Warrants, Redeemable Convertible Preferred Stock and Stockholders' Equity (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2025

Dec. 31, 2024

Schedule of Common Stock, Capital Shares Reserved for Conversion or Exercise

At September 30, 2025, the Company has reserved an aggregate of 4,831,124 shares of common stock for the conversion, exercise or issuance, as applicable, of the following outstanding securities:


Common warrants			244,425
Restricted stock units			185,247
Stock options and employee stock purchase program			4,401,452

Total shares			4,831,124

At December 31, 2024, the Company has reserved 16,152,751 shares of common stock for the conversion or exercise, as applicable, of the following securities:


Redeemable convertible preferred stock			12,729,349
Preferred warrants			10,377
Common warrants			672,633
Restricted stock units			113,819
Stock options			2,228,838

Total shares			15,755,015

Schedule of Redeemable Convertible Preferred Stock

See the table below for a roll forward of the total preferred stock from July 1, 2024 to September 30, 2024 and July 1, 2025 to September 30, 2025 and from January 1, 2024 to September 30, 2024 and January 1, 2025 to September 30, 2025, which details the total redeemable convertible preferred stock presented in the unaudited condensed consolidated statements of changes in redeemable convertible preferred stock and stockholders’ equity (in thousands, except share amounts):


	Series Seed Redeemable convertible preferred stock						Series A Redeemable convertible preferred stock						Series B Redeemable convertible preferred stock						Series C Redeemable convertible preferred stock						Series D Redeemable convertible preferred stock						Series E Redeemable convertible preferred stock						Series F Redeemable convertible preferred stock						Series F-1 Redeemable convertible preferred stock						Series G Redeemable convertible preferred stock
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Balance at July 1, 2024		5,045,368		$	2,473			8,255,614		$	5,179			18,894,315		$	10,827			42,890,840		$	24,908			39,656,811		$	33,411			29,019,153		$	29,738			74,840,147		$	132,975			23,664,027		$	49,392			92,041,042		$	82,754
Issuance of Series G preferred stock, net		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			7,188,841			6,487
Balance at September 30, 2024		5,045,368		$	2,473			8,255,614		$	5,179			18,894,315		$	10,827			42,890,840		$	24,908			39,656,811		$	33,411			29,019,153		$	29,738			74,840,147		$	132,975			23,664,027		$	49,392			99,229,883		$	89,241

Balance at July 1, 2025		5,045,368		$	2,473			8,255,614		$	5,179			18,894,315		$	10,827			42,890,840		$	24,908			39,656,811		$	33,411			29,019,153		$	29,738			74,840,147		$	132,975			23,664,027		$	49,392			99,229,883		$	89,247
Conversion of preferred stock to common stock upon IPO		(5,045,368	)		(2,473	)		(8,255,614	)		(5,179	)		(18,894,315	)		(10,827	)		(42,890,840	)		(24,908	)		(39,656,811	)		(33,411	)		(29,019,153	)		(29,738	)		(74,840,147	)		(132,975	)		(23,664,027	)		(49,392	)		(99,229,883	)		(89,247	)

Balance at September 30, 2025		—		$	—			—		$	—			—		$	—			—		$	—			—		$	—			—		$	—			—		$	—			—		$	—			—		$	—


	Series Seed Redeemable convertible preferred stock						Series A Redeemable convertible preferred stock						Series B Redeemable convertible preferred stock						Series C Redeemable convertible preferred stock						Series D Redeemable convertible preferred stock						Series E Redeemable convertible preferred stock						Series F Redeemable convertible preferred stock						Series F-1 Redeemable convertible preferred stock						Series G Redeemable convertible preferred stock
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Balance at January 1, 2024		5,045,368		$	2,473			8,255,614		$	5,179			18,894,315		$	10,827			42,890,840		$	24,908			39,656,811		$	33,411			29,019,153		$	29,738			74,840,147		$	132,975			23,664,027		$	49,392			34,972,704		$	31,258
Issuance of Series G preferred stock, net		—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			—			64,257,179			57,983
Balance at September 30, 2024		5,045,368		$	2,473			8,255,614		$	5,179			18,894,315		$	10,827			42,890,840		$	24,908			39,656,811		$	33,411			29,019,153		$	29,738			74,840,147		$	132,975			23,664,027		$	49,392			99,229,883		$	89,241

Balance at January 1, 2025		5,045,368		$	2,473			8,255,614		$	5,179			18,894,315		$	10,827			42,890,840		$	24,908			39,656,811		$	33,411			29,019,153		$	29,738			74,840,147		$	132,975			23,664,027		$	49,392			99,229,883		$	89,247
Conversion of preferred stock to common stock upon IPO		(5,045,368	)		(2,473	)		(8,255,614	)		(5,179	)		(18,894,315	)		(10,827	)		(42,890,840	)		(24,908	)		(39,656,811	)		(33,411	)		(29,019,153	)		(29,738	)		(74,840,147	)		(132,975	)		(23,664,027	)		(49,392	)		(99,229,883	)		(89,247	)

Balance at September 30, 2025		—		$	—			—		$	—			—		$	—			—		$	—			—		$	—			—		$	—			—		$	—			—		$	—			—		$	—

See the table below for a roll forward of the total preferred stock from January 1, 2023 to December 31, 2024, which details the total redeemable convertible preferred stock presented in the consolidated statements of changes in redeemable convertible preferred stock and stockholders’ deficit (in thousands, except share amounts):


	Series Seed Redeemable convertible preferred stock				Series A Redeemable convertible preferred stock				Series B Redeemable convertible preferred stock				Series C Redeemable convertible preferred stock				Series D Redeemable convertible preferred stock				Series E Redeemable convertible preferred stock				Series F Redeemable convertible preferred stock				Series F-1 Redeemable convertible preferred stock		Series G Redeemable convertible preferred stock
	Shares		Amount		Shares		Amount		Shares		Amount		Shares		Amount		Shares		Amount		Shares		Amount		Shares		Amount		Shares		Amount		Shares		Amount
Balance at January 1, 2023		5,045,368	$	2,473		8,255,614	$	5,179		18,456,996	$	10,228		42,890,840	$	24,908		39,656,811	$	33,411		29,019,153	$	29,738		74,840,147	$	132,975		23,664,027	$	49,392		—	$	—
Issuance of Series G Preferred stock, net		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		34,972,704		31,258
Exercise of warrants		—		—		—		—		437,319		599		—		—		—		—		—		—		—		—		—		—		—		—

Balance at December 31, 2023		5,045,368	$	2,473		8,255,614	$	5,179		18,894,315	$	10,827		42,890,840	$	24,908		39,656,811	$	33,411		29,019,153	$	29,738		74,840,147	$	132,975		23,664,027	$	49,392		34,972,704	$	31,258
Issuance of Series G Preferred stock, net		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		64,257,179		57,989

Balance at December 31, 2024		5,045,368	$	2,473		8,255,614	$	5,179		18,894,315	$	10,827		42,890,840	$	24,908		39,656,811	$	33,411		29,019,153	$	29,738		74,840,147	$	132,975		23,664,027	$	49,392		99,229,883	$	89,247

Schedule of Issuance of Common Stock Warrants Using Black Scholes Option Pricing Model Using Following Assumption

At the time of issuance, the Company valued these warrants using the Black-Scholes option pricing model using the following assumptions:


Risk-free interest rate		1.47% – 4.80%
Expected life		10 years
Dividend rate		0%
Volatility		35.14% – 65.00%
Fair value per share of common stock		$8.12 – $72.52

Schedule of Preferred Stock Liquidation Preference Per Share

an amount per share of preferred stock equal to the original issue price for such share of

preferred stock plus all declared and unpaid dividends on such share of preferred stock for an aggregate liquidation value of approximately (in millions):


Series Seed	$	2.5
Series A	$	4.5
Series B	$	10.4
Series C	$	25.3
Series D	$	34.9
Series E	$	29.9
Series F-1	$	137.0
Series F	$	49.5
Series G	$	178.6

Total	$	472.6

Schedule of Preferred Stock Conversion

The warrants, which were issued on various dates between February 2012 and February 2017, expire between February 2022 and November 2026 and grant the holders the right to purchase in the aggregate the following shares of preferred stock:


	Shares		Exercise Price
Series A Preferred		797,351	$	0.55
Series B Preferred		733,047	$	0.55
Series C Preferred		290,563	$	0.59

Schedule of Issuance of Preferred Stock Warrants Using Black Scholes Option Pricing Model

At the time of issuance, the Company has valued these warrants using the Black-Scholes option pricing model using the following assumptions:


Risk-free interest rate		1.74% – 2.37%
Expected life		10 years
Dividend rate		0%
Volatility		33.00% – 59.00%
Fair value per share of preferred stock		$15.40 – $16.52

- Definition

Tabular disclosure of temporary equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer.

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