Net loss (39,623,000)               (39,623,000)
Balance at end of period at Sep. 30, 2025 (297,878,000)           8,364,000 24,000 (306,266,000)
Balance at end of period, shares at Sep. 30, 2025           1      
Balance at end of period, convertible preferred stock at Sep. 30, 2025   $ 294,358,000 $ 84,501,000 $ 11,447,000          
Balance at end of period, convertible preferred stock, shares at Sep. 30, 2025   30,000,000 4,968,789 708,814          
Balance at beginning of period at Dec. 31, 2025 (356,458,000)           11,981,000 229,000 (368,668,000)
Balance at beginning of period, shares at Dec. 31, 2025           19,048      
Balance at beginning of period, convertible preferred stock at Dec. 31, 2025 $ 992,363,123 $ 294,357,583 $ 84,501,000 $ 11,447,000 $ 602,057,535        
Balance at beginning of period, convertible preferred stock, shares at Dec. 31, 2025 78,762,142 30,000,000 4,968,789 708,814 43,084,539        
Exercise of stock options (in shares)           10,905      
Exercise of stock options $ 57,000           57,000    
Stock-based compensation expense 3,939,000           3,939,000    
Unrealized gain (loss) on marketable securities (761,000)             (761,000)  
Net loss (78,865,000)               (78,865,000)
Balance at end of period at Mar. 31, 2026 (432,088,000)           15,977,000 (532,000) (447,533,000)
Balance at end of period, shares at Mar. 31, 2026           29,953      
Balance at end of period, convertible preferred stock at Mar. 31, 2026   $ 294,358,000 $ 84,501,000 $ 11,447,000 $ 602,058,000        
Balance at end of period, convertible preferred stock, shares at Mar. 31, 2026   30,000,000 4,968,789 708,814 43,084,539        
Balance at beginning of period at Dec. 31, 2025 (356,458,000)           11,981,000 229,000 (368,668,000)
Balance at beginning of period, shares at Dec. 31, 2025           19,048      
Balance at beginning of period, convertible preferred stock at Dec. 31, 2025 $ 992,363,123 $ 294,357,583 $ 84,501,000 $ 11,447,000 $ 602,057,535        
Balance at beginning of period, convertible preferred stock, shares at Dec. 31, 2025 78,762,142 30,000,000 4,968,789 708,814 43,084,539        
Exercise of stock options (in shares) 146,869                
Unrealized gain (loss) on marketable securities $ (3,966,000)                
Net loss (285,837,000)                
Balance at end of period at Sep. 30, 2026 $ 1,031,116,000           1,689,358,000 (3,737,000) (654,505,000)
Balance at end of period, shares at Sep. 30, 2026           129,684,183      
Balance at end of period, convertible preferred stock at Sep. 30, 2026   $ 0 $ 0 $ 0 $ 0        
Balance at end of period, convertible preferred stock, shares at Sep. 30, 2026 0 0 0 0 0        
Balance at beginning of period at Mar. 31, 2026 $ (432,088,000)           15,977,000 (532,000) (447,533,000)
Balance at beginning of period, shares at Mar. 31, 2026           29,953      
Balance at beginning of period, convertible preferred stock at Mar. 31, 2026   $ 294,358,000 $ 84,501,000 $ 11,447,000 $ 602,058,000        
Balance at beginning of period, convertible preferred stock, shares at Mar. 31, 2026   30,000,000 4,968,789 708,814 43,084,539        
Conversion of convertible preferred stock to common stock ,Shares   (30,000,000) (4,968,789) (708,814) (43,084,539) 84,596,391      
Conversion of convertible preferred stock to common stock 992,364,000 $ (294,358,000) $ (84,501,000) $ (11,447,000) $ (602,058,000)   992,364,000    
Issuance of common stock upon completion of initial public offering, net of commissions, underwriting discounts and other offering costs ,shares           44,921,875      
Issuance of common stock upon completion of initial public offering, net of commissions, underwriting discounts and other offering costs ,value 661,983,000           661,983,000    
Exercise of stock options (in shares)           72,151      
Exercise of stock options 430,000           430,000    
Stock-based compensation expense 8,344,000           8,344,000    
Unrealized gain (loss) on marketable securities (1,262,000)             (1,262,000)  
Net loss (111,307,000)               (111,307,000)
Balance at end of period at Jun. 30, 2026 1,118,464,000           1,679,098,000 (1,794,000) (558,840,000)
Balance at end of period, shares at Jun. 30, 2026           129,620,370      
Balance at end of period, convertible preferred stock at Jun. 30, 2026   $ 0 $ 0 $ 0 $ 0        
Balance at end of period, convertible preferred stock, shares at Jun. 30, 2026   0 0 0 0        
Exercise of stock options (in shares)           63,813      
Exercise of stock options 339,000           339,000    
Stock-based compensation expense 9,921,000           9,921,000    
Unrealized gain (loss) on marketable securities (1,943,000)             (1,943,000)  
Net loss (95,665,000)               (95,665,000)
Balance at end of period at Sep. 30, 2026 $ 1,031,116,000           $ 1,689,358,000 $ (3,737,000) $ (654,505,000)
Balance at end of period, shares at Sep. 30, 2026           129,684,183      
Balance at end of period, convertible preferred stock at Sep. 30, 2026   $ 0 $ 0 $ 0 $ 0        
Balance at end of period, convertible preferred stock, shares at Sep. 30, 2026 0 0 0 0 0