v3.26.3
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT) - USD ($)
$ in Thousands
Total
Conversion of redeemable convertible preferred stock to Class A common stock in connection with initial public offering
Conversion of convertible debt to Class A common stock upon initial public offering
Cashless exercise of common stock warrants
Common Stock
Common Stock
Conversion of redeemable convertible preferred stock to Class A common stock in connection with initial public offering
Common Stock
Conversion of convertible debt to Class A common stock upon initial public offering
Common Stock
Cashless exercise of common stock warrants
Additional Paid-In Capital
Additional Paid-In Capital
Conversion of redeemable convertible preferred stock to Class A common stock in connection with initial public offering
Additional Paid-In Capital
Conversion of convertible debt to Class A common stock upon initial public offering
Additional Paid-In Capital
Cashless exercise of common stock warrants
Treasury Stock
Notes Receivable from Employees
Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2024 41,994,022                            
Beginning balance at Dec. 31, 2024 $ 168,888                            
Ending balance (in shares) at Mar. 31, 2025 41,994,022                            
Ending balance at Mar. 31, 2025 $ 168,888                            
Beginning balance (in shares) at Dec. 31, 2024 [1]         14,247,476                    
Beginning balance at Dec. 31, 2024 (107,599)       $ 1 [1]       $ 147,255       $ 0 $ (173) $ (254,682)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                              
Issuance of common stock upon exercise of options (in shares) [1]         299,640                    
Issuance of common stock upon exercise of options 744               744            
Stock-based compensation 14,060               14,060            
Release of shares due to loan forgiveness (in shares) [1]         1,894,054                    
Release of shares due to loan forgiveness 1       $ 1 [1]                    
Interest accrued on notes receivable from employees (2)                         (2)  
Net (loss) income (21,111)                           (21,111)
Ending balance (in shares) at Mar. 31, 2025 [1]         16,441,170                    
Ending balance at Mar. 31, 2025 $ (113,907)       $ 2 [1]       162,059       0 (175) (275,793)
Beginning balance (in shares) at Dec. 31, 2024 41,994,022                            
Beginning balance at Dec. 31, 2024 $ 168,888                            
Ending balance (in shares) at Sep. 30, 2025 0                            
Ending balance at Sep. 30, 2025 $ 0                            
Beginning balance (in shares) at Dec. 31, 2024 [1]         14,247,476                    
Beginning balance at Dec. 31, 2024 (107,599)       $ 1 [1]       147,255       0 (173) (254,682)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                              
Net (loss) income (40,903)                            
Ending balance (in shares) at Sep. 30, 2025 [1]         73,214,916                    
Ending balance at Sep. 30, 2025 $ 266,733       $ 7 [1]       572,515       (10,025) (179) (295,585)
Beginning balance (in shares) at Mar. 31, 2025 41,994,022                            
Beginning balance at Mar. 31, 2025 $ 168,888                            
Increase (Decrease) in Temporary Equity [Roll Forward]                              
Conversion of redeemable convertible preferred stock to Class A common stock in connection with initial public offering (in shares) (41,994,022)                            
Conversion of redeemable convertible preferred stock to Class A common stock in connection with initial public offering $ (168,888)                            
Ending balance (in shares) at Jun. 30, 2025 0                            
Ending balance at Jun. 30, 2025 $ 0                            
Beginning balance (in shares) at Mar. 31, 2025 [1]         16,441,170                    
Beginning balance at Mar. 31, 2025 (113,907)       $ 2 [1]       162,059       0 (175) (275,793)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                              
Conversion of convertible debt (in shares) [1]           41,994,022 6,056,425                
Conversion of shares or debt   $ 168,888 $ 96,902     $ 4 [1]       $ 168,884 $ 96,902        
Issuance of Class A common stock in connection with initial public offering, net of underwriting discounts, commission, and other offering costs (in shares) [1]         8,400,000                    
Issuance of Class A common stock in connection with initial public offering, net of underwriting discounts, commissions, and other offering costs 114,772       $ 1 [1]       114,771            
Repurchase of Class A common stock due to convertible debt put option election upon initial public offering (in shares) [1]         (626,588)                    
Repurchase of Class A common stock due to convertible debt put option election upon initial public offering (10,025)                       (10,025)    
Issuance of common stock upon exercise of options (in shares) [1]         305,833                    
Issuance of common stock upon exercise of options 895               895            
Stock-based compensation 7,624               7,624            
Interest accrued on notes receivable from employees (2)                         (2)  
Net (loss) income (26,228)                           (26,228)
Ending balance (in shares) at Jun. 30, 2025 [1]         72,570,862                    
Ending balance at Jun. 30, 2025 $ 238,919       $ 7 [1]       551,135       (10,025) (177) (302,021)
Ending balance (in shares) at Sep. 30, 2025 0                            
Ending balance at Sep. 30, 2025 $ 0                            
Increase (Decrease) in Stockholders' Equity [Roll Forward]                              
Conversion of convertible debt (in shares) [1]               534,196              
Conversion of shares or debt       $ 14,872               $ 14,872      
Issuance of common stock upon exercise of options (in shares) [1]         108,594                    
Issuance of common stock upon exercise of options 950               950            
Issuance of common stock upon vesting of restricted stock units, net of taxes withheld (in shares) [1]         1,264                    
Stock-based compensation 5,558               5,558            
Interest accrued on notes receivable from employees (2)                         (2)  
Net (loss) income 6,436                           6,436
Ending balance (in shares) at Sep. 30, 2025 [1]         73,214,916                    
Ending balance at Sep. 30, 2025 $ 266,733       $ 7 [1]       572,515       (10,025) (179) (295,585)
Ending balance (in shares) at Dec. 31, 2025 0                            
Ending balance at Dec. 31, 2025 $ 0                            
Increase (Decrease) in Stockholders' Equity [Roll Forward]                              
Conversion of convertible debt (in shares) 534,196                            
Ending balance (in shares) at Dec. 31, 2025 [1]         73,863,192                    
Ending balance at Dec. 31, 2025 $ 305,736       $ 7 [1]       577,043       (10,025) (181) (261,108)
Ending balance (in shares) at Mar. 31, 2026 0                            
Ending balance at Mar. 31, 2026 $ 0                            
Increase (Decrease) in Stockholders' Equity [Roll Forward]                              
Issuance of common stock upon exercise of options (in shares) [1]         54,324                    
Issuance of common stock upon exercise of options 71               71            
Issuance of common stock upon vesting of restricted stock units, net of taxes withheld (in shares) [1]         1,906                    
Issuance of common stock upon vesting of restricted stock units, net of taxes withheld (5)               (5)            
Stock-based compensation 4,065               4,065            
Interest accrued on notes receivable from employees (2)                         (2)  
Net (loss) income 8,762                           8,762
Ending balance (in shares) at Mar. 31, 2026 [1]         73,919,422                    
Ending balance at Mar. 31, 2026 $ 318,627       $ 7 [1]       581,174       (10,025) (183) (252,346)
Beginning balance (in shares) at Dec. 31, 2025 0                            
Beginning balance at Dec. 31, 2025 $ 0                            
Ending balance (in shares) at Sep. 30, 2026 0                            
Ending balance at Sep. 30, 2026 $ 0                            
Beginning balance (in shares) at Dec. 31, 2025 [1]         73,863,192                    
Beginning balance at Dec. 31, 2025 305,736       $ 7 [1]       577,043       (10,025) (181) (261,108)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                              
Net (loss) income 23,151                            
Ending balance (in shares) at Sep. 30, 2026 [1]         75,781,665                    
Ending balance at Sep. 30, 2026 $ 356,403       $ 8 [1]       604,564       (10,025) (187) (237,957)
Beginning balance (in shares) at Mar. 31, 2026 0                            
Beginning balance at Mar. 31, 2026 $ 0                            
Ending balance (in shares) at Jun. 30, 2026 0                            
Ending balance at Jun. 30, 2026 $ 0                            
Beginning balance (in shares) at Mar. 31, 2026 [1]         73,919,422                    
Beginning balance at Mar. 31, 2026 318,627       $ 7 [1]       581,174       (10,025) (183) (252,346)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                              
Issuance of common stock upon exercise of options (in shares) [1]         9,225                    
Issuance of common stock upon exercise of options 20               20            
Issuance of common stock upon vesting of restricted stock units, net of taxes withheld (in shares) [1]         280,283                    
Issuance of common stock upon vesting of restricted stock units, net of taxes withheld 0               0            
Stock-based compensation 8,964               8,964            
Interest accrued on notes receivable from employees (2)                         (2)  
Net (loss) income 6,720                           6,720
Ending balance (in shares) at Jun. 30, 2026 [1]         74,208,930                    
Ending balance at Jun. 30, 2026 $ 334,329       $ 7 [1]       590,158       (10,025) (185) (245,626)
Ending balance (in shares) at Sep. 30, 2026 0                            
Ending balance at Sep. 30, 2026 $ 0                            
Increase (Decrease) in Stockholders' Equity [Roll Forward]                              
Issuance of common stock upon exercise of options (in shares) [1]         59,635                    
Issuance of common stock upon exercise of options 107               107            
Issuance of common stock upon vesting of restricted stock units, net of taxes withheld (in shares) [1]         240,391                    
Issuance of common stock upon vesting of restricted stock units, net of taxes withheld 0               0            
Issuance of common stock under employee stock purchase plan 1,227               1,227            
Issuance of common stock under employee stock purchase plan         140,516                    
Stock-based compensation 6,508               6,508            
Stock Issued During Period, Value, Other 6,565       $ 1       6,564            
Stock Issued During Period, Shares, Other         1,132,193                    
Interest accrued on notes receivable from employees (2)                         (2)  
Net (loss) income 7,669                           7,669
Ending balance (in shares) at Sep. 30, 2026 [1]         75,781,665                    
Ending balance at Sep. 30, 2026 $ 356,403       $ 8 [1]       $ 604,564       $ (10,025) $ (187) $ (237,957)
[1] Amounts combine the Company’s common stock, Class A common stock, and Class B common stock. See Note 10, Capitalization, for discussion of the establishment of the Company’s two classes of common stock and the reclassification of its common stock into Class A common stock in connection with the Company’s initial public offering in May 2025.