v3.26.3
Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) (Unaudited) - USD ($)
$ in Thousands
Total
IPO
Redeemable Convertible Preferred Stock
Redeemable Convertible Preferred Stock
IPO
Redeemable Convertible Series B Preferred Stock
Redeemable Convertible Series A Preferred Stock
Redeemable Convertible Series B and Series B-1 Preferred Stock
Series B Preferred Stock
Common Stock
Common Stock
IPO
Additional Paid-in Capital
Additional Paid-in Capital
IPO
Additional Paid-in Capital
Series B Preferred Stock
Accumulated Other Comprehensive Income/(Loss)
Accumulated Deficit
Beginning Balance at Dec. 31, 2024 $ (83,194)                   $ 5,954       $ (89,148)
Beginning Balance, Shares at Dec. 31, 2024                 16,103,207            
Redeemable Convertible Preferred Stock, Beginning Balance at Dec. 31, 2024     $ 120,022                        
Redeemable Convertible Preferred Stock, Beginning Balance, Shares at Dec. 31, 2024     6,959,334                        
Issuance of stock upon settlement of tranche obligations, Shares           5,148,587                  
Issuance of stock upon settlement of tranche obligations           $ 98,339                  
Stock-based compensation expense 2,938                   2,938        
Net loss (18,019)                           (18,019)
Ending Balance at Mar. 31, 2025 (98,275)                   8,892       (107,167)
Ending Balance, Shares at Mar. 31, 2025                 16,103,207            
Redeemable Convertible Preferred Stock, Ending Balance at Mar. 31, 2025     $ 218,361                        
Redeemable Convertible Preferred Stock, Ending Balance, Shares at Mar. 31, 2025     12,107,921                        
Beginning Balance at Dec. 31, 2024 (83,194)                   5,954       (89,148)
Beginning Balance, Shares at Dec. 31, 2024                 16,103,207            
Redeemable Convertible Preferred Stock, Beginning Balance at Dec. 31, 2024     $ 120,022                        
Redeemable Convertible Preferred Stock, Beginning Balance, Shares at Dec. 31, 2024     6,959,334                        
Net loss (135,620)                            
Ending Balance at Sep. 30, 2025 (199,334)                   25,487     $ (53) (224,768)
Ending Balance, Shares at Sep. 30, 2025                 16,303,404            
Redeemable Convertible Preferred Stock, Ending Balance at Sep. 30, 2025     $ 467,183                        
Redeemable Convertible Preferred Stock, Ending Balance, Shares at Sep. 30, 2025     23,949,672                        
Beginning Balance at Mar. 31, 2025 (98,275)                   8,892       (107,167)
Beginning Balance, Shares at Mar. 31, 2025                 16,103,207            
Redeemable Convertible Preferred Stock, Beginning Balance at Mar. 31, 2025     $ 218,361                        
Redeemable Convertible Preferred Stock, Beginning Balance, Shares at Mar. 31, 2025     12,107,921                        
Issuance of common stock upon exercise of stock options 120                   120        
Issuance of common stock upon exercise of stock options, Shares                 66,305            
Stock-based compensation expense 4,291                   4,291        
Net loss (57,445)                           (57,445)
Ending Balance at Jun. 30, 2025 (151,309)                   13,303       (164,612)
Ending Balance, Shares at Jun. 30, 2025                 16,169,512            
Redeemable Convertible Preferred Stock, Ending Balance at Jun. 30, 2025     $ 218,361                        
Redeemable Convertible Preferred Stock, Ending Balance, Shares at Jun. 30, 2025     12,107,921                        
Issuance of stock upon settlement of tranche obligations, Shares           5,148,587                  
Issuance of stock upon settlement of tranche obligations           $ 106,183                  
Issuance of preferred stock, Shares             6,693,164                
Issuance of preferred stock             $ 142,639                
Issuance of common stock warrants in connection with Series B Preferred Stock issuance               $ 7,358         $ 7,358    
Issuance of common stock upon exercise of stock options 139                   139        
Issuance of common stock upon exercise of stock options, Shares                 133,892            
Vesting of early-exercised stock options 722                   722        
Stock-based compensation expense 3,965                   3,965        
Unrealized loss on investments, net of tax (53)                         (53)  
Net loss (60,156)                           (60,156)
Ending Balance at Sep. 30, 2025 (199,334)                   25,487     (53) (224,768)
Ending Balance, Shares at Sep. 30, 2025                 16,303,404            
Redeemable Convertible Preferred Stock, Ending Balance at Sep. 30, 2025     $ 467,183                        
Redeemable Convertible Preferred Stock, Ending Balance, Shares at Sep. 30, 2025     23,949,672                        
Beginning Balance at Dec. 31, 2025 (250,335)                   30,691     63 (281,089)
Beginning Balance, Shares at Dec. 31, 2025                 16,351,102            
Redeemable Convertible Preferred Stock, Beginning Balance at Dec. 31, 2025 $ 586,150   $ 586,150         $ 180,954              
Redeemable Convertible Preferred Stock, Beginning Balance, Shares at Dec. 31, 2025 29,519,423   29,519,423         8,482,146              
Issuance of preferred stock, Shares         468,053                    
Issuance of preferred stock         $ 11,397                    
Issuance of common stock, Shares                 44,729            
Issuance of common stock upon exercise of stock options $ 427                   427        
Issuance of common stock upon exercise of stock options, Shares                 179,266            
Vesting of early-exercised stock options 148                   148        
Stock-based compensation expense 5,358                   5,358        
Unrealized loss on investments, net of tax (153)                         (153)  
Net loss (56,071)                           (56,071)
Ending Balance at Mar. 31, 2026 (300,626)                   36,624     (90) (337,160)
Ending Balance, Shares at Mar. 31, 2026                 16,575,097            
Redeemable Convertible Preferred Stock, Ending Balance at Mar. 31, 2026     $ 597,547                        
Redeemable Convertible Preferred Stock, Ending Balance, Shares at Mar. 31, 2026     29,987,476                        
Beginning Balance at Dec. 31, 2025 (250,335)                   30,691     63 (281,089)
Beginning Balance, Shares at Dec. 31, 2025                 16,351,102            
Redeemable Convertible Preferred Stock, Beginning Balance at Dec. 31, 2025 $ 586,150   $ 586,150         $ 180,954              
Redeemable Convertible Preferred Stock, Beginning Balance, Shares at Dec. 31, 2025 29,519,423   29,519,423         8,482,146              
Issuance of common stock upon exercise of stock options, Shares 623,475                            
Net loss $ (230,875)                            
Ending Balance at Sep. 30, 2026 572,518               $ 1   1,086,587     (2,106) (511,964)
Ending Balance, Shares at Sep. 30, 2026                 93,552,471            
Redeemable Convertible Preferred Stock, Ending Balance at Sep. 30, 2026 $ 0                            
Redeemable Convertible Preferred Stock, Ending Balance, Shares at Sep. 30, 2026 0             47,764,024              
Beginning Balance at Mar. 31, 2026 $ (300,626)                   36,624     (90) (337,160)
Beginning Balance, Shares at Mar. 31, 2026                 16,575,097            
Redeemable Convertible Preferred Stock, Beginning Balance at Mar. 31, 2026     $ 597,547                        
Redeemable Convertible Preferred Stock, Beginning Balance, Shares at Mar. 31, 2026     29,987,476                        
Temporary equity, Conversion of redeemable convertible preferred stock to common stock upon IPO       $ (597,547)                      
Temporary equity, Conversion of redeemable convertible preferred stock to common stock upon IPO, Shares       (29,987,476)                      
Conversion of redeemable convertible preferred stock to common stock upon IPO   $ 597,547               $ 1   $ 597,546      
Conversion of redeemable convertible preferred stock to common stock upon IPO, Shares                   47,764,024          
Issuance of common stock 422,422                   422,422        
Issuance of common stock, Shares                 28,750,000            
Issuance of common stock upon exercise of stock options 806                   806        
Issuance of common stock upon exercise of stock options, Shares                 363,215            
Vesting of early-exercised stock options 149                   149        
Issuance of common stock upon vesting of restricted stock units, net, Shares                 15,604            
Shares repurchased for tax withholdings on vesting of restricted stock units (90)                   (90)        
Stock-based compensation expense 11,695                   11,695        
Unrealized loss on investments, net of tax (145)                         (145)  
Net loss (116,236)                           (116,236)
Ending Balance at Jun. 30, 2026 615,522               $ 1   1,069,152     (235) (453,396)
Ending Balance, Shares at Jun. 30, 2026                 93,467,940            
Issuance of common stock upon exercise of stock options 202                   202        
Issuance of common stock upon exercise of stock options, Shares                 80,994            
Vesting of early-exercised stock options 180                   180        
Issuance of common stock upon vesting of restricted stock units, net, Shares                 3,537            
Shares repurchased for tax withholdings on vesting of restricted stock units (23)                   (23)        
Initial public offering costs adjustment 98                   98        
Stock-based compensation expense 16,978                   16,978        
Unrealized loss on investments, net of tax (1,871)                         (1,871)  
Net loss (58,568)                           (58,568)
Ending Balance at Sep. 30, 2026 572,518               $ 1   $ 1,086,587     $ (2,106) $ (511,964)
Ending Balance, Shares at Sep. 30, 2026                 93,552,471            
Redeemable Convertible Preferred Stock, Ending Balance at Sep. 30, 2026 $ 0                            
Redeemable Convertible Preferred Stock, Ending Balance, Shares at Sep. 30, 2026 0             47,764,024