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Summary of Significant Accounting Policies - Narrative (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2025 USD ($) segment	Sep. 30, 2024 USD ($)	Dec. 31, 2024 USD ($)
Accounting Policies [Abstract]
Remaining performance obligations beyond one year	$ 4,700		$ 4,700
Deferred revenue balance	2,700		2,700		$ 2,800
Deferred revenue recognized	600	$ 700	2,100	$ 3,000
Deferred offering costs	3,700		$ 3,700		$ 0
Number of operating segments \| segment			1
Number of reportable segments \| segment			1
Revenue	$ 83,523	$ 38,419	$ 209,059	$ 107,505

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 195,152	$ 191,477
Accounts receivable	34,646	24,709
Inventories	17,389	8,733
Prepaid expenses and other current assets	4,529	2,898
Total current assets	251,716	227,817
Property and equipment, net	18,667	17,111
Operating lease right-of-use assets, net	48,024	51,739
Other non-current assets	9,114	5,392
Total assets	327,521	302,059
Current liabilities:
Accounts payable	7,806	4,304
Accrued expenses and other current liabilities	8,041	3,882
Accrued commissions	2,922	2,756
Accrued compensation and employee benefits	13,687	8,419
Deferred revenue, current	2,683	2,806
Operating lease liabilities, current	4,902	4,393
Financing lease liabilities, current	744	1,826
Total current liabilities	40,785	28,386
Operating lease liabilities, non-current	47,046	50,802
Financing lease liabilities, non-current	460	874
Long-term debt	54,986	51,481
Other non-current liabilities	4,348	2,763
Total liabilities	147,625	134,306
Commitments and contingencies (Note 7)
Redeemable convertible preferred stock, $0.00001 par value; 29,544,989 shares authorized as of September 30, 2025 and December 31, 2024; 29,084,235 shares issued and outstanding as of September 30, 2025 and December 31, 2024; aggregate liquidation preference of $422,458 as of September 30, 2025 and December 31, 2024	419,409	419,409
Stockholders’ deficit:
Common stock, $0.00001 par value, 51,100,000 shares authorized as of September 30, 2025 and December 31, 2024; 11,178,467 and 10,925,950 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively	0	0
Additional paid-in capital	41,211	30,545
Accumulated deficit	(280,724)	(282,201)
Total stockholders’ deficit	(239,513)	(251,656)
Total liabilities, redeemable convertible preferred stock, and stockholders’ deficit	$ 327,521	$ 302,059

Common Stock - Reserved for Future Issuance (Details)	Sep. 30, 2025 shares
Class of Stock [Line Items]
Total common stock reserved (in shares)	38,976,643
Series A-1 Redeemable Convertible Preferred Stock
Class of Stock [Line Items]
Total common stock reserved (in shares)	1,349,650
Series A-2 Redeemable Convertible Preferred Stock
Class of Stock [Line Items]
Total common stock reserved (in shares)	1,137,210
Series A-3 Redeemable Convertible Preferred Stock
Class of Stock [Line Items]
Total common stock reserved (in shares)	899,730
Series A-4 Redeemable Convertible Preferred Stock
Class of Stock [Line Items]
Total common stock reserved (in shares)	25,761
Series A-5 Redeemable Convertible Preferred Stock
Class of Stock [Line Items]
Total common stock reserved (in shares)	114,613
Series A-6 Redeemable Convertible Preferred Stock
Class of Stock [Line Items]
Total common stock reserved (in shares)	5,796,201
Series B-1 Redeemable Convertible Preferred Stock
Class of Stock [Line Items]
Total common stock reserved (in shares)	5,182,287
Series B-2 Redeemable Convertible Preferred Stock
Class of Stock [Line Items]
Total common stock reserved (in shares)	2,566,902
Series C Redeemable Convertible Preferred Stock
Class of Stock [Line Items]
Total common stock reserved (in shares)	5,628,825
Series C-1 Redeemable Convertible Preferred Stock
Class of Stock [Line Items]
Total common stock reserved (in shares)	1,726,823
Series D Redeemable Convertible Preferred Stock
Class of Stock [Line Items]
Total common stock reserved (in shares)	4,656,233
Redeemable Convertible Preferred stock warrants
Class of Stock [Line Items]
Total common stock reserved (in shares)	9,660
Common stock warrants
Class of Stock [Line Items]
Total common stock reserved (in shares)	121,566
Options to purchase common stock
Class of Stock [Line Items]
Total common stock reserved (in shares)	9,041,854
Stock options available for future grants
Class of Stock [Line Items]
Total common stock reserved (in shares)	719,328

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Summary of Fair Value Measurement of Assets and Liabilities

The fair value measurements of assets and liabilities that are measured at fair value on a recurring basis consisted of the following as of September 30, 2025 (in thousands):


	As of September 30, 2025
	Level 1		Level 2		Level 3		Total
Current assets:
Money market funds	$	7,770	$	-	$	-	$	7,770
Total assets	$	7,770	$	-	$	-	$	7,770
Liabilities:
Redeemable convertible preferred stock warrants	$	-	$	-	$	406	$	406
Common stock warrants	-		-		3,942		3,942
Term loan	-		-		54,986		54,986
Total liabilities	$	-	$	-	$	59,334	$	59,334

The fair value measurements of assets and liabilities that are measured at fair value on a recurring basis consisted of the following as of December 31, 2024 (in thousands):


	As of December 31, 2024
	Level 1		Level 2		Level 3		Total
Current assets:
Money market funds	$	7,538	$	-	$	-	$	7,538
Total assets	$	7,538	$	-	$	-	$	7,538
Liabilities:
Redeemable convertible preferred stock warrants	$	-	$	-	$	230	$	230
Common stock warrants	-		-		2,533		2,533
Term loan	-		-		51,481		51,481
Total liabilities	$	-	$	-	$	54,244	$	54,244

Summary of Significant Assumptions Used in Preparing the Option Pricing Model

The significant assumptions used in preparing the option pricing model for valuing the common stock warrant liability as of September 30, 2025 and December 31, 2024, are as follows:


	September 30, 2025			December 31, 2024
Stock price	$	40.77		$	20.32
Exercise price	$2.80 – $10.92			$2.80 – $10.92
Volatility	76.1		%	84.0		%


Expected term (years)	1.50		2.30
Risk-free rate	3.50	%	4.14	%
Dividend yield	-	%	-	%

The significant assumptions used in preparing the option pricing model for valuing the redeemable convertible preferred stock warrant liability as of September 30, 2025 and December 31, 2024, are as follows:


	September 30, 2025			December 31, 2024
Stock price	$	42.08		$	25.83
Exercise price	$	2.59		$	2.59
Volatility	76.1		%	84.0		%
Expected term (years)	1.50			2.30
Risk-free rate	3.50		%	4.14		%
Dividend yield	-		%	-		%

The significant assumptions used in preparing discounted cash flow for valuing the convertible notes as of right before the conversion date of May 15, 2024, are as follows:


	May 15, 2024
Principal outstanding (in $’000s)	30,000
Expected term (years)	-
Risk-free rate	5.46	%
Interest rate	8.00	%

The significant assumptions used in preparing the income approach model for valuing the new term loan as of September 30, 2025 and December 31, 2024, are as follows:


	September 30, 2025		December 31, 2024
Discount rate	8.02	%	9.37	%
Annual interest rate	8.00	%	8.00	%
Expected term (years) – Scenario 1	4.50		5.32
Expected term (years) – Scenario 2	5.85		6.69

Summary of Changes in the Fair Value of Level 3 Financial Instruments

The following tables present a summary of the changes in the fair value of the Company’s Level 3 financial instruments (in thousands):


	Common Stock Warrants		Redeemable Convertible Preferred Stock Warrants		Term Loan
Balance at December 31, 2024	$	2,533	$	230	$	51,481
Adjustments to fair value	(58)		2		1,797
Balance at March 31, 2025	2,475		232		53,278
Adjustments to fair value	(5)		19		(1,206)
Balance at June 30, 2025	2,470		251		52,072
Adjustments to fair value	1,472		155		2,914
Balance at September 30, 2025	$	3,942	$	406	$	54,986


	Common Stock Warrants		Redeemable Convertible Preferred Stock Warrants		Convertible Notes		Term Loan
Balance at December 31, 2023	$	1,653	$	146	$	47,686	$	—
Adjustments to fair value	167		16		337		—
Balance at March 31, 2024	1,820		162		48,023		—
Adjustments to fair value	190		17		498		—
Gain on extinguishment	—		—		(8,635)		—
Settlements	—		—		(39,886)		—
Balance at June 30, 2024	2,010		179		—		—
Additions	—		—		—		50,000
Adjustments to fair value	143		16		—		1,650
Balance at September 30, 2024	$	2,153	$	195	$	—	$	51,650

Income Taxes (Details)	3 Months Ended		9 Months Ended
Income Taxes (Details)	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Effective tax rate	(2.31%)	0.15%	(1.03%)	(0.05%)

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2025	Dec. 05, 2025
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2025
Entity File Number	001-42934
Registrant Name	BillionToOne, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-1082020
Entity Address, Address Line One	1035 O’Brien Drive
Entity Address, City or Town	Menlo Park
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94025
City Area Code	460-2551
Local Phone Number	650
Title of 12(b) Security	Class A common stock, par value $0.00001 per share
Trading Symbol	BLLN
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Central Index Key	0002070849
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q3
Amendment Flag	false
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		41,216,110
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		4,552,650

Convertible Notes (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	May 31, 2024	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2022
Debt Instrument [Line Items]
Change in fair value of convertible notes		$ 0	$ 0	$ 0	$ 835
Net (loss) gain on extinguishment of debt		$ 0	$ (1,346)	$ 0	7,289
Series C-1 Redeemable Convertible Preferred Stock
Debt Instrument [Line Items]
Equity, fair value disclosure	$ 39,900
Unsecured Convertible Promissory Notes \| Convertible Debt
Debt Instrument [Line Items]
Debt instrument, face amount						$ 30,000
Debt instrument, interest rate, stated percentage						8.00%
Debt instrument, convertible, conversion price (in dollars per share)	$ 19.6143
Change in fair value of convertible notes					800
Convertible debt, fair value disclosures	$ 48,500
Net (loss) gain on extinguishment of debt					$ 8,600
Unsecured Convertible Promissory Notes \| Convertible Debt \| Series C-1 Redeemable Convertible Preferred Stock
Debt Instrument [Line Items]
Debt conversion, converted instrument, shares issued (in shares)	1,726,823

Common Stock - Narrative (Details) $ / shares in Units, $ in Thousands	1 Months Ended					3 Months Ended		9 Months Ended
	Jun. 30, 2025 $ / shares shares	Jul. 31, 2024 $ / shares shares	Jun. 30, 2024 $ / shares shares	Feb. 29, 2024 USD ($) $ / shares shares	Dec. 31, 2018	Sep. 30, 2025 USD ($) vote $ / shares shares	Sep. 30, 2024 USD ($)	Sep. 30, 2025 USD ($) vote $ / shares shares	Sep. 30, 2024 USD ($)	Dec. 31, 2024 $ / shares shares
Class of Stock [Line Items]
Common stock, authorized (in shares)						51,100,000		51,100,000		51,100,000
Common stock, par value (in dollars per share) \| $ / shares						$ 0.00001		$ 0.00001		$ 0.00001
Common stock, outstanding (in shares)						11,178,467		11,178,467		10,925,950
Number of votes per share of common stock \| vote						1		1
Total unrecognized compensation cost \| $						$ 60,700		$ 60,700
Granted (in shares)								2,721,201
Granted (in dollars per share) \| $ / shares								$ 20.17
Shares repurchased in period (in shares)		22,302	52,750
Repurchase price (in dollars per share) \| $ / shares		$ 22.42	$ 22.42
Stock-based compensation expense related to the sale of stock \| $							$ 100		$ 400
Total stock-based compensation \| $						$ 4,475	$ 2,150	$ 9,581	6,055
Employee Stock Option
Class of Stock [Line Items]
Recognition period for unrecognized compensation cost								3 years 9 months 18 days
Vesting period	6 years
The 2018 Plan
Class of Stock [Line Items]
Expiration period					10 years
Purchase price of common stock, percent of market price					100.00%
Common stock authorized (in shares)						12,409,025		12,409,025		10,904,372
The 2018 Plan \| Share-Based Payment Arrangement, Tranche One
Class of Stock [Line Items]
Vesting percentage					25.00%
Vesting period								1 year
The 2018 Plan \| Share-Based Payment Arrangement, Tranche Two
Class of Stock [Line Items]
Vesting percentage					75.00%
Vesting period								36 months
Chief Executive Officer And Co-Founder
Class of Stock [Line Items]
Granted (in shares)	1,003,102
Chief Technology Officer And Co-Founder
Class of Stock [Line Items]
Granted (in shares)	501,551
Related Party
Class of Stock [Line Items]
Granted (in dollars per share) \| $ / shares	$ 20.04
Shares repurchased in period (in shares)				26,750
Repurchase price (in dollars per share) \| $ / shares				$ 20.3950
Shares repurchased (in shares)				26,750
Value of shares repurchased \| $				$ 500
Total stock-based compensation \| $									$ 200

Net Income (Loss) Per Share Attributable to Shareholders (Tables)

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table sets forth the computation of basic and dilutive net income (loss) per share attributable to common stockholders for the three and nine months ended September 30, 2025 and 2024 (in thousands, except per share amounts):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Basic net income (loss) per share:
Numerator:
Net income (loss)	$	5,711	$	(14,904)	$	1,477	$	(30,093)
Less: Net income attributable to participating securities	(4,204)		—		(1,089)		—
Net income (loss) attributable to common stockholders	1,507		(14,904)		388		(30,093)
Denominator:
Weighted-average shares used in calculating net income (loss) per share, basic	10,429,583		10,107,487		10,376,253		10,049,097
Net income (loss) per share, basic	$	0.14	$	(1.47)	$	0.04	$	(2.99)
Diluted net income (loss) per share:
Numerator:
Net income (loss) attributable to common stockholders	$	1,507	$	(14,904)	$	388	$	(30,093)
Denominator:
Weighted-average shares used in calculating net income (loss) per share, basic	10,429,583		10,107,487		10,376,253		10,049,097
Effect of dilutive securities:
Outstanding stock options	4,336,722		—		3,940,885		—
Warrants to purchase redeemable convertible preferred stock	8,798		—		8,616		—
Warrants to purchase common stock	98,294		—		93,366		—
Restricted stock awards in exchange for non-recourse note	698,552		—		698,245		—
Weighted-average shares used in calculating net income (loss) per share, diluted	15,571,949		10,107,487		15,117,365		10,049,097
Net income (loss) per share, diluted	$	0.10	$	(1.47)	$	0.03	$	(2.99)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

Potentially dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive were as follows for the three and nine months ended September 30, 2025 and 2024:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
Redeemable convertible preferred stock	29,084,235	29,084,235	29,084,235	29,084,235
Outstanding stock options	-	6,565,802	-	6,565,802
Restricted stock awards in exchange for non-recourse note	-	700,000	-	700,000
Warrants to purchase common stock	-	121,566	-	121,566
Warrants to purchase redeemable convertible preferred stock	-	9,660	-	9,660
Unvested early-exercised options	-	500	-	500

Accrued Expenses and Other Current Liabilities

9 Months Ended

Sep. 30, 2025

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):


	September 30, 2025		December 31, 2024
Accrued professional services	$	1,819	$	898
Accrued inventory purchases	2,303		443
Accrued fixed asset purchases	57		798
Insurance payor liability	1,487		—
Accrued property and other taxes	161		443
Accrued information technology purchases	413		250
Accrued legal expense	836		191
Accrued phlebotomy expense	160		171
Accrued insurance expense	75		159
Accrued rent	122		160
Accrued clinical expenses	242		98
Other	366		271
Accrued expenses and other current liabilities	$	8,041	$	3,882

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions	Nov. 07, 2025	Nov. 05, 2025	Sep. 30, 2025
Subsequent Event [Line Items]
Total common stock reserved (in shares)			38,976,643
Subsequent Event
Subsequent Event [Line Items]
Price per share (in dollars per share)	$ 60.00
Subsequent Event \| Employee Stock
Subsequent Event [Line Items]
Total common stock reserved (in shares)		548,880
Common stock authorized (in shares)		8,400,000
Shares authorized per participant (in shares)		7,500
Purchase price of common stock, percent of market price		85.00%
Subsequent Event \| The 2025 Plan
Subsequent Event [Line Items]
Shares available for issuance (in shares)		3,297,972
Subsequent Event \| The 2018 Plan
Subsequent Event [Line Items]
Shares available for issuance (in shares)		10,034,626
Subsequent Event \| Common Class B \| Chief Executive Officer
Subsequent Event [Line Items]
Number of shares converted (in shares)	2,325,108
Subsequent Event \| Common Class B \| Chief Technology Officer
Subsequent Event [Line Items]
Number of shares converted (in shares)	2,227,542
IPO \| Subsequent Event
Subsequent Event [Line Items]
Shares issued (in shares)	5,233,765
Gross proceeds from sale of stock	$ 314.0
Net proceeds from sale of stock	$ 286.4
IPO \| Subsequent Event \| Common Class A
Subsequent Event [Line Items]
Number of shares converted (in shares)	29,084,235
Over-Allotment Option \| Subsequent Event
Subsequent Event [Line Items]
Shares issued (in shares)	682,665

Convertible Notes

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Convertible Notes

In September 2022, the Company entered into a Note Purchase Agreement for unsecured Convertible Promissory Notes (the “Notes”) to several note holders (the “Note Holders”) with a principal sum of $30.0 million together with interest thereon from the date of the Notes. The Notes accrue interest at a rate of 8.0% per annum, simple interest. The Notes were scheduled to mature on September 20, 2024, and the Company may not make prepayments without written consent of the majority Note holders.

During May 2024, concurrent with the issuance of Series D redeemable convertible preferred stock, and pursuant to negotiation with the Note Holders, the Company and Note Holders agreed to settle the Notes through the issuance of Series C-1 redeemable convertible preferred stock to the Note Holders instead of Series D redeemable convertible preferred stock. The Notes converted into an aggregate of 1,726,823 shares of Series C-1 redeemable convertible preferred stock at a conversion price of approximately $19.6143 per share. The change in terms of the Notes was accounted for as a debt extinguishment as the settlement was not pursuant to the original conversion terms. Immediately prior to the extinguishment, the Company recorded a mark-to-market adjustment for the Notes resulting in a loss of $0.8 million for the nine months ended September 30, 2024 which was recorded to change in fair value of convertible notes in the Company’s statements of operations and comprehensive income (loss). Upon extinguishment, the Company derecognized the Notes on the balance sheets at their fair value immediately prior to the extinguishment of $48.5 million. The difference of $8.6 million between the fair market value of the Series C-1 redeemable convertible preferred shares received by the Note Holders of $39.9 million and the fair value of the Notes immediately prior to the extinguishment was recorded as a gain on debt extinguishment in the Company’s statements of operations and comprehensive income (loss) for the nine months ended September 30, 2024.

Long-term Debt

Oberland Note Purchase Agreement

In August 2024, the Company entered into a note purchase agreement (the “2024 Notes”) with BWCB SA LLC, an entity affiliated with Oberland Capital Management, LLC (“Oberland Capital”), which provided the Company with up to four tranches of capital advances totaling up to $140.0 million. The advanced principal accrues interest at a rate of 8.0% per annum. The first tranche of $50.0 million was advanced on August 5, 2024, with a Maturity Date on the seventh anniversary of the first purchase date (August 5, 2031). The first tranche requires interest-only payments through August 5, 2031 and a lump sum payment due on August 5, 2031.

The second tranche of up to $35.0 million in principal was available at the Company’s option at any time prior to September 30, 2025 provided that the trailing six-month worldwide net revenue of the Company is at least $80.0 million. The Company did not elect the option to draw on the second tranche.

The Company is required to sell the third tranche of notes in the amount of $30.0 million prior to March 31, 2026 as the Company achieved the revenue and gross margin thresholds triggering this obligation during the first half of fiscal 2025. The thresholds triggering this tranche are trailing six-month revenue of at least $112.5 million and a trailing six-month gross margin of at least 45%. Gross Margin is defined as (I) net revenue minus cost of goods sold divided by (II) net revenue, expressed as a percentage. The terms of the third tranche are identical to those of the first $50 million tranche. Lastly, the fourth tranche of up to $25.0 million in principal will be made available to the Company at the mutual agreement of the parties at any time prior to March 31, 2026.

The Company has the option at any time to prepay all of the then-outstanding notes, and Oberland Capital has the option to redeem the notes upon (i) a change in control of the Company, (ii) an event of default, or (iii) the maturity date. The redemption price of the note shall equal to the following: (1) 130% of principal amounts of notes if the payment is made within 24 months of issuance; (2)145% of principal amounts of notes if the payment is made within 36 months of issuance; (3) If the payment is made within 48 months, an amount that would generate an internal rate of return (“IRR”) of 12.25%; (4) if the payment is made within 60 months of the issuance, an amount that would generate an IRR of 11.75%; (5) if the payment is made thereafter but before maturity, an amount that would generate an IRR of 11.25%; and (6) if the payment is made at maturity, an amount that would generate an IRR of 10.0%.

The Company is required to maintain trailing six-month net revenue based on a schedule that gradually increases up to $120.0 million after the year ending December 31, 2026.


Period	Minimum Trailing Six-Month Net Revenue Threshold (in millions)
Q1 2025	$	56.1
Q2 2025	$	65.6
Q3 2025	$	75.8
Q4 2025	$	82.8
Q1 2026	$	87.2
Q2 2026	$	101.8
Q3 2026	$	117.2
Q4 2026	$	120.0
Thereafter	$	120.0

In addition, the Company is required to maintain a trailing six-month Gross Margin of not less than 30%. The agreement also contains a revenue participation agreement, under which, for any fiscal quarter, 0.01% of net revenue for such fiscal quarter (up to $100.0 million of net revenue for each fiscal year) per each $1.0 million principal amount of the notes will be payable to Oberland Capital. Amounts paid under the revenue participation agreement during the three and nine months ended September 30, 2025 and 2024 were interest payments on

the debt. The revenue participation payments are additional financing costs of the loan and are included in the computation of the internal rate of return measures described above and do not reduce principal on the debt. As of September 30, 2025, we have made revenue participation payments of $0.5 million.

The Company elected to account for the 2024 Notes using the fair value option and changes in fair value related to the 2024 Notes are recorded in change in fair value of term loan on the Company’s statements of operations and comprehensive income (loss). The Company also elected to present interest incurred on the 2024 Notes in the change in fair value of the term loan; interest expense under the Oberland Capital arrangement was $1.0 million, $0.6 million, $3.0 million and $0.6 million for the three months ended September 30, 2025 and 2024 and nine months ended September 30, 2025 and 2024, respectively. Total debt outstanding as of September 30, 2025 and December 31, 2024 was $55.0 million and $51.5 million, respectively, and included within long-term debt on the Company’s balance sheets. Future principal payments of the Company’s long-term debt as of September 30, 2025 and December 31, 2024 are $50.0 million, and are due during the year ending December 31, 2031. The term loan advances are secured by a lien on the Company’s assets.

Redeemable Convertible Preferred Stock Warrants

The Company has issued Comerica Bank a warrant to purchase 9,660 Series A-6 redeemable convertible preferred shares at an exercise price of $2.59 per share in connection with a former loan and security agreement entered into in March 2020. The warrants are exercisable until March 15, 2030. The warrants are classified as liabilities on the Company’s balance sheet.

Western Alliance Bank Debt

In October 2021, the Company entered into a loan and security agreement (the “2021 LSA”) with Western Alliance Bank (“WAB”), which provided the Company with three tranches of capital advances totaling $15.0 million. In July 2022, the Company amended the 2021 LSA, such that WAB made four tranches of capital advances available to the Company for an aggregate amount up to $35.0 million. During August 2024, the Company elected to prepay the outstanding amount of the term loans of $35.0 million in principal and the $1.5 million exit fee that became payable upon early loan payoff. The Company recognized a loss on the extinguishment of debt of $1.3 million in the statements of operations and comprehensive income (loss). The loss on extinguishment consisted of incremental expense of $0.8 million unaccreted exit fee liability, $0.3 million unamortized debt issuance costs and a $0.2 million prepayment fee assessed by the bank.

Common Stock Warrants

In connection with the 2021 LSA, the Company issued to Western Alliance Bank (“WAB”) warrants to purchase shares of the Company’s common stock at an exercise price of $2.80 per share. The number of underlying shares of the warrants was initially 53,571 and was increased to 80,357 upon the funding of the loans in January 2022. The warrants will expire if unexercised on October 12, 2031. Upon the occurrence of an acquisition of the Company, if the acquiror shall not have assumed the warrants, WAB shall have the right to put the warrants back to the Company for cash equal to the greater of (x) $450,000 or (y) the value of the aggregate consideration payable to WAB had WAB exercised the warrants immediately prior to exercise such put right.

In connection with the 2022 LSA Amendment, the Company issued up to 41,209 warrants for common stock at an exercise price of $10.92 per share to WAB. 30,907 warrants were exercisable upon execution of the agreement; the remaining warrants become exercisable as the Company makes additional draws on the 2022 LSA Amendment. As of December 31, 2023 all of the warrants were exercisable. The warrants will expire if unexercised on July 22, 2032. Upon the occurrence of an acquisition of the Company, if the acquiror shall not have assumed the warrants, WAB shall have the right to put the warrants back to the Company for cash equal to the greater of (x) $450,000 or (y) the value of the aggregate consideration payable to WAB had WAB exercised the warrants immediately prior to exercise such put right.

All the warrants issued to WAB are puttable warrants and thus are liability classified. The warrants were initially recognized at fair value with any subsequent changes in fair value to be recorded in other income (expense) in the statements of operations and comprehensive income (loss) (See Note 3).

The fair value of the warrants as of their respective issuance dates were recorded as a debt discount that is being amortized to interest expense over the term of the loan.

Related Party Transactions	9 Months Ended
Related Party Transactions	Sep. 30, 2025
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions In February 2024, the Company repurchased 26,750 shares of common stock that were held by the former CFO. Please refer to Note 9 for additional information on this transaction. There were no other material related party transactions during the three months ended and nine months ended September 30, 2025 and 2024.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2025

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Presentation

The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Prior to April 2024, the financial statements also included the Company’s wholly owned subsidiary SeqIndia Labs Private Limited which had immaterial activities and was not material to these financial statements and was divested in April 2024. All intercompany transactions and balances have been eliminated upon consolidation.

The unaudited interim financial statements should be read in conjunction with the audited financial statements and the related notes thereto as of and for the year ended December 31, 2024, included in the Company's prospectus filed with the SEC pursuant to Rule 424(b) under the Securities Act of 1933, as amended, on November 6, 2025 (the “Final Prospectus”).

For a summary of the Company’s significant accounting policies refer to “Note 2. Summary of Significant Accounting Policies” in the notes to the financial statements as of and for the year ended December 31, 2024 included in the Final Prospectus. There have been no significant changes to these policies during the nine months ended September 30, 2025.

Unaudited interim financial information

The unaudited financial statements do not include all disclosures, including certain notes required by GAAP on an annual reporting basis. The unaudited interim financial statements have been prepared on the same basis as the annual financial statements. In management’s opinion, the unaudited financial statements reflect all normal recurring adjustments necessary to state fairly the balance sheets, statements of operations and comprehensive income (loss), of redeemable convertible preferred stock and stockholders’ deficit, and of cash flows for the interim periods, but are not necessarily indicative of the results of operations to be anticipated for the full fiscal year or any future period.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. On a regular basis, management evaluates estimates, including, but not limited to: the fair value of common stock, stock-based compensation, deferred tax assets and liabilities, useful lives of long-lived assets, the incremental borrowing rate applied to operating and finance leases, determination of revenue recognition and accounts receivable, the valuation of warrants for common stock and warrants for redeemable convertible preferred stock, and valuation of debt and convertible notes. These estimates are inherently subject to judgment and actual results could differ from those estimates.

Risks and Uncertainties

Certain of the Company’s product candidates are in development. If the Company is unable to advance its product candidates through development, clinical validation and ultimately commercialize its product candidates, or experiences significant delays in doing so, the Company’s business will be materially harmed. Even if the Company completes the necessary validation studies and product development, the process to meet

any applicable regulatory requirements can be expensive. As a result, the Company cannot predict when, or if, it will be able to commercialize a product candidate.

The Company is subject to certain risks and uncertainties that the Company believes could have a material adverse effect on its future financial position or results of operations. As of the date of issuance of the financial statements, the Company is not aware of any specific event or circumstance that would require it to update its estimates, judgments, or the carrying value of its assets or liabilities. These estimates may change as new events occur and additional information is obtained and are recognized in the financial statements as soon as they become known. Actual results could differ from those estimates, and any such differences may be material to the Company’s financial statements.

The Company is subject to regulation and enforcement by the federal government and by authorities in state and foreign jurisdictions in which the Company conducts business. Such laws include, without limitation, state and federal anti-kickback, fraud and abuse, false claims, privacy and security laws and regulations. If the Company’s operations are found to be in violation of any such laws or government regulations that apply to use, the Company may be subject to penalties, including, without limitation, civil and criminal penalties, damages, fines, the curtailment or restructuring of operations and exclusion from participation in federal and state healthcare programs.

Revenue

The Company recognizes revenue upon transfer of control of promised goods and services in an amount that reflects the consideration it expects to be entitled to receive in exchange for those goods and services. Under ASC 606—Revenue from Contracts with Customers (ASC 606), the Company applies the following five-step approach:

•Identify the contract with a customer

•Identify the performance obligations in the contract

•Determine the transaction price

•Allocate the transaction price to the performance obligations in the contract

•Recognize revenue when, or as, a performance obligation is satisfied

The Company generates revenue primarily from prenatal and oncology testing services, which are referred to as testing services or test results. The Company considers the patient as its customer, that requests a test service through their physician. Test results are the single performance obligation being provided to customers. Testing service revenue is recognized at a point in time when test results are delivered to the ordering physician. The Company generally bills an insurance carrier, Medicaid, Medicare, or a patient or a combination of both upon delivery of test results.

The Company enters into contracts with third-party payors, including insurance carriers and Medicaid, to set the pricing for tests provided to patients. Due to the nature of these third-party payor contract arrangements, the total consideration the Company expects to collect for test results is variable as they are dependent on the terms negotiated with the third-party payor. The predominance of the Company’s revenue is derived from payments by third-party insurance carriers.

The Company uses the expected value method of estimating variable consideration. The total consideration the Company expects to collect in exchange for the Company’s products is an estimate and is largely variable in nature. Consideration includes reimbursement from both patients and third-party payors. The Company establishes variable consideration by considering historical payment trends for tests delivered, test reimbursement disallowances, and contractual arrangements in place, among other factors, which is adjusted for current expectations. Current expectations of cash collections factor in changes in reimbursement rate trends, historical events not expected to recur, and future known changes such as anticipated contractual pricing changes or changes to insurance coverage. The Company also considers hindsight, where applicable, in estimates established for variable consideration and updates those estimates when actual experience supports doing so. In establishing variable consideration, the Company considers payors with similar reimbursement

characteristics together. The Company monitors the cash collections against the estimated variable consideration over the expected cash collection period and any difference is recognized as an adjustment to estimated revenues after such estimated cash collection period has closed.

In January 2023, the Company entered a partnership with Johnson & Johnson under which the Company is licensing the Company’s proprietary knowledge, performing clinical trial support services including developing a clinical study assay, and other testing services to support a clinical trial for the counterparty. The Company concluded that the agreement with Johnson & Johnson was within the scope of ASC 606 because the counterparty in the agreement meets the definition of a customer. The Company evaluated the terms of the agreement for revenue recognition, including whether the services are capable of being distinct and considered distinct within the context of the contract. The Company concluded that the licensing of the know how is not distinct from the other promises within the agreement and, as a result, was treated as a single performance obligation. Under this contract the Company receives payments upon the achievement of milestones, including (i) receipt of approval of the trial, which was achieved in 2023, (ii) various patient enrollment milestones, and (iii) subsequent full trial completion, as well as reimbursement for testing services. In making assessment of whether variable consideration should be included in the transaction price, the Company considers the degree of complexity and uncertainty associated with each milestone and related testing services, and whether achievement of the milestones and testing services are dependent on parties other than the Company.

In July 2025, the Company entered into a partnership with Johnson & Johnson for the development and commercialization of a companion diagnostic (CDx), intended for use with a new drug candidate of Johnson & Johnson. The Company is providing services related to regulatory filings to support companion diagnostic submissions for the Company’s assay. The development and regulatory support services represent a single performance obligation as the Company performs a significant integration service, such as analytical validation and regulatory submissions. The individual promises are not separately identifiable from other promises in the contract, and therefore, not distinct. The Company generates revenue from achievement of milestones, including (i) various CDx development milestones, (ii) FDA regulatory submission and pre-approval, and (iii) CDx approval by FDA. For the companion diagnostic development and regulatory approval performed, the Company is compensated through a combination of an upfront fee and performance-based, non-refundable regulatory and development milestones. The transaction price represents variable consideration and the Company uses the most likely amount to estimate variable consideration. Application of the constraint for variable consideration to milestone payments is an area that requires significant judgment. The Company evaluates factors such as the scientific, clinical, regulatory, and other risks that must be managed to achieve the respective milestone and the level of effort and investment required to achieve the respective milestone. In making this assessment, the Company considers its historical experience with similar milestones, the degree of complexity and uncertainty associated with each milestone, and whether the achievement of the milestone is dependent on parties other than the Company. The constraint for variable consideration is applied to the contract price such that it is probable a significant cumulative reversal of revenue will not occur when the uncertainty associated with the contingency is resolved. Application of the constraint for variable consideration is assessed and updated at each reporting period as a revision to the estimated transaction price.

The Company recognizes revenue for the single performance obligation for the J&J partnership agreements over the period the services are provided. Specifically, the Company recognizes revenue using an input method to measure progress, utilizing costs incurred to-date relative to the total expected costs as a measure of progress. The Company assesses the changes to the total expected cost estimates in determining the revenue recognition for each reporting period.

The Company applies the practical expedient not to disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less. As of September 30, 2025, the Company’s remaining performance obligations beyond one year were approximately $4.7 million.

Disaggregation of revenue

The following table presents disaggregation of revenue by Prenatal, Oncology and Clinical trial support and other services for the three and nine months ended September 30, 2025 and 2024 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Prenatal	$	74,071	$	36,601	$	191,001	$	102,680
Oncology	8,691		1,138		15,814		1,851
Clinical trial support and other services	761		680		2,244		2,974
Total revenues	$	83,523	$	38,419	$	209,059	$	107,505

Substantially all revenues recognized for the three and nine months ended September 30, 2025 and 2024 were generated in the United States.

Deferred revenue

Deferred revenue, which is a contract liability, consists of billings or cash received for services in advance of revenue recognition and is recognized as revenue when all the Company’s revenue recognition criteria are met. As of September 30, 2025 and December 31, 2024, the deferred revenue balance was $2.7 million and $2.8 million, respectively, all of which is considered short-term. For the three months ended September 30, 2025 and 2024 and nine months ended September 30, 2025 and 2024, revenue recognized from deferred revenue at the beginning of the period was $0.6 million, $0.7 million, $2.1 million, and $3.0 million, respectively.

Comprehensive Income (Loss)

During the three months ended September 30, 2025 and 2024 and nine months ended September 30, 2025 and 2024, the Company did not have any other comprehensive income (loss) and, therefore, the net income (loss) and comprehensive income (loss) was the same.

Deferred Offering Costs

Deferred offering costs, consisting of legal, accounting, and other fees and costs relating to the Company’s initial public offering (IPO) are capitalized within other non-current assets on the balance sheets. The deferred offering costs will be offset against the proceeds received by the Company upon the closing of the IPO. As of September 30, 2025, the Company had $3.7 million of deferred offering costs. As of December 31, 2024, the Company had no deferred offering costs.

Segment information

Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources and assess performance. The Company’s Chief Executive Officer is the Company’s CODM. The CODM reviews financial information presented on a company-wide basis to make operating decisions, allocating resources, and evaluating financial performance. As such, the Company has determined that it is managed as one operating segment and one reportable segment.

Key areas of focus for the CODM when making decisions on the allocations of resources is cash used in operations as well as revenue, gross margin and net income (loss); this information is used by the CODM and compared to budgeted amounts in order for the CODM to make decisions on how resources should be allocated across the organization. The Company’s segment measure of profitability is net income (loss).

Segment revenues are derived from prenatal and oncology testing results, leveraging the Company’s diagnostic technology platform, which are delivered to patients, who are the Company’s customer. The Company’s

customers are predominantly located in the United States. Substantially all of the Company’s long-lived assets are located in the United States. The Company’s technology platform is applied similarly in both the prenatal and oncology settings.

The financial statements provide the CODM with a view of the Company’s financial condition as it pertains to the Company’s assets, liabilities and expenses. Significant expense categories align with the expense categories and amounts presented on the statements of operations.

Recently Issued Accounting Pronouncements not yet Adopted

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), which expands income tax disclosure requirements to include additional information related to the rate reconciliation of effective tax rates to statutory rates, as well as additional disaggregation of taxes paid. This ASU also removed disclosure related to certain unrecognized tax benefits and deferred taxes. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. This ASU may be applied prospectively or retrospectively, and early adoption is permitted. The Company is currently evaluating this ASU to determine the impact it may have on its financial statements and related disclosures.

In November 2024, the FASB issued ASU 2024-04, Debt – Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments. This ASU clarifies guidance on the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion or extinguishment. This guidance is effective for the Company beginning on January 1, 2026, and early adoption is permitted, although the Company does not plan to early adopt. The Company is currently evaluating the impact of the adoption of this standard on the Company’s financial statement disclosures.

In November 2024 and January 2025, the FASB issued ASU 2024-03 and ASU 2025-01, respectively, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires disclosure in the notes to the financial statements of specified information about an entity’s certain costs and expenses. The amendments to the standards are effective for the Company’s fiscal year beginning January 1, 2027 and interim periods beginning January 1, 2028. Early adoption is permitted. The amendments should be applied either prospectively to the financial statements issued for reporting periods after the effective date of this ASU or retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating this ASU to determine the impact it may have on its financial statements and related disclosures.

In July 2025, the FASB issued ASU 2025-05, Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides for a practical expedient to estimate credit losses related to accounts receivable and contract assets from revenue contracts accounted for in accordance with ASC 606 using information as of the balance sheet date. This ASU is effective for the Company’s fiscal year beginning January 1, 2026 and early adoption is permitted. The Company is currently evaluating this ASU to determine the impact it may have on its financial statements and related disclosures.

In September 2025, the FASB issued ASU 2025-06, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which clarifies and expands the existing guidance on capitalizing implementation costs for cloud computing arrangements that are service contracts. The new guidance is effective for public business entities for fiscal years beginning after December 15, 2027, and interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating this ASU to determine the impact it may have on its financial statements and related disclosures.

In September 2025, the FASB issued ASU 2025-07, Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract, which amends the guidance under ASC Topic 815 (Derivatives and Hedging) and ASC Topic 606 (Revenue from Contracts with Customers). The ASU (i) refines the scope for derivative accounting to exclude certain non-exchange-traded contracts whose underlyings are based on the operations or activities specific to one of the parties to the contract, and (ii) provides clarification on how to account for share-based noncash consideration from customers (such as equity

instruments, warrants, or shares) received in exchange for the transfer of goods or services under a revenue contract. The new guidance is effective for public business entities for fiscal years beginning after December 15, 2026, and interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating this ASU to determine the impact it may have on its financial statements and related disclosures.

Long-term Debt (Tables)

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Schedule of Long-Term Debt Instruments


Period	Minimum Trailing Six-Month Net Revenue Threshold (in millions)
Q1 2025	$	56.1
Q2 2025	$	65.6
Q3 2025	$	75.8
Q4 2025	$	82.8
Q1 2026	$	87.2
Q2 2026	$	101.8
Q3 2026	$	117.2
Q4 2026	$	120.0
Thereafter	$	120.0

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details

Redeemable Convertible Preferred Stock

9 Months Ended

Sep. 30, 2025

Temporary Equity Disclosure [Abstract]

Redeemable Convertible Preferred Stock

As of September 30, 2025 and December 31, 2024, redeemable convertible preferred stock consisted of the following (in thousands, except for share data):


	Shares Authorized	Shares Issued and Outstanding	Net Carrying Value		Aggregate Liquidation Preference
Series A-1	1,349,650	1,349,650	$	3,493	$	540
Series A-2	1,137,210	1,137,210	2,943		910
Series A-3	899,730	899,730	2,328		900
Series A-4	25,761	25,761	67		50
Series A-5	114,613	114,613	297		100
Series A-6	5,805,861	5,796,201	14,999		15,000
Series B-1	5,182,287	5,182,287	54,889		55,000
Series B-2	2,566,902	2,566,902	27,243		16,025
Series C	6,079,919	5,628,825	143,268		143,500
Series C-1	1,726,823	1,726,823	39,886		33,870
Series D	4,656,233	4,656,233	129,996		156,563
Total	29,544,989	29,084,235	$	419,409	$	422,458

Common Stock

As of September 30, 2025 and December 31, 2024, the Company’s Certificate of Incorporation, as amended, authorized the Company to issue 51,100,000 shares of common stock with a par value of $0.00001. Total common stock outstanding as of September 30, 2025 and December 31, 2024 was 11,178,467 and 10,925,950, respectively. Each share of common stock is entitled to one vote. The holders of common stock are also entitled to receive dividends whenever funds are legally available and when and if declared by the Board of Directors, subject to the prior rights of holders of all series of stock outstanding. No dividends have been declared or paid by the Company since inception.

The Company is required to reserve and keep available out of its authorized but unissued shares of common stock such a number of shares sufficient to affect the conversion of all outstanding shares of redeemable convertible preferred stocks, preferred stock and common stock warrants, and options granted and available for grant under the Company’s stock option plan.

The amount of such shares of the Company’s common stock reserved for these purposes at September 30, 2025 is as follows:


Series A-1 Redeemable Convertible Preferred Stock			1,349,650
Series A-2 Redeemable Convertible Preferred Stock			1,137,210
Series A-3 Redeemable Convertible Preferred Stock			899,730
Series A-4 Redeemable Convertible Preferred Stock			25,761
Series A-5 Redeemable Convertible Preferred Stock			114,613
Series A-6 Redeemable Convertible Preferred Stock			5,796,201
Series B-1 Redeemable Convertible Preferred Stock			5,182,287
Series B-2 Redeemable Convertible Preferred Stock			2,566,902
Series C Redeemable Convertible Preferred Stock			5,628,825
Series C-1 Redeemable Convertible Preferred Stock			1,726,823
Series D Redeemable Convertible Preferred Stock			4,656,233
Redeemable Convertible Preferred stock warrants			9,660
Common stock warrants			121,566
Options to purchase common stock			9,041,854
Stock options available for future grants			719,328
Total common stock reserved			38,976,643

Stock Plan

In December 2018, the Company adopted the 2018 Stock Plan (the “2018 Plan”). The 2018 Plan authorizes the granting of stock options upon the approval of the Company’s Board of Directors, to employees and consultants providing services to the Company. Stock options granted under the 2018 Plan generally expire within 10 years from the date of grant and are generally issued at the fair value of the underlying shares of common stock on the date of grant as determined by the Company’s Board of Directors. The shares subject to each option typically allow for 25% of the shares to vest and become exercisable on the first anniversary of the vesting commencement date and thereafter, the remaining 75% will vest and become exercisable in 36 equal monthly installments. The Company may include other vesting terms from time to time.

Incentive and non-statutory stock options may be granted with exercise prices not less than 100% of the estimated fair value of the common stock on the date of grant, as determined by the Board of Directors.

Subject to Board approval at the grant date, if an option includes an “early exercise” feature, then such option shall be exercisable at any time but any unvested option shares shall be subject to the Company’s right to repurchase them at the original exercise price in the event that the optionee’s service is terminated for any reason. If an option does not permit early exercise, then such option shall not be exercisable with respect to unvested shares. As of September 30, 2025 and December 31, 2024, the Company had authorized 12,409,025 and 10,904,372 shares of common stock reserved for issuance under the 2018 Plan, respectively.

Stock-based Compensation

The weighted average assumptions used to calculate the fair value of option grants issued under the 2018 Plan during the three and nine months ended September 30, 2025 and 2024 were as follows:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Fair value of common stock	$	31.74		$	16.89		$	25.68		$	15.68
Dividend yield	-		%	-		%	-		%	-		%
Risk-free interest rate	3.9		%	4.1		%	4.2		%	4.2		%
Expected volatility	74		%	68		%	73		%	68		%
Expected term (in years)	6.02			6.05			6.28			6.01

A summary of the Company’s stock option activity and related information is as follows:


	Number of Options Outstanding	Weighted Average Exercise Price Per Share		Aggregate Intrinsic Value (in thousands)
Balance as of December 31, 2024	6,849,412	$	7.28	$	73,992
Granted	2,721,201	$	20.17
Exercised	(252,517)	$	4.30
Forfeited or expired	(276,242)	$	14.24
Balance as of September 30, 2025	9,041,854	$	11.03	$	268,925
Vested and exercisable as of September 30, 2025	4,876,287	$	5.60	$	171,507
Vested and expected to vest as of September 30, 2025	9,041,854	$	11.03	$	268,925

As of September 30, 2025, there was approximately $60.7 million of total unrecognized compensation cost related to unvested options, which is expected to be recognized over the weighted average period of 3.8 years. Also, in June 2025, the Board of Directors granted stock options of 1,003,102 shares to the Company’s Chief Executive Officer and Co-Founder and 501,551 shares to the Chief Technology Officer and Co-Founder at an exercise price of $20.04 per share. The vesting commencement date of the stock option is June 11, 2025 and the stock options vests monthly over six years.

Stock-Based Compensation Expense

The table below shows stock-based compensation expense included in the statements of operations and comprehensive income (loss) for the three months ended and nine months ended September 30, 2025 and 2024 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Cost of revenue	$	401	$	284	$	1,139	$	848
Research and development	971		554		2,542		1,719
Selling, general and administrative	3,103		1,312		5,900		3,488
Total stock-based compensation	$	4,475	$	2,150	$	9,581	$	6,055

Secondary Sales of Common Stock

During June 2024, investors of the Company acquired 52,750 shares of common stock at a price per share equal to $22.42 per share from employee stockholders. During July 2024, investors of the Company acquired an additional 22,302 shares of common stock at a price per share equal to $22.42 per share from a stockholder who was a former employee of the Company. As a result, the Company recorded a total of $0.1 million and $0.4 million for the three months ended and nine months ended September 30, 2024, respectively, in stock-based compensation expense for the difference between the price paid by these investors and the estimated fair value of the acquired common stock from stockholders on the date of the transactions. No secondary sales occurred during the three and nine months ended September 30, 2025.

Repurchase of Common Stock

In February 2024, the Company’s Board of Directors agreed to repurchase a total of 26,750 shares of common stock that were held by a former employee of the Company. The repurchase price paid by the Company was $20.3950 per share, resulting in a total repurchase cost of $0.5 million. As the repurchase price paid by the Company to the former employee represented an excess over the common stock’s estimated fair market value at the time, the Company accounted for this premium as stock-based compensation expense of $0.2 million during the nine months ended September 30, 2024.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 8A
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Description of Business	9 Months Ended
Description of Business	Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	Description of Business BillionToOne, Inc. (the “Company”, “we”, or “our”) was formed in 2016, and is headquartered in Menlo Park, California. The Company is a precision diagnostics company that quantifies biology to create molecular diagnostics. The Company’s proprietary molecular counting platform is designed to detect and measure DNA molecules at the single-count level to help improve disease detection. The Company currently applies the proprietary technology to non-invasive prenatal screening (“Prenatal”) and liquid biopsy (“Oncology”).

Net Income (Loss) Per Share Attributable to Shareholders - Potentially Dilutive Securities Excluded From Computation (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Redeemable convertible preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities excluded (in shares)	29,084,235	29,084,235	29,084,235	29,084,235
Outstanding stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities excluded (in shares)	0	6,565,802	0	6,565,802
Restricted stock awards in exchange for non-recourse note
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities excluded (in shares)	0	700,000	0	700,000
Warrants to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities excluded (in shares)	0	121,566	0	121,566
Warrants to purchase redeemable convertible preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities excluded (in shares)	0	9,660	0	9,660
Unvested early-exercised options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities excluded (in shares)	0	500	0	500

Fair Value Measurements - Summary of Changes in the Fair Value of Level 3 Financial Instruments (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024
Common Stock Warrants
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 2,470	$ 2,475	$ 2,533	$ 2,010	$ 1,820	$ 1,653
Adjustments to fair value	1,472	(5)	(58)	143	190	167
Gain on extinguishment					0
Settlements					0
Additions				0
Ending balance	3,942	2,470	2,475	2,153	2,010	1,820
Redeemable Convertible Preferred Stock Warrants
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	251	232	230	179	162	146
Adjustments to fair value	155	19	2	16	17	16
Gain on extinguishment					0
Settlements					0
Additions				0
Ending balance	406	251	232	195	179	162
Convertible Notes
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance				0	48,023	47,686
Adjustments to fair value				0	498	337
Gain on extinguishment					(8,635)
Settlements					(39,886)
Additions				0
Ending balance				0	0	48,023
Term Loan
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	52,072	53,278	51,481	0	0	0
Adjustments to fair value	2,914	(1,206)	1,797	1,650	0	0
Gain on extinguishment					0
Settlements					0
Additions				50,000
Ending balance	$ 54,986	$ 52,072	$ 53,278	$ 51,650	$ 0	$ 0

Statements of Redeemable Convertible Preferred Stock and Stockholders’ Deficit (Parenthetical) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024
Statement of Stockholders' Equity [Abstract]
Issuance costs	$ 474	$ 474

Employee Benefit Plan	9 Months Ended
Employee Benefit Plan	Sep. 30, 2025
Retirement Benefits [Abstract]
Employee Benefit Plan	Employee Benefit Plan The Company sponsors a qualified 401(k) defined contribution plan covering eligible employees. Participants may contribute a portion of their annual compensation limited to a maximum annual amount set by the Internal Revenue Service. Employer contributions to the plan are discretionary. During the three and nine months ended September 30, 2025 and 2024, the Company contributed $0.9 million, $0.6 million, $2.6 million and $1.7 million to this plan, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

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-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

+ Details

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2025
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Proceedings From time to time, the Company is party to certain claims in the ordinary course of business. The Company, in conjunction with its legal counsel, assesses the need to record a liability for litigation or contingencies. A liability is recorded when and if it is determined that such a liability for litigation or contingencies is both probable and the amount can be reasonably estimated. The Company believes that it is not presently a party to any litigation of which the outcome, if determined adversely, would individually or in the aggregate be expected to have a material and adverse effect on the business, operating results, cash flows, or financial position. Legal fees are expensed in the period in which they are incurred. Indemnification Agreements The Company has entered into indemnification agreements with its directors and officers against any liabilities that may arise by reason of their status or service as directors or officers, other than liabilities arising from willful misconduct of the individual. Additionally, in the ordinary course of business, the Company enters into agreements of varying scope and terms pursuant to which it agrees to indemnify customers, vendors, lessors, business partners, and other parties with respect to certain matters, including, but not limited to, losses arising out of the breach of such agreements, services to be provided by the Company, or from intellectual property infringement claims made by third parties. As of September 30, 2025 and December 31, 2024, no demands have been made upon the Company to provide indemnification under such agreements, and there are no claims that the Company is aware of that could have a material adverse effect on its financial position, results of operations, or cash flows. Accordingly, the Company has no liabilities recorded for these agreements as of September 30, 2025 and December 31, 2024.

Long-term Debt

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Long-term Debt

Convertible Notes

Long-term Debt

Oberland Note Purchase Agreement

The Company is required to maintain trailing six-month net revenue based on a schedule that gradually increases up to $120.0 million after the year ending December 31, 2026.


Period	Minimum Trailing Six-Month Net Revenue Threshold (in millions)
Q1 2025	$	56.1
Q2 2025	$	65.6
Q3 2025	$	75.8
Q4 2025	$	82.8
Q1 2026	$	87.2
Q2 2026	$	101.8
Q3 2026	$	117.2
Q4 2026	$	120.0
Thereafter	$	120.0

Redeemable Convertible Preferred Stock Warrants

Western Alliance Bank Debt

Common Stock Warrants

The fair value of the warrants as of their respective issuance dates were recorded as a debt discount that is being amortized to interest expense over the term of the loan.

Summary of Significant Accounting Policies - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Disaggregation of Revenue [Line Items]
Revenue	$ 83,523	$ 38,419	$ 209,059	$ 107,505
Prenatal
Disaggregation of Revenue [Line Items]
Revenue	74,071	36,601	191,001	102,680
Oncology
Disaggregation of Revenue [Line Items]
Revenue	8,691	1,138	15,814	1,851
Clinical trial support and other services
Disaggregation of Revenue [Line Items]
Revenue	$ 761	$ 680	$ 2,244	$ 2,974

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2025

Accounting Policies [Abstract]

Basis of Presentation

Consolidation

All intercompany transactions and balances have been eliminated upon consolidation.

Use of Estimates

Revenue

•Identify the contract with a customer

•Identify the performance obligations in the contract

•Determine the transaction price

•Allocate the transaction price to the performance obligations in the contract

•Recognize revenue when, or as, a performance obligation is satisfied

Disaggregation of revenue


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Prenatal	$	74,071	$	36,601	$	191,001	$	102,680
Oncology	8,691		1,138		15,814		1,851
Clinical trial support and other services	761		680		2,244		2,974
Total revenues	$	83,523	$	38,419	$	209,059	$	107,505

Substantially all revenues recognized for the three and nine months ended September 30, 2025 and 2024 were generated in the United States.

Deferred revenue

Deferred Offering Costs

Segment Information

Recently Issued Accounting Pronouncements not yet Adopted

- Definition

Disclosure of accounting policy for revenue from contract with customer.

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- Definition

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+ References

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- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2025
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company has an effective tax rate of (2.31)%, 0.15%, (1.03)% and (0.05)% for the three and nine months ended September 30, 2025 and 2024, respectively. The Company has historically incurred U.S. operating losses prior to the nine months ended September 30, 2025 and has minimal profits in its foreign jurisdictions. The Company updates its estimate of the annual effective tax rate each quarter and makes a cumulative adjustment in such period. The Company recorded immaterial amounts for the three and nine months ended September 30, 2025 and 2024, respectively. Income tax expense (benefit) consists primarily of income taxes for U.S. federal and the states in which the Company conducts business. Due to the Company’s history of losses in the United States, a full valuation allowance on substantially all of the Company’s deferred tax assets, including net operating loss carryforwards, research and development tax credits, and other book versus tax differences, was maintained. On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the U.S. The OBBBA includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. The enactment of the OBBBA did not result in a material impact to our provision for income taxes for the three months ended September 30, 2025 given we maintain a full valuation allowance on our federal deferred tax assets. We are currently assessing the long term impact the OBBBA may have on our financial condition, results of operations, cash flows, and effective tax rate.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

Common Stock (Tables)

9 Months Ended

Sep. 30, 2025

Equity [Abstract]

Schedule Of Common Stock Reserved

The amount of such shares of the Company’s common stock reserved for these purposes at September 30, 2025 is as follows:


Series A-1 Redeemable Convertible Preferred Stock			1,349,650
Series A-2 Redeemable Convertible Preferred Stock			1,137,210
Series A-3 Redeemable Convertible Preferred Stock			899,730
Series A-4 Redeemable Convertible Preferred Stock			25,761
Series A-5 Redeemable Convertible Preferred Stock			114,613
Series A-6 Redeemable Convertible Preferred Stock			5,796,201
Series B-1 Redeemable Convertible Preferred Stock			5,182,287
Series B-2 Redeemable Convertible Preferred Stock			2,566,902
Series C Redeemable Convertible Preferred Stock			5,628,825
Series C-1 Redeemable Convertible Preferred Stock			1,726,823
Series D Redeemable Convertible Preferred Stock			4,656,233
Redeemable Convertible Preferred stock warrants			9,660
Common stock warrants			121,566
Options to purchase common stock			9,041,854
Stock options available for future grants			719,328
Total common stock reserved			38,976,643

Schedule of Stock Options Valuation Assumptions

The weighted average assumptions used to calculate the fair value of option grants issued under the 2018 Plan during the three and nine months ended September 30, 2025 and 2024 were as follows:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Fair value of common stock	$	31.74		$	16.89		$	25.68		$	15.68
Dividend yield	-		%	-		%	-		%	-		%
Risk-free interest rate	3.9		%	4.1		%	4.2		%	4.2		%
Expected volatility	74		%	68		%	73		%	68		%
Expected term (in years)	6.02			6.05			6.28			6.01

Schedule of Stock Option Activity

A summary of the Company’s stock option activity and related information is as follows:


	Number of Options Outstanding	Weighted Average Exercise Price Per Share		Aggregate Intrinsic Value (in thousands)
Balance as of December 31, 2024	6,849,412	$	7.28	$	73,992
Granted	2,721,201	$	20.17
Exercised	(252,517)	$	4.30
Forfeited or expired	(276,242)	$	14.24
Balance as of September 30, 2025	9,041,854	$	11.03	$	268,925
Vested and exercisable as of September 30, 2025	4,876,287	$	5.60	$	171,507
Vested and expected to vest as of September 30, 2025	9,041,854	$	11.03	$	268,925

Schedule of Stock-Based Compensation Expense


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Cost of revenue	$	401	$	284	$	1,139	$	848
Research and development	971		554		2,542		1,719
Selling, general and administrative	3,103		1,312		5,900		3,488
Total stock-based compensation	$	4,475	$	2,150	$	9,581	$	6,055

Common Stock - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2025	Dec. 31, 2024
Number of Options Outstanding
Beginning balance (in shares)	6,849,412
Granted (in shares)	2,721,201
Exercised (in shares)	(252,517)
Forfeited or expired (in shares)	(276,242)
Ending balance (in shares)	9,041,854
Weighted Average Exercise Price Per Share
Beginning balance (in dollars per share)	$ 7.28
Granted (in dollars per share)	20.17
Exercised (in dollars per share)	4.30
Forfeited or expired (in dollars per share)	14.24
Ending balance (in dollars per share)	$ 11.03
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Disclosures [Abstract]
Vested and exercisable (in shares)	4,876,287
Vested and expected to vest (in shares)	9,041,854
Vested and exercisable (in dollars per share)	$ 5.60
Vested and expected to vest (in dollars per share)	$ 11.03
Aggregate intrinsic value, outstanding	$ 268,925	$ 73,992
Aggregate intrinsic value, vested and exercisable	171,507
Aggregate intrinsic value, vested and expected to vest	$ 268,925

Related Party Transactions (Details) - shares	1 Months Ended
Related Party Transactions (Details) - shares	Jul. 31, 2024	Jun. 30, 2024	Feb. 29, 2024
Related Party Transaction [Line Items]
Shares repurchased in period (in shares)	22,302	52,750
Related Party
Related Party Transaction [Line Items]
Shares repurchased in period (in shares)			26,750

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481990/310-10-45-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

+ Details

Long-term Debt - Schedule of Notes Payable Covenants (Details) - 2024 Notes - Notes Payable - USD ($) $ in Millions	1 Months Ended	9 Months Ended
	Aug. 31, 2024	Sep. 30, 2025
Debt Instrument [Line Items]
Minimum Trailing Six-Month Net Revenue Threshold (in millions)	$ 120.0
Q1 2025
Debt Instrument [Line Items]
Minimum Trailing Six-Month Net Revenue Threshold (in millions)		$ 56.1
Q2 2025
Debt Instrument [Line Items]
Minimum Trailing Six-Month Net Revenue Threshold (in millions)		65.6
Q3 2025
Debt Instrument [Line Items]
Minimum Trailing Six-Month Net Revenue Threshold (in millions)		75.8
Q4 2025
Debt Instrument [Line Items]
Minimum Trailing Six-Month Net Revenue Threshold (in millions)		82.8
Q1 2026
Debt Instrument [Line Items]
Minimum Trailing Six-Month Net Revenue Threshold (in millions)		87.2
Q2 2026
Debt Instrument [Line Items]
Minimum Trailing Six-Month Net Revenue Threshold (in millions)		101.8
Q3 2026
Debt Instrument [Line Items]
Minimum Trailing Six-Month Net Revenue Threshold (in millions)		117.2
Q4 2026
Debt Instrument [Line Items]
Minimum Trailing Six-Month Net Revenue Threshold (in millions)		120.0
Thereafter
Debt Instrument [Line Items]
Minimum Trailing Six-Month Net Revenue Threshold (in millions)		$ 120.0

Balance Sheets (Parenthetical) - USD ($)	Sep. 30, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Redeemable convertible preferred stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Redeemable convertible preferred stock, authorized (in shares)	29,544,989	29,544,989
Redeemable convertible preferred stock, issued (in shares)	29,084,235	29,084,235
Redeemable convertible preferred stock, outstanding (in shares)	29,084,235	29,084,235
Redeemable convertible preferred stock, liquidation preference	$ 422,458,000	$ 422,458,000
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, authorized (in shares)	51,100,000	51,100,000
Common stock, issued (in shares)	11,178,467	10,925,950
Common stock, outstanding (in shares)	11,178,467	10,925,950

Fair Value Measurements

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

The fair value measurements of assets and liabilities that are measured at fair value on a recurring basis consisted of the following as of September 30, 2025 (in thousands):


	As of September 30, 2025
	Level 1		Level 2		Level 3		Total
Current assets:
Money market funds	$	7,770	$	-	$	-	$	7,770
Total assets	$	7,770	$	-	$	-	$	7,770
Liabilities:
Redeemable convertible preferred stock warrants	$	-	$	-	$	406	$	406
Common stock warrants	-		-		3,942		3,942
Term loan	-		-		54,986		54,986
Total liabilities	$	-	$	-	$	59,334	$	59,334

The fair value measurements of assets and liabilities that are measured at fair value on a recurring basis consisted of the following as of December 31, 2024 (in thousands):


	As of December 31, 2024
	Level 1		Level 2		Level 3		Total
Current assets:
Money market funds	$	7,538	$	-	$	-	$	7,538
Total assets	$	7,538	$	-	$	-	$	7,538
Liabilities:
Redeemable convertible preferred stock warrants	$	-	$	-	$	230	$	230
Common stock warrants	-		-		2,533		2,533
Term loan	-		-		51,481		51,481
Total liabilities	$	-	$	-	$	54,244	$	54,244

Level 3 instruments consist of the Company’s Series A-6 redeemable convertible preferred stock warrant liabilities, common stock warrant liabilities, a term loan and convertible notes.

The fair values of the Series A-6 redeemable convertible preferred stock warrant and common stock warrant are measured using a probability weighted option pricing model.

The significant assumptions used in preparing the option pricing model for valuing the common stock warrant liability as of September 30, 2025 and December 31, 2024, are as follows:


	September 30, 2025			December 31, 2024
Stock price	$	40.77		$	20.32
Exercise price	$2.80 – $10.92			$2.80 – $10.92
Volatility	76.1		%	84.0		%


Expected term (years)	1.50		2.30
Risk-free rate	3.50	%	4.14	%
Dividend yield	-	%	-	%


	September 30, 2025			December 31, 2024
Stock price	$	42.08		$	25.83
Exercise price	$	2.59		$	2.59
Volatility	76.1		%	84.0		%
Expected term (years)	1.50			2.30
Risk-free rate	3.50		%	4.14		%
Dividend yield	-		%	-		%

The fair value of the convertible notes is measured based on the present value of the notes based on the fair market yield to maturity and an estimate of the probability of the notes’ conversion features. The fair market yield was estimated based on publicly traded debt securities with similar maturities and risk. During the nine months ended September 30, 2024, the Company settled the convertible notes through the issuance of Series C-1 redeemable convertible preferred stock to the noteholders (See Note 7).

The significant assumptions used in preparing discounted cash flow for valuing the convertible notes as of right before the conversion date of May 15, 2024, are as follows:


	May 15, 2024
Principal outstanding (in $’000s)	30,000
Expected term (years)	-
Risk-free rate	5.46	%
Interest rate	8.00	%

In August 2024, the Company entered into a new term loan agreement for which the Company elected to account for using the fair value option. As such, the fair value of the debt is calculated by using the probability weighting of the present value of settlement scenarios (See Note 8).

The significant assumptions used in preparing the income approach model for valuing the new term loan as of September 30, 2025 and December 31, 2024, are as follows:


	September 30, 2025		December 31, 2024
Discount rate	8.02	%	9.37	%
Annual interest rate	8.00	%	8.00	%
Expected term (years) – Scenario 1	4.50		5.32
Expected term (years) – Scenario 2	5.85		6.69

The common stock warrants, redeemable convertible preferred stock warrants, convertible notes and term loan are all classified as Level 3 fair value measurements due to the lack of relevant observable market data for the respective fair value inputs for each instrument.

The following tables present a summary of the changes in the fair value of the Company’s Level 3 financial instruments (in thousands):


	Common Stock Warrants		Redeemable Convertible Preferred Stock Warrants		Term Loan
Balance at December 31, 2024	$	2,533	$	230	$	51,481
Adjustments to fair value	(58)		2		1,797
Balance at March 31, 2025	2,475		232		53,278
Adjustments to fair value	(5)		19		(1,206)
Balance at June 30, 2025	2,470		251		52,072
Adjustments to fair value	1,472		155		2,914
Balance at September 30, 2025	$	3,942	$	406	$	54,986


	Common Stock Warrants		Redeemable Convertible Preferred Stock Warrants		Convertible Notes		Term Loan
Balance at December 31, 2023	$	1,653	$	146	$	47,686	$	—
Adjustments to fair value	167		16		337		—
Balance at March 31, 2024	1,820		162		48,023		—
Adjustments to fair value	190		17		498		—
Gain on extinguishment	—		—		(8,635)		—
Settlements	—		—		(39,886)		—
Balance at June 30, 2024	2,010		179		—		—
Additions	—		—		—		50,000
Adjustments to fair value	143		16		—		1,650
Balance at September 30, 2024	$	2,153	$	195	$	—	$	51,650

For the three months ended and nine months ended September 30, 2025 and 2024, the Company recognized losses related to the change in the fair value of the common stock warrant liability and redeemable convertible preferred stock warrant liability in other expense, net in the statements of operations and comprehensive income (loss). The Company will continue to recognize changes in the fair value of the common stock warrant liability and redeemable convertible preferred stock warrant liability until the warrants are exercised, expire, or qualify for equity classification.

For the nine months ended September 30, 2024, the Company recognized losses related to the change in the fair value of convertible notes in change in fair value of convertible notes in the statements of operations and comprehensive income (loss). During the nine months ended September 30, 2024, the convertible notes were settled in Series C-1 Redeemable Convertible Preferred Stock which was accounted for as a debt extinguishment as the settlement was not pursuant to the original conversion terms. The Company recorded a gain on extinguishment in net gain on extinguishment of debt in the statements of operations and comprehensive income (loss) upon the conversion date (See Note 7).

For the three months ended September 30, 2025 and 2024 and the nine months ended September 30, 2025 and 2024, the Company recognized a loss related to the change in fair value of the term loan in change in fair value of term loan in the statements of operations and comprehensive income (loss).

The common stock warrant liability and redeemable convertible preferred stock warrant liabilities are recorded within other non-current liabilities on the balance sheets as of September 30, 2025 and December 31, 2024. The term loan is recorded within long-term debt on the balance sheet as of September 30, 2025 and December 31, 2024.

The Company recognizes transfers among Level 1, Level 2 and Level 3 classifications as of the actual date of the events or change in circumstances that caused the transfers. During the three and nine months ended September 30, 2025 and 2024, the Company had no transfers of financial assets or liabilities between different levels of the fair value hierarchy.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Fair Value Measurements - Summary of Fair Value Measurement of Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Current assets:
Total assets	$ 7,770	$ 7,538
Liabilities:
Term loan	54,986	51,481
Total liabilities	59,334	54,244
Redeemable Convertible Preferred stock warrants
Liabilities:
Warrants	406	230
Common stock warrants
Liabilities:
Warrants	3,942	2,533
Money market funds
Current assets:
Money market funds	7,770	7,538
Level 1
Current assets:
Total assets	7,770	7,538
Liabilities:
Term loan	0	0
Total liabilities	0	0
Level 1 \| Redeemable Convertible Preferred stock warrants
Liabilities:
Warrants	0	0
Level 1 \| Common stock warrants
Liabilities:
Warrants	0	0
Level 1 \| Money market funds
Current assets:
Money market funds	7,770	7,538
Level 2
Current assets:
Total assets	0	0
Liabilities:
Term loan	0	0
Total liabilities	0	0
Level 2 \| Redeemable Convertible Preferred stock warrants
Liabilities:
Warrants	0	0
Level 2 \| Common stock warrants
Liabilities:
Warrants	0	0
Level 2 \| Money market funds
Current assets:
Money market funds	0	0
Level 3
Current assets:
Total assets	0	0
Liabilities:
Term loan	54,986	51,481
Total liabilities	59,334	54,244
Level 3 \| Redeemable Convertible Preferred stock warrants
Liabilities:
Warrants	406	230
Level 3 \| Common stock warrants
Liabilities:
Warrants	3,942	2,533
Level 3 \| Money market funds
Current assets:
Money market funds	$ 0	$ 0

Statements of Redeemable Convertible Preferred Stock and Stockholders’ Deficit - USD ($) $ in Thousands	Total	Series C-1 Redeemable Convertible Preferred Stock	Series D Redeemable Convertible Preferred Stock	Common Stock	Additional Paid-In Capital	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2023	22,701,179
Beginning balance at Dec. 31, 2023	$ 249,527
Redeemable Convertible Preferred Stock
Issuance of redeemable convertible preferred stock, net of issuance costs (in shares)		1,726,823	4,656,233
Issuance of redeemable convertible preferred stock, net of issuance costs		$ 39,886	$ 129,996
Ending balance (in shares) at Sep. 30, 2024	29,084,235
Ending balance at Sep. 30, 2024	$ 419,409
Beginning balance (in shares) at Dec. 31, 2023				10,572,061
Beginning balance at Dec. 31, 2023	(219,053)			$ 0	$ 21,578	$ (240,631)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)				263,262
Issuance of common stock upon exercise of stock options	778				778
Stock-based compensation	6,055				6,055
Repurchase of common stock (in shares)				(26,750)
Repurchase of common stock	(546)				(546)
Vesting of early exercises	5				5
Net income (loss)	(30,093)					(30,093)
Ending balance (in shares) at Sep. 30, 2024				10,808,573
Ending balance at Sep. 30, 2024	(242,854)			$ 0	27,870	(270,724)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance costs	$ 474
Beginning balance (in shares) at Jun. 30, 2024	29,084,235
Beginning balance at Jun. 30, 2024	$ 419,435
Redeemable Convertible Preferred Stock
Issuance of redeemable convertible preferred stock, net of issuance costs			$ (26)
Ending balance (in shares) at Sep. 30, 2024	29,084,235
Ending balance at Sep. 30, 2024	$ 419,409
Beginning balance (in shares) at Jun. 30, 2024				10,778,769
Beginning balance at Jun. 30, 2024	(230,242)			$ 0	25,578	(255,820)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)				29,804
Issuance of common stock upon exercise of stock options	142				142
Stock-based compensation	2,150				2,150
Net income (loss)	(14,904)					(14,904)
Ending balance (in shares) at Sep. 30, 2024				10,808,573
Ending balance at Sep. 30, 2024	(242,854)			$ 0	27,870	(270,724)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance costs	$ 474
Beginning balance (in shares) at Dec. 31, 2024	29,084,235	1,726,823	4,656,233
Beginning balance at Dec. 31, 2024	$ 419,409
Ending balance (in shares) at Sep. 30, 2025	29,084,235	1,726,823	4,656,233
Ending balance at Sep. 30, 2025	$ 419,409
Beginning balance (in shares) at Dec. 31, 2024	10,925,950			10,925,950
Beginning balance at Dec. 31, 2024	$ (251,656)			$ 0	30,545	(282,201)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)				252,517
Issuance of common stock upon exercise of stock options	1,085				1,085
Stock-based compensation	9,581				9,581
Net income (loss)	$ 1,477					1,477
Ending balance (in shares) at Sep. 30, 2025	11,178,467			11,178,467
Ending balance at Sep. 30, 2025	$ (239,513)			$ 0	41,211	(280,724)
Beginning balance (in shares) at Jun. 30, 2025	29,084,235
Beginning balance at Jun. 30, 2025	$ 419,409
Ending balance (in shares) at Sep. 30, 2025	29,084,235	1,726,823	4,656,233
Ending balance at Sep. 30, 2025	$ 419,409
Beginning balance (in shares) at Jun. 30, 2025				11,085,044
Beginning balance at Jun. 30, 2025	(250,253)			$ 0	36,182	(286,435)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)				93,423
Issuance of common stock upon exercise of stock options	554				554
Stock-based compensation	4,475				4,475
Net income (loss)	$ 5,711					5,711
Ending balance (in shares) at Sep. 30, 2025	11,178,467			11,178,467
Ending balance at Sep. 30, 2025	$ (239,513)			$ 0	$ 41,211	$ (280,724)

Long-term Debt - Narrative (Details)		1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended	14 Months Ended
Long-term Debt - Narrative (Details)	Aug. 05, 2024 USD ($)	Aug. 31, 2024 USD ($) tranche	Sep. 30, 2025 USD ($) $ / shares shares	Sep. 30, 2024 USD ($)	Sep. 30, 2025 USD ($) $ / shares shares	Sep. 30, 2024 USD ($)	Dec. 31, 2022 USD ($) $ / shares shares	Sep. 30, 2025 USD ($) $ / shares shares	Dec. 31, 2024 USD ($)	Jul. 31, 2022 USD ($) tranche	Jan. 31, 2022 shares	Dec. 31, 2021 USD ($) $ / shares shares	Oct. 31, 2021 USD ($) tranche
Debt Instrument [Line Items]
Long-term debt			$ 54,986,000		$ 54,986,000			$ 54,986,000	$ 51,481,000
Long-term debt, maturity, after year five			50,000,000.0		50,000,000.0			$ 50,000,000.0	$ 50,000,000.0
Capital advances, number of tranches \| tranche										4			3
Capital advances										$ 35,000,000.0			$ 15,000,000.0
Prepayment of outstanding term loan		$ 35,000,000.0
Payments of loan termination fees		1,500,000
Loss on extinguishment of debt			$ 0	$ 1,346,000	$ 0	$ (7,289,000)
Incremental expense				800,000
Unamortized debt issuance costs				300,000
Prepayment fee				200,000
Redeemable Convertible Preferred stock warrants
Debt Instrument [Line Items]
Number of securities called by warrants (in shares) \| shares			9,660		9,660			9,660
Warrant exercise price (in dollars per share) \| $ / shares			$ 2.59		$ 2.59			$ 2.59
2021 LSA Common Stock Warrants
Debt Instrument [Line Items]
Number of securities called by warrants (in shares) \| shares											80,357	53,571
Warrant exercise price (in dollars per share) \| $ / shares												$ 2.80
Right to return warrants to company, cash value												$ 450,000
2022 LSA Common Stock Warrants
Debt Instrument [Line Items]
Warrant exercise price (in dollars per share) \| $ / shares							$ 10.92
Right to return warrants to company, cash value							$ 450,000
Warrants issued during period (in shares) \| shares							41,209
Warrants exercisable (in shares) \| shares							30,907
Notes Payable \| 2024 Notes
Debt Instrument [Line Items]
Debt instrument, face amount		$ 140,000,000.0
Debt instrument, interest rate, stated percentage		8.00%
Minimum Trailing Six-Month Net Revenue Threshold (in millions)		$ 120,000,000.0
Threshold, trailing six-month gross margin, minimum		30.00%
Interest expense, debt			$ 1,000,000.0	$ 600,000	$ 3,000,000.0	$ 600,000
Capital advances, number of tranches \| tranche		4
Notes Payable \| 2024 Notes \| Oberland Capital
Debt Instrument [Line Items]
Revenue participation agreement, percent of quarterly net revenue		0.01%
Revenue participation agreement, maximum annual net revenue		$ 100,000,000.0
Revenue participation agreement, principal amount of notes		$ 1,000,000.0
Payments for revenue participation agreement								$ 500,000
Notes Payable \| 2024 Notes \| Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage		130.00%
Debt instrument, redemption period		24 months
Notes Payable \| 2024 Notes \| Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage		145.00%
Debt instrument, redemption period		36 months
Notes Payable \| 2024 Notes \| Debt Instrument, Redemption, Period Three
Debt Instrument [Line Items]
Debt instrument, redemption period		48 months
Redemption, internal rate of return generated		12.25%
Notes Payable \| 2024 Notes \| Debt Instrument, Redemption, Period Four
Debt Instrument [Line Items]
Debt instrument, redemption period		60 months
Redemption, internal rate of return generated		11.75%
Notes Payable \| 2024 Notes \| Debt Instrument, Redemption, Period Five
Debt Instrument [Line Items]
Redemption, internal rate of return generated		11.25%
Notes Payable \| 2024 Notes \| Debt Instrument, Redemption, Period Six
Debt Instrument [Line Items]
Redemption, internal rate of return generated		10.00%
Notes Payable \| 2024 Notes \| First Tranche
Debt Instrument [Line Items]
Proceeds from notes payable	$ 50,000,000.0
Notes Payable \| 2024 Notes \| Second Tranche
Debt Instrument [Line Items]
Debt instrument, face amount		$ 35,000,000.0
Minimum Trailing Six-Month Net Revenue Threshold (in millions)		80,000,000.0
Notes Payable \| 2024 Notes \| Third Tranche
Debt Instrument [Line Items]
Debt instrument, face amount		30,000,000.0
Minimum Trailing Six-Month Net Revenue Threshold (in millions)		$ 112,500,000
Threshold, trailing six-month gross margin, minimum		45.00%
Notes Payable \| 2024 Notes \| Fourth Tranche
Debt Instrument [Line Items]
Debt instrument, face amount		$ 25,000,000.0

Net Income (Loss) Per Share Attributable to Shareholders

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Net Income (Loss) Per Share Attributable to Shareholders

For the three months ended and nine months ended September 30, 2024, basic net income (loss) per share is the same as diluted net income (loss) per share as the inclusion of any potential common shares outstanding would have been anti-dilutive. For the three months ended and nine months ended September 30, 2025, diluted net income (loss) per share is computed by applying the two-class method and then by dividing net income attributable to common stockholders by the weighted-average number of diluted common shares outstanding. The dilutive effect of potentially dilutive common shares is reflected in diluted earnings per share by application of the if-converted method for the Company’s outstanding preferred stock, the treasury stock method for the Company’s other potentially dilutive securities, and is ultimately applied by sequencing instruments beginning with those that are more dilutive.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Basic net income (loss) per share:
Numerator:
Net income (loss)	$	5,711	$	(14,904)	$	1,477	$	(30,093)
Less: Net income attributable to participating securities	(4,204)		—		(1,089)		—
Net income (loss) attributable to common stockholders	1,507		(14,904)		388		(30,093)
Denominator:
Weighted-average shares used in calculating net income (loss) per share, basic	10,429,583		10,107,487		10,376,253		10,049,097
Net income (loss) per share, basic	$	0.14	$	(1.47)	$	0.04	$	(2.99)
Diluted net income (loss) per share:
Numerator:
Net income (loss) attributable to common stockholders	$	1,507	$	(14,904)	$	388	$	(30,093)
Denominator:
Weighted-average shares used in calculating net income (loss) per share, basic	10,429,583		10,107,487		10,376,253		10,049,097
Effect of dilutive securities:
Outstanding stock options	4,336,722		—		3,940,885		—
Warrants to purchase redeemable convertible preferred stock	8,798		—		8,616		—
Warrants to purchase common stock	98,294		—		93,366		—
Restricted stock awards in exchange for non-recourse note	698,552		—		698,245		—
Weighted-average shares used in calculating net income (loss) per share, diluted	15,571,949		10,107,487		15,117,365		10,049,097
Net income (loss) per share, diluted	$	0.10	$	(1.47)	$	0.03	$	(2.99)


	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
Redeemable convertible preferred stock	29,084,235	29,084,235	29,084,235	29,084,235
Outstanding stock options	-	6,565,802	-	6,565,802
Restricted stock awards in exchange for non-recourse note	-	700,000	-	700,000
Warrants to purchase common stock	-	121,566	-	121,566
Warrants to purchase redeemable convertible preferred stock	-	9,660	-	9,660
Unvested early-exercised options	-	500	-	500

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Payables and Accruals [Abstract]
Accrued professional services	$ 1,819	$ 898
Accrued inventory purchases	2,303	443
Accrued fixed asset purchases	57	798
Insurance payor liability	1,487	0
Accrued property and other taxes	161	443
Accrued information technology purchases	413	250
Accrued legal expense	836	191
Accrued phlebotomy expense	160	171
Accrued insurance expense	75	159
Accrued rent	122	160
Accrued clinical expenses	242	98
Other	366	271
Accrued expenses and other current liabilities	$ 8,041	$ 3,882

Net Income (Loss) Per Share Attributable to Shareholders - Computation of Basic and Dilutive Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Numerator:
Net income (loss)	$ 5,711	$ (14,904)	$ 1,477	$ (30,093)
Less: Net income attributable to participating securities	(4,204)	0	(1,089)	0
Net income (loss) attributable to common stockholders	$ 1,507	$ (14,904)	$ 388	$ (30,093)
Denominator:
Weighted-average shares used in calculating net income (loss) per share, basic (in shares)	10,429,583	10,107,487	10,376,253	10,049,097
Net income (loss) per share, basic (in dollars per share)	$ 0.14	$ (1.47)	$ 0.04	$ (2.99)
Numerator:
Net income (loss) attributable to common stockholders	$ 1,507	$ (14,904)	$ 388	$ (30,093)
Denominator:
Outstanding stock options (in shares)	4,336,722	0	3,940,885	0
Restricted stock awards in exchange for non-recourse note (in shares)	698,552	0	698,245	0
Weighted-average shares used in calculating net income (loss) per share, diluted (in shares)	15,571,949	10,107,487	15,117,365	10,049,097
Net income (loss) per share, diluted (in dollars per share)	$ 0.10	$ (1.47)	$ 0.03	$ (2.99)
Redeemable Convertible Preferred stock warrants
Denominator:
Warrants (in shares)	8,798	0	8,616	0
Common stock warrants
Denominator:
Warrants (in shares)	98,294	0	93,366	0

Redeemable Convertible Preferred Stock (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Jun. 30, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023
Temporary Equity [Line Items]
Shares Authorized (in shares)	29,544,989		29,544,989
Shares Issued (in shares)	29,084,235		29,084,235
Shares Outstanding (in shares)	29,084,235	29,084,235	29,084,235	29,084,235	29,084,235	22,701,179
Net Carrying Value	$ 419,409		$ 419,409
Aggregate Liquidation Preference	$ 422,458		$ 422,458
Series A-1
Temporary Equity [Line Items]
Shares Authorized (in shares)	1,349,650		1,349,650
Shares Issued (in shares)	1,349,650		1,349,650
Shares Outstanding (in shares)	1,349,650		1,349,650
Net Carrying Value	$ 3,493		$ 3,493
Aggregate Liquidation Preference	$ 540		$ 540
Series A-2
Temporary Equity [Line Items]
Shares Authorized (in shares)	1,137,210		1,137,210
Shares Issued (in shares)	1,137,210		1,137,210
Shares Outstanding (in shares)	1,137,210		1,137,210
Net Carrying Value	$ 2,943		$ 2,943
Aggregate Liquidation Preference	$ 910		$ 910
Series A-3
Temporary Equity [Line Items]
Shares Authorized (in shares)	899,730		899,730
Shares Issued (in shares)	899,730		899,730
Shares Outstanding (in shares)	899,730		899,730
Net Carrying Value	$ 2,328		$ 2,328
Aggregate Liquidation Preference	$ 900		$ 900
Series A-4
Temporary Equity [Line Items]
Shares Authorized (in shares)	25,761		25,761
Shares Issued (in shares)	25,761		25,761
Shares Outstanding (in shares)	25,761		25,761
Net Carrying Value	$ 67		$ 67
Aggregate Liquidation Preference	$ 50		$ 50
Series A-5
Temporary Equity [Line Items]
Shares Authorized (in shares)	114,613		114,613
Shares Issued (in shares)	114,613		114,613
Shares Outstanding (in shares)	114,613		114,613
Net Carrying Value	$ 297		$ 297
Aggregate Liquidation Preference	$ 100		$ 100
Series A-6
Temporary Equity [Line Items]
Shares Authorized (in shares)	5,805,861		5,805,861
Shares Issued (in shares)	5,796,201		5,796,201
Shares Outstanding (in shares)	5,796,201		5,796,201
Net Carrying Value	$ 14,999		$ 14,999
Aggregate Liquidation Preference	$ 15,000		$ 15,000
Series B-1
Temporary Equity [Line Items]
Shares Authorized (in shares)	5,182,287		5,182,287
Shares Issued (in shares)	5,182,287		5,182,287
Shares Outstanding (in shares)	5,182,287		5,182,287
Net Carrying Value	$ 54,889		$ 54,889
Aggregate Liquidation Preference	$ 55,000		$ 55,000
Series B-2
Temporary Equity [Line Items]
Shares Authorized (in shares)	2,566,902		2,566,902
Shares Issued (in shares)	2,566,902		2,566,902
Shares Outstanding (in shares)	2,566,902		2,566,902
Net Carrying Value	$ 27,243		$ 27,243
Aggregate Liquidation Preference	$ 16,025		$ 16,025
Series C
Temporary Equity [Line Items]
Shares Authorized (in shares)	6,079,919		6,079,919
Shares Issued (in shares)	5,628,825		5,628,825
Shares Outstanding (in shares)	5,628,825		5,628,825
Net Carrying Value	$ 143,268		$ 143,268
Aggregate Liquidation Preference	$ 143,500		$ 143,500
Series C-1
Temporary Equity [Line Items]
Shares Authorized (in shares)	1,726,823		1,726,823
Shares Issued (in shares)	1,726,823		1,726,823
Shares Outstanding (in shares)	1,726,823		1,726,823
Net Carrying Value	$ 39,886		$ 39,886
Aggregate Liquidation Preference	$ 33,870		$ 33,870
Series D
Temporary Equity [Line Items]
Shares Authorized (in shares)	4,656,233		4,656,233
Shares Issued (in shares)	4,656,233		4,656,233
Shares Outstanding (in shares)	4,656,233		4,656,233
Net Carrying Value	$ 129,996		$ 129,996
Aggregate Liquidation Preference	$ 156,563		$ 156,563

Common Stock - Stock Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 4,475	$ 2,150	$ 9,581	$ 6,055
Cost of revenue
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	401	284	1,139	848
Research and development
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	971	554	2,542	1,719
Selling, general and administrative
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 3,103	$ 1,312	$ 5,900	$ 3,488

Redeemable Convertible Preferred Stock (Tables)

9 Months Ended

Sep. 30, 2025

Temporary Equity Disclosure [Abstract]

Schedule of Redeemable Convertible Preferred Stock

As of September 30, 2025 and December 31, 2024, redeemable convertible preferred stock consisted of the following (in thousands, except for share data):


	Shares Authorized	Shares Issued and Outstanding	Net Carrying Value		Aggregate Liquidation Preference
Series A-1	1,349,650	1,349,650	$	3,493	$	540
Series A-2	1,137,210	1,137,210	2,943		910
Series A-3	899,730	899,730	2,328		900
Series A-4	25,761	25,761	67		50
Series A-5	114,613	114,613	297		100
Series A-6	5,805,861	5,796,201	14,999		15,000
Series B-1	5,182,287	5,182,287	54,889		55,000
Series B-2	2,566,902	2,566,902	27,243		16,025
Series C	6,079,919	5,628,825	143,268		143,500
Series C-1	1,726,823	1,726,823	39,886		33,870
Series D	4,656,233	4,656,233	129,996		156,563
Total	29,544,989	29,084,235	$	419,409	$	422,458

- 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.

+ References + Details

Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Income Statement [Abstract]
Revenue	$ 83,523	$ 38,419	$ 209,059	$ 107,505
Cost of revenue	25,107	18,204	69,205	52,309
Gross profit	58,416	20,215	139,854	55,196
Operating expenses:
Research and development	12,953	9,550	35,134	25,600
Selling, general and administrative	35,830	23,299	99,029	65,050
Total operating expenses	48,783	32,849	134,163	90,650
Income (loss) from operations	9,633	(12,634)	5,691	(35,454)
Other income (expense):
Interest income	1,535	1,952	4,492	4,148
Interest expense	(20)	(422)	(92)	(2,339)
Net (loss) gain on extinguishment of debt	0	(1,346)	0	7,289
Change in fair value of term loan	(3,936)	(2,283)	(7,038)	(2,283)
Change in fair value of convertible notes	0	0	0	(835)
Other expense, net	(1,630)	(171)	(1,591)	(614)
Total other (expense) income	(4,051)	(2,270)	(4,229)	5,366
Income (loss) before provision for income taxes	5,582	(14,904)	1,462	(30,088)
Provision for income taxes	(129)	0	(15)	5
Net income (loss)	5,711	(14,904)	1,477	(30,093)
Comprehensive income (loss)	5,711	(14,904)	1,477	(30,093)
Less: Net income attributable to participating securities	(4,204)	0	(1,089)	0
Net income (loss) attributable to common stockholders	1,507	(14,904)	388	(30,093)
Net income (loss) attributable to common stockholders	$ 1,507	$ (14,904)	$ 388	$ (30,093)
Net income (loss) per share, basic and diluted:
Net income (loss) per share, basic (in dollars per share)	$ 0.14	$ (1.47)	$ 0.04	$ (2.99)
Net income (loss) per share, diluted (in dollars per share)	$ 0.10	$ (1.47)	$ 0.03	$ (2.99)
Weighted-average shares used in calculating net income (loss) per share, basic and diluted:
Weighted-average shares used in calculating net income (loss) per share, basic (in shares)	10,429,583	10,107,487	10,376,253	10,049,097
Weighted-average shares used in calculating net income (loss) per share, diluted (in shares)	15,571,949	10,107,487	15,117,365	10,049,097

Fair Value Measurements - Summary of Significant Assumptions Used in Preparing the Option Pricing Model (Details)	Sep. 30, 2025 USD ($) $ / shares	Dec. 31, 2024 USD ($) $ / shares	May 15, 2024 USD ($)
Convertible Debt
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Principal outstanding (in $’000s)			$ 30,000,000
Stock price \| Common stock warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input \| $ / shares	40.77	20.32
Exercise price \| Minimum \| Common stock warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input \| $ / shares	2.80	2.80
Exercise price \| Maximum \| Common stock warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input \| $ / shares	10.92	10.92
Volatility \| Common stock warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	0.761	0.840
Expected term (years) \| Common stock warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	1.50	2.30
Expected term (years) \| Convertible Debt
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input			0
Expected term (years) \| Term Loan
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	4.50	5.32
Risk-free rate \| Common stock warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	0.0350	0.0414
Risk-free rate \| Convertible Debt
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input			0.0546
Dividend yield \| Common stock warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	0	0
Interest rate \| Convertible Debt
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input			0.0800
Interest rate \| Term Loan
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0800	0.0800
Discount rate \| Term Loan
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0802	0.0937
Expected term (years) – Scenario 2 \| Term Loan
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	5.85	6.69
Redeemable convertible preferred stock \| Stock price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input \| $ / shares	42.08	25.83
Redeemable convertible preferred stock \| Exercise price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input \| $ / shares	2.59	2.59
Redeemable convertible preferred stock \| Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.761	0.840
Redeemable convertible preferred stock \| Expected term (years)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	1.50	2.30
Redeemable convertible preferred stock \| Risk-free rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0350	0.0414
Redeemable convertible preferred stock \| Dividend yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0	0

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2025
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On November 7, 2025, the Company closed its initial public offering (the “IPO”) of 5,233,765 shares of its Class A common stock, which includes the exercise in full by the underwriters of their option to purchase from the Company 682,665 shares of the Company’s Class A common stock, at a price to the public of $60.00 per share. The gross proceeds to the Company from the IPO were $314.0 million and the net proceeds amounted to $286.4 million, after deducting underwriting discounts and commissions and offering expenses payable by the Company. Immediately prior to the closing of the IPO, each outstanding share of the Company’s Series A-1, Series A-2, Series A-3, Series A-4, Series A-5, Series A-6, Series B-1, Series B-2, Series C, Series C-1 and Series D redeemable convertible preferred stock converted, on a one-for-one basis, into 29,084,235 shares of the Company’s Class A common stock (the conversion, the “Reclassification”). Following the Reclassification, and immediately prior to the closing of the IPO, 2,325,108 shares of Class A common stock held by Oguzhan Atay, our Chief Executive Officer and Co-Founder, and 2,227,542 shares of Class A common stock held by David Tsao, our Chief Technology Officer and Co-Founder, were exchanged at a 1:1 ratio for shares of Class B common stock. In connection with the IPO, the Company’s Board of Directors adopted, and its stockholders approved, the 2025 Equity Incentive Plan (the “2025 Plan”), which became effective on November 5, 2025. The 2018 Plan was terminated upon the completion of the IPO, however awards outstanding under the 2018 Plan will remain outstanding and will continue to be governed by their existing terms. The number of shares of Class A common stock available for issuance under the 2025 Plan is 3,297,972 shares of Class A common stock, plus up to 10,034,626 shares remaining available for issuance under the 2018 Plan, subject to annual adjustment on the first day of each fiscal year through January 1, 2035. The 2025 Plan allows for the issuance of a variety of stock-based compensation awards at the discretion of the Board of Directors, including stock options, stock appreciation rights, restricted stock awards, restricted stock unit (“RSU”) awards, and other stock-based awards. In further connection with the IPO, the Company’s Board of Directors adopted, and its stockholders approved, the 2025 Employee Stock Purchase Plan (the “2025 ESPP”), which became effective on November 5, 2025. The number of shares of Class A common stock available for issuance under the 2025 ESPP is 548,880 shares of Class A common stock, subject to annual adjustment on the first day of each fiscal year through January 1, 2035. No more than 8,400,000 shares of Class A common stock may be issued under the 2025 ESPP. Each participant may purchase up to the number of shares determined by the Board of Directors on any purchase date, not to exceed 7,500 shares. The price of each share of Class A common stock purchased under the 2025 ESPP will not be less than 85% of the lower of the fair market value per share of Class A common stock on the first day of the applicable offering period or the fair market value per share of Class A common stock on the purchase date.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Common Stock

9 Months Ended

Sep. 30, 2025

Equity [Abstract]

Common Stock

Redeemable Convertible Preferred Stock

As of September 30, 2025 and December 31, 2024, redeemable convertible preferred stock consisted of the following (in thousands, except for share data):


	Shares Authorized	Shares Issued and Outstanding	Net Carrying Value		Aggregate Liquidation Preference
Series A-1	1,349,650	1,349,650	$	3,493	$	540
Series A-2	1,137,210	1,137,210	2,943		910
Series A-3	899,730	899,730	2,328		900
Series A-4	25,761	25,761	67		50
Series A-5	114,613	114,613	297		100
Series A-6	5,805,861	5,796,201	14,999		15,000
Series B-1	5,182,287	5,182,287	54,889		55,000
Series B-2	2,566,902	2,566,902	27,243		16,025
Series C	6,079,919	5,628,825	143,268		143,500
Series C-1	1,726,823	1,726,823	39,886		33,870
Series D	4,656,233	4,656,233	129,996		156,563
Total	29,544,989	29,084,235	$	419,409	$	422,458

Common Stock

The amount of such shares of the Company’s common stock reserved for these purposes at September 30, 2025 is as follows:


Series A-1 Redeemable Convertible Preferred Stock			1,349,650
Series A-2 Redeemable Convertible Preferred Stock			1,137,210
Series A-3 Redeemable Convertible Preferred Stock			899,730
Series A-4 Redeemable Convertible Preferred Stock			25,761
Series A-5 Redeemable Convertible Preferred Stock			114,613
Series A-6 Redeemable Convertible Preferred Stock			5,796,201
Series B-1 Redeemable Convertible Preferred Stock			5,182,287
Series B-2 Redeemable Convertible Preferred Stock			2,566,902
Series C Redeemable Convertible Preferred Stock			5,628,825
Series C-1 Redeemable Convertible Preferred Stock			1,726,823
Series D Redeemable Convertible Preferred Stock			4,656,233
Redeemable Convertible Preferred stock warrants			9,660
Common stock warrants			121,566
Options to purchase common stock			9,041,854
Stock options available for future grants			719,328
Total common stock reserved			38,976,643

Stock Plan

Stock-based Compensation

The weighted average assumptions used to calculate the fair value of option grants issued under the 2018 Plan during the three and nine months ended September 30, 2025 and 2024 were as follows:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Fair value of common stock	$	31.74		$	16.89		$	25.68		$	15.68
Dividend yield	-		%	-		%	-		%	-		%
Risk-free interest rate	3.9		%	4.1		%	4.2		%	4.2		%
Expected volatility	74		%	68		%	73		%	68		%
Expected term (in years)	6.02			6.05			6.28			6.01

A summary of the Company’s stock option activity and related information is as follows:


	Number of Options Outstanding	Weighted Average Exercise Price Per Share		Aggregate Intrinsic Value (in thousands)
Balance as of December 31, 2024	6,849,412	$	7.28	$	73,992
Granted	2,721,201	$	20.17
Exercised	(252,517)	$	4.30
Forfeited or expired	(276,242)	$	14.24
Balance as of September 30, 2025	9,041,854	$	11.03	$	268,925
Vested and exercisable as of September 30, 2025	4,876,287	$	5.60	$	171,507
Vested and expected to vest as of September 30, 2025	9,041,854	$	11.03	$	268,925

Stock-Based Compensation Expense


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Cost of revenue	$	401	$	284	$	1,139	$	848
Research and development	971		554		2,542		1,719
Selling, general and administrative	3,103		1,312		5,900		3,488
Total stock-based compensation	$	4,475	$	2,150	$	9,581	$	6,055

Secondary Sales of Common Stock

Repurchase of Common Stock

- Definition

The entire disclosure for equity.

+ References

+ Details

Employee Benefit Plan (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Employee Benefit Plan (Details) - USD ($) $ in Millions	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Retirement Benefits [Abstract]
Amount contributed to plan	$ 0.9	$ 0.6	$ 2.6	$ 1.7

Accrued Expenses and Other Current Liabilities (Tables)

9 Months Ended

Sep. 30, 2025

Payables and Accruals [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):


	September 30, 2025		December 31, 2024
Accrued professional services	$	1,819	$	898
Accrued inventory purchases	2,303		443
Accrued fixed asset purchases	57		798
Insurance payor liability	1,487		—
Accrued property and other taxes	161		443
Accrued information technology purchases	413		250
Accrued legal expense	836		191
Accrued phlebotomy expense	160		171
Accrued insurance expense	75		159
Accrued rent	122		160
Accrued clinical expenses	242		98
Other	366		271
Accrued expenses and other current liabilities	$	8,041	$	3,882

Common Stock - Valuation Assumptions (Details) - Employee Stock Option - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Fair value of common stock	$ 31.74	$ 16.89	$ 25.68	$ 15.68
Dividend yield	0.00%	0.00%	0.00%	0.00%
Risk-free interest rate	3.90%	4.10%	4.20%	4.20%
Expected volatility	74.00%	68.00%	73.00%	68.00%
Expected term (in years)	6 years 7 days	6 years 18 days	6 years 3 months 10 days	6 years 3 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
Statements of Cash Flows - USD ($) $ in Thousands	Sep. 30, 2025	Sep. 30, 2024
Cash flows from operating activities:
Net income (loss)	$ 1,477	$ (30,093)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Stock-based compensation	9,581	6,055
Depreciation and amortization	5,232	5,241
Amortization of debt issuance costs and accretion of exit fees	0	341
Debt issuance costs on term loan expensed upon election of fair value option	0	453
Amortization of operating right-of-use assets	3,715	3,452
Loss on disposal of fixed assets	7	11
Change in fair value of common stock warrant liability	1,409	500
Change in fair value of redeemable convertible preferred stock warrant liability	176	49
Net gain on extinguishment of debt	0	(7,289)
Change in fair value of convertible notes	0	835
Change in fair value of term loan	3,505	1,650
Changes in operating assets and liabilities:
Accounts receivable	(9,937)	(13,741)
Inventories	(8,656)	(644)
Prepaid expenses and other current assets	(1,727)	(879)
Other non-current assets	(62)	(3,110)
Accounts payable	3,047	2,223
Accrued expenses and other current liabilities	3,972	882
Accrued commissions	166	642
Accrued compensation and employee benefits	5,268	3,306
Deferred revenue	(123)	(49)
Operating lease liabilities	(3,247)	(2,787)
Net cash provided by (used in) operating activities	13,803	(32,952)
Cash flows from investing activities:
Purchases of property and equipment	(7,344)	(3,328)
Net cash used in investing activities	(7,344)	(3,328)
Cash flows from financing activities:
Proceeds from issuance of debt, net	0	49,775
Repayment of debt upon extinguishment	0	(35,000)
Payment of exit fee and prepayment payable upon debt extinguishment	0	(1,688)
Principal payments on finance lease liabilities	(1,449)	(1,785)
Repurchase of common stock outstanding	0	(546)
Payment of debt issuance costs on term loan	0	(228)
Payment of deferred offering costs	(2,516)	0
Proceeds from exercise of stock options, net of repurchases	1,181	781
Proceeds from issuance of Series D redeemable convertible preferred stock, net of issuance costs	0	129,996
Net cash (used in) provided by financing activities	(2,784)	141,305
Net increase in cash and cash equivalents	3,675	105,025
Cash and cash equivalents at beginning of period	191,477	97,268
Cash and cash equivalents at end of period	195,152	202,293
Supplemental cash flow disclosure:
Cash payments for interest	3,626	2,845
Cash paid for income taxes	460	9
Supplemental non-cash investing and financing activities:
Purchases of property and equipment in accounts payable and accrued expenses and other current liabilities	500	214
Issuance of Series C-1 redeemable convertible preferred stock upon settlement of convertible notes	0	39,886
Deferred offering costs in accounts payable and accrued expenses and other current liabilities	1,144	0
Cash paid for amounts included in the measurement of operating lease liabilities	6,594	6,374
Right-of-use assets obtained in exchange for new finance lease liabilities	0	214
Operating cash flows from financing leases (interest paid)	$ 89	$ 196

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2025

Accounting Policies [Abstract]

Schedule of Disaggregation of Revenue


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Prenatal	$	74,071	$	36,601	$	191,001	$	102,680
Oncology	8,691		1,138		15,814		1,851
Clinical trial support and other services	761		680		2,244		2,974
Total revenues	$	83,523	$	38,419	$	209,059	$	107,505